UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22487
DBX ETF Trust
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, New York 10154
(Address of principal executive offices) (Zip code)
Freddi Klassen
DBX ETF Trust
345 Park Avenue
New York, New York 10154
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 250-4352
Date of fiscal year end: May 31
Date of reporting period: May 31, 2018
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
May 31, 2018
Annual Report
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)
Xtrackers MSCI Brazil Hedged Equity ETF (DBBR)
Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
Xtrackers MSCI Europe Hedged Equity ETF (DBEU)
Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)
Xtrackers MSCI Germany Hedged Equity ETF (DBGR)
Xtrackers MSCI Japan Hedged Equity ETF (DBJP)
Xtrackers MSCI Mexico Hedged Equity ETF (DBMX)
Xtrackers MSCI South Korea Hedged Equity ETF (DBKO)
Xtrackers MSCI United Kingdom Hedged Equity ETF (DBUK)
DBX ETF Trust
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Board Considerations in Approval of Investment Advisory Contracts | 157 | |||
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To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for 11 of our currency-hedged equity ETFs for the period ended May 31, 2018.
You may have noticed a new logo appearing on the cover of this report. As of March 23, 2018, Deutsche Asset Management has adopted its existing European brand, DWS, globally. As we have consolidated several businesses over the last few years, each of which has grown up relatively independently, the time has now come to be united under a single brand that reflects our global identity and the full breadth of capabilities we offer to our clients.
The DWS brand — Deutsche Gesellschaft für Wertpapiersparen — draws on our roots in the German market, going back over 60 years. It was established in Hamburg in 1956 with a singular objective: to assist private investors in building wealth and managing risk. We have been fulfilling that promise for generations. Today, the DWS name is synonymous with the values that we have continuously lived up to, and those that will remain central to our future success: Excellence, Entrepreneurship, Sustainability and Integrity. It is therefore a name that we are proud to adopt and build upon as our brand here in the Americas.
Neither our product names nor the names of DBX ETF Trust and DBX Advisors LLC will change as part of this re-branding.
In connection with this change, our Americas web site has recently been redesigned with a new address: DWS.com. However, for your convenience, the Xtrackers.com address will remain live and will continue to automatically direct you to the new ETF site. Please visit us online to find the most current insights from our CIO, economists and investment specialists.
Major global economies experienced a steady pace of expansion, with increased investment and industrial production over the reporting period. Economic factors in the U.S., such as favorable labor markets, tax reforms, and after-tax household income, drove performance. With the consensus that inflation would continue at the current level, the U.S. Federal Reserve Board (FRB) was ratified in its decisions to remove the monetary accommodation and take a step further in the second half of 2018. Eurozone’s steady economic growth has softened from elevated levels, as political fears resurfaced and consumer sentiment measures dropped. Elsewhere, emerging markets continued their momentum amidst geopolitics and tightening liquidity. After a relatively calm start in the first half of the reporting period, volatility in major economies resurfaced, with protectionist trade policies in the U.S. and political instability in Europe.
The Eurozone economy grew throughout the reporting period before reducing its pace in the first quarter of 2018. Net exports and fixed capital formation kept gross domestic product stable. Germany, the frontrunner in the bloc’s economic cycle, faced subdued domestic demand, which cast a shadow over all-time-high sentiment indicators and labor markets. Growth in France accelerated, as business confidence stood at record levels, propelled by tax cuts and lower-than-expected budget deficits, even as investments and exports slowed down towards the end of the reporting period. Political turmoil reemerged in certain pockets of Europe, due to an unstable administrative majority in Italy and Spain. Uncertainties were noticeable in the U.K. as Brexit1 caused insecurity in the U.K.; private consumption was slow, and exports and investments were subdued. However, an appealingly low budget deficit, akin to the pre-financial crisis period, provides room to allocate spending in areas that can spur growth in the U.K.
China’s economy continued to grow at a stable pace, despite mounting trade war pressures. Optimism around the persistence of the incumbent administration in China has kept macroeconomic sentiment afloat. Steady growth in Japan paused as it recorded its first quarterly contraction in 28 years. Both domestic and external consumption dipped, as investment and demand for electronics lowered. The Bank of Japan reduced the size of its purchases of 5 to 10-year bonds by JPY20bn, as global yields fell due to the political turmoil in Italy and trade war
1
fears. In Australia, growth looked promising, with an increase in trade surplus, exports of coal, and business investment.
The economic backdrop of solid growth remains encouraging despite episodic volatility, as markets adapt to the slow withdrawal of monetary stimulus. While most economies enter the peak of the current cyclical expansion, we expect divergences in policies, politics, and oil prices to be crucial in determining the path of global growth. In view of the recent strengthening of the U.S. dollar, our currency-hedged strategy plays a significant role in managing investments in international equities.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
2
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF
The Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the DBAW Index). The DBAW Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the U.S.), while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2018, DBAW shares returned 8.43%, compared to the DBAW Index return of 8.96%.
The majority of the sectors contributed positively to performance during the period, with the greatest contributions coming from Information Technology, Financials, and Materials. Telecommunication Services was the only negative contributor to performance. From a geographical perspective, Japan, China, and Canada were the major positive contributors, while Spain, Switzerland, and Mexico contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF
The Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Asia Pacific ex Japan US Dollar Hedged Index (the DBAP Index). The DBAP Index is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia Pacific region (excluding Japan), while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2018, DBAP shares returned 14.20%, compared to the DBAP Index return of 15.29%.
The majority of the sectors contributed positively to performance during the period, with the greatest contributions coming from Information Technology, Financials, and Materials. Telecommunication Services was the only negative contributor to performance. From a geographical perspective, China, Hong Kong, and Australia were the major positive contributors, while the Philippines, Indonesia, and Pakistan contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
Xtrackers MSCI Brazil Hedged Equity ETF
The Xtrackers MSCI Brazil Hedged Equity ETF (DBBR) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Brazil US Dollar Hedged Index (the DBBR Index). The DBBR Index is designed to provide exposure to Brazil’s equity market, while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and the Brazilian real. For the 12-month period ended May 31, 2018, DBBR shares returned 17.10%, compared to the DBBR Index return of 18.41%.
Materials, Financials, and Energy were the major positive contributors, while Consumer Staples, Information Technology, and Consumer Discretionary detracted the most from the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the Brazilian real. The currency hedging strategy contributed positively to performance.
On May 16, 2018, the Board of Trustees of DBX ETF Trust unanimously voted to close and liquidate DBBR. When a fund commences the liquidation of its portfolio securities, the fund may hold cash and securities that may not be consistent with the Liquidating Fund’s investment objective and strategy. After the close of business on May 31, 2018, DBBR no longer accepted creation orders and the final day of trading on the exchange was May 31, 2018. Proceeds of the liquidation were sent to shareholders on June 12, 2018.
Xtrackers MSCI Emerging Markets Hedged Equity ETF
The Xtrackers MSCI Emerging Markets Hedged ETF (DBEM) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the DBEM Index). The DBEM Index is designed to provide exposure to equity securities in global emerging markets, while at
3
DBX ETF Trust
Management’s Discussion on Fund Performance (Unaudited) (Continued)
the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select emerging market currencies. For the 12-month period ended May 31, 2018, DBEM shares returned 13.09%, compared to the DBEM Index return of 13.93%.
The majority of the sectors contributed positively to performance during the period, with the greatest contributions coming from Information Technology, Financials, and Energy. Telecommunication Services was the only negative contributor to performance. From a geographical perspective, China, South Korea, and Taiwan were the major positive contributors, while Mexico, Turkey, and Philippines contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
Xtrackers MSCI Europe Hedged Equity ETF
The Xtrackers MSCI Europe Hedged Equity ETF (DBEU) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the DBEU Index). The DBEU Index is designed to provide exposure to equity securities in 15 developed European stock markets, while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2018, DBEU shares returned 3.82%, compared to the DBEU Index return of 4.23%.
The majority of the sectors contributed positively to performance during the period, with the greatest contributions coming from Energy, Materials, and Consumer Discretionary. Healthcare, Consumer Staples, and Telecommunication Services detracted from performance. From a geographical perspective, France, Netherlands, and United Kingdom were the major positive contributors, while Spain, Switzerland, and Sweden contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
Xtrackers MSCI Eurozone Hedged Equity ETF
The Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI U.S. Dollar Hedged Index (the DBEZ Index). The DBEZ Index is designed to provide exposure to equities in countries in the EMU, or the “Eurozone” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating exposure to the fluctuations between the value of the U.S. dollar and the euro. For the 12-month period ended May 31, 2018, DBEZ shares returned 4.19%, compared with the DBEZ Index return of 4.56%.
Consumer Discretionary, Information Technology, and Industrials were the major positive contributors, while Healthcare, Telecommunication Services, and Financials detracted the most from performance. From a geographical perspective, France, Germany, and Netherlands were the major positive contributors, while Spain, Belgium and United Kingdom contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
Xtrackers MSCI Germany Hedged Equity ETF
The Xtrackers MSCI Germany Hedged Equity ETF (DBGR) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the DBGR Index). The DBGR Index is designed to provide exposure to Germany’s equity market, while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and the euro. For the 12-month period ended May 31, 2018, DBGR shares returned 1.73%, compared to the DBGR Index return of 2.27%.
Consumer Discretionary, Information Technology, and Materials were the major positive contributors, while, Healthcare and Telecommunication Services detracted the most from the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the euro. The currency hedging strategy contributed negatively to performance.
4
DBX ETF Trust
Management’s Discussion on Fund Performance (Unaudited) (Continued)
Xtrackers MSCI Japan Hedged Equity ETF
The Xtrackers MSCI Japan Hedged Equity ETF (DBJP) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the DBJP Index). The DBJP Index is designed to provide exposure to Japan’s equity market, while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and the Japanese yen. For the 12-month period ended May 31, 2018, DBJP shares returned 13.74%, compared to the DBJP Index return of 14.32%.
The majority of the sectors contributed positively to performance during the period, with the greatest contributions coming from Industrials, Consumer Discretionary, and Information Technology. Telecommunication Services was the only negative contributor to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the Japanese Yen. The currency hedging strategy contributed negatively to performance.
Xtrackers MSCI Mexico Hedged Equity ETF
The Xtrackers MSCI Mexico Hedged Equity ETF (DBMX) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Mexico IMI 25/50 US Dollar Hedged Index (the DBMX Index). The DBMX Index is designed to provide exposure to the Mexican equity markets, while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and the Mexican peso. For the 12-month period ended May 31, 2018, DBMX shares returned -10.72%, compared to the DBMX Index return of -10.61%.
The majority of the sectors contributed negatively to performance during the period, with the greatest contributions coming from Industrials, Materials, and Consumer Discretionary. Telecommunication services was the only positive contributor to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the Mexican peso. The currency hedging strategy contributed negatively to performance.
On May 16, 2018, the Board of Trustees of DBX ETF Trust unanimously voted to close and liquidate DBMX. When a fund commences the liquidation of its portfolio securities, the fund may hold cash and securities that may not be consistent with the Liquidating Fund’s investment objective and strategy. After the close of business on May 31, 2018, DBMX no longer accepted creation orders and the final day of trading on the exchange was May 31, 2018. Proceeds of the liquidation were sent to shareholders on June 12, 2018.
Xtrackers MSCI South Korea Hedged Equity ETF
The Xtrackers MSCI South Korea Hedged Equity ETF (DBKO) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Korea 25/50 US Dollar Hedged Index (the DBKO Index). The DBKO Index is designed to provide exposure to South Korean equity markets, while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and the South Korean won. For the 12-month period ended May 31, 2018, DBKO shares returned 6.28%, compared to the DBKO Index return of 7.46%.
Information Technology, Healthcare, and Materials were the major positive contributors, while, Industrials and Consumer Discretionary detracted the most from the performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the South Korean won. The currency hedging strategy contributed negatively to performance.
Xtrackers MSCI United Kingdom Hedged Equity ETF
The Xtrackers MSCI United Kingdom Hedged Equity ETF (DBUK) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI United Kingdom US Dollar Hedged Index (the DBUK Index). The DBUK Index is designed to provide exposure to the U.K. equity market, while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and the British pound. For the 12-month period ended May 31, 2018, DBUK shares returned 6.22%, compared to the DBUK Index return of 6.85%.
Energy, Materials, and Financials were the major positive contributors, while Consumer Staples, Telecommunication Services, and Utilities detracted the most from performance. The Fund entered into forward
5
DBX ETF Trust
Management’s Discussion on Fund Performance (Unaudited) (Continued)
foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the British Pound Sterling. The currency hedging strategy contributed negatively to performance.
*************************
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 8-29 of this report for additional performance information, including performance data based on market value.
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
6
This Page is Intentionally Left Blank
7
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)
The Xtrackers MSCI All World ex US Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States), while at the same time mitigating exposure to fluctuations between the value of the US dollar and the currencies of countries included in the underlying index. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI ACWI ex USA US Dollar Hedged Index | MSCI ACWI ex USA Index | |||||
One Year | 8.43% | 7.45% | 8.96% | 9.67% | ||||
Since Inception1 | 6.57% | 6.42% | 7.08% | 3.99% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI ACWI ex USA US Dollar Hedged Index | MSCI ACWI ex USA Index | |||||
One Year | 8.43% | 7.45% | 8.96% | 9.67% | ||||
Since Inception1 | 31.90% | 31.15% | 34.69% | 18.58% |
1 Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, was 0.40%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
8
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 1/23/14.
Sector Diversification* as of 5/31/18 |
Financials | 22.3% | |||
Information Technology | 12.1% | |||
Industrials | 11.8% | |||
Consumer Discretionary | 11.2% | |||
Consumer Staples | 9.4% | |||
Materials | 8.2% | |||
Health Care | 7.9% | |||
Energy | 7.1% | |||
Telecommunication Services | 3.7% | |||
Real Estate | 3.3% | |||
Utilities | 3.0% | |||
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Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (9.1% of Net Assets) |
Description | % of Net Assets | |||
Tencent Holdings Ltd. (China) | 1.3% | |||
Alibaba Group Holding Ltd. (China) | 1.1% | |||
Nestle SA (Switzerland) | 1.1% | |||
Samsung Electronics Co. Ltd. (South Korea) | 1.0% | |||
HSBC Holdings PLC (United Kingdom) | 0.9% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 0.8% | |||
Royal Dutch Shell PLC (Netherlands) | 0.8% | |||
Novartis AG (Switzerland) | 0.7% | |||
BP PLC (United Kingdom) | 0.7% | |||
Roche Holding AG (Switzerland) | 0.7% |
Country Diversification* as of 5/31/18 |
Japan | 16.7% | |||
United Kingdom | 10.7% | |||
China | 7.6% | |||
France | 7.3% | |||
Canada | 6.8% | |||
Germany | 6.6% | |||
Switzerland | 5.7% | |||
Australia | 4.8% | |||
South Korea | 4.0% | |||
Hong Kong | 3.6% | |||
Netherlands | 3.3% | |||
Taiwan | 3.0% | |||
Spain | 2.0% | |||
Other | 17.9% | |||
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| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.
9
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)
The Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Asia Pacific ex Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia Pacific region (excluding Japan) while at the same time mitigating exposure to fluctuations between the value of the US dollar and the currencies of countries included in the underlying index. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Asia Pacific ex-Japan US Dollar Hedged Index | MSCI Asia Pacific ex-Japan Index | |||||
One Year | 14.20% | 14.14% | 15.29% | 15.95% | ||||
Since Inception1 | 7.54% | 7.43% | 8.21% | 7.27% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Asia Pacific ex-Japan US Dollar Hedged Index | MSCI Asia Pacific ex-Japan Index | |||||
One Year | 14.20% | 14.14% | 15.29% | 15.95% | ||||
Since Inception1 | 40.36% | 39.73% | 44.52% | 38.79% |
1 Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, was 0.60%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
10
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 10/1/13.
Sector Diversification* as of 5/31/18 |
Information Technology | 27.1% | |||
Financials | 25.7% | |||
Consumer Discretionary | 7.7% | |||
Materials | 6.8% | |||
Real Estate | 6.8% | |||
Industrials | 6.5% | |||
Consumer Staples | 5.1% | |||
Health Care | 4.2% | |||
Energy | 3.9% | |||
Telecommunication Services | 3.3% | |||
Utilities | 2.9% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (25.2% of Net Assets) |
Description | % of Net Assets | |||
Tencent Holdings Ltd. (China) | 5.0% | |||
Samsung Electronics Co. Ltd. (South Korea) | 4.4% | |||
Alibaba Group Holding Ltd. (China) | 3.9% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.1% | |||
AIA Group Ltd. (Hong Kong) | 1.9% | |||
China Construction Bank Corp. (China) | 1.7% | |||
Commonwealth Bank of Australia (Australia) | 1.6% | |||
BHP Billiton Ltd. (Australia) | 1.3% | |||
Westpac Banking Corp. (Australia) | 1.2% | |||
Baidu, Inc. (China) | 1.1% |
Country Diversification* as of 5/31/18 |
China | 29.1% | |||
Australia | 17.5% | |||
South Korea | 15.3% | |||
Hong Kong | 13.7% | |||
Taiwan | 11.4% | |||
Singapore | 3.7% | |||
Malaysia | 2.4% | |||
Thailand | 2.3% | |||
Indonesia | 2.0% | |||
Other | 2.6% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral and exchange-traded fund.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 55.
11
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Brazil Hedged Equity ETF (DBBR)
The Xtrackers MSCI Brazil Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Brazil US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Brazilian equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and Brazilian real. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Brazil US Dollar Hedged Index | MSCI Brazil Index | |||||
One Year | 17.10% | 15.20% | 18.41% | 6.86% | ||||
Five Year | -0.78% | -0.54% | 0.04% | -3.43% | ||||
Since Inception1 | -2.54% | -2.72% | -1.25% | -6.25% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Brazil US Dollar Hedged Index | MSCI Brazil Index | |||||
One Year | 17.10% | 15.20% | 18.41% | 6.86% | ||||
Five Year | -3.84% | -2.68% | 16.00% | 0.18% | ||||
Since Inception1 | -16.44% | -17.49% | -8.42% | -36.30% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, was 0.60%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
12
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Brazil Hedged Equity ETF (DBBR) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 6/9/11.
For more complete details about the Fund’s investment portfolio see page 65.
13
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
The Xtrackers MSCI Emerging Markets Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the currencies of countries included in the underlying index. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI EM US Dollar Hedged Index | MSCI EM Index | |||||
One Year | 13.09% | 12.28% | 13.93% | 14.03% | ||||
Five Year | 3.89% | 3.88% | 5.51% | 4.52% | ||||
Since Inception1 | 1.73% | 1.63% | 3.89% | 2.09% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI EM US Dollar Hedged Index | MSCI EM Index | |||||
One Year | 13.09% | 12.28% | 13.93% | 14.03% | ||||
Five Year | 21.03% | 20.99% | 24.76% | 30.76% | ||||
Since Inception1 | 12.75% | 11.97% | 30.58% | 15.51% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
14
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 6/9/11.
Sector Diversification* as of 5/31/18 |
Information Technology | 28.1% | |||
Financials | 22.9% | |||
Consumer Discretionary | 9.5% | |||
Materials | 7.4% | |||
Energy | 7.1% | |||
Consumer Staples | 6.5% | |||
Industrials | 5.5% | |||
Telecommunication Services | 4.2% | |||
Health Care | 3.2% | |||
Real Estate | 3.1% | |||
Utilities | 2.5% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (24.7% of Net Assets) |
Description | % of Net Assets | |||
Tencent Holdings Ltd. (China) | 5.1% | |||
Samsung Electronics Co. Ltd. (South Korea) | 4.6% | |||
Alibaba Group Holding Ltd. (China) | 4.1% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.3% | |||
Naspers Ltd. (South Africa) | 1.8% | |||
China Construction Bank Corp. (China) | 1.7% | |||
Baidu, Inc. (China) | 1.2% | |||
Industrial & Commercial Bank of China Ltd. (China) | 1.0% | |||
China Mobile Ltd. (Hong Kong) | 1.0% | |||
Ping An Insurance Group Co. of China Ltd. (China) | 0.9% |
Country Diversification* as of 5/31/18 |
China | 28.8% | |||
South Korea | 15.1% | |||
Taiwan | 11.5% | |||
India | 8.3% | |||
South Africa | 6.2% | |||
Brazil | 6.1% | |||
Hong Kong | 4.3% | |||
Russia | 3.4% | |||
Mexico | 2.6% | |||
Thailand | 2.3% | |||
Malaysia | 2.3% | |||
Other | 9.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 67.
15
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Europe Hedged Equity ETF (DBEU)
The Xtrackers MSCI Europe Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the currencies of countries included in the underlying index. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Europe US Dollar Hedged Index | MSCI Europe Index | |||||
One Year | 3.82% | 4.01% | 4.23% | 4.83% | ||||
Since Inception1 | 8.09% | 8.12% | 8.45% | 3.94% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Europe US Dollar Hedged Index | MSCI Europe Index | |||||
One Year | 3.82% | 4.01% | 4.23% | 4.83% | ||||
Since Inception1 | 43.78% | 43.99% | 46.03% | 19.75% |
1 Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
16
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Europe Hedged Equity ETF (DBEU) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 10/1/13.
Sector Diversification* as of 5/31/18 |
Financials | 19.4% | |||
Consumer Staples | 13.2% | |||
Industrials | 13.1% | |||
Health Care | 12.3% | |||
Consumer Discretionary | 11.1% | |||
Materials | 8.6% | |||
Energy | 8.4% | |||
Information Technology | 5.5% | |||
Utilities | 3.6% | |||
Telecommunication Services | 3.4% | |||
Real Estate | 1.4% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (17.5% of Net Assets) |
Description | % of Net Assets | |||
Royal Dutch Shell PLC (Netherlands) | 3.1% | |||
Nestle SA (Switzerland) | 2.5% | |||
HSBC Holdings PLC (United Kingdom) | 2.0% | |||
Novartis AG (Switzerland) | 1.7% | |||
BP PLC (United Kingdom) | 1.6% | |||
Roche Holding AG (Switzerland) | 1.6% | |||
TOTAL SA (France) | 1.5% | |||
British American Tobacco PLC (United Kingdom) | 1.2% | |||
SAP SE (Germany) | 1.2% | |||
GlaxoSmithKline PLC | 1.1% |
Country Diversification* as of 5/31/18 |
United Kingdom | 24.3% | |||
France | 16.9% | |||
Germany | 15.2% | |||
Switzerland | 13.1% | |||
Netherlands | 7.6% | |||
Spain | 4.6% | |||
Sweden | 4.0% | |||
Italy | 3.3% | |||
Denmark | 2.7% | |||
Other | 8.3% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 85.
17
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)
The Xtrackers MSCI Eurozone Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equities in countries in the EMU, or the “Eurozone,” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the euro. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI EMU IMI US Dollar Hedged Index | MSCI EMU Index | |||||
One Year | 4.19% | 4.53% | 4.56% | 6.15% | ||||
Since Inception1 | 9.49% | 9.62% | 9.68% | 6.54% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI EMU IMI US Dollar Hedged Index | MSCI EMU Index | |||||
One Year | 4.19% | 4.53% | 4.56% | 6.15% | ||||
Since Inception1 | 37.01% | 37.62% | 37.87% | 24.63% |
1 Total returns are calculated based on the commencement of operations, 12/10/14 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
18
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 12/10/14.
Sector Diversification* as of 5/31/18 |
Financials | 17.4% | |||
Industrials | 15.6% | |||
Consumer Discretionary | 14.3% | |||
Information Technology | 9.7% | |||
Consumer Staples | 9.2% | |||
Materials | 9.0% | |||
Health Care | 7.9% | |||
Energy | 5.4% | |||
Utilities | 5.0% | |||
Telecommunication Services | 3.5% | |||
Real Estate | 3.0% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (18.3% of Net Assets) |
Description | % of Net Assets | |||
TOTAL SA (France) | 2.7% | |||
SAP SE (Germany) | 2.0% | |||
Siemens AG (Germany) | 1.8% | |||
Bayer AG (Germany) | 1.8% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 1.8% | |||
Allianz SE (Germany) | 1.7% | |||
BASF SE (Germany) | 1.7% | |||
Banco Santander SA (Spain) | 1.6% | |||
Sanofi (France) | 1.6% | |||
Unilever NV (United Kingdom) | 1.6% |
Country Diversification* as of 5/31/18 |
France | 30.7% | |||
Germany | 28.6% | |||
Spain | 9.2% | |||
Netherlands | 9.0% | |||
Italy | 7.2% | |||
Belgium | 3.7% | |||
Finland | 3.5% | |||
United Kingdom | 3.0% | |||
Ireland | 2.1% | |||
Other | 3.0% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 94.
19
DBX ETF Trust
Performance 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.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Germany US Dollar Hedged Index | MSCI Germany Index | |||||
One Year | 1.73% | 1.80% | 2.27% | 3.95% | ||||
Five Year | 8.76% | 8.87% | 9.13% | 6.03% | ||||
Since Inception1 | 5.94% | 5.93% | 6.32% | 3.36% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Germany US Dollar Hedged Index | MSCI Germany Index | |||||
One Year | 1.73% | 1.80% | 2.27% | 3.95% | ||||
Five Year | 52.20% | 52.95% | 54.79% | 33.99% | ||||
Since Inception1 | 49.59% | 49.57% | 53.46% | 26.00% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Prior to 5/31/13, this Fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
20
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Germany Hedged Equity ETF (DBGR) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 6/9/11.
Sector Diversification* as of 5/31/18 |
Consumer Discretionary | 18.5% | |||
Materials | 14.9% | |||
Industrials | 13.7% | |||
Financials | 13.4% | |||
Health Care | 13.3% | |||
Information Technology | 12.4% | |||
Telecommunication Services | 4.2% | |||
Consumer Staples | 3.4% | |||
Utilities | 3.4% | |||
Real Estate | 2.8% | |||
|
| |||
Total | 100.0% |
Prior to 5/31/13, this Fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.
Ten Largest Equity Holdings as of 5/31/18 (50.1% of Net Assets) |
Description | % of Net Assets | |||
SAP SE | 7.7% | |||
Siemens AG | 6.9% | |||
Bayer AG | 6.8% | |||
Allianz SE | 6.3% | |||
BASF SE | 6.3% | |||
Daimler AG | 4.5% | |||
Deutsche Telekom AG | 3.6% | |||
adidas AG | 3.0% | |||
Deutsche Post AG | 2.6% | |||
Volkswagen AG | 2.4% |
* As a percent of total investments excluding exchange-traded fund.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 103.
21
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers 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.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Japan US Dollar Hedged Index | MSCI Japan Index | |||||
One Year | 13.74% | 13.10% | 14.32% | 14.57% | ||||
Five Year | 9.28% | 9.56% | 9.98% | 8.29% | ||||
Since Inception1 | 11.79% | 11.68% | 12.54% | 7.98% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Japan US Dollar Hedged Index | MSCI Japan Index | |||||
One Year | 13.74% | 13.10% | 14.32% | 14.57% | ||||
Five Year | 55.84% | 57.83% | 60.92% | 48.94% | ||||
Since Inception1 | 117.71% | 116.34% | 128.21% | 70.91% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares or redemtion of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
22
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Japan Hedged Equity ETF (DBJP) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 6/9/11.
Sector Diversification* as of 5/31/18 |
Industrials | 21.2% | |||
Consumer Discretionary | 19.6% | |||
Information Technology | 12.8% | |||
Financials | 12.1% | |||
Consumer Staples | 8.6% | |||
Health Care | 7.6% | |||
Materials | 6.0% | |||
Telecommunication Services | 5.0% | |||
Real Estate | 4.1% | |||
Utilities | 1.9% | |||
Energy | 1.1% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (17.6% of Net Assets) |
Description | % of Net Assets | |||
Toyota Motor Corp. | 4.0% | |||
Mitsubishi UFJ Financial Group, Inc. | 2.0% | |||
Sony Corp. | 1.7% | |||
Keyence Corp. | 1.6% | |||
SoftBank Group Corp. | 1.6% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.5% | |||
Honda Motor Co. Ltd. | 1.4% | |||
KDDI Corp. | 1.3% | |||
Nintendo Co. Ltd. | 1.3% | |||
Mizuho Financial Group, Inc. | 1.2% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 106.
23
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Mexico Hedged Equity ETF (DBMX)
The Xtrackers MSCI Mexico Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Mexico IMI 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to the Mexican equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and Mexican peso. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Mexico IMI 25/50 US Dollar Hedged Index | MSCI Mexico IMI 25/50 Index | |||||
One Year | -10.72% | -10.71% | -10.61% | -11.48% | ||||
Since Inception1 | -1.17% | -1.18% | -0.89% | -6.49% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Mexico IMI 25/50 US Dollar Hedged Index | MSCI Mexico IMI 25/50 Index | |||||
One Year | -10.72% | -10.71% | -10.61% | -11.48% | ||||
Since Inception1 | -4.98% | -5.05% | -3.82% | -25.35% |
1 Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, was 0.50%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
24
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI Mexico Hedged Equity ETF (DBMX) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 1/23/14.
For more complete details about the Fund’s investment portfolio see page 111.
25
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI South Korea Hedged Equity ETF (DBKO)
The Xtrackers MSCI South Korea Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Korea 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to South Korean equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the South Korean won. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI Korea 25/50 US Dollar Hedged Index | MSCI Korea 25/50 Index | |||||
One Year | 6.28% | 6.52% | 7.46% | 10.83% | ||||
Since Inception1 | 5.07% | 4.99% | 6.50% | 6.53% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI Korea 25/50 US Dollar Hedged Index | MSCI Korea 25/50 Index | |||||
One Year | 6.28% | 6.52% | 7.46% | 10.83% | ||||
Since Inception1 | 24.03% | 23.63% | 31.56% | 31.72% |
1 Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, was 0.58%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
26
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI South Korea Hedged Equity ETF (DBKO) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 1/23/14.
Sector Diversification* as of 5/31/18 |
Information Technology | 37.1% | |||
Financials | 13.1% | |||
Consumer Discretionary | 12.0% | |||
Industrials | 10.7% | |||
Materials | 8.5% | |||
Consumer Staples | 7.4% | |||
Health Care | 6.5% | |||
Energy | 2.7% | |||
Utilities | 1.3% | |||
Telecommunication Services | 0.7% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (46.3% of Net Assets) |
Description | % of Net Assets | |||
Samsung Electronics Co. Ltd. | 21.5% | |||
SK Hynix, Inc. | 6.2% | |||
POSCO | 3.0% | |||
Celltrion, Inc. | 2.5% | |||
Hyundai Motor Co. | 2.5% | |||
KB Financial Group, Inc. | 2.4% | |||
Shinhan Financial Group Co. Ltd. | 2.2% | |||
NAVER Corp. | 2.2% | |||
LG Chem Ltd. | 2.0% | |||
LG Household & Health Care Ltd. | 1.8% |
* 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 112.
27
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI United Kingdom Hedged Equity ETF (DBUK)
The Xtrackers MSCI United Kingdom Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI United Kingdom US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to the United Kingdom equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and British pound sterling. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI United Kingdom US Dollar Hedged Index | MSCI United Kingdom Index | |||||
One Year | 6.22% | 6.47% | 6.85% | 8.93% | ||||
Since Inception1 | 6.95% | 6.95% | 7.63% | 2.98% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI United Kingdom US Dollar Hedged Index | MSCI United Kingdom Index | |||||
One Year | 6.22% | 6.47% | 6.85% | 8.93% | ||||
Since Inception1 | 36.84% | 36.85% | 40.98% | 14.67% |
1 Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017 was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
28
DBX ETF Trust
Xtrackers MSCI United Kingdom Hedged Equity ETF (DBUK) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 10/1/13.
Sector Diversification* as of 5/31/18 |
Financials | 21.3% | |||
Energy | 17.3% | |||
Consumer Staples | 16.4% | |||
Health Care | 10.4% | |||
Materials | 9.3% | |||
Consumer Discretionary | 8.4% | |||
Industrials | 8.2% | |||
Telecommunication Services | 3.5% | |||
Utilities | 3.1% | |||
Real Estate | 1.2% | |||
Information Technology | 0.9% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (43.3% of Net Assets) |
Description | % of Net Assets | |||
Royal Dutch Shell PLC | 10.8% | |||
HSBC Holdings PLC | 7.1% | |||
BP PLC | 5.6% | |||
British American Tobacco PLC | 4.4% | |||
GlaxoSmithKline PLC | 3.7% | |||
AstraZeneca PLC | 3.4% | |||
Diageo PLC | 3.3% | |||
Vodafone Group PLC | 2.5% | |||
Unilever PLC | 2.5% | |||
Rio Tinto PLC | 2.5% |
* As a percent of total investments excluding securities lending collateral and exchange-traded fund.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 115.
29
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2017 to May 31, 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 December 1, 2017 | Ending Account Value May 31, 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 | $ | 1,014.40 | 0.40 | % | $ | 2.01 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.94 | 0.40 | % | $ | 2.02 | ||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,027.20 | 0.60 | % | $ | 3.03 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.94 | 0.60 | % | $ | 3.02 | ||||||||
Xtrackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,060.50 | 0.60 | % | $ | 3.08 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.94 | 0.60 | % | $ | 3.02 | ||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,015.70 | 0.65 | % | $ | 3.27 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.69 | 0.65 | % | $ | 3.28 | ||||||||
Xtrackers MSCI Europe Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,018.90 | 0.46 | % | $ | 2.32 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.64 | 0.46 | % | $ | 2.32 | ||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,012.10 | 0.46 | % | $ | 2.31 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.64 | 0.46 | % | $ | 2.32 |
30
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
Beginning Account Value December 1, 2017 | Ending Account Value May 31, 2018 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI Germany Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 981.50 | 0.46 | % | $ | 2.27 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.64 | 0.46 | % | $ | 2.32 | ||||||||
Xtrackers MSCI Japan Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 989.10 | 0.46 | % | $ | 2.28 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.64 | 0.46 | % | $ | 2.32 | ||||||||
Xtrackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 932.60 | 0.50 | % | $ | 2.41 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.44 | 0.50 | % | $ | 2.52 | ||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 988.80 | 0.58 | % | $ | 2.88 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.04 | 0.58 | % | $ | 2.92 | ||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,068.80 | 0.45 | % | $ | 2.32 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.
31
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 93.1% | ||||||||
Australia — 4.5% | ||||||||
AGL Energy Ltd. | 3,715 | $ | 62,089 | |||||
Alumina Ltd. | 16,099 | 32,629 | ||||||
Amcor Ltd. | 6,626 | 70,454 | ||||||
AMP Ltd. | 16,330 | 48,163 | ||||||
APA Group (a) | 6,798 | 44,675 | ||||||
Aristocrat Leisure Ltd. | 3,217 | 73,083 | ||||||
ASX Ltd. | 1,193 | 54,701 | ||||||
Aurizon Holdings Ltd. | 12,745 | 41,542 | ||||||
AusNet Services | 10,233 | 12,575 | ||||||
Australia & New Zealand Banking Group Ltd. | 16,466 | 338,831 | ||||||
Bank of Queensland Ltd. | 2,638 | 20,209 | ||||||
Bendigo & Adelaide Bank Ltd. | 2,431 | 19,782 | ||||||
BHP Billiton Ltd. | 17,632 | 437,230 | ||||||
BHP Billiton PLC | 11,485 | 263,976 | ||||||
BlueScope Steel Ltd. | 3,408 | 44,794 | ||||||
Boral Ltd. | 6,501 | 30,826 | ||||||
Brambles Ltd. | 7,336 | 50,097 | ||||||
Caltex Australia Ltd. | 1,784 | 39,692 | ||||||
Challenger Ltd. | 3,391 | 33,056 | ||||||
CIMIC Group Ltd. | 567 | 17,675 | ||||||
Coca-Cola Amatil Ltd. | 3,535 | 23,739 | ||||||
Cochlear Ltd. | 358 | 53,105 | ||||||
Commonwealth Bank of Australia | 9,603 | 503,277 | ||||||
Computershare Ltd. | 2,682 | 35,170 | ||||||
Crown Resorts Ltd. | 2,396 | 24,099 | ||||||
CSL Ltd. | 2,564 | 360,369 | ||||||
Dexus REIT | 5,961 | 44,584 | ||||||
Domino’s Pizza Enterprises Ltd. (b) | 440 | 16,381 | ||||||
Flight Centre Travel Group Ltd. (b) | 382 | 17,801 | ||||||
Fortescue Metals Group Ltd. | 9,692 | 34,376 | ||||||
Goodman Group REIT | 11,011 | 77,775 | ||||||
GPT Group REIT | 11,052 | 42,041 | ||||||
Harvey Norman Holdings Ltd. | 3,424 | 9,322 | ||||||
Healthscope Ltd. | 11,617 | 20,646 | ||||||
Incitec Pivot Ltd. | 10,588 | 27,545 | ||||||
Insurance Australia Group Ltd. | 14,739 | 90,620 | ||||||
LendLease Group (a) | 3,409 | 48,416 | ||||||
Macquarie Group Ltd. | 1,862 | 160,993 | ||||||
Medibank Pvt Ltd. | 15,607 | 34,582 | ||||||
Mirvac Group REIT | 22,764 | 39,595 | ||||||
National Australia Bank Ltd. | 15,450 | 313,134 | ||||||
Newcrest Mining Ltd. | 4,583 | 71,952 | ||||||
Oil Search Ltd. | 8,546 | 53,448 | ||||||
Orica Ltd. | 2,209 | 29,519 | ||||||
Origin Energy Ltd.* | 10,840 | 78,699 | ||||||
QBE Insurance Group Ltd. | 8,336 | 59,763 | ||||||
Ramsay Health Care Ltd. | 1,099 | 50,973 | ||||||
REA Group Ltd. | 539 | 34,978 | ||||||
Santos Ltd.* | 11,365 | 50,366 | ||||||
Scentre Group REIT | 26,126 | 82,588 | ||||||
SEEK Ltd. | 1,960 | 29,942 | ||||||
Sonic Healthcare Ltd. | 3,219 | 57,354 | ||||||
South32 Ltd. | 29,573 | 83,197 | ||||||
Stockland REIT | 14,278 | 44,811 | ||||||
Suncorp Group Ltd. | 7,079 | 71,898 |
Number of Shares | Value | |||||||
Australia (Continued) | ||||||||
Sydney Airport (a) | 6,538 | $ | 35,995 | |||||
Tabcorp Holdings Ltd. | 12,319 | 40,712 | ||||||
Telstra Corp. Ltd. | 24,383 | 51,631 | ||||||
TPG Telecom Ltd. (b) | 2,176 | 9,166 | ||||||
Transurban Group (a) | 11,003 | 98,771 | ||||||
Treasury Wine Estates Ltd. | 4,523 | 56,712 | ||||||
Vicinity Centres REIT | 19,069 | 38,504 | ||||||
Wesfarmers Ltd. | 6,325 | 217,927 | ||||||
Westpac Banking Corp. | 19,085 | 401,961 | ||||||
Woodside Petroleum Ltd. | 5,230 | 128,188 | ||||||
Woolworths Group Ltd. | 7,388 | 159,011 | ||||||
|
| |||||||
5,751,715 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 495 | 24,709 | ||||||
Erste Group Bank AG* | 1,790 | 74,664 | ||||||
OMV AG | 894 | 51,420 | ||||||
Raiffeisen Bank International AG* | 897 | 28,407 | ||||||
voestalpine AG | 548 | 29,444 | ||||||
|
| |||||||
208,644 | ||||||||
|
| |||||||
Belgium — 0.7% | ||||||||
Ageas | 973 | 49,367 | ||||||
Anheuser-Busch InBev SA/NV | 4,319 | 405,039 | ||||||
Colruyt SA | 358 | 19,030 | ||||||
Groupe Bruxelles Lambert SA | 499 | 52,922 | ||||||
KBC Group NV | 1,555 | 120,342 | ||||||
Proximus SADP | 445 | 11,918 | ||||||
Solvay SA | 445 | 59,826 | ||||||
Telenet Group Holding NV* | 367 | 18,560 | ||||||
UCB SA | 793 | 62,576 | ||||||
Umicore SA | 1,117 | 63,202 | ||||||
|
| |||||||
862,782 | ||||||||
|
| |||||||
Brazil — 0.9% | ||||||||
Ambev SA | 26,727 | 141,312 | ||||||
Atacadao Distribuicao Comercio e Industria Ltda | 2,162 | 9,260 | ||||||
B3 SA-Brasil Bolsa Balcao | 12,506 | 73,107 | ||||||
Banco Bradesco SA | 5,960 | 41,739 | ||||||
Banco do Brasil SA | 3,751 | 30,590 | ||||||
Banco Santander Brasil SA | 3,116 | 28,264 | ||||||
BB Seguridade Participacoes SA | 4,579 | 32,043 | ||||||
BR Malls Participacoes SA* | 4,858 | 13,436 | ||||||
BRF SA* | 2,640 | 15,185 | ||||||
CCR SA | 7,385 | 20,425 | ||||||
Centrais Eletricas Brasileiras SA* | 440 | 1,729 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 2,312 | 16,235 | ||||||
Cia Siderurgica Nacional SA* | 3,677 | 7,603 | ||||||
Cielo SA | 6,899 | 31,401 | ||||||
Cosan SA Industria e Comercio | 767 | 7,991 | ||||||
EDP — Energias do Brasil SA | 1,714 | 6,085 | ||||||
Embraer SA | 2,855 | 17,242 | ||||||
Equatorial Energia SA | 1,278 | 20,862 | ||||||
Fibria Celulose SA | 1,431 | 27,198 | ||||||
Hypera SA | 2,312 | 17,507 | ||||||
IRB Brasil Resseguros S/A | 597 | 7,730 |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Brazil (Continued) | ||||||||
JBS SA | 4,251 | $ | 10,194 | |||||
Klabin SA | 3,340 | 18,825 | ||||||
Kroton Educacional SA | 8,336 | 24,197 | ||||||
Localiza Rent a Car SA | 3,056 | 20,294 | ||||||
Lojas Renner SA | 4,428 | 35,278 | ||||||
M Dias Branco SA | 660 | 7,443 | ||||||
Magazine Luiza SA | 418 | 12,169 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 548 | 8,633 | ||||||
Natura Cosmeticos SA | 1,303 | 11,798 | ||||||
Odontoprev SA | 1,569 | 5,882 | ||||||
Petrobras Distribuidora SA | 1,917 | 9,369 | ||||||
Petroleo Brasileiro SA | 17,562 | 104,644 | ||||||
Porto Seguro SA | 417 | 4,760 | ||||||
Raia Drogasil SA | 1,574 | 26,319 | ||||||
Rumo SA* | 4,170 | 15,464 | ||||||
Sul America SA | 705 | 3,707 | ||||||
Suzano Papel e Celulose SA | 2,269 | 26,260 | ||||||
TIM Participacoes SA | 4,179 | 15,048 | ||||||
Ultrapar Participacoes SA | 2,154 | 28,920 | ||||||
Vale SA | 17,733 | 241,087 | ||||||
WEG SA | 4,265 | 19,676 | ||||||
|
| |||||||
1,216,911 | ||||||||
|
| |||||||
Canada — 6.4% | ||||||||
Agnico Eagle Mines Ltd. | 1,123 | 50,399 | ||||||
Alimentation Couche-Tard, Inc., Class B | 2,581 | 107,771 | ||||||
AltaGas Ltd. | 709 | 13,916 | ||||||
ARC Resources Ltd. | 2,312 | 23,823 | ||||||
Atco Ltd., Class I | 452 | 13,739 | ||||||
Bank of Montreal | 3,924 | 303,969 | ||||||
Bank of Nova Scotia | 7,211 | 435,129 | ||||||
Barrick Gold Corp. | 7,279 | 95,830 | ||||||
BCE, Inc. | 879 | 36,615 | ||||||
BlackBerry Ltd.* | 1,959 | 23,192 | ||||||
Bombardier, Inc., Class B* | 10,037 | 37,776 | ||||||
Brookfield Asset Management, Inc., Class A | 5,030 | 200,603 | ||||||
CAE, Inc. | 1,669 | 35,154 | ||||||
Cameco Corp. | 2,030 | 20,995 | ||||||
Canadian Imperial Bank of Commerce | 2,619 | 228,652 | ||||||
Canadian National Railway Co. | 4,256 | 355,323 | ||||||
Canadian Natural Resources Ltd. | 7,237 | 250,554 | ||||||
Canadian Pacific Railway Ltd. | 898 | 173,152 | ||||||
Canadian Tire Corp. Ltd., Class A | 435 | 55,383 | ||||||
Canadian Utilities Ltd., Class A | 795 | 19,296 | ||||||
CCL Industries, Inc., Class B | 906 | 44,839 | ||||||
Cenovus Energy, Inc. | 5,914 | 62,397 | ||||||
CGI Group, Inc., Class A* | 1,737 | 106,784 | ||||||
CI Financial Corp. | 1,614 | 31,294 | ||||||
Constellation Software, Inc. | 129 | 101,602 | ||||||
Crescent Point Energy Corp. | 3,323 | 26,756 | ||||||
Dollarama, Inc. | 804 | 92,795 | ||||||
Emera, Inc. | 319 | 9,964 | ||||||
Empire Co. Ltd., Class A | 773 | 14,881 | ||||||
Enbridge, Inc. | 9,485 | 294,733 | ||||||
Encana Corp. | 5,509 | 70,105 |
Number of Shares | Value | |||||||
Canada (Continued) | ||||||||
Fairfax Financial Holdings Ltd. | 187 | $ | 104,998 | |||||
Finning International, Inc. | 1,474 | 36,662 | ||||||
First Capital Realty, Inc. | 1,620 | 26,263 | ||||||
First Quantum Minerals Ltd. | 3,958 | 62,120 | ||||||
Fortis, Inc. | 2,469 | 78,891 | ||||||
Franco-Nevada Corp. | 824 | 58,105 | ||||||
George Weston Ltd. | 266 | 21,592 | ||||||
Gildan Activewear, Inc. | 1,571 | 45,497 | ||||||
Goldcorp, Inc. | 5,240 | 74,886 | ||||||
Great-West Lifeco, Inc. | 1,800 | 45,687 | ||||||
H&R Real Estate Investment Trust REIT | 1,633 | 25,453 | ||||||
Husky Energy, Inc. | 2,064 | 29,784 | ||||||
Hydro One Ltd., 144A | 1,651 | 24,779 | ||||||
IGM Financial, Inc. | 165 | 4,876 | ||||||
Imperial Oil Ltd. | 1,658 | 54,244 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 638 | 26,079 | ||||||
Intact Financial Corp. | 1,005 | 75,999 | ||||||
Inter Pipeline Ltd. | 2,125 | 40,137 | ||||||
Keyera Corp. | 817 | 22,904 | ||||||
Kinross Gold Corp.* | 8,266 | 29,836 | ||||||
Linamar Corp. | 281 | 14,070 | ||||||
Loblaw Cos. Ltd. | 1,361 | 70,380 | ||||||
Lundin Mining Corp. | 957 | 6,001 | ||||||
Magna International, Inc. | 2,097 | 134,463 | ||||||
Manulife Financial Corp. | 12,554 | 236,828 | ||||||
Methanex Corp. | 569 | 38,872 | ||||||
Metro, Inc. | 1,377 | 45,433 | ||||||
National Bank of Canada | 2,121 | 101,453 | ||||||
Nutrien Ltd. | 3,898 | 197,245 | ||||||
Onex Corp. | 464 | 33,306 | ||||||
Open Text Corp. | 1,498 | 52,256 | ||||||
Pembina Pipeline Corp. | 2,822 | 98,158 | ||||||
Power Corp. of Canada | 2,312 | 53,868 | ||||||
Power Financial Corp. | 1,415 | 35,260 | ||||||
PrairieSky Royalty Ltd. | 1,085 | 22,368 | ||||||
Restaurant Brands International, Inc. | 1,267 | 74,822 | ||||||
RioCan Real Estate Investment Trust REIT | 941 | 17,091 | ||||||
Rogers Communications, Inc., Class B | 2,297 | 107,799 | ||||||
Royal Bank of Canada | 8,592 | 649,403 | ||||||
Saputo, Inc. | 1,281 | 44,518 | ||||||
Seven Generations Energy Ltd., Class A* | 1,523 | 19,710 | ||||||
Shaw Communications, Inc., Class B | 2,834 | 57,047 | ||||||
Shopify, Inc., Class A* | 471 | 69,865 | ||||||
SmartCentres Real Estate Investment Trust REIT | 395 | 8,963 | ||||||
SNC-Lavalin Group, Inc. | 1,001 | 43,665 | ||||||
Sun Life Financial, Inc. | 3,668 | 151,603 | ||||||
Suncor Energy, Inc. (b) | 9,413 | 374,894 | ||||||
Teck Resources Ltd., Class B | 2,781 | 75,434 | ||||||
TELUS Corp. | 1,027 | 36,111 | ||||||
Thomson Reuters Corp. | 1,110 | 43,155 | ||||||
Toronto-Dominion Bank | 10,458 | 610,574 | ||||||
Tourmaline Oil Corp. | 1,209 | 24,113 | ||||||
TransCanada Corp. | 4,954 | 207,391 | ||||||
Turquoise Hill Resources Ltd.* | 3,832 | 10,787 | ||||||
Vermilion Energy, Inc. (b) | 600 | 21,032 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Canada (Continued) | ||||||||
West Fraser Timber Co. Ltd. | 278 | $ | 20,204 | |||||
Wheaton Precious Metals Corp. | 2,795 | 61,091 | ||||||
WSP Global, Inc. | 569 | 29,920 | ||||||
|
| |||||||
8,125,366 | ||||||||
|
| |||||||
Chile — 0.3% | ||||||||
Aguas Andinas SA, Class A | 8,569 | 4,982 | ||||||
Antofagasta PLC | 2,494 | 34,961 | ||||||
Banco de Chile | 146,652 | 22,791 | ||||||
Banco de Credito e Inversiones | 210 | 14,804 | ||||||
Banco Santander Chile | 389,093 | 31,269 | ||||||
Cencosud SA | 10,501 | 27,881 | ||||||
Cia Cervecerias Unidas SA | 830 | 10,580 | ||||||
Colbun SA | 38,111 | 8,606 | ||||||
Empresas CMPC SA | 5,539 | 21,004 | ||||||
Empresas COPEC SA | 2,683 | 41,006 | ||||||
Enel Americas SA | 172,023 | 33,310 | ||||||
Enel Chile SA | 154,165 | 16,680 | ||||||
Itau CorpBanca | 1,578,467 | 16,299 | ||||||
Latam Airlines Group SA | 1,828 | 22,064 | ||||||
SACI Falabella | 3,725 | 34,908 | ||||||
|
| |||||||
341,145 | ||||||||
|
| |||||||
China — 7.1% | ||||||||
3SBio, Inc., 144A* | 5,998 | 17,168 | ||||||
58.com, Inc., ADR* | 642 | 52,143 | ||||||
AAC Technologies Holdings, Inc. | 4,506 | 67,850 | ||||||
Agile Group Holdings Ltd. | 9,909 | 18,900 | ||||||
Agricultural Bank of China Ltd., Class H | 163,801 | 84,791 | ||||||
Air China Ltd., Class H | 13,539 | 15,691 | ||||||
Alibaba Group Holding Ltd., ADR*(b) | 6,882 | 1,362,705 | ||||||
Aluminum Corp. of China Ltd., Class H* | 25,474 | 13,414 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 7,272 | 44,597 | ||||||
ANTA Sports Products Ltd. | 6,400 | 36,883 | ||||||
Autohome, Inc., ADR | 382 | 43,059 | ||||||
AviChina Industry & Technology Co. Ltd., Class H* | 16,364 | 10,933 | ||||||
Baidu, Inc., ADR* | 1,647 | 399,496 | ||||||
Bank of China Ltd., Class H | 466,313 | 243,763 | ||||||
Bank of Communications Co. Ltd., Class H | 64,857 | 51,352 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 8,875 | 13,126 | ||||||
BYD Co. Ltd., Class H | 3,862 | 25,063 | ||||||
BYD Electronic International Co. Ltd. | 3,962 | 6,294 | ||||||
CGN Power Co. Ltd., Class H, 144A (b) | 127,120 | 36,143 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 74,637 | 27,026 | ||||||
China CITIC Bank Corp. Ltd., Class H | 58,016 | 39,426 | ||||||
China Communications Construction Co. Ltd., Class H | 30,287 | 32,514 | ||||||
China Communications Services Corp. Ltd., Class H | 19,419 | 12,503 | ||||||
China Conch Venture Holdings Ltd. | 14,523 | 50,365 | ||||||
China Construction Bank Corp., Class H | 566,233 | 571,778 | ||||||
China Everbright Bank Co. Ltd., Class H | 18,409 | 9,177 | ||||||
China Evergrande Group*(b) | 19,702 | 57,776 |
Number of Shares | Value | |||||||
China (Continued) | ||||||||
China Galaxy Securities Co. Ltd., Class H | 14,008 | $ | 8,769 | |||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 88,118 | 29,660 | ||||||
China Life Insurance Co. Ltd., Class H | 41,698 | 116,430 | ||||||
China Lodging Group Ltd., ADR | 195 | 8,582 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 27,452 | 25,341 | ||||||
China Medical System Holdings Ltd. | 2,405 | 5,795 | ||||||
China Merchants Bank Co. Ltd., Class H | 23,432 | 96,498 | ||||||
China Minsheng Banking Corp. Ltd., Class H (b) | 34,619 | 33,016 | ||||||
China Molybdenum Co. Ltd., Class H* | 20,813 | 13,189 | ||||||
China National Building Material Co. Ltd., Class H* | 28,008 | 32,068 | ||||||
China Oilfield Services Ltd., Class H | 15,015 | 15,698 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 15,758 | 68,110 | ||||||
China Petroleum & Chemical Corp., Class H | 152,742 | 149,369 | ||||||
China Railway Construction Corp. Ltd., Class H | 13,364 | 15,148 | ||||||
China Railway Group Ltd., Class H | 25,216 | 20,351 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 10,898 | 16,729 | ||||||
China Shenhua Energy Co. Ltd., Class H | 22,107 | 57,782 | ||||||
China Southern Airlines Co. Ltd., Class H | 10,377 | 10,267 | ||||||
China Telecom Corp. Ltd., Class H | 88,429 | 41,265 | ||||||
China Vanke Co. Ltd., Class H | 6,705 | 23,979 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 20,635 | 13,786 | ||||||
CIFI Holdings Group Co. Ltd. | 22,647 | 17,527 | ||||||
CITIC Securities Co. Ltd., Class H | 13,153 | 33,171 | ||||||
CNOOC Ltd. | 105,679 | 177,856 | ||||||
Country Garden Holdings Co. Ltd. | 44,452 | 87,167 | ||||||
CRRC Corp. Ltd., Class H | 29,895 | 26,719 | ||||||
CSPC Pharmaceutical Group Ltd. | 29,823 | 93,349 | ||||||
Ctrip.com International Ltd., ADR*(b) | 2,495 | 112,500 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 17,297 | 19,738 | ||||||
ENN Energy Holdings Ltd. | 5,288 | 54,443 | ||||||
Fosun International Ltd. | 18,830 | 41,390 | ||||||
Future Land Development Holdings Ltd.* | 24,000 | 18,819 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A* | 2,863 | 10,604 | ||||||
Geely Automobile Holdings Ltd. | 28,263 | 80,178 | ||||||
GF Securities Co. Ltd., Class H* | 5,506 | 9,295 | ||||||
GOME Retail Holdings Ltd.*(b) | 136,370 | 15,301 | ||||||
Great Wall Motor Co. Ltd., Class H | 17,182 | 16,759 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 12,560 | 21,298 | ||||||
Haitian International Holdings Ltd. | 3,672 | 10,417 | ||||||
Haitong Securities Co. Ltd., Class H | 19,393 | 24,281 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 400 | 2,447 | ||||||
Hengan International Group Co. Ltd. | 4,320 | 41,144 | ||||||
Huaneng Power International, Inc., Class H | 36,361 | 28,094 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 23,277 | 10,001 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Huatai Securities Co. Ltd., Class H, 144A | 8,791 | $ | 17,328 | |||||
Industrial & Commercial Bank of China Ltd., Class H | 418,881 | 347,145 | ||||||
JD.com, Inc., ADR*(b) | 4,316 | 151,837 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 12,112 | 18,284 | ||||||
Jiangxi Copper Co. Ltd., Class H | 7,008 | 10,186 | ||||||
Kingsoft Corp. Ltd. | 5,950 | 18,776 | ||||||
Kweichow Moutai Co. Ltd., Class A | 100 | 11,735 | ||||||
Lenovo Group Ltd. | 39,343 | 20,867 | ||||||
Longfor Properties Co. Ltd. | 8,161 | 24,452 | ||||||
Meitu, Inc., 144A* | 7,430 | 7,872 | ||||||
Midea Group Co. Ltd., Class A | 2,500 | 20,665 | ||||||
Minth Group Ltd. | 4,611 | 21,223 | ||||||
Momo, Inc., ADR* | 712 | 32,695 | ||||||
NetEase, Inc., ADR | 478 | 109,137 | ||||||
New China Life Insurance Co. Ltd., Class H | 4,490 | 20,380 | ||||||
New Oriental Education & Technology Group, Inc., ADR | 933 | 92,806 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 70,463 | 33,331 | ||||||
PetroChina Co. Ltd., Class H | 118,912 | 98,396 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 31,352 | 55,243 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 2,400 | 23,295 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 29,741 | 291,601 | ||||||
Semiconductor Manufacturing International Corp.* | 15,837 | 20,717 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 11,336 | 9,756 | ||||||
Shanghai Electric Group Co. Ltd., | 18,128 | 6,934 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 4,119 | 26,390 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 5,076 | 7,563 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 6,358 | 19,658 | ||||||
Shenzhou International Group Holdings Ltd. | 4,600 | 53,840 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 23,044 | 5,964 | ||||||
SINA Corp.* | 470 | 42,685 | ||||||
Sino-Ocean Group Holding Ltd. | 16,194 | 10,943 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 20,201 | 14,913 | ||||||
Sinopharm Group Co. Ltd., Class H | 7,528 | 33,449 | ||||||
SOHO China Ltd. | 12,608 | 6,591 | ||||||
Sunac China Holdings Ltd.* | 13,926 | 53,000 | ||||||
Sunny Optical Technology Group Co. | 4,365 | 88,823 | ||||||
TAL Education Group, ADR* | 2,068 | 87,807 | ||||||
Tencent Holdings Ltd. | 32,976 | 1,678,399 | ||||||
Tingyi Cayman Islands Holding Corp. | 14,099 | 31,566 | ||||||
TravelSky Technology Ltd., Class H | 5,935 | 17,366 |
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Tsingtao Brewery Co. Ltd., Class H | 1,282 | $ | 8,124 | |||||
Vipshop Holdings Ltd., ADR* | 2,616 | 30,555 | ||||||
Want Want China Holdings Ltd. | 37,047 | 36,749 | ||||||
Weibo Corp., ADR*(b) | 383 | 39,032 | ||||||
Weichai Power Co. Ltd., Class H | 16,301 | 21,864 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 14,300 | 10,307 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 13,852 | 19,992 | ||||||
Yum China Holdings, Inc. | 2,267 | 89,093 | ||||||
YY, Inc., ADR* | 283 | 32,978 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 7,932 | 7,939 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 4,020 | 20,246 | ||||||
Zijin Mining Group Co. Ltd., Class H | 64,466 | 26,877 | ||||||
ZTE Corp., Class H*(c) | 919 | 2,974 | ||||||
|
| |||||||
9,088,614 | ||||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 1,296 | 14,851 | ||||||
Ecopetrol SA | 41,570 | 44,441 | ||||||
Grupo Argos SA | 1,690 | 11,355 | ||||||
Grupo de Inversiones Suramericana SA | 1,433 | 18,404 | ||||||
Interconexion Electrica SA ESP | 2,184 | 10,699 | ||||||
|
| |||||||
99,750 | ||||||||
|
| |||||||
Czech Republic — 0.0% | ||||||||
CEZ AS | 1,318 | 32,965 | ||||||
Komercni banka AS | 449 | 18,192 | ||||||
O2 Czech Republic AS* | 1,009 | 12,790 | ||||||
|
| |||||||
63,947 | ||||||||
|
| |||||||
Denmark — 1.1% | ||||||||
A.P. Moller — Maersk A/S, Class A | 16 | 22,492 | ||||||
A.P. Moller — Maersk A/S, Class B | 38 | 56,869 | ||||||
Carlsberg A/S, Class B | 653 | 72,616 | ||||||
Chr Hansen Holding A/S | 649 | 62,325 | ||||||
Coloplast A/S, Class B | 734 | 69,772 | ||||||
Danske Bank A/S | 4,322 | 143,509 | ||||||
DSV A/S | 1,123 | 93,380 | ||||||
Genmab A/S* | 341 | 51,311 | ||||||
H Lundbeck A/S | 417 | 29,415 | ||||||
ISS A/S | 964 | 32,948 | ||||||
Novo Nordisk A/S, Class B | 10,424 | 495,196 | ||||||
Novozymes A/S, Class B | 1,336 | 68,115 | ||||||
Orsted A/S, 144A | 1,093 | 65,494 | ||||||
Pandora A/S (b) | 603 | 47,470 | ||||||
Tryg A/S | 654 | 15,069 | ||||||
Vestas Wind Systems A/S | 1,205 | 79,019 | ||||||
William Demant Holding A/S* | 661 | 24,066 | ||||||
|
| |||||||
1,429,066 | ||||||||
|
| |||||||
Egypt — 0.0% | ||||||||
Commercial International Bank Egypt SAE | 6,193 | 29,154 | ||||||
Eastern Tobacco | 648 | 6,399 | ||||||
ElSewedy Electric Co. | 456 | 5,336 | ||||||
|
| |||||||
40,889 | ||||||||
|
|
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Finland — 0.7% | ||||||||
Elisa OYJ | 869 | $ | 38,858 | |||||
Fortum OYJ | 2,718 | 63,899 | ||||||
Kone OYJ, Class B | 1,834 | 90,800 | ||||||
Metso OYJ | 673 | 23,304 | ||||||
Neste OYJ | 726 | 59,088 | ||||||
Nokia OYJ (b) | 33,568 | 193,858 | ||||||
Nokian Renkaat OYJ | 738 | 28,652 | ||||||
Orion OYJ, Class B | 706 | 20,873 | ||||||
Sampo OYJ, Class A | 2,600 | 127,903 | ||||||
Stora Enso OYJ, Class R | 3,140 | 64,257 | ||||||
UPM-Kymmene OYJ | 2,984 | 109,571 | ||||||
Wartsila OYJ Abp | 2,670 | 56,450 | ||||||
|
| |||||||
877,513 | ||||||||
|
| |||||||
France — 6.9% | ||||||||
Accor SA | 1,119 | 61,235 | ||||||
Aeroports de Paris | 167 | 34,888 | ||||||
Air Liquide SA (b) | 2,343 | 288,698 | ||||||
Airbus SE | 3,297 | 375,066 | ||||||
Alstom SA | 932 | 44,127 | ||||||
Amundi SA, 144A | 347 | 25,370 | ||||||
Arkema SA | 429 | 52,283 | ||||||
Atos SE (b) | 552 | 74,985 | ||||||
AXA SA | 11,136 | 277,619 | ||||||
BioMerieux | 238 | 20,951 | ||||||
BNP Paribas SA (b) | 6,530 | 405,052 | ||||||
Bollore SA | 4,056 | 19,972 | ||||||
Bouygues SA | 1,101 | 50,893 | ||||||
Bureau Veritas SA | 1,481 | 36,722 | ||||||
Capgemini SE* | 961 | 126,557 | ||||||
Carrefour SA | 3,364 | 60,661 | ||||||
Casino Guichard Perrachon SA (b) | 290 | 12,544 | ||||||
Cie de Saint-Gobain | 2,990 | 149,867 | ||||||
Cie Generale des Etablissements Michelin | 888 | 114,919 | ||||||
CNP Assurances (b) | 693 | 16,219 | ||||||
Credit Agricole SA | 6,687 | 91,776 | ||||||
Danone SA | 3,493 | 267,018 | ||||||
Dassault Aviation SA* | 13 | 25,198 | ||||||
Dassault Systemes SE | 737 | 103,519 | ||||||
Edenred | 1,274 | 40,853 | ||||||
Eiffage SA | 257 | 28,963 | ||||||
Electricite de France SA (b) | 3,351 | 44,659 | ||||||
Engie SA | 10,242 | 162,059 | ||||||
Essilor International SA | 1,195 | 163,310 | ||||||
Eurazeo SA | 327 | 25,613 | ||||||
Eutelsat Communications SA | 1,102 | 21,167 | ||||||
Faurecia SA | 436 | 36,953 | ||||||
Fonciere Des Regions REIT | 182 | 18,989 | ||||||
Gecina SA REIT | 315 | 54,501 | ||||||
Getlink | 3,044 | 41,244 | ||||||
Hermes International | 182 | 129,532 | ||||||
ICADE REIT | 196 | 18,216 | ||||||
Iliad SA | 155 | 26,265 | ||||||
Imerys SA | 269 | 22,925 | ||||||
Ingenico Group SA (b) | 363 | 29,026 | ||||||
Ipsen SA | 236 | 37,453 |
Number of Shares | Value | |||||||
France (Continued) | ||||||||
JCDecaux SA (b) | 551 | $ | 17,147 | |||||
Kering | 455 | 260,479 | ||||||
Klepierre SA REIT (b) | 1,245 | 48,496 | ||||||
Legrand SA | 1,581 | 119,287 | ||||||
L’Oreal SA (b) | 1,431 | 343,949 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,582 | 549,372 | ||||||
Natixis SA (b) | 5,637 | 40,844 | ||||||
Orange SA (b) | 9,635 | 165,859 | ||||||
Pernod Ricard SA | 1,258 | 211,333 | ||||||
Peugeot SA | 3,364 | 78,437 | ||||||
Publicis Groupe SA (b) | 1,208 | 84,083 | ||||||
Remy Cointreau SA | 132 | 19,552 | ||||||
Renault SA | 969 | 93,604 | ||||||
Rexel SA | 1,852 | 27,247 | ||||||
Safran SA | 1,801 | 215,071 | ||||||
Sanofi | 6,320 | 484,898 | ||||||
Schneider Electric SE | 3,161 | 272,643 | ||||||
SCOR SE | 913 | 33,706 | ||||||
SEB SA | 52 | 9,392 | ||||||
Societe BIC SA (b) | 172 | 16,729 | ||||||
Societe Generale SA (b) | 4,313 | 185,826 | ||||||
Sodexo SA | 501 | 48,624 | ||||||
Suez (b) | 2,141 | 29,484 | ||||||
Teleperformance | 332 | 52,474 | ||||||
Thales SA | 628 | 79,950 | ||||||
TOTAL SA | 13,323 | 810,688 | ||||||
Ubisoft Entertainment SA* | 363 | 39,304 | ||||||
Unibail-Rodamco SE REIT | 603 | 135,735 | ||||||
Unibail-Rodamco SE & WFD Unibail-Rodamco NV CDI* | 3,462 | 38,516 | ||||||
Valeo SA* | 1,357 | 86,173 | ||||||
Veolia Environnement SA (b) | 2,862 | 64,975 | ||||||
Vinci SA | 2,861 | 280,013 | ||||||
Vivendi SA | 6,101 | 153,488 | ||||||
Wendel SA | 166 | 21,929 | ||||||
|
| |||||||
8,757,174 | ||||||||
|
| |||||||
Germany — 5.9% | ||||||||
1&1 Drillisch AG | 304 | 21,039 | ||||||
adidas AG | 1,032 | 233,569 | ||||||
Allianz SE | 2,515 | 518,583 | ||||||
Axel Springer SE | 270 | 19,601 | ||||||
BASF SE | 5,209 | 513,044 | ||||||
Bayer AG | 4,693 | 558,837 | ||||||
Bayerische Motoren Werke AG | 1,670 | 166,688 | ||||||
Beiersdorf AG | 593 | 68,118 | ||||||
Brenntag AG | 919 | 53,008 | ||||||
Commerzbank AG* | 6,471 | 66,140 | ||||||
Continental AG | 557 | 141,366 | ||||||
Covestro AG, 144A | 1,058 | 96,400 | ||||||
Daimler AG | 5,128 | 369,763 | ||||||
Delivery Hero AG, 144A* | 504 | 23,167 | ||||||
Deutsche Bank AG (d) | 11,535 | 123,481 | ||||||
Deutsche Boerse AG | 1,090 | 145,775 | ||||||
Deutsche Lufthansa AG | 1,297 | 35,253 | ||||||
Deutsche Post AG | 5,508 | 209,077 | ||||||
Deutsche Telekom AG | 18,999 | 293,625 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
Deutsche Wohnen SE | 2,372 | $ | 111,279 | |||||
E.ON SE | 12,500 | 132,570 | ||||||
Evonik Industries AG | 731 | 25,620 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 275 | 25,725 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,296 | 129,418 | ||||||
Fresenius SE & Co. KGaA | 2,462 | 189,270 | ||||||
GEA Group AG | 1,051 | 38,703 | ||||||
Hannover Rueck SE | 347 | 43,811 | ||||||
HeidelbergCement AG | 812 | 71,954 | ||||||
Henkel AG & Co. KGaA | 539 | 60,775 | ||||||
HOCHTIEF AG | 120 | 22,053 | ||||||
HUGO BOSS AG | 380 | 34,153 | ||||||
Infineon Technologies AG | 6,720 | 184,537 | ||||||
Innogy SE, 144A | 804 | 33,940 | ||||||
K+S AG | 1,243 | 33,276 | ||||||
KION Group AG | 421 | 34,225 | ||||||
LANXESS AG | 559 | 44,229 | ||||||
Linde AG | 1,049 | 240,360 | ||||||
MAN SE | 197 | 21,441 | ||||||
Merck KGaA | 781 | 79,743 | ||||||
METRO AG | 1,102 | 14,841 | ||||||
MTU Aero Engines AG | 304 | 57,466 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 920 | 189,614 | ||||||
OSRAM Licht AG | 588 | 34,700 | ||||||
ProSiebenSat.1 Media SE | 993 | 29,219 | ||||||
Puma SE | 46 | 27,910 | ||||||
RWE AG | 3,076 | 69,744 | ||||||
SAP SE | 5,574 | 627,776 | ||||||
Siemens AG | 4,337 | 565,321 | ||||||
Siemens Healthineers AG, 144A* | 800 | 31,803 | ||||||
Symrise AG | 729 | 59,196 | ||||||
Telefonica Deutschland Holding AG | 3,870 | 16,360 | ||||||
thyssenkrupp AG | 2,537 | 66,940 | ||||||
TUI AG | 2,586 | 60,056 | ||||||
Uniper SE | 1,157 | 36,696 | ||||||
United Internet AG | 727 | 46,404 | ||||||
Volkswagen AG | 191 | 35,525 | ||||||
Vonovia SE | 3,094 | 145,983 | ||||||
Wirecard AG | 681 | 105,207 | ||||||
Zalando SE, 144A* | 629 | 33,494 | ||||||
|
| |||||||
7,467,871 | ||||||||
|
| |||||||
Greece — 0.1% | ||||||||
Alpha Bank AE* | 5,620 | 12,030 | ||||||
Eurobank Ergasias SA* | 8,743 | 9,199 | ||||||
FF Group*(c) | 197 | 1,105 | ||||||
Hellenic Telecommunications Organization SA | 1,632 | 19,556 | ||||||
JUMBO SA | 804 | 12,914 | ||||||
National Bank of Greece SA* | 18,661 | 5,877 | ||||||
OPAP SA | 940 | 10,110 | ||||||
Piraeus Bank SA* | 1,840 | 5,451 | ||||||
Titan Cement Co. SA | 1,045 | 25,655 | ||||||
|
| |||||||
101,897 | ||||||||
|
|
Number of Shares | Value | |||||||
Hong Kong — 3.4% | ||||||||
AIA Group Ltd. | 72,079 | $ | 661,680 | |||||
Alibaba Health Information Technology Ltd.* | 18,606 | 17,056 | ||||||
Alibaba Pictures Group Ltd.* | 125,714 | 16,349 | ||||||
ASM Pacific Technology Ltd. | 1,459 | 19,160 | ||||||
Bank of East Asia Ltd. | 7,059 | 29,296 | ||||||
Beijing Enterprises Holdings Ltd. | 4,016 | 22,197 | ||||||
Beijing Enterprises Water Group Ltd.* | 40,382 | 24,353 | ||||||
BOC Hong Kong Holdings Ltd. | 22,412 | 112,729 | ||||||
Brilliance China Automotive Holdings Ltd. | 16,663 | 31,145 | ||||||
China Everbright International Ltd. | 17,222 | 25,735 | ||||||
China Gas Holdings Ltd. | 11,330 | 47,021 | ||||||
China Jinmao Holdings Group Ltd. | 23,840 | 13,617 | ||||||
China Mengniu Dairy Co. Ltd.* | 17,117 | 62,198 | ||||||
China Merchants Port Holdings Co. Ltd. | 8,077 | 18,434 | ||||||
China Mobile Ltd. | 33,742 | 301,145 | ||||||
China Overseas Land & Investment Ltd. | 21,992 | 73,604 | ||||||
China Resources Beer Holdings Co. Ltd. | 10,265 | 49,864 | ||||||
China Resources Gas Group Ltd. | 6,087 | 23,127 | ||||||
China Resources Land Ltd. | 17,263 | 63,389 | ||||||
China Resources Power Holdings Co. Ltd. | 10,586 | 21,676 | ||||||
China State Construction International Holdings Ltd. | 17,115 | 21,145 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 9,488 | 34,053 | ||||||
China Unicom Hong Kong Ltd. | 33,671 | 45,764 | ||||||
CITIC Ltd. | 42,402 | 63,036 | ||||||
CK Asset Holdings Ltd. | 14,667 | 122,487 | ||||||
CK Hutchison Holdings Ltd. | 14,438 | 163,006 | ||||||
CK Infrastructure Holdings Ltd. | 4,263 | 32,177 | ||||||
CLP Holdings Ltd. | 9,735 | 102,275 | ||||||
COSCO SHIPPING Ports Ltd. | 10,385 | 9,997 | ||||||
Dairy Farm International Holdings Ltd. | 1,900 | 16,283 | ||||||
Far East Horizon Ltd. | 23,786 | 25,262 | ||||||
Fullshare Holdings Ltd.* | 40,320 | 19,021 | ||||||
Galaxy Entertainment Group Ltd. | 14,163 | 124,688 | ||||||
GCL-Poly Energy Holdings Ltd.*(b) | 96,713 | 10,605 | ||||||
Guangdong Investment Ltd. | 16,510 | 27,828 | ||||||
Haier Electronics Group Co. Ltd.* | 6,673 | 23,993 | ||||||
Hang Lung Group Ltd. | 5,409 | 16,758 | ||||||
Hang Lung Properties Ltd. | 11,995 | 27,222 | ||||||
Hang Seng Bank Ltd. | 4,229 | 105,844 | ||||||
Henderson Land Development Co. Ltd. | 7,322 | 48,171 | ||||||
HKT Trust & HKT Ltd. (a) | 23,093 | 29,002 | ||||||
Hong Kong & China Gas Co. Ltd. | 49,123 | 106,223 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 6,601 | 213,603 | ||||||
Hongkong Land Holdings Ltd. | 6,500 | 47,190 | ||||||
Hysan Development Co. Ltd. | 3,460 | 20,006 | ||||||
Jardine Matheson Holdings Ltd. | 1,221 | 76,239 | ||||||
Jardine Strategic Holdings Ltd. | 946 | 33,867 | ||||||
Kerry Properties Ltd. | 5,008 | 26,786 | ||||||
Kingboard Chemical Holdings Ltd. | 7,113 | 28,295 | ||||||
Kunlun Energy Co. Ltd. | 20,204 | 18,393 | ||||||
Lee & Man Paper Manufacturing Ltd. | 8,920 | 10,463 | ||||||
Li & Fung Ltd. | 36,180 | 14,069 | ||||||
Link REIT | 13,172 | 116,552 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Hong Kong (Continued) | ||||||||
Melco Resorts & Entertainment Ltd., ADR | 1,458 | $ | 47,618 | |||||
MTR Corp. Ltd. | 8,746 | 49,232 | ||||||
New World Development Co. Ltd. (b) | 35,628 | 54,692 | ||||||
Nine Dragons Paper Holdings Ltd. | 12,067 | 19,201 | ||||||
NWS Holdings Ltd. | 13,225 | 24,618 | ||||||
PCCW Ltd. | 41,327 | 24,344 | ||||||
Power Assets Holdings Ltd. | 8,161 | 56,760 | ||||||
Shanghai Industrial Holdings Ltd. | 11,641 | 30,946 | ||||||
Shimao Property Holdings Ltd. | 8,233 | 24,353 | ||||||
Sino Biopharmaceutical Ltd. | 28,594 | 72,331 | ||||||
Sino Land Co. Ltd. | 19,284 | 33,389 | ||||||
SJM Holdings Ltd. | 15,835 | 22,733 | ||||||
Sun Art Retail Group Ltd. | 14,742 | 17,367 | ||||||
Sun Hung Kai Properties Ltd. | 7,824 | 126,290 | ||||||
Swire Pacific Ltd., Class A | 3,468 | 35,771 | ||||||
Swire Properties Ltd. | 7,770 | 30,463 | ||||||
Techtronic Industries Co. Ltd. | 8,898 | 53,378 | ||||||
WH Group Ltd., 144A | 50,252 | 51,577 | ||||||
Wharf Holdings Ltd. | 7,848 | 25,366 | ||||||
Wharf Real Estate Investment Co. Ltd. | 7,297 | 56,333 | ||||||
Wheelock & Co. Ltd. | 4,647 | 35,016 | ||||||
Yue Yuen Industrial Holdings Ltd. | 4,190 | 12,955 | ||||||
|
| |||||||
4,318,811 | ||||||||
|
| |||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC | 1,849 | 17,423 | ||||||
OTP Bank Nyrt | 1,460 | 52,299 | ||||||
Richter Gedeon Nyrt | 850 | 16,622 | ||||||
|
| |||||||
86,344 | ||||||||
|
| |||||||
India — 0.0% | ||||||||
Dr. Reddy’s Laboratories Ltd., ADR | 188 | 5,356 | ||||||
ICICI Bank Ltd., ADR | 2,385 | 20,010 | ||||||
Infosys Ltd., ADR (b) | 1,052 | 19,136 | ||||||
Tata Motors Ltd., ADR* | 341 | 7,120 | ||||||
Wipro Ltd., ADR (b) | 3,838 | 17,655 | ||||||
|
| |||||||
69,277 | ||||||||
|
| |||||||
Indonesia — 0.4% | ||||||||
PT Adaro Energy Tbk | 58,815 | 7,979 | ||||||
PT Astra International Tbk | 114,037 | 56,629 | ||||||
PT Bank Central Asia Tbk | 58,127 | 94,961 | ||||||
PT Bank Danamon Indonesia Tbk | 24,984 | 10,474 | ||||||
PT Bank Mandiri Persero Tbk | 78,023 | 39,587 | ||||||
PT Bank Negara Indonesia Persero Tbk | 41,438 | 25,274 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 338,231 | 74,973 | ||||||
PT Bank Tabungan Negara Persero Tbk | 24,374 | 5,350 | ||||||
PT Bumi Serpong Damai Tbk | 65,295 | 8,012 | ||||||
PT Charoen Pokphand Indonesia Tbk | 46,073 | 12,202 | ||||||
PT Gudang Garam Tbk | 919 | 4,531 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 42,841 | 11,685 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 11,524 | 14,618 | ||||||
PT Indofood Sukses Makmur Tbk | 20,447 | 10,411 | ||||||
PT Jasa Marga Persero Tbk | 25,679 | 8,224 | ||||||
PT Kalbe Farma Tbk | 1,354 | 133 | ||||||
PT Matahari Department Store Tbk | 18,868 | 12,425 | ||||||
PT Pakuwon Jati Tbk | 129,032 | 5,200 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 52,185 | 7,774 |
Number of Shares | Value | |||||||
Indonesia (Continued) | ||||||||
PT Semen Indonesia Persero Tbk | 23,030 | $ | 13,922 | |||||
PT Surya Citra Media Tbk | 35,244 | 6,240 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 293,827 | 74,435 | ||||||
PT Tower Bersama Infrastructure Tbk | 25,342 | 9,256 | ||||||
PT Unilever Indonesia Tbk | 7,385 | 24,236 | ||||||
PT United Tractors Tbk | 11,214 | 28,287 | ||||||
PT Waskita Karya Persero Tbk | 28,346 | 4,733 | ||||||
|
| |||||||
571,551 | ||||||||
|
| |||||||
Ireland — 0.5% | ||||||||
AerCap Holdings NV* | 785 | 43,418 | ||||||
AIB Group PLC | 4,179 | 22,835 | ||||||
Bank of Ireland Group PLC | 4,051 | 33,482 | ||||||
CRH PLC | 4,693 | 173,368 | ||||||
DCC PLC | 517 | 49,587 | ||||||
James Hardie Industries PLC CDI | 2,787 | 46,727 | ||||||
Kerry Group PLC, Class A | 823 | 86,735 | ||||||
Paddy Power Betfair PLC | 472 | 57,386 | ||||||
Ryanair Holdings PLC, ADR* | 170 | 19,705 | ||||||
Smurfit Kappa Group PLC | 1,237 | 51,192 | ||||||
|
| |||||||
584,435 | ||||||||
|
| |||||||
Isle of Man — 0.0% | ||||||||
GVC Holdings PLC | 3,742 | 50,590 | ||||||
|
| |||||||
Israel — 0.3% | ||||||||
Azrieli Group Ltd. | 249 | 12,140 | ||||||
Bank Hapoalim BM | 6,211 | 42,879 | ||||||
Bank Leumi Le-Israel BM | 6,468 | 40,335 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 6,827 | 8,350 | ||||||
Check Point Software Technologies Ltd.* | 705 | 68,639 | ||||||
Elbit Systems Ltd. | 145 | 17,409 | ||||||
Frutarom Industries Ltd. | 235 | 23,007 | ||||||
Israel Chemicals Ltd. | 3,408 | 15,803 | ||||||
Mizrahi Tefahot Bank Ltd. | 1,085 | 20,734 | ||||||
Nice Ltd.* | 425 | 44,601 | ||||||
Teva Pharmaceutical Industries Ltd., ADR | 5,345 | 114,918 | ||||||
|
| |||||||
408,815 | ||||||||
|
| |||||||
Italy — 1.3% | ||||||||
Assicurazioni Generali SpA (b) | 6,866 | 116,788 | ||||||
Atlantia SpA | 2,862 | 82,942 | ||||||
Davide Campari-Milano SpA | 3,346 | 24,995 | ||||||
Enel SpA | 45,137 | 248,164 | ||||||
Eni SpA | 14,435 | 261,396 | ||||||
Ferrari NV | 719 | 93,720 | ||||||
Intesa Sanpaolo SpA | 75,192 | 221,031 | ||||||
Intesa Sanpaolo SpA-RSP | 3,200 | 9,633 | ||||||
Leonardo SpA | 2,489 | 25,385 | ||||||
Luxottica Group SpA | 918 | 57,179 | ||||||
Mediobanca SpA | 2,130 | 20,090 | ||||||
Moncler SpA | 981 | 45,036 | ||||||
Pirelli & C SpA, 144A* | 2,194 | 18,770 | ||||||
Poste Italiane SpA, 144A | 3,006 | 25,738 | ||||||
Prysmian SpA | 1,296 | 36,059 | ||||||
Recordati SpA | 624 | 23,125 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Italy (Continued) | ||||||||
Snam SpA | 12,910 | $ | 52,944 | |||||
Telecom Italia SpA* | 63,567 | 51,068 | ||||||
Telecom Italia SpA-RSP | 39,474 | 27,642 | ||||||
Terna Rete Elettrica Nazionale SpA | 10,172 | 53,880 | ||||||
UniCredit SpA | 11,136 | 184,003 | ||||||
|
| |||||||
1,679,588 | ||||||||
|
| |||||||
Japan — 15.8% | ||||||||
Acom Co. Ltd. (b) | 2,300 | 9,662 | ||||||
Aeon Co. Ltd. | 3,000 | 59,539 | ||||||
AEON Financial Service Co. Ltd. | 400 | 9,340 | ||||||
Aeon Mall Co. Ltd. | 500 | 9,666 | ||||||
Air Water, Inc. | 1,000 | 19,470 | ||||||
Aisin Seiki Co. Ltd. | 1,100 | 55,412 | ||||||
Ajinomoto Co., Inc. | 3,700 | 70,728 | ||||||
Alfresa Holdings Corp. | 1,100 | 27,837 | ||||||
Alps Electric Co. Ltd. | 1,200 | 28,504 | ||||||
Amada Holdings Co. Ltd. | 1,100 | 11,972 | ||||||
ANA Holdings, Inc. | 300 | 12,084 | ||||||
Aozora Bank Ltd. | 400 | 15,848 | ||||||
Asahi Glass Co. Ltd. | 800 | 32,799 | ||||||
Asahi Group Holdings Ltd. | 2,100 | 109,956 | ||||||
Asahi Kasei Corp. | 7,700 | 105,854 | ||||||
Asics Corp. | 600 | 10,016 | ||||||
Astellas Pharma, Inc. | 12,000 | 183,610 | ||||||
Bandai Namco Holdings, Inc. | 1,100 | 46,817 | ||||||
Bank of Kyoto Ltd. | 200 | 10,479 | ||||||
Benesse Holdings, Inc. | 200 | 7,280 | ||||||
Bridgestone Corp. | 4,200 | 168,525 | ||||||
Brother Industries Ltd. | 919 | 19,261 | ||||||
Calbee, Inc. | 300 | 10,948 | ||||||
Canon, Inc. | 6,500 | 221,915 | ||||||
Casio Computer Co. Ltd. | 700 | 10,714 | ||||||
Central Japan Railway Co. | 800 | 165,538 | ||||||
Chiba Bank Ltd. | 3,000 | 23,165 | ||||||
Chubu Electric Power Co., Inc. | 4,200 | 65,074 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,000 | 56,534 | ||||||
Chugoku Electric Power Co., Inc. (b) | 1,200 | 15,697 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 600 | 25,288 | ||||||
Concordia Financial Group Ltd. | 8,100 | 45,643 | ||||||
Credit Saison Co. Ltd. | 500 | 8,305 | ||||||
CyberAgent, Inc. | 600 | 31,383 | ||||||
CYBERDYNE, Inc.* | 400 | 5,137 | ||||||
Dai Nippon Printing Co. Ltd. | 1,000 | 21,529 | ||||||
Daicel Corp. | 1,000 | 11,325 | ||||||
Daifuku Co. Ltd. | 600 | 31,162 | ||||||
Dai-ichi Life Holdings, Inc. | 6,800 | 126,924 | ||||||
Daiichi Sankyo Co. Ltd. | 3,304 | 106,150 | ||||||
Daikin Industries Ltd. | 1,500 | 173,461 | ||||||
Daito Trust Construction Co. Ltd. | 500 | 81,675 | ||||||
Daiwa House Industry Co. Ltd. | 3,000 | 108,848 | ||||||
Daiwa House REIT Investment Corp. REIT | 6 | 14,153 | ||||||
Daiwa Securities Group, Inc. | 7,000 | 40,648 | ||||||
DeNA Co. Ltd. | 300 | 5,775 | ||||||
Denso Corp. | 2,700 | 131,296 | ||||||
Dentsu, Inc. | 900 | 43,021 | ||||||
Disco Corp. | 200 | 37,781 |
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
Don Quijote Holdings Co. Ltd. | 500 | $ | 26,658 | |||||
East Japan Railway Co. | 1,900 | 187,843 | ||||||
Eisai Co. Ltd. | 1,400 | 101,372 | ||||||
Electric Power Development Co. Ltd. | 400 | 10,630 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 500 | 51,937 | ||||||
FANUC Corp. | 1,100 | 235,299 | ||||||
Fast Retailing Co. Ltd. | 300 | 131,627 | ||||||
Fuji Electric Co. Ltd. | 2,000 | 14,285 | ||||||
FUJIFILM Holdings Corp. | 2,700 | 103,796 | ||||||
Fujitsu Ltd. | 10,000 | 61,286 | ||||||
Fukuoka Financial Group, Inc. | 2,000 | 10,700 | ||||||
Hakuhodo DY Holdings, Inc. | 1,200 | 18,223 | ||||||
Hamamatsu Photonics KK | 900 | 39,091 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,400 | 57,784 | ||||||
Hikari Tsushin, Inc. | 100 | 17,778 | ||||||
Hino Motors Ltd. | 1,000 | 11,224 | ||||||
Hirose Electric Co. Ltd. | 105 | 13,677 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | 24,985 | ||||||
Hitachi Chemical Co. Ltd. | 400 | 8,626 | ||||||
Hitachi Construction Machinery Co. Ltd. | 500 | 18,477 | ||||||
Hitachi High-Technologies Corp. | 200 | 9,128 | ||||||
Hitachi Ltd. | 27,200 | 199,177 | ||||||
Hitachi Metals Ltd. | 700 | 7,709 | ||||||
Honda Motor Co. Ltd. | 10,000 | 316,864 | ||||||
Hoshizaki Corp. | 200 | 20,095 | ||||||
Hoya Corp. | 2,000 | 119,005 | ||||||
Hulic Co. Ltd. | 1,300 | 13,348 | ||||||
Idemitsu Kosan Co. Ltd. | 704 | 23,653 | ||||||
IHI Corp. | 600 | 22,586 | ||||||
Iida Group Holdings Co. Ltd. | 500 | 9,556 | ||||||
Inpex Corp. | 7,100 | 79,233 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 1,400 | 17,297 | ||||||
Isuzu Motors Ltd. | 4,500 | 60,353 | ||||||
ITOCHU Corp. | 8,900 | 167,389 | ||||||
J. Front Retailing Co. Ltd. | 1,000 | 15,765 | ||||||
Japan Airlines Co. Ltd. | 300 | 11,632 | ||||||
Japan Airport Terminal Co. Ltd. | 200 | 9,229 | ||||||
Japan Exchange Group, Inc. | 3,500 | 66,567 | ||||||
Japan Post Bank Co. Ltd. | 1,100 | 13,762 | ||||||
Japan Post Holdings Co. Ltd. | 8,899 | 102,009 | ||||||
Japan Prime Realty Investment Corp. REIT | 3 | 10,907 | ||||||
Japan Real Estate Investment Corp. REIT | 5 | 26,244 | ||||||
Japan Retail Fund Investment Corp. REIT | 13 | 23,590 | ||||||
Japan Tobacco, Inc. | 6,800 | 183,525 | ||||||
JFE Holdings, Inc. | 3,500 | 72,455 | ||||||
JGC Corp. | 1,000 | 20,894 | ||||||
JSR Corp. | 600 | 11,715 | ||||||
JTEKT Corp. | 1,300 | 18,965 | ||||||
JXTG Holdings, Inc. | 18,650 | 120,505 | ||||||
Kajima Corp. | 4,000 | 32,652 | ||||||
Kakaku.com, Inc. | 400 | 8,711 | ||||||
Kaneka Corp. | 1,000 | 10,296 | ||||||
Kansai Electric Power Co., Inc. | 5,100 | 73,416 | ||||||
Kansai Paint Co. Ltd. | 800 | 17,179 | ||||||
Kao Corp. | 3,000 | 232,808 | ||||||
Kawasaki Heavy Industries Ltd. | 600 | 18,229 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
KDDI Corp. | 10,600 | $ | 287,009 | |||||
Keikyu Corp. | 500 | 8,425 | ||||||
Keio Corp. | 400 | 18,606 | ||||||
Keisei Electric Railway Co. Ltd. | 500 | 16,983 | ||||||
Keyence Corp. | 500 | 307,166 | ||||||
Kikkoman Corp. | 1,000 | 47,249 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,000 | 41,872 | ||||||
Kirin Holdings Co. Ltd. | 5,500 | 156,478 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 300 | 26,502 | ||||||
Kobe Steel Ltd. | 2,600 | 26,123 | ||||||
Koito Manufacturing Co. Ltd. | 600 | 44,179 | ||||||
Komatsu Ltd. | 6,200 | 204,434 | ||||||
Konami Holdings Corp. | 400 | 18,789 | ||||||
Konica Minolta, Inc. | 5,100 | 46,600 | ||||||
Kose Corp. | 100 | 21,759 | ||||||
Kubota Corp. | 6,500 | 109,523 | ||||||
Kuraray Co. Ltd. | 1,500 | 22,999 | ||||||
Kurita Water Industries Ltd. | 400 | 11,509 | ||||||
Kyocera Corp. | 1,784 | 105,874 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 1,000 | 20,481 | ||||||
Kyushu Electric Power Co., Inc. | 2,100 | 24,825 | ||||||
Lawson, Inc. | 300 | 19,552 | ||||||
LINE Corp.* | 200 | 7,262 | ||||||
Lion Corp. | 1,032 | 18,907 | ||||||
LIXIL Group Corp. | 900 | 19,905 | ||||||
M3, Inc. | 1,071 | 44,844 | ||||||
Mabuchi Motor Co. Ltd. | 200 | 9,284 | ||||||
Makita Corp. | 1,300 | 58,078 | ||||||
Marubeni Corp. | 9,800 | 76,429 | ||||||
Marui Group Co. Ltd. | 900 | 18,292 | ||||||
Maruichi Steel Tube Ltd. | 200 | 6,628 | ||||||
Mazda Motor Corp. | 5,500 | 69,265 | ||||||
Mebuki Financial Group, Inc. | 5,444 | 19,817 | ||||||
Medipal Holdings Corp. | 565 | 13,041 | ||||||
MEIJI Holdings Co. Ltd. | 700 | 59,650 | ||||||
MINEBEA MITSUMI, Inc. | 2,800 | 53,228 | ||||||
MISUMI Group, Inc. | 1,500 | 43,434 | ||||||
Mitsubishi Chemical Holdings Corp. | 9,100 | 84,320 | ||||||
Mitsubishi Corp. | 9,200 | 256,333 | ||||||
Mitsubishi Electric Corp. | 12,100 | 171,848 | ||||||
Mitsubishi Estate Co. Ltd. | 6,900 | 125,333 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 600 | 15,339 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,900 | 71,958 | ||||||
Mitsubishi Materials Corp. | 300 | 8,342 | ||||||
Mitsubishi Motors Corp. | 5,900 | 44,690 | ||||||
Mitsubishi Tanabe Pharma Corp. | 1,100 | 19,718 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 71,300 | 429,825 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,900 | 17,354 | ||||||
Mitsui & Co. Ltd. | 10,200 | 179,744 | ||||||
Mitsui Chemicals, Inc. | 800 | 23,165 | ||||||
Mitsui Fudosan Co. Ltd. | 5,900 | 148,334 | ||||||
Mitsui OSK Lines Ltd. | 600 | 15,874 | ||||||
Mizuho Financial Group, Inc. | 150,500 | 262,443 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,000 | 95,528 | ||||||
Murata Manufacturing Co. Ltd. | 1,100 | 163,658 | ||||||
Nabtesco Corp. | 700 | 22,908 | ||||||
Nagoya Railroad Co. Ltd. | 800 | 20,576 |
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
NEC Corp. | 1,600 | $ | 45,153 | |||||
Nexon Co. Ltd.* | 2,160 | 35,760 | ||||||
NGK Insulators Ltd. | 1,000 | 18,265 | ||||||
NGK Spark Plug Co. Ltd. | 800 | 21,915 | ||||||
NH Foods Ltd. | 500 | 20,568 | ||||||
Nidec Corp. | 1,400 | 217,300 | ||||||
Nikon Corp. | 1,100 | 17,847 | ||||||
Nintendo Co. Ltd. | 689 | 285,012 | ||||||
Nippon Building Fund, Inc. REIT | 6 | 33,644 | ||||||
Nippon Electric Glass Co. Ltd. | 400 | 10,854 | ||||||
Nippon Express Co. Ltd. | 300 | 22,586 | ||||||
Nippon Paint Holdings Co. Ltd. | 700 | 29,310 | ||||||
Nippon Prologis REIT, Inc. REIT | 7 | 14,607 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 4,910 | 103,020 | ||||||
Nippon Telegraph & Telephone Corp. | 4,000 | 187,746 | ||||||
Nippon Yusen KK | 800 | 16,318 | ||||||
Nissan Chemical Industries Ltd. | 400 | 18,826 | ||||||
Nissan Motor Co. Ltd. | 16,500 | 163,885 | ||||||
Nisshin Seifun Group, Inc. | 1,350 | 28,543 | ||||||
Nissin Foods Holdings Co. Ltd. | 240 | 17,870 | ||||||
Nitori Holdings Co. Ltd. | 401 | 68,987 | ||||||
Nitto Denko Corp. | 900 | 70,810 | ||||||
NOK Corp. | 200 | 3,762 | ||||||
Nomura Holdings, Inc. | 24,200 | 125,488 | ||||||
Nomura Real Estate Holdings, Inc. | 600 | 14,081 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 23 | 32,221 | ||||||
Nomura Research Institute Ltd. | 752 | 37,882 | ||||||
NSK Ltd. | 4,600 | 52,391 | ||||||
NTT Data Corp. | 3,700 | 41,393 | ||||||
NTT DOCOMO, Inc. | 8,142 | 210,913 | ||||||
Obayashi Corp. | 5,500 | 55,564 | ||||||
Obic Co. Ltd. | 300 | 25,978 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,100 | 23,813 | ||||||
Oji Holdings Corp. | 6,322 | 41,552 | ||||||
Olympus Corp. | 1,700 | 60,321 | ||||||
Omron Corp. | 900 | 47,405 | ||||||
Ono Pharmaceutical Co. Ltd. | 2,800 | 69,482 | ||||||
Oracle Corp. | 100 | 7,621 | ||||||
Oriental Land Co. Ltd. | 1,300 | 133,244 | ||||||
ORIX Corp. | 7,400 | 124,246 | ||||||
Osaka Gas Co. Ltd. | 1,600 | 34,924 | ||||||
Otsuka Corp. | 308 | 12,727 | ||||||
Otsuka Holdings Co. Ltd. | 2,283 | 113,725 | ||||||
Panasonic Corp. | 15,500 | 212,228 | ||||||
Park24 Co. Ltd. | 400 | 10,803 | ||||||
Persol Holdings Co. Ltd. | 1,000 | 21,446 | ||||||
Pola Orbis Holdings, Inc. | 400 | 19,819 | ||||||
Rakuten, Inc. | 5,800 | 39,006 | ||||||
Recruit Holdings Co. Ltd. | 6,000 | 167,119 | ||||||
Renesas Electronics Corp.* | 4,600 | 45,753 | ||||||
Resona Holdings, Inc. | 15,600 | 87,031 | ||||||
Ricoh Co. Ltd. | 5,700 | 51,663 | ||||||
Rinnai Corp. | 100 | 9,560 | ||||||
Rohm Co. Ltd. | 400 | 37,101 | ||||||
Ryohin Keikaku Co. Ltd. | 115 | 39,114 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,400 | 24,413 |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
SBI Holdings, Inc. | 400 | $ | 10,935 | |||||
Secom Co. Ltd. | 1,300 | 97,023 | ||||||
Sega Sammy Holdings, Inc. | 700 | 12,380 | ||||||
Seibu Holdings, Inc. | 1,300 | 21,403 | ||||||
Seiko Epson Corp. | 900 | 15,794 | ||||||
Sekisui Chemical Co. Ltd. | 1,400 | 23,011 | ||||||
Sekisui House Ltd. | 4,400 | 78,548 | ||||||
Seven & i Holdings Co. Ltd. | 4,100 | 181,699 | ||||||
Seven Bank Ltd. | 5,100 | 16,127 | ||||||
SG Holdings Co. Ltd. | 500 | 11,343 | ||||||
Sharp Corp. (b) | 600 | 15,973 | ||||||
Shimadzu Corp. | 1,000 | 27,623 | ||||||
Shimamura Co. Ltd. | 100 | 10,222 | ||||||
Shimano, Inc. | 400 | 56,589 | ||||||
Shimizu Corp. | 2,200 | 21,538 | ||||||
Shin-Etsu Chemical Co. Ltd. | 2,100 | 210,222 | ||||||
Shinsei Bank Ltd. | 500 | 7,906 | ||||||
Shionogi & Co. Ltd. | 1,600 | 84,041 | ||||||
Shiseido Co. Ltd. | 2,751 | 218,138 | ||||||
Shizuoka Bank Ltd. | 2,000 | 19,323 | ||||||
Showa Shell Sekiyu KK | 800 | 10,649 | ||||||
SMC Corp. | 300 | 114,253 | ||||||
SoftBank Group Corp. | 4,800 | 342,621 | ||||||
Sohgo Security Services Co. Ltd. | 400 | 18,330 | ||||||
Sompo Holdings, Inc. | 1,700 | 73,948 | ||||||
Sony Corp. | 7,800 | 369,977 | ||||||
Sony Financial Holdings, Inc. | 300 | 5,518 | ||||||
Stanley Electric Co. Ltd. | 800 | 27,320 | ||||||
Start Today Co. Ltd. | 1,033 | 35,942 | ||||||
Subaru Corp. | 3,600 | 110,199 | ||||||
SUMCO Corp. | 1,400 | 34,091 | ||||||
Sumitomo Chemical Co. Ltd. | 9,000 | 54,520 | ||||||
Sumitomo Corp. | 8,200 | 137,753 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 700 | 14,562 | ||||||
Sumitomo Electric Industries Ltd. | 6,000 | 90,702 | ||||||
Sumitomo Heavy Industries Ltd. | 400 | 14,156 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,500 | 57,444 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 8,100 | 335,288 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,610 | 67,221 | ||||||
Sumitomo Realty & Development Co. Ltd. | 1,539 | 58,187 | ||||||
Sumitomo Rubber Industries Ltd. | 400 | 6,710 | ||||||
Sundrug Co. Ltd. | 400 | 18,201 | ||||||
Suntory Beverage & Food Ltd. | 500 | 22,246 | ||||||
Suruga Bank Ltd. | 600 | 6,927 | ||||||
Suzuken Co. Ltd. | 400 | 17,944 | ||||||
Suzuki Motor Corp. | 2,100 | 120,882 | ||||||
Sysmex Corp. | 800 | 72,142 | ||||||
T&D Holdings, Inc. | 4,400 | 69,447 | ||||||
Taiheiyo Cement Corp. | 400 | 14,818 | ||||||
Taisei Corp. | 1,200 | 66,075 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 21,271 | ||||||
Taiyo Nippon Sanso Corp. | 500 | 7,418 | ||||||
Takashimaya Co. Ltd. | 1,000 | 8,356 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4,100 | 167,792 | ||||||
TDK Corp. | 800 | 71,922 | ||||||
Teijin Ltd. | 600 | 11,649 |
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
Terumo Corp. | 1,700 | $ | 100,951 | |||||
THK Co. Ltd. | 700 | 24,902 | ||||||
Tobu Railway Co. Ltd. | 800 | 24,820 | ||||||
Toho Co. Ltd. | 500 | 17,374 | ||||||
Toho Gas Co. Ltd. | 200 | 6,315 | ||||||
Tohoku Electric Power Co., Inc. | 3,900 | 49,796 | ||||||
Tokio Marine Holdings, Inc. | 4,000 | 192,674 | ||||||
Tokyo Century Corp. | 200 | 12,042 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 10,100 | 48,000 | ||||||
Tokyo Electron Ltd. | 900 | 168,773 | ||||||
Tokyo Gas Co. Ltd. | 2,300 | 62,688 | ||||||
Tokyo Tatemono Co. Ltd. | 1,000 | 13,862 | ||||||
Tokyu Corp. | 2,800 | 49,779 | ||||||
Tokyu Fudosan Holdings Corp. | 5,700 | 42,127 | ||||||
Toppan Printing Co. Ltd. | 3,000 | 24,489 | ||||||
Toray Industries, Inc. | 7,900 | 64,697 | ||||||
Toshiba Corp.* | 37,100 | 104,358 | ||||||
Tosoh Corp. | 1,500 | 26,336 | ||||||
TOTO Ltd. | 640 | 33,534 | ||||||
Toyo Seikan Group Holdings Ltd. | 900 | 15,115 | ||||||
Toyoda Gosei Co. Ltd. | 100 | 2,637 | ||||||
Toyota Industries Corp. | 700 | 40,925 | ||||||
Toyota Motor Corp. | 13,000 | 827,072 | ||||||
Toyota Tsusho Corp. | 1,300 | 44,933 | ||||||
Trend Micro, Inc. | 400 | 22,724 | ||||||
Tsuruha Holdings, Inc. | 200 | 29,765 | ||||||
Unicharm Corp. | 1,800 | 55,943 | ||||||
United Urban Investment Corp. REIT | 12 | 18,400 | ||||||
USS Co. Ltd. | 1,100 | 20,840 | ||||||
West Japan Railway Co. | 900 | 64,763 | ||||||
Yahoo Japan Corp. (b) | 7,900 | 28,758 | ||||||
Yakult Honsha Co. Ltd. | 700 | 46,073 | ||||||
Yamada Denki Co. Ltd. | 4,776 | 24,761 | ||||||
Yamaguchi Financial Group, Inc. (b) | 1,000 | 12,070 | ||||||
Yamaha Corp. | 1,000 | 52,213 | ||||||
Yamaha Motor Co. Ltd. | 1,300 | 37,643 | ||||||
Yamato Holdings Co. Ltd. | 1,400 | 40,204 | ||||||
Yamazaki Baking Co. Ltd. | 1,000 | 21,694 | ||||||
Yaskawa Electric Corp. | 1,300 | 52,581 | ||||||
Yokogawa Electric Corp. | 961 | 17,571 | ||||||
Yokohama Rubber Co. Ltd. | 500 | 10,893 | ||||||
|
| |||||||
20,091,814 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 977 | 77,511 | ||||||
|
| |||||||
Luxembourg — 0.4% | ||||||||
ArcelorMittal | 3,667 | 118,747 | ||||||
Eurofins Scientific SE | 70 | 35,958 | ||||||
Millicom International Cellular SA SDR | 441 | 27,803 | ||||||
Reinet Investments SCA* | 806 | 224,632 | ||||||
SES SA | 1,175 | 20,295 | ||||||
Tenaris SA | 2,770 | 49,707 | ||||||
|
| |||||||
477,142 | ||||||||
|
| |||||||
Macau — 0.1% | ||||||||
MGM China Holdings Ltd. | 6,449 | 18,747 | ||||||
Sands China Ltd. | 14,104 | 84,427 |
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Macau (Continued) | ||||||||
Wynn Macau Ltd. | 10,527 | $ | 40,400 | |||||
|
| |||||||
143,574 | ||||||||
|
| |||||||
Malaysia — 0.6% | ||||||||
AirAsia Group Bhd | 8,500 | 6,557 | ||||||
Alliance Bank Malaysia Bhd | 13,100 | 13,956 | ||||||
AMMB Holdings Bhd | 8,087 | 7,213 | ||||||
Astro Malaysia Holdings Bhd | 6,400 | 2,251 | ||||||
Axiata Group Bhd | 16,555 | 18,136 | ||||||
British American Tobacco Malaysia Bhd | 700 | 5,688 | ||||||
CIMB Group Holdings Bhd | 26,928 | 39,918 | ||||||
DiGi.Com Bhd | 12,444 | 13,820 | ||||||
Fraser & Neave Holdings Bhd | 800 | 7,602 | ||||||
Gamuda Bhd | 16,855 | 14,145 | ||||||
Genting Bhd | 15,300 | 33,791 | ||||||
Genting Malaysia Bhd | 18,218 | 22,795 | ||||||
Genting Plantations Bhd | 1,000 | 2,387 | ||||||
HAP Seng Consolidated Bhd | 3,869 | 9,527 | ||||||
Hartalega Holdings Bhd | 9,200 | 14,100 | ||||||
Hong Leong Bank Bhd | 1,982 | 9,551 | ||||||
Hong Leong Financial Group Bhd | 2,353 | 11,174 | ||||||
IHH Healthcare Bhd | 18,191 | 27,424 | ||||||
IJM Corp. Bhd | 17,200 | 7,303 | ||||||
IOI Corp. Bhd | 16,800 | 19,544 | ||||||
IOI Properties Group Bhd | 9,300 | 3,692 | ||||||
Kuala Lumpur Kepong Bhd | 1,500 | 9,384 | ||||||
Malayan Banking Bhd | 25,459 | 61,792 | ||||||
Malaysia Airports Holdings Bhd | 500 | 1,046 | ||||||
Maxis Bhd | 18,900 | 27,495 | ||||||
MISC Bhd | 8,500 | 12,536 | ||||||
Nestle Malaysia Bhd | 300 | 11,156 | ||||||
Petronas Chemicals Group Bhd | 14,457 | 29,241 | ||||||
Petronas Dagangan Bhd | 1,500 | 9,437 | ||||||
Petronas Gas Bhd | 4,641 | 20,500 | ||||||
PPB Group Bhd | 3,700 | 18,519 | ||||||
Press Metal Aluminium Holdings Bhd | 7,000 | 8,319 | ||||||
Public Bank Bhd | 16,600 | 99,517 | ||||||
Sime Darby Bhd | 17,511 | 10,735 | ||||||
Sime Darby Plantation Bhd | 18,511 | 25,767 | ||||||
Sime Darby Property Bhd | 17,511 | 5,060 | ||||||
SP Setia Bhd Group | 5,500 | 4,256 | ||||||
Telekom Malaysia Bhd | 6,200 | 5,717 | ||||||
Tenaga Nasional Bhd | 19,600 | 70,915 | ||||||
Top Glove Corp. Bhd | 3,900 | 10,054 | ||||||
UMW Holdings Bhd* | 3,095 | 4,977 | ||||||
Westports Holdings Bhd | 15,600 | 13,523 | ||||||
YTL Corp. Bhd | 18,972 | 4,528 | ||||||
|
| |||||||
755,048 | ||||||||
|
| |||||||
Mexico — 0.6% | ||||||||
Alfa SAB de CV, Class A | 18,088 | 18,573 | ||||||
Alsea SAB de CV | 2,753 | 9,029 | ||||||
America Movil SAB de CV, Series L | 197,149 | 153,214 | ||||||
Arca Continental SAB de CV | 2,312 | 13,873 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B | 10,877 | 14,234 |
Number of Shares | Value | |||||||
Mexico (Continued) | ||||||||
Cemex SAB de CV, Series CPO* | 85,917 | $ | 51,090 | |||||
Coca-Cola Femsa SAB de CV, Series L | 2,959 | 17,339 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 1,145 | 6,494 | ||||||
Fibra Uno Administracion SA de CV REIT | 16,045 | 22,147 | ||||||
Fomento Economico Mexicano SAB de CV | 11,581 | 96,534 | ||||||
Fresnillo PLC | 1,520 | 26,844 | ||||||
Gruma SAB de CV, Class B | 788 | 8,263 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,259 | 19,248 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,209 | 19,195 | ||||||
Grupo Bimbo SAB de CV, Series A | 9,233 | 17,619 | ||||||
Grupo Carso SAB de CV, Series A1 | 2,671 | 8,326 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 14,131 | 75,244 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 12,814 | 18,099 | ||||||
Grupo Mexico SAB de CV, Series B | 23,012 | 57,136 | ||||||
Grupo Televisa SAB, Series CPO | 14,051 | 46,920 | ||||||
Industrias Penoles SAB de CV | 820 | 13,850 | ||||||
Infraestructura Energetica Nova SAB de CV | 3,201 | 13,376 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 7,929 | 13,195 | ||||||
Mexichem SAB de CV | 6,192 | 17,445 | ||||||
Promotora y Operadora de Infraestructura SAB de CV* | 1,463 | 13,152 | ||||||
Wal-Mart de Mexico SAB de CV | 23,765 | 59,649 | ||||||
|
| |||||||
830,088 | ||||||||
|
| |||||||
Netherlands — 3.1% | ||||||||
ABN AMRO Group NV, 144A (b) | 2,395 | 62,213 | ||||||
Aegon NV | 10,741 | 66,877 | ||||||
Akzo Nobel NV | 1,473 | 129,322 | ||||||
ASML Holding NV | 2,209 | 432,297 | ||||||
EXOR NV | 615 | 44,576 | ||||||
Heineken Holding NV | 624 | 60,766 | ||||||
Heineken NV | 1,404 | 140,564 | ||||||
ING Groep NV | 21,533 | 313,605 | ||||||
Koninklijke Ahold Delhaize NV | 7,339 | 168,624 | ||||||
Koninklijke DSM NV | 1,130 | 112,524 | ||||||
Koninklijke KPN NV | 20,355 | 55,373 | ||||||
Koninklijke Philips NV | 5,512 | 225,661 | ||||||
Koninklijke Vopak NV | 449 | 22,046 | ||||||
NN Group NV | 1,723 | 74,044 | ||||||
NXP Semiconductors NV* | 1,970 | 224,580 | ||||||
QIAGEN NV* | 1,216 | 44,154 | ||||||
Randstad NV | 744 | 44,410 | ||||||
Royal Dutch Shell PLC, Class A | 27,656 | 958,447 | ||||||
Royal Dutch Shell PLC, Class B | 20,495 | 729,347 | ||||||
Wolters Kluwer NV | 1,796 | 100,865 | ||||||
|
| |||||||
4,010,295 | ||||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
a2 Milk Co. Ltd.* | 4,019 | 30,572 | ||||||
Auckland International Airport Ltd. | 5,636 | 26,031 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
New Zealand (Continued) | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 3,288 | $ | 30,556 | |||||
Fletcher Building Ltd. | 4,865 | 22,436 | ||||||
Meridian Energy Ltd. | 15,192 | 31,735 | ||||||
Ryman Healthcare Ltd. | 3,583 | 28,584 | ||||||
Spark New Zealand Ltd. | 10,747 | 27,526 | ||||||
|
| |||||||
197,440 | ||||||||
|
| |||||||
Norway — 0.5% | ||||||||
Aker BP ASA | 591 | 21,595 | ||||||
DNB ASA | 5,698 | 102,015 | ||||||
Equinor ASA (b) | 7,133 | 187,681 | ||||||
Gjensidige Forsikring ASA | 1,172 | 18,090 | ||||||
Marine Harvest ASA | 2,910 | 58,216 | ||||||
Norsk Hydro ASA | 8,242 | 51,712 | ||||||
Orkla ASA | 5,028 | 45,348 | ||||||
Schibsted ASA, Class B | 438 | 11,883 | ||||||
Telenor ASA | 4,401 | 90,653 | ||||||
Yara International ASA | 1,087 | 44,794 | ||||||
|
| |||||||
631,987 | ||||||||
|
| |||||||
Peru — 0.1% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 1,195 | 18,486 | ||||||
Credicorp Ltd. | 335 | 74,176 | ||||||
Southern Copper Corp. (b) | 462 | 22,587 | ||||||
|
| |||||||
115,249 | ||||||||
|
| |||||||
Philippines — 0.3% | ||||||||
Aboitiz Equity Ventures, Inc. | 11,487 | 12,638 | ||||||
Aboitiz Power Corp. | 24,100 | 18,028 | ||||||
Alliance Global Group, Inc.* | 18,100 | 4,582 | ||||||
Ayala Corp. | 1,900 | 33,996 | ||||||
Ayala Land, Inc. | 45,900 | 34,773 | ||||||
Bank of the Philippine Islands | 2,751 | 4,975 | ||||||
BDO Unibank, Inc. | 12,870 | 31,970 | ||||||
DMCI Holdings, Inc. | 18,000 | 3,700 | ||||||
GT Capital Holdings, Inc. | 450 | 8,309 | ||||||
International Container Terminal Services, Inc. | 5,270 | 8,477 | ||||||
JG Summit Holdings, Inc. | 14,590 | 15,858 | ||||||
Jollibee Foods Corp. | 2,440 | 12,726 | ||||||
Manila Electric Co. | 1,290 | 7,926 | ||||||
Megaworld Corp. | 67,400 | 6,235 | ||||||
Metro Pacific Investments Corp. | 107,600 | 9,524 | ||||||
Metropolitan Bank & Trust Co. | 1,000 | 1,511 | ||||||
PLDT, Inc. | 860 | 21,199 | ||||||
Robinsons Land Corp. | 11,867 | 4,981 | ||||||
Security Bank Corp. | 700 | 2,598 | ||||||
SM Investments Corp. | 1,605 | 26,518 | ||||||
SM Prime Holdings, Inc. | 64,500 | 45,426 | ||||||
Universal Robina Corp. | 6,120 | 14,911 | ||||||
|
| |||||||
330,861 | ||||||||
|
| |||||||
Poland — 0.3% | ||||||||
Alior Bank SA* | 831 | 15,575 | ||||||
Bank Pekao SA | 1,231 | 37,249 | ||||||
Bank Zachodni WBK SA | 227 | 21,319 | ||||||
CD Projekt SA* | 392 | 15,617 | ||||||
Cyfrowy Polsat SA | 1,178 | 7,939 |
Number of Shares | Value | |||||||
Poland (Continued) | ||||||||
Dino Polska SA, 144A* | 609 | $ | 18,362 | |||||
Grupa Azoty SA | 706 | 8,140 | ||||||
Grupa Lotos SA | 1,163 | 17,180 | ||||||
KGHM Polska Miedz SA | 776 | 17,794 | ||||||
LPP SA | 3 | 7,649 | ||||||
mBank SA | 167 | 19,047 | ||||||
Orange Polska SA* | 14,108 | 19,130 | ||||||
PGE Polska Grupa Energetyczna SA* | 5,140 | 13,689 | ||||||
PLAY Communications SA, 144A | 2,364 | 15,932 | ||||||
Polski Koncern Naftowy ORLEN SA | 1,767 | 38,977 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 15,682 | 24,278 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 5,340 | 54,256 | ||||||
Powszechny Zaklad Ubezpieczen SA | 5,147 | 50,582 | ||||||
|
| |||||||
402,715 | ||||||||
|
| |||||||
Portugal — 0.1% | ||||||||
EDP—Energias de Portugal SA | 14,084 | 55,157 | ||||||
Galp Energia SGPS SA | 3,921 | 72,860 | ||||||
Jeronimo Martins SGPS SA | 1,374 | 21,604 | ||||||
|
| |||||||
149,621 | ||||||||
|
| |||||||
Qatar — 0.2% | ||||||||
Barwa Real Estate Co. | 1,739 | 16,377 | ||||||
Commercial Bank QSC | 1,122 | 11,633 | ||||||
Doha Bank QPSC | 861 | 6,160 | ||||||
Ezdan Holding Group QSC* | 5,833 | 13,585 | ||||||
Industries Qatar QSC | 1,217 | 34,264 | ||||||
Masraf Al Rayan QSC | 2,312 | 21,253 | ||||||
Qatar Electricity & Water Co. QSC | 358 | 18,682 | ||||||
Qatar Insurance Co. SAQ | 872 | 7,889 | ||||||
Qatar Islamic Bank SAQ | 333 | 10,499 | ||||||
Qatar National Bank QPSC | 1,745 | 76,021 | ||||||
|
| |||||||
216,363 | ||||||||
|
| |||||||
Romania — 0.0% | ||||||||
NEPI Rockcastle PLC | 2,331 | 22,706 | ||||||
|
| |||||||
Russia — 0.8% | ||||||||
Alrosa PJSC | 15,816 | 22,369 | ||||||
Gazprom PJSC | 63,877 | 148,352 | ||||||
Inter RAO UES PJSC | 88,645 | 5,793 | ||||||
LUKOIL PJSC | 2,255 | 152,022 | ||||||
Magnit PJSC, GDR | 2,056 | 41,346 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 12,876 | 10,124 | ||||||
MMC Norilsk Nickel PJSC | 347 | 61,754 | ||||||
Mobile TeleSystems PJSC, ADR | 2,988 | 28,625 | ||||||
Moscow Exchange MICEX-RTS PJSC | 8,392 | 15,134 | ||||||
Novatek PJSC, GDR | 555 | 79,976 | ||||||
Novolipetsk Steel PJSC | 7,147 | 18,676 | ||||||
PhosAgro PJSC, GDR | 651 | 8,658 | ||||||
Polyus PJSC | 269 | 16,157 | ||||||
RusHydro PJSC | 1,042,061 | 12,082 | ||||||
Sberbank of Russia PJSC | 63,662 | 226,734 | ||||||
Severstal PJSC | 1,287 | 20,672 | ||||||
Surgutneftegas OJSC | 43,812 | 20,091 | ||||||
Tatneft PJSC | 8,429 | 89,982 |
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Russia (Continued) | ||||||||
X5 Retail Group NV, GDR | 672 | $ | 19,460 | |||||
|
| |||||||
998,007 | ||||||||
|
| |||||||
Singapore — 0.9% | ||||||||
Ascendas Real Estate Investment Trust REIT | 15,800 | 31,273 | ||||||
CapitaLand Commercial Trust REIT | 16,907 | 21,594 | ||||||
CapitaLand Ltd. | 14,657 | 37,878 | ||||||
CapitaLand Mall Trust REIT | 16,709 | 25,834 | ||||||
ComfortDelGro Corp. Ltd. | 14,700 | 27,010 | ||||||
DBS Group Holdings Ltd. | 10,500 | 222,493 | ||||||
Genting Singapore PLC | 43,700 | 41,126 | ||||||
Golden Agri-Resources Ltd. | 42,093 | 9,904 | ||||||
Jardine Cycle & Carriage Ltd. | 400 | 10,266 | ||||||
Keppel Corp. Ltd. | 8,800 | 50,676 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 18,400 | 172,339 | ||||||
Sembcorp Industries Ltd. | 5,700 | 12,474 | ||||||
Singapore Airlines Ltd. | 3,100 | 26,118 | ||||||
Singapore Exchange Ltd. | 5,093 | 27,541 | ||||||
Singapore Press Holdings Ltd. (b) | 15,100 | 29,662 | ||||||
Singapore Technologies Engineering Ltd. | 9,430 | 24,511 | ||||||
Singapore Telecommunications Ltd. | 48,400 | 118,573 | ||||||
Suntec Real Estate Investment Trust REIT | 10,528 | 14,154 | ||||||
United Overseas Bank Ltd. | 7,822 | 164,403 | ||||||
UOL Group Ltd. | 3,700 | 22,440 | ||||||
Venture Corp. Ltd. | 1,500 | 23,640 | ||||||
Wilmar International Ltd. | 9,400 | 22,748 | ||||||
|
| |||||||
1,136,657 | ||||||||
|
| |||||||
South Africa — 1.6% | ||||||||
Anglo American Platinum Ltd. | 535 | 14,121 | ||||||
AngloGold Ashanti Ltd. | 3,693 | 31,325 | ||||||
Aspen Pharmacare Holdings Ltd. | 2,172 | 42,655 | ||||||
Barclays Africa Group Ltd. | 3,542 | 44,986 | ||||||
Bid Corp. Ltd. | 1,820 | 36,303 | ||||||
Bidvest Group Ltd. | 1,985 | 31,498 | ||||||
Capitec Bank Holdings Ltd. | 289 | 19,852 | ||||||
Clicks Group Ltd. | 1,390 | 22,055 | ||||||
Coronation Fund Managers Ltd. (b) | 1,355 | 6,654 | ||||||
Discovery Ltd. | 1,635 | 19,799 | ||||||
Exxaro Resources Ltd. | 1,660 | 16,346 | ||||||
FirstRand Ltd. | 21,178 | 99,818 | ||||||
Fortress REIT Ltd., Class A REIT | 4,045 | 5,313 | ||||||
Fortress REIT Ltd., Class B REIT | 5,446 | 6,332 | ||||||
Foschini Group Ltd. | 1,364 | 19,741 | ||||||
Gold Fields Ltd. | 8,267 | 29,340 | ||||||
Growthpoint Properties Ltd. REIT (b) | 16,749 | 35,787 | ||||||
Hyprop Investments Ltd. REIT | 1,391 | 11,309 | ||||||
Imperial Holdings Ltd. | 925 | 14,832 | ||||||
Investec Ltd. | 992 | 7,179 | ||||||
Investec PLC | 3,437 | 25,385 | ||||||
Kumba Iron Ore Ltd. | 161 | 3,670 | ||||||
Liberty Holdings Ltd. | 500 | 4,771 | ||||||
Life Healthcare Group Holdings Ltd. | 9,050 | 20,261 | ||||||
Mediclinic International PLC | 1,988 | 16,147 | ||||||
MMI Holdings Ltd. | 5,625 | 8,263 | ||||||
Mondi Ltd. | 757 | 20,856 |
Number of Shares | Value | |||||||
South Africa (Continued) | ||||||||
Mr Price Group Ltd. (b) | 1,324 | $ | 26,106 | |||||
MTN Group Ltd. | 9,820 | 88,326 | ||||||
Naspers Ltd., Class N | 2,607 | 619,700 | ||||||
Nedbank Group Ltd. | 800 | 17,194 | ||||||
Netcare Ltd. | 6,093 | 14,172 | ||||||
Pick n Pay Stores Ltd. | 898 | 5,305 | ||||||
Pioneer Foods Group Ltd. | 775 | 6,545 | ||||||
PSG Group Ltd. | 775 | 13,258 | ||||||
Rand Merchant Investment Holdings Ltd. | 2,997 | 9,040 | ||||||
Redefine Properties Ltd. REIT (b) | 29,810 | 25,689 | ||||||
Remgro Ltd. | 3,117 | 49,950 | ||||||
Resilient REIT Ltd. REIT | 1,711 | 7,683 | ||||||
RMB Holdings Ltd. | 5,668 | 32,338 | ||||||
Sanlam Ltd. | 7,816 | 46,693 | ||||||
Sappi Ltd. | 4,039 | 26,407 | ||||||
Sasol Ltd. | 3,139 | 112,812 | ||||||
Shoprite Holdings Ltd. | 3,098 | 56,964 | ||||||
SPAR Group Ltd. | 926 | 14,021 | ||||||
Standard Bank Group Ltd. | 7,254 | 118,184 | ||||||
Telkom SA SOC Ltd. | 999 | 4,068 | ||||||
Tiger Brands Ltd. | 1,114 | 29,395 | ||||||
Truworths International Ltd. | 2,365 | 15,620 | ||||||
Vodacom Group Ltd. (b) | 3,442 | 38,800 | ||||||
Woolworths Holdings Ltd. | 5,742 | 26,315 | ||||||
|
| |||||||
2,019,183 | ||||||||
|
| |||||||
South Korea — 3.5% | ||||||||
Amorepacific Corp. | 147 | 45,343 | ||||||
AMOREPACIFIC Group | 189 | 22,092 | ||||||
BGF retail Co. Ltd. | 52 | 8,804 | ||||||
BNK Financial Group, Inc. | 1,561 | 13,801 | ||||||
Celltrion Healthcare Co. Ltd.* | 190 | 17,591 | ||||||
Celltrion Pharm, Inc.* | 91 | 7,868 | ||||||
Celltrion, Inc.* | 483 | 118,963 | ||||||
Cheil Worldwide, Inc. | 410 | 7,531 | ||||||
CJ CheilJedang Corp. | 46 | 14,957 | ||||||
CJ Corp. | 118 | 16,201 | ||||||
CJ E&M Corp. | 14 | 1,177 | ||||||
CJ Logistics Corp.* | 48 | 6,657 | ||||||
Coway Co. Ltd. | 196 | 15,873 | ||||||
Daelim Industrial Co. Ltd. | 173 | 13,481 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 700 | 4,188 | ||||||
DB Insurance Co. Ltd. | 374 | 20,297 | ||||||
DGB Financial Group, Inc. | 1,267 | 12,165 | ||||||
Dongsuh Cos., Inc. | 79 | 1,902 | ||||||
Doosan Bobcat, Inc. | 431 | 13,554 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.* | 303 | 5,369 | ||||||
E-MART, Inc. | 123 | 28,526 | ||||||
GS Engineering & Construction Corp. | 432 | 19,657 | ||||||
GS Holdings Corp. | 404 | 21,850 | ||||||
GS Retail Co. Ltd. | 230 | 8,055 | ||||||
Hana Financial Group, Inc. | 1,735 | 66,957 | ||||||
Hankook Tire Co. Ltd. | 460 | 18,286 | ||||||
Hanmi Pharm. Co. Ltd. | 36 | 16,131 | ||||||
Hanmi Science Co. Ltd. | 79 | 5,203 |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
South Korea (Continued) | ||||||||
Hanon Systems | 1,053 | $ | 9,866 | |||||
Hanssem Co. Ltd. | 83 | 8,701 | ||||||
Hanwha Chemical Corp. | 603 | 14,460 | ||||||
Hanwha Corp. | 258 | 8,616 | ||||||
Hanwha Life Insurance Co. Ltd. | 1,535 | 7,932 | ||||||
HLB, Inc.* | 170 | 21,763 | ||||||
Hyosung Corp.(c) | 142 | 17,652 | ||||||
Hyundai Department Store Co. Ltd. | 87 | 9,080 | ||||||
Hyundai Development Co.-Engineering & Construction(c) | 349 | 15,023 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 436 | 29,850 | ||||||
Hyundai Glovis Co. Ltd. | 116 | 14,474 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 240 | 25,493 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd.* | 64 | 23,036 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 560 | 17,689 | ||||||
Hyundai Mobis Co. Ltd. | 386 | 78,063 | ||||||
Hyundai Motor Co. | 806 | 103,932 | ||||||
Hyundai Steel Co. | 538 | 30,844 | ||||||
ING Life Insurance Korea Ltd., 144A | 179 | 6,675 | ||||||
Kakao Corp. | 292 | 28,037 | ||||||
Kangwon Land, Inc. | 697 | 17,361 | ||||||
KB Financial Group, Inc. | 2,374 | 114,081 | ||||||
KCC Corp. | 34 | 10,866 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 183 | 6,867 | ||||||
Kia Motors Corp. | 1,574 | 45,485 | ||||||
Korea Aerospace Industries Ltd.* | 452 | 18,450 | ||||||
Korea Electric Power Corp. | 1,358 | 41,762 | ||||||
Korea Gas Corp.* | 153 | 8,559 | ||||||
Korea Investment Holdings Co. Ltd. | 260 | 22,649 | ||||||
Korea Zinc Co. Ltd. | 50 | 18,809 | ||||||
Korean Air Lines Co. Ltd. | 478 | 14,168 | ||||||
KT Corp. | 166 | 4,158 | ||||||
KT&G Corp. | 536 | 47,735 | ||||||
Kumho Petrochemical Co. Ltd. | 181 | 17,631 | ||||||
LG Chem Ltd. | 272 | 85,414 | ||||||
LG Corp. | 597 | 40,651 | ||||||
LG Display Co. Ltd. | 1,336 | 27,514 | ||||||
LG Electronics, Inc. | 499 | 42,866 | ||||||
LG Household & Health Care Ltd. | 54 | 67,278 | ||||||
LG Innotek Co. Ltd. | 118 | 15,763 | ||||||
Lotte Chemical Corp. | 94 | 32,134 | ||||||
Lotte Corp.* | 242 | 13,156 | ||||||
Lotte Shopping Co. Ltd. | 72 | 14,962 | ||||||
Medy-Tox, Inc. | 34 | 23,770 | ||||||
Mirae Asset Daewoo Co. Ltd. | 2,969 | 25,890 | ||||||
NAVER Corp. | 170 | 105,506 | ||||||
NCSoft Corp. | 103 | 33,730 | ||||||
Netmarble Corp., 144A | 95 | 13,836 | ||||||
NH Investment & Securities Co. Ltd. | 790 | 11,616 | ||||||
OCI Co. Ltd. | 94 | 11,554 | ||||||
Orion Corp. | 156 | 18,741 | ||||||
Ottogi Corp. | 8 | 6,011 | ||||||
Pan Ocean Co. Ltd.* | 1,209 | 5,675 | ||||||
Pearl Abyss Corp.* | 34 | 7,053 |
Number of Shares | Value | |||||||
South Korea (Continued) | ||||||||
POSCO | 417 | $ | 131,334 | |||||
Posco Daewoo Corp. | 441 | 9,369 | ||||||
S-1 Corp. | 95 | 7,791 | ||||||
Samsung Biologics Co. Ltd., 144A* | 97 | 39,144 | ||||||
Samsung C&T Corp. | 465 | 54,137 | ||||||
Samsung Card Co. Ltd. | 267 | 9,189 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 368 | 45,746 | ||||||
Samsung Electronics Co. Ltd. | 27,805 | 1,307,773 | ||||||
Samsung Engineering Co. Ltd.* | 860 | 14,720 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 185 | 42,991 | ||||||
Samsung Heavy Industries Co. Ltd.* | 2,333 | 16,211 | ||||||
Samsung Life Insurance Co. Ltd. | 425 | 40,609 | ||||||
Samsung SDI Co. Ltd. | 350 | 65,100 | ||||||
Samsung SDS Co. Ltd. | 218 | 42,672 | ||||||
Samsung Securities Co. Ltd. | 491 | 16,808 | ||||||
Shinhan Financial Group Co. Ltd. | 2,586 | 104,956 | ||||||
Shinsegae Inc. | 11 | 4,480 | ||||||
SillaJen, Inc.* | 305 | 22,777 | ||||||
SK Holdings Co. Ltd. | 189 | 48,567 | ||||||
SK Hynix, Inc. | 3,317 | 287,405 | ||||||
SK Innovation Co. Ltd. | 381 | 72,810 | ||||||
SK Telecom Co. Ltd. | 95 | 19,565 | ||||||
S-Oil Corp. | 285 | 28,422 | ||||||
ViroMed Co. Ltd.* | 75 | 18,438 | ||||||
Woori Bank | 2,652 | 37,641 | ||||||
Yuhan Corp. | 55 | 12,143 | ||||||
|
| |||||||
4,516,164 | ||||||||
|
| |||||||
Spain — 1.9% | ||||||||
ACS Actividades de Construccion y Servicios SA | 1,516 | 62,933 | ||||||
Aena SME SA, 144A | 402 | 77,214 | ||||||
Amadeus IT Group SA | 2,496 | 198,128 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 37,231 | 254,140 | ||||||
Banco de Sabadell SA | 23,534 | 39,563 | ||||||
Banco Santander SA | 89,361 | 480,548 | ||||||
Bankia SA | 5,937 | 22,529 | ||||||
Bankinter SA | 3,999 | 38,541 | ||||||
CaixaBank SA | 21,050 | 89,476 | ||||||
Enagas SA | 1,333 | 35,546 | ||||||
Endesa SA | 1,889 | 41,616 | ||||||
Ferrovial SA* | 2,689 | 978 | ||||||
Ferrovial SA | 2,689 | 54,792 | ||||||
Gas Natural SDG SA | 1,897 | 46,549 | ||||||
Grifols SA | 1,834 | 54,029 | ||||||
Iberdrola SA | 32,525 | 230,876 | ||||||
Industria de Diseno Textil SA | 6,183 | 195,234 | ||||||
Mapfre SA | 4,106 | 12,442 | ||||||
Red Electrica Corp. SA | 2,457 | 47,824 | ||||||
Repsol SA | 7,554 | 143,989 | ||||||
Siemens Gamesa Renewable Energy SA | 1,430 | 21,992 | ||||||
Telefonica SA | 25,576 | 225,651 | ||||||
|
| |||||||
2,374,590 | ||||||||
|
| |||||||
Sweden — 1.6% | ||||||||
Alfa Laval AB | 1,570 | 39,201 | ||||||
Assa Abloy AB, Class B | 5,690 | 122,328 |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Sweden (Continued) | ||||||||
Atlas Copco AB, Class A | 3,604 | $ | 143,030 | |||||
Atlas Copco AB, Class B | 2,226 | 80,518 | ||||||
Boliden AB | 1,736 | 61,189 | ||||||
Electrolux AB, Series B | 1,520 | 37,504 | ||||||
Essity AB, Class B | 3,761 | 95,527 | ||||||
Hennes & Mauritz AB, Class B (b) | 5,652 | 85,160 | ||||||
Hexagon AB, Class B | 1,485 | 83,637 | ||||||
Husqvarna AB, Class B | 2,483 | 24,405 | ||||||
ICA Gruppen AB (b) | 449 | 13,853 | ||||||
Industrivarden AB, Class C | 1,005 | 21,105 | ||||||
Investor AB, Class B | 2,651 | 109,898 | ||||||
Kinnevik AB, Class B | 1,371 | 47,757 | ||||||
L E Lundbergforetagen AB, Class B | 464 | 14,984 | ||||||
Lundin Petroleum AB | 1,060 | 33,606 | ||||||
Nordea Bank AB | 16,772 | 161,271 | ||||||
Sandvik AB | 6,428 | 111,517 | ||||||
Securitas AB, Class B | 1,855 | 29,889 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 8,666 | 78,061 | ||||||
Skanska AB, Class B | 2,036 | 37,481 | ||||||
SKF AB, Class B | 2,272 | 44,118 | ||||||
Svenska Handelsbanken AB, Class A | 8,652 | 94,829 | ||||||
Swedbank AB, Class A | 5,068 | 105,336 | ||||||
Swedish Match AB | 1,121 | 53,132 | ||||||
Tele2 AB, Class B | 1,800 | 22,023 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 17,816 | 129,209 | ||||||
Telia Co. AB | 11,424 | 53,551 | ||||||
Volvo AB, Class B | 8,310 | 142,990 | ||||||
|
| |||||||
2,077,109 | ||||||||
|
| |||||||
Switzerland — 5.4% | ||||||||
ABB Ltd. | 10,455 | 236,447 | ||||||
Adecco Group AG | 987 | 59,204 | ||||||
Baloise Holding AG | 150 | 22,007 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 75,588 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 6 | 38,383 | ||||||
Cie Financiere Richemont SA | 3,064 | 280,846 | ||||||
Clariant AG* | 1,336 | 32,234 | ||||||
Coca-Cola HBC AG* | 1,428 | 48,786 | ||||||
Credit Suisse Group AG* | 14,341 | 218,549 | ||||||
Dufry AG*(b) | 215 | 29,329 | ||||||
EMS-Chemie Holding AG | 57 | 35,654 | ||||||
Ferguson PLC | 1,399 | 108,647 | ||||||
Geberit AG | 222 | 95,909 | ||||||
Givaudan SA | 50 | 111,353 | ||||||
Glencore PLC* | 69,428 | 343,379 | ||||||
Julius Baer Group Ltd.* | 1,358 | 79,226 | ||||||
Kuehne + Nagel International AG | 269 | 40,557 | ||||||
LafargeHolcim Ltd.* | 2,716 | 138,997 | ||||||
Lonza Group AG* | 372 | 99,530 | ||||||
Nestle SA | 17,656 | 1,332,440 | ||||||
Novartis AG | 12,620 | 934,208 | ||||||
Pargesa Holding SA | 273 | 23,863 | ||||||
Partners Group Holding AG | 102 | 73,685 | ||||||
Roche Holding AG | 3,984 | 853,108 | ||||||
Schindler Holding AG | 19 | 3,898 |
Number of Shares | Value | |||||||
Switzerland (Continued) | ||||||||
Schindler Holding AG Participation Certificates | 257 | $ | 54,289 | |||||
SGS SA | 26 | 67,242 | ||||||
Sika AG | 12 | 95,820 | ||||||
Sonova Holding AG | 360 | 62,825 | ||||||
STMicroelectronics NV | 3,569 | 84,948 | ||||||
Straumann Holding AG | 66 | 43,493 | ||||||
Swatch Group AG — Bearer | 192 | 93,156 | ||||||
Swatch Group AG — Registered | 266 | 23,628 | ||||||
Swiss Life Holding AG* | 158 | 53,864 | ||||||
Swiss Prime Site AG* | 522 | 48,699 | ||||||
Swiss Re AG | 1,849 | 159,799 | ||||||
Swisscom AG(b) | 157 | 70,026 | ||||||
Temenos AG* | 331 | 49,032 | ||||||
UBS Group AG* | 20,738 | 312,459 | ||||||
Vifor Pharma AG | 261 | 40,503 | ||||||
Zurich Insurance Group AG | 894 | 265,043 | ||||||
|
| |||||||
6,840,653 | ||||||||
|
| |||||||
Taiwan — 2.8% | ||||||||
Acer, Inc.* | 21,536 | 17,646 | ||||||
Advantech Co. Ltd. | 1,905 | 12,907 | ||||||
Airtac International Group | 940 | 16,157 | ||||||
ASE Industrial Holding Co. Ltd. | 19,331 | 49,035 | ||||||
Asia Cement Corp. | 13,164 | 14,521 | ||||||
Asustek Computer, Inc. | 3,948 | 35,775 | ||||||
AU Optronics Corp. | 57,341 | 25,167 | ||||||
Catcher Technology Co. Ltd. | 3,867 | 44,979 | ||||||
Cathay Financial Holding Co. Ltd. | 44,747 | 80,051 | ||||||
Chailease Holding Co. Ltd. | 5,465 | 19,517 | ||||||
Chang Hwa Commercial Bank Ltd. | 23,738 | 13,905 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 11,955 | 18,195 | ||||||
Chicony Electronics Co. Ltd. | 2,775 | 6,557 | ||||||
China Development Financial Holding Corp. | 107,975 | 40,543 | ||||||
China Life Insurance Co. Ltd. | 8,722 | 9,155 | ||||||
China Steel Corp. | 73,033 | 57,526 | ||||||
Chunghwa Telecom Co. Ltd. | 22,423 | 81,575 | ||||||
Compal Electronics, Inc. | 28,115 | 18,486 | ||||||
CTBC Financial Holding Co. Ltd. | 111,833 | 80,623 | ||||||
Delta Electronics, Inc. | 11,886 | 44,035 | ||||||
E.Sun Financial Holding Co. Ltd. | 59,063 | 41,200 | ||||||
Eclat Textile Co. Ltd. | 1,554 | 18,983 | ||||||
Eva Airways Corp. | 11,255 | 5,691 | ||||||
Far Eastern New Century Corp. | 18,760 | 17,876 | ||||||
Far EasTone Telecommunications Co. Ltd. | 11,526 | 29,391 | ||||||
First Financial Holding Co. Ltd. | 63,327 | 43,012 | ||||||
Formosa Chemicals & Fibre Corp. | 17,403 | 66,797 | ||||||
Formosa Petrochemical Corp. | 8,706 | 35,305 | ||||||
Formosa Plastics Corp. | 24,299 | 87,183 | ||||||
Foxconn Technology Co. Ltd. | 5,264 | 12,966 | ||||||
Fubon Financial Holding Co. Ltd. | 34,412 | 59,839 | ||||||
General Interface Solution Holding Ltd. | 1,030 | 6,583 | ||||||
Giant Manufacturing Co. Ltd. | 2,346 | 10,179 | ||||||
Globalwafers Co. Ltd. | 1,097 | 21,712 | ||||||
Hiwin Technologies Corp. | 1,477 | 20,951 |
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Taiwan (Continued) | ||||||||
Hon Hai Precision Industry Co. Ltd. | 91,052 | $ | 260,439 | |||||
Hotai Motor Co. Ltd. | 2,364 | 21,580 | ||||||
HTC Corp.* | 5,394 | 10,550 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 52,273 | 31,230 | ||||||
Innolux Corp. | 57,570 | 22,289 | ||||||
Inventec Corp. | 17,279 | 13,985 | ||||||
Largan Precision Co. Ltd. | 586 | 80,190 | ||||||
Lite-On Technology Corp. | 11,499 | 15,006 | ||||||
Macronix International* | 9,394 | 15,520 | ||||||
MediaTek, Inc. | 8,213 | 85,388 | ||||||
Mega Financial Holding Co. Ltd. | 67,040 | 58,735 | ||||||
Nan Ya Plastics Corp. | 29,020 | 81,070 | ||||||
Nanya Technology Corp. | 3,241 | 10,774 | ||||||
Nien Made Enterprise Co. Ltd. | 825 | 6,540 | ||||||
Novatek Microelectronics Corp. | 3,219 | 14,558 | ||||||
Pegatron Corp. | 12,632 | 26,688 | ||||||
Phison Electronics Corp. | 954 | 8,772 | ||||||
Pou Chen Corp. | 14,135 | 17,314 | ||||||
Powertech Technology, Inc. | 2,003 | 5,977 | ||||||
President Chain Store Corp. | 3,196 | 32,748 | ||||||
Quanta Computer, Inc. | 15,579 | 27,558 | ||||||
Realtek Semiconductor Corp. | 2,011 | 7,685 | ||||||
Ruentex Development Co. Ltd.* | 5,244 | 6,327 | ||||||
Shin Kong Financial Holding Co. Ltd. | 45,885 | 18,378 | ||||||
SinoPac Financial Holdings Co. Ltd. | 64,321 | 23,829 | ||||||
Standard Foods Corp. | 3,407 | 6,959 | ||||||
Synnex Technology International Corp. | 9,699 | 15,538 | ||||||
TaiMed Biologics, Inc.* | 735 | 7,727 | ||||||
Taishin Financial Holding Co. Ltd. | 54,504 | 26,832 | ||||||
Taiwan Business Bank | 158,645 | 48,449 | ||||||
Taiwan Cement Corp. | 25,765 | 37,493 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 62,244 | 36,667 | ||||||
Taiwan High Speed Rail Corp. | 21,193 | 16,375 | ||||||
Taiwan Mobile Co. Ltd. | 9,490 | 34,841 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 137,489 | 1,027,904 | ||||||
Teco Electric and Machinery Co. Ltd. | 9,306 | 7,501 | ||||||
Uni-President Enterprises Corp. | 32,151 | 78,442 | ||||||
United Microelectronics Corp. | 77,222 | 42,913 | ||||||
Vanguard International Semiconductor Corp. | 6,019 | 13,179 | ||||||
Walsin Technology Corp. | 2,000 | 25,867 | ||||||
Win Semiconductors Corp. | 1,984 | 16,124 | ||||||
Winbond Electronics Corp. | 15,974 | 10,690 | ||||||
Wistron Corp. | 10,758 | 8,097 | ||||||
WPG Holdings Ltd. | 14,572 | 21,157 | ||||||
Yageo Corp. | 1,266 | 40,184 | ||||||
Yuanta Financial Holding Co. Ltd. | 73,946 | 34,799 | ||||||
Zhen Ding Technology Holding Ltd. | 2,675 | 6,044 | ||||||
|
| |||||||
3,630,935 | ||||||||
|
| |||||||
Thailand — 0.5% | ||||||||
Advanced Info Service PCL, NVDR | 6,000 | 35,730 | ||||||
Airports of Thailand PCL, NVDR | 25,600 | 54,817 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 400 | 334 |
Number of Shares | Value | |||||||
Thailand (Continued) | ||||||||
Bangkok Expressway & Metro PCL, NVDR | 19,700 | $ | 5,050 | |||||
Berli Jucker PCL, NVDR | 7,600 | 13,542 | ||||||
Central Pattana PCL, NVDR | 800 | 1,907 | ||||||
Charoen Pokphand Foods PCL, NVDR | 15,500 | 12,113 | ||||||
CP ALL PCL, NVDR | 28,900 | 72,950 | ||||||
Electricity Generating PCL, NVDR | 200 | 1,507 | ||||||
Home Product Center PCL, NVDR | 100 | 46 | ||||||
Indorama Ventures PCL, NVDR | 17,900 | 32,594 | ||||||
IRPC PCL, NVDR | 206,973 | 42,701 | ||||||
Kasikornbank PCL, NVDR | 14,900 | 89,195 | ||||||
Krung Thai Bank PCL, NVDR | 26,200 | 14,333 | ||||||
Land & Houses PCL, NVDR | 17,800 | 6,176 | ||||||
PTT Exploration & Production PCL, NVDR | 8,700 | 36,579 | ||||||
PTT Global Chemical PCL, NVDR | 7,800 | 21,761 | ||||||
PTT PCL, NVDR | 70,000 | 114,333 | ||||||
Robinson PCL, NVDR | 700 | 1,378 | ||||||
Siam Cement PCL | 700 | 9,759 | ||||||
Siam Cement PCL, NVDR | 1,000 | 13,942 | ||||||
Siam Commercial Bank PCL, NVDR | 10,300 | 42,823 | ||||||
Thai Oil PCL, NVDR | 10,300 | 29,622 | ||||||
True Corp. PCL, NVDR | 26,100 | 5,833 | ||||||
|
| |||||||
659,025 | ||||||||
|
| |||||||
Turkey — 0.2% | ||||||||
Akbank TAS | 12,818 | 22,734 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 823 | 4,581 | ||||||
Arcelik AS | 1,713 | 6,288 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 1,190 | 6,203 | ||||||
BIM Birlesik Magazalar AS | 1,242 | 18,997 | ||||||
Coca-Cola Icecek AS | 454 | 3,574 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 25,895 | 11,839 | ||||||
Ford Otomotiv Sanayi AS | 288 | 4,071 | ||||||
Haci Omer Sabanci Holding AS | 7,349 | 15,145 | ||||||
KOC Holding AS | 5,011 | 15,462 | ||||||
Petkim Petrokimya Holding AS | 4,027 | 4,189 | ||||||
TAV Havalimanlari Holding AS | 1,855 | 8,989 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 438 | 2,419 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 1,017 | 23,833 | ||||||
Turk Hava Yollari AO* | 3,129 | 11,507 | ||||||
Turkcell Iletisim Hizmetleri AS | 5,794 | 15,357 | ||||||
Turkiye Garanti Bankasi AS | 13,821 | 27,200 | ||||||
Turkiye Halk Bankasi AS | 5,710 | 9,686 | ||||||
Turkiye Is Bankasi AS, Class C | 10,175 | 13,395 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 10,101 | 8,880 | ||||||
Ulker Biskuvi Sanayi AS* | 915 | 3,537 | ||||||
|
| |||||||
237,886 | ||||||||
|
| |||||||
United Arab Emirates — 0.2% | ||||||||
Abu Dhabi Commercial Bank PJSC | 8,744 | 16,735 | ||||||
Aldar Properties PJSC | 39,924 | 22,282 | ||||||
DAMAC Properties Dubai Co. PJSC | 10,250 | 6,669 | ||||||
DP World Ltd. | 1,056 | 23,760 | ||||||
Dubai Investments PJSC | 8,131 | 4,560 | ||||||
Dubai Islamic Bank PJSC | 2,697 | 3,723 | ||||||
Emaar Development PJSC* | 4,775 | 6,890 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
United Arab Emirates (Continued) | ||||||||
Emaar Malls PJSC | 8,832 | $ | 4,929 | |||||
Emaar Properties PJSC | 17,548 | 24,842 | ||||||
Emirates Telecommunications Group Co. PJSC | 10,367 | 45,723 | ||||||
First Abu Dhabi Bank PJSC | 4,188 | 14,024 | ||||||
NMC Health PLC* | 570 | 26,702 | ||||||
|
| |||||||
200,839 | ||||||||
|
| |||||||
United Kingdom — 10.1% | ||||||||
3i Group PLC | 5,728 | 72,566 | ||||||
Admiral Group PLC | 1,635 | 41,850 | ||||||
Anglo American PLC (b) | 7,816 | 186,732 | ||||||
Ashtead Group PLC | 2,958 | 91,660 | ||||||
Associated British Foods PLC | 2,108 | 74,260 | ||||||
AstraZeneca PLC | 7,188 | 522,295 | ||||||
Auto Trader Group PLC, 144A | 5,494 | 25,752 | ||||||
Aviva PLC | 22,200 | 150,745 | ||||||
Babcock International Group PLC | 1,535 | 16,998 | ||||||
BAE Systems PLC | 16,865 | 143,350 | ||||||
Barclays PLC | 97,558 | 255,797 | ||||||
Barratt Developments PLC | 6,129 | 44,453 | ||||||
Berkeley Group Holdings PLC | 752 | 42,446 | ||||||
BP PLC | 112,794 | 864,117 | ||||||
British American Tobacco PLC | 13,027 | 670,009 | ||||||
British Land Co. PLC REIT | 5,685 | 51,239 | ||||||
BT Group PLC | 46,750 | 127,339 | ||||||
Bunzl PLC | 2,046 | 62,284 | ||||||
Burberry Group PLC | 2,503 | 68,843 | ||||||
Centrica PLC | 28,325 | 54,937 | ||||||
CNH Industrial NV | 5,718 | 66,980 | ||||||
Coca-Cola European Partners PLC | 514 | 19,517 | ||||||
Compass Group PLC | 8,663 | 186,273 | ||||||
ConvaTec Group PLC, 144A | 8,225 | 25,334 | ||||||
Croda International PLC | 744 | 46,109 | ||||||
Diageo PLC | 14,290 | 524,774 | ||||||
Direct Line Insurance Group PLC | 8,879 | 42,197 | ||||||
easyJet PLC | 1,194 | 27,126 | ||||||
Experian PLC | 5,614 | 137,430 | ||||||
Fiat Chrysler Automobiles NV* | 5,706 | 129,409 | ||||||
G4S PLC | 9,204 | 33,023 | ||||||
GlaxoSmithKline PLC | 28,076 | 568,798 | ||||||
Hammerson PLC REIT | 4,406 | 32,038 | ||||||
Hargreaves Lansdown PLC | 1,707 | 43,273 | ||||||
HSBC Holdings PLC | 114,847 | 1,100,149 | ||||||
Imperial Brands PLC | 5,685 | 204,804 | ||||||
InterContinental Hotels Group PLC | 1,117 | 71,482 | ||||||
International Consolidated Airlines Group SA | 3,825 | 34,735 | ||||||
Intertek Group PLC | 919 | 66,776 | ||||||
ITV PLC | 22,211 | 48,009 | ||||||
J Sainsbury PLC | 10,415 | 44,069 | ||||||
John Wood Group PLC | 3,836 | 34,196 | ||||||
Johnson Matthey PLC | 1,095 | 51,136 | ||||||
Kingfisher PLC | 13,729 | 55,701 | ||||||
Land Securities Group PLC REIT | 4,201 | 51,914 | ||||||
Legal & General Group PLC | 32,352 | 116,033 | ||||||
Lloyds Banking Group PLC | 398,495 | 334,847 |
Number of Shares | Value | |||||||
United Kingdom (Continued) | ||||||||
London Stock Exchange Group PLC | 1,823 | $ | 108,495 | |||||
Marks & Spencer Group PLC | 9,270 | 34,997 | ||||||
Meggitt PLC | 4,874 | 31,858 | ||||||
Melrose Industries PLC | 26,350 | 82,667 | ||||||
Merlin Entertainments PLC, 144A | 3,625 | 17,676 | ||||||
Micro Focus International PLC | 2,494 | 44,194 | ||||||
Mondi PLC | 2,365 | 65,676 | ||||||
National Grid PLC | 18,307 | 202,795 | ||||||
Next PLC | 867 | 66,847 | ||||||
Old Mutual PLC | 30,472 | 97,138 | ||||||
Pearson PLC | 4,869 | 58,357 | ||||||
Persimmon PLC | 1,841 | 69,308 | ||||||
Prudential PLC | 14,259 | 343,277 | ||||||
Reckitt Benckiser Group PLC | 3,865 | 295,996 | ||||||
RELX NV | 5,725 | 125,021 | ||||||
RELX PLC | 5,850 | 128,509 | ||||||
Rio Tinto Ltd. | 2,330 | 146,199 | ||||||
Rio Tinto PLC | 6,276 | 353,742 | ||||||
Rolls-Royce Holdings PLC* | 9,812 | 107,557 | ||||||
Rolls-Royce Holdings PLC - Entitlement* | 696,652 | 926 | ||||||
Royal Bank of Scotland Group PLC * | 17,454 | 63,830 | ||||||
Royal Mail PLC | 4,320 | 29,231 | ||||||
RSA Insurance Group PLC | 5,796 | 50,220 | ||||||
Sage Group PLC | 6,398 | 56,338 | ||||||
Schroders PLC | 711 | 30,595 | ||||||
Segro PLC REIT | 5,107 | 44,441 | ||||||
Severn Trent PLC | 1,550 | 40,983 | ||||||
Sky PLC | 6,118 | 109,551 | ||||||
Smith & Nephew PLC | 5,207 | 94,726 | ||||||
Smiths Group PLC | 2,495 | 58,391 | ||||||
SSE PLC | 5,270 | 95,802 | ||||||
St James’s Place PLC | 3,284 | 52,038 | ||||||
Standard Chartered PLC | 17,490 | 175,446 | ||||||
Standard Life Aberdeen PLC | 12,414 | 57,841 | ||||||
Taylor Wimpey PLC | 19,484 | 49,251 | ||||||
Tesco PLC | 53,604 | 175,081 | ||||||
Travis Perkins PLC | 934 | 16,706 | ||||||
Unilever NV | 9,241 | 515,742 | ||||||
Unilever PLC | 7,007 | 386,235 | ||||||
United Utilities Group PLC | 4,049 | 41,758 | ||||||
Vodafone Group PLC | 149,603 | 381,480 | ||||||
Weir Group PLC | 1,544 | 44,970 | ||||||
Whitbread PLC | 1,101 | 61,691 | ||||||
Wm Morrison Supermarkets PLC | 12,248 | 40,021 | ||||||
WPP PLC | 7,126 | 116,754 | ||||||
|
| |||||||
12,834,161 | ||||||||
|
| |||||||
United States (e) — 0.3% | ||||||||
Carnival PLC | 1,115 | 71,695 | ||||||
Nexteer Automotive Group Ltd.* | 4,957 | 8,178 | ||||||
OneMarket Ltd.* | 469 | 543 | ||||||
Shire PLC | 5,366 | 292,464 | ||||||
Valeant Pharmaceuticals International, Inc.* | 2,807 | 61,765 | ||||||
|
| |||||||
434,645 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 118,614,963 | |||||||
|
|
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
PREFERRED STOCKS — 1.1% | ||||||||
Brazil — 0.5% | ||||||||
Banco Bradesco SA | 19,065 | $ | 149,334 | |||||
Braskem SA, Class A | 1,131 | 13,788 | ||||||
Cia Brasileira de Distribuicao | 765 | 16,331 | ||||||
Cia Energetica de Minas Gerais | 5,119 | 10,543 | ||||||
Gerdau SA | 6,153 | 24,453 | ||||||
Itau Unibanco Holding SA | 18,486 | 213,351 | ||||||
Itausa — Investimentos Itau SA | 23,594 | 71,148 | ||||||
Lojas Americanas SA | 3,527 | 16,830 | ||||||
Petroleo Brasileiro SA | 22,580 | 115,081 | ||||||
Telefonica Brasil SA | 2,360 | 28,834 | ||||||
|
| |||||||
659,693 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B | 571 | 29,806 | ||||||
|
| |||||||
Colombia — 0.0% | ||||||||
Bancolombia SA | 3,285 | 38,074 | ||||||
Grupo Aval Acciones y Valores SA | 23,209 | 9,997 | ||||||
Grupo de Inversiones Suramericana SA | 15 | 184 | ||||||
|
| |||||||
48,255 | ||||||||
|
| |||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke AG | 231 | 20,240 | ||||||
FUCHS PETROLUB SE | 460 | 24,124 | ||||||
Henkel AG & Co. KGaA | 1,009 | 124,621 | ||||||
Porsche Automobil Holding SE | 940 | 69,318 | ||||||
Sartorius AG | 195 | 28,564 | ||||||
Schaeffler AG | 941 | 14,092 | ||||||
Volkswagen AG | 978 | 184,007 | ||||||
|
| |||||||
464,966 | ||||||||
|
|
Number of Shares | Value | |||||||
Russia — 0.0% | ||||||||
Surgutneftegas OJSC | 42,501 | $ | 20,749 | |||||
Transneft PJSC | 3 | 8,197 | ||||||
|
| |||||||
28,946 | ||||||||
|
| |||||||
South Korea — 0.2% | ||||||||
Amorepacific Corp. | 76 | 11,457 | ||||||
Hyundai Motor Co. | 154 | 12,772 | ||||||
Hyundai Motor Co. — 2nd Preferred | 182 | 15,956 | ||||||
LG Chem Ltd. | 45 | 8,203 | ||||||
Samsung Electronics Co. Ltd. | 5,150 | 193,492 | ||||||
|
| |||||||
241,880 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 1,473,546 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 2.5% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (f)(g) (Cost $3,240,329) | 3,240,329 | 3,240,329 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 96.7% (Cost $109,812,753) | $ | 123,328,838 | ||||||
Other assets and liabilities, net — 3.3% | 4,125,672 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 127,454,510 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
COMMON STOCK — 0.1% |
| |||||||||||||||||||||||||||||||
Germany — 0.1% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG |
| |||||||||||||||||||||||||||||||
195,941 | 44,776 | (34,130 | ) | (18,206 | ) | (64,900 | ) | 1,258 | — | 11,535 | 123,481 | |||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 2.5% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (f)(g) |
| |||||||||||||||||||||||||||||||
2,702,711 | 537,618 | — | — | — | 20,918 | — | 3,240,329 | 3,240,329 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
2,898,652 | 582,394 | (34,130 | ) | (18,206 | ) | (64,900 | ) | 22,176 | — | 3,251,864 | 3,363,810 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 May 31, 2018 amounted to $4,511,061, which is 3.5% 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 domiciled in the United States and trade on a non-U.S. exchange. |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
(f) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $1,656,453. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
PJSC: | Private Joint Stock Company |
REIT: | Real Estate Investment Trust |
RSP: | Risparmio (Convertible Savings Shares) |
SDR: | Swedish Depositary Receipt |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At May 31, 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 | 9 | $ | 321,643 | $ | 329,466 | 6/14/2018 | $ | 10,065 | |||||||||||||||
MSCI EAFE Futures | USD | 36 | 3,663,615 | 3,576,600 | 6/15/2018 | (87,015 | ) | |||||||||||||||||
MSCI Emerging Markets Index Futures | USD | 16 | 948,795 | 897,360 | 6/15/2018 | (51,435 | ) | |||||||||||||||||
SGX NIFTY 50 Futures | USD | 124 | 2,638,348 | 2,657,568 | 6/28/2018 | 19,220 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (109,165 | ) | |||||||||||||||||||||
|
|
As of May 31, 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. | 6/5/2018 | AED | 542,100 | USD | 147,566 | $ | — | $ | (18 | ) | ||||||||||||
Goldman Sachs & Co. | 6/5/2018 | AUD | 336,000 | USD | 253,632 | — | (476 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | AUD | 905,600 | USD | 683,637 | — | (1,245 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | AUD | 5,345,800 | USD | 4,035,361 | — | (7,535 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | AUD | 1,097,500 | USD | 828,480 | — | (1,532 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | BRL | 7,735,800 | USD | 2,210,797 | 134,557 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | BRL | 345,000 | USD | 98,633 | 6,038 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | CAD | 8,559,200 | USD | 6,681,342 | 79,092 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | CAD | 417,000 | USD | 325,501 | 3,842 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | CAD | 1,084,300 | USD | 846,421 | 10,032 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | CHF | 5,796,100 | USD | 5,871,252 | — | (12,294 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | CHF | 246,000 | USD | 249,177 | — | (535 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | CHF | 578,100 | USD | 585,527 | — | (1,294 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | CLP | 221,079,000 | USD | 361,364 | 10,561 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | CZK | 1,228,300 | USD | 58,189 | 2,565 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | EGP | 668,300 | USD | 37,440 | 144 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | EUR | 1,574,000 | USD | 1,906,067 | 65,241 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | EUR | 7,947,200 | USD | 9,624,059 | 329,642 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | EUR | 12,678,400 | USD | 15,353,771 | 526,116 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | EUR | 1,933,600 | USD | 2,341,464 | 80,078 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | GBP | 3,151,300 | USD | 4,346,884 | 156,594 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | GBP | 919,000 | USD | 1,267,601 | 45,604 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | GBP | 6,882,600 | USD | 9,493,716 | 341,907 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | GBP | 395,400 | USD | 545,359 | 19,595 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | HKD | 40,848,700 | USD | 5,208,799 | — | (127 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | HKD | 1,222,000 | USD | 155,820 | — | (6 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | HKD | 36,041,200 | USD | 4,595,971 | 86 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | HKD | 1,662,800 | USD | 212,034 | — | (2 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | HUF | 8,306,500 | USD | 32,077 | 1,704 | — |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | HUF | 17,863,500 | USD | 68,978 | $ | 3,660 | $ | — | |||||||||||||
Goldman Sachs & Co. | 6/5/2018 | ILS | 830,000 | USD | 231,127 | — | (1,795 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | INR | 7,912,200 | USD | 118,713 | 1,531 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | JPY | 142,276,000 | USD | 1,302,900 | — | (5,441 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | JPY | 664,771,800 | USD | 6,087,765 | — | (25,338 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | JPY | 259,757,500 | USD | 2,377,937 | — | (10,739 | ) | ||||||||||||||
The Bank of New York Mellon | 6/5/2018 | JPY | 1,285,090,300 | USD | 11,768,765 | — | (48,658 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | KRW | 149,775,000 | USD | 140,068 | 1,100 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | KRW | 2,557,239,000 | USD | 2,395,989 | 23,268 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | KRW | 2,541,488,000 | USD | 2,381,231 | 23,124 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | MXN | 7,060,200 | USD | 373,968 | 20,296 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | MXN | 10,360,800 | USD | 548,752 | 29,741 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | MYR | 3,088,700 | USD | 786,289 | 10,344 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | NOK | 2,530,700 | USD | 316,232 | 6,894 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | NOK | 2,561,200 | USD | 320,026 | 6,959 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | NZD | 223,700 | USD | 157,601 | 1,056 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | PHP | 19,338,200 | USD | 373,541 | 5,547 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | PLN | 230,800 | USD | 65,891 | 3,417 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | PLN | 1,036,000 | USD | 295,769 | 15,343 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | QAR | 778,500 | USD | 212,763 | — | (1,047 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | RUB | 61,015,900 | USD | 965,024 | — | (11,695 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | SEK | 2,634,400 | USD | 302,041 | 3,202 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | SEK | 1,311,000 | USD | 150,299 | 1,583 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | SEK | 16,176,100 | USD | 1,854,398 | 19,426 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | SGD | 147,000 | USD | 111,085 | 1,279 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | SGD | 328,600 | USD | 248,323 | 2,866 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | SGD | 1,164,200 | USD | 879,785 | 10,151 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | THB | 1,912,000 | USD | 60,564 | 785 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | THB | 20,925,100 | USD | 662,858 | 8,632 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | TRY | 76,400 | USD | 18,601 | 1,761 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | TRY | 1,274,000 | USD | 310,145 | 29,323 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | TWD | 108,995,100 | USD | 3,691,871 | 52,653 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 147,587 | AED | 542,100 | — | (2 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 939,467 | AUD | 1,241,600 | — | (475 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 4,044,937 | AUD | 5,345,800 | — | (2,041 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 830,431 | AUD | 1,097,500 | — | (419 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 2,169,896 | BRL | 8,080,800 | — | (1,060 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 6,920,159 | CAD | 8,976,200 | 3,750 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 835,939 | CAD | 1,084,300 | 450 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 6,146,448 | CHF | 6,042,100 | — | (13,191 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 588,038 | CHF | 578,100 | — | (1,216 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 350,022 | CLP | 221,079,000 | 781 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 55,538 | CZK | 1,228,300 | 86 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 37,335 | EGP | 668,300 | — | (40 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 11,114,097 | EUR | 9,521,200 | 21,146 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 14,800,447 | EUR | 12,678,400 | 27,207 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 2,257,091 | EUR | 1,933,600 | 4,294 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 5,416,381 | GBP | 4,070,300 | — | (4,094 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 9,158,696 | GBP | 6,882,600 | — | (6,888 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 526,139 | GBP | 395,400 | — | (375 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 5,363,479 | HKD | 42,070,700 | 1,273 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 4,594,799 | HKD | 36,041,200 | 1,086 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 211,980 | HKD | 1,662,800 | 57 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 30,332 | HUF | 8,306,500 | 41 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 65,231 | HUF | 17,863,500 | 88 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 232,711 | ILS | 830,000 | 210 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 117,357 | INR | 7,912,200 | — | (175 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 7,428,301 | JPY | 807,047,800 | — | (6,858 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 2,390,883 | JPY | 259,757,500 | — | (2,207 | ) | ||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 11,829,214 | JPY | 1,285,090,300 | — | (11,791 | ) |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 2,514,877 | KRW | 2,707,014,000 | $ | — | $ | (3,188 | ) | ||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 2,360,530 | KRW | 2,541,488,000 | — | (2,423 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 352,730 | MXN | 7,060,200 | 942 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 517,631 | MXN | 10,360,800 | 1,380 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 776,270 | MYR | 3,088,700 | — | (325 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 309,294 | NOK | 2,530,700 | 45 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 313,019 | NOK | 2,561,200 | 47 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 156,959 | NZD | 223,700 | — | (414 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 368,628 | PHP | 19,338,200 | — | (634 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 62,383 | PLN | 230,800 | 90 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 280,019 | PLN | 1,036,000 | 408 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 212,996 | QAR | 778,500 | 814 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 978,481 | RUB | 61,015,900 | — | (1,762 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 446,765 | SEK | 3,945,400 | 790 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 1,831,595 | SEK | 16,176,100 | 3,377 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 355,606 | SGD | 475,600 | — | (343 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 870,471 | SGD | 1,164,200 | — | (837 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 713,882 | THB | 22,837,100 | 123 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 16,811 | TRY | 76,400 | 29 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 280,343 | TRY | 1,274,000 | 479 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 101,457 | TWD | 2,995,000 | — | (1,457 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 3,536,874 | TWD | 106,000,100 | 2,345 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 2,068,321 | ZAR | 26,198,700 | — | (11,694 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | ZAR | 1,389,000 | USD | 110,767 | 1,729 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | ZAR | 24,809,700 | USD | 1,978,611 | 31,021 | — | |||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | COP | 392,793,100 | USD | 139,807 | 3,943 | — | |||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | DKK | 9,586,700 | USD | 1,558,520 | 52,002 | — | |||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | IDR | 1,795,927,600 | USD | 128,722 | — | (436 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/6/2018 | IDR | 6,833,162,800 | USD | 489,447 | — | (1,974 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | USD | 136,005 | COP | 392,793,100 | — | (140 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | USD | 1,503,660 | DKK | 9,586,700 | 2,859 | — | |||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | USD | 128,731 | IDR | 1,795,927,600 | 427 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/6/2018 | USD | 491,418 | IDR | 6,833,162,800 | 3 | — | |||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | AED | 542,100 | USD | 147,582 | — | (4 | ) | ||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | AUD | 1,241,600 | USD | 939,649 | 474 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | AUD | 386,000 | USD | 292,105 | 125 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | AUD | 5,345,800 | USD | 4,045,520 | 1,834 | — | |||||||||||||||
RBC Capital Markets | 7/5/2018 | AUD | 1,097,500 | USD | 830,565 | 391 | — | |||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | BRL | 8,080,800 | USD | 2,162,521 | 41 | — | |||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | CAD | 8,976,200 | USD | 6,926,241 | — | (3,512 | ) | ||||||||||||||
RBC Capital Markets | 7/5/2018 | CAD | 628,000 | USD | 484,565 | — | (260 | ) | ||||||||||||||
RBC Capital Markets | 7/5/2018 | CAD | 1,084,300 | USD | 836,666 | — | (429 | ) | ||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | CHF | 6,042,100 | USD | 6,163,150 | 12,694 | — | |||||||||||||||
RBC Capital Markets | 7/5/2018 | CHF | 578,100 | USD | 589,618 | 1,151 | — | |||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | DKK | 9,586,700 | USD | 1,507,141 | — | (3,000 | ) | ||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | EGP | 668,300 | USD | 37,004 | 14 | — | |||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | EUR | 9,521,200 | USD | 11,140,042 | — | (22,376 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | EUR | 12,678,400 | USD | 14,835,161 | — | (28,680 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | EUR | 1,605,000 | USD | 1,877,990 | — | (3,672 | ) | ||||||||||||||
RBC Capital Markets | 7/5/2018 | EUR | 1,933,600 | USD | 2,262,351 | — | (4,554 | ) | ||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | GBP | 4,070,300 | USD | 5,424,692 | 3,804 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | GBP | 668,000 | USD | 890,264 | 612 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | GBP | 6,882,600 | USD | 9,172,840 | 6,487 | — | |||||||||||||||
RBC Capital Markets | 7/5/2018 | GBP | 395,400 | USD | 526,944 | 344 | — | |||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | HKD | 42,070,700 | USD | 5,368,112 | — | (976 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | HKD | 36,041,200 | USD | 4,598,568 | — | (1,032 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | HKD | 6,982,000 | USD | 890,826 | — | (221 | ) | ||||||||||||||
RBC Capital Markets | 7/5/2018 | HKD | 1,662,800 | USD | 212,161 | — | (47 | ) | ||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | HUF | 8,306,500 | USD | 30,397 | — | (41 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | HUF | 17,863,500 | USD | 65,368 | — | (91 | ) |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | IDR | 1,795,927,600 | USD | 128,088 | $ | — | $ | (620 | ) | ||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | IDR | 6,833,162,800 | USD | 489,236 | — | (476 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | ILS | 830,000 | USD | 233,179 | — | (261 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | INR | 7,912,200 | USD | 116,802 | 21 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | JPY | 807,047,800 | USD | 7,443,751 | 6,157 | — | |||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | JPY | 259,757,500 | USD | 2,395,845 | 1,971 | — | |||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | JPY | 1,285,090,300 | USD | 11,853,655 | 10,515 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | KRW | 2,707,014,000 | USD | 2,515,929 | 1,557 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | KRW | 2,541,488,000 | USD | 2,362,329 | 1,703 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | MXN | 7,060,200 | USD | 350,889 | — | (875 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | MXN | 10,360,800 | USD | 514,856 | — | (1,355 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | MYR | 3,088,700 | USD | 773,936 | — | (1,379 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | NOK | 2,530,700 | USD | 309,666 | — | (56 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | NOK | 2,561,200 | USD | 313,390 | — | (65 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | NZD | 223,700 | USD | 156,959 | 411 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | PHP | 19,338,200 | USD | 367,158 | — | (216 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | PLN | 230,800 | USD | 62,416 | — | (96 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | PLN | 1,036,000 | USD | 280,164 | — | (436 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | QAR | 778,500 | USD | 212,821 | — | (957 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | RUB | 61,015,900 | USD | 975,134 | 1,796 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | SEK | 3,945,400 | USD | 447,857 | — | (806 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | SEK | 16,176,100 | USD | 1,835,877 | — | (3,640 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | SGD | 475,600 | USD | 355,788 | 316 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | SGD | 1,164,200 | USD | 870,881 | 736 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | THB | 22,837,100 | USD | 714,709 | — | (39 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | TRY | 76,400 | USD | 16,614 | — | (22 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | TRY | 1,274,000 | USD | 277,007 | — | (410 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | TWD | 7,005,000 | USD | 233,874 | — | (561 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | TWD | 106,000,100 | USD | 3,538,054 | — | (9,437 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | USD | 205,655 | BRL | 771,000 | 670 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | USD | 1,933,411 | EUR | 1,650,000 | 1,008 | — | |||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | USD | 244,685 | JPY | 26,525,000 | — | (236 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | ZAR | 26,198,700 | USD | 2,060,132 | 11,942 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/6/2018 | CLP | 221,079,000 | USD | 350,227 | — | (713 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/6/2018 | COP | 392,793,100 | USD | 135,851 | 152 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/9/2018 | CZK | 1,228,300 | USD | 55,649 | — | (90 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 2,327,587 | $ | (297,877 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
AED | Arab Emirates Dirham |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CHF | Swiss Franc |
CLP | Chilean Peso |
COP | Colombian Peso |
CZK | Czech Koruna |
DKK | Danish Krone |
EGP | Egyptian Pound |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
ILS | Israeli Shekel |
INR | Indian Rupee |
JPY | Japanese Yen |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PHP | Philippine Peso |
PLN | Polish Zloty |
QAR | Qatari Rial |
RUB | Russian Ruble |
SEK | Swedish Krona |
SGD | Singapore Dollar |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)
May 31, 2018
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | 118,578,209 | $ | — | $ | 36,754 | $ | 118,614,963 | ||||||||
Preferred Stocks (h) | 1,473,546 | — | — | 1,473,546 | ||||||||||||
Short-Term Investments | 3,240,329 | — | — | 3,240,329 | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 2,327,587 | — | 2,327,587 | ||||||||||||
Futures Contracts | 29,285 | — | — | 29,285 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 123,321,369 | $ | 2,327,587 | $ | 36,754 | $ | 125,685,710 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (i) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (297,877 | ) | $ | — | $ | (297,877 | ) | ||||||
Futures Contracts | (138,450 | ) | — | — | (138,450 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (138,450 | ) | $ | (297,877 | ) | $ | — | $ | (436,327 | ) | |||||
|
|
|
|
|
|
|
|
(h) | See Schedule of Investments for additional detailed categorizations. |
(i) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
During the year ended May 31, 2018, the amount of transfers between Level 1 and Level 3 was $37,936 and between Level 3 and Level 1 was $50,396. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 90.9% | ||||||||
Australia — 16.0% | ||||||||
AGL Energy Ltd. | 494 | $ | 8,256 | |||||
Alumina Ltd. | 1,693 | 3,431 | ||||||
Amcor Ltd. | 864 | 9,187 | ||||||
AMP Ltd. | 2,271 | 6,698 | ||||||
APA Group (a) | 902 | 5,928 | ||||||
Aristocrat Leisure Ltd. | 400 | 9,087 | ||||||
ASX Ltd. | 148 | 6,786 | ||||||
Aurizon Holdings Ltd. | 1,374 | 4,478 | ||||||
AusNet Services | 1,362 | 1,674 | ||||||
Australia & New Zealand Banking Group Ltd. | 2,133 | 43,892 | ||||||
Bank of Queensland Ltd. | 287 | 2,199 | ||||||
Bendigo & Adelaide Bank Ltd. | 349 | 2,840 | ||||||
BHP Billiton Ltd. | 2,353 | 58,349 | ||||||
BlueScope Steel Ltd. | 406 | 5,336 | ||||||
Boral Ltd. | 888 | 4,211 | ||||||
Brambles Ltd. | 1,163 | 7,942 | ||||||
Caltex Australia Ltd. | 191 | 4,250 | ||||||
Challenger Ltd. | 407 | 3,967 | ||||||
CIMIC Group Ltd. | 73 | 2,276 | ||||||
Coca-Cola Amatil Ltd. | 340 | 2,283 | ||||||
Cochlear Ltd. | 44 | 6,527 | ||||||
Commonwealth Bank of Australia | 1,295 | 67,869 | ||||||
Computershare Ltd. | 355 | 4,655 | ||||||
Crown Resorts Ltd. | 278 | 2,796 | ||||||
CSL Ltd. | 330 | 46,381 | ||||||
Dexus REIT | 717 | 5,363 | ||||||
Domino’s Pizza Enterprises Ltd. (b) | 38 | 1,415 | ||||||
Flight Centre Travel Group Ltd. (b) | 42 | 1,957 | ||||||
Fortescue Metals Group Ltd. | 1,037 | 3,678 | ||||||
Goodman Group REIT | 1,271 | 8,978 | ||||||
GPT Group REIT | 1,277 | 4,858 | ||||||
Harvey Norman Holdings Ltd. | 425 | 1,157 | ||||||
Healthscope Ltd. | 1,325 | 2,355 | ||||||
Incitec Pivot Ltd. | 1,280 | 3,330 | ||||||
Insurance Australia Group Ltd. | 1,673 | 10,286 | ||||||
LendLease Group (a) | 417 | 5,922 | ||||||
Macquarie Group Ltd. | 237 | 20,492 | ||||||
Medibank Pvt Ltd. | 2,104 | 4,662 | ||||||
Mirvac Group REIT | 2,673 | 4,649 | ||||||
National Australia Bank Ltd. | 2,009 | 40,717 | ||||||
Newcrest Mining Ltd. | 562 | 8,823 | ||||||
Oil Search Ltd. | 1,047 | 6,548 | ||||||
Orica Ltd. | 285 | 3,808 | ||||||
Origin Energy Ltd.* | 1,290 | 9,365 | ||||||
QBE Insurance Group Ltd. | 952 | 6,825 | ||||||
Ramsay Health Care Ltd. | 108 | 5,009 | ||||||
REA Group Ltd. | 41 | 2,661 | ||||||
Santos Ltd.* | 1,397 | 6,191 | ||||||
Scentre Group REIT | 3,964 | 12,531 | ||||||
SEEK Ltd. | 255 | 3,895 | ||||||
Sonic Healthcare Ltd. | 305 | 5,434 | ||||||
South32 Ltd. | 3,818 | 10,741 | ||||||
Stockland REIT | 1,832 | 5,750 | ||||||
Suncorp Group Ltd. | 983 | 9,984 | ||||||
Sydney Airport (a) | 698 | 3,843 |
Number of Shares | Value | |||||||
Australia (Continued) | ||||||||
Tabcorp Holdings Ltd. | 1,315 | $ | 4,346 | |||||
Telstra Corp. Ltd. | 2,904 | 6,149 | ||||||
TPG Telecom Ltd. (b) | 257 | 1,083 | ||||||
Transurban Group (a) | 1,686 | 15,135 | ||||||
Treasury Wine Estates Ltd. | 539 | 6,758 | ||||||
Vicinity Centres REIT | 2,377 | 4,800 | ||||||
Wesfarmers Ltd. | 830 | 28,598 | ||||||
Westpac Banking Corp. | 2,512 | 52,907 | ||||||
Woodside Petroleum Ltd. | 683 | 16,740 | ||||||
Woolworths Group Ltd. | 962 | 20,705 | ||||||
|
| |||||||
699,746 | ||||||||
|
| |||||||
China — 26.6% | ||||||||
3SBio, Inc., 144A* | 974 | 2,788 | ||||||
51job, Inc., ADR* | 18 | 1,915 | ||||||
58.com, Inc., ADR* | 65 | 5,279 | ||||||
AAC Technologies Holdings, Inc. | 550 | 8,282 | ||||||
Agile Group Holdings Ltd. | 1,929 | 3,679 | ||||||
Agricultural Bank of China Ltd., Class H | 20,638 | 10,683 | ||||||
Air China Ltd., Class H | 1,413 | 1,638 | ||||||
Alibaba Group Holding Ltd., ADR*(b) | 868 | 171,873 | ||||||
Aluminum Corp. of China Ltd., Class H* | 3,344 | 1,761 | ||||||
Angang Steel Co. Ltd., Class H | 948 | 940 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 937 | 5,746 | ||||||
ANTA Sports Products Ltd. | 809 | 4,662 | ||||||
Autohome, Inc., ADR | 46 | 5,185 | ||||||
AviChina Industry & Technology Co. Ltd., Class H* | 1,649 | 1,102 | ||||||
BAIC Motor Corp. Ltd., Class H, 144A | 794 | 771 | ||||||
Baidu, Inc., ADR* | 206 | 49,967 | ||||||
Bank of China Ltd., Class H | 58,125 | 30,385 | ||||||
Bank of Communications Co. Ltd., Class H | 6,673 | 5,283 | ||||||
BBMG Corp., Class H | 2,000 | 877 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 1,140 | 1,686 | ||||||
BOE Technology Group Co. Ltd., Class A | 200 | 129 | ||||||
BYD Co. Ltd., Class H | 536 | 3,479 | ||||||
BYD Electronic International Co. Ltd. | 483 | 767 | ||||||
CGN Power Co. Ltd., Class H, 144A (b) | 8,157 | 2,319 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 6,245 | 2,261 | ||||||
China CITIC Bank Corp. Ltd., Class H | 7,054 | 4,794 | ||||||
China Communications Construction Co. Ltd., Class H | 3,356 | 3,603 | ||||||
China Communications Services Corp. Ltd., Class H | 2,329 | 1,500 | ||||||
China Conch Venture Holdings Ltd. | 1,372 | 4,758 | ||||||
China Construction Bank Corp., Class H | 71,708 | 72,410 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 2,000 | 1,591 | ||||||
China Everbright Bank Co. Ltd., Class H | 2,178 | 1,086 | ||||||
China Evergrande Group*(b) | 1,442 | 4,229 | ||||||
China Galaxy Securities Co. Ltd., Class H | 2,526 | 1,581 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 6,778 | 2,281 | ||||||
China International Capital Corp. Ltd., Class H, 144A | 800 | 1,687 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 262 | 410 |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
China (Continued) | ||||||||
China Life Insurance Co. Ltd., Class H | 5,641 | $ | 15,751 | |||||
China Lodging Group Ltd., ADR | 96 | 4,225 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 2,288 | 2,112 | ||||||
China Medical System Holdings Ltd. | 953 | 2,296 | ||||||
China Merchants Bank Co. Ltd., Class A | 100 | 450 | ||||||
China Merchants Bank Co. Ltd., Class H | 2,809 | 11,568 | ||||||
China Minsheng Banking Corp. Ltd., Class H (b) | 4,168 | 3,975 | ||||||
China Molybdenum Co. Ltd., Class H* | 3,489 | 2,211 | ||||||
China National Building Material Co. Ltd., Class H* | 2,861 | 3,276 | ||||||
China Oilfield Services Ltd., Class H | 1,287 | 1,346 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 1,999 | 8,640 | ||||||
China Petroleum & Chemical Corp., Class H | 19,423 | 18,994 | ||||||
China Railway Construction Corp. Ltd., Class H | 1,465 | 1,661 | ||||||
China Railway Group Ltd., Class H | 3,279 | 2,646 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H, 144A | 1,000 | 782 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 1,448 | 2,223 | ||||||
China Shenhua Energy Co. Ltd., Class H | 2,605 | 6,809 | ||||||
China Southern Airlines Co. Ltd., Class H | 1,486 | 1,470 | ||||||
China Telecom Corp. Ltd., Class H | 10,002 | 4,667 | ||||||
China Vanke Co. Ltd., Class H | 961 | 3,437 | ||||||
China Zhongwang Holdings Ltd. | 1,200 | 650 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 1,802 | 1,204 | ||||||
CIFI Holdings Group Co. Ltd. | 2,130 | 1,648 | ||||||
CITIC Securities Co. Ltd., Class H | 1,866 | 4,706 | ||||||
CNOOC Ltd. | 13,022 | 21,916 | ||||||
COSCO SHIPPING Development Co. Ltd., Class H* | 3,000 | 570 | ||||||
COSCO SHIPPING Holdings Co. Ltd., | 1,541 | 866 | ||||||
Country Garden Holdings Co. Ltd. | 6,048 | 11,860 | ||||||
CRRC Corp. Ltd., Class H | 3,349 | 2,993 | ||||||
CSPC Pharmaceutical Group Ltd. | 3,588 | 11,231 | ||||||
Ctrip.com International Ltd., ADR*(b) | 287 | 12,941 | ||||||
Dali Foods Group Co. Ltd., 144A | 1,500 | 1,157 | ||||||
Datang International Power Generation Co. Ltd., Class H* | 2,000 | 645 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 1,670 | 1,906 | ||||||
ENN Energy Holdings Ltd. | 574 | 5,910 | ||||||
Fang Holdings Ltd., ADR* | 162 | 821 | ||||||
Fosun International Ltd. | 2,068 | 4,546 | ||||||
Future Land Development Holdings Ltd.* | 2,000 | 1,568 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A* | 386 | 1,430 | ||||||
GDS Holdings Ltd., ADR* | 29 | 1,096 | ||||||
Geely Automobile Holdings Ltd. | 3,707 | 10,516 | ||||||
GF Securities Co. Ltd., Class H* | 917 | 1,548 | ||||||
GOME Retail Holdings Ltd.*(b) | 7,803 | 876 | ||||||
Great Wall Motor Co. Ltd., Class H | 2,394 | 2,335 | ||||||
Greentown China Holdings Ltd. | 500 | 752 |
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Guangzhou Automobile Group Co. Ltd., Class H | 1,594 | $ | 2,703 | |||||
Guangzhou R&F Properties Co. Ltd., Class H | 817 | 1,917 | ||||||
Guotai Junan Securities Co. Ltd., Class H, 144A* | 462 | 1,074 | ||||||
Haitian International Holdings Ltd. | 578 | 1,640 | ||||||
Haitong Securities Co. Ltd., Class H | 2,192 | 2,744 | ||||||
Hengan International Group Co. Ltd. | 548 | 5,219 | ||||||
HengTen Networks Group Ltd.* | 13,230 | 531 | ||||||
Huaneng Power International, Inc., Class H | 4,436 | 3,427 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 4,616 | 1,983 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 1,265 | 2,494 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 200 | 177 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 50,351 | 41,728 | ||||||
Industrial Bank Co. Ltd., Class A | 100 | 249 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 800 | 1,070 | ||||||
JD.com, Inc., ADR*(b) | 509 | 17,907 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 926 | 1,398 | ||||||
Jiangxi Copper Co. Ltd., Class H | 693 | 1,007 | ||||||
Kingdee International Software Group Co. Ltd. | 2,000 | 2,196 | ||||||
Kingsoft Corp. Ltd. | 633 | 1,998 | ||||||
KWG Property Holding Ltd. | 500 | 690 | ||||||
Legend Holdings Corp., Class H, 144A | 200 | 638 | ||||||
Lenovo Group Ltd. | 5,474 | 2,903 | ||||||
Logan Property Holdings Co. Ltd. | 2,000 | 3,009 | ||||||
Longfor Properties Co. Ltd. | 1,248 | 3,739 | ||||||
Luye Pharma Group Ltd. | 500 | 549 | ||||||
Meitu, Inc., 144A* | 1,012 | 1,072 | ||||||
Metallurgical Corp. of China Ltd., Class H | 2,000 | 599 | ||||||
Minth Group Ltd. | 516 | 2,375 | ||||||
Momo, Inc., ADR* | 87 | 3,995 | ||||||
NetEase, Inc., ADR | 58 | 13,243 | ||||||
New China Life Insurance Co. Ltd., Class H | 621 | 2,819 | ||||||
New Oriental Education & Technology Group, Inc., ADR | 106 | 10,544 | ||||||
Noah Holdings Ltd., ADR* | 21 | 1,257 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 5,790 | 2,739 | ||||||
PetroChina Co. Ltd., Class H | 15,997 | 13,237 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 3,487 | 6,144 | ||||||
Ping An Bank Co. Ltd., Class A | 100 | 159 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 3,803 | 37,287 | ||||||
Semiconductor Manufacturing International Corp.* | 2,292 | 2,998 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 1,428 | 1,229 | ||||||
Shanghai Electric Group Co. Ltd., Class H* | 1,304 | 499 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 418 | 2,678 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 618 | 921 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 654 | 2,022 |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Shanghai Pudong Development Bank Co. Ltd., Class A* | 100 | $ | 165 | |||||
Shenzhou International Group Holdings Ltd. | 567 | 6,636 | ||||||
Shui On Land Ltd. | 2,278 | 639 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 2,895 | 749 | ||||||
SINA Corp.* | 48 | 4,359 | ||||||
Sino-Ocean Group Holding Ltd. | 2,412 | 1,630 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 1,000 | 1,075 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 2,817 | 2,080 | ||||||
Sinopharm Group Co. Ltd., Class H | 1,132 | 5,030 | ||||||
Sinotrans Ltd., Class H | 1,518 | 861 | ||||||
Sinotruk Hong Kong Ltd. | 532 | 753 | ||||||
SOHO China Ltd. | 943 | 493 | ||||||
Sunac China Holdings Ltd.* | 1,780 | 6,774 | ||||||
Sunny Optical Technology Group Co. Ltd.* | 540 | 10,988 | ||||||
TAL Education Group, ADR* | 253 | 10,742 | ||||||
Tencent Holdings Ltd. | 4,267 | 217,180 | ||||||
Tingyi Cayman Islands Holding Corp. | 1,488 | 3,331 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 1,000 | 1,739 | ||||||
TravelSky Technology Ltd., Class H | 707 | 2,069 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 272 | 1,724 | ||||||
Uni-President China Holdings Ltd. | 1,000 | 1,077 | ||||||
Vipshop Holdings Ltd., ADR* | 310 | 3,621 | ||||||
Want Want China Holdings Ltd. | 4,080 | 4,047 | ||||||
Weibo Corp., ADR*(b) | 37 | 3,771 | ||||||
Weichai Power Co. Ltd., Class H | 2,899 | 3,888 | ||||||
Wuxi Biologics Cayman, Inc., 144A* | 500 | 5,607 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 439 | 703 | ||||||
Xinyi Solar Holdings Ltd. | 2,485 | 1,030 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,402 | 1,011 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 1,406 | 2,029 | ||||||
Yum China Holdings, Inc. | 278 | 10,925 | ||||||
Yuzhou Properties Co. Ltd. | 1,000 | 704 | ||||||
YY, Inc., ADR* | 36 | 4,195 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 1,087 | 1,088 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A* | 100 | 666 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 390 | 1,964 | ||||||
Zijin Mining Group Co. Ltd., Class H | 4,272 | 1,781 | ||||||
ZTE Corp., Class H*(c) | 413 | 1,337 | ||||||
|
| |||||||
1,164,885 | ||||||||
|
| |||||||
Hong Kong — 12.6% | ||||||||
AIA Group Ltd. | 8,922 | 81,903 | ||||||
Alibaba Health Information Technology | 3,023 | 2,771 | ||||||
Alibaba Pictures Group Ltd.* | 9,422 | 1,225 | ||||||
ASM Pacific Technology Ltd. | 247 | 3,244 | ||||||
Bank of East Asia Ltd. | 871 | 3,615 | ||||||
Beijing Enterprises Holdings Ltd. | 224 | 1,238 |
Number of Shares | Value | |||||||
Hong Kong (Continued) | ||||||||
Beijing Enterprises Water Group Ltd.* | 3,233 | $ | 1,950 | |||||
BOC Hong Kong Holdings Ltd. | 2,805 | 14,109 | ||||||
Brilliance China Automotive Holdings Ltd. | 2,292 | 4,284 | ||||||
China Everbright International Ltd. | 1,603 | 2,395 | ||||||
China Everbright Ltd. | 840 | 1,846 | ||||||
China First Capital Group Ltd.* | 2,000 | 2,004 | ||||||
China Gas Holdings Ltd. | 1,324 | 5,495 | ||||||
China Jinmao Holdings Group Ltd. | 4,022 | 2,297 | ||||||
China Mengniu Dairy Co. Ltd.* | 2,084 | 7,573 | ||||||
China Merchants Port Holdings Co. Ltd. | 1,160 | 2,647 | ||||||
China Mobile Ltd. | 4,187 | 37,369 | ||||||
China Overseas Land & Investment Ltd. | 2,907 | 9,729 | ||||||
China Power International Development Ltd. | 2,000 | 556 | ||||||
China Resources Beer Holdings Co. Ltd. | 1,281 | 6,223 | ||||||
China Resources Cement Holdings Ltd. | 1,382 | 1,628 | ||||||
China Resources Gas Group Ltd. | 674 | 2,561 | ||||||
China Resources Land Ltd. | 2,102 | 7,718 | ||||||
China Resources Power Holdings Co. Ltd. | 1,459 | 2,988 | ||||||
China State Construction International Holdings Ltd. | 1,530 | 1,890 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 1,221 | 4,382 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 1,434 | 1,316 | ||||||
China Travel International Investment Hong Kong Ltd. | 2,112 | 937 | ||||||
China Unicom Hong Kong Ltd. | 4,539 | 6,169 | ||||||
Chong Sing Holdings FinTech Gr* | 10,108 | 1,340 | ||||||
CITIC Ltd. | 3,936 | 5,851 | ||||||
CK Asset Holdings Ltd. | 2,035 | 16,995 | ||||||
CK Hutchison Holdings Ltd. | 2,036 | 22,987 | ||||||
CK Infrastructure Holdings Ltd. | 502 | 3,789 | ||||||
CLP Holdings Ltd. | 1,245 | 13,080 | ||||||
COSCO SHIPPING Ports Ltd. | 1,183 | 1,139 | ||||||
Dairy Farm International Holdings Ltd. | 200 | 1,714 | ||||||
Far East Horizon Ltd. | 1,638 | 1,740 | ||||||
Fullshare Holdings Ltd.* | 5,451 | 2,571 | ||||||
Galaxy Entertainment Group Ltd. | 1,731 | 15,239 | ||||||
GCL-Poly Energy Holdings Ltd.*(b) | 10,248 | 1,124 | ||||||
Guangdong Investment Ltd. | 1,990 | 3,354 | ||||||
Haier Electronics Group Co. Ltd.* | 1,070 | 3,847 | ||||||
Hang Lung Group Ltd. | 727 | 2,252 | ||||||
Hang Lung Properties Ltd. | 1,535 | 3,484 | ||||||
Hang Seng Bank Ltd. | 571 | 14,291 | ||||||
Henderson Land Development Co. Ltd. | 909 | 5,980 | ||||||
HK Electric Investments & HK Electric Investments Ltd., 144A (a)(b) | 2,180 | 2,107 | ||||||
HKT Trust & HKT Ltd. (a) | 2,871 | 3,606 | ||||||
Hong Kong & China Gas Co. Ltd. | 6,363 | 13,759 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 853 | 27,602 | ||||||
Hongkong Land Holdings Ltd. | 900 | 6,534 | ||||||
Hysan Development Co. Ltd. | 475 | 2,746 | ||||||
Jardine Matheson Holdings Ltd. | 93 | 5,807 | ||||||
Jardine Strategic Holdings Ltd. | 200 | 7,160 | ||||||
Kerry Properties Ltd. | 492 | 2,631 | ||||||
Kingboard Chemical Holdings Ltd. | 635 | 2,526 | ||||||
Kunlun Energy Co. Ltd. | 1,966 | 1,790 |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Hong Kong (Continued) | ||||||||
Lee & Man Paper Manufacturing Ltd. | 965 | $ | 1,132 | |||||
Li & Fung Ltd. | 5,132 | 1,996 | ||||||
Link REIT | 1,679 | 14,857 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 187 | 6,107 | ||||||
MTR Corp. Ltd. | 1,154 | 6,496 | ||||||
New World Development Co. Ltd. (b) | 4,623 | 7,097 | ||||||
Nine Dragons Paper Holdings Ltd. | 1,451 | 2,309 | ||||||
NWS Holdings Ltd. | 1,415 | 2,634 | ||||||
PCCW Ltd. | 3,633 | 2,140 | ||||||
Power Assets Holdings Ltd. | 897 | 6,239 | ||||||
Shanghai Industrial Holdings Ltd. | 244 | 649 | ||||||
Shangri-La Asia Ltd. (b) | 950 | 1,899 | ||||||
Shimao Property Holdings Ltd. | 1,023 | 3,026 | ||||||
Sino Biopharmaceutical Ltd. | 3,460 | 8,752 | ||||||
Sino Land Co. Ltd. | 2,442 | 4,228 | ||||||
SJM Holdings Ltd. | 1,243 | 1,785 | ||||||
Sun Art Retail Group Ltd. | 1,738 | 2,048 | ||||||
Sun Hung Kai Properties Ltd. | 1,090 | 17,594 | ||||||
Swire Pacific Ltd., Class A | 378 | 3,899 | ||||||
Swire Properties Ltd. | 899 | 3,525 | ||||||
Techtronic Industries Co. Ltd. | 1,043 | 6,257 | ||||||
Towngas China Co. Ltd.* | 827 | 812 | ||||||
WH Group Ltd., 144A | 6,568 | 6,741 | ||||||
Wharf Holdings Ltd. | 926 | 2,993 | ||||||
Wharf Real Estate Investment Co. Ltd. | 926 | 7,149 | ||||||
Wheelock & Co. Ltd. | 616 | 4,642 | ||||||
Yue Yuen Industrial Holdings Ltd. | 563 | 1,741 | ||||||
Yuexiu Property Co. Ltd. | 4,000 | 903 | ||||||
|
| |||||||
548,757 | ||||||||
|
| |||||||
Indonesia — 1.8% | ||||||||
PT Adaro Energy Tbk | 11,783 | 1,599 | ||||||
PT AKR Corporindo Tbk | 1,046 | 370 | ||||||
PT Astra International Tbk | 15,449 | 7,672 | ||||||
PT Bank Central Asia Tbk | 7,478 | 12,217 | ||||||
PT Bank Danamon Indonesia Tbk | 2,232 | 936 | ||||||
PT Bank Mandiri Persero Tbk | 14,304 | 7,258 | ||||||
PT Bank Negara Indonesia Persero Tbk | 5,746 | 3,505 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 42,278 | 9,371 | ||||||
PT Bank Tabungan Negara Persero Tbk | 2,895 | 635 | ||||||
PT Bumi Serpong Damai Tbk | 5,822 | 714 | ||||||
PT Charoen Pokphand Indonesia Tbk | 5,409 | 1,433 | ||||||
PT Gudang Garam Tbk | 360 | 1,775 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 8,048 | 2,195 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 1,395 | 1,769 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 1,765 | 1,105 | ||||||
PT Indofood Sukses Makmur Tbk | 4,765 | 2,426 | ||||||
PT Jasa Marga Persero Tbk | 2,336 | 748 | ||||||
PT Kalbe Farma Tbk | 20,806 | 2,051 | ||||||
PT Matahari Department Store Tbk | 1,890 | 1,245 | ||||||
PT Pakuwon Jati Tbk | 18,432 | 743 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 6,544 | 975 | ||||||
PT Semen Indonesia Persero Tbk | 2,268 | 1,371 | ||||||
PT Surya Citra Media Tbk | 5,129 | 908 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 36,798 | 9,322 | ||||||
PT Tower Bersama Infrastructure Tbk | 1,545 | 564 | ||||||
PT Unilever Indonesia Tbk | 1,243 | 4,079 |
Number of Shares | Value | |||||||
Indonesia (Continued) | ||||||||
PT United Tractors Tbk | 953 | $ | 2,404 | |||||
PT Waskita Karya Persero Tbk | 2,761 | 461 | ||||||
|
| |||||||
79,851 | ||||||||
|
| |||||||
Ireland — 0.1% | ||||||||
James Hardie Industries PLC CDI (d) | 332 | 5,566 | ||||||
|
| |||||||
Macau — 0.4% | ||||||||
MGM China Holdings Ltd. | 759 | 2,206 | ||||||
Sands China Ltd. | 1,901 | 11,380 | ||||||
Wynn Macau Ltd. | 1,231 | 4,724 | ||||||
|
| |||||||
18,310 | ||||||||
|
| |||||||
Malaysia — 2.2% | ||||||||
AirAsia Group Bhd | 1,200 | 926 | ||||||
Alliance Bank Malaysia Bhd | 676 | 720 | ||||||
AMMB Holdings Bhd | 1,200 | 1,070 | ||||||
Astro Malaysia Holdings Bhd | 1,200 | 422 | ||||||
Axiata Group Bhd | 2,036 | 2,230 | ||||||
British American Tobacco Malaysia Bhd | 250 | 2,031 | ||||||
CIMB Group Holdings Bhd | 3,514 | 5,209 | ||||||
Dialog Group Bhd | 2,400 | 1,960 | ||||||
DiGi.Com Bhd | 2,302 | 2,557 | ||||||
Felda Global Ventures Holdings Bhd | 1,500 | 592 | ||||||
Fraser & Neave Holdings Bhd | 100 | 950 | ||||||
Gamuda Bhd | 1,200 | 1,007 | ||||||
Genting Bhd | 1,700 | 3,755 | ||||||
Genting Malaysia Bhd | 2,353 | 2,944 | ||||||
Genting Plantations Bhd | 200 | 477 | ||||||
HAP Seng Consolidated Bhd | 500 | 1,231 | ||||||
Hartalega Holdings Bhd | 900 | 1,379 | ||||||
Hong Leong Bank Bhd | 551 | 2,655 | ||||||
Hong Leong Financial Group Bhd | 225 | 1,069 | ||||||
IHH Healthcare Bhd | 1,476 | 2,225 | ||||||
IJM Corp. Bhd | 2,300 | 977 | ||||||
IOI Corp. Bhd | 1,500 | 1,745 | ||||||
IOI Properties Group Bhd | 1,225 | 486 | ||||||
Kuala Lumpur Kepong Bhd | 500 | 3,128 | ||||||
Malayan Banking Bhd | 3,265 | 7,925 | ||||||
Malaysia Airports Holdings Bhd | 625 | 1,308 | ||||||
Maxis Bhd | 1,501 | 2,184 | ||||||
MISC Bhd | 925 | 1,364 | ||||||
Petronas Chemicals Group Bhd | 1,800 | 3,641 | ||||||
Petronas Dagangan Bhd | 100 | 629 | ||||||
Petronas Gas Bhd | 575 | 2,540 | ||||||
PPB Group Bhd | 300 | 1,502 | ||||||
Press Metal Aluminium Holdings Bhd | 900 | 1,070 | ||||||
Public Bank Bhd | 2,126 | 12,745 | ||||||
RHB Bank Bhd | 600 | 805 | ||||||
Sime Darby Bhd | 1,746 | 1,070 | ||||||
Sime Darby Plantation Bhd | 1,746 | 2,430 | ||||||
Sime Darby Property Bhd | 1,746 | 505 | ||||||
SP Setia Bhd Group | 600 | 464 | ||||||
Telekom Malaysia Bhd | 851 | 785 | ||||||
Tenaga Nasional Bhd | 2,700 | 9,769 | ||||||
Top Glove Corp. Bhd | 300 | 773 | ||||||
UMW Holdings Bhd* | 376 | 605 | ||||||
Westports Holdings Bhd | 800 | 694 |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Malaysia (Continued) | ||||||||
YTL Corp. Bhd | 3,470 | $ | 828 | |||||
|
| |||||||
95,381 | ||||||||
|
| |||||||
New Zealand — 0.5% | ||||||||
a2 Milk Co. Ltd.* | 551 | 4,191 | ||||||
Auckland International Airport Ltd. | 751 | 3,469 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 393 | 3,652 | ||||||
Fletcher Building Ltd. | 783 | 3,611 | ||||||
Meridian Energy Ltd. | 979 | 2,045 | ||||||
Ryman Healthcare Ltd. | 296 | 2,362 | ||||||
Spark New Zealand Ltd. | 1,272 | 3,258 | ||||||
|
| |||||||
22,588 | ||||||||
|
| |||||||
Philippines — 1.0% | ||||||||
Aboitiz Equity Ventures, Inc. | 1,497 | 1,647 | ||||||
Aboitiz Power Corp. | 1,150 | 860 | ||||||
Alliance Global Group, Inc.* | 3,000 | 760 | ||||||
Ayala Corp. | 215 | 3,847 | ||||||
Ayala Land, Inc. | 6,126 | 4,641 | ||||||
Bank of the Philippine Islands | 1,075 | 1,944 | ||||||
BDO Unibank, Inc. | 1,429 | 3,550 | ||||||
DMCI Holdings, Inc. | 3,000 | 617 | ||||||
Globe Telecom, Inc. | 25 | 769 | ||||||
GT Capital Holdings, Inc. | 80 | 1,477 | ||||||
International Container Terminal Services, Inc. | 383 | 616 | ||||||
JG Summit Holdings, Inc. | 2,840 | 3,087 | ||||||
Jollibee Foods Corp. | 348 | 1,815 | ||||||
Manila Electric Co. | 300 | 1,843 | ||||||
Megaworld Corp. | 8,700 | 805 | ||||||
Metro Pacific Investments Corp. | 11,900 | 1,053 | ||||||
Metropolitan Bank & Trust Co. | 229 | 346 | ||||||
PLDT, Inc. | 75 | 1,849 | ||||||
Robinsons Land Corp. | 1,161 | 487 | ||||||
Security Bank Corp. | 120 | 445 | ||||||
SM Investments Corp. | 177 | 2,924 | ||||||
SM Prime Holdings, Inc. | 7,357 | 5,181 | ||||||
Universal Robina Corp. | 700 | 1,706 | ||||||
|
| |||||||
42,269 | ||||||||
|
| |||||||
Singapore — 3.4% | ||||||||
Ascendas Real Estate Investment Trust REIT | 1,750 | 3,464 | ||||||
BOC Aviation Ltd., 144A | 71 | 441 | ||||||
CapitaLand Commercial Trust REIT | 1,823 | 2,328 | ||||||
CapitaLand Ltd. | 1,751 | 4,525 | ||||||
CapitaLand Mall Trust REIT | 1,801 | 2,785 | ||||||
City Developments Ltd. | 250 | 2,093 | ||||||
ComfortDelGro Corp. Ltd. | 1,700 | 3,124 | ||||||
DBS Group Holdings Ltd. | 1,300 | 27,547 | ||||||
Genting Singapore PLC | 4,603 | 4,332 | ||||||
Golden Agri-Resources Ltd. | 5,503 | 1,295 | ||||||
Jardine Cycle & Carriage Ltd. | 100 | 2,566 | ||||||
Keppel Corp. Ltd. | 1,200 | 6,910 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 2,250 | 21,074 | ||||||
SATS Ltd. | 600 | 2,312 | ||||||
Sembcorp Industries Ltd. | 650 | 1,423 | ||||||
Singapore Airlines Ltd. | 500 | 4,213 |
Number of Shares | Value | |||||||
Singapore (Continued) | ||||||||
Singapore Exchange Ltd. | 650 | $ | 3,515 | |||||
Singapore Press Holdings Ltd. (b) | 1,150 | 2,259 | ||||||
Singapore Technologies Engineering Ltd. | 1,150 | 2,989 | ||||||
Singapore Telecommunications Ltd. | 6,503 | 15,931 | ||||||
Suntec Real Estate Investment Trust REIT | 1,800 | 2,420 | ||||||
United Overseas Bank Ltd. | 1,017 | 21,375 | ||||||
UOL Group Ltd. | 358 | 2,171 | ||||||
Venture Corp. Ltd. | 200 | 3,152 | ||||||
Wilmar International Ltd. | 1,450 | 3,509 | ||||||
|
| |||||||
147,753 | ||||||||
|
| |||||||
South Korea — 13.3% | ||||||||
Amorepacific Corp. | 24 | 7,403 | ||||||
AMOREPACIFIC Group | 24 | 2,805 | ||||||
BGF retail Co. Ltd. | 8 | 1,354 | ||||||
BNK Financial Group, Inc. | 196 | 1,733 | ||||||
Celltrion Healthcare Co. Ltd.* | 23 | 2,129 | ||||||
Celltrion Pharm, Inc.* | 11 | 951 | ||||||
Celltrion, Inc.* | 60 | 14,778 | ||||||
Cheil Worldwide, Inc. | 53 | 974 | ||||||
CJ CheilJedang Corp. | 6 | 1,951 | ||||||
CJ Corp. | 9 | 1,236 | ||||||
CJ E&M Corp. | 18 | 1,513 | ||||||
CJ Logistics Corp.* | 5 | 694 | ||||||
Coway Co. Ltd. | 41 | 3,321 | ||||||
Daelim Industrial Co. Ltd. | 21 | 1,636 | ||||||
Daewoo Engineering & Construction Co. | 94 | 563 | ||||||
DB Insurance Co. Ltd. | 35 | 1,899 | ||||||
DGB Financial Group, Inc. | 80 | 768 | ||||||
Dongsuh Cos., Inc. | 17 | 409 | ||||||
Doosan Bobcat, Inc. | 27 | 849 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.* | 48 | 851 | ||||||
E-MART, Inc. | 15 | 3,479 | ||||||
GS Engineering & Construction Corp. | 44 | 2,002 | ||||||
GS Holdings Corp. | 40 | 2,163 | ||||||
GS Retail Co. Ltd. | 20 | 700 | ||||||
Hana Financial Group, Inc. | 223 | 8,606 | ||||||
Hankook Tire Co. Ltd. | 59 | 2,345 | ||||||
Hanmi Pharm. Co. Ltd. | 5 | 2,240 | ||||||
Hanmi Science Co. Ltd. | 11 | 725 | ||||||
Hanon Systems | 165 | 1,546 | ||||||
Hanssem Co. Ltd. | 8 | 839 | ||||||
Hanwha Chemical Corp. | 82 | 1,966 | ||||||
Hanwha Corp. | 30 | 1,002 | ||||||
Hanwha Life Insurance Co. Ltd. | 222 | 1,147 | ||||||
HLB, Inc.* | 23 | 2,945 | ||||||
Hotel Shilla Co. Ltd. | 27 | 3,106 | ||||||
Hyosung Corp. (c) | 15 | 1,865 | ||||||
Hyundai Department Store Co. Ltd. | 12 | 1,252 | ||||||
Hyundai Development Co.-Engineering & Construction (c) | 29 | 1,248 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 55 | 3,766 | ||||||
Hyundai Glovis Co. Ltd. | 17 | 2,121 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 26 | 2,762 |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
South Korea (Continued) | ||||||||
Hyundai Heavy Industries Holdings Co. | 6 | $ | 2,160 | |||||
Hyundai Marine & Fire Insurance Co. Ltd. | 49 | 1,548 | ||||||
Hyundai Mobis Co. Ltd. | 52 | 10,516 | ||||||
Hyundai Motor Co. | 117 | 15,087 | ||||||
Hyundai Steel Co. | 58 | 3,325 | ||||||
Industrial Bank of Korea | 191 | 2,764 | ||||||
ING Life Insurance Korea Ltd., 144A | 23 | 858 | ||||||
Kakao Corp. | 36 | 3,457 | ||||||
Kangwon Land, Inc. | 88 | 2,192 | ||||||
KB Financial Group, Inc. | 299 | 14,368 | ||||||
KCC Corp. | 5 | 1,598 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 17 | 638 | ||||||
Kia Motors Corp. | 193 | 5,577 | ||||||
Korea Aerospace Industries Ltd.* | 55 | 2,245 | ||||||
Korea Electric Power Corp. | 187 | 5,751 | ||||||
Korea Gas Corp.* | 21 | 1,175 | ||||||
Korea Investment Holdings Co. Ltd. | 31 | 2,700 | ||||||
Korea Zinc Co. Ltd. | 6 | 2,257 | ||||||
Korean Air Lines Co. Ltd. | 33 | 978 | ||||||
KT Corp. | 25 | 626 | ||||||
KT&G Corp. | 88 | 7,837 | ||||||
Kumho Petrochemical Co. Ltd. | 14 | 1,364 | ||||||
LG Chem Ltd. | 34 | 10,677 | ||||||
LG Corp. | 73 | 4,971 | ||||||
LG Display Co. Ltd. | 199 | 4,098 | ||||||
LG Electronics, Inc. | 78 | 6,701 | ||||||
LG Household & Health Care Ltd. | 7 | 8,721 | ||||||
LG Innotek Co. Ltd. | 9 | 1,202 | ||||||
Lotte Chemical Corp. | 14 | 4,786 | ||||||
Lotte Corp.* | 17 | 924 | ||||||
Lotte Shopping Co. Ltd. | 8 | 1,662 | ||||||
Medy-Tox, Inc. | 3 | 2,097 | ||||||
Mirae Asset Daewoo Co. Ltd. | 279 | 2,433 | ||||||
NAVER Corp. | 21 | 13,033 | ||||||
NCSoft Corp. | 13 | 4,257 | ||||||
Netmarble Corp., 144A | 20 | 2,913 | ||||||
NH Investment & Securities Co. Ltd. | 108 | 1,588 | ||||||
OCI Co. Ltd. | 12 | 1,475 | ||||||
Orion Corp. | 15 | 1,802 | ||||||
Ottogi Corp. | 1 | 751 | ||||||
Pan Ocean Co. Ltd.* | 162 | 760 | ||||||
Pearl Abyss Corp.* | 4 | 830 | ||||||
POSCO | 59 | 18,582 | ||||||
Posco Daewoo Corp. | 54 | 1,147 | ||||||
S-1 Corp. | 15 | 1,230 | ||||||
Samsung Biologics Co. Ltd., 144A* | 12 | 4,843 | ||||||
Samsung C&T Corp. | 59 | 6,869 | ||||||
Samsung Card Co. Ltd. | 26 | 895 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 41 | 5,097 | ||||||
Samsung Electronics Co. Ltd. | 3,554 | 167,158 | ||||||
Samsung Engineering Co. Ltd.* | 115 | 1,968 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 23 | 5,345 | ||||||
Samsung Heavy Industries Co. Ltd.* | 296 | 2,057 | ||||||
Samsung Life Insurance Co. Ltd. | 53 | 5,064 | ||||||
Samsung SDI Co. Ltd. | 42 | 7,812 | ||||||
Samsung SDS Co. Ltd. | 26 | 5,089 |
Number of Shares | Value | |||||||
South Korea (Continued) | ||||||||
Samsung Securities Co. Ltd. | 49 | $ | 1,677 | |||||
Shinhan Financial Group Co. Ltd. | 325 | 13,191 | ||||||
Shinsegae Inc. | 6 | 2,444 | ||||||
SillaJen, Inc.* | 36 | 2,688 | ||||||
SK Holdings Co. Ltd. | 24 | 6,167 | ||||||
SK Hynix, Inc. | 428 | 37,085 | ||||||
SK Innovation Co. Ltd. | 50 | 9,555 | ||||||
SK Telecom Co. Ltd. | 17 | 3,501 | ||||||
S-Oil Corp. | 33 | 3,291 | ||||||
ViroMed Co. Ltd.* | 10 | 2,458 | ||||||
Woori Bank | 357 | 5,067 | ||||||
Yuhan Corp. | 6 | 1,325 | ||||||
|
| |||||||
581,949 | ||||||||
|
| |||||||
Taiwan — 10.4% | ||||||||
Acer, Inc.* | 2,218 | 1,817 | ||||||
Advantech Co. Ltd. | 264 | 1,789 | ||||||
Airtac International Group | 62 | 1,066 | ||||||
ASE Industrial Holding Co. Ltd. | 2,311 | 5,862 | ||||||
Asia Cement Corp. | 1,876 | 2,069 | ||||||
Asustek Computer, Inc. | 536 | 4,857 | ||||||
AU Optronics Corp. | 6,200 | 2,721 | ||||||
Catcher Technology Co. Ltd. | 509 | 5,921 | ||||||
Cathay Financial Holding Co. Ltd. | 6,143 | 10,990 | ||||||
Chailease Holding Co. Ltd. | 777 | 2,775 | ||||||
Chang Hwa Commercial Bank Ltd. | 3,596 | 2,106 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 1,477 | 2,248 | ||||||
Chicony Electronics Co. Ltd. | 493 | 1,165 | ||||||
China Airlines Ltd.* | 1,778 | 602 | ||||||
China Development Financial Holding Corp. | 10,901 | 4,093 | ||||||
China Life Insurance Co. Ltd. | 1,767 | 1,855 | ||||||
China Steel Corp. | 9,466 | 7,456 | ||||||
Chunghwa Telecom Co. Ltd. | 2,881 | 10,481 | ||||||
Compal Electronics, Inc. | 2,946 | 1,937 | ||||||
CTBC Financial Holding Co. Ltd. | 13,630 | 9,826 | ||||||
Delta Electronics, Inc. | 1,480 | 5,483 | ||||||
E.Sun Financial Holding Co. Ltd. | 6,808 | 4,749 | ||||||
Eclat Textile Co. Ltd. | 134 | 1,637 | ||||||
Eva Airways Corp. | 1,342 | 679 | ||||||
Evergreen Marine Corp. Taiwan Ltd.* | 1,483 | 735 | ||||||
Far Eastern New Century Corp. | 2,643 | 2,519 | ||||||
Far EasTone Telecommunications Co. Ltd. | 1,211 | 3,088 | ||||||
Feng TAY Enterprise Co. Ltd. | 254 | 1,128 | ||||||
First Financial Holding Co. Ltd. | 6,948 | 4,719 | ||||||
Formosa Chemicals & Fibre Corp. | 2,221 | 8,525 | ||||||
Formosa Petrochemical Corp. | 1,060 | 4,299 | ||||||
Formosa Plastics Corp. | 3,138 | 11,259 | ||||||
Formosa Taffeta Co. Ltd. | 861 | 958 | ||||||
Foxconn Technology Co. Ltd. | 698 | 1,719 | ||||||
Fubon Financial Holding Co. Ltd. | 5,043 | 8,769 | ||||||
General Interface Solution Holding Ltd. | 128 | 818 | ||||||
Giant Manufacturing Co. Ltd. | 213 | 924 | ||||||
Globalwafers Co. Ltd. | 171 | 3,385 | ||||||
Highwealth Construction Corp. | 619 | 938 | ||||||
Hiwin Technologies Corp. | 159 | 2,255 | ||||||
Hon Hai Precision Industry Co. Ltd. | 11,860 | 33,924 | ||||||
Hotai Motor Co. Ltd. | 232 | 2,118 |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Taiwan (Continued) | ||||||||
HTC Corp.* | 466 | $ | 911 | |||||
Hua Nan Financial Holdings Co. Ltd. | 5,964 | 3,563 | ||||||
Innolux Corp. | 6,600 | 2,555 | ||||||
Inventec Corp. | 1,799 | 1,456 | ||||||
Largan Precision Co. Ltd. | 76 | 10,400 | ||||||
Lite-On Technology Corp. | 1,604 | 2,093 | ||||||
Macronix International* | 1,312 | 2,168 | ||||||
MediaTek, Inc. | 1,140 | 11,852 | ||||||
Mega Financial Holding Co. Ltd. | 8,354 | 7,319 | ||||||
Micro-Star International Co. Ltd. | 513 | 2,140 | ||||||
Nan Ya Plastics Corp. | 3,613 | 10,093 | ||||||
Nanya Technology Corp. | 779 | 2,590 | ||||||
Nien Made Enterprise Co. Ltd. | 111 | 880 | ||||||
Novatek Microelectronics Corp. | 468 | 2,117 | ||||||
Pegatron Corp. | 1,463 | 3,091 | ||||||
Phison Electronics Corp. | 123 | 1,131 | ||||||
Pou Chen Corp. | 1,360 | 1,666 | ||||||
Powertech Technology, Inc. | 502 | 1,498 | ||||||
President Chain Store Corp. | 434 | 4,447 | ||||||
Quanta Computer, Inc. | 2,049 | 3,625 | ||||||
Realtek Semiconductor Corp. | 340 | 1,299 | ||||||
Ruentex Development Co. Ltd.* | 697 | 841 | ||||||
Ruentex Industries Ltd.* | 390 | 798 | ||||||
Shin Kong Financial Holding Co. Ltd. | 5,790 | 2,319 | ||||||
SinoPac Financial Holdings Co. Ltd. | 8,455 | 3,132 | ||||||
Standard Foods Corp. | 449 | 917 | ||||||
Synnex Technology International Corp. | 666 | 1,067 | ||||||
TaiMed Biologics, Inc.* | 164 | 1,724 | ||||||
Taishin Financial Holding Co. Ltd. | 6,872 | 3,383 | ||||||
Taiwan Business Bank | 2,562 | 782 | ||||||
Taiwan Cement Corp. | 3,520 | 5,122 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 5,741 | 3,382 | ||||||
Taiwan High Speed Rail Corp. | 1,281 | 990 | ||||||
Taiwan Mobile Co. Ltd. | 1,219 | 4,475 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 18,060 | 135,021 | ||||||
Teco Electric and Machinery Co. Ltd. | 1,331 | 1,073 | ||||||
Uni-President Enterprises Corp. | 3,048 | 7,437 | ||||||
United Microelectronics Corp. | 9,255 | 5,143 | ||||||
Vanguard International Semiconductor Corp. | 777 | 1,701 | ||||||
Winbond Electronics Corp. | 2,367 | 1,584 | ||||||
Wistron Corp. | 1,964 | 1,478 | ||||||
WPG Holdings Ltd. | 860 | 1,249 | ||||||
Yageo Corp. | 150 | 4,761 | ||||||
Yuanta Financial Holding Co. Ltd. | 7,994 | 3,762 | ||||||
Zhen Ding Technology Holding Ltd. | 361 | 816 | ||||||
|
| |||||||
456,115 | ||||||||
|
| |||||||
Thailand — 2.1% | ||||||||
Advanced Info Service PCL, NVDR | 798 | 4,752 | ||||||
Airports of Thailand PCL, NVDR | 2,900 | 6,210 | ||||||
Bangkok Bank PCL, NVDR | 100 | 591 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 3,000 | 2,509 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 6,500 | 1,666 | ||||||
Banpu PCL, NVDR | 2,100 | 1,379 |
Number of Shares | Value | |||||||
Thailand (Continued) | ||||||||
Berli Jucker PCL, NVDR | 1,200 | $ | 2,138 | |||||
BTS Group Holdings PCL, NVDR | 4,400 | 1,334 | ||||||
Bumrungrad Hospital PCL | 346 | 2,082 | ||||||
Central Pattana PCL, NVDR | 1,100 | 2,622 | ||||||
Charoen Pokphand Foods PCL, NVDR | 2,000 | 1,563 | ||||||
CP ALL PCL, NVDR | 3,611 | 9,115 | ||||||
Delta Electronics Thailand PCL, NVDR | 500 | 1,008 | ||||||
Electricity Generating PCL, NVDR | 100 | 753 | ||||||
Energy Absolute PCL, NVDR | 800 | 969 | ||||||
Glow Energy PCL, NVDR | 278 | 739 | ||||||
Home Product Center PCL, NVDR | 4,600 | 2,099 | ||||||
Indorama Ventures PCL, NVDR | 826 | 1,504 | ||||||
IRPC PCL, NVDR | 8,563 | 1,767 | ||||||
Kasikornbank PCL, NVDR | 1,200 | 7,183 | ||||||
Krung Thai Bank PCL, NVDR | 3,004 | 1,643 | ||||||
Land & Houses PCL, NVDR | 1,300 | 451 | ||||||
Minor International PCL, NVDR | 1,700 | 1,727 | ||||||
PTT Exploration & Production PCL, NVDR | 1,100 | 4,625 | ||||||
PTT Global Chemical PCL | 1,500 | 4,185 | ||||||
PTT PCL, NVDR | 7,300 | 11,923 | ||||||
Robinson PCL, NVDR | 500 | 985 | ||||||
Siam Cement PCL | 100 | 1,394 | ||||||
Siam Cement PCL, NVDR | 200 | 2,788 | ||||||
Siam Commercial Bank PCL, NVDR | 1,400 | 5,821 | ||||||
Thai Oil PCL, NVDR | 551 | 1,585 | ||||||
Thai Union Group PCL, NVDR | 1,500 | 811 | ||||||
TMB Bank PCL, NVDR | 10,000 | 775 | ||||||
True Corp. PCL, NVDR | 7,600 | 1,699 | ||||||
|
| |||||||
92,395 | ||||||||
|
| |||||||
United Kingdom — 0.5% | ||||||||
Rio Tinto Ltd. (d) | 310 | 19,451 | ||||||
|
| |||||||
United States — 0.0% | ||||||||
Nexteer Automotive Group Ltd.*(d) | 641 | 1,058 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 3,976,074 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.7% | ||||||||
South Korea — 0.7% | ||||||||
Amorepacific Corp. | 6 | 904 | ||||||
Hyundai Motor Co. | 17 | 1,410 | ||||||
Hyundai Motor Co. — 2nd Preferred | 27 | 2,367 | ||||||
LG Chem Ltd. | 6 | 1,094 | ||||||
LG Household & Health Care Ltd. | 1 | 680 | ||||||
Samsung Electronics Co. Ltd. | 649 | 24,384 | ||||||
|
| |||||||
30,839 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 30,839 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.1% | ||||||||
Global X MSCI Pakistan ETF | 270 | 3,199 | ||||||
|
|
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.1% | ||||||||
DWS Government & Agency Securities Portfolio “ DWS Government Cash Institutional Shares”, 1.68% (e)(f) | ||||||||
(Cost $5,713) | 5,713 | $ | 5,713 | |||||
|
| |||||||
TOTAL INVESTMENTS — 91.8% (Cost $3,544,311) | $ | 4,015,825 | ||||||
Other assets and liabilities, net — 8.2% | 359,480 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,375,305 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.1% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “ DWS Government Cash Institutional Shares”, 1.68% (e)(f) |
| |||||||||||||||||||||||||||||||
22,677 | — | (16,964) | — | — | 226 | — | 5,713 | 5,713 |
* | 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 May 31, 2018 amounted to $201,075, which is 4.6% of net assets. |
(c) | Investment was valued using significant unobservable inputs. |
(d) | Security is listed in country of domicile. Significant business activities of company are in Australia, New Zealand and the United States. |
(e) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $201,459. |
ADR: | American Depositary Receipt |
CDI: | Chess Depositary Interest |
NVDR: | Non Voting Depositary Receipt |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At May 31, 2018, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
KOSPI 200 MINI Futures | KRW | 1 | $ | 14,816 | $ | 14,393 | 6/14/2018 | $ | (402 | ) | ||||||||||||||
SGX NIFTY 50 Futures | USD | 16 | 340,352 | 342,912 | 6/28/2018 | 2,560 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 2,158 | ||||||||||||||||||||||
|
|
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2018
As of May 31, 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. | 6/5/2018 | AUD | 15,000 | USD | 11,323 | $ | — | $ | (21 | ) | ||||||||||||||||||
The Bank of New York Mellon | 6/5/2018 | AUD | 617,300 | USD | 465,989 | — | (859 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 6/5/2018 | AUD | 316,200 | USD | 237,326 | — | (1,808 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | HKD | 6,508,600 | USD | 829,940 | — | (20 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | HKD | 3,254,300 | USD | 414,824 | — | (156 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 6/5/2018 | KRW | 451,451,300 | USD | 422,984 | 4,108 | — | |||||||||||||||||||||
The Bank of New York Mellon | 6/5/2018 | KRW | 225,725,700 | USD | 208,138 | — | (1,301 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | MYR | 132,200 | USD | 33,067 | — | (145 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | MYR | 264,300 | USD | 67,283 | 885 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | NZD | 19,200 | USD | 13,527 | 91 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | NZD | 9,600 | USD | 6,623 | — | (95 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | PHP | 758,900 | USD | 14,387 | — | (55 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | PHP | 1,517,700 | USD | 29,316 | 435 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | SGD | 10,000 | USD | 7,557 | 87 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | SGD | 67,100 | USD | 49,875 | — | (248 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | SGD | 124,100 | USD | 93,782 | 1,082 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | THB | 2,019,700 | USD | 63,979 | 833 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | THB | 1,009,900 | USD | 31,444 | — | (130 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | TWD | 8,932,300 | USD | 302,554 | 4,315 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | TWD | 4,279,200 | USD | 142,166 | — | (711 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 11,350 | AUD | 15,000 | — | (6 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 706,338 | AUD | 933,500 | — | (356 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 1,244,646 | HKD | 9,762,900 | 295 | — | |||||||||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 629,347 | KRW | 677,177,000 | — | (1,031 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 99,651 | MYR | 396,500 | — | (42 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 20,208 | NZD | 28,800 | — | (53 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 43,397 | PHP | 2,276,600 | — | (75 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 150,437 | SGD | 201,200 | — | (145 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 94,705 | THB | 3,029,600 | 16 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 12,669 | TWD | 374,000 | — | (182 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 428,345 | TWD | 12,837,500 | 284 | — | |||||||||||||||||||||
RBC Capital Markets | 6/6/2018 | IDR | 766,321,500 | USD | 54,835 | — | (276 | ) | ||||||||||||||||||||
RBC Capital Markets | 6/6/2018 | IDR | 383,160,800 | USD | 27,213 | — | (343 | ) | ||||||||||||||||||||
RBC Capital Markets | 6/6/2018 | USD | 82,726 | IDR | 1,149,482,300 | — | (59 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | AUD | 15,000 | USD | 11,352 | 6 | — | |||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | AUD | 933,500 | USD | 706,454 | 333 | — | |||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | AUD | 22,000 | USD | 16,649 | 8 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | CNH | 8,000 | USD | 1,246 | 1 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | HKD | 745,000 | USD | 95,061 | — | (16 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | HKD | 9,762,900 | USD | 1,245,721 | — | (227 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | HKD | 198,000 | USD | 25,263 | — | (6 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | IDR | 1,149,482,300 | USD | 82,371 | — | (9 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | KRW | 677,177,000 | USD | 629,903 | 916 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | MYR | 396,500 | USD | 99,351 | — | (177 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | NZD | 28,800 | USD | 20,208 | 53 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | PHP | 2,276,600 | USD | 43,224 | — | (26 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | SGD | 201,200 | USD | 150,514 | 134 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | THB | 3,029,600 | USD | 94,814 | — | (5 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | TWD | 12,837,500 | USD | 428,488 | — | (1,143 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | TWD | 823,000 | USD | 27,477 | — | (66 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | USD | 18,185 | KRW | 19,626,000 | 44 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | USD | 5,009 | MYR | 20,000 | 12 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 13,938 | $ | (9,792 | ) | |||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
May 31, 2018
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 contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | 3,971,624 | $ | — | $ | 4,450 | $ | 3,976,074 | ||||||||
Preferred Stocks (g) | 30,839 | — | — | 30,839 | ||||||||||||
Exchange-Traded Fund | 3,199 | — | — | 3,199 | ||||||||||||
Short-Term Investments | 5,713 | — | — | 5,713 | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 13,938 | — | 13,938 | ||||||||||||
Futures Contracts | 2,560 | — | — | 2,560 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 4,013,935 | $ | 13,938 | $ | 4,450 | $ | 4,032,323 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (h) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (9,792 | ) | $ | — | $ | (9,792 | ) | ||||||
Futures Contracts | (402 | ) | — | — | (402 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (402 | ) | $ | (9,792 | ) | $ | — | $ | (10,194 | ) | |||||
|
|
|
|
|
|
|
|
(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 year ended May 31, 2018, the amount of transfers between Level 1 and Level 3 was $15,535 and between Level 3 and Level 1 was $7,108. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Brazil Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
PREFERRED STOCK — 0.1% | ||||||||
Financials — 0.1% | ||||||||
Itausa — Investimentos Itau SA | 1,174 | $ | 3,540 | |||||
|
| |||||||
TOTAL INVESTMENTS — 0.1% (Cost $3,701) | $ | 3,540 | ||||||
Other assets and liabilities, net — 99.9% | 4,852,071 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,855,611 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% | ||||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (a)(b) | ||||||||||||||||||||||||||||||||
— | — | — | — | — | 9 | — | — | — |
(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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. |
As of May 31, 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. | 6/5/2018 | BRL | 10,990,745 | USD | 3,141,021 | $ | 191,174 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | BRL | 706,000 | USD | 201,807 | 12,321 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | BRL | 864,000 | USD | 246,963 | 15,071 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | BRL | 2,585,755 | USD | 738,998 | 44,998 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | BRL | 3,714,400 | USD | 1,061,621 | 64,700 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 6,502 | BRL | 23,000 | — | (329 | ) | ||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 328,264 | $ | (329 | ) | |||||||||||||||||
|
|
|
|
Currency Abbreviations
BRL | Brazilian Real |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Brazil Hedged Equity ETF (Continued)
May 31, 2018
The following is a summary of the inputs used as of May 31, 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 | ||||||||||||
Preferred Stock (a) | $ | 3,540 | $ | — | $ | — | $ | 3,540 | ||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 328,264 | — | 328,264 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,540 | $ | 328,264 | $ | — | $ | 331,804 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (b) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (329 | ) | $ | — | $ | (329 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (329 | ) | $ | — | $ | (329 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
(b) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during year ended May 31, 2018.
See Notes to Financial Statements. | 66 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 93.4% | ||||||||
Australia — 0.0% | ||||||||
MMG Ltd.* | 80,000 | $ | 58,140 | |||||
|
| |||||||
Brazil — 3.8% | ||||||||
Ambev SA | 162,524 | 859,306 | ||||||
Atacadao Distribuicao Comercio e Industria Ltda | 11,751 | 50,329 | ||||||
B3 SA — Brasil Bolsa Balcao | 73,005 | 426,772 | ||||||
Banco Bradesco SA | 34,692 | 242,953 | ||||||
Banco do Brasil SA | 30,277 | 246,912 | ||||||
Banco Santander Brasil SA | 15,321 | 138,973 | ||||||
BB Seguridade Participacoes SA | 16,294 | 114,022 | ||||||
BR Malls Participacoes SA* | 29,752 | 82,288 | ||||||
BRF SA* | 14,669 | 84,373 | ||||||
CCR SA | 43,799 | 121,140 | ||||||
Centrais Eletricas Brasileiras SA* | 8,001 | 31,432 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo | 12,581 | 88,343 | ||||||
Cia Siderurgica Nacional SA* | 21,985 | 45,457 | ||||||
Cielo SA | 42,918 | 195,341 | ||||||
Cosan SA Industria e Comercio | 6,017 | 62,690 | ||||||
EDP — Energias do Brasil SA | 11,179 | 39,684 | ||||||
Embraer SA | 22,851 | 138,000 | ||||||
Engie Brasil Energia SA | 6,018 | 59,775 | ||||||
Equatorial Energia SA | 7,326 | 119,587 | ||||||
Fibria Celulose SA | 8,316 | 158,056 | ||||||
Hypera SA | 11,533 | 87,333 | ||||||
JBS SA | 30,131 | 72,252 | ||||||
Klabin SA | 21,722 | 122,433 | ||||||
Kroton Educacional SA | 46,524 | 135,048 | ||||||
Localiza Rent a Car SA | 15,827 | 105,101 | ||||||
Lojas Renner SA | 23,963 | 190,916 | ||||||
M Dias Branco SA | 3,745 | 42,236 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 3,131 | 49,327 | ||||||
Natura Cosmeticos SA | 6,368 | 57,660 | ||||||
Odontoprev SA | 9,774 | 36,639 | ||||||
Petroleo Brasileiro SA | 102,998 | 613,720 | ||||||
Porto Seguro SA | 4,162 | 47,509 | ||||||
Qualicorp SA | 8,206 | 41,977 | ||||||
Raia Drogasil SA | 8,016 | 134,036 | ||||||
Rumo SA* | 36,742 | 136,251 | ||||||
Sul America SA | 7,048 | 37,056 | ||||||
Suzano Papel e Celulose SA | 14,876 | 172,166 | ||||||
TIM Participacoes SA | 31,219 | 112,417 | ||||||
Transmissora Alianca de Energia Eletrica SA | 6,803 | 35,147 | ||||||
Ultrapar Participacoes SA | 12,226 | 164,149 | ||||||
Vale SA | 109,857 | 1,493,551 | ||||||
WEG SA | 27,043 | 124,756 | ||||||
|
| |||||||
7,317,113 | ||||||||
|
| |||||||
Chile — 1.0% | ||||||||
Aguas Andinas SA, Class A | 96,291 | 55,985 | ||||||
Banco de Chile | 922,603 | 143,384 | ||||||
Banco de Credito e Inversiones | 1,442 | 101,653 | ||||||
Banco Santander Chile | 2,264,252 | 181,964 | ||||||
Cencosud SA | 52,711 | 139,953 |
Number of Shares | Value | |||||||
Chile (Continued) | ||||||||
Cia Cervecerias Unidas SA | 5,430 | $ | 69,219 | |||||
Colbun SA | 290,602 | 65,621 | ||||||
Empresa Nacional de Telecomunicaciones SA | 5,578 | 59,736 | ||||||
Empresas CMPC SA | 42,635 | 161,676 | ||||||
Empresas COPEC SA | 13,272 | 202,845 | ||||||
Enel Americas SA | 999,737 | 193,583 | ||||||
Enel Chile SA | 974,774 | 105,464 | ||||||
Itau CorpBanca | 5,660,602 | 58,451 | ||||||
Latam Airlines Group SA | 9,122 | 110,101 | ||||||
SACI Falabella | 23,508 | 220,298 | ||||||
|
| |||||||
1,869,933 | ||||||||
|
| |||||||
China — 27.8% | ||||||||
3SBio, Inc., 144A* | 37,297 | 106,757 | ||||||
51job, Inc., ADR* | 845 | 89,908 | ||||||
58.com, Inc., ADR* | 3,154 | 256,168 | ||||||
AAC Technologies Holdings, Inc. | 25,668 | 386,499 | ||||||
AECC Aviation Power Co. Ltd., Class A* | 600 | 2,255 | ||||||
Agile Group Holdings Ltd. | 53,125 | 101,330 | ||||||
Agricultural Bank of China Ltd., Class H | 1,021,902 | 528,983 | ||||||
Air China Ltd., Class A | 1,000 | 1,718 | ||||||
Air China Ltd., Class H | 67,214 | 77,899 | ||||||
Aisino Corp., Class A* | 500 | 2,108 | ||||||
Alibaba Group Holding Ltd., ADR*(a) | 39,843 | 7,889,312 | ||||||
Aluminum Corp. of China Ltd., | 145,245 | 76,482 | ||||||
Angang Steel Co. Ltd., Class A | 1,000 | 947 | ||||||
Angang Steel Co. Ltd., Class H | 34,000 | 33,726 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 1,000 | 5,349 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 42,241 | 259,051 | ||||||
ANTA Sports Products Ltd. | 36,255 | 208,936 | ||||||
Anxin Trust Co. Ltd., Class A | 1,400 | 1,789 | ||||||
Autohome, Inc., ADR | 2,041 | 230,062 | ||||||
AVIC Aircraft Co. Ltd., Class A | 700 | 1,734 | ||||||
Avic Capital Co. Ltd., Class A | 2,300 | 1,876 | ||||||
AviChina Industry & Technology Co. Ltd., Class H* | 71,386 | 47,693 | ||||||
BAIC Motor Corp. Ltd., Class H, 144A | 58,000 | 56,349 | ||||||
Baidu, Inc., ADR* | 9,513 | 2,307,473 | ||||||
Bank of Beijing Co. Ltd., Class A | 5,300 | 5,481 | ||||||
Bank of China Ltd., Class H | 2,751,952 | 1,438,571 | ||||||
Bank of Communications Co. Ltd., Class A | 9,800 | 9,217 | ||||||
Bank of Communications Co. Ltd., Class H | 305,983 | 242,268 | ||||||
Bank of Guiyang Co. Ltd., Class A | 600 | 1,249 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 900 | 1,648 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 2,879 | 3,238 | ||||||
Bank of Nanjing Co. Ltd., Class A | 2,100 | 2,664 | ||||||
Bank of Ningbo Co. Ltd., Class A | 1,300 | 3,457 | ||||||
Bank of Shanghai Co. Ltd., Class A | 2,000 | 4,865 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 4,700 | 6,182 | ||||||
BBMG Corp., Class A | 2,100 | 1,296 | ||||||
BBMG Corp., Class H | 75,000 | 32,895 | ||||||
Beijing Capital Co. Ltd., Class A | 1,102 | 785 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 55,362 | 81,880 |
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 1,100 | $ | 940 | |||||
Beijing Shiji Information Technology Co. Ltd., Class A | 200 | 934 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 300 | 1,899 | ||||||
BOE Technology Group Co. Ltd., Class A | 8,500 | 5,471 | ||||||
BYD Co. Ltd., Class A | 500 | 3,995 | ||||||
BYD Co. Ltd., Class H (a) | 21,839 | 141,729 | ||||||
BYD Electronic International Co. Ltd. | 22,380 | 35,554 | ||||||
CAR, Inc.* | 25,000 | 27,986 | ||||||
CGN Power Co. Ltd., Class H, 144A (a) | 390,542 | 111,040 | ||||||
Changjiang Securities Co. Ltd., Class A | 1,400 | 1,387 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 324,742 | 117,588 | ||||||
China CITIC Bank Corp. Ltd., Class A | 1,400 | 1,402 | ||||||
China CITIC Bank Corp. Ltd., Class H | 313,683 | 213,169 | ||||||
China Coal Energy Co. Ltd., Class H | 64,000 | 28,152 | ||||||
China Communications Construction Co. Ltd., Class A | 700 | 1,341 | ||||||
China Communications Construction Co. Ltd., Class H | 156,314 | 167,810 | ||||||
China Communications Services Corp. Ltd., Class H | 91,031 | 58,612 | ||||||
China Conch Venture Holdings Ltd. | 56,361 | 195,458 | ||||||
China Construction Bank Corp., Class A | 2,400 | 2,670 | ||||||
China Construction Bank Corp., Class H | 3,306,080 | 3,338,453 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 2,000 | 2,300 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 44,000 | 35,006 | ||||||
China Everbright Bank Co. Ltd., Class A | 10,000 | 6,202 | ||||||
China Everbright Bank Co. Ltd., Class H | 101,156 | 50,428 | ||||||
China Evergrande Group*(a) | 90,638 | 265,794 | ||||||
China Film Co. Ltd., Class A | 500 | 1,391 | ||||||
China Fortune Land Development Co. Ltd., Class A | 700 | 2,964 | ||||||
China Galaxy Securities Co. Ltd., Class H | 123,365 | 77,229 | ||||||
China Gezhouba Group Co. Ltd., Class A | 1,200 | 1,434 | ||||||
China Grand Automotive Services Co. Ltd., Class A | 1,400 | 1,489 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 336,180 | 113,157 | ||||||
China International Capital Corp. Ltd., Class H, 144A | 34,800 | 73,387 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 300 | 747 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 12,900 | 20,164 | ||||||
China International Travel Service Corp. Ltd., Class A | 500 | 5,284 | ||||||
China Life Insurance Co. Ltd., Class A | 700 | 2,686 | ||||||
China Life Insurance Co. Ltd., Class H | 262,893 | 734,057 | ||||||
China Literature Ltd., 144A* | 5,800 | 54,168 | ||||||
China Lodging Group Ltd., ADR | 1,141 | 50,215 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 116,837 | 107,851 | ||||||
China Medical System Holdings Ltd. | 45,786 | 110,332 | ||||||
China Merchants Bank Co. Ltd., Class A | 5,163 | 23,214 | ||||||
China Merchants Bank Co. Ltd., Class H | 136,484 | 562,071 |
Number of Shares | Value | |||||||
China (Continued) | ||||||||
China Merchants Securities Co. Ltd., Class A | 1,400 | $ | 3,458 | |||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 1,700 | 5,628 | ||||||
China Minsheng Banking Corp. Ltd., Class H (a) | 193,210 | 184,263 | ||||||
China Molybdenum Co. Ltd., Class A* | 1,800 | 1,999 | ||||||
China Molybdenum Co. Ltd., Class H* | 125,993 | 79,838 | ||||||
China National Building Material Co. Ltd., Class H* | 134,646 | 154,162 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 1,200 | 1,397 | ||||||
China National Nuclear Power Co. Ltd., Class A | 3,300 | 3,155 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 900 | 1,700 | ||||||
China Nuclear Engineering Corp. Ltd., Class A | 400 | 553 | ||||||
China Oilfield Services Ltd., Class H | 52,096 | 54,466 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,600 | 8,316 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 91,050 | 393,538 | ||||||
China Petroleum & Chemical Corp., Class A | 6,400 | 7,049 | ||||||
China Petroleum & Chemical Corp., Class H | 883,530 | 864,019 | ||||||
China Railway Construction Corp. Ltd., Class A | 2,900 | 4,155 | ||||||
China Railway Construction Corp. Ltd., Class H | 72,626 | 82,319 | ||||||
China Railway Group Ltd., Class H | 147,199 | 118,800 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H, 144A | 50,000 | 39,078 | ||||||
China Reinsurance Group Corp., Class H | 205,000 | 46,002 | ||||||
China Resources Pharmaceutical Group Ltd., 144A | 57,912 | 88,900 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 200 | 919 | ||||||
China Shenhua Energy Co. Ltd., Class H | 119,312 | 311,849 | ||||||
China Shipbuilding Industry Group Power Co. Ltd., Class A* | 400 | 1,459 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 500 | 1,092 | ||||||
China Southern Airlines Co. Ltd., Class A | 1,800 | 2,812 | ||||||
China Southern Airlines Co. Ltd., Class H | 66,910 | 66,200 | ||||||
China Spacesat Co. Ltd., Class A | 300 | 986 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 7,500 | 9,643 | ||||||
China Telecom Corp. Ltd., Class H | 494,160 | 230,598 | ||||||
China Vanke Co. Ltd., Class A | 2,400 | 9,595 | ||||||
China Vanke Co. Ltd., Class H | 39,948 | 142,868 | ||||||
China Yangtze Power Co. Ltd., Class A | 3,700 | 9,890 | ||||||
China Zhongwang Holdings Ltd. | 51,200 | 27,744 | ||||||
Chinese Universe Publishing and Media Co. Ltd., Class A | 300 | 745 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 1,000 | 1,584 |
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Chongqing Changan Automobile Co. Ltd., Class B | 19,900 | $ | 21,795 | |||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 94,240 | 62,961 | ||||||
CIFI Holdings Group Co. Ltd. | 114,000 | 88,227 | ||||||
CITIC Guoan Information Industry Co. Ltd., Class A | 1,000 | 997 | ||||||
CITIC Securities Co. Ltd., Class A | 2,500 | 7,280 | ||||||
CITIC Securities Co. Ltd., Class H | 75,086 | 189,362 | ||||||
CNOOC Ltd. | 626,192 | 1,053,873 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A* | 2,000 | 922 | ||||||
COSCO SHIPPING Development Co. Ltd., Class H* | 104,000 | 19,757 | ||||||
COSCO SHIPPING Energy Transportation Co., Ltd., Class H | 36,000 | 20,379 | ||||||
COSCO SHIPPING Holdings Co. Ltd., | 1,900 | 1,817 | ||||||
COSCO SHIPPING Holdings Co. Ltd., | 85,000 | 47,793 | ||||||
Country Garden Holdings Co. Ltd. | 262,151 | 514,061 | ||||||
CRRC Corp. Ltd., Class A | 5,100 | 7,298 | ||||||
CRRC Corp. Ltd., Class H | 152,904 | 136,661 | ||||||
CSPC Pharmaceutical Group Ltd. | 158,386 | 495,764 | ||||||
Ctrip.com International Ltd., ADR* | 13,800 | 622,242 | ||||||
Dali Foods Group Co. Ltd., 144A | 66,500 | 51,296 | ||||||
Daqin Railway Co. Ltd., Class A | 3,700 | 4,855 | ||||||
Datang International Power Generation Co. Ltd., Class H* | 90,000 | 29,032 | ||||||
DHC Software Co. Ltd., Class A | 800 | 1,287 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 200 | 1,875 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 99,886 | 113,981 | ||||||
Dongxing Securities Co. Ltd., Class A | 600 | 1,328 | ||||||
Dongxu Optoelectronic Technology Co. Ltd., Class A | 1,400 | 1,660 | ||||||
Dr Peng Telecom & Media Group Co. Ltd., Class A | 400 | 967 | ||||||
ENN Energy Holdings Ltd. | 25,418 | 261,692 | ||||||
Everbright Securities Co. Ltd., Class A | 1,000 | 1,862 | ||||||
Fang Holdings Ltd., ADR* | 7,159 | 36,296 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 400 | 1,628 | ||||||
Financial Street Holdings Co. Ltd., Class A | 800 | 1,159 | ||||||
First Capital Securities Co. Ltd., Class A* | 900 | 945 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 2,600 | 5,073 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 600 | 7,025 | ||||||
Fosun International Ltd. | 87,000 | 191,233 | ||||||
Founder Securities Co. Ltd., Class A* | 2,100 | 1,926 | ||||||
Future Land Development Holdings Ltd.* | 64,000 | 50,184 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 500 | 1,947 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A* | 18,623 | 68,977 | ||||||
GDS Holdings Ltd., ADR* | 2,033 | 76,868 |
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Geely Automobile Holdings Ltd. | 172,110 | $ | 488,251 | |||||
Gemdale Corp., Class A | 1,100 | 1,827 | ||||||
Genscript Biotech Corp. | 26,000 | 97,129 | ||||||
GF Securities Co. Ltd., Class A | 1,500 | 3,349 | ||||||
GF Securities Co. Ltd., Class H* | 50,654 | 85,508 | ||||||
Giant Network Group Co. Ltd., Class A | 300 | 1,137 | ||||||
GoerTek, Inc., Class A | 800 | 1,411 | ||||||
GOME Retail Holdings Ltd.*(a) | 270,770 | 30,380 | ||||||
Great Wall Motor Co. Ltd., Class H | 114,129 | 111,318 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 800 | 5,937 | ||||||
Greenland Holdings Corp. Ltd., Class A | 1,973 | 2,062 | ||||||
Greentown China Holdings Ltd. | 29,000 | 43,630 | ||||||
Guangshen Railway Co. Ltd., Class A | 1,400 | 971 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 400 | 1,122 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 68,241 | 115,719 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 400 | 2,763 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 600 | 905 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 29,425 | 69,030 | ||||||
Guosen Securities Co. Ltd., Class A | 1,000 | 1,564 | ||||||
Guotai Junan Securities Co. Ltd., | 1,900 | 4,984 | ||||||
Guotai Junan Securities Co. Ltd., Class H, 144A* | 19,400 | 45,116 | ||||||
Guoyuan Securities Co. Ltd., Class A* | 800 | 1,044 | ||||||
Haitian International Holdings Ltd. | 23,502 | 66,672 | ||||||
Haitong Securities Co. Ltd., Class A | 2,000 | 3,274 | ||||||
Haitong Securities Co. Ltd., Class H | 119,270 | 149,331 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 2,300 | 14,067 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 200 | 1,109 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 300 | 2,578 | ||||||
Heilan Home Co. Ltd., Class A* | 600 | 1,363 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 608 | 2,783 | ||||||
Hengan International Group Co. Ltd. | 25,282 | 240,790 | ||||||
HengTen Networks Group Ltd.* | 760,000 | 30,523 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 300 | 1,545 | ||||||
Hesteel Co. Ltd., Class A | 2,700 | 1,324 | ||||||
Huaan Securities Co. Ltd., Class A | 900 | 882 | ||||||
Huadian Power International Corp. Ltd., Class A | 2,000 | 1,303 | ||||||
Huadian Power International Corp. Ltd., Class H | 46,000 | 21,172 | ||||||
Huadong Medicine Co. Ltd., Class A* | 200 | 2,420 | ||||||
Huaneng Power International, Inc., Class A | 1,200 | 1,318 | ||||||
Huaneng Power International, Inc., Class H | 155,770 | 120,355 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 175,461 | 75,391 |
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Huatai Securities Co. Ltd., Class A | 1,400 | $ | 3,685 | |||||
Huatai Securities Co. Ltd., Class H, 144A | 60,149 | 118,562 | ||||||
Huaxia Bank Co. Ltd., Class A | 3,200 | 4,164 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 800 | 3,189 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 1,000 | 1,198 | ||||||
Hubei Energy Group Co. Ltd., Class A | 1,100 | 742 | ||||||
Hundsun Technologies, Inc., Class A | 200 | 1,803 | ||||||
Iflytek Co. Ltd., Class A | 450 | 2,546 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 500 | 442 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 2,404,966 | 1,993,100 | ||||||
Industrial Bank Co. Ltd., Class A | 5,200 | 12,941 | ||||||
Industrial Securities Co. Ltd., Class A | 1,700 | 1,570 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* | 9,500 | 2,538 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A* | 1,500 | 7,272 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 33,800 | 45,191 | ||||||
JD.com, Inc., ADR*(a) | 24,856 | 874,434 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 44,994 | 67,922 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 700 | 8,325 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 400 | 8,979 | ||||||
Jiangxi Copper Co. Ltd., Class A | 500 | 1,289 | ||||||
Jiangxi Copper Co. Ltd., Class H | 45,979 | 66,830 | ||||||
Jiangxi Ganfeng Lithium Co. Ltd., Class A | 200 | 1,304 | ||||||
Jihua Group Corp. Ltd., Class A | 900 | 614 | ||||||
Jinduicheng Molybdenum Co. Ltd., | 700 | 731 | ||||||
Jinke Properties Group Co. Ltd., Class A* | 1,300 | 1,017 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A* | 500 | 1,446 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 1,200 | 5,017 | ||||||
Kingdee International Software Group Co. Ltd. | 68,000 | 74,648 | ||||||
Kingsoft Corp. Ltd. | 28,873 | 91,112 | ||||||
Kweichow Moutai Co. Ltd., Class A | 300 | 35,204 | ||||||
KWG Property Holding Ltd. | 42,500 | 58,630 | ||||||
Legend Holdings Corp., Class H, 144A | 11,000 | 35,062 | ||||||
Lenovo Group Ltd. (a) | 265,897 | 141,031 | ||||||
Liaoning Cheng Da Co. Ltd., Class A* | 400 | 1,016 | ||||||
Logan Property Holdings Co. Ltd. | 46,000 | 69,206 | ||||||
Longfor Properties Co. Ltd. | 48,509 | 145,344 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 500 | 1,886 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 779 | 2,828 | ||||||
Luye Pharma Group Ltd. | 38,000 | 41,715 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 400 | 4,318 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A* | 1,500 | 830 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A* | 700 | 3,257 |
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Meitu, Inc., 144A* | 43,967 | $ | 46,584 | |||||
Metallurgical Corp. of China Ltd., Class A | 4,500 | 2,587 | ||||||
Metallurgical Corp. of China Ltd., Class H | 70,000 | 20,974 | ||||||
Midea Group Co. Ltd., Class A | 1,650 | 13,639 | ||||||
Momo, Inc., ADR* | 4,059 | 186,389 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 200 | 1,647 | ||||||
NetEase, Inc., ADR | 2,758 | 629,707 | ||||||
New China Life Insurance Co. Ltd., Class A | 500 | 3,375 | ||||||
New China Life Insurance Co. Ltd., Class H | 26,551 | 120,514 | ||||||
New Hope Liuhe Co. Ltd., Class A | 1,100 | 1,225 | ||||||
New Oriental Education & Technology Group, Inc., ADR | 4,767 | 474,173 | ||||||
Ninestar Corp., Class A | 200 | 984 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 1,500 | 1,204 | ||||||
Noah Holdings Ltd., ADR* | 981 | 58,742 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 1,100 | 1,029 | ||||||
O-film Tech Co. Ltd., Class A | 700 | 2,001 | ||||||
Orient Securities Co. Ltd., Class A | 1,500 | 2,524 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 257,052 | 121,591 | ||||||
Perfect World Co. Ltd., Class A | 200 | 1,126 | ||||||
PetroChina Co. Ltd., Class A | 4,032 | 5,027 | ||||||
PetroChina Co. Ltd., Class H | 749,063 | 619,826 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 158,070 | 278,525 | ||||||
Ping An Bank Co. Ltd., Class A | 4,300 | 6,839 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 182,493 | 1,789,284 | ||||||
Poly Real Estate Group Co. Ltd., Class A | 3,000 | 5,783 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 92,000 | 61,582 | ||||||
Power Construction Corp. of China Ltd., Class A | 2,501 | 2,282 | ||||||
Qingdao Haier Co. Ltd., Class A | 1,500 | 4,710 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A | 700 | 1,344 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 1,100 | 1,593 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 650 | 1,074 | ||||||
SAIC Motor Corp. Ltd., Class A | 2,000 | 11,326 | ||||||
Sanan Optoelectronics Co. Ltd., Class A* | 1,000 | 3,240 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 1,900 | 2,401 | ||||||
SDIC Capital Co. Ltd., Class A | 500 | 883 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 1,700 | 2,002 | ||||||
Semiconductor Manufacturing International Corp.* | 101,806 | 133,176 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 1,700 | 2,138 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 200 | 1,657 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 500 | 2,214 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 69,348 | 59,682 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A* | 900 | 835 |
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Shanghai Construction Group Co. Ltd., | 2,200 | $ | 1,189 | |||||
Shanghai Electric Group Co. Ltd., | 2,000 | 1,912 | ||||||
Shanghai Electric Group Co. Ltd., | 104,005 | 39,782 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 500 | 3,616 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 15,500 | 99,306 | ||||||
Shanghai International Airport Co. Ltd., Class A | 200 | 1,683 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 1,700 | 1,729 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 33,616 | 50,088 | ||||||
Shanghai Oriental Pearl Group Co. Ltd., Class A | 700 | 1,965 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 500 | 2,069 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 25,385 | 78,487 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A* | 7,400 | 12,197 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 800 | 875 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 400 | 805 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 700 | 1,027 | ||||||
Shanxi Securities Co. Ltd., Class A | 700 | 792 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 200 | 2,014 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 800 | 961 | ||||||
Shenergy Co. Ltd., Class A | 1,100 | 925 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 4,700 | 3,407 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 800 | 720 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 2,100 | 2,585 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 200 | 1,337 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 900 | 827 | ||||||
Shenzhou International Group Holdings Ltd. | 25,706 | 300,873 | ||||||
Shui On Land Ltd. | 113,500 | 31,836 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 1,100 | 1,614 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 400 | 2,040 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 139,625 | 36,138 | ||||||
SINA Corp.* | 2,210 | 200,712 | ||||||
Sinolink Securities Co. Ltd., Class A* | 800 | 980 | ||||||
Sino-Ocean Group Holding Ltd. | 110,681 | 74,792 |
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Sinopec Engineering Group Co. Ltd., Class H | 42,000 | $ | 45,142 | |||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 1,200 | 1,080 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 128,702 | 95,010 | ||||||
Sinopharm Group Co. Ltd., Class H | 43,916 | 195,134 | ||||||
Sinotrans Ltd., Class H | 64,000 | 36,312 | ||||||
Sinotruk Hong Kong Ltd. | 23,000 | 32,550 | ||||||
SOHO China Ltd. | 76,591 | 40,038 | ||||||
SooChow Securities Co. Ltd., Class A | 800 | 921 | ||||||
Southwest Securities Co. Ltd., Class A | 1,400 | 912 | ||||||
Spring Airlines Co. Ltd., Class A* | 200 | 1,187 | ||||||
Sunac China Holdings Ltd.* | 84,170 | 320,338 | ||||||
Suning.com Co. Ltd., Class A | 2,300 | 5,846 | ||||||
Sunny Optical Technology Group Co. | 25,381 | 516,474 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 700 | 1,347 | ||||||
TAL Education Group, ADR* | 11,414 | 484,638 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 300 | 1,979 | ||||||
TBEA Co. Ltd., Class A* | 900 | 1,100 | ||||||
Tencent Holdings Ltd. | 196,327 | 9,992,572 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 500 | 1,274 | ||||||
Tingyi Cayman Islands Holding Corp. | 72,240 | 161,737 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 17,000 | 29,564 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 400 | 1,643 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A* | 2,600 | 1,024 | ||||||
Tongwei Co. Ltd., Class A | 1,000 | 1,762 | ||||||
TravelSky Technology Ltd., Class H | 34,334 | 100,465 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 200 | 1,655 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 13,269 | 84,082 | ||||||
Tus-Sound Environmental Resources Co. Ltd., Class A | 300 | 944 | ||||||
Uni-President China Holdings Ltd. | 43,000 | 46,327 | ||||||
Unisplendour Corp. Ltd., Class A | 100 | 1,051 | ||||||
Vipshop Holdings Ltd., ADR* | 13,711 | 160,144 | ||||||
Want Want China Holdings Ltd. | 184,336 | 182,851 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 700 | 881 | ||||||
Weibo Corp., ADR*(a) | 1,602 | 163,260 | ||||||
Weichai Power Co. Ltd., Class A | 1,500 | 2,046 | ||||||
Weichai Power Co. Ltd., Class H | 56,372 | 75,611 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 200 | 706 | ||||||
Western Securities Co. Ltd., Class A | 900 | 1,198 | ||||||
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd., Class A* | 400 | 827 | ||||||
Wuliangye Yibin Co. Ltd., Class A* | 1,000 | 12,339 | ||||||
Wuxi Biologics Cayman, Inc., 144A* | 17,000 | 190,630 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 1,800 | 1,156 | ||||||
Xiamen C & D, Inc., Class A | 700 | 1,167 |
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Xinhu Zhongbao Co. Ltd., Class A* | 2,200 | $ | 1,406 | |||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 700 | 1,765 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 19,800 | 31,707 | ||||||
Xinyi Solar Holdings Ltd. | 100,000 | 41,437 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 68,285 | 98,555 | ||||||
Yonghui Superstores Co. Ltd., Class A | 2,400 | 3,611 | ||||||
Youngor Group Co. Ltd., Class A | 900 | 1,184 | ||||||
Yum China Holdings, Inc. | 13,121 | 515,655 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 300 | 5,348 | ||||||
Yuzhou Properties Co. Ltd. | 56,000 | 39,412 | ||||||
YY, Inc., ADR* | 1,530 | 178,291 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 200 | 3,479 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 28,500 | 23,801 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A | 300 | 1,645 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 1,400 | 1,129 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 500 | 2,143 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 700 | 2,652 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 52,505 | 52,551 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., | 100 | 1,633 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 800 | 1,631 | ||||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A | 2,300 | 1,876 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 503 | 1,727 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A* | 5,600 | 37,270 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 900 | 1,218 | ||||||
Zhongsheng Group Holdings Ltd. | 19,500 | 62,529 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 20,156 | 101,510 | ||||||
Zijin Mining Group Co. Ltd., Class A | 4,300 | 2,519 | ||||||
Zijin Mining Group Co. Ltd., Class H | 211,257 | 88,078 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 1,576 | 1,027 | ||||||
ZTE Corp., Class H*(b) | 21,773 | 70,470 | ||||||
|
| |||||||
54,249,523 | ||||||||
|
| |||||||
Colombia — 0.3% | ||||||||
Bancolombia SA | 7,509 | 86,044 | ||||||
Cementos Argos SA | 16,959 | 53,981 | ||||||
Ecopetrol SA | 176,590 | 188,788 | ||||||
Grupo Argos SA | 8,317 | 55,881 | ||||||
Grupo de Inversiones Suramericana SA | 8,627 | 110,794 | ||||||
Interconexion Electrica SA ESP | 14,289 | 70,003 | ||||||
|
| |||||||
565,491 | ||||||||
|
| |||||||
Czech Republic — 0.2% | ||||||||
CEZ AS | 5,935 | 148,444 | ||||||
Komercni banka AS | 2,482 | 100,562 | ||||||
Moneta Money Bank AS, 144A | 15,182 | 53,058 |
Number of Shares | Value | |||||||
Czech Republic (Continued) | ||||||||
O2 Czech Republic AS* | 2,285 | $ | 28,964 | |||||
|
| |||||||
331,028 | ||||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 34,625 | 162,996 | ||||||
Eastern Tobacco | 3,662 | 36,163 | ||||||
ElSewedy Electric Co. | 2,586 | 30,262 | ||||||
Global Telecom Holding SAE* | 257 | 70 | ||||||
|
| |||||||
229,491 | ||||||||
|
| |||||||
Greece — 0.3% | ||||||||
Alpha Bank AE* | 51,960 | 111,221 | ||||||
Eurobank Ergasias SA* | 68,411 | 71,978 | ||||||
FF Group*(b) | 1,458 | 8,181 | ||||||
Hellenic Telecommunications Organization SA | 7,703 | 92,303 | ||||||
JUMBO SA | 3,768 | 60,524 | ||||||
National Bank of Greece SA* | 190,029 | 59,848 | ||||||
OPAP SA | 8,215 | 88,354 | ||||||
Piraeus Bank SA* | 10,448 | 30,951 | ||||||
Titan Cement Co. SA | 1,690 | 41,489 | ||||||
|
| |||||||
564,849 | ||||||||
|
| |||||||
Hong Kong — 4.1% | ||||||||
Alibaba Health Information Technology | 120,533 | 110,495 | ||||||
Alibaba Pictures Group Ltd.*(a) | 464,583 | 60,418 | ||||||
Beijing Enterprises Holdings Ltd. | 19,169 | 105,949 | ||||||
Beijing Enterprises Water Group Ltd.* | 192,361 | 116,007 | ||||||
Brilliance China Automotive Holdings Ltd. | 102,366 | 191,336 | ||||||
China Agri-Industries Holdings Ltd. | 58,000 | 24,625 | ||||||
China Everbright International Ltd. | 90,789 | 135,665 | ||||||
China Everbright Ltd. | 22,041 | 48,448 | ||||||
China First Capital Group Ltd.* | 108,000 | 108,231 | ||||||
China Gas Holdings Ltd. | 59,645 | 247,532 | ||||||
China Jinmao Holdings Group Ltd. | 177,531 | 101,405 | ||||||
China Mengniu Dairy Co. Ltd.* | 95,953 | 348,666 | ||||||
China Merchants Port Holdings Co. Ltd. | 39,158 | 89,368 | ||||||
China Mobile Ltd. | 211,459 | 1,887,256 | ||||||
China Overseas Land & Investment Ltd. | 130,460 | 436,630 | ||||||
China Power International Development Ltd. | 120,000 | 33,354 | ||||||
China Resources Beer Holdings Co. Ltd. | 49,673 | 241,297 | ||||||
China Resources Cement Holdings Ltd. | 68,000 | 80,110 | ||||||
China Resources Gas Group Ltd. | 32,755 | 124,452 | ||||||
China Resources Land Ltd. | 93,949 | 344,978 | ||||||
China Resources Power Holdings Co. Ltd. | 62,957 | 128,913 | ||||||
China State Construction International Holdings Ltd. | 74,367 | 91,878 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 55,912 | 200,674 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 76,000 | 69,767 | ||||||
China Travel International Investment Hong Kong Ltd. | 72,000 | 31,946 | ||||||
China Unicom Hong Kong Ltd. | 214,256 | 291,204 |
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Hong Kong (Continued) | ||||||||
Chong Sing Holdings FinTech Gr* | 580,000 | $ | 76,907 | |||||
CITIC Ltd. | 190,614 | 283,374 | ||||||
COSCO SHIPPING Ports Ltd. | 62,270 | 59,942 | ||||||
Far East Horizon Ltd. | 72,750 | 77,265 | ||||||
Fullshare Holdings Ltd.* | 254,269 | 119,950 | ||||||
GCL-Poly Energy Holdings Ltd.* | 492,350 | 53,986 | ||||||
Guangdong Investment Ltd. | 103,806 | 174,969 | ||||||
Haier Electronics Group Co. Ltd.* | 41,098 | 147,767 | ||||||
Jiayuan International Group Ltd.* | 34,000 | 65,198 | ||||||
Kingboard Chemical Holdings Ltd. | 21,616 | 85,988 | ||||||
Kingboard Laminates Holdings Ltd. | 36,000 | 47,736 | ||||||
Kunlun Energy Co. Ltd. | 121,353 | 110,473 | ||||||
Lee & Man Paper Manufacturing Ltd. | 52,444 | 61,516 | ||||||
Nine Dragons Paper Holdings Ltd. | 52,311 | 83,237 | ||||||
Shanghai Industrial Holdings Ltd. | 18,001 | 47,853 | ||||||
Shenzhen International Holdings Ltd. | 29,000 | 63,449 | ||||||
Shenzhen Investment Ltd. | 90,000 | 38,211 | ||||||
Shimao Property Holdings Ltd. | 37,217 | 110,087 | ||||||
Sino Biopharmaceutical Ltd. | 154,436 | 390,658 | ||||||
Skyworth Digital Holdings Ltd. | 54,000 | 25,681 | ||||||
SSY Group Ltd. | 50,000 | 53,486 | ||||||
Sun Art Retail Group Ltd. | 87,829 | 103,470 | ||||||
Towngas China Co. Ltd.* | 31,000 | 30,434 | ||||||
Yuexiu Property Co. Ltd. | 214,000 | 48,294 | ||||||
|
| |||||||
8,010,535 | ||||||||
|
| |||||||
Hungary — 0.3% | ||||||||
MOL Hungarian Oil & Gas PLC | 13,751 | 129,578 | ||||||
OTP Bank Nyrt | 7,405 | 265,256 | ||||||
Richter Gedeon Nyrt | 5,143 | 100,574 | ||||||
|
| |||||||
495,408 | ||||||||
|
| |||||||
India — 8.0% | ||||||||
Adani Ports & Special Economic Zone Ltd. | 16,914 | 98,290 | ||||||
Ambuja Cements Ltd. | 21,936 | 66,768 | ||||||
Ashok Leyland Ltd. | 41,914 | 91,955 | ||||||
Asian Paints Ltd. | 10,591 | 204,758 | ||||||
Aurobindo Pharma Ltd. | 9,701 | 79,971 | ||||||
Avenue Supermarts Ltd., 144A* | 4,006 | 93,328 | ||||||
Axis Bank Ltd. | 22,156 | 179,231 | ||||||
Axis Bank Ltd., GDR | 7,978 | 315,131 | ||||||
Bajaj Auto Ltd. | 3,090 | 125,935 | ||||||
Bajaj Finance Ltd. | 6,071 | 189,815 | ||||||
Bajaj Finserv Ltd. | 1,402 | 125,532 | ||||||
Bharat Forge Ltd. | 7,710 | 74,344 | ||||||
Bharat Heavy Electricals Ltd. | 32,450 | 40,224 | ||||||
Bharat Petroleum Corp. Ltd. | 27,968 | 167,416 | ||||||
Bharti Airtel Ltd. | 47,046 | 260,458 | ||||||
Bharti Infratel Ltd. | 11,026 | 48,797 | ||||||
Bosch Ltd. | 266 | 72,400 | ||||||
Britannia Industries Ltd. | 829 | 72,774 | ||||||
Cadila Healthcare Ltd.* | 7,526 | 40,294 | ||||||
Cipla Ltd. | 12,734 | 99,030 | ||||||
Coal India Ltd. | 25,136 | 110,348 | ||||||
Container Corp. of India Ltd. | 2,450 | 50,067 | ||||||
Dabur India Ltd. | 19,452 | 110,487 | ||||||
Dr. Reddy’s Laboratories Ltd., ADR (a) | 4,263 | 121,453 |
Number of Shares | Value | |||||||
India (Continued) | ||||||||
Eicher Motors Ltd. | 491 | $ | 223,959 | |||||
GAIL India Ltd. | 25,272 | 131,411 | ||||||
Glenmark Pharmaceuticals Ltd. | 5,087 | 40,401 | ||||||
Godrej Consumer Products Ltd. | 8,795 | 148,466 | ||||||
Grasim Industries Ltd. | 11,639 | 179,339 | ||||||
Havells India Ltd. | 9,208 | 74,249 | ||||||
HCL Technologies Ltd. | 19,148 | 258,310 | ||||||
Hero MotoCorp Ltd. | 1,857 | 97,549 | ||||||
Hindalco Industries Ltd. | 37,398 | 129,791 | ||||||
Hindustan Petroleum Corp. Ltd. | 22,319 | 103,141 | ||||||
Hindustan Unilever Ltd. | 22,558 | 538,674 | ||||||
Housing Development Finance Corp. Ltd. | 54,281 | 1,474,413 | ||||||
ICICI Bank Ltd., ADR | 13,687 | 114,834 | ||||||
ICICI Bank Ltd. | 57,429 | 243,222 | ||||||
Idea Cellular Ltd.* | 53,104 | 48,396 | ||||||
Indiabulls Housing Finance Ltd. | 9,425 | 173,563 | ||||||
Indian Oil Corp. Ltd. | 42,908 | 110,700 | ||||||
Infosys Ltd., ADR (a) | 38,855 | 706,772 | ||||||
Infosys Ltd. | 21,017 | 383,636 | ||||||
InterGlobe Aviation Ltd., 144A | 2,907 | 52,523 | ||||||
ITC Ltd. | 120,601 | 485,478 | ||||||
JSW Steel Ltd. | 31,154 | 153,225 | ||||||
Larsen & Toubro Ltd. | 15,258 | 309,852 | ||||||
LIC Housing Finance Ltd. | 10,961 | 77,177 | ||||||
Lupin Ltd. | 8,163 | 93,185 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 10,254 | 74,099 | ||||||
Mahindra & Mahindra Ltd. | 23,984 | 328,026 | ||||||
Marico Ltd. | 16,625 | 79,291 | ||||||
Maruti Suzuki India Ltd. | 3,699 | 467,960 | ||||||
Motherson Sumi Systems Ltd. | 23,257 | 106,889 | ||||||
Nestle India Ltd. | 855 | 122,316 | ||||||
NTPC Ltd. | 60,730 | 150,784 | ||||||
Oil & Natural Gas Corp. Ltd. | 47,247 | 124,554 | ||||||
Petronet LNG Ltd. | 13,799 | 44,915 | ||||||
Pidilite Industries Ltd. | 3,623 | 62,149 | ||||||
Piramal Enterprises Ltd. | 2,984 | 104,863 | ||||||
Power Grid Corp. of India Ltd. | 17,961 | 55,747 | ||||||
Reliance Industries Ltd., GDR, 144A | 49,264 | 1,305,496 | ||||||
Rural Electrification Corp. Ltd. | 25,441 | 44,543 | ||||||
Shree Cement Ltd. | 307 | 76,795 | ||||||
Shriram Transport Finance Co. Ltd. | 5,418 | 116,762 | ||||||
Siemens Ltd. | 2,624 | 40,650 | ||||||
State Bank of India* | 59,834 | 238,999 | ||||||
Sun Pharmaceutical Industries Ltd. | 27,738 | 197,443 | ||||||
Tata Consultancy Services Ltd. | 32,150 | 829,471 | ||||||
Tata Motors Ltd., ADR* | 10,372 | 216,567 | ||||||
Tata Power Co. Ltd. | 40,829 | 49,189 | ||||||
Tata Steel Ltd. | 11,081 | 94,525 | ||||||
Tech Mahindra Ltd. | 17,203 | 181,596 | ||||||
Titan Co. Ltd. | 11,438 | 152,563 | ||||||
UltraTech Cement Ltd. | 3,233 | 179,413 | ||||||
United Spirits Ltd.* | 2,143 | 106,181 | ||||||
UPL Ltd. | 13,063 | 136,975 | ||||||
Vakrangee Ltd. | 17,198 | 8,308 | ||||||
Vedanta Ltd. | 48,666 | 179,065 | ||||||
Wipro Ltd., ADR (a) | 16,421 | 75,537 |
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
India (Continued) | ||||||||
Wipro Ltd. | 16,272 | $ | 63,152 | |||||
Yes Bank Ltd.* | 56,399 | 289,339 | ||||||
Zee Entertainment Enterprises Ltd. | 15,338 | 126,384 | ||||||
|
| |||||||
15,621,618 | ||||||||
|
| |||||||
Indonesia — 1.8% | ||||||||
PT Adaro Energy Tbk | 539,723 | 73,219 | ||||||
PT AKR Corporindo Tbk | 66,136 | 23,418 | ||||||
PT Astra International Tbk | 671,194 | 333,303 | ||||||
PT Bank Central Asia Tbk | 335,106 | 547,456 | ||||||
PT Bank Danamon Indonesia Tbk | 123,526 | 51,784 | ||||||
PT Bank Mandiri Persero Tbk | 622,970 | 316,081 | ||||||
PT Bank Negara Indonesia Persero Tbk | 241,485 | 147,289 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 1,953,114 | 432,932 | ||||||
PT Bank Tabungan Negara Persero Tbk | 76,302 | 16,749 | ||||||
PT Bumi Serpong Damai Tbk | 283,481 | 34,785 | ||||||
PT Charoen Pokphand Indonesia Tbk | 271,716 | 71,962 | ||||||
PT Gudang Garam Tbk | 15,377 | 75,806 | ||||||
PT Hanjaya Mandala Sampoerna Tbk | 342,659 | 93,464 | ||||||
PT Indocement Tunggal Prakarsa Tbk | 62,217 | 78,919 | ||||||
PT Indofood CBP Sukses Makmur Tbk | 85,886 | 53,775 | ||||||
PT Indofood Sukses Makmur Tbk | 161,670 | 82,318 | ||||||
PT Jasa Marga Persero Tbk | 80,169 | 25,675 | ||||||
PT Kalbe Farma Tbk | 776,740 | 76,584 | ||||||
PT Matahari Department Store Tbk | 91,314 | 60,131 | ||||||
PT Pakuwon Jati Tbk | 798,021 | 32,162 | ||||||
PT Perusahaan Gas Negara Persero Tbk | 401,441 | 59,804 | ||||||
PT Semen Indonesia Persero Tbk | 97,382 | 58,871 | ||||||
PT Surya Citra Media Tbk | 224,802 | 39,799 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 1,714,582 | 434,353 | ||||||
PT Tower Bersama Infrastructure Tbk | 75,088 | 27,425 | ||||||
PT Unilever Indonesia Tbk | 51,166 | 167,914 | ||||||
PT United Tractors Tbk | 61,802 | 155,895 | ||||||
PT Waskita Karya Persero Tbk | 149,653 | 24,987 | ||||||
|
| |||||||
3,596,860 | ||||||||
|
| |||||||
Luxembourg — 0.0% | ||||||||
Reinet Investments SCA* | 4,725 | 88,761 | ||||||
|
| |||||||
Malaysia — 2.2% | ||||||||
AirAsia Group Bhd | 59,970 | 46,258 | ||||||
Alliance Bank Malaysia Bhd | 37,351 | 39,791 | ||||||
AMMB Holdings Bhd | 60,746 | 54,183 | ||||||
Astro Malaysia Holdings Bhd | 57,000 | 20,050 | ||||||
Axiata Group Bhd | 91,708 | 100,464 | ||||||
British American Tobacco Malaysia Bhd | 5,642 | 45,845 | ||||||
CIMB Group Holdings Bhd | 163,551 | 242,450 | ||||||
Dialog Group Bhd | 128,536 | 104,960 | ||||||
DiGi.Com Bhd | 114,560 | 127,225 | ||||||
Felda Global Ventures Holdings Bhd | 54,100 | 21,341 | ||||||
Fraser & Neave Holdings Bhd | 3,500 | 33,259 | ||||||
Gamuda Bhd | 62,300 | 52,282 | ||||||
Genting Bhd | 71,367 | 157,617 | ||||||
Genting Malaysia Bhd | 109,034 | 136,429 | ||||||
Genting Plantations Bhd | 8,300 | 19,812 | ||||||
HAP Seng Consolidated Bhd | 24,051 | 59,221 | ||||||
Hartalega Holdings Bhd | 48,702 | 74,644 | ||||||
Hong Leong Bank Bhd | 22,141 | 106,700 |
Number of Shares | Value | |||||||
Malaysia (Continued) | ||||||||
Hong Leong Financial Group Bhd | 7,900 | $ | 37,515 | |||||
IHH Healthcare Bhd | 65,135 | 98,193 | ||||||
IJM Corp. Bhd | 105,764 | 44,910 | ||||||
IOI Corp. Bhd | 68,094 | 79,215 | ||||||
IOI Properties Group Bhd | 60,788 | 24,132 | ||||||
Kuala Lumpur Kepong Bhd | 14,387 | 90,009 | ||||||
Malayan Banking Bhd | 133,197 | 323,287 | ||||||
Malaysia Airports Holdings Bhd | 30,400 | 63,626 | ||||||
Maxis Bhd | 69,396 | 100,955 | ||||||
MISC Bhd | 49,400 | 72,859 | ||||||
Nestle Malaysia Bhd | 2,200 | 81,809 | ||||||
Petronas Chemicals Group Bhd | 75,424 | 152,554 | ||||||
Petronas Dagangan Bhd | 8,604 | 54,132 | ||||||
Petronas Gas Bhd | 18,235 | 80,545 | ||||||
PPB Group Bhd | 17,519 | 87,683 | ||||||
Press Metal Aluminium Holdings Bhd | 43,700 | 51,935 | ||||||
Public Bank Bhd | 102,922 | 617,015 | ||||||
RHB Bank Bhd | 28,553 | 38,310 | ||||||
RHB Bank Bhd*(b) | 19,600 | 0 | ||||||
Sime Darby Bhd | 89,623 | 54,945 | ||||||
Sime Darby Plantation Bhd | 86,523 | 120,436 | ||||||
Sime Darby Property Bhd | 89,623 | 25,896 | ||||||
SP Setia Bhd Group | 21,000 | 16,251 | ||||||
Telekom Malaysia Bhd | 40,945 | 37,756 | ||||||
Tenaga Nasional Bhd | 106,005 | 383,536 | ||||||
Top Glove Corp. Bhd | 22,200 | 57,229 | ||||||
UMW Holdings Bhd* | 17,264 | 27,761 | ||||||
Westports Holdings Bhd | 38,007 | 32,946 | ||||||
YTL Corp. Bhd | 164,198 | 39,193 | ||||||
|
| |||||||
4,337,164 | ||||||||
|
| |||||||
Mexico — 2.5% | ||||||||
Alfa SAB de CV, Class A | 112,395 | 115,412 | ||||||
Alsea SAB de CV | 12,473 | 40,906 | ||||||
America Movil SAB de CV, Series L | 1,143,706 | 888,832 | ||||||
Arca Continental SAB de CV | 16,240 | 97,450 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B | 67,266 | 88,026 | ||||||
Cemex SAB de CV, Series CPO* | 516,469 | 307,116 | ||||||
Coca-Cola Femsa SAB de CV, Series L | 19,134 | 112,120 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 7,081 | 40,158 | ||||||
Fibra Uno Administracion SA de CV REIT | 105,022 | 144,964 | ||||||
Fomento Economico Mexicano SAB de CV | 66,922 | 557,833 | ||||||
Gruma SAB de CV, Class B | 7,983 | 83,714 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 13,160 | 112,131 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 7,667 | 121,728 | ||||||
Grupo Bimbo SAB de CV, Series A | 60,628 | 115,695 | ||||||
Grupo Carso SAB de CV, Series A1 | 16,670 | 51,962 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 83,971 | 447,123 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 77,570 | 109,561 |
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Mexico (Continued) | ||||||||
Grupo Mexico SAB de CV, Series B | 118,063 | $ | 293,135 | |||||
Grupo Televisa SAB, Series CPO | 85,990 | 287,141 | ||||||
Industrias Penoles SAB de CV | 4,340 | 73,306 | ||||||
Infraestructura Energetica Nova SAB de CV | 19,788 | 82,685 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 56,119 | 93,388 | ||||||
Mexichem SAB de CV | 38,660 | 108,917 | ||||||
Promotora y Operadora de Infraestructura SAB de CV* | 7,299 | 65,617 | ||||||
Wal-Mart de Mexico SAB de CV | 174,739 | 438,586 | ||||||
|
| |||||||
4,877,506 | ||||||||
|
| |||||||
Peru — 0.4% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 6,324 | 97,832 | ||||||
Credicorp Ltd. | 2,329 | 515,687 | ||||||
Southern Copper Corp. (a) | 3,149 | 153,955 | ||||||
|
| |||||||
767,474 | ||||||||
|
| |||||||
Philippines — 0.9% | ||||||||
Aboitiz Equity Ventures, Inc. | 70,260 | 77,301 | ||||||
Aboitiz Power Corp. | 54,546 | 40,804 | ||||||
Alliance Global Group, Inc.* | 159,876 | 40,474 | ||||||
Ayala Corp. | 7,481 | 133,855 | ||||||
Ayala Land, Inc. | 251,904 | 190,838 | ||||||
Bank of the Philippine Islands | 33,224 | 60,079 | ||||||
BDO Unibank, Inc. | 60,575 | 150,470 | ||||||
DMCI Holdings, Inc. | 146,724 | 30,163 | ||||||
Globe Telecom, Inc. | 1,164 | 35,805 | ||||||
GT Capital Holdings, Inc. | 3,206 | 59,195 | ||||||
International Container Terminal Services, Inc. | 10,512 | 16,908 | ||||||
JG Summit Holdings, Inc. | 105,642 | 114,821 | ||||||
Jollibee Foods Corp. | 16,073 | 83,829 | ||||||
Manila Electric Co. | 8,270 | 50,814 | ||||||
Megaworld Corp. | 405,600 | 37,522 | ||||||
Metro Pacific Investments Corp. | 528,727 | 46,798 | ||||||
Metropolitan Bank & Trust Co. | 26,134 | 39,498 | ||||||
PLDT, Inc. | 3,176 | 78,288 | ||||||
Robinsons Land Corp. | 76,239 | 31,999 | ||||||
Security Bank Corp. | 8,095 | 30,047 | ||||||
SM Investments Corp. | 8,193 | 135,366 | ||||||
SM Prime Holdings, Inc. | 345,391 | 243,254 | ||||||
Universal Robina Corp. | 32,459 | 79,085 | ||||||
|
| |||||||
1,807,213 | ||||||||
|
| |||||||
Poland — 1.1% | ||||||||
Alior Bank SA* | 3,325 | 62,320 | ||||||
Bank Handlowy w Warszawie SA | 1,192 | 25,713 | ||||||
Bank Millennium SA* | 22,347 | 48,507 | ||||||
Bank Pekao SA | 5,388 | 163,036 | ||||||
Bank Zachodni WBK SA | 1,190 | 111,761 | ||||||
CCC SA | 1,011 | 74,647 | ||||||
CD Projekt SA* | 2,324 | 92,589 | ||||||
Cyfrowy Polsat SA | 8,665 | 58,396 | ||||||
Dino Polska SA, 144A* | 1,216 | 36,663 | ||||||
Grupa Azoty SA | 1,645 | 18,967 | ||||||
Grupa Lotos SA | 3,403 | 50,270 |
Number of Shares | Value | |||||||
Poland (Continued) | ||||||||
Jastrzebska Spolka Weglowa SA* | 1,945 | $ | 43,914 | |||||
KGHM Polska Miedz SA | 4,549 | 104,308 | ||||||
LPP SA | 43 | 109,631 | ||||||
mBank SA | 549 | 62,616 | ||||||
Orange Polska SA* | 25,506 | 34,586 | ||||||
PGE Polska Grupa Energetyczna SA* | 30,982 | 82,512 | ||||||
PLAY Communications SA, 144A | 3,109 | 20,952 | ||||||
Polski Koncern Naftowy ORLEN SA | 10,588 | 233,554 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 65,166 | 100,886 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* | 29,041 | 295,067 | ||||||
Powszechny Zaklad Ubezpieczen SA | 21,255 | 208,883 | ||||||
|
| |||||||
2,039,778 | ||||||||
|
| |||||||
Qatar — 0.8% | ||||||||
Barwa Real Estate Co. | 3,583 | 33,744 | ||||||
Commercial Bank QSC | 7,503 | 77,791 | ||||||
Doha Bank QPSC | 5,581 | 39,930 | ||||||
Ezdan Holding Group QSC* | 29,312 | 68,269 | ||||||
Industries Qatar QSC | 6,060 | 170,615 | ||||||
Masraf Al Rayan QSC | 13,537 | 124,439 | ||||||
Ooredoo QSC | 3,128 | 57,646 | ||||||
Qatar Electricity & Water Co. QSC | 1,452 | 75,771 | ||||||
Qatar Insurance Co. SAQ | 5,882 | 53,214 | ||||||
Qatar Islamic Bank SAQ | 3,839 | 121,032 | ||||||
Qatar National Bank QPSC | 15,402 | 670,988 | ||||||
|
| |||||||
1,493,439 | ||||||||
|
| |||||||
Romania — 0.1% | ||||||||
NEPI Rockcastle PLC | 13,857 | 134,978 | ||||||
|
| |||||||
Russia — 3.2% | ||||||||
Alrosa PJSC | 94,922 | 134,248 | ||||||
Gazprom PJSC, ADR | 33,592 | 152,575 | ||||||
Gazprom PJSC | 296,766 | 689,228 | ||||||
Inter RAO UES PJSC | 1,153,298 | 75,367 | ||||||
LUKOIL PJSC, ADR | 7,888 | 526,445 | ||||||
LUKOIL PJSC | 6,394 | 431,054 | ||||||
Magnit PJSC, GDR | 12,521 | 251,797 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 74,047 | 58,221 | ||||||
MMC Norilsk Nickel PJSC | 2,208 | 392,946 | ||||||
Mobile TeleSystems PJSC, ADR | 18,400 | 176,272 | ||||||
Moscow Exchange MICEX-RTS PJSC | 54,537 | 98,349 | ||||||
Novatek PJSC, GDR | 3,219 | 463,858 | ||||||
Novolipetsk Steel PJSC | 44,152 | 115,377 | ||||||
PhosAgro PJSC, GDR | 4,289 | 57,044 | ||||||
Polyus PJSC | 977 | 58,682 | ||||||
Rosneft Oil Co. PJSC, GDR | 39,313 | 239,809 | ||||||
RusHydro PJSC | 3,555,833 | 41,229 | ||||||
Sberbank of Russia PJSC | 368,582 | 1,312,718 | ||||||
Severstal PJSC | 1,420 | 22,808 | ||||||
Severstal PJSC, GDR | 6,385 | 101,522 | ||||||
Surgutneftegas OJSC, ADR | 23,960 | 106,622 | ||||||
Tatneft PJSC | 54,295 | 579,616 | ||||||
VTB Bank PJSC, GDR* | 47,777 | 75,822 | ||||||
X5 Retail Group NV, GDR | 3,652 | 105,757 | ||||||
|
| |||||||
6,267,366 | ||||||||
|
|
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Singapore — 0.0% | ||||||||
BOC Aviation Ltd., 144A | 6,800 | $ | 42,223 | |||||
|
| |||||||
South Africa — 6.0% | ||||||||
Anglo American Platinum Ltd. | 1,989 | 52,497 | ||||||
AngloGold Ashanti Ltd. | 13,432 | 113,935 | ||||||
Aspen Pharmacare Holdings Ltd. | 13,007 | 255,440 | ||||||
Barclays Africa Group Ltd. | 23,537 | 298,937 | ||||||
Bid Corp. Ltd. | 10,744 | 214,306 | ||||||
Bidvest Group Ltd. | 11,426 | 181,308 | ||||||
Capitec Bank Holdings Ltd. | 1,340 | 92,046 | ||||||
Clicks Group Ltd. | 7,750 | 122,971 | ||||||
Coronation Fund Managers Ltd. (a) | 8,361 | 41,056 | ||||||
Discovery Ltd. | 13,102 | 158,655 | ||||||
Exxaro Resources Ltd. | 7,782 | 76,628 | ||||||
FirstRand Ltd. | 117,058 | 551,727 | ||||||
Fortress REIT Ltd., Class A REIT | 38,849 | 51,026 | ||||||
Fortress REIT Ltd., Class B REIT | 33,005 | 38,372 | ||||||
Foschini Group Ltd. | 7,113 | 102,946 | ||||||
Gold Fields Ltd. | 30,259 | 107,392 | ||||||
Growthpoint Properties Ltd. REIT (a) | 102,327 | 218,641 | ||||||
Hyprop Investments Ltd. REIT | 9,144 | 74,344 | ||||||
Imperial Holdings Ltd. | 5,607 | 89,906 | ||||||
Investec Ltd. | 9,968 | 72,141 | ||||||
Kumba Iron Ore Ltd. | 2,149 | 48,985 | ||||||
Liberty Holdings Ltd. | 4,926 | 47,004 | ||||||
Life Healthcare Group Holdings Ltd. | 48,577 | 108,754 | ||||||
MMI Holdings Ltd. | 34,806 | 51,129 | ||||||
Mondi Ltd. | 4,354 | 119,956 | ||||||
Mr Price Group Ltd. (a) | 8,146 | 160,616 | ||||||
MTN Group Ltd. | 56,899 | 511,778 | ||||||
Naspers Ltd., Class N | 15,090 | 3,586,987 | ||||||
Nedbank Group Ltd. | 8,210 | 176,454 | ||||||
Netcare Ltd. | 37,705 | 87,702 | ||||||
Pick n Pay Stores Ltd. | 13,480 | 79,630 | ||||||
Pioneer Foods Group Ltd. | 5,297 | 44,731 | ||||||
PSG Group Ltd. | 5,337 | 91,303 | ||||||
Rand Merchant Investment Holdings Ltd. | 24,963 | 75,301 | ||||||
Redefine Properties Ltd. REIT (a) | 198,614 | 171,154 | ||||||
Remgro Ltd. | 17,367 | 278,309 | ||||||
Resilient REIT Ltd. REIT | 10,348 | 46,464 | ||||||
RMB Holdings Ltd. | 25,992 | 148,295 | ||||||
Sanlam Ltd. | 56,557 | 337,876 | ||||||
Sappi Ltd. | 20,486 | 133,940 | ||||||
Sasol Ltd. | 19,470 | 699,727 | ||||||
Shoprite Holdings Ltd. | 15,331 | 281,895 | ||||||
SPAR Group Ltd. | 5,830 | 88,274 | ||||||
Standard Bank Group Ltd. | 43,790 | 713,436 | ||||||
Telkom SA SOC Ltd. | 10,275 | 41,843 | ||||||
Tiger Brands Ltd. | 6,091 | 160,720 | ||||||
Truworths International Ltd. | 16,229 | 107,190 | ||||||
Vodacom Group Ltd. (a) | 19,834 | 223,580 | ||||||
Woolworths Holdings Ltd. | 36,639 | 167,912 | ||||||
|
| |||||||
11,705,219 | ||||||||
|
| |||||||
South Korea — 13.8% | ||||||||
Amorepacific Corp. | 1,132 | 349,172 | ||||||
AMOREPACIFIC Group | 945 | 110,460 | ||||||
BGF retail Co. Ltd. | 314 | 53,161 |
Number of Shares | Value | |||||||
South Korea (Continued) | ||||||||
BNK Financial Group, Inc. | 9,759 | $ | 86,278 | |||||
Celltrion Healthcare Co. Ltd.* | 1,119 | 103,601 | ||||||
Celltrion Pharm, Inc.* | 507 | 43,835 | ||||||
Celltrion, Inc.* | 2,820 | 694,568 | ||||||
Cheil Worldwide, Inc. | 2,663 | 48,914 | ||||||
CJ CheilJedang Corp. | 288 | 93,644 | ||||||
CJ Corp. | 541 | 74,278 | ||||||
CJ E&M Corp. | 702 | 59,002 | ||||||
CJ Logistics Corp.* | 292 | 40,497 | ||||||
Coway Co. Ltd. | 1,746 | 141,403 | ||||||
Daelim Industrial Co. Ltd. | 1,049 | 81,744 | ||||||
Daewoo Engineering & Construction Co. | 4,864 | 29,104 | ||||||
DB Insurance Co. Ltd. | 1,828 | 99,205 | ||||||
DGB Financial Group, Inc. | 6,490 | 62,314 | ||||||
Dongsuh Cos., Inc. | 1,284 | 30,910 | ||||||
Doosan Bobcat, Inc. | 1,325 | 41,669 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.* | 1,803 | 31,947 | ||||||
E-MART, Inc. | 676 | 156,779 | ||||||
GS Engineering & Construction Corp. | 1,842 | 83,817 | ||||||
GS Holdings Corp. | 1,877 | 101,516 | ||||||
GS Retail Co. Ltd. | 994 | 34,810 | ||||||
Hana Financial Group, Inc. | 10,038 | 387,384 | ||||||
Hankook Tire Co. Ltd. | 2,735 | 108,720 | ||||||
Hanmi Pharm. Co. Ltd. | 242 | 108,434 | ||||||
Hanmi Science Co. Ltd. | 467 | 30,759 | ||||||
Hanon Systems | 6,876 | 64,426 | ||||||
Hanssem Co. Ltd. | 410 | 42,980 | ||||||
Hanwha Chemical Corp. | 2,947 | 70,671 | ||||||
Hanwha Corp. | 1,764 | 58,912 | ||||||
Hanwha Life Insurance Co. Ltd. | 9,583 | 49,517 | ||||||
HLB, Inc.* | 1,056 | 135,190 | ||||||
Hotel Shilla Co. Ltd. | 1,049 | 120,670 | ||||||
Hyosung Corp. (b) | 773 | 96,092 | ||||||
Hyundai Department Store Co. Ltd. | 582 | 60,740 | ||||||
Hyundai Development Co.-Engineering & Construction (b) | 2,483 | 106,880 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 2,926 | 200,324 | ||||||
Hyundai Glovis Co. Ltd. | 723 | 90,212 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 1,248 | 132,563 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd.* | 330 | 118,781 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 2,307 | 72,873 | ||||||
Hyundai Mobis Co. Ltd. | 2,346 | 474,445 | ||||||
Hyundai Motor Co. | 5,210 | 671,822 | ||||||
Hyundai Steel Co. | 2,950 | 169,127 | ||||||
Industrial Bank of Korea | 9,270 | 134,155 | ||||||
ING Life Insurance Korea Ltd., 144A | 979 | 36,510 | ||||||
Kakao Corp. | 1,597 | 153,337 | ||||||
Kangwon Land, Inc. | 3,938 | 98,089 | ||||||
KB Financial Group, Inc. | 13,477 | 647,626 | ||||||
KCC Corp. | 218 | 69,670 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 830 | 31,146 | ||||||
Kia Motors Corp. | 9,121 | 263,574 |
See Notes to Financial Statements. | 76 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
South Korea (Continued) | ||||||||
Korea Aerospace Industries Ltd.* | 2,500 | $ | 102,046 | |||||
Korea Electric Power Corp. | 8,314 | 255,679 | ||||||
Korea Gas Corp.* | 1,160 | 64,890 | ||||||
Korea Investment Holdings Co. Ltd. | 1,434 | 124,915 | ||||||
Korea Zinc Co. Ltd. | 276 | 103,825 | ||||||
Korean Air Lines Co. Ltd. | 1,722 | 51,039 | ||||||
KT&G Corp. | 3,846 | 342,517 | ||||||
Kumho Petrochemical Co. Ltd. | 675 | 65,750 | ||||||
LG Chem Ltd. | 1,560 | 489,874 | ||||||
LG Corp. | 3,184 | 216,806 | ||||||
LG Display Co. Ltd. | 7,951 | 163,748 | ||||||
LG Electronics, Inc. | 3,791 | 325,661 | ||||||
LG Household & Health Care Ltd. | 326 | 406,158 | ||||||
LG Innotek Co. Ltd. | 526 | 70,267 | ||||||
Lotte Chemical Corp. | 577 | 197,249 | ||||||
Lotte Corp.* | 1,064 | 57,842 | ||||||
Lotte Shopping Co. Ltd. | 406 | 84,368 | ||||||
Medy-Tox, Inc. | 156 | 109,060 | ||||||
Mirae Asset Daewoo Co. Ltd. | 11,268 | 98,260 | ||||||
NAVER Corp. | 955 | 592,694 | ||||||
NCSoft Corp. | 605 | 198,121 | ||||||
Neoplux Co. Ltd.*(b) | 5 | 0 | ||||||
Netmarble Corp., 144A | 847 | 123,363 | ||||||
NH Investment & Securities Co. Ltd. | 5,180 | 76,166 | ||||||
OCI Co. Ltd. | 637 | 78,299 | ||||||
Orion Corp. | 704 | 84,575 | ||||||
Ottogi Corp. | 48 | 36,068 | ||||||
Pan Ocean Co. Ltd.* | 7,858 | 36,886 | ||||||
Pearl Abyss Corp.* | 183 | 37,960 | ||||||
POSCO | 2,631 | 828,633 | ||||||
Posco Daewoo Corp. | 1,568 | 33,311 | ||||||
S-1 Corp. | 628 | 51,501 | ||||||
Samsung Biologics Co. Ltd., 144A* | 550 | 221,949 | ||||||
Samsung C&T Corp. | 2,665 | 310,272 | ||||||
Samsung Card Co. Ltd. | 1,061 | 36,517 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 1,840 | 228,730 | ||||||
Samsung Electronics Co. Ltd. | 165,712 | 7,794,052 | ||||||
Samsung Engineering Co. Ltd.* | 5,027 | 86,041 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 965 | 224,252 | ||||||
Samsung Heavy Industries Co. Ltd.* | 14,920 | 103,670 | ||||||
Samsung Life Insurance Co. Ltd. | 2,324 | 222,062 | ||||||
Samsung SDI Co. Ltd. | 1,953 | 363,260 | ||||||
Samsung SDS Co. Ltd. | 1,210 | 236,848 | ||||||
Samsung Securities Co. Ltd. | 1,661 | 56,859 | ||||||
Shinhan Financial Group Co. Ltd. | 14,942 | 606,440 | ||||||
Shinsegae Inc. | 228 | 92,854 | ||||||
SillaJen, Inc.* | 1,895 | 141,516 | ||||||
SK Holdings Co. Ltd. | 1,028 | 264,164 | ||||||
SK Hynix, Inc. | 20,045 | 1,736,818 | ||||||
SK Innovation Co. Ltd. | 2,215 | 423,294 | ||||||
SK Telecom Co. Ltd. | 738 | 151,988 | ||||||
S-Oil Corp. | 1,533 | 152,880 | ||||||
ViroMed Co. Ltd.* | 461 | 113,331 | ||||||
Woori Bank | 15,609 | 221,548 | ||||||
Yuhan Corp. | 315 | 69,549 | ||||||
|
| |||||||
26,824,682 | ||||||||
|
|
Number of Shares | Value | |||||||
Taiwan — 11.1% | ||||||||
Acer, Inc.* | 107,779 | $ | 88,312 | |||||
Advantech Co. Ltd. | 12,835 | 86,962 | ||||||
Airtac International Group | 4,159 | 71,488 | ||||||
ASE Industrial Holding Co. Ltd. | 121,465 | 308,107 | ||||||
Asia Cement Corp. | 77,255 | 85,219 | ||||||
Asustek Computer, Inc. | 21,955 | 198,948 | ||||||
AU Optronics Corp. | 318,964 | 139,992 | ||||||
Catcher Technology Co. Ltd. | 22,361 | 260,094 | ||||||
Cathay Financial Holding Co. Ltd. | 279,828 | 500,602 | ||||||
Chailease Holding Co. Ltd. | 37,384 | 133,508 | ||||||
Chang Hwa Commercial Bank Ltd. | 173,314 | 101,519 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 71,607 | 108,983 | ||||||
Chicony Electronics Co. Ltd. | 22,117 | 52,263 | ||||||
China Airlines Ltd.* | 96,700 | 32,759 | ||||||
China Development Financial Holding Corp. | 441,617 | 165,819 | ||||||
China Life Insurance Co. Ltd. | 90,630 | 95,133 | ||||||
China Steel Corp. | 441,766 | 347,969 | ||||||
Chunghwa Telecom Co. Ltd. | 135,497 | 492,938 | ||||||
Compal Electronics, Inc. | 154,770 | 101,763 | ||||||
CTBC Financial Holding Co. Ltd. | 600,460 | 432,887 | ||||||
Delta Electronics, Inc. | 65,951 | 244,332 | ||||||
E.Sun Financial Holding Co. Ltd. | 326,433 | 227,707 | ||||||
Eclat Textile Co. Ltd. | 6,560 | 80,135 | ||||||
Eva Airways Corp. | 76,829 | 38,849 | ||||||
Evergreen Marine Corp. Taiwan Ltd.* | 72,035 | 35,703 | ||||||
Far Eastern New Century Corp. | 118,285 | 112,713 | ||||||
Far EasTone Telecommunications Co. Ltd. | 58,801 | 149,939 | ||||||
Feng TAY Enterprise Co. Ltd. | 12,303 | 54,613 | ||||||
First Financial Holding Co. Ltd. | 337,390 | 229,157 | ||||||
Formosa Chemicals & Fibre Corp. | 118,492 | 454,803 | ||||||
Formosa Petrochemical Corp. | 44,115 | 178,895 | ||||||
Formosa Plastics Corp. | 151,371 | 543,110 | ||||||
Formosa Taffeta Co. Ltd. | 27,911 | 31,068 | ||||||
Foxconn Technology Co. Ltd. | 33,850 | 83,378 | ||||||
Fubon Financial Holding Co. Ltd. | 229,922 | 399,811 | ||||||
General Interface Solution Holding Ltd. | 6,232 | 39,832 | ||||||
Giant Manufacturing Co. Ltd. | 11,064 | 48,006 | ||||||
Globalwafers Co. Ltd. | 7,152 | 141,553 | ||||||
Highwealth Construction Corp. | 30,088 | 45,592 | ||||||
Hiwin Technologies Corp. | 6,214 | 88,145 | ||||||
Hon Hai Precision Industry Co. Ltd. | 563,945 | 1,613,073 | ||||||
Hotai Motor Co. Ltd. | 10,064 | 91,868 | ||||||
HTC Corp.* | 24,216 | 47,363 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 264,405 | 157,964 | ||||||
Innolux Corp. | 329,836 | 127,700 | ||||||
Inventec Corp. | 95,824 | 77,557 | ||||||
Largan Precision Co. Ltd. | 3,169 | 433,653 | ||||||
Lite-On Technology Corp. | 77,902 | 101,663 | ||||||
Macronix International* | 64,139 | 105,965 | ||||||
MediaTek, Inc. | 52,515 | 545,981 | ||||||
Mega Financial Holding Co. Ltd. | 353,069 | 309,332 | ||||||
Micro-Star International Co. Ltd. | 24,900 | 103,883 | ||||||
Nan Ya Plastics Corp. | 169,104 | 472,406 | ||||||
Nanya Technology Corp. | 35,295 | 117,330 | ||||||
Nien Made Enterprise Co. Ltd. | 5,412 | 42,900 |
See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Taiwan (Continued) | ||||||||
Novatek Microelectronics Corp. | 21,288 | $ | 96,274 | |||||
Pegatron Corp. | 62,286 | 131,592 | ||||||
Phison Electronics Corp. | 5,431 | 49,939 | ||||||
Pou Chen Corp. | 81,380 | 99,683 | ||||||
Powertech Technology, Inc. | 25,821 | 77,045 | ||||||
President Chain Store Corp. | 18,797 | 192,603 | ||||||
Quanta Computer, Inc. | 84,528 | 149,525 | ||||||
Realtek Semiconductor Corp. | 17,769 | 67,906 | ||||||
Ruentex Development Co. Ltd.* | 33,855 | 40,848 | ||||||
Ruentex Industries Ltd.* | 20,801 | 42,558 | ||||||
Shin Kong Financial Holding Co. Ltd. | 306,127 | 122,608 | ||||||
SinoPac Financial Holdings Co. Ltd. | 386,545 | 143,205 | ||||||
Standard Foods Corp. | 11,891 | 24,289 | ||||||
Synnex Technology International Corp. | 52,213 | 83,648 | ||||||
TaiMed Biologics, Inc.* | 6,407 | 67,360 | ||||||
Taishin Financial Holding Co. Ltd. | 347,367 | 171,008 | ||||||
Taiwan Business Bank | 122,925 | 37,540 | ||||||
Taiwan Cement Corp. | 127,402 | 185,396 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 292,069 | 172,055 | ||||||
Taiwan High Speed Rail Corp. | 62,180 | 48,044 | ||||||
Taiwan Mobile Co. Ltd. | 59,196 | 217,331 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 847,647 | 6,337,230 | ||||||
Teco Electric and Machinery Co. Ltd. | 70,056 | 56,468 | ||||||
Uni-President Enterprises Corp. | 159,870 | 390,050 | ||||||
United Microelectronics Corp. | 402,488 | 223,668 | ||||||
Vanguard International Semiconductor Corp. | 30,079 | 65,857 | ||||||
Walsin Technology Corp. | 11,000 | 142,266 | ||||||
Win Semiconductors Corp. | 12,204 | 99,183 | ||||||
Winbond Electronics Corp. | 103,467 | 69,239 | ||||||
Wistron Corp. | 95,465 | 71,850 | ||||||
WPG Holdings Ltd. | 57,129 | 82,944 | ||||||
Yageo Corp. | 7,524 | 238,817 | ||||||
Yuanta Financial Holding Co. Ltd. | 375,545 | 176,733 | ||||||
Zhen Ding Technology Holding Ltd. | 17,160 | 38,774 | ||||||
|
| |||||||
21,594,780 | ||||||||
|
| |||||||
Thailand — 2.3% | ||||||||
Advanced Info Service PCL, NVDR | 36,374 | 216,607 | ||||||
Airports of Thailand PCL, NVDR | 153,300 | 328,260 | ||||||
Bangkok Bank PCL, NVDR | 8,246 | 48,718 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 142,300 | 118,991 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 275,800 | 70,696 | ||||||
Banpu PCL, NVDR | 70,900 | 46,543 | ||||||
Berli Jucker PCL, NVDR | 41,300 | 73,589 | ||||||
BTS Group Holdings PCL, NVDR | 216,500 | 65,647 | ||||||
Bumrungrad Hospital PCL, NVDR | 12,900 | 77,626 | ||||||
Central Pattana PCL, NVDR | 49,600 | 118,224 | ||||||
Charoen Pokphand Foods PCL, NVDR | 89,943 | 70,290 | ||||||
CP ALL PCL, NVDR | 175,900 | 444,011 | ||||||
Delta Electronics Thailand PCL, NVDR | 21,602 | 43,555 | ||||||
Electricity Generating PCL, NVDR | 5,200 | 39,175 | ||||||
Energy Absolute PCL, NVDR | 32,900 | 39,852 |
Number of Shares | Value | |||||||
Thailand (Continued) | ||||||||
Glow Energy PCL, NVDR | 19,000 | $ | 50,485 | |||||
Home Product Center PCL, NVDR | 145,200 | 66,268 | ||||||
Indorama Ventures PCL, NVDR | 53,497 | 97,412 | ||||||
IRPC PCL, NVDR | 368,645 | 76,057 | ||||||
Kasikornbank PCL, NVDR | 65,779 | 393,769 | ||||||
Krung Thai Bank PCL, NVDR | 130,606 | 71,448 | ||||||
Minor International PCL, NVDR | 79,500 | 80,767 | ||||||
PTT Exploration & Production PCL, NVDR | 48,213 | 202,709 | ||||||
PTT Global Chemical PCL, NVDR | 79,600 | 222,079 | ||||||
PTT PCL | 135,800 | 221,805 | ||||||
PTT PCL, NVDR | 231,380 | 377,918 | ||||||
Robinson PCL, NVDR | 18,600 | 36,630 | ||||||
Siam Cement PCL | 12,958 | 180,659 | ||||||
Siam Commercial Bank PCL, NVDR | 64,998 | 270,232 | ||||||
Thai Oil PCL, NVDR | 29,857 | 85,866 | ||||||
Thai Union Group PCL, NVDR | 70,700 | 38,234 | ||||||
TMB Bank PCL, NVDR | 483,700 | 37,498 | ||||||
True Corp. PCL, NVDR | 368,200 | 82,295 | ||||||
|
| |||||||
4,393,915 | ||||||||
|
| |||||||
Turkey — 0.7% | ||||||||
Akbank TAS | 74,302 | 131,784 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 7,640 | 42,525 | ||||||
Arcelik AS | 8,701 | 31,941 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 7,360 | 38,365 | ||||||
BIM Birlesik Magazalar AS | 7,818 | 119,581 | ||||||
Coca-Cola Icecek AS | 2,829 | 22,270 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT | 63,993 | 29,258 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 43,480 | 107,849 | ||||||
Ford Otomotiv Sanayi AS | 2,583 | 36,513 | ||||||
Haci Omer Sabanci Holding AS | 33,827 | 69,709 | ||||||
KOC Holding AS | 28,024 | 86,471 | ||||||
Petkim Petrokimya Holding AS | 24,856 | 25,858 | ||||||
TAV Havalimanlari Holding AS | 3,126 | 15,149 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 4,597 | 25,384 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 3,908 | 91,583 | ||||||
Turk Hava Yollari AO* | 20,328 | 74,758 | ||||||
Turkcell Iletisim Hizmetleri AS | 39,091 | 103,611 | ||||||
Turkiye Garanti Bankasi AS | 80,016 | 157,471 | ||||||
Turkiye Halk Bankasi AS | 23,563 | 39,970 | ||||||
Turkiye Is Bankasi AS, Class C | 58,489 | 76,996 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 28,983 | 25,478 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D | 27,627 | 33,379 | ||||||
Ulker Biskuvi Sanayi AS* | 5,666 | 21,901 | ||||||
Yapi ve Kredi Bankasi AS* | 32,030 | 28,440 | ||||||
|
| |||||||
1,436,244 | ||||||||
|
| |||||||
United Arab Emirates — 0.6% | ||||||||
Abu Dhabi Commercial Bank PJSC | 69,922 | 133,823 | ||||||
Aldar Properties PJSC | 115,813 | 64,636 | ||||||
DAMAC Properties Dubai Co. PJSC | 66,825 | 43,481 | ||||||
DP World Ltd. | 5,789 | 130,252 | ||||||
Dubai Investments PJSC | 54,509 | 30,570 | ||||||
Dubai Islamic Bank PJSC | 60,093 | 82,946 | ||||||
Emaar Development PJSC* | 26,422 | 38,124 | ||||||
Emaar Malls PJSC | 71,891 | 40,123 |
See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
United Arab Emirates (Continued) | ||||||||
Emaar Properties PJSC | 129,777 | $ | 183,722 | |||||
Emirates Telecommunications Group Co. PJSC | 60,529 | 266,956 | ||||||
First Abu Dhabi Bank PJSC | 48,343 | 161,883 | ||||||
|
| |||||||
1,176,516 | ||||||||
|
| |||||||
United States — 0.0% | ||||||||
Nexteer Automotive Group Ltd.*(c) | 30,402 | 50,158 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 181,947,405 | |||||||
|
| |||||||
PREFERRED STOCKS — 3.2% | ||||||||
Brazil — 2.1% | ||||||||
Banco Bradesco SA | 118,129 | 925,289 | ||||||
Braskem SA, Class A | 6,368 | 77,633 | ||||||
Centrais Eletricas Brasileiras SA, | 8,338 | 37,503 | ||||||
Cia Brasileira de Distribuicao | 5,819 | 124,222 | ||||||
Cia Energetica de Minas Gerais | 32,203 | 66,325 | ||||||
Gerdau SA | 34,634 | 137,641 | ||||||
Itau Unibanco Holding SA | 114,248 | 1,318,559 | ||||||
Itausa — Investimentos Itau SA | 142,054 | 428,369 | ||||||
Lojas Americanas SA | 26,826 | 128,005 | ||||||
Petroleo Brasileiro SA | 138,022 | 703,443 | ||||||
Telefonica Brasil SA | 16,483 | 201,387 | ||||||
|
| |||||||
4,148,376 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B | 9,600 | 41,566 | ||||||
Sociedad Quimica y Minera de Chile SA, Class B | 3,132 | 163,488 | ||||||
|
| |||||||
205,054 | ||||||||
|
|
Number of Shares | Value | |||||||
Colombia — 0.2% | ||||||||
Bancolombia SA | 16,645 | $ | 192,921 | |||||
Grupo Aval Acciones y Valores SA | 140,474 | 60,508 | ||||||
Grupo de Inversiones Suramericana SA | 4,201 | 51,307 | ||||||
|
| |||||||
304,736 | ||||||||
|
| |||||||
Russia — 0.1% | ||||||||
Surgutneftegas OJSC | 194,184 | 94,800 | ||||||
Transneft PJSC | 18 | 49,185 | ||||||
|
| |||||||
143,985 | ||||||||
|
| |||||||
South Korea — 0.7% | ||||||||
Amorepacific Corp. | 331 | 49,898 | ||||||
Hyundai Motor Co. | 896 | 74,310 | ||||||
Hyundai Motor Co. — 2nd Preferred | 1,379 | 120,892 | ||||||
LG Chem Ltd. | 280 | 51,041 | ||||||
LG Household & Health Care Ltd. | 90 | 61,199 | ||||||
Samsung Electronics Co. Ltd. | 29,573 | 1,111,097 | ||||||
|
| |||||||
1,468,437 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 6,270,588 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 0.5% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) | 993,218 | 993,218 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 97.1% (Cost $152,933,361) | $ | 189,211,211 | ||||||
Other assets and liabilities, net — 2.9% | 5,660,290 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 194,871,501 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.5% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) |
| |||||||||||||||||||||||||||||||
1,021,172 | — | (27,954) | — | — | 23,696 | — | 993,218 | 993,218 |
* | 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 May 31, 2018 amounted to $10,739,502, which is 5.5% 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 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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $10,090,225. |
ADR: | American Depositary Receipt |
CPO: | Ordinary Participation Certificates |
GDR: | Global Depositary Receipt |
NVDR: | Non Voting Depositary Receipt |
OJSC: | Open Joint Stock Company |
See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
PJSC: | Private Joint Stock Company |
REIT: | Real Estate Investment Trust |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At May 31, 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 | 114 | $ | 6,805,040 | $6,393,690 | 6/15/2018 | $ | (411,350 | ) |
As of May 31, 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. | 6/5/2018 | AED | 3,838,700 | USD | 1,044,942 | $ | — | $ | (130 | ) | ||||||||||||
The Bank of Nova Scotia | 6/5/2018 | AED | 1,093,700 | USD | 297,744 | — | (12 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | BRL | 1,100,000 | USD | 314,483 | 19,250 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | BRL | 1,850,800 | USD | 499,164 | 2,421 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | BRL | 16,931,900 | USD | 4,838,930 | 294,516 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | BRL | 38,109,900 | USD | 10,892,277 | 663,822 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | CLP | 1,226,221,800 | USD | 2,004,318 | 58,578 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | CLP | 49,000,000 | USD | 77,532 | — | (220 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | CLP | 462,074,400 | USD | 755,291 | 22,082 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | CZK | 5,142,500 | USD | 243,617 | 10,739 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | CZK | 3,351,000 | USD | 158,771 | 7,021 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | EGP | 4,700,300 | USD | 263,322 | 1,015 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | EUR | 682,400 | USD | 826,399 | 28,318 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | HKD | 22,447,900 | USD | 2,862,431 | — | (70 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | HKD | 12,781,300 | USD | 1,629,086 | — | (754 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | HKD | 130,638,700 | USD | 16,659,037 | 313 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | HKD | 130,943,700 | USD | 16,697,424 | — | (193 | ) | ||||||||||||||
The Bank of New York Mellon | 6/5/2018 | HKD | 103,669,500 | USD | 13,219,694 | 15 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | HUF | 3,714,400 | USD | 14,344 | 762 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | HUF | 113,420,500 | USD | 437,963 | 23,235 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | HUF | 6,269,800 | USD | 23,322 | 396 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | HUF | 73,048,400 | USD | 282,041 | 14,935 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | INR | 89,000,000 | USD | 1,332,635 | 14,521 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | INR | 41,058,300 | USD | 603,683 | — | (4,401 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | INR | 266,947,700 | USD | 4,005,217 | 51,650 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | INR | 889,487,000 | USD | 13,322,455 | 148,914 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | KRW | 816,000,000 | USD | 763,116 | 5,995 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | KRW | 26,760,942,900 | USD | 25,073,497 | 243,489 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | KRW | 1,212,853,900 | USD | 1,123,221 | — | (2,120 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | KRW | 6,316,187,300 | USD | 5,917,912 | 57,469 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | KRW | 2,896,772,000 | USD | 2,712,460 | 24,705 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | MXN | 5,000,000 | USD | 264,819 | 14,350 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | MXN | 428,200 | USD | 22,681 | 1,231 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | MXN | 4,178,700 | USD | 211,288 | 1,961 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | MXN | 22,172,300 | USD | 1,174,406 | 63,714 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | MXN | 27,985,900 | USD | 1,482,298 | 80,380 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | MXN | 71,167,700 | USD | 3,769,346 | 204,292 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | MYR | 15,158,000 | USD | 3,858,765 | 50,764 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | MYR | 713,900 | USD | 179,372 | 25 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | MYR | 6,498,400 | USD | 1,655,854 | 23,323 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | PHP | 71,695,500 | USD | 1,384,885 | 20,566 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | PHP | 11,091,700 | USD | 213,870 | 2,802 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | PHP | 38,981,400 | USD | 751,521 | 9,730 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | PLN | 326,400 | USD | 93,183 | 4,833 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | PLN | 306,600 | USD | 84,229 | 1,238 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | PLN | 3,468,800 | USD | 990,411 | 51,469 | — |
See Notes to Financial Statements. | 80 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | PLN | 5,503,900 | USD | 1,571,317 | $ | 81,510 | $ | — | |||||||||||||
Goldman Sachs & Co. | 6/5/2018 | QAR | 4,713,800 | USD | 1,288,275 | — | (6,339 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | QAR | 155,400 | USD | 42,663 | — | (17 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | RUB | 103,240,200 | USD | 1,632,841 | — | (19,787 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | RUB | 15,095,300 | USD | 242,334 | 694 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | RUB | 354,651,300 | USD | 5,613,740 | — | (63,377 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | THB | 131,256,300 | USD | 4,157,891 | 54,143 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | THB | 5,581,700 | USD | 173,868 | — | (644 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | THB | 38,055,100 | USD | 1,205,542 | 15,744 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | TRY | 1,456,900 | USD | 354,714 | 33,576 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | TRY | 5,419,200 | USD | 1,319,262 | 124,731 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | TRY | 2,173,100 | USD | 529,030 | 50,023 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | TWD | 280,975,700 | USD | 9,517,180 | 135,733 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | TWD | 122,636,400 | USD | 4,148,588 | 53,903 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | TWD | 20,773,300 | USD | 702,275 | 8,679 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | TWD | 330,451,700 | USD | 11,182,799 | 149,406 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | TWD | 24,060,600 | USD | 803,493 | 138 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 184,442 | AED | 677,500 | 5 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 860,659 | AED | 3,161,200 | — | (33 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 297,755 | AED | 1,093,700 | 1 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 2,165,688 | BRL | 7,711,800 | — | (95,890 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 3,257,474 | BRL | 12,170,900 | 9,118 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 10,233,456 | BRL | 38,109,900 | — | (5,000 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 1,572,907 | CLP | 994,313,000 | 4,846 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 374,954 | CLP | 231,908,800 | — | (6,966 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 809,104 | CLP | 511,074,400 | 1,857 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 54,530 | CZK | 1,166,700 | — | (1,696 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 179,558 | CZK | 3,975,800 | 486 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 151,518 | CZK | 3,351,000 | 232 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 226,646 | EGP | 4,054,700 | — | (368 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 36,231 | EGP | 645,600 | — | (202 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 112,152 | EUR | 93,700 | — | (2,568 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 687,234 | EUR | 588,700 | 1,263 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 2,862,386 | HKD | 22,447,900 | 115 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 14,356,661 | HKD | 112,612,400 | 3,394 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 3,927,978 | HKD | 30,807,600 | 531 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 16,693,166 | HKD | 130,943,700 | 4,451 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 13,216,290 | HKD | 103,669,500 | 3,389 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 14,125 | HUF | 3,714,400 | — | (544 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 355,230 | HUF | 97,280,600 | 482 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 85,222 | HUF | 22,409,700 | — | (3,280 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 266,747 | HUF | 73,048,400 | 359 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 2,550,635 | INR | 171,076,200 | — | (16,951 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 3,351,080 | INR | 225,929,800 | — | (4,999 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 13,180,612 | INR | 889,487,000 | — | (7,071 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 4,697,925 | KRW | 5,053,558,000 | — | (9,007 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 22,051,504 | KRW | 23,736,238,800 | — | (27,953 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 5,866,464 | KRW | 6,316,187,300 | — | (6,021 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 2,688,419 | KRW | 2,896,772,000 | — | (664 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 283,143 | MXN | 5,428,200 | — | (11,224 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 717,821 | MXN | 14,367,900 | 1,921 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 625,070 | MXN | 11,983,100 | — | (24,792 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 1,398,197 | MXN | 27,985,900 | 3,720 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 3,555,576 | MXN | 71,167,700 | 9,478 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 753,515 | MYR | 2,974,800 | — | (6,184 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 3,241,373 | MYR | 12,897,100 | — | (1,357 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 1,633,297 | MYR | 6,498,400 | — | (766 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 1,047,827 | PHP | 54,969,000 | — | (1,802 | ) |
See Notes to Financial Statements. | 81 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 321,330 | PHP | 16,726,500 | $ | — | $ | (3,035 | ) | ||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 211,069 | PHP | 11,091,700 | — | (2 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 742,220 | PHP | 38,981,400 | — | (429 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 91,356 | PLN | 326,400 | — | (3,006 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 266,206 | PLN | 950,900 | — | (8,815 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 763,432 | PLN | 2,824,500 | 1,109 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 1,487,641 | PLN | 5,503,900 | 2,166 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 1,159,521 | QAR | 4,221,700 | — | (58 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 177,814 | QAR | 647,500 | 18 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 978,747 | RUB | 62,897,200 | 28,086 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 646,721 | RUB | 40,343,000 | — | (927 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 5,925,964 | RUB | 369,746,600 | — | (7,207 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 3,369,184 | THB | 107,999,200 | 7,427 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 732,461 | THB | 23,257,100 | — | (5,324 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 1,361,098 | THB | 43,636,800 | 3,213 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 47,133 | TRY | 213,900 | 16 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 294,136 | TRY | 1,243,000 | — | (20,146 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 1,192,469 | TRY | 5,419,200 | 2,062 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 478,198 | TRY | 2,173,100 | 809 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 846,883 | TWD | 25,000,000 | — | (12,163 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 3,366,204 | TWD | 100,252,300 | — | (18,898 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 5,195,976 | TWD | 155,723,400 | 3,445 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 4,094,021 | TWD | 122,636,400 | 664 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 693,368 | TWD | 20,773,300 | 228 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 11,832,261 | TWD | 354,512,300 | 4,486 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 839,696 | ZAR | 10,703,400 | 533 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 1,127,220 | ZAR | 14,368,900 | 755 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 11,595,664 | ZAR | 146,878,100 | — | (65,569 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 1,310,039 | ZAR | 16,593,700 | — | (7,415 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | ZAR | 6,000,000 | USD | 478,476 | 7,469 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | ZAR | 4,703,400 | USD | 375,103 | 5,881 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | ZAR | 6,017,400 | USD | 476,678 | 4,305 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | ZAR | 155,229,600 | USD | 12,378,805 | 193,108 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | ZAR | 16,593,700 | USD | 1,323,325 | 20,701 | — | |||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | COP | 2,730,663,900 | USD | 971,929 | 27,409 | — | |||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | COP | 90,021,900 | USD | 30,925 | — | (213 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | IDR | 35,909,205,600 | USD | 2,573,768 | — | (8,715 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | IDR | 880,000,000 | USD | 62,279 | — | (1,008 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/6/2018 | IDR | 14,877,311,300 | USD | 1,065,634 | — | (4,298 | ) | ||||||||||||||
RBC Capital Markets | 6/6/2018 | IDR | 11,425,350,400 | USD | 817,556 | — | (4,121 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | USD | 132,447 | COP | 375,091,200 | — | (2,706 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | USD | 846,197 | COP | 2,445,594,600 | — | (281 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | USD | 605,040 | IDR | 8,545,586,200 | 9,533 | — | |||||||||||||||
Goldman Sachs & Co. | 6/6/2018 | USD | 2,024,487 | IDR | 28,243,619,400 | 6,709 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/6/2018 | USD | 1,069,925 | IDR | 14,877,311,300 | 6 | — | |||||||||||||||
RBC Capital Markets | 6/6/2018 | USD | 822,263 | IDR | 11,425,350,400 | — | (587 | ) | ||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | AED | 3,161,200 | USD | 860,565 | — | (68 | ) | ||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | AED | 1,093,700 | USD | 297,715 | — | (44 | ) | ||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | BRL | 12,170,900 | USD | 3,246,439 | — | (10,581 | ) | ||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | BRL | 38,109,900 | USD | 10,197,038 | — | (1,445 | ) | ||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | CNH | 4,000,000 | USD | 623,068 | 153 | — | |||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | EGP | 4,054,700 | USD | 224,388 | — | (36 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | EUR | 588,700 | USD | 688,847 | — | (1,330 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | HKD | 112,612,400 | USD | 14,368,458 | — | (3,206 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | HKD | 28,469,000 | USD | 3,632,357 | — | (874 | ) | ||||||||||||||
RBC Capital Markets | 7/5/2018 | HKD | 130,943,700 | USD | 16,707,437 | — | (3,679 | ) | ||||||||||||||
The Bank of New York Mellon | 7/5/2018 | HKD | 103,669,500 | USD | 13,227,605 | — | (2,761 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | HUF | 97,280,600 | USD | 355,980 | — | (495 | ) |
See Notes to Financial Statements. | 82 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | HUF | 73,048,400 | USD | 267,289 | $ | — | $ | (389 | ) | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | IDR | 28,243,619,400 | USD | 2,014,380 | — | (9,756 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | IDR | 14,877,311,300 | USD | 1,065,176 | — | (1,036 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | IDR | 11,425,350,400 | USD | 818,728 | — | (93 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | INR | 225,929,800 | USD | 3,335,249 | 589 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | INR | 889,487,000 | USD | 13,125,666 | — | (2,912 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | KRW | 23,736,238,800 | USD | 22,060,727 | 13,653 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | KRW | 6,316,187,300 | USD | 5,870,936 | 4,233 | — | |||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | KRW | 2,896,772,000 | USD | 2,690,592 | — | (34 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | MXN | 14,367,900 | USD | 713,968 | — | (1,890 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | MXN | 27,985,900 | USD | 1,390,783 | — | (3,570 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | MXN | 71,167,700 | USD | 3,536,512 | — | (9,308 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | MYR | 12,897,100 | USD | 3,231,627 | — | (5,760 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | MYR | 6,498,400 | USD | 1,632,026 | 819 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | PHP | 54,969,000 | USD | 1,043,649 | — | (615 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | PHP | 11,091,700 | USD | 210,377 | — | (336 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | PHP | 38,981,400 | USD | 739,685 | — | (857 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | PLN | 2,824,500 | USD | 763,789 | — | (1,225 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | PLN | 5,503,900 | USD | 1,488,413 | — | (2,314 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | QAR | 1,583,000 | USD | 433,342 | — | (1,354 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | QAR | 4,221,700 | USD | 1,159,043 | — | (247 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | RUB | 40,343,000 | USD | 644,508 | 948 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | RUB | 369,746,600 | USD | 5,905,916 | 7,641 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | THB | 107,999,200 | USD | 3,372,762 | — | (7,363 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | THB | 43,636,800 | USD | 1,362,373 | — | (3,358 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | TRY | 213,900 | USD | 46,575 | — | (2 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | TRY | 5,419,200 | USD | 1,178,297 | — | (1,746 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | TRY | 2,173,100 | USD | 472,369 | — | (829 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | TWD | 155,723,400 | USD | 5,197,710 | — | (13,863 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | TWD | 122,636,400 | USD | 4,101,963 | — | (2,292 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | TWD | 20,773,300 | USD | 694,341 | — | (876 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | TWD | 354,512,300 | USD | 11,848,079 | — | (16,335 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | TWD | 16,993,000 | USD | 567,379 | — | (1,323 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | USD | 1,503,868 | BRL | 5,638,000 | 4,902 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | USD | 546,369 | INR | 36,981,000 | — | (540 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | USD | 1,352,401 | KRW | 1,459,160,000 | 2,919 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | USD | 586,230 | MXN | 11,795,000 | 1,437 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | USD | 405,257 | MYR | 1,619,000 | 1,139 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | USD | 179,179 | THB | 5,733,000 | 251 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | USD | 480,167 | ZAR | 6,106,000 | — | (2,806 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | ZAR | 146,878,100 | USD | 11,549,608 | 66,812 | — | |||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | ZAR | 16,593,700 | USD | 1,304,780 | 7,500 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/6/2018 | CLP | 994,313,000 | USD | 1,573,405 | — | (4,966 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/6/2018 | CLP | 511,074,400 | USD | 809,459 | — | (1,819 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/6/2018 | COP | 2,445,594,600 | USD | 845,101 | 219 | — | |||||||||||||||||||||
RBC Capital Markets | 7/6/2018 | USD | 214,187 | CLP | 135,314,000 | 610 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/9/2018 | CZK | 3,975,800 | USD | 179,917 | — | (502 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/9/2018 | CZK | 3,351,000 | USD | 151,783 | — | (283 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 3,422,730 | $ | (633,443 | ) | |||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements. | 83 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)
May 31, 2018
Currency Abbreviations
AED | Arab Emirates Dirham |
BRL | Brazilian Real |
CNH | Chinese Yuan |
CLP | Chilean Peso |
COP | Colombian Peso |
CZK | Czech Koruna |
EGP | Egyptian Pound |
EUR | Euro |
HKD | Hong Kong Dollar |
HUF | Hungarian Forint |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
KRW | South Korean Won |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
PHP | Philippine Peso |
PLN | Polish Zloty |
QAR | Qatari Rial |
RUB | Russian Ruble |
THB | Thai Baht |
TRY | Turkish Lira |
TWD | New Taiwan Dollar |
USD | U.S. Dollar |
ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | 181,665,782 | $ | — | $ | 281,623 | $ | 181,947,405 | ||||||||
Preferred Stocks (f) | 6,270,588 | — | — | 6,270,588 | ||||||||||||
Short-Term Investments | 993,218 | — | — | 993,218 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 3,422,730 | — | 3,422,730 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 188,929,588 | $ | 3,422,730 | $ | 281,623 | $ | 192,633,941 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (633,443 | ) | $ | — | $ | (633,443 | ) | ||||||
Futures Contracts | (411,350 | ) | — | — | (411,350 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (411,350 | ) | $ | (633,443 | ) | $ | — | $ | (1,044,793 | ) | |||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
During the year ended May 31, 2018, the amount of transfers between Level 1 and Level 3 was $321,850 and between Level 3 and Level 1 was $332,592. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 84 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 95.0% | ||||||||
Australia — 0.5% | ||||||||
BHP Billiton PLC | 342,156 | $ | 7,864,244 | |||||
|
| |||||||
Austria — 0.3% | ||||||||
ANDRITZ AG | 11,135 | 555,839 | ||||||
Erste Group Bank AG* | 46,492 | 1,939,250 | ||||||
OMV AG | 22,580 | 1,298,733 | ||||||
Raiffeisen Bank International AG* | 22,326 | 707,051 | ||||||
voestalpine AG | 16,849 | 905,284 | ||||||
|
| |||||||
5,406,157 | ||||||||
|
| |||||||
Belgium — 1.6% | ||||||||
Ageas | 32,930 | 1,670,753 | ||||||
Anheuser-Busch InBev SA/NV | 123,306 | 11,563,721 | ||||||
Colruyt SA | 8,889 | 472,507 | ||||||
Groupe Bruxelles Lambert SA | 14,266 | 1,512,990 | ||||||
KBC Group NV | 40,779 | 3,155,915 | ||||||
Proximus SADP | 23,807 | 637,618 | ||||||
Solvay SA | 11,019 | 1,481,395 | ||||||
Telenet Group Holding NV* | 8,704 | 440,186 | ||||||
UCB SA | 21,423 | 1,690,499 | ||||||
Umicore SA | 35,356 | 2,000,503 | ||||||
|
| |||||||
24,626,087 | ||||||||
|
| |||||||
Chile — 0.1% | ||||||||
Antofagasta PLC | 61,897 | 867,669 | ||||||
|
| |||||||
Denmark — 2.6% | ||||||||
A.P. Moller — Maersk A/S, Class A | 538 | 756,301 | ||||||
A.P. Moller — Maersk A/S, Class B | 1,131 | 1,692,596 | ||||||
Carlsberg A/S, Class B | 16,294 | 1,811,966 | ||||||
Chr Hansen Holding A/S | 17,318 | 1,663,076 | ||||||
Coloplast A/S, Class B | 19,999 | 1,901,062 | ||||||
Danske Bank A/S | 121,722 | 4,041,691 | ||||||
DSV A/S | 31,333 | 2,605,403 | ||||||
Genmab A/S* | 10,165 | 1,529,544 | ||||||
H Lundbeck A/S | 9,907 | 698,834 | ||||||
ISS A/S | 24,945 | 852,573 | ||||||
Novo Nordisk A/S, Class B | 285,718 | 13,573,137 | ||||||
Novozymes A/S, Class B | 34,078 | 1,737,447 | ||||||
Orsted A/S, 144A | 32,370 | 1,939,663 | ||||||
Pandora A/S | 18,829 | 1,482,270 | ||||||
Tryg A/S | 17,452 | 402,128 | ||||||
Vestas Wind Systems A/S | 32,244 | 2,114,435 | ||||||
William Demant Holding A/S* | 18,447 | 671,627 | ||||||
|
| |||||||
39,473,753 | ||||||||
|
| |||||||
Finland — 1.6% | ||||||||
Elisa OYJ | 25,724 | 1,150,272 | ||||||
Fortum OYJ | 66,693 | 1,567,917 | ||||||
Kone OYJ, Class B | 55,383 | 2,741,957 | ||||||
Metso OYJ | 16,252 | 562,759 | ||||||
Neste OYJ | 19,638 | 1,598,314 | ||||||
Nokia OYJ (a) | 888,636 | 5,131,941 | ||||||
Nokian Renkaat OYJ | 16,679 | 647,545 | ||||||
Orion OYJ, Class B | 16,467 | 486,849 | ||||||
Sampo OYJ, Class A | 71,811 | 3,532,624 | ||||||
Stora Enso OYJ, Class R | 94,288 | 1,929,520 | ||||||
UPM-Kymmene OYJ | 86,164 | 3,163,913 |
Number of Shares | Value | |||||||
Finland (Continued) | ||||||||
Wartsila OYJ Abp | 76,593 | $ | 1,619,341 | |||||
|
| |||||||
24,132,952 | ||||||||
|
| |||||||
France — 16.2% | ||||||||
Accor SA | 32,592 | 1,783,530 | ||||||
Aeroports de Paris | 4,495 | 939,042 | ||||||
Air Liquide SA (a) | 69,489 | 8,562,241 | ||||||
Airbus SE | 94,043 | 10,698,298 | ||||||
Alstom SA | 23,208 | 1,098,812 | ||||||
Amundi SA, 144A | 8,837 | 646,091 | ||||||
Arkema SA | 11,816 | 1,440,049 | ||||||
Atos SE (a) | 16,060 | 2,181,637 | ||||||
AXA SA | 314,603 | 7,843,008 | ||||||
BioMerieux | 5,718 | 503,350 | ||||||
BNP Paribas SA (a) | 182,407 | 11,314,608 | ||||||
Bollore SA | 129,388 | 637,108 | ||||||
Bouygues SA | 34,331 | 1,586,916 | ||||||
Bureau Veritas SA | 41,806 | 1,036,597 | ||||||
Capgemini SE* | 25,916 | 3,412,950 | ||||||
Carrefour SA | 98,241 | 1,771,531 | ||||||
Casino Guichard Perrachon SA | 8,858 | 383,149 | ||||||
Cie de Saint-Gobain (a) | 80,039 | 4,011,775 | ||||||
Cie Generale des Etablissements Michelin | 28,074 | 3,633,144 | ||||||
CNP Assurances (a) | 24,844 | 581,455 | ||||||
Covivio REIT | 6,939 | 723,996 | ||||||
Credit Agricole SA | 186,808 | 2,563,860 | ||||||
Danone SA | 97,970 | 7,489,196 | ||||||
Dassault Aviation SA* | 392 | 759,804 | ||||||
Dassault Systemes SE | 19,956 | 2,803,032 | ||||||
Edenred | 40,452 | 1,297,169 | ||||||
Eiffage SA | 13,139 | 1,480,710 | ||||||
Electricite de France SA (a) | 86,431 | 1,151,874 | ||||||
Engie SA | 296,519 | 4,691,822 | ||||||
Essilor International SA | 33,179 | 4,534,282 | ||||||
Eurazeo SA | 6,788 | 531,676 | ||||||
Eutelsat Communications SA | 24,863 | 477,553 | ||||||
Faurecia SA | 11,110 | 941,635 | ||||||
Gecina SA REIT | 7,415 | 1,282,932 | ||||||
Getlink | 70,361 | 953,336 | ||||||
Hermes International | 5,121 | 3,644,686 | ||||||
ICADE REIT | 4,676 | 434,583 | ||||||
Iliad SA | 3,771 | 639,007 | ||||||
Imerys SA | 5,658 | 482,193 | ||||||
Ingenico Group SA (a) | 9,193 | 735,096 | ||||||
Ipsen SA | 5,470 | 868,076 | ||||||
JCDecaux SA (a) | 11,905 | 370,483 | ||||||
Kering | 12,254 | 7,015,179 | ||||||
Klepierre SA REIT (a) | 32,982 | 1,284,733 | ||||||
Legrand SA | 43,019 | 3,245,787 | ||||||
L’Oreal SA (a) | 40,737 | 9,791,358 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 45,094 | 15,659,543 | ||||||
Natixis SA (a) | 153,977 | 1,115,676 | ||||||
Orange SA (a) | 324,164 | 5,580,214 | ||||||
Pernod Ricard SA | 34,442 | 5,785,966 | ||||||
Peugeot SA | 98,933 | 2,306,779 | ||||||
Publicis Groupe SA (a) | 32,430 | 2,257,286 |
See Notes to Financial Statements. | 85 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
France (Continued) | ||||||||
Remy Cointreau SA | 3,593 | $ | 532,187 | |||||
Renault SA | 31,481 | 3,041,004 | ||||||
Rexel SA | 44,826 | 659,499 | ||||||
Safran SA | 54,159 | 6,467,550 | ||||||
Sanofi | 182,860 | 14,029,813 | ||||||
Schneider Electric SE | 89,211 | 7,694,631 | ||||||
SCOR SE | 26,060 | 962,094 | ||||||
SEB SA | 3,531 | 637,760 | ||||||
Societe BIC SA (a) | 4,601 | 447,514 | ||||||
Societe Generale SA (a) | 120,823 | 5,205,672 | ||||||
Sodexo SA | 14,382 | 1,395,831 | ||||||
Suez (a) | 54,311 | 747,935 | ||||||
Teleperformance | 10,131 | 1,601,252 | ||||||
Thales SA | 17,579 | 2,237,962 | ||||||
TOTAL SA | 390,493 | 23,761,001 | ||||||
Ubisoft Entertainment SA* | 11,730 | 1,270,087 | ||||||
Unibail-Rodamco SE REIT | 22,610 | 5,089,497 | ||||||
Valeo SA* | 39,216 | 2,490,312 | ||||||
Veolia Environnement SA | 87,622 | 1,989,267 | ||||||
Vinci SA | 82,134 | 8,038,647 | ||||||
Vivendi SA | 165,750 | 4,169,909 | ||||||
Wendel SA | 4,623 | 610,707 | ||||||
|
| |||||||
250,044,944 | ||||||||
|
| |||||||
Germany — 13.7% | ||||||||
1&1 Drillisch AG | 7,606 | 526,391 | ||||||
adidas AG | 30,465 | 6,895,048 | ||||||
Allianz SE | 71,151 | 14,671,047 | ||||||
Axel Springer SE | 7,869 | 571,271 | ||||||
BASF SE | 148,728 | 14,648,508 | ||||||
Bayer AG | 133,924 | 15,947,508 | ||||||
Bayerische Motoren Werke AG | 53,510 | 5,340,991 | ||||||
Beiersdorf AG | 15,647 | 1,797,375 | ||||||
Brenntag AG | 27,088 | 1,562,453 | ||||||
Commerzbank AG* | 159,259 | 1,627,778 | ||||||
Continental AG | 17,756 | 4,506,462 | ||||||
Covestro AG, 144A | 32,188 | 2,932,818 | ||||||
Daimler AG | 147,080 | 10,605,441 | ||||||
Delivery Hero AG, 144A* | 15,370 | 706,510 | ||||||
Deutsche Bank AG (b) | 316,179 | 3,384,675 | ||||||
Deutsche Boerse AG | 31,297 | 4,185,617 | ||||||
Deutsche Lufthansa AG | 35,077 | 953,402 | ||||||
Deutsche Post AG | 159,538 | 6,055,879 | ||||||
Deutsche Telekom AG | 541,627 | 8,370,714 | ||||||
Deutsche Wohnen SE | 57,872 | 2,714,991 | ||||||
E.ON SE | 356,972 | 3,785,890 | ||||||
Evonik Industries AG | 26,747 | 937,427 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 5,952 | 556,791 | ||||||
Fresenius Medical Care AG & Co. KGaA | 34,744 | 3,469,526 | ||||||
Fresenius SE & Co. KGaA | 67,567 | 5,194,302 | ||||||
GEA Group AG | 27,825 | 1,024,652 | ||||||
Hannover Rueck SE | 10,603 | 1,338,700 | ||||||
HeidelbergCement AG | 23,304 | 2,065,049 | ||||||
Henkel AG & Co. KGaA | 16,329 | 1,841,164 | ||||||
HOCHTIEF AG | 2,655 | 487,919 | ||||||
HUGO BOSS AG | 9,857 | 885,909 |
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
Infineon Technologies AG | 184,698 | $ | 5,071,962 | |||||
Innogy SE, 144A | 20,678 | 872,905 | ||||||
K+S AG | 30,396 | 813,734 | ||||||
KION Group AG | 10,312 | 838,317 | ||||||
LANXESS AG | 13,808 | 1,092,501 | ||||||
Linde AG | 19,533 | 4,045,208 | ||||||
Linde AG | 10,407 | 2,384,583 | ||||||
MAN SE | 5,547 | 603,724 | ||||||
Merck KGaA | 21,325 | 2,177,374 | ||||||
METRO AG | 28,428 | 382,851 | ||||||
MTU Aero Engines AG | 7,818 | 1,477,871 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 25,655 | 5,287,557 | ||||||
OSRAM Licht AG | 14,949 | 882,190 | ||||||
ProSiebenSat.1 Media SE | 35,358 | 1,040,403 | ||||||
Puma SE | 1,290 | 782,686 | ||||||
RWE AG | 87,622 | 1,986,706 | ||||||
SAP SE | 159,123 | 17,921,335 | ||||||
Siemens AG | 123,846 | 16,143,125 | ||||||
Siemens Healthineers AG, 144A* | 23,039 | 915,877 | ||||||
Symrise AG | 21,108 | 1,714,007 | ||||||
Telefonica Deutschland Holding AG | 107,278 | 453,492 | ||||||
thyssenkrupp AG | 72,793 | 1,920,666 | ||||||
TUI AG | 76,976 | 1,787,665 | ||||||
Uniper SE | 29,717 | 942,509 | ||||||
United Internet AG | 18,632 | 1,189,277 | ||||||
Volkswagen AG | 4,941 | 919,001 | ||||||
Vonovia SE | 77,926 | 3,676,752 | ||||||
Wirecard AG | 19,596 | 3,027,369 | ||||||
Zalando SE, 144A* | 20,510 | 1,092,156 | ||||||
|
| |||||||
211,036,011 | ||||||||
|
| |||||||
Ireland — 1.0% | ||||||||
AerCap Holdings NV* | 20,568 | 1,137,616 | ||||||
AIB Group PLC | 119,116 | 650,863 | ||||||
Bank of Ireland Group PLC | 146,342 | 1,209,537 | ||||||
CRH PLC | 133,818 | 4,943,476 | ||||||
DCC PLC | 15,717 | 1,507,453 | ||||||
Kerry Group PLC, Class A | 26,014 | 2,741,597 | ||||||
Paddy Power Betfair PLC | 13,977 | 1,699,331 | ||||||
Ryanair Holdings PLC* | 26,320 | 502,923 | ||||||
Smurfit Kappa Group PLC | 36,691 | 1,518,426 | ||||||
|
| |||||||
15,911,222 | ||||||||
|
| |||||||
Isle of Man — 0.1% | ||||||||
GVC Holdings PLC | 82,314 | 1,112,839 | ||||||
|
| |||||||
Italy — 3.1% | ||||||||
Assicurazioni Generali SpA (a) | 188,772 | 3,210,934 | ||||||
Atlantia SpA | 80,989 | 2,347,109 | ||||||
Davide Campari-Milano SpA | 92,979 | 694,571 | ||||||
Enel SpA | 1,320,684 | 7,261,137 | ||||||
Eni SpA | 413,335 | 7,484,872 | ||||||
Ferrari NV | 20,255 | 2,640,206 | ||||||
Intesa Sanpaolo SpA | 2,183,147 | 6,417,493 | ||||||
Intesa Sanpaolo SpA-RSP | 151,079 | 454,791 | ||||||
Leonardo SpA | 63,557 | 648,201 | ||||||
Luxottica Group SpA | 25,848 | 1,609,985 |
See Notes to Financial Statements. | 86 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Italy (Continued) | ||||||||
Mediobanca SpA | 92,356 | $ | 871,087 | |||||
Moncler SpA | 28,993 | 1,331,021 | ||||||
Pirelli & C SpA, 144A* | 65,829 | 563,171 | ||||||
Poste Italiane SpA, 144A | 75,531 | 646,702 | ||||||
Prysmian SpA | 32,051 | 891,763 | ||||||
Recordati SpA | 16,308 | 604,353 | ||||||
Snam SpA | 388,610 | 1,593,692 | ||||||
Telecom Italia SpA* | 1,978,434 | 1,589,408 | ||||||
Telecom Italia SpA-RSP | 937,084 | 656,200 | ||||||
Terna Rete Elettrica Nazionale SpA | 251,491 | 1,332,132 | ||||||
UniCredit SpA | 326,186 | 5,389,657 | ||||||
|
| |||||||
48,238,485 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 13,994 | 1,110,218 | ||||||
|
| |||||||
Luxembourg — 0.5% | ||||||||
ArcelorMittal | 106,878 | 3,460,978 | ||||||
Eurofins Scientific SE | 2,134 | 1,096,188 | ||||||
Millicom International Cellular SA SDR (a) | 10,118 | 637,889 | ||||||
RTL Group SA | 5,705 | 430,509 | ||||||
SES SA | 57,735 | 997,235 | ||||||
Tenaris SA | 71,702 | 1,286,680 | ||||||
|
| |||||||
7,909,479 | ||||||||
|
| |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC | 35,437 | 625,830 | ||||||
|
| |||||||
Netherlands — 7.3% | ||||||||
ABN AMRO Group NV, 144A (a) | 71,140 | 1,847,943 | ||||||
Aegon NV (a) | 266,046 | 1,656,489 | ||||||
Akzo Nobel NV | 40,248 | 3,533,581 | ||||||
ASML Holding NV | 66,283 | 12,971,445 | ||||||
EXOR NV | 16,328 | 1,183,465 | ||||||
Heineken Holding NV | 19,759 | 1,924,158 | ||||||
Heineken NV | 41,443 | 4,149,145 | ||||||
ING Groep NV | 630,637 | 9,184,564 | ||||||
Koninklijke Ahold Delhaize NV | 201,250 | 4,623,998 | ||||||
Koninklijke DSM NV | 30,171 | 3,004,402 | ||||||
Koninklijke KPN NV | 517,949 | 1,409,010 | ||||||
Koninklijke Philips NV | 154,245 | 6,314,777 | ||||||
Koninklijke Vopak NV | 10,968 | 538,527 | ||||||
NN Group NV | 47,445 | 2,038,904 | ||||||
NXP Semiconductors NV* | 55,615 | 6,340,110 | ||||||
QIAGEN NV* | 34,143 | 1,239,749 | ||||||
Randstad NV | 17,774 | 1,060,954 | ||||||
Royal Dutch Shell PLC, Class A | 744,452 | 25,799,752 | ||||||
Royal Dutch Shell PLC, Class B | 605,426 | 21,545,037 | ||||||
Wolters Kluwer NV | 45,456 | 2,552,848 | ||||||
|
| |||||||
112,918,858 | ||||||||
|
| |||||||
Norway — 1.1% | ||||||||
Aker BP ASA | 18,874 | 689,666 | ||||||
DNB ASA | 158,445 | 2,836,740 | ||||||
Equinor ASA | 193,160 | 5,082,350 | ||||||
Gjensidige Forsikring ASA | 32,269 | 498,072 | ||||||
Marine Harvest ASA | 62,107 | 1,242,489 | ||||||
Norsk Hydro ASA | 203,575 | 1,277,273 |
Number of Shares | Value | |||||||
Norway (Continued) | ||||||||
Orkla ASA | 122,136 | $ | 1,101,548 | |||||
Schibsted ASA, Class B | 15,589 | 422,936 | ||||||
Telenor ASA | 123,228 | 2,538,291 | ||||||
Yara International ASA (a) | 31,772 | 1,309,289 | ||||||
|
| |||||||
16,998,654 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 421,448 | 1,650,515 | ||||||
Galp Energia SGPS SA | 75,788 | 1,408,289 | ||||||
Jeronimo Martins SGPS SA | 37,403 | 588,111 | ||||||
|
| |||||||
3,646,915 | ||||||||
|
| |||||||
South Africa — 0.1% | ||||||||
Investec PLC | 106,490 | 786,518 | ||||||
Mediclinic International PLC | 58,946 | 478,777 | ||||||
|
| |||||||
1,265,295 | ||||||||
|
| |||||||
Spain — 4.5% | ||||||||
ACS Actividades de Construccion y Servicios SA | 42,196 | 1,751,672 | ||||||
Aena SME SA, 144A | 11,355 | 2,180,999 | ||||||
Amadeus IT Group SA | 69,848 | 5,544,399 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 1,082,866 | 7,391,693 | ||||||
Banco de Sabadell SA | 923,020 | 1,551,675 | ||||||
Banco Santander SA | 2,612,191 | 14,047,321 | ||||||
Bankia SA | 195,132 | 740,471 | ||||||
Bankinter SA | 107,821 | 1,039,135 | ||||||
CaixaBank SA | 591,661 | 2,514,940 | ||||||
Enagas SA | 33,037 | 880,961 | ||||||
Endesa SA | 47,892 | 1,055,091 | ||||||
Ferrovial SA* | 77,242 | 28,099 | ||||||
Ferrovial SA | 74,232 | 1,512,583 | ||||||
Gas Natural SDG SA | 52,625 | 1,291,324 | ||||||
Grifols SA | 45,543 | 1,341,692 | ||||||
Iberdrola SA | 948,008 | 6,729,372 | ||||||
Industria de Diseno Textil SA | 176,728 | 5,580,341 | ||||||
Mapfre SA | 225,386 | 682,956 | ||||||
Red Electrica Corp. SA | 76,635 | 1,491,668 | ||||||
Repsol SA | 216,483 | 4,126,438 | ||||||
Siemens Gamesa Renewable Energy SA | 37,653 | 579,057 | ||||||
Telefonica SA | 758,233 | 6,689,718 | ||||||
|
| |||||||
68,751,605 | ||||||||
|
| |||||||
Sweden — 3.9% | ||||||||
Alfa Laval AB | 43,673 | 1,090,451 | ||||||
Assa Abloy AB, Class B | 162,902 | 3,502,196 | ||||||
Atlas Copco AB, Class A | 111,166 | 4,411,799 | ||||||
Atlas Copco AB, Class B | 60,319 | 2,181,828 | ||||||
Boliden AB | 47,744 | 1,682,850 | ||||||
Electrolux AB, Series B | 36,569 | 902,293 | ||||||
Essity AB, Class B | 99,477 | 2,526,658 | ||||||
Hennes & Mauritz AB, Class B (a) | 142,357 | 2,144,935 | ||||||
Hexagon AB, Class B | 43,102 | 2,427,545 | ||||||
Husqvarna AB, Class B | 67,827 | 666,649 | ||||||
ICA Gruppen AB (a) | 13,099 | 404,150 | ||||||
Industrivarden AB, Class C | 26,422 | 554,859 | ||||||
Investor AB, Class B | 75,456 | 3,128,065 |
See Notes to Financial Statements. | 87 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Sweden (Continued) | ||||||||
Kinnevik AB, Class B | 41,906 | $ | 1,459,732 | |||||
L E Lundbergforetagen AB, Class B | 12,184 | 393,465 | ||||||
Lundin Petroleum AB | 29,209 | 926,040 | ||||||
Nordea Bank AB | 483,571 | 4,649,774 | ||||||
Sandvik AB | 184,534 | 3,201,427 | ||||||
Securitas AB, Class B | 49,434 | 796,518 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 265,551 | 2,392,010 | ||||||
Skanska AB, Class B | 50,846 | 936,019 | ||||||
SKF AB, Class B | 56,677 | 1,100,559 | ||||||
Svenska Handelsbanken AB, Class A | 248,796 | 2,726,879 | ||||||
Swedbank AB, Class A | 146,853 | 3,052,256 | ||||||
Swedish Match AB | 28,748 | 1,362,573 | ||||||
Tele2 AB, Class B (a) | 52,661 | 644,297 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 497,694 | 3,609,496 | ||||||
Telia Co. AB | 468,258 | 2,194,984 | ||||||
Volvo AB, Class B | 253,393 | 4,360,126 | ||||||
|
| |||||||
59,430,433 | ||||||||
|
| |||||||
Switzerland — 12.6% | ||||||||
ABB Ltd. | 299,114 | 6,764,662 | ||||||
Adecco Group AG | 24,105 | 1,445,909 | ||||||
Baloise Holding AG | 7,487 | 1,098,438 | ||||||
Barry Callebaut AG | 341 | 596,127 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 17 | 1,285,004 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 173 | 1,106,702 | ||||||
Cie Financiere Richemont SA | 84,698 | 7,763,410 | ||||||
Clariant AG* | 34,617 | 835,219 | ||||||
Coca-Cola HBC AG* | 33,608 | 1,148,190 | ||||||
Credit Suisse Group AG* | 415,949 | 6,338,833 | ||||||
Dufry AG*(a) | 5,158 | 703,625 | ||||||
EMS-Chemie Holding AG | 1,280 | 800,649 | ||||||
Ferguson PLC* | 40,684 | 3,159,534 | ||||||
Geberit AG | 6,100 | 2,635,329 | ||||||
Givaudan SA | 1,488 | 3,313,880 | ||||||
Glencore PLC* | 1,871,978 | 9,258,483 | ||||||
Julius Baer Group Ltd.* | 37,501 | 2,187,812 | ||||||
Kuehne + Nagel International AG | 8,057 | 1,214,763 | ||||||
LafargeHolcim Ltd.* | 79,410 | 4,063,961 | ||||||
Lonza Group AG* | 12,122 | 3,243,275 | ||||||
Nestle SA | 503,107 | 37,967,836 | ||||||
Novartis AG | 359,822 | 26,636,174 | ||||||
Pargesa Holding SA | 6,127 | 535,553 | ||||||
Partners Group Holding AG | 2,601 | 1,878,969 | ||||||
Roche Holding AG | 113,642 | 24,334,562 | ||||||
Schindler Holding AG | 3,023 | 620,181 | ||||||
Schindler Holding AG Participation Certificates | 7,178 | 1,516,294 | ||||||
SGS SA | 881 | 2,278,479 | ||||||
Sika AG* | 340 | 2,714,895 | ||||||
Sonova Holding AG | 9,081 | 1,584,752 | ||||||
STMicroelectronics NV | 110,865 | 2,638,779 | ||||||
Straumann Holding AG | 1,609 | 1,060,314 | ||||||
Swatch Group AG — Bearer | 5,115 | 2,481,730 |
Number of Shares | Value | |||||||
Switzerland (Continued) | ||||||||
Swatch Group AG — Registered | 8,856 | $ | 786,671 | |||||
Swiss Life Holding AG* | 5,615 | 1,914,205 | ||||||
Swiss Prime Site AG* | 11,148 | 1,040,035 | ||||||
Swiss Re AG | 49,833 | 4,306,793 | ||||||
Swisscom AG | 4,414 | 1,968,744 | ||||||
Temenos AG* | 9,792 | 1,450,519 | ||||||
UBS Group AG* | 624,799 | 9,413,824 | ||||||
Vifor Pharma AG | 7,753 | 1,203,147 | ||||||
Zurich Insurance Group AG | 24,469 | 7,254,304 | ||||||
|
| |||||||
194,550,565 | ||||||||
|
| |||||||
United Arab Emirates (c) — 0.0% | ||||||||
NMC Health PLC* | 16,840 | 788,889 | ||||||
|
| |||||||
United Kingdom — 23.3% | ||||||||
3i Group PLC | 163,905 | 2,076,457 | ||||||
Admiral Group PLC | 31,154 | 797,435 | ||||||
Anglo American PLC | 171,154 | 4,089,039 | ||||||
Ashtead Group PLC | 81,149 | 2,514,567 | ||||||
Associated British Foods PLC | 55,179 | 1,943,826 | ||||||
AstraZeneca PLC | 204,787 | 14,880,236 | ||||||
Auto Trader Group PLC, 144A | 142,571 | 668,269 | ||||||
Aviva PLC | 650,705 | 4,418,479 | ||||||
Babcock International Group PLC | 40,564 | 449,183 | ||||||
BAE Systems PLC | 509,833 | 4,333,496 | ||||||
Barclays PLC | 2,764,316 | 7,248,038 | ||||||
Barratt Developments PLC | 152,628 | 1,106,997 | ||||||
Berkeley Group Holdings PLC | 19,081 | 1,077,008 | ||||||
BP PLC | 3,225,227 | 24,708,519 | ||||||
British American Tobacco PLC | 371,237 | 19,093,599 | ||||||
British Land Co. PLC REIT | 144,946 | 1,306,393 | ||||||
BT Group PLC | 1,367,520 | 3,724,890 | ||||||
Bunzl PLC | 50,944 | 1,550,838 | ||||||
Burberry Group PLC | 65,669 | 1,806,170 | ||||||
Centrica PLC | 854,331 | 1,656,988 | ||||||
CNH Industrial NV | 174,428 | 2,043,218 | ||||||
Coca-Cola European Partners PLC | 38,683 | 1,468,793 | ||||||
Compass Group PLC | 251,571 | 5,409,320 | ||||||
ConvaTec Group PLC, 144A | 220,906 | 680,411 | ||||||
Croda International PLC | 19,550 | 1,211,593 | ||||||
Diageo PLC | 397,792 | 14,608,181 | ||||||
Direct Line Insurance Group PLC | 207,939 | 988,211 | ||||||
easyJet PLC | 24,786 | 563,101 | ||||||
Experian PLC | 149,203 | 3,652,474 | ||||||
Fiat Chrysler Automobiles NV* | 170,765 | 3,872,856 | ||||||
G4S PLC | 233,065 | 836,215 | ||||||
GlaxoSmithKline PLC | 801,883 | 16,245,526 | ||||||
Hammerson PLC REIT | 116,596 | 847,830 | ||||||
Hargreaves Lansdown PLC | 47,640 | 1,207,703 | ||||||
HSBC Holdings PLC | 3,236,630 | 31,004,527 | ||||||
Imperial Brands PLC | 155,659 | 5,607,656 | ||||||
InterContinental Hotels Group PLC | 30,608 | 1,958,749 | ||||||
International Consolidated Airlines Group SA | 99,463 | 903,237 | ||||||
Intertek Group PLC | 27,330 | 1,985,853 | ||||||
ITV PLC | 640,159 | 1,383,714 | ||||||
J Sainsbury PLC | 297,623 | 1,259,334 | ||||||
John Wood Group PLC | 99,397 | 886,083 |
See Notes to Financial Statements. | 88 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
United Kingdom (Continued) | ||||||||
Johnson Matthey PLC | 29,464 | $ | 1,375,966 | |||||
Kingfisher PLC | 333,235 | 1,351,988 | ||||||
Land Securities Group PLC REIT | 129,812 | 1,604,164 | ||||||
Legal & General Group PLC | 968,120 | 3,472,234 | ||||||
Lloyds Banking Group PLC | 11,679,744 | 9,814,245 | ||||||
London Stock Exchange Group PLC | 48,517 | 2,887,479 | ||||||
Marks & Spencer Group PLC | 300,965 | 1,136,245 | ||||||
Meggitt PLC | 125,791 | 822,219 | ||||||
Melrose Industries PLC | 806,569 | 2,530,413 | ||||||
Merlin Entertainments PLC, 144A | 115,793 | 564,611 | ||||||
Micro Focus International PLC | 64,668 | 1,145,928 | ||||||
Mondi PLC | 55,719 | 1,547,318 | ||||||
National Grid PLC | 546,587 | 6,054,782 | ||||||
Next PLC | 22,025 | 1,698,172 | ||||||
Old Mutual PLC | 820,312 | 2,614,966 | ||||||
Pearson PLC | 120,760 | 1,447,354 | ||||||
Persimmon PLC | 52,165 | 1,963,859 | ||||||
Prudential PLC | 419,026 | 10,087,818 | ||||||
Reckitt Benckiser Group PLC | 108,223 | 8,288,105 | ||||||
RELX NV | 158,056 | 3,451,585 | ||||||
RELX PLC | 172,081 | 3,780,177 | ||||||
Rio Tinto PLC | 194,494 | 10,962,507 | ||||||
Rolls-Royce Holdings PLC* | 269,395 | 2,953,049 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 18,661,072 | 24,807 | ||||||
Royal Bank of Scotland Group PLC* | 594,447 | 2,173,910 | ||||||
Royal Mail PLC | 134,240 | 908,317 | ||||||
RSA Insurance Group PLC | 180,174 | 1,561,149 | ||||||
Sage Group PLC | 186,601 | 1,643,131 | ||||||
Schroders PLC | 23,457 | 1,009,376 | ||||||
Segro PLC REIT | 154,415 | 1,343,703 | ||||||
Severn Trent PLC | 43,262 | 1,143,877 | ||||||
Sky PLC | 167,437 | 2,998,174 | ||||||
Smith & Nephew PLC | 145,333 | 2,643,911 | ||||||
Smiths Group PLC | 59,872 | 1,401,192 | ||||||
SSE PLC | 165,407 | 3,006,900 | ||||||
St James’s Place PLC | 80,899 | 1,281,909 | ||||||
Standard Chartered PLC | 455,477 | 4,568,999 | ||||||
Standard Life Aberdeen PLC | 449,330 | 2,093,588 | ||||||
Taylor Wimpey PLC | 576,306 | 1,456,758 | ||||||
Tesco PLC | 1,575,015 | 5,144,316 | ||||||
Travis Perkins PLC | 36,667 | 655,838 | ||||||
Unilever NV | 251,401 | 14,030,727 |
Number of Shares | Value | |||||||
United Kingdom (Continued) | ||||||||
Unilever PLC | 197,596 | $ | 10,891,749 | |||||
United Utilities Group PLC | 102,940 | 1,061,626 | ||||||
Vodafone Group PLC | 4,316,104 | 11,005,850 | ||||||
Weir Group PLC | 42,652 | 1,242,280 | ||||||
Whitbread PLC | 31,583 | 1,769,656 | ||||||
Wm Morrison Supermarkets PLC | 338,465 | 1,105,945 | ||||||
WPP PLC | 206,107 | 3,376,894 | ||||||
|
| |||||||
359,174,778 | ||||||||
|
| |||||||
United States (c) — 0.6% | ||||||||
Carnival PLC | 31,266 | 2,010,417 | ||||||
Shire PLC | 147,363 | 8,031,749 | ||||||
|
| |||||||
10,042,166 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,465,928,048 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.9% | ||||||||
Germany — 0.9% | ||||||||
Bayerische Motoren Werke AG | 8,834 | 774,034 | ||||||
FUCHS PETROLUB SE | 11,085 | 581,334 | ||||||
Henkel AG & Co. KGaA | 29,536 | 3,647,976 | ||||||
Porsche Automobil Holding SE | 25,942 | 1,913,048 | ||||||
Sartorius AG | 5,814 | 851,642 | ||||||
Schaeffler AG | 27,037 | 404,891 | ||||||
Volkswagen AG | 30,530 | 5,744,094 | ||||||
|
| |||||||
13,917,019 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 13,917,019 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 4.3% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) | 66,534,337 | 66,534,337 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.2% (Cost $1,525,713,574) | $ | 1,546,379,404 | ||||||
Other assets and liabilities, net — (0.2%) | (3,207,533 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,543,171,871 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
COMMON STOCK — 0.2% |
| |||||||||||||||||||||||||||||||
Germany — 0.2% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG (b) |
| |||||||||||||||||||||||||||||||
10,922,148 | 308,559 | (5,679,295) | 29,015 | (2,195,752) | 35,570 | — | 316,179 | 3,384,675 |
See Notes to Financial Statements. | 89 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2018
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 4.3% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) |
| |||||||||||||||||||||||||||||||
158,962,186 | — | (92,427,849 | ) | — | — | 530,853 | — | 66,534,337 | 66,534,337 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
169,884,334 | 308,559 | (98,107,144 | ) | 29,015 | (2,195,752 | ) | 566,423 | — | 66,850,516 | 69,919,012 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 May 31, 2018 amounted to $62,636,378, which is 4.1% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Securities are listed in country of domicile and trade on exchanges within the MSCI Europe US Dollar Hedged Index. |
(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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 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 May 31, 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 | 41 | $ | 5,439,063 | $ | 5,293,477 | 6/15/2018 | $ | (93,543 | ) | ||||||||||||||
CAC40 10 EURO Futures | EUR | 176 | 11,407,441 | 11,065,326 | 6/15/2018 | (232,208 | ) | |||||||||||||||||
DAX Index Futures | EUR | 27 | 10,276,406 | 9,952,186 | 6/15/2018 | 101,752 | ||||||||||||||||||
EURO STOXX Futures | EUR | 100 | 4,121,720 | 3,982,932 | 6/15/2018 | 101,991 | ||||||||||||||||||
FTSE 100 Index Futures | GBP | 159 | 15,929,889 | 16,211,765 | 6/15/2018 | 961,214 | ||||||||||||||||||
FTSE/MIB Index Futures | EUR | 17 | 2,341,085 | 2,163,853 | 6/15/2018 | (81,937 | ) | |||||||||||||||||
IBEX 35 Index Futures | EUR | 28 | 3,355,395 | 3,092,340 | 6/15/2018 | (230,610 | ) | |||||||||||||||||
OMXS30 Index Futures | SEK | 148 | 2,724,752 | 2,590,264 | 6/15/2018 | (99,536 | ) | |||||||||||||||||
SWISS MKT IX Futures | CHF | 98 | 8,864,487 | 8,404,972 | 6/15/2018 | (302,668 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 124,455 | ||||||||||||||||||||||
|
|
As of May 31, 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. | 6/5/2018 | CHF | 87,448,422 | USD | 88,578,874 | $ | — | $ | (188,881 | ) | ||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | CHF | 4,559,000 | USD | 4,617,962 | — | (9,819 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | CHF | 96,815,717 | USD | 98,059,603 | — | (216,771 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | EUR | 4,512,200 | USD | 5,464,274 | 187,162 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | EUR | 41,119,000 | USD | 49,793,875 | 1,704,344 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | EUR | 136,671,023 | USD | 165,511,069 | 5,671,445 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | EUR | 150,688,697 | USD | 182,474,217 | 6,240,630 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | EUR | 60,141,055 | USD | 72,832,321 | 2,496,098 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | EUR | 275,345,921 | USD | 333,424,636 | 11,401,815 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | GBP | 25,520,000 | USD | 35,200,400 | 1,266,398 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | GBP | 2,792,500 | USD | 3,851,958 | 138,764 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | GBP | 70,099,650 | USD | 96,694,006 | 3,482,344 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | GBP | 114,670,220 | USD | 158,160,048 | 5,682,798 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | GBP | 11,847,864 | USD | 16,342,884 | 588,753 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | GBP | 91,081,790 | USD | 125,625,470 | 4,513,809 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | NOK | 40,511,591 | USD | 5,062,372 | 110,465 | — |
See Notes to Financial Statements. | 90 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
RBC Capital Markets | 6/5/2018 | NOK | 34,552,800 | USD | 4,317,678 | $ | 94,140 | $ | — | |||||||||||||
RBC Capital Markets | 6/5/2018 | NOK | 5,867,000 | USD | 733,115 | 15,967 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | NOK | 53,655,800 | USD | 6,704,545 | 145,964 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | SEK | 201,284,236 | USD | 23,076,868 | 243,740 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | SEK | 194,105,900 | USD | 22,251,876 | 233,040 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | SEK | 131,633,950 | USD | 15,090,272 | 158,080 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | SEK | 21,440,000 | USD | 2,458,002 | 25,908 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 1,493,108 | CHF | 1,498,600 | 28,101 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 92,071,646 | CHF | 90,508,822 | — | (197,319 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 5,771,228 | CHF | 5,707,300 | 22,178 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 1,172,976 | CHF | 1,165,600 | 10,210 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 91,488,981 | CHF | 89,942,817 | — | (189,198 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 53,204,953 | EUR | 45,631,200 | 161,692 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 159,546,335 | EUR | 136,671,023 | 293,288 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 175,898,916 | EUR | 150,688,697 | 334,671 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 70,207,465 | EUR | 60,141,055 | 128,759 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 283,388,714 | EUR | 242,772,821 | 539,185 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 3,576,643 | EUR | 3,029,000 | — | (34,164 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 23,462,607 | EUR | 20,112,300 | 59,149 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 4,960,758 | EUR | 4,126,400 | — | (134,847 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 6,297,457 | EUR | 5,305,400 | — | (92,680 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 37,623,292 | GBP | 28,312,500 | 23,903 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 93,281,815 | GBP | 70,099,650 | — | (70,152 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 3,401,633 | GBP | 2,508,000 | — | (66,740 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 2,659,302 | GBP | 1,950,700 | — | (65,451 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 132,587,323 | GBP | 99,641,020 | — | (94,435 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 1,420,808 | GBP | 1,051,000 | — | (23,291 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 12,647,046 | GBP | 9,519,500 | 11,055 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 15,766,190 | GBP | 11,847,864 | — | (12,058 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 121,197,984 | GBP | 91,081,790 | — | (86,323 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 4,951,145 | NOK | 40,511,591 | 762 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 4,939,959 | NOK | 40,419,800 | 727 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 497,582 | NOK | 4,068,000 | — | (333 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 102,800 | NOK | 830,800 | — | (1,247 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 5,828,110 | NOK | 47,688,800 | 1,098 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 132,379 | NOK | 1,068,200 | — | (1,809 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 500,804 | SEK | 4,352,900 | — | (7,023 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 20,039,166 | SEK | 176,968,036 | 35,599 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 1,883,292 | SEK | 16,577,700 | — | (2,763 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 383,673 | SEK | 3,385,600 | 380 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 21,978,317 | SEK | 194,105,900 | 40,520 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 17,332,331 | SEK | 153,073,950 | 31,955 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/6/2018 | DKK | 106,200,642 | USD | 17,264,122 | 575,044 | — | |||||||||||||||
RBC Capital Markets | 6/6/2018 | DKK | 21,188,300 | USD | 3,443,894 | 114,223 | — | |||||||||||||||
The Bank of Nova Scotia | 6/6/2018 | DKK | 138,245,300 | USD | 22,471,420 | 746,631 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/6/2018 | USD | 16,657,161 | DKK | 106,200,642 | 31,917 | — | |||||||||||||||
RBC Capital Markets | 6/6/2018 | USD | 3,322,847 | DKK | 21,188,300 | 6,824 | — | |||||||||||||||
The Bank of Nova Scotia | 6/6/2018 | USD | 326,349 | DKK | 2,048,600 | — | (4,418 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/6/2018 | USD | 18,707,812 | DKK | 119,291,300 | 38,419 | — | |||||||||||||||
The Bank of Nova Scotia | 6/6/2018 | USD | 257,145 | DKK | 1,593,400 | — | (6,748 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/6/2018 | USD | 1,221,106 | DKK | 7,510,000 | — | (40,935 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/6/2018 | USD | 1,222,975 | DKK | 7,802,000 | 3,083 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | CHF | 90,508,822 | USD | 92,321,367 | 189,393 | — | |||||||||||||||
RBC Capital Markets | 7/5/2018 | CHF | 89,942,817 | USD | 91,734,857 | 179,039 | — | |||||||||||||||
RBC Capital Markets | 7/5/2018 | CHF | 6,123,000 | USD | 6,245,467 | 12,660 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | DKK | 106,200,642 | USD | 16,696,012 | — | (33,203 | ) | ||||||||||||||
RBC Capital Markets | 7/5/2018 | DKK | 21,188,300 | USD | 3,330,473 | — | (7,206 | ) | ||||||||||||||
RBC Capital Markets | 7/5/2018 | DKK | 16,087,000 | USD | 2,528,967 | — | (5,131 | ) |
See Notes to Financial Statements. | 91 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | DKK | 119,291,300 | USD | 18,749,861 | $ | — | $ | (41,454 | ) | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | EUR | 45,631,200 | USD | 53,330,689 | — | (166,194 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | EUR | 136,671,023 | USD | 159,920,951 | — | (308,755 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | EUR | 23,221,000 | USD | 27,170,590 | — | (53,132 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | EUR | 150,688,697 | USD | 176,308,789 | — | (354,888 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | EUR | 60,141,055 | USD | 70,371,951 | — | (135,925 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | EUR | 242,772,821 | USD | 284,053,911 | — | (566,901 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | GBP | 28,312,500 | USD | 37,681,503 | — | (25,523 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | GBP | 20,732,000 | USD | 27,630,179 | 18,981 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | GBP | 70,099,650 | USD | 93,426,290 | 66,492 | — | |||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | GBP | 99,641,020 | USD | 132,790,093 | 86,641 | — | |||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | GBP | 11,847,864 | USD | 15,790,300 | 11,131 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | GBP | 91,081,790 | USD | 121,384,702 | 80,565 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | NOK | 13,180,000 | USD | 1,612,709 | — | (339 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | NOK | 40,511,591 | USD | 4,957,133 | — | (921 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | NOK | 40,419,800 | USD | 4,945,780 | — | (1,039 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | NOK | 47,688,800 | USD | 5,834,898 | — | (1,545 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | SEK | 176,968,036 | USD | 20,087,536 | — | (36,953 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | SEK | 194,105,900 | USD | 22,031,051 | — | (42,325 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | SEK | 21,230,000 | USD | 2,409,852 | — | (4,386 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | SEK | 153,073,950 | USD | 17,372,854 | — | (34,443 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 48,285,939 | $ | (3,367,668 | ) | |||||||||||||||||||||||
|
|
|
|
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.
See Notes to Financial Statements. | 92 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Europe Hedged Equity ETF (Continued)
May 31, 2018
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | 1,465,928,048 | $ | — | $ | — | $ | 1,465,928,048 | ||||||||
Preferred Stocks (f) | 13,917,019 | — | — | 13,917,019 | ||||||||||||
Short-Term Investments | 66,534,337 | — | — | 66,534,337 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 48,285,939 | — | 48,285,939 | ||||||||||||
Futures Contracts | 1,164,957 | — | — | 1,164,957 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,547,544,361 | $ | 48,285,939 | $ | — | $ | 1,595,830,300 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (3,367,668 | ) | $ | — | $ | (3,367,668 | ) | ||||||
Futures Contracts | (1,040,502 | ) | — | — | (1,040,502 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,040,502 | ) | $ | (3,367,668 | ) | $ | — | $ | (4,408,170 | ) | |||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 93 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 95.8% | ||||||||
Austria — 1.1% | ||||||||
Agrana Beteiligungs AG | 36 | $ | 4,040 | |||||
ANDRITZ AG | 538 | 26,856 | ||||||
AT&S Austria Technologie & Systemtechnik AG | 199 | 4,132 | ||||||
BAWAG Group AG, 144A | 290 | 13,764 | ||||||
BUWOG AG* | 247 | 8,385 | ||||||
CA Immobilien Anlagen AG | 533 | 18,718 | ||||||
DO & CO AG | 51 | 3,005 | ||||||
Erste Group Bank AG* | 2,295 | 95,728 | ||||||
EVN AG | 312 | 6,171 | ||||||
FACC AG* | 173 | 3,369 | ||||||
IMMOFINANZ AG* | 5,785 | 13,945 | ||||||
Kapsch TrafficCom AG | 41 | 1,773 | ||||||
Lenzing AG | 99 | 11,059 | ||||||
Oesterreichische Post AG | 231 | 10,748 | ||||||
OMV AG | 1,139 | 65,512 | ||||||
POLYTEC Holding AG | 98 | 1,515 | ||||||
Porr AG* | 69 | 2,549 | ||||||
Raiffeisen Bank International AG* | 1,128 | 35,723 | ||||||
S IMMO AG | 398 | 7,863 | ||||||
S&T AG | 359 | 8,562 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 85 | 10,742 | ||||||
Semperit AG Holding* | 83 | 1,725 | ||||||
Telekom Austria AG* | 1,320 | 11,697 | ||||||
UNIQA Insurance Group AG | 816 | 9,644 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 314 | 9,023 | ||||||
voestalpine AG | 879 | 47,228 | ||||||
Wienerberger AG* | 837 | 22,329 | ||||||
Zumtobel Group AG | 230 | 1,904 | ||||||
|
| |||||||
457,709 | ||||||||
|
| |||||||
Belgium — 3.6% | ||||||||
Ackermans & van Haaren NV | 175 | 29,869 | ||||||
Aedifica SA REIT | 127 | 12,041 | ||||||
Ageas | 1,427 | 72,401 | ||||||
AGFA-Gevaert NV* | 1,456 | 5,219 | ||||||
Anheuser-Busch InBev SA/NV | 5,785 | 542,521 | ||||||
Barco NV | 70 | 8,674 | ||||||
Befimmo SA REIT | 150 | 9,364 | ||||||
Bekaert SA | 285 | 10,662 | ||||||
Biocartis NV, 144A* | 175 | 2,578 | ||||||
bpost SA | 745 | 13,195 | ||||||
Cie d’Entreprises CFE | 65 | 8,191 | ||||||
Cofinimmo SA REIT | 149 | 18,481 | ||||||
Colruyt SA | 447 | 23,761 | ||||||
D’ieteren SA/NV | 200 | 8,660 | ||||||
Econocom Group SA/NV* | 1,013 | 6,265 | ||||||
Elia System Operator SA/NV (a) | 234 | 14,827 | ||||||
Euronav NV (a) | 959 | 8,834 | ||||||
EVS Broadcast Equipment SA | 107 | 2,571 | ||||||
Exmar NV* | 272 | 2,130 | ||||||
Fagron | 334 | 5,498 | ||||||
Galapagos NV* | 322 | 32,719 | ||||||
Gimv NV | 199 | 11,841 |
Number of Shares | Value | |||||||
Belgium (Continued) | ||||||||
Greenyard NV | 124 | $ | 2,221 | |||||
Groupe Bruxelles Lambert SA | 621 | 65,861 | ||||||
Intervest Offices & Warehouses NV REIT | 73 | 1,813 | ||||||
Ion Beam Applications* | 176 | 4,634 | ||||||
KBC Ancora | 307 | 17,213 | ||||||
KBC Group NV | 1,909 | 147,739 | ||||||
Kinepolis Group NV | 123 | 8,067 | ||||||
Melexis NV | 159 | 15,939 | ||||||
Mithra Pharmaceuticals SA* | 108 | 3,901 | ||||||
Nyrstar NV*(a) | 583 | 3,376 | ||||||
Ontex Group NV*(a) | 630 | 17,160 | ||||||
Orange Belgium SA | 265 | 5,229 | ||||||
Proximus SADP | 1,133 | 30,345 | ||||||
Recticel SA | 229 | 2,677 | ||||||
Retail Estates NV REIT | 45 | 4,088 | ||||||
Sioen Industries NV | 59 | 2,007 | ||||||
Sofina SA | 119 | 20,061 | ||||||
Solvay SA | 567 | 76,227 | ||||||
Telenet Group Holding NV* | 366 | 18,510 | ||||||
Tessenderlo Group SA* | 185 | 7,267 | ||||||
UCB SA | 963 | 75,991 | ||||||
Umicore SA | 1,597 | 90,361 | ||||||
Van de Velde NV | 48 | 1,843 | ||||||
Warehouses De Pauw CVA REIT | 133 | 16,543 | ||||||
X-Fab Silicon Foundries SE, 144A* | 408 | 4,293 | ||||||
|
| |||||||
1,493,668 | ||||||||
|
| |||||||
Finland — 3.5% | ||||||||
Amer Sports OYJ* | 879 | 28,362 | ||||||
Atria OYJ | 98 | 1,292 | ||||||
Cargotec OYJ, Class B | 293 | 15,023 | ||||||
Caverion OYJ* | 531 | 4,457 | ||||||
Citycon OYJ | 3,036 | 6,719 | ||||||
Cramo OYJ | 318 | 7,138 | ||||||
DNA OYJ | 473 | 11,137 | ||||||
Elisa OYJ | 1,101 | 49,232 | ||||||
Ferratum OYJ | 69 | 1,920 | ||||||
Finnair OYJ | 403 | 5,003 | ||||||
Fortum OYJ | 3,444 | 80,967 | ||||||
F-Secure OYJ | 691 | 3,110 | ||||||
Huhtamaki OYJ | 831 | 33,905 | ||||||
Kemira OYJ | 679 | 8,827 | ||||||
Kesko OYJ, Class B | 482 | 28,242 | ||||||
Kone OYJ, Class B | 2,577 | 127,585 | ||||||
Konecranes OYJ | 495 | 20,711 | ||||||
Lehto Group OYJ | 163 | 1,947 | ||||||
Metsa Board OYJ | 1,333 | 15,248 | ||||||
Metso OYJ | 811 | 28,083 | ||||||
Neste OYJ | 993 | 80,819 | ||||||
Nokia OYJ (a) | 42,840 | 247,404 | ||||||
Nokian Renkaat OYJ | 891 | 34,592 | ||||||
Oriola OYJ, Class B | 910 | 3,154 | ||||||
Orion OYJ, Class B | 750 | 22,174 | ||||||
Outokumpu OYJ | 2,330 | 14,698 | ||||||
Outotec OYJ* | 1,040 | 9,705 | ||||||
Ponsse OYJ | 97 | 3,425 | ||||||
Ramirent OYJ | 547 | 5,678 |
See Notes to Financial Statements. | 94 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Finland (Continued) | ||||||||
Sampo OYJ, Class A | 3,356 | $ | 165,093 | |||||
Sanoma OYJ | 559 | 5,741 | ||||||
Stockmann OYJ Abp, Class B* | 258 | 1,203 | ||||||
Stora Enso OYJ, Class R | 4,267 | 87,320 | ||||||
Technopolis OYJ | 960 | 4,478 | ||||||
Tieto OYJ | 425 | 14,806 | ||||||
Tikkurila OYJ | 228 | 4,067 | ||||||
Tokmanni Group Corp. | 473 | 3,920 | ||||||
UPM-Kymmene OYJ | 4,056 | 148,935 | ||||||
Uponor OYJ | 421 | 6,876 | ||||||
Valmet OYJ | 959 | 17,646 | ||||||
Wartsila OYJ Abp | 3,385 | 71,566 | ||||||
YIT OYJ | 927 | 5,592 | ||||||
|
| |||||||
1,437,800 | ||||||||
|
| |||||||
France — 29.9% | ||||||||
ABC arbitrage | 185 | 1,473 | ||||||
Accor SA | 1,396 | 76,393 | ||||||
Aeroports de Paris | 222 | 46,378 | ||||||
Air France-KLM* | 1,444 | 11,499 | ||||||
Air Liquide SA | 3,263 | 402,058 | ||||||
Airbus SE | 4,413 | 502,021 | ||||||
Akka Technologies | 90 | 6,197 | ||||||
AKWEL | 64 | 2,065 | ||||||
Albioma SA | 166 | 3,870 | ||||||
ALD SA, 144A | 721 | 12,104 | ||||||
Alstom SA | 1,216 | 57,573 | ||||||
Alten SA | 204 | 20,557 | ||||||
Altran Technologies SA | 1,908 | 28,194 | ||||||
Amundi SA, 144A | 447 | 32,681 | ||||||
Arkema SA | 512 | 62,399 | ||||||
Assystem | 43 | 1,458 | ||||||
Atos SE | 726 | 98,622 | ||||||
Aubay | 47 | 2,118 | ||||||
AXA SA (a) | 14,764 | 368,064 | ||||||
Axway Software SA | 42 | 1,056 | ||||||
Beneteau SA | 230 | 4,963 | ||||||
BioMerieux | 307 | 27,025 | ||||||
BNP Paribas SA (a) | 8,551 | 530,414 | ||||||
Boiron SA | 51 | 4,173 | ||||||
Bollore SA | 6,406 | 31,543 | ||||||
Bonduelle SCA | 96 | 3,675 | ||||||
Bourbon Corp. | 244 | 1,569 | ||||||
Bouygues SA | 1,687 | 77,980 | ||||||
Bureau Veritas SA | 2,054 | 50,930 | ||||||
Capgemini SE* | 1,224 | 161,192 | ||||||
Carrefour SA | 4,427 | 79,830 | ||||||
Casino Guichard Perrachon SA | 417 | 18,037 | ||||||
Cellectis SA* | 198 | 5,995 | ||||||
CGG SA* | 4,914 | 12,811 | ||||||
Chargeurs SA | 138 | 3,856 | ||||||
Cie de Saint-Gobain (a) | 3,807 | 190,817 | ||||||
Cie des Alpes | 36 | 1,298 | ||||||
Cie Generale des Etablissements Michelin | 1,300 | 168,237 | ||||||
Cie Plastic Omnium SA | 433 | 20,005 | ||||||
CNP Assurances | 1,256 | 29,396 | ||||||
Coface SA | 743 | 7,904 |
Number of Shares | Value | |||||||
France (Continued) | ||||||||
Covivio REIT | 284 | $ | 29,632 | |||||
Credit Agricole SA | 8,702 | 119,431 | ||||||
Danone SA | 4,581 | 350,189 | ||||||
Dassault Aviation SA* | 19 | 36,827 | ||||||
Dassault Systemes SE | 988 | 138,775 | ||||||
DBV Technologies SA* | 124 | 5,613 | ||||||
Derichebourg SA | 581 | 3,525 | ||||||
Devoteam SA | 39 | 4,742 | ||||||
Direct Energie | 69 | 3,422 | ||||||
Edenred | 1,821 | 58,394 | ||||||
Eiffage SA | 604 | 68,068 | ||||||
Electricite de France SA | 4,575 | 60,971 | ||||||
Elior Group SA, 144A | 839 | 13,967 | ||||||
Elis SA | 1,542 | 33,295 | ||||||
Engie SA | 13,864 | 219,370 | ||||||
Eramet | 69 | 12,108 | ||||||
Essilor International SA | 1,582 | 216,198 | ||||||
Esso SA Francaise* | 32 | 1,912 | ||||||
Etablissements Maurel et Prom* | 387 | 2,574 | ||||||
Eurazeo SA | 327 | 25,613 | ||||||
Europcar Groupe SA, 144A | 683 | 7,098 | ||||||
Eutelsat Communications SA | 1,295 | 24,874 | ||||||
Faurecia SA | 601 | 50,938 | ||||||
FFP | 43 | 5,188 | ||||||
FIGEAC-AERO* | 69 | 1,428 | ||||||
Fnac Darty SA* | 128 | 13,467 | ||||||
Gaztransport Et Technigaz SA | 173 | 10,294 | ||||||
Gecina SA REIT | 336 | 58,134 | ||||||
Genfit* | 228 | 6,424 | ||||||
Getlink | 3,404 | 46,122 | ||||||
GL Events | 92 | 2,775 | ||||||
Groupe Crit | 15 | 1,561 | ||||||
Groupe Guillin | 47 | 1,926 | ||||||
Guerbet | 47 | 3,011 | ||||||
Haulotte Group SA | 129 | 2,452 | ||||||
Hermes International | 240 | 170,811 | ||||||
ICADE REIT | 231 | 21,469 | ||||||
ID Logistics Group* | 13 | 2,356 | ||||||
Iliad SA | 195 | 33,043 | ||||||
Imerys SA | 258 | 21,988 | ||||||
Ingenico Group SA | 440 | 35,184 | ||||||
Innate Pharma SA* | 311 | 1,994 | ||||||
Interparfums SA | 69 | 3,206 | ||||||
Ipsen SA | 275 | 43,642 | ||||||
IPSOS | 255 | 8,681 | ||||||
Jacquet Metal Service | 113 | 3,593 | ||||||
JCDecaux SA | 558 | 17,365 | ||||||
Kaufman & Broad SA | 107 | 5,028 | ||||||
Kering | 576 | 329,749 | ||||||
Klepierre SA REIT | 1,610 | 62,714 | ||||||
Korian SA | 340 | 11,487 | ||||||
Lagardere SCA | 828 | 22,360 | ||||||
Legrand SA | 2,056 | 155,125 | ||||||
LISI | 123 | 4,875 | ||||||
LNA Sante SA | 42 | 2,602 | ||||||
L’Oreal SA (a) | 1,909 | 458,838 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 2,118 | 735,506 |
See Notes to Financial Statements. | 95 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
France (Continued) | ||||||||
Maisons du Monde SA, 144A | 316 | $ | 12,760 | |||||
Manitou BF SA | 68 | 2,818 | ||||||
Mercialys SA REIT | 393 | 7,186 | ||||||
Mersen SA | 78 | 3,319 | ||||||
Metropole Television SA | 203 | 4,298 | ||||||
Natixis SA | 6,918 | 50,126 | ||||||
Naturex* | 53 | 8,315 | ||||||
Neopost SA | 282 | 7,840 | ||||||
Nexans SA | 215 | 9,589 | ||||||
Nexity SA* | 332 | 19,328 | ||||||
Oeneo SA | 262 | 3,198 | ||||||
Orange SA | 15,190 | 261,483 | ||||||
Orpea | 348 | 45,687 | ||||||
Pernod Ricard SA | 1,614 | 271,138 | ||||||
Peugeot SA | 4,484 | 104,551 | ||||||
Pierre & Vacances SA* | 48 | 2,020 | ||||||
Plastivaloire | 69 | 1,478 | ||||||
Publicis Groupe SA (a) | 1,583 | 110,184 | ||||||
Rallye SA | 175 | 2,312 | ||||||
Remy Cointreau SA | 161 | 23,847 | ||||||
Renault SA | 1,465 | 141,516 | ||||||
Rexel SA | 2,197 | 32,323 | ||||||
Rubis SCA | 659 | 46,494 | ||||||
Safran SA | 2,536 | 302,844 | ||||||
Sanofi | 8,580 | 658,295 | ||||||
Sartorius Stedim Biotech | 206 | 20,422 | ||||||
Schneider Electric SE | 4,107 | 354,237 | ||||||
SCOR SE | 1,196 | 44,154 | ||||||
SEB SA | 167 | 30,163 | ||||||
Societe BIC SA | 210 | 20,425 | ||||||
Societe Generale SA | 5,848 | 251,962 | ||||||
Sodexo SA | 668 | 64,832 | ||||||
SOITEC* | 128 | 11,694 | ||||||
Solocal Group* | 4,355 | 5,458 | ||||||
Sopra Steria Group | 100 | 19,932 | ||||||
SPIE SA | 948 | 18,197 | ||||||
SRP Groupe SA, 144A* | 123 | 963 | ||||||
Ste Industrielle d’Aviation Latecoere SA* | 621 | 3,590 | ||||||
Suez | 2,912 | 40,102 | ||||||
Synergie SA | 49 | 2,744 | ||||||
Tarkett SA | 235 | 6,527 | ||||||
Technicolor SA | 2,752 | 4,752 | ||||||
Teleperformance | 442 | 69,860 | ||||||
Television Francaise 1 | 337 | 3,672 | ||||||
Thales SA | 810 | 103,120 | ||||||
TOTAL SA (a) | 18,265 | 1,111,402 | ||||||
Trigano SA | 58 | 11,527 | ||||||
Ubisoft Entertainment SA* | 602 | 65,183 | ||||||
Unibail-Rodamco SE REIT | 1,052 | 236,805 | ||||||
Valeo SA* | 1,833 | 116,400 | ||||||
Vallourec SA* | 2,380 | 14,663 | ||||||
Veolia Environnement SA | 4,070 | 92,400 | ||||||
Vicat SA | 145 | 9,976 | ||||||
Vinci SA | 3,832 | 375,047 | ||||||
Virbac SA* | 35 | 5,074 | ||||||
Vivendi SA | 7,890 | 198,495 | ||||||
Wendel SA | 196 | 25,892 |
Number of Shares | Value | |||||||
France (Continued) | ||||||||
Worldline SA, 144A* | 294 | $ | 16,965 | |||||
|
| |||||||
12,449,948 | ||||||||
|
| |||||||
Germany — 26.2% | ||||||||
1&1 Drillisch AG | 377 | 26,091 | ||||||
Aareal Bank AG | 433 | 18,567 | ||||||
adidas AG | 1,431 | 323,874 | ||||||
ADLER Real Estate AG* | 205 | 3,480 | ||||||
ADO Properties SA, 144A* | 233 | 12,219 | ||||||
ADVA Optical Networking SE* | 366 | 2,631 | ||||||
AIXTRON SE* | 745 | 11,196 | ||||||
Allianz SE | 3,345 | 689,725 | ||||||
alstria office REIT-AG REIT | 1,041 | 15,370 | ||||||
Amadeus Fire AG | 41 | 4,553 | ||||||
Aumann AG, 144A* | 43 | 3,036 | ||||||
AURELIUS Equity Opportunities SE & Co KGaA | 176 | 11,738 | ||||||
Aurubis AG | 302 | 24,516 | ||||||
Axel Springer SE | 371 | 26,934 | ||||||
BASF SE | 6,979 | 687,375 | ||||||
Basler AG | 15 | 3,188 | ||||||
Bauer AG | 63 | 1,701 | ||||||
Bayer AG | 6,286 | 748,529 | ||||||
Bayerische Motoren Werke AG | 2,523 | 251,828 | ||||||
BayWa AG* | 108 | 3,706 | ||||||
Bechtle AG | 205 | 18,058 | ||||||
Beiersdorf AG | 775 | 89,024 | ||||||
Bertrandt AG | 43 | 4,914 | ||||||
bet-at-home.com AG | 15 | 1,345 | ||||||
Bilfinger SE | 208 | 9,211 | ||||||
Borussia Dortmund GmbH & Co. KGaA | 541 | 3,728 | ||||||
Brenntag AG | 1,175 | 67,775 | ||||||
CANCOM SE | 127 | 14,431 | ||||||
Carl Zeiss Meditec AG | 285 | 19,707 | ||||||
CECONOMY AG | 1,254 | 12,282 | ||||||
Cewe Stiftung & Co. KGaA | 41 | 4,055 | ||||||
comdirect bank AG | 178 | 2,530 | ||||||
Commerzbank AG* | 7,801 | 79,734 | ||||||
CompuGroup Medical SE | 166 | 7,324 | ||||||
Continental AG | 838 | 212,684 | ||||||
Covestro AG, 144A | 1,465 | 133,484 | ||||||
CTS Eventim AG & Co. KGaA | 452 | 21,823 | ||||||
Daimler AG | 6,891 | 496,887 | ||||||
Delivery Hero AG, 144A* | 717 | 32,958 | ||||||
Deutsche Bank AG (b) | 14,844 | 158,904 | ||||||
Deutsche Beteiligungs AG | 100 | 4,027 | ||||||
Deutsche Boerse AG | 1,469 | 196,462 | ||||||
Deutsche EuroShop AG | 347 | 12,697 | ||||||
Deutsche Lufthansa AG | 1,745 | 47,430 | ||||||
Deutsche Pfandbriefbank AG, 144A* | 1,077 | 16,431 | ||||||
Deutsche Post AG | 7,505 | 284,881 | ||||||
Deutsche Telekom AG | 25,369 | 392,072 | ||||||
Deutsche Wohnen SE | 2,712 | 127,230 | ||||||
Deutz AG | 986 | 8,023 | ||||||
DIC Asset AG | 369 | 4,094 | ||||||
Diebold Nixdorf AG | 65 | 4,498 | ||||||
DMG Mori AG | 164 | 9,557 |
See Notes to Financial Statements. | 96 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
Draegerwerk AG & Co. KGaA | 23 | $ | 1,344 | |||||
Duerr AG | 185 | 18,582 | ||||||
E.ON SE | 16,735 | 177,484 | ||||||
Elmos Semiconductor AG | 79 | 2,438 | ||||||
ElringKlinger AG | 235 | 3,758 | ||||||
Encavis AG | 662 | 4,930 | ||||||
Evonik Industries AG | 1,304 | 45,703 | ||||||
Evotec AG* | 931 | 16,299 | ||||||
FinTech Group AG* | 109 | 3,963 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 308 | 28,812 | ||||||
Freenet AG | 901 | 25,859 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,639 | 163,670 | ||||||
Fresenius SE & Co. KGaA | 3,161 | 243,006 | ||||||
GEA Group AG | 1,345 | 49,529 | ||||||
Gerresheimer AG | 234 | 18,233 | ||||||
Gerry Weber International AG* | 211 | 1,850 | ||||||
GFT Technologies SE | 132 | 2,102 | ||||||
Grammer AG* | 71 | 5,569 | ||||||
GRENKE AG | 205 | 23,187 | ||||||
H&R GmbH & Co. KGaA | 116 | 1,532 | ||||||
Hamborner REIT AG REIT | 636 | 6,811 | ||||||
Hamburger Hafen und Logistik AG | 199 | 4,853 | ||||||
Hannover Rueck SE | 474 | 59,846 | ||||||
Hapag-Lloyd AG, 144A* | 237 | 10,002 | ||||||
HeidelbergCement AG | 1,146 | 101,551 | ||||||
Heidelberger Druckmaschinen AG* | 2,095 | 7,396 | ||||||
HelloFresh SE* | 320 | 4,500 | ||||||
Henkel AG & Co. KGaA | 793 | 89,414 | ||||||
HOCHTIEF AG | 138 | 25,361 | ||||||
Hornbach Baumarkt AG | 66 | 2,153 | ||||||
Hornbach Holding AG & Co. KGAA | 75 | 5,760 | ||||||
HUGO BOSS AG | 463 | 41,613 | ||||||
Hypoport AG* | 25 | 4,524 | ||||||
Indus Holding AG | 118 | 7,739 | ||||||
Infineon Technologies AG | 8,723 | 239,541 | ||||||
Innogy SE, 144A | 1,013 | 42,763 | ||||||
Instone Real Estate Group BV, 144A* | 160 | 3,966 | ||||||
Isra Vision AG | 115 | 5,855 | ||||||
Jenoptik AG | 365 | 15,088 | ||||||
JOST Werke AG, 144A | 58 | 2,434 | ||||||
K+S AG | 1,418 | 37,961 | ||||||
KION Group AG | 528 | 42,924 | ||||||
Kloeckner & Co. SE | 582 | 6,967 | ||||||
Koenig & Bauer AG | 101 | 7,740 | ||||||
Krones AG | 120 | 15,445 | ||||||
KWS Saat SE | 13 | 4,886 | ||||||
LANXESS AG | 662 | 52,378 | ||||||
LEG Immobilien AG | 460 | 50,420 | ||||||
Leoni AG | 227 | 13,656 | ||||||
Linde AG | 1,392 | 318,953 | ||||||
MAN SE | 283 | 30,801 | ||||||
MBB SE | 16 | 1,796 | ||||||
Merck KGaA | 993 | 101,390 | ||||||
METRO AG | 1,337 | 18,006 | ||||||
MLP SE | 494 | 3,165 | ||||||
MorphoSys AG* | 206 | 21,445 |
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
MTU Aero Engines AG | 395 | $ | 74,669 | |||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,176 | 242,376 | ||||||
Nemetschek SE | 150 | 18,202 | ||||||
Nordex SE* | 520 | 6,371 | ||||||
Norma Group SE | 243 | 18,593 | ||||||
OHB SE | 48 | 1,827 | ||||||
OSRAM Licht AG | 728 | 42,962 | ||||||
PATRIZIA Immobilien AG* | 364 | 7,519 | ||||||
Pfeiffer Vacuum Technology AG | 43 | 7,540 | ||||||
ProSiebenSat.1 Media SE | 1,829 | 53,818 | ||||||
Puma SE | 60 | 36,404 | ||||||
Rational AG | 23 | 14,385 | ||||||
Rheinmetall AG | 339 | 43,237 | ||||||
RHOEN-KLINIKUM AG | 206 | 6,353 | ||||||
RIB Software SE | 269 | 6,856 | ||||||
Rocket Internet SE, 144A* | 586 | 16,688 | ||||||
RWE AG | 3,947 | 89,493 | ||||||
SAF-Holland SA | 371 | 6,788 | ||||||
Salzgitter AG | 272 | 13,915 | ||||||
SAP SE | 7,467 | 840,976 | ||||||
Scout24 AG, 144A | 826 | 42,353 | ||||||
Senvion SA* | 174 | 2,156 | ||||||
SGL Carbon SE* | 397 | 4,630 | ||||||
Siemens AG | 5,811 | 757,454 | ||||||
Siemens Healthineers AG, 144A* | 1,176 | 46,750 | ||||||
Siltronic AG | 154 | 26,015 | ||||||
Sixt Leasing SE | 102 | 2,139 | ||||||
Sixt SE | 77 | 9,776 | ||||||
SLM Solutions Group AG* | 98 | 3,953 | ||||||
SMA Solar Technology AG | 96 | 5,780 | ||||||
Software AG | 361 | 17,252 | ||||||
STADA Arzneimittel AG | 187 | 17,708 | ||||||
STRATEC Biomedical AG | 41 | 3,207 | ||||||
Stroeer SE & Co. KGaA | 193 | 12,398 | ||||||
Suedzucker AG | 529 | 9,484 | ||||||
Surteco SE | 62 | 1,953 | ||||||
Symrise AG | 947 | 76,898 | ||||||
TAG Immobilien AG | 861 | 18,148 | ||||||
Takkt AG | 256 | 5,070 | ||||||
Telefonica Deutschland Holding AG | 5,445 | 23,017 | ||||||
thyssenkrupp AG | 3,350 | 88,391 | ||||||
TLG Immobilien AG | 812 | 22,991 | ||||||
Uniper SE | 1,490 | 47,257 | ||||||
United Internet AG | 955 | 60,957 | ||||||
Vapiano SE, 144A* | 74 | 1,946 | ||||||
Varta AG* | 157 | 4,038 | ||||||
VERBIO Vereinigte BioEnergie AG | 204 | 1,251 | ||||||
Volkswagen AG | 240 | 44,639 | ||||||
Vonovia SE | 3,719 | 175,472 | ||||||
Vossloh AG | 83 | 4,027 | ||||||
VTG AG | 86 | 5,459 | ||||||
Wacker Neuson SE | 231 | 7,027 | ||||||
Washtec AG | 72 | 6,591 | ||||||
Wirecard AG | 896 | 138,422 | ||||||
Wuestenrot & Wuerttembergische AG | 152 | 3,369 | ||||||
XING AG | 21 | 6,604 |
See Notes to Financial Statements. | 97 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
Zalando SE, 144A* | 862 | $ | 45,901 | |||||
zooplus AG* | 42 | 8,057 | ||||||
|
| |||||||
10,922,982 | ||||||||
|
| |||||||
Ireland — 2.0% | ||||||||
AerCap Holdings NV* | 1,034 | 57,191 | ||||||
AIB Group PLC | 6,012 | 32,850 | ||||||
Bank of Ireland Group PLC | 7,354 | 60,782 | ||||||
C&C Group PLC | 2,382 | 8,326 | ||||||
Cairn Homes PLC* | 4,819 | 10,310 | ||||||
CRH PLC | 6,380 | 235,689 | ||||||
Dalata Hotel Group PLC* | 1,326 | 10,339 | ||||||
Glanbia PLC | 1,650 | 30,554 | ||||||
Glenveagh Properties PLC, 144A* | 4,157 | 5,491 | ||||||
Green REIT PLC REIT | 4,985 | 8,707 | ||||||
Hibernia REIT PLC REIT | 5,348 | 9,266 | ||||||
Irish Continental Group PLC | 1,335 | 8,506 | ||||||
Irish Residential Properties REIT PLC REIT | 2,991 | 4,748 | ||||||
Kerry Group PLC, Class A | 1,192 | 125,624 | ||||||
Kingspan Group PLC | 1,195 | 55,321 | ||||||
Origin Enterprises PLC | 1,003 | 6,332 | ||||||
Paddy Power Betfair PLC | 643 | 78,176 | ||||||
Permanent TSB Group Holdings PLC* | 1,101 | 2,278 | ||||||
Ryanair Holdings PLC* | 1,136 | 21,707 | ||||||
Smurfit Kappa Group PLC | 1,714 | 70,932 | ||||||
|
| |||||||
843,129 | ||||||||
|
| |||||||
Italy — 7.0% | ||||||||
A2A SpA | 11,348 | 19,263 | ||||||
ACEA SpA | 344 | 5,365 | ||||||
Aeroporto Guglielmo Marconi Di Bologna SpA | 100 | 1,899 | ||||||
Amplifon SpA | 720 | 12,979 | ||||||
Anima Holding SpA, 144A | 2,216 | 12,611 | ||||||
Arnoldo Mondadori Editore SpA* | 755 | 1,079 | ||||||
Ascopiave SpA | 402 | 1,412 | ||||||
Assicurazioni Generali SpA (a) | 8,961 | 152,423 | ||||||
ASTM SpA | 307 | 7,077 | ||||||
Atlantia SpA | 3,836 | 111,170 | ||||||
Autogrill SpA | 998 | 12,390 | ||||||
Azimut Holding SpA | 925 | 15,026 | ||||||
Banca Carige SpA* | 231,170 | 2,108 | ||||||
Banca Farmafactoring SpA, 144A | 413 | 2,450 | ||||||
Banca Generali SpA | 457 | 11,112 | ||||||
Banca IFIS SpA | 139 | 3,822 | ||||||
Banca Mediolanum SpA | 1,979 | 13,985 | ||||||
Banca Monte dei Paschi di Siena SpA* | 2,391 | 7,491 | ||||||
Banca Popolare di Sondrio SCPA | 3,555 | 14,463 | ||||||
Banco BPM SpA* | 10,922 | 28,339 | ||||||
Beni Stabili SpA SIIQ REIT | 7,401 | 6,623 | ||||||
Biesse SpA | 85 | 3,738 | ||||||
Bio On SpA* | 85 | 3,379 | ||||||
BPER Banca | 3,616 | 17,344 | ||||||
Brembo SpA | 1,066 | 15,254 | ||||||
Brunello Cucinelli SpA | 257 | 10,290 | ||||||
Buzzi Unicem SpA | 528 | 12,752 | ||||||
Buzzi Unicem SpA-RSP | 335 | 4,347 | ||||||
Cairo Communication SpA | 632 | 2,372 |
Number of Shares | Value | |||||||
Italy (Continued) | ||||||||
Cementir Holding SpA | 204 | $ | 1,562 | |||||
Cerved Group SpA | 1,390 | 14,552 | ||||||
CIR-Compagnie Industriali Riunite SpA | 3,039 | 3,901 | ||||||
Credito Emiliano SpA | 729 | 5,147 | ||||||
Credito Valtellinese SpA* | 47,964 | 5,338 | ||||||
Danieli & C Officine Meccaniche SpA | 96 | 2,238 | ||||||
Danieli & C Officine Meccaniche SpA-RSP | 252 | 4,260 | ||||||
Datalogic SpA | 151 | 5,260 | ||||||
Davide Campari-Milano SpA | 4,257 | 31,801 | ||||||
De’ Longhi SpA | 473 | 13,393 | ||||||
DeA Capital SpA* | 723 | 1,051 | ||||||
DiaSorin SpA | 176 | 16,995 | ||||||
doBank SpA, 144A | 272 | 3,218 | ||||||
Ei Towers SpA | 132 | 7,137 | ||||||
El.En. SpA | 69 | 2,404 | ||||||
Enav SpA, 144A | 1,884 | 9,079 | ||||||
Enel SpA | 61,841 | 340,003 | ||||||
Eni SpA | 19,230 | 348,226 | ||||||
ERG SpA | 446 | 9,281 | ||||||
Falck Renewables SpA | 1,040 | 2,385 | ||||||
Ferrari NV | 935 | 121,876 | ||||||
Fila SpA | 150 | 2,981 | ||||||
Fincantieri SpA | 3,948 | 6,245 | ||||||
FinecoBank Banca Fineco SpA | 2,876 | 28,760 | ||||||
Geox SpA | 640 | 1,900 | ||||||
Gima TT SpA, 144A | 304 | 5,631 | ||||||
Hera SpA | 5,406 | 16,760 | ||||||
IMA Industria Macchine Automatiche SpA | 123 | 11,877 | ||||||
Immobiliare Grande Distribuzione SIIQ SpA REIT* | 498 | 4,235 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 1,865 | 13,638 | ||||||
Interpump Group SpA | 634 | 19,878 | ||||||
Intesa Sanpaolo SpA | 102,949 | 302,625 | ||||||
Intesa Sanpaolo SpA-RSP | 7,051 | 21,226 | ||||||
Iren SpA | 4,112 | 10,210 | ||||||
Italgas SpA | 3,554 | 18,530 | ||||||
Italmobiliare SpA | 122 | 2,945 | ||||||
Juventus Football Club SpA* | 2,728 | 1,882 | ||||||
La Doria SpA | 38 | 519 | ||||||
Leonardo SpA | 2,930 | 29,882 | ||||||
Luxottica Group SpA | 1,298 | 80,848 | ||||||
Maire Tecnimont SpA | 950 | 4,307 | ||||||
MARR SpA | 285 | 7,596 | ||||||
Mediaset SpA* | 2,288 | 7,623 | ||||||
Mediobanca SpA | 4,844 | 45,688 | ||||||
Moncler SpA | 1,375 | 63,124 | ||||||
OVS SpA, 144A | 1,444 | 5,074 | ||||||
Piaggio & C SpA | 1,367 | 3,225 | ||||||
Pirelli & C SpA, 144A* | 3,091 | 26,444 | ||||||
Poste Italiane SpA, 144A | 4,175 | 35,747 | ||||||
Prima Industrie SpA | 49 | 2,062 | ||||||
Prysmian SpA | 1,504 | 41,846 | ||||||
RAI Way SpA, 144A | 838 | 4,085 | ||||||
Recordati SpA | 744 | 27,572 | ||||||
Reply SpA | 150 | 8,987 | ||||||
Safilo Group SpA* | 265 | 1,357 | ||||||
Saipem SpA* | 4,891 | 20,870 |
See Notes to Financial Statements. | 98 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Italy (Continued) | ||||||||
Salini Impregilo SpA | 1,457 | $ | 3,587 | |||||
Salvatore Ferragamo SpA | 344 | 9,929 | ||||||
Saras SpA | 3,670 | 8,229 | ||||||
Snam SpA | 17,279 | 70,861 | ||||||
Societa Cattolica di Assicurazioni SC | 1,126 | 9,669 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 581 | 9,387 | ||||||
Sogefi SpA* | 380 | 1,279 | ||||||
Tamburi Investment Partners SpA | 670 | 4,645 | ||||||
Technogym SpA, 144A | 717 | 8,399 | ||||||
Telecom Italia SpA* | 89,355 | 71,785 | ||||||
Telecom Italia SpA-RSP | 43,309 | 30,327 | ||||||
Terna Rete Elettrica Nazionale SpA | 10,872 | 57,588 | ||||||
Tod’s SpA (a) | 77 | 5,041 | ||||||
UniCredit SpA | 15,275 | 252,393 | ||||||
Unione di Banche Italiane SpA | 7,433 | 28,058 | ||||||
Unipol Gruppo SpA | 2,698 | 11,490 | ||||||
Vittoria Assicurazioni SpA | 144 | 2,350 | ||||||
Zignago Vetro SpA | 111 | 1,071 | ||||||
|
| |||||||
2,933,937 | ||||||||
|
| |||||||
Luxembourg — 1.0% | ||||||||
APERAM SA | 367 | 17,007 | ||||||
ArcelorMittal | 5,084 | 164,633 | ||||||
Corestate Capital Holding SA | 103 | 5,792 | ||||||
Eurofins Scientific SE | 89 | 45,717 | ||||||
Grand City Properties SA | 797 | 19,566 | ||||||
RTL Group SA | 281 | 21,205 | ||||||
SES SA | 2,687 | 46,411 | ||||||
Solutions 30 SE* | 138 | 6,510 | ||||||
Stabilus SA | 190 | 19,169 | ||||||
Tenaris SA | 3,624 | 65,032 | ||||||
|
| |||||||
411,042 | ||||||||
|
| |||||||
Netherlands — 8.7% | ||||||||
Aalberts Industries NV | 728 | 35,626 | ||||||
ABN AMRO Group NV, 144A (a) | 3,246 | 84,319 | ||||||
Accell Group | 191 | 4,024 | ||||||
Aegon NV | 13,606 | 84,715 | ||||||
Akzo Nobel NV | 1,924 | 168,918 | ||||||
AMG Advanced Metallurgical Group NV | 184 | 10,583 | ||||||
Arcadis NV | 487 | 9,861 | ||||||
ASM International NV (a) | 344 | 20,039 | ||||||
ASML Holding NV | 3,121 | 610,773 | ||||||
ASR Nederland NV | 1,115 | 47,186 | ||||||
Basic-Fit NV, 144A* | 226 | 7,292 | ||||||
BE Semiconductor Industries NV | 516 | 17,349 | ||||||
BinckBank NV | 560 | 2,910 | ||||||
Boskalis Westminster | 649 | 17,936 | ||||||
Brunel International NV | 193 | 3,581 | ||||||
Constellium NV, Class A* | 954 | 11,591 | ||||||
Corbion NV | 452 | 14,182 | ||||||
Eurocommercial Properties NV | 338 | 13,964 | ||||||
Euronext NV, 144A | 407 | 25,884 | ||||||
EXOR NV | 831 | 60,231 | ||||||
Flow Traders, 144A | 212 | 9,011 | ||||||
ForFarmers NV | 173 | 2,334 | ||||||
Fugro NV* | 624 | 9,844 |
Number of Shares | Value | |||||||
Netherlands (Continued) | ||||||||
Gemalto NV* | 603 | $ | 35,345 | |||||
Heineken Holding NV | 885 | 86,183 | ||||||
Heineken NV | 1,966 | 196,830 | ||||||
IMCD NV | 376 | 23,319 | ||||||
ING Groep NV | 29,558 | 430,481 | ||||||
Intertrust NV, 144A | 463 | 8,714 | ||||||
InterXion Holding NV* | 514 | 32,824 | ||||||
Kendrion NV | 98 | 4,136 | ||||||
Koninklijke Ahold Delhaize NV | 9,457 | 217,288 | ||||||
Koninklijke BAM Groep NV | 1,755 | 8,207 | ||||||
Koninklijke DSM NV | 1,382 | 137,618 | ||||||
Koninklijke KPN NV | 25,725 | 69,981 | ||||||
Koninklijke Philips NV | 7,150 | 292,720 | ||||||
Koninklijke Volkerwessels NV | 216 | 5,480 | ||||||
Koninklijke Vopak NV | 532 | 26,121 | ||||||
NN Group NV | 2,338 | 100,473 | ||||||
NSI NV REIT | 152 | 6,219 | ||||||
NXP Semiconductors NV* | 2,615 | 298,110 | ||||||
OCI NV*(a) | 555 | 15,228 | ||||||
Pharming Group NV* | 4,463 | 7,205 | ||||||
PostNL NV | 3,161 | 10,997 | ||||||
QIAGEN NV* | 1,779 | 64,596 | ||||||
Randstad NV | 872 | 52,051 | ||||||
SBM Offshore NV | 1,399 | 22,120 | ||||||
Shop Apotheke Europe NV, 144A* | 86 | 4,213 | ||||||
SIF Holding NV | 74 | 1,575 | ||||||
Signify NV, 144A | 868 | 24,790 | ||||||
Takeaway.com NV, 144A* | 139 | 8,117 | ||||||
TKH Group NV | 271 | 18,217 | ||||||
TomTom NV* | 1,030 | 9,936 | ||||||
Vastned Retail NV REIT | 131 | 6,432 | ||||||
Wereldhave NV REIT | 305 | 11,538 | ||||||
Wessanen | 562 | 11,662 | ||||||
Wolters Kluwer NV | 2,212 | 124,228 | ||||||
|
| |||||||
3,645,107 | ||||||||
|
| |||||||
Portugal — 0.6% | ||||||||
Altri SGPS SA | 524 | 4,839 | ||||||
Banco Comercial Portugues SA, Class R* | 73,409 | 21,557 | ||||||
Corticeira Amorim SGPS SA | 404 | 5,356 | ||||||
CTT-Correios de Portugal SA | 1,037 | 3,443 | ||||||
EDP - Energias de Portugal SA | 19,183 | 75,126 | ||||||
Galp Energia SGPS SA | 3,833 | 71,225 | ||||||
Jeronimo Martins SGPS SA | 1,818 | 28,586 | ||||||
Mota-Engil SGPS SA | 839 | 3,188 | ||||||
Navigator Co. SA | 1,283 | 8,009 | ||||||
NOS SGPS SA | 1,885 | 10,115 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 3,218 | 8,946 | ||||||
Semapa-Sociedade de Investimento e Gestao | 191 | 4,812 | ||||||
Sonae SGPS SA | 6,538 | 8,079 | ||||||
|
| |||||||
253,281 | ||||||||
|
| |||||||
Spain — 9.0% | ||||||||
Acciona SA | 204 | 15,416 | ||||||
Acerinox SA | 1,167 | 15,716 |
See Notes to Financial Statements. | 99 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Spain (Continued) | ||||||||
ACS Actividades de Construccion y Servicios SA | 1,915 | $ | 79,497 | |||||
Aedas Homes SAU, 144A* | 191 | 7,078 | ||||||
Aena SME SA, 144A | 518 | 99,494 | ||||||
Almirall SA | 447 | 5,649 | ||||||
Almirall SA* | 8 | 101 | ||||||
Amadeus IT Group SA | 3,333 | 264,567 | ||||||
Applus Services SA | 1,030 | 13,643 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 686 | 6,179 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 50,659 | 345,801 | ||||||
Banco de Sabadell SA | 42,728 | 71,829 | ||||||
Banco Santander SA | 122,547 | 659,009 | ||||||
Bankia SA | 9,845 | 37,359 | ||||||
Bankinter SA | 4,875 | 46,983 | ||||||
Bolsas y Mercados Espanoles SHMSF SA | 581 | 19,629 | ||||||
CaixaBank SA | 27,326 | 116,153 | ||||||
Cellnex Telecom SA, 144A | 1,154 | 29,288 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 399 | 9,898 | ||||||
CIE Automotive SA | 529 | 20,124 | ||||||
Codere SA* | 368 | 3,893 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 158 | 7,379 | ||||||
Corp. Financiera Alba SA | 94 | 5,418 | ||||||
Distribuidora Internacional de Alimentacion SA | 4,660 | 15,858 | ||||||
Ebro Foods SA | 506 | 12,316 | ||||||
eDreams ODIGEO SA* | 813 | 4,016 | ||||||
Enagas SA | 1,638 | 43,679 | ||||||
Ence Energia y Celulosa SA | 870 | 6,855 | ||||||
Endesa SA | 2,324 | 51,199 | ||||||
Ercros SA | 850 | 3,985 | ||||||
Euskaltel SA, 144A | 656 | 6,124 | ||||||
Faes Farma SA | 2,061 | 8,300 | ||||||
Ferrovial SA | 3,707 | 75,535 | ||||||
Ferrovial SA* | 3,394 | 1,223 | ||||||
Fluidra SA* | 381 | 5,585 | ||||||
Fomento de Construcciones y Contratas | 649 | 8,057 | ||||||
Gas Natural SDG SA | 2,742 | 67,284 | ||||||
Gestamp Automocion SA, 144A*(a) | 1,243 | 9,838 | ||||||
Global Dominion Access SA, 144A* | 480 | 2,671 | ||||||
Grifols SA | 2,274 | 66,992 | ||||||
Grupo Catalana Occidente SA | 282 | 12,462 | ||||||
Hispania Activos Inmobiliarios SOCIMI SA REIT | 748 | 15,469 | ||||||
Iberdrola SA | 43,827 | 311,103 | ||||||
Indra Sistemas SA* | 883 | 11,200 | ||||||
Industria de Diseno Textil SA | 8,291 | 261,796 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 1,993 | 21,179 | ||||||
Lar Espana Real Estate Socimi SA REIT | 731 | 7,554 | ||||||
Liberbank SA* | 10,187 | 5,085 | ||||||
Mapfre SA | 7,846 | 23,775 | ||||||
Masmovil Ibercom SA* | 91 | 12,489 | ||||||
Mediaset Espana Comunicacion SA | 1,268 | 11,426 | ||||||
Melia Hotels International SA | 878 | 12,030 |
Number of Shares | Value | |||||||
Spain (Continued) | ||||||||
Merlin Properties Socimi SA REIT | 2,613 | $ | 36,000 | |||||
Metrovacesa SA, 144A* | 316 | 5,567 | ||||||
Miquel y Costas & Miquel SA | 123 | 4,616 | ||||||
Neinor Homes SA, 144A* | 482 | 9,106 | ||||||
NH Hotel Group SA | 1,572 | 11,780 | ||||||
Obrascon Huarte Lain SA* | 812 | 3,053 | ||||||
Papeles y Cartones de Europa SA | 349 | 6,063 | ||||||
Pharma Mar SA* | 1,513 | 2,543 | ||||||
Promotora de Informaciones SA, Class A* | 1,836 | 4,104 | ||||||
Prosegur Cia de Seguridad SA | 2,121 | 14,580 | ||||||
Realia Business SA* | 2,057 | 2,645 | ||||||
Red Electrica Corp. SA | 3,385 | 65,888 | ||||||
Repsol SA | 9,916 | 189,011 | ||||||
Sacyr SA | 2,771 | 7,788 | ||||||
Saeta Yield SA | 384 | 5,459 | ||||||
Siemens Gamesa Renewable Energy SA | 1,774 | 27,282 | ||||||
Talgo SA, 144A | 819 | 4,854 | ||||||
Tecnicas Reunidas SA | 258 | 7,631 | ||||||
Telefonica SA | 35,511 | 313,305 | ||||||
Telepizza Group SA, 144A* | 729 | 4,934 | ||||||
Tubacex SA* | 869 | 2,961 | ||||||
Unicaja Banco SA, 144A | 5,491 | 9,488 | ||||||
Viscofan SA | 307 | 20,439 | ||||||
Zardoya Otis SA | 1,456 | 13,932 | ||||||
|
| |||||||
3,748,217 | ||||||||
|
| |||||||
Switzerland (c) — 0.3% | ||||||||
EDAG Engineering Group AG* | 96 | 2,067 | ||||||
STMicroelectronics NV | 5,221 | 124,269 | ||||||
|
| |||||||
126,336 | ||||||||
|
| |||||||
United Kingdom (c) — 2.9% | ||||||||
CNH Industrial NV | 7,909 | 92,645 | ||||||
Coca-Cola European Partners PLC | 1,664 | 63,182 | ||||||
Dialog Semiconductor PLC* | 555 | 12,152 | ||||||
Fiat Chrysler Automobiles NV* | 8,200 | 185,972 | ||||||
International Consolidated Airlines Group SA | 4,599 | 41,764 | ||||||
RELX NV | 7,333 | 160,136 | ||||||
Stallergenes Greer PLC* | 33 | 1,003 | ||||||
Unilever NV | 11,768 | 656,774 | ||||||
|
| |||||||
1,213,628 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 39,936,784 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.6% | ||||||||
Germany — 1.6% | ||||||||
Bayerische Motoren Werke AG | 412 | 36,099 | ||||||
Biotest AG | 169 | 4,939 | ||||||
Draegerwerk AG & Co. KGaA | 64 | 4,474 | ||||||
FUCHS PETROLUB SE | 498 | 26,117 | ||||||
Henkel AG & Co. KGaA | 1,353 | 167,108 | ||||||
Jungheinrich AG | 367 | 14,339 | ||||||
Porsche Automobil Holding SE | 1,176 | 86,722 | ||||||
Sartorius AG | 282 | 41,308 | ||||||
Schaeffler AG | 1,244 | 18,629 | ||||||
Sixt SE | 136 | 11,559 |
See Notes to Financial Statements. | 100 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
STO SE & Co. KGaA | 21 | $ | 2,710 | |||||
Volkswagen AG | 1,416 | 266,415 | ||||||
|
| |||||||
680,419 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 680,419 | |||||||
|
| |||||||
WARRANT — 0.0% | ||||||||
Spain — 0.0% | ||||||||
Abengoa SA*, expires 3/31/25 | 7,125 | 83 | ||||||
|
|
Number of Shares | Value | |||||||
SECURITIES LENDING COLLATERAL — 6.5% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) | 2,729,041 | $ | 2,729,041 | |||||
|
| |||||||
TOTAL INVESTMENTS — 103.9% (Cost $39,099,660) | $ | 43,346,327 | ||||||
Other assets and liabilities, net — (3.9%) | (1,634,769 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 41,711,558 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
COMMON STOCK — 0.4% |
| |||||||||||||||||||||||||||||||
Germany — 0.4% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG (b) |
| |||||||||||||||||||||||||||||||
457,212 | 27,527 | (228,005) | (9,305) | (88,525) | 1,904 | — | 14,844 | 158,904 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 6.5% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) |
| |||||||||||||||||||||||||||||||
6,209,941 | — | (3,480,900) | — | — | 16,083 | — | 2,729,041 | 2,729,041 | ||||||||||||||||||||||||
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| ||||||||||||||||
6,667,153 | 27,527 | (3,708,905) | (9,305) | (88,525) | 17,987 | — | 2,743,885 | 2,887,945 | ||||||||||||||||||||||||
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* | 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 May 31, 2018 amounted to $2,571,447, which is 6.2% 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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 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 May 31, 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 | 30 | $ | 1,242,612 | $ | 1,194,880 | 6/15/2018 | $ | (5,534 | ) |
As of May 31, 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. | 6/5/2018 | EUR | 195,000 | USD | 231,621 | $ | 3,564 | $ | — | |||||||||||||
Goldman Sachs & Co. | 6/5/2018 | EUR | 16,631,200 | USD | 20,140,383 | 689,847 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | EUR | 2,954,000 | USD | 3,577,205 | 122,441 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | EUR | 18,423,000 | USD | 22,310,585 | 764,500 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 17,871,870 | EUR | 15,327,800 | 54,313 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 877,600 | EUR | 724,000 | — | (30,866 | ) |
See Notes to Financial Statements. | 101 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 4,482,282 | EUR | 3,728,400 | $ | — | $ | (121,841 | ) | ||||||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 21,506,550 | EUR | 18,423,000 | 39,535 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | EUR | 15,327,800 | USD | 17,914,106 | — | (55,825 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | EUR | 1,291,000 | USD | 1,510,582 | — | (2,954 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | EUR | 18,423,000 | USD | 21,557,047 | — | (41,620 | ) | ||||||||||||||||||||
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|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 1,674,200 | $ | (253,106 | ) | |||||||||||||||||||||||
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|
|
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 May 31, 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) | $ | 39,936,784 | $ | — | $ | — | $ | 39,936,784 | ||||||||
Preferred Stocks | 680,419 | — | — | 680,419 | ||||||||||||
Warrant | 83 | — | — | 83 | ||||||||||||
Short-Term Investments | 2,729,041 | — | — | 2,729,041 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 1,674,200 | — | 1,674,200 | ||||||||||||
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| |||||||||
TOTAL | $ | 43,346,327 | $ | 1,674,200 | $ | — | $ | 45,020,527 | ||||||||
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| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (253,106 | ) | $ | — | $ | (253,106 | ) | ||||||
Futures Contracts | (5,534 | ) | — | — | (5,534 | ) | ||||||||||
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| |||||||||
TOTAL | $ | (5,534 | ) | $ | (253,106 | ) | $ | — | $ | (258,640 | ) | |||||
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|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018
See Notes to Financial Statements. | 102 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 90.8% | ||||||||
Consumer Discretionary — 14.2% | ||||||||
adidas AG | 4,735 | $ | 1,071,658 | |||||
Axel Springer SE | 1,221 | 88,642 | ||||||
Bayerische Motoren Werke AG | 8,300 | 828,447 | ||||||
Continental AG | 2,776 | 704,547 | ||||||
Daimler AG | 22,898 | 1,651,097 | ||||||
HUGO BOSS AG | 1,601 | 143,892 | ||||||
ProSiebenSat.1 Media SE | 5,855 | 172,282 | ||||||
Puma SE | 209 | 126,807 | ||||||
RTL Group SA | 952 | 71,840 | ||||||
Volkswagen AG | 824 | 153,260 | ||||||
Zalando SE, 144A* | 2,807 | 149,473 | ||||||
|
| |||||||
5,161,945 | ||||||||
|
| |||||||
Consumer Staples — 1.8% | ||||||||
Beiersdorf AG | 2,550 | 292,919 | ||||||
Henkel AG & Co. KGaA | 2,621 | 295,529 | ||||||
METRO AG | 4,446 | 59,876 | ||||||
|
| |||||||
648,324 | ||||||||
|
| |||||||
Financials — 13.0% | ||||||||
Allianz SE | 11,076 | 2,283,826 | ||||||
Commerzbank AG* | 25,195 | 257,517 | ||||||
Deutsche Bank AG (a) | 49,364 | 528,438 | ||||||
Deutsche Boerse AG | 4,857 | 649,568 | ||||||
Hannover Rueck SE | 1,524 | 192,415 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3,905 | 804,830 | ||||||
|
| |||||||
4,716,594 | ||||||||
|
| |||||||
Health Care — 12.4% | ||||||||
Bayer AG | 20,797 | 2,476,481 | ||||||
Fresenius Medical Care AG & Co. KGaA | 5,439 | 543,137 | ||||||
Fresenius SE & Co. KGaA | 10,463 | 804,357 | ||||||
Merck KGaA | 3,259 | 332,758 | ||||||
QIAGEN NV* | 5,735 | 208,241 | ||||||
Siemens Healthineers AG, 144A* | 3,787 | 150,546 | ||||||
|
| |||||||
4,515,520 | ||||||||
|
| |||||||
Industrials — 13.3% | ||||||||
Brenntag AG | 3,896 | 224,724 | ||||||
Deutsche Lufthansa AG | 5,924 | 161,016 | ||||||
Deutsche Post AG | 24,724 | 938,495 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 1,052 | 98,411 | ||||||
GEA Group AG | 4,336 | 159,673 | ||||||
HOCHTIEF AG | 490 | 90,049 | ||||||
KION Group AG | 1,786 | 145,193 | ||||||
MAN SE | 908 | 98,825 | ||||||
MTU Aero Engines AG | 1,312 | 248,013 | ||||||
OSRAM Licht AG | 2,507 | 147,946 | ||||||
Siemens AG | 19,235 | 2,507,251 | ||||||
|
| |||||||
4,819,596 | ||||||||
|
| |||||||
Information Technology — 11.9% | ||||||||
Delivery Hero AG, 144A* | 2,301 | 105,770 | ||||||
Infineon Technologies AG | 28,665 | 787,165 | ||||||
SAP SE | 24,727 | 2,784,895 |
Number of Shares | Value | |||||||
Information Technology (Continued) | ||||||||
United Internet AG | 3,096 | $ | 197,617 | |||||
Wirecard AG | 2,953 | 456,206 | ||||||
|
| |||||||
4,331,653 | ||||||||
|
| |||||||
Materials — 14.1% | ||||||||
BASF SE | 23,111 | 2,276,247 | ||||||
Covestro AG, 144A | 4,855 | 442,365 | ||||||
Evonik Industries AG | 4,176 | 146,360 | ||||||
HeidelbergCement AG | 3,765 | 333,630 | ||||||
K+S AG | 4,889 | 130,884 | ||||||
LANXESS AG | 2,223 | 175,886 | ||||||
Linde AG | 2,750 | 630,114 | ||||||
Linde AG | 2,050 | 424,547 | ||||||
Symrise AG | 3,127 | 253,918 | ||||||
thyssenkrupp AG | 11,012 | 290,555 | ||||||
|
| |||||||
5,104,506 | ||||||||
|
| |||||||
Real Estate — 2.7% | ||||||||
Deutsche Wohnen SE | 8,937 | 419,268 | ||||||
Vonovia SE | 12,218 | 576,477 | ||||||
|
| |||||||
995,745 | ||||||||
|
| |||||||
Telecommunication Services — 4.1% | ||||||||
1&1 Drillisch AG | 1,334 | 92,323 | ||||||
Deutsche Telekom AG | 83,881 | 1,296,361 | ||||||
Telefonica Deutschland Holding AG | 18,760 | 79,303 | ||||||
|
| |||||||
1,467,987 | ||||||||
|
| |||||||
Utilities — 3.3% | ||||||||
E.ON SE | 55,413 | 587,686 | ||||||
Innogy SE, 144A | 3,496 | 147,581 | ||||||
RWE AG | 13,036 | 295,573 | ||||||
Uniper SE | 5,071 | 160,833 | ||||||
|
| |||||||
1,191,673 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 32,953,543 | |||||||
|
| |||||||
PREFERRED STOCKS — 5.8% | ||||||||
Consumer Discretionary — 3.7% | ||||||||
Bayerische Motoren Werke AG | 1,374 | 120,390 | ||||||
Porsche Automobil Holding SE | 3,852 | 284,059 | ||||||
Schaeffler AG | 4,150 | 62,148 | ||||||
Volkswagen AG | 4,662 | 877,136 | ||||||
|
| |||||||
1,343,733 | ||||||||
|
| |||||||
Consumer Staples — 1.5% | ||||||||
Henkel AG & Co. KGaA | 4,487 | 554,187 | ||||||
|
| |||||||
Health Care — 0.4% | ||||||||
Sartorius AG | 893 | 130,808 | ||||||
|
| |||||||
Materials — 0.2% | ||||||||
FUCHS PETROLUB SE | 1,790 | 93,873 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 2,122,601 | |||||||
|
|
See Notes to Financial Statements. | 103 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
EXCHANGE-TRADED FUND — 0.3% | ||||||||
iShares Currency Hedged MSCI Germany ETF | 4,000 | $ | 114,120 | |||||
|
| |||||||
TOTAL INVESTMENTS — 96.9% (Cost $34,766,999) | $ | 35,190,264 | ||||||
Other assets and liabilities, net — 3.1% | 1,134,631 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 36,324,895 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
COMMON STOCK — 1.5% |
| |||||||||||||||||||||||||||||||
Financials — 1.5% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG (a) |
| |||||||||||||||||||||||||||||||
1,723,784 | 212,223 | (1,079,292) | (257,329) | (70,948) | 5,440 | — | 49,364 | 528,438 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (b)(c) |
| |||||||||||||||||||||||||||||||
466,017 | — | (466,017) | — | — | 1,214 | — | — | — | ||||||||||||||||||||||||
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| ||||||||||||||||
2,189,801 | 212,223 | (1,545,309) | (257,329) | (70,948) | 6,654 | — | 49,364 | 528,438 | ||||||||||||||||||||||||
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* | 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. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 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. |
At May 31, 2018, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
DAX Index Futures | EUR | 1 | $ | 381,658 | $ | 368,599 | 6/15/2018 | $ | 8,973 | |||||||||||||||
DAX Mini Futures | EUR | 11 | 840,340 | 810,919 | 6/15/2018 | (5,076 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 3,897 | ||||||||||||||||||||||
|
|
As of May 31, 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. | 6/5/2018 | EUR | 125,000 | USD | 150,227 | $ | 4,037 | $ | — | |||||||||||||
Goldman Sachs & Co. | 6/5/2018 | EUR | 9,247,534 | USD | 11,198,764 | 383,579 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | EUR | 1,611,000 | USD | 1,950,873 | 66,774 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | EUR | 10,824,233 | USD | 13,107,443 | 448,275 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | EUR | 7,667,333 | USD | 9,284,604 | 317,497 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 12,609,503 | EUR | 10,814,534 | 38,321 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 204,854 | EUR | 169,000 | — | (7,205 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 12,635,127 | EUR | 10,824,233 | 24,040 | — |
See Notes to Financial Statements. | 104 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Germany Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 8,950,078 | EUR | 7,667,333 | $ | 17,029 | $ | — | |||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | EUR | 129,000 | USD | 151,116 | — | (120 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | EUR | 10,814,534 | USD | 12,639,303 | — | (39,388 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | EUR | 10,824,233 | USD | 12,664,569 | — | (25,492 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | EUR | 1,361,000 | USD | 1,592,574 | — | (3,029 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | EUR | 7,667,333 | USD | 8,971,086 | — | (17,904 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 1,299,552 | $ | (93,138 | ) | |||||||||||||||||||||||
|
|
|
|
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 May 31, 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) | $ | 32,953,543 | $ | — | $ | — | $ | 32,953,543 | ||||||||
Preferred Stocks (d) | 2,122,601 | — | — | 2,122,601 | ||||||||||||
Exchange-Traded Fund | 114,120 | — | — | 114,120 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 1,299,552 | — | 1,299,552 | ||||||||||||
Futures Contracts | 8,973 | — | — | 8,973 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 35,199,237 | $ | 1,299,552 | $ | — | $ | 36,498,789 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (93,138 | ) | $ | — | $ | (93,138 | ) | ||||||
Futures Contracts | (5,076 | ) | — | — | (5,076 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (5,076 | ) | $ | (93,138 | ) | $ | — | $ | (98,214 | ) | |||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 105 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 97.2% | ||||||||
Consumer Discretionary — 19.1% | ||||||||
ABC-Mart, Inc. | 11,211 | $ | 690,479 | |||||
Aisin Seiki Co. Ltd. | 52,423 | 2,640,787 | ||||||
Asics Corp. | 50,815 | 848,279 | ||||||
Bandai Namco Holdings, Inc. | 61,607 | 2,622,056 | ||||||
Benesse Holdings, Inc. | 24,588 | 895,054 | ||||||
Bridgestone Corp. | 194,507 | 7,804,597 | ||||||
Casio Computer Co. Ltd. | 60,792 | 930,447 | ||||||
CyberAgent, Inc. | 31,000 | 1,621,455 | ||||||
Denso Corp. | 139,510 | 6,784,096 | ||||||
Dentsu, Inc. | 67,636 | 3,233,049 | ||||||
Don Quijote Holdings Co. Ltd. | 36,750 | 1,959,369 | ||||||
Fast Retailing Co. Ltd. | 18,489 | 8,112,148 | ||||||
Hakuhodo DY Holdings, Inc. | 75,480 | 1,146,233 | ||||||
Hikari Tsushin, Inc. | 7,152 | 1,271,496 | ||||||
Honda Motor Co. Ltd. | 519,145 | 16,449,812 | ||||||
Iida Group Holdings Co. Ltd. | 45,266 | 865,083 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 101,075 | 1,248,746 | ||||||
Isuzu Motors Ltd. | 176,495 | 2,367,111 | ||||||
J. Front Retailing Co. Ltd. | 78,300 | 1,234,403 | ||||||
Koito Manufacturing Co. Ltd. | 32,872 | 2,420,414 | ||||||
Marui Group Co. Ltd. | 63,202 | 1,284,549 | ||||||
Mazda Motor Corp. | 177,104 | 2,230,385 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 22,219 | 1,119,273 | ||||||
Mitsubishi Motors Corp. | 216,838 | 1,642,455 | ||||||
NGK Spark Plug Co. Ltd. | 49,390 | 1,352,964 | ||||||
Nikon Corp. | 105,359 | 1,709,414 | ||||||
Nissan Motor Co. Ltd. | 730,547 | 7,256,111 | ||||||
Nitori Holdings Co. Ltd. | 25,347 | 4,360,611 | ||||||
NOK Corp. | 24,190 | 454,959 | ||||||
Oriental Land Co. Ltd. | 64,325 | 6,593,039 | ||||||
Panasonic Corp. | 698,744 | 9,567,304 | ||||||
Rakuten, Inc. | 286,838 | 1,929,041 | ||||||
Rinnai Corp. | 11,355 | 1,085,554 | ||||||
Ryohin Keikaku Co. Ltd. | 7,670 | 2,608,724 | ||||||
Sankyo Co. Ltd. | 16,653 | 660,548 | ||||||
Sega Sammy Holdings, Inc. | 54,788 | 968,995 | ||||||
Sekisui Chemical Co. Ltd. | 123,952 | 2,037,286 | ||||||
Sekisui House Ltd. | 191,752 | 3,423,104 | ||||||
Sharp Corp. (a) | 54,855 | 1,460,312 | ||||||
Shimamura Co. Ltd. | 7,370 | 753,361 | ||||||
Shimano, Inc. | 23,184 | 3,279,880 | ||||||
Sony Corp. | 401,593 | 19,048,765 | ||||||
Stanley Electric Co. Ltd. | 42,746 | 1,459,773 | ||||||
Start Today Co. Ltd. | 63,934 | 2,224,481 | ||||||
Subaru Corp. | 194,117 | 5,942,084 | ||||||
Sumitomo Electric Industries Ltd. | 234,813 | 3,549,662 | ||||||
Sumitomo Rubber Industries Ltd. | 53,630 | 899,708 | ||||||
Suzuki Motor Corp. | 108,489 | 6,244,961 | ||||||
Takashimaya Co. Ltd. | 96,524 | 806,548 | ||||||
Toho Co. Ltd. | 34,598 | 1,202,192 | ||||||
Toyoda Gosei Co. Ltd. | 22,863 | 602,969 | ||||||
Toyota Industries Corp. | 47,599 | 2,782,825 | ||||||
Toyota Motor Corp. | 726,673 | 46,231,593 | ||||||
USS Co. Ltd. | 68,518 | 1,298,117 | ||||||
Yamada Denki Co. Ltd. (a) | 185,347 | 960,939 | ||||||
Yamaha Corp. | 44,507 | 2,323,848 |
Number of Shares | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Yamaha Motor Co. Ltd. | 87,624 | $ | 2,537,258 | |||||
Yokohama Rubber Co. Ltd. | 34,946 | 761,337 | ||||||
|
| |||||||
219,800,043 | ||||||||
|
| |||||||
Consumer Staples — 8.4% | ||||||||
Aeon Co. Ltd. | 191,502 | 3,800,642 | ||||||
Ajinomoto Co., Inc. | 149,201 | 2,852,080 | ||||||
Asahi Group Holdings Ltd. | 116,397 | 6,094,566 | ||||||
Calbee, Inc. | 24,708 | 901,694 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 41,600 | 1,753,330 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 24,034 | 2,496,522 | ||||||
Japan Tobacco, Inc. | 348,489 | 9,405,375 | ||||||
Kao Corp. | 156,784 | 12,166,848 | ||||||
Kikkoman Corp. | 46,148 | 2,180,454 | ||||||
Kirin Holdings Co. Ltd. | 262,189 | 7,459,438 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 14,500 | 1,280,921 | ||||||
Kose Corp. | 9,688 | 2,107,965 | ||||||
Lawson, Inc. (a) | 16,969 | 1,105,945 | ||||||
Lion Corp. | 70,688 | 1,295,042 | ||||||
MEIJI Holdings Co. Ltd. | 38,393 | 3,271,619 | ||||||
NH Foods Ltd. | 27,711 | 1,139,925 | ||||||
Nisshin Seifun Group, Inc. | 63,475 | 1,342,028 | ||||||
Nissin Foods Holdings Co. Ltd. | 19,970 | 1,486,942 | ||||||
Pola Orbis Holdings, Inc. | 28,879 | 1,430,876 | ||||||
Seven & i Holdings Co. Ltd. | 238,202 | 10,556,344 | ||||||
Shiseido Co. Ltd. | 120,507 | 9,555,484 | ||||||
Sundrug Co. Ltd. | 22,957 | 1,044,603 | ||||||
Suntory Beverage & Food Ltd. | 43,336 | 1,928,080 | ||||||
Toyo Suisan Kaisha Ltd. | 26,312 | 939,671 | ||||||
Tsuruha Holdings, Inc. | 12,397 | 1,844,992 | ||||||
Unicharm Corp. | 127,074 | 3,949,416 | ||||||
Yakult Honsha Co. Ltd. | 35,038 | 2,306,127 | ||||||
Yamazaki Baking Co. Ltd. | 39,406 | 854,880 | ||||||
|
| |||||||
96,551,809 | ||||||||
|
| |||||||
Energy — 1.1% | ||||||||
Idemitsu Kosan Co. Ltd. | 42,812 | 1,438,414 | ||||||
Inpex Corp. | 322,444 | 3,598,355 | ||||||
JXTG Holdings, Inc. | 1,025,937 | 6,628,957 | ||||||
Showa Shell Sekiyu KK | 62,414 | 830,771 | ||||||
|
| |||||||
12,496,497 | ||||||||
|
| |||||||
Financials — 11.7% | ||||||||
Acom Co. Ltd. (a) | 126,274 | 530,470 | ||||||
AEON Financial Service Co. Ltd. | 35,972 | 839,903 | ||||||
Aozora Bank Ltd. | 34,792 | 1,378,439 | ||||||
Bank of Kyoto Ltd. | 18,404 | 964,313 | ||||||
Chiba Bank Ltd. | 204,160 | 1,576,453 | ||||||
Concordia Financial Group Ltd. | 358,138 | 2,018,096 | ||||||
Credit Saison Co. Ltd. | 50,692 | 842,032 | ||||||
Dai-ichi Life Holdings, Inc. | 337,219 | 6,294,279 | ||||||
Daiwa Securities Group, Inc. | 504,944 | 2,932,143 | ||||||
Fukuoka Financial Group, Inc. | 247,742 | 1,325,420 | ||||||
Japan Exchange Group, Inc. | 163,132 | 3,102,635 | ||||||
Japan Post Bank Co. Ltd. | 127,225 | 1,591,701 | ||||||
Japan Post Holdings Co. Ltd. | 491,670 | 5,636,002 | ||||||
Mebuki Financial Group, Inc. | 278,062 | 1,012,203 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 3,745,942 | 22,582,054 |
See Notes to Financial Statements. | 106 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Financials (Continued) | ||||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 138,716 | $ | 830,116 | |||||
Mizuho Financial Group, Inc. | 7,606,572 | 13,264,390 | ||||||
MS&AD Insurance Group Holdings, Inc. | 147,589 | 4,699,621 | ||||||
Nomura Holdings, Inc. | 1,110,077 | 5,756,257 | ||||||
ORIX Corp. | 418,227 | 7,022,031 | ||||||
Resona Holdings, Inc. | 675,376 | 3,767,851 | ||||||
SBI Holdings, Inc. | 70,399 | 1,924,591 | ||||||
Seven Bank Ltd. | 197,604 | 624,864 | ||||||
Shinsei Bank Ltd. | 53,447 | 845,051 | ||||||
Shizuoka Bank Ltd. | 154,582 | 1,493,457 | ||||||
Sompo Holdings, Inc. | 106,775 | 4,644,568 | ||||||
Sony Financial Holdings, Inc. | 56,182 | 1,033,416 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 425,372 | 17,607,668 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 103,162 | 4,307,228 | ||||||
Suruga Bank Ltd. | 47,582 | 549,368 | ||||||
T&D Holdings, Inc. | 174,949 | 2,761,295 | ||||||
Tokio Marine Holdings, Inc. | 213,071 | 10,263,290 | ||||||
Tokyo Century Corp. | 11,800 | 710,484 | ||||||
Yamaguchi Financial Group, Inc. (a) | 68,464 | 826,339 | ||||||
|
| |||||||
135,558,028 | ||||||||
|
| |||||||
Health Care — 7.4% | ||||||||
Alfresa Holdings Corp. | 60,290 | 1,525,747 | ||||||
Astellas Pharma, Inc. | 625,135 | 9,565,080 | ||||||
Chugai Pharmaceutical Co. Ltd. | 70,345 | 3,976,851 | ||||||
CYBERDYNE, Inc.*(a) | 27,668 | 355,308 | ||||||
Daiichi Sankyo Co. Ltd. | 177,961 | 5,717,458 | ||||||
Eisai Co. Ltd. | 81,312 | 5,887,711 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 18,806 | 1,566,230 | ||||||
Hoya Corp. | 121,286 | 7,216,843 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 83,560 | 1,711,373 | ||||||
M3, Inc. | 66,942 | 2,802,967 | ||||||
Medipal Holdings Corp. | 54,782 | 1,264,490 | ||||||
Mitsubishi Tanabe Pharma Corp. | 76,961 | 1,379,546 | ||||||
Olympus Corp. | 91,594 | 3,250,015 | ||||||
Ono Pharmaceutical Co. Ltd. | 121,183 | 3,007,156 | ||||||
Otsuka Holdings Co. Ltd. | 123,800 | 6,166,955 | ||||||
Santen Pharmaceutical Co. Ltd. | 112,474 | 1,961,329 | ||||||
Shionogi & Co. Ltd. | 90,408 | 4,748,737 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 52,048 | 1,082,729 | ||||||
Suzuken Co. Ltd. | 24,732 | 1,109,456 | ||||||
Sysmex Corp. | 52,244 | 4,711,253 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 11,646 | 1,238,629 | ||||||
Takeda Pharmaceutical Co. Ltd. | 225,523 | 9,229,475 | ||||||
Terumo Corp. | 97,251 | 5,775,074 | ||||||
|
| |||||||
85,250,412 | ||||||||
|
| |||||||
Industrials — 20.6% | ||||||||
Amada Holdings Co. Ltd. | 99,834 | 1,086,579 | ||||||
ANA Holdings, Inc. | 34,618 | 1,394,458 | ||||||
Asahi Glass Co. Ltd. | 61,362 | 2,515,738 | ||||||
Central Japan Railway Co. | 45,426 | 9,399,635 | ||||||
Dai Nippon Printing Co. Ltd. | 76,943 | 1,656,483 | ||||||
Daifuku Co. Ltd. | 31,700 | 1,646,413 | ||||||
Daikin Industries Ltd. | 78,848 | 9,118,057 | ||||||
East Japan Railway Co. | 98,985 | 9,786,126 |
Number of Shares | Value | |||||||
Industrials (Continued) | ||||||||
FANUC Corp. | 61,489 | $ | 13,152,999 | |||||
Fuji Electric Co. Ltd. | 193,031 | 1,378,729 | ||||||
Hankyu Hanshin Holdings, Inc. | 74,840 | 3,088,952 | ||||||
Hino Motors Ltd. | 78,260 | 878,388 | ||||||
Hitachi Construction Machinery Co. Ltd. | 33,120 | 1,223,904 | ||||||
Hoshizaki Corp. | 17,954 | 1,803,900 | ||||||
IHI Corp. | 47,268 | 1,779,312 | ||||||
ITOCHU Corp. | 451,988 | 8,500,873 | ||||||
Japan Airlines Co. Ltd. | 34,254 | 1,328,155 | ||||||
Japan Airport Terminal Co. Ltd. | 15,835 | 730,723 | ||||||
JGC Corp. | 66,483 | 1,389,124 | ||||||
JTEKT Corp. | 67,384 | 983,025 | ||||||
Kajima Corp. | 280,153 | 2,286,858 | ||||||
Kamigumi Co. Ltd. | 36,642 | 802,328 | ||||||
Kawasaki Heavy Industries Ltd. | 45,993 | 1,397,315 | ||||||
Keihan Holdings Co. Ltd. | 27,704 | 938,450 | ||||||
Keikyu Corp. | 74,281 | 1,251,616 | ||||||
Keio Corp. | 34,036 | 1,583,143 | ||||||
Keisei Electric Railway Co. Ltd. | 40,884 | 1,388,669 | ||||||
Kintetsu Group Holdings Co. Ltd. (a) | 53,410 | 2,236,361 | ||||||
Komatsu Ltd. | 292,337 | 9,639,314 | ||||||
Kubota Corp. | 316,563 | 5,334,007 | ||||||
Kurita Water Industries Ltd. | 29,742 | 855,747 | ||||||
Kyushu Railway Co. | 47,600 | 1,516,147 | ||||||
LIXIL Group Corp. | 82,716 | 1,829,431 | ||||||
Mabuchi Motor Co. Ltd. | 16,248 | 754,262 | ||||||
Makita Corp. | 70,744 | 3,160,508 | ||||||
Marubeni Corp. | 508,687 | 3,967,183 | ||||||
MINEBEA MITSUMI, Inc. | 117,424 | 2,232,227 | ||||||
MISUMI Group, Inc. | 87,720 | 2,540,038 | ||||||
Mitsubishi Corp. | 431,691 | 12,027,903 | ||||||
Mitsubishi Electric Corp. | 582,726 | 8,276,064 | ||||||
Mitsubishi Heavy Industries Ltd. | 97,202 | 3,681,319 | ||||||
Mitsui & Co. Ltd. | 537,971 | 9,480,079 | ||||||
Mitsui OSK Lines Ltd. | 35,308 | 934,103 | ||||||
Nabtesco Corp. | 32,872 | 1,075,740 | ||||||
Nagoya Railroad Co. Ltd. | 55,401 | 1,424,939 | ||||||
NGK Insulators Ltd. | 78,164 | 1,427,696 | ||||||
Nidec Corp. | 71,345 | 11,073,772 | ||||||
Nippon Express Co. Ltd. | 23,239 | 1,749,574 | ||||||
Nippon Yusen KK | 51,512 | 1,050,743 | ||||||
NSK Ltd. | 115,798 | 1,318,874 | ||||||
Obayashi Corp. | 205,808 | 2,079,174 | ||||||
Odakyu Electric Railway Co. Ltd. | 91,577 | 1,982,478 | ||||||
Park24 Co. Ltd. | 33,368 | 901,183 | ||||||
Persol Holdings Co. Ltd. | 57,300 | 1,228,854 | ||||||
Recruit Holdings Co. Ltd. | 349,391 | 9,731,624 | ||||||
Secom Co. Ltd. | 65,272 | 4,871,475 | ||||||
Seibu Holdings, Inc. | 72,030 | 1,185,878 | ||||||
SG Holdings Co. Ltd. | 27,900 | 632,966 | ||||||
Shimizu Corp. | 175,468 | 1,717,823 | ||||||
SMC Corp. | 18,258 | 6,953,431 | ||||||
Sohgo Security Services Co. Ltd. | 23,322 | 1,068,715 | ||||||
Sumitomo Corp. | 360,073 | 6,048,935 | ||||||
Sumitomo Heavy Industries Ltd. | 34,158 | 1,208,883 | ||||||
Taisei Corp. | 66,652 | 3,670,042 | ||||||
THK Co. Ltd. | 37,576 | 1,336,757 |
See Notes to Financial Statements. | 107 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Industrials (Continued) | ||||||||
Tobu Railway Co. Ltd. | 59,590 | $ | 1,848,750 | |||||
Tokyu Corp. | 162,022 | 2,880,457 | ||||||
Toppan Printing Co. Ltd. | 168,478 | 1,375,267 | ||||||
Toshiba Corp.* | 2,066,234 | 5,812,084 | ||||||
TOTO Ltd. | 44,438 | 2,328,415 | ||||||
Toyota Tsusho Corp. | 68,031 | 2,351,396 | ||||||
West Japan Railway Co. | 51,979 | 3,740,328 | ||||||
Yamato Holdings Co. Ltd. | 99,117 | 2,846,362 | ||||||
|
| |||||||
237,877,260 | ||||||||
|
| |||||||
Information Technology — 12.4% | ||||||||
Alps Electric Co. Ltd. | 60,442 | 1,435,695 | ||||||
Brother Industries Ltd. | 71,922 | 1,507,397 | ||||||
Canon, Inc. | 319,497 | 10,907,863 | ||||||
DeNA Co. Ltd. | 30,316 | 583,552 | ||||||
Disco Corp. | 9,300 | 1,756,814 | ||||||
FUJIFILM Holdings Corp. | 123,657 | 4,753,721 | ||||||
Fujitsu Ltd. | 619,405 | 3,796,087 | ||||||
Hamamatsu Photonics KK | 44,888 | 1,949,679 | ||||||
Hirose Electric Co. Ltd. | 10,966 | 1,428,397 | ||||||
Hitachi High-Technologies Corp. | 22,570 | 1,030,106 | ||||||
Hitachi Ltd. | 1,527,671 | 11,186,678 | ||||||
Kakaku.com, Inc. | 44,136 | 961,145 | ||||||
Keyence Corp. | 30,743 | 18,886,378 | ||||||
Konami Holdings Corp. | 28,964 | 1,360,537 | ||||||
Konica Minolta, Inc. | 150,480 | 1,374,979 | ||||||
Kyocera Corp. | 101,008 | 5,994,463 | ||||||
LINE Corp.* | 22,047 | 800,530 | ||||||
Murata Manufacturing Co. Ltd. | 57,415 | 8,542,187 | ||||||
NEC Corp. | 80,693 | 2,277,221 | ||||||
Nexon Co. Ltd.* | 138,764 | 2,297,320 | ||||||
Nintendo Co. Ltd. | 35,921 | 14,859,080 | ||||||
Nippon Electric Glass Co. Ltd. | 27,368 | 742,661 | ||||||
Nomura Research Institute Ltd. | 36,774 | 1,852,475 | ||||||
NTT Data Corp. | 190,640 | 2,132,729 | ||||||
Obic Co. Ltd. | 21,762 | 1,884,433 | ||||||
Omron Corp. | 60,417 | 3,182,327 | ||||||
Oracle Corp. | 12,872 | 980,915 | ||||||
Otsuka Corp. | 32,660 | 1,349,512 | ||||||
Renesas Electronics Corp.*(a) | 263,900 | 2,624,809 | ||||||
Ricoh Co. Ltd. | 208,134 | 1,886,474 | ||||||
Rohm Co. Ltd. | 29,512 | 2,737,290 | ||||||
Seiko Epson Corp. | 87,124 | 1,528,885 | ||||||
Shimadzu Corp. | 72,436 | 2,000,921 | ||||||
SUMCO Corp. | 74,400 | 1,811,698 | ||||||
TDK Corp. | 40,728 | 3,661,533 | ||||||
Tokyo Electron Ltd. | 49,714 | 9,322,660 | ||||||
Trend Micro, Inc. | 36,372 | 2,066,268 | ||||||
Yahoo Japan Corp. | 462,528 | 1,683,698 | ||||||
Yaskawa Electric Corp. | 78,282 | 3,166,253 | ||||||
Yokogawa Electric Corp. | 71,708 | 1,311,093 | ||||||
|
| |||||||
143,616,463 | ||||||||
|
| |||||||
Materials — 5.9% | ||||||||
Air Water, Inc. | 46,504 | 905,414 | ||||||
Asahi Kasei Corp. | 394,784 | 5,427,214 | ||||||
Daicel Corp. | 89,846 | 1,017,514 | ||||||
Hitachi Chemical Co. Ltd. | 30,094 | 648,991 |
Number of Shares | Value | |||||||
Materials (Continued) | ||||||||
Hitachi Metals Ltd. | 65,446 | $ | 720,727 | |||||
JFE Holdings, Inc. | 156,919 | 3,248,440 | ||||||
JSR Corp. | 62,951 | 1,229,103 | ||||||
Kaneka Corp. | 84,186 | 866,740 | ||||||
Kansai Paint Co. Ltd. (a) | 58,706 | 1,260,626 | ||||||
Kobe Steel Ltd. | 97,466 | 979,274 | ||||||
Kuraray Co. Ltd. | 105,421 | 1,616,420 | ||||||
Maruichi Steel Tube Ltd. | 21,132 | 700,288 | ||||||
Mitsubishi Chemical Holdings Corp. | 411,996 | 3,817,548 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 54,476 | 1,392,635 | ||||||
Mitsubishi Materials Corp. | 32,472 | 902,954 | ||||||
Mitsui Chemicals, Inc. | 58,581 | 1,696,283 | ||||||
Nippon Paint Holdings Co. Ltd. | 46,863 | 1,962,228 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 237,937 | 4,992,335 | ||||||
Nissan Chemical Industries Ltd. | 39,302 | 1,849,761 | ||||||
Nitto Denko Corp. | 51,918 | 4,084,811 | ||||||
Oji Holdings Corp. | 260,184 | 1,710,085 | ||||||
Shin-Etsu Chemical Co. Ltd. | 116,931 | 11,705,461 | ||||||
Sumitomo Chemical Co. Ltd. | 470,356 | 2,849,332 | ||||||
Sumitomo Metal Mining Co. Ltd. | 76,705 | 2,937,473 | ||||||
Taiheiyo Cement Corp. | 35,578 | 1,318,007 | ||||||
Taiyo Nippon Sanso Corp. | 40,580 | 602,070 | ||||||
Teijin Ltd. | 55,159 | 1,070,881 | ||||||
Toray Industries, Inc. | 453,642 | 3,715,123 | ||||||
Tosoh Corp. | 88,400 | 1,552,089 | ||||||
Toyo Seikan Group Holdings Ltd. | 46,726 | 784,744 | ||||||
|
| |||||||
67,564,571 | ||||||||
|
| |||||||
Real Estate — 4.0% | ||||||||
Aeon Mall Co. Ltd. | 32,422 | 626,773 | ||||||
Daito Trust Construction Co. Ltd. | 23,351 | 3,814,380 | ||||||
Daiwa House Industry Co. Ltd. | 178,217 | 6,466,172 | ||||||
Daiwa House REIT Investment Corp. REIT | 537 | 1,266,665 | ||||||
Hulic Co. Ltd. | 94,710 | 972,479 | ||||||
Japan Prime Realty Investment Corp. REIT | 257 | 934,352 | ||||||
Japan Real Estate Investment Corp. REIT | 416 | 2,183,536 | ||||||
Japan Retail Fund Investment Corp. REIT | 789 | 1,431,710 | ||||||
Mitsubishi Estate Co. Ltd. | 378,524 | 6,875,612 | ||||||
Mitsui Fudosan Co. Ltd. | 282,582 | 7,104,488 | ||||||
Nippon Building Fund, Inc. REIT | 413 | 2,315,852 | ||||||
Nippon Prologis REIT, Inc. REIT | 560 | 1,168,544 | ||||||
Nomura Real Estate Holdings, Inc. | 37,128 | 871,331 | ||||||
Nomura Real Estate Master Fund, Inc. REIT | 1,228 | 1,720,340 | ||||||
Sumitomo Realty & Development Co. Ltd. | 114,750 | 4,338,528 | ||||||
Tokyo Tatemono Co. Ltd. | 66,758 | 925,413 | ||||||
Tokyu Fudosan Holdings Corp. | 165,127 | 1,220,408 | ||||||
United Urban Investment Corp. REIT | 908 | 1,392,236 | ||||||
|
| |||||||
45,628,819 | ||||||||
|
| |||||||
Telecommunication Services — 4.8% | ||||||||
KDDI Corp. | 574,015 | 15,542,227 | ||||||
Nippon Telegraph & Telephone Corp. | 219,276 | 10,292,074 |
See Notes to Financial Statements. | 108 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Telecommunication Services (Continued) | ||||||||
NTT DOCOMO, Inc. | 432,105 | $ | 11,193,380 | |||||
SoftBank Group Corp. | 261,893 | 18,693,746 | ||||||
|
| |||||||
55,721,427 | ||||||||
|
| |||||||
Utilities — 1.8% | ||||||||
Chubu Electric Power Co., Inc. | 198,534 | 3,076,059 | ||||||
Chugoku Electric Power Co., Inc. | 89,368 | 1,169,009 | ||||||
Electric Power Development Co. Ltd. | 44,966 | 1,194,987 | ||||||
Kansai Electric Power Co., Inc. | 225,107 | 3,240,498 | ||||||
Kyushu Electric Power Co., Inc. | 125,290 | 1,481,114 | ||||||
Osaka Gas Co. Ltd. | 119,889 | 2,616,872 | ||||||
Toho Gas Co. Ltd. | 22,928 | 723,975 | ||||||
Tohoku Electric Power Co., Inc. | 135,421 | 1,729,097 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 449,284 | 2,135,219 | ||||||
Tokyo Gas Co. Ltd. | 123,965 | 3,378,740 | ||||||
|
| |||||||
20,745,570 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 1,120,810,899 | |||||||
|
|
Number of Shares | Value | |||||||
SECURITIES LENDING COLLATERAL — 0.1% | ||||||||
DWS Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.68% (b)(c) | 1,120,785 | $ | 1,120,785 | |||||
|
| |||||||
TOTAL INVESTMENTS — 97.3% (Cost $1,031,588,910) | $ | 1,121,931,684 | ||||||
Other assets and liabilities, net — 2.7% | 31,322,263 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,153,253,947 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.1% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (b)(c) |
| |||||||||||||||||||||||||||||||
10,764,128 | — | (9,643,343) | — | — | 176,804 | — | 1,120,785 | 1,120,785 |
* | 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 May 31, 2018 amounted to $6,876,195, which is 0.6% 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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $6,248,146. |
REIT: | Real Estate Investment Trust |
At May 31, 2018, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||||
Nikkei 225 Futures | JPY | 50 | $ | 10,013,085 | $ | 10,199,016 | 6/07/2018 | $ | 423,033 | |||||||||||||
TOPIX Index Futures | JPY | 140 | 22,622,557 | 22,450,706 | 6/07/2018 | 102,857 | ||||||||||||||||
|
| |||||||||||||||||||||
Total net unrealized appreciation | $ | 525,890 | ||||||||||||||||||||
|
|
As of May 31, 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. | 6/5/2018 | JPY | 3,230,084,800 | USD | 29,580,073 | $ | — | $ | (123,115 | ) | ||||||||||||
Goldman Sachs & Co. | 6/5/2018 | JPY | 1,883,617,000 | USD | 17,274,487 | — | (46,863 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | JPY | 42,804,078,200 | USD | 391,997,656 | — | (1,619,744 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | JPY | 44,622,441,600 | USD | 408,493,879 | — | (1,844,813 | ) |
See Notes to Financial Statements. | 109 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Japan Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
RBC Capital Markets | 6/5/2018 | JPY | 8,706,434,000 | USD | 79,731,440 | $ | — | $ | (331,117 | ) | ||||||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | JPY | 34,929,808,000 | USD | 319,755,838 | — | (1,451,411 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | JPY | 2,804,533,600 | USD | 25,752,316 | — | (37,591 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 47,059,934 | JPY | 5,113,701,800 | — | (35,396 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 31,676,931 | JPY | 3,505,667,000 | 560,453 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 361,734,252 | JPY | 39,298,411,200 | — | (354,236 | ) | ||||||||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 42,903,363 | JPY | 4,674,222,700 | 79,817 | — | |||||||||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 23,536,712 | JPY | 2,570,822,500 | 104,037 | — | |||||||||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 399,065,076 | JPY | 43,356,425,200 | — | (368,408 | ) | ||||||||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 19,078,391 | JPY | 2,103,400,200 | 264,040 | — | |||||||||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 5,724,701 | JPY | 624,005,000 | 13,519 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 347,317,793 | JPY | 37,734,341,600 | — | (320,636 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | JPY | 5,113,701,800 | USD | 47,158,927 | 32,053 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | JPY | 146,198,000 | USD | 1,348,127 | 795 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | JPY | 39,298,411,200 | USD | 362,494,350 | 327,895 | — | |||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | JPY | 43,356,425,200 | USD | 399,893,241 | 328,924 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | JPY | 37,734,341,600 | USD | 348,041,779 | 289,483 | — | |||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | USD | 21,652,713 | JPY | 2,347,258,000 | — | (20,843 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 2,001,016 | $ | (6,554,173 | ) | |||||||||||||||||||||||
|
|
|
|
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 May 31, 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) | $ | 1,120,810,899 | $ | — | $ | — | $ | 1,120,810,899 | ||||||||
Short-Term Investments | 1,120,785 | — | — | 1,120,785 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 2,001,016 | — | 2,001,016 | ||||||||||||
Futures Contracts | 525,890 | — | — | 525,890 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 1,122,457,574 | $ | 2,001,016 | $ | — | $ | 1,124,458,590 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (6,554,173 | ) | $ | — | $ | (6,554,173 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (6,554,173 | ) | $ | — | $ | (6,554,173 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 110 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI Mexico Hedged Equity ETF
May 31, 2018
Value | ||||
Other assets and liabilities, net — 100.0% | $ | 890,284 | ||
|
| |||
NET ASSETS — 100.0% | $ | 890,284 | ||
|
|
A summary of the Fund’s transactions with affiliated investments during the period ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (a)(b) |
| |||||||||||||||||||||||||||||||
30,956 | — | (30,956) | — | — | 135 | — | — | — |
(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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. |
As of May 31, 2018, the Fund had the following forward foreign currency contracts outstanding:
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
RBC Capital Markets | 6/5/2018 | MXN | 14,199,800 | USD | 752,105 | $ | 40,784 | $ | — | |||||||||||||
The Bank of Nova Scotia | 6/5/2018 | MXN | 2,748,780 | USD | 145,610 | 7,914 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | MXN | 1,097,000 | USD | 58,102 | 3,149 | — | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 51,847 | $ | — | ||||||||||||||||||
|
|
|
|
Currency Abbreviations
MXN | Mexican Peso |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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 | ||||||||||||
Derivatives (c) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | 51,847 | $ | — | $ | 51,847 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | 51,847 | $ | — | $ | 51,847 | ||||||||
|
|
|
|
|
|
|
|
(c) | Derivatives include unrealized appreciation on forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 111 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI South Korea Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 95.7% | ||||||||
Consumer Discretionary — 10.9% | ||||||||
Cheil Worldwide, Inc. | 1,330 | $ | 24,430 | |||||
CJ E&M Corp. | 347 | 29,165 | ||||||
Coway Co. Ltd. | 773 | 62,603 | ||||||
Hankook Tire Co. Ltd. | 1,129 | 44,879 | ||||||
Hanon Systems | 3,208 | 30,058 | ||||||
Hanssem Co. Ltd. | 212 | 22,224 | ||||||
HLB, Inc.* | 460 | 58,889 | ||||||
Hotel Shilla Co. Ltd. | 502 | 57,747 | ||||||
Hyundai Department Store Co. Ltd. | 266 | 27,761 | ||||||
Hyundai Mobis Co. Ltd. | 923 | 186,663 | ||||||
Hyundai Motor Co. | 2,057 | 265,247 | ||||||
Kangwon Land, Inc. | 1,815 | 45,209 | ||||||
Kia Motors Corp. | 3,656 | 105,649 | ||||||
LG Electronics, Inc. | 1,465 | 125,849 | ||||||
Lotte Shopping Co. Ltd. | 183 | 38,028 | ||||||
Shinsegae Inc. | 120 | 48,870 | ||||||
|
| |||||||
1,173,271 | ||||||||
|
| |||||||
Consumer Staples — 6.8% | ||||||||
Amorepacific Corp. | 445 | 137,263 | ||||||
AMOREPACIFIC Group | 435 | 50,846 | ||||||
BGF retail Co. Ltd. | 145 | 24,549 | ||||||
CJ CheilJedang Corp. | 131 | 42,595 | ||||||
Dongsuh Cos., Inc. | 781 | 18,801 | ||||||
E-MART, Inc. | 296 | 68,649 | ||||||
GS Retail Co. Ltd. | 573 | 20,067 | ||||||
KT&G Corp. | 1,593 | 141,869 | ||||||
LG Household & Health Care Ltd. | 130 | 161,965 | ||||||
Orion Corp. | 354 | 42,528 | ||||||
Ottogi Corp. | 26 | 19,537 | ||||||
|
| |||||||
728,669 | ||||||||
|
| |||||||
Energy — 2.6% | ||||||||
GS Holdings Corp. | 801 | 43,321 | ||||||
SK Innovation Co. Ltd. | 884 | 168,936 | ||||||
S-Oil Corp. | 656 | 65,420 | ||||||
|
| |||||||
277,677 | ||||||||
|
| |||||||
Financials — 12.7% | ||||||||
BNK Financial Group, Inc. | 4,129 | 36,504 | ||||||
DB Insurance Co. Ltd. | 777 | 42,168 | ||||||
DGB Financial Group, Inc. | 2,968 | 28,497 | ||||||
Hana Financial Group, Inc. | 4,011 | 154,792 | ||||||
Hanwha Life Insurance Co. Ltd. | 5,363 | 27,712 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 1,048 | 33,104 | ||||||
Industrial Bank of Korea | 3,761 | 54,429 | ||||||
ING Life Insurance Korea Ltd., 144A | 564 | 21,033 | ||||||
KB Financial Group, Inc. | 5,291 | 254,255 | ||||||
Korea Investment Holdings Co. Ltd. | 624 | 54,356 | ||||||
Mirae Asset Daewoo Co. Ltd. | 5,987 | 52,208 | ||||||
NH Investment & Securities Co. Ltd. | 2,375 | 34,922 | ||||||
Samsung Card Co. Ltd. | 607 | 20,891 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 426 | 98,996 | ||||||
Samsung Life Insurance Co. Ltd. | 967 | 92,399 | ||||||
Samsung Securities Co. Ltd. | 1,081 | 37,004 | ||||||
Shinhan Financial Group Co. Ltd. | 5,724 | 232,316 |
Number of Shares | Value | |||||||
Financials (Continued) | ||||||||
Woori Bank | 6,583 | $ | 93,436 | |||||
|
| |||||||
1,369,022 | ||||||||
|
| |||||||
Health Care — 6.4% | ||||||||
Celltrion Healthcare Co. Ltd.* | 527 | 48,791 | ||||||
Celltrion Pharm, Inc.* | 286 | 24,728 | ||||||
Celltrion, Inc.* | 1,084 | 266,990 | ||||||
Hanmi Pharm. Co. Ltd. | 99 | 44,359 | ||||||
Hanmi Science Co. Ltd. | 276 | 18,179 | ||||||
Medy-Tox, Inc. | 68 | 47,539 | ||||||
Samsung Biologics Co. Ltd., 144A* | 234 | 94,429 | ||||||
SillaJen, Inc.* | 767 | 57,279 | ||||||
ViroMed Co. Ltd.* | 206 | 50,643 | ||||||
Yuhan Corp. | 152 | 33,560 | ||||||
|
| |||||||
686,497 | ||||||||
|
| |||||||
Industrials — 10.4% | ||||||||
CJ Corp. | 242 | 33,226 | ||||||
CJ Logistics Corp.* | 163 | 22,606 | ||||||
Daelim Industrial Co. Ltd. | 473 | 36,859 | ||||||
Daewoo Engineering & Construction Co. Ltd.* | 3,521 | 21,068 | ||||||
Doosan Bobcat, Inc. | 684 | 21,511 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.* | 1,273 | 22,556 | ||||||
GS Engineering & Construction Corp. | 915 | 41,635 | ||||||
Hanwha Corp. | 769 | 25,682 | ||||||
HDC Holdings Co. Ltd. (a) | 977 | 42,055 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 1,222 | 83,662 | ||||||
Hyundai Glovis Co. Ltd. | 305 | 38,056 | ||||||
Hyundai Heavy Industries Co. Ltd.* | 537 | 57,040 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd.* | 146 | 52,552 | ||||||
KCC Corp. | 98 | 31,320 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. | 496 | 18,612 | ||||||
Korea Aerospace Industries Ltd.* | 1,067 | 43,553 | ||||||
Korean Air Lines Co. Ltd. | 874 | 25,905 | ||||||
LG Corp. | 1,320 | 89,882 | ||||||
Lotte Corp.* | 527 | 28,649 | ||||||
Pan Ocean Co. Ltd.* | 4,714 | 22,128 | ||||||
Posco Daewoo Corp. | 999 | 21,223 | ||||||
S-1 Corp. | 306 | 25,094 | ||||||
Samsung C&T Corp. | 1,049 | 122,129 | ||||||
Samsung Engineering Co. Ltd.* | 2,460 | 42,105 | ||||||
Samsung Heavy Industries Co. Ltd.* | 6,222 | 43,233 | ||||||
SK Holdings Co. Ltd. | 438 | 112,553 | ||||||
|
| |||||||
1,124,894 | ||||||||
|
| |||||||
Information Technology — 35.9% | ||||||||
Kakao Corp. | 663 | 63,658 | ||||||
LG Display Co. Ltd. | 3,352 | 69,033 | ||||||
LG Innotek Co. Ltd. | 251 | 33,530 | ||||||
NAVER Corp. | 374 | 232,113 | ||||||
NCSoft Corp. | 246 | 80,559 | ||||||
Netmarble Corp., 144A | 382 | 55,637 | ||||||
Pearl Abyss Corp.* | 107 | 22,195 |
See Notes to Financial Statements. | 112 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI South Korea Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Information Technology (Continued) | ||||||||
Samsung Electro-Mechanics Co. Ltd. | 814 | $ | 101,189 | |||||
Samsung Electronics Co. Ltd. | 49,249 | 2,316,364 | ||||||
Samsung SDI Co. Ltd. | 761 | 141,547 | ||||||
Samsung SDS Co. Ltd. | 483 | 94,543 | ||||||
SK Hynix, Inc. | 7,680 | 665,441 | ||||||
|
| |||||||
3,875,809 | ||||||||
|
| |||||||
Materials — 8.0% | ||||||||
Hanwha Chemical Corp. | 1,688 | 40,479 | ||||||
Hyosung Corp. (a) | 337 | 41,892 | ||||||
Hyundai Steel Co. | 1,180 | 67,651 | ||||||
Korea Zinc Co. Ltd. | 128 | 48,151 | ||||||
Kumho Petrochemical Co. Ltd. | 327 | 31,852 | ||||||
LG Chem Ltd. | 618 | 194,066 | ||||||
Lotte Chemical Corp. | 242 | 82,728 | ||||||
OCI Co. Ltd. | 288 | 35,401 | ||||||
POSCO | 1,027 | 323,453 | ||||||
|
| |||||||
865,673 | ||||||||
|
| |||||||
Telecommunication Services — 0.7% | ||||||||
KT Corp., ADR | 400 | 5,220 | ||||||
KT Corp. | 492 | 12,324 | ||||||
SK Telecom Co. Ltd. | 294 | 60,548 | ||||||
|
| |||||||
78,092 | ||||||||
|
| |||||||
Utilities — 1.3% | ||||||||
Korea Electric Power Corp. | 3,550 | 109,172 | ||||||
Korea Gas Corp.* | 530 | 29,648 | ||||||
|
| |||||||
138,820 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 10,318,424 | |||||||
|
|
Number of Shares | Value | |||||||
PREFERRED STOCKS — 1.6% | ||||||||
Consumer Discretionary — 0.8% | ||||||||
Hyundai Motor Co. | 405 | $ | 33,589 | |||||
Hyundai Motor Co. — 2nd Preferred | 566 | 49,619 | ||||||
|
| |||||||
83,208 | ||||||||
|
| |||||||
Consumer Staples — 0.5% | ||||||||
Amorepacific Corp. | 170 | 25,627 | ||||||
LG Household & Health Care Ltd. | 40 | 27,200 | ||||||
|
| |||||||
52,827 | ||||||||
|
| |||||||
Information Technology — 0.1% | ||||||||
Samsung Electronics Co. Ltd. | 257 | 9,656 | ||||||
|
| |||||||
Materials — 0.2% | ||||||||
LG Chem Ltd. | 138 | 25,156 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 170,847 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 97.3% (Cost $7,546,664) | $ | 10,489,271 | ||||||
Other assets and liabilities, net — 2.7% | 295,466 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 10,784,737 | ||||||
|
|
* | Non-income producing security. |
(a) | Investment was valued using significant unobservable inputs. |
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 May 31, 2018, open futures contracts purchased were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Depreciation | ||||||||||||||||||
KOSPI 200 Index Futures | KRW | 2 | $ | 144,417 | $ | 143,931 | 6/14/2018 | $ | (140 | ) | ||||||||||||||
KOSPI 200 MINI Futures | KRW | 9 | 133,343 | 129,537 | 6/14/2018 | (3,620 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (3,760 | ) | |||||||||||||||||||||
|
|
As of May 31, 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. | 6/5/2018 | KRW | 6,738,499,861 | USD | 6,313,595 | $ | 61,312 | $ | — | |||||||||||||
RBC Capital Markets | 6/5/2018 | KRW | 4,884,977,500 | USD | 4,574,163 | 41,661 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | KRW | 212,475,000 | USD | 198,761 | 1,617 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | KRW | 195,908,999 | USD | 183,556 | 1,782 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 6,172,961 | KRW | 6,644,574,861 | — | (7,825 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 87,062 | KRW | 93,925,000 | 86 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 4,533,622 | KRW | 4,884,977,500 | — | (1,120 | ) |
See Notes to Financial Statements. | 113 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI South Korea Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 379,539 | KRW | 408,384,000 | $ | — | $ | (622 | ) | ||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | KRW | 6,644,574,861 | USD | 6,175,542 | 3,822 | — | |||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | KRW | 4,884,977,500 | USD | 4,537,285 | — | (58 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | KRW | 408,384,000 | USD | 379,874 | 553 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | USD | 360,440 | KRW | 388,608,000 | 513 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 111,346 | $ | (9,625 | ) | |||||||||||||||||||||||
|
|
|
|
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 May 31, 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 (b) | $ | 10,234,477 | $ | — | $ | 83,947 | $ | 10,318,424 | ||||||||
Preferred Stocks (b) | 170,847 | — | — | 170,847 | ||||||||||||
Derivatives (c) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 111,346 | — | 111,346 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 10,405,324 | $ | 111,346 | $ | 83,947 | $ | 10,600,617 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (c) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (9,625 | ) | $ | — | $ | (9,625 | ) | ||||||
Futures Contracts | (3,760 | ) | — | — | (3,760 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (3,760 | ) | $ | (9,625 | ) | $ | — | $ | (13,385 | ) | |||||
|
|
|
|
|
|
|
|
(b) | See Schedule of Investments for additional detailed categorizations. |
(c) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
During the period ended May 31, 2018, the amount of transfers between Level 1 and Level 3 was $272,747. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 114 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI United Kingdom Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 96.3% | ||||||||
Consumer Discretionary — 8.1% | ||||||||
Barratt Developments PLC | 878 | $ | 6,368 | |||||
Berkeley Group Holdings PLC | 106 | 5,983 | ||||||
Burberry Group PLC | 362 | 9,957 | ||||||
Carnival PLC | 150 | 9,645 | ||||||
Compass Group PLC | 1,307 | 28,103 | ||||||
GVC Holdings PLC | 439 | 5,935 | ||||||
InterContinental Hotels Group PLC | 149 | 9,535 | ||||||
ITV PLC | 2,977 | 6,435 | ||||||
Kingfisher PLC | 1,712 | 6,946 | ||||||
Marks & Spencer Group PLC | 1,310 | 4,946 | ||||||
Merlin Entertainments PLC, 144A | 531 | 2,589 | ||||||
Next PLC | 121 | 9,329 | ||||||
Pearson PLC | 680 | 8,150 | ||||||
Persimmon PLC | 263 | 9,901 | ||||||
Sky PLC | 860 | 15,399 | ||||||
Taylor Wimpey PLC | 2,703 | 6,832 | ||||||
TUI AG | 369 | 8,570 | ||||||
Whitbread PLC | 151 | 8,461 | ||||||
WPP PLC | 1,048 | 17,171 | ||||||
|
| |||||||
180,255 | ||||||||
|
| |||||||
Consumer Staples — 15.8% | ||||||||
Associated British Foods PLC | 292 | 10,286 | ||||||
British American Tobacco PLC | 1,896 | 97,516 | ||||||
Coca-Cola HBC AG* | 166 | 5,671 | ||||||
Diageo PLC | 2,034 | 74,695 | ||||||
Imperial Brands PLC | 788 | 28,388 | ||||||
J Sainsbury PLC | 1,436 | 6,076 | ||||||
Reckitt Benckiser Group PLC | 553 | 42,351 | ||||||
Tesco PLC | 8,088 | 26,417 | ||||||
Unilever PLC | 1,018 | 56,113 | ||||||
Wm Morrison Supermarkets PLC | 1,872 | 6,117 | ||||||
|
| |||||||
353,630 | ||||||||
|
| |||||||
Energy — 16.7% | ||||||||
BP PLC | 16,462 | 126,116 | ||||||
John Wood Group PLC | 568 | 5,063 | ||||||
Royal Dutch Shell PLC, Class A | 3,797 | 131,589 | ||||||
Royal Dutch Shell PLC, Class B | 3,101 | 110,354 | ||||||
|
| |||||||
373,122 | ||||||||
|
| |||||||
Financials — 20.5% | ||||||||
3i Group PLC | 800 | 10,135 | ||||||
Admiral Group PLC | 163 | 4,172 | ||||||
Aviva PLC | 3,309 | 22,469 | ||||||
Barclays PLC | 14,094 | 36,955 | ||||||
Direct Line Insurance Group PLC | 1,141 | 5,423 | ||||||
Hargreaves Lansdown PLC | 255 | 6,465 | ||||||
HSBC Holdings PLC | 16,549 | 158,527 | ||||||
Investec PLC | 526 | 3,885 | ||||||
Legal & General Group PLC | 4,911 | 17,614 | ||||||
Lloyds Banking Group PLC | 59,515 | 50,009 | ||||||
London Stock Exchange Group PLC | 253 | 15,057 | ||||||
Old Mutual PLC | 4,063 | 12,952 | ||||||
Prudential PLC | 2,134 | 51,375 | ||||||
Royal Bank of Scotland Group PLC* | 2,953 | 10,799 |
Number of Shares | Value | |||||||
Financials (Continued) | ||||||||
RSA Insurance Group PLC | 821 | $ | 7,114 | |||||
Schroders PLC | 103 | 4,432 | ||||||
St James’s Place PLC | 426 | 6,750 | ||||||
Standard Chartered PLC | 2,340 | 23,473 | ||||||
Standard Life Aberdeen PLC | 2,274 | 10,595 | ||||||
|
| |||||||
458,201 | ||||||||
|
| |||||||
Health Care — 10.0% | ||||||||
AstraZeneca PLC | 1,047 | 76,077 | ||||||
ConvaTec Group PLC, 144A | 1,162 | 3,579 | ||||||
GlaxoSmithKline PLC | 4,101 | 83,083 | ||||||
Mediclinic International PLC | 332 | 2,697 | ||||||
NMC Health PLC* | 84 | 3,935 | ||||||
Shire PLC | 753 | 41,041 | ||||||
Smith & Nephew PLC | 733 | 13,335 | ||||||
|
| |||||||
223,747 | ||||||||
|
| |||||||
Industrials — 7.9% | ||||||||
Ashtead Group PLC | 407 | 12,612 | ||||||
Babcock International Group PLC | 226 | 2,503 | ||||||
BAE Systems PLC | 2,638 | 22,423 | ||||||
Bunzl PLC | 279 | 8,493 | ||||||
DCC PLC | 76 | 7,289 | ||||||
easyJet PLC | 131 | 2,976 | ||||||
Experian PLC | 760 | 18,605 | ||||||
Ferguson PLC* | 200 | 15,532 | ||||||
G4S PLC | 1,338 | 4,801 | ||||||
Intertek Group PLC | 133 | 9,664 | ||||||
Meggitt PLC | 633 | 4,138 | ||||||
Melrose Industries PLC | 4,014 | 12,593 | ||||||
RELX PLC | 854 | 18,760 | ||||||
Rolls-Royce Holdings PLC* | 1,375 | 15,073 | ||||||
Rolls-Royce Holdings PLC — Entitlement* | 92,087 | 122 | ||||||
Royal Mail PLC | 719 | 4,865 | ||||||
Smiths Group PLC | �� | 321 | 7,512 | |||||
Travis Perkins PLC | 218 | 3,899 | ||||||
Weir Group PLC | 193 | 5,621 | ||||||
|
| |||||||
177,481 | ||||||||
|
| |||||||
Information Technology — 0.8% | ||||||||
Auto Trader Group PLC, 144A | 810 | 3,797 | ||||||
Micro Focus International PLC | 359 | 6,361 | ||||||
Sage Group PLC | 936 | 8,242 | ||||||
|
| |||||||
18,400 | ||||||||
|
| |||||||
Materials — 9.0% | ||||||||
Anglo American PLC (a) | 876 | 20,928 | ||||||
Antofagasta PLC | 337 | 4,724 | ||||||
BHP Billiton PLC | 1,734 | 39,855 | ||||||
Croda International PLC | 112 | 6,941 | ||||||
Fresnillo PLC | 196 | 3,461 | ||||||
Glencore PLC* | 9,591 | 47,435 | ||||||
Johnson Matthey PLC | 158 | 7,379 | ||||||
Mondi PLC | 300 | 8,331 | ||||||
Randgold Resources Ltd. | 77 | 6,109 | ||||||
Rio Tinto PLC | 990 | 55,801 | ||||||
|
| |||||||
200,964 | ||||||||
|
|
See Notes to Financial Statements. | 115 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI United Kingdom Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Real Estate — 1.2% | ||||||||
British Land Co. PLC REIT | 743 | $ | 6,697 | |||||
Hammerson PLC REIT | 619 | 4,501 | ||||||
Land Securities Group PLC REIT | 652 | 8,057 | ||||||
Segro PLC REIT | 839 | 7,301 | ||||||
|
| |||||||
26,556 | ||||||||
|
| |||||||
Telecommunication Services — 3.3% | ||||||||
BT Group PLC | 6,961 | 18,961 | ||||||
Vodafone Group PLC | 22,042 | 56,206 | ||||||
|
| |||||||
75,167 | ||||||||
|
| |||||||
Utilities — 3.0% | ||||||||
Centrica PLC | 4,557 | 8,838 | ||||||
National Grid PLC | 2,789 | 30,895 | ||||||
Severn Trent PLC | 207 | 5,473 | ||||||
SSE PLC | 858 | 15,598 | ||||||
United Utilities Group PLC | 558 | 5,755 | ||||||
|
| |||||||
66,559 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,154,082 | |||||||
|
|
Number of Shares | Value | |||||||
EXCHANGE-TRADED FUND — 1.1% | ||||||||
iShares MSCI United Kingdom ETF | 675 | $ | 24,320 | |||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 1.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (b)(c) | 23,930 | 23,930 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.5% (Cost $2,138,096) | $ | 2,202,332 | ||||||
Other assets and liabilities, net — 1.5% | 33,437 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,235,769 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 1.1% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (b)(c) |
| |||||||||||||||||||||||||||||||
6,518 | 17,412 | — | — | — | 388 | — | 23,930 | 23,930 |
* | 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 May 31, 2018 amounted to $23,007, which is 1.0% 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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 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. |
At May 31, 2018, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||
E-mini FTSE 100 Futures | USD | 1 | $ | 55,145 | $55,310 | 6/15/2018 | $ | 165 |
As of May 31, 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. | 6/5/2018 | GBP | 1,166,250 | USD | 1,608,701 | $ | 57,936 | $ | — | |||||||||||||
The Bank of Nova Scotia | 6/5/2018 | GBP | 137,000 | USD | 188,981 | 6,811 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | GBP | 7,000 | USD | 9,549 | 242 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | GBP | 284,050 | USD | 391,779 | 14,077 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 1,551,932 | GBP | 1,166,250 | — | (1,167 | ) |
See Notes to Financial Statements. | 116 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI United Kingdom Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 16,261 | GBP | 12,000 | $ | — | $ | (304 | ) | ||||||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 553,617 | GBP | 416,050 | — | (395 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | GBP | 1,166,250 | USD | 1,554,336 | 1,106 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | GBP | 87,000 | USD | 115,954 | 86 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | GBP | 416,050 | USD | 554,470 | 368 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | USD | 10,645 | GBP | 8,000 | 10 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 80,636 | $ | (1,866 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
GBP | Pound Sterling |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | 2,154,082 | $ | — | $ | — | $ | 2,154,082 | ||||||||
Exchange-Traded Fund | 24,320 | — | — | 24,320 | ||||||||||||
Short-Term Investments | 23,930 | — | — | 23,930 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 80,636 | — | 80,636 | ||||||||||||
Futures Contracts | 165 | — | — | 165 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,202,497 | $ | 80,636 | $ | — | $ | 2,283,133 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (1,866 | ) | $ | — | $ | (1,866 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (1,866 | ) | $ | — | $ | (1,866 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 117 |
DBX ETF Trust
May 31, 2018
Xtrackers MSCI All World ex US Hedged Equity ETF | Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | Xtrackers MSCI Brazil Hedged Equity ETF | Xtrackers MSCI Emerging Markets Hedged Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | 119,965,028 | $ | 4,010,112 | $ | 3,540 | $ | 188,217,993 | ||||||||
Investment in affiliated securities at value | 123,481 | — | — | — | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 3,240,329 | 5,713 | — | 993,218 | ||||||||||||
Cash | 6,792,510 | 398,463 | 11,729 | 7,113,952 | ||||||||||||
Foreign currency at value | 874,522 | 5,725 | 1,098 | 238,527 | ||||||||||||
Cash held as collateral for forward foreign currency contracts | 2,230,000 | — | — | 2,440,000 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 2,327,587 | 13,938 | 328,264 | 3,422,730 | ||||||||||||
Deposit with broker for futures contracts | 321,121 | 14,388 | — | 296,400 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 544,319 | 138,033 | 4,501,871 | 2,588,590 | ||||||||||||
Capital shares | — | 138,366 | — | — | ||||||||||||
Variation margin on futures contracts | 41,563 | 2,765 | — | 124,322 | ||||||||||||
Dividends | 443,355 | 8,958 | 12,110 | 301,031 | ||||||||||||
Securities lending income | 8,515 | 40 | — | 1,718 | ||||||||||||
Foreign tax reclaim | 145,845 | — | — | 3,659 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 137,058,175 | $ | 4,736,501 | $ | 4,858,612 | $ | 205,742,140 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 3,240,329 | $ | 5,713 | $ | — | $ | 993,218 | ||||||||
Payable for return of collateral pledged for forward foreign currency contracts | 2,230,000 | — | — | 2,440,000 | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 297,877 | 9,792 | 329 | 633,443 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 3,791,506 | 344,171 | 7 | 6,695,647 | ||||||||||||
Investment advisory fees | 43,953 | 1,520 | 2,665 | 108,331 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 9,603,665 | 361,196 | 3,001 | 10,870,639 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 127,454,510 | $ | 4,375,305 | $ | 4,855,611 | $ | 194,871,501 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 118,059,496 | $ | 4,864,872 | $ | 9,932,225 | $ | 187,581,693 | ||||||||
Undistributed net investment income | 1,530,237 | 15,764 | 105,386 | 589,440 | ||||||||||||
Accumulated net realized gain (loss) | (7,560,365 | ) | (983,098 | ) | (5,523,661 | ) | (31,948,180 | ) | ||||||||
Net unrealized appreciation (depreciation) | 15,425,142 | 477,767 | 341,661 | 38,648,548 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 127,454,510 | $ | 4,375,305 | $ | 4,855,611 | $ | 194,871,501 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 4,600,001 | 150,001 | 400,800 | 8,150,800 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 27.71 | $ | 29.17 | $ | 12.11 | $ | 23.91 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 106,340,984 | $ | 3,538,598 | $ | 3,701 | $ | 151,940,143 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 231,440 | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 4,511,061 | $ | 201,075 | $ | — | $ | 10,739,502 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 3,240,329 | $ | 5,713 | $ | — | $ | 993,218 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | 1,656,453 | $ | 201,459 | $ | — | $ | 10,090,225 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 879,937 | $ | 5,703 | $ | 1,094 | $ | 242,831 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 118 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
May 31, 2018
Xtrackers MSCI Europe Hedged Equity ETF | Xtrackers MSCI Eurozone Hedged Equity ETF | Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | 1,476,460,392 | $ | 40,458,382 | $ | 34,661,826 | $ | 1,120,810,899 | ||||||||
Investment in affiliated securities at value | 3,384,675 | 158,904 | 528,438 | — | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 66,534,337 | 2,729,041 | — | 1,120,785 | ||||||||||||
Cash | 53,921,260 | 814,259 | 736,913 | 22,267,621 | ||||||||||||
Foreign currency at value | 15,748,436 | 794,610 | 532,135 | 2,253,176 | ||||||||||||
Cash held as collateral for forward foreign currency contracts | 49,370,000 | 1,720,000 | 1,270,000 | — | ||||||||||||
Receivable for return of collateral pledged for forward foreign currency contracts | — | — | — | 2,810,000 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | 48,285,939 | 1,674,200 | 1,299,552 | 2,001,016 | ||||||||||||
Deposit with broker for futures contracts | 3,698,155 | 84,212 | 85,077 | 868,266 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 52,287,876 | 75,502 | 37,914 | 21,928,895 | ||||||||||||
Capital shares | — | — | — | 24,792,938 | ||||||||||||
Variation margin on futures contracts | 930,694 | 45,649 | 3,095 | 332,610 | ||||||||||||
Dividends | 4,225,800 | 111,249 | 19,824 | 8,478,824 | ||||||||||||
Securities lending income | 243,360 | 6,228 | — | 16,888 | ||||||||||||
Foreign tax reclaim | 7,882,148 | 118,504 | 98,602 | 531,933 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 1,782,973,072 | $ | 48,790,740 | $ | 39,273,376 | $ | 1,208,213,851 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Payable upon return of securities loaned | $ | 66,534,337 | $ | 2,729,041 | $ | — | $ | 1,120,785 | ||||||||
Payable for return of collateral pledged for forward foreign currency contracts | 49,370,000 | 1,720,000 | 1,270,000 | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 3,367,668 | 253,106 | 93,138 | 6,554,173 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 75,342,036 | 2,360,605 | 1,571,166 | 46,820,221 | ||||||||||||
Capital shares | 44,562,177 | — | — | — | ||||||||||||
Investment advisory fees | 624,983 | 16,430 | 14,177 | 464,725 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 239,801,201 | 7,079,182 | 2,948,481 | 54,959,904 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 1,543,171,871 | $ | 41,711,558 | $ | 36,324,895 | $ | 1,153,253,947 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 1,668,251,471 | $ | 41,696,222 | $ | 43,938,801 | $ | 1,242,314,072 | ||||||||
Undistributed net investment income | 32,077,154 | 790,825 | 859,925 | 34,889,467 | ||||||||||||
Accumulated net realized gain (loss) | (222,745,728 | ) | (6,440,488 | ) | (10,115,924 | ) | (210,362,573 | ) | ||||||||
Net unrealized appreciation (depreciation) | 65,588,974 | 5,664,999 | 1,642,093 | 86,412,981 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 1,543,171,871 | $ | 41,711,558 | $ | 36,324,895 | $ | 1,153,253,947 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 53,750,001 | 1,350,001 | 1,300,800 | 26,850,800 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 28.71 | $ | 30.90 | $ | 27.93 | $ | 42.95 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 1,449,825,423 | $ | 36,014,168 | $ | 33,197,262 | $ | 1,030,468,125 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 9,353,814 | $ | 356,451 | $ | 1,569,737 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 62,636,378 | $ | 2,571,447 | $ | — | $ | 6,876,195 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 66,534,337 | $ | 2,729,041 | $ | — | $ | 1,120,785 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | — | $ | — | $ | — | $ | 6,248,146 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 15,825,372 | $ | 802,395 | $ | 537,376 | $ | 2,236,150 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 119 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
May 31, 2018
Xtrackers MSCI Mexico Hedged Equity ETF | Xtrackers MSCI South Korea Hedged Equity ETF | Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||||
Assets | ||||||||||||
Investments in non-affiliated securities at value | $ | — | $ | 10,489,271 | $ | 2,178,402 | ||||||
Investment in DWS Government & Agency Securities Portfolio* | — | — | 23,930 | |||||||||
Cash | 1,035 | 257,252 | 1,321 | |||||||||
Foreign currency at value | 2,141 | — | 4,322 | |||||||||
Unrealized appreciation on forward foreign currency contracts | 51,847 | 111,346 | 80,636 | |||||||||
Deposit with broker for futures contracts | — | 22,506 | 1,700 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 835,636 | 269,612 | 38,552 | |||||||||
Variation margin on futures contracts | — | 1,821 | — | |||||||||
Dividends | — | 811 | 12,482 | |||||||||
Securities lending income | 17 | — | 45 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | $ | 890,676 | $ | 11,152,619 | $ | 2,341,390 | ||||||
|
|
|
|
|
| |||||||
Liabilities | ||||||||||||
Payable upon return of securities loaned | $ | — | $ | — | $ | 23,930 | ||||||
Unrealized depreciation on forward foreign currency contracts | — | 9,625 | 1,866 | |||||||||
Payables: | ||||||||||||
Investment securities purchased | — | 352,826 | 77,437 | |||||||||
Investment advisory fees | 392 | 5,431 | 853 | |||||||||
Variation margin on futures contracts | — | — | 1,535 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 392 | 367,882 | 105,621 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 890,284 | $ | 10,784,737 | $ | 2,235,769 | ||||||
|
|
|
|
|
| |||||||
Net Assets Consist of | ||||||||||||
Paid-in capital | $ | 1,483,454 | $ | 15,813,367 | $ | 3,092,825 | ||||||
Distributions in excess of net investment income | (491 | ) | — | — | ||||||||
Undistributed net investment income | — | 261,520 | 38,948 | |||||||||
Accumulated net realized gain (loss) | (644,501 | ) | (8,339,786 | ) | (1,038,876 | ) | ||||||
Net unrealized appreciation (depreciation) | 51,822 | 3,049,636 | 142,872 | |||||||||
|
|
|
|
|
| |||||||
Net Assets, at value | $ | 890,284 | $ | 10,784,737 | $ | 2,235,769 | ||||||
|
|
|
|
|
| |||||||
Number of Common Shares outstanding | 50,001 | 350,001 | 100,001 | |||||||||
|
|
|
|
|
| |||||||
Net Asset Value | $ | 17.81 | $ | 30.81 | $ | 22.36 | ||||||
|
|
|
|
|
| |||||||
Investments in non-affiliated securities at cost | $ | — | $ | 7,546,664 | $ | 2,114,166 | ||||||
|
|
|
|
|
| |||||||
Value of securities loaned | $ | — | $ | — | $ | 23,007 | ||||||
|
|
|
|
|
| |||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | — | $ | — | $ | 23,930 | ||||||
|
|
|
|
|
| |||||||
Foreign currency at cost | $ | 2,166 | $ | — | $ | 4,337 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 120 |
DBX ETF Trust
For the Year Ended May 31, 2018
Xtrackers MSCI All World ex US Hedged Equity ETF | Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | Xtrackers MSCI Brazil Hedged Equity ETF | Xtrackers MSCI Emerging Markets Hedged Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 3,482,087 | $ | 98,969 | $ | 138,106 | $ | 4,833,222 | ||||||||
Affiliated dividend income** | 1,258 | — | — | — | ||||||||||||
Unaffiliated non-cash dividend income | — | 11,303 | — | 348,144 | ||||||||||||
Affiliated securities lending income | 20,918 | 226 | 9 | 23,696 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 13,197 | 237 | — | 90 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 3,517,460 | 110,735 | 138,115 | 5,205,152 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 491,929 | 22,131 | 29,094 | 1,416,386 | ||||||||||||
Other expenses | 2,932 | 57 | 57 | 3,707 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 494,861 | 22,188 | 29,151 | 1,420,093 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 3,022,599 | 88,547 | 108,964 | 3,785,059 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments*** | (580,445 | ) | 100,485 | 806,355 | 689,225 | |||||||||||
Investments in affiliates | (20,747 | ) | (225 | ) | — | — | ||||||||||
In-kind redemptions | 2,074,956 | 232,235 | — | 6,955,832 | ||||||||||||
In-kind redemptions in affiliates | 2,542 | — | — | — | ||||||||||||
Futures contracts | 363,352 | 23,815 | 13,145 | 1,114,959 | ||||||||||||
Foreign currency transactions | (17,207 | ) | (62 | ) | (3,550 | ) | (18,770 | ) | ||||||||
Forward foreign currency contracts | (4,525,362 | ) | (72,883 | ) | 208,921 | (4,868,143 | ) | |||||||||
Distributions in other investment companies | — | 104 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (2,702,911 | ) | 283,469 | 1,024,871 | 3,873,103 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments**** | 6,164,455 | 160,362 | (749,341 | ) | 14,635,928 | |||||||||||
Investments in affiliates | (64,900 | ) | — | — | — | |||||||||||
Futures contracts | (209,996 | ) | (3,116 | ) | 2,280 | (656,699 | ) | |||||||||
Forward foreign currency contracts | 3,282,551 | 11,891 | 307,082 | 4,015,072 | ||||||||||||
Foreign currency translations | (21,061 | ) | (114 | ) | 14,103 | (5,987 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 9,151,049 | 169,023 | (425,876 | ) | 17,988,314 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 6,448,138 | 452,492 | 598,995 | 21,861,417 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 9,470,737 | $ | 541,039 | $ | 707,959 | $ | 25,646,476 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 354,621 | $ | 9,355 | $ | 251 | $ | 604,132 | ||||||||
** Affiliated foreign tax withheld | $ | 222 | $ | — | $ | — | $ | — | ||||||||
*** Net of foreign taxes | $ | — | $ | — | $ | — | $ | 25,572 | ||||||||
**** Net of change in deferred foreign taxes | $ | — | $ | — | $ | — | $ | (194,439 | ) |
See Notes to Financial Statements. | 121 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended May 31, 2018
Xtrackers MSCI Europe Hedged Equity ETF | Xtrackers MSCI Eurozone Hedged Equity ETF | Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 61,304,857 | $ | 1,253,252 | $ | 998,189 | $ | 27,447,525 | ||||||||
Affiliated dividend income** | 35,570 | 1,904 | 5,440 | — | ||||||||||||
Unaffiliated non-cash dividend income | — | 78,729 | 164,764 | — | ||||||||||||
Affiliated securities lending income | 530,853 | 16,083 | 1,214 | 176,804 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 599,348 | 13,669 | 266 | 177,644 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 62,470,628 | 1,363,637 | 1,169,873 | 27,801,973 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 9,827,209 | 245,120 | 211,556 | 7,401,963 | ||||||||||||
Other expenses | 106,279 | 2,098 | 1,590 | 83,442 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 9,933,488 | 247,218 | 213,146 | 7,485,405 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 52,537,140 | 1,116,419 | 956,727 | 20,316,568 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (17,443,862 | ) | 359,471 | (239,535 | ) | 3,266,279 | ||||||||||
Investments in affiliates | (886,457 | ) | (72,200 | ) | (402,703 | ) | — | |||||||||
In-kind redemptions | 158,140,173 | 5,199,924 | 2,900,712 | 220,352,665 | ||||||||||||
In-kind redemptions in affiliates | 915,471 | 42,716 | 145,648 | — | ||||||||||||
Futures contracts | 1,160,257 | 37,762 | 33,897 | 5,571,493 | ||||||||||||
Foreign currency transactions | 848,717 | 8,814 | 105,694 | 1,075,072 | ||||||||||||
Forward foreign currency contracts | (160,980,713 | ) | (5,099,973 | ) | (5,150,489 | ) | (31,071,769 | ) | ||||||||
Payments by Affiliates (See Note 8) | — | — | 899 | 3,520 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (18,246,414 | ) | 476,514 | (2,605,877 | ) | 199,197,260 | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (44,897,070 | ) | (2,410,531 | ) | (653,581 | ) | (3,654,680 | ) | ||||||||
Investments in affiliates | (2,195,752 | ) | (88,526 | ) | (70,948 | ) | — | |||||||||
Futures contracts | (1,670,495 | ) | (24,631 | ) | (80,938 | ) | (1,752,789 | ) | ||||||||
Forward foreign currency contracts | 95,283,131 | 3,285,181 | 3,106,728 | 4,776,149 | ||||||||||||
Foreign currency translations | (466,317 | ) | (12,469 | ) | (20,696 | ) | (2,613 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 46,053,497 | 749,024 | 2,280,565 | (633,933 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 27,807,083 | 1,225,538 | (325,312 | ) | 198,563,327 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 80,344,223 | $ | 2,341,957 | $ | 631,415 | $ | 218,879,895 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 5,877,491 | $ | 210,349 | $ | 130,714 | $ | 3,042,673 | ||||||||
** Affiliated foreign tax withheld | $ | 6,277 | $ | 286 | $ | 960 | $ | — |
See Notes to Financial Statements. | 122 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended May 31, 2018
Xtrackers MSCI Mexico Hedged Equity ETF | Xtrackers MSCI South Korea Hedged Equity ETF | Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||||
Investment Income | ||||||||||||
Unaffiliated dividend income* | $ | 48,766 | $ | 200,693 | $ | 116,725 | ||||||
Unaffiliated non-cash dividend income | — | 133,222 | — | |||||||||
Affiliated securities lending income | 135 | — | 388 | |||||||||
Unaffiliated securities lending income, net of borrower rebates | 169 | — | 371 | |||||||||
|
|
|
|
|
| |||||||
Total Investment Income | 49,070 | 333,915 | 117,484 | |||||||||
|
|
|
|
|
| |||||||
Expenses | ||||||||||||
Investment advisory fees | 11,771 | 104,217 | 13,610 | |||||||||
Other expenses | 57 | 276 | 57 | |||||||||
|
|
|
|
|
| |||||||
Total Expenses | 11,828 | 104,493 | 13,667 | |||||||||
|
|
|
|
|
| |||||||
Net Investment income (loss) | 37,242 | 229,422 | 103,817 | |||||||||
|
|
|
|
|
| |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | (370,757 | ) | 9,928,653 | (72,625 | ) | |||||||
In-kind redemptions | (193,867 | ) | — | 482,730 | ||||||||
Futures contracts | — | 100,473 | — | |||||||||
Foreign currency transactions | (793 | ) | (27,190 | ) | 1,132 | |||||||
Forward foreign currency contracts | (208,155 | ) | (1,114,981 | ) | (163,788 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (773,572 | ) | 8,886,955 | 247,449 | ||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments | 450,583 | (7,283,870 | ) | (300,940 | ) | |||||||
Futures contracts | — | (80,771 | ) | 165 | ||||||||
Forward foreign currency contracts | 121,804 | 509,938 | 53,227 | |||||||||
Foreign currency translations | 165 | 7,133 | (77 | ) | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) | 572,552 | (6,847,570 | ) | (247,625 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (201,020 | ) | 2,039,385 | (176 | ) | |||||||
|
|
|
|
|
| |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (163,778 | ) | $ | 2,268,807 | $ | 103,641 | |||||
|
|
|
|
|
| |||||||
* Unaffiliated foreign tax withheld | $ | 1,975 | $ | 45,807 | $ | 1,598 |
See Notes to Financial Statements. | 123 |
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF | Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | |||||||||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 3,022,599 | $ | 2,010,674 | $ | 88,547 | $ | 97,980 | ||||||||
Net realized gain (loss) | (2,702,911 | ) | 2,563,787 | 283,469 | (81,419 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | 9,151,049 | 8,276,667 | 169,023 | 706,521 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 9,470,737 | 12,851,128 | 541,039 | 723,082 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (2,997,077 | ) | (1,409,981 | ) | (110,378 | ) | (83,349 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (2,997,077 | ) | (1,409,981 | ) | (110,378 | ) | (83,349 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 24,446,147 | 28,916,357 | 1,474,842 | — | ||||||||||||
Value of shares redeemed | (8,258,171 | ) | (3,437,784 | ) | (1,462,688 | ) | (1,161,572 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 16,187,976 | 25,478,573 | 12,154 | (1,161,572 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 22,661,636 | 36,919,720 | 442,815 | (521,839 | ) | |||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 104,792,874 | 67,873,154 | 3,932,490 | 4,454,329 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 127,454,510 | $ | 104,792,874 | $ | 4,375,305 | $ | 3,932,490 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 1,530,237 | $ | 1,338,285 | $ | 15,764 | $ | 34,504 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 4,000,001 | 3,000,001 | 150,001 | 200,001 | ||||||||||||
Shares sold | 900,000 | 1,150,000 | 50,000 | — | ||||||||||||
Shares redeemed | (300,000 | ) | (150,000 | ) | (50,000 | ) | (50,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 4,600,001 | 4,000,001 | 150,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 124 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Brazil Hedged Equity ETF | Xtrackers MSCI Emerging Markets Hedged Equity ETF | |||||||||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 108,964 | $ | 96,395 | $ | 3,785,059 | $ | 2,662,499 | ||||||||
Net realized gain (loss) | 1,024,871 | (623,118 | ) | 3,873,103 | (13,077,189 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | (425,876 | ) | 1,105,938 | 17,988,314 | 35,746,253 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 707,959 | 579,215 | 25,646,476 | 25,331,563 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (54,240 | ) | (16,681 | ) | (3,312,983 | ) | (2,272,221 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (54,240 | ) | (16,681 | ) | (3,312,983 | ) | (2,272,221 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 464,672 | 29,674,592 | 60,902,841 | ||||||||||||
Value of shares redeemed | — | — | (45,001,682 | ) | (26,449,560 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | — | 464,672 | (15,327,090 | ) | 34,453,281 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 653,719 | 1,027,206 | 7,006,403 | 57,512,623 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 4,201,892 | 3,174,686 | 187,865,098 | 130,352,475 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 4,855,611 | $ | 4,201,892 | $ | 194,871,501 | $ | 187,865,098 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 105,386 | $ | 54,241 | $ | 589,440 | $ | 553,108 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 400,800 | 350,800 | 8,750,800 | 7,000,800 | ||||||||||||
Shares sold | — | 50,000 | 1,250,000 | 3,100,000 | ||||||||||||
Shares redeemed | — | — | (1,850,000 | ) | (1,350,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 400,800 | 400,800 | 8,150,800 | 8,750,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 125 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Europe Hedged Equity ETF | Xtrackers MSCI Eurozone Hedged Equity ETF | |||||||||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 52,537,140 | $ | 75,388,688 | $ | 1,116,419 | $ | 1,500,447 | ||||||||
Net realized gain (loss) | (18,246,414 | ) | 152,966,738 | 476,514 | 1,712,134 | |||||||||||
Net change in net unrealized appreciation (depreciation) | 46,053,497 | 249,220,048 | 749,024 | 6,000,036 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 80,344,223 | 477,575,474 | 2,341,957 | 9,212,617 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (57,735,062 | ) | (102,491,603 | ) | (1,340,413 | ) | (2,397,494 | ) | ||||||||
Net realized gains | — | (152,205,544 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (57,735,062 | ) | (254,697,147 | ) | (1,340,413 | ) | (2,397,494 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 40,753,740 | 513,898,440 | — | 12,930,964 | ||||||||||||
Value of shares redeemed | (1,267,014,363 | ) | (1,300,201,021 | ) | (24,406,845 | ) | (37,947,352 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (1,226,260,623 | ) | (786,302,581 | ) | (24,406,845 | ) | (25,016,388 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (1,203,651,462 | ) | (563,424,254 | ) | (23,405,301 | ) | (18,201,265 | ) | ||||||||
Net Assets | ||||||||||||||||
Beginning of year | 2,746,823,333 | 3,310,247,587 | 65,116,859 | 83,318,124 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 1,543,171,871 | $ | 2,746,823,333 | $ | 41,711,558 | $ | 65,116,859 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 32,077,154 | $ | 37,431,502 | $ | 790,825 | $ | 859,925 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 97,100,001 | 129,050,001 | 2,150,001 | 3,250,001 | ||||||||||||
Shares sold | 1,400,000 | 19,400,000 | — | 450,000 | ||||||||||||
Shares redeemed | (44,750,000 | ) | (51,350,000 | ) | (800,000 | ) | (1,550,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 53,750,001 | 97,100,001 | 1,350,001 | 2,150,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 126 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Germany Hedged Equity ETF | Xtrackers MSCI Japan Hedged Equity ETF | |||||||||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 956,727 | $ | 1,298,224 | $ | 20,316,568 | $ | 24,496,697 | ||||||||
Net realized gain (loss) | (2,605,877 | ) | (943,721 | ) | 199,197,260 | 131,181,888 | ||||||||||
Net change in net unrealized appreciation (depreciation) | 2,280,565 | 13,981,538 | (633,933 | ) | 105,229,627 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 631,415 | 14,336,041 | 218,879,895 | 260,908,212 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (894,915 | ) | (3,345,700 | ) | (42,063,292 | ) | (14,421,223 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (894,915 | ) | (3,345,700 | ) | (42,063,292 | ) | (14,421,223 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 5,744,626 | 2,551,169 | 378,553,626 | 1,267,608,580 | ||||||||||||
Value of shares redeemed | (34,675,155 | ) | (58,009,508 | ) | (1,182,044,051 | ) | (760,329,675 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (28,930,529 | ) | (55,458,339 | ) | (803,490,425 | ) | 507,278,905 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (29,194,029 | ) | (44,467,998 | ) | (626,673,822 | ) | 753,765,894 | |||||||||
Net Assets | ||||||||||||||||
Beginning of year | 65,518,924 | 109,986,922 | 1,779,927,769 | 1,026,161,875 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 36,324,895 | $ | 65,518,924 | $ | 1,153,253,947 | $ | 1,779,927,769 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 859,925 | $ | 757,164 | $ | 34,889,467 | $ | 42,063,267 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 2,350,800 | 4,700,800 | 46,050,800 | 29,900,800 | ||||||||||||
Shares sold | 200,000 | 100,000 | 8,900,000 | 37,400,000 | ||||||||||||
Shares redeemed | (1,250,000 | ) | (2,450,000 | ) | (28,100,000 | ) | (21,250,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 1,300,800 | 2,350,800 | 26,850,800 | 46,050,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 127 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI Mexico Hedged Equity ETF | Xtrackers MSCI South Korea Hedged Equity ETF | |||||||||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 37,242 | $ | 57,624 | $ | 229,422 | $ | 352,147 | ||||||||
Net realized gain (loss) | (773,572 | ) | (6,046 | ) | 8,886,955 | 9,214,168 | ||||||||||
Net change in net unrealized appreciation (depreciation) | 572,552 | 68,472 | (6,847,570 | ) | (4,239,302 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (163,778 | ) | 120,050 | 2,268,807 | 5,327,013 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (36,991 | ) | (73,128 | ) | — | (430,440 | ) | |||||||||
Net realized gains | — | (241,435 | ) | — | — | |||||||||||
Return of capital | (10,107 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (47,098 | ) | (314,563 | ) | — | (430,440 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 1,097,455 | 3,016,486 | 47,137,585 | ||||||||||||
Value of shares redeemed | (1,963,338 | ) | (2,148,889 | ) | (23,488,528 | ) | (141,207,451 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (1,963,338 | ) | (1,051,434 | ) | (20,472,042 | ) | (94,069,866 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (2,174,214 | ) | (1,245,947 | ) | (18,203,235 | ) | (89,173,293 | ) | ||||||||
Net Assets | ||||||||||||||||
Beginning of year | 3,064,498 | 4,310,445 | 28,987,972 | 118,161,265 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 890,284 | $ | 3,064,498 | $ | 10,784,737 | $ | 28,987,972 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | (491 | ) | $ | — | $ | — | $ | (1,889 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | — | $ | — | $ | 261,520 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 150,001 | 200,001 | 1,000,001 | 5,150,001 | ||||||||||||
Shares sold | — | 50,000 | 100,000 | 1,850,000 | ||||||||||||
Shares redeemed | (100,000 | ) | (100,000 | ) | (750,000 | ) | (6,000,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 50,001 | 150,001 | 350,001 | 1,000,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 128 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 103,817 | $ | 213,141 | ||||
Net realized gain (loss) | 247,449 | 146,007 | ||||||
Net change in net unrealized appreciation (depreciation) | (247,625 | ) | 867,333 | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 103,641 | 1,226,481 | ||||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (111,783 | ) | (155,550 | ) | ||||
Net realized gains | — | (1,154,665 | ) | |||||
|
|
|
| |||||
Total distributions | (111,783 | ) | (1,310,215 | ) | ||||
|
|
|
| |||||
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 | (3,243,841 | ) | (83,734 | ) | ||||
Net Assets | ||||||||
Beginning of year | 5,479,610 | 5,563,344 | ||||||
|
|
|
| |||||
End of year | $ | 2,235,769 | $ | 5,479,610 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 38,948 | $ | 34,513 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of year | 250,001 | 250,001 | ||||||
Shares sold | — | — | ||||||
Shares redeemed | (150,000 | ) | — | |||||
|
|
|
| |||||
Shares outstanding, end of year | 100,001 | 250,001 | ||||||
|
|
|
|
See Notes to Financial Statements. | 129 |
DBX ETF Trust
Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data | 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 | $ | 26.20 | $ | 22.62 | $ | 26.87 | $ | 25.61 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.67 | 0.64 | 0.64 | 0.96 | 0.45 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.51 | 3.42 | (3.57 | ) | 2.16 | 0.16 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.18 | 4.06 | (2.93 | ) | 3.12 | 0.61 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.67 | ) | (0.48 | ) | (0.86 | ) | (1.82 | ) | — | |||||||||||
Net realized gains | — | — | (0.46 | ) | (0.04 | ) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.67 | ) | (0.48 | ) | (1.32 | ) | (1.86 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 27.71 | $ | 26.20 | $ | 22.62 | $ | 26.87 | $ | 25.61 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 8.43 | 18.30 | (11.17 | ) | 13.01 | 2.44 | ** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 127 | 105 | 68 | 47 | 5 | |||||||||||||||
Ratio of expenses (%) | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 2.46 | 2.67 | 2.76 | 3.70 | 5.18 | * | ||||||||||||||
Portfolio turnover rate (%)(d) | 11 | 15 | 24 | 24 | 3 | ** | ||||||||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF Selected Per Share Data | 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 | $ | 26.22 | $ | 22.27 | $ | 27.90 | $ | 26.47 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.68 | 0.56 | 0.63 | 0.68 | 0.40 | |||||||||||||||
Net realized and unrealized gain (loss) | 3.01 | 3.89 | (4.19 | ) | 2.04 | 1.08 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 3.69 | 4.45 | (3.56 | ) | 2.72 | 1.48 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.74 | ) | (0.50 | ) | (1.09 | ) | (1.29 | ) | (0.01 | ) | ||||||||||
Net realized gains | — | — | (0.98 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.74 | ) | (0.50 | ) | (2.07 | ) | (1.29 | ) | (0.01 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 29.17 | $ | 26.22 | $ | 22.27 | $ | 27.90 | $ | 26.47 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 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 | 11 | 7 | |||||||||||||||
Ratio of expenses (%) | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 2.40 | 2.34 | 2.64 | 2.51 | 2.33 | * | ||||||||||||||
Portfolio turnover rate (%)(d) | 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) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 130 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Brazil Hedged Equity ETF Selected Per Share Data | 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 year | $ | 10.48 | $ | 9.05 | $ | 13.03 | $ | 14.46 | $ | 19.28 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.27 | 0.24 | 0.24 | 0.42 | 0.47 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.50 | 1.23 | (1.91 | ) | (1.44 | ) | (2.30 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.77 | 1.47 | (1.67 | ) | (1.02 | ) | (1.83 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.14 | ) | (0.04 | ) | (2.30 | ) | (0.41 | ) | (2.95 | ) | ||||||||||
Return of capital | — | — | (0.01 | ) | — | (0.04 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.14 | ) | (0.04 | ) | (2.31 | ) | (0.41 | ) | (2.99 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 12.11 | $ | 10.48 | $ | 9.05 | $ | 13.03 | $ | 14.46 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 17.10 | 16.28 | (15.83 | ) | (6.96 | ) | (9.83 | )(b) | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 5 | 4 | 3 | 7 | 6 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.60 | 0.60 | 0.60 | 0.60 | 0.63 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | |||||||||||||||
Ratio of net investment income (loss) (%) | 2.25 | 2.26 | 2.56 | 2.97 | 2.93 | |||||||||||||||
Portfolio turnover rate (%)(c) | 60 | 28 | 59 | 141 | 89 | |||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data | 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 year | $ | 21.47 | $ | 18.62 | $ | 22.43 | $ | 21.74 | $ | 21.96 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.41 | 0.35 | 0.43 | 0.36 | 0.38 | |||||||||||||||
Net realized and unrealized gain (loss) | 2.39 | 2.81 | (3.60 | ) | 0.77 | (0.17 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 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 year | $ | 23.91 | $ | 21.47 | $ | 18.62 | $ | 22.43 | $ | 21.74 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 13.09 | 17.19 | (14.32 | ) | 5.35 | 1.17 | (b) | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 195 | 188 | 130 | 245 | 29 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.65 | 0.65 | 0.65 | 0.65 | 0.66 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | |||||||||||||||
Ratio of net investment income (loss) (%) | 1.74 | 1.74 | 2.20 | 1.64 | 1.81 | |||||||||||||||
Portfolio turnover rate (%)(c) | 15 | 43 | 32 | 58 | 16 |
(a) | Based on average shares outstanding during the period. |
(b) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 131 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data | 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 | $ | 28.29 | $ | 25.65 | $ | 29.47 | $ | 27.75 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.68 | 0.76 | 0.79 | 1.33 | 1.27 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.39 | 4.40 | (3.19 | ) | 1.54 | 1.72 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.07 | 5.16 | (2.40 | ) | 2.87 | 2.99 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.65 | ) | (0.85 | ) | (1.28 | ) | (1.15 | ) | (0.24 | ) | ||||||||||
Net realized gains | — | (1.67 | ) | (0.14 | ) | (0.00 | )(d) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.65 | ) | (2.52 | ) | (1.42 | ) | (1.15 | ) | (0.24 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 28.71 | $ | 28.29 | $ | 25.65 | $ | 29.47 | $ | 27.75 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 3.82 | 21.77 | (8.46 | ) | 10.88 | 12.05 | ** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 1,543 | 2,747 | 3,310 | 2,668 | 164 | |||||||||||||||
Ratio of expenses (%) | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 2.41 | 2.95 | 3.08 | 4.74 | 7.30 | * | ||||||||||||||
Portfolio turnover rate (%)(e) | 11 | 17 | 18 | 13 | 4 | ** | ||||||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Period Ended 5/31/2015(b) | ||||||||||||||||
Net Asset Value, beginning of period | $ | 30.29 | $ | 25.64 | $ | 29.30 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.62 | 0.73 | 0.78 | 0.81 | ||||||||||||||||
Net realized and unrealized gain (loss) | 0.63 | 4.84 | (3.15 | ) | 3.49 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 1.25 | 5.57 | (2.37 | ) | 4.30 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.64 | ) | (0.92 | ) | (1.29 | ) | — | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.64 | ) | (0.92 | ) | (1.29 | ) | — | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 30.90 | $ | 30.29 | $ | 25.64 | $ | 29.30 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 4.19 | 22.56 | (8.45 | ) | 17.20 | ** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 42 | 65 | 83 | 22 | ||||||||||||||||
Ratio of expenses (%) | 0.45 | 0.45 | 0.45 | 0.45 | * | |||||||||||||||
Ratio of net investment income (loss) (%) | 2.05 | 2.76 | 3.11 | 6.04 | * | |||||||||||||||
Portfolio turnover rate (%)(e) | 14 | 16 | 22 | 8 | ** |
(a) | For the period October 1, 2013 (commencement of operations) through May 31, 2014. |
(b) | For the period December 10, 2014 (commencement of operations) through May 31, 2015. |
(c) | Based on average shares outstanding during the period. |
(d) | Amount represents less than $0.005. |
(e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 132 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data | 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 year | $ | 27.87 | $ | 23.40 | $ | 27.34 | $ | 26.51 | $ | 23.22 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.57 | 0.40 | 0.33 | 1.38 | 1.03 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.09 | ) | 4.78 | (2.93 | ) | 1.93 | 3.11 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.48 | 5.18 | (2.60 | ) | 3.31 | 4.14 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.42 | ) | (0.71 | ) | (1.34 | ) | (2.48 | ) | (0.85 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.42 | ) | (0.71 | ) | (1.34 | ) | (2.48 | ) | (0.85 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 27.93 | $ | 27.87 | $ | 23.40 | $ | 27.34 | $ | 26.51 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 1.73 | 22.93 | (9.99 | ) | 13.92 | 18.70 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 36 | 66 | 110 | 234 | 45 | |||||||||||||||
Ratio of expenses (%) | 0.45 | 0.45 | 0.45 | 0.45 | 0.47 | |||||||||||||||
Ratio of net investment income (loss) (%) | 2.04 | 1.63 | 1.37 | 5.14 | 4.15 | |||||||||||||||
Portfolio turnover rate (%)(b) | 17 | 12 | 16 | 20 | 12 | |||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data | 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 year | $ | 38.65 | $ | 34.32 | $ | 44.54 | $ | 35.43 | $ | 34.08 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.52 | 0.53 | 0.48 | 0.52 | 0.55 | |||||||||||||||
Net realized and unrealized gain (loss) | 4.69 | 4.22 | (8.44 | ) | 12.49 | 1.51 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 5.21 | 4.75 | (7.96 | ) | 13.01 | 2.06 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.91 | ) | (0.42 | ) | (1.39 | ) | (3.90 | ) | (0.71 | ) | ||||||||||
Net realized gains | — | — | (0.87 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.91 | ) | (0.42 | ) | (2.26 | ) | (3.90 | ) | (0.71 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 42.95 | $ | 38.65 | $ | 34.32 | $ | 44.54 | $ | 35.43 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 13.74 | 14.08 | (18.65 | ) | 39.00 | 6.21 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 1,153 | 1,780 | 1,026 | 1,263 | 441 | |||||||||||||||
Ratio of expenses (%) | 0.46 | 0.45 | 0.45 | 0.45 | 0.48 | |||||||||||||||
Ratio of net investment income (loss) (%) | 1.24 | 1.50 | 1.29 | 1.32 | 1.56 | |||||||||||||||
Portfolio turnover rate (%)(b) | 12 | 22 | 15 | 14 | 13 |
(a) | Based on average shares outstanding during the period. |
(b) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
See Notes to Financial Statements. | 133 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI Mexico Hedged Equity ETF Selected Per Share Data | 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 | $ | 20.43 | $ | 21.55 | $ | 25.24 | $ | 24.29 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.32 | 0.32 | 0.53 | 0.26 | 0.07 | |||||||||||||||
Net realized and unrealized gain (loss) | (2.47 | ) | 0.14 | (0.11 | ) | 0.94 | (0.78 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | (2.15 | ) | 0.46 | 0.42 | 1.20 | (0.71 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.37 | ) | (0.37 | ) | (2.79 | ) | (0.18 | ) | — | |||||||||||
Net realized gains | — | (1.21 | ) | (1.32 | ) | (0.07 | ) | — | ||||||||||||
Return of capital | (0.10 | ) | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.47 | ) | (1.58 | ) | (4.11 | ) | (0.25 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 17.81 | $ | 20.43 | $ | 21.55 | $ | 25.24 | $ | 24.29 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | (10.72 | ) | 2.19 | 2.09 | 4.99 | (2.84 | )** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 1 | 3 | 4 | 5 | 5 | |||||||||||||||
Ratio of expenses (%) | 0.50 | 0.50 | 0.51 | 0.50 | 0.50 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 1.58 | 1.52 | 2.40 | 1.04 | 0.79 | * | ||||||||||||||
Portfolio turnover rate (%)(c) | 22 | 23 | 34 | 22 | 7 | ** | ||||||||||||||
Xtrackers MSCI South Korea Hedged Equity ETF Selected Per Share Data | 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 | $ | 28.99 | $ | 22.94 | $ | 24.32 | $ | 25.08 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.39 | 0.18 | 0.16 | (0.11 | ) | (0.02 | ) | |||||||||||||
Net realized and unrealized gain (loss) | 1.43 | 5.99 | (1.51 | ) | (0.65 | ) | 0.10 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.82 | 6.17 | (1.35 | ) | (0.76 | ) | 0.08 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | — | (0.12 | ) | (0.03 | ) | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | — | (0.12 | ) | (0.03 | ) | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 30.81 | $ | 28.99 | $ | 22.94 | $ | 24.32 | $ | 25.08 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 6.28 | 27.01 | (5.55 | ) | (3.07 | ) | 0.32 | ** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 11 | 29 | 118 | 137 | 5 | |||||||||||||||
Ratio of expenses (%) | 0.58 | 0.58 | 0.58 | 0.58 | 0.58 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 1.28 | 0.74 | 0.72 | (0.47 | ) | (0.26 | )* | |||||||||||||
Portfolio turnover rate (%)(c) | 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) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 134 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI United Kingdom Hedged Equity ETF Selected Per Share Data | 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 | $ | 21.92 | $ | 22.25 | $ | 25.93 | $ | 26.53 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(b) | 0.74 | 0.85 | 0.89 | 0.92 | 1.32 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.59 | (c) | 4.06 | (2.95 | ) | 0.08 | 0.63 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 1.33 | 4.91 | (2.06 | ) | 1.00 | 1.95 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.89 | ) | (0.62 | ) | (1.51 | ) | (1.58 | ) | (0.42 | ) | ||||||||||
Net realized gains | — | (4.62 | ) | (0.11 | ) | (0.02 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.89 | ) | (5.24 | ) | (1.62 | ) | (1.60 | ) | (0.42 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 22.36 | $ | 21.92 | $ | 22.25 | $ | 25.93 | $ | 26.53 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 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 | 5 | 6 | 5 | 5 | |||||||||||||||
Ratio of expenses (%) | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 3.43 | 3.81 | 4.04 | 3.57 | 7.70 | * | ||||||||||||||
Portfolio turnover rate (%)(d) | 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. | 135 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of May 31, 2018, the Trust consists of thirty-seven investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
New Fund Name | Former Fund Name | |
Xtrackers MSCI All World ex US Hedged Equity ETF | Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | |
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | |
Xtrackers MSCI Brazil Hedged Equity ETF | Deutsche X-trackers MSCI Brazil Hedged Equity ETF | |
Xtrackers MSCI Emerging Markets Hedged Equity ETF | Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | |
Xtrackers MSCI Europe Hedged Equity ETF | Deutsche X-trackers MSCI Europe Hedged Equity ETF | |
Xtrackers MSCI Eurozone Hedged Equity ETF | Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | |
Xtrackers MSCI Germany Hedged Equity ETF | Deutsche X-trackers MSCI Germany Hedged Equity ETF | |
Xtrackers MSCI Japan Hedged Equity ETF | Deutsche X-trackers MSCI Japan Hedged Equity ETF | |
Xtrackers MSCI Mexico Hedged Equity ETF | Deutsche X-trackers MSCI Mexico Hedged Equity ETF | |
Xtrackers MSCI South Korea Hedged Equity ETF | Deutsche X-trackers MSCI South Korea Hedged Equity ETF | |
Xtrackers MSCI United Kingdom Hedged Equity ETF | Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of 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 Brazil Hedged Equity ETF | MSCI Brazil US Dollar Hedged Index | |
Xtrackers MSCI Emerging Markets Hedged Equity ETF | MSCI EM US Dollar Hedged Index | |
Xtrackers MSCI Europe Hedged Equity ETF | MSCI Europe US Dollar Hedged Index | |
Xtrackers MSCI Eurozone Hedged Equity ETF | MSCI EMU US Dollar Hedged Index | |
Xtrackers MSCI Germany Hedged Equity ETF | MSCI Germany US Dollar Hedged Index | |
Xtrackers MSCI Japan Hedged Equity ETF | MSCI Japan US Dollar Hedged Index | |
Xtrackers MSCI Mexico Hedged Equity ETF | MSCI Mexico IMI 25/50 US Dollar Hedged Index | |
Xtrackers MSCI South Korea Hedged Equity ETF | MSCI Korea 25/50 US Dollar Hedged Index | |
Xtrackers MSCI United Kingdom Hedged Equity ETF | MSCI United Kingdom US Dollar Hedged Index |
The MSCI ACWI ex USA US Dollar Hedged Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.
The MSCI Asia Pacific ex Japan US Dollar Hedged Index is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia Pacific region (excluding Japan), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.
The MSCI Brazil US Dollar Hedged Index is designed to provide exposure to Brazilian equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Brazilian real.
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The MSCI EM US Dollar Hedged Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.
The MSCI Europe US Dollar Hedged Index is designed to provide exposure to equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index.
The MSCI EMU US Dollar Hedged Index is designed to provide exposure to equity securities from countries in the European Monetary Union, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.
The MSCI Germany US Dollar Hedged Index is designed to provide exposure to German equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.
The MSCI Japan US Dollar Hedged Index is designed to provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.
The MSCI Mexico IMI 25/50 US Dollar Hedged Index is designed to provide exposure to the Mexican equity markets while at the same time mitigating exposure to fluctuations of the Mexican peso relative to the U.S. dollar.
The MSCI Korea 25/50 US Dollar Hedged Index is designed to provide exposure to the South Korean equity markets while at the same time mitigating exposure to fluctuations of the South Korean won relative to the U.S. dollar.
The MSCI United Kingdom US Dollar Hedged Index is designed to provide exposure to the United Kingdom equity markets while at the same time hedging exposure to fluctuations of the British pound sterling relative to the U.S. dollar.
The MSCI Hedged Underlying Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of the following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund, except Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged 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, 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.
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2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
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.
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Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex- dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2018, the Funds did not incur any interest or penalties.
As of May 31, 2018, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | |||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 1,530,237 | $ | (4,092,368 | ) | $ | 11,957,145 | $ | 9,395,014 | |||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 15,764 | (955,757 | ) | 450,426 | (489,567 | ) | ||||||||||
Xtrackers MSCI Brazil Hedged Equity ETF | 105,386 | (5,195,726 | ) | 13,726 | (5,076,614 | ) | ||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 589,440 | (24,251,164 | ) | 30,951,532 | 7,289,808 | |||||||||||
Xtrackers MSCI Europe Hedged Equity ETF | 32,077,154 | (151,517,529 | ) | (5,639,225 | ) | (125,079,600 | ) | |||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 790,825 | (4,470,452 | ) | 3,694,963 | 15,336 | |||||||||||
Xtrackers MSCI Germany Hedged Equity ETF | 859,925 | (8,454,362 | ) | (19,469 | ) | (7,613,906 | ) | |||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 34,889,467 | (196,030,131 | ) | 72,080,539 | (89,060,125 | ) | ||||||||||
Xtrackers MSCI Mexico Hedged Equity ETF | — | (593,145 | ) | (25 | ) | (593,170 | ) | |||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 261,520 | (7,254,548 | ) | 1,964,398 | (5,028,630 | ) | ||||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 38,948 | (819,989 | ) | (76,015 | ) | (857,056 | ) |
The tax character of dividends and distributions declared for the years ended May 31, 2018 and May 31, 2017 were as follows:
Year Ended May 31, 2018 | ||||||||
Ordinary Income* | Return of Capital | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 2,997,077 | $ | — | ||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 110,378 | — | ||||||
Xtrackers MSCI Brazil Hedged Equity ETF | 54,240 | — |
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Year Ended May 31, 2018 | ||||||||
Ordinary Income* | Return of Capital | |||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | $ | 3,312,983 | $ | — | ||||
Xtrackers MSCI Europe Hedged Equity ETF | 57,735,062 | — | ||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 1,340,413 | — | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | 894,915 | — | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | 42,063,292 | — | ||||||
Xtrackers MSCI Mexico Hedged Equity ETF | 36,991 | 10,107 | ||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 111,783 | — |
Year Ended May 31, 2017 | ||||||||
Ordinary Income* | Long Term Capital Gains | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 1,409,981 | $ | — | ||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 83,349 | — | ||||||
Xtrackers MSCI Brazil Hedged Equity ETF | 16,681 | — | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 2,272,221 | — | ||||||
Xtrackers MSCI Europe Hedged Equity ETF | 152,631,001 | 102,066,146 | ||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 2,397,494 | — | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | 3,345,700 | — | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | 14,421,223 | — | ||||||
Xtrackers MSCI Mexico Hedged Equity ETF | 173,059 | 141,504 | ||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 430,440 | — | ||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 613,190 | 697,025 |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
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 Brazil Hedged Equity ETF | 2,470,379 | 2,725,347 | 5,195,726 | |||||||||
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 Mexico Hedged Equity ETF | 13,870 | 137,876 | 151,746 | |||||||||
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:
Late Year Ordinary Losses | 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 | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | — | 347,076 | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | — | 61,312,862 |
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Late Year Ordinary Losses | Post-October Losses on Capital | |||||||
Xtrackers MSCI Mexico Hedged Equity ETF | $ | 491 | $ | 440,908 | ||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | — | 7,740 |
In order to present paid-in capital and accumulated net realized gains or losses on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in capital, undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to recognition of certain foreign currency gains (losses) as ordinary income (loss), Passive Foreign Investment Companies (“PFICs”), redemptions-in-kind, partnership investments, and accrued foreign capital gain taxes. For the fiscal year ended May 31, 2018, the adjustments were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Capital Gains (Accumulated Losses) | Paid-In Capital | ||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 166,430 | $ | (2,034,277 | ) | $ | 1,867,847 | |||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 3,091 | (218,445 | ) | 215,354 | ||||||||
Xtrackers MSCI Brazil Hedged Equity ETF | (3,579 | ) | 3,578 | 1 | ||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | (435,744 | ) | (5,885,400 | ) | 6,321,144 | |||||||
Xtrackers MSCI Europe Hedged Equity ETF | (156,426 | ) | (122,950,960 | ) | 123,107,386 | |||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | (75,109 | ) | (4,493,085 | ) | 4,568,194 | |||||||
Xtrackers MSCI Germany Hedged Equity ETF | 40,949 | (2,451,958 | ) | 2,411,009 | ||||||||
Xtrackers MSCI Japan Hedged Equity ETF | 14,572,924 | (211,602,161 | ) | 197,029,237 | ||||||||
Xtrackers MSCI Mexico Hedged Equity ETF | (742 | ) | 284,285 | (283,543 | ) | |||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 33,987 | (504,360 | ) | 470,373 | ||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 12,401 | (227,679 | ) | 215,278 |
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 | $ | (6,724,994 | ) | |||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | 3,571,624 | 450,477 | 669,838 | (219,361 | ) | |||||||||||
Xtrackers MSCI Brazil Hedged Equity ETF | 3,701 | (161 | ) | 329 | (490 | ) | ||||||||||
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 | ) |
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of May 31, 2018, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
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Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at year end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount 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 U.S. Treasury securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 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 (0.14% annualized effective rate as of May 31, 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 May 31, 2018, the Funds listed below had securities on loan, which were classified as common stocks in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Xtrackers MSCI Europe Hedged Equity ETF
Xtrackers MSCI Eurozone Hedged Equity ETF
Xtrackers MSCI United Kingdom Hedged Equity ETF
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As of May 31, 2018, the funds listed below had securities on loan, which were classified as common stocks in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end.
Remaining Contractual Maturity of the Agreements, as of May 31, 2018 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||||||
Common Stocks | $ | 3,240,329 | $ | — | $ | 69,995 | $ | 1,586,458 | $ | 4,896,782 | ||||||||||
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Gross amount of recognized liabilities for securities lending transactions |
| $ | 4,896,782 | |||||||||||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | ||||||||||||||||||||
Common Stocks | $ | 5,713 | $ | — | $ | 8,812 | $ | 192,647 | $ | 207,172 | ||||||||||
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Gross amount of recognized liabilities for securities lending transactions |
| $ | 207,172 | |||||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||||||
Common Stocks | $ | 993,218 | $ | — | $ | 438,528 | $ | 9,651,697 | $ | 11,083,443 | ||||||||||
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Gross amount of recognized liabilities for securities lending transactions |
| $ | 11,083,443 | |||||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF | ||||||||||||||||||||
Common Stocks | $ | 1,120,785 | $ | — | $ | — | $ | 6,248,146 | $ | 7,368,931 | ||||||||||
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Gross amount of recognized liabilities for securities lending transactions |
| $ | 7,368,931 |
As of May 31, 2018, the Funds listed below had no securities on loan.
Xtrackers MSCI Brazil Hedged Equity ETF
Xtrackers MSCI Germany Hedged Equity ETF
Xtrackers MSCI Mexico Hedged Equity ETF
Xtrackers MSCI South Korea Hedged Equity ETF
Derivatives
Forward Foreign Currency Contracts Each Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 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 specified non-U.S. currencies. Similarly, the Xtrackers MSCI Brazil Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF, Xtrackers MSCI United Kingdom ETF and Xtrackers MSCI Mexico Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the Brazilian real, the euro, the Japanese yen, the South Korean won, the British Pound sterling and the Mexican peso, respectively.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward foreign currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.
A summary of the open forward currency contracts as of May 31, 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 year ended May 31, 2018.
143
DBX ETF Trust
Notes to Financial Statements (Continued)
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2018, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Brazil Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF and Xtrackers MSCI United Kingdom Hedged Equity ETF utilized futures in order to simulate investments in each Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of May 31, 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 May 31, 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* | $ | 29,285 | Unrealized depreciation on futures contracts* | $ | 138,450 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 2,327,587 | Unrealized depreciation on forward foreign currency contracts | 297,877 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 2,356,872 | Total | $ | 436,327 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 2,560 | Unrealized depreciation on futures contracts* | $ | 402 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 13,938 | Unrealized depreciation on forward foreign currency contracts | 9,792 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 16,498 | Total | $ | 10,194 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Brazil Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 328,264 | Unrealized depreciation on forward foreign currency contracts | $ | 329 |
144
DBX ETF Trust
Notes to Financial Statements (Continued)
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 411,350 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 3,422,730 | Unrealized depreciation on forward foreign currency contracts | 633,443 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 3,422,730 | Total | $ | 1,044,793 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Europe Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 1,164,957 | Unrealized depreciation on futures contracts* | $ | 1,040,502 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 48,285,939 | Unrealized depreciation on forward foreign currency contracts | 3,367,668 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 49,450,896 | Total | $ | 4,408,170 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 5,534 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 1,674,200 | Unrealized depreciation on forward foreign currency contracts | 253,106 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 1,674,200 | Total | $ | 258,640 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Germany Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 8,973 | Unrealized depreciation on futures contracts* | $ | 5,076 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 1,299,552 | Unrealized depreciation on forward foreign currency contracts | 93,138 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 1,308,525 | Total | $ | 98,214 | |||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Japan Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 525,890 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 2,001,016 | Unrealized depreciation on forward foreign currency contracts | 6,554,173 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 2,526,906 | $ | 6,554,173 | ||||||||||
|
|
|
| |||||||||||
Xtrackers MSCI Mexico Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 51,847 | Unrealized depreciation on forward foreign currency contracts | $ | — | ||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 3,760 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 111,346 | Unrealized depreciation on forward foreign currency contracts | 9,625 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 111,346 | Total | $ | 13,385 | |||||||||
|
|
|
|
145
DBX ETF Trust
Notes to Financial Statements (Continued)
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 165 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 80,636 | Unrealized depreciation on forward foreign currency contracts | 1,866 | ||||||||||
|
|
|
| |||||||||||
Total | $ | 80,801 | Total | $ | 1,866 | |||||||||
|
|
|
|
* | 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 year ended May 31, 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 | $ | 363,352 | $ | (4,525,362 | ) | $ | (4,162,010 | ) | ||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 23,815 | (72,883 | ) | (49,068 | ) | |||||||
Xtrackers MSCI Brazil Hedged Equity ETF | 13,145 | 208,921 | 222,066 | |||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 1,114,959 | (4,868,143 | ) | (3,753,184 | ) | |||||||
Xtrackers MSCI Europe Hedged Equity ETF | 1,160,257 | (160,980,713 | ) | (159,820,456 | ) | |||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 37,762 | (5,099,973 | ) | (5,062,211 | ) | |||||||
Xtrackers MSCI Germany Hedged Equity ETF | 33,897 | (5,150,489 | ) | (5,116,592 | ) | |||||||
Xtrackers MSCI Japan Hedged Equity ETF | 5,571,493 | (31,071,769 | ) | (25,500,276 | ) | |||||||
Xtrackers MSCI Mexico Hedged Equity ETF | — | (208,155 | ) | (208,155 | ) | |||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 100,473 | (1,114,981 | ) | (1,014,508 | ) | |||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | — | (163,788 | ) | (163,788 | ) | |||||||
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 | $ | (209,996 | ) | $ | 3,282,551 | $ | 3,072,555 | |||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | (3,116 | ) | 11,891 | 8,775 | ||||||||
Xtrackers MSCI Brazil Hedged Equity ETF | 2,280 | 307,082 | 309,362 | |||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | (656,699 | ) | 4,015,072 | 3,358,373 | ||||||||
Xtrackers MSCI Europe Hedged Equity ETF | (1,670,495 | ) | 95,283,131 | 93,612,636 | ||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | (24,631 | ) | 3,285,181 | 3,260,550 | ||||||||
Xtrackers MSCI Germany Hedged Equity ETF | (80,938 | ) | 3,106,728 | 3,025,790 | ||||||||
Xtrackers MSCI Japan Hedged Equity ETF | (1,752,789 | ) | 4,776,149 | 3,023,360 | ||||||||
Xtrackers MSCI Mexico Hedged Equity ETF | — | 121,804 | 121,804 | |||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | (80,771 | ) | 509,938 | 429,167 | ||||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 165 | 53,227 | 53,392 |
For the year ended May 31, 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 | $ | 3,902,846 | $ | (116,427,678 | ) | |||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 313,823 | (3,181,783 | ) | |||||
Xtrackers MSCI Brazil Hedged Equity ETF | 63,912 | (4,729,256 | ) | |||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 5,542,792 | (197,413,827 | ) |
146
DBX ETF Trust
Notes to Financial Statements (Continued)
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
Xtrackers MSCI Europe Hedged Equity ETF | $ | 60,191,100 | $ | (2,112,756,699 | ) | |||
Xtrackers MSCI Eurozone Hedged Equity ETF | 985,402 | (53,110,535 | ) | |||||
Xtrackers MSCI Germany Hedged Equity ETF | 1,464,810 | (45,812,042 | ) | |||||
Xtrackers MSCI Japan Hedged Equity ETF | 50,984,387 | (1,569,395,743 | ) | |||||
Xtrackers MSCI Mexico Hedged Equity ETF | — | (2,318,963 | ) | |||||
Xtrackers MSCI South Korea Hedged Equity ETF | 414,942 | (17,049,910 | ) | |||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 4,255 | (3,176,987 | ) |
As of May 31, 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 | Net Amount of Derivatives Liabilities | ||||||||||||||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 1,146,293 | $ | (152,342 | ) | $ | 993,951 | $ | — | $ | 152,342 | $ | (152,342 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 975,735 | (56,280 | ) | 919,455 | — | 56,280 | (56,280 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 118,363 | (23,310 | ) | — | 95,053 | 23,310 | (23,310 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 48,642 | (48,642 | ) | — | — | 61,869 | (48,642 | ) | — | 13,227 | ||||||||||||||||||||||
The Bank of Nova Scotia | 38,554 | (4,076 | ) | — | 34,478 | 4,076 | (4,076 | ) | — | — | ||||||||||||||||||||||
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| |||||||||||||||||
$ | 2,327,587 | $ | (284,650 | ) | $ | 1,913,406 | $ | 129,531 | $ | 297,877 | $ | (284,650 | ) | $ | — | $ | 13,227 | |||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 8,529 | $ | (3,750 | ) | $ | — | $ | 4,779 | $ | 3,750 | $ | (3,750 | ) | $ | — | $ | — | ||||||||||||||
RBC Capital Markets | — | — | — | — | 687 | — | — | 687 | ||||||||||||||||||||||||
The Bank of New York Mellon | 5,409 | (5,355 | ) | — | 54 | 5,355 | (5,355 | ) | — | — | ||||||||||||||||||||||
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| |||||||||||||||||
$ | 13,938 | $ | (9,105 | ) | $ | — | $ | 4,833 | $ | 9,792 | $ | (9,105 | ) | $ | — | $ | 687 | |||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 191,174 | $ | — | $ | — | $ | 191,174 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
JP Morgan & Chase Co. | 27,392 | (329 | ) | — | 27,063 | 329 | (329 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 44,998 | — | — | 44,998 | — | — | — | — | ||||||||||||||||||||||||
The Bank of Nova Scotia | 64,700 | — | — | 64,700 | — | — | — | — | ||||||||||||||||||||||||
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| |||||||||||||||||
$ | 328,264 | $ | (329 | ) | $ | — | $ | 327,935 | $ | 329 | $ | (329 | ) | $ | — | $ | — | |||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 1,153,775 | $ | (350,173 | ) | $ | 803,602 | $ | — | $ | 350,173 | $ | (350,173 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 856,133 | (214,185 | ) | 520,000 | 121,948 | 214,185 | (214,185 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 274,911 | (26,541 | ) | 248,370 | — | 26,541 | (26,541 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 217,174 | (12,069 | ) | — | 205,105 | 12,069 | (12,069 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 920,737 | (30,475 | ) | 810,000 | 80,262 | 30,475 | (30,475 | ) | — | — | ||||||||||||||||||||||
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| |||||||||||||||||
$ | 3,422,730 | $ | (633,443 | ) | $ | 2,381,972 | $ | 407,315 | $ | 633,443 | $ | (633,443 | ) | $ | — | $ | — | |||||||||||||||
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147
DBX ETF Trust
Notes to Financial Statements (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 | Net Amount of Derivatives Liabilities | ||||||||||||||||||||||||
Xtrackers MSCI Europe Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 3,482,263 | $ | (191,717 | ) | $ | 3,290,546 | $ | — | $ | 191,717 | $ | (191,717 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 10,747,951 | (909,260 | ) | 9,838,691 | — | 909,260 | (909,260 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 13,085,323 | (1,066,475 | ) | 12,018,848 | — | 1,066,475 | (1,066,475 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 3,224,741 | (147,983 | ) | 3,076,758 | — | 147,983 | (147,983 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 17,745,661 | (1,052,233 | ) | 16,693,428 | — | 1,052,233 | (1,052,233 | ) | — | — | ||||||||||||||||||||||
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| |||||||||||||||||
$ | 48,285,939 | $ | (3,367,668 | ) | $ | 44,918,271 | $ | — | $ | 3,367,668 | $ | (3,367,668 | ) | $ | — | $ | — | |||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 870,165 | $ | (208,532 | ) | $ | 661,633 | $ | — | $ | 208,532 | $ | (208,532 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 804,035 | (44,574 | ) | 759,461 | — | 44,574 | (44,574 | ) | — | — | ||||||||||||||||||||||
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| |||||||||||||||||
$ | 1,674,200 | $ | (253,106 | ) | $ | 1,421,094 | $ | — | $ | 253,106 | $ | (253,106 | ) | $ | — | $ | — | |||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Germany Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 492,711 | $ | (46,713 | ) | $ | 445,998 | $ | — | $ | 46,713 | $ | (46,713 | ) | $ | — | $ | — | ||||||||||||||
RBC Capital Markets | 472,315 | (25,492 | ) | 390,000 | 56,823 | 25,492 | (25,492 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 334,526 | (20,933 | ) | 260,000 | 53,593 | 20,933 | (20,933 | ) | — | — | ||||||||||||||||||||||
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| |||||||||||||||||
$ | 1,299,552 | $ | (93,138 | ) | $ | 1,095,998 | $ | 110,416 | $ | 93,138 | $ | (93,138 | ) | $ | — | $ | — | |||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Japan Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 32,053 | $ | (32,053 | ) | $ | — | $ | — | $ | 205,374 | $ | (32,053 | ) | $ | — | $ | 173,321 | ||||||||||||||
JP Morgan & Chase Co. | 889,143 | (889,143 | ) | — | — | 1,973,980 | (889,143 | ) | (710,000 | ) | 374,837 | |||||||||||||||||||||
RBC Capital Markets | 790,337 | (790,337 | ) | — | — | 2,565,181 | (790,337 | ) | (1,170,000 | ) | 604,844 | |||||||||||||||||||||
The Bank of Nova Scotia | 289,483 | (289,483 | ) | — | — | 1,809,638 | (289,483 | ) | (930,000 | ) | 590,155 | |||||||||||||||||||||
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| |||||||||||||||||
$ | 2,001,016 | $ | (2,001,016 | ) | $ | — | $ | — | $ | 6,554,173 | (2,001,016 | ) | $ | (2,810,000 | ) | $ | 1,743,157 | |||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||||||||||||||||||
RBC Capital Markets | $ | 40,784 | $ | — | $ | — | $ | 40,784 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
The Bank of Nova Scotia | 11,063 | — | — | 11,063 | — | — | — | — | ||||||||||||||||||||||||
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| |||||||||||||||||
$ | 51,847 | $ | — | $ | — | $ | 51,847 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
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| |||||||||||||||||
Xtrackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 65,220 | $ | (7,825 | ) | $ | — | $ | 57,395 | $ | 7,825 | $ | (7,825 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 513 | — | — | 513 | — | — | — | — | ||||||||||||||||||||||||
RBC Capital Markets | 41,661 | (1,178 | ) | — | 40,483 | 1,178 | (1,178 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 3,952 | (622 | ) | — | 3,330 | 622 | (622 | ) | — | — | ||||||||||||||||||||||
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$ | 111,346 | $ | (9,625 | ) | $ | — | $ | 101,721 | $ | 9,625 | $ | (9,625 | ) | $ | — | $ | — | |||||||||||||||
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Xtrackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||||||||||||||||||
JP Morgan & Chase Co. | $ | 59,042 | $ | (1,167 | ) | $ | — | $ | 57,875 | $ | 1,167 | $ | (1,167 | ) | $ | — | $ | — | ||||||||||||||
The Bank of Nova Scotia | 21,594 | (699 | ) | — | 20,895 | 699 | (699 | ) | — | — | ||||||||||||||||||||||
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$ | 80,636 | $ | (1,866 | ) | $ | — | $ | 78,770 | $ | 1,866 | $ | (1,866 | ) | $ | — | $ | — | |||||||||||||||
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(a) | The actual collateral received may be more than amount shown. |
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for
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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 MSCI All World ex US Hedged Equity ETF | 0.40 | % | ||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 0.60 | % | ||
Xtrackers MSCI Brazil Hedged Equity ETF | 0.60 | % | ||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 0.65 | % | ||
Xtrackers MSCI Europe Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI Eurozone Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI Germany Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI Japan Hedged Equity ETF | 0.45 | % | ||
Xtrackers MSCI Mexico Hedged Equity ETF | 0.50 | % | ||
Xtrackers MSCI South Korea Hedged Equity ETF | 0.58 | % | ||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 0.45 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the year ended May 31, 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 MSCI All World ex US Hedged Equity ETF | $ | 12,010,831 | $ | 14,815,565 | ||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 1,316,440 | 848,732 | ||||||
Xtrackers MSCI Brazil Hedged Equity ETF | 2,606,415 | 6,551,067 | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 32,404,497 | 37,917,421 | ||||||
Xtrackers MSCI Europe Hedged Equity ETF | 233,485,468 | 288,358,960 | ||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | 7,453,699 | 10,133,289 | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | 7,664,747 | 16,388,993 | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | 195,544,212 | 232,804,997 | ||||||
Xtrackers MSCI Mexico Hedged Equity ETF | 505,115 | 1,493,824 | ||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 5,521,092 | 25,576,862 | ||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 561,767 | 707,977 |
For the year ended May 31, 2018, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $ | 20,215,350 | $ | 6,984,051 | ||||
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF | 496,007 | 1,034,230 | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 10,281,950 | 22,346,978 |
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Purchases | Sales | |||||||
Xtrackers MSCI Europe Hedged Equity ETF | $ | — | $ | 1,236,886,842 | ||||
Xtrackers MSCI Eurozone Hedged Equity ETF | — | 23,842,090 | ||||||
Xtrackers MSCI Germany Hedged Equity ETF | 5,540,543 | 25,872,950 | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | 369,765,895 | 1,161,139,666 | ||||||
Xtrackers MSCI Mexico Hedged Equity ETF | — | 1,963,799 | ||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | — | 3,228,252 |
5. Fund Share Transactions
As of May 31, 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. The purchase of Creation Units for Xtrackers MSCI Brazil Hedged Equity ETF and 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 the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at May 31, 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 | 19,950,000 |
8. Payments by Affiliates
During the year ended May 31, 2018, the Advisor agreed to reimburse Xtrackers MSCI Japan Hedged Equity ETF $3,520 for a loss on a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s net assets thus having no impact on the Fund’s total return.
During the year ended May 31, 2018, the Advisor agreed to reimburse Xtrackers MSCI Germany Hedged Equity ETF $899 for a loss on a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s net assets thus having no impact on the Fund’s total return.
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9. Fund Liquidation
On May 16, 2018, the Board of Trustees unanimously voted to close and liquidate Xtrackers MSCI Brazil Hedged Equity ETF and Xtrackers MSCI Mexico Hedged Equity ETF. After the close of business on May 31, 2018, the Funds no longer accepted creation orders and the final day of trading on the exchange was May 31, 2018. Proceeds of the liquidation were sent to shareholders on June 12, 2018.
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To the Shareholders of
Xtrackers MSCI All World ex US Hedged Equity ETF, formerly Deutsche X-trackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, formerly Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Brazil Hedged Equity ETF, formerly Deutsche X-trackers MSCI Brazil Hedged Equity, Xtrackers MSCI Emerging Markets Hedged Equity ETF, formerly Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, formerly Deutsche X-trackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, formerly Deutsche X-trackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, formerly Deutsche X-trackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, formerly Deutsche X-trackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI Mexico Hedged Equity ETF, formerly Deutsche X-trackers MSCI Mexico Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF, formerly Deutsche X-trackers MSCI South Korea Hedged Equity ETF, and Xtrackers MSCI United Kingdom Hedged Equity ETF, formerly Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF, and the Board of Trustees of DBX ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity, Xtrackers MSCI Brazil Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI Mexico Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF, and Xtrackers MSCI United Kingdom Hedged Equity ETF, (collectively referred to as the “Funds”), (eleven of the funds constituting DBX ETF Trust, “the Trust”)), including the schedules of investments, as of May 31, 2018, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (eleven of the funds constituting the DBX ETF Trust) at May 31, 2018, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. general accepted accounting principles.
Individual fund constituting the DBX ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
Xtrackers MSCI All World ex US Hedged Equity ETF
Xtrackers MSCI Mexico Hedged Equity ETF
Xtrackers MSCI South Korea Hedged Equity ETF | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the four years in the period ended May 31, 2018 and the period from January 23, 2014 (commencement of operations) through May 31, 2014 | |||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF
Xtrackers MSCI Europe Hedged Equity ETF
Xtrackers MSCI United Kingdom Hedged Equity ETF | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the four years in the period ended May 31, 2018 and the period from October 1, 2013 (commencement of operations) through May 31, 2014 |
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Individual fund constituting the DBX ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
Xtrackers MSCI Eurozone Hedged Equity ETF | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the three years in the period ended May 31, 2018 and the period from December 10, 2014 (commencement of operations) to May 31, 2015 | |||
Xtrackers MSCI Brazil Hedged Equity ETF
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Xtrackers Germany Hedged Equity ETF
Xtrackers MSCI Japan Hedged Equity ETF | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the five years in the period ended May 31, 2018 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of the internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2018, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
New York, New York
July 26, 2018
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Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Independent Trustees | ||||||||||
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee | Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016) | Independent Director (2011-present); Independent Consultant (2014- present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006). | 37 | The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum. | |||||
George O. Elston (1964) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Audit Committee and Member of the Nominating Committee | Trustee since 2011 (Chairman of the Audit Committee since 2015) | Chief Executive Officer, 2X Oncology, Inc. (2017-present); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 37 | ||||||
J. David Officer (1948) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Nominating Committee and Member of the Audit Committee | Trustee since 2011 (Chairman of the Nominating Committee since 2015) | Independent Director (2010- present); formerly, Vice Chairman, the Dreyfus Corporation (2006- 2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 37 | Ilex Partners (Asia), LLC; Old Westbury Funds. |
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Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Interested Trustee | ||||||||||
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154 | Trustee Treasurer, Chief Financial Officer and Controller | Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010 | Director in the Finance Division at Deutsche Bank AG (2008- present); Manager, Treasurer and Chief Financial Officer of the Adviser (2010- present); Chief Financial Officer of Global Passive Asset Management Platform (2012- present); Chief Financial Officer of RREEF America L.L.C. (2018-present). | 37 | The Adviser, DBX Strategic Advisors LLC and DB Commodity Services LLC | |||||
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Officers | ||||||||||
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154 | President and Chief Executive Officer | Since 2016 | Director in DWS and Chief Operating Officer in the Americas for the Passive Asset Management Department (2014-present) and Trading and Product Development teams (2016-present); Manager and Chief Operating Officer of the Adviser (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |||||||
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154 | Chief Operating Officer | Since 2014 | Managing Director in DWS and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Adviser (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012). |
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Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Frank Gecsedi (1967) 60 Wall Street New York, New York 10005 | Chief Compliance Officer | Since 2010 | Director in the DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Adviser (2010- present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |||||||
Bryan Richards (1978) 345 Park Avenue New York New York 10154 | Vice President | Since 2016 | Director in DWS (2014-present); Portfolio Manager in the Passive Asset Management Department at Deutsche Bank AG (2011- present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015). | |||||||
Leslie Lowenbraun (1953) 60 Wall Street New York, New York 10005 | Secretary | Since 2016 | Vice President in U.S. Retail Passive Legal of DWS (2014-present) and Chief Legal Officer of the Adviser (2017-present); Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014). | |||||||
Amy McDonald (1978) One International Place Boston, Massachusetts 02110 | Assistant Secretary | Since 2018 | Vice President in U.S. Retail Passive Legal of DWS (2018-present); Vice President, Fidelity Investments Asset Management Compliance (2016-2017); Legal Counsel and Senior Legal Counsel, Fidelity Investments (2010-2016). |
Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com
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Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Brazil Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI United Kingdom Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF, Xtrackers MSCI Mexico Hedged Equity ETF, Xtrackers MSCI All World ex-US Hedged Equity ETF, and Xtrackers MSCI Eurozone Hedged Equity 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 continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Brazil Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI United Kingdom Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF, Xtrackers MSCI Mexico Hedged Equity ETF, Xtrackers MSCI All World ex-US Hedged Equity ETF, and Xtrackers MSCI Eurozone Hedged Equity ETF, (each a “Fund,” and collectively, the “Funds”). 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 Funds and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Adviser”) and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
The Board reached a determination, with the assistance of 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 each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to this meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.
The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its Deutsche Bank affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds. The Trustees took into consideration that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to
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DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)
the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Adviser’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting each Fund’s peer group and believed that the Funds’ peer groups were appropriate. The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Adviser and that the Adviser also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services provided to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Adviser’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca 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.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended May 31, 2018.
Qualified Dividend Income* | ||||
Xtrackers MSCI All World ex US Hedged Equity ETF | 86% | |||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 78% | |||
Xtrackers MSCI Brazil Hedged Equity ETF | 11% | |||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 100% | |||
Xtrackers MSCI Europe Hedged Equity ETF | 52% | |||
Xtrackers MSCI Eurozone Hedged Equity ETF | 68% | |||
Xtrackers MSCI Germany Hedged Equity ETF | 100% | |||
Xtrackers MSCI Japan Hedged Equity ETF | 77% | |||
Xtrackers MSCI Mexico Hedged Equity ETF | 100% | |||
Xtrackers MSCI South Korea Hedged Equity ETF | 0% | |||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 53% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||
Xtrackers MSCI All World ex US Hedged Equity ETF | $3,837,540 | $258,348 | ||||||
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF | 119,434 | 9,284 | ||||||
Xtrackers MSCI Emerging Markets Hedged Equity ETF | 5,812,880 | 594,135 | ||||||
Xtrackers MSCI Europe Hedged Equity ETF | 67,206,360 | 2,344,804 |
159
DBX ETF Trust
Additional Information (Unaudited) (Continued)
Gross Foreign Income | Foreign Taxes Paid | |||||||
Xtrackers MSCI Eurozone Hedged Equity ETF | $ | 1,546,082 | $ | 109,429 | ||||
Xtrackers MSCI Germany Hedged Equity ETF | 1,300,922 | 130,320 | ||||||
Xtrackers MSCI Japan Hedged Equity ETF | 30,535,064 | 2,861,180 | ||||||
Xtrackers MSCI South Korea Hedged Equity ETF | 379,735 | 45,807 | ||||||
Xtrackers MSCI United Kingdom Hedged Equity ETF | 116,856 | 88 |
160
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.
161
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
In June 2016, the United Kingdom approved a referendum to leave the EU, creating economic and political uncertainty in its wake. Significant uncertainty exists regarding the timing of the United Kingdom’s anticipated withdrawal from the EU and the effects such withdrawal will have on the United Kingdom’s economy and on markets in the United Kingdom and throughout the world.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“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 101 Barclay Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-35361-5 (7/18) DBX003440 (7/19)
May 31, 2018
Annual Report
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
DBX ETF Trust
Table of Contents
Page | ||||
1 | ||||
3 | ||||
4 | ||||
6 | ||||
7 | ||||
22 | ||||
23 | ||||
24 | ||||
25 | ||||
26 | ||||
34 | ||||
35 | ||||
Board Considerations in Approval of Investment Advisory Contract | 38 | |||
40 | ||||
41 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for the period ended May 31, 2018.
You may have noticed a new logo appearing on the cover of this report. As of March 23, 2018, Deutsche Asset Management has adopted its existing European brand, DWS, globally. As we have consolidated several businesses over the last few years, each of which has grown up relatively independently, the time has now come to be united under a single brand that reflects our global identity and the full breadth of capabilities we offer to our clients.
The DWS brand — Deutsche Gesellschaft für Wertpapiersparen — draws on our roots in the German market, going back over 60 years. It was established in Hamburg in 1956 with a singular objective: to assist private investors in building wealth and managing risk. We have been fulfilling that promise for generations. Today, the DWS name is synonymous with the values that we have continuously lived up to, and those that will remain central to our future success: Excellence, Entrepreneurship, Sustainability, and Integrity. It is therefore a name that we are proud to adopt and build upon as our brand here in the Americas.
Neither our product names nor the names of DBX ETF Trust and DBX Advisors LLC will change as part of this re-branding.
In connection with this change, our Americas web site has recently been redesigned with a new address: DWS.com. However, for your convenience, the Xtrackers.com address will remain live and will continue to automatically direct you to the new ETF site. Please visit us online to find the most current insights from our CIO, economists, and investment specialists.
Global growth continued at a sustained pace as developed and emerging economies were supported by resilient fundamentals and robust corporate earnings. After a relatively calm first half of the reporting period, volatility returned at the beginning of 2018 due to protectionist trade policies, the prospect of steadily rising rates, and signs of renewed inflation in the U.S. Despite volatile undercurrents, the U.S. economic expansion headed into its ninth year of recovery, underpinned by strength in the labor market and the passage of the tax bill. Eurozone’s steady economic growth has softened from elevated levels, as political fears resurfaced and sentiment measures dropped. Elsewhere, emerging markets sustained its growth momentum despite being challenged by U.S. policy initiatives, geopolitics, and tightening liquidity. The U.S. Federal Reserve Board (FRB), supported by a robust macroeconomic data, led global central banks’ actions and continued its gradual policy firming path, while remaining poised to hike interest rates.
The Eurozone’s economic recovery remained steadfast in the face of political risks, as it advanced steadily with an improving labor market and stable growth. However, the growth story became slightly muted towards the end of the reporting period owing to concerns around the Italian election, soft macro-economic data, and trade policy risks weighing down on business sentiment. The European Central Bank (ECB) continued to assert that the growth story remained unchanged, while it considered scaling back the degree of accommodation depending on the underlying strength in the Eurozone and the inflation picture. Germany, the clear frontrunner in the bloc’s economic cycle, expanded, though at a slightly slower pace due to subdued domestic demand, while sentiment indicators reached new highs and labor growth peaked. Similarly, the French economic expansion was supported by tax cuts and lower-than-expected budget deficits, even as investments and exports slowed down towards the end of the reporting period. In a major populist shift, the appointment of the new government under Prime Minister Giuseppe Conte in Italy spurred market concerns in the Eurozone. Spain added to the Eurozone’s woes, as Prime Minister Mariano Rajoy faced lost the no-confidence vote against him. Meanwhile, in the U.K., a stronger labor market was accompanied by sluggish growth, falling inflation, and weakening sentiment. In addition, uncertainties surrounding the future path of Brexit1 negotiations hampered the economic outlook.
1
Across the Pacific, steady growth in Japan’s economy staggered due to falling demand and investments. In May, the Bank of Japan reduced the size of its purchases of 5 to 10-year bonds by JPY20bn, as global yields fell due to the political turmoil in Italy and trade war fears. However, the bank’s monetary policy remained intact in light of the inflation target. In Australia, after a weak December growth outturn, the growth figures for the first quarter of 2018 looked promising with an increase in trade surplus, exports of coal, and business investment. However, household consumption continued to be weak. Furthermore, threats of U.S.-China trade wars and China’s proposed trade reductions in Australian imports intensified market concerns.
Major central banks remain clearly on the exit path of their easy monetary policies; the FRB is continuing its rate hikes, perhaps at a faster pace; the ECB is looking to wind down its quantitative easing program; and the Bank of England is gearing up to hike rates. The economic backdrop of continued solid growth remains encouraging despite episodic volatility, as markets adapt to the slow withdrawal of monetary stimulus. While most economies enter the peak of the current cyclical expansion, we expect divergences in policies, politics, and oil prices to be crucial in determining the path of global growth. In view of the recent strengthening of the U.S. dollar, our currency-hedged strategy plays a significant role in managing investments in international equities.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
2
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
The Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the DBEF Index). The DBEF Index is designed to provide exposure to equity securities in developed international stock markets while at the same time mitigating exposure to fluctuation between the value of the U.S. dollar and select non-U.S. currencies. For the 12-month period ended May 31, 2018, DBEF shares returned 7.05%, compared to the DBEF Index return of 7.34%.
A majority of the sectors contributed positively to performance during the period, with the greatest contributions from Consumer Discretionary, Materials, and Industrials. Telecommunication Services and Healthcare were the only negative contributors to performance. From a geographical perspective, Japan, France, and Netherlands were the major positive contributors, while Spain, Switzerland, and Sweden contributed negatively to performance. The Fund entered into forward foreign currency contractsi during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
*************************
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 4-5 of this report for additional performance information, including performance data based on market value.
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
3
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)
The Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and select non-U.S. currencies. The MSCI EAFE Index is an equity index which captures large- and mid-cap representation across developed markets countries around the world, excluding the United States and Canada. With 928 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. Index returns do not reflect fees or change to expenses. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCI EAFE US Dollar Hedged Index | MSCI EAFE Index | |||||
One Year | 7.05% | 6.88% | 7.34% | 7.97% | ||||
Five Year | 8.29% | 8.38% | 8.69% | 5.93% | ||||
Since Inception1 | 8.74% | 8.74% | 9.16% | 5.28% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCI EAFE US Dollar Hedged Index | MSCI EAFE Index | |||||
One Year | 7.05% | 6.88% | 7.34% | 7.97% | ||||
Five Year | 48.94% | 49.53% | 51.72% | 33.40% | ||||
Since Inception1 | 79.48% | 79.57% | 84.40% | 43.26% |
1 Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 02, 2017, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund���s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
4
DBX ETF Trust
Performance Summary
Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 6/9/11.
Sector Diversification* as of 5/31/18 |
Financials | 20.0% | |||
Industrials | 14.5% | |||
Consumer Discretionary | 12.5% | |||
Consumer Staples | 11.1% | |||
Health Care | 10.4% | |||
Materials | 8.2% | |||
Information Technology | 6.9% | |||
Energy | 5.9% | |||
Telecommunication Services | 3.7% | |||
Real Estate | 3.6% | |||
Utilities | 3.2% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (11.5% of Net Assets) |
Description | % of Net Assets | |||
Royal Dutch Shell PLC (Netherlands) | 2.0% | |||
Nestle SA (Switzerland) | 1.6% | |||
HSBC Holdings PLC (United Kingdom) | 1.3% | |||
Novartis AG (Switzerland) | 1.1% | |||
BP PLC (United Kingdom) | 1.0% | |||
Roche Holding AG (Switzerland) | 1.0% | |||
TOTAL SA (France) | 1.0% | |||
Toyota Motor Corp. (Japan) | 1.0% | |||
British American Tobacco PLC (United Kingdom) | 0.8% | |||
SAP SE (Germany) | 0.7% |
Country Diversification* as of 5/31/18 |
Japan | 24.3% | |||
United Kingdom | 15.5% | |||
France | 10.7% | |||
Germany | 9.6% | |||
Switzerland | 8.3% | |||
Australia | 6.9% | |||
Netherlands | 4.8% | |||
Hong Kong | 3.6% | |||
Spain | 2.9% | |||
Sweden | 2.5% | |||
Italy | 2.1% | |||
Other | 8.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.
5
DBX ETF Trust
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (December 1, 2017 to May 31, 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 December 1, 2017 | Ending Account Value May 31, 2018 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,014.50 | 0.36 | % | $ | 1.81 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.14 | 0.36 | % | $ | 1.82 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.
6
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 96.1% | ||||||||
Australia — 6.7% | ||||||||
AGL Energy Ltd. | 267,921 | $ | 4,477,811 | |||||
Alumina Ltd. | 894,126 | 1,812,175 | ||||||
Amcor Ltd. | 474,466 | 5,044,953 | ||||||
AMP Ltd. | 1,195,538 | 3,526,101 | ||||||
APA Group (a) | 453,799 | 2,982,291 | ||||||
Aristocrat Leisure Ltd. | 234,059 | 5,317,310 | ||||||
ASX Ltd. | 78,453 | 3,597,194 | ||||||
Aurizon Holdings Ltd. | 868,921 | 2,832,202 | ||||||
AusNet Services | 724,385 | 890,204 | ||||||
Australia & New Zealand Banking Group Ltd. | 1,199,124 | 24,675,125 | ||||||
Bank of Queensland Ltd. | 158,623 | 1,215,185 | ||||||
Bendigo & Adelaide Bank Ltd. | 173,328 | 1,410,418 | ||||||
BHP Billiton Ltd. | 1,315,133 | 32,612,028 | ||||||
BHP Billiton PLC | 868,243 | 19,956,027 | ||||||
BlueScope Steel Ltd. | 220,560 | 2,898,967 | ||||||
Boral Ltd. | 472,906 | 2,242,379 | ||||||
Brambles Ltd. | 649,113 | 4,432,766 | ||||||
Caltex Australia Ltd. | 105,209 | 2,340,789 | ||||||
Challenger Ltd. | 217,174 | 2,117,032 | ||||||
CIMIC Group Ltd. | 39,751 | 1,239,147 | ||||||
Coca-Cola Amatil Ltd. | 197,059 | 1,323,354 | ||||||
Cochlear Ltd. | 23,312 | 3,458,076 | ||||||
Commonwealth Bank of Australia | 718,565 | 37,658,760 | ||||||
Computershare Ltd. | 195,660 | 2,565,771 | ||||||
Crown Resorts Ltd. | 150,814 | 1,516,911 | ||||||
CSL Ltd. | 185,426 | 26,061,530 | ||||||
Dexus REIT | 446,971 | 3,343,046 | ||||||
Domino’s Pizza Enterprises Ltd. (b) | 25,397 | 945,538 | ||||||
Flight Centre Travel Group Ltd. (b) | 23,871 | 1,112,395 | ||||||
Fortescue Metals Group Ltd. | 625,066 | 2,216,999 | ||||||
Goodman Group REIT | 666,739 | 4,709,442 | ||||||
GPT Group REIT | 743,540 | 2,828,388 | ||||||
Harvey Norman Holdings Ltd. (b) | 239,505 | 652,054 | ||||||
Healthscope Ltd. | 713,171 | 1,267,442 | ||||||
Incitec Pivot Ltd. | 710,985 | 1,849,633 | ||||||
Insurance Australia Group Ltd. | 966,024 | 5,939,436 | ||||||
LendLease Group (a) | 245,715 | 3,489,747 | ||||||
Macquarie Group Ltd. | 133,432 | 11,536,841 | ||||||
Medibank Pvt Ltd. | 1,106,831 | 2,452,538 | ||||||
Mirvac Group REIT | 1,528,672 | 2,658,942 | ||||||
National Australia Bank Ltd. | 1,114,175 | 22,581,611 | ||||||
Newcrest Mining Ltd. | 311,758 | 4,894,538 | ||||||
Oil Search Ltd. | 567,118 | 3,546,873 | ||||||
Orica Ltd. | 145,895 | 1,949,592 | ||||||
Origin Energy Ltd.* | 718,834 | 5,218,751 | ||||||
QBE Insurance Group Ltd. | 558,497 | 4,004,017 | ||||||
Ramsay Health Care Ltd. | 57,693 | 2,675,856 | ||||||
REA Group Ltd. | 21,523 | 1,396,714 | ||||||
Santos Ltd.* | 748,810 | 3,318,455 | ||||||
Scentre Group REIT | 2,193,151 | 6,932,846 | ||||||
SEEK Ltd. | 118,538 | 1,810,822 | ||||||
Sonic Healthcare Ltd. | 162,127 | 2,888,666 | ||||||
South32 Ltd. | 2,124,839 | 5,977,722 | ||||||
Stockland REIT | 1,017,972 | 3,194,851 | ||||||
Suncorp Group Ltd. | 531,245 | 5,395,573 |
Number of Shares | Value | |||||||
Australia (Continued) | ||||||||
Sydney Airport (a) | 443,392 | $ | 2,441,102 | |||||
Tabcorp Holdings Ltd. | 782,584 | 2,586,301 | ||||||
Telstra Corp. Ltd. | 1,715,990 | 3,633,620 | ||||||
TPG Telecom Ltd. (b) | 160,427 | 675,771 | ||||||
Transurban Group (a) | 902,302 | 8,099,708 | ||||||
Treasury Wine Estates Ltd. | 286,527 | 3,592,666 | ||||||
Vicinity Centres REIT | 1,306,023 | 2,637,113 | ||||||
Wesfarmers Ltd. | 461,117 | 15,887,720 | ||||||
Westpac Banking Corp. | 1,394,669 | 29,373,998 | ||||||
Woodside Petroleum Ltd. | 376,021 | 9,216,326 | ||||||
Woolworths Group Ltd. | 529,205 | 11,390,048 | ||||||
|
| |||||||
408,528,207 | ||||||||
|
| |||||||
Austria — 0.2% | ||||||||
ANDRITZ AG | 26,544 | 1,325,028 | ||||||
Erste Group Bank AG* | 121,564 | 5,070,614 | ||||||
OMV AG | 59,943 | 3,447,738 | ||||||
Raiffeisen Bank International AG* | 60,946 | 1,930,123 | ||||||
voestalpine AG | 46,479 | 2,497,282 | ||||||
|
| |||||||
14,270,785 | ||||||||
|
| |||||||
Belgium — 1.0% | ||||||||
Ageas | 76,490 | 3,880,835 | ||||||
Anheuser-Busch InBev SA/NV | 312,662 | 29,321,657 | ||||||
Colruyt SA | 23,701 | 1,259,860 | ||||||
Groupe Bruxelles Lambert SA | 32,760 | 3,474,383 | ||||||
KBC Group NV | 102,153 | 7,905,692 | ||||||
Proximus SADP | 61,688 | 1,652,177 | ||||||
Solvay SA | 30,174 | 4,056,593 | ||||||
Telenet Group Holding NV* | 21,412 | 1,082,866 | ||||||
UCB SA | 50,327 | 3,971,326 | ||||||
Umicore SA | 84,875 | 4,802,373 | ||||||
|
| |||||||
61,407,762 | ||||||||
|
| |||||||
Chile — 0.0% | ||||||||
Antofagasta PLC | 166,149 | 2,329,068 | ||||||
|
| |||||||
China — 0.0% | ||||||||
Minth Group Ltd. | 307,419 | 1,414,962 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 809,400 | 583,389 | ||||||
|
| |||||||
1,998,351 | ||||||||
|
| |||||||
Denmark — 1.6% | ||||||||
A.P. Moller — Maersk A/S, Class A | 1,382 | 1,942,764 | ||||||
A.P. Moller — Maersk A/S, Class B | 2,825 | 4,227,749 | ||||||
Carlsberg A/S, Class B | 43,791 | 4,869,755 | ||||||
Chr Hansen Holding A/S | 40,758 | 3,914,059 | ||||||
Coloplast A/S, Class B | 49,217 | 4,678,462 | ||||||
Danske Bank A/S | 307,892 | 10,223,331 | ||||||
DSV A/S | 77,661 | 6,457,671 | ||||||
Genmab A/S* | 24,847 | 3,738,768 | ||||||
H Lundbeck A/S | 28,406 | 2,003,744 | ||||||
ISS A/S | 69,039 | 2,359,622 | ||||||
Novo Nordisk A/S, Class B | 726,576 | 34,516,255 | ||||||
Novozymes A/S, Class B | 92,082 | 4,694,748 | ||||||
Orsted A/S, 144A | 76,574 | 4,588,438 | ||||||
Pandora A/S | 45,924 | 3,615,262 | ||||||
Tryg A/S | 45,651 | 1,051,888 |
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Denmark (Continued) | ||||||||
Vestas Wind Systems A/S | 83,906 | $ | 5,502,227 | |||||
William Demant Holding A/S* | 41,825 | 1,522,784 | ||||||
|
| |||||||
99,907,527 | ||||||||
|
| |||||||
Finland — 1.0% | ||||||||
Elisa OYJ | 55,212 | 2,468,856 | ||||||
Fortum OYJ | 183,275 | 4,308,698 | ||||||
Kone OYJ, Class B | 138,496 | 6,856,799 | ||||||
Metso OYJ | 46,492 | 1,609,882 | ||||||
Neste OYJ | 51,275 | 4,173,212 | ||||||
Nokia OYJ (b) | 2,311,072 | 13,346,616 | ||||||
Nokian Renkaat OYJ | 47,433 | 1,841,536 | ||||||
Orion OYJ, Class B | 37,054 | 1,095,506 | ||||||
Sampo OYJ, Class A | 182,381 | 8,971,934 | ||||||
Stora Enso OYJ, Class R | 227,556 | 4,656,731 | ||||||
UPM-Kymmene OYJ | 219,069 | 8,044,140 | ||||||
Wartsila OYJ Abp | 175,983 | 3,720,660 | ||||||
|
| |||||||
61,094,570 | ||||||||
|
| |||||||
France — 10.3% | ||||||||
Accor SA | 76,719 | 4,198,289 | ||||||
Aeroports de Paris | 12,523 | 2,616,156 | ||||||
Air Liquide SA (b) | 176,139 | 21,703,356 | ||||||
Airbus SE | 238,413 | 27,121,778 | ||||||
Alstom SA | 63,435 | 3,003,411 | ||||||
Amundi SA, 144A | 25,172 | 1,840,375 | ||||||
Arkema SA | 27,556 | 3,358,327 | ||||||
Atos SE (b) | 38,536 | 5,234,841 | ||||||
AXA SA (b) | 797,181 | 19,873,609 | ||||||
BioMerieux | 17,244 | 1,517,972 | ||||||
BNP Paribas SA (b) | 461,637 | 28,635,094 | ||||||
Bollore SA | 351,016 | 1,728,407 | ||||||
Bouygues SA | 87,793 | 4,058,143 | ||||||
Bureau Veritas SA | 107,005 | 2,653,234 | ||||||
Capgemini SE* | 66,022 | 8,694,620 | ||||||
Carrefour SA | 237,610 | 4,284,702 | ||||||
Casino Guichard Perrachon SA (b) | 19,806 | 856,701 | ||||||
Cie de Saint-Gobain (b) | 204,419 | 10,246,042 | ||||||
Cie Generale des Etablissements Michelin | 69,947 | 9,052,061 | ||||||
CNP Assurances (b) | 68,893 | 1,612,389 | ||||||
Credit Agricole SA | 468,918 | 6,435,699 | ||||||
Danone SA | 235,868 | 18,030,639 | ||||||
Dassault Aviation SA* | 994 | 1,926,645 | ||||||
Dassault Systemes SE | 53,225 | 7,476,016 | ||||||
Edenred | 94,836 | 3,041,094 | ||||||
Eiffage SA | 31,562 | 3,556,905 | ||||||
Electricite de France SA (b) | 240,233 | 3,201,609 | ||||||
Engie SA (b) | 749,758 | 11,863,426 | ||||||
Essilor International SA | 85,637 | 11,703,256 | ||||||
Eurazeo SA | 16,572 | 1,298,017 | ||||||
Eutelsat Communications SA | 64,781 | 1,244,274 | ||||||
Faurecia SA | 31,580 | 2,676,584 | ||||||
Fonciere Des Regions REIT | 14,519 | 1,514,871 | ||||||
Gecina SA REIT | 19,172 | 3,317,110 | ||||||
Getlink | 180,085 | 2,440,011 | ||||||
Hermes International | 12,994 | 9,248,009 |
Number of Shares | Value | |||||||
France (Continued) | ||||||||
ICADE REIT | 13,780 | $ | 1,280,699 | |||||
Iliad SA | 10,747 | 1,821,110 | ||||||
Imerys SA | 14,002 | 1,193,296 | ||||||
Ingenico Group SA (b) | 23,703 | 1,895,353 | ||||||
Ipsen SA | 15,566 | 2,470,288 | ||||||
JCDecaux SA (b) | 32,049 | 997,363 | ||||||
Kering | 31,027 | 17,762,359 | ||||||
Klepierre SA REIT (b) | 88,844 | 3,460,699 | ||||||
Legrand SA | 109,759 | 8,281,326 | ||||||
L’Oreal SA (b) | 103,201 | 24,804,917 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 114,411 | 39,730,872 | ||||||
Natixis SA (b) | 379,726 | 2,751,393 | ||||||
Orange SA (b) | 818,563 | 14,090,882 | ||||||
Pernod Ricard SA | 86,951 | 14,607,036 | ||||||
Peugeot SA | 241,323 | 5,626,826 | ||||||
Publicis Groupe SA (b) | 85,074 | 5,921,564 | ||||||
Remy Cointreau SA | 9,643 | 1,428,300 | ||||||
Renault SA | 78,851 | 7,616,855 | ||||||
Rexel SA | 117,481 | 1,728,429 | ||||||
Safran SA | 136,868 | 16,344,478 | ||||||
Sanofi (b) | 463,604 | 35,569,711 | ||||||
Schneider Electric SE | 221,262 | 19,084,300 | ||||||
SCOR SE | 68,662 | 2,534,891 | ||||||
SEB SA | 9,263 | 1,673,058 | ||||||
Societe BIC SA (b) | 9,887 | 961,654 | ||||||
Societe Generale SA (b) | 314,876 | 13,566,466 | ||||||
Sodexo SA | 37,098 | 3,600,510 | ||||||
Suez (b) | 157,538 | 2,169,509 | ||||||
Teleperformance | 22,813 | 3,605,702 | ||||||
Thales SA | 43,414 | 5,526,987 | ||||||
TOTAL SA (b) | 988,994 | 60,179,025 | ||||||
Ubisoft Entertainment SA* | 30,083 | 3,257,292 | ||||||
Unibail-Rodamco SE REIT | 40,684 | 9,157,943 | ||||||
Unibail-Rodamco SE & WFD Unibail-Rodamco NV CDI* | 280,813 | 3,123,894 | ||||||
Valeo SA* | 98,005 | 6,223,558 | ||||||
Veolia Environnement SA (b) | 217,673 | 4,941,793 | ||||||
Vinci SA | 206,619 | 20,222,285 | ||||||
Vivendi SA | 425,215 | 10,697,483 | ||||||
Wendel SA | 11,402 | 1,506,226 | ||||||
|
| |||||||
632,680,004 | ||||||||
|
| |||||||
Germany — 8.7% | ||||||||
1&1 Drillisch AG | 22,073 | 1,527,615 | ||||||
adidas AG | 77,260 | 17,486,014 | ||||||
Allianz SE | 181,885 | 37,503,947 | ||||||
Axel Springer SE | 19,733 | 1,432,569 | ||||||
BASF SE | 377,225 | 37,153,620 | ||||||
Bayer AG | 339,347 | 40,409,031 | ||||||
Bayerische Motoren Werke AG | 136,734 | 13,647,824 | ||||||
Beiersdorf AG | 41,600 | 4,778,602 | ||||||
Brenntag AG | 61,337 | 3,537,956 | ||||||
Commerzbank AG* | 406,498 | 4,154,795 | ||||||
Continental AG | 45,147 | 11,458,281 | ||||||
Covestro AG, 144A | 79,000 | 7,198,106 | ||||||
Daimler AG | 374,069 | 26,972,850 |
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
Delivery Hero AG, 144A* | 36,143 | $ | 1,661,378 | |||||
Deutsche Bank AG (c) | 800,579 | 8,570,145 | ||||||
Deutsche Boerse AG | 79,112 | 10,580,328 | ||||||
Deutsche Lufthansa AG | 95,752 | 2,602,565 | ||||||
Deutsche Post AG | 404,543 | 15,355,987 | ||||||
Deutsche Telekom AG | 1,373,993 | 21,234,729 | ||||||
Deutsche Wohnen SE | 144,401 | 6,774,389 | ||||||
E.ON SE | 904,405 | 9,591,726 | ||||||
Evonik Industries AG | 67,002 | 2,348,281 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 15,368 | 1,437,628 | ||||||
Fresenius Medical Care AG & Co. KGaA | 88,827 | 8,870,239 | ||||||
Fresenius SE & Co. KGaA | 170,971 | 13,143,620 | ||||||
GEA Group AG | 72,022 | 2,652,201 | ||||||
Hannover Rueck SE | 24,941 | 3,148,969 | ||||||
HeidelbergCement AG | 61,674 | 5,465,150 | ||||||
Henkel AG & Co. KGaA | 44,138 | 4,976,748 | ||||||
HOCHTIEF AG | 8,081 | 1,485,075 | ||||||
HUGO BOSS AG | 24,353 | 2,188,752 | ||||||
Infineon Technologies AG | 461,854 | 12,682,897 | ||||||
Innogy SE, 144A | 55,849 | 2,357,619 | ||||||
K+S AG | 74,139 | 1,984,783 | ||||||
KION Group AG | 27,733 | 2,254,563 | ||||||
LANXESS AG | 34,511 | 2,730,541 | ||||||
Linde AG | 18,823 | 4,312,962 | ||||||
Linde AG | 59,325 | 12,285,976 | ||||||
MAN SE | 12,975 | 1,412,173 | ||||||
Merck KGaA | 53,318 | 5,443,996 | ||||||
METRO AG | 73,909 | 995,361 | ||||||
MTU Aero Engines AG | 20,585 | 3,891,273 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 63,981 | 13,186,638 | ||||||
OSRAM Licht AG | 40,257 | 2,375,700 | ||||||
ProSiebenSat.1 Media SE | 95,313 | 2,804,569 | ||||||
Puma SE (b) | 3,256 | 1,975,525 | ||||||
RWE AG | 212,957 | 4,828,502 | ||||||
SAP SE | 404,020 | 45,503,024 | ||||||
Siemens AG | 314,385 | 40,979,574 | ||||||
Siemens Healthineers AG, 144A* | 58,677 | 2,332,606 | ||||||
Symrise AG | 51,240 | 4,160,779 | ||||||
Telefonica Deutschland Holding AG | 308,586 | 1,304,474 | ||||||
thyssenkrupp AG | 178,571 | 4,711,652 | ||||||
TUI AG | 173,470 | 4,028,609 | ||||||
Uniper SE | 83,746 | 2,656,101 | ||||||
United Internet AG | 49,776 | 3,177,192 | ||||||
Volkswagen AG | 13,256 | 2,465,548 | ||||||
Vonovia SE | 199,973 | 9,435,247 | ||||||
Wirecard AG | 47,771 | 7,380,100 | ||||||
Zalando SE, 144A* | 45,788 | 2,438,208 | ||||||
|
| |||||||
535,445,312 | ||||||||
|
| |||||||
Hong Kong — 3.5% | ||||||||
AIA Group Ltd. | 4,947,770 | 45,420,165 | ||||||
ASM Pacific Technology Ltd. | 120,898 | 1,587,680 | ||||||
Bank of East Asia Ltd. | 524,414 | 2,176,366 | ||||||
BOC Hong Kong Holdings Ltd. | 1,515,325 | 7,621,834 |
Number of Shares | Value | |||||||
Hong Kong (Continued) | ||||||||
CK Asset Holdings Ltd. | 1,066,883 | $ | 8,909,735 | |||||
CK Hutchison Holdings Ltd. | 1,106,013 | 12,486,925 | ||||||
CK Infrastructure Holdings Ltd. | 266,125 | 2,008,695 | ||||||
CLP Holdings Ltd. | 668,947 | 7,027,901 | ||||||
Dairy Farm International Holdings Ltd. | 132,900 | 1,138,953 | ||||||
Galaxy Entertainment Group Ltd. | 970,654 | 8,545,448 | ||||||
Hang Lung Group Ltd. | 372,955 | 1,155,499 | ||||||
Hang Lung Properties Ltd. | 838,975 | 1,904,039 | ||||||
Hang Seng Bank Ltd. | 311,284 | 7,790,831 | ||||||
Henderson Land Development Co. Ltd. | 504,252 | 3,317,447 | ||||||
HK Electric Investments & HK Electric Investments Ltd., 144A (a)(b) | 1,019,958 | 985,731 | ||||||
HKT Trust & HKT Ltd. (a) | 1,509,503 | 1,895,732 | ||||||
Hong Kong & China Gas Co. Ltd. | 3,431,093 | 7,419,336 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 482,540 | 15,614,628 | ||||||
Hongkong Land Holdings Ltd. | 492,100 | 3,572,646 | ||||||
Hysan Development Co. Ltd. | 257,806 | 1,490,655 | ||||||
Jardine Matheson Holdings Ltd. | 86,357 | 5,392,131 | ||||||
Jardine Strategic Holdings Ltd. | 94,287 | 3,375,475 | ||||||
Kerry Properties Ltd. | 279,479 | 1,494,816 | ||||||
Li & Fung Ltd. | 2,404,370 | 934,992 | ||||||
Link REIT | 883,579 | 7,818,286 | ||||||
Melco Resorts & Entertainment Ltd., ADR | 101,517 | 3,315,545 | ||||||
MTR Corp. Ltd. | 611,125 | 3,440,072 | ||||||
New World Development Co. Ltd. (b) | 2,483,846 | 3,812,922 | ||||||
NWS Holdings Ltd. | 647,678 | 1,205,643 | ||||||
PCCW Ltd. | 1,628,577 | 959,306 | ||||||
Power Assets Holdings Ltd. | 566,454 | 3,939,727 | ||||||
Shangri-La Asia Ltd. (b) | 435,322 | 870,289 | ||||||
Sino Land Co. Ltd. | 1,316,752 | 2,279,872 | ||||||
SJM Holdings Ltd. | 852,580 | 1,223,997 | ||||||
Sun Hung Kai Properties Ltd. | 634,642 | 10,243,992 | ||||||
Swire Pacific Ltd., Class A | 206,268 | 2,127,586 | ||||||
Swire Properties Ltd. | 453,484 | 1,777,926 | ||||||
Techtronic Industries Co. Ltd. | 552,935 | 3,316,961 | ||||||
WH Group Ltd., 144A | 3,600,351 | 3,695,281 | ||||||
Wharf Holdings Ltd. | 562,014 | 1,816,485 | ||||||
Wharf Real Estate Investment Co. Ltd. | 487,014 | 3,759,779 | ||||||
Wheelock & Co. Ltd. | 334,471 | 2,520,302 | ||||||
Yue Yuen Industrial Holdings Ltd. | 305,770 | 945,395 | ||||||
|
| |||||||
212,337,026 | ||||||||
|
| |||||||
Ireland — 0.7% | ||||||||
AerCap Holdings NV* | 54,452 | 3,011,740 | ||||||
AIB Group PLC | 311,928 | 1,704,409 | ||||||
Bank of Ireland Group PLC | 383,891 | 3,172,913 | ||||||
CRH PLC | 342,857 | 12,665,748 | ||||||
DCC PLC | 36,090 | 3,461,474 | ||||||
James Hardie Industries PLC CDI | 179,148 | 3,003,616 | ||||||
Kerry Group PLC, Class A | 64,480 | 6,795,501 | ||||||
Paddy Power Betfair PLC | 34,128 | 4,149,301 | ||||||
Ryanair Holdings PLC* | 72,234 | 1,380,249 | ||||||
Smurfit Kappa Group PLC | 88,539 | 3,664,111 | ||||||
|
| |||||||
43,009,062 | ||||||||
|
|
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Isle of Man — 0.0% | ||||||||
GVC Holdings PLC | 222,297 | $ | 3,005,331 | |||||
|
| |||||||
Israel — 0.5% | ||||||||
Azrieli Group Ltd. | 18,296 | 892,025 | ||||||
Bank Hapoalim BM | 426,538 | 2,944,695 | ||||||
Bank Leumi Le-Israel BM | 576,238 | 3,593,455 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 1,055,107 | 1,290,488 | ||||||
Check Point Software Technologies | 53,755 | 5,233,587 | ||||||
Elbit Systems Ltd. | 9,033 | 1,084,543 | ||||||
Frutarom Industries Ltd. | 15,442 | 1,511,819 | ||||||
Israel Chemicals Ltd. | 261,893 | 1,214,416 | ||||||
Mizrahi Tefahot Bank Ltd. | 52,581 | 1,004,788 | ||||||
Nice Ltd.* | 25,319 | 2,657,083 | ||||||
Teva Pharmaceutical Industries Ltd., ADR | 395,750 | 8,508,625 | ||||||
|
| |||||||
29,935,524 | ||||||||
|
| |||||||
Italy — 2.0% | ||||||||
Assicurazioni Generali SpA (b) | 493,611 | 8,396,119 | ||||||
Atlantia SpA | 197,950 | 5,736,709 | ||||||
Davide Campari-Milano SpA | 241,664 | 1,805,276 | ||||||
Enel SpA | 3,341,010 | 18,368,915 | ||||||
Eni SpA | 1,047,159 | 18,962,465 | ||||||
Ferrari NV | 50,321 | 6,559,261 | ||||||
Intesa Sanpaolo SpA | 5,552,315 | 16,321,365 | ||||||
Intesa Sanpaolo SpA-RSP | 359,584 | 1,082,451 | ||||||
Leonardo SpA | 163,909 | 1,671,665 | ||||||
Luxottica Group SpA | 69,416 | 4,323,690 | ||||||
Mediobanca SpA | 238,983 | 2,254,051 | ||||||
Moncler SpA | 70,306 | 3,227,632 | ||||||
Pirelli & C SpA, 144A* | 157,181 | 1,344,693 | ||||||
Poste Italiane SpA, 144A | 213,919 | 1,831,591 | ||||||
Prysmian SpA | 82,119 | 2,284,817 | ||||||
Recordati SpA | 43,075 | 1,596,303 | ||||||
Snam SpA | 941,067 | 3,859,321 | ||||||
Telecom Italia SpA* | 4,654,869 | 3,739,567 | ||||||
Telecom Italia SpA-RSP | 2,462,483 | 1,724,371 | ||||||
Terna Rete Elettrica Nazionale SpA | 512,530 | 2,714,839 | ||||||
UniCredit SpA | 823,714 | 13,610,444 | ||||||
|
| |||||||
121,415,545 | ||||||||
|
| |||||||
Japan — 23.5% | ||||||||
ABC-Mart, Inc. | 15,400 | 948,476 | ||||||
Acom Co. Ltd. (b) | 162,400 | 682,234 | ||||||
Aeon Co. Ltd. | 243,200 | 4,826,665 | ||||||
AEON Financial Service Co. Ltd. | 42,000 | 980,650 | ||||||
Aeon Mall Co. Ltd. | 41,900 | 809,999 | ||||||
Air Water, Inc. | 55,700 | 1,084,456 | ||||||
Aisin Seiki Co. Ltd. | 70,254 | 3,539,017 | ||||||
Ajinomoto Co., Inc. | 215,247 | 4,114,594 | ||||||
Alfresa Holdings Corp. | 69,300 | 1,753,761 | ||||||
Alps Electric Co. Ltd. | 78,656 | 1,868,338 | ||||||
Amada Holdings Co. Ltd. | 137,700 | 1,498,707 | ||||||
ANA Holdings, Inc. | 42,200 | 1,699,870 | ||||||
Aozora Bank Ltd. | 42,200 | 1,671,940 |
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
Asahi Glass Co. Ltd. | 77,100 | $ | 3,160,969 | |||||
Asahi Group Holdings Ltd. | 153,865 | 8,056,396 | ||||||
Asahi Kasei Corp. | 516,900 | 7,105,979 | ||||||
Asics Corp. | 60,800 | 1,014,963 | ||||||
Astellas Pharma, Inc. | 801,832 | 12,268,689 | ||||||
Bandai Namco Holdings, Inc. | 79,400 | 3,379,345 | ||||||
Bank of Kyoto Ltd. | 28,300 | 1,482,833 | ||||||
Benesse Holdings, Inc. | 33,400 | 1,215,829 | ||||||
Bridgestone Corp. | 250,176 | 10,038,316 | ||||||
Brother Industries Ltd. | 96,200 | 2,016,234 | ||||||
Calbee, Inc. | 37,400 | 1,364,876 | ||||||
Canon, Inc. | 417,986 | 14,270,350 | ||||||
Casio Computer Co. Ltd. | 73,500 | 1,124,948 | ||||||
Central Japan Railway Co. | 58,954 | 12,198,874 | ||||||
Chiba Bank Ltd. | 315,900 | 2,439,270 | ||||||
Chubu Electric Power Co., Inc. | 257,900 | 3,995,868 | ||||||
Chugai Pharmaceutical Co. Ltd. | 89,200 | 5,042,791 | ||||||
Chugoku Electric Power Co., Inc. | 123,800 | 1,619,409 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 49,554 | 2,088,570 | ||||||
Concordia Financial Group Ltd. | 466,115 | 2,626,543 | ||||||
Credit Saison Co. Ltd. | 59,700 | 991,662 | ||||||
CyberAgent, Inc. | 39,700 | 2,076,509 | ||||||
CYBERDYNE, Inc.* | 41,500 | 532,937 | ||||||
Dai Nippon Printing Co. Ltd. | 107,200 | 2,307,877 | ||||||
Daicel Corp. | 116,700 | 1,321,638 | ||||||
Daifuku Co. Ltd. | 39,521 | 2,052,614 | ||||||
Dai-ichi Life Holdings, Inc. | 433,638 | 8,093,965 | ||||||
Daiichi Sankyo Co. Ltd. | 231,231 | 7,428,895 | ||||||
Daikin Industries Ltd. | 99,688 | 11,528,014 | ||||||
Daito Trust Construction Co. Ltd. | 29,213 | 4,771,936 | ||||||
Daiwa House Industry Co. Ltd. | 220,336 | 7,994,358 | ||||||
Daiwa House REIT Investment Corp. | 595 | 1,403,475 | ||||||
Daiwa Securities Group, Inc. | 644,587 | 3,743,031 | ||||||
DeNA Co. Ltd. | 42,100 | 810,382 | ||||||
Denso Corp. | 183,853 | 8,940,409 | ||||||
Dentsu, Inc. | 86,300 | 4,125,201 | ||||||
Disco Corp. | 13,400 | 2,531,323 | ||||||
Don Quijote Holdings Co. Ltd. | 45,418 | 2,421,514 | ||||||
East Japan Railway Co. | 128,253 | 12,679,699 | ||||||
Eisai Co. Ltd. | 104,252 | 7,548,771 | ||||||
Electric Power Development Co. Ltd. | 54,532 | 1,449,207 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 35,367 | 3,673,733 | ||||||
FANUC Corp. | 79,117 | 16,923,772 | ||||||
Fast Retailing Co. Ltd. | 23,817 | 10,449,836 | ||||||
Fuji Electric Co. Ltd. | 261,000 | 1,864,200 | ||||||
FUJIFILM Holdings Corp. | 161,254 | 6,199,055 | ||||||
Fujitsu Ltd. | 797,021 | 4,884,625 | ||||||
Fukuoka Financial Group, Inc. | 361,000 | 1,931,351 | ||||||
Hakuhodo DY Holdings, Inc. | 81,559 | 1,238,548 | ||||||
Hamamatsu Photonics KK | 52,600 | 2,284,644 | ||||||
Hankyu Hanshin Holdings, Inc. | 98,840 | 4,079,529 | ||||||
Hikari Tsushin, Inc. | 10,000 | 1,777,819 | ||||||
Hino Motors Ltd. | 112,000 | 1,257,085 | ||||||
Hirose Electric Co. Ltd. | 15,666 | 2,040,605 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 28,800 | 2,398,566 | ||||||
Hitachi Chemical Co. Ltd. | 42,200 | 910,063 |
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
Hitachi Construction Machinery Co. Ltd. | 42,100 | $ | 1,555,748 | |||||
Hitachi High-Technologies Corp. | 32,100 | 1,465,059 | ||||||
Hitachi Ltd. | 1,959,009 | 14,345,237 | ||||||
Hitachi Metals Ltd. | 84,800 | 933,864 | ||||||
Honda Motor Co. Ltd. | 675,999 | 21,419,943 | ||||||
Hoshizaki Corp. | 25,300 | 2,541,977 | ||||||
Hoya Corp. | 154,574 | 9,197,569 | ||||||
Hulic Co. Ltd. | 125,300 | 1,286,575 | ||||||
Idemitsu Kosan Co. Ltd. | 53,415 | 1,794,658 | ||||||
IHI Corp. | 56,400 | 2,123,068 | ||||||
Iida Group Holdings Co. Ltd. | 54,800 | 1,047,288 | ||||||
Inpex Corp. | 408,717 | 4,561,129 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 137,500 | 1,698,764 | ||||||
Isuzu Motors Ltd. | 228,600 | 3,065,932 | ||||||
ITOCHU Corp. | 575,254 | 10,819,228 | ||||||
J. Front Retailing Co. Ltd. | 104,500 | 1,647,447 | ||||||
Japan Airlines Co. Ltd. | 46,073 | 1,786,422 | ||||||
Japan Airport Terminal Co. Ltd. | 21,700 | 1,001,370 | ||||||
Japan Exchange Group, Inc. | 203,978 | 3,879,491 | ||||||
Japan Post Bank Co. Ltd. | 161,258 | 2,017,485 | ||||||
Japan Post Holdings Co. Ltd. | 638,613 | 7,320,406 | ||||||
Japan Prime Realty Investment Corp. REIT | 387 | 1,406,982 | ||||||
Japan Real Estate Investment Corp. REIT | 498 | 2,613,945 | ||||||
Japan Retail Fund Investment Corp. REIT | 1,131 | 2,052,299 | ||||||
Japan Tobacco, Inc. | 445,541 | 12,024,713 | ||||||
JFE Holdings, Inc. | 205,985 | 4,264,174 | ||||||
JGC Corp. | 81,400 | 1,700,806 | ||||||
JSR Corp. | 72,100 | 1,407,734 | ||||||
JTEKT Corp. | 91,100 | 1,329,004 | ||||||
JXTG Holdings, Inc. | 1,302,028 | 8,412,883 | ||||||
Kajima Corp. | 416,000 | 3,395,762 | ||||||
Kakaku.com, Inc. | 51,400 | 1,119,333 | ||||||
Kamigumi Co. Ltd. | 42,100 | 921,838 | ||||||
Kaneka Corp. | 131,000 | 1,348,715 | ||||||
Kansai Electric Power Co., Inc. | 274,967 | 3,958,251 | ||||||
Kansai Paint Co. Ltd. (b) | 79,700 | 1,711,442 | ||||||
Kao Corp. | 201,404 | 15,629,476 | ||||||
Kawasaki Heavy Industries Ltd. | 54,300 | 1,649,690 | ||||||
KDDI Corp. | 736,333 | 19,937,205 | ||||||
Keihan Holdings Co. Ltd. | 42,200 | 1,429,489 | ||||||
Keikyu Corp. | 95,450 | 1,608,309 | ||||||
Keio Corp. | 42,060 | 1,956,369 | ||||||
Keisei Electric Railway Co. Ltd. | 50,528 | 1,716,238 | ||||||
Keyence Corp. | 40,035 | 24,594,742 | ||||||
Kikkoman Corp. | 54,882 | 2,593,128 | ||||||
Kintetsu Group Holdings Co. Ltd. (b) | 70,640 | 2,957,808 | ||||||
Kirin Holdings Co. Ltd. | 338,423 | 9,628,342 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 19,300 | 1,704,950 | ||||||
Kobe Steel Ltd. | 121,928 | 1,225,052 | ||||||
Koito Manufacturing Co. Ltd. | 41,900 | 3,085,159 | ||||||
Komatsu Ltd. | 374,473 | 12,347,609 | ||||||
Konami Holdings Corp. | 34,666 | 1,628,379 | ||||||
Konica Minolta, Inc. | 190,200 | 1,737,912 |
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
Kose Corp. | 14,100 | $ | 3,067,951 | |||||
Kubota Corp. | 421,181 | 7,096,794 | ||||||
Kuraray Co. Ltd. | 137,900 | 2,114,420 | ||||||
Kurita Water Industries Ltd. | 42,200 | 1,214,193 | ||||||
Kyocera Corp. | 131,900 | 7,827,792 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 107,200 | 2,195,538 | ||||||
Kyushu Electric Power Co., Inc. | 174,400 | 2,061,667 | ||||||
Kyushu Railway Co. | 60,776 | 1,935,826 | ||||||
Lawson, Inc. (b) | 23,400 | 1,525,082 | ||||||
LINE Corp.* | 26,347 | 956,664 | ||||||
Lion Corp. | 91,700 | 1,679,994 | ||||||
LIXIL Group Corp. | 113,200 | 2,503,647 | ||||||
M3, Inc. | 85,171 | 3,566,244 | ||||||
Mabuchi Motor Co. Ltd. | 22,600 | 1,049,134 | ||||||
Makita Corp. | 88,400 | 3,949,294 | ||||||
Marubeni Corp. | 683,600 | 5,331,307 | ||||||
Marui Group Co. Ltd. | 71,696 | 1,457,185 | ||||||
Maruichi Steel Tube Ltd. | 26,300 | 871,549 | ||||||
Mazda Motor Corp. | 233,700 | 2,943,136 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 22,822 | 1,149,649 | ||||||
Mebuki Financial Group, Inc. | 403,350 | 1,468,278 | ||||||
Medipal Holdings Corp. | 63,200 | 1,458,797 | ||||||
MEIJI Holdings Co. Ltd. | 47,490 | 4,046,811 | ||||||
MINEBEA MITSUMI, Inc. | 154,220 | 2,931,718 | ||||||
MISUMI Group, Inc. | 117,700 | 3,408,144 | ||||||
Mitsubishi Chemical Holdings Corp. | 583,500 | 5,406,701 | ||||||
Mitsubishi Corp. | 555,925 | 15,489,348 | ||||||
Mitsubishi Electric Corp. | 736,779 | 10,463,975 | ||||||
Mitsubishi Estate Co. Ltd. | 485,551 | 8,819,679 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 70,700 | 1,807,388 | ||||||
Mitsubishi Heavy Industries Ltd. | 122,499 | 4,639,388 | ||||||
Mitsubishi Materials Corp. | 42,100 | 1,170,681 | ||||||
Mitsubishi Motors Corp. | 280,400 | 2,123,910 | ||||||
Mitsubishi Tanabe Pharma Corp. | 94,874 | 1,700,642 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 4,832,152 | 29,130,168 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 178,100 | 1,065,800 | ||||||
Mitsui & Co. Ltd. | 686,960 | 12,105,551 | ||||||
Mitsui Chemicals, Inc. | 72,000 | 2,084,846 | ||||||
Mitsui Fudosan Co. Ltd. | 363,726 | 9,144,557 | ||||||
Mitsui OSK Lines Ltd. | 42,200 | 1,116,437 | ||||||
Mizuho Financial Group, Inc. | 9,790,780 | 17,073,227 | ||||||
MS&AD Insurance Group Holdings, Inc. | 191,221 | 6,088,979 | ||||||
Murata Manufacturing Co. Ltd. | 73,359 | 10,914,330 | ||||||
Nabtesco Corp. | 42,025 | 1,375,272 | ||||||
Nagoya Railroad Co. Ltd. (b) | 75,740 | 1,948,067 | ||||||
NEC Corp. | 102,759 | 2,899,941 | ||||||
Nexon Co. Ltd.* | 174,645 | 2,891,351 | ||||||
NGK Insulators Ltd. | 108,400 | 1,979,968 | ||||||
NGK Spark Plug Co. Ltd. | 60,500 | 1,657,306 | ||||||
NH Foods Ltd. | 39,496 | 1,624,715 | ||||||
Nidec Corp. | 91,073 | 14,135,842 | ||||||
Nikon Corp. | 137,800 | 2,235,759 | ||||||
Nintendo Co. Ltd. | 46,471 | 19,223,193 | ||||||
Nippon Building Fund, Inc. REIT | 487 | 2,730,799 | ||||||
Nippon Electric Glass Co. Ltd. | 39,400 | 1,069,162 |
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
Nippon Express Co. Ltd. | 37,200 | $ | 2,800,643 | |||||
Nippon Paint Holdings Co. Ltd. | 62,942 | 2,635,481 | ||||||
Nippon Prologis REIT, Inc. | 707 | 1,475,286 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 304,609 | 6,391,231 | ||||||
Nippon Telegraph & Telephone Corp. | 281,851 | 13,229,133 | ||||||
Nippon Yusen KK | 57,000 | 1,162,688 | ||||||
Nissan Chemical Industries Ltd. | 47,549 | 2,237,909 | ||||||
Nissan Motor Co. Ltd. | 947,142 | 9,407,427 | ||||||
Nisshin Seifun Group, Inc. | 74,700 | 1,579,354 | ||||||
Nissin Foods Holdings Co. Ltd. | 27,400 | 2,040,171 | ||||||
Nitori Holdings Co. Ltd. | 34,101 | 5,866,620 | ||||||
Nitto Denko Corp. | 65,924 | 5,186,777 | ||||||
NOK Corp. | 42,100 | 791,806 | ||||||
Nomura Holdings, Inc. | 1,415,154 | 7,338,221 | ||||||
Nomura Real Estate Holdings, Inc. | 47,236 | 1,108,549 | ||||||
Nomura Real Estate Master Fund, Inc. | 1,479 | 2,071,973 | ||||||
Nomura Research Institute Ltd. | 47,781 | 2,406,948 | ||||||
NSK Ltd. | 152,300 | 1,734,611 | ||||||
NTT Data Corp. | 247,334 | 2,766,976 | ||||||
NTT DOCOMO, Inc. | 551,389 | 14,283,350 | ||||||
Obayashi Corp. | 253,400 | 2,559,972 | ||||||
Obic Co. Ltd. | 30,200 | 2,615,103 | ||||||
Odakyu Electric Railway Co. Ltd. | 123,650 | 2,676,801 | ||||||
Oji Holdings Corp. | 345,068 | 2,267,993 | ||||||
Olympus Corp. | 117,979 | 4,186,229 | ||||||
Omron Corp. | 76,692 | 4,039,575 | ||||||
Ono Pharmaceutical Co. Ltd. | 155,906 | 3,868,808 | ||||||
Oracle Corp. | 17,900 | 1,364,076 | ||||||
Oriental Land Co. Ltd. | 82,100 | 8,414,901 | ||||||
ORIX Corp. | 536,846 | 9,013,644 | ||||||
Osaka Gas Co. Ltd. | 147,300 | 3,215,185 | ||||||
Otsuka Corp. | 43,800 | 1,809,818 | ||||||
Otsuka Holdings Co. Ltd. | 158,067 | 7,873,926 | ||||||
Panasonic Corp. | 897,185 | 12,284,387 | ||||||
Park24 Co. Ltd. | 42,100 | 1,137,012 | ||||||
Persol Holdings Co. Ltd. | 70,800 | 1,518,375 | ||||||
Pola Orbis Holdings, Inc. | 41,900 | 2,076,031 | ||||||
Rakuten, Inc. | 360,386 | 2,423,665 | ||||||
Recruit Holdings Co. Ltd. | 447,953 | 12,476,882 | ||||||
Renesas Electronics Corp.*(b) | 323,700 | 3,219,593 | ||||||
Resona Holdings, Inc. | 856,825 | 4,780,136 | ||||||
Ricoh Co. Ltd. | 280,300 | 2,540,569 | ||||||
Rinnai Corp. | 15,600 | 1,491,382 | ||||||
Rohm Co. Ltd. | 42,200 | 3,914,124 | ||||||
Ryohin Keikaku Co. Ltd. | 9,800 | 3,333,180 | ||||||
Sankyo Co. Ltd. | 20,900 | 829,007 | ||||||
Santen Pharmaceutical Co. Ltd. | 142,851 | 2,491,045 | ||||||
SBI Holdings, Inc. | 89,925 | 2,458,399 | ||||||
Secom Co. Ltd. | 82,700 | 6,172,186 | ||||||
Sega Sammy Holdings, Inc. | 66,900 | 1,183,211 | ||||||
Seibu Holdings, Inc. | 89,900 | 1,480,084 | ||||||
Seiko Epson Corp. | 107,559 | 1,887,486 | ||||||
Sekisui Chemical Co. Ltd. | 157,900 | 2,595,259 | ||||||
Sekisui House Ltd. | 245,851 | 4,388,865 | ||||||
Seven & i Holdings Co. Ltd. | 303,676 | 13,457,940 | ||||||
Seven Bank Ltd. | 241,800 | 764,620 | ||||||
SG Holdings Co. Ltd. | 37,700 | 855,298 |
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
Sharp Corp. (b) | 68,373 | $ | 1,820,179 | |||||
Shimadzu Corp. | 101,700 | 2,809,289 | ||||||
Shimamura Co. Ltd. | 10,300 | 1,052,866 | ||||||
Shimano, Inc. | 32,494 | 4,596,982 | ||||||
Shimizu Corp. | 233,500 | 2,285,954 | ||||||
Shin-Etsu Chemical Co. Ltd. | 150,504 | 15,066,310 | ||||||
Shinsei Bank Ltd. | 63,100 | 997,674 | ||||||
Shionogi & Co. Ltd. | 113,695 | 5,971,901 | ||||||
Shiseido Co. Ltd. | 154,657 | 12,263,375 | ||||||
Shizuoka Bank Ltd. | 233,600 | 2,256,870 | ||||||
Showa Shell Sekiyu KK | 74,100 | 986,320 | ||||||
SMC Corp. | 24,582 | 9,361,881 | ||||||
SoftBank Group Corp. | 337,414 | 24,084,384 | ||||||
Sohgo Security Services Co. Ltd. | 33,300 | 1,525,950 | ||||||
Sompo Holdings, Inc. | 137,935 | 5,999,985 | ||||||
Sony Corp. | 518,316 | 24,585,288 | ||||||
Sony Financial Holdings, Inc. | 60,100 | 1,105,484 | ||||||
Stanley Electric Co. Ltd. | 49,800 | 1,700,666 | ||||||
Start Today Co. Ltd. | 81,597 | 2,839,037 | ||||||
Subaru Corp. | 247,034 | 7,561,918 | ||||||
SUMCO Corp. | 98,000 | 2,386,377 | ||||||
Sumitomo Chemical Co. Ltd. | 603,322 | 3,654,816 | ||||||
Sumitomo Corp. | 451,976 | 7,592,831 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 55,500 | 1,154,539 | ||||||
Sumitomo Electric Industries Ltd. | 310,300 | 4,690,797 | ||||||
Sumitomo Heavy Industries Ltd. | 42,100 | 1,489,957 | ||||||
Sumitomo Metal Mining Co. Ltd. | 101,500 | 3,887,016 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 547,815 | 22,676,021 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 132,981 | 5,552,233 | ||||||
Sumitomo Realty & Development Co. Ltd. | 145,903 | 5,516,377 | ||||||
Sumitomo Rubber Industries Ltd. | 72,100 | 1,209,565 | ||||||
Sundrug Co. Ltd. | 34,500 | 1,569,840 | ||||||
Suntory Beverage & Food Ltd. | 51,000 | 2,269,063 | ||||||
Suruga Bank Ltd. | 61,200 | 706,597 | ||||||
Suzuken Co. Ltd. | 33,710 | 1,512,201 | ||||||
Suzuki Motor Corp. | 140,226 | 8,071,841 | ||||||
Sysmex Corp. | 64,707 | 5,835,140 | ||||||
T&D Holdings, Inc. | 216,700 | 3,420,268 | ||||||
Taiheiyo Cement Corp. | 42,200 | 1,563,322 | ||||||
Taisei Corp. | 85,215 | 4,692,171 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 14,734 | 1,567,058 | ||||||
Taiyo Nippon Sanso Corp. | 46,800 | 694,353 | ||||||
Takashimaya Co. Ltd. | 101,447 | 847,684 | ||||||
Takeda Pharmaceutical Co. Ltd. | 290,492 | 11,888,315 | ||||||
TDK Corp. | 51,724 | 4,650,096 | ||||||
Teijin Ltd. | 58,304 | 1,131,940 | ||||||
Terumo Corp. | 122,422 | 7,269,809 | ||||||
THK Co. Ltd. | 44,328 | 1,576,958 | ||||||
Tobu Railway Co. Ltd. | 79,179 | 2,456,489 | ||||||
Toho Co. Ltd. | 41,800 | 1,452,443 | ||||||
Toho Gas Co. Ltd. | 30,928 | 976,584 | ||||||
Tohoku Electric Power Co., Inc. | 163,713 | 2,090,337 | ||||||
Tokio Marine Holdings, Inc. | 270,650 | 13,036,779 | ||||||
Tokyo Century Corp. | 16,800 | 1,011,537 |
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Japan (Continued) | ||||||||
Tokyo Electric Power Co. Holdings, | 584,600 | $ | 2,778,308 | |||||
Tokyo Electron Ltd. | 63,764 | 11,957,399 | ||||||
Tokyo Gas Co. Ltd. | 153,980 | 4,196,817 | ||||||
Tokyo Tatemono Co. Ltd. | 74,965 | 1,039,180 | ||||||
Tokyu Corp. | 190,310 | 3,383,367 | ||||||
Tokyu Fudosan Holdings Corp. | 219,900 | 1,625,220 | ||||||
Toppan Printing Co. Ltd. | 200,178 | 1,634,031 | ||||||
Toray Industries, Inc. | 552,443 | 4,524,259 | ||||||
Toshiba Corp.* | 2,659,161 | 7,479,922 | ||||||
Tosoh Corp. | 110,640 | 1,942,569 | ||||||
TOTO Ltd. | 54,715 | 2,866,898 | ||||||
Toyo Seikan Group Holdings Ltd. | 62,400 | 1,047,983 | ||||||
Toyo Suisan Kaisha Ltd. | 41,400 | 1,478,503 | ||||||
Toyoda Gosei Co. Ltd. | 30,300 | 799,106 | ||||||
Toyota Industries Corp. | 61,200 | 3,577,993 | ||||||
Toyota Motor Corp. | 940,764 | 59,852,256 | ||||||
Toyota Tsusho Corp. | 83,011 | 2,869,158 | ||||||
Trend Micro, Inc. | 46,376 | 2,634,588 | ||||||
Tsuruha Holdings, Inc. | 17,100 | 2,544,919 | ||||||
Unicharm Corp. | 160,600 | 4,991,392 | ||||||
United Urban Investment Corp. REIT | 1,287 | 1,973,357 | ||||||
USS Co. Ltd. | 90,800 | 1,720,263 | ||||||
West Japan Railway Co. | 67,406 | 4,850,431 | ||||||
Yahoo Japan Corp. | 572,500 | 2,084,019 | ||||||
Yakult Honsha Co. Ltd. | 44,379 | 2,920,932 | ||||||
Yamada Denki Co. Ltd. (b) | 246,900 | 1,280,062 | ||||||
Yamaguchi Financial Group, Inc. (b) | 63,481 | 766,195 | ||||||
Yamaha Corp. | 56,681 | 2,959,490 | ||||||
Yamaha Motor Co. Ltd. | 110,974 | 3,213,385 | ||||||
Yamato Holdings Co. Ltd. | 133,371 | 3,830,041 | ||||||
Yamazaki Baking Co. Ltd. | 47,800 | 1,036,981 | ||||||
Yaskawa Electric Corp. | 96,420 | 3,899,876 | ||||||
Yokogawa Electric Corp. | 87,144 | 1,593,321 | ||||||
Yokohama Rubber Co. Ltd. | 29,304 | 638,420 | ||||||
|
| |||||||
1,444,335,030 | ||||||||
|
| |||||||
Jersey Island — 0.1% | ||||||||
Randgold Resources Ltd. | 37,975 | 3,012,759 | ||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
ArcelorMittal | 270,986 | 8,775,207 | ||||||
Eurofins Scientific SE | 4,471 | 2,296,653 | ||||||
Millicom International Cellular SA | 27,298 | 1,721,002 | ||||||
Reinet Investments SCA* | 4,725 | 1,316,858 | ||||||
RTL Group SA | 15,626 | 1,179,166 | ||||||
SES SA | 157,565 | 2,721,561 | ||||||
Tenaris SA | 190,448 | 3,417,555 | ||||||
|
| |||||||
21,428,002 | ||||||||
|
| |||||||
Macau — 0.2% | ||||||||
MGM China Holdings Ltd. | 409,057 | 1,189,119 | ||||||
Sands China Ltd. | 991,995 | 5,938,158 | ||||||
Wynn Macau Ltd. (b) | 645,568 | 2,477,509 | ||||||
|
| |||||||
9,604,786 | ||||||||
|
|
Number of Shares | Value | |||||||
Mexico — 0.0% | ||||||||
Fresnillo PLC | 83,644 | $ | 1,477,182 | |||||
|
| |||||||
Netherlands — 4.7% | ||||||||
ABN AMRO Group NV, 144A (b) | 171,253 | 4,448,494 | ||||||
Aegon NV (b) | 718,121 | 4,471,256 | ||||||
Akzo Nobel NV | 102,991 | 9,042,114 | ||||||
ASML Holding NV | 167,377 | 32,755,331 | ||||||
EXOR NV | 43,638 | 3,162,913 | ||||||
Heineken Holding NV | 46,551 | 4,533,199 | ||||||
Heineken NV | 105,882 | 10,600,578 | ||||||
ING Groep NV | 1,594,759 | 23,225,985 | ||||||
Koninklijke Ahold Delhaize NV | 512,086 | 11,765,885 | ||||||
Koninklijke DSM NV | 73,973 | 7,366,168 | ||||||
Koninklijke KPN NV | 1,407,849 | 3,829,863 | ||||||
Koninklijke Philips NV | 385,327 | 15,775,253 | ||||||
Koninklijke Vopak NV | 29,086 | 1,428,118 | ||||||
NN Group NV | 124,031 | 5,330,114 | ||||||
NXP Semiconductors NV* | 140,835 | 16,055,190 | ||||||
QIAGEN NV* | 93,445 | 3,393,034 | ||||||
Randstad NV | 49,256 | 2,940,158 | ||||||
Royal Dutch Shell PLC, Class A | 1,897,057 | 65,744,468 | ||||||
Royal Dutch Shell PLC, Class B | 1,528,856 | 54,406,747 | ||||||
Wolters Kluwer NV | 121,330 | 6,813,997 | ||||||
|
| |||||||
287,088,865 | ||||||||
|
| |||||||
New Zealand — 0.2% | ||||||||
a2 Milk Co. Ltd.* | 287,459 | 2,186,650 | ||||||
Auckland International Airport Ltd. | 412,726 | 1,906,249 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 218,377 | 2,029,452 | ||||||
Fletcher Building Ltd. | 381,033 | 1,757,203 | ||||||
Meridian Energy Ltd. | 549,775 | 1,148,427 | ||||||
Ryman Healthcare Ltd. | 152,008 | 1,212,677 | ||||||
Spark New Zealand Ltd. | 676,268 | 1,732,103 | ||||||
|
| |||||||
11,972,761 | ||||||||
|
| |||||||
Norway — 0.7% | ||||||||
Aker BP ASA | 42,452 | 1,551,218 | ||||||
DNB ASA | 403,298 | 7,220,496 | ||||||
Equinor ASA | 480,419 | 12,640,597 | ||||||
Gjensidige Forsikring ASA | 82,407 | 1,271,952 | ||||||
Marine Harvest ASA | 170,694 | 3,414,840 | ||||||
Norsk Hydro ASA | 535,125 | 3,357,488 | ||||||
Orkla ASA | 319,217 | 2,879,027 | ||||||
Schibsted ASA, Class B | 39,888 | 1,082,178 | ||||||
Telenor ASA | 309,399 | 6,373,104 | ||||||
Yara International ASA (b) | 71,699 | 2,954,636 | ||||||
|
| |||||||
42,745,536 | ||||||||
|
| |||||||
Portugal — 0.2% | ||||||||
EDP — Energias de Portugal SA | 1,037,903 | 4,064,736 | ||||||
Galp Energia SGPS SA | 206,243 | 3,832,397 | ||||||
Jeronimo Martins SGPS SA | 103,069 | 1,620,620 | ||||||
|
| |||||||
9,517,753 | ||||||||
|
| |||||||
Singapore — 1.3% | ||||||||
Ascendas Real Estate Investment Trust REIT | 1,002,100 | 1,983,467 | ||||||
CapitaLand Commercial Trust REIT | 957,680 | 1,223,164 | ||||||
CapitaLand Ltd. | 1,134,400 | 2,931,638 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Singapore (Continued) | ||||||||
CapitaLand Mall Trust REIT | 1,011,200 | $ | 1,563,419 | |||||
City Developments Ltd. | 158,100 | 1,323,749 | ||||||
ComfortDelGro Corp. Ltd. | 903,500 | 1,660,089 | ||||||
DBS Group Holdings Ltd. | 734,595 | 15,565,941 | ||||||
Genting Singapore PLC | 2,358,078 | 2,219,202 | ||||||
Golden Agri-Resources Ltd. | 3,029,200 | 712,700 | ||||||
Jardine Cycle & Carriage Ltd. | 42,100 | 1,080,447 | ||||||
Keppel Corp. Ltd. | 586,600 | 3,378,038 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 1,279,831 | 11,987,213 | ||||||
SATS Ltd. | 291,800 | 1,124,613 | ||||||
Sembcorp Industries Ltd. | 424,200 | 928,338 | ||||||
Singapore Airlines Ltd. | 231,600 | 1,951,263 | ||||||
Singapore Exchange Ltd. | 328,300 | 1,775,323 | ||||||
Singapore Press Holdings Ltd. (b) | 558,811 | 1,097,713 | ||||||
Singapore Technologies Engineering Ltd. | 652,100 | 1,694,968 | ||||||
Singapore Telecommunications Ltd. | 3,353,489 | 8,215,591 | ||||||
Suntec Real Estate Investment Trust REIT | 999,400 | 1,343,631 | ||||||
United Overseas Bank Ltd. | 547,554 | 11,508,511 | ||||||
UOL Group Ltd. | 168,581 | 1,022,428 | ||||||
Venture Corp. Ltd. | 107,400 | 1,692,602 | ||||||
Wilmar International Ltd. | 731,366 | 1,769,896 | ||||||
|
| |||||||
79,753,944 | ||||||||
|
| |||||||
South Africa — 0.1% | ||||||||
Investec PLC | 253,142 | 1,869,667 | ||||||
Mediclinic International PLC | 164,564 | 1,336,638 | ||||||
|
| |||||||
3,206,305 | ||||||||
|
| |||||||
Spain — 2.8% | ||||||||
ACS Actividades de Construccion y Servicios SA | 102,248 | 4,244,595 | ||||||
Aena SME SA, 144A | 28,070 | 5,391,514 | ||||||
Amadeus IT Group SA | 179,503 | 14,248,601 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 2,727,706 | 18,619,447 | ||||||
Banco de Sabadell SA | 2,281,113 | 3,834,745 | ||||||
Banco Santander SA | 6,618,919 | 35,593,906 | ||||||
Bankia SA | 486,546 | 1,846,304 | ||||||
Bankinter SA | 277,755 | 2,676,891 | ||||||
CaixaBank SA | 1,469,627 | 6,246,860 | ||||||
Enagas SA | 91,197 | 2,431,849 | ||||||
Endesa SA | 131,948 | 2,906,897 | ||||||
Ferrovial SA* | 3,402 | 69,321 | ||||||
Ferrovial SA | 199,000 | 4,054,910 | ||||||
Gas Natural SDG SA | 144,899 | 3,555,565 | ||||||
Grifols SA | 122,520 | 3,609,427 | ||||||
Iberdrola SA | 2,385,602 | 16,934,037 | ||||||
Industria de Diseno Textil SA | 444,207 | 14,026,223 | ||||||
Mapfre SA | 476,801 | 1,444,784 | ||||||
Red Electrica Corp. SA | 178,139 | 3,467,400 | ||||||
Repsol SA | 538,546 | 10,265,364 | ||||||
Siemens Gamesa Renewable Energy SA (b) | 98,349 | 1,512,487 | ||||||
Telefonica SA | 1,915,840 | 16,903,021 | ||||||
|
| |||||||
173,884,148 | ||||||||
|
|
Number of Shares | Value | |||||||
Sweden — 2.4% | ||||||||
Alfa Laval AB | 119,297 | $ | 2,978,671 | |||||
Assa Abloy AB, Class B | 413,317 | 8,885,816 | ||||||
Atlas Copco AB, Class A | 278,198 | 11,040,730 | ||||||
Atlas Copco AB, Class B | 156,189 | 5,649,589 | ||||||
Boliden AB | 110,196 | 3,884,118 | ||||||
Electrolux AB, Series B | 93,173 | 2,298,924 | ||||||
Essity AB, Class B | 247,614 | 6,289,251 | ||||||
Hennes & Mauritz AB, Class B (b) | 365,373 | 5,505,184 | ||||||
Hexagon AB, Class B | 106,495 | 5,997,898 | ||||||
Husqvarna AB, Class B | 154,169 | 1,515,276 | ||||||
ICA Gruppen AB (b) | 27,429 | 846,280 | ||||||
Industrivarden AB, Class C | 67,447 | 1,416,379 | ||||||
Investor AB, Class B | 189,943 | 7,874,178 | ||||||
Kinnevik AB, Class B | 96,576 | 3,364,079 | ||||||
L E Lundbergforetagen AB, Class B | 30,556 | 986,762 | ||||||
Lundin Petroleum AB | 74,876 | 2,373,862 | ||||||
Nordea Bank AB | 1,247,978 | 11,999,924 | ||||||
Sandvik AB | 468,654 | 8,130,542 | ||||||
Securitas AB, Class B | 125,411 | 2,020,717 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 658,466 | 5,931,279 | ||||||
Skanska AB, Class B | 132,125 | 2,432,277 | ||||||
SKF AB, Class B | 156,329 | 3,035,609 | ||||||
Svenska Handelsbanken AB, Class A | 626,636 | 6,868,120 | ||||||
Swedbank AB, Class A | 372,305 | 7,738,149 | ||||||
Swedish Match AB | 74,046 | 3,509,568 | ||||||
Tele2 AB, Class B (b) | 150,002 | 1,835,246 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,260,125 | 9,138,982 | ||||||
Telia Co. AB | 1,148,339 | 5,382,900 | ||||||
Volvo AB, Class B | 643,430 | 11,071,481 | ||||||
|
| |||||||
150,001,791 | ||||||||
|
| |||||||
Switzerland — 8.0% | ||||||||
ABB Ltd. | 756,684 | 17,112,912 | ||||||
Adecco Group AG | 67,058 | 4,022,391 | ||||||
Baloise Holding AG | 18,478 | 2,710,957 | ||||||
Barry Callebaut AG | 839 | 1,466,718 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 39 | 2,947,950 | ||||||
Chocoladefabriken Lindt & Spruengli AG Participation Certificates | 420 | 2,686,790 | ||||||
Cie Financiere Richemont SA | 213,996 | 19,614,853 | ||||||
Clariant AG* | 96,681 | 2,332,665 | ||||||
Coca-Cola HBC AG* | 82,940 | 2,833,577 | ||||||
Credit Suisse Group AG* | 1,045,094 | 15,926,656 | ||||||
Dufry AG*(b) | 12,636 | 1,723,732 | ||||||
EMS-Chemie Holding AG | 3,075 | 1,923,435 | ||||||
Ferguson PLC | 103,126 | 8,008,801 | ||||||
Geberit AG | 15,239 | 6,583,570 | ||||||
Givaudan SA | 3,812 | 8,489,590 | ||||||
Glencore PLC* | 4,746,931 | 23,477,510 | ||||||
Julius Baer Group Ltd.* | 93,668 | 5,464,600 | ||||||
Kuehne + Nagel International AG | 21,876 | 3,298,269 | ||||||
LafargeHolcim Ltd.* | 198,534 | 10,160,364 | ||||||
Lonza Group AG* | 30,692 | 8,211,729 | ||||||
Nestle SA | 1,273,310 | 96,092,530 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Switzerland (Continued) | ||||||||
Novartis AG | 914,518 | $ | 67,698,086 | |||||
Pargesa Holding SA | 14,128 | 1,234,910 | ||||||
Partners Group Holding AG | 7,162 | 5,173,847 | ||||||
Roche Holding AG | 288,399 | 61,755,894 | ||||||
Schindler Holding AG | 8,141 | 1,670,160 | ||||||
Schindler Holding AG Participation Certificates | 16,506 | 3,486,759 | ||||||
SGS SA | 2,218 | 5,736,284 | ||||||
Sika AG | 886 | 7,074,696 | ||||||
Sonova Holding AG | 22,785 | 3,976,278 | ||||||
STMicroelectronics NV | 277,356 | 6,601,553 | ||||||
Straumann Holding AG | 4,225 | 2,784,230 | ||||||
Swatch Group AG — Bearer | 12,467 | 6,048,822 | ||||||
Swatch Group AG — Registered | 23,175 | 2,058,615 | ||||||
Swiss Life Holding AG* | 13,933 | 4,749,886 | ||||||
Swiss Prime Site AG* | 26,363 | 2,459,495 | ||||||
Swiss Re AG | 129,981 | 11,233,545 | ||||||
Swisscom AG (b) | 10,762 | 4,800,097 | ||||||
Temenos AG* | 23,664 | 3,505,422 | ||||||
UBS Group AG* | 1,581,711 | 23,831,583 | ||||||
Vifor Pharma AG (b) | 20,086 | 3,117,039 | ||||||
Zurich Insurance Group AG | 62,200 | 18,440,381 | ||||||
|
| |||||||
492,527,181 | ||||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
NMC Health PLC* | 40,859 | 1,914,086 | ||||||
|
| |||||||
United Kingdom — 15.0% | ||||||||
3i Group PLC | 398,697 | 5,050,957 | ||||||
Admiral Group PLC | 75,587 | 1,934,766 | ||||||
Anglo American PLC | 433,345 | 10,353,043 | ||||||
Ashtead Group PLC | 204,380 | 6,333,131 | ||||||
Associated British Foods PLC | 145,359 | 5,120,656 | ||||||
AstraZeneca PLC | 519,971 | 37,782,140 | ||||||
Auto Trader Group PLC, 144A | 392,995 | 1,842,074 | ||||||
Aviva PLC | 1,644,640 | 11,167,592 | ||||||
Babcock International Group PLC | 101,857 | 1,127,908 | ||||||
BAE Systems PLC | 1,308,456 | 11,121,659 | ||||||
Barclays PLC | 7,000,881 | 18,356,315 | ||||||
Barratt Developments PLC | 408,550 | 2,963,176 | ||||||
Berkeley Group Holdings PLC | 53,083 | 2,996,217 | ||||||
BP PLC | 8,181,736 | 62,680,418 | ||||||
British American Tobacco PLC | 941,179 | 48,407,066 | ||||||
British Land Co. PLC REIT | 378,626 | 3,412,541 | ||||||
BT Group PLC | 3,464,474 | 9,436,633 | ||||||
Bunzl PLC | 138,823 | 4,226,051 | ||||||
Burberry Group PLC | 167,388 | 4,603,865 | ||||||
Centrica PLC | 2,284,829 | 4,431,460 | ||||||
CNH Industrial NV | 419,882 | 4,918,421 | ||||||
Coca-Cola European Partners PLC | 90,680 | 3,443,120 | ||||||
Compass Group PLC | 648,470 | 13,943,506 | ||||||
ConvaTec Group PLC, 144A | 564,894 | 1,739,926 | ||||||
Croda International PLC | 53,160 | 3,294,542 | ||||||
Diageo PLC | 1,010,690 | 37,115,734 | ||||||
Direct Line Insurance Group PLC | 555,527 | 2,640,092 | ||||||
easyJet PLC | 60,582 | 1,376,333 | ||||||
Experian PLC | 377,633 | 9,244,416 | ||||||
Fiat Chrysler Automobiles NV* | 442,803 | 10,042,528 |
Number of Shares | Value | |||||||
United Kingdom (Continued) | ||||||||
G4S PLC | 627,473 | $ | 2,251,312 | |||||
GlaxoSmithKline PLC | 2,033,839 | 41,203,996 | ||||||
Hammerson PLC REIT | 319,175 | 2,320,887 | ||||||
Hargreaves Lansdown PLC | 114,636 | 2,906,093 | ||||||
HSBC Holdings PLC | 8,211,608 | 78,661,146 | ||||||
Imperial Brands PLC | 391,279 | 14,095,927 | ||||||
InterContinental Hotels Group PLC | 74,544 | 4,770,420 | ||||||
International Consolidated Airlines Group SA | 262,309 | 2,382,063 | ||||||
Intertek Group PLC | 65,772 | 4,779,126 | ||||||
ITV PLC | 1,486,655 | 3,213,428 | ||||||
J Sainsbury PLC | 716,684 | 3,032,509 | ||||||
John Wood Group PLC | 273,401 | 2,437,258 | ||||||
Johnson Matthey PLC | 79,042 | 3,691,253 | ||||||
Kingfisher PLC | 840,147 | 3,408,612 | ||||||
Land Securities Group PLC REIT | 305,009 | 3,769,177 | ||||||
Legal & General Group PLC | 2,443,065 | 8,762,232 | ||||||
Lloyds Banking Group PLC | 29,554,391 | 24,833,939 | ||||||
London Stock Exchange Group PLC | 124,548 | 7,412,448 | ||||||
Marks & Spencer Group PLC | 657,449 | 2,482,094 | ||||||
Meggitt PLC | 299,274 | 1,956,172 | ||||||
Melrose Industries PLC | 1,868,847 | 5,863,049 | ||||||
Merlin Entertainments PLC, 144A | 261,277 | 1,273,997 | ||||||
Micro Focus International PLC | 178,706 | 3,166,701 | ||||||
Mondi PLC | 151,395 | 4,204,243 | ||||||
National Grid PLC | 1,383,188 | 15,322,174 | ||||||
Next PLC | 58,760 | 4,530,515 | ||||||
Old Mutual PLC | 2,017,131 | 6,430,150 | ||||||
Pearson PLC | 315,127 | 3,776,916 | ||||||
Persimmon PLC | 127,305 | 4,792,659 | ||||||
Prudential PLC | 1,061,574 | 25,556,803 | ||||||
Reckitt Benckiser Group PLC | 274,322 | 21,008,562 | ||||||
RELX NV | 400,407 | 8,743,983 | ||||||
RELX PLC | 432,093 | 9,491,973 | ||||||
Rio Tinto Ltd. | 171,036 | 10,731,868 | ||||||
Rio Tinto PLC | 491,255 | 27,689,215 | ||||||
Rolls-Royce Holdings PLC* | 677,340 | 7,424,853 | ||||||
Rolls-Royce Holdings PLC — | 43,999,978 | 58,491 | ||||||
Royal Bank of Scotland Group PLC* | 1,479,004 | 5,408,760 | ||||||
Royal Mail PLC | 359,286 | 2,431,061 | ||||||
RSA Insurance Group PLC | 415,017 | 3,595,986 | ||||||
Sage Group PLC | 438,892 | 3,864,700 | ||||||
Schroders PLC | 51,408 | 2,212,133 | ||||||
Segro PLC REIT | 408,784 | 3,557,195 | ||||||
Severn Trent PLC | 95,929 | 2,536,428 | ||||||
Sky PLC | 423,953 | 7,591,422 | ||||||
Smith & Nephew PLC | 361,305 | 6,572,893 | ||||||
Smiths Group PLC | 160,910 | 3,765,797 | ||||||
SSE PLC | 421,354 | 7,659,709 | ||||||
St James’s Place PLC | 215,036 | 3,407,417 | ||||||
Standard Chartered PLC | 1,152,721 | 11,563,221 | ||||||
Standard Life Aberdeen PLC | 1,105,671 | 5,151,714 | ||||||
Taylor Wimpey PLC | 1,351,096 | 3,415,233 | ||||||
Tesco PLC | 3,994,145 | 13,045,682 | ||||||
Travis Perkins PLC | 96,474 | 1,725,567 | ||||||
Unilever NV | 638,793 | 35,651,131 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
United Kingdom (Continued) | ||||||||
Unilever PLC | 501,971 | $ | 27,669,295 | |||||
United Utilities Group PLC | 276,307 | 2,849,571 | ||||||
Vodafone Group PLC | 10,949,342 | 27,920,276 | ||||||
Weir Group PLC | 98,937 | 2,881,635 | ||||||
Whitbread PLC | 75,047 | 4,205,026 | ||||||
Wm Morrison Supermarkets PLC | 899,458 | 2,939,007 | ||||||
WPP PLC | 520,938 | 8,535,142 | ||||||
|
| |||||||
919,698,531 | ||||||||
|
| |||||||
United States — 0.4% | ||||||||
Carnival PLC | 73,885 | 4,750,837 | ||||||
OneMarket Ltd.* | 38,071 | 44,051 | ||||||
Shire PLC | 373,676 | 20,366,522 | ||||||
|
| |||||||
25,161,410 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 5,904,694,144 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.6% | ||||||||
Germany — 0.6% | ||||||||
Bayerische Motoren Werke AG | 22,464 | 1,968,292 | ||||||
FUCHS PETROLUB SE | 28,613 | 1,500,560 | ||||||
Henkel AG & Co. KGaA | 70,829 | 8,748,052 |
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
Porsche Automobil Holding SE | 62,544 | $ | 4,612,200 | |||||
Sartorius AG | 13,977 | 2,047,367 | ||||||
Schaeffler AG | 68,119 | 1,020,113 | ||||||
Volkswagen AG | 75,768 | 14,255,438 | ||||||
|
| |||||||
34,152,022 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 34,152,022 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 3.4% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) | 206,357,389 | 206,357,389 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 100.1% (Cost $5,943,078,783) | $ | 6,145,203,555 | ||||||
Other assets and liabilities, net — (0.1%) | (4,784,449 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 6,140,419,106 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
COMMON STOCK — 0.1% |
| |||||||||||||||||||||||||||||||
Germany — 0.1% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG (c) |
| |||||||||||||||||||||||||||||||
21,939,319 | 634,786 | (8,746,551) | 557,983 | (5,815,392) | 87,287 | — | 800,579 | 8,570,145 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 3.4% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) |
| |||||||||||||||||||||||||||||||
349,929,825 | — | (143,572,436) | — | — | 1,520,361 | — | 206,357,389 | 206,357,389 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
371,869,144 | 634,786 | (152,318,987) | 557,983 | (5,815,392) | 1,607,648 | — | 207,157,968 | 214,927,534 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 May 31, 2018 amounted to $194,277,157, which is 3.2% of net assets. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $8,041,950. |
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. |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
At May 31, 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 | 70 | $ | 9,274,680 | $ | 9,037,643 | 6/15/2018 | $ | (147,239 | ) | ||||||||||||||
CAC40 10 EURO Futures | EUR | 304 | 19,660,353 | 19,112,836 | 6/15/2018 | (355,222 | ) | |||||||||||||||||
DAX Index Futures | EUR | 47 | 17,953,761 | 17,324,176 | 6/15/2018 | 170,578 | ||||||||||||||||||
FTSE/MIB Index Futures | EUR | 28 | 3,909,200 | 3,563,993 | 6/15/2018 | (172,087 | ) | |||||||||||||||||
FTSE 100 Index Futures | GBP | 284 | 28,533,196 | 28,956,863 | 6/15/2018 | 1,603,179 | ||||||||||||||||||
HANG SENG Index Futures | HKD | 55 | 10,667,652 | 10,692,925 | 6/28/2018 | 22,192 | ||||||||||||||||||
IBEX 35 Index Futures | EUR | 51 | 6,117,773 | 5,632,477 | 6/15/2018 | (425,401 | ) | |||||||||||||||||
MSCI EAFE Futures | USD | 280 | 28,498,605 | 27,818,000 | 6/15/2018 | (680,605 | ) | |||||||||||||||||
MSCI SING IX ETS | SGD | 133 | 3,981,923 | 3,889,121 | 6/28/2018 | (102,331 | ) | |||||||||||||||||
OMXS30 Index Futures | SEK | 275 | 5,060,262 | 4,812,991 | 6/15/2018 | (181,692 | ) | |||||||||||||||||
SPI 200 Futures | AUD | 180 | 20,915,563 | 20,473,263 | 6/21/2018 | 80,851 | ||||||||||||||||||
SWISS MKT IX Futures | CHF | 170 | 15,454,722 | 14,580,053 | 6/15/2018 | (581,933 | ) | |||||||||||||||||
TOPIX Index Futures | JPY | 466 | 75,151,294 | 74,728,777 | 6/07/2018 | 671,722 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (97,988 | ) | |||||||||||||||||||||
|
|
As of May 31, 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. | 6/5/2018 | AUD | 198,579,900 | USD | 149,897,164 | $ | — | $ | (283,889 | ) | ||||||||||||
RBC Capital Markets | 6/5/2018 | AUD | 23,000,000 | USD | 17,361,688 | — | (32,642 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | AUD | 326,811,842 | USD | 246,697,187 | — | (462,503 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | CHF | 85,252,900 | USD | 86,356,720 | — | (182,389 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | CHF | 103,567,800 | USD | 104,898,437 | — | (231,889 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | CHF | 13,863,000 | USD | 14,041,922 | — | (30,229 | ) | ||||||||||||||
The Bank of New York Mellon | 6/5/2018 | CHF | 76,507,600 | USD | 77,496,612 | — | (165,257 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | CHF | 174,640,000 | USD | 176,879,292 | — | (395,499 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | EUR | 238,522,200 | USD | 288,850,384 | 9,893,676 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | EUR | 99,794,000 | USD | 120,847,540 | 4,136,367 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | EUR | 475,464,800 | USD | 575,782,167 | 19,716,126 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | EUR | 552,809,800 | USD | 669,416,735 | 22,894,097 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | EUR | 41,075,000 | USD | 49,742,852 | 1,704,779 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | EUR | 215,642,100 | USD | 261,127,488 | 8,929,536 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | GBP | 57,477,000 | USD | 79,279,521 | 2,852,224 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | GBP | 14,045,100 | USD | 19,373,727 | 697,926 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | GBP | 225,801,200 | USD | 311,472,275 | 11,223,912 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | GBP | 160,563,700 | USD | 221,459,089 | 7,957,176 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | GBP | 121,299,300 | USD | 167,319,648 | 6,027,696 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | GBP | 183,864,900 | USD | 253,597,502 | 9,111,931 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | HKD | 452,243,900 | USD | 57,667,901 | — | (1,123 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | HKD | 265,985,200 | USD | 33,917,382 | — | (393 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | HKD | 58,000,000 | USD | 7,395,713 | — | (304 | ) | ||||||||||||||
The Bank of New York Mellon | 6/5/2018 | HKD | 81,857,900 | USD | 10,438,329 | 12 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | HKD | 719,514,000 | USD | 91,748,414 | — | (2,233 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | ILS | 9,960,600 | USD | 2,773,691 | — | (21,537 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | ILS | 2,811,500 | USD | 782,860 | — | (6,127 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | ILS | 2,176,200 | USD | 605,993 | — | (4,711 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | ILS | 38,362,500 | USD | 10,680,281 | — | (85,327 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | JPY | 8,400,000,000 | USD | 76,923,429 | — | (321,224 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | JPY | 26,322,899,100 | USD | 241,056,605 | — | (1,003,300 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | JPY | 37,152,665,400 | USD | 340,242,294 | — | (1,405,890 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | JPY | 40,880,813,600 | USD | 374,241,335 | — | (1,690,124 | ) | ||||||||||||||
The Bank of New York Mellon | 6/5/2018 | JPY | 25,920,516,100 | USD | 237,378,233 | — | (981,442 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | JPY | 20,181,655,000 | USD | 184,747,709 | — | (838,592 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | NOK | 38,501,900 | USD | 4,811,138 | 104,885 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | NOK | 50,431,000 | USD | 6,302,058 | 137,659 | — |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
RBC Capital Markets | 6/5/2018 | NOK | 102,665,200 | USD | 12,828,926 | $ | 279,715 | $ | — | |||||||||||||
The Bank of New York Mellon | 6/5/2018 | NOK | 84,162,700 | USD | 10,516,262 | 228,692 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | NOK | 43,823,700 | USD | 5,475,977 | 119,217 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | NZD | 1,814,100 | USD | 1,277,999 | 8,489 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | NZD | 532,500 | USD | 375,136 | 2,492 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | NZD | 12,191,300 | USD | 8,588,771 | 57,281 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | SEK | 295,773,600 | USD | 33,909,044 | 357,304 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | SEK | 98,500,000 | USD | 11,292,350 | 118,783 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | SEK | 354,486,200 | USD | 40,637,524 | 425,589 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | SEK | 188,928,100 | USD | 21,659,360 | 227,878 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | SEK | 409,691,700 | USD | 46,966,296 | 492,002 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | SGD | 9,900,000 | USD | 7,480,878 | 85,782 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | SGD | 49,396,600 | USD | 37,329,801 | 431,557 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | SGD | 31,316,400 | USD | 23,666,813 | 274,106 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | SGD | 18,225,700 | USD | 13,771,355 | 157,132 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 148,236,446 | AUD | 195,909,700 | — | (74,799 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 1,995,350 | AUD | 2,670,200 | 24,056 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 17,403,111 | AUD | 23,000,000 | — | (8,781 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 223,895,642 | AUD | 295,903,842 | — | (110,906 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 23,333,129 | AUD | 30,908,000 | 41,825 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 84,342,734 | CHF | 82,911,100 | — | (180,755 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 2,340,744 | CHF | 2,341,800 | 36,386 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 119,449,496 | CHF | 117,430,800 | — | (247,020 | ) | ||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 77,829,139 | CHF | 76,507,600 | — | (167,270 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 177,642,152 | CHF | 174,640,000 | — | (367,361 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 394,916,500 | EUR | 338,316,200 | 751,381 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 9,933,302 | EUR | 8,376,200 | — | (137,161 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 545,267,554 | EUR | 467,088,600 | 1,002,345 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 645,294,880 | EUR | 552,809,800 | 1,227,759 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 47,950,134 | EUR | 41,075,000 | 87,939 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 251,719,023 | EUR | 215,642,100 | 478,929 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 95,175,031 | GBP | 71,522,100 | — | (71,933 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 5,323,328 | GBP | 3,937,300 | — | (87,891 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 295,234,957 | GBP | 221,863,900 | — | (222,031 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 213,654,087 | GBP | 160,563,700 | — | (152,175 | ) | ||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 161,415,405 | GBP | 121,299,300 | — | (123,453 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 244,659,829 | GBP | 183,864,900 | — | (174,258 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 56,617,596 | HKD | 444,103,500 | 13,384 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 1,037,764 | HKD | 8,140,400 | 280 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 41,302,780 | HKD | 323,985,200 | 11,012 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 10,435,641 | HKD | 81,857,900 | 2,676 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 91,726,191 | HKD | 719,514,000 | 24,456 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 2,792,705 | ILS | 9,960,600 | 2,523 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 76,471 | ILS | 275,100 | 730 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 711,147 | ILS | 2,536,400 | 639 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 610,160 | ILS | 2,176,200 | 544 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 10,755,138 | ILS | 38,362,500 | 10,470 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 319,599,605 | JPY | 34,722,899,100 | — | (295,047 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 7,434,994 | JPY | 819,703,600 | 102,830 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 334,437,865 | JPY | 36,332,961,800 | — | (327,506 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 376,278,831 | JPY | 40,880,813,600 | — | (347,372 | ) | ||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 238,597,495 | JPY | 25,920,516,100 | — | (237,821 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 185,757,789 | JPY | 20,181,655,000 | — | (171,488 | ) | ||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 4,705,575 | NOK | 38,501,900 | 679 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 203,398 | NOK | 1,649,000 | — | (1,833 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 5,961,917 | NOK | 48,782,000 | 917 | — | |||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 12,547,794 | NOK | 102,665,200 | 1,417 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 10,286,022 | NOK | 84,162,700 | 1,549 | — |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 5,355,751 | NOK | 43,823,700 | $ | 1,009 | $ | — | |||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 51,449 | NZD | 75,000 | 1,036 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 1,220,240 | NZD | 1,739,100 | — | (3,215 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 373,629 | NZD | 532,500 | — | (984 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 8,554,026 | NZD | 12,191,300 | — | (22,536 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 32,705,012 | SEK | 288,821,200 | 58,067 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 802,570 | SEK | 6,952,400 | — | (13,909 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 51,290,941 | SEK | 452,986,200 | 94,562 | — | |||||||||||||||
The Bank of New York Mellon | 6/5/2018 | USD | 21,393,617 | SEK | 188,928,100 | 37,865 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 46,388,770 | SEK | 409,691,700 | 85,525 | — | |||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 7,402,229 | SGD | 9,900,000 | — | (7,132 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 417,714 | SGD | 561,600 | 1,789 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/5/2018 | USD | 36,513,869 | SGD | 48,835,000 | — | (35,129 | ) | ||||||||||||||
RBC Capital Markets | 6/5/2018 | USD | 23,415,006 | SGD | 31,316,400 | — | (22,299 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | USD | 13,627,201 | SGD | 18,225,700 | — | (12,978 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/6/2018 | DKK | 218,248,000 | USD | 35,478,694 | 1,181,747 | — | |||||||||||||||
RBC Capital Markets | 6/6/2018 | DKK | 162,848,700 | USD | 26,469,026 | 877,895 | — | |||||||||||||||
The Bank of New York Mellon | 6/6/2018 | DKK | 58,081,300 | USD | 9,441,734 | 314,451 | — | |||||||||||||||
The Bank of Nova Scotia | 6/6/2018 | DKK | 197,312,000 | USD | 32,072,561 | 1,065,636 | — | |||||||||||||||
JP Morgan & Chase Co. | 6/6/2018 | USD | 522,915 | DKK | 3,284,300 | — | (6,798 | ) | ||||||||||||||
JP Morgan & Chase Co. | 6/6/2018 | USD | 33,716,226 | DKK | 214,963,700 | 64,605 | — | |||||||||||||||
RBC Capital Markets | 6/6/2018 | USD | 25,538,685 | DKK | 162,848,700 | 52,447 | — | |||||||||||||||
The Bank of New York Mellon | 6/6/2018 | USD | 9,109,935 | DKK | 58,081,300 | 17,349 | — | |||||||||||||||
The Bank of Nova Scotia | 6/6/2018 | USD | 30,943,378 | DKK | 197,312,000 | 63,547 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | AUD | 195,909,700 | USD | 148,257,800 | 67,200 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | AUD | 32,360,000 | USD | 24,488,365 | 10,518 | — | |||||||||||||||
RBC Capital Markets | 7/5/2018 | AUD | 23,000,000 | USD | 17,405,917 | 8,188 | — | |||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | AUD | 295,903,842 | USD | 223,931,151 | 102,683 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | CHF | 20,951,000 | USD | 21,370,220 | 43,492 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | CHF | 82,911,100 | USD | 84,571,492 | 173,495 | — | |||||||||||||||
RBC Capital Markets | 7/5/2018 | CHF | 117,430,800 | USD | 119,770,517 | 233,756 | — | |||||||||||||||
The Bank of New York Mellon | 7/5/2018 | CHF | 76,507,600 | USD | 78,039,914 | 160,255 | — | |||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | CHF | 174,640,000 | USD | 178,120,474 | 348,544 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | DKK | 214,963,700 | USD | 33,794,866 | — | (67,206 | ) | ||||||||||||||
RBC Capital Markets | 7/5/2018 | DKK | 162,848,700 | USD | 25,597,293 | — | (55,384 | ) | ||||||||||||||
The Bank of New York Mellon | 7/5/2018 | DKK | 58,081,300 | USD | 9,130,887 | — | (18,347 | ) | ||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | DKK | 197,312,000 | USD | 31,012,928 | — | (68,567 | ) | ||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | EUR | 338,316,200 | USD | 395,838,412 | — | (795,080 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | EUR | 467,088,600 | USD | 546,546,443 | — | (1,056,605 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | EUR | 53,792,000 | USD | 62,941,320 | — | (123,082 | ) | ||||||||||||||
RBC Capital Markets | 7/5/2018 | EUR | 552,809,800 | USD | 646,798,522 | — | (1,301,927 | ) | ||||||||||||||
The Bank of New York Mellon | 7/5/2018 | EUR | 41,075,000 | USD | 48,062,474 | — | (92,834 | ) | ||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | EUR | 215,642,100 | USD | 252,309,883 | — | (503,548 | ) | ||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | GBP | 71,522,100 | USD | 95,321,079 | 66,840 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | GBP | 221,863,900 | USD | 295,690,888 | 209,114 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | GBP | 57,820,000 | USD | 77,058,506 | 52,936 | — | |||||||||||||||
RBC Capital Markets | 7/5/2018 | GBP | 160,563,700 | USD | 213,980,835 | 139,615 | — | |||||||||||||||
The Bank of New York Mellon | 7/5/2018 | GBP | 121,299,300 | USD | 161,662,249 | 113,965 | — | |||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | GBP | 183,864,900 | USD | 245,036,752 | 162,634 | — | |||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | HKD | 96,725,000 | USD | 12,341,037 | — | (3,067 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | HKD | 444,103,500 | USD | 56,664,046 | — | (12,715 | ) | ||||||||||||||
RBC Capital Markets | 7/5/2018 | HKD | 323,985,200 | USD | 41,338,088 | — | (9,102 | ) | ||||||||||||||
The Bank of New York Mellon | 7/5/2018 | HKD | 81,857,900 | USD | 10,444,576 | — | (2,180 | ) | ||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | HKD | 719,514,000 | USD | 91,796,406 | — | (28,412 | ) | ||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | ILS | 9,960,600 | USD | 2,798,322 | — | (3,129 | ) | ||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | ILS | 2,536,400 | USD | 712,637 | — | (734 | ) | ||||||||||||||
RBC Capital Markets | 7/5/2018 | ILS | 2,176,200 | USD | 611,423 | — | (640 | ) | ||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | ILS | 38,362,500 | USD | 10,776,286 | — | (13,293 | ) |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | JPY | 34,722,899,100 | USD | 320,264,335 | $ | 264,903 | $ | — | |||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | JPY | 1,398,857,000 | USD | 12,902,942 | 11,350 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | JPY | 36,332,961,800 | USD | 335,140,606 | 303,152 | — | |||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | JPY | 40,880,813,600 | USD | 377,059,709 | 310,143 | — | |||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | JPY | 25,920,516,100 | USD | 239,090,479 | 212,083 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | JPY | 20,181,655,000 | USD | 186,145,002 | 154,825 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | NOK | 38,501,900 | USD | 4,711,240 | — | (855 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | NOK | 48,782,000 | USD | 5,969,127 | — | (1,108 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | NOK | 102,665,200 | USD | 12,562,688 | — | (2,099 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | NOK | 84,162,700 | USD | 10,298,193 | — | (2,147 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | NOK | 43,823,700 | USD | 5,361,989 | — | (1,420 | ) | ||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | NZD | 1,739,100 | USD | 1,220,231 | 3,186 | — | |||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | NZD | 532,500 | USD | 373,621 | 971 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | NZD | 12,191,300 | USD | 8,553,660 | 22,031 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | SEK | 288,821,200 | USD | 32,783,921 | — | (60,310 | ) | ||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | SEK | 452,986,200 | USD | 51,414,008 | — | (98,774 | ) | ||||||||||||||||||||
The Bank of New York Mellon | 7/5/2018 | SEK | 188,928,100 | USD | 21,444,904 | — | (39,662 | ) | ||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | SEK | 409,691,700 | USD | 46,497,225 | — | (92,183 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 7/5/2018 | SGD | 9,900,000 | USD | 7,406,022 | 6,577 | — | |||||||||||||||||||||
JP Morgan & Chase Co. | 7/5/2018 | SGD | 48,835,000 | USD | 36,531,077 | 30,887 | — | |||||||||||||||||||||
RBC Capital Markets | 7/5/2018 | SGD | 31,316,400 | USD | 23,427,793 | 21,332 | — | |||||||||||||||||||||
The Bank of Nova Scotia | 7/5/2018 | SGD | 18,225,700 | USD | 13,633,113 | 10,885 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 119,641,837 | $ | (16,232,875 | ) | |||||||||||||||||||||||
|
|
|
|
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. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Hedged Equity ETF (Continued)
May 31, 2018
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | 5,904,694,144 | $ | — | $ | — | $ | 5,904,694,144 | ||||||||
Preferred Stocks | 34,152,022 | — | — | 34,152,022 | ||||||||||||
Short-Term Investments | 206,357,389 | — | — | 206,357,389 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 119,641,837 | — | 119,641,837 | ||||||||||||
Futures Contracts | 2,548,522 | — | — | 2,548,522 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 6,147,752,077 | $ | 119,641,837 | $ | — | $ | 6,267,393,914 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (g) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (16,232,875 | ) | $ | — | $ | (16,232,875 | ) | ||||||
Futures Contracts | (2,646,510 | ) | — | — | (2,646,510 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (2,646,510 | ) | $ | (16,232,875 | ) | $ | — | $ | (18,879,385 | ) | |||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 21 |
DBX ETF Trust
May 31, 2018
Xtrackers MSCI EAFE Hedged Equity ETF | ||||
Assets | ||||
Investments in non-affiliated securities at value | $ | 5,930,276,021 | ||
Investment in affiliated securities at value | 8,570,145 | |||
Investment in DWS Government & Agency Securities Portfolio* | 206,357,389 | |||
Cash | 215,894,851 | |||
Foreign currency at value | 43,136,822 | |||
Cash held as collateral for forward foreign currency contracts | 116,870,000 | |||
Unrealized appreciation on forward foreign currency contracts | 119,641,837 | |||
Deposit with broker for futures contracts | 11,234,661 | |||
Receivables: | ||||
Investment securities sold | 28,957,792 | |||
Variation margin on futures contracts | 3,399,524 | |||
Dividends | 27,085,761 | |||
Securities lending income | 579,330 | |||
Foreign tax reclaim | 21,241,907 | |||
|
| |||
Total Assets | $ | 6,733,246,040 | ||
|
| |||
Liabilities | ||||
Payable upon return of securities loaned | $ | 206,357,389 | ||
Payable upon return of deposit for forward foreign currency contracts | 116,870,000 | |||
Unrealized depreciation on forward foreign currency contracts | 16,232,875 | |||
Payables: | ||||
Investment securities purchased | 251,504,761 | |||
Investment advisory fees | 1,861,909 | |||
|
| |||
Total Liabilities | 592,826,934 | |||
|
| |||
Net Assets, at value | $ | 6,140,419,106 | ||
|
| |||
Net Assets Consist of | ||||
Paid-in capital | $ | 6,264,307,180 | ||
Undistributed net investment income | 105,948,751 | |||
Accumulated net realized gain (loss) | (534,991,890 | ) | ||
Net unrealized appreciation (depreciation) | 305,155,065 | |||
|
| |||
Net Assets, at value | $ | 6,140,419,106 | ||
|
| |||
Number of Common Shares outstanding | 192,750,800 | |||
|
| |||
Net Asset Value | $ | 31.86 | ||
|
| |||
Investments in non-affiliated securities at cost | $ | 5,712,406,926 | ||
|
| |||
Investments in affiliated securities at cost | $ | 24,314,468 | ||
|
| |||
Value of securities loaned | $ | 194,277,157 | ||
|
| |||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 206,357,389 | ||
|
| |||
Non-cash collateral for securities on loan | $ | 8,041,950 | ||
|
| |||
Foreign currency at cost | $ | 43,335,335 | ||
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
For the Year Ended May 31, 2018
Xtrackers MSCI EAFE Hedged Equity ETF | ||||
Investment Income | ||||
Unaffiliated dividend income* | $ | 201,445,028 | ||
Affiliated dividend income** | 87,287 | |||
Affiliated securities lending income | 1,520,361 | |||
Unaffiliated securities lending income, net of borrower rebates | 1,301,684 | |||
|
| |||
Total Investment Income | 204,354,360 | |||
|
| |||
Expenses | ||||
Investment advisory fees | 24,485,269 | |||
Other expenses | 264,962 | |||
|
| |||
Total Expenses | 24,750,231 | |||
|
| |||
Net Investment income (loss) | 179,604,129 | |||
|
| |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (28,392,780 | ) | ||
Investments in affiliates | (1,486,068 | ) | ||
In-kind redemptions | 280,636,608 | |||
In-kind redemptions in affiliates | 2,044,051 | |||
Futures contracts | 7,470,970 | |||
Foreign currency transactions | 1,797,098 | |||
Forward foreign currency contracts | (324,308,633 | ) | ||
|
| |||
Net realized gain (loss) | (62,238,754 | ) | ||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments | 137,643,283 | |||
Investments in affiliates | (5,815,392 | ) | ||
Futures contracts | (4,769,033 | ) | ||
Foreign currency translations | (1,414,386 | ) | ||
Forward foreign currency contracts | 212,425,033 | |||
|
| |||
Net change in unrealized appreciation (depreciation) | 338,069,505 | |||
|
| |||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 275,830,751 | |||
|
| |||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 455,434,880 | ||
|
| |||
* Unaffiliated foreign tax withheld | $ | 17,258,810 | ||
** Affiliated foreign tax withheld | $ | 15,404 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF | ||||||||
Year Ended May 31, | ||||||||
2018 | 2017 | |||||||
Increase (Decrease) in Net Assets from Operations | ||||||||
Net investment income (loss) | $ | 179,604,129 | $ | 240,150,650 | ||||
Net realized gain (loss) | (62,238,754 | ) | 229,906,618 | |||||
Net change in net unrealized appreciation (depreciation) | 338,069,505 | 940,811,641 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 455,434,880 | 1,410,868,909 | ||||||
|
|
|
| |||||
Distributions to Shareholders from | ||||||||
Net investment income | (244,654,328 | ) | (310,197,210 | ) | ||||
|
|
|
| |||||
Total distributions | (244,654,328 | ) | (310,197,210 | ) | ||||
|
|
|
| |||||
Fund Shares Transactions | ||||||||
Proceeds from shares sold | 242,635,204 | 242,334,299 | ||||||
Value of shares redeemed | (2,950,986,126 | ) | (4,689,064,361 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from fund share transactions | (2,708,350,922 | ) | (4,446,730,062 | ) | ||||
|
|
|
| |||||
Total net increase (decrease) in Net Assets | (2,497,570,370 | ) | (3,346,058,363 | ) | ||||
Net Assets | ||||||||
Beginning of year | 8,637,989,476 | 11,984,047,839 | ||||||
|
|
|
| |||||
End of year | $ | 6,140,419,106 | $ | 8,637,989,476 | ||||
|
|
|
| |||||
Undistributed net investment income | $ | 105,948,751 | $ | 163,276,470 | ||||
|
|
|
| |||||
Changes in Shares Outstanding | ||||||||
Shares outstanding, beginning of year | 281,550,800 | 452,550,800 | ||||||
Shares sold | 7,600,000 | 8,400,000 | ||||||
Shares redeemed | (96,400,000 | ) | (179,400,000 | ) | ||||
|
|
|
| |||||
Shares outstanding, end of year | 192,750,800 | 281,550,800 | ||||||
|
|
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data | 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 year | $ | 30.68 | $ | 26.48 | $ | 30.75 | $ | 27.81 | $ | 25.09 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.80 | 0.74 | 0.76 | 1.41 | 1.18 | |||||||||||||||
Net realized and unrealized gain (loss) | 1.33 | 4.18 | (4.03 | ) | 2.90 | 1.95 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 2.13 | 4.92 | (3.27 | ) | 4.31 | 3.13 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: | ||||||||||||||||||||
Net investment income | (0.95 | ) | (0.72 | ) | (0.88 | ) | (1.37 | ) | (0.41 | ) | ||||||||||
Net realized gains | — | — | (0.12 | ) | (0.00 | )(b) | — | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.95 | ) | (0.72 | ) | (1.00 | ) | (1.37 | ) | (0.41 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of year | $ | 31.86 | $ | 30.68 | $ | 26.48 | $ | 30.75 | $ | 27.81 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 7.05 | 19.17 | (10.90 | ) | 16.22 | 12.74 | (c) | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of year ($ millions) | 6,140 | 8,638 | 11,984 | 12,268 | 563 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.35 | 0.35 | 0.35 | 0.35 | 0.36 | |||||||||||||||
Ratio of expenses after fee waiver (%) | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | |||||||||||||||
Ratio of net investment income (loss) (%) | 2.57 | 2.72 | 2.82 | 4.81 | 4.48 | |||||||||||||||
Portfolio turnover rate (%)(d) | 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. |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of May 31, 2018, the Trust consists of thirty-seven investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (formerly, Deutsche X-trackers MSCI EAFE Hedged Equity ETF) (the “Fund”), a diversified series of the Trust.
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of 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 MSCI EAFE US Dollar Hedged index. The MSCI EAFE US Dollar Hedged Index is designed to provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.
The Underlying Index is rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
The Fund is entitled to use its Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Fund in connection with the licensing agreement.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund.
Security Valuation The Net Asset Value (“NAV”), of the Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
26
DBX ETF Trust
Notes to Financial Statements (Continued)
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Investments in open-ended investment companies are valued at their net asset value each business day and are categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate 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 the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in
27
DBX ETF Trust
Notes to Financial Statements (Continued)
their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.
The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations. For the year ended May 31, 2018, the Fund did not incur any interest or penalties.
As of May 31, 2018, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | |||||||||||||
$ | 105,948,751 | $ | (390,408,403 | ) | $ | 160,571,578 | $ | (123,888,074 | ) |
The tax character of dividends and distributions declared for the years ended May 31, 2017 and May 31, 2018 were as follows:
Ordinary Income* | ||||
2018 | $ | 244,654,328 | ||
2017 | �� | $ | 310,197,210 |
* | for tax purposes short-term capital gain distributions are considered ordinary income distributions |
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 |
In order to present paid-in capital and accumulated net realized gains or losses on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in capital, undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to recognition of certain foreign currency gain (losses) as ordinary income (loss), passive foreign investment companies (“PFICs”), redemptions-in-kind and partnership investments. For the fiscal year ended May 31, 2018, the adjustments were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Capital Gains (Accumulated Losses) | Paid-In Capital | ||||||||||
$ | 7,722,480 | $ | (221,702,524 | ) | $ | 213,980,044 |
28
DBX ETF Trust
Notes to Financial Statements (Continued)
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 | ) |
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of May 31, 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 year end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash and/or U.S. Treasury securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 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 (0.14% annualized effective rate as of May 31, 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.
29
DBX ETF Trust
Notes to Financial Statements (Continued)
As of May 31, 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 year end.
Remaining Contractual Maturity of the Agreements, as of May 31, 2018 | ||||||||||||||||||||
Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Common Stocks | $ | 206,357,389 | $ | — | $ | — | $ | 8,041,950 | $ | 214,399,339 | ||||||||||
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Gross amount of recognized liabilities for securities lending transactions |
| $ | 214,399,339 |
Derivatives
Forward Foreign Currency Contracts The Fund may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2018, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward foreign currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of May 31, 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 year ended May 31, 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. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 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.
30
DBX ETF Trust
Notes to Financial Statements (Continued)
A summary of the open futures contracts as of May 31, 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 May 31, 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* | $ | 2,548,522 | Unrealized depreciation on futures contracts* | $ | 2,646,510 | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 119,641,837 | Unrealized depreciation on forward foreign currency contracts | 16,232,875 | ||||||||||
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Total | $ | 122,190,359 | Total | $ | 18,879,385 | |||||||||
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* | Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. |
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the year ended May 31, 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 | ||||||||||
$ | 7,470,970 | $ | (324,308,633 | ) | $ | (316,837,663 | ) | |||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
$ | (4,769,033 | ) | $ | 212,425,033 | $ | 207,656,000 |
For the year ended May 31, 2018 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
$ | 203,811,897 | $ | (6,800,077,950 | ) |
As of May 31, 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
31
DBX ETF Trust
Notes to Financial Statements (Continued)
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 | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 18,863,763 | $ | (2,519,237 | ) | $ | 16,344,526 | $ | — | $ | 2,519,237 | $ | (2,519,237 | ) | $ | — | $ | — | ||||||||||||||
JP Morgan & Chase Co. | 35,269,188 | (4,295,272 | ) | 30,973,916 | — | 4,295,272 | (4,295,272 | ) | — | — | ||||||||||||||||||||||
RBC Capital Markets | 34,931,599 | (4,236,849 | ) | 30,694,750 | — | 4,236,849 | (4,236,849 | ) | — | — | ||||||||||||||||||||||
The Bank of New York Mellon | 9,137,189 | (1,830,413 | ) | 7,306,776 | — | 1,830,413 | (1,830,413 | ) | — | — | ||||||||||||||||||||||
The Bank of Nova Scotia | 21,440,098 | (3,351,104 | ) | 18,088,994 | — | 3,351,104 | (3,351,104 | ) | — | — | ||||||||||||||||||||||
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$ | 119,641,837 | $ | (16,232,875 | ) | $ | 103,408,962 | $ | — | $ | 16,232,875 | $ | (16,232,875 | ) | $ | — | $ | — | |||||||||||||||
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(a) | The actual collateral received may be more than amount shown. |
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.
For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s daily average net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.35%.
Out of the unitary management fee, the Advisor pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. The Fund is responsible for the payment of interest expense, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for the Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of 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 year ended May 31, 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 | |||||||
$ | 648,001,656 | $ | 664,889,261 |
32
DBX ETF Trust
Notes to Financial Statements (Continued)
For the year ended May 31, 2018, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
$ | 97,189,449 | $ | 2,866,067,039 |
5. Fund Share Transactions
As of May 31, 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 the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
33
DBX ETF Trust
To the Shareholders and the Board of
Trustees of Xtrackers MSCI EAFE Hedged Equity ETF, formerly Deutsche X-trackers MSCI EAFE Hedged Equity ETF
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”), (one of the funds constituting DBX ETF Trust (the “Trust”)), including the schedule of investments, as of May 31, 2018, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting DBX ETF Trust) at May 31, 2018, and the results of its operations for the year then ended, changes in net assets for each of the two years in the period then ended and financial highlights for each of the five years in the period then ended, in conformity with U.S. general accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of the internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2018, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
New York, New York
July 26, 2018
34
DBX ETF Trust
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Independent Trustees | ||||||||||
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee | Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016) | Independent Director (2011-present); Independent Consultant (2014- present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006). | 37 | The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum. | |||||
George O. Elston (1964) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Audit Committee and Member of the Nominating Committee | Trustee since 2011 (Chairman of the Audit Committee since 2015) | Chief Executive Officer, 2X Oncology, Inc. (2017-present); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 37 | ||||||
J. David Officer (1948) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Nominating Committee and Member of the Audit Committee | Trustee since 2011 (Chairman of the Nominating Committee since 2015) | Independent Director (2010- present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 37 | Ilex Partners (Asia), LLC; Old Westbury Funds. |
35
DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Interested Trustee | ||||||||||
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154 | Trustee Treasurer, Chief Financial Officer and Controller | Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010 | Director in the Finance Division at Deutsche Bank AG (2008-present); Manager, Treasurer and Chief Financial Officer of the Adviser (2010- present); Chief Financial Officer of Global Passive Asset Management Platform (2012- present); Chief Financial Officer of RREEF America L.L.C. (2018-present). | 37 | The Adviser, DBX Strategic Advisors LLC and DB Commodity Services LLC | |||||
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Officers | ||||||||||
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154 | President and Chief Executive Officer | Since 2016 | Director in DWS and Chief Operating Officer in the Americas for the Passive Asset Management Department (2014-present) and Trading and Product Development teams (2016-present); Manager and Chief Operating Officer of the Adviser (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |||||||
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154 | Chief Operating Officer | Since 2014 | Managing Director in DWS and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Adviser (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012). | |||||||
Frank Gecsedi (1967) 60 Wall Street New York, New York 10005 | Chief Compliance Officer | Since 2010 | Director in the DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Adviser (2010-present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |||||||
Bryan Richards (1978) 345 Park Avenue New York New York 10154 | Vice President | Since 2016 | Director in DWS (2014-present); Portfolio Manager in the Passive Asset Management Department at Deutsche Bank AG (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015). |
36
DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Leslie Lowenbraun (1953) 60 Wall Street New York, New York 10005 | Secretary | Since 2016 | Vice President in U.S. Retail Passive Legal of DWS (2014-present) and Chief Legal Officer of the Adviser (2017-present); Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014). | |||||||
Amy McDonald (1978) One International Place Boston, Massachusetts 02110 | Assistant Secretary | Since 2018 | Vice President in U.S. Retail Passive Legal of DWS (2018-present); Vice President, Fidelity Investments Asset Management Compliance (2016-2017); Legal Counsel and Senior Legal Counsel, Fidelity Investments (2010-2016). |
Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com
37
DBX ETF Trust
Xtrackers MSCI EAFE Hedged Equity 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 continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI EAFE Hedged Equity 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.
38
DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contract (Unaudited) (Continued)
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared 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 Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about the Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.Xtrackers.com.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its fiscal year ended May 31, 2018.
Qualified Dividend Income* | ||||
76% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
The Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||
$218,786,649 | $8,376,007 |
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.
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DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. Please read the prospectus for more information.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“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 101 Barclay Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-38753-4 (7/18) DBX003441 (7/19)
May 31, 2018
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
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Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 8 | |||
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12 | ||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 14 | |||
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Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 23 | |||
25 | ||||
32 | ||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 36 | |||
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44 | ||||
46 | ||||
48 | ||||
51 | ||||
54 | ||||
66 | ||||
68 | ||||
Board Consideration in Approval of Investment Advisory Contract | 71 | |||
73 | ||||
74 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for our flagship ETFs tracking fixed Income markets for the period ending May 31, 2018.
You may have noticed a new logo appearing on the cover of this report. As of March 23, 2018, Deutsche Asset Management has adopted its existing European brand, DWS, globally. As we have consolidated several businesses over the last few years, each of which has grown up relatively independently, the time has now come to be united under a single brand that reflects our global identity and the full breadth of capabilities we offer to our clients.
The DWS brand — Deutsche Gesellschaft für Wertpapiersparen — draws on our roots in the German market, going back over 60 years. It was established in Hamburg in 1956 with a singular objective: to assist private investors in building wealth and managing risk. We have been fulfilling that promise for generations. Today, the DWS name is synonymous with the values that we have continuously lived up to, and those that will remain central to our future success: Excellence, Entrepreneurship, Sustainability and Integrity. It is therefore a name that we are proud to adopt and build upon as our brand here in the Americas.
Neither our product names nor the names of DBX ETF Trust and DBX Advisors LLC will change as part of this re-branding.
In connection with this change, our Americas website has recently been redesigned with a new address: DWS.com. However, for your convenience, the Xtrackers.com address will remain live and will continue to automatically direct you to the new ETF site. Please visit us online to find the most current insights from our CIO, economists and investment specialists.
Robust, broad-based global expansion continued, albeit at a more sustained pace, as economies navigated trade tensions and geopolitical turmoil. Equity markets worldwide resonated this sentiment and grew in parallel, amid brief bouts of volatility. Economic momentum in the U.S. remained strong, underpinned by sound fundamentals, fiscal stimulus, firm global activity, and the lagged effects of easier financial conditions. Meanwhile, Eurozone’s steady economic growth has softened from elevated levels, as political fears resurfaced and consumer sentiment measures dropped. As economies progressed, central banks around the world have modestly tightened monetary policies. Japan’s economy continued its moderate expansion at a slower pace on highly accommodative financial conditions and its government’s past stimulus measures.
Fixed income markets experienced mixed performance, as the U.S. Federal Reserve Board (FRB) raised rates three times over the reporting period, encouraged by strong U.S. employment data and steady growth in economic activity. The U.S. trade war rhetoric had limited impact on the economic forecasts. The U.S. Treasury yield curve continued its flattening trend, with the US 10-year benchmark Treasury yield surging to 2.83% at the end of the reporting period. The rise in yields was attributed to strong inflation data, which, in turn, reflected the notable rise in crude prices. High yield corporate bonds proved resilient in the phase of rising yields, as spreads hovered around multi-year lows, backed by strong corporate earnings and low default rates.
Eurozone growth remained steadfast, challenged by weak external demand and an uncertain Italian political landscape. Germany’s benchmark 10-year government bond yield rose, as the European Central Bank (ECB) reduced the quantum of monthly bond purchases in January 2018 but reaffirmed supportive monetary policies to revive inflation across Eurozone. However, inflation remained below the 2% target despite favorable labor markets. Meanwhile, yield spreads1 on Italian government bonds against German Bunds widened significantly, seeking premium for political uncertainty. The Bank of England hiked interest rates by .25% for the first time since 2007 in November 2017 to curb rising inflation. Elsewhere, the Bank of Japan conducted stealth tapering by reducing the size of its purchases of 5 to 10-year bonds worth JPY 20 billion. However, the bank left the monetary policy unchanged.
1
Central banks globally are becoming increasingly confident about withdrawing stimulus from the market over the long term, as inflationary pressures increase and output gaps narrow down. The FRB is leading the stance by continuing its balance sheet reduction, accompanied by further interest rate hikes. Meanwhile, the ECB is assessing the underlying strength in the Eurozone and the inflation target to consider scaling back its asset-purchase program. We are likely to see episodic volatility, as headwinds, in the form of changing policies, trade tensions, populist politics, and oil prices, are building on the horizon. Given this economic backdrop of rising rate environment, hedging the interest rate exposure would play a significant role in managing investments in fixed income markets.
Our team appreciates your trust and looks forward to continue serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 The yield spread is the difference between the quoted rates of return on two different investments, usually of different credit quality.
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 Emerging Markets Bond — Interest Rate Hedged ETF
The Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH) seeks to track the performance, before fees and expenses, of the Solactive Emerging Markets Bond — Interest Rate Hedged Index (the EMIH Index). The EMIH Index provides exposure to USD-denominated government debt issued by emerging market countries, while mitigating any rising Treasury interest rate risk. For the 12-month period ended May 31, 2018, EMIH shares returned 2.03%, compared to the EMIH Index return of 1.14%.
From a geographical perspective, Ukraine, Uruguay, and El Salvador were the major positive contributors, while Turkey, Peru, and Indonesia contributed negatively to performance. The Fund entered into futures contracts during the period to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of the Fund’s long bond investments. The interest rate hedging strategy contributed positively to performance.
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF
The Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH) seeks to track the performance, before fees and expenses, of the Solactive High Yield Corporate Bond — Interest Rate Hedged Index (the HYIH Index). The HYIH Index provides exposure to a basket of liquid USD-denominated high-yield corporate bonds while mitigating any rising Treasury interest rate risk. For the 12-month period ended May 31, 2018, HYIH shares returned 3.24%, compared to the HYIH Index return of 3.25%.
Financials was the primary positive contributor to performance, while Industrials and Utilities contributed negatively to performance. The Fund entered into futures contracts during the period to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of the Fund’s long bond investments. The interest rate hedging strategy contributed positively to performance.
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF
The Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH) seeks to track the performance, before fees and expenses, of the Solactive Investment Grade Bond — Interest Rate Hedged Index (the IGIH Index). The IGIH Index provides exposure to a basket of liquid USD-denominated Investment Grade corporate bonds while mitigating any rising Treasury interest rate risk. For the 12-month period ended May 31, 2018, IGIH shares returned 2.05%, compared to the IGIH Index return of 1.17%.
Financials was the primary positive contributor to performance, while Utilities and Industrials contributed negatively to performance. The Fund entered into futures contracts during the period to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of the Fund’s long bond investments. The interest rate hedging strategy contributed positively to performance.
Xtrackers Municipal Infrastructure Revenue Bond ETF
The Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the RVNU Index). The RVNU Index is designed to track returns of the segment of the U.S. long-term tax-exempt bond market that consists of infrastructure revenue bonds. For the 12-month period ended May 31, 2018, RVNU shares returned 1.87%, compared to the RVNU Index return of 2.52%.
The majority of the issuers contributed positively to performance during the period, with the greatest contribution coming from the New York City Municipal Water Finance Authority, Foothill/Eastern Transportation Corridor Agency and Jefferson County, Alabama.
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
The Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA High Dividend Yield Index (the HDAW Index). The HDAW Index is designed to give investors exposure to equity securities across developed and emerging market countries (excluding the United States), with higher dividend income and quality characteristics than average dividend yields of equities in its parent index (excluding REITs), where such higher dividend income and quality characteristics are both sustainable and persistent. For the 12-month period ended
3
DBX ETF Trust
Management’s Discussion on Fund Performance (Unaudited) (Continued)
May 31, 2018, HDAW shares returned 0.54%. The Fund’s performance reflects the result of the current strategy and the strategy in place prior to February 13, 2018, when HDAW’s name changed to Xtrackers All World ex US High Dividend Yield Equity ETF and the currency hedge strategy was removed. At that time, the Underlying Index replaced the MSCI ACWI ex-USA High Dividend US Dollar Hedged Index. The former index returned 4.69% in the 12-month period; the latter returned 0.73%.
Financials, Materials, and Energy were the major positive contributors, while Consumer Staples, Healthcare, and Telecommunication Services Telecommunication Services detracted the most from performance. From a geographical perspective, China, Canada, and Germany were the major positive contributors, while Sweden, Spain, and France contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period prior to February 13, 2018 to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
The Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend yield US Dollar Hedged Index (the HDEF Index). The HDEF Index is designed to give investors exposure to equity securities in developed international stock markets, with higher dividend income and quality characteristics than average dividend yields of equities in its parent index (excluding REITs), where such higher dividend income and quality characteristics are both sustainable and persistent. For the 12-month period ended May 31, 2018, the HDEF shares returned -2.02%. The Fund’s performance reflects the result of the current strategy and the strategy in place prior to February 13, 2018, when HDEF’s name changed to Xtrackers EAFE High Dividend Yield Equity ETF and the currency hedge strategy was removed. At that time, the Underlying Index replaced the MSCI EAFE High Dividend US Dollar Hedged Index. The former index returned 2.65% in the 12-month period; the latter returned -1.80%.
Materials, Financials, and Energy were the major positive contributors, while Consumer Staples, Healthcare, and Telecommunication Services detracted the most from performance. From a geographical perspective, Germany, Australia, and Finland were the major positive contributors, while Sweden, Spain, and France contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period prior to February 13, 2018 to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
*************************
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-17 of this report for additional performance information, including performance data based on market value.
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
4
This Page is Intentionally Left Blank
5
DBX ETF Trust
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)
The Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Emerging Markets Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated emerging markets bonds and is comprised of (a) long positions in U.S. dollar-denominated government debt issued by emerging market countries and (b) short positions in U.S. Treasury Securities of, in aggregate, approximate equivalent duration to the emerging markets bonds. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | Solactive Emerging Markets Bond — Interest Rate Hedged Index | Solactive Emerging Markets Bond Index (Long only component) | |||||
One Year | 2.03% | 2.57% | 1.14% | -0.47% | ||||
Since Inception1 | 4.18% | 4.39% | 3.63% | 4.30% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive Emerging Markets Bond — Interest Rate Hedged Index | Solactive Emerging Markets Bond Index (Long only component) | |||||
One Year | 2.03% | 2.57% | 1.14% | -0.47% | ||||
Since Inception1 | 14.22% | 14.97% | 12.29% | 14.65% |
1 Total returns are calculated based on the commencement of operations, 3/3/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, as supplemented June 6, 2018, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
6
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 3/3/15.
Country Diversification* as of 5/31/18 |
Ecuador | 5.6% | |||
Turkey | 5.5% | |||
Indonesia | 5.4% | |||
Colombia | 5.4% | |||
Qatar | 5.3% | |||
Philippines | 5.2% | |||
Ukraine | 5.0% | |||
Sri Lanka | 4.8% | |||
Egypt | 4.8% | |||
Poland | 4.7% | |||
South Africa | 4.6% | |||
Peru | 4.4% | |||
Hungary | 4.4% | |||
Mexico | 4.0% | |||
Brazil | 3.5% | |||
Uruguay | 3.5% | |||
Russia | 3.5% | |||
Romania | 3.5% | |||
Panama | 2.6% | |||
Kazakhstan | 2.5% | |||
Croatia | 2.5% | |||
China | 2.4% | |||
Malaysia | 2.3% | |||
Chile | 2.3% | |||
Other | 2.3% | |||
|
| |||
Total | 100.0% |
Modified duration as of 5/31/18: 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.
Quality* as of 5/31/18 |
Description | % of Market Value | |||
AA | 8.5% | |||
A | 21.2% | |||
BBB | 43.1% | |||
BB | 13.0% | |||
B | 14.2% | |||
|
| |||
Total | 100% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.
7
DBX ETF Trust
Performance Summary
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)
The Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive High Yield Corporate Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds and is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the high yield bonds. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | Solactive High Yield Corporate Bond — Interest Rate Hedged Index | Solactive High Yield Corporate Bond Index (Long only component) | |||||
One Year | 3.24% | 3.12% | 3.25% | 1.73% | ||||
Since Inception1 | 2.80% | 2.82% | 3.32% | 4.06% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive High Yield Corporate Bond — Interest Rate Hedged Index | Solactive High Yield Corporate Bond Index (Long only component) | |||||
One Year | 3.24% | 3.12% | 3.25% | 1.73% | ||||
Since Inception1 | 9.39% | 9.44% | 11.20% | 13.80% |
1 Total returns are calculated based on the commencement of operations, 3/3/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, as supplemented June 6, 2018, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
8
DBX ETF Trust
Performance Summary
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 3/3/15.
Sector Diversification* as of 5/31/18 |
Communications | 23.0% | |||
Consumer, Non-cyclical | 18.4% | |||
Energy | 13.4% | |||
Consumer, Cyclical | 12.4% | |||
Financial | 10.1% | |||
Industrial | 8.1% | |||
Technology | 6.2% | |||
Basic Materials | 5.3% | |||
Utilities | 3.0% | |||
Diversified | 0.1% | |||
|
| |||
Total | 100.0% |
Modified duration as of 5/31/18: 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.
Quality* as of 5/31/18 |
% of Market Value | ||||
BBB | 6.7% | |||
BB | 50.6% | |||
B | 34.7% | |||
CCC | 8.0% | |||
C | 0.0% | |||
|
| |||
Total | 100% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
* As a percentage of total investments excluding securities lending collateral. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 23.
9
DBX ETF Trust
Performance Summary
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)
The Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Investment Grade Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated investment grade corporate bonds and (b) short positions in U.S. Treasury Securities of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | Solactive Investment Grade Bond — Interest Rate Hedged Index | Solactive Investment Grade Bond Index (Long only component) | |||||
One Year | 2.05% | 1.12% | 1.17% | -0.37% | ||||
Since Inception1 | 1.75% | 1.78% | 1.49% | 2.30% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive Investment Grade Bond — Interest Rate Hedged Index | Solactive Investment Grade Bond Index (Long only component) | |||||
One Year | 2.05% | 1.12% | 1.17% | -0.37% | ||||
Since Inception1 | 5.80% | 5.92% | 4.91% | 7.66% |
1 Total returns are calculated based on the commencement of operations, 3/3/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, as supplemented June 6, 2018, was 0.25%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
10
DBX ETF Trust
Performance Summary
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 3/3/15.
Sector Diversification* as of 5/31/18 |
Financial | 29.7% | |||
Consumer, Non-cyclical | 21.7% | |||
Communications | 12.5% | |||
Technology | 10.2% | |||
Energy | 10.0% | |||
Consumer, Cyclical | 6.2% | |||
Industrial | 5.4% | |||
Utilities | 2.3% | |||
Basic Materials | 2.0% | |||
|
| |||
Total | 100.0% |
Modified duration as of 5/31/18: 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.
Quality* as of 5/31/18 |
Description | % of Market Value | |||
AAA | 3.4% | |||
AA | 14.1% | |||
A | 40.0% | |||
BBB | 42.5% | |||
|
| |||
Total | 100% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
Country Diversification* as of 5/31/18 |
United States | 86.2% | |||
United Kingdom | 4.1% | |||
Netherlands | 2.8% | |||
Canada | 1.5% | |||
Japan | 1.3% | |||
Luxembourg | 1.0% | |||
Guernsey | 0.9% | |||
Australia | 0.8% | |||
France | 0.7% | |||
Ireland | 0.5% | |||
Norway | 0.2% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 25.
11
DBX ETF Trust
Performance Summary
Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)
The Xtrackers Municipal Infrastructure Revenue Bond ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | Solactive Municipal Infrastructure Revenue Bond Index | S&P Municipal Bond Revenue Index | |||||
One Year | 1.87% | 1.79% | 2.52% | 1.87% | ||||
Since Inception1 | 4.13% | 4.05% | 4.40% | 3.57% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | Solactive Municipal Infrastructure Revenue Bond Index | S&P Municipal Bond Revenue Index | |||||
One Year | 1.87% | 1.79% | 2.52% | 1.87% | ||||
Since Inception1 | 22.40% | 21.91% | 23.97% | 19.12% |
1 Total returns are calculated based on the commencement of operations, 6/4/13 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, as supplemented June 6, 2018, was 0.30%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
12
DBX ETF Trust
Performance Summary
Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 6/4/13.
Sector Diversification* as of 5/31/18 |
Transportation | 39.2% | |||
Water | 21.4% | |||
Airport | 18.4% | |||
Power | 12.2% | |||
General | 5.9% | |||
Utilities | 1.7% | |||
Development | 1.2% | |||
|
| |||
Total | 100.0% |
Modified duration as of 5/31/18: 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.
Quality* as of 5/31/18 |
Description | % of Market Value | |||
AAA | 11.2% | |||
AA | 40.6% | |||
A | 41.7% | |||
BBB | 6.5% | |||
|
| |||
Total | 100% |
The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.
13
DBX ETF Trust
Performance Summary
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”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to 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 USA Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. Prior to February 13, 2018, the Fund sought 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. On February 13, 2018, Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF’s name changed to Xtrackers MSCI All World ex US High Dividend Yield Equity ETF. At that time, the Underlying Index replaced the MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index which is designed to provide exposure to 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 USA Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||||
Net Asset Value | Market Value | MSCI ACWI ex USA High Dividend Yield Index | MSCI ACWI ex USA Index | MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index | ||||||
One Year | 0.54% | 0.90% | 0.73% | 9.67% | 4.69% | |||||
Since Inception1 | 3.75% | 3.82% | 4.15% | 6.67% | 5.59% | |||||
Cumulative Total Returns | ||||||||||
Net Asset Value | Market Value | MSCI ACWI ex USA High Dividend Yield Index | MSCI ACWI ex USA Index | MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index | ||||||
One Year | 0.54% | 0.90% | 0.73% | 9.67% | 4.69% | |||||
Since Inception1 | 10.89% | 11.09% | 12.08% | 19.87% | 16.49% |
1 Total returns are calculated based on the commencement of operations, 8/12/15 (“Inception”).
Prior to 2/13/18, the Fund was known as Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated February 13, 2018, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
14
DBX ETF Trust
Performance Summary
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (HDAW) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 8/12/15.
Sector Diversification* as of 5/31/18 |
Financials | 31.0% | |||
Health Care | 13.2% | |||
Consumer Discretionary | 10.4% | |||
Materials | 10.1% | |||
Energy | 9.5% | |||
Utilities | 6.3% | |||
Telecommunication Services | 5.0% | |||
Consumer Staples | 4.5% | |||
Industrials | 4.3% | |||
Information Technology | 3.8% | |||
Real Estate | 1.9% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (30.6% of Net Assets) |
Description | % of Net Assets | |||
Roche Holding AG (Switzerland) | 4.4% | |||
TOTAL SA (France) | 4.3% | |||
Royal Bank of Canada (Canada) | 3.2% | |||
GlaxoSmithKline PLC (United Kingdom) | 3.0% | |||
China Construction Bank Corp. (China) | 2.9% | |||
AstraZeneca PLC (United Kingdom) | 2.7% | |||
Allianz SE (Germany) | 2.7% | |||
BASF SE (Germany) | 2.7% | |||
Sanofi (France) | 2.6% | |||
Bank of Nova Scotia (Canada) | 2.1% |
Country Diversification* as of 5/31/18 |
United Kingdom | 16.8% | |||
Canada | 11.4% | |||
Germany | 9.6% | |||
France | 9.1% | |||
Switzerland | 7.1% | |||
Taiwan | 6.3% | |||
China | 5.8% | |||
Japan | 3.9% | |||
Australia | 3.7% | |||
Hong Kong | 3.7% | |||
South Africa | 3.1% | |||
Russia | 2.8% | |||
Spain | 2.6% | |||
Finland | 2.0% | |||
Other | 12.1% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 36.
15
DBX ETF Trust
Performance Summary
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF)
The Xtrackers MSCI EAFE High Dividend Yield Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities (excluding real estate investment trusts (“REITs”)) in developed international stock markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. On February 13, 2018, Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF’s name changed to Xtrackers MSCI EAFE High Dividend Yield Equity ETF. At that time, the Underlying Index replaced the MSCI EAFE High Dividend Yield US Dollar Hedged Index which is designed to provide exposure to equity securities (excluding real estate investment trusts (“REITs”)) in developed international stock markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||||
Net Asset Value | Market Value | MSCI EAFE High Dividend Yield Index | MSCI EAFE Index | MSCI EAFE High Dividend Yield US Dollar Hedged Index | ||||||
One Year | -2.02% | -1.64% | -1.80% | 7.97% | 2.65% | |||||
Since Inception1 | 3.66% | 3.93% | 4.03% | 5.20% | 5.69% | |||||
Cumulative Total Returns | ||||||||||
Net Asset Value | Market Value | MSCI EAFE High Dividend Yield Index | MSCI EAFE Index | MSCI EAFE High Dividend Yield US Dollar Hedged Index | ||||||
One Year | -2.02% | -1.64% | -1.80% | 7.97% | 2.65% | |||||
Since Inception1 | 10.60% | 11.42% | 11.72% | 15.29% | 16.78% |
1 Total returns are calculated based on the commencement of operations, 8/12/15 (“Inception”).
Prior to 2/13/18, the Fund was known as Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated February 13, 2018, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
16
DBX ETF Trust
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (HDEF) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 8/12/15.
Sector Diversification* as of 5/31/18 |
Financials | 21.1% | |||
Consumer Discretionary | 16.0% | |||
Health Care | 15.3% | |||
Materials | 11.9% | |||
Utilities | 10.1% | |||
Industrials | 6.3% | |||
Energy | 5.8% | |||
Telecommunication Services | 5.4% | |||
Consumer Staples | 4.3% | |||
Information Technology | 1.9% | |||
Real Estate | 1.9% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (42.6% of Net Assets) |
Description | % of Net Assets | |||
GlaxoSmithKline PLC (United Kingdom) | 5.2% | |||
AstraZeneca PLC (United Kingdom) | 5.2% | |||
TOTAL SA (France) | 4.9% | |||
Sanofi (France) | 4.9% | |||
BASF SE (Germany) | 4.9% | |||
Allianz SE (Germany) | 4.7% | |||
Rio Tinto PLC (United Kingdom) | 3.8% | |||
Daimler AG (Germany) | 3.7% | |||
AXA SA (France) | 2.7% | |||
Zurich Insurance Group AG (Switzerland) | �� | 2.6% |
Country Diversification* as of 5/31/18 |
United Kingdom | 29.2% | |||
Germany | 17.7% | |||
France | 14.1% | |||
Japan | 6.9% | |||
Australia | 6.1% | |||
Hong Kong | 5.3% | |||
Spain | 4.2% | |||
Switzerland | 4.1% | |||
Finland | 3.9% | |||
Italy | 2.9% | |||
Other | 5.6% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 41.
17
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 recent six-month period Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF 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 Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2017 to May 31, 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 December 1, 2017 | Ending Account Value May 31, 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 | $ | 981.40 | 0.45 | % | $ | 2.22 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 | ||||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF(2) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,011.30 | 0.29 | % | $ | 1.45 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.49 | 0.29 | % | $ | 1.46 | ||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 995.40 | 0.25 | % | $ | 1.24 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.68 | 0.25 | % | $ | 1.26 | ||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,002.90 | 0.30 | % | $ | 1.50 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.44 | 0.30 | % | $ | 1.51 |
18
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
Beginning Account Value December 1, 2017 | Ending Account Value May 31, 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 | $ | 974.20 | 0.25 | % | $ | 1.23 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.68 | 0.25 | % | $ | 1.26 | ||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 968.80 | 0.26 | % | $ | 1.28 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.64 | 0.26 | % | $ | 1.31 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.
(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
19
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF
May 31, 2018
Principal Amount | Value | |||||||
SOVEREIGN BONDS — 98.4% | ||||||||
Brazil — 3.5% | ||||||||
Brazilian Government International Bond | $ | 65,000 | $ | 77,691 | ||||
7.125%, 1/20/37 | 100,000 | 108,250 | ||||||
5.625%, 1/07/41 | 125,000 | 111,375 | ||||||
|
| |||||||
297,316 | ||||||||
|
| |||||||
Chile — 2.2% | ||||||||
Chile Government International Bond | 200,000 | 190,000 | ||||||
|
| |||||||
China — 2.3% | ||||||||
Export-Import Bank of China | 200,000 | 198,119 | ||||||
|
| |||||||
Colombia — 5.3% | ||||||||
Colombia Government International Bond | 200,000 | 188,875 | ||||||
8.125%, 5/21/24 | 25,000 | 30,219 | ||||||
7.375%, 9/18/37 | 100,000 | 124,500 | ||||||
6.125%, 1/18/41 | 100,000 | 111,150 | ||||||
|
| |||||||
454,744 | ||||||||
|
| |||||||
Croatia — 2.5% | ||||||||
Croatia Government International Bond | 200,000 | 210,625 | ||||||
|
| |||||||
Ecuador — 5.6% | ||||||||
Ecuador Government International Bond | 200,000 | 209,290 | ||||||
7.875%, 1/23/28, 144A | 300,000 | 265,125 | ||||||
|
| |||||||
474,415 | ||||||||
|
| |||||||
Egypt — 4.7% | ||||||||
Egypt Government International Bond | 200,000 | 195,332 | ||||||
7.50%, 1/31/27, 144A | 200,000 | 209,303 | ||||||
|
| |||||||
404,635 | ||||||||
|
| |||||||
El Salvador — 0.5% | ||||||||
El Salvador Government International Bond | 40,000 | 39,814 | ||||||
|
| |||||||
Hungary — 4.3% | ||||||||
Hungary Government International Bond | 100,000 | 107,236 | ||||||
5.75%, 11/22/23 | 70,000 | 75,932 | ||||||
5.375%, 3/25/24 | 106,000 | 113,513 | ||||||
7.625%, 3/29/41 | 50,000 | 69,624 | ||||||
|
| |||||||
366,305 | ||||||||
|
| |||||||
Indonesia — 5.4% | ||||||||
Indonesia Government International Bond | 100,000 | 138,360 | ||||||
6.625%, 2/17/37, 144A | 100,000 | 117,527 | ||||||
Perusahaan Penerbit SBSN Indonesia III | 200,000 | 200,770 | ||||||
|
| |||||||
456,657 | ||||||||
|
|
Principal Amount | Value | |||||||
Kazakhstan — 2.5% | ||||||||
Kazakhstan Government International Bond | $ | 200,000 | $ | 213,620 | ||||
|
| |||||||
Lebanon — 0.5% | ||||||||
Lebanon Government International Bond | 50,000 | 41,740 | ||||||
|
| |||||||
Lithuania — 1.3% | ||||||||
Lithuania Government International Bond | 100,000 | 107,058 | ||||||
|
| |||||||
Malaysia — 2.3% | ||||||||
Malaysia Sovereign Sukuk BHD | 200,000 | 194,098 | ||||||
|
| |||||||
Mexico — 3.9% | ||||||||
Mexico Government International Bond | 50,000 | 50,027 | ||||||
4.00%, 10/02/23 | 30,000 | 30,101 | ||||||
Series A, MTN, 6.75%, 9/27/34 | 10,000 | 11,845 | ||||||
6.05%, 1/11/40 | 26,000 | 28,236 | ||||||
MTN, 4.75%, 3/08/44 | 120,000 | 111,240 | ||||||
5.55%, 1/21/45 | 35,000 | 36,146 | ||||||
GMTN, 5.75%, 10/12/10 | 70,000 | 67,480 | ||||||
|
| |||||||
335,075 | ||||||||
|
| |||||||
Panama — 2.5% | ||||||||
Panama Government International Bond | 175,000 | 216,125 | ||||||
|
| |||||||
Peru — 4.3% | ||||||||
Peruvian Government International Bond | 100,000 | 122,250 | ||||||
8.75%, 11/21/33 | 75,000 | 109,500 | ||||||
6.55%, 3/14/37 | 40,000 | 50,300 | ||||||
5.625%, 11/18/50 | 75,000 | 86,625 | ||||||
|
| |||||||
368,675 | ||||||||
|
| |||||||
Philippines — 5.1% | ||||||||
Philippine Government International Bond | 75,000 | 105,170 | ||||||
9.50%, 2/02/30 | 225,000 | 331,005 | ||||||
|
| |||||||
436,175 | ||||||||
|
| |||||||
Poland — 4.6% | ||||||||
Poland Government International Bond | 80,000 | 84,018 | ||||||
5.00%, 3/23/22 | 50,000 | 52,774 | ||||||
3.00%, 3/17/23 | 140,000 | 136,828 | ||||||
4.00%, 1/22/24 | 70,000 | 71,141 | ||||||
3.25%, 4/06/26 | 50,000 | 48,319 | ||||||
|
| |||||||
393,080 | ||||||||
|
| |||||||
Qatar — 5.2% | ||||||||
Qatar Government International Bond | 200,000 | 192,790 | ||||||
9.75%, 6/15/30, 144A | 90,000 | 131,757 | ||||||
6.40%, 1/20/40, 144A | 100,000 | 117,983 | ||||||
|
| |||||||
442,530 | ||||||||
|
|
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Bond—Interest Rate Hedged ETF (Continued)
May 31, 2018
Principal Amount | Value | |||||||
Romania — 3.4% | ||||||||
Romanian Government International Bond | $ | 100,000 | $ | 109,176 | ||||
4.375%, 8/22/23, 144A | 10,000 | 10,132 | ||||||
4.875%, 1/22/24, 144A | 86,000 | 89,036 | ||||||
6.125%, 1/22/44, 144A | 70,000 | 81,768 | ||||||
|
| |||||||
290,112 | ||||||||
|
| |||||||
Russia — 3.4% | ||||||||
Russian Foreign Bond — Eurobond | 50,000 | 81,163 | ||||||
5.875%, 9/16/43, 144A | 200,000 | 212,473 | ||||||
|
| |||||||
293,636 | ||||||||
|
| |||||||
South Africa — 4.6% | ||||||||
South Africa Government International Bond | 200,000 | 199,150 | ||||||
5.65%, 9/27/47 | 200,000 | 191,140 | ||||||
|
| |||||||
390,290 | ||||||||
|
| |||||||
Sri Lanka — 4.7% | ||||||||
Sri Lanka Government International Bond | 200,000 | 204,477 | ||||||
6.85%, 11/03/25, 144A | 200,000 | 200,794 | ||||||
|
| |||||||
405,271 | ||||||||
|
| |||||||
Turkey — 5.4% | ||||||||
Turkey Government International Bond | 20,000 | 20,660 | ||||||
7.375%, 2/05/25 | 55,000 | 57,836 | ||||||
4.875%, 10/09/26 | 200,000 | 179,936 | ||||||
11.875%, 1/15/30 | 40,000 | 55,250 | ||||||
8.00%, 2/14/34 | 80,000 | 86,007 | ||||||
7.25%, 3/05/38 | 60,000 | 60,265 | ||||||
|
| |||||||
459,954 | ||||||||
|
|
Principal Amount | Value | |||||||
Ukraine — 4.9% | ||||||||
Ukraine Government International Bond | $ | 120,000 | $ | 120,459 | ||||
7.75%, 9/01/25, 144A | 100,000 | 99,064 | ||||||
7.75%, 9/01/26, 144A | 100,000 | 98,576 | ||||||
7.75%, 9/01/27, 144A | 100,000 | 98,092 | ||||||
|
| |||||||
416,191 | ||||||||
|
| |||||||
Uruguay — 3.5% | ||||||||
Uruguay Government International Bond 4.50%, 8/14/24 | 15,000 | 15,450 | ||||||
4.375%, 10/27/27 | 75,000 | 76,547 | ||||||
7.625%, 3/21/36 | 30,000 | 38,766 | ||||||
5.10%, 6/18/50 | 165,000 | 163,903 | ||||||
|
| |||||||
294,666 | ||||||||
|
| |||||||
TOTAL SOVEREIGN BONDS | 8,390,926 | |||||||
|
| |||||||
Number of | ||||||||
SECURITIES LENDING COLLATERAL — 0.2% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (b)(c) | 18,900 | 18,900 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 98.6% (Cost $8,747,479) | $ | 8,409,826 | ||||||
Other assets and liabilities, net — 1.4% | 116,659 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 8,526,485 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.2% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (b)(c) |
| |||||||||||||||||||||||||||||||
226,980 | — | (208,080) | — | — | 496 | — | 18,900 | 18,900 |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2018 amounted to $17,916, which is 0.2% 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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. |
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. |
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)
May 31, 2018
At May 31, 2018, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
2-Year U.S. Treasury Note | USD | 3 | $ | 636,735 | $ | 636,703 | 9/28/2018 | $ | 31 | |||||||||||||||
5-Year U.S. Treasury Note | USD | 15 | 1,709,531 | 1,708,360 | 9/28/2018 | 1,172 | ||||||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 10 | 1,284,375 | 1,283,437 | 9/19/2018 | 938 | ||||||||||||||||||
10-Year U.S. Treasury Note | USD | 18 | 2,170,125 | 2,167,875 | 9/19/2018 | 2,250 | ||||||||||||||||||
Ultra Long U.S. Treasury Bond | USD | 2 | 318,562 | 319,000 | 9/19/2018 | (438 | ) | |||||||||||||||||
U.S. Treasury Long Bond | USD | 14 | 2,028,031 | 2,031,750 | 9/19/2018 | (3,719 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized appreciation | $ | 234 | ||||||||||||||||||||||
|
|
Currency Abbreviations
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | — | $ | 8,390,926 | $ | — | $ | 8,390,926 | ||||||||
Short-Term Investments | 18,900 | — | — | 18,900 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | 4,391 | — | — | 4,391 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 23,291 | $ | 8,390,926 | $ | — | $ | 8,414,217 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | $ | (4,157 | ) | $ | — | $ | — | $ | (4,157 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (4,157 | ) | $ | — | $ | — | $ | (4,157 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF
May 31, 2018
Number of Shares | Value | |||||||
EXCHANGE-TRADED FUNDS — 98.8% | ||||||||
Xtrackers High Beta High Yield Bond ETF (a) | 3,000 | $ | 145,740 | |||||
Xtrackers USD High Yield Corporate Bond ETF (a)(b) | 65,300 | 3,216,678 | ||||||
|
| |||||||
TOTAL-EXCHANGE TRADED FUNDS | 3,362,418 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 8.9% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (c)(d) | 302,748 | 302,748 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 107.7% (Cost $3,717,268) | $ | 3,665,166 | ||||||
Other assets and liabilities, net — (7.7%) | (262,769 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,402,397 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 98.8% |
| |||||||||||||||||||||||||||||||
Xtrackers High Beta High Yield Bond ETF (a) |
| |||||||||||||||||||||||||||||||
— | 888,480 | (734,125) | (6,275) | (2,340) | 4,827 | — | 3,000 | 145,740 | ||||||||||||||||||||||||
Xtrackers USD High Yield Corporate Bond ETF (a)(b) |
| |||||||||||||||||||||||||||||||
— | 9,933,980 | (6,629,508) | (38,032) | (49,762) | 48,574 | — | 65,300 | 3,216,678 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 8.9% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (c)(d) |
| |||||||||||||||||||||||||||||||
854,893 | — | (552,145) | — | — | 6,475 | — | 302,748 | 302,748 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
854,893 | 10,822,460 | (7,915,778) | (44,307) | (52,102) | 59,876 | — | 371,048 | 3,665,166 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Affiliated fund advised by DBX Advisors LLC. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2018 amounted to $295,314, which is 8.7% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. |
At May 31, 2018, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||||||
2-Year U.S. Treasury Note | USD | 3 | $ | 636,750 | $ | 636,703 | 9/28/2018 | $ | 47 | |||||||||||||||
5-Year U.S. Treasury Note | USD | 12 | 1,367,531 | 1,366,688 | 9/28/2018 | 843 | ||||||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 1 | 128,438 | 128,344 | 9/19/2018 | 94 | ||||||||||||||||||
10-Year U.S. Treasury Note | USD | 9 | 1,085,062 | 1,083,937 | 9/19/2018 | 1,125 | ||||||||||||||||||
|
| |||||||||||||||||||||||
Total unrealized appreciation | $ | 2,109 | ||||||||||||||||||||||
|
|
Currency Abbreviations
USD | U.S. Dollar |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)
May 31, 2018
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | 3,362,418 | $ | — | $ | — | $ | 3,362,418 | ||||||||
Short-Term Investments | 302,748 | — | — | 302,748 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | 2,109 | — | — | 2,109 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 3,667,275 | $ | — | $ | — | $ | 3,667,275 | ||||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF
May 31, 2018
Principal Amount | Value | |||||||
CORPORATE BONDS — 97.5% | ||||||||
Basic Materials — 1.9% | ||||||||
Chemicals — 1.1% | ||||||||
Dow Chemical Co. | $ | 50,000 | $ | 64,059 | ||||
LyondellBasell Industries NV | 25,000 | 23,795 | ||||||
Sherwin-Williams Co. | 20,000 | 19,501 | ||||||
|
| |||||||
107,355 | ||||||||
|
| |||||||
Forest Products & Paper — 0.2% | ||||||||
International Paper Co. | 20,000 | 19,714 | ||||||
|
| |||||||
Mining — 0.6% | ||||||||
Barrick North America Finance LLC | 10,000 | 11,280 | ||||||
BHP Billiton Finance USA Ltd. | 25,000 | 28,558 | ||||||
Newmont Mining Corp. | 15,000 | 14,978 | ||||||
|
| |||||||
54,816 | ||||||||
|
| |||||||
Communications — 12.2% | ||||||||
Internet — 1.0% | ||||||||
Alphabet, Inc. | 25,000 | 25,227 | ||||||
Amazon.com, Inc. | 20,000 | 20,286 | ||||||
4.80%, 12/05/34 | 20,000 | 22,363 | ||||||
eBay, Inc. | 25,000 | 24,220 | ||||||
|
| |||||||
92,096 | ||||||||
|
| |||||||
Media — 3.3% | ||||||||
21st Century Fox America, Inc. | 20,000 | 24,652 | ||||||
CBS Corp. | 20,000 | 19,615 | ||||||
Comcast Corp. | 25,000 | 24,127 | ||||||
4.20%, 8/15/34 | 70,000 | 67,896 | ||||||
3.40%, 7/15/46 | 10,000 | 8,147 | ||||||
3.969%, 11/01/47 | 25,000 | 22,143 | ||||||
Discovery Communications LLC | 25,000 | 24,287 | ||||||
NBCUniversal Media LLC | 25,000 | 28,731 | ||||||
Time Warner, Inc. | 40,000 | 38,702 | ||||||
Viacom, Inc. | 25,000 | 25,089 | ||||||
Walt Disney Co. | 30,000 | 28,642 | ||||||
|
| |||||||
312,031 | ||||||||
|
|
Principal Amount | Value | |||||||
Telecommunications — 7.9% | ||||||||
AT&T, Inc. | $ | 30,000 | $ | 29,535 | ||||
4.45%, 4/01/24 | 15,000 | 15,370 | ||||||
3.40%, 5/15/25 | 18,000 | 17,218 | ||||||
4.125%, 2/17/26 | 25,000 | 24,794 | ||||||
5.35%, 9/01/40 | 28,000 | 28,555 | ||||||
4.80%, 6/15/44 | 45,000 | 42,203 | ||||||
4.50%, 3/09/48 | 35,000 | 31,226 | ||||||
4.55%, 3/09/49 | 50,000 | 44,817 | ||||||
Cisco Systems, Inc. | 20,000 | 18,970 | ||||||
5.50%, 1/15/40 | 20,000 | 24,442 | ||||||
Deutsche Telekom International Finance BV | 10,000 | 13,861 | ||||||
Motorola Solutions, Inc. | 40,000 | 39,942 | ||||||
Orange SA | 23,000 | 23,723 | ||||||
Rogers Communications, Inc. | 10,000 | 9,771 | ||||||
Telefonica Europe BV | 50,000 | 66,571 | ||||||
Verizon Communications, Inc. | 35,000 | 34,848 | ||||||
4.15%, 3/15/24 | 25,000 | 25,530 | ||||||
4.40%, 11/01/34 | 75,000 | 72,554 | ||||||
4.272%, 1/15/36 | 20,000 | 18,734 | ||||||
4.812%, 3/15/39 | 50,000 | 49,139 | ||||||
4.862%, 8/21/46 | 25,000 | 24,274 | ||||||
5.012%, 8/21/54 | 25,000 | 24,094 | ||||||
4.672%, 3/15/55 | 25,000 | 22,654 | ||||||
Vodafone Group PLC | 55,000 | 53,211 | ||||||
|
| |||||||
756,036 | ||||||||
|
| |||||||
Consumer, Cyclical — 6.1% | ||||||||
Auto Manufacturers — 2.2% | ||||||||
Ford Motor Co. | 65,000 | 58,485 | ||||||
General Motors Co. | 70,000 | 72,742 | ||||||
5.40%, 4/01/48 | 20,000 | 19,711 | ||||||
General Motors Financial Co., Inc. | 25,000 | 24,786 | ||||||
Toyota Motor Credit Corp. | 30,000 | 30,232 | ||||||
|
| |||||||
205,956 | ||||||||
|
| |||||||
Housewares — 0.5% | ||||||||
Newell Brands, Inc. | 40,000 | 39,882 | ||||||
5.50%, 4/01/46 | 10,000 | 10,170 | ||||||
|
| |||||||
50,052 | ||||||||
|
| |||||||
Retail — 3.4% | ||||||||
Dollar Tree, Inc. | 15,000 | 14,977 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
May 31, 2018
Principal Amount | Value | |||||||
Retail (Continued) | ||||||||
Home Depot, Inc. | $ | 70,000 | $ | 67,557 | ||||
3.90%, 6/15/47 | 10,000 | 9,838 | ||||||
Lowe’s Cos., Inc. | 30,000 | 30,698 | ||||||
McDonald’s Corp. | 50,000 | 50,167 | ||||||
Target Corp. | 30,000 | 29,057 | ||||||
TJX Cos., Inc. | 23,000 | 20,619 | ||||||
Walgreens Boots Alliance, Inc. | 15,000 | 15,007 | ||||||
4.80%, 11/18/44 | 10,000 | 9,781 | ||||||
Walmart, Inc. | 50,000 | 48,864 | ||||||
3.625%, 12/15/47 | 30,000 | 28,816 | ||||||
|
| |||||||
325,381 | ||||||||
|
| |||||||
Consumer, Non-cyclical — 21.1% | ||||||||
Agriculture — 1.0% | ||||||||
Altria Group, Inc. | 25,000 | 25,465 | ||||||
Philip Morris International, Inc. | 40,000 | 39,374 | ||||||
Reynolds American, Inc. | 25,000 | 27,532 | ||||||
|
| |||||||
92,371 | ||||||||
|
| |||||||
Beverages — 3.7% | ||||||||
Anheuser-Busch InBev Finance, Inc. | 25,000 | 24,191 | ||||||
3.30%, 2/01/23 | 50,000 | 49,817 | ||||||
3.65%, 2/01/26 | 27,000 | 26,644 | ||||||
4.70%, 2/01/36 | 15,000 | 15,497 | ||||||
4.00%, 1/17/43 | 30,000 | 27,879 | ||||||
4.625%, 2/01/44 | 25,000 | 25,149 | ||||||
4.90%, 2/01/46 | 30,000 | 31,369 | ||||||
Anheuser-Busch InBev Worldwide, Inc. | 30,000 | 30,018 | ||||||
4.75%, 4/15/58 | 10,000 | 10,000 | ||||||
Coca-Cola Co. | 25,000 | 24,063 | ||||||
Molson Coors Brewing Co. | 20,000 | 18,278 | ||||||
PepsiCo, Inc. | 40,000 | 40,718 | ||||||
4.875%, 11/01/40 | 20,000 | 22,643 | ||||||
4.45%, 4/14/46 | 10,000 | 10,639 | ||||||
|
| |||||||
356,905 | ||||||||
|
| |||||||
Biotechnology — 2.3% | ||||||||
Amgen, Inc. | 61,000 | 58,850 | ||||||
4.663%, 6/15/51 | 16,000 | 16,124 | ||||||
Biogen, Inc. | 20,000 | 20,251 |
Principal Amount | Value | |||||||
Biotechnology (Continued) | ||||||||
Celgene Corp. | $ | 15,000 | $ | 14,758 | ||||
3.45%, 11/15/27 | 15,000 | 14,011 | ||||||
4.35%, 11/15/47 | 30,000 | 27,228 | ||||||
Gilead Sciences, Inc. | 20,000 | 18,789 | ||||||
4.00%, 9/01/36 | 25,000 | 24,152 | ||||||
4.75%, 3/01/46 | 25,000 | 26,048 | ||||||
|
| |||||||
220,211 | ||||||||
|
| |||||||
Cosmetics/Personal Care — 0.4% | ||||||||
Procter & Gamble Co. | 15,000 | 14,447 | ||||||
2.85%, 8/11/27 | 25,000 | 24,018 | ||||||
|
| |||||||
38,465 | ||||||||
|
| |||||||
Food — 1.8% | ||||||||
Campbell Soup Co. | 15,000 | 14,400 | ||||||
General Mills, Inc. | 20,000 | 18,517 | ||||||
JM Smucker Co. | 25,000 | 25,210 | ||||||
Kraft Heinz Foods Co. | 29,000 | 28,650 | ||||||
6.50%, 2/09/40 | 35,000 | 40,259 | ||||||
Kroger Co. | 10,000 | 9,222 | ||||||
Sysco Corp. | 15,000 | 14,955 | ||||||
Tyson Foods, Inc. | 20,000 | 19,106 | ||||||
|
| |||||||
170,319 | ||||||||
|
| |||||||
Healthcare-Products — 2.2% | ||||||||
Abbott Laboratories | 35,000 | 34,594 | ||||||
4.90%, 11/30/46 | 25,000 | 27,016 | ||||||
Becton Dickinson and Co. | 30,000 | 29,775 | ||||||
Medtronic, Inc. | 50,000 | 50,388 | ||||||
Stryker Corp. | 15,000 | 15,978 | ||||||
Thermo Fisher Scientific, Inc. | 30,000 | 28,292 | ||||||
Zimmer Biomet Holdings, Inc. | 20,000 | 19,735 | ||||||
|
| |||||||
205,778 | ||||||||
|
| |||||||
Healthcare-Services — 1.3% | ||||||||
Aetna, Inc. | 20,000 | 17,978 | ||||||
Anthem, Inc. | 25,000 | 24,751 | ||||||
4.625%, 5/15/42 | 25,000 | 24,414 | ||||||
Laboratory Corp. of America Holdings | 15,000 | 14,765 |
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
May 31, 2018
Principal Amount | Value | |||||||
Healthcare-Services (Continued) | ||||||||
UnitedHealth Group, Inc. | $ | 40,000 | $ | 43,842 | ||||
|
| |||||||
125,750 | ||||||||
|
| |||||||
Pharmaceuticals — 8.4% | ||||||||
AbbVie, Inc. | 75,000 | 75,996 | ||||||
Allergan Funding SCS | 75,000 | 73,078 | ||||||
AstraZeneca PLC | 20,000 | 25,319 | ||||||
Cardinal Health, Inc. | 25,000 | 24,068 | ||||||
CVS Health Corp. | 25,000 | 24,182 | ||||||
3.875%, 7/20/25 | 45,000 | 44,365 | ||||||
4.30%, 3/25/28 | 50,000 | 49,848 | ||||||
4.78%, 3/25/38 | 20,000 | 20,015 | ||||||
5.05%, 3/25/48 | 50,000 | 51,477 | ||||||
Express Scripts Holding Co. | 50,000 | 46,311 | ||||||
GlaxoSmithKline Capital PLC | 40,000 | 39,515 | ||||||
GlaxoSmithKline Capital, Inc. | 20,000 | 19,576 | ||||||
Johnson & Johnson | 25,000 | 23,991 | ||||||
5.95%, 8/15/37 | 20,000 | 26,024 | ||||||
3.50%, 1/15/48 | 15,000 | 14,296 | ||||||
Merck & Co., Inc. | 30,000 | 29,271 | ||||||
4.15%, 5/18/43 | 10,000 | 10,348 | ||||||
Mylan NV | 15,000 | 14,659 | ||||||
Novartis Capital Corp. | 20,000 | 20,065 | ||||||
3.10%, 5/17/27 | 25,000 | 24,186 | ||||||
Pfizer, Inc. | 25,000 | 24,464 | ||||||
4.40%, 5/15/44 | 50,000 | 52,949 | ||||||
Shire Acquisitions Investments Ireland DAC | 50,000 | 48,173 | ||||||
Zoetis, Inc. | 25,000 | 23,252 | ||||||
|
| |||||||
805,428 | ||||||||
|
| |||||||
Energy — 9.7% | ||||||||
Oil & Gas — 5.3% | ||||||||
Anadarko Petroleum Corp. | 20,000 | 21,707 | ||||||
Apache Corp. | 40,000 | 40,884 | ||||||
BP Capital Markets PLC | 50,000 | 48,664 | ||||||
3.279%, 9/19/27 | 20,000 | 19,437 | ||||||
Canadian Natural Resources Ltd. | 25,000 | 24,305 |
Principal Amount | Value | |||||||
Oil & Gas (Continued) | ||||||||
Chevron Corp. | $ | 20,000 | $ | 19,259 | ||||
ConocoPhillips | 25,000 | 32,518 | ||||||
Devon Energy Corp. | 25,000 | 24,717 | ||||||
Equinor ASA | 15,000 | 14,789 | ||||||
Exxon Mobil Corp. | 25,000 | 23,497 | ||||||
Noble Energy, Inc. | 10,000 | 10,475 | ||||||
Occidental Petroleum Corp. | 30,000 | 29,778 | ||||||
Phillips 66 | 20,000 | 20,753 | ||||||
4.875%, 11/15/44 | 20,000 | 21,328 | ||||||
Shell International Finance BV | 15,000 | 14,568 | ||||||
4.55%, 8/12/43 | 65,000 | 69,034 | ||||||
Suncor Energy, Inc. | 10,000 | 9,663 | ||||||
Total Capital International SA | 40,000 | 40,592 | ||||||
Valero Energy Corp. | 20,000 | 19,232 | ||||||
|
| |||||||
505,200 | ||||||||
|
| |||||||
Oil & Gas Services — 1.0% | ||||||||
Baker Hughes A GE Co. LLC / Baker Hughes Co.-Obligor, Inc. | 15,000 | 13,773 | ||||||
Halliburton Co. | 25,000 | 25,081 | ||||||
3.80%, 11/15/25 | 30,000 | 30,006 | ||||||
Schlumberger Investment SA | 25,000 | 25,376 | ||||||
|
| |||||||
94,236 | ||||||||
|
| |||||||
Pipelines — 3.4% | ||||||||
Enbridge, Inc. | 35,000 | 35,225 | ||||||
Enterprise Products Operating LLC | 45,000 | 47,762 | ||||||
Kinder Morgan, Inc. | 50,000 | 50,093 | ||||||
5.20%, 3/01/48 | 20,000 | 19,806 | ||||||
MPLX LP | 25,000 | 24,025 | ||||||
Plains All American Pipeline LP / PAA Finance Corp. | 36,000 | 36,176 | ||||||
Sunoco Logistics Partners Operations LP | 75,000 | 70,639 | ||||||
Williams Partners LP | 50,000 | 47,536 | ||||||
|
| |||||||
331,262 | ||||||||
|
|
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
May 31, 2018
Principal Amount | Value | |||||||
Financial — 29.0% | ||||||||
Banks — 23.4% | ||||||||
Bank of America Corp. | $ | 115,000 | $ | 114,180 | ||||
MTN, 4.00%, 1/22/25 | 25,000 | 24,790 | ||||||
MTN, 4.25%, 10/22/26 | 65,000 | 64,979 | ||||||
MTN, 5.00%, 1/21/44 | 20,000 | 21,606 | ||||||
Bank of New York Mellon Corp. | 50,000 | 47,315 | ||||||
Bank of Nova Scotia | 25,000 | 25,111 | ||||||
Capital One Financial Corp. | 36,000 | 34,051 | ||||||
3.75%, 3/09/27 | 20,000 | 19,163 | ||||||
Citigroup, Inc. | 20,000 | 19,440 | ||||||
2.90%, 12/08/21 | 50,000 | 49,220 | ||||||
3.875%, 3/26/25 | 20,000 | 19,494 | ||||||
3.40%, 5/01/26 | 50,000 | 47,722 | ||||||
4.125%, 7/25/28 | 20,000 | 19,313 | ||||||
5.30%, 5/06/44 | 31,000 | 33,015 | ||||||
4.75%, 5/18/46 | 25,000 | 24,610 | ||||||
Cooperatieve Rabobank UA | 75,000 | 76,436 | ||||||
Credit Suisse Group Funding Guernsey Ltd. | 35,000 | 35,146 | ||||||
4.55%, 4/17/26 | 50,000 | 50,334 | ||||||
Discover Bank | 25,000 | 23,390 | ||||||
Fifth Third Bancorp | 40,000 | 40,830 | ||||||
Goldman Sachs Group, Inc. | 50,000 | 53,838 | ||||||
3.50%, 1/23/25 | 50,000 | 48,586 | ||||||
5.95%, 1/15/27 | 19,000 | 20,936 | ||||||
3.85%, 1/26/27 | 25,000 | 24,284 | ||||||
6.25%, 2/01/41 | 50,000 | 60,148 | ||||||
MTN, 4.80%, 7/08/44 | 25,000 | 25,422 | ||||||
5.15%, 5/22/45 | 10,000 | 10,336 | ||||||
HSBC Holdings PLC | 50,000 | 50,154 | ||||||
4.875%, 1/14/22 | 50,000 | 52,246 | ||||||
4.00%, 3/30/22 | 40,000 | 40,710 | ||||||
ING Groep NV | 20,000 | 19,708 | ||||||
JPMorgan Chase & Co. | 40,000 | 39,951 | ||||||
3.875%, 9/10/24 | 50,000 | 49,615 | ||||||
3.125%, 1/23/25 | 37,000 | 35,510 | ||||||
3.30%, 4/01/26 | 25,000 | 23,987 | ||||||
4.25%, 10/01/27 | 20,000 | 20,025 | ||||||
6.40%, 5/15/38 | 25,000 | 31,368 | ||||||
5.60%, 7/15/41 | 25,000 | 29,163 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 50,000 | 48,037 |
Principal Amount | Value | |||||||
Banks (Continued) | ||||||||
Morgan Stanley | $ | 35,000 | $ | 37,241 | ||||
MTN, 2.625%, 11/17/21 | 15,000 | 14,649 | ||||||
Series F, 3.875%, 4/29/24 | 15,000 | 15,091 | ||||||
GMTN, 3.70%, 10/23/24 | 30,000 | 29,892 | ||||||
MTN, 3.125%, 7/27/26 | 15,000 | 14,098 | ||||||
GMTN, 4.35%, 9/08/26 | 40,000 | 39,928 | ||||||
4.30%, 1/27/45 | 40,000 | 38,574 | ||||||
4.375%, 1/22/47 | 20,000 | 19,655 | ||||||
PNC Financial Services Group, Inc. | 30,000 | 30,009 | ||||||
3.90%, 4/29/24 | 20,000 | 20,125 | ||||||
Santander Holdings USA, Inc. | 20,000 | 19,349 | ||||||
Santander UK PLC | 50,000 | 50,676 | ||||||
State Street Corp. | 25,000 | 24,732 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 25,000 | 25,014 | ||||||
2.632%, 7/14/26 | 50,000 | 45,880 | ||||||
US Bancorp | 25,000 | 24,866 | ||||||
MTN, 3.60%, 9/11/24 | 20,000 | 19,857 | ||||||
Wells Fargo & Co. | 40,000 | 40,481 | ||||||
3.00%, 4/22/26 | 60,000 | 56,151 | ||||||
3.00%, 10/23/26 | 50,000 | 46,538 | ||||||
5.375%, 2/07/35 | 50,000 | 56,347 | ||||||
5.606%, 1/15/44 | 35,000 | 38,598 | ||||||
Westpac Banking Corp. | 50,000 | 48,257 | ||||||
|
| |||||||
2,230,177 | ||||||||
|
| |||||||
Diversified Financial Services — 2.0% | ||||||||
American Express Co. | 25,000 | 24,899 | ||||||
American Express Credit Corp. | 25,000 | 24,539 | ||||||
MTN, 3.30%, 5/03/27 | 15,000 | 14,505 | ||||||
Brookfield Finance, Inc. | 10,000 | 9,753 | ||||||
CME Group, Inc. | 15,000 | 18,062 | ||||||
Synchrony Financial | 40,000 | 39,552 | ||||||
Visa, Inc. | 30,000 | 29,364 | ||||||
4.15%, 12/14/35 | 25,000 | 26,275 | ||||||
|
| |||||||
186,949 | ||||||||
|
| |||||||
Insurance — 2.4% | ||||||||
American International Group, Inc. | 30,000 | 28,365 | ||||||
4.75%, 4/01/48 | 15,000 | 14,862 | ||||||
Berkshire Hathaway, Inc. | 30,000 | 29,163 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
May 31, 2018
Principal Amount | Value | |||||||
Insurance (Continued) | ||||||||
Chubb INA Holdings, Inc. | $ | 10,000 | $ | 10,425 | ||||
Hartford Financial Services Group, Inc. | 75,000 | 79,904 | ||||||
Manulife Financial Corp. | 25,000 | 25,201 | ||||||
MetLife, Inc. | 25,000 | 28,920 | ||||||
Prudential Financial, Inc. | 15,000 | 15,652 | ||||||
|
| |||||||
232,492 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 1.2% | ||||||||
American Tower Corp. | 40,000 | 41,915 | ||||||
Digital Realty Trust LP | 25,000 | 23,759 | ||||||
Realty Income Corp. | 25,000 | 24,729 | ||||||
Simon Property Group LP | 25,000 | 23,895 | ||||||
|
| |||||||
114,298 | ||||||||
|
| |||||||
Industrial — 5.3% | ||||||||
Aerospace/Defense — 1.7% | ||||||||
Lockheed Martin Corp. | 22,000 | 21,139 | ||||||
Northrop Grumman Corp. | 20,000 | 19,895 | ||||||
4.03%, 10/15/47 | 20,000 | 18,926 | ||||||
Rockwell Collins, Inc. | 50,000 | 47,990 | ||||||
United Technologies Corp. | 20,000 | 19,809 | ||||||
5.70%, 4/15/40 | 25,000 | 28,836 | ||||||
|
| |||||||
156,595 | ||||||||
|
| |||||||
Electronics — 0.4% | ||||||||
Fortive Corp. | 20,000 | 18,827 | ||||||
Honeywell International, Inc. | 25,000 | 23,109 | ||||||
|
| |||||||
41,936 | ||||||||
|
| |||||||
Environmental Control — 0.1% | ||||||||
Waste Management, Inc. | 10,000 | 9,991 | ||||||
|
| |||||||
Machinery-Construction & Mining — 0.2% | ||||||||
Caterpillar, Inc. | 20,000 | 19,460 | ||||||
|
| |||||||
Machinery-Diversified — 0.1% | ||||||||
John Deere Capital Corp. | 10,000 | 9,804 | ||||||
|
| |||||||
Miscellaneous Manufacturing — 1.7% | ||||||||
Eaton Corp. | 25,000 | 24,418 |
Principal Amount | Value | |||||||
Miscellaneous Manufacturing (Continued) | ||||||||
General Electric Co. | $ | 40,000 | $ | 38,903 | ||||
MTN, 5.875%, 1/14/38 | 65,000 | 74,529 | ||||||
4.125%, 10/09/42 | 25,000 | 23,021 | ||||||
|
| |||||||
160,871 | ||||||||
|
| |||||||
Transportation — 1.1% | ||||||||
Burlington Northern Santa Fe LLC | 25,000 | 24,006 | ||||||
CSX Corp. | 20,000 | 19,141 | ||||||
FedEx Corp. | 20,000 | 21,461 | ||||||
Union Pacific Corp. | 5,000 | 4,530 | ||||||
United Parcel Service, Inc. | 25,000 | 24,361 | ||||||
3.75%, 11/15/47 | 10,000 | 9,430 | ||||||
|
| |||||||
102,929 | ||||||||
|
| |||||||
Technology — 10.0% | ||||||||
Computers — 3.3% | ||||||||
Apple, Inc. | 36,000 | 34,624 | ||||||
2.85%, 2/23/23 | 50,000 | 49,542 | ||||||
2.40%, 5/03/23 | 75,000 | 72,619 | ||||||
3.20%, 5/13/25 | 17,000 | 16,746 | ||||||
2.45%, 8/04/26 | 40,000 | 36,937 | ||||||
4.45%, 5/06/44 | 25,000 | 26,594 | ||||||
4.375%, 5/13/45 | 18,000 | 18,881 | ||||||
Hewlett Packard Enterprise Co. | 35,000 | 36,085 | ||||||
International Business Machines Corp. | 20,000 | 19,834 | ||||||
|
| |||||||
311,862 | ||||||||
|
| |||||||
Semiconductors — 2.2% | ||||||||
Applied Materials, Inc. | 15,000 | 15,444 | ||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | 20,000 | 19,539 | ||||||
3.50%, 1/15/28 | 35,000 | 32,345 | ||||||
Intel Corp. | 40,000 | 40,626 | ||||||
4.10%, 5/11/47 | 25,000 | 25,549 | ||||||
QUALCOMM, Inc. | 50,000 | 49,276 | ||||||
3.45%, 5/20/25 | 25,000 | 24,251 | ||||||
|
| |||||||
207,030 | ||||||||
|
| |||||||
Software — 4.5% | ||||||||
Microsoft Corp. | 50,000 | 46,463 | ||||||
3.30%, 2/06/27 | 50,000 | 49,589 | ||||||
3.50%, 2/12/35 | 50,000 | 48,707 | ||||||
3.75%, 2/12/45 | 10,000 | 9,864 | ||||||
3.70%, 8/08/46 | 30,000 | 29,183 | ||||||
4.25%, 2/06/47 | 40,000 | 42,317 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
May 31, 2018
Principal Amount | Value | |||||||
Software (Continued) | ||||||||
Oracle Corp. | $ | 35,000 | $ | 34,306 | ||||
3.40%, 7/08/24 | 25,000 | 25,001 | ||||||
2.95%, 5/15/25 | 25,000 | 24,139 | ||||||
4.30%, 7/08/34 | 50,000 | 52,444 | ||||||
4.00%, 7/15/46 | 30,000 | 29,511 | ||||||
4.00%, 11/15/47 | 20,000 | 19,671 | ||||||
VMware, Inc. | 25,000 | 23,466 | ||||||
|
| |||||||
434,661 | ||||||||
|
| |||||||
Utilities — 2.2% | ||||||||
Electric — 2.1% | ||||||||
Berkshire Hathaway Energy Co. | 10,000 | 10,485 | ||||||
Duke Energy Corp. | 25,000 | 23,891 | ||||||
3.75%, 9/01/46 | 20,000 | 18,148 | ||||||
Exelon Corp. | 20,000 | 19,967 | ||||||
Florida Power & Light Co. | 15,000 | 15,122 | ||||||
Pacific Gas & Electric Co. | 45,000 | 52,263 | ||||||
Sempra Energy | 10,000 | 9,444 | ||||||
4.00%, 2/01/48 | 10,000 | 9,293 |
Principal Amount | Value | |||||||
Electric (Continued) | ||||||||
Southern Co. | $ | 25,000 | $ | 25,113 | ||||
Virginia Electric & Power Co. | 15,000 | 14,798 | ||||||
|
| |||||||
198,524 | ||||||||
|
| |||||||
Gas — 0.1% | ||||||||
NiSource, Inc. | 15,000 | 14,455 | ||||||
|
| |||||||
TOTAL CORPORATE BONDS | 9,301,396 | |||||||
|
| |||||||
Number of Shares | ||||||||
SECURITIES LENDING COLLATERAL — 0.2% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (b)(c) | 17,820 | 17,820 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 97.7% (Cost $9,649,694) | $ | 9,319,216 | ||||||
Other assets and liabilities, net — 2.3% | 218,793 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 9,538,009 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.2% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (b)(c) |
| |||||||||||||||||||||||||||||||
– | 17,820 | — | — | — | 176 | — | 17,820 | 17,820 |
(a) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2018 amounted to $17,185, which is 0.2% 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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. |
GMTN: | Global Medium Term Note |
MTN: | Medium Term Note |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
May 31, 2018
At May 31, 2018, open futures contracts sold were as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
5-Year U.S. Treasury Note | USD | 22 | $ | 2,506,906 | $ | 2,505,593 | 9/28/2018 | $ | 1,313 | |||||||||||||||
10-Year U.S. Treasury Note | USD | 19 | 2,289,297 | 2,288,313 | 9/19/2018 | 984 | ||||||||||||||||||
10-Year Ultra U.S. Treasury Note | USD | 7 | 899,062 | 898,406 | 9/19/2018 | 656 | ||||||||||||||||||
2-Year U.S. Treasury Note | USD | 4 | 848,984 | 848,937 | 9/28/2018 | 47 | ||||||||||||||||||
Ultra Long U.S. Treasury Bond | USD | 9 | 1,433,250 | 1,435,500 | 9/19/2018 | (2,250 | ) | |||||||||||||||||
U.S. Treasury Long Bond | USD | 12 | 1,738,313 | 1,741,500 | 9/19/2018 | (3,187 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
Total net unrealized depreciation | $ | (2,437 | ) | |||||||||||||||||||||
|
|
Currency Abbreviations
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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 (d) | $ | — | $ | 9,301,396 | $ | — | $ | 9,301,396 | ||||||||
Short-Term Investments | 17,820 | — | — | 17,820 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | 3,000 | — | — | 3,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 20,820 | $ | 9,301,396 | $ | — | $ | 9,322,216 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | $ | (5,437 | ) | $ | — | $ | — | $ | (5,437 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (5,437 | ) | $ | — | $ | — | $ | (5,437 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF
May 31, 2018
Principal Amount | Value | |||||||
MUNICIPAL BONDS — 98.7% | ||||||||
Alabama — 1.8% | ||||||||
Alabama Federal Aid Highway Finance Authority, Government FD/ Grant Revenue, | $ | 200,000 | $ | 234,712 | ||||
County of Jefferson AL Sewer Revenue, | 100,000 | 110,019 | ||||||
Series D, 6.50%, 10/01/53 | 580,000 | 685,734 | ||||||
|
| |||||||
1,030,465 | ||||||||
|
| |||||||
Arizona — 1.9% | ||||||||
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, | 450,000 | 523,134 | ||||||
Series A, 5.00%, 1/01/39 | 500,000 | 588,600 | ||||||
|
| |||||||
1,111,734 | ||||||||
|
| |||||||
California — 20.4% | ||||||||
Alameda Corridor Transportation Authority, Transit Revenue, | 165,000 | 185,138 | ||||||
Bay Area Toll Authority, Highway Revenue Tolls, | 1,350,000 | 1,499,512 | ||||||
City of Los Angeles CA Wastewater System Revenue, Sewer Revenue, | 100,000 | 111,813 | ||||||
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, | 975,000 | 1,098,737 | ||||||
East Bay Municipal Utility District Water System Revenue, Water Revenue, | 100,000 | 117,468 | ||||||
Foothill-Eastern Transportation Corridor Agency, Highway Revenue Tolls, | 1,000,000 | 1,172,370 | ||||||
Series A, 6.00%, 1/15/49 | 550,000 | 641,135 | ||||||
Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, | 100,000 | 105,130 | ||||||
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, | 500,000 | 584,575 | ||||||
Series A, 5.00%, 7/01/46 | 750,000 | 860,250 | ||||||
Los Angeles Department of Water, Water Revenue, | 200,000 | 233,996 | ||||||
Series A, 5.00%, 7/01/41 | 500,000 | 576,815 | ||||||
Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue, | 500,000 | 567,155 | ||||||
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, | 600,000 | 656,682 |
Principal Amount | Value | |||||||
California (Continued) | ||||||||
San Diego County Regional Transportation Commission, Sales Tax Revenue, | $ | 250,000 | $ | 270,710 | ||||
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, | 500,000 | 564,665 | ||||||
Series C, 5.00%, 5/01/46 | 1,350,000 | 1,550,057 | ||||||
San Joaquin Hills Transportation Corridor Agency, Highway Revenue Tolls, | 1,000,000 | 1,090,930 | ||||||
|
| |||||||
11,887,138 | ||||||||
|
| |||||||
Connecticut — 0.3% | ||||||||
State of Connecticut Special Tax, Fuel Sales Tax Revenue, | 145,000 | 157,902 | ||||||
|
| |||||||
District of Columbia — 2.5% | ||||||||
District of Columbia Water & Sewer Authority, Water Revenue, | 630,000 | 708,643 | ||||||
Series A, 5.00%, 10/01/48 | 200,000 | 222,142 | ||||||
Metropolitan Washington Airports Authority, Private Airport & Marina Revenue, | 455,000 | 517,271 | ||||||
|
| |||||||
1,448,056 | ||||||||
|
| |||||||
Florida — 4.6% | ||||||||
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, | 35,000 | 39,048 | ||||||
County of Miami-Dade FL Aviation Revenue, | 500,000 | 551,125 | ||||||
County of Miami-Dade FL Aviation, Private Airport & Marina Revenue, | 415,000 | 461,468 | ||||||
County of Miami-Dade FL Transit System, Sales Tax Revenue, | 90,000 | 94,172 | ||||||
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, | 165,000 | 171,244 | ||||||
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, | 500,000 | 561,750 | ||||||
Orlando-Orange County Expressway Authority, Highway Revenue Tolls, | 200,000 | 222,578 | ||||||
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, | 500,000 | 521,060 | ||||||
|
| |||||||
2,622,445 | ||||||||
|
|
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
May 31, 2018
Principal Amount | Value | |||||||
Georgia — 1.4% | ||||||||
City of Atlanta GA Water & Wastewater, Water Revenue, | $ | 700,000 | $ | 792,813 | ||||
|
| |||||||
Guam — 0.1% | ||||||||
Guam Government Waterworks Authority, Water Revenue, | 50,000 | 53,030 | ||||||
|
| |||||||
Hawaii — 1.0% | ||||||||
City & County Honolulu HI Wastewater System, Sewer Revenue, | 500,000 | 566,375 | ||||||
|
| |||||||
Illinois — 6.2% | ||||||||
Chicago Midway International Airport, Private Airport & Marina Revenue, | 500,000 | 554,075 | ||||||
Chicago O’Hare International Airport, Private Airport & Marina Revenue, | 800,000 | 881,976 | ||||||
Series D, 5.00%, 1/01/47 | 500,000 | 562,225 | ||||||
City of Chicago IL Waterworks, Water Revenue, | 275,000 | 297,341 | ||||||
Illinois Municipal Electric Agency, Electric, Power & Light Revenue, | 45,000 | 47,021 | ||||||
Illinois State Toll Highway Authority, Highway Revenue Tolls, | 10,000 | 11,492 | ||||||
Series C, 5.00%, 1/01/36 | 50,000 | 55,705 | ||||||
Series A, 5.00%, 1/01/40 | 1,090,000 | 1,214,772 | ||||||
|
| |||||||
3,624,607 | ||||||||
|
| |||||||
Indiana — 0.6% | ||||||||
Indiana Finance Authority, | 100,000 | 122,817 | ||||||
Indiana Municipal Power Agency, Electric, Power & Light Revenue, | 200,000 | 227,724 | ||||||
|
| |||||||
350,541 | ||||||||
|
| |||||||
Kansas — 0.1% | ||||||||
State of Kansas Department of Transportation, Fuel Sales Tax Revenue, | 30,000 | 34,608 | ||||||
|
| |||||||
Louisiana — 1.7% | ||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Industrial Revenue, | 250,000 | 247,757 | ||||||
New Orleans Aviation Board, Private Airport & Marina Revenue, | 700,000 | 765,478 | ||||||
|
| |||||||
1,013,235 | ||||||||
|
|
Principal Amount | Value | |||||||
Massachusetts — 1.1% | ||||||||
Commonwealth of Massachusetts Transportation Fund, Fuel Sales Tax Revenue, | $ | 600,000 | $ | 670,242 | ||||
|
| |||||||
New Jersey — 3.6% | ||||||||
New Jersey Turnpike Authority, Highway Revenue Tolls, | 10,000 | 11,650 | ||||||
Series A, 5.00%, Issued 5/22/14, 1/01/31 | 200,000 | 225,970 | ||||||
Series B, 5.00%, 1/01/31 | 20,000 | 23,599 | ||||||
Series A, 5.00%, 1/01/33 | 10,000 | 11,559 | ||||||
Series G, 3.25%, 1/01/38 | 395,000 | 378,916 | ||||||
Series E, 5.00%, 1/01/45 | 1,350,000 | 1,504,035 | ||||||
|
| |||||||
2,155,729 | ||||||||
|
| |||||||
New York — 26.1% | ||||||||
Long Island Power Authority, Electric, Power & Light Revenue, | 200,000 | 222,244 | ||||||
Metropolitan Transportation Authority, Transit Revenue, | 1,000,000 | 1,138,640 | ||||||
Sub-Series D-1, 5.00%, 11/15/39 | 20,000 | 22,316 | ||||||
Series A-1, 5.25%, 11/15/39 | 20,000 | 22,621 | ||||||
Series D, 4.00%, 11/15/42 | 300,000 | 309,954 | ||||||
Series E, 5.00%, 11/15/43 | 80,000 | 88,111 | ||||||
Sub-Series D-1, 5.25%, 11/15/44 | 50,000 | 56,989 | ||||||
Sub-Series A-1, 5.00%, 11/15/45 | 1,300,000 | 1,442,142 | ||||||
Series D, 4.00%, 11/15/46 | 500,000 | 514,900 | ||||||
MTA Hudson Rail Yards Trust Obligations, Lease Revenue, | 515,000 | 555,386 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Income Tax Revenue, | 390,000 | 433,621 | ||||||
Sub-Series A-1, 5.00%, 11/01/38 | 410,000 | 459,999 | ||||||
Sub-Series B-1, 5.00%, 8/01/39 | 600,000 | 673,812 | ||||||
Sub-Series A-1, 5.00%, 5/01/40 | 500,000 | 569,925 | ||||||
New York City Transitional Finance Authority Future Tax Secured, Sales Tax Revenue, | 250,000 | 281,088 | ||||||
New York City Water & Sewer System, Water Revenue, | 95,000 | 100,461 | ||||||
Series DD, 5.00%, 6/15/38 | 575,000 | 642,551 | ||||||
Series GG, 5.00%, 6/15/39 | 650,000 | 738,459 | ||||||
Series HH, 5.00%, 6/15/39 | 150,000 | 170,414 | ||||||
Sub-Series CC-1, 4.00%, 6/15/46 | 50,000 | 51,879 | ||||||
5.00%, 6/15/46 | 500,000 | 564,985 | ||||||
Series CC, 5.00%, 6/15/47 | 495,000 | 567,008 | ||||||
Series CC, 5.00%, 6/15/47 | 555,000 | 610,550 | ||||||
Series CC-1, 5.00%, 6/15/47 | 500,000 | 556,830 | ||||||
Series DD, 5.00%, 6/15/47 | 1,200,000 | 1,377,492 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
May 31, 2018
Principal Amount | Value | |||||||
New York (Continued) | ||||||||
New York Transportation Development Corp, Private Airport & Marina Revenue, AMT, | $ | 400,000 | $ | 457,548 | ||||
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, | 65,000 | 74,500 | ||||||
5.00%, 10/15/41 | 1,150,000 | 1,303,353 | ||||||
Utility Debt Securitization Authority, Electric, Power & Light Revenue, | 1,100,000 | 1,235,773 | ||||||
|
| |||||||
15,243,551 | ||||||||
|
| |||||||
Ohio — 0.3% | ||||||||
Northeast Ohio Regional Sewer District, Sewer Revenue, | 200,000 | 206,658 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, | 10,000 | 11,958 | ||||||
Series A, 5.00%, 6/01/30 | 10,000 | 11,949 | ||||||
|
| |||||||
230,565 | ||||||||
|
| |||||||
Oklahoma — 0.6% | ||||||||
Oklahoma Turnpike Authority, Highway Revenue Tolls, | 350,000 | 366,296 | ||||||
|
| |||||||
Pennsylvania — 5.1% | ||||||||
City of Philadelphia PA Airport Revenue, Private Airport & Marina Revenue, | 300,000 | 336,705 | ||||||
City of Philadelphia PA Water & Wastewater, Water Revenue, | 395,000 | 440,891 | ||||||
Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls, 5.00%, 7/01/42 | 40,000 | 46,073 | ||||||
Lehigh County Authority, Water Revenue, | 20,000 | 21,937 | ||||||
Pennsylvania Economic Development Financing Authority, Industrial Revenue, 5.00%, 12/31/34 | 390,000 | 431,687 | ||||||
Pennsylvania Turnpike Commission, Highway Revenue Tolls, | 100,000 | 110,592 | ||||||
Series C, 5.00%, 12/01/44 | 520,000 | 574,792 | ||||||
Series A-1, 5.00%, 12/01/46 | 900,000 | 1,003,365 | ||||||
|
| |||||||
2,966,042 | ||||||||
|
| |||||||
Puerto Rico — 1.2% | ||||||||
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, | 400,000 | 442,316 | ||||||
Series N, 5.25%, 7/01/36 | 175,000 | 193,498 |
Principal Amount | Value | |||||||
Puerto Rico (Continued) | ||||||||
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, | $ | 50,000 | $ | 49,820 | ||||
Series L, 5.25%, 7/01/41 | 25,000 | 27,683 | ||||||
|
| |||||||
713,317 | ||||||||
|
| |||||||
South Carolina — 4.7% | ||||||||
South Carolina Public Service Authority, Miscellaneous Revenue, | 1,130,000 | 1,210,049 | ||||||
South Carolina Public Service Authority, Nuclear Revenue, | 500,000 | 529,995 | ||||||
Series A, 5.00%, 12/01/49 | 200,000 | 212,862 | ||||||
Series A, 5.50%, 12/01/54 | 290,000 | 316,358 | ||||||
Series A, 5.00%, 12/01/55 | 365,000 | 389,824 | ||||||
Series E, 5.25%, 12/01/55 | 50,000 | 54,484 | ||||||
|
| |||||||
2,713,572 | ||||||||
|
| |||||||
Texas — 9.8% | ||||||||
Central Texas Regional Mobility Authority, Highway Revenue Tolls, | 700,000 | 763,910 | ||||||
City of Austin TX Water & Wastewater System, Water Revenue, | 500,000 | 559,870 | ||||||
City of Houston TX Combined Utility System, Water Revenue, | 500,000 | 574,925 | ||||||
Series D, 5.00%, 11/15/39 | 85,000 | 96,120 | ||||||
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, 5.00%, 2/01/47 | 150,000 | 172,566 | ||||||
Dallas Area Rapid Transit, Sales Tax Revenue, | 300,000 | 339,345 | ||||||
Grand Parkway Transportation Corp., Highway Revenue Tolls, | 40,000 | 45,033 | ||||||
North Texas Tollway Authority, Highway Revenue Tolls, | 500,000 | 552,350 | ||||||
Series A, 5.00%, 1/01/48 | 1,500,000 | 1,718,460 | ||||||
San Antonio Water System, Water Revenue, | 155,000 | 175,138 | ||||||
Texas Water Development Board, Water Revenue, | 600,000 | 682,134 | ||||||
|
| |||||||
5,679,851 | ||||||||
|
| |||||||
Utah — 0.9% | ||||||||
Salt Lake City Corp Airport, Private Airport & Marina Revenue, | 450,000 | 508,055 | ||||||
|
| |||||||
Virginia — 1.4% | ||||||||
Chesapeake Bay Bridge & Tunnel District, Highway Revenue Tolls, | 190,000 | 213,875 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)
May 31, 2018
Principal Amount | Value | |||||||
Virginia (Continued) | ||||||||
Virginia Small Business Financing Authority, Highway Revenue Tolls, | $ | 550,000 | $ | 604,219 | ||||
|
| |||||||
818,094 | ||||||||
|
| |||||||
Washington — 1.1% | ||||||||
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, | 10,000 | 11,666 | ||||||
Series S1, 5.00%, 11/01/45 | 400,000 | 452,780 | ||||||
Energy Northwest, Nuclear Revenue, | 75,000 | 89,869 | ||||||
Series A, 5.00%, 7/01/28 | 115,000 | 137,799 | ||||||
|
| |||||||
692,114 | ||||||||
|
|
Principal Amount | Value | |||||||
Wisconsin — 0.2% | ||||||||
Wisconsin Department of Transportation, Miscellaneous Revenue, | $ | 75,000 | $ | 89,667 | ||||
Series 2, 5.00%, 7/01/30 | 45,000 | 53,680 | ||||||
|
| |||||||
143,347 | ||||||||
|
| |||||||
TOTAL MUNICIPAL BONDS | 57,593,724 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 98.7% (Cost $58,075,173) | $ | 57,593,724 | ||||||
Other assets and liabilities, net — 1.3% | 749,122 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 58,342,846 | ||||||
|
|
AMT: | Alternative Minimum Tax |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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 (a) | $ | — | $ | 57,593,724 | $ | — | $ | 57,593,724 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | 57,593,724 | $ | — | $ | 57,593,724 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 98.8% | ||||||||
Australia — 3.7% | ||||||||
Amcor Ltd. | 8,901 | $ | 94,693 | |||||
ASX Ltd. | 1,524 | 69,915 | ||||||
Aurizon Holdings Ltd. | 16,217 | 52,886 | ||||||
Bendigo & Adelaide Bank Ltd. | 4,091 | 33,307 | ||||||
Crown Resorts Ltd. | 2,896 | 29,144 | ||||||
Fortescue Metals Group Ltd. | 11,850 | 42,052 | ||||||
Harvey Norman Holdings Ltd. | 4,867 | 13,257 | ||||||
Insurance Australia Group Ltd. | 18,563 | 114,192 | ||||||
LendLease Group (a) | 4,569 | 64,925 | ||||||
Medibank Pvt Ltd. | 21,115 | 46,812 | ||||||
Sonic Healthcare Ltd. | 3,171 | 56,528 | ||||||
Telstra Corp. Ltd. | 32,376 | 68,592 | ||||||
Wesfarmers Ltd. | 8,915 | 307,327 | ||||||
|
| |||||||
993,630 | ||||||||
|
| |||||||
Brazil — 0.7% | ||||||||
BB Seguridade Participacoes SA | 5,955 | 41,672 | ||||||
Cielo SA | 9,713 | 44,209 | ||||||
Cosan SA Industria e Comercio | 1,634 | 17,024 | ||||||
Hypera SA | 2,936 | 22,232 | ||||||
IRB Brasil Resseguros S/A | 854 | 11,058 | ||||||
Kroton Educacional SA | 10,961 | 31,817 | ||||||
Petrobras Distribuidora SA | 3,369 | 16,465 | ||||||
Porto Seguro SA | 902 | 10,296 | ||||||
|
| |||||||
194,773 | ||||||||
|
| |||||||
Canada — 11.4% | ||||||||
Bank of Nova Scotia | 9,489 | 572,324 | ||||||
BCE, Inc. | 1,278 | 53,211 | ||||||
Canadian Imperial Bank of Commerce | 3,497 | 305,165 | ||||||
CI Financial Corp. | 2,057 | 39,865 | ||||||
First Capital Realty, Inc. | 1,345 | 21,795 | ||||||
Great-West Lifeco, Inc. | 2,372 | 60,178 | ||||||
IGM Financial, Inc. | 628 | 18,551 | ||||||
Inter Pipeline Ltd. | 3,056 | 57,695 | ||||||
Keyera Corp. | 1,623 | 45,479 | ||||||
Nutrien Ltd. | 5,094 | 257,645 | ||||||
Power Corp. of Canada | 2,940 | 68,469 | ||||||
Power Financial Corp. | 1,947 | 48,495 | ||||||
Royal Bank of Canada | 11,398 | 861,088 | ||||||
Shaw Communications, Inc., Class B | 3,462 | 69,656 | ||||||
Sun Life Financial, Inc. | 4,858 | 200,694 | ||||||
TELUS Corp. | 1,544 | 54,264 | ||||||
TransCanada Corp. | 7,018 | 293,661 | ||||||
|
| |||||||
3,028,235 | ||||||||
|
| |||||||
Chile — 0.2% | ||||||||
Aguas Andinas SA, Class A | 25,213 | 14,626 | ||||||
Banco Santander Chile | 545,601 | 43,749 | ||||||
|
| |||||||
58,375 | ||||||||
|
| |||||||
China — 5.7% | ||||||||
Agricultural Bank of China Ltd., Class H | 232,452 | 120,313 | ||||||
China Construction Bank Corp., Class H | 757,619 | 764,945 | ||||||
China Vanke Co. Ltd., Class H | 9,669 | 34,576 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 7,900 | 8,651 |
Number of Shares | Value | |||||||
China (Continued) | ||||||||
Great Wall Motor Co. Ltd., Class H | 24,478 | $ | 23,872 | |||||
Hengan International Group Co. Ltd. | 5,815 | 55,376 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 548,817 | 454,774 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 11,053 | 16,684 | ||||||
SAIC Motor Corp. Ltd., Class A | 400 | 2,265 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 25,406 | 18,753 | ||||||
Xinyi Solar Holdings Ltd. | 22,169 | 9,185 | ||||||
Yuzhou Properties Co. Ltd. | 14,515 | 10,214 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 10,466 | 10,474 | ||||||
|
| |||||||
1,530,082 | ||||||||
|
| |||||||
Czech Republic — 0.2% | ||||||||
Komercni banka AS | 592 | 23,956 | ||||||
Moneta Money Bank AS, 144A | 2,800 | 9,773 | ||||||
O2 Czech Republic AS*(b) | 460 | 5,824 | ||||||
|
| |||||||
39,553 | ||||||||
|
| |||||||
Denmark — 0.1% | ||||||||
Tryg A/S | 1,006 | 23,144 | ||||||
|
| |||||||
Finland — 2.0% | ||||||||
Elisa OYJ | 1,025 | 45,765 | ||||||
Kone OYJ, Class B | 2,645 | 130,756 | ||||||
Nokian Renkaat OYJ | 878 | 34,037 | ||||||
Sampo OYJ, Class A | 3,423 | 168,138 | ||||||
UPM-Kymmene OYJ | 4,081 | 149,629 | ||||||
|
| |||||||
528,325 | ||||||||
|
| |||||||
France — 9.0% | ||||||||
AXA SA | 15,226 | 379,016 | ||||||
Bouygues SA | 1,678 | 77,448 | ||||||
CNP Assurances (c) | 1,298 | 30,333 | ||||||
Eutelsat Communications SA | 1,403 | 26,908 | ||||||
Sanofi (c) | 8,881 | 680,372 | ||||||
SCOR SE | 1,189 | 43,831 | ||||||
Societe BIC SA (c) | 210 | 20,395 | ||||||
TOTAL SA | 18,995 | 1,154,097 | ||||||
|
| |||||||
2,412,400 | ||||||||
|
| |||||||
Germany — 9.3% | ||||||||
Allianz SE | 3,478 | 716,080 | ||||||
BASF SE | 7,256 | 713,591 | ||||||
Bayerische Motoren Werke AG | 2,641 | 263,213 | ||||||
Daimler AG | 7,199 | 518,321 | ||||||
Evonik Industries AG | 1,346 | 47,104 | ||||||
Hannover Rueck SE | 445 | 56,101 | ||||||
Innogy SE, 144A | 1,043 | 43,964 | ||||||
ProSiebenSat.1 Media SE | 1,752 | 51,475 | ||||||
TUI AG | 3,332 | 77,457 | ||||||
|
| |||||||
2,487,306 | ||||||||
|
| |||||||
Greece — 0.1% | ||||||||
OPAP SA | 1,867 | 20,050 | ||||||
|
| |||||||
Hong Kong — 3.7% | ||||||||
BOC Hong Kong Holdings Ltd. | 29,108 | 146,391 | ||||||
China Everbright Ltd. | 7,989 | 17,558 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Hong Kong (Continued) | ||||||||
China Merchants Port Holdings Co. Ltd. | 11,580 | $ | 26,425 | |||||
China Resources Power Holdings Co. Ltd. | 15,017 | 30,746 | ||||||
CLP Holdings Ltd. | 13,183 | 138,483 | ||||||
Guangdong Investment Ltd. | 24,249 | 40,868 | ||||||
Hang Lung Properties Ltd. | 16,908 | 38,368 | ||||||
Hang Seng Bank Ltd. | 6,007 | 150,325 | ||||||
HKT Trust & HKT Ltd. (a) | 29,401 | 36,919 | ||||||
Hysan Development Co. Ltd. | 5,154 | 29,797 | ||||||
Kingboard Chemical Holdings Ltd. | 5,153 | 20,496 | ||||||
Kingboard Laminates Holdings Ltd. | 8,541 | 11,324 | ||||||
New World Development Co. Ltd. (c) | 48,470 | 74,397 | ||||||
NWS Holdings Ltd. | 13,761 | 25,613 | ||||||
Power Assets Holdings Ltd. | 10,845 | 75,418 | ||||||
Shimao Property Holdings Ltd. | 9,586 | 28,352 | ||||||
Sino Land Co. Ltd. | 25,987 | 44,989 | ||||||
Wharf Holdings Ltd. | 10,630 | 34,353 | ||||||
Yue Yuen Industrial Holdings Ltd. | 6,083 | 18,805 | ||||||
|
| |||||||
989,627 | ||||||||
|
| |||||||
Indonesia — 1.1% | ||||||||
PT Adaro Energy Tbk | 138,455 | 18,783 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 453,277 | 100,474 | ||||||
PT Gudang Garam Tbk | 3,815 | 18,807 | ||||||
PT Indofood Sukses Makmur Tbk | 42,396 | 21,587 | ||||||
PT Matahari Department Store Tbk | 22,613 | 14,891 | ||||||
PT Telekomunikasi Indonesia Persero Tbk | 411,114 | 104,147 | ||||||
|
| |||||||
278,689 | ||||||||
|
| |||||||
Italy — 1.1% | ||||||||
Assicurazioni Generali SpA | 9,356 | 158,904 | ||||||
Snam SpA | 18,866 | 77,254 | ||||||
Terna Rete Elettrica Nazionale SpA | 11,329 | 59,920 | ||||||
|
| |||||||
296,078 | ||||||||
|
| |||||||
Japan — 3.9% | ||||||||
Canon, Inc. | 7,770 | 265,615 | ||||||
Japan Tobacco, Inc. | 8,709 | 235,350 | ||||||
MS&AD Insurance Group Holdings, Inc. | 3,678 | 117,268 | ||||||
Nissan Motor Co. Ltd. | 18,481 | 183,798 | ||||||
Sekisui House Ltd. | 5,075 | 90,714 | ||||||
Subaru Corp. | 4,848 | 148,593 | ||||||
|
| |||||||
1,041,338 | ||||||||
|
| |||||||
Luxembourg — 0.1% | ||||||||
RTL Group SA | 288 | 21,701 | ||||||
|
| |||||||
Macau — 0.4% | ||||||||
Sands China Ltd. | 18,974 | 113,566 | ||||||
|
| |||||||
Malaysia — 0.8% | ||||||||
Alliance Bank Malaysia Bhd | 5,800 | 6,179 | ||||||
Astro Malaysia Holdings Bhd | 14,500 | 5,100 | ||||||
HAP Seng Consolidated Bhd | 4,282 | 10,544 | ||||||
Maxis Bhd | 20,700 | 30,114 | ||||||
MISC Bhd | 10,000 | 14,749 | ||||||
Petronas Gas Bhd | 5,300 | 23,410 | ||||||
SP Setia Bhd Group | 14,496 | 11,218 | ||||||
Tenaga Nasional Bhd | 25,200 | 91,176 |
Number of Shares | Value | |||||||
Malaysia (Continued) | ||||||||
Westports Holdings Bhd | 8,400 | $ | 7,281 | |||||
|
| |||||||
199,771 | ||||||||
|
| |||||||
Netherlands — 0.2% | ||||||||
Randstad NV | 925 | 55,132 | ||||||
|
| |||||||
New Zealand — 0.1% | ||||||||
Spark New Zealand Ltd. | 14,150 | 36,338 | ||||||
|
| |||||||
Norway — 0.8% | ||||||||
Gjensidige Forsikring ASA | 1,471 | 22,705 | ||||||
Orkla ASA | 6,735 | 60,744 | ||||||
Telenor ASA | 5,877 | 121,059 | ||||||
|
| |||||||
204,508 | ||||||||
|
| |||||||
Philippines — 0.1% | ||||||||
Globe Telecom, Inc. | 317 | 9,751 | ||||||
Manila Electric Co. | 2,370 | 14,562 | ||||||
|
| |||||||
24,313 | ||||||||
|
| |||||||
Portugal — 0.4% | ||||||||
EDP — Energias de Portugal SA | 20,581 | 80,481 | ||||||
Jeronimo Martins SGPS SA | 2,016 | 31,652 | ||||||
|
| |||||||
112,133 | ||||||||
|
| |||||||
Qatar — 0.3% | ||||||||
Barwa Real Estate Co. | 838 | 7,892 | ||||||
Masraf Al Rayan QSC | 2,959 | 27,201 | ||||||
Qatar Electricity & Water Co. QSC | 399 | 20,821 | ||||||
Qatar Islamic Bank SAQ | 912 | 28,753 | ||||||
|
| |||||||
84,667 | ||||||||
|
| |||||||
Russia — 2.7% | ||||||||
Alrosa PJSC | 18,823 | 26,667 | ||||||
Gazprom PJSC | 85,427 | 198,739 | ||||||
Inter RAO UES PJSC | 189,462 | 12,402 | ||||||
LUKOIL PJSC | 3,400 | 229,603 | ||||||
MMC Norilsk Nickel PJSC | 476 | 84,856 | ||||||
PhosAgro PJSC, GDR | 776 | 10,321 | ||||||
RusHydro PJSC | 957,548 | 11,121 | ||||||
Severstal PJSC | 1,597 | 25,695 | ||||||
Tatneft PJSC | 12,352 | 132,086 | ||||||
|
| |||||||
731,490 | ||||||||
|
| |||||||
Singapore — 1.0% | ||||||||
ComfortDelGro Corp. Ltd. | 18,887 | 34,739 | ||||||
Singapore Exchange Ltd. | 6,341 | 34,326 | ||||||
Singapore Technologies Engineering Ltd. | 12,556 | 32,670 | ||||||
Singapore Telecommunications Ltd. | 65,746 | 161,237 | ||||||
|
| |||||||
262,972 | ||||||||
|
| |||||||
South Africa — 3.1% | ||||||||
Barclays Africa Group Ltd. | 5,622 | 71,770 | ||||||
Exxaro Resources Ltd. | 2,205 | 21,824 | ||||||
FirstRand Ltd. | 26,311 | 124,647 | ||||||
Foschini Group Ltd. | 1,953 | 28,411 | ||||||
Investec Ltd. | 2,203 | 16,025 | ||||||
Investec PLC | 5,218 | 38,577 | ||||||
Liberty Holdings Ltd. | 984 | 9,437 | ||||||
Life Healthcare Group Holdings Ltd. | 11,517 | 25,917 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
South Africa (Continued) | ||||||||
MMI Holdings Ltd. | 8,767 | $ | 12,945 | |||||
Nedbank Group Ltd. | 1,699 | 36,703 | ||||||
Netcare Ltd. | 8,202 | 19,176 | ||||||
RMB Holdings Ltd. | 5,158 | 29,580 | ||||||
Sanlam Ltd. | 13,680 | 82,145 | ||||||
SPAR Group Ltd. | 1,743 | 26,527 | ||||||
Standard Bank Group Ltd. | 10,030 | 164,250 | ||||||
Truworths International Ltd. | 3,169 | 21,038 | ||||||
Vodacom Group Ltd. (c) | 4,568 | 51,757 | ||||||
Woolworths Holdings Ltd. | 7,421 | 34,184 | ||||||
|
| |||||||
814,913 | ||||||||
|
| |||||||
South Korea — 0.8% | ||||||||
Cheil Worldwide, Inc. | 534 | 9,809 | ||||||
DB Insurance Co. Ltd. | 395 | 21,436 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 493 | 15,573 | ||||||
KT&G Corp. | 959 | 85,407 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 245 | 56,934 | ||||||
SK Telecom Co. Ltd. | 167 | 34,393 | ||||||
|
| |||||||
223,552 | ||||||||
|
| |||||||
Spain — 2.6% | ||||||||
Aena SME SA, 144A | 529 | 101,456 | ||||||
Enagas SA | 1,919 | 51,095 | ||||||
Endesa SA | 2,510 | 55,214 | ||||||
Gas Natural SDG SA | 2,816 | 68,997 | ||||||
Iberdrola SA | 46,082 | 326,622 | ||||||
Mapfre SA | 8,377 | 25,346 | ||||||
Red Electrica Corp. SA | 3,609 | 70,143 | ||||||
|
| |||||||
698,873 | ||||||||
|
| |||||||
Sweden — 0.9% | ||||||||
Hennes & Mauritz AB, Class B (c) | 6,941 | 104,433 | ||||||
ICA Gruppen AB | 608 | 18,732 | ||||||
Skanska AB, Class B | 2,580 | 47,427 | ||||||
Swedish Match AB | 1,386 | 65,599 | ||||||
|
| |||||||
236,191 | ||||||||
|
| |||||||
Switzerland — 7.1% | ||||||||
Adecco Group AG | 1,264 | 76,012 | ||||||
Kuehne + Nagel International AG | 402 | 60,764 | ||||||
Roche Holding AG | 5,519 | 1,184,808 | ||||||
Swiss Life Holding AG | 257 | 87,836 | ||||||
Swiss Prime Site AG | 557 | 52,097 | ||||||
Swisscom AG (c) | 194 | 86,749 | ||||||
Zurich Insurance Group AG | 1,176 | 349,534 | ||||||
|
| |||||||
1,897,800 | ||||||||
|
| |||||||
Taiwan — 6.3% | ||||||||
ASE Industrial Holding Co. Ltd. | 27,687 | 70,231 | ||||||
Cathay Financial Holding Co. Ltd. | 65,952 | 117,986 | ||||||
Chicony Electronics Co. Ltd. | 4,069 | 9,615 | ||||||
Chunghwa Telecom Co. Ltd. | 30,195 | 109,849 | ||||||
Compal Electronics, Inc. | 32,618 | 21,447 | ||||||
CTBC Financial Holding Co. Ltd. | 140,668 | 101,411 | ||||||
Far EasTone Telecommunications Co. Ltd. | 11,795 | 30,077 | ||||||
Feng TAY Enterprise Co. Ltd. | 2,915 | 12,940 | ||||||
First Financial Holding Co. Ltd. | 79,371 | 53,909 |
Number of Shares | Value | |||||||
Taiwan (Continued) | ||||||||
Formosa Chemicals & Fibre Corp. | 28,512 | $ | 109,436 | |||||
Formosa Petrochemical Corp. | 10,721 | 43,476 | ||||||
Formosa Plastics Corp. | 35,259 | 126,507 | ||||||
Formosa Taffeta Co. Ltd. | 3,795 | 4,224 | ||||||
Foxconn Technology Co. Ltd. | 7,991 | 19,683 | ||||||
Fubon Financial Holding Co. Ltd. | 53,750 | 93,466 | ||||||
Hon Hai Precision Industry Co. Ltd. | 128,604 | 367,851 | ||||||
Hotai Motor Co. Ltd. | 2,481 | 22,647 | ||||||
Inventec Corp. | 21,901 | 17,726 | ||||||
Lite-On Technology Corp. | 18,481 | 24,118 | ||||||
Micro-Star International Co. Ltd. | 4,994 | 20,835 | ||||||
Nan Ya Plastics Corp. | 41,890 | 117,023 | ||||||
Nien Made Enterprise Co. Ltd. | 1,257 | 9,964 | ||||||
Novatek Microelectronics Corp. | 4,572 | 20,677 | ||||||
Pegatron Corp. | 16,003 | 33,810 | ||||||
Phison Electronics Corp. | 787 | 7,237 | ||||||
Pou Chen Corp. | 18,291 | 22,405 | ||||||
Powertech Technology, Inc. | 5,287 | 15,776 | ||||||
Realtek Semiconductor Corp. | 2,622 | 10,020 | ||||||
Taiwan Mobile Co. Ltd. | 12,454 | 45,723 | ||||||
Vanguard International Semiconductor Corp. | 5,692 | 12,462 | ||||||
Zhen Ding Technology Holding Ltd. | 3,503 | 7,915 | ||||||
|
| |||||||
1,680,446 | ||||||||
|
| |||||||
Thailand — 1.3% | ||||||||
Bangkok Bank PCL | 2,100 | 12,407 | ||||||
Glow Energy PCL, NVDR | 6,231 | 16,556 | ||||||
Land & Houses PCL, NVDR | 32,000 | 11,104 | ||||||
PTT Global Chemical PCL, NVDR | 18,845 | 52,576 | ||||||
PTT PCL, NVDR | 85,200 | 139,159 | ||||||
Siam Cement PCL | 3,300 | 46,008 | ||||||
Siam Commercial Bank PCL, NVDR | 13,400 | 55,711 | ||||||
Thai Oil PCL, NVDR | 8,200 | 23,583 | ||||||
|
| |||||||
357,104 | ||||||||
|
| |||||||
Turkey — 0.3% | ||||||||
Arcelik AS | 2,491 | 9,124 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 11,474 | 28,398 | ||||||
Ford Otomotiv Sanayi AS | 712 | 10,043 | ||||||
TAV Havalimanlari Holding AS | 1,805 | 8,728 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 1,482 | 8,165 | ||||||
Tupras Turkiye Petrol Rafinerileri AS | 989 | 23,126 | ||||||
|
| |||||||
87,584 | ||||||||
|
| |||||||
United Arab Emirates — 0.6% | ||||||||
Abu Dhabi Commercial Bank PJSC | 17,159 | 32,840 | ||||||
Aldar Properties PJSC | 31,843 | 17,772 | ||||||
DAMAC Properties Dubai Co. PJSC | 17,452 | 11,356 | ||||||
Dubai Investments PJSC | 18,794 | 10,540 | ||||||
Dubai Islamic Bank PJSC | 14,150 | 19,531 | ||||||
Emaar Malls PJSC | 22,360 | 12,479 | ||||||
Emirates Telecommunications Group Co. PJSC | 14,220 | 62,716 | ||||||
|
| |||||||
167,234 | ||||||||
|
| |||||||
United Kingdom — 16.7% | ||||||||
Admiral Group PLC | 1,525 | 39,073 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
United Kingdom (Continued) | ||||||||
AstraZeneca PLC | 9,957 | $ | 724,206 | |||||
Babcock International Group PLC | 1,953 | 21,648 | ||||||
BAE Systems PLC | 24,665 | 209,854 | ||||||
Barratt Developments PLC | 8,350 | 60,621 | ||||||
BT Group PLC | 66,352 | 180,909 | ||||||
Direct Line Insurance Group PLC | 10,298 | 48,988 | ||||||
G4S PLC | 11,930 | 42,846 | ||||||
GlaxoSmithKline PLC | 39,014 | 791,169 | ||||||
Imperial Brands PLC | 7,590 | 273,700 | ||||||
ITV PLC | 27,241 | 58,940 | ||||||
Legal & General Group PLC | 47,234 | 169,575 | ||||||
Marks & Spencer Group PLC | 12,963 | 48,988 | ||||||
National Grid PLC | 26,598 | 294,927 | ||||||
Next PLC | 1,129 | 87,134 | ||||||
Persimmon PLC | 2,431 | 91,610 | ||||||
Rio Tinto Ltd. | 3,284 | 206,167 | ||||||
Rio Tinto PLC | 9,461 | 533,786 | ||||||
Royal Mail PLC | 6,832 | 46,273 | ||||||
Severn Trent PLC | 1,806 | 47,799 | ||||||
SSE PLC | 8,023 | 145,992 | ||||||
Standard Life Aberdeen PLC | 21,109 | 98,451 | ||||||
Taylor Wimpey PLC | 26,355 | 66,684 | ||||||
WPP PLC | 10,004 | 164,068 | ||||||
|
| |||||||
4,453,408 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 26,385,301 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.8% | ||||||||
Brazil — 0.4% | ||||||||
Itausa — Investimentos Itau SA | 31,631 | 95,384 | ||||||
|
|
Number of Shares | Value | |||||||
Germany — 0.2% | ||||||||
Bayerische Motoren Werke AG | 426 | $ | 37,270 | |||||
Schaeffler AG | 1,394 | 20,845 | ||||||
|
| |||||||
58,115 | ||||||||
|
| |||||||
South Korea — 0.2% | ||||||||
Hyundai Motor Co. | 208 | 17,251 | ||||||
Hyundai Motor Co. — 2nd Preferred | 335 | 29,368 | ||||||
|
| |||||||
46,619 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 200,118 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.1% | ||||||||
iShares MSCI ACWI ex US ETF | 683 | 33,501 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 2.1% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) | 569,313 | 569,313 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 101.8% | ||||||||
(Cost $27,573,718) | $ | 27,188,233 | ||||||
Other assets and liabilities, net — (1.8%) | (495,844 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 26,692,389 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
EXCHANGE-TRADED FUND — 0.0% |
| |||||||||||||||||||||||||||||||
Xtrackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
28,205 | 64,713 | (92,662) | (86) | (170) | 531 | — | — | — | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 2.1% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) |
| |||||||||||||||||||||||||||||||
160,019 | 409,294 | — | — | — | 1,708 | — | 569,313 | 569,313 | ||||||||||||||||||||||||
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| ||||||||||||||||
188,224 | 474,007 | (92,662) | (86) | (170) | 2,239 | — | 569,313 | 569,313 | ||||||||||||||||||||||||
|
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* | 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) | Company declared its annual dividend during the 12-month period ended May 31, 2018, the scheduled payment date was subsequent to May 31, 2018. |
(c) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2018 amounted to $536,823, which is 2.0% of net assets. |
(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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $166. |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF (Continued)
May 31, 2018
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. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | 26,385,301 | $ | — | $ | — | $ | 26,385,301 | ||||||||
Preferred Stocks (f) | 200,118 | — | — | 200,118 | ||||||||||||
Exchange-Traded Fund | 33,501 | — | — | 33,501 | ||||||||||||
Short-Term Investments | 569,313 | — | — | 569,313 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 27,188,233 | $ | — | $ | — | $ | 27,188,233 | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Australia — 6.1% | ||||||||
ASX Ltd. | 2,612 | $ | 119,827 | |||||
Aurizon Holdings Ltd. | 27,030 | 88,149 | ||||||
Bendigo & Adelaide Bank Ltd. | 6,489 | 52,831 | ||||||
Crown Resorts Ltd. | 5,118 | 51,505 | ||||||
Fortescue Metals Group Ltd. | 21,004 | 74,537 | ||||||
Harvey Norman Holdings Ltd. | 7,486 | 20,391 | ||||||
Insurance Australia Group Ltd. | 31,800 | 195,620 | ||||||
LendLease Group (a) | 7,470 | 106,148 | ||||||
Medibank Pvt Ltd. | 37,064 | 82,170 | ||||||
Telstra Corp. Ltd. | 55,973 | 118,585 | ||||||
Wesfarmers Ltd. | 15,225 | 524,851 | ||||||
|
| |||||||
1,434,614 | ||||||||
|
| |||||||
Denmark — 0.2% | ||||||||
Tryg A/S | 1,648 | 37,914 | ||||||
|
| |||||||
Finland — 3.9% | ||||||||
Elisa OYJ | 1,921 | 85,771 | ||||||
Kone OYJ, Class B | 4,530 | 223,941 | ||||||
Nokian Renkaat OYJ | 1,575 | 61,056 | ||||||
Sampo OYJ, Class A | 6,006 | 295,015 | ||||||
UPM-Kymmene OYJ | 7,181 | 263,291 | ||||||
|
| |||||||
929,074 | ||||||||
|
| |||||||
France — 14.0% | ||||||||
AXA SA (b) | 26,107 | 649,873 | ||||||
Bouygues SA | 2,904 | 134,034 | ||||||
CNP Assurances | 2,337 | 54,614 | ||||||
Eutelsat Communications SA | 2,346 | 44,993 | ||||||
Sanofi | 15,115 | 1,157,959 | ||||||
SCOR SE | 2,323 | 85,634 | ||||||
Societe BIC SA | 344 | 33,409 | ||||||
TOTAL SA (b) | 19,165 | 1,164,426 | ||||||
|
| |||||||
3,324,942 | ||||||||
|
| |||||||
Germany — 17.2% | ||||||||
Allianz SE | 5,451 | 1,122,297 | ||||||
BASF SE | 11,732 | 1,153,784 | ||||||
Bayerische Motoren Werke AG | 4,449 | 443,405 | ||||||
Daimler AG | 12,187 | 877,452 | ||||||
Evonik Industries AG | 2,207 | 77,235 | ||||||
Hannover Rueck SE | 815 | 102,746 | ||||||
Innogy SE, 144A | 1,880 | 79,244 | ||||||
ProSiebenSat.1 Media SE | 3,125 | 91,816 | ||||||
TUI AG | 5,931 | 137,875 | ||||||
|
| |||||||
4,085,854 | ||||||||
|
| |||||||
Hong Kong — 5.3% | ||||||||
BOC Hong Kong Holdings Ltd. | 49,575 | 249,324 | ||||||
CLP Holdings Ltd. | 22,047 | 231,596 | ||||||
Hang Lung Properties Ltd. | 27,413 | 62,206 | ||||||
Hang Seng Bank Ltd. | 10,272 | 257,057 | ||||||
HKT Trust & HKT Ltd. (a) | 50,901 | 63,917 | ||||||
New World Development Co. Ltd. (b) | 79,790 | 122,470 | ||||||
NWS Holdings Ltd. | 21,247 | 39,546 | ||||||
Power Assets Holdings Ltd. | 18,784 | 130,628 | ||||||
Sino Land Co. Ltd. | 42,539 | 73,645 |
Number of Shares | Value | |||||||
Hong Kong (Continued) | ||||||||
Yue Yuen Industrial Holdings Ltd. | 9,982 | $ | 30,859 | |||||
|
| |||||||
1,261,248 | ||||||||
|
| |||||||
Italy — 2.9% | ||||||||
Assicurazioni Generali SpA | 15,707 | 266,771 | ||||||
Atlantia SpA | 6,483 | 187,601 | ||||||
Snam SpA | 30,494 | 124,870 | ||||||
Terna Rete Elettrica Nazionale SpA | 18,971 | 100,338 | ||||||
|
| |||||||
679,580 | ||||||||
|
| |||||||
Japan — 6.9% | ||||||||
Aozora Bank Ltd. | 1,623 | 64,385 | ||||||
Canon, Inc. | 13,434 | 459,238 | ||||||
Japan Tobacco, Inc. | 14,700 | 397,250 | ||||||
Nissan Motor Co. Ltd. | 31,200 | 310,291 | ||||||
Sekisui House Ltd. | 8,324 | 148,789 | ||||||
Subaru Corp. | 8,300 | 254,398 | ||||||
|
| |||||||
1,634,351 | ||||||||
|
| |||||||
Luxembourg — 0.2% | ||||||||
RTL Group SA | 502 | 37,825 | ||||||
|
| |||||||
Macau — 0.8% | ||||||||
Sands China Ltd. | 32,405 | 193,955 | ||||||
|
| |||||||
New Zealand — 0.3% | ||||||||
Spark New Zealand Ltd. | 24,711 | 63,459 | ||||||
|
| |||||||
Norway — 1.1% | ||||||||
Gjensidige Forsikring ASA | 2,699 | 41,660 | ||||||
Telenor ASA | 10,067 | 207,367 | ||||||
|
| |||||||
249,027 | ||||||||
|
| |||||||
Portugal — 0.8% | ||||||||
EDP — Energias de Portugal SA | 34,069 | 133,225 | ||||||
Jeronimo Martins SGPS SA | 3,325 | 52,203 | ||||||
|
| |||||||
185,428 | ||||||||
|
| |||||||
Singapore — 1.8% | ||||||||
ComfortDelGro Corp. Ltd. | 29,500 | 54,260 | ||||||
Singapore Exchange Ltd. | 10,150 | 54,945 | ||||||
Singapore Technologies Engineering Ltd. | 21,790 | 56,697 | ||||||
Singapore Telecommunications Ltd. | 109,398 | 268,290 | ||||||
|
| |||||||
434,192 | ||||||||
|
| |||||||
Spain — 4.2% | ||||||||
Enagas SA | 3,071 | 81,769 | ||||||
Endesa SA | 4,264 | 93,798 | ||||||
Gas Natural SDG SA | 4,668 | 114,374 | ||||||
Iberdrola SA | 78,084 | 553,447 | ||||||
Mapfre SA | 14,605 | 44,189 | ||||||
Red Electrica Corp. SA | 5,795 | 112,629 | ||||||
|
| |||||||
1,000,206 | ||||||||
|
| |||||||
Sweden — 0.5% | ||||||||
ICA Gruppen AB (b) | 1,079 | 33,244 | ||||||
Skanska AB, Class B | 4,564 | 83,898 | ||||||
|
| |||||||
117,142 | ||||||||
|
|
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Switzerland — 4.1% | ||||||||
Adecco Group AG | 2,180 | $ | 131,097 | |||||
Swiss Prime Site AG | 962 | 89,977 | ||||||
Swisscom AG (b) | 341 | 152,481 | ||||||
Zurich Insurance Group AG | 2,033 | 604,254 | ||||||
|
| |||||||
977,809 | ||||||||
|
| |||||||
United Kingdom — 29.2% | ||||||||
Admiral Group PLC | 2,715 | 69,563 | ||||||
AstraZeneca PLC | 16,929 | 1,231,303 | ||||||
BAE Systems PLC | 42,833 | 364,431 | ||||||
Barratt Developments PLC | 13,615 | 98,845 | ||||||
BT Group PLC | 113,088 | 308,335 | ||||||
Direct Line Insurance Group PLC | 18,561 | 88,296 | ||||||
GlaxoSmithKline PLC | 61,200 | 1,241,082 | ||||||
ITV PLC | 48,534 | 105,010 | ||||||
Legal & General Group PLC | 80,101 | 287,570 | ||||||
Marks & Spencer Group PLC | 21,851 | 82,576 | ||||||
National Grid PLC | 45,154 | 500,682 | ||||||
Next PLC | 1,978 | 152,658 | ||||||
Persimmon PLC | 4,153 | 156,502 | ||||||
Rio Tinto Ltd. | 5,553 | 348,613 | ||||||
Rio Tinto PLC | 16,100 | 908,355 | ||||||
Royal Mail PLC | 12,166 | 82,400 | ||||||
Severn Trent PLC | 3,152 | 83,423 | ||||||
SSE PLC | 13,665 | 248,657 |
Number of Shares | Value | |||||||
United Kingdom (Continued) | ||||||||
Standard Life Aberdeen PLC | 35,900 | $ | 167,435 | |||||
Taylor Wimpey PLC | 44,001 | 111,333 | ||||||
WPP PLC | 16,938 | 277,788 | ||||||
|
| |||||||
6,914,857 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 23,561,477 | |||||||
|
| |||||||
PREFERRED STOCKS — 0.4% | ||||||||
Germany — 0.4% | ||||||||
Bayerische Motoren Werke AG | 739 | 64,654 | ||||||
Schaeffler AG | 2,142 | 32,030 | ||||||
|
| |||||||
96,684 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 96,684 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 10.9% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (c)(d) | 2,589,430 | 2,589,430 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 110.8% | $ | 26,247,591 | ||||||
Other assets and liabilities, net — (10.8%) | (2,556,852 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 23,690,739 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
EXCHANGE TRADED FUND — 0.0% |
| |||||||||||||||||||||||||||||||
Xtrackers MSCI EAFE Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
23,654 | 79,226 | (102,942) | 774 | (712) | 707 | — | — | — | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 10.9% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (c)(d) |
| |||||||||||||||||||||||||||||||
262,817 | 2,326,613 | — | — | — | 3,204 | — | 2,589,430 | 2,589,430 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
286,471 | 2,405,839 | (102,942) | 774 | (712) | 3,911 | — | 2,589,430 | 2,589,430 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at May 31, 2018 amounted to $2,452,118, which is 10.4% of net assets. |
(c) | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $359. |
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (Continued)
May 31, 2018
At May 31, 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 | 1 | $ | 42,165 | $ | 39,770 | 6/15/2018 | $ | (1,331 | ) |
Currency Abbreviations
EUR | Euro |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | 23,561,477 | $ | — | $ | — | $ | 23,561,477 | ||||||||
Preferred Stocks | 96,684 | — | — | 96,684 | ||||||||||||
Short-Term Investments | 2,589,430 | — | — | 2,589,430 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 26,247,591 | $ | — | $ | — | $ | 26,247,591 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Futures Contracts | $ | (1,331 | ) | $ | — | $ | — | $ | (1,331 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | (1,331 | ) | $ | — | $ | — | $ | (1,331 | ) | ||||||
|
|
|
|
|
|
|
|
(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 43 |
DBX ETF Trust
May 31, 2018
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 | $ | 8,390,926 | $ | — | $ | 9,301,396 | $ | 57,593,724 | ||||||||
Investment in affiliated securities at value | — | 3,362,418 | — | — | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 18,900 | 302,748 | 17,820 | — | ||||||||||||
Cash | 47,025 | 12,278 | — | 613,113 | ||||||||||||
Deposit with broker for futures contracts | 81,250 | 19,380 | 101,630 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 531,492 | 97,159 | 229,244 | — | ||||||||||||
Interest | 132,864 | — | 92,053 | 796,929 | ||||||||||||
Securities lending income | 34 | 1,299 | 39 | — | ||||||||||||
Foreign tax reclaim | — | — | 46 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 9,202,491 | $ | 3,795,282 | $ | 9,742,228 | $ | 59,003,766 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Due to custodian | $ | — | $ | — | $ | 10,955 | $ | — | ||||||||
Payable upon return of securities loaned | 18,900 | 302,748 | 17,820 | — | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 634,371 | 86,426 | 147,987 | 646,178 | ||||||||||||
Variation margin on futures contracts | 19,443 | 3,295 | 25,423 | — | ||||||||||||
Investment advisory fees | 3,292 | 416 | 2,034 | 14,742 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 676,006 | 392,885 | 204,219 | 660,920 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 8,526,485 | $ | 3,402,397 | $ | 9,538,009 | $ | 58,342,846 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 8,739,275 | $ | 3,970,368 | $ | 9,900,700 | $ | 58,865,883 | ||||||||
Undistributed net investment income | 27,323 | 16,014 | 27,908 | 131,605 | ||||||||||||
Accumulated net realized gain (loss) | 97,306 | (533,992 | ) | (57,684 | ) | (173,193 | ) | |||||||||
Net unrealized appreciation (depreciation) | (337,419 | ) | (49,993 | ) | (332,915 | ) | (481,449 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 8,526,485 | $ | 3,402,397 | $ | 9,538,009 | $ | 58,342,846 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 350,001 | 150,001 | 400,001 | 2,200,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 24.36 | $ | 22.68 | $ | 23.84 | $ | 26.52 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 8,728,579 | $ | — | $ | 9,631,874 | $ | 58,075,173 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | — | $ | 3,414,520 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 17,916 | $ | 295,314 | $ | 17,185 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 18,900 | $ | 302,748 | $ | 17,820 | $ | — | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
May 31, 2018
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 | $ | 26,618,920 | $ | 23,658,161 | ||||
Investment in DWS Government & Agency Securities Portfolio* | 569,313 | 2,589,430 | ||||||
Cash | 5,300 | 18,826 | ||||||
Foreign currency at value | 65,395 | 19,016 | ||||||
Deposit with broker for futures contracts | — | 2,807 | ||||||
Receivables: | ||||||||
Investment securities sold | 4,332,145 | 2,992,619 | ||||||
Dividends | 52,554 | 66,639 | ||||||
Securities lending income | 1,846 | 3,903 | ||||||
Foreign tax reclaim | 6,101 | 9,695 | ||||||
|
|
|
| |||||
Total Assets | $ | 31,651,574 | $ | 29,361,096 | ||||
|
|
|
| |||||
Liabilities | ||||||||
Payable upon return of securities loaned | $ | 569,313 | $ | 2,589,430 | ||||
Payables: | ||||||||
Investment securities purchased | 4,385,372 | 3,076,598 | ||||||
Investment advisory fees | 4,500 | 4,154 | ||||||
Variation margin on futures contracts | — | 175 | ||||||
|
|
|
| |||||
Total Liabilities | 4,959,185 | 5,670,357 | ||||||
|
|
|
| |||||
Net Assets, at value | $ | 26,692,389 | $ | 23,690,739 | ||||
|
|
|
| |||||
Net Assets Consist of | ||||||||
Paid-in capital | $ | 27,462,354 | $ | 24,316,203 | ||||
Undistributed net investment income | 248,198 | 377,370 | ||||||
Accumulated net realized gain (loss) | (632,592 | ) | (692,431 | ) | ||||
Net unrealized appreciation (depreciation) | (385,571 | ) | (310,403 | ) | ||||
|
|
|
| |||||
Net Assets, at value | $ | 26,692,389 | $ | 23,690,739 | ||||
|
|
|
| |||||
Number of Common Shares outstanding | 1,050,001 | 1,000,001 | ||||||
|
|
|
| |||||
Net Asset Value | $ | 25.42 | $ | 23.69 | ||||
|
|
|
| |||||
Investments in non-affiliated securities at cost | $ | 27,004,405 | $ | 23,966,761 | ||||
|
|
|
| |||||
Value of securities loaned | $ | 536,823 | $ | 2,452,118 | ||||
|
|
|
| |||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 569,313 | $ | 2,589,430 | ||||
|
|
|
| |||||
Non-cash collateral for securities on loan | $ | 166 | $ | 359 | ||||
|
|
|
| |||||
Foreign currency at cost | $ | 66,040 | $ | 19,019 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 45 |
DBX ETF Trust
For the Year Ended May 31, 2018
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 | $ | 357,695 | $ | 419,889 | $ | 272,584 | $ | 1,768,486 | ||||||||
Income distributions from affiliated funds | — | 53,401 | — | — | ||||||||||||
Unaffiliated dividend income | — | 9,165 | — | — | ||||||||||||
Affiliated securities lending income | 496 | 6,475 | 176 | — | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | — | 1,761 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 358,191 | 490,691 | 272,760 | 1,768,486 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 36,751 | 29,622 | 19,622 | 182,537 | ||||||||||||
Other expenses | 57 | 57 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 36,808 | 29,679 | 19,679 | 182,594 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (See Note 3): | ||||||||||||||||
Waiver | — | (1,874 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 36,808 | 27,805 | 19,679 | 182,594 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 321,383 | 462,886 | 253,081 | 1,585,892 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | 30,446 | (58,593 | ) | (16,361 | ) | (73,215 | ) | |||||||||
Investments in affiliates | — | (44,182 | ) | — | — | |||||||||||
In-kind redemptions | — | (106,098 | ) | 15,309 | 334,294 | |||||||||||
In-kind redemptions in affiliates | — | (125 | ) | — | — | |||||||||||
Futures contracts | 251,271 | 306,560 | 227,084 | — | ||||||||||||
Foreign currency transactions | 153 | 421 | 327 | — | ||||||||||||
Payments by Affiliates (See Note 10) | — | — | 156 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 281,870 | 97,983 | 226,515 | 261,079 | ||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (468,067 | ) | (177,717 | ) | (363,220 | ) | (743,954 | ) | ||||||||
Investments in affiliates | — | (52,102 | ) | — | — | |||||||||||
Futures contracts | 329 | 2,331 | (2,724 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (467,738 | ) | (227,488 | ) | (365,944 | ) | (743,954 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (185,868 | ) | (129,505 | ) | (139,429 | ) | (482,875 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 135,515 | $ | 333,381 | $ | 113,652 | $ | 1,103,017 | ||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Statements of Operations (Continued)
For the Year Ended May 31, 2018
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | |||||||
Investment Income | ||||||||
Unaffiliated dividend income* | $ | 327,478 | $ | 430,986 | ||||
Affiliated dividend income | 531 | 707 | ||||||
Affiliated securities lending income | 1,708 | 3,204 | ||||||
Unaffiliated securities lending income, net of borrower rebates | 1,680 | 2,501 | ||||||
|
|
|
| |||||
Total Investment Income | 331,397 | 437,398 | ||||||
|
|
|
| |||||
Expenses | ||||||||
Investment advisory fees | 18,758 | 21,890 | ||||||
Other expenses | 57 | 57 | ||||||
|
|
|
| |||||
Total Expenses | 18,815 | 21,947 | ||||||
|
|
|
| |||||
Net Investment income (loss) | 312,582 | 415,451 | ||||||
|
|
|
| |||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments | (240,058 | ) | (101,513 | ) | ||||
Investments in affiliates | (86 | ) | 774 | |||||
In-kind redemptions | 218,641 | — | ||||||
Futures contracts | — | 2,948 | ||||||
Foreign currency transactions | (3,325 | ) | (1,173 | ) | ||||
Forward foreign currency contracts | (246,846 | ) | (352,896 | ) | ||||
|
|
|
| |||||
Net realized gain (loss) | (271,674 | ) | (451,860 | ) | ||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (671,933 | ) | (660,822 | ) | ||||
Investments in affiliates | (170 | ) | (712 | ) | ||||
Futures contracts | — | (1,331 | ) | |||||
Foreign currency translations | (650 | ) | (765 | ) | ||||
Forward foreign currency contracts | 38,236 | 61,496 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) | (634,517 | ) | (602,134 | ) | ||||
|
|
|
| |||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (906,191 | ) | (1,053,994 | ) | ||||
|
|
|
| |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (593,609 | ) | $ | (638,543 | ) | ||
|
|
|
| |||||
* Unaffiliated foreign tax withheld | $ | 51,475 | $ | 68,507 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | |||||||||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 321,383 | $ | 267,741 | $ | 462,886 | $ | 478,802 | ||||||||
Net realized gain (loss) | 281,870 | 115,835 | 97,983 | (80,820 | ) | |||||||||||
Net change in net unrealized appreciation (depreciation) | (467,738 | ) | 179,710 | (227,488 | ) | 601,975 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 135,515 | 563,286 | 333,381 | 999,957 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (324,352 | ) | (325,064 | ) | (500,650 | ) | (522,877 | ) | ||||||||
Net realized gains | (15,365 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (339,717 | ) | (325,064 | ) | (500,650 | ) | (522,877 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 2,502,420 | — | 9,307,082 | 1,170,920 | ||||||||||||
Value of shares redeemed | — | — | (16,276,068 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 2,502,420 | — | (6,968,986 | ) | 1,170,920 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 2,298,218 | 238,222 | (7,136,255 | ) | 1,648,000 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 6,228,267 | 5,990,045 | 10,538,652 | 8,890,652 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 8,526,485 | $ | 6,228,267 | $ | 3,402,397 | $ | 10,538,652 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 27,323 | $ | 27,754 | $ | 16,014 | $ | 52,009 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 250,001 | 250,001 | 450,001 | 400,001 | ||||||||||||
Shares sold | 100,000 | — | 400,000 | 50,000 | ||||||||||||
Shares redeemed | — | — | (700,000 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 350,001 | 250,001 | 150,001 | 450,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | Xtrackers Municipal Infrastructure Revenue Bond ETF | |||||||||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 253,081 | $ | 146,491 | $ | 1,585,892 | $ | 1,419,698 | ||||||||
Net realized gain (loss) | 226,515 | 37,644 | 261,079 | 212,593 | ||||||||||||
Net change in net unrealized appreciation (depreciation) | (365,944 | ) | 37,117 | (743,954 | ) | (1,719,907 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 113,652 | 221,252 | 1,103,017 | (87,616 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (242,032 | ) | (164,095 | ) | (1,578,975 | ) | (1,375,484 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (242,032 | ) | (164,095 | ) | (1,578,975 | ) | (1,375,484 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 4,859,333 | 1,208,433 | 13,342,526 | 51,520,321 | ||||||||||||
Value of shares redeemed | (1,216,092 | ) | — | (14,616,254 | ) | (26,644,648 | ) | |||||||||
Payments by Affiliates (See Note 10) | — | — | — | 5,796 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 3,643,241 | 1,208,433 | (1,273,728 | ) | 24,881,469 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 3,514,861 | 1,265,590 | (1,749,686 | ) | 23,418,369 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 6,023,148 | 4,757,558 | 60,092,532 | 36,674,163 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 9,538,009 | $ | 6,023,148 | $ | 58,342,846 | $ | 60,092,532 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 27,908 | $ | 16,003 | $ | 131,605 | $ | 124,688 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 250,001 | 200,001 | 2,250,001 | 1,350,001 | ||||||||||||
Shares sold | 200,000 | 50,000 | 500,000 | 1,900,000 | ||||||||||||
Shares redeemed | (50,000 | ) | — | (550,000 | ) | (1,000,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 400,001 | 250,001 | 2,200,001 | 2,250,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 49 |
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 | |||||||||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 312,582 | $ | 153,517 | $ | 415,451 | $ | 211,266 | ||||||||
Net realized gain (loss) | (271,674 | ) | 116,135 | (451,860 | ) | 200,750 | ||||||||||
Net change in net unrealized appreciation (depreciation) | (634,517 | ) | 343,050 | (602,134 | ) | 407,603 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (593,609 | ) | 612,702 | (638,543 | ) | 819,619 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (130,513 | ) | (89,798 | ) | (161,415 | ) | (190,359 | ) | ||||||||
Net realized gains | — | (46,490 | ) | — | (262,188 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (130,513 | ) | (136,288 | ) | (161,415 | ) | (452,547 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 24,793,255 | — | 19,491,809 | — | ||||||||||||
Value of shares redeemed | (1,297,712 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 23,495,543 | — | 19,491,809 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 22,771,421 | 476,414 | 18,691,851 | 367,072 | ||||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 3,920,968 | 3,444,554 | 4,998,888 | 4,631,816 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 26,692,389 | $ | 3,920,968 | $ | 23,690,739 | $ | 4,998,888 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 248,198 | $ | 36,426 | $ | 377,370 | $ | 65,705 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 150,001 | 150,001 | 200,001 | 200,001 | ||||||||||||
Shares sold | 950,000 | — | 800,000 | — | ||||||||||||
Shares redeemed | (50,000 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 1,050,001 | 150,001 | 1,000,001 | 200,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF Selected Per Share Data | 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 | $ | 24.91 | $ | 23.96 | $ | 25.03 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | 0.99 | 1.07 | 1.07 | 0.27 | ||||||||||||
Net realized and unrealized gain (loss) | (0.48 | ) | 1.18 | (0.80 | ) | (0.04 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.51 | 2.25 | 0.27 | 0.23 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: | ||||||||||||||||
Net investment income | (1.02 | ) | (1.30 | ) | (1.26 | ) | (0.20 | ) | ||||||||
Net realized gains | (0.04 | ) | — | (0.08 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (1.06 | ) | (1.30 | ) | (1.34 | ) | (0.20 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 24.36 | $ | 24.91 | $ | 23.96 | $ | 25.03 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 2.03 | 9.61 | 1.22 | 0.90 | ** | |||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 9 | 6 | 6 | 6 | ||||||||||||
Ratio of expenses (%) | 0.45 | 0.47 | 0.50 | 0.50 | * | |||||||||||
Ratio of net investment income (loss) (%) | 3.94 | 4.35 | 4.45 | 4.35 | * | |||||||||||
Portfolio turnover rate (%)(c) | 48 | 35 | 15 | 1 | ** | |||||||||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF Selected Per Share Data | 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 | $ | 23.42 | $ | 22.23 | $ | 24.57 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (loss)(b) | 1.27 | 1.17 | 1.08 | 0.29 | ||||||||||||
Net realized and unrealized gain (loss) | (0.53 | ) | 1.30 | (2.10 | ) | (0.51 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total from investment operations | 0.74 | 2.47 | (1.02 | ) | (0.22 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Less distributions from: |
| |||||||||||||||
Net investment income | (1.48 | ) | (1.28 | ) | (1.32 | ) | (0.21 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (1.48 | ) | (1.28 | ) | (1.32 | ) | (0.21 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value, end of period | $ | 22.68 | $ | 23.42 | $ | 22.23 | $ | 24.57 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Return (%) | 3.24 | (d) | 11.40 | (4.06 | ) | (0.87 | )** | |||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||
Net Assets, end of period ($ millions) | 3 | 11 | 9 | 11 | ||||||||||||
Ratio of expenses before fee waiver (%)(e) | 0.35 | 0.39 | 0.45 | 0.45 | * | |||||||||||
Ratio of expenses after fee waiver (%)(e) | 0.33 | 0.39 | 0.45 | 0.45 | * | |||||||||||
Ratio of net investment income (loss) (%) | 5.47 | 5.08 | 4.81 | 4.75 | * | |||||||||||
Portfolio turnover rate (%)(c) | 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) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(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. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF Selected Per Share Data | 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 | $ | 24.09 | $ | 23.79 | $ | 24.63 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.78 | 0.73 | 0.71 | 0.17 | ||||||||||||||||
Net realized and unrealized gain (loss) | (0.28 | ) | 0.39 | (0.73 | ) | (0.43 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total from investment operations | 0.50 | 1.12 | (0.02 | ) | (0.26 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.75 | ) | (0.82 | ) | (0.82 | ) | (0.11 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.75 | ) | (0.82 | ) | (0.82 | ) | (0.11 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net Asset Value, end of period | $ | 23.84 | $ | 24.09 | $ | 23.79 | $ | 24.63 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total Return (%) | 2.05 | 4.79 | (0.04 | ) | (1.03 | )** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data |
| |||||||||||||||||||
Net Assets, end of period ($ millions) | 10 | 6 | 5 | 6 | ||||||||||||||||
Ratio of expenses (%) | 0.25 | 0.25 | 0.25 | 0.25 | * | |||||||||||||||
Ratio of net investment income (loss) (%) | 3.22 | 3.04 | 3.00 | 2.72 | * | |||||||||||||||
Portfolio turnover rate (%)(d) | 33 | 26 | 14 | 7 | ** | |||||||||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Year Ended 5/31/2016 | Year Ended 5/31/2015 | Period Ended | |||||||||||||||
Net Asset Value, beginning of period | $ | 26.71 | $ | 27.17 | $ | 25.49 | $ | 25.07 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.70 | 0.66 | 0.80 | 0.81 | 0.81 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.20 | ) | (0.46 | ) | 1.67 | 0.40 | 0.00 | (e) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total from investment operations | 0.50 | 0.20 | 2.47 | 1.21 | 0.81 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less distributions from: |
| |||||||||||||||||||
Net investment income | (0.69 | ) | (0.66 | ) | (0.79 | ) | (0.79 | ) | (0.74 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total distributions | (0.69 | ) | (0.66 | ) | (0.79 | ) | (0.79 | ) | (0.74 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Asset Value, end of period | $ | 26.52 | $ | 26.71 | $ | 27.17 | $ | 25.49 | $ | 25.07 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Return (%) | 1.87 | 0.77 | 9.89 | 4.88 | 3.46 | (f)** | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data |
| |||||||||||||||||||
Net Assets, end of period ($ millions) | 58 | 60 | 37 | 22 | 16 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.30 | 0.30 | 0.30 | 0.30 | 0.32 | * | ||||||||||||||
Ratio of expenses after fee waiver (%) | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 2.61 | 2.50 | 3.07 | 3.16 | 3.48 | * | ||||||||||||||
Portfolio turnover rate (%)(d) | 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) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(e) | Less than 0.005. |
(f) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF Selected Per Share Data | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of period | $ | 26.14 | $ | 22.96 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 1.35 | 1.02 | 0.70 | |||||||||
Net realized and unrealized gain (loss) | (1.20 | ) | 3.07 | (2.38 | ) | |||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.15 | 4.09 | (1.68 | ) | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.87 | ) | (0.60 | ) | (0.36 | ) | ||||||
Net realized gains | — | (0.31 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total distributions | (0.87 | ) | (0.91 | ) | (0.36 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 25.42 | $ | 26.14 | $ | 22.96 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 0.54 | 18.17 | (6.67 | )** | ||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 27 | 4 | 3 | |||||||||
Ratio of expenses (%) | 0.32 | 0.45 | 0.45 | * | ||||||||
Ratio of net investment income (loss) (%) | 5.29 | 4.17 | 3.83 | * | ||||||||
Portfolio turnover rate (%)(c) | 76 | 36 | 33 | ** | ||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF Selected Per Share Data | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of period | $ | 24.99 | $ | 23.16 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 1.50 | 1.06 | 0.88 | |||||||||
Net realized and unrealized gain (loss) | (1.99 | ) | 3.03 | (2.17 | ) | |||||||
|
|
|
|
|
| |||||||
Total from investment operations | (0.49 | ) | 4.09 | (1.29 | ) | |||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.81 | ) | (0.95 | ) | (0.38 | ) | ||||||
Net realized gains | — | (1.31 | ) | (0.17 | ) | |||||||
|
|
|
|
|
| |||||||
Total distributions | (0.81 | ) | (2.26 | ) | (0.55 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 23.69 | $ | 24.99 | $ | 23.16 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | (2.02 | ) | 18.93 | (d) | (5.08 | )** | ||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 24 | 5 | 5 | |||||||||
Ratio of expenses (%) | 0.33 | 0.45 | 0.45 | * | ||||||||
Ratio of net investment income (loss) (%) | 6.28 | 4.48 | 4.86 | * | ||||||||
Portfolio turnover rate (%)(c) | 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) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
(d) | The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.32%. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of May 31, 2018, the Trust consists of thirty-seven investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
New Fund Name | Former Fund Name | |
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | |
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | |
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | |
Xtrackers Municipal Infrastructure Revenue Bond ETF | Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | |
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF* | Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | |
Xtrackers MSCI EAFE High Dividend Yield Equity ETF** | Deutsche X-trackers MSCI EAFE High Dividend Yield 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”).
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** |
* | On February 13, 2018, the Fund changed its name from Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF to Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and its Underlying Index from MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index to the MSCI ACWI ex USA High Dividend Yield Index. |
** | On February 13, 2018, the Fund changed its name from Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF to Xtrackers MSCI EAFE High Dividend Yield Equity ETF and its Underlying Index from MSCI EAFE High Dividend Yield US Dollar Hedged Index to the MSCI EAFE High Dividend Yield Index. |
54
DBX ETF Trust
Notes to Financial Statements (Continued)
The Solactive Emerging Markets Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated emerging markets bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated government debt issued by emerging market countries and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets bonds. The Solactive High Yield Corporate Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the high yield bonds. The Solactive Investment Grade Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). The Solactive Indexes are rebalanced monthly on the last business day of each month.
The MSCI ACWI ex USA High Dividend Yield 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 USA Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. The MSCI EAFE High Dividend Yield Index is designed to provide exposure to equity securities (excluding REITs) in developed international stock markets (excluding the U.S. and Canada) in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. 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.
55
DBX ETF Trust
Notes to Financial Statements (Continued)
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
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.
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.
56
DBX ETF Trust
Notes to Financial Statements (Continued)
Disclosure about the classification of the fair value measurements is included in a table following each Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from net investment income monthly and Xtrackers MSCI All World ex US High Dividend Yield 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 year ended May 31, 2018, the Funds did not incur any interest or penalties.
As of May 31, 2018, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income* | Undistributed Long-Term Capital Gains | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | ||||||||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 91,378 | $ | 101,212 | $ | — | $ | (405,380 | ) | $ | (212,790 | ) | ||||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | 16,014 | — | (530,322 | ) | (53,663 | ) | (567,971 | ) | ||||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 27,908 | — | (44,583 | ) | (346,016 | ) | (362,691 | ) | ||||||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 131,605 | — | (173,193 | ) | (481,449 | ) | (523,037 | ) | ||||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 248,198 | — | (468,582 | ) | (549,581 | ) | (769,965 | ) | ||||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 377,370 | — | (600,047 | ) | (402,787 | ) | (625,464 | ) |
57
DBX ETF Trust
Notes to Financial Statements (Continued)
The tax character of dividends and distributions declared for the periods ended May 31, 2018 and May 31, 2017 were as follows:
Year Ended May 31, 2018 | ||||||||||||
Ordinary Income* | Tax-Exempt | Long Term Capital Gains | ||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 325,160 | $ | — | $ | 14,557 | ||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | 500,650 | — | — | |||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 242,032 | — | — | |||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | — | 1,578,975 | — | |||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 130,513 | — | — | |||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 161,415 | — | — |
Year Ended May 31, 2017 | ||||||||||||
Ordinary Income* | Tax-Exempt | Long Term Capital Gains | ||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 325,064 | $ | — | $ | — | ||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | 522,877 | — | — | |||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 164,095 | — | — | |||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | — | 1,375,484 | — | |||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 89,799 | — | 46,489 | |||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 197,703 | — | 254,844 |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
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 |
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 |
58
DBX ETF Trust
Notes to Financial Statements (Continued)
In order to present paid-in capital accumulated net realized gains or losses on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in capital, undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to the recognition of certain foreign currency gain (losses) as ordinary income (loss), redemptions-in-kind and passive foreign investment companies (“PFICs”). For the year ended May 31, 2018, the adjustments were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Capital Gains (Accumulated Losses) | Paid-In Capital | ||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 2,538 | $ | (2,538 | ) | $ | — | |||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | 1,769 | 157,019 | (158,788 | ) | ||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 856 | (13,447 | ) | 12,591 | ||||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | — | (334,294 | ) | 334,294 | ||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 29,703 | (241,954 | ) | 212,251 | ||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 57,629 | (57,629 | ) | — |
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 | 26,649,906 | (402,315 | ) | 492,932 | (895,247 | ) |
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of May 31, 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
59
DBX ETF Trust
Notes to Financial Statements (Continued)
the Funds consisting of cash and/or U.S. Treasury securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 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 (0.14% annualized effective rate as of May 31, 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 May 31, 2018, the Funds listed below had securities on loan, which were classified as bonds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end. As of year end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF
As of May 31, 2018, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF had securities on loan, which were classified as exchange-traded funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at year end. As of year end, the remaining contractual maturity of the cash collateral agreements were overnight and continuous.
As of May 31, 2018, the Funds listed below had securities on loan, all of which were classified as common stock in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements, as of May 31, 2018 | ||||||||||||||||||||
Securities Lending Transactions | Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | |||||||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 569,313 | $ | — | $ | — | $ | 166 | $ | 569,479 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 569,479 | |||||||||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF |
| |||||||||||||||||||
Common Stocks | $ | 2,589,430 | $ | — | $ | — | $ | 359 | $ | 2,589,789 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 2,589,789 |
Derivatives
Forward Foreign Currency Contracts Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF entered into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Funds entered 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. Prior to February 13, 2018, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and MSCI EAFE High Dividend Yield Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency contracts. Risks may arise from the potential inability
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DBX ETF Trust
Notes to Financial Statements (Continued)
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.
The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Funds had to the value of non U.S currencies during the year ended May 31, 2018.
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 year ended May 31, 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 enter into short U.S. Treasury futures contracts to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of each Fund’s long bond investments and Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of May 31, 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 May 31, 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* | $ | 4,391 | Unrealized depreciation on future contracts* | $ | 4,157 | ||||||||||
Xtrackers High Yield Corp Bond—Interest Rate Hedged ETF | ||||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts* | $ | 2,109 | Unrealized depreciation on future contracts* | $ | — | ||||||||||
Xtrackers Investment Grade Bond—Interest Rate Hedged ETF | ||||||||||||||||
Interest rate contracts | Unrealized appreciation on future contracts* | $ | 3,000 | Unrealized depreciation on future contracts* | $ | 5,437 | ||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | ||||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | — | Unrealized depreciation on futures contracts* | $ | 1,331 |
* | 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. |
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Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended May 31, 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 | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | |||||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 251,271 | $ | — | $ | — | $ | 251,271 | ||||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | 306,560 | — | — | 306,560 | ||||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 227,084 | — | — | 227,084 | ||||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | — | — | (246,846 | ) | (246,846 | ) | ||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | — | 2,948 | (352,896 | ) | (349,948 | ) |
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||
Futures Contracts — Interest Rate Contracts | Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | |||||||||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 329 | $ | — | $ | — | $ | 329 | ||||||||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | 2,331 | — | — | 2,331 | ||||||||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | (2,724 | ) | — | — | (2,724 | ) | ||||||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | — | — | 38,236 | 38,236 | ||||||||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | — | (1,331 | ) | 61,496 | 60,165 |
For the year ended May 31, 2018 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | (7,604,576 | ) | $ | — | |||
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF | (7,650,438 | ) | — | |||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | (7,575,752 | ) | — | |||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | — | (2,724,736 | )* | |||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 3,059 | (3,425,852 | )* |
* | for the period from June 1, 2017 through February 12, 2018. |
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
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Notes to Financial Statements (Continued)
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | 0.45 | % | ||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 0.35 | % | ||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 0.25 | % | ||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 0.30 | % |
For its investment advisory services to the Funds below, for the period from June 1, 2017 through February 12, 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 MSCI All World ex US High Dividend Yield Equity ETF | 0.45 | % | ||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 0.45 | % |
For its investment advisory services to the Funds below, for the period February 13, 2018 through May 31, 2018, the Advisor is entitled to receive a unitary management fee for 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 High Dividend Yield Equity ETF | 0.20 | % | ||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 0.20 | % |
Effective February 23, 2018, 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 from February 23, 2018 through May 31, 2018, the Advisor waived $1,874 of expenses to the Fund.
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).
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Notes to Financial Statements (Continued)
4. Investment Portfolio Transactions
For the year ended May 31, 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 | $ | 6,257,901 | $ | 3,727,306 | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 3,977,363 | 10,887,178 | ||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 6,297,929 | 2,481,088 | ||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 18,454,320 | 16,917,909 | ||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 8,775,519 | 5,453,908 | ||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 4,386,687 | 4,404,738 |
For the year ended May 31, 2018, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 407,096 | $ | — | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 9,301,692 | 8,824,400 | ||||||
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF | 1,186,858 | 1,183,107 | ||||||
Xtrackers Municipal Infrastructure Revenue Bond ETF | 12,658,213 | 14,293,643 | ||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 21,269,314 | 1,170,610 | ||||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 19,469,398 | — |
5. Fund Share Transactions
As of May 31, 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 High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at May 31, 2018.
Pro-rata Share | ||||
X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | $ | 525,000 | ||
X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | 1,050,000 | |||
X-trackers Investment Grade Bond — Interest Rate Hedged ETF | 525,000 | |||
X-trackers MSCI All World ex US High Dividend Yield Equity ETF | 525,000 |
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Notes to Financial Statements (Continued)
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 May 31, 2018, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:
Approximate Percent of Outstanding Shares Held | ||||
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF | 12 | % | ||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 71 | % | ||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 80 | % |
8. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
9. Investing in High-Yield Debt Securities
High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in net asset value of a fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
10. Payments by Affiliates
During the year ended May 31, 2018, the Advisor agreed to reimburse Xtrackers Investment Grade Bond — Interest Rate Hedged ETF $156 for a loss on a trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s net assets thus having no impact on the Fund’s total return.
In addition, during the year ended May 31, 2017, the Advisor agreed to compensate Xtrackers Municipal Infrastructure Revenue Bond ETF $5,796 for an accounting adjustment related to certain investments held by the Fund. The amount compensated was less than 0.01% of the Fund’s net assets, thus having no impact on the Fund’s total return.
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DBX ETF Trust
To the Shareholders of
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, formerly Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond – Interest Rate Hedged ETF, formerly Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, formerly Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF, formerly Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF, formerly Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, and Xtrackers MSCI EAFE High Dividend Yield Equity ETF, formerly Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, and the Board of Trustees of DBX ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities 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, 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, (collectively referred to as the “Funds”), (six of the funds constituting DBX ETF Trust), including the schedules of investments, as of May 31, 2018, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting DBX ETF Trust) at May 31, 2018, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. general accepted accounting principles.
Individual fund constituting the DBX ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
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 | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the three years in the period ended May 31, 2018 and the period from March 3, 2015 (commencement of operations) through May 31, 2015 | |||
Xtrackers Municipal Infrastructure Revenue Bond ETF | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the four years in the period ended May 31, 2018 and the period from June 4, 2013 (commencement of operations) through May 31, 2014 | |||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 and the period from August 12, 2015 (commencement of operations) to May 31, 2016 |
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DBX ETF Trust
Report of Independent Registered Public Accounting Firm (Continued)
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of the internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2018, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
New York, New York
July 26, 2018
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DBX ETF Trust
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Independent Trustees | ||||||||||
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee | Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016) | Independent Director (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006). | 37 | The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum. | |||||
George O. Elston (1964) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Audit Committee and Member of the Nominating Committee | Trustee since 2011 (Chairman of the Audit Committee since 2015) | Chief Executive Officer, 2X Oncology, Inc. (2017-present); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 37 | ||||||
J. David Officer (1948) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Nominating Committee and Member of the Audit Committee | Trustee since 2011 (Chairman of the Nominating Committee since 2015) | Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 37 | Ilex Partners (Asia), LLC; Old Westbury Funds. |
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DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Interested Trustee | ||||||||||
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154 | Trustee Treasurer, Chief Financial Officer and Controller | Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010 | Director in the Finance Division at Deutsche Bank AG (2008- present); Manager, Treasurer and Chief Financial Officer of the Adviser (2010- present); Chief Financial Officer of Global Passive Asset Management Platform (2012- present); Chief Financial Officer of RREEF America L.L.C (2018-present). | 37 | The Adviser, DBX Strategic Advisors LLC and DB Commodity Services LLC | |||||
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Officers | ||||||||||
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154 | President and Chief Executive Officer | Since 2016 | Director in DWS and Chief Operating Officer in the Americas for the Passive Asset Management Department (2014-present) and Trading and Product Development teams (2016-present); Manager and Chief Operating Officer of the Adviser (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |||||||
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154 | Chief Operating Officer | Since 2014 | Managing Director in DWS and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Adviser (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012). | |||||||
Frank Gecsedi (1967) 60 Wall Street New York, New York 10005 | Chief Compliance Officer | Since 2010 | Director in the DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Adviser (2010- present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). |
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DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Bryan Richards (1978) 345 Park Avenue New York New York 10154 | Vice President | Since 2016 | Director in DWS (2014-present); Portfolio Manager in the Passive Asset Management Department at Deutsche Bank AG (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015). | |||||||
Leslie Lowenbraun (1953) 60 Wall Street New York, New York 10005 | Secretary | Since 2016 | Vice President in U.S. Retail Passive Legal of DWS (2014-present) and Chief Legal Officer of the Adviser (2017-present); Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014). | |||||||
Amy McDonald (1978) One International Place Boston, Massachusetts 02110 | Assistant Secretary | Since 2018 | Vice President in U.S. Retail Passive Legal of DWS (2018-present); Vice President, Fidelity Investments Asset Management Compliance (2016-2017); Legal Counsel and Senior Legal Counsel, Fidelity Investments (2010-2016). |
Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.
The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com
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DBX ETF Trust
Xtrackers MSCI EAFE High Dividend Yield Equity ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF and Xtrackers High Yield Corporate Bond — Interest Rate Hedged 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 continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI EAFE High Dividend Yield Equity ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF and Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and meetings by 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 Funds and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Adviser”) and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
The Board reached a determination, with the assistance of 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 each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to this meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.
The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its Deutsche Bank affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds. The Trustees took into consideration that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing
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DBX ETF Trust
Board Consideration in Approval of Investment Advisory Contract (Unaudited) (Continued)
the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Adviser’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting each Fund’s peer group and believed that the Funds’ peer groups were appropriate. The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Adviser and that the Adviser also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services provided to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Adviser’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” and at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Bats BZX, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund during the past calendar year, when available can be found at www.Xtrackers.com.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended May 31, 2018.
Qualified Dividend Income* | ||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | 67% | |||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 79% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF | $ | 379,058 | $ | 39,177 | ||||
Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 499,643 | 49,337 |
Of the dividends paid from net investment income for the fiscal year ended May 31, 2018 for Xtrackers Municipal Infrastructure Revenue Bond ETF, 100% are designated as exempt interest dividends for federal income tax purposes.
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DBX ETF Trust
DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
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DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. EMIH, HYIH and IGIH seek to mitigate the potential negative impact of rising Treasury interest rates by taking short positions in U.S. Treasury notes or bonds, or futures relating to those instruments. These short positions are not intended to mitigate credit risk or other factors that may have a greater impact on performance than rising or falling interest rates. The short positions may limit the potential positive impact of falling interest rates and there is no guarantee that the short positions will completely eliminate the interest rate risk of the long positions. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Stocks may decline in value. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange or Bats BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“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 101 Barclay Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-35362-5 (7/18) DBX003442 (7/19)
May 31, 2018
Annual Report
DBX ETF Trust
Xtrackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)
(On June 4, 2018, ASHX was renamed Xtrackers MSCI China A Inclusion Equity ETF)
Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
Xtrackers MSCI All China Equity ETF (CN)
DBX ETF Trust
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Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts | 59 | |||
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65 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for our flagship ETFs tracking China’s equity market for the period ended May 31, 2018.
You may have noticed a new logo appearing on the cover of this report. As of March 23, 2018, Deutsche Asset Management has adopted its existing European brand, DWS, globally. As we have consolidated several businesses over the last few years, each of which has grown up relatively independently, the time has now come to be united under a single brand that reflects our global identity and the full breadth of capabilities we offer to our clients.
The DWS brand — Deutsche Gesellschaft für Wertpapiersparen — draws on our roots in the German market, going back over 60 years. It was established in Hamburg in 1956 with a singular objective: to assist private investors in building wealth and managing risk. We have been fulfilling that promise for generations. Today, the DWS name is synonymous with the values that we have continuously lived up to, and those that will remain central to our future success: Excellence, Entrepreneurship, Sustainability and Integrity. It is therefore a name that we are proud to adopt and build upon as our brand here in the Americas.
Neither our product names nor the names of DBX ETF Trust and DBX Advisors LLC will change as part of this re-branding.
In connection with this change, our Americas web site has recently been redesigned with a new address: DWS.com. However, for your convenience, the Xtrackers.com address will remain live and will continue to automatically direct you to the new ETF site. Please visit us online to find the most current insights from our CIO, economists and investment specialists.
We are pleased to provide this annual report for our flagship ETFs tracking China’s equity market for the period ended May 31, 2018.
China’s economy carried the momentum of steady and sound growth over the reporting period. The economy continued to rebalance, supported by the government’s consistent efforts towards financial deleveraging. Expansionary fiscal policies and relatively tight monetary policies have aided growth and safeguarded financial stability of the economy. The reigning in of shadow banking services and the curbing of rising debt levels in the economy remained the centerpiece of the Communist Party of China’s (CPC) economic policies. Private investments surged, as the private sector started penetrating into new areas previously dominated by state-owned enterprises (SOEs). Meanwhile, escalated trade frictions between the U.S. and China and rising imports caused the trade surplus to diminish slightly during the period.
The world’s second largest economy advanced steadily at 6.8% percent year-over-year, driven by the strengthening of domestic consumption on rising real incomes, low unemployment levels, and impressive growth in the services sector. Major economic indicators, such as industrial production, retail sales, and fixed asset investment, witnessed stable growth. Meanwhile, supply side reforms to cut excess capacity, coupled with high business confidence, boosted manufacturing capacity utilization. However, tightening credit regulations and a rigorous approval process led to a slackening of fixed investments in 2018. Despite the existing trade friction between the U.S. and China, trade with countries along China’s One Belt, One Road (Belt and Road Initiative)1 increased substantially. Commodity imports soared owing to an increase in domestic demand and infrastructure investments in the country. Meanwhile, accommodative fiscal policies, including a series of tax cuts, helped boost consumption and personal income. The CPC also reduced the headline deficit target to 2.6% with the streamlining of public spending by government organizations.
Amid its changing stance, the People’s Bank of China (PBoC) tightened its hold on the lending sector with increased reserve requirements for leveraged lending and asset management businesses. On the other hand, it reduced the required reserve ratio by 0.01% to facilitate liquidity
1
and funding capacity of smaller banks. Such strategic moves have subdued inflationary pressures and aided employment and wage growth in the economy. Meanwhile, the PBoC’s series of capital control measures and new exchange rate fixing formula aided the renminbi’s strengthening against the USD over the reporting period. In addition, the inclusion of China A-shares3 in the MSCI Emerging Market Index2 is expected to renew investor interest in China large-cap equities, while boosting inflows.
China’s gross domestic product is expected to grow at a steady rate with country the focusing on expansion driven by consumption rather than exports and debt-fueled investments. However, deleveraging could impact the growth rate in the short term, but is expected to mitigate larger imbalances in the future. Additionally, the opening up of the financial sector, dominated by SOEs, could increase efficiency and could also help optimally allocate financial resources in the economy. Financial conditions would likely remain stable for the next few months, but we expect policymakers to further relax financial control to support domestic demand if trade tensions mount.
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 One Belt, One Road (Belt and Road Initiative) is a development strategy proposed by the Chinese government that focuses on connectivity and cooperation between Eurasian countries, primarily the People’s Republic of China (PRC), the land-based Silk Road Economic Belt (SREB) and the ocean-going Maritime Silk Road (MSR).
2 The MSCI Emerging Markets Index captures large- and mid-cap representation across emerging-market countries.
3 China A-shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi.
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 CSI 300 China A-Shares Hedged Equity ETF
The Xtrackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 USD Hedged Index (ASHX Index). The ASHX Index is designed to reflect the price fluctuation and performance of the China A-Shares 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 renminbi and the U.S. dollar. For the 12-month period ended May 31, 2018, ASHX shares returned 9.12%, compared to the ASHX Index return of 6.29%.
The majority of the sectors contributed positively to performance during the period, with the greatest contributions coming from Consumer Staples, Financials, and Consumer Discretionary. Telecommunication Services was the only negative contributor to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against the Chinese renminbi. The currency hedging strategy contributed negatively to performance. On June 4, 2018 the Fund was renamed Xtrackers MSCI China A Inclusion Equity ETF and changed its investment objective to seek investment results that correspond generally to the performance of the MSCI China A Inclusion Index.
Xtrackers Harvest CSI 300 China A-Shares ETF
Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (ASHR Index). The ASHR Index is designed to reflect the price fluctuation and performance of the China A-share market and is composed of the 300 largest and most liquid stocks in the China A-share market. ASHR is sub-advised by Harvest Global Investments. The continued strategic partnership between DWS and Harvest Global Investments provides investors with unique access to the expansive Chinese economy and stock market. For the 12-month period ended May 31, 2018, ASHR returned 15.38%, compared to the ASHR Index return of 18.10%.
The majority of the sectors contributed positively to performance during the period, with the greatest contribution coming from Consumer Staples, Financials, and Consumer Discretionary. Telecommunication Services was the only negative contributor to performance.
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (ASHS Index). The ASHS Index tracks 500 small-cap companies listed on the Shanghai and Shenzhen stock exchanges. For the 12-month period ended May 31, 2018, ASHS returned 3.73%, compared to the ASHS Index return of 6.14%.
Materials, Healthcare, and Consumer Staples were the major positive contributors, while Industrials, Real Estate, and Consumer Discretionary detracted the most from performance.
Xtrackers MSCI All China Equity ETF
Xtrackers MSCI All China Equity ETF (CN) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (CN Index). The CN Index captures large- and mid-cap representation across China A-shares, B- shares, H shares, Red chips and P chips share classes. The Index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, and Shenzhen. It is based on the concept of an integrated MSCI China equity universe, with China A-shares included. The Fund, using a passive or indexing approach, attempts to approximate the performance of the Index. CN expects to gain exposure to the China A-share components of the Index by investing in the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated Funds sub advised by Harvest Global Investments. For the 12-month period ended May 31, 2018, CN returned 24.71%, compared to the CN Index return of 22.48%.
The majority of the sectors contributed positively to performance during the period, with the greatest contribution coming from Information Technology, Financials, and Consumer Staples. Telecommunication Services and Industrials were negative contributors to performance.
3
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
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Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-13 of this report for additional performance information, including performance data based on market value.
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
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This Page is Intentionally Left Blank
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DBX ETF Trust
Xtrackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)
The Xtrackers CSI 300 China A-Shares Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 USD Hedged Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market, while mitigating exposure to fluctuations between the value of the renmimbi (“RMB”) and the U.S. dollar. The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Underlying Index. ASHX expects to gain exposure to the China A-share market of the Underlying Index by investing in Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR), an affiliated fund subadvised by Harvest Global Investments Limited. On June 4, 2018 the Fund was renamed Xtrackers MSCI China A Inclusion Equity ETF and change its investment objective to seek investment results that correspond generally to the performance of the MSCI China A Inclusion Index. The MSCI China A Inclusion Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program. China A-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. The fund no longer invests in ASHR. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | CSI 300 USD Hedged Index | CSI 300 Index | |||||
One Year | 9.12% | 8.91% | 6.29% | 18.10% | ||||
Since Inception1 | 1.69% | 1.69% | -0.14% | 4.18% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | CSI 300 USD Hedged Index | CSI 300 Index | |||||
One Year | 9.12% | 8.91% | 6.29% | 18.10% | ||||
Since Inception1 | 4.49% | 4.47% | -0.36% | 11.31% |
1 Total returns are calculated based on the commencement of operations, 10/20/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the prospectus dated October 2, 2017, was 1.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, as supplemented June 14, 2018, was 0.60%. This expense ratio includes net expenses of the affiliated funds in which ASHX invests.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
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DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 10/20/15.
Sector Diversification* as of 5/31/18 |
Financials | 32.1% | |||
Industrials | 13.2% | |||
Consumer Discretionary | 11.8% | |||
Information Technology | 9.0% | |||
Consumer Staples | 9.0% | |||
Health Care | 7.4% | |||
Materials | 7.1% | |||
Real Estate | 4.6% | |||
Utilities | 2.7% | |||
Energy | 2.4% | |||
Telecommunication Services | 0.7% | |||
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Total | 100.0% |
* As a percentage of total investments excluding securities lending collateral. Sector percentages are based on the sector allocations of the Fund’s investment in Xtrackers Harvest CSI 300 China A-shares ETF.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 16.
7
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)
The Xtrackers Harvest CSI 300 China A-Shares ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Underlying Index. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | CSI 300 Index | MSCI ACWI ex USA Index | |||||
One Year | 15.38% | 16.11% | 18.10% | 9.67% | ||||
Since Inception1 | 10.35% | 10.32% | 11.49% | 4.21% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | CSI 300 Index | MSCI ACWI ex USA Index | |||||
One Year | 15.38% | 16.11% | 18.10% | 9.67% | ||||
Since Inception1 | 56.80% | 56.62% | 64.36% | 20.71% |
1 Total returns are calculated based on the commencement of operations, 11/6/13 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, as supplemented June 14, 2018, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
8
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 11/6/13.
Sector Diversification* as of 5/31/18 |
Financials | 32.1% | |||
Industrials | 13.2% | |||
Consumer Discretionary | 11.8% | |||
Information Technology | 9.0% | |||
Consumer Staples | 9.0% | |||
Health Care | 7.4% | |||
Materials | 7.1% | |||
Real Estate | 4.6% | |||
Utilities | 2.7% | |||
Energy | 2.4% | |||
Telecommunication Services | 0.7% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (24.3% of Net Assets) |
Description | % of Net Assets | |||
Ping An Insurance Group Co. of China Ltd. | 5.9% | |||
Kweichow Moutai Co. Ltd. | 3.4% | |||
China Merchants Bank Co. Ltd. | 2.7% | |||
Midea Group Co. Ltd. | 2.2% | |||
Gree Electric Appliances, Inc. of Zhuhai | 2.1% | |||
Industrial Bank Co. Ltd. | 1.8% | |||
China Minsheng Banking Corp. Ltd. | 1.6% | |||
Inner Mongolia Yili Industrial Group Co. Ltd. | 1.6% | |||
Jiangsu Hengrui Medicine Co. Ltd. | 1.5% | |||
Bank of Communications Co. Ltd. | 1.5% |
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 18.
9
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of small cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Underlying Index. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | CSI 500 Index | MSCI ACWI ex USA Index | |||||
One Year | 3.73% | 5.36% | 6.14% | 9.67% | ||||
Since Inception1 | 9.03% | 9.26% | 11.52% | 3.61% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | CSI 500 Index | MSCI ACWI ex USA Index | |||||
One Year | 3.73% | 5.36% | 6.14% | 9.67% | ||||
Since Inception1 | 41.71% | 42.93% | 55.23% | 15.39% |
1 Total returns are calculated based on the commencement of operations, 5/21/14 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, as supplemented June 14, 2018, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
10
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 5/21/14.
Sector Diversification* as of 5/31/18 |
Industrials | 21.1% | |||
Information Technology | 17.7% | |||
Materials | 15.8% | |||
Health Care | 12.8% | |||
Consumer Discretionary | 12.4% | |||
Consumer Staples | 7.5% | |||
Real Estate | 5.5% | |||
Utilities | 3.2% | |||
Energy | 2.4% | |||
Financials | 1.6% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (5.6% of Net Assets) |
Description | % of Net Assets | |||
Changchun High & New Technology Industries, Inc. | 0.8% | |||
Jinyu Bio-Technology Co. Ltd. | 0.6% | |||
Shandong Hualu Hengsheng Chemical Co. Ltd. | 0.6% | |||
Glodon Co. Ltd. | 0.6% | |||
Shanghai Jahwa United Co. Ltd. | 0.5% | |||
Zhejiang Huahai Pharmaceutical Co. Ltd. | 0.5% | |||
Changyuan Group Ltd. | 0.5% | |||
Luxi Chemical Group Co. Ltd. | 0.5% | |||
Dawning Information Industry Co. Ltd. | 0.5% | |||
Anhui Kouzi Distillery Co. Ltd. | 0.5% |
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 24.
11
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI All China Equity ETF (CN)
The Xtrackers MSCI All China Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the “Underlying Index”). The Underlying Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe and is composed of A-shares, H-shares, B-shares, Red chips and P chips share classes. The Underlying Index captures large and mid-cap representation across China A-shares, B-shares, H-shares, Red chips and P chips. The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai and Shenzhen. It is based on the concept of the integrated MSCI China equity universe with China A-shares included. The Fund, using “passive” or indexing investment approach, attempts to approximate the performance of the Underlying Index. The Fund expects to gain exposure to the China A-share components of the Index by investing in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated funds subadvised by Harvest Global Investments Limited. Effective June 1, 2018, the Fund expects to gain exposure to the China A-share components of the Index by also investing in Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||
Net Asset Value | Market Value | MSCI China All Shares Index | ||||
One Year | 24.71% | 25.66% | 22.48% | |||
Since Inception1 | 17.85% | 17.94% | 13.73% | |||
Cumulative Total Returns | ||||||
Net Asset Value | Market Value | MSCI China All Shares Index | ||||
One Year | 24.71% | 25.66% | 22.48% | |||
Since Inception1 | 95.72% | 96.43% | 69.26% |
1 Total returns are calculated based on the commencement of operations, 4/30/14 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, as supplemented June 14, 2018, was 0.82%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. This expense ratio includes net expenses of the affiliated funds in which CN invests.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
12
DBX ETF Trust
Xtrackers MSCI All China Equity ETF (CN) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 4/30/14.
Sector Diversification* as of 5/31/18 |
Information Technology | 28.4% | |||
Financials | 23.5% | |||
Consumer Discretionary | 9.9% | |||
Industrials | 8.5% | |||
Consumer Staples | 5.4% | |||
Real Estate | 4.9% | |||
Health Care | 4.9% | |||
Materials | 4.3% | |||
Energy | 4.3% | |||
Utilities | 3.1% | |||
Telecommunication Services | 2.8% | |||
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| |||
Total | 100.0% |
Ten Largest Equity and ETF Holdings as of 5/31/18 (69.0% of Net Assets) |
Description | % of Net Assets | |||
Xtrackers Harvest CSI 300 China A-Shares ETF | 33.0% | |||
Tencent Holdings Ltd. | 10.3% | |||
Alibaba Group Holding Ltd. | 8.2% | |||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 5.1% | |||
China Construction Bank Corp. | 3.0% | |||
Baidu, Inc. | 2.4% | |||
Industrial & Commercial Bank of China Ltd. | 2.3% | |||
China Mobile Ltd. | 2.0% | |||
Bank of China Ltd. | 1.5% | |||
Ping An Insurance Group Co. of China Ltd. | 1.2% |
* As a percentage of total investments excluding securities lending collateral. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 33.
13
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other fund expenses. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. The Xtrackers CSI 300 China A-Shares Hedged Equity ETF shareholders indirectly bear the expenses of Xtrackers Harvest CSI 300 China A-Shares ETF (the “Underlying Fund”) in which the Xtrackers CSI 300 China A-Shares Hedged Equity ETF invests. These expenses are not included in Xtrackers MSCI All China Equity ETF’s and Xtrackers CSI 300 China A-Shares Hedged Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. In the most recent six-month period Xtrackers CSI 300 China A-Shares Hedged Equity ETF and Xtrackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2017 to May 31, 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 December 1, 2017 | Ending Account Value May 31, 2018 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF (2) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 945.90 | 0.05 | % | $ | 0.24 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.68 | 0.05 | % | $ | 0.25 | ||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 974.00 | 0.66 | % | $ | 3.25 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.64 | 0.66 | % | $ | 3.33 | ||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 945.40 | 0.65 | % | $ | 3.15 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,021.69 | 0.65 | % | $ | 3.28 |
14
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
Beginning Account Value December 1, 2017 | Ending Account Value May 31, 2018 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers MSCI All China Equity ETF (2) | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,030.70 | 0.36 | % | $ | 1.82 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,023.14 | 0.36 | % | $ | 1.82 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.
(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
15
DBX ETF Trust
Xtrackers CSI 300 China A-Shares Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 0.1% | ||||||||
Consumer Discretionary — 0.0% | ||||||||
Midea Group Co. Ltd., Class A* | 100 | $ | 826 | |||||
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Financials — 0.1% | ||||||||
China Merchants Bank Co. Ltd., Class A* | 100 | 449 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A* | 100 | 971 | ||||||
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1,420 | ||||||||
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Information Technology — 0.0% | ||||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A* | 100 | 612 | ||||||
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TOTAL COMMON STOCKS | 2,858 | |||||||
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Number of Shares | Value | |||||||
EXCHANGE-TRADED FUND — 98.5% | ||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF (a)(b) | 69,221 | $ | 2,048,942 | |||||
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SECURITIES LENDING COLLATERAL — 3.6% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (c)(d) | 75,000 | 75,000 | ||||||
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TOTAL INVESTMENTS — 102.2% (Cost $1,810,500) | $ | 2,126,800 | ||||||
Other assets and liabilities, net — (2.2%) | (46,316 | ) | ||||||
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NET ASSETS — 100.0% | $ | 2,080,484 | ||||||
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A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
EXCHANGE-TRADED FUND — 98.5% |
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Xtrackers Harvest CSI 300 China A-Shares ETF (a)(b) |
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2,932,996 | 103,013 | (1,453,174) | 214,663 | 251,444 | 28,928 | — | 69,221 | 2,048,942 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 3.6% |
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DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (c)(d) |
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1,314,136 | — | (1,239,136) | — | — | 11,636 | — | 75,000 | 75,000 | ||||||||||||||||||||||||
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4,247,132 | 103,013 | (2,692,310) | 214,663 | 251,444 | 40,564 | — | 144,221 | 2,123,942 | ||||||||||||||||||||||||
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* | 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 May 31, 2018 amounted to $74,000, which is 3.6% 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 annualized seven-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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. |
As of May 31, 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. | 6/5/2018 | CNH | 78,000 | USD | 12,333 | $ | 170 | $ | — | |||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | CNH | 19,967,000 | USD | 3,152,881 | 39,207 | — | |||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 1,023,405 | CNH | 6,540,000 | — | (3,551 | ) | ||||||||||||||||||||
Goldman Sachs & Co. | 6/5/2018 | USD | 67,181 | CNH | 425,000 | — | (907 | ) | ||||||||||||||||||||
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Total unrealized appreciation (depreciation) | $ | 39,377 | $ | (4,458 | ) | |||||||||||||||||||||||
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Currency Abbreviations
CNH | Chinese Offshore Yuan |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers CSI 300 China A-Shares Hedged Equity ETF (Continued)
May 31, 2018
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | 2,858 | $ | — | $ | — | $ | 2,858 | ||||||||
Exchange-Traded Fund | 2,048,942 | — | — | 2,048,942 | ||||||||||||
Short-Term Investments | 75,000 | — | — | 75,000 | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 39,377 | — | 39,377 | ||||||||||||
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TOTAL | $ | 2,126,800 | $ | 39,377 | $ | — | $ | 2,166,177 | ||||||||
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Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (f) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (4,458 | ) | $ | — | $ | (4,458 | ) | ||||||
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TOTAL | $ | — | $ | (4,458 | ) | $ | — | $ | (4,458 | ) | ||||||
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(e) | See Schedule of Investments for additional detailed categorizations. |
(f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Consumer Discretionary — 11.7% | ||||||||
Alpha Group, Class A | 146,992 | $ | 273,521 | |||||
Beijing Enlight Media Co. Ltd., Class A | 352,100 | 594,224 | ||||||
BYD Co. Ltd., Class A | 359,582 | 2,868,804 | ||||||
China Film Co. Ltd., Class A | 292,600 | 812,822 | ||||||
China Grand Automotive Services Co. Ltd., Class A | 960,297 | 1,020,023 | ||||||
China International Travel Service Corp. Ltd., Class A | 385,833 | 4,071,219 | ||||||
China Shipbuilding Industry Group Power Co. Ltd., Class A* | 344,255 | 1,253,789 | ||||||
Chinese Universe Publishing and Media Co. Ltd., Class A | 218,771 | 542,556 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 777,756 | 1,230,095 | ||||||
CITIC Guoan Information Industry Co. Ltd., Class A | 1,094,400 | 1,089,066 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 550,840 | 2,141,070 | ||||||
Great Wall Motor Co. Ltd., Class A | 475,711 | 811,000 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 1,912,071 | 14,166,251 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 51,802 | 145,033 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 186,084 | 1,030,374 | ||||||
Heilan Home Co. Ltd., Class A* | 203,900 | 462,422 | ||||||
Huayi Brothers Media Corp., Class A | 662,165 | 847,943 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 628,959 | 2,503,573 | ||||||
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A | 608,130 | 570,070 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A* | 28,700 | 100,095 | ||||||
Liaoning Cheng Da Co. Ltd., Class A* | 489,078 | 1,240,383 | ||||||
Midea Group Co. Ltd., Class A | 1,805,116 | 14,897,046 | ||||||
Nanjing Xinjiekou Department Store Co. Ltd., Class A*(a) | 161,768 | 793,612 | ||||||
Oppein Home Group, Inc., Class A* | 15,000 | 335,434 | ||||||
Qingdao Haier Co. Ltd., Class A | 1,211,245 | 3,797,391 | ||||||
SAIC Motor Corp. Ltd., Class A | 1,328,252 | 7,510,101 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 133,502 | 373,150 | ||||||
Shanghai Oriental Pearl Group Co. Ltd., Class A | 521,553 | 1,461,854 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 1,289,980 | 1,585,501 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 282,824 | 1,021,673 | ||||||
Suning.com Co. Ltd., Class A | 1,469,906 | 3,730,219 | ||||||
Suofeiya Home Collection Co. Ltd., Class A | 221,459 | 1,214,160 | ||||||
TCL Corp., Class A | 3,191,580 | 1,548,187 | ||||||
Triangle Tyre Co. Ltd., Class A | 66,518 | 167,871 | ||||||
Wanda Film Holding Co. Ltd., Class A (a) | 137,403 | 1,141,403 | ||||||
Wanxiang Qianchao Co. Ltd., Class A | 548,989 | 690,170 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A | 686,930 | 652,510 |
Number of Shares | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd., Class A* | 129,189 | $ | 266,589 | |||||
Xiamen Intretech, Inc., Class A | 10,300 | 98,706 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A | 174,204 | 953,723 | ||||||
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A | 148,885 | 239,424 | ||||||
|
| |||||||
80,253,057 | ||||||||
|
| |||||||
Consumer Staples — 8.9% | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A | 818,013 | 697,918 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 91,885 | 1,074,028 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 396,119 | 1,810,300 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A* | 2,303,360 | 11,148,101 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 239,295 | 5,362,746 | ||||||
Kweichow Moutai Co. Ltd., Class A | 199,272 | 23,346,333 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 287,308 | 3,096,585 | ||||||
Muyuan Foodstuff Co. Ltd., Class A | 138,500 | 1,138,460 | ||||||
New Hope Liuhe Co. Ltd., Class A | 839,346 | 933,443 | ||||||
Shanghai Bailian Group Co. Ltd., Class A | 223,955 | 417,781 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 29,500 | 296,553 | ||||||
Tongwei Co. Ltd., Class A | 220,200 | 387,422 | ||||||
Wuliangye Yibin Co. Ltd., Class A* | 753,825 | 9,286,348 | ||||||
Yonghui Superstores Co. Ltd., Class A | 1,505,443 | 2,261,247 | ||||||
|
| |||||||
61,257,265 | ||||||||
|
| |||||||
Energy — 2.4% | ||||||||
China Coal Energy Co. Ltd., Class A | 729,987 | 560,193 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 590,600 | 360,187 | ||||||
China Oilfield Services Ltd., Class A | 67,200 | 109,742 | ||||||
China Petroleum & Chemical Corp., Class A | 4,155,566 | 4,569,583 | ||||||
China Petroleum Engineering Corp.* | 190,000 | 138,398 | ||||||
China Shenhua Energy Co. Ltd., Class A | 782,951 | 2,491,277 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 880,683 | 822,818 | ||||||
PetroChina Co. Ltd., Class A | 2,556,372 | 3,181,883 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 1,577,283 | 1,980,445 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A (a) | 332,500 | 275,605 | ||||||
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A | 629,200 | 754,696 | ||||||
Sinopec Oilfield Service Corp., Class A* | 516,500 | 169,179 | ||||||
Wintime Energy Co. Ltd., Class A | 2,454,485 | 800,136 | ||||||
Yanzhou Coal Mining Co. Ltd., Class A | 150,544 | 317,701 | ||||||
|
| |||||||
16,531,843 | ||||||||
|
| |||||||
Financials — 31.9% | ||||||||
Agricultural Bank of China Ltd., Class A | 14,503,000 | 8,121,001 | ||||||
Anxin Trust Co. Ltd., Class A | 870,512 | 1,110,671 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Financials (Continued) | ||||||||
Avic Capital Co. Ltd., Class A | 1,786,090 | $ | 1,454,224 | |||||
Bank of Beijing Co. Ltd., Class A | 5,839,684 | 6,029,824 | ||||||
Bank of Chengdu Co. Ltd., Class A* | 45,100 | 78,294 | ||||||
Bank of China Ltd., Class A | 8,338,600 | 4,903,338 | ||||||
Bank of Communications Co. Ltd., Class A | 10,918,210 | 10,251,921 | ||||||
Bank of Guiyang Co. Ltd., Class A | 549,800 | 1,143,121 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 162,465 | 296,992 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 2,734,800 | 3,071,251 | ||||||
Bank of Nanjing Co. Ltd., Class A | 2,012,683 | 2,549,111 | ||||||
Bank of Ningbo Co. Ltd., Class A | 997,935 | 2,649,227 | ||||||
Bank of Shanghai Co. Ltd., Class A | 637,420 | 1,548,002 | ||||||
Bohai Capital Holding Co. Ltd., Class A (a) | 673,700 | 505,071 | ||||||
Caitong Securities Co. Ltd., Class A* | 44,800 | 88,744 | ||||||
Central China Securities Co. Ltd., Class A | 226,200 | 190,874 | ||||||
Changjiang Securities Co. Ltd., Class A | 1,521,069 | 1,504,165 | ||||||
China CITIC Bank Corp. Ltd., Class A | 1,216,301 | 1,216,064 | ||||||
China Construction Bank Corp., Class A | 2,655,628 | 2,949,202 | ||||||
China Everbright Bank Co. Ltd., Class A | 6,293,887 | 3,897,326 | ||||||
China Galaxy Securities Co. Ltd., Class A | 256,600 | 365,413 | ||||||
China Life Insurance Co. Ltd., Class A | 655,801 | 2,512,220 | ||||||
China Merchants Bank Co. Ltd., Class A | 4,085,478 | 18,339,646 | ||||||
China Merchants Securities Co. Ltd., Class A | 904,527 | 2,230,543 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 9,394,559 | 11,224,382 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,249,103 | 6,481,989 | ||||||
CITIC Securities Co. Ltd., Class A | 3,108,095 | 9,036,443 | ||||||
Dongxing Securities Co. Ltd., Class A | 443,122 | 979,379 | ||||||
Everbright Securities Co. Ltd., Class A | 770,992 | 1,433,453 | ||||||
First Capital Securities Co. Ltd., Class A* | 836,880 | 877,182 | ||||||
Founder Securities Co. Ltd., Class A* | 1,616,542 | 1,480,070 | ||||||
GF Securities Co. Ltd., Class A | 1,166,303 | 2,599,566 | ||||||
Guosen Securities Co. Ltd., Class A | 970,491 | 1,515,245 | ||||||
Guotai Junan Securities Co. Ltd., Class A* | 1,481,984 | 3,881,070 | ||||||
Guoyuan Securities Co. Ltd., Class A* | 799,802 | 1,041,661 | ||||||
Haitong Securities Co. Ltd., Class A | 3,215,081 | 5,255,457 | ||||||
Huaan Securities Co. Ltd., Class A | 427,300 | 417,886 | ||||||
Huatai Securities Co. Ltd., Class A | 1,286,873 | 3,382,150 | ||||||
Huaxia Bank Co. Ltd., Class A | 2,525,560 | 3,281,406 | ||||||
Hubei Biocause Pharmaceutical Co. Ltd., Class A | 591,300 | 707,393 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 8,570,784 | 7,566,487 | ||||||
Industrial Bank Co. Ltd., Class A | 4,953,030 | 12,306,768 | ||||||
Industrial Securities Co. Ltd., Class A | 1,832,088 | 1,688,850 | ||||||
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A | 59,400 | 66,708 | ||||||
New China Life Insurance Co. Ltd., Class A | 330,023 | 2,224,261 | ||||||
Northeast Securities Co. Ltd., Class A | 391,425 | 437,139 | ||||||
Orient Securities Co. Ltd., Class A | 1,179,312 | 1,981,078 |
Number of Shares | Value | |||||||
Financials (Continued) | ||||||||
Pacific Securities Co. Ltd., Class A | 2,710,533 | $ | 1,141,499 | |||||
Ping An Bank Co. Ltd., Class A | 3,399,812 | 5,398,337 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 4,204,569 | 40,745,544 | ||||||
SDIC Capital Co. Ltd., Class A | 335,900 | 592,033 | ||||||
Sealand Securities Co. Ltd., Class A | 819,649 | 503,711 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A* | 4,665,642 | 7,677,524 | ||||||
Shanxi Securities Co. Ltd., Class A | 677,498 | 765,075 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 1,782,631 | 1,290,139 | ||||||
Sinolink Securities Co. Ltd., Class A* | 842,805 | 1,030,624 | ||||||
SooChow Securities Co. Ltd., Class A | 945,928 | 1,087,384 | ||||||
Southwest Securities Co. Ltd., Class A | 1,120,132 | 728,555 | ||||||
Western Securities Co. Ltd., Class A | 697,395 | 926,779 | ||||||
Zheshang Securities Co. Ltd., Class A* | 145,500 | 237,838 | ||||||
|
| |||||||
218,997,310 | ||||||||
|
| |||||||
Health Care — 7.4% | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A | 358,700 | 1,846,302 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 219,595 | 1,387,872 | ||||||
China Reform Health Management and Services Group Co. Ltd., Class A* | 281,498 | 1,645,630 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A* | 190,600 | 1,385,668 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 211,858 | 1,983,344 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 222,623 | 1,535,486 | ||||||
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A* | 118,856 | 248,789 | ||||||
Huadong Medicine Co. Ltd., Class A* | 190,621 | 2,303,061 | ||||||
Hualan Biological Engineering, Inc., Class A | 223,035 | 1,255,501 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 876,785 | 10,411,330 | ||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A | 370,770 | 1,128,864 | ||||||
Kangmei Pharmaceutical Co. Ltd., Class A | 1,165,185 | 4,863,381 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 421,100 | 2,614,120 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A* | 414,776 | 1,926,618 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 32,700 | 270,526 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 401,396 | 2,898,128 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 455,822 | 1,883,366 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A (a) | 461,372 | 1,696,784 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 168,000 | 1,121,266 | ||||||
Tasly Pharmaceutical Group Co. Ltd., Class A | 259,692 | 1,710,150 | ||||||
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | 163,004 | 668,415 |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Health Care (Continued) | ||||||||
Yunnan Baiyao Group Co. Ltd., Class A | 203,387 | $ | 3,619,646 | |||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 123,577 | 2,146,274 | ||||||
|
| |||||||
50,550,521 | ||||||||
|
| |||||||
Industrials — 13.1% | ||||||||
AECC Aero-Engine Control Co. Ltd., Class A* | 126,816 | 277,318 | ||||||
AECC Aviation Power Co. Ltd., Class A* | 359,434 | 1,348,876 | ||||||
Air China Ltd., Class A | 783,199 | 1,343,761 | ||||||
AVIC Aircraft Co. Ltd., Class A | 551,778 | 1,364,976 | ||||||
AVIC Helicopter Co. Ltd., Class A | 93,958 | 606,871 | ||||||
Beijing New Building Materials PLC, Class A* | 101,400 | 337,512 | ||||||
Beijing Orient Landscape & Environment Co. Ltd., Class A (a) | 523,525 | 1,187,558 | ||||||
Beijing Originwater Technology Co. Ltd., Class A | 741,478 | 1,827,312 | ||||||
China Avionics Systems Co. Ltd., Class A | 211,856 | 450,395 | ||||||
China Communications Construction Co. Ltd., Class A | 599,996 | 1,147,351 | ||||||
China Eastern Airlines Corp. Ltd., Class A | 1,549,865 | 1,779,217 | ||||||
China Gezhouba Group Co. Ltd., Class A | 1,090,712 | 1,301,454 | ||||||
China High-Speed Railway Technology Co. Ltd., Class A | 468,410 | 407,679 | ||||||
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A* | 63,100 | 82,870 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 786,257 | 913,646 | ||||||
China Nuclear Engineering Corp. Ltd., Class A | 314,400 | 433,994 | ||||||
China Railway Construction Corp. Ltd., Class A | 1,813,970 | 2,594,518 | ||||||
China Railway Group Ltd., Class A (a) | 1,641,187 | 1,842,583 | ||||||
China Shipbuilding Industry Co. Ltd., Class A* | 3,599,094 | 2,554,241 | ||||||
China Southern Airlines Co. Ltd., Class A | 1,385,160 | 2,160,515 | ||||||
China Spacesat Co. Ltd., Class A | 235,340 | 772,322 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 5,936,651 | 7,620,766 | ||||||
CITIC Heavy Industries Co. Ltd., Class A* | 479,800 | 232,744 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A* | 1,259,600 | 579,578 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A* | 1,504,706 | 1,436,350 | ||||||
CRRC Corp. Ltd., Class A | 2,891,146 | 4,130,692 | ||||||
CSSC Offshore and Marine Engineering Group Co. Ltd., Class A | 92,293 | 241,413 | ||||||
Daqin Railway Co. Ltd., Class A | 2,347,960 | 3,076,290 | ||||||
Fangda Carbon New Material Co. Ltd., Class A | 121,635 | 494,413 | ||||||
Guangshen Railway Co. Ltd., Class A | 1,350,450 | 935,231 | ||||||
Guangzhou Port Co. Ltd., Class A | 291,300 | 269,434 | ||||||
Guoxuan High-Tech Co. Ltd., Class A | 272,166 | 686,438 | ||||||
Hainan Airlines Holding Co. Ltd., Class A (a) | 4,136,000 | 1,786,649 | ||||||
Han’s Laser Technology Industry Group Co. Ltd., Class A | 334,952 | 2,873,443 |
Number of Shares | Value | |||||||
Industrials (Continued) | ||||||||
Jiangsu Guoxin Corp. Ltd., Class A* | 260,442 | $ | 309,951 | |||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 739,000 | 858,733 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 840,468 | 1,324,036 | ||||||
Jihua Group Corp. Ltd., Class A | 523,800 | 357,030 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 627,933 | 2,276,181 | ||||||
Metallurgical Corp. of China Ltd., Class A | 2,130,000 | 1,222,601 | ||||||
NARI Technology Co. Ltd., Class A | 725,824 | 1,932,512 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A | 1,574,300 | 1,262,141 | ||||||
Power Construction Corp. of China Ltd., Class A | 1,810,007 | 1,648,734 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 1,805,989 | 2,278,877 | ||||||
SF Holding Co. Ltd., Class A | 88,200 | 665,842 | ||||||
Shanghai Construction Group Co. Ltd., Class A* | 1,769,211 | 954,801 | ||||||
Shanghai Electric Group Co. Ltd., Class A* | 1,398,803 | 1,335,258 | ||||||
Shanghai International Airport Co. Ltd., Class A | 378,300 | 3,178,634 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 1,200,453 | 1,218,943 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A | 750,794 | 819,740 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A* | 399,334 | 2,035,521 | ||||||
Siasun Robot & Automation Co. Ltd., Class A* | 425,067 | 1,232,520 | ||||||
Spring Airlines Co. Ltd., Class A* | 108,027 | 640,116 | ||||||
STO Express Co. Ltd., Class A* | 123,100 | 449,870 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A | 633,045 | 1,216,473 | ||||||
TBEA Co. Ltd., Class A* | 1,468,103 | 1,790,691 | ||||||
Tus-Sound Environmental Resources Co. Ltd., Class A | 279,448 | 877,845 | ||||||
Weichai Power Co. Ltd., Class A | 1,913,418 | 2,605,442 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 1,671,126 | 1,071,293 | ||||||
Xiamen C & D, Inc., Class A | 564,081 | 938,778 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 805,895 | 2,028,800 | ||||||
YTO Express Group Co. Ltd., Class A | 137,111 | 349,447 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 172,400 | 737,868 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A* | 96,200 | 257,484 | ||||||
Zhengzhou Yutong Bus Co. Ltd., Class A | 525,207 | 1,800,592 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 1,735,103 | 1,128,545 | ||||||
|
| |||||||
89,903,709 | ||||||||
|
| |||||||
Information Technology — 8.9% | ||||||||
360 Security Technology, Inc., Class A* | 46,000 | 245,453 | ||||||
Aisino Corp., Class A* | 446,665 | 1,880,364 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 128,340 | 598,136 | ||||||
Beijing Xinwei Technology Group Co. Ltd., Class A (a) | 430,545 | 1,025,283 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Information Technology (Continued) | ||||||||
BOE Technology Group Co. Ltd., Class A | 9,371,574 | $ | 6,022,365 | |||||
Chaozhou Three-Circle Group Co. Ltd., Class A* | 118,500 | 440,268 | ||||||
DHC Software Co. Ltd., Class A | 741,608 | 1,191,431 | ||||||
Dongxu Optoelectronic Technology Co. Ltd., Class A | 1,509,117 | 1,786,578 | ||||||
East Money Information Co. Ltd., Class A | 1,420,748 | 2,940,663 | ||||||
Fiberhome Telecommunication Technologies Co. Ltd., Class A | 222,695 | 922,215 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 1,930,889 | 3,761,638 | ||||||
Giant Network Group Co. Ltd., Class A | 236,999 | 896,428 | ||||||
GoerTek, Inc., Class A | 769,742 | 1,355,490 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 450,811 | 679,249 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 23,201 | 203,014 | ||||||
Hangzhou Hikvision Digital Technology Co. Ltd., Class A | 1,463,355 | 8,935,910 | ||||||
Hengtong Optic-electric Co. Ltd., Class A | 108,000 | 555,224 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 86,176 | 616,556 | ||||||
Hundsun Technologies, Inc., Class A | 192,133 | 1,728,860 | ||||||
Iflytek Co. Ltd., Class A | 579,829 | 3,274,807 | ||||||
Jiangsu Protruly Vision Technology Group Co. Ltd., Class A* | 342,600 | 65,193 | ||||||
Lens Technology Co. Ltd., Class A | 59,580 | 217,550 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 771,971 | 2,907,873 | ||||||
O-film Tech Co. Ltd., Class A | 744,912 | 2,126,245 | ||||||
Ourpalm Co. Ltd., Class A | 615,300 | 479,860 | ||||||
Perfect World Co. Ltd., Class A | 151,537 | 852,082 | ||||||
Sanan Optoelectronics Co. Ltd., Class A* | 965,721 | 3,124,049 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A* | 12,300 | 136,770 | ||||||
Shenzhen Sunway Communication Co. Ltd., Class A | 311,550 | 1,671,642 | ||||||
Suzhou Victory Precision Manufacture Co. Ltd., Class A | 573,284 | 377,346 | ||||||
Tsinghua Tongfang Co. Ltd., Class A | 697,651 | 1,200,249 | ||||||
Unisplendour Corp. Ltd., Class A | 55,000 | 577,345 | ||||||
Wangsu Science & Technology Co. Ltd., Class A | 570,461 | 979,649 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 373,435 | 1,432,872 | ||||||
Youzu Interactive Co. Ltd., Class A | 120,795 | 395,287 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 688,885 | 2,605,648 | ||||||
ZTE Corp., Class A*(a) | 692,417 | 3,086,054 | ||||||
|
| |||||||
61,295,646 | ||||||||
|
| |||||||
Materials — 7.1% | ||||||||
Aluminum Corp. of China Ltd., Class A* | 2,600,352 | 1,691,318 | ||||||
Angang Steel Co. Ltd., Class A | 735,200 | 694,921 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 794,453 | 4,242,865 | ||||||
Baiyin Nonferrous Group Co. Ltd., Class A | 297,000 | 240,889 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 3,512,990 | 4,613,668 |
Number of Shares | Value | |||||||
Materials (Continued) | ||||||||
BBMG Corp., Class A | 1,329,800 | $ | 819,295 | |||||
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A*(a) | 357,882 | 1,415,641 | ||||||
Beijing Shougang Co. Ltd., Class A* | 641,817 | 387,418 | ||||||
China Hainan Rubber Industry Group Co. Ltd., Class A*(a) | 494,400 | 487,024 | ||||||
China Jushi Co. Ltd., Class A | 238,340 | 452,795 | ||||||
China Molybdenum Co. Ltd., Class A* | 1,056,290 | 1,171,413 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 861,618 | 1,624,795 | ||||||
Hengli Petrochemical Co. Ltd., Class A* | 85,930 | 209,891 | ||||||
Hesteel Co. Ltd., Class A | 1,687,835 | 826,641 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A* | 8,300 | 99,956 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* | 5,405,407 | 1,441,723 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 1,336,770 | 825,675 | ||||||
Jiangsu Bicon Pharmaceutical Listed Co., Class A | 123,355 | 656,097 | ||||||
Jiangxi Copper Co. Ltd., Class A | 413,695 | 1,064,686 | ||||||
Jiangxi Ganfeng Lithium Co. Ltd., Class A | 303,424 | 1,974,474 | ||||||
Jinduicheng Molybdenum Co. Ltd., Class A* | 384,604 | 400,726 | ||||||
Kangde Xin Composite Material Group Co. Ltd., Class A* | 836,578 | 2,476,623 | ||||||
Kingenta Ecological Engineering Group Co. Ltd., Class A | 633,302 | 820,860 | ||||||
Lomon Billions Group Co. Ltd., Class A | 241,951 | 534,000 | ||||||
Minmetals Capital Co. Ltd., Class A* | 134,700 | 178,795 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A | 555,009 | 1,063,921 | ||||||
Rongsheng Petro Chemical Co. Ltd., Class A | 194,800 | 321,464 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 294,743 | 1,303,329 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 2,212,050 | 1,014,377 | ||||||
Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 13,700 | 107,143 | ||||||
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 988,707 | 906,781 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 584,550 | 525,171 | ||||||
Tianqi Lithium Corp., Class A (a) | 271,351 | 2,374,252 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A* | 2,512,420 | 987,529 | ||||||
Wanhua Chemical Group Co. Ltd., Class A (a) | 529,771 | 2,742,489 | ||||||
Xiamen Tungsten Co. Ltd., Class A | 174,146 | 568,513 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A* | 118,300 | 1,928,597 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A | 908,588 | 1,849,417 | ||||||
Zhongjin Gold Corp. Ltd., Class A | 688,016 | 929,338 | ||||||
Zijin Mining Group Co. Ltd., Class A | 4,111,251 | 2,404,709 | ||||||
|
| |||||||
48,379,219 | ||||||||
|
|
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Real Estate — 4.6% | ||||||||
Beijing Capital Development Co. Ltd., Class A | 513,486 | $ | 669,565 | |||||
China Fortune Land Development Co. Ltd., Class A | 466,133 | 1,970,318 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 934,306 | 3,088,001 | ||||||
China Vanke Co. Ltd., Class A | 1,932,134 | 7,711,961 | ||||||
Financial Street Holdings Co. Ltd., Class A | 475,415 | 687,400 | ||||||
Future Land Holdings Co. Ltd., Class A | 357,964 | 1,596,845 | ||||||
Gemdale Corp., Class A | 884,652 | 1,466,774 | ||||||
Greenland Holdings Corp. Ltd., Class A | 1,433,327 | 1,495,645 | ||||||
Poly Real Estate Group Co. Ltd., Class A | 2,806,824 | 5,402,411 | ||||||
Red Star Macalline Group Corp. Ltd., Class A* | 35,900 | 107,175 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A | 693,020 | 1,002,035 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A | 285,838 | 730,729 | ||||||
Shanghai SMI Holding Co. Ltd., Class A* | 353,076 | 383,296 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 216,701 | 435,345 | ||||||
Xinhu Zhongbao Co. Ltd., Class A* | 1,712,946 | 1,092,759 | ||||||
Yango Group Co. Ltd., Class A | 639,797 | 631,688 | ||||||
Youngor Group Co. Ltd., Class A | 1,000,120 | 1,313,474 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A | 1,079,483 | 868,806 | ||||||
Zhongtian Financial Group Co. Ltd., Class A (a) | 1,379,250 | 997,772 | ||||||
|
| |||||||
31,651,999 | ||||||||
|
| |||||||
Telecommunication Services — 0.7% | ||||||||
China United Network Communications Ltd., Class A* | 3,582,063 | 3,033,824 |
Number of Shares | Value | |||||||
Telecommunication Services (Continued) | ||||||||
Dr Peng Telecom & Media Group Co. Ltd., Class A | 564,379 | $ | 1,362,696 | |||||
|
| |||||||
4,396,520 | ||||||||
|
| |||||||
Utilities — 2.7% | ||||||||
Beijing Capital Co. Ltd., Class A | 961,112 | 683,590 | ||||||
China National Nuclear Power Co. Ltd., Class A | 1,842,600 | 1,758,895 | ||||||
China Yangtze Power Co. Ltd., Class A | 2,606,238 | 6,955,389 | ||||||
Datang International Power Generation Co. Ltd., Class A* | 972,900 | 497,737 | ||||||
GD Power Development Co. Ltd., Class A | 4,652,200 | 2,060,791 | ||||||
Huaneng Lancang River Hydropower, Inc., Class A* | 204,200 | 106,061 | ||||||
Huaneng Power International, Inc., Class A | 1,652,300 | 1,811,763 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 1,607,260 | 1,890,230 | ||||||
Shanghai Electric Power Co. Ltd., Class A | 263,800 | 327,526 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 877,106 | 1,284,621 | ||||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A | 1,605,490 | 1,307,180 | ||||||
|
| |||||||
18,683,783 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 681,900,872 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.4% (Cost $598,388,714) | $ | 681,900,872 | ||||||
Other assets and liabilities, net — 0.6% | 3,929,744 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 685,830,616 | ||||||
|
|
* | 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 May 31, 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 (b) | $ | 660,543,092 | $ | — | $ | 21,357,780 | $ | 681,900,872 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 660,543,092 | $ | — | $ | 21,357,780 | $ | 681,900,872 | ||||||||
|
|
|
|
|
|
|
|
(b) | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)
May 31, 2018
The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:
Balance at May 31, 2017 | $ | 18,009,364 | ||
Purchases | 16,782,376 | |||
Sales | (12,443,710 | ) | ||
Realized gain (loss) | (960,784 | ) | ||
Change in unrealized gain (loss) | 1,392,837 | |||
Transfers into Level 3 (c) | 11,278,141 | |||
Transfer out of Level 3 (c) | (12,700,444 | ) | ||
|
| |||
Balance at May 31, 2018 | 21,357,780 | |||
|
| |||
Change in unrealized gain (loss) related to investments still held at May 31, 2018 | 414,632 |
(c) | During the year ended May 31, 2018, the amount of transfers between Level 1 and Level 3 was $11,278,141 and between Level 3 and Level 1 was $12,700,444. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange. |
Transfers between price levels are recognized at the beginning of the reporting period.
Quantitative Disclosure About Significant Unobservable Inputs
Asset Class | Fair Value at 5/31/2018 | Valuation Technique | Unobservable Input | |||||
Common Stock: Consumer Discretionary | $ | 1,935,015 | Market Approach | Last traded price adjusted for proxy | ||||
Common Stock: Energy | 275,605 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Financials | 505,071 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Health Care | 1,696,784 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Industrials | 4,816,790 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Information Technology | 4,111,337 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Materials | 7,019,406 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Real Estate | 997,772 | Market Approach | Last traded price adjusted for proxy |
Qualitative Disclosure About Unobservable Inputs
Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading adjusted for proxy (the movement in the applicable sector index) with a range of -18% to 21% with a weighted average range of approximately -3%. A significant change between last traded price, adjusted for proxy, and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement.
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Consumer Discretionary — 12.4% | ||||||||
Anhui Jianghuai Automobile Group Corp., Ltd., Class A | 52,800 | $ | 60,696 | |||||
Anhui Xinhua Media Co. Ltd., Class A | 11,600 | 16,193 | ||||||
Anhui Zhongding Sealing Parts Co. Ltd., Class A | 29,500 | 74,449 | ||||||
Anhui Zotye Automobile Co. Ltd., Class A | 11,900 | 15,239 | ||||||
Beijing Gehua CATV Network Co. Ltd., Class A | 27,700 | 51,242 | ||||||
Beijing HualuBaina Film & TV Co. Ltd., Class A | 16,800 | 24,055 | ||||||
Beiqi Foton Motor Co. Ltd., Class A | 186,200 | 62,442 | ||||||
Besttone Holdings Co. Ltd., Class A | 9,600 | 17,399 | ||||||
BTG Hotels Group Co. Ltd., Class A | 9,500 | 41,030 | ||||||
Changjiang Publishing & Media Co. Ltd., Class A | 25,300 | 25,295 | ||||||
Chengdu B-Ray Media Co. Ltd., | 31,200 | 22,068 | ||||||
Chengdu Fusen Noble-House Industrial Co. Ltd., Class A | 1,800 | 7,598 | ||||||
China CYTS Tours Holding Co. Ltd., Class A | 23,200 | 82,577 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 14,000 | 30,528 | ||||||
Chongqing Department Store Co. Ltd., Class A | 9,900 | 61,643 | ||||||
Chongqing Sokon Industry Group Co. Ltd., Class A* | 7,200 | 21,416 | ||||||
Chongqing Zongshen Power Machinery Co. Ltd., Class A | 28,200 | 23,972 | ||||||
Dashang Co. Ltd., Class A | 7,500 | 44,582 | ||||||
DongFeng Automobile Co. Ltd., Class A | 34,900 | 23,734 | ||||||
Eastern Gold Jade Co. Ltd., Class A (a) | 26,500 | 39,181 | ||||||
Eastern Pioneer Driving School Co. Ltd., Class A | 7,000 | 25,068 | ||||||
Elec-Tech International Co. Ltd., Class A*(a) | 39,900 | 26,593 | ||||||
Gansu Gangtai Holding Group Co. Ltd., Class A | 17,800 | 26,847 | ||||||
Global Top E-Commerce Co. Ltd., Class A | 24,500 | 69,205 | ||||||
Guangdong Advertising Group Co. Ltd., Class A | 69,384 | 39,609 | ||||||
Guangdong Chj Industry Co. Ltd., Class A | 16,900 | 24,515 | ||||||
Guangxi Radio and Television Information Network Corp. Ltd., Class A* | 46,600 | 40,267 | ||||||
Guizhou Broadcasting & TV Information Network Co. Ltd., Class A | 12,500 | 17,450 | ||||||
Haima Automobile Group Co. Ltd., Class A* | 46,400 | 27,647 | ||||||
Hang Zhou Great Star Industrial Co. Ltd., Class A | 22,453 | 41,500 | ||||||
Hisense Electric Co. Ltd., Class A | 31,200 | 72,218 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A | 2,100 | 10,629 | ||||||
Hunan Friendship & Apollo Commercial Co. Ltd., Class A* | 39,500 | 33,824 |
Number of Shares | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Jason Furniture Hangzhou Co. Ltd., Class A* | 3,282 | $ | 38,910 | |||||
Jiangsu Hongtu High Technology Co. Ltd., Class A | 38,700 | 49,256 | ||||||
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | 30,700 | 31,939 | ||||||
Jinzhou Cihang Group Co. Ltd., Class A | 36,100 | 43,526 | ||||||
Joyoung Co. Ltd., Class A | 13,300 | 34,706 | ||||||
KingClean Electric Co. Ltd., Class A | 3,400 | 17,946 | ||||||
Leo Group Co. Ltd., Class A | 134,095 | 49,988 | ||||||
Lifan Industry Group Co. Ltd., Class A | 27,600 | 24,840 | ||||||
Loncin Motor Co. Ltd., Class A | 44,650 | 40,184 | ||||||
Meisheng Cultural & Creative Corp. Ltd., Class A (a) | 10,260 | 28,098 | ||||||
Meisheng Cultural & Creative Corp. Ltd., Class A*(a) | 1,500 | 4,108 | ||||||
NanJi E-Commerce Co. Ltd., Class A | 49,050 | 82,321 | ||||||
Nanjing Central Emporium, Class A | 23,000 | 34,332 | ||||||
NavInfo Co. Ltd., Class A | 20,450 | 72,693 | ||||||
Ningbo Huaxiang Electronic Co. Ltd., Class A | 15,100 | 33,420 | ||||||
Ningbo Peacebird Fashion Co. Ltd., Class A* | 2,400 | 13,361 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A* | 9,000 | 27,430 | ||||||
People.cn Co. Ltd., Class A | 22,200 | 35,562 | ||||||
Rastar Group, Class A* | 25,000 | 22,344 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 9,300 | 25,994 | ||||||
Shandong Publishing & Media Co. Ltd., Class A* | 5,300 | 7,878 | ||||||
Shanghai Jinjiang International Hotels Development Co. Ltd., Class A | 6,300 | 38,549 | ||||||
Shanghai Metersbonwe Fashion & Accessories Co. Ltd., Class A* | 27,450 | 14,386 | ||||||
Shanghai New World Co. Ltd., Class A | 8,242 | 11,069 | ||||||
Shanghai Yuyuan Tourist Mart Co. Ltd., Class A | 41,300 | 67,446 | ||||||
Shenzhen Fenda Technology Co. Ltd., Class A | 16,500 | 23,548 | ||||||
Shenzhen Tellus Holding Co. Ltd., Class A* | 2,000 | 10,847 | ||||||
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A (a) | 27,650 | 41,050 | ||||||
Sichuan Changhong Electric Co. Ltd., Class A | 147,300 | 68,467 | ||||||
Sichuan Chengfei Integration Technology Corp., Class A | 7,300 | 23,387 | ||||||
Sinomach Automobile Co. Ltd., Class A (a) | 16,350 | 27,162 | ||||||
Sou Yu Te Group Co. Ltd., Class A | 38,224 | 24,206 | ||||||
UTour Group Co. Ltd., Class A*(a) | 17,700 | 32,512 | ||||||
Visual China Group Co. Ltd., Class A* | 13,900 | 60,402 | ||||||
Wangfujing Group Co. Ltd., Class A* | 13,330 | 51,958 | ||||||
Wasu Media Holding Co. Ltd., Class A (a) | 21,300 | 37,243 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 20,300 | 71,558 | ||||||
Wuhan Department Store Group Co. Ltd., Class A* | 15,309 | 35,029 | ||||||
Wuxi Little Swan Co. Ltd., Class A | 8,805 | 92,538 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Xinhua Winshare Publishing and Media Co. Ltd., Class A | 6,200 | $ | 10,879 | |||||
Xinhuanet Co. Ltd., Class A* | 6,050 | 19,090 | ||||||
Yantai Tayho Advanced Materials Co. Ltd., Class A | 17,100 | 31,339 | ||||||
Yihua Lifestyle Technology Co. Ltd., Class A | 47,900 | 61,414 | ||||||
Yotrio Group Co. Ltd., Class A | 44,740 | 28,820 | ||||||
Zhejiang Aokang Shoes Co. Ltd., Class A | 3,400 | 8,029 | ||||||
Zhejiang Daily Digital Culture Group Co. Ltd., Class A* | 21,100 | 30,969 | ||||||
Zhejiang Huace Film & TV Co. Ltd., Class A | 28,100 | 44,005 | ||||||
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A* | 13,900 | 42,212 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A | 10,500 | 22,699 | ||||||
Zhejiang Supor Cookware Co. Ltd., Class A | 3,200 | 25,795 | ||||||
Zhejiang Yasha Decoration Co. Ltd., Class A | 33,800 | 33,793 | ||||||
|
| |||||||
3,009,948 | ||||||||
|
| |||||||
Consumer Staples — 7.4% | ||||||||
Angel Yeast Co. Ltd., Class A* | 20,300 | 120,415 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 4,800 | 66,251 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 12,400 | 125,813 | ||||||
Anhui Yingjia Distillery Co. Ltd., Class A* | 10,100 | 29,947 | ||||||
Beijing Shunxin Agriculture Co. Ltd., Class A | 16,000 | 83,678 | ||||||
Beijing Yanjing Brewery Co. Ltd., Class A | 56,700 | 76,057 | ||||||
Better Life Commercial Chain Share Co. Ltd., Class A* | 12,830 | 26,375 | ||||||
Bright Dairy & Food Co. Ltd., Class A* | 25,300 | 48,735 | ||||||
By-health Co. Ltd., Class A (a) | 29,700 | 77,688 | ||||||
Chuying Agro-pastora Group Co. Ltd., Class A | 75,900 | 42,382 | ||||||
COFCO Tunhe Sugar Co. Ltd., Class A | 40,900 | 48,037 | ||||||
Fujian Sunner Development Co. Ltd., Class A* | 19,700 | 47,136 | ||||||
Gansu Yasheng Industrial Group Co. Ltd., Class A | 65,600 | 34,789 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 12,800 | 49,114 | ||||||
Hebei Chengde Lolo Co., Class A | 23,441 | 42,632 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A* | 28,300 | 46,657 | ||||||
Hunan Dakang International Food & Agriculture Co. Ltd., Class A* | 109,220 | 40,204 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 20,000 | 73,558 | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 23,000 | 102,242 | ||||||
Laobaixing Pharmacy Chain JSC, Class A | 3,400 | 40,394 | ||||||
Opple Lighting Co. Ltd., Class A | 4,600 | 42,282 | ||||||
Shandong Denghai Seeds Co. Ltd., Class A | 14,950 | 19,774 | ||||||
Shanghai Bailian Group Co. Ltd., Class A | 15,600 | 29,101 | ||||||
Shanghai Feilo Acoustics Co. Ltd., Class A | 29,200 | 21,770 |
Number of Shares | Value | |||||||
Consumer Staples (Continued) | ||||||||
Shanghai Flyco Electrical Appliance Co. Ltd., Class A | 2,000 | $ | 16,128 | |||||
Shanghai Jahwa United Co. Ltd., Class A | 18,732 | 130,894 | ||||||
Shanghai Maling Aquarius Co. Ltd., Class A | 26,800 | 34,235 | ||||||
Shenzhen Agricultural Products Co. Ltd., Class A | 28,400 | 28,661 | ||||||
Tongwei Co. Ltd., Class A | 31,900 | 56,125 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 14,000 | 115,669 | ||||||
V V Food & Beverage Co. Ltd., Class A | 49,200 | 31,310 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A | 15,000 | 49,975 | ||||||
Zhejiang Guyuelongshan Shaoxing Wine Co. Ltd., Class A | 10,660 | 15,347 | ||||||
|
| |||||||
1,813,375 | ||||||||
|
| |||||||
Energy — 2.4% | ||||||||
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A | 20,000 | 20,932 | ||||||
CEFC Anhui International Holding Co. Ltd., Class A | 19,200 | 5,630 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 41,300 | 25,188 | ||||||
Datong Coal Industry Co. Ltd., Class A* | 35,300 | 28,465 | ||||||
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A | 45,600 | 23,258 | ||||||
Geo-Jade Petroleum Corp., Class A (a) | 47,640 | 28,653 | ||||||
Guanghui Energy Co. Ltd., Class A | 162,240 | 107,042 | ||||||
Guizhou Panjiang Refined Coal Co. Ltd., Class A | 28,900 | 27,722 | ||||||
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A | 26,100 | 37,127 | ||||||
Jinhong Holding Group Co. Ltd., | 14,600 | 22,620 | ||||||
Jizhong Energy Resources Co. Ltd., Class A | 42,300 | 29,426 | ||||||
Oriental Energy Co. Ltd., Class A | 34,300 | 60,723 | ||||||
Shandong Xinchao Energy Corp. Ltd., Class A* | 39,700 | 16,533 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 23,800 | 34,858 | ||||||
Yang Quan Coal Industry Group Co. Ltd., Class A* | 50,600 | 54,220 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 22,900 | 66,794 | ||||||
|
| |||||||
589,191 | ||||||||
|
| |||||||
Financials — 1.6% | ||||||||
Guangdong Golden Dragon Development, Inc., Class A | 18,000 | 36,386 | ||||||
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A | 10,600 | 15,873 | ||||||
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 9,700 | 9,592 | ||||||
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A | 35,200 | 34,644 | ||||||
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A | 17,600 | 19,765 |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Financials (Continued) | ||||||||
Northeast Securities Co. Ltd., Class A | 27,300 | $ | 30,488 | |||||
Sealand Securities Co. Ltd., Class A | 57,400 | 35,275 | ||||||
Shaanxi International Trust Co. Ltd., Class A | 62,300 | 36,245 | ||||||
Shanghai AJ Group Co. Ltd., Class A | 45,905 | 72,317 | ||||||
Wuxi Rural Commercial Bank Co. Ltd., Class A | 36,800 | 38,113 | ||||||
Xishui Strong Year Co. Ltd. Inner Mongolia, Class A | 26,200 | 54,923 | ||||||
|
| |||||||
383,621 | ||||||||
|
| |||||||
Health Care — 12.7% | ||||||||
Autobio Diagnostics Co. Ltd., Class A | 3,300 | 39,196 | ||||||
Beijing SL Pharmaceutical Co. Ltd., Class A | 16,400 | 120,687 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A | 13,500 | 60,917 | ||||||
Changchun High & New Technology Industries, Inc., Class A | 5,600 | 187,454 | ||||||
Chengzhi Co. Ltd., Class A | 10,009 | 21,778 | ||||||
China Animal Husbandry Industry Co. Ltd., Class A | 9,400 | 32,387 | ||||||
China National Accord Medicines Corp. Ltd., Class A | 6,200 | 50,587 | ||||||
China National Medicines Corp. Ltd., Class A* | 12,300 | 54,754 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 18,000 | 73,250 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 15,900 | 72,937 | ||||||
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A | 21,262 | 55,251 | ||||||
Dezhan Healthcare Co. Ltd., Class A* | 17,500 | 27,432 | ||||||
Dian Diagnostics Group Co. Ltd., Class A | 13,240 | 43,822 | ||||||
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A | 16,300 | 30,280 | ||||||
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A* | 8,200 | 17,164 | ||||||
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A | 34,050 | 48,702 | ||||||
Guizhou Yibai Pharmaceutical Co. Ltd., Class A | 26,800 | 44,394 | ||||||
Hainan Haiyao Co. Ltd., Class A (a) | 31,046 | 71,146 | ||||||
Harbin Gloria Pharmaceuticals Co. Ltd., Class A | 37,250 | 39,218 | ||||||
Harbin Pharmaceutical Group Co. Ltd., Class A | 60,120 | 44,448 | ||||||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A* | 4,900 | 40,607 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A | 37,900 | 83,707 | ||||||
Hybio Pharmaceutical Co. Ltd., Class A | 19,000 | 55,092 | ||||||
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A | 18,348 | 38,892 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A* | 23,885 | 84,531 | ||||||
Jiangzhong Pharmaceutical Co. Ltd., Class A (a) | 7,306 | 31,410 |
Number of Shares | Value | |||||||
Health Care (Continued) | ||||||||
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A* | 21,500 | $ | 28,068 | |||||
Jinyu Bio-Technology Co. Ltd., Class A | 36,480 | 143,957 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 32,500 | 51,250 | ||||||
KPC Pharmaceuticals, Inc., Class A* | 22,498 | 31,723 | ||||||
Livzon Pharmaceutical Group, Inc., Class A | 8,922 | 95,200 | ||||||
Mayinglong Pharmaceutical Group Co. Ltd., Class A | 12,300 | 38,773 | ||||||
Pengqi Technology Development Co. Ltd., Class A* | 42,800 | 47,998 | ||||||
Realcan Pharmaceutical Co. Ltd., Class A* | 29,930 | 63,396 | ||||||
Shanghai Kaibao Pharmaceutical Co. Ltd., Class A | 28,604 | 30,427 | ||||||
Shanghai Kehua Bio-Engineering Co. Ltd., Class A | 17,200 | 38,364 | ||||||
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A | 7,300 | 27,555 | ||||||
Shenzhen Neptunus Bioengineering Co. Ltd., Class A | 63,350 | 55,136 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 19,400 | 50,775 | ||||||
Shinva Medical Instrument Co. Ltd., Class A | 6,869 | 17,517 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 17,300 | 88,102 | ||||||
Sichuan Languang Development Co. Ltd., Class A | 36,000 | 52,558 | ||||||
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A | 73,000 | 47,139 | ||||||
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A | 12,062 | 38,287 | ||||||
Tonghua Golden-Horse Pharmaceutical Industry Co. Ltd., Class A*(a) | 15,000 | 37,931 | ||||||
Vcanbio Cell & Gene Engineering Corp. Ltd., Class A*(a) | 12,500 | 44,272 | ||||||
Winning Health Technology Group Co. Ltd., Class A | 46,019 | 94,820 | ||||||
Xiangxue Pharmaceutical Co. Ltd., Class A* | 10,110 | 15,249 | ||||||
Yifan Pharmaceutical Co. Ltd., Class A | 24,100 | 68,000 | ||||||
Zhejiang Conba Pharmaceutical Co. Ltd., Class A | 54,240 | 63,705 | ||||||
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A | 24,400 | 62,187 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 29,979 | 130,881 | ||||||
Zhejiang Medicine Co. Ltd., Class A | 24,200 | 52,920 | ||||||
Zhejiang NHU Co. Ltd., Class A | 17,520 | 53,314 | ||||||
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A | 26,550 | 38,679 | ||||||
Zhuhai Hokai Medical Instruments Co. Ltd., Class A | 22,640 | 28,921 | ||||||
|
| |||||||
3,107,147 | ||||||||
|
|
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Industrials — 21.0% | ||||||||
AECC Aero-Engine Control Co. Ltd., Class A* | 8,900 | $ | 19,462 | |||||
Anhui Wanjiang Logistics Group Co. Ltd., Class A* | 77,400 | 45,272 | ||||||
Antong Holdings Co. Ltd., Class A | 23,660 | 42,070 | ||||||
Avic Aviation High-Technology Co. Ltd., Class A* | 17,600 | 21,385 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A | 57,527 | 66,219 | ||||||
Avic Heavy Machinery Co. Ltd., Class A | 19,100 | 26,514 | ||||||
AVIC Shenyang HeiBao Co. Ltd., Class A* | 8,200 | 43,397 | ||||||
Beijing Changjiu Logistics Corp., Class A | 3,360 | 9,522 | ||||||
Beijing New Building Materials PLC, Class A* | 17,900 | 59,581 | ||||||
Beijing Shouhang Resources Saving Co. Ltd., Class A (a) | 52,755 | 46,778 | ||||||
Beijing SPC Environment Protection Tech Co. Ltd., Class A | 25,800 | 54,366 | ||||||
Beijing Watertek Information Technology Co. Ltd., Class A (a) | 36,274 | 52,734 | ||||||
BlueFocus Communication Group Co. Ltd., Class A | 61,700 | 58,608 | ||||||
Camel Group Co. Ltd., Class A | 17,500 | 32,646 | ||||||
Changyuan Group Ltd., Class A | 52,940 | 130,301 | ||||||
Chengdu Huaze Cobalt & Nickel Material Co. Ltd., Class A*(a) | 11,200 | 5,599 | ||||||
China Aerospace Times Electronics Co. Ltd., Class A* | 75,900 | 89,618 | ||||||
China Baoan Group Co. Ltd., Class A | 85,600 | 76,505 | ||||||
China CAMC Engineering Co. Ltd., Class A (a) | 22,082 | 50,917 | ||||||
China High-Speed Railway Technology Co. Ltd., Class A | 43,900 | 38,208 | ||||||
China International Marine Containers Group Co. Ltd., Class A | 30,300 | 75,333 | ||||||
China Meheco Co. Ltd., Class A | 21,600 | 76,007 | ||||||
China Railway Hi-tech Industry Co. Ltd., Class A | 21,600 | 36,689 | ||||||
China Railway Tielong Container Logistics Co. Ltd., Class A | 37,600 | 53,838 | ||||||
China XD Electric Co. Ltd., Class A | 39,900 | 23,213 | ||||||
Chongqing Construction Engineering Group Co. Ltd., Class A* | 7,900 | 7,122 | ||||||
CITIC Heavy Industries Co. Ltd., Class A* | 33,800 | 16,396 | ||||||
Citic Offshore Helicopter Co. Ltd., Class A | 8,701 | 10,219 | ||||||
CMST Development Co. Ltd., Class A | 43,900 | 61,900 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A | 57,400 | 45,123 | ||||||
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A* | 37,200 | 24,080 | ||||||
Dalian Port PDA Co. Ltd., Class A | 130,320 | 46,142 | ||||||
Dazhong Transportation Group Co. Ltd., Class A | 51,350 | 37,724 | ||||||
Deppon Logistics Co. Ltd., Class A* | 2,100 | 9,165 | ||||||
Dongfang Electric Corp. Ltd., Class A* | 47,800 | 64,119 | ||||||
Dongjiang Environmental Co. Ltd., Class A | 16,500 | 41,589 |
Number of Shares | Value | |||||||
Industrials (Continued) | ||||||||
Eternal Asia Supply Chain Management Ltd., Class A | 59,100 | $ | 70,519 | |||||
Fangda Carbon New Material Co. Ltd., Class A | 21,700 | 88,204 | ||||||
Far East Smarter Energy Co. Ltd., Class A | 35,300 | 28,576 | ||||||
Foshan Electrical and Lighting Co. Ltd., Class A | 25,784 | 26,785 | ||||||
Fujian Longking Co. Ltd., Class A | 34,100 | 74,782 | ||||||
Galaxy Biomedical Investment Co. Ltd., Class A* | 25,900 | 21,613 | ||||||
Gem-Year Industrial Co. Ltd., Class A* | 10,400 | 13,415 | ||||||
Guangdong LY Intelligent Manufacturing Co. Ltd., Class A | 26,400 | 25,736 | ||||||
Guangxi Liugong Machinery Co. Ltd., Class A | 33,100 | 50,079 | ||||||
Guangzhou Baiyun International Airport Co. Ltd., Class A | 42,500 | 110,174 | ||||||
Guangzhou Guangri Stock Co. Ltd., Class A | 9,100 | 10,007 | ||||||
Guosheng Financial Holding, Inc., Class A* | 23,820 | 55,842 | ||||||
Hefei Meiya Optoelectronic Technology, Inc., Class A | 11,300 | 38,511 | ||||||
Henan Pinggao Electric Co. Ltd., Class A | 28,400 | 30,920 | ||||||
Henan Senyuan Electric Co. Ltd., Class A | 18,800 | 49,058 | ||||||
Hongfa Technology Co. Ltd., Class A* | 12,700 | 83,118 | ||||||
Hunan Corun New Energy Co. Ltd., Class A* | 41,147 | 34,978 | ||||||
Inner Mongolia First Machinery Group Co. Ltd., Class A | 27,300 | 49,351 | ||||||
Jiangsu Nonghua Intelligent Agriculture Technology Co. Ltd., Class A* | 22,900 | 6,429 | ||||||
Jiangsu Zongyi Co. Ltd., Class A* | 32,000 | 35,438 | ||||||
Jiangxi Hongdu Aviation Industry Co. Ltd., Class A | 18,300 | 30,142 | ||||||
Jiangxi Special Electric Motor Co. Ltd., Class A | 46,900 | 74,103 | ||||||
Jinlong Machinery & Electronics Co. Ltd., Class A | 13,000 | 11,720 | ||||||
Juneyao Airlines Co. Ltd., Class A | 10,500 | 25,811 | ||||||
Keda Clean Energy Co. Ltd., Class A | 50,200 | 62,561 | ||||||
Lanzhou LS Heavy Equipment Co. Ltd., Class A | 13,300 | 12,883 | ||||||
Mesnac Co. Ltd., Class A* | 26,800 | 29,219 | ||||||
Minmetals Development Co. Ltd., Class A* | 18,200 | 27,990 | ||||||
Montnets Rongxin Technology Group Co. Ltd., Class A | 10,400 | 15,994 | ||||||
Nanyang Topsec Technologies Group, Inc., Class A | 8,900 | 18,407 | ||||||
Neoglory Prosperity, Inc., Class A (a) | 20,350 | 41,644 | ||||||
North Industries Group Red Arrow Co. Ltd., Class A* | 24,147 | 31,223 | ||||||
North Navigation Control Technology Co. Ltd., Class A | 35,600 | 53,362 | ||||||
Northcom Group Co. Ltd., Class A*(a) | 21,600 | 62,760 | ||||||
Orient Group, Inc., Class A*(a) | 118,490 | 78,070 |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Industrials (Continued) | ||||||||
Palm Eco-Town Development Co. Ltd., Class A*(a) | 41,450 | $ | 42,797 | |||||
Pubang Landscape Architecture Co. Ltd., Class A* | 42,919 | 23,831 | ||||||
Qingdao TGOOD Electric Co. Ltd., Class A | 20,100 | 39,503 | ||||||
Rizhao Port Co. Ltd., Class A | 75,800 | 43,981 | ||||||
Saurer Intelligent Technology Co. Ltd., Class A | 22,700 | 30,061 | ||||||
Shaanxi J&R Optimum Energy Co. Ltd., Class A* | 36,100 | 19,201 | ||||||
Shandong Hi-speed Co. Ltd., Class A | 13,100 | 9,951 | ||||||
Shanghai Environment Group Co. Ltd., Class A* | 14,000 | 38,672 | ||||||
Shanghai Lansheng Corp., Class A | 4,400 | 10,363 | ||||||
Shanghai M&G Stationery, Inc., Class A | 5,400 | 27,146 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A | 13,300 | 41,344 | ||||||
Shanghai Pudong Road & Bridge Construction Co. Ltd., Class A | 15,879 | 14,019 | ||||||
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A | 14,800 | 43,306 | ||||||
Shanghai Zhixin Electric Co. Ltd., Class A | 28,460 | 19,754 | ||||||
Shantui Construction Machinery Co. Ltd., Class A* | 20,800 | 12,783 | ||||||
Shenwu Environmental Technology Co. Ltd., Class A | 11,800 | 14,761 | ||||||
Shenzhen Airport Co. Ltd., Class A | 43,000 | 55,131 | ||||||
Shenzhen Desay Battery Technology Co., Class A | 4,900 | 23,930 | ||||||
Shenzhen Glory Medical Co. Ltd., Class A | 7,387 | 8,411 | ||||||
Shenzhen Grandland Group Co. Ltd., Class A | 25,500 | 28,041 | ||||||
Shenzhen Hifuture Electric Co. Ltd., Class A* | 30,200 | 48,094 | ||||||
Shenzhen Hongtao Decoration Co. Ltd., Class A | 14,860 | 9,828 | ||||||
Shenzhen Tagen Group Co. Ltd., Class A | 25,320 | 34,438 | ||||||
Shenzhen Techand Ecology & Environment Co. Ltd., Class A (a) | 54,450 | 44,625 | ||||||
Shuangliang Eco-Energy Systems Co. Ltd., Class A | 34,300 | 19,795 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 74,400 | 41,661 | ||||||
Sieyuan Electric Co. Ltd., Class A | 22,280 | 64,082 | ||||||
Sinochem International Corp., Class A | 41,500 | 49,389 | ||||||
Sinoma International Engineering Co., Class A | 42,050 | 48,010 | ||||||
Sinotrans Air Transportation Development Co. Ltd., Class A | 13,800 | 46,903 | ||||||
SPIC Yuanda Environmental-Protection Co. Ltd., Class A | 16,522 | 17,266 | ||||||
Sufa Technology Industry Co. Ltd. CNNC, Class A | 6,620 | 12,463 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 40,500 | 90,271 | ||||||
Suzhou Anjie Technology Co. Ltd., Class A* | 12,550 | 34,021 | ||||||
Taihai Manoir Nuclear Equipment Co. Ltd., Class A | 21,000 | 54,995 |
Number of Shares | Value | |||||||
Industrials (Continued) | ||||||||
Taiyuan Heavy Industry Co. Ltd., Class A* | 74,300 | $ | 31,870 | |||||
TangShan Port Group Co. Ltd., Class A | 119,574 | 59,682 | ||||||
Tian Di Science & Technology Co. Ltd., Class A | 49,600 | 31,874 | ||||||
TianGuang ZhongMao Co. Ltd., Class A* | 29,100 | 16,022 | ||||||
Tianjin Capital Environmental Protection Group Co. Ltd., Class A | 17,600 | 30,526 | ||||||
Tianjin Port Co. Ltd., Class A | 33,800 | 46,921 | ||||||
Tianjin Teda Co. Ltd., Class A | 21,700 | 13,234 | ||||||
Tianma Bearing Group Co. Ltd., Class A* | 27,700 | 17,931 | ||||||
Wolong Electric Group Co. Ltd., Class A | 27,865 | 36,379 | ||||||
Xiamen ITG Group Corp. Ltd., Class A | 49,648 | 64,351 | ||||||
Xiangtan Electric Manufacturing Co. Ltd., Class A | 26,400 | 34,466 | ||||||
Xingyuan Environment Technology Co. Ltd., Class A (a) | 24,900 | 69,895 | ||||||
Xinjiang Machinery Research Institute Co. Ltd., Class A | 35,600 | 46,421 | ||||||
XJ Electric Co. Ltd., Class A | 24,100 | 33,267 | ||||||
Yingkou Port Liability Co. Ltd., Class A | 77,400 | 34,286 | ||||||
Zhefu Holding Group Co. Ltd., Class A | 63,800 | 38,512 | ||||||
Zhejiang Dun’An Artificial Environment Co. Ltd., Class A (a) | 22,200 | 21,458 | ||||||
Zhejiang Kaishan Compressor Co. Ltd., Class A* | 13,900 | 39,675 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A* | 17,480 | 46,786 | ||||||
Zhejiang Wanliyang Co. Ltd., Class A | 21,500 | 27,163 | ||||||
Zhejiang Wanma Co. Ltd., Class A | 25,862 | 26,704 | ||||||
Zhejiang Weiming Environment Protection Co. Ltd., Class A* | 5,750 | 21,202 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 35,700 | 33,689 | ||||||
Zhongji Innolight Co. Ltd., Class A | 1,800 | 20,158 | ||||||
Zhongshan Broad Ocean Motor Co. Ltd., Class A | 47,200 | 37,473 | ||||||
|
| |||||||
5,120,557 | ||||||||
|
| |||||||
Information Technology — 17.5% | ||||||||
Accelink Technologies Co. Ltd., Class A | 12,900 | 48,452 | ||||||
Addsino Co. Ltd., Class A | 39,900 | 56,446 | ||||||
AVIC Jonhon OptronicTechnology Co. Ltd., Class A* | 15,813 | 96,290 | ||||||
Beijing Dahao Technology Corp. Ltd., Class A | 3,080 | 10,137 | ||||||
Beijing Jetsen Technology Co. Ltd., Class A | 50,900 | 68,674 | ||||||
Beijing Kunlun Tech Co. Ltd., Class A | 11,200 | 35,882 | ||||||
Beijing Lanxum Technology Co. Ltd., Class A | 24,620 | 53,493 | ||||||
Beijing Orient National Communication Science & Technology Co. Ltd., Class A | 29,219 | 61,616 | ||||||
Beijing Philisense Technology Co. Ltd., Class A | 40,000 | 49,912 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A | 40,600 | 89,480 | ||||||
Beijing Teamsun Technology Co. Ltd., Class A* | 35,260 | 56,592 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Information Technology (Continued) | ||||||||
Beijing Ultrapower Software Co. Ltd., Class A | 55,300 | $ | 52,788 | |||||
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A | 34,000 | 58,601 | ||||||
Bluedon Information Security Technology Co. Ltd., Class A | 23,400 | 31,644 | ||||||
Bright Oceans Inter-Telecom Corp., Class A | 9,200 | 4,233 | ||||||
China Greatwall Technology Group Co. Ltd., Class A* | 70,519 | 86,894 | ||||||
China National Software & Service Co. Ltd., Class A | 12,400 | 39,630 | ||||||
China TransInfo Technology Co. Ltd., Class A | 29,200 | 66,132 | ||||||
CPT Technology Group Co. Ltd., Class A | 22,200 | 10,839 | ||||||
Dalian Zeus Entertainment Group Co. Ltd., Class A* | 18,780 | 30,552 | ||||||
Dawning Information Industry Co. Ltd., Class A | 18,100 | 127,212 | ||||||
Eastern Communications Co. Ltd., Class A | 10,292 | 9,520 | ||||||
Fujian Newland Computer Co. Ltd., Class A | 28,240 | 75,674 | ||||||
G-bits Network Technology Xiamen Co. Ltd., Class A | 900 | 20,220 | ||||||
GCI Science & Technology Co. Ltd., Class A* | 13,000 | 29,462 | ||||||
GCL System Integration Technology Co. Ltd., Class A* | 80,400 | 65,085 | ||||||
Glodon Co. Ltd., Class A | 31,200 | 130,907 | ||||||
GRG Banking Equipment Co. Ltd., Class A | 48,400 | 55,034 | ||||||
Guangdong East Power Co. Ltd., Class A* | 37,100 | 36,514 | ||||||
Guangdong Ellington Electronics Technology Co. Ltd., Class A | 11,900 | 21,345 | ||||||
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A* | 29,600 | 62,466 | ||||||
Guangzhou Haige Communications Group, Inc. Co., Class A | 31,400 | 47,311 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 1,300 | 11,375 | ||||||
Guomai Technologies, Inc., Class A | 17,100 | 23,017 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 4,290 | 18,970 | ||||||
Hangzhou Lianluo Interactive Information Technology Co. Ltd., Class A | 43,200 | 42,518 | ||||||
Hangzhou Shunwang Technology Co. Ltd., Class A | 17,200 | 48,049 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A* | 31,280 | 65,621 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A | 32,800 | 42,003 | ||||||
Hexing Electrical Co. Ltd., Class A | 4,500 | 19,449 | ||||||
HNA Technology Co. Ltd., Class A*(a) | 50,700 | 46,346 | ||||||
Huagong Tech Co. Ltd., Class A* | 24,100 | 61,836 | ||||||
Hubei Kaile Science & Technology Co. Ltd., Class A* | 17,100 | 80,176 | ||||||
Hytera Communications Corp. Ltd., Class A* | 34,800 | 53,845 |
Number of Shares | Value | |||||||
Information Technology (Continued) | ||||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 30,800 | $ | 105,881 | |||||
Jiangsu Changjiang Electronics Technology Co. Ltd., Class A | 38,000 | 112,259 | ||||||
Julong Co. Ltd., Class A | 10,995 | 32,447 | ||||||
Kingnet Network Co. Ltd., Class A | 23,200 | 48,526 | ||||||
MLS Co. Ltd., Class A | 16,800 | 43,760 | ||||||
Nanjing Doron Technology Co. Ltd., Class A | 5,000 | 6,559 | ||||||
Nanjing Huadong Electronics Information & Technology Co. Ltd., Class A* | 109,700 | 36,104 | ||||||
NAURA Technology Group Co. Ltd., Class A | 7,400 | 50,520 | ||||||
Neusoft Corp., Class A | 34,700 | 71,444 | ||||||
Ninestar Corp., Class A | 4,100 | 20,144 | ||||||
Ningbo Yunsheng Group Co. Ltd., Class A | 28,980 | 34,986 | ||||||
North Electro-Optic Co. Ltd., Class A | 8,200 | 19,364 | ||||||
Ourpalm Co. Ltd., Class A | 53,700 | 41,880 | ||||||
Shanghai 2345 Network Holding Group Co. Ltd., Class A* | 78,700 | 72,915 | ||||||
Shanghai Aerospace Automobile Electromechanical Co. Ltd., Class A | 40,000 | 30,259 | ||||||
Shanghai Belling Co. Ltd., Class A* | 21,600 | 43,697 | ||||||
Shengyi Technology Co. Ltd., Class A | 42,920 | 60,585 | ||||||
Shennan Circuits Co. Ltd., Class A | 1,600 | 17,572 | ||||||
Shenzhen Aisidi Co. Ltd., Class A | 13,000 | 15,694 | ||||||
Shenzhen Everwin Precision Technology Co. Ltd., Class A* | 21,680 | 47,206 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A | 30,100 | 37,606 | ||||||
Shenzhen Kinwong Electronic Co. Ltd., Class A | 1,900 | 14,803 | ||||||
Shenzhen Laibao Hi-tech Co. Ltd., Class A | 11,900 | 12,678 | ||||||
Shenzhen Suntak Circuit Technology Co. Ltd., Class A | 4,000 | 10,400 | ||||||
Shenzhen Tat Fook Technology Co. Ltd., Class A* | 15,240 | 29,000 | ||||||
Sinodata Co. Ltd., Class A | 9,500 | 26,997 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 21,700 | 80,996 | ||||||
Suzhou Victory Precision Manufacture Co. Ltd., Class A | 40,200 | 26,460 | ||||||
Taiji Computer Corp. Ltd., Class A | 10,000 | 45,045 | ||||||
Talkweb Information System Co. Ltd., Class A | 28,100 | 24,106 | ||||||
Tatwah Smartech Co. Ltd., Class A* | 26,600 | 41,406 | ||||||
Teamax Smart City Technology Corp. Ltd., Class A | 5,200 | 7,300 | ||||||
Telling Telecommunication Holding Co. Ltd., Class A* | 21,600 | 28,233 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 36,000 | 52,951 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 16,800 | 42,738 | ||||||
Tongding Interconnection Information Co. Ltd., Class A | 30,600 | 61,092 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 14,500 | 109,645 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Information Technology (Continued) | ||||||||
United Electronics Co. Ltd., Class A | 15,100 | $ | 23,670 | |||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A | 13,700 | 22,288 | ||||||
Venustech Group, Inc., Class A | 21,800 | 81,879 | ||||||
Vtron Group Co. Ltd., Class A* | 21,900 | 39,283 | ||||||
Westone Information Industry, Inc., Class A | 17,180 | 74,495 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A* | 8,000 | 18,530 | ||||||
Wuhu Token Science Co. Ltd., Class A* | 73,400 | 71,897 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 49,240 | 31,719 | ||||||
Xiamen Faratronic Co. Ltd., Class A | 5,500 | 41,589 | ||||||
YGSOFT, Inc., Class A | 10,207 | 15,570 | ||||||
Youzu Interactive Co. Ltd., Class A | 8,600 | 28,142 | ||||||
Zhejiang Crystal-Optech Co. Ltd., Class A | 27,495 | 62,184 | ||||||
|
| |||||||
4,276,746 | ||||||||
|
| |||||||
Materials — 15.7% | ||||||||
Advanced Technology & Materials Co. Ltd., Class A* | 24,804 | 28,398 | ||||||
Befar Group Co. Ltd., Class A | 43,160 | 45,979 | ||||||
Beijing Lier High-temperature Materials Co. Ltd., Class A* | 13,400 | 8,193 | ||||||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 10,508 | 57,529 | ||||||
Bengang Steel Plates Co. Ltd., Class A* | 21,800 | 13,193 | ||||||
China Jushi Co. Ltd., Class A | 41,942 | 79,680 | ||||||
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A | 49,800 | 38,838 | ||||||
China West Construction Group Co. Ltd., Class A | 7,400 | 16,205 | ||||||
Cofco Biochemical Co. Ltd., Class A* | 37,985 | 61,380 | ||||||
CSG Holding Co. Ltd., Class A | 38,625 | 40,907 | ||||||
Do-Fluoride Chemicals Co. Ltd., Class A | 26,200 | 65,916 | ||||||
Elion Clean Energy Co. Ltd., Class A | 35,200 | 27,287 | ||||||
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A* | 131,600 | 44,748 | ||||||
GEM Co. Ltd., Class A | 107,152 | 112,981 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A*(a) | 69,005 | 112,323 | ||||||
Guangdong Tapai Group Co. Ltd., Class A | 19,000 | 33,755 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 6,600 | 43,051 | ||||||
Hainan Mining Co. Ltd., Class A* | 8,500 | 8,883 | ||||||
Hangzhou Iron & Steel Co., Class A* | 15,700 | 15,158 | ||||||
Hebei Baoshuo Co., Class A* | 20,700 | 25,119 | ||||||
Hengli Petrochemical Co. Ltd., Class A* | 15,100 | 36,883 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 28,000 | 72,541 | ||||||
Hongda Xingye Co. Ltd., Class A (a) | 41,278 | 38,442 | ||||||
Huapont Life Sciences Co. Ltd., Class A | 57,750 | 54,316 | ||||||
Huaxin Cement Co. Ltd., Class A | 19,380 | 42,501 | ||||||
Hubei Sanonda Co. Ltd., Class A* | 8,900 | 22,322 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A | 14,100 | 34,154 | ||||||
Hunan Gold Corp. Ltd., Class A | 30,100 | 39,859 | ||||||
Inner Mongolia Xingye Mining Co. Ltd., Class A | 24,200 | 27,593 |
Number of Shares | Value | |||||||
Materials (Continued) | ||||||||
Jiangsu Yabang Dyestuff Co. Ltd., Class A (a) | 13,800 | $ | 24,013 | |||||
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A* | 35,200 | 33,381 | ||||||
Jilin Yatai Group Co. Ltd., Class A* | 67,400 | 41,736 | ||||||
Juli Sling Co. Ltd., Class A | 27,200 | 21,594 | ||||||
Kingfa Sci & Tech Co. Ltd., Class A | 65,800 | 57,679 | ||||||
Lianhe Chemical Technology Co. Ltd., Class A | 23,859 | 36,358 | ||||||
Luxi Chemical Group Co. Ltd., Class A* | 42,100 | 127,720 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A* | 119,000 | 65,706 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A | 91,600 | 61,721 | ||||||
Ningbo Shanshan Co. Ltd., Class A | 23,180 | 78,927 | ||||||
ORG Technology Co. Ltd., Class A* | 47,050 | 46,160 | ||||||
Rising Nonferrous Metals Share Co. Ltd., Class A* | 6,500 | 30,932 | ||||||
Sansteel Minguang Co. Ltd. Fujian, Class A | 13,400 | 30,222 | ||||||
Shandong Chenming Paper Holdings Ltd., Class A | 36,600 | 80,607 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 45,813 | 141,700 | ||||||
Shandong Iron and Steel Co. Ltd., | 261,830 | 79,065 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A | 63,900 | 105,051 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class A* | 10,100 | 14,745 | ||||||
Shanghai Huayi Group Corp. Ltd., Class A | 22,300 | 41,218 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 1,300 | 11,663 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A (a) | 90,900 | 80,584 | ||||||
Shenghe Resources Holding Co. Ltd., Class A | 32,300 | 75,822 | ||||||
Shenzhen Jinjia Group Co. Ltd., Class A* | 35,800 | 46,738 | ||||||
Shenzhen YUTO Packaging Technology Co. Ltd., Class A | 2,300 | 17,987 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A | 142,480 | 38,891 | ||||||
Stanley Agricultural Group Co. Ltd., Class A | 24,000 | 23,995 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A* | 38,200 | 65,601 | ||||||
Tangshan Sanyou Chemical Industries Co. Ltd., Class A* | 42,800 | 67,225 | ||||||
Tibet Huayu Mining Co. Ltd., Class A* | 6,200 | 15,067 | ||||||
Tibet Mineral Development Co., Class A* | 17,600 | 33,656 | ||||||
Tibet Summit Resources Co. Ltd., Class A | 5,500 | 21,224 | ||||||
Tongkun Group Co. Ltd., Class A | 37,380 | 102,673 | ||||||
Western Mining Co. Ltd., Class A | 76,100 | 80,595 | ||||||
Xinfengming Group Co. Ltd., Class A | 4,440 | 14,446 | ||||||
Xinjiang Tianshan Cement Co. Ltd., Class A | 24,900 | 30,526 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A | 52,900 | 91,257 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 79,550 | 57,325 |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Materials (Continued) | ||||||||
Yintai Resources Co. Ltd., Class A* | 28,800 | $ | 71,829 | |||||
Yunnan Aluminium Co. Ltd., Class A | 42,800 | 42,058 | ||||||
Yunnan Copper Co. Ltd., Class A* | 34,900 | 57,865 | ||||||
Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd., Class A* | 21,000 | 32,788 | ||||||
Yunnan Tin Co. Ltd., Class A* | 34,715 | 83,820 | ||||||
Zhejiang Huafeng Spandex Co. Ltd., Class A* | 48,800 | 35,926 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 42,100 | 72,561 | ||||||
Zhejiang Runtu Co. Ltd., Class A | 18,600 | 62,027 | ||||||
Zhongfu Straits Pingtan Development Co. Ltd., Class A* | 63,500 | 34,170 | ||||||
Zhuzhou Times New Material Technology Co. Ltd., Class A | 19,300 | 23,661 | ||||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class A* | 35,415 | 75,788 | ||||||
|
| |||||||
3,834,437 | ||||||||
|
| |||||||
Real Estate — 5.5% | ||||||||
Beijing Homyear Capital Holdings Co. Ltd., Class A | 45,900 | 50,831 | ||||||
Beijing Urban Construction Investment & Development Co. Ltd., Class A | 37,600 | 59,468 | ||||||
China Sports Industry Group Co. Ltd., Class A (a) | 27,301 | 46,894 | ||||||
Chongqing Dima Industry Co. Ltd., Class A* | 58,800 | 30,633 | ||||||
Cinda Real Estate Co. Ltd., Class A | 33,700 | 24,127 | ||||||
COFCO Property Group Co. Ltd., Class A | 44,000 | 43,648 | ||||||
Deluxe Family Co. Ltd., Class A | 63,900 | 46,047 | ||||||
Greattown Holdings Ltd., Class A | 63,464 | 60,383 | ||||||
Guangzhou Yuetai Group Co. Ltd., Class A*(a) | 40,400 | 33,517 | ||||||
Haining China Leather Market Co. Ltd., Class A | 19,500 | 17,397 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A | 62,600 | 53,897 | ||||||
Huafa Industrial Co. Ltd. Zhuhai, Class A | 67,640 | 87,039 | ||||||
Huayuan Property Co. Ltd., Class A | 41,930 | 19,032 | ||||||
Hubei Fuxing Science And Technology Co. Ltd., Class A | 30,600 | 37,085 | ||||||
Jinke Properties Group Co. Ltd., Class A* | 106,400 | 83,145 | ||||||
Kunwu Jiuding Investment Holdings Co. Ltd., Class A | 5,700 | 18,048 | ||||||
Myhome Real Estate Development Group Co. Ltd., Class A* | 107,700 | 41,829 | ||||||
Nanjing Gaoke Co. Ltd., Class A | 36,320 | 46,453 | ||||||
Shanghai Industrial Development Co. Ltd., Class A | 24,720 | 21,284 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A | 10,200 | 22,019 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A | 12,200 | 41,978 | ||||||
Shanghai Shimao Co. Ltd., Class A* | 59,800 | 42,719 | ||||||
Shanghai SMI Holding Co. Ltd., Class A* | 24,600 | 26,706 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A | 15,100 | 30,335 |
Number of Shares | Value | |||||||
Real Estate (Continued) | ||||||||
Shenzhen Huaqiang Industry Co. Ltd., Class A | 9,200 | $ | 32,071 | |||||
Shenzhen World Union Properties Consultancy, Inc., Class A | 40,710 | 48,893 | ||||||
Shenzhen Zhenye Group Co. Ltd., Class A | 38,300 | 41,399 | ||||||
Suning Universal Co. Ltd., Class A* | 60,400 | 36,271 | ||||||
Tahoe Group Co. Ltd., Class A | 20,000 | 70,283 | ||||||
Tianjin Jinbin Development Co. Ltd., Class A* | 27,100 | 11,624 | ||||||
Tibet Urban Development and Investment Co. Ltd., Class A* | 18,800 | 26,772 | ||||||
Yinyi Co. Ltd., Class A | 24,000 | 35,563 | ||||||
Zhonghong Holding Co. Ltd., Class A | 271,572 | 51,678 | ||||||
|
| |||||||
1,339,068 | ||||||||
|
| |||||||
Utilities — 3.2% | ||||||||
An Hui Wenergy Co. Ltd., Class A | 45,230 | 35,344 | ||||||
Beijing Jingneng Power Co. Ltd., Class A | 53,800 | 30,377 | ||||||
Beijing Water Business Doctor Co. Ltd., Class A | 27,600 | 59,365 | ||||||
CECEP Wind-Power Corp., Class A* | 67,000 | 32,605 | ||||||
Chengdu Xingrong Environment Co. Ltd., Class A* | 71,500 | 52,081 | ||||||
Chongqing Gas Group Corp. Ltd., Class A | 7,700 | 9,332 | ||||||
Guangdong Baolihua New Energy Stock Co. Ltd., Class A | 69,300 | 85,392 | ||||||
Guangzhou Development Group, Inc., Class A | 34,200 | 36,381 | ||||||
Heilongjiang Interchina Water Treatment Co. Ltd., Class A* | 49,800 | 25,633 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 122,100 | 48,945 | ||||||
Jointo Energy Investment Co. Ltd. Hebei, Class A | 28,900 | 28,218 | ||||||
Kaidi Ecological and Environmental Technology Co. Ltd., Class A*(a) | 61,400 | 43,923 | ||||||
Luenmei Quantum Co. Ltd., Class A | 4,500 | 8,198 | ||||||
Shanghai Dazhong Public Utilities Group Co. Ltd., Class A | 77,200 | 51,176 | ||||||
Shanghai Electric Power Co. Ltd., Class A | 18,800 | 23,341 | ||||||
Shenergy Co. Ltd., Class A | 112,300 | 94,236 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 47,900 | 43,035 | ||||||
Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd., Class A* | 20,600 | 20,821 | ||||||
Zhongshan Public Utilities Group Co. Ltd., Class A | 35,660 | 49,225 | ||||||
|
| |||||||
777,628 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 24,251,718 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.4% (Cost $24,563,900) | $ | 24,251,718 | ||||||
Other assets and liabilities, net — 0.6% | 142,636 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 24,394,354 | ||||||
|
|
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
May 31, 2018
* | 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 May 31, 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 (b) | $ | 22,657,599 | $ | — | $ | 1,594,119 | $ | 24,251,718 | ||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 22,657,599 | $ | — | $ | 1,594,119 | $ | 24,251,718 | ||||||||
|
|
|
|
|
|
|
|
(b) | See Schedule of Investments for additional detailed categorizations. |
The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:
Balance at May 31, 2017 | $ | 1,442,608 | ||
Purchases | 639,112 | |||
Sales | (176,623 | ) | ||
Realized gain (loss) | 9,542 | |||
Change in unrealized gain (loss) | (146,894 | ) | ||
Transfers into Level 3 (c) | 991,745 | |||
Transfer out of Level 3 (c) | (1,165,371 | ) | ||
|
| |||
Balance at May 31, 2018 | 1,594,119 | |||
|
| |||
Change in unrealized gain (loss) related to investments still held at May 31, 2018 | (141,466 | ) |
(c) | During the year ended May 31, 2018, the amount of transfers between Level 1 and Level 3 was $991,745 and between Level 3 and Level 1 was $1,165,371. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange. |
Transfers between price levels are recognized at the beginning of the reporting period.
Quantitative Disclosure About Significant Unobservable Inputs
Asset Class | Fair Value at 5/31/2018 | Valuation Technique | Unobservable Input | |||||
Common Stock: Consumer Discretionary | $ | 258,015 | Market Approach | Last traded price adjusted for proxy | ||||
Common Stock: Consumer Staples | 77,688 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Energy | 51,273 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Health Care | 184,759 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Industrials | 517,277 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Information Technology | 46,346 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Materials | 334,427 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Real Estate | 80,411 | Market Approach | Last traded price adjusted for proxy | |||||
Common Stock: Utilities | 43,923 | Market Approach | Last traded price adjusted for proxy |
Qualitative Disclosure About Unobservable Inputs
Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading adjusted for proxy (the movement in the applicable sector index) with a range of -13% to 19% with a weighted average range of approximately -2%. A significant change between last traded price, adjusted for proxy, and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement.
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 61.4% | ||||||||
Consumer Discretionary — 5.4% | ||||||||
Alibaba Pictures Group Ltd.*(a) | 188,184 | $ | 24,470 | |||||
ANTA Sports Products Ltd. | 11,992 | 69,101 | ||||||
BAIC Motor Corp. Ltd., Class H, 144A | 17,355 | 16,859 | ||||||
Brilliance China Automotive Holdings Ltd. | 41,315 | 77,214 | ||||||
BYD Co. Ltd., Class H | 11,550 | 74,947 | ||||||
China Literature Ltd., 144A* | 2,352 | 21,963 | ||||||
China Travel International Investment Hong Kong Ltd. | 38,937 | 17,274 | ||||||
Ctrip.com International Ltd., ADR* | 4,861 | 219,183 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 38,059 | 43,425 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H, 144A* | 6,465 | 23,942 | ||||||
Geely Automobile Holdings Ltd. | 69,453 | 197,004 | ||||||
GOME Retail Holdings Ltd.*(a) | 161,535 | 18,122 | ||||||
Great Wall Motor Co. Ltd., Class H (a) | 41,446 | 40,420 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 28,148 | 47,726 | ||||||
Haier Electronics Group Co. Ltd.* | 9,042 | 32,506 | ||||||
JD.com, Inc., ADR*(a) | 8,797 | 309,478 | ||||||
New Oriental Education & Technology Group, Inc., ADR | 1,738 | 172,879 | ||||||
Nexteer Automotive Group Ltd.* | 13,880 | 22,897 | ||||||
Shenzhou International Group Holdings Ltd. | 6,494 | 75,999 | ||||||
Skyworth Digital Holdings Ltd. | 18,720 | 8,902 | ||||||
TAL Education Group, ADR* | 3,304 | 140,288 | ||||||
Vipshop Holdings Ltd., ADR* | 5,288 | 61,764 | ||||||
Yum China Holdings, Inc. | 5,190 | 203,967 | ||||||
|
| |||||||
1,920,330 | ||||||||
|
| |||||||
Consumer Staples — 2.0% | ||||||||
China Agri-Industries Holdings Ltd. | 27,868 | 11,831 | ||||||
China Mengniu Dairy Co. Ltd.* | 36,434 | 132,375 | ||||||
China Resources Beer Holdings Co. Ltd. | 37,602 | 182,637 | ||||||
Hengan International Group Co. Ltd. | 12,104 | 115,267 | ||||||
Sun Art Retail Group Ltd. | 30,241 | 35,622 | ||||||
Tingyi Cayman Islands Holding Corp. | 26,134 | 58,504 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 15,786 | 100,019 | ||||||
Uni-President China Holdings Ltd. | 18,682 | 20,125 | ||||||
Want Want China Holdings Ltd. | 76,610 | 75,983 | ||||||
|
| |||||||
732,363 | ||||||||
|
| |||||||
Energy — 3.4% | ||||||||
China Coal Energy Co. Ltd., Class H | 31,206 | 13,725 | ||||||
China Oilfield Services Ltd., Class H | 24,127 | 25,222 | ||||||
China Petroleum & Chemical Corp., Class H | 347,267 | 339,557 | ||||||
China Shenhua Energy Co. Ltd., Class H | 46,260 | 120,896 | ||||||
CNOOC Ltd. | 234,144 | 394,013 | ||||||
Kunlun Energy Co. Ltd. | 44,751 | 40,734 | ||||||
PetroChina Co. Ltd., Class H | 282,142 | 233,435 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 23,828 | 34,387 | ||||||
|
| |||||||
1,201,969 | ||||||||
|
| |||||||
Financials — 12.7% | ||||||||
Agricultural Bank of China Ltd., Class H | 331,816 | 171,742 | ||||||
Bank of China Ltd., Class H | 1,051,148 | 549,417 |
Number of Shares | Value | |||||||
Financials (Continued) | ||||||||
Bank of Communications Co. Ltd., Class H | 84,577 | $ | 66,957 | |||||
China Cinda Asset Management Co. Ltd., Class H | 103,064 | 37,315 | ||||||
China CITIC Bank Corp. Ltd., Class H | 110,347 | 74,979 | ||||||
China Construction Bank Corp., Class H | 1,081,230 | 1,091,685 | ||||||
China Everbright Bank Co. Ltd., Class H | 67,026 | 33,410 | ||||||
China Everbright Ltd. | 11,208 | 24,633 | ||||||
China Galaxy Securities Co. Ltd., Class H | 38,329 | 23,992 | ||||||
China Huarong Asset Management Co. Ltd., Class H, 144A | 83,673 | 28,161 | ||||||
China International Capital Corp. Ltd., Class H, 144A | 9,856 | 20,782 | ||||||
China Life Insurance Co. Ltd., Class H | 95,019 | 265,283 | ||||||
China Merchants Bank Co. Ltd., Class H | 53,468 | 220,166 | ||||||
China Minsheng Banking Corp. Ltd., Class H (a) | 24,486 | 23,349 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 35,432 | 153,126 | ||||||
China Reinsurance Group Corp., Class H | 72,460 | 16,258 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 21,055 | 75,559 | ||||||
Chong Sing Holdings FinTech Gr* | 195,379 | 25,904 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 25,944 | 17,331 | ||||||
CITIC Securities Co. Ltd., Class H | 15,522 | 39,141 | ||||||
Far East Horizon Ltd. | 23,332 | 24,777 | ||||||
GF Securities Co. Ltd., Class H* | 19,091 | 32,223 | ||||||
Haitong Securities Co. Ltd., Class H | 18,720 | 23,435 | ||||||
Huatai Securities Co. Ltd., Class H, 144A | 18,296 | 36,060 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 988,895 | 819,441 | ||||||
New China Life Insurance Co. Ltd., Class H | 9,895 | 44,908 | ||||||
People’s Insurance Co. Group of China Ltd., Class H | 91,001 | 43,040 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 58,917 | 103,801 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 45,673 | 447,755 | ||||||
Postal Savings Bank of China Co. Ltd., Class H, 144A | 32,546 | 21,783 | ||||||
|
| |||||||
4,556,413 | ||||||||
|
| |||||||
Health Care — 1.7% | ||||||||
3SBio, Inc., 144A* | 13,221 | 37,839 | ||||||
Alibaba Health Information Technology Ltd.* | 55,008 | 50,421 | ||||||
China Medical System Holdings Ltd. | 13,784 | 33,212 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 24,127 | 22,146 | ||||||
CSPC Pharmaceutical Group Ltd. | 52,429 | 164,088 | ||||||
Luye Pharma Group Ltd. (a) | 11,973 | 13,142 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 24,032 | 20,680 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 4,247 | 27,206 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 8,150 | 25,196 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 55,583 | 14,384 | ||||||
Sino Biopharmaceutical Ltd. | 54,537 | 137,939 |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Health Care (Continued) | ||||||||
Sinopharm Group Co. Ltd., Class H | 15,610 | $ | 69,352 | |||||
Tong Ren Tang Technologies Co. Ltd., Class H | 6,130 | 10,659 | ||||||
|
| |||||||
626,264 | ||||||||
|
| |||||||
Industrials — 3.0% | ||||||||
Air China Ltd., Class H | 22,863 | 26,494 | ||||||
AviChina Industry & Technology Co. Ltd., Class H* | 29,299 | 19,572 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 22,167 | 32,781 | ||||||
CAR, Inc.* | 11,127 | 12,455 | ||||||
China Communications Construction Co. Ltd., Class H | 56,163 | 60,286 | ||||||
China Conch Venture Holdings Ltd. | 18,788 | 65,148 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 36,274 | 28,856 | ||||||
China Everbright International Ltd. | 33,017 | 49,331 | ||||||
China International Marine Containers Group Co. Ltd., Class H | 6,850 | 10,706 | ||||||
China Merchants Port Holdings Co. Ltd. | 20,103 | 45,874 | ||||||
China Railway Construction Corp. Ltd., Class H | 33,299 | 37,739 | ||||||
China Railway Group Ltd., Class H | 67,611 | 54,560 | ||||||
China Southern Airlines Co. Ltd., Class H | 26,299 | 26,017 | ||||||
China State Construction International Holdings Ltd. | 24,926 | 30,792 | ||||||
CITIC Ltd. | 65,488 | 97,345 | ||||||
COSCO SHIPPING Development Co. Ltd., Class H* | 70,583 | 13,407 | ||||||
COSCO SHIPPING Energy Transportation Co., Ltd., Class H | 13,969 | 7,907 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H* | 37,076 | 20,844 | ||||||
COSCO SHIPPING Ports Ltd. | 22,545 | 21,700 | ||||||
CRRC Corp. Ltd., Class H | 80,517 | 71,955 | ||||||
Fosun International Ltd. | 36,065 | 79,264 | ||||||
Haitian International Holdings Ltd. | 9,187 | 26,059 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 18,015 | 27,192 | ||||||
Metallurgical Corp. of China Ltd., Class H | 58,639 | 17,567 | ||||||
Shanghai Electric Group Co. Ltd., Class H*(a) | 44,048 | 16,846 | ||||||
Shanghai Industrial Holdings Ltd. | 6,228 | 16,554 | ||||||
Shenzhen International Holdings Ltd. | 14,688 | 32,132 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 16,921 | 18,185 | ||||||
Sinotrans Ltd., Class H | 30,926 | 17,544 | ||||||
Weichai Power Co. Ltd., Class H | 18,372 | 24,639 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 4,796 | 7,679 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 18,697 | 18,711 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 7,074 | 35,622 | ||||||
|
| |||||||
1,071,763 | ||||||||
|
| |||||||
Information Technology — 24.5% | ||||||||
58.com, Inc., ADR* | 1,154 | 93,728 | ||||||
AAC Technologies Holdings, Inc. | 9,559 | 143,918 | ||||||
Alibaba Group Holding Ltd., ADR*(a) | 14,800 | 2,930,548 |
Number of Shares | Value | |||||||
Information Technology (Continued) | ||||||||
Autohome, Inc., ADR | 527 | $ | 59,403 | |||||
Baidu, Inc., ADR* | 3,528 | 855,752 | ||||||
BYD Electronic International Co. Ltd. | 8,590 | 13,645 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H, 144A | 22,167 | 17,323 | ||||||
Fang Holdings Ltd., ADR* | 3,757 | 19,048 | ||||||
GCL-Poly Energy Holdings Ltd.*(a) | 174,993 | 19,185 | ||||||
Kingboard Chemical Holdings Ltd. | 7,889 | 31,378 | ||||||
Kingboard Laminates Holdings Ltd. | 13,568 | 17,989 | ||||||
Kingsoft Corp. Ltd. | 10,053 | 31,719 | ||||||
Lenovo Group Ltd. | 93,652 | 49,667 | ||||||
Meitu, Inc., 144A* | 16,278 | 17,245 | ||||||
Momo, Inc., ADR* | 1,379 | 63,324 | ||||||
NetEase, Inc., ADR | 1,040 | 237,453 | ||||||
Semiconductor Manufacturing International Corp.*(a) | 34,849 | 45,582 | ||||||
SINA Corp.* | 736 | 66,843 | ||||||
Sunny Optical Technology Group Co. Ltd.* | 9,125 | 185,661 | ||||||
Tencent Holdings Ltd. | 72,939 | 3,711,970 | ||||||
TravelSky Technology Ltd., Class H | 11,865 | 34,714 | ||||||
Weibo Corp., ADR*(a) | 470 | 47,898 | ||||||
Xinyi Solar Holdings Ltd. | 38,896 | 16,115 | ||||||
YY, Inc., ADR* | 394 | 45,913 | ||||||
ZTE Corp., Class H*(b) | 7,419 | 24,009 | ||||||
|
| |||||||
8,780,030 | ||||||||
|
| |||||||
Materials — 1.1% | ||||||||
Aluminum Corp. of China Ltd., Class H* | 47,334 | 24,922 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 16,043 | 98,375 | ||||||
BBMG Corp., Class H | 47,895 | 21,004 | ||||||
China Molybdenum Co. Ltd., Class H* | 46,129 | 29,227 | ||||||
China National Building Material Co. Ltd., Class H* | 26,457 | 30,288 | ||||||
China Resources Cement Holdings Ltd. | 27,692 | 32,620 | ||||||
China Zhongwang Holdings Ltd. | 17,512 | 9,488 | ||||||
Jiangxi Copper Co. Ltd., Class H | 19,753 | 28,707 | ||||||
Lee & Man Paper Manufacturing Ltd. | 19,883 | 23,320 | ||||||
Nine Dragons Paper Holdings Ltd. | 20,486 | 32,593 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 45,330 | 33,460 | ||||||
Zijin Mining Group Co. Ltd., Class H | 64,090 | 26,717 | ||||||
|
| |||||||
390,721 | ||||||||
|
| |||||||
Real Estate — 3.1% | ||||||||
Agile Group Holdings Ltd. | 19,897 | 37,947 | ||||||
China Evergrande Group*(a) | 51,461 | 150,890 | ||||||
China Jinmao Holdings Group Ltd. | 52,827 | 30,171 | ||||||
China Overseas Land & Investment Ltd. | 51,085 | 170,953 | ||||||
China Resources Land Ltd. | 37,503 | 137,693 | ||||||
China Vanke Co. Ltd., Class H | 7,891 | 28,217 | ||||||
CIFI Holdings Group Co. Ltd. | 43,414 | 33,595 | ||||||
Country Garden Holdings Co. Ltd. | 76,705 | 150,395 | ||||||
Fullshare Holdings Ltd.* | 94,471 | 44,561 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H | 9,962 | 23,368 | ||||||
KWG Property Holding Ltd. | 13,068 | 18,026 | ||||||
Longfor Properties Co. Ltd. | 20,467 | 61,316 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Real Estate (Continued) | ||||||||
Shenzhen Investment Ltd. | 43,196 | $ | 18,338 | |||||
Shimao Property Holdings Ltd. | 14,687 | 43,438 | ||||||
Shui On Land Ltd. | 65,616 | 18,403 | ||||||
Sino-Ocean Group Holding Ltd. | 42,929 | 29,005 | ||||||
SOHO China Ltd. | 33,127 | 17,315 | ||||||
Sunac China Holdings Ltd.* | 23,561 | 89,659 | ||||||
Yuexiu Property Co. Ltd. | 81,916 | 18,484 | ||||||
|
| |||||||
1,121,774 | ||||||||
|
| |||||||
Telecommunication Services — 2.6% | ||||||||
China Communications Services Corp. Ltd., Class H | 29,413 | 18,936 | ||||||
China Mobile Ltd. | 80,405 | 717,522 | ||||||
China Telecom Corp. Ltd., Class H | 184,871 | 86,259 | ||||||
China Unicom Hong Kong Ltd. | 80,289 | 109,111 | ||||||
|
| |||||||
931,828 | ||||||||
|
| |||||||
Utilities — 1.9% | ||||||||
Beijing Enterprises Holdings Ltd. | 6,750 | 37,303 | ||||||
Beijing Enterprises Water Group Ltd.* | 60,129 | 36,258 | ||||||
CGN Power Co. Ltd., Class H, 144A (a) | 157,679 | 44,826 | ||||||
China Gas Holdings Ltd. | 26,222 | 108,810 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 43,265 | 39,933 | ||||||
China Power International Development Ltd. | 47,122 | 13,096 | ||||||
China Resources Gas Group Ltd. | 12,808 | 48,658 | ||||||
China Resources Power Holdings Co. Ltd. | 26,636 | 54,534 | ||||||
Datang International Power Generation Co. Ltd., Class H*(a) | 46,956 | 15,145 | ||||||
ENN Energy Holdings Ltd. | 10,295 | 105,980 |
Number of Shares | Value | |||||||
Utilities (Continued) | ||||||||
Guangdong Investment Ltd. | 41,623 | $ | 70,149 | |||||
Huadian Power International Corp. Ltd., Class H | 44,576 | 20,514 | ||||||
Huaneng Power International, Inc., Class H | 75,498 | 58,326 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 54,748 | 23,521 | ||||||
Towngas China Co. Ltd.* | 21,095 | 20,707 | ||||||
|
| |||||||
697,760 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 22,031,215 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS — 38.0% | ||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF (a)(c) | 399,594 | 11,827,982 | ||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF*(c) | 55,762 | 1,835,685 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | 13,663,667 | |||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 7.4% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) | 2,653,919 | 2,653,919 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 106.8% (Cost $38,482,402) | $ | 38,348,801 | ||||||
Other assets and liabilities, net — (6.8%) | (2,453,696 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 35,895,105 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
EXCHANGE-TRADED FUNDS — 38.0% |
| |||||||||||||||||||||||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF (a)(c) |
| |||||||||||||||||||||||||||||||
1,561,826 | 13,237,393 | (3,201,184 | ) | (34,259 | ) | 264,206 | 117,694 | — | 399,594 | 11,827,982 | ||||||||||||||||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF*(c) |
| |||||||||||||||||||||||||||||||
297,019 | 2,123,862 | (441,159 | ) | 6,783 | (150,820 | ) | — | — | 55,762 | 1,835,685 | ||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 7.4% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) |
| |||||||||||||||||||||||||||||||
1,524,297 | 1,129,622 | — | — | — | 84,698 | — | 2,653,919 | 2,653,919 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
3,383,142 | 16,490,877 | (3,642,343 | ) | (27,476 | ) | 113,386 | 202,392 | — | 3,109,275 | 16,317,586 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 May 31, 2018 amounted to $5,919,520, which is 16.5% of net assets. |
(b) | Investment was valued using significant unobservable inputs. |
(c) | Affiliated fund advised by DBX Advisors LLC. |
(d) | Affiliated fund managed by DWS Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI All China Equity ETF (Continued)
May 31, 2018
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $3,425,519. |
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 May 31, 2018, open futures contract purchased was as follows:
Contract Description | Currency | Number of Contracts | Notional Amount | Contract Value | Expiration Date | Unrealized Appreciation | ||||||||||||||||||
MINI HSI Index Futures | HKD | 3 | $ | 116,378 | $ | 116,636 | 6/28/2018 | $ | 234 |
Currency Abbreviations
HKD | Hong Kong Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | 22,007,206 | $ | — | $ | 24,009 | $ | 22,031,215 | ||||||||
Exchange-Traded Funds | 13,663,667 | — | — | 13,663,667 | ||||||||||||
Short-Term Investments | 2,653,919 | — | — | 2,653,919 | ||||||||||||
Derivatives (g) | ||||||||||||||||
Futures Contracts | 234 | — | — | 234 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 38,325,026 | $ | — | $ | 24,009 | $ | 38,349,035 | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
(g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
During the year ended May 31, 2018, the amount of transfers between Level 1 and Level 3 was $2,534 and between Level 3 and Level 1 was $16,271. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 36 |
This Page is Intentionally Left Blank
37
DBX ETF Trust
May 31, 2018
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | Xtrackers Harvest CSI 300 China A-Shares ETF | Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | Xtrackers MSCI All China Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | 2,858 | $ | 681,900,872 | $ | 24,251,718 | $ | 22,031,215 | ||||||||
Investment in affiliated securities at value | 2,048,942 | — | — | 13,663,667 | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 75,000 | — | — | 2,653,919 | ||||||||||||
Cash | 2,211,461 | 1,221,256 | 1,187 | 60,784 | ||||||||||||
Foreign currency at value | 29 | 2,564,906 | † | 125,683 | † | 23,720 | ||||||||||
Unrealized appreciation on forward foreign currency contracts | 39,377 | — | — | — | ||||||||||||
Deposit with broker for futures contracts | — | — | — | 10,773 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 1,201,754 | 1,240,074 | — | ||||||||||||
Variation margin on futures contracts | — | — | — | 2,424 | ||||||||||||
Interest | — | 8 | 19 | — | ||||||||||||
Dividends | — | — | — | 84,946 | ||||||||||||
Securities lending income | 2,523 | — | — | 28,640 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 4,380,190 | $ | 686,888,796 | $ | 25,618,681 | $ | 38,560,088 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Due to authorized participant | $ | 2,220,102 | $ | — | $ | — | $ | — | ||||||||
Payable upon return of securities loaned | 75,000 | — | — | 2,653,919 | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | 4,458 | — | — | — | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | 725,661 | 1,210,265 | — | ||||||||||||
Investment advisory fees | 146 | 332,519 | 14,062 | 11,064 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 2,299,706 | 1,058,180 | 1,224,327 | 2,664,983 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,080,484 | $ | 685,830,616 | $ | 24,394,354 | $ | 35,895,105 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 2,411,091 | $ | 624,895,936 | $ | 36,975,305 | $ | 37,669,666 | ||||||||
Distributions in excess of net investment income | — | (884,593 | ) | (2,906 | ) | — | ||||||||||
Undistributed net investment income | 22,302 | — | — | 247,042 | ||||||||||||
Accumulated net realized gain (loss) | (704,128 | ) | (21,698,419 | ) | (12,267,693 | ) | (1,888,217 | ) | ||||||||
Net unrealized appreciation (depreciation) | 351,219 | 83,517,692 | (310,352 | ) | (133,386 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,080,484 | $ | 685,830,616 | $ | 24,394,354 | $ | 35,895,105 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 100,001 | 23,200,001 | 750,001 | 950,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 20.80 | $ | 29.56 | $ | 32.53 | $ | 37.78 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 2,837 | $ | 598,388,714 | $ | 24,563,900 | $ | 21,089,754 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 1,732,663 | $ | — | $ | — | $ | 14,738,729 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 74,000 | $ | — | $ | — | $ | 5,919,520 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 75,000 | $ | — | $ | — | $ | 2,653,919 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | — | $ | — | $ | — | $ | 3,425,519 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 29 | $ | 2,559,385 | $ | 123,853 | $ | 23,704 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
† | Included in foreign currency at value is $2,691 and $5,875 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
For the Year Ended May 31, 2018
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | Xtrackers Harvest CSI 300 China A-Shares ETF | Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | Xtrackers MSCI All China Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated interest income | $ | — | $ | 6,336 | $ | 71 | $ | — | ||||||||
Unaffiliated dividend income* | — | 8,509,325 | 183,493 | 127,446 | ||||||||||||
Unaffiliated non-cash dividend income | — | — | — | 44,943 | ||||||||||||
Affiliated dividend income | 28,928 | — | — | 117,694 | ||||||||||||
Affiliated securities lending income | 11,636 | — | — | 84,698 | ||||||||||||
Unaffiliated securities lending income, net of borrower rebates | 38,511 | — | — | 251,011 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 79,075 | 8,515,661 | 183,564 | 625,792 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 22,795 | 3,744,921 | 157,994 | 152,637 | ||||||||||||
Interest Expense | — | 35,989 | — | — | ||||||||||||
Other expenses | 57 | 56 | 56 | 109 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 22,852 | 3,780,966 | 158,050 | 152,746 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (See Note 3): | ||||||||||||||||
Waiver | (21,185 | ) | — | — | (61,067 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 1,667 | 3,780,966 | 158,050 | 91,679 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 77,408 | 4,734,695 | 25,514 | 534,113 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | — | 48,108,539 | 646,154 | (9,475 | ) | |||||||||||
Investments in affiliates | (50,880 | ) | — | — | (309,018 | ) | ||||||||||
In-kind redemptions | — | — | — | 1,370,052 | ||||||||||||
In-kind redemptions in affiliates | 265,543 | — | — | 281,542 | ||||||||||||
Futures contracts | — | — | — | 19,435 | ||||||||||||
Foreign currency transactions | (4 | ) | (191,944 | ) | (4,335 | ) | (859 | ) | ||||||||
Forward foreign currency contracts | (371,021 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (156,362 | ) | 47,916,595 | 641,819 | 1,351,677 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | 21 | 9,492,601 | (330,577 | ) | 879,920 | |||||||||||
Investments in affiliates | 251,444 | — | — | 113,386 | ||||||||||||
Futures contracts | — | — | — | 234 | ||||||||||||
Foreign currency translations | — | (24,261 | ) | (3,381 | ) | (23 | ) | |||||||||
Forward foreign currency contracts | 106,086 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | 357,551 | 9,468,340 | (333,958 | ) | 993,517 | |||||||||||
| �� |
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | 201,189 | 57,384,935 | 307,861 | 2,345,194 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 278,597 | $ | 62,119,630 | $ | 333,375 | $ | 2,879,307 | ||||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | — | $ | 981,996 | $ | 21,151 | $ | 12,071 |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | Xtrackers Harvest CSI 300 China A-Shares ETF | |||||||||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 77,408 | $ | 33,537 | $ | 4,734,695 | $ | 5,215,180 | ||||||||
Net realized gain (loss) | (156,362 | ) | (174,141 | ) | 47,916,595 | (2,259,919 | ) | |||||||||
Net change in net unrealized appreciation (depreciation) | 357,551 | 282,522 | 9,468,340 | 26,028,638 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 278,597 | 141,918 | 62,119,630 | 28,983,899 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from |
| |||||||||||||||
Net investment income | (82,189 | ) | (281,686 | ) | (5,199,112 | ) | (2,914,310 | ) | ||||||||
Net realized gains | — | (84,778 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (82,189 | ) | (366,464 | ) | (5,199,112 | ) | (2,914,310 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | — | 967,594 | 560,587,088 | 237,085,355 | ||||||||||||
Value of shares redeemed | (1,044,930 | ) | — | (298,670,935 | ) | (222,628,824 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | (1,044,930 | ) | 967,594 | 261,916,153 | 14,456,531 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (848,522 | ) | 743,048 | 318,836,671 | 40,526,120 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 2,929,006 | 2,185,958 | 366,993,945 | 326,467,825 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 2,080,484 | $ | 2,929,006 | $ | 685,830,616 | $ | 366,993,945 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions in excess of net investment income | $ | — | $ | — | $ | (884,593 | ) | $ | (318,213 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 22,302 | $ | 6,696 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 150,001 | 100,001 | 14,200,001 | 13,750,001 | ||||||||||||
Shares sold | — | 50,000 | 18,800,000 | 9,600,000 | ||||||||||||
Shares redeemed | (50,000 | ) | — | (9,800,000 | ) | (9,150,000 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 100,001 | 150,001 | 23,200,001 | 14,200,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | Xtrackers MSCI All China Equity ETF | |||||||||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 25,514 | $ | (21,875 | ) | $ | 534,113 | $ | 146,833 | |||||||
Net realized gain (loss) | 641,819 | (1,027,294 | ) | 1,351,677 | (857,419 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | (333,958 | ) | (248,447 | ) | 993,517 | 1,497,048 | ||||||||||
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Net increase (decrease) in net assets resulting from operations | 333,375 | (1,297,616 | ) | 2,879,307 | 786,462 | |||||||||||
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Distributions to Shareholders from |
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Net investment income | — | — | (317,478 | ) | (448,333 | ) | ||||||||||
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Total distributions | — | — | (317,478 | ) | (448,333 | ) | ||||||||||
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Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 3,676,438 | 5,254,292 | 36,516,502 | — | ||||||||||||
Value of shares redeemed | — | (5,023,771 | ) | (7,763,898 | ) | (2,847,049 | ) | |||||||||
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| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 3,676,438 | 230,521 | 28,752,604 | (2,847,049 | ) | |||||||||||
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| |||||||||
Total net increase (decrease) in Net Assets | 4,009,813 | (1,067,095 | ) | 31,314,433 | (2,508,920 | ) | ||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 20,384,541 | 21,451,636 | 4,580,672 | 7,089,592 | ||||||||||||
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End of year | $ | 24,394,354 | $ | 20,384,541 | $ | 35,895,105 | $ | 4,580,672 | ||||||||
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Distributions in excess of net investment income | $ | (2,906 | ) | $ | (66,057 | ) | $ | — | $ | — | ||||||
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Undistributed net investment income | $ | — | $ | — | $ | 247,042 | $ | 29,711 | ||||||||
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Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 650,001 | 650,001 | 150,001 | 250,001 | ||||||||||||
Shares sold | 100,000 | 150,000 | 1,000,000 | — | ||||||||||||
Shares redeemed | — | (150,000 | ) | (200,000 | ) | (100,000 | ) | |||||||||
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Shares outstanding, end of year | 750,001 | 650,001 | 950,001 | 150,001 | ||||||||||||
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See Notes to Financial Statements. | 41 |
DBX ETF Trust
Xtrackers CSI 300 China A-Shares Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||||||||||
Net Asset Value, beginning of period | $ | 19.53 | $ | 21.86 | $ | 25.00 | ||||||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.52 | 0.29 | 0.40 | |||||||||||||||||
Net realized and unrealized gain (loss) | 1.30 | 1.05 | (2.80 | ) | ||||||||||||||||
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Total from investment operations | 1.82 | 1.34 | (2.40 | ) | ||||||||||||||||
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Less distributions from: | ||||||||||||||||||||
Net investment income | (0.55 | ) | (2.82 | ) | (0.74 | ) | ||||||||||||||
Net realized gains | — | (0.85 | ) | — | ||||||||||||||||
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Total distributions | (0.55 | ) | (3.67 | ) | (0.74 | ) | ||||||||||||||
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Net Asset Value, end of period | $ | 20.80 | $ | 19.53 | $ | 21.86 | ||||||||||||||
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Total Return (%)(e) | 9.12 | 6.42 | (d) | (10.01 | )** | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 2 | 3 | 2 | |||||||||||||||||
Ratio of expenses before fee waiver (%)(f) | 0.70 | 0.72 | 1.25 | *** | ||||||||||||||||
Ratio of expenses after fee waiver (%)(f) | 0.05 | 0.05 | 0.45 | *** | ||||||||||||||||
Ratio of net investment income (loss) (%) | 2.38 | 1.41 | 2.92 | * | ||||||||||||||||
Portfolio turnover rate (%)(g) | 3 | 6 | 4 | ** | ||||||||||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF Selected Per Share Data | 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 | $ | 25.84 | $ | 23.74 | $ | 49.93 | $ | 21.98 | $ | 25.00 | ||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.25 | 0.30 | 0.43 | 0.09 | (0.05 | ) | ||||||||||||||
Net realized and unrealized gain (loss) | 3.73 | 1.97 | (18.19 | ) | 27.96 | (2.97 | ) | |||||||||||||
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Total from investment operations | 3.98 | 2.27 | (17.76 | ) | 28.05 | (3.02 | ) | |||||||||||||
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Less distributions from: | ||||||||||||||||||||
Net investment income | (0.26 | ) | (0.17 | ) | (0.33 | ) | (0.10 | ) | — | |||||||||||
Net realized gains | — | — | (8.10 | ) | — | — | ||||||||||||||
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Total distributions | (0.26 | ) | (0.17 | ) | (8.43 | ) | (0.10 | ) | — | |||||||||||
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Net Asset Value, end of period | $ | 29.56 | $ | 25.84 | $ | 23.74 | $ | 49.93 | $ | 21.98 | ||||||||||
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Total Return (%) | 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) | 686 | 367 | 326 | 1,410 | 153 | |||||||||||||||
Ratio of expenses before fee waiver (%) | 0.66 | 0.67 | 0.80 | 0.80 | 0.96 | * | ||||||||||||||
Ratio of expenses after fee waiver (%) | 0.66 | 0.67 | 0.80 | 0.80 | 0.92 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 0.82 | 1.24 | 1.27 | 0.26 | (0.38 | )* | ||||||||||||||
Portfolio turnover rate (%)(g) | 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 Fund in which the Fund is invested. This ratio does not included these indirect fees and expenses. |
(g) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
*** | Annualized. Includes excise tax expense that is not annualized. |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF Selected Per Share Data | 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 | $ | 31.36 | $ | 33.00 | $ | 65.42 | $ | 25.70 | $ | 25.00 | ||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.04 | (0.03 | ) | (0.05 | ) | (0.12 | ) | 0.02 | ||||||||||||
Net realized and unrealized gain (loss) | 1.13 | (1.61 | ) | (28.91 | ) | 40.05 | 0.68 | |||||||||||||
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Total from investment operations | 1.17 | (1.64 | ) | (28.96 | ) | 39.93 | 0.70 | |||||||||||||
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Less distributions from: | ||||||||||||||||||||
Net investment income | — | — | (0.17 | ) | (0.04 | ) | — | |||||||||||||
Net realized gains | — | — | (3.29 | ) | (0.17 | ) | — | |||||||||||||
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Total distributions | — | — | (3.46 | ) | (0.21 | ) | — | |||||||||||||
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Net Asset Value, end of period | $ | 32.53 | $ | 31.36 | $ | 33.00 | $ | 65.42 | $ | 25.70 | ||||||||||
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Total Return (%) | 3.73 | (4.97 | ) | (45.37 | ) | 155.99 | 2.80 | ** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 24 | 20 | 21 | 82 | 8 | |||||||||||||||
Ratio of expenses (%) | 0.65 | 0.67 | 0.80 | 0.80 | 0.80 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 0.10 | (0.09 | ) | (0.11 | ) | (0.30 | ) | 2.57 | * | |||||||||||
Portfolio turnover rate (%)(f) | 29 | 51 | 215 | 131 | 0 | ** | ||||||||||||||
Xtrackers MSCI All China Equity ETF Selected Per Share Data | 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 | $ | 30.54 | $ | 28.36 | $ | 46.01 | $ | 25.51 | $ | 25.00 | ||||||||||
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Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(c) | 0.79 | 0.91 | 2.15 | 0.32 | 0.06 | |||||||||||||||
Net realized and unrealized gain (loss) | 6.75 | 4.26 | (15.46 | ) | 20.58 | 0.45 | ||||||||||||||
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Total from investment operations | 7.54 | 5.17 | (13.31 | ) | 20.90 | 0.51 | ||||||||||||||
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Less distributions from: | ||||||||||||||||||||
Net investment income | (0.30 | ) | (2.99 | ) | (4.34 | ) | (0.35 | ) | — | |||||||||||
Net realized gains | — | — | — | (0.05 | ) | — | ||||||||||||||
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Total distributions | (0.30 | ) | (2.99 | ) | (4.34 | ) | (0.40 | ) | — | |||||||||||
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Net Asset Value, end of period | $ | 37.78 | $ | 30.54 | $ | 28.36 | $ | 46.01 | $ | 25.51 | ||||||||||
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| |||||||||||
Total Return (%)(d) | 24.71 | 20.03 | (29.80 | ) | 82.48 | 2.04 | ** | |||||||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||||||||||
Net Assets, end of period ($ millions) | 36 | 5 | 7 | 18 | 5 | |||||||||||||||
Ratio of expenses before fee waiver (%)(e) | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | * | ||||||||||||||
Ratio of expenses after fee waiver (%)(e) | 0.36 | 0.35 | 0.26 | 0.26 | 0.30 | * | ||||||||||||||
Ratio of net investment income (loss) (%) | 2.10 | 3.10 | 6.46 | 0.94 | 2.73 | * | ||||||||||||||
Portfolio turnover rate (%)(f) | 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. | 43 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of May 31, 2018, the Trust consists of thirty-seven investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
New Fund Name | Former Fund Name | |
Xtrackers CSI 300 China A-Shares Hedged Equity ETF* | Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | |
Xtrackers Harvest CSI 300 China A-Shares ETF | Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | |
Xtrackers MSCI All China Equity ETF | Deutsche X-trackers MSCI All China Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of 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 CSI 300 China A-Shares Hedged Equity ETF* | CSI 300 USD Hedged Index* | |
Xtrackers Harvest CSI 300 China A-Shares ETF | CSI 300 Index | |
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | CSI 500 Index | |
Xtrackers MSCI All China Equity ETF | MSCI China All Shares Index |
* | On June 4, 2018, the Fund changed its name from Xtrackers CSI 300 China A-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. |
CSI 300 USD Hedged Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the largest and most liquid stocks in the China A-Share market. The Underlying Index hedges the currency exposure of the securities in the CSI 300 Index by taking long positions in foreign currency forwards. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed every six-months.
CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the largest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed every six-months.
CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 500 smallest and most liquid stocks in the China A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is reviewed every six-months.
MSCI is the creator of the MSCI China All Shares Index 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
44
DBX ETF Trust
Notes to Financial Statements (Continued)
investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe. The Underlying Index is comprised of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes. The Underlying Index is rebalanced on a quarterly basis.
The MSCI China A Inclusion Equity Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-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 eligible A-Shares are traded on the Shanghai or Shenzhen Stock Exchanges. The Underlying Index is designed to track the inclusion of A-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 excluding mid- and small-capitalization A-Shares (as determined by MSCI), A-Shares suspended for trading for more than 50 days in the past 12 months and A-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.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF are diversified series of the Trust. Xtrackers CSI 300 China A-Shares Hedged Equity ETF and Xtrackers MSCI All China Equity EFT are non-diversified and are not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.
45
DBX ETF Trust
Notes to Financial Statements (Continued)
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as a Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
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 the ex-dividend date as soon as the fund is informed of such dividends. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.
Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
46
DBX ETF Trust
Notes to Financial Statements (Continued)
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds’ recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2018, the Funds did not incur any interest or penalties.
As of May 31, 2018, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income* | Undistributed Long-Term Capital Gains | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | ||||||||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | 22,302 | $ | — | $ | (585,583 | ) | $ | 232,674 | $ | (330,607 | ) | ||||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | — | 14,431,628 | (884,593 | ) | 47,387,645 | 60,934,680 | ||||||||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | — | — | (10,728,780 | ) | (1,852,171 | ) | (12,580,951 | ) | ||||||||||||
Xtrackers MSCI All China Equity ETF | 247,042 | — | (1,486,301 | ) | (535,302 | ) | (1,774,561 | ) |
The tax character of dividends and distributions declared for the periods ended May 31, 2018 and May 31, 2017 were as follows:
Year Ended May 31, 2018 | ||||||||
Ordinary Income* | Long-Term Capital Gain | |||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | 82,189 | $ | — | ||||
Xtrackers Harvest CSI 300 China A-Shares ETF | 5,199,112 | — | ||||||
Xtrackers MSCI All China Equity ETF | 317,478 | — | ||||||
Year Ended May 31, 2017 | ||||||||
Ordinary Income* | Long-Term Capital Gain | |||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | 309,559 | $ | 56,905 | ||||
Xtrackers Harvest CSI 300 China A-Shares ETF | 2,914,310 | — | ||||||
Xtrackers MSCI All China Equity ETF | 448,333 | — |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions |
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 CSI 300 China A-Shares Hedged Equity ETF | $ | 79,159 | $ | 315,180 | $ | 394,339 | ||||||
Xtrackers Harvest CSI 500 China A-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 CSI 300 China A-Shares Hedged Equity ETF | $ | — | $ | 191,244 | ||||
Xtrackers Harvest CSI 300 China A-Shares ETF | 884,593 | — | ||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 2,906 | — | ||||||
Xtrackers MSCI All China Equity ETF | — | 19,036 |
In order to present paid-in capital and accumulated net realized gains or losses on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in
47
DBX ETF Trust
Notes to Financial Statements (Continued)
capital, undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to the recognition of certain foreign currency gain (losses) as ordinary income (loss), passive foreign investment companies (“PFICs”), net operating losses and redemptions-in-kind. For the year ended May 31, 2018, the adjustments were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Capital Gains (Accumulated Losses) | Paid-In Capital | ||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | 20,387 | $ | (285,930 | ) | $ | 265,543 | |||||
Xtrackers Harvest CSI 300 China A-Shares ETF | (101,963 | ) | 101,963 | — | ||||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 37,637 | 1,790 | (39,427 | ) | ||||||||
Xtrackers MSCI All China Equity ETF | 696 | (1,609,355 | ) | 1,608,659 |
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 CSI 300 China A-Shares Hedged Equity ETF | $ | 1,894,126 | $ | 232,674 | $ | 232,694 | $ | (20 | ) | |||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | 634,518,761 | 47,382,111 | 97,138,397 | (49,756,286 | ) | |||||||||||
Xtrackers Harvest CSI 500 China A-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 | ) |
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of May 31, 2018, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
The Funds’ direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (WHT) on dividends, WHT on bank interest, WHT on capital gains realized from the disposal of equity investments prior to November 17, 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non PRC enterprises including Qualified Foreign Institutional Investors (“QFII”) and renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.
With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises are companies whose value of immovable property in the PRC is greater than 50% of their value of total assets. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.
48
DBX ETF Trust
Notes to Financial Statements (Continued)
The PRC rules for taxation of RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at year end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Xtrackers CSI 300 China A-Shares Hedged Equity ETF and the Xtrackers MSCI All China Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or U.S. Treasury securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 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 (0.14% annualized effective rate as of May 31, 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 or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of May 31, 2018, the Xtrackers CSI 300 China A-Shares Hedged Equity ETF had securities on loan, which were classified as Exchanged Traded Fund in the Schedule of Investments. The value of the related cash collateral exceeded the value of the securities loaned at year end. As of year end, the remaining contractual maturity of the cash collateral agreements were overnight and continuous.
As of May 31, 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 year end.
Remaining Contractual Maturity of the Agreements, as of May 31, 2018 | ||||||||||||||||||||
Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Common Stocks | $ | 195,039 | $ | 19,630 | $ | 226,028 | $ | 3,179,861 | $ | 3,620,558 | ||||||||||
Exchange Traded Funds | 2,458,880 | — | — | — | 2,458,880 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Borrowings | $ | 2,653,919 | $ | 19,630 | $ | 226,028 | $ | 3,179,861 | $ | 6,079,438 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 6,079,438 |
49
DBX ETF Trust
Notes to Financial Statements (Continued)
Derivatives
Forward Foreign Currency Contracts The Xtrackers CSI 300 China A-Shares Hedged Equity ETF may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2018, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the renminbi.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward foreign currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of May 31, 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 year ended May 31, 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. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2018, Xtrackers MSCI All China Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of May 31, 2018 is included in a table following the Xtrackers MSCI All China Equity ETF’s Schedule of Investments.
The following table summarizes the value of the Fund’s derivative instruments held as of May 31, 2018 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives | Liability Derivatives | |||||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 39,377 | Unrealized depreciation on forward foreign currency contracts | $ | 4,458 | ||||||||
Xtrackers MSCI All China Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts* | $ | 234 | 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. |
50
DBX ETF Trust
Notes to Financial Statements (Continued)
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the year ended May 31, 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 CSI 300 China A-Shares Hedged Equity ETF | $ | — | $ | (371,021 | ) | $ | (371,021 | ) | ||||
Xtrackers MSCI All China Equity ETF | 19,435 | — | 19,435 | |||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | — | $ | 106,086 | $ | 106,086 | ||||||
Xtrackers MSCI All China Equity ETF | 234 | — | 234 |
For the year ended May 31, 2018 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | — | $ | (3,132,462 | ) | |||
Xtrackers MSCI All China Equity ETF | 103,803 | — |
As of May 31, 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 the Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the 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 table:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Goldman Sachs & Co. | $ | 39,377 | $ | (4,458 | ) | $ | — | $ | 34,919 | $ | 4,458 | $ | (4,458 | ) | $ | — | $ | — |
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the ETFs, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
Harvest Global Investments Limited serves as investment sub-advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.
51
DBX ETF Trust
Notes to Financial Statements (Continued)
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | 0.70 | % | ||
Xtrackers Harvest CSI 300 China A-Shares ETF | 0.65 | % | ||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.65 | % | ||
Xtrackers MSCI All China Equity ETF | 0.60 | % |
Effective June 1, 2018, for its investment advisory services to the Xtrackers CSI 300 China A-Shares Hedged Equity ETF (renamed Xtrackers MSCI China A Inclusion Equity ETF effective June 4, 2018, see Note 8), the Advisor is entitled to receive 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%.
Out of the unitary management fee, the Advisor is responsible for substantially all expenses of each Fund, including the payments to the Sub-Advisor as applicable, the cost of transfer agency, custody, fund administration, legal, audit and other services and expenses of the Independent Trustees except for interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and other extraordinary expenses.
The Advisor for the Xtrackers CSI 300 China A-Shares Hedged Equity ETF had contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in the Underlying Fund, if any (the “Expense Limit”). For the year from June 1, 2017 through May 31, 2018, the Advisor waived $21,185 of expenses to the Fund.
The Advisor for the Xtrackers MSCI All China Equity ETF had contractually agreed to waive a portion of its management fees in an amount equal to the Fund’s management fee attributable to the Fund’s assets invested in an affiliated fund, if any. For the year from June 1, 2017 through May 31, 2018, the Advisor waived $61,067 of expenses to the Fund. Effective June 1, 2018 the Advisor has contractually agreed 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; 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. These arrangements will remain in effect until at least June 1, 2019.
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 year ended May 31, 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 CSI 300 China A-Shares Hedged Equity ETF | $ | 105,850 | $ | 420,083 | ||||
Xtrackers Harvest CSI 300 China A-Shares ETF | 629,589,202 | 370,084,027 | ||||||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 10,644,672 | 6,886,419 | ||||||
Xtrackers MSCI All China Equity ETF | 16,117,161 | 679,108 |
52
DBX ETF Trust
Notes to Financial Statements (Continued)
For the year ended May 31, 2018, the cost of in-kind purchases and proceeds from in-kind sale were as follows:
Purchases | Sales | |||||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | $ | — | $ | 1,033,091 | ||||
Xtrackers MSCI All China Equity ETF | 21,115,605 | 7,754,788 |
5. Fund Share Transactions
As of May 31, 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 CSI 300 China A-Shares Hedged Equity ETF and Xtrackers MSCI All China Equity ETF generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Investing in China
Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; the small size of the market for Chinese securities and the low volume of trading, resulting in lack of liquidity and in price volatility; currency devaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets, whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers; higher rates of inflation; greater political, economic and social uncertainty; market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; and custody risks associated with investing through a RQFII.
7. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, Xtrackers CSI 300 China A-Shares Hedged Equity ETF (effective June 4, 2018, see Note 8) 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. As of May 31, 2018, each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at May 31, 2018.
Pro-rata Share | ||||
Xtrackers Harvest CSI 300 China A-Shares ETF | $ | 60,375,000 | ||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | 4,200,000 |
8. Fund Name and Strategy Change
Effective June 4, 2018, Xtrackers CSI 300 China A-Share Hedged Equity ETF changed its name to Xtrackers MSCI China A Inclusion Equity ETF. At that time, the Fund changed its investment objective from seeking investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 USD Hedged Index, to seeking investment results that correspond generally to the performance, before fees and expenses, of the MSCI China A Inclusion Index.
53
DBX ETF Trust
To the Shareholders of
Xtrackers CSI 300 China A-Shares Hedged Equity ETF, formerly Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF, Xtrackers Harvest CSI 300 China A-Shares ETF, formerly Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, formerly Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, and Xtrackers MSCI All China Equity ETF, formerly Deutsche X-trackers MSCI All China Equity ETF, and the Board of Trustees of DBX ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Xtrackers CSI 300 China A-Shares Hedged Equity ETF, Xtrackers Harvest CSI 300 China A-shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF, and Xtrackers MSCI All China Equity ETF (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2018, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds at May 31, 2018, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. general accepted accounting principles.
Individual fund constituting the DBX ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 and the period from October 20, 2015 (commencement of operations) through May 31, 2016 | |||
Xtrackers Harvest CSI 300 China A-Shares ETF | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the four years in the period ended May 31, 2018 and the period from November 6, 2013 (commencement of operations) through May 31, 2014 | |||
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the four years in the period ended May 31, 2018 and the period from May 21, 2014 (commencement of operations) through May 31, 2014 | |||
Xtrackers MSCI All China Equity ETF | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the four years in the period ended May 31, 2018 and the period from April 30, 2014 (commencement of operations) through May 31, 2014 |
54
DBX ETF Trust
Report of Independent Registered Public Accounting Firm (Continued)
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of the internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2018, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
New York, New York
July 26, 2018
55
DBX ETF Trust
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Independent Trustees | ||||||||||
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee | Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016) | Independent Director 37 (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006). | 37 | The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum. | |||||
George O. Elston (1964) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Audit Committee and Member of the Nominating Committee | Trustee since 2011 (Chairman of the Audit Committee since 2015) | Chief Executive Officer, 2X Oncology, Inc. (2017-present); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 37 | ||||||
J. David Officer (1948) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Nominating Committee and Member of the Audit Committee | Trustee since 2011 (Chairman of the Nominating Committee since 2015) | Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 37 | Ilex Partners (Asia), LLC; Old Westbury Funds. |
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DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Interested Trustee | ||||||||||
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154 | Trustee Treasurer, Chief Financial Officer and Controller | Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010 | Director in the Finance Division at Deutsche Bank AG (2008- present); Manager, Treasurer and Chief Financial Officer of the Adviser (2010- present); Chief Financial Officer of Global Passive Asset Management Platform (2012- present); Chief Financial Officer of RREEF America L.L.C. (2018-present). | 37 | The Adviser, DBX Strategic Advisors LLC and DB Commodity Services LLC | |||||
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Officers | ||||||||||
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154 | President and Chief Executive Officer | Since 2016 | Director in DWS and Chief Operating Officer in the Americas for the Passive Asset Management Department (2014-present) and Trading and Product Development teams (2016-present); Manager and Chief Operating Officer of the Adviser (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |||||||
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154 | Chief Operating Officer | Since 2014 | Managing Director in DWS and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Adviser (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012). |
57
DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Frank Gecsedi (1967) 60 Wall Street New York, New York 10005 | Chief Compliance Officer | Since 2010 | Director in the DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Adviser (2010- present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |||||||
Bryan Richards (1978) 345 Park Avenue New York New York 10154 | Vice President | Since 2016 | Director in DWS (2014-present); Portfolio Manager in the Passive Asset Management Department at Deutsche Bank AG (2011- present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015). | |||||||
Leslie Lowenbraun (1953) 60 Wall Street New York, New York 10005 | Secretary | Since 2016 | Vice President in U.S. Retail Passive Legal of DWS (2014-present) and Chief Legal Officer of the Adviser (2017-present); Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014). | |||||||
Amy McDonald (1978) One International Place Boston, Massachusetts 02110 | Assistant Secretary | Since 2018 | Vice President in U.S. Retail Passive Legal of DWS (2018-present); Vice President, Fidelity Investments Asset Management Compliance (2016-2017); Legal Counsel and Senior Legal Counsel, Fidelity Investments (2010-2016). |
Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is
removed, dies, retires or becomes disqualified.
The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s
website at www.Xtrackers.com
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DBX ETF Trust
Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 13, 2018, the Trustees, including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement and Investment Sub-Advisory Agreement with respect to Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Funds”). The Independent Trustees were advised throughout the review and meetings by K&L Gates LLP (“Independent Trustee Counsel”).
In reaching this decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Adviser”) and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
In reaching this decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the performance of Harvest Global Investments Limited (“Harvest” or “Sub-Adviser”) with respect to its management of the Funds, as well as Harvest’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services provided by Harvest from its relationship with the Funds; (4) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (5) fall out benefits, if any, enjoyed by the Sub-Adviser.
The Board reached a determination, with the assistance of Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
The Board considered the following in determining whether to approve the Investment Advisory Agreement:
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to this meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.
The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its Deutsche Bank affiliates, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role played by the Adviser in working with Harvest to manage the Funds’ portfolios, noting that the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds. The Trustees took into consideration that tracking error for each Fund during the year was in an expected range.
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DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Adviser’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”), and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting each Fund’s peer group and believed that the Funds’ peer groups were appropriate. The Board considered that while each Fund’s advisory fees were higher than certain other ETFs in the Funds’ peer group, many of those other ETFs did not invest directly in A-Shares. The Board considered that the fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs. The Board also considered that the Funds’ portfolios are managed on a day-to-day basis by the Sub-Adviser, which receives a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that only Xtrackers Harvest CSI 300 China A-Shares ETF was profitable as of this time and the Adviser’s profitability with respect to the Fund was not excessive. The Board also noted that since the fee paid by the Adviser to the Sub-Adviser under the Investment Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Funds’ assets increased. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets (though it had also experienced outflows during the year), but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF was not experiencing economies of scale at this time and determined to evaluate the economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:
Nature, Extent and Quality of Services. In considering the nature, extent and quality of services that Harvest provides to the Funds, the Board reviewed in detail the nature, extent and quality of services provided by
60
DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
Harvest under the Investment Sub-Advisory Agreement. In doing so, the Board considered the information it had received from the Sub-Adviser continuously during the prior year, in addition to the information the Sub-Adviser had provided in response to the Board’s requests prior to this meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.
The Board also considered Harvest’s operational capabilities and resources, and its experience in serving as investment sub-adviser to the Funds. The Board considered the professional experience, qualifications and performance of Harvest’s senior management and key professional personnel, as well as Harvest’s depth and breadth of experience in managing investment portfolios consisting of China A-Shares, and their techniques for implementing such strategies while minimizing index tracking error. In addition, the Board considered Harvest’s operational capabilities and resources, and Harvest’s experience in managing index funds covering various asset classes. The Board noted that Harvest manages its index-based portfolios using both full replication and sampling techniques and maintains strict discipline in the implementation of its indexing strategies. To that end, the Board noted that when there are changes to a benchmark index, Harvest closely monitors any such changes to devise strategies to realign its portfolios at the lowest possible cost while tracking the respective benchmark index. The Board also noted Harvest’s processes to minimize the cost of trading.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by Harvest under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees paid to Harvest, taking special consideration of the fact that the fees paid to Harvest are payable by the Adviser and not the Funds.
Performance of Harvest; Harvest’s Financial Resources. The Board considered Harvest’s performance in managing the Funds and its ability to minimize tracking error. The Board concluded that, given Harvest’s capabilities and experience in managing the Funds, Harvest had generally been able to keep the Funds’ tracking error within acceptable ranges.
The Board also considered Harvest’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that Harvest has the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.
Reasonableness of Sub-Advisory Fee. The Board considered that the fee paid to Harvest in respect of the Funds would be paid by the Adviser and not the Funds. The Board considered that the fee for the Funds was a unitary fee pursuant to which the Adviser would pay all of the Funds’ costs, and thus was not directly affected by the amount of the sub-advisory fee paid to Harvest. Based on its review, the Board concluded that the sub-advisory fee was reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered that the fees paid by the Adviser to Harvest under the Investment Sub-Advisory Agreement contain breakpoints. The Board further considered that specific information about Harvest’s profitability with respect to its services provided to the Funds was not available because Harvest does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also considered that the overall fees paid by each Fund remained reasonable.
The Board also considered whether Harvest would benefit in other ways from its relationship with the Funds. The Board discussed Harvest’s practices regarding the selection and compensation of brokers and dealers that execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to Harvest. The Board discussed the potential benefits Harvest might derive from the Funds’ soft dollar arrangements, whereby brokers provide brokerage services to the Funds or Harvest in return for allocating fund brokerage.
Economies of Scale. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF had attracted a substantial amount of assets, but determined that the Fund was not experiencing economies of scale beyond what was reflected in the Fund’s unitary fee, which the Board noted was very competitive. The Board considered that Xtrackers Harvest CSI 300 China A-Shares ETF was not experiencing economies of scale at this time and determined to evaluate the economies of scale on an ongoing basis as a result of asset growth of the Funds.
61
DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.
Xtrackers MSCI All China Equity ETF and Xtrackers CSI 300 China A-Shares Hedged Equity 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 continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI All China Equity ETF and Xtrackers CSI 300 China A-Shares Hedged Equity ETF, (each a “Fund,” and collectively, the “Funds”). 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 Funds and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Adviser”) and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
The Board reached a determination, with the assistance of 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 each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to this meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.
The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its Deutsche Bank affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds. The Trustees took into consideration that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Adviser’s extensive work with these service
62
DBX ETF Trust
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts (Unaudited) (Continued)
providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Funds’ compliance program.
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting each Fund’s peer group and believed that the Funds’ peer groups were appropriate. The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Adviser and that the Adviser also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services provided to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Adviser’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
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DBX ETF Trust
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca 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.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its
Qualified Dividend Income* | ||||
Xtrackers CSI 300 China A-Shares Hedged Equity ETF | 17% | |||
Xtrackers Harvest CSI 300 China A-Shares ETF | 100% | |||
Xtrackers MSCI All China Equity ETF | 22% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||
Xtrackers Harvest CSI 300 China A-Shares ETF | $ | 9,497,075 | $ | 981,996 | ||||
Xtrackers MSCI All China Equity ETF | 184,807 | 12,071 |
64
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.
65
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. The Xtrackers CSI 300 China A-Shares Hedged Equity ETF use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency vs. the U.S. dollar. The Xtrackers CSI 300 China A-Shares Hedged Equity ETF aims to hedge the currency exposure by entering into forward transactions linked to the CNH/USD exchange rate. The equity shares included in the CSI 300 index may be valued using the CNY/USD exchange rate. The difference between the CNH/ USD and CNH/USD exchange rates may lead to tracking errors in the fund. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“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 101 Barclay Street New York, NY 10286 | ||
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-35360-5 (7/18) DBX003439 (7/19)
May 31, 2018
Annual Report
DBX ETF Trust
Xtrackers Eurozone Equity ETF (EURZ)
Xtrackers Germany Equity ETF (GRMY)
Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
DBX ETF Trust
Table of Contents
Page | ||||
1 | ||||
3 | ||||
Performance Summary | ||||
6 | ||||
8 | ||||
10 | ||||
12 | ||||
14 | ||||
Schedules of Investments | ||||
15 | ||||
20 | ||||
22 | ||||
27 | ||||
30 | ||||
31 | ||||
32 | ||||
34 | ||||
36 | ||||
46 | ||||
48 | ||||
Board Considerations in Approval of Investment Advisory Contract | 51 | |||
53 | ||||
54 |
To our Shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this annual report for the period ended May 31, 2018.
You may have noticed a new logo appearing on the cover of this report. As of March 23, 2018, Deutsche Asset Management has adopted its existing European brand, DWS, globally. As we have consolidated several businesses over the last few years, each of which has grown up relatively independently, the time has now come to be united under a single brand that reflects our global identity and the full breadth of capabilities we offer to our clients.
The DWS brand — Deutsche Gesellschaft für Wertpapiersparen — draws on our roots in the German market, going back over 60 years. It was established in Hamburg in 1956 with a singular objective: to assist private investors in building wealth and managing risk. We have been fulfilling that promise for generations. Today, the DWS name is synonymous with the values that we have continuously lived up to, and those that will remain central to our future success: Excellence, Entrepreneurship, Sustainability and Integrity. It is therefore a name that we are proud to adopt and build upon as our brand here in the Americas.
Neither our product names nor the names of DBX ETF Trust and DBX Advisors LLC will change as part of this re-branding.
In connection with this change, our Americas web site has recently been redesigned with a new address: DWS.com. However, for your convenience, the Xtrackers.com address will remain live and will continue to automatically direct you to the new ETF site. Please visit us online to find the most current insights from our CIO, economists and investment specialists.
The global economy has remained robust and grown in a synchronized manner across regions and economies, albeit at a slower pace. In the U.S., growth has continued to remain above potential, aided by the recent tax cuts and increased fiscal spending. Strong corporate earnings and record share buybacks have proven the resilience of the U.S. economy, as investors have shrugged off uncertainty surrounding trade sanctions. On the other hand, the Eurozone has lost its momentum from last year, but growth in the region remains strong and above trend on improving labor numbers. Japan’s economy has also lost steam after posting gains for the past nine quarters. However, growth in emerging markets has continued to accelerate, despite headwinds from rising interest rates, and geopolitical risks.
After witnessing robust growth in 2017, the Eurozone’s cyclical momentum has slowed due to harsh weather conditions, the influenza outbreak, and rising oil prices. Nevertheless, the Eurozone economy continues to grow at an above-potential rate, supported by continued easy financial conditions, solid income growth, and increasing capital expenditure and business confidence. Consequently, the European Central Bank (ECB) has outlined its intention to end its quantitative easing1 (QE) program later this year, contingent on further economic strength. The Eurozone has weathered its share of political crises, with Italy sending brief shockwaves across markets as two right-wing populist parties came together to form a government and nominated a euro critic as its finance minister. However, Italy’s President Sergio Mattarella rejected the nomination and has set the stage for an election later in the year. Spain’s Prime Minister Mariano Rajoy lost the no-confidence vote, as many of his party members were convicted of corruption.
Geopolitics, however, had a minimal impact on the German economy, as its foundation of capital goods manufacturing remained strong with the upswing in the global economy. High capacity utilization and low interest rates have spurred overall investment. Improved labor conditions and rising immigration have boosted housing demand and investment. Concerns of rising protectionism in trade and investment could hurt exports. However, strong domestic demand, fueled by immigration, should contribute to overall growth.
Japan’s growth momentum also slowed in the past quarter, as private consumption declined on account of bad weather and weak wage growth. Consumer sentiment fell, despite
1
tightening labor-market conditions. This was due to weak wage growth and a decline in real wages, following rising headline inflation led by food and energy prices. However, the economy is starting to improve, and the Bank of Japan continues to maintain its stand of loose monetary policy until it achieves the 2% inflation target.
The global macroeconomic view remains positive on expectations of robust growth, as output gaps are closed and growth returns to its long-term trend. Major central banks are on course to exit their accommodative monetary policies, with the U.S. Federal Reserve Board expected to continue with its rate hikes, the ECB to end its QE program this year, and the Bank of England to hike rates this year. An escalation of trade wars, rising oil prices, and geopolitical risks could add to overall volatility in the near term, but we expect global economic growth to remain above trend. In view of the recent strengthening of the U.S. dollar, our currency-hedged strategy plays a significant role in managing investments in international equities.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
1 Quantitative easing is an unconventional monetary policy tool, in which a central bank conducts broad-based asset purchases.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
2
DBX ETF Trust
Xtrackers Eurozone Equity ETF
Xtrackers Eurozone Equity ETF (EURZ) seeks investment results that correspond generally to the performance, before fees and expenses, of the NASDAQ Eurozone Large Mid Cap Index (EURZ Index). The EURZ 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”). For the 12-month period ended May 31, 2018, EURZ shares returned 0.22%. The Fund’s performance reflects the result of the current strategy and the strategy in place prior to October 27, 2017, when the Xtrackers MSCI Southern Europe Hedged Equity ETF’s name changed to Xtrackers Eurozone Equity ETF and the Fund’s ticker symbol changed to EURZ. At that time, the Underlying Index replaced the MSCI Southern Europe US Dollar Hedged Index which is designed to track the performance of the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The former index returned -1.23% in the 12-month period; the latter returned 0.24%.
A majority of the sectors contributed positively to performance during the period with the greatest contributions coming from Energy, Information Technology and Consumer Discretionary. Telecommunications Services, Consumer Staples and Health Care contributed negatively to the performance. From a geographical perspective, Italy, Netherlands and France were the major positive contributors, while Spain, Germany and Belgium contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period prior to October 27, 2017, to hedge against changes in the value of the U.S. dollar against the euro. The currency hedging strategy contributed negatively to performance.
Xtrackers Germany Equity ETF
Xtrackers Germany Equity ETF (GRMY) seeks investment results that correspond generally to the performance, before fees and expenses, of the NASDAQ Germany Large Mid Cap Index (GRMY Index). The GRMY Index is designed to track the performance of German large- and mid-capitalization equity market. For the 12-month period ended May 31, 2018, GRMY shares returned 4.79%. The Fund’s performance reflects the result of the current strategy and the strategy in place prior to October 27, 2017, when the Xtrackers MSCI Italy Hedged Equity ETF’s name changed to Xtrackers Germany Equity ETF and the Fund’s ticker symbol changed to EURZ. At that time, the Underlying Index replaced the MSCI Italy 25/50 US Dollar Hedged Index which is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The former index returned 8.76% in the 12-month period; the latter returned 4.96%.
Financials, Consumer Discretionary and Utilities were the major positive contributors, while Telecommunications Services, Materials and Consumer Staples detracted most from the performance. From a geographical perspective, Italy contributed positively to the performance while Germany contributed negatively to the performance. The Fund entered into forward foreign currency contracts during the period prior to October 27, 2017, to hedge against changes in the value of the U.S. dollar against the euro. The currency hedging strategy contributed negatively to performance.
Xtrackers Japan JPX-Nikkei 400 Equity ETF
Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the JPN Index). The JPN Index is designed to track the performance of equity securities of issuers 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). For the 12-month period ended May 31, 2018, JPN shares returned 14.21%, compared to the JPN Index return of 14.57%.
A majority of the sectors contributed positively to performance during the period with the greatest contribution coming from Industrials, Consumer Discretionary and Information Technology. The Telecommunication Services was the only negative contributor to performance.
3
DBX ETF Trust
Management’s Discussion of Fund Performance (Unaudited) (Continued)
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE Small Cap US Dollar Hedged Index (the DBES Index). The DBES Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the DBES Index. For the 12-month period ended May 31, 2018, DBES shares returned 13.67%, compared to the DBES Index return of 14.01%.
All sectors contributed positively to performance during the period with the greatest contribution coming from Information Technology, Industrials and Materials. From a geographical perspective, Japan, United Kingdom and Germany were the major positive contributors, while China, Georgia and Malaysia contributed negatively to performance. The Fund entered into forward foreign currency contracts during the period to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. The currency hedging strategy contributed negatively to performance.
On May 16, 2018, the Board of Trustees of DBX ETF Trust unanimously voted to close and liquidate DBES. When a fund commences the liquidation of its portfolio securities, the fund may hold cash and securities that may not be consistent with the Liquidating Fund’s investment objective and strategy. After the close of business on May 31, 2018, DBES no longer accepted creation orders and the final day of trading on the exchange was May 31, 2018. Proceeds of the liquidation were sent to shareholders on June 12, 2018.
*************************
Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-13 of this report for additional performance information, including performance data based on market value.
The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.
4
This Page is Intentionally Left Blank
5
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Eurozone Equity ETF (EURZ)
The Xtrackers Eurozone Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of NASDAQ Eurozone Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union of the European Union that have adopted the euro as their common currency and sole legal tender. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). Prior to October 27, 2017 the Fund sought investment results that corresponded generally to the performance, before fees and expenses, of the MSCI Southern Europe US Dollar Hedged Index. On October 27, 2017, Xtrackers MSCI Southern Europe Hedged Equity ETF’s name changed to Xtrackers Eurozone Equity ETF and the Fund’s ticker symbol changed to EURZ. At that time, the Underlying Index replaced the MSCI Southern Europe US Dollar Hedged Index which is designed to track the performance of the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||||||
Net Asset Value | Market Value | NASDAQ Eurozone Large Mid Cap Index | MSCI ACWI ex USA Index | MSCI Southern Europe US Dollar Hedged Index | MSCI Southern Europe Net Return USD Index | |||||||
One Year | 0.22% | 0.65% | 0.24% | 9.67% | -1.23% | -0.10% | ||||||
Since Inception1 | 0.42% | 0.71% | 0.65% | 7.44% | 0.12% | 0.34% | ||||||
Cumulative Total Returns | ||||||||||||
Net Asset Value | Market Value | NASDAQ Eurozone Large Mid Cap Index | MSCI ACWI ex USA Index | MSCI Southern Europe US Dollar Hedged Index | MSCI Southern Europe Net Return USD Index | |||||||
One Year | 0.22% | 0.65% | 0.24% | 9.67% | -1.23% | -0.10% | ||||||
Since Inception1 | 1.17% | 1.98% | 1.82% | 22.12% | 0.33% | 0.96% |
1 Total returns are calculated based on the commencement of operations, 8/19/15 (“Inception”).
Prior to 10/27/17, the Fund was known as Xtrackers MSCI Southern Europe Hedged Equity ETF (DBSE) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 27, 2017, as supplemented November 1, 2017 and February 20, 2018, was 0.09%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
6
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Eurozone Equity ETF (EURZ) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 8/19/15.
Sector Diversification* as of 5/31/18 |
Financials | 18.3% | |||
Industrials | 15.9% | |||
Consumer Discretionary | 14.3% | |||
Consumer Staples | 10.2% | |||
Information Technology | 8.4% | |||
Materials | 8.0% | |||
Health Care | 7.9% | |||
Energy | 6.0% | |||
Utilities | 5.2% | |||
Telecommunication Services | 3.7% | |||
Real Estate | 2.1% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (20.4% of Net Assets) |
Description | % of Net Assets | |||
TOTAL SA (France) | 3.2% | |||
Siemens AG (Germany) | 2.1% | |||
SAP SE (Germany) | 2.0% | |||
Unilever NV (United Kingdom) | 2.0% | |||
LVMH Moet Hennessy Louis Vuitton SE (France) | 2.0% | |||
Bayer AG (Germany) | 1.9% | |||
Allianz SE (Germany) | 1.8% | |||
Anheuser-Busch InBev SA/NV (Belgium) | 1.8% | |||
ASML Holding NV (Netherlands) | 1.8% | |||
BASF SE (Germany) | 1.8% |
Country Diversification* as of 5/31/18 |
France | 32.9% | |||
Germany | 27.9% | |||
Spain | 9.8% | |||
Netherlands | 8.2% | |||
Italy | 6.7% | |||
Belgium | 3.8% | |||
Finland | 3.4% | |||
United Kingdom | 2.5% | |||
Ireland | 2.0% | |||
Other | 2.8% | |||
|
| |||
Total | 100.0% |
* As a percent of total investments excluding exchange-traded fund and securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
7
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Germany Equity ETF (GRMY)
The Xtrackers Germany Equity ETF ( the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the NASDAQ Germany Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the German large- and mid-capitalization equity market. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). Prior to October 27, 2017, the Fund sought investment results that corresponded generally to the performance, before the Fund’s fees and expenses, of the MSCI Italy 25/50 US Dollar Hedged Index. On October 27, 2017, Xtrackers MSCI Italy Hedged Equity ETF’s name changed to Xtrackers Germany Equity ETF and the Fund’s ticker symbol changed to GRMY. At that time, the Underlying Index replaced the MSCI Italy 25/50 US Dollar Hedged Index which is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||||||
Net Asset Value | Market Value | NASDAQ Germany Large Mid Cap Index | MSCI ACWI ex USA Index | MSCI Italy 25/50 US Dollar Hedged Index | MSCl Italy 25/50 USD NETR Index | |||||||
One Year | 4.79% | 5.19% | 4.96% | 9.67% | 8.76% | 9.87% | ||||||
Since Inception1 | -0.46% | -0.24% | -0.37% | 7.44% | 0.91% | 1.17% | ||||||
Cumulative Total Returns | ||||||||||||
Net Asset Value | Market Value | NASDAQ Germany Large Mid Cap Index | MSCI ACWI ex USA Index | MSCI Italy 25/50 US Dollar Hedged Index | MSCl Italy 25/50 USD NETR Index | |||||||
One Year | 4.79% | 5.19% | 4.96% | 9.67% | 8.76% | 9.87% | ||||||
Since Inception1 | -1.27% | -0.67% | -1.02% | 22.12% | 2.57% | 3.30% |
1 Total returns are calculated based on the commencement of operations, 8/19/15 (“Inception”).
Prior to 10/27/17, the Fund was known as Xtrackers MSCI Italy Hedged Equity ETF (DBIT) and had a different investment strategy. Past performance may have been different if the Fund’s current investment strategy had been in effect.
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 27, 2017, as supplemented November 1, 2017 and February 20, 2018, was 0.09%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
8
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Germany Equity ETF (GRMY) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 8/19/15.
Sector Diversification* as of 5/31/18 |
Consumer Discretionary | 21.3% | |||
Industrials | 15.4% | |||
Financials | 13.6% | |||
Health Care | 12.7% | |||
Information Technology | 11.9% | |||
Materials | 11.1% | |||
Telecommunication Services | 4.2% | |||
Consumer Staples | 3.7% | |||
Real Estate | 3.3% | |||
Utilities | 2.8% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (53.9% of Net Assets) |
Description | % of Net Assets | |||
Siemens AG | 7.3% | |||
SAP SE | 7.3% | |||
Bayer AG | 6.9% | |||
Allianz SE | 6.4% | |||
BASF SE | 6.3% | |||
Volkswagen AG | 5.2% | |||
Daimler AG | 5.1% | |||
Deutsche Telekom AG | 3.8% | |||
adidas AG | 2.9% | |||
Bayerische Motoren Werke AG | 2.7% |
* As a percent of total investments excluding exchange-traded fund.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.
9
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)
The Xtrackers Japan JPX-Nikkei 400 Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | JPX-Nikkei 400 Net Total Return Index | MSCI ACWI ex USA Index | |||||
One Year | 14.21% | 13.67% | 14.57% | 9.67% | ||||
Since Inception1 | 7.05% | 6.84% | 7.27% | 4.60% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | JPX-Nikkei 400 Net Total Return Index | MSCI ACWI ex USA Index | |||||
One Year | 14.21% | 13.67% | 14.57% | 9.67% | ||||
Since Inception1 | 22.16% | 21.48% | 22.92% | 14.14% |
1 Total returns are calculated based on the commencement of operations, 6/24/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of investment management fees. Without such waiver, performance would have been lower. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, as supplemented February 20, 2018, was 0.09%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
10
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 6/24/15.
Sector Diversification* as of 5/31/18 |
Industrials | 22.9% | |||
Consumer Discretionary | 17.8% | |||
Financials | 11.7% | |||
Information Technology | 11.5% | |||
Consumer Staples | 10.2% | |||
Health Care | 8.3% | |||
Materials | 6.9% | |||
Telecommunication Services | 4.8% | |||
Real Estate | 3.9% | |||
Utilities | 1.7% | |||
Energy | 0.3% | |||
|
| |||
Total | 100.0% |
Ten Largest Equity Holdings as of 5/31/18 (14.2% of Net Assets) |
Description | % of Net Assets | |||
Keyence Corp. | 1.7% | |||
Toyota Motor Corp. | 1.7% | |||
Sony Corp. | 1.6% | |||
Honda Motor Co. Ltd. | 1.6% | |||
Sumitomo Mitsui Financial Group, Inc. | 1.4% | |||
Mizuho Financial Group, Inc. | 1.3% | |||
KDDI Corp. | 1.3% | |||
Nippon Telegraph & Telephone Corp. | 1.2% | |||
SoftBank Group Corp. | 1.2% | |||
FANUC Corp. | 1.2% |
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 22.
11
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
The Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE Small Cap US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
Performance as of 5/31/18 |
Average Annual Total Return | ||||||||
Net Asset Value | Market Value | MSCl EAFE Small Cap US Dollar Hedged Index | MSCI EAFE Small Cap Net Return US Index | |||||
One Year | 13.67% | 12.42% | 14.01% | 14.65% | ||||
Since Inception1 | 10.77% | 10.57% | 11.57% | 11.43% | ||||
Cumulative Total Returns | ||||||||
Net Asset Value | Market Value | MSCl EAFE Small Cap US Dollar Hedged Index | MSCI EAFE Small Cap Net Return US Index | |||||
One Year | 13.67% | 12.42% | 14.01% | 14.65% | ||||
Since Inception1 | 32.98% | 32.32% | 35.67% | 35.20% |
1 Total returns are calculated based on the commencement of operations, 08/19/15 (“Inception”).
Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 2, 2017, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.
The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of share outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
12
DBX ETF Trust
Performance Summary (Unaudited)
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
Growth of an Assumed $10,000 Investment |
1 Based on Net Asset Value from commencement of operations, 8/19/15.
For more complete details about the Fund’s investment portfolio see page 27.
13
DBX ETF Trust
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. In the most recent six-month period Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (December 1, 2017 to May 31, 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 December 1, 2017 | Ending Account Value May 31, 2018 | Annualized Expense Ratio | Expenses Paid During the Period Per $1,000(1) | |||||||||||||
Xtrackers Eurozone Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 968.10 | 0.12 | % | $ | 0.59 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.20 | 0.12 | % | $ | 0.60 | ||||||||
Xtrackers Germany Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 922.00 | 0.12 | % | $ | 0.57 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.20 | 0.12 | % | $ | 0.60 | ||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 975.10 | 0.11 | % | $ | 0.54 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,024.25 | 0.11 | % | $ | 0.55 | ||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,045.90 | 0.45 | % | $ | 2.30 | ||||||||
Hypothetical (5% return before expenses) | $ | 1,000.00 | $ | 1,022.69 | 0.45 | % | $ | 2.27 |
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.
14
DBX ETF Trust
Schedule of Investments
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 97.4% | ||||||||
Austria — 0.8% | ||||||||
ANDRITZ AG | 33 | $ | 1,645 | |||||
Erste Group Bank AG* | 132 | 5,498 | ||||||
OMV AG | 73 | 4,193 | ||||||
Raiffeisen Bank International AG* | 68 | 2,150 | ||||||
Strabag SE | 11 | 461 | ||||||
Telekom Austria AG* | 50 | 442 | ||||||
UNIQA Insurance Group AG | 61 | 720 | ||||||
Verbund AG | 22 | 714 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 24 | 689 | ||||||
voestalpine AG | 62 | 3,326 | ||||||
|
| |||||||
19,838 | ||||||||
|
| |||||||
Belgium — 3.8% | ||||||||
Ackermans & van Haaren NV | 17 | 2,897 | ||||||
Ageas | 100 | 5,066 | ||||||
Anheuser-Busch InBev SA/NV | 448 | 41,951 | ||||||
bpost SA | 50 | 884 | ||||||
Colruyt SA | 36 | 1,911 | ||||||
Groupe Bruxelles Lambert SA | 41 | 4,342 | ||||||
KBC Ancora | 18 | 1,008 | ||||||
KBC Group NV | 141 | 10,896 | ||||||
Melexis NV | 7 | 701 | ||||||
Proximus SADP | 78 | 2,086 | ||||||
Sofina SA | 8 | 1,346 | ||||||
Solvay SA | 37 | 4,967 | ||||||
Telenet Group Holding NV* | 25 | 1,262 | ||||||
UCB SA | 57 | 4,491 | ||||||
Umicore SA | 104 | 5,876 | ||||||
|
| |||||||
89,684 | ||||||||
|
| |||||||
Finland — 3.4% | ||||||||
Elisa OYJ | 72 | 3,215 | ||||||
Fortum OYJ | 220 | 5,164 | ||||||
Huhtamaki OYJ | 48 | 1,956 | ||||||
Kesko OYJ, Class B | 34 | 1,989 | ||||||
Kone OYJ, Class B | 186 | 9,195 | ||||||
Konecranes OYJ | 35 | 1,462 | ||||||
Metso OYJ | 65 | 2,248 | ||||||
Neste OYJ | 65 | 5,282 | ||||||
Nokia OYJ (a) | 2,771 | 15,979 | ||||||
Nokian Renkaat OYJ | 63 | 2,442 | ||||||
Orion OYJ, Class B | 52 | 1,535 | ||||||
Sampo OYJ, Class A | 210 | 10,315 | ||||||
Stora Enso OYJ, Class R | 292 | 5,967 | ||||||
UPM-Kymmene OYJ | 263 | 9,643 | ||||||
Wartsila OYJ Abp | 209 | 4,412 | ||||||
|
| |||||||
80,804 | ||||||||
|
| |||||||
France — 32.7% | ||||||||
Accor SA | 103 | 5,628 | ||||||
Aeroports de Paris | 16 | 3,337 | ||||||
Air France-KLM* | 125 | 994 | ||||||
Air Liquide SA | 200 | 24,607 | ||||||
Airbus SE | 282 | 32,032 | ||||||
Alstom SA | 80 | 3,782 |
Number of Shares | Value | |||||||
France (Continued) | ||||||||
Altarea SCA REIT | 2 | $ | 475 | |||||
Arkema SA | 30 | 3,651 | ||||||
Atos SE | 47 | 6,375 | ||||||
AXA SA | 967 | 24,071 | ||||||
BioMerieux | 22 | 1,934 | ||||||
BNP Paribas SA (a) | 547 | 33,879 | ||||||
Bollore SA | 457 | 2,247 | ||||||
Bouygues SA | 113 | 5,215 | ||||||
Bureau Veritas SA | 134 | 3,318 | ||||||
Capgemini SE* | 79 | 10,388 | ||||||
Carrefour SA | 294 | 5,294 | ||||||
Casino Guichard Perrachon SA (a) | 25 | 1,080 | ||||||
Cie de Saint-Gobain | 241 | 12,062 | ||||||
Cie Generale des Etablissements Michelin | 88 | 11,371 | ||||||
Cie Plastic Omnium SA | 32 | 1,476 | ||||||
CNP Assurances | 80 | 1,870 | ||||||
Credit Agricole SA | 602 | 8,250 | ||||||
Danone SA | 336 | 25,647 | ||||||
Dassault Systemes SE (a) | 73 | 10,238 | ||||||
Edenred | 95 | 3,042 | ||||||
Eiffage SA | 39 | 4,389 | ||||||
Electricite de France SA (a) | 245 | 3,260 | ||||||
Elior Group SA, 144A | 53 | 881 | ||||||
Elis SA | 82 | 1,768 | ||||||
Engie SA | 921 | 14,551 | ||||||
Essilor International SA | 96 | 13,100 | ||||||
Eurazeo SA | 24 | 1,877 | ||||||
Eutelsat Communications SA | 69 | 1,323 | ||||||
Faurecia SA | 38 | 3,216 | ||||||
Fonciere Des Regions REIT | 21 | 2,188 | ||||||
Gecina SA REIT | 23 | 3,973 | ||||||
Getlink | 230 | 3,112 | ||||||
Hermes International | 15 | 10,660 | ||||||
ICADE REIT | 16 | 1,485 | ||||||
Iliad SA | 14 | 2,369 | ||||||
Imerys SA | 16 | 1,361 | ||||||
Ingenico Group SA | 27 | 2,156 | ||||||
Ipsen SA | 18 | 2,852 | ||||||
JCDecaux SA (a) | 37 | 1,150 | ||||||
Kering | 37 | 21,150 | ||||||
Klepierre SA REIT | 105 | 4,084 | ||||||
Lagardere SCA | 53 | 1,429 | ||||||
Legrand SA | 124 | 9,342 | ||||||
L’Oreal SA | 123 | 29,520 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 134 | 46,464 | ||||||
Natixis SA | 460 | 3,328 | ||||||
Orange SA | 958 | 16,467 | ||||||
Orpea | 23 | 3,015 | ||||||
Pernod Ricard SA | 90 | 15,097 | ||||||
Peugeot SA | 338 | 7,869 | ||||||
Publicis Groupe SA | 106 | 7,367 | ||||||
Remy Cointreau SA | 10 | 1,479 | ||||||
Renault SA | 102 | 9,838 | ||||||
Rexel SA | 129 | 1,895 | ||||||
Rubis SCA | 46 | 3,240 | ||||||
Safran SA | 167 | 19,913 | ||||||
Sanofi | 534 | 40,910 |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
France (Continued) | ||||||||
Sartorius Stedim Biotech | 12 | $ | 1,188 | |||||
Schneider Electric SE | 283 | 24,373 | ||||||
SCOR SE | 90 | 3,318 | ||||||
SEB SA | 12 | 2,164 | ||||||
Societe BIC SA | 14 | 1,360 | ||||||
Societe Generale SA | 333 | 14,326 | ||||||
Sodexo SA | 46 | 4,458 | ||||||
Sopra Steria Group | 7 | 1,393 | ||||||
SPIE SA | 58 | 1,112 | ||||||
Suez | 211 | 2,901 | ||||||
Teleperformance | 28 | 4,419 | ||||||
Thales SA | 52 | 6,610 | ||||||
TOTAL SA | 1,261 | 76,616 | ||||||
Ubisoft Entertainment SA* | 28 | 3,027 | ||||||
Unibail-Rodamco SE REIT | 47 | 10,564 | ||||||
Valeo SA* | 106 | 6,721 | ||||||
Veolia Environnement SA | 263 | 5,962 | ||||||
Vinci SA | 265 | 25,897 | ||||||
Vivendi SA | 507 | 12,736 | ||||||
Wendel SA | 15 | 1,979 | ||||||
|
| |||||||
771,465 | ||||||||
|
| |||||||
Germany — 25.9% | ||||||||
adidas AG | 84 | 18,983 | ||||||
Allianz SE | 207 | 42,619 | ||||||
Aurubis AG | 17 | 1,378 | ||||||
Axel Springer SE | 27 | 1,957 | ||||||
BASF SE | 425 | 41,797 | ||||||
Bayer AG | 385 | 45,777 | ||||||
Bayerische Motoren Werke AG | 157 | 15,647 | ||||||
Bechtle AG | 8 | 704 | ||||||
Beiersdorf AG | 60 | 6,882 | ||||||
Brenntag AG | 69 | 3,974 | ||||||
Carl Zeiss Meditec AG | 18 | 1,243 | ||||||
CECONOMY AG | 82 | 802 | ||||||
Commerzbank AG* | 518 | 5,287 | ||||||
Continental AG | 53 | 13,431 | ||||||
CTS Eventim AG & Co. KGaA | 27 | 1,302 | ||||||
Daimler AG | 464 | 33,408 | ||||||
Deutsche Bank AG (b) | 854 | 9,128 | ||||||
Deutsche Boerse AG | 85 | 11,351 | ||||||
Deutsche Lufthansa AG | 238 | 6,459 | ||||||
Deutsche Post AG | 443 | 16,791 | ||||||
Deutsche Telekom AG | 1,625 | 25,077 | ||||||
Deutsche Wohnen SE | 166 | 7,776 | ||||||
DMG Mori AG | 9 | 524 | ||||||
Duerr AG | 13 | 1,304 | ||||||
E.ON SE | 1,015 | 10,749 | ||||||
Evonik Industries AG | 75 | 2,625 | ||||||
Fielmann AG | 13 | 1,030 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 19 | 1,775 | ||||||
Freenet AG | 58 | 1,662 | ||||||
Fresenius Medical Care AG & Co. KGaA | 95 | 9,473 | ||||||
Fresenius SE & Co. KGaA | 192 | 14,738 | ||||||
FUCHS PETROLUB SE | 17 | 853 | ||||||
GEA Group AG | 81 | 2,978 |
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
GRENKE AG | 13 | $ | 1,468 | |||||
Hannover Rueck SE | 31 | 3,908 | ||||||
HeidelbergCement AG | 74 | 6,548 | ||||||
Hella GmbH & Co KGaA | 23 | 1,444 | ||||||
Henkel AG & Co. KGaA | 51 | 5,742 | ||||||
HOCHTIEF AG | 8 | 1,468 | ||||||
HUGO BOSS AG | 31 | 2,782 | ||||||
Infineon Technologies AG | 497 | 13,628 | ||||||
Innogy SE, 144A | 65 | 2,740 | ||||||
K+S AG | 97 | 2,593 | ||||||
KION Group AG | 34 | 2,760 | ||||||
Krones AG | 8 | 1,028 | ||||||
LANXESS AG | 40 | 3,160 | ||||||
LEG Immobilien AG | 32 | 3,502 | ||||||
MAN SE | 17 | 1,847 | ||||||
Merck KGaA | 60 | 6,117 | ||||||
MTU Aero Engines AG | 21 | 3,964 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 71 | 14,611 | ||||||
Nemetschek SE | 8 | 969 | ||||||
OSRAM Licht AG | 45 | 2,652 | ||||||
ProSiebenSat.1 Media SE | 91 | 2,674 | ||||||
Rational AG | 2 | 1,249 | ||||||
Rheinmetall AG | 21 | 2,674 | ||||||
RWE AG | 235 | 5,320 | ||||||
SAP SE | 428 | 48,132 | ||||||
Siemens AG | 372 | 48,417 | ||||||
Sixt SE | 7 | 887 | ||||||
Software AG | 27 | 1,288 | ||||||
Stroeer SE & Co. KGaA | 10 | 641 | ||||||
Suedzucker AG | 27 | 483 | ||||||
Symrise AG | 54 | 4,378 | ||||||
Talanx AG | 27 | 1,039 | ||||||
Telefonica Deutschland Holding AG | 315 | 1,330 | ||||||
thyssenkrupp AG | 242 | 6,376 | ||||||
United Internet AG | 62 | 3,952 | ||||||
Volkswagen AG | 93 | 17,272 | ||||||
Vonovia SE | 200 | 9,422 | ||||||
Wacker Chemie AG | 9 | 1,460 | ||||||
Wirecard AG | 58 | 8,947 | ||||||
Zalando SE, 144A* | 64 | 3,403 | ||||||
|
| |||||||
611,759 | ||||||||
|
| |||||||
Greece — 0.2% | ||||||||
Alpha Bank AE* | 640 | 1,368 | ||||||
Hellenic Telecommunications Organization SA | 124 | 1,484 | ||||||
National Bank of Greece SA* | 2,487 | 782 | ||||||
OPAP SA | 109 | 1,170 | ||||||
|
| |||||||
4,804 | ||||||||
|
| |||||||
Ireland — 2.0% | ||||||||
Bank of Ireland Group PLC | 425 | 3,507 | ||||||
CRH PLC | 421 | 15,529 | ||||||
Glanbia PLC | 91 | 1,683 | ||||||
Kerry Group PLC, Class A | 75 | 7,892 | ||||||
Kingspan Group PLC | 70 | 3,236 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Ireland (Continued) | ||||||||
Ryanair Holdings PLC, ADR* | 90 | $ | 10,432 | |||||
Smurfit Kappa Group PLC | 111 | 4,587 | ||||||
|
| |||||||
46,866 | ||||||||
|
| |||||||
Italy — 6.7% | ||||||||
A2A SpA | 792 | 1,342 | ||||||
ACEA SpA | 22 | 343 | ||||||
Amplifon SpA | 23 | 414 | ||||||
Assicurazioni Generali SpA (a) | 669 | 11,362 | ||||||
Atlantia SpA | 238 | 6,887 | ||||||
Banca Generali SpA | 29 | 704 | ||||||
Banca Mediolanum SpA | 226 | 1,595 | ||||||
Banca Monte dei Paschi di Siena SpA* | 182 | 569 | ||||||
Banco BPM SpA* | 765 | 1,982 | ||||||
Brembo SpA | 77 | 1,100 | ||||||
Buzzi Unicem SpA (a) | 36 | 868 | ||||||
Buzzi Unicem SpA-RSP | 18 | 233 | ||||||
Davide Campari-Milano SpA | 280 | 2,089 | ||||||
De’ Longhi SpA | 30 | 848 | ||||||
DiaSorin SpA | 13 | 1,253 | ||||||
Enel SpA | 3,552 | 19,500 | ||||||
Eni SpA | 1,282 | 23,181 | ||||||
FinecoBank Banca Fineco SpA | 199 | 1,987 | ||||||
Hera SpA | 461 | 1,427 | ||||||
Infrastrutture Wireless Italiane SpA, 144A | 140 | 1,022 | ||||||
Interpump Group SpA | 46 | 1,440 | ||||||
Intesa Sanpaolo SpA | 6,633 | 19,469 | ||||||
Intesa Sanpaolo SpA-RSP | 484 | 1,455 | ||||||
Iren SpA | 249 | 617 | ||||||
Italgas SpA | 210 | 1,093 | ||||||
Leonardo SpA | 198 | 2,016 | ||||||
Mediaset SpA* | 166 | 552 | ||||||
Mediobanca SpA | 382 | 3,598 | ||||||
Moncler SpA | 82 | 3,759 | ||||||
Poste Italiane SpA, 144A | 231 | 1,975 | ||||||
Prysmian SpA | 124 | 3,445 | ||||||
Recordati SpA | 51 | 1,887 | ||||||
Saipem SpA* | 290 | 1,236 | ||||||
Salvatore Ferragamo SpA | 16 | 461 | ||||||
Snam SpA | 1,134 | 4,644 | ||||||
Societa Iniziative Autostradali e Servizi SpA | 34 | 549 | ||||||
Telecom Italia SpA* | 5,842 | 4,686 | ||||||
Telecom Italia SpA-RSP | 3,049 | 2,132 | ||||||
Terna Rete Elettrica Nazionale SpA | 713 | 3,771 | ||||||
UniCredit SpA | 1,000 | 16,499 | ||||||
Unione di Banche Italiane SpA | 514 | 1,937 | ||||||
Unipol Gruppo SpA | 213 | 906 | ||||||
UnipolSai Assicurazioni SpA (a) | 409 | 899 | ||||||
|
| |||||||
157,732 | ||||||||
|
| |||||||
Luxembourg — 0.8% | ||||||||
APERAM SA | 24 | 1,111 | ||||||
ArcelorMittal | 317 | 10,250 | ||||||
Eurofins Scientific SE | 5 | 2,565 | ||||||
Grand City Properties SA | 55 | 1,348 | ||||||
Tenaris SA | 238 | 4,264 | ||||||
|
| |||||||
19,538 | ||||||||
|
|
Number of Shares | Value | |||||||
Netherlands — 8.0% | ||||||||
Aalberts Industries NV | 31 | $ | 1,515 | |||||
ABN AMRO Group NV, 144A (a) | 204 | 5,291 | ||||||
Aegon NV | 1,031 | 6,410 | ||||||
Akzo Nobel NV | 129 | 11,309 | ||||||
Altice NV, Class A*(a) | 502 | 1,776 | ||||||
Altice NV, Class B* | 45 | 158 | ||||||
ASM International NV (a) | 31 | 1,803 | ||||||
ASML Holding NV | 214 | 41,817 | ||||||
BE Semiconductor Industries NV | 44 | 1,477 | ||||||
Boskalis Westminster | 39 | 1,076 | ||||||
Euronext NV, 144A | 35 | 2,223 | ||||||
GrandVision NV, 144A | 26 | 613 | ||||||
Heineken Holding NV | 48 | 4,667 | ||||||
Heineken NV | 118 | 11,796 | ||||||
ING Groep NV | 1,948 | 28,328 | ||||||
Koninklijke Ahold Delhaize NV | 497 | 11,402 | ||||||
Koninklijke DSM NV | 78 | 7,756 | ||||||
Koninklijke KPN NV | 1,599 | 4,343 | ||||||
Koninklijke Philips NV | 473 | 19,336 | ||||||
Koninklijke Vopak NV | 34 | 1,667 | ||||||
NN Group NV | 151 | 6,479 | ||||||
OCI NV*(a) | 36 | 986 | ||||||
QIAGEN NV* | 106 | 3,843 | ||||||
Randstad NV | 59 | 3,517 | ||||||
SBM Offshore NV | 88 | 1,389 | ||||||
Wolters Kluwer NV | 128 | 7,178 | ||||||
|
| |||||||
188,155 | ||||||||
|
| |||||||
Portugal — 0.6% | ||||||||
Banco Comercial Portugues SA, Class R* | 4,569 | 1,340 | ||||||
EDP — Energias de Portugal SA | 1,223 | 4,783 | ||||||
Galp Energia SGPS SA | 228 | 4,230 | ||||||
Jeronimo Martins SGPS SA | 159 | 2,496 | ||||||
Navigator Co. SA | 65 | 405 | ||||||
|
| |||||||
13,254 | ||||||||
|
| |||||||
Spain — 9.7% | ||||||||
Abertis Infraestructuras SA | 380 | 8,144 | ||||||
Acciona SA | 13 | 981 | ||||||
Acerinox SA | 83 | 1,116 | ||||||
ACS Actividades de Construccion y Servicios SA | 135 | 5,596 | ||||||
Aena SME SA, 144A | 37 | 7,096 | ||||||
Amadeus IT Group SA | 216 | 17,120 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 3,136 | 21,375 | ||||||
Banco de Sabadell SA | 2,931 | 4,920 | ||||||
Banco Santander SA | 7,539 | 40,481 | ||||||
Bankia SA | 553 | 2,095 | ||||||
Bankinter SA | 312 | 3,002 | ||||||
CaixaBank SA | 1,809 | 7,678 | ||||||
Cellnex Telecom SA, 144A | 70 | 1,774 | ||||||
CIE Automotive SA | 25 | 950 | ||||||
Ebro Foods SA | 24 | 583 | ||||||
Enagas SA | 113 | 3,009 | ||||||
Endesa SA | 158 | 3,476 | ||||||
Ferrovial SA | 241 | 4,903 | ||||||
Ferrovial SA* | 241 | 81 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Spain (Continued) | ||||||||
Fomento de Construcciones y Contratas | 69 | $ | 855 | |||||
Gas Natural SDG SA | 178 | 4,361 | ||||||
Grifols SA | 147 | 4,324 | ||||||
Grupo Catalana Occidente SA | 23 | 1,015 | ||||||
Iberdrola SA | 2,988 | 21,179 | ||||||
Industria de Diseno Textil SA | 561 | 17,688 | ||||||
Inmobiliaria Colonial Socimi SA REIT | 121 | 1,284 | ||||||
Mapfre SA | 481 | 1,455 | ||||||
Mediaset Espana Comunicacion SA | 85 | 765 | ||||||
Merlin Properties Socimi SA REIT | 168 | 2,311 | ||||||
Prosegur Cia de Seguridad SA | 118 | 810 | ||||||
Red Electrica Corp. SA | 215 | 4,179 | ||||||
Repsol SA | 624 | 11,877 | ||||||
Siemens Gamesa Renewable Energy SA | 113 | 1,735 | ||||||
Telefonica SA | 2,127 | 18,738 | ||||||
Zardoya Otis SA | 87 | 831 | ||||||
|
| |||||||
227,787 | ||||||||
|
| |||||||
Switzerland — 0.3% | ||||||||
STMicroelectronics NV | 332 | 7,894 | ||||||
|
| |||||||
United Kingdom (c) — 2.5% | ||||||||
RELX NV | 492 | 10,728 | ||||||
Unilever NV | 853 | 47,535 | ||||||
|
| |||||||
58,263 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,297,843 | |||||||
|
| |||||||
PREFERRED STOCKS — 1.9% | ||||||||
Germany — 1.8% | ||||||||
Bayerische Motoren Werke AG | 29 | 2,537 | ||||||
FUCHS PETROLUB SE | 35 | 1,833 |
Number of Shares | Value | |||||||
Germany (Continued) | ||||||||
Henkel AG & Co. KGaA | 89 | $ | 10,976 | |||||
MAN SE | 3 | 325 | ||||||
Porsche Automobil Holding SE | 77 | 5,670 | ||||||
RWE AG | 19 | 349 | ||||||
Sartorius AG | 17 | 2,486 | ||||||
Sixt SE | 7 | 594 | ||||||
Volkswagen AG | 92 | 17,284 | ||||||
|
| |||||||
42,054 | ||||||||
|
| |||||||
Spain — 0.1% | ||||||||
Grifols SA, Class B | 117 | 2,551 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | 44,605 | |||||||
|
| |||||||
RIGHTS — 0.2% | ||||||||
Netherlands — 0.2% | ||||||||
Altice NV, expires 06/08/18* | ||||||||
(Cost $6,677) | 502 | 4,082 | ||||||
|
| |||||||
EXCHANGE TRADED FUND — 0.1% | ||||||||
iShares MSCI Eurozone ETF | ||||||||
(Cost $3,570) | 80 | 3,419 | ||||||
|
| |||||||
SECURITIES LENDING COLLATERAL — 3.6% | ||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) | ||||||||
(Cost $84,109) | 84,109 | 84,109 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 103.2% (Cost $2,466,096) | $ | 2,434,058 | ||||||
Other assets and liabilities, net — (3.2%) | (73,667 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,360,391 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
COMMON STOCK — 0.4% |
| |||||||||||||||||||||||||||||||
Germany — 0.4% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG (b) |
| |||||||||||||||||||||||||||||||
— | 14,712 | (363 | ) | (23 | ) | — | 110 | — | 854 | 9,128 | ||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 3.6% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (d)(e) |
| |||||||||||||||||||||||||||||||
— | 84,109 | — | — | — | 396 | — | 84,109 | 84,109 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
— | 98,821 | (363 | ) | (23 | ) | — | 506 | — | 84,963 | 93,237 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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 May 31, 2018 amounted to $78,904, which is 3.3% 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. |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Xtrackers Eurozone Equity ETF (Continued)
May 31, 2018
(e) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. |
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 May 31, 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) | $ | 2,297,843 | $ | — | $ | — | $ | 2,297,843 | ||||||||
Preferred Stocks (f) | 44,605 | — | — | 44,605 | ||||||||||||
Exchange Traded Fund | 3,419 | — | — | 3,419 | ||||||||||||
Rights | 4,082 | — | — | 4,082 | ||||||||||||
Short-Term Investments | 84,109 | — | — | 84,109 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,434,058 | $ | — | $ | — | $ | 2,434,058 | ||||||||
|
|
|
|
|
|
|
|
(f) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during year ended May 31, 2018.
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 93.2% | ||||||||
Consumer Discretionary — 17.4% | ||||||||
adidas AG | 292 | $ | 65,989 | |||||
Axel Springer SE | 92 | 6,669 | ||||||
Bayerische Motoren Werke AG | 555 | 55,314 | ||||||
CECONOMY AG | 286 | 2,797 | ||||||
Continental AG | 188 | 47,643 | ||||||
CTS Eventim AG & Co. KGaA | 96 | 4,628 | ||||||
Daimler AG | 1,624 | 116,926 | ||||||
Fielmann AG | 40 | 3,170 | ||||||
Hella GmbH & Co KGaA | 78 | 4,899 | ||||||
HUGO BOSS AG | 102 | 9,154 | ||||||
ProSiebenSat.1 Media SE | 315 | 9,255 | ||||||
Stroeer SE & Co. KGaA | 38 | 2,437 | ||||||
Volkswagen AG | 325 | 60,358 | ||||||
Zalando SE, 144A* | 222 | 11,804 | ||||||
|
| |||||||
401,043 | ||||||||
|
| |||||||
Consumer Staples — 2.0% | ||||||||
Beiersdorf AG | 214 | 24,545 | ||||||
Henkel AG & Co. KGaA | 177 | 19,928 | ||||||
Suedzucker AG | 123 | 2,202 | ||||||
|
| |||||||
46,675 | ||||||||
|
| |||||||
Financials — 13.5% | ||||||||
Allianz SE | 714 | 147,004 | ||||||
Commerzbank AG* | 1,823 | 18,605 | ||||||
Deutsche Bank AG (a) | 3,031 | 32,398 | ||||||
Deutsche Boerse AG | 298 | 39,795 | ||||||
GRENKE AG | 46 | 5,195 | ||||||
Hannover Rueck SE | 107 | 13,489 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 252 | 51,860 | ||||||
Talanx AG | 94 | 3,619 | ||||||
|
| |||||||
311,965 | ||||||||
|
| |||||||
Health Care — 12.3% | ||||||||
Bayer AG | 1,342 | 159,566 | ||||||
Carl Zeiss Meditec AG | 65 | 4,488 | ||||||
Fresenius Medical Care AG & Co. KGaA | 338 | 33,702 | ||||||
Fresenius SE & Co. KGaA | 666 | 51,123 | ||||||
Merck KGaA | 207 | 21,104 | ||||||
QIAGEN NV* | 370 | 13,415 | ||||||
|
| |||||||
283,398 | ||||||||
|
| |||||||
Industrials — 15.2% | ||||||||
Brenntag AG | 249 | 14,341 | ||||||
Deutsche Lufthansa AG | 822 | 22,309 | ||||||
Deutsche Post AG | 1,536 | 58,218 | ||||||
DMG Mori AG | 33 | 1,920 | ||||||
Duerr AG | 47 | 4,714 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 67 | 6,258 | ||||||
GEA Group AG | 285 | 10,479 | ||||||
HOCHTIEF AG | 32 | 5,872 | ||||||
KION Group AG | 115 | 9,335 | ||||||
Krones AG | 27 | 3,470 | ||||||
MAN SE | 57 | 6,195 | ||||||
MTU Aero Engines AG | 76 | 14,345 |
Number of Shares | Value | |||||||
Industrials (Continued) | ||||||||
OSRAM Licht AG | 154 | $ | 9,075 | |||||
Rational AG | 6 | 3,747 | ||||||
Rheinmetall AG | 69 | 8,787 | ||||||
Siemens AG | 1,305 | 169,851 | ||||||
Sixt SE | 20 | 2,535 | ||||||
|
| |||||||
351,451 | ||||||||
|
| |||||||
Information Technology — 11.8% | ||||||||
Bechtle AG | 38 | 3,342 | ||||||
Infineon Technologies AG | 1,769 | 48,506 | ||||||
Nemetschek SE | 28 | 3,393 | ||||||
SAP SE | 1,500 | 168,687 | ||||||
Software AG | 87 | 4,152 | ||||||
United Internet AG | 213 | 13,575 | ||||||
Wirecard AG | 199 | 30,697 | ||||||
|
| |||||||
272,352 | ||||||||
|
| |||||||
Materials — 10.7% | ||||||||
Aurubis AG | 65 | 5,269 | ||||||
BASF SE | 1,490 | 146,534 | ||||||
Evonik Industries AG | 254 | 8,889 | ||||||
FUCHS PETROLUB SE | 47 | 2,359 | ||||||
HeidelbergCement AG | 255 | 22,563 | ||||||
K+S AG | 326 | 8,714 | ||||||
LANXESS AG | 124 | 9,796 | ||||||
Symrise AG | 200 | 16,216 | ||||||
thyssenkrupp AG | 864 | 22,763 | ||||||
Wacker Chemie AG | 30 | 4,868 | ||||||
|
| |||||||
247,971 | ||||||||
|
| |||||||
Real Estate — 3.3% | ||||||||
Deutsche Wohnen SE | 573 | 26,841 | ||||||
Grand City Properties SA | 192 | 4,707 | ||||||
LEG Immobilien AG | 108 | 11,820 | ||||||
Vonovia SE | 693 | 32,649 | ||||||
|
| |||||||
76,017 | ||||||||
|
| |||||||
Telecommunication Services — 4.2% | ||||||||
Deutsche Telekom AG | 5,655 | 87,266 | ||||||
Freenet AG | 193 | 5,531 | ||||||
Telefonica Deutschland Holding AG | 1,101 | 4,647 | ||||||
|
| |||||||
97,444 | ||||||||
|
| |||||||
Utilities — 2.8% | ||||||||
E.ON SE | 3,549 | 37,583 | ||||||
Innogy SE, 144A | 218 | 9,189 | ||||||
RWE AG | 812 | 18,384 | ||||||
|
| |||||||
65,156 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,153,472 | |||||||
|
| |||||||
PREFERRED STOCKS — 6.3% | ||||||||
Consumer Discretionary — 3.8% | ||||||||
Bayerische Motoren Werke AG | 89 | 7,787 | ||||||
Porsche Automobil Holding SE | 270 | 19,881 | ||||||
Volkswagen AG | 319 | 59,929 | ||||||
|
| |||||||
87,597 | ||||||||
|
|
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Xtrackers Germany Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Consumer Staples — 1.7% | ||||||||
Henkel AG & Co. KGaA | 311 | $ | 38,354 | |||||
|
| |||||||
Health Care — 0.4% | ||||||||
Sartorius AG | 60 | 8,776 | ||||||
|
| |||||||
Industrials — 0.1% | ||||||||
MAN SE | 11 | 1,191 | ||||||
Sixt SE | 24 | 2,037 | ||||||
|
| |||||||
3,228 | ||||||||
|
| |||||||
Materials — 0.3% | ||||||||
FUCHS PETROLUB SE | 122 | 6,389 | ||||||
|
|
Number of Shares | Value | |||||||
Utilities — 0.0% | ||||||||
RWE AG | 69 | $ | 1,266 | |||||
|
| |||||||
TOTAL PREFERRED STOCKS | 145,610 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND — 0.2% | ||||||||
Horizons DAX Germany ETF | 193 | 5,734 | ||||||
|
| |||||||
TOTAL INVESTMENTS — 99.7% (Cost $2,433,161) | $ | 2,304,816 | ||||||
Other assets and liabilities, net — 0.3% | 6,572 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,311,388 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
COMMON STOCK — 1.4% |
| |||||||||||||||||||||||||||||||
Financials — 1.4% |
| |||||||||||||||||||||||||||||||
Deutsche Bank AG |
| |||||||||||||||||||||||||||||||
— | 52,071 | (1,385) | (41) | (18,247) | 389 | — | 3,031 | 32,398 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (b)(c) |
| |||||||||||||||||||||||||||||||
— | — | — | — | — | 3 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
— | 52,071 | (1,385) | (41) | (18,247) | 392 | — | 3,031 | 32,398 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | 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. |
(c) | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 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. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | 2,153,472 | $ | — | $ | — | $ | 2,153,472 | ||||||||
Preferred Stocks (d) | 145,610 | — | — | 145,610 | ||||||||||||
Exchange-Traded Fund | 5,734 | — | — | 5,734 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 2,304,816 | $ | — | $ | — | $ | 2,304,816 | ||||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Consumer Discretionary — 17.7% | ||||||||
ABC-Mart, Inc. | 1,300 | $ | 80,169 | |||||
Adastria Co. Ltd. | 100 | 1,426 | ||||||
Aisin Seiki Co. Ltd. | 6,300 | 317,769 | ||||||
Asics Corp. | 8,500 | 142,077 | ||||||
Bandai Namco Holdings, Inc. | 7,900 | 336,665 | ||||||
Bic Camera, Inc. | 4,500 | 71,241 | ||||||
Bridgestone Corp. | 24,900 | 1,000,400 | ||||||
Casio Computer Co. Ltd. | 6,300 | 96,548 | ||||||
Clarion Co. Ltd. | 1,000 | 2,614 | ||||||
CyberAgent, Inc. | 4,500 | 235,676 | ||||||
Daiichikosho Co. Ltd. | 1,300 | 60,785 | ||||||
Daikyonishikawa Corp. | 1,600 | 25,949 | ||||||
Denso Corp. | 16,700 | 813,135 | ||||||
Don Quijote Holdings Co. Ltd. | 4,900 | 261,586 | ||||||
Eagle Industry Co. Ltd. | 100 | 1,656 | ||||||
Fast Retailing Co. Ltd. | 1,000 | 439,321 | ||||||
Fujitsu General Ltd. | 2,200 | 34,323 | ||||||
Hakuhodo DY Holdings, Inc. | 8,900 | 135,329 | ||||||
Haseko Corp. | 8,800 | 133,970 | ||||||
Heiwa Corp. | 2,200 | 50,603 | ||||||
Hikari Tsushin, Inc. | 900 | 160,210 | ||||||
Honda Motor Co. Ltd. | 64,500 | 2,046,403 | ||||||
Iida Group Holdings Co. Ltd. | 6,400 | 122,469 | ||||||
Isuzu Motors Ltd. | 22,100 | 296,782 | ||||||
Izumi Co. Ltd. | 1,300 | 80,768 | ||||||
J. Front Retailing Co. Ltd. | 8,800 | 138,911 | ||||||
Koito Manufacturing Co. Ltd. | 4,700 | 346,514 | ||||||
K’s Holdings Corp. | 7,900 | 95,982 | ||||||
Mazda Motor Corp. | 23,800 | 300,115 | ||||||
Mitsuba Corp. | 100 | 1,022 | ||||||
NGK Spark Plug Co. Ltd. | 6,600 | 181,030 | ||||||
NHK Spring Co. Ltd. | 8,600 | 84,935 | ||||||
Nifco, Inc. | 2,600 | 89,861 | ||||||
Nippon Television Holdings, Inc. | 7,000 | 118,165 | ||||||
Nissan Motor Co. Ltd. | 87,000 | 865,235 | ||||||
Nissin Kogyo Co. Ltd. | 1,500 | 26,591 | ||||||
Nitori Holdings Co. Ltd. | 2,900 | 499,549 | ||||||
Nojima Corp. | 1,200 | 29,645 | ||||||
NOK Corp. | 4,500 | 84,744 | ||||||
Oriental Land Co. Ltd. | 8,700 | 892,862 | ||||||
Panasonic Corp. | 86,700 | 1,188,639 | ||||||
Pressance Corp. | 100 | 1,619 | ||||||
Rakuten, Inc. | 34,900 | 235,012 | ||||||
Resorttrust, Inc. | 2,800 | 51,596 | ||||||
Rinnai Corp. | 1,200 | 114,870 | ||||||
Ryohin Keikaku Co. Ltd. | 1,000 | 340,559 | ||||||
Sanrio Co. Ltd. | 1,900 | 35,116 | ||||||
Seiko Holdings Corp. | 1,100 | 26,314 | ||||||
Sekisui Chemical Co. Ltd. | 17,400 | 286,356 | ||||||
Sekisui House Ltd. | 26,300 | 470,105 | ||||||
Seria Co. Ltd. | 1,700 | 82,305 | ||||||
Shimamura Co. Ltd. | 800 | 81,881 | ||||||
Shimano, Inc. | 2,900 | 410,797 | ||||||
Sony Corp. | 43,500 | 2,065,995 | ||||||
Stanley Electric Co. Ltd. | 6,100 | 208,583 | ||||||
Start Today Co. Ltd. | 7,300 | 254,319 |
Number of Shares | Value | |||||||
Consumer Discretionary (Continued) | ||||||||
Starts Corp., Inc. | 1,000 | $ | 25,680 | |||||
Subaru Corp. | 23,400 | 717,217 | ||||||
Sumitomo Electric Industries Ltd. | 26,400 | 399,602 | ||||||
Sumitomo Forestry Co. Ltd. | 6,200 | 95,016 | ||||||
Sumitomo Rubber Industries Ltd. | 7,100 | 119,265 | ||||||
Suzuki Motor Corp. | 15,000 | 864,559 | ||||||
Takashimaya Co. Ltd. | 11,000 | 92,034 | ||||||
T-Gaia Corp. | 100 | 2,812 | ||||||
Toho Co. Ltd. | 5,100 | 177,440 | ||||||
Toyo Tire & Rubber Co. Ltd. | 4,600 | 71,469 | ||||||
Toyoda Gosei Co. Ltd. | 2,500 | 66,018 | ||||||
Toyota Boshoku Corp. | 2,000 | 38,069 | ||||||
Toyota Industries Corp. | 6,200 | 362,944 | ||||||
Toyota Motor Corp. | 33,646 | 2,143,347 | ||||||
TPR Co. Ltd. | 100 | 2,588 | ||||||
TS Tech Co. Ltd. | 1,700 | 74,951 | ||||||
United Arrows Ltd. | 900 | 33,301 | ||||||
USS Co. Ltd. | 8,700 | 165,039 | ||||||
Yamaha Corp. | 5,100 | 266,630 | ||||||
Yamaha Motor Co. Ltd. | 10,500 | 304,432 | ||||||
Yokohama Rubber Co. Ltd. | 4,800 | 104,708 | ||||||
|
| |||||||
22,684,222 | ||||||||
|
| |||||||
Consumer Staples — 10.2% | ||||||||
Aeon Co. Ltd. | 28,800 | 572,315 | ||||||
Ain Holdings, Inc. | 1,000 | 70,873 | ||||||
Ajinomoto Co., Inc. | 17,500 | 334,956 | ||||||
Asahi Group Holdings Ltd. | 15,900 | 833,599 | ||||||
Calbee, Inc. | 3,400 | 124,239 | ||||||
Ci:z Holdings Co. Ltd. | 900 | 51,277 | ||||||
Cosmos Pharmaceutical Corp. | 400 | 86,373 | ||||||
Create SD Holdings Co. Ltd. | 1,000 | 29,868 | ||||||
Ezaki Glico Co. Ltd. | 2,000 | 104,008 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 2,400 | 249,620 | ||||||
Japan Tobacco, Inc. | 46,300 | 1,251,202 | ||||||
Kao Corp. | 18,400 | 1,429,728 | ||||||
Kewpie Corp. | 4,300 | 104,131 | ||||||
Kikkoman Corp. | 6,100 | 288,591 | ||||||
Kirin Holdings Co. Ltd. | 36,100 | 1,028,391 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 2,100 | 185,752 | ||||||
Kobe Bussan Co. Ltd. | 100 | 4,878 | ||||||
Kose Corp. | 1,300 | 283,225 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 600 | 44,070 | ||||||
Lawson, Inc. (a) | 1,800 | 117,465 | ||||||
Lion Corp. | 10,400 | 190,779 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 3,300 | 159,768 | ||||||
MEIJI Holdings Co. Ltd. | 5,000 | 426,619 | ||||||
NH Foods Ltd. | 3,400 | 140,043 | ||||||
Nichirei Corp. | 3,800 | 103,215 | ||||||
Nippon Suisan Kaisha Ltd. | 8,800 | 43,172 | ||||||
Nissin Foods Holdings Co. Ltd. | 3,100 | 231,120 | ||||||
Pigeon Corp. | 4,700 | 231,442 | ||||||
Seven & i Holdings Co. Ltd. | 31,100 | 1,380,028 | ||||||
Shiseido Co. Ltd. | 14,000 | 1,111,547 | ||||||
Sugi Holdings Co. Ltd. | 1,600 | 96,166 | ||||||
Sundrug Co. Ltd. | 3,000 | 136,684 | ||||||
Suntory Beverage & Food Ltd. | 5,900 | 262,838 |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Consumer Staples (Continued) | ||||||||
Toyo Suisan Kaisha Ltd. | 4,800 | $ | 171,642 | |||||
Tsuruha Holdings, Inc. | 1,600 | 238,428 | ||||||
Unicharm Corp. | 16,000 | 497,915 | ||||||
Valor Holdings Co. Ltd. | 1,500 | 36,311 | ||||||
Welcia Holdings Co. Ltd. | 1,900 | 102,830 | ||||||
Yakult Honsha Co. Ltd. | 4,400 | 289,972 | ||||||
Yaoko Co. Ltd. | 700 | 37,305 | ||||||
|
| |||||||
13,082,385 | ||||||||
|
| |||||||
Energy — 0.4% | ||||||||
Inpex Corp. | 41,000 | 458,134 | ||||||
|
| |||||||
Financials — 11.6% | ||||||||
AEON Financial Service Co. Ltd. | 5,600 | 130,922 | ||||||
Aozora Bank Ltd. | 4,600 | 182,484 | ||||||
Chiba Bank Ltd. | 24,900 | 192,517 | ||||||
Chugoku Bank Ltd. | 8,500 | 95,761 | ||||||
Concordia Financial Group Ltd. | 43,700 | 246,565 | ||||||
Dai-ichi Life Holdings, Inc. | 41,900 | 783,082 | ||||||
Daiwa Securities Group, Inc. | 64,000 | 372,118 | ||||||
Financial Products Group Co. Ltd. | 2,200 | 29,584 | ||||||
Fuyo General Lease Co. Ltd. | 700 | 50,642 | ||||||
Gunma Bank Ltd. | 17,400 | 98,976 | ||||||
Hiroshima Bank Ltd. | 8,900 | 63,323 | ||||||
Hitachi Capital Corp. | 1,800 | 46,737 | ||||||
Hokuhoku Financial Group, Inc. | 5,300 | 75,369 | ||||||
IBJ Leasing Co. Ltd. | 1,100 | 31,133 | ||||||
Jafco Co. Ltd. | 1,000 | 41,189 | ||||||
Japan Exchange Group, Inc. | 21,400 | 407,535 | ||||||
kabu.com Securities Co. Ltd. | 8,400 | 29,999 | ||||||
Kyushu Financial Group, Inc. | 17,200 | 82,481 | ||||||
Matsui Securities Co. Ltd. | 4,200 | 39,779 | ||||||
Mebuki Financial Group, Inc. | 34,900 | 127,207 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 243,600 | 1,470,412 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 17,400 | 104,261 | ||||||
Mizuho Financial Group, Inc. | 971,900 | 1,696,990 | ||||||
MS&AD Insurance Group Holdings, Inc. | 19,200 | 612,166 | ||||||
Nomura Holdings, Inc. | 130,500 | 677,574 | ||||||
Orient Corp. | 8,900 | 12,370 | ||||||
ORIX Corp. | 49,400 | 830,495 | ||||||
Resona Holdings, Inc. | 81,000 | 452,473 | ||||||
SBI Holdings, Inc. | 8,700 | 238,150 | ||||||
Seven Bank Ltd. | 33,500 | 106,070 | ||||||
Shinsei Bank Ltd. | 6,600 | 104,487 | ||||||
Shizuoka Bank Ltd. | 19,100 | 184,768 | ||||||
Sompo Holdings, Inc. | 14,600 | 635,899 | ||||||
Sony Financial Holdings, Inc. | 6,300 | 116,032 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 42,600 | 1,765,639 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 14,600 | 610,366 | ||||||
Suruga Bank Ltd. | 8,600 | 99,421 | ||||||
T&D Holdings, Inc. | 23,000 | 363,487 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 8,700 | 57,656 | ||||||
Tokio Marine Holdings, Inc. | 27,700 | 1,335,984 | ||||||
Tokyo Century Corp. | 1,400 | 84,403 | ||||||
Tokyo Kiraboshi Financial Group, Inc. | 1,000 | 22,771 | ||||||
Yamaguchi Financial Group, Inc. (a) | 8,000 | 96,682 | ||||||
Zenkoku Hosho Co. Ltd. | 2,000 | 96,461 | ||||||
|
| |||||||
14,902,420 | ||||||||
|
|
Number of Shares | Value | |||||||
Health Care — 8.3% | ||||||||
Alfresa Holdings Corp. | 8,700 | $ | 220,453 | |||||
Asahi Intecc Co. Ltd. | 3,800 | 136,757 | ||||||
Astellas Pharma, Inc. | 78,100 | 1,196,534 | ||||||
Chugai Pharmaceutical Co. Ltd. | 7,900 | 447,190 | ||||||
Daiichi Sankyo Co. Ltd. | 21,500 | 691,633 | ||||||
Eisai Co. Ltd. | 9,100 | 659,770 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 2,200 | 183,460 | ||||||
Hoya Corp. | 15,200 | 905,606 | ||||||
Kaken Pharmaceutical Co. Ltd. | 1,300 | 72,152 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 8,700 | 178,412 | ||||||
M3, Inc. | 7,600 | 318,634 | ||||||
Medipal Holdings Corp. | 7,400 | 171,029 | ||||||
Mitsubishi Tanabe Pharma Corp. | 8,700 | 156,151 | ||||||
Nihon Kohden Corp. | 3,000 | 83,391 | ||||||
Olympus Corp. | 11,000 | 390,814 | ||||||
Ono Pharmaceutical Co. Ltd. | 17,600 | 437,307 | ||||||
Otsuka Holdings Co. Ltd. | 15,700 | 783,085 | ||||||
Santen Pharmaceutical Co. Ltd. | 14,600 | 254,924 | ||||||
Sawai Pharmaceutical Co. Ltd. | 1,500 | 66,064 | ||||||
Shionogi & Co. Ltd. | 10,500 | 552,230 | ||||||
Ship Healthcare Holdings, Inc. | 1,400 | 51,158 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 5,900 | 122,893 | ||||||
Sysmex Corp. | 5,900 | 532,735 | ||||||
Takeda Pharmaceutical Co. Ltd. | 27,600 | 1,130,979 | ||||||
Terumo Corp. | 11,400 | 677,841 | ||||||
Toho Holdings Co. Ltd. | 2,000 | 49,206 | ||||||
Tsumura & Co. | 2,600 | 94,887 | ||||||
|
| |||||||
10,565,295 | ||||||||
|
| |||||||
Industrials — 22.8% | ||||||||
Aeon Delight Co. Ltd. | 800 | 28,607 | ||||||
Aica Kogyo Co. Ltd. | 1,800 | 67,431 | ||||||
Amada Holdings Co. Ltd. | 12,100 | 131,864 | ||||||
ANA Holdings, Inc. | 13,900 | 560,631 | ||||||
Asahi Glass Co. Ltd. | 7,700 | 316,094 | ||||||
Central Japan Railway Co. | 6,800 | 1,408,882 | ||||||
COMSYS Holdings Corp. | 2,800 | 74,610 | ||||||
Daifuku Co. Ltd. | 3,900 | 202,816 | ||||||
Daikin Industries Ltd. | 10,200 | 1,181,058 | ||||||
DMG Mori Co. Ltd. | 4,300 | 72,429 | ||||||
East Japan Railway Co. | 13,500 | 1,336,394 | ||||||
Ebara Corp. | 3,000 | 103,686 | ||||||
FANUC Corp. | 7,100 | 1,520,705 | ||||||
Fuji Electric Co. Ltd. | 22,000 | 157,338 | ||||||
Hankyu Hanshin Holdings, Inc. | 8,800 | 363,680 | ||||||
Hanwa Co. Ltd. | 1,200 | 50,752 | ||||||
Harmonic Drive Systems, Inc. | 1,100 | 52,648 | ||||||
Hazama Ando Corp. | 8,400 | 73,682 | ||||||
Hino Motors Ltd. | 8,900 | 100,022 | ||||||
Hitachi Construction Machinery Co. Ltd. | 3,600 | 133,204 | ||||||
Hitachi Transport System Ltd. | 1,300 | 35,119 | ||||||
Hoshizaki Corp. | 2,300 | 231,387 | ||||||
ITOCHU Corp. | 53,900 | 1,015,043 | ||||||
Iwatani Corp. | 1,500 | 53,224 | ||||||
Japan Airlines Co. Ltd. | 13,200 | 512,473 | ||||||
JTEKT Corp. | 8,700 | 127,083 | ||||||
Kajima Corp. | 38,000 | 310,589 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Industrials (Continued) | ||||||||
Kanamoto Co. Ltd. | 1,000 | $ | 34,884 | |||||
Kanematsu Corp. | 3,700 | 57,452 | ||||||
Kawasaki Heavy Industries Ltd. | 5,900 | 179,479 | ||||||
Keihan Holdings Co. Ltd. | 5,000 | 169,589 | ||||||
Keio Corp. | 4,500 | 209,582 | ||||||
Keisei Electric Railway Co. Ltd. | 5,600 | 190,455 | ||||||
Kintetsu Group Holdings Co. Ltd. | 7,500 | 314,441 | ||||||
Komatsu Ltd. | 36,100 | 1,191,870 | ||||||
Kubota Corp. | 40,400 | 681,607 | ||||||
Kumagai Gumi Co. Ltd. | 1,200 | 40,536 | ||||||
Kyowa Exeo Corp. | 2,800 | 73,450 | ||||||
Kyudenko Corp. | 1,600 | 77,316 | ||||||
Maeda Corp. | 6,300 | 68,483 | ||||||
Maeda Road Construction Co. Ltd. | 2,200 | 43,718 | ||||||
Makita Corp. | 9,700 | 433,909 | ||||||
Marubeni Corp. | 60,200 | 470,097 | ||||||
Meitec Corp. | 700 | 32,344 | ||||||
MINEBEA MITSUMI, Inc. | 14,000 | 266,483 | ||||||
MISUMI Group, Inc. | 8,700 | 252,244 | ||||||
Mitsubishi Corp. | 52,100 | 1,453,496 | ||||||
Mitsubishi Electric Corp. | 74,500 | 1,059,437 | ||||||
Mitsubishi Heavy Industries Ltd. | 12,600 | 477,813 | ||||||
Mitsui & Co. Ltd. | 60,800 | 1,072,793 | ||||||
MonotaRO Co. Ltd. | 2,600 | 104,818 | ||||||
Nabtesco Corp. | 4,200 | 137,623 | ||||||
Nagoya Railroad Co. Ltd. (a) | 8,500 | 218,906 | ||||||
Nankai Electric Railway Co. Ltd. | 4,900 | 136,882 | ||||||
NGK Insulators Ltd. | 8,800 | 160,942 | ||||||
Nidec Corp. | 9,000 | 1,398,730 | ||||||
Nihon M&A Center, Inc. | 5,100 | 168,052 | ||||||
Nippo Corp. | 1,500 | 29,063 | ||||||
Nippon Express Co. Ltd. | 2,700 | 203,534 | ||||||
Nippon Steel & Sumikin Bussan Corp. | 600 | 31,037 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 2,200 | 58,015 | ||||||
NSK Ltd. | 15,200 | 173,343 | ||||||
Obara Group, Inc. | 400 | 23,342 | ||||||
Obayashi Corp. | 26,000 | 263,003 | ||||||
Odakyu Electric Railway Co. Ltd. | 10,600 | 229,767 | ||||||
OSG Corp. | 3,200 | 67,066 | ||||||
Park24 Co. Ltd. | 4,400 | 118,986 | ||||||
Penta-Ocean Construction Co. Ltd. | 8,700 | 56,775 | ||||||
Persol Holdings Co. Ltd. | 6,700 | 143,873 | ||||||
Pilot Corp. | 1,200 | 63,730 | ||||||
Sankyu, Inc. | 1,700 | 93,571 | ||||||
Sanwa Holdings Corp. | 8,600 | 94,276 | ||||||
Secom Co. Ltd. | 7,700 | 575,418 | ||||||
Seibu Holdings, Inc. | 8,800 | 145,067 | ||||||
Shimizu Corp. | 26,000 | 254,867 | ||||||
SMC Corp. | 2,300 | 877,067 | ||||||
Sohgo Security Services Co. Ltd. | 2,800 | 128,473 | ||||||
Sojitz Corp. | 43,600 | 155,707 | ||||||
Sotetsu Holdings, Inc. | 2,700 | 78,158 | ||||||
Sumitomo Corp. | 46,400 | 780,487 | ||||||
Sumitomo Heavy Industries Ltd. | 4,500 | 159,464 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 8,640 | 57,894 | ||||||
Tadano Ltd. | 3,400 | 46,911 | ||||||
Taisei Corp. | 8,700 | 479,663 |
Number of Shares | Value | |||||||
Industrials (Continued) | ||||||||
Takeuchi Manufacturing Co. Ltd. | 1,200 | $ | 27,547 | |||||
THK Co. Ltd. | 4,800 | 170,979 | ||||||
Tobu Railway Co. Ltd. | 8,600 | 267,154 | ||||||
Toda Corp. | 9,000 | 79,359 | ||||||
Tokyu Construction Co. Ltd. | 2,900 | 29,442 | ||||||
Tokyu Corp. | 19,700 | 350,682 | ||||||
TOTO Ltd. | 5,800 | 304,294 | ||||||
Toyota Tsusho Corp. | 8,700 | 301,091 | ||||||
Tsubakimoto Chain Co. | 3,000 | 23,499 | ||||||
West Japan Railway Co. | 6,800 | 489,948 | ||||||
Yamato Holdings Co. Ltd. | 12,500 | 359,427 | ||||||
|
| |||||||
29,190,861 | ||||||||
|
| |||||||
Information Technology — 11.5% | ||||||||
Advantest Corp. | 4,300 | 101,202 | ||||||
Alps Electric Co. Ltd. | 6,500 | 154,595 | ||||||
Brother Industries Ltd. | 8,700 | 182,576 | ||||||
Canon, Inc. | 40,700 | 1,391,319 | ||||||
COLOPL, Inc. | 2,300 | 16,491 | ||||||
DeNA Co. Ltd. | 4,000 | 77,095 | ||||||
Dip Corp. | 1,100 | 27,165 | ||||||
Disco Corp. | 1,000 | 189,148 | ||||||
Elecom Co. Ltd. | 100 | 2,589 | ||||||
Fujitsu Ltd. | 77,000 | 472,510 | ||||||
GMO internet, Inc. | 2,600 | 69,735 | ||||||
GungHo Online Entertainment, Inc. | 25,500 | 67,831 | ||||||
Hamamatsu Photonics KK | 5,800 | 252,244 | ||||||
Hirose Electric Co. Ltd. | 1,205 | 157,162 | ||||||
Hitachi High-Technologies Corp. | 2,500 | 114,248 | ||||||
Hitachi Ltd. | 180,000 | 1,319,785 | ||||||
Horiba Ltd. | 1,500 | 125,086 | ||||||
Itochu Techno-Solutions Corp. | 3,100 | 56,353 | ||||||
Japan Aviation Electronics Industry Ltd. | 2,000 | 33,412 | ||||||
Kakaku.com, Inc. | 5,600 | 122,108 | ||||||
Keyence Corp. | 3,620 | 2,226,744 | ||||||
Konami Holdings Corp. | 2,900 | 136,398 | ||||||
Konica Minolta, Inc. | 17,300 | 158,279 | ||||||
Kyocera Corp. | 12,400 | 736,844 | ||||||
Mixi, Inc. | 1,700 | 53,357 | ||||||
Murata Manufacturing Co. Ltd. | 7,900 | 1,176,874 | ||||||
NEC Corp. | 8,800 | 248,663 | ||||||
Nexon Co. Ltd.* | 17,200 | 285,123 | ||||||
Nomura Research Institute Ltd. | 4,802 | 242,211 | ||||||
NS Solutions Corp. | 1,100 | 30,000 | ||||||
NTT Data Corp. | 23,200 | 259,878 | ||||||
Obic Co. Ltd. | 2,200 | 190,750 | ||||||
Omron Corp. | 8,000 | 421,925 | ||||||
Oracle Corp. | 1,200 | 91,564 | ||||||
Otsuka Corp. | 4,300 | 177,905 | ||||||
Renesas Electronics Corp.* | 4,100 | 40,832 | ||||||
Ricoh Co. Ltd. | 22,900 | 207,827 | ||||||
SCREEN Holdings Co. Ltd. | 1,400 | 119,324 | ||||||
SCSK Corp. | 1,600 | 73,634 | ||||||
Seiko Epson Corp. | 11,100 | 195,038 | ||||||
Shimadzu Corp. | 8,700 | 240,632 | ||||||
Square Enix Holdings Co. Ltd. | 3,400 | 169,304 | ||||||
TDK Corp. | 4,000 | 360,072 |
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
May 31, 2018
Number of Shares | Value | |||||||
Information Technology (Continued) | ||||||||
Tokyo Electron Ltd. | 5,000 | $ | 938,838 | |||||
Trend Micro, Inc. | 3,700 | 210,465 | ||||||
Ulvac, Inc. | 1,700 | 75,811 | ||||||
Yahoo Japan Corp. | 52,600 | 191,722 | ||||||
Yaskawa Electric Corp. | 8,700 | 352,340 | ||||||
Yokogawa Electric Corp. | 8,600 | 157,443 | ||||||
|
| |||||||
14,702,451 | ||||||||
|
| |||||||
Materials — 6.9% | ||||||||
Air Water, Inc. | 6,900 | 134,513 | ||||||
Asahi Kasei Corp. | 49,300 | 678,615 | ||||||
Daicel Corp. | 9,000 | 102,057 | ||||||
Daio Paper Corp. | 2,500 | 35,897 | ||||||
Denka Co. Ltd. | 2,700 | 99,282 | ||||||
DIC Corp. | 2,900 | 94,892 | ||||||
Dowa Holdings Co. Ltd. | 1,700 | 53,905 | ||||||
Hitachi Chemical Co. Ltd. | 3,700 | 79,895 | ||||||
Hitachi Metals Ltd. | 8,600 | 94,830 | ||||||
JFE Holdings, Inc. | 19,800 | 410,416 | ||||||
JSR Corp. | 8,600 | 168,129 | ||||||
Kansai Paint Co. Ltd. (a) | 8,600 | 184,911 | ||||||
Kuraray Co. Ltd. | 13,600 | 208,797 | ||||||
Mitsubishi Chemical Holdings Corp. | 52,300 | 485,235 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 6,600 | 168,941 | ||||||
Mitsubishi Materials Corp. | 5,100 | 141,999 | ||||||
Mitsui Chemicals, Inc. | 7,200 | 208,753 | ||||||
Nihon Parkerizing Co. Ltd. | 3,400 | 50,635 | ||||||
Nippon Kayaku Co. Ltd. | 5,900 | 64,949 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 25,500 | 59,616 | ||||||
Nippon Paint Holdings Co. Ltd. | 6,100 | 255,746 | ||||||
Nippon Steel & Sumitomo Metal Corp. | 33,100 | 695,391 | ||||||
Nissan Chemical Industries Ltd. | 4,700 | 221,492 | ||||||
Nitto Denko Corp. | 5,700 | 449,043 | ||||||
NOF Corp. | 2,900 | 88,352 | ||||||
Oji Holdings Corp. | 32,000 | 210,594 | ||||||
Shin-Etsu Chemical Co. Ltd. | 13,100 | 1,313,075 | ||||||
Sumitomo Chemical Co. Ltd. | 58,000 | 351,806 | ||||||
Sumitomo Metal Mining Co. Ltd. | 9,400 | 360,444 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 13,000 | 61,144 | ||||||
Taiheiyo Cement Corp. | 4,900 | 181,757 | ||||||
Taiyo Nippon Sanso Corp. | 6,400 | 95,077 | ||||||
Teijin Ltd. | 6,900 | 134,132 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 4,600 | 37,471 | ||||||
Toray Industries, Inc. | 56,200 | 460,846 | ||||||
Tosoh Corp. | 11,200 | 196,898 | ||||||
Ube Industries Ltd. | 4,200 | 119,647 |
Number of Shares | Value | |||||||
Materials (Continued) | ||||||||
Zeon Corp. | 6,600 | $ | 83,954 | |||||
|
| |||||||
8,843,136 | ||||||||
|
| |||||||
Real Estate — 3.9% | ||||||||
Aeon Mall Co. Ltd. | 5,200 | 100,654 | ||||||
Daito Trust Construction Co. Ltd. | 3,000 | 490,681 | ||||||
Daiwa House Industry Co. Ltd. | 24,800 | 900,967 | ||||||
Hulic Co. Ltd. | 17,300 | 177,865 | ||||||
Ichigo, Inc. | 8,800 | 41,552 | ||||||
Leopalace21 Corp. | 8,900 | 61,439 | ||||||
Mitsubishi Estate Co. Ltd. | 54,700 | 994,866 | ||||||
Mitsui Fudosan Co. Ltd. | 36,800 | 926,393 | ||||||
Nomura Real Estate Holdings, Inc. | 5,100 | 119,843 | ||||||
NTT Urban Development Corp. | 5,500 | 57,660 | ||||||
Open House Co. Ltd. | 1,200 | 75,770 | ||||||
Relo Group, Inc. | 3,700 | 95,867 | ||||||
Sumitomo Realty & Development Co. Ltd. | 17,000 | 643,573 | ||||||
Tokyo Tatemono Co. Ltd. | 8,600 | 119,369 | ||||||
Tokyu Fudosan Holdings Corp. | 17,500 | 129,504 | ||||||
|
| |||||||
4,936,003 | ||||||||
|
| |||||||
Telecommunication Services — 4.8% | ||||||||
KDDI Corp. | 60,900 | 1,651,074 | ||||||
Nippon Telegraph & Telephone Corp. | 33,300 | 1,565,003 | ||||||
NTT DOCOMO, Inc. | 52,400 | 1,359,135 | ||||||
SoftBank Group Corp. | 21,800 | 1,558,075 | ||||||
|
| |||||||
6,133,287 | ||||||||
|
| |||||||
Utilities — 1.7% | ||||||||
Chubu Electric Power Co., Inc. | 23,100 | 358,369 | ||||||
Electric Power Development Co. Ltd. | 6,100 | 162,319 | ||||||
Kansai Electric Power Co., Inc. | 30,700 | 442,507 | ||||||
Nippon Gas Co. Ltd. | 1,300 | 67,964 | ||||||
Osaka Gas Co. Ltd. | 14,700 | 321,277 | ||||||
Toho Gas Co. Ltd. | 4,000 | 126,467 | ||||||
Tohoku Electric Power Co., Inc. | 17,500 | 223,733 | ||||||
Tokyo Gas Co. Ltd. | 16,000 | 436,652 | ||||||
|
| |||||||
2,139,288 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | 127,637,482 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 99.8% (Cost $127,726,374) | $ | 127,637,482 | ||||||
Other assets and liabilities, net — 0.2% | 211,962 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 127,849,444 | ||||||
|
|
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)
May 31, 2018
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (b)(c) |
| |||||||||||||||||||||||||||||||
— | — | — | — | — | 410 | — | — | — |
* | 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 May 31, 2018 amounted to $52,881, which is 0.0% of net assets. The Fund held non-cash U.S. Treasury securities collateral having a value of $57,180. |
(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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. |
At May 31, 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 | 12 | $ | 170,867 | $170,592 | 6/07/2018 | $ | 3,399 |
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 May 31, 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) | $ | 127,637,482 | $ | — | $ | — | $ | 127,637,482 | ||||||||
Derivatives (e) | ||||||||||||||||
Futures Contracts | 3,399 | — | — | 3,399 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 127,640,881 | $ | — | $ | — | $ | 127,640,881 | ||||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the year ended May 31, 2018.
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF
May 31, 2018
Number of Shares | Value | |||||||
COMMON STOCKS — 0.1% | ||||||||
Hong Kong — 0.1% | ||||||||
Brightoil Petroleum Holdings Ltd.*(a) | 6,070 | $ | 1,461 | |||||
Hsin Chong Group Holdings Ltd.*(a) | 6,452 | 373 | ||||||
Town Health International Medical Group Ltd. (a) | 8,362 | 1,053 | ||||||
|
| |||||||
2,887 | ||||||||
|
| |||||||
United Kingdom — 0.0% | ||||||||
Conviviality PLC (a) | 323 | 0 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | 2,887 | |||||||
|
| |||||||
RIGHTS — 0.0% | ||||||||
Singapore — 0.0% | ||||||||
Frasers Logistics & Industrial Trust REIT, expires 06/06/18 | 120 | 8 | ||||||
|
|
Number of Shares | Value | |||||||
United Kingdom — 0.0% | ||||||||
Ladbrokes Coral Group PLC, expires 12/31/30 (a) | 1,498 | $ | 223 | |||||
|
| |||||||
United States — 0.0% | ||||||||
Reliance Worldwide Corp. Ltd., expires 06/14/18 | 269 | 326 | ||||||
|
| |||||||
TOTAL RIGHTS | 557 | |||||||
|
| |||||||
TOTAL INVESTMENTS — 0.1% (Cost $5,805) | $ | 3,444 | ||||||
Other assets and liabilities, net — 99.9% | 3,026,217 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,029,661 | ||||||
|
|
A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2018 is as follows:
Value ($) at | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation (Depreciation) ($) | Income ($) | Capital Gain Distributions ($) | Number of Shares at 5/31/2018 | Value ($) at 5/31/2018 | ||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 0.0% |
| |||||||||||||||||||||||||||||||
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 1.68% (b)(c) |
| |||||||||||||||||||||||||||||||
78,351 | — | (78,351) | — | — | 517 | — | — | — |
* | 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 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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the year ended May 31, 2018. |
REIT: | Real Estate Investment Trust |
As of May 31, 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 Nova Scotia | 6/5/2018 | AUD | 14,000 | USD | 10,569 | $ | — | $ | (19 | ) | ||||||||||||
The Bank of Nova Scotia | 6/5/2018 | AUD | 244,000 | USD | 184,188 | — | (343 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | CHF | 7,000 | USD | 7,091 | — | (15 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | CHF | 133,000 | USD | 134,705 | — | (301 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | EUR | 569,000 | USD | 689,019 | 23,562 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | EUR | 50,000 | USD | 60,553 | 2,077 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | GBP | 372,000 | USD | 513,085 | 18,436 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | GBP | 27,000 | USD | 37,244 | 1,342 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | HKD | 480,000 | USD | 61,207 | — | (1 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | ILS | 101,000 | USD | 28,119 | — | (225 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | JPY | 95,050,000 | USD | 870,110 | — | (3,950 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | JPY | 8,183,000 | USD | 74,941 | — | (308 | ) | ||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | NOK | 409,000 | USD | 51,106 | 1,113 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | NOK | 90,000 | USD | 11,247 | 246 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | NZD | 39,000 | USD | 27,476 | 183 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | SEK | 89,000 | USD | 10,203 | 108 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | SEK | 1,256,000 | USD | 143,986 | 1,508 | — | |||||||||||||||
The Bank of Nova Scotia | 6/5/2018 | SGD | 63,000 | USD | 47,603 | 543 | — |
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
May 31, 2018
Counterparty | Settlement Date | Currency To Deliver | Currency To Receive | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||
The Bank of Nova Scotia | 6/6/2018 | DKK | 41,000 | USD | 6,666 | $ | 223 | $ | — | |||||||||||||||||||
The Bank of Nova Scotia | 6/6/2018 | DKK | 273,000 | USD | 44,375 | 1,474 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total unrealized appreciation (depreciation) | $ | 50,815 | $ | (5,162 | ) | |||||||||||||||||||||||
|
|
|
|
Currency Abbreviations
AUD | Australian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | Pound Sterling |
HKD | Hong Kong Dollar |
ILS | Israeli Shekel |
JPY | Japanese Yen |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
SEK | Swedish Krona |
SGD | Singapore Dollar |
USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 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) | $ | — | $ | — | $ | 2,887 | $ | 2,887 | ||||||||
Rights (d) | 334 | — | 223 | 557 | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | — | 50,815 | — | 50,815 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | 334 | $ | 50,815 | $ | 3,110 | $ | 54,259 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Derivatives (e) | ||||||||||||||||
Forward Foreign Currency Contracts | $ | — | $ | (5,162 | ) | $ | — | $ | (5,162 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
TOTAL | $ | — | $ | (5,162 | ) | $ | — | $ | (5,162 | ) | ||||||
|
|
|
|
|
|
|
|
(d) | See Schedule of Investments for additional detailed categorizations. |
(e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts. |
During the year ended May 31, 2018, the amount of transfers between Level 1 and Level 3 was $2,624. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 28 |
This Page is Intentionally Left Blank
29
DBX ETF Trust
May 31, 2018
Xtrackers Eurozone Equity ETF | Xtrackers Germany Equity ETF | Xtrackers Japan JPX- Nikkei 400 Equity ETF | Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | |||||||||||||
Assets | ||||||||||||||||
Investments in non-affiliated securities at value | $ | 2,340,821 | $ | 2,272,418 | $ | 127,637,482 | $ | 3,444 | ||||||||
Investment in affiliated securities at value | 9,128 | 32,398 | — | — | ||||||||||||
Investment in DWS Government & Agency Securities Portfolio* | 84,109 | — | — | — | ||||||||||||
Cash | 295 | — | 1,165 | 4,286 | ||||||||||||
Foreign currency at value | 3,372 | 4,901 | 20,322 | 21,169 | ||||||||||||
Unrealized appreciation on forward foreign currency contracts | — | — | — | 50,815 | ||||||||||||
Deposit with broker for futures contracts | — | — | 4,465 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 29,413 | 2,949,853 | ||||||||||||
Variation margin on futures contracts | — | — | 898 | — | ||||||||||||
Dividends | 5,565 | 1,625 | 150,966 | 9,772 | ||||||||||||
Securities lending income | 227 | — | 66 | 68 | ||||||||||||
Foreign tax reclaim | 1,862 | 5,154 | 10,296 | 458 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 2,445,379 | $ | 2,316,496 | $ | 127,855,073 | $ | 3,039,865 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities | ||||||||||||||||
Due to advisor | $ | — | $ | — | $ | — | $ | 3,872 | ||||||||
Payable upon return of securities loaned | 84,109 | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts | — | — | — | 5,162 | ||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 691 | 4,924 | — | — | ||||||||||||
Investment advisory fees | 188 | 184 | 5,629 | 1,170 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 84,988 | 5,108 | 5,629 | 10,204 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,360,391 | $ | 2,311,388 | $ | 127,849,444 | $ | 3,029,661 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets Consist of | ||||||||||||||||
Paid-in capital | $ | 2,717,723 | $ | 2,873,954 | $ | 128,442,119 | $ | 2,504,618 | ||||||||
Undistributed net investment income | 49,311 | 47,451 | 193,542 | 40,834 | ||||||||||||
Accumulated net realized gain (loss) | (374,569 | ) | (481,527 | ) | (698,637 | ) | 441,069 | |||||||||
Net unrealized appreciation (depreciation) | (32,074 | ) | (128,490 | ) | (87,580 | ) | 43,140 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets, at value | $ | 2,360,391 | $ | 2,311,388 | $ | 127,849,444 | $ | 3,029,661 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Number of Common Shares outstanding | 100,001 | 100,001 | 4,350,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Asset Value | $ | 23.60 | $ | 23.11 | $ | 29.39 | $ | 30.30 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in non-affiliated securities at cost | $ | 2,367,661 | $ | 2,382,516 | $ | 127,726,374 | $ | 5,805 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in affiliated securities at cost | $ | 14,326 | $ | 50,645 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Value of securities loaned | $ | 78,904 | $ | — | $ | 52,881 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investment in DWS Government & Agency Securities Portfolio at cost* | $ | 84,109 | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Non-cash collateral for securities on loan | $ | — | $ | — | $ | 57,180 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Foreign currency at cost | $ | 3,352 | $ | 4,872 | $ | 19,112 | $ | 21,241 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
For the Year Ended May 31, 2018
Xtrackers Eurozone Equity ETF | Xtrackers Germany Equity ETF | Xtrackers Japan JPX- Nikkei 400 Equity ETF | Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | |||||||||||||
Investment Income | ||||||||||||||||
Unaffiliated dividend income* | $ | 71,514 | $ | 70,692 | $ | 299,762 | $ | 68,813 | ||||||||
Unaffiliated non-cash dividend income | 7,353 | — | — | — | ||||||||||||
Affiliated dividend income** | 110 | 389 | — | — | ||||||||||||
Affiliated securities lending income | | 396 | | 3 | 410 | 517 | ||||||||||
Unaffiliated securities lending income, net of borrower rebates | 115 | — | — | 769 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investment Income | 79,488 | 71,084 | 300,172 | 70,099 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Expenses | ||||||||||||||||
Investment advisory fees | 6,560 | 6,420 | 39,664 | 13,102 | ||||||||||||
Other expenses | 57 | 57 | 57 | 57 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Expenses | 6,617 | 6,477 | 39,721 | 13,159 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived (See Note 3): | ||||||||||||||||
Waiver | (407 | ) | (397 | ) | (6,088 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net Expenses | 6,210 | 6,080 | 33,633 | 13,159 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Investment income (loss) | 73,278 | 65,004 | 266,539 | 56,940 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (93,379 | ) | (48,468 | ) | (437,722 | ) | 569,038 | |||||||||
Investments in affiliates | (23 | ) | (41 | ) | — | 279 | ||||||||||
In-kind redemptions | 271,285 | 416,736 | — | — | ||||||||||||
Futures contracts | — | — | 24,870 | — | ||||||||||||
Foreign currency transactions | 59 | (35 | ) | 3,389 | 530 | |||||||||||
Forward foreign currency contracts | (142,708 | ) | (132,421 | ) | — | (97,214 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 35,234 | 235,771 | (409,463 | ) | 472,633 | |||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments | (156,355 | ) | (237,450 | ) | (449,230 | ) | (233,513 | ) | ||||||||
Investments in affiliates | (5,198 | ) | (18,247 | ) | — | — | ||||||||||
Futures contracts | — | — | (1,356 | ) | — | |||||||||||
Forward foreign currency contracts | 71,195 | 67,134 | — | 77,411 | ||||||||||||
Foreign currency translations | (262 | ) | (192 | ) | (3,319 | ) | (318 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) | (90,620 | ) | (188,755 | ) | (453,905 | ) | (156,420 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions | (55,386 | ) | 47,016 | (863,368 | ) | 316,213 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 17,892 | $ | 112,020 | $ | (596,829 | ) | $ | 373,153 | |||||||
|
|
|
|
|
|
|
| |||||||||
* Unaffiliated foreign tax withheld | $ | 15,741 | $ | 13,931 | $ | 34,034 | $ | 7,439 | ||||||||
** Affiliated foreign tax withheld | $ | 29 | $ | 103 | $ | — | $ | — |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Xtrackers Eurozone Equity ETF | Xtrackers Germany Equity ETF | |||||||||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 73,278 | $ | 73,948 | $ | 65,004 | $ | 75,987 | ||||||||
Net realized gain (loss) | 35,234 | (22,539 | ) | 235,771 | (112,270 | ) | ||||||||||
Net change in net unrealized appreciation (depreciation) | (90,620 | ) | 397,415 | (188,755 | ) | 407,298 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 17,892 | 448,824 | 112,020 | 371,015 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (39,480 | ) | (79,217 | ) | (43,413 | ) | (71,924 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (39,480 | ) | (79,217 | ) | (43,413 | ) | (71,924 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 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 | (12,325 | ) | — | (5,062 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | (33,913 | ) | 369,607 | 63,545 | 299,091 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of year | 2,394,304 | 2,024,697 | 2,247,843 | 1,948,752 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of year | $ | 2,360,391 | $ | 2,394,304 | $ | 2,311,388 | $ | 2,247,843 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 49,311 | $ | 35,027 | $ | 47,451 | $ | 43,290 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
Shares sold | 50,000 | — | 50,000 | — | ||||||||||||
Shares redeemed | (50,000 | ) | — | (50,000 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
Xtrackers Japan JPX-Nikkei 400 Equity ETF | Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | |||||||||||||||
Year Ended May 31, 2018 | Year Ended May 31, 2017 | Year Ended May 31, 2018 | Year Ended May 31, 2017 | |||||||||||||
Increase (Decrease) in Net Assets from Operations | ||||||||||||||||
Net investment income (loss) | $ | 266,539 | $ | 266,292 | $ | 56,940 | $ | 52,045 | ||||||||
Net realized gain (loss) | (409,463 | ) | 1,416,998 | 472,633 | 195,707 | |||||||||||
Net change in net unrealized appreciation (depreciation) | (453,905 | ) | 463,516 | (156,420 | ) | 203,224 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | (596,829 | ) | 2,146,806 | 373,153 | 450,976 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions to Shareholders from | ||||||||||||||||
Net investment income | (232,909 | ) | (264,075 | ) | (74,217 | ) | (62,074 | ) | ||||||||
Net realized gains | — | — | (56,197 | ) | (27,075 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions | (232,909 | ) | (264,075 | ) | (130,414 | ) | (89,149 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Fund Shares Transactions | ||||||||||||||||
Proceeds from shares sold | 118,182,133 | 8,337,937 | — | — | ||||||||||||
Value of shares redeemed | — | (18,274,566 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from fund share transactions | 118,182,133 | (9,936,629 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total net increase (decrease) in Net Assets | 117,352,395 | (8,053,898 | ) | 242,739 | 361,827 | |||||||||||
Net Assets | ||||||||||||||||
Beginning of period | 10,497,049 | 18,550,947 | 2,786,922 | 2,425,095 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 127,849,444 | $ | 10,497,049 | $ | 3,029,661 | $ | 2,786,922 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Undistributed net investment income | $ | 193,542 | $ | 108,635 | $ | 40,834 | $ | 35,796 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Changes in Shares Outstanding | ||||||||||||||||
Shares outstanding, beginning of year | 400,001 | 800,001 | 100,001 | 100,001 | ||||||||||||
Shares sold | 3,950,000 | 350,000 | — | — | ||||||||||||
Shares redeemed | — | (750,000 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Shares outstanding, end of year | 4,350,001 | 400,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Xtrackers Eurozone Equity ETF Selected Per Share Data | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of year | $ | 23.94 | $ | 20.25 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.73 | 0.74 | 0.53 | |||||||||
Net realized and unrealized gain (loss) | (0.68 | ) | 3.74 | (4.99 | ) | |||||||
|
|
|
|
|
| |||||||
Total from investment operations | 0.05 | 4.48 | (4.46 | ) | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.39 | ) | (0.79 | ) | (0.29 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (0.39 | ) | (0.79 | ) | (0.29 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of year | $ | 23.60 | $ | 23.94 | $ | 20.25 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 0.22 | (c) | 23.01 | (17.94 | )** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 2 | 2 | 2 | |||||||||
Ratio of expenses before fee waiver (%) | 0.27 | 0.45 | 0.45 | * | ||||||||
Ratio of expenses after fee waiver (%) | 0.26 | 0.45 | 0.45 | * | ||||||||
Ratio of net investment income (loss) (%) | 3.01 | 3.62 | 3.18 | * | ||||||||
Portfolio turnover rate (%)(d) | 93 | 20 | 20 | ** | ||||||||
Xtrackers Germany Equity ETF Selected Per Share Data | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of period | $ | 22.48 | $ | 19.49 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(b) | 0.65 | 0.76 | 0.46 | |||||||||
Net realized and unrealized gain (loss) | 0.41 | 2.95 | (5.75 | ) | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 1.06 | 3.71 | (5.29 | ) | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.43 | ) | (0.72 | ) | (0.22 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (0.43 | ) | (0.72 | ) | (0.22 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 23.11 | $ | 22.48 | $ | 19.49 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 4.79 | (c) | 19.70 | (21.29 | )** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 2 | 2 | 2 | |||||||||
Ratio of expenses before fee waiver (%) | 0.27 | 0.45 | 0.45 | * | ||||||||
Ratio of expenses after fee waiver (%) | 0.25 | 0.45 | 0.45 | * | ||||||||
Ratio of net investment income (loss) (%) | 2.71 | 3.89 | 2.76 | * | ||||||||
Portfolio turnover rate (%)(d) | 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. | 34 |
DBX ETF Trust
Financial Highlights (Continued)
Xtrackers Japan JPX-Nikkei 400 Equity ETF Selected Per Share Data | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016(a) | |||||||||
Net Asset Value, beginning of period | $ | 26.24 | $ | 23.19 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(c) | 0.40 | 0.35 | 0.28 | |||||||||
Net realized and unrealized gain (loss) | 3.30 | (d) | 3.04 | (1.97 | ) | |||||||
|
|
|
|
|
| |||||||
Total from investment operations | 3.70 | 3.39 | (1.69 | ) | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.55 | ) | (0.34 | ) | (0.12 | ) | ||||||
|
|
|
|
|
| |||||||
Total distributions | (0.55 | ) | (0.34 | ) | (0.12 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 29.39 | $ | 26.24 | $ | 23.19 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 14.21 | (e) | 14.75 | (6.78 | )** | |||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 128 | 10 | 19 | |||||||||
Ratio of expenses before fee waiver (%) | 0.21 | 0.40 | 0.40 | * | ||||||||
Ratio of expenses after fee waiver (%) | 0.18 | 0.40 | 0.40 | * | ||||||||
Ratio of net investment income (loss) (%) | 1.39 | 1.46 | 1.31 | * | ||||||||
Portfolio turnover rate (%)(f) | 78 | 22 | 8 | ** | ||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF Selected Per Share Data | Year Ended 5/31/2018 | Year Ended 5/31/2017 | Period Ended 5/31/2016(b) | |||||||||
Net Asset Value, beginning of period | $ | 27.87 | $ | 24.25 | $ | 25.00 | ||||||
|
|
|
|
|
| |||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income (loss)(c) | 0.57 | 0.52 | 0.40 | |||||||||
Net realized and unrealized gain (loss) | 3.16 | 3.99 | (0.89 | ) | ||||||||
|
|
|
|
|
| |||||||
Total from investment operations | 3.73 | 4.51 | (0.49 | ) | ||||||||
|
|
|
|
|
| |||||||
Less distributions from: | ||||||||||||
Net investment income | (0.74 | ) | (0.62 | ) | (0.26 | ) | ||||||
Net realized gains | (0.56 | ) | (0.27 | ) | — | |||||||
|
|
|
|
|
| |||||||
Total distributions | (1.30 | ) | (0.89 | ) | (0.26 | ) | ||||||
|
|
|
|
|
| |||||||
Net Asset Value, end of period | $ | 30.30 | $ | 27.87 | $ | 24.25 | ||||||
|
|
|
|
|
| |||||||
Total Return (%) | 13.67 | 19.32 | (1.96 | )** | ||||||||
Ratios to Average Net Assets and Supplemental Data | ||||||||||||
Net Assets, end of period ($ millions) | 3 | 3 | 2 | |||||||||
Ratio of expenses (%) | 0.45 | 0.45 | 0.45 | * | ||||||||
Ratio of net investment income (loss) (%) | 1.96 | 2.10 | 2.16 | * | ||||||||
Portfolio turnover rate (%)(f) | 17 | 20 | 23 | ** |
(a) | For the period June 24, 2015 (commencement of operations) through May 31, 2016. |
(b) | For the period August 19, 2015 (commencement of operations) through May 31, 2016. |
(c) | Based on average shares outstanding during the period. |
(d) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
(e) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
(f) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
* | Annualized. |
** | Not Annualized. |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
1. Organization
DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.
As of May 31, 2018, the Trust consists of thirty-seven investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
New Fund Name | Former Fund Name | |
Xtrackers Eurozone Equity ETF* | Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | |
Xtrackers Germany Equity ETF** | Deutsche X-trackers MSCI Italy Hedged Equity ETF | |
Xtrackers Japan JPX-Nikkei 400 Equity ETF | Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | |
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of 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 offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF and Xtrackers MSCI EAFE Small Cap Hedged Equity ETF offer shares that are listed and traded on the Bats BZX Exchange (‘Bats BZX”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
Fund | Underlying Index | |
Xtrackers Eurozone Equity ETF* | NASDAQ Eurozone Large Mid Cap Index* | |
Xtrackers Germany Equity ETF** | NASDAQ Germany Large Mid Cap Index** | |
Xtrackers Japan JPX-Nikkei 400 Equity ETF | JPX-Nikkei 400 Net Total Return Index | |
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | MSCI EAFE Small Cap US Dollar Hedged Index |
* | On October 27, 2017, the Fund changed its name from Xtrackers MSCI Southern Europe Hedged Equity ETF to Xtrackers Eurozone Equity ETF and its Underlying Index from MSCI Southern Europe US Dollar Hedged Index to the NASDAQ Eurozone Large Mid Cap Index. |
** | On October 27, 2017, the Fund changed its name from Xtrackers MSCI Italy Hedged ETF to Xtrackers Germany Equity ETF and its Underlying Index from MSCI Italy 25/50 US Dollar Hedged Index to the NASDAQ Germany Large Mid Cap Index. |
The NASDAQ Eurozone Large Mid Cap Index which is designed to track the performance of the German large- and mid-capitalization equity market. 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 equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union of the European Union. The NASDAQ Germany Large Mid Cap Index is rebalanced semi-annually in March and September.
The JPX-Nikkei Index 400 Net Total Return Index is designed to track the performance of equity securities of issuers that are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The JPX-Nikkei Index 400 is rebalanced annually.
MSCI is the creator of the MSCI EAFE Small Cap US Dollar Hedged Index. The MSCI EAFE Small Cap US Dollar Hedged Index is designed to provide exposure to small cap equity securities in developed stock markets outside
36
DBX ETF Trust
Notes to Financial Statements (Continued)
of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EAFE Small Cap US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund, except effective June 24, 2018, 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.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
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
37
DBX ETF Trust
Notes to Financial Statements (Continued)
limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI EAFE Small Cap Hedged Equity ETF to pay out dividends from net investment income semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.
The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended May 31, 2018, the Funds did not incur any interest or penalties.
38
DBX ETF Trust
Notes to Financial Statements (Continued)
As of May 31, 2018, the components of accumulated earnings (losses) on a tax basis were as follows:
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Capital and Other Gains (Losses) | Unrealized Appreciation (Depreciation) | Total Accumulated Earnings (Losses) | ||||||||||||||||
Xtrackers Eurozone Equity ETF | $ | 49,311 | $ | — | $ | (338,136 | ) | $ | (68,507 | ) | $ | (357,332 | ) | |||||||
Xtrackers Germany Equity ETF | 47,451 | — | (477,664 | ) | (132,353 | ) | (562,566 | ) | ||||||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 193,542 | — | (159,754 | ) | (626,463 | ) | (592,675 | ) | ||||||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | 59,408 | 466,940 | — | (1,305 | ) | 525,043 |
The tax character of dividends and distributions declared for the years ended May 31, 2018 and May 31, 2017 were as follows:
Year Ended May 31, 2018 | ||||||||
Ordinary Income* | Long-Term Capital Gains | |||||||
Xtrackers Eurozone Equity ETF | $ | 39,480 | $ | — | ||||
Xtrackers Germany Equity ETF | 43,413 | — | ||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 232,909 | — | ||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | 80,077 | 50,337 | ||||||
Year Ended May 31, 2017 | ||||||||
Ordinary Income* | Long-Term Capital Gains | |||||||
Xtrackers Eurozone Equity ETF | $ | 79,217 | $ | — | ||||
Xtrackers Germany Equity ETF | 71,924 | — | ||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 264,075 | — | ||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | 80,180 | 8,969 |
* | for tax purposes short-term capital gain distributions are considered ordinary income distributions |
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 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 |
In order to present paid-in capital and accumulated net realized gains or losses on the Statements of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to additional paid-in capital, undistributed net investment income or loss and accumulated net realized gains or losses on investments. These differences are primarily due to the recognition of certain foreign currency gains (losses) as ordinary income (loss), redemptions-in-kind, and passive foreign investment companies (“PFICs”). For the year ended May 31, 2018, the adjustments were as follows:
Undistributed Net Investment Income (Loss) | Undistributed Capital Gains (Accumulated Losses) | Paid-In Capital | ||||||||||
Xtrackers Eurozone Equity ETF | $ | (19,514 | ) | $ | (208,280 | ) | $ | 227,794 | ||||
Xtrackers Germany Equity ETF | (17,430 | ) | (358,013 | ) | 375,443 | |||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 51,277 | (51,277 | ) | — | ||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | 22,315 | (22,315 | ) | — |
39
DBX ETF Trust
Notes to Financial Statements (Continued)
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 | ) | |||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | 6,037 | $ | (1,153 | ) | 7,005 | (8,158 | ) |
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of May 31, 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 U.S. Treasury securities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended May 31, 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 (0.14% annualized effective rate as of May 31, 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.
40
DBX ETF Trust
Notes to Financial Statements (Continued)
As of May 31, 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 year end, the remaining contractual maturity of the cash collateral agreements were overnight and continuous.
As of May 31, 2018, Xtrackers Japan JPX-Nikkei 400 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 year end.
Remaining Contractual Maturity of the Agreements, as of May 31, 2018 |
Overnight and Continuous | <30 Days | Between 30 & 90 days | >90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Common Stocks | $ | — | $ | — | $ | — | $ | 57,180 | $ | 57,180 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross amount of recognized liabilities for securities lending transactions |
| $ | 57,180 |
As of May 31, 2018, the funds listed below had no securities on loan:
Xtrackers Germany Equity ETF
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF
Derivatives
Forward Foreign Currency Contracts Each Fund, except Xtrackers Japan JPX-Nikkei 400 Equity ETF, may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the year ended May 31, 2018, the Xtrackers MSCI EAFE Small Cap Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. In addition, prior to October 27, 2017, Xtrackers Eurozone Equity ETF (formerly Xtrackers MSCI Southern Europe Hedged Equity ETF) and Xtrackers Germany Equity ETF (formerly Xtrackers MSCI Italy Hedged Equity ETF) each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the Euro.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.
A summary of the open forward currency contracts as of May 31, 2018 is included in a table following each Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the year ended May 31, 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. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the year ended May 31, 2018, Xtrackers Japan JPX-Nikkei 400 Equity ETF utilized futures in order to simulate investment in the Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in
41
DBX ETF Trust
Notes to Financial Statements (Continued)
the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of May 31, 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 May 31, 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* | $ | 3,399 | Unrealized depreciation on futures contracts* | $ | — | ||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 50,815 | Unrealized depreciation on forward foreign currency contracts | $ | 5,162 |
* | 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 year ended May 31, 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 Eurozone Equity ETF | $ | — | $ | (142,708 | ) | $ | (142,708 | ) | ||||
Xtrackers Germany Equity ETF | — | (132,421 | ) | (132,421 | ) | |||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 24,870 | — | 24,870 | |||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | — | (97,214 | ) | (97,214 | ) | |||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||
Futures Contracts — Equity Contracts | Forward Foreign Currency Contracts — Foreign Exchange Contracts | Total | ||||||||||
Xtrackers Eurozone Equity ETF | $ | — | $ | 71,195 | $ | 71,195 | ||||||
Xtrackers Germany Equity ETF | — | 67,134 | 67,134 | |||||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | (1,356 | ) | — | (1,356 | ) | |||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | — | 77,411 | 77,411 |
42
DBX ETF Trust
Notes to Financial Statements (Continued)
For the year ended May 31, 2018 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) | Forward Foreign Currency Contracts (Contract Value) | |||||||
Xtrackers EurozoneEquity ETF | $ | — | $ | (918,408 | )* | |||
Xtrackers MSCI Germany Equity ETF | — | (876,255 | )* | |||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 115,114 | — | ||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | — | (2,860,717 | ) |
* | for the period from June 1, 2017 through October 26, 2017 |
As of May 31, 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 table:
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Received | Net Amount of Derivatives Assets | Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities | Financial Instruments and Derivatives Available for Offset | Collateral Pledged | Net Amount of Derivatives Liabilities | |||||||||||||||||||||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||||||||||||||||||
The Bank of Nova Scotia | $ | 50,815 | $ | (5,162 | ) | $ | — | $ | 45,653 | $ | 5,162 | $ | (5,162 | ) | $ | — | $ | — |
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
For its investment advisory services to the Xtrackers MSCI EAFE Small Cap Hedged Equity ETF, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.45%.
For its investment advisory services to the Funds below, for the period from June 1, 2017 through October 26, 2017, the Advisor received a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers Eurozone Equity ETF | 0.45 | % | ||
Xtrackers Germany Equity ETF | 0.45 | % | ||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 0.40 | % |
43
DBX ETF Trust
Notes to Financial Statements (Continued)
Effective October 27, 2017, for its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
Unitary Management Fee | ||||
Xtrackers Eurozone Equity ETF | 0.15 | % | ||
Xtrackers Germany Equity ETF | 0.15 | % | ||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 0.15 | % |
Effective February 20, 2018 the Advisor had agreed, until February 20, 2019, to waive a portion of its unitary management fee to the extent necessary to prevent the operating expenses of each Fund 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 February 20, 2018 through May 31, 2018, the Advisor waived $407, $397 and $6,088 of Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF, respectively.
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).
4. Investment Portfolio Transactions
For the year ended May 31, 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 | $ | 2,248,982 | $ | 2,328,311 | ||||
Xtrackers Germany Equity ETF | 2,678,582 | 2,734,124 | ||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 18,085,069 | 17,910,847 | ||||||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | 456,467 | 3,550,218 |
For the year ended May 31, 2018, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Xtrackers Eurozone Equity ETF | $ | 1,191,257 | $ | 1,184,299 | ||||
Xtrackers Germany Equity ETF | 1,198,623 | 1,192,319 | ||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 118,001,485 | — |
5. Fund Share Transactions
As of May 31, 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
44
DBX ETF Trust
Notes to Financial Statements (Continued)
amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At May 31, 2018, there was one affiliated shareholder account for each fund listed below holding a significant percentage of the shares outstanding:
Approximate Percent of Outstanding Shares Held | ||||
Xtrackers Eurozone Equity ETF | 40 | % | ||
Xtrackers Germany Equity ETF | 75 | % |
7. Fund Liquidation
On May 16, 2018, the Board of Trustees unanimously voted to close and liquidate Xtrackers MSCI EAFE Small Cap Hedged Equity ETF. After the close of business on May 31, 2018, the Fund no longer accepted creation orders and the final day of trading on the exchange was May 31, 2018. Proceeds of the liquidation were sent to shareholders on June 12, 2018.
45
DBX ETF Trust
To the Shareholders of
Xtrackers Eurozone Equity ETF, formerly Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, Xtrackers Germany Equity ETF, formerly Deutsche X-trackers MSCI Italy Hedged Equity ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF, formerly Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF, and Xtrackers MSCI EAFE Small Cap Hedged Equity ETF, formerly Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, and the Board of Trustees of DBX ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (collectively referred to as the “Funds”), (four of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of May 31, 2018, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting the DBX ETF Trust) at May 31, 2018, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. general accepted accounting principles.
Individual fund constituting the DBX ETF Trust | Statement of operations | Statements of changes in net assets | Financial highlights | |||
Xtrackers Eurozone Equity ETF
Xtrackers Germany Equity ETF
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 and the period from August 19, 2015 (commencement of operations) through May 31, 2016 | |||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | For the year ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 | For each of the two years in the period ended May 31, 2018 and the period from June 24, 2015 (commencement of operations) through May 31, 2016 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of the internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
46
DBX ETF Trust
Report of Independent Registered Public Accounting Firm (Continued)
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2018, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.
New York, New York
July 26, 2018
47
DBX ETF Trust
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Independent Trustees | ||||||||||
Stephen R. Byers (1953) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Board and Member of the Audit and Nominating Committees; formerly, Lead Independent Trustee | Trustee since 2011 (Chairman of the Board since 2016; formerly, Lead Independent Trustee, 2015-2016) | Independent Director (2011-present); Independent Consultant (2014-present); formerly, Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer (2002-2006). | 37 | The Arbitrage Funds; Sierra Income Corporation; Mutual Fund Directors Forum. | |||||
George O. Elston (1964) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Audit Committee and Member of the Nominating Committee | Trustee since 2011 (Chairman of the Audit Committee since 2015) | Chief Executive Officer, 2X Oncology, Inc. (2017-present); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013). | 37 | ||||||
J. David Officer (1948) 345 Park Avenue New York, New York 10154 | Trustee, Chairman of the Nominating Committee and Member of the Audit Committee | Trustee since 2011 (Chairman of the Nominating Committee since 2015) | Independent Director (2010-present); formerly, Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009). | 37 | Ilex Partners (Asia), LLC; Old Westbury Funds. |
48
DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships held by Trustee | |||||
Interested Trustee | ||||||||||
Michael Gilligan (1966) 345 Park Avenue New York, New York 10154 | Trustee Treasurer, Chief Financial Officer and Controller | Trustee since 2016; Treasurer, Chief Financial Officer and Controller since 2010 | Director in the Finance Division at Deutsche Bank AG (2008- present); Manager, Treasurer and Chief Financial Officer of the Adviser (2010- present); Chief Financial Officer of Global Passive Asset Management Platform (2012-present); Chief Financial Officer of RREEF America L.L.C. (2018-present). | 37 | The Adviser, DBX Strategic Advisors LLC and DB Commodity Services LLC | |||||
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Officers | ||||||||||
Freddi Klassen (1975) 345 Park Avenue New York, New York 10154 | President and Chief Executive Officer | Since 2016 | Director in DWS and Chief Operating Officer in the Americas for the Passive Asset Management Department (2014-present) and Trading and Product Development teams (2016-present); Manager and Chief Operating Officer of the Adviser (2016-present); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013). | |||||||
Fiona Bassett (1974) 345 Park Avenue New York, New York 10154 | Chief Operating Officer | Since 2014 | Managing Director in DWS and Head of Passive Americas Asset Management Platform (2014-present); Manager and Chief Executive Officer and Chief Investment Officer of the Adviser (2014-present); Managing Director, COO Global Key Projects and Integration at Deutsche Asset Management (2012-2014); Managing Director at Deutsche Bank AG (2004-2012). |
49
DBX ETF Trust
Trustees and Officers (Unaudited) (Continued)
Name, Year of Birth and Address | Position(s) Held with Fund | Terms of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | |||||||
Frank Gecsedi (1967) 60 Wall Street New York, New York 10005 | Chief Compliance Officer | Since 2010 | Director in the DWS Compliance Department (2016-present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Adviser (2010- present); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012). | |||||||
Bryan Richards (1978) 345 Park Avenue New York New York 10154 | Vice President | Since 2016 | Director in DWS (2014-present); Portfolio Manager in the Passive Asset Management Department at Deutsche Bank AG (2011- present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015). | |||||||
Leslie Lowenbraun (1953) 60 Wall Street New York, New York 10005 | Secretary | Since 2016 | Vice President in U.S. Retail Passive Legal of DWS (2014-present) and Chief Legal Officer of the Adviser (2017-present); Counsel at Skadden, Arps, Slate, Meagher & Flom LLP (2005-2014). | |||||||
Amy McDonald (1978) One International Place Boston, Massachusetts 02110 | Assistant Secretary | Since 2018 | Vice President in U.S. Retail Passive Legal of DWS (2018-present); Vice President, Fidelity Investments Asset Management Compliance (2016-2017); Legal Counsel and Senior Legal Counsel, Fidelity Investments (2010-2016). |
Each Trustee serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is
removed, dies, retires or becomes disqualified.
The Funds’ SAI includes additional information about the Funds’ Trustees and is available by calling 855-329-3837, or on the Company’s
website at www.Xtrackers.com
50
DBX ETF Trust
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF, Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF and Xtrackers Japan JPX-Nikkei 400 Equity 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 continuance of the Investment Advisory Agreement with respect to Xtrackers MSCI EAFE Small Cap Hedged Equity ETF, Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF and Xtrackers Japan JPX-Nikkei 400 Equity ETF (each a “Fund,” and collectively, the “Funds”). 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 Funds and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Adviser”) and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Adviser from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Adviser.
The Board reached a determination, with the assistance of 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 each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.
Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided by the Adviser under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Adviser continuously during the prior year, in addition to the information the Adviser had provided in response to the Board’s requests prior to this meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Adviser, including portfolio management.
The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Adviser or one of its Deutsche Bank affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Adviser provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds. The Trustees took into consideration that tracking error for each Fund during the year was in an expected range.
Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Adviser’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Adviser, which supports the Funds’ compliance program.
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DBX ETF Trust
Board Considerations in Approval of Investment Advisory Contract (Unaudited) (Continued)
Adviser’s Financial Resources. In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Adviser has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Adviser’s methodology for selecting each Fund’s peer group and believed that the Funds’ peer groups were appropriate. The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Adviser and that the Adviser also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services provided to the Funds and the information provided by the Adviser to the Board regarding the Funds’ profitability. The Board considered that the Adviser had provided extensive information about the Adviser’s profitability and the Adviser’s methodology in determining profitability. While the Adviser had provided information about the Adviser’s expenses relating to marketing the Funds, the Board considered the Adviser’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Adviser’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
52
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.
Tax Information
Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.
Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended May 31, 2017.
Qualified Dividend Income* | ||||
Xtrackers Eurozone Equity ETF | 100% | |||
Xtrackers Germany Equity ETF | 89% | |||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 100% | |||
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF | 77% |
* The above percentage is based on ordinary income dividends paid to shareholders during each Fund’s fiscal year.
Each Fund intends to elect to pass through to shareholders the credit for taxes paid to foreign countries. The gross foreign source income and foreign taxes paid are as follows:
Gross Foreign Income | Foreign Taxes Paid | |||||||
Xtrackers Eurozone Equity ETF | $ 94,709 | $13,371 | ||||||
Xtrackers Germany Equity ETF | 85,060 | 14,019 | ||||||
Xtrackers Japan JPX-Nikkei 400 Equity ETF | 333,640 | 33,735 |
53
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.
54
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
This report must be preceded or accompanied by a prospectus.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Dividends are not guaranteed. If the dividend-paying stocks held by the fund reduce or stop paying dividends, the fund’s ability to generate income may be adversely affected. Preferred stocks, a type of dividend-paying stock, present certain additional risks. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. A fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. These Funds are non-diversified and can take larger positions in fewer issues, increasing each Fund’s potential risk. Performance of a Fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. A fund that focuses its investments in Japan can be impacted by the events and developments in Japan, which can adversely affect performance. There are additional risks associated with investing in aggressive growth stocks, non-diversified/concentrated funds and small- and mid-cap stocks which are more fully explained in the prospectuses, as applicable. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange or Bats BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“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 101 Barclay Street New York, NY 10286 | Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 | ||
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 | Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-38754-4 (7/18) DBX003443 (7/19)
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. Audit Committee Financial Expert.
Stephen R. Byers, George O. Elston, and J. David Officer are the designated financial experts on the Audit Committee of DBX ETF Trust. With respect to DBX ETF Trust, Stephen Byers, George O. Elston, and J. David Officer are not “interested persons” as such terms are defined by Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $699,504 for 2018 and $711,184 for 2017. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the |
registrant’s financial statements and are not reported under paragraph (a) of this Item are $0 for 2018 and $65,000 for 2017. These services consisted of security counts related to Rule 17f-2 under the Investment Company Act of 1940. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $343,782 for 2018 and $276,624 for 2017. |
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2018 and $0 for 2017. | |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. | |
In accordance with Rule 2-01(c)(7)(A), the Audit Committee pre-approves all of the audit and permissible non-audit services of the Registrant. | ||
(e)(2) | All of the services described in paragraphs (b) through (d) above were approved by the Audit Committee in accordance with paragraph (c) (7) (i) (c) of Rule 2-01 of Regulation S-X. | |
(f) | Not Applicable. | |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 for 2018 and $0 for 2017. | |
(h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the
Exchange Act. The Registrant’s audit committee members are Stephen R. Byers, George O. Elston, and J. David Officer.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
(b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. Exhibits.
(a)(1) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. | |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |
(a)(3) | Not applicable. | |
(a)(4) | Not applicable. | |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | DBX ETF Trust |
By (Signature and Title)* | /s/ Freddi Klassen | |||
Freddi Klassen | ||||
President and Chief Executive Officer |
Date | August 3, 2018 |
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 | August 3, 2018 |
By (Signature and Title)* | /s/ Michael Gilligan | |||
Michael Gilligan | ||||
Treasurer, Chief Financial Officer and Controller |
Date | August 3, 2018 |
* Print the name and title of each signing officer under his or her signature.