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)
Alex Depetris
DBX ETF Trust
345 Park Avenue
New York, New York 10154
(Name and address of agent for service)
Registrants telephone number, including area code: (212) 250-4352
Date of fiscal year end: May 31
Date of reporting period: November 30, 2015
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, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
November 30, 2015
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU)
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ)
Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR)
Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK)
DBX ETF Trust
Table of contents
Page | ||||
1 | ||||
Portfolio Summary |
||||
2 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
3 | |||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
12 | ||||
13 | ||||
Schedules of Investments |
||||
15 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
41 | |||
51 | ||||
53 | ||||
67 | ||||
77 | ||||
85 | ||||
88 | ||||
94 | ||||
97 | ||||
100 | ||||
104 | ||||
108 | ||||
112 | ||||
118 | ||||
126 | ||||
140 | ||||
141 |
To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for eleven of our currency-hedged equity ETFs for the period ended November 30, 2015.
The world economy continues to grow at a moderate rate; however, decelerating emerging market growth has become a concern. Global equities have been unsettled by developments in China, but fundamentals in developed markets remain sound. The US economy is on stable ground, having shrugged off the winter blues in the initial part of the year. The continued recovery of the housing sector, improved labor markets, and consumer spending have bolstered the economy. However, inflation continues to remain below target in the current environment of low energy prices and a strong US dollar.
The Federal Reserve (Fed) was poised to raise interest rates in September, but delayed it citing global economic concerns. However, current strong payroll growth and a steady unemployment rate sets the stage for a Fed rate hike in December. Our economists believe the overall trajectory of subsequent moves is still expected to be low and slow, as the Fed would like to assess the economys reaction to these changes.
Across the Atlantic, the European economy is also staging a recovery, though at a very slow pace. The interim resolution of the Greek crisis, lower commodity prices, rising trend in the credit cycle, increasing exports helped by a weak euro, and an ultra-loose monetary policy have strengthened its recovery. The positive sentiment is noticeable in various European equity markets that have performed well in the last two months. However, inflation remains a concern for the European Central Bank (ECB), which has stepped up its quantitative easing program by extending it until March 2017, and reduced deposit rates by 10 basis points (100 basis points equals one percentage point).
Economic growth in emerging markets has come under pressure, with increasing debt and the prospects of Fed tightening. Investor sentiment was dominated by fears of a hard landing in China, which is facing its slowest pace of growth in 25 years. With declining demand from China, commodity prices have continued their downward slide and slowed down resource-rich countries like Russia and Brazil. However, some bright spots remain in the emerging market space, with countries like India and South Korea gaining from their economic reforms.
Global equity markets have recovered from their September lows. Further modest gains are possible, although periods of volatility are likely. Even if the Fed starts tightening this year, the central banks of Europe, Japan, and China would continue with their monetary easing. In this environment, hedging currency exposure plays a significant role in managing investments in international equities. In the backdrop of a strengthening dollar, our currency-hedged strategy has made a significant positive contribution to the funds overall performance, except for Deutsche X-trackers Japan Hedged Equity ETF as the yen strengthened against the dollar.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW)
The Deutsche X-trackers 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 U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 15.
2
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)
The Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Asia Pacific ex Japan US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia Pacific region (excluding Japan) while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-US currencies. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 41.
3
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR)
The Deutsche X-trackers 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 U.S. dollar and Brazilian real. It is not possible to invest directly into an index.
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 51.
4
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM)
The Deutsche X-trackers 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 U.S. dollar and selected emerging market currencies. The Index includes securities from the following 23 countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 53.
5
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU)
The Deutsche X-trackers 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 U.S. dollar and the euro. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 67.
6
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ)
The Deutsche X-trackers 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). Underlying Index is composed of equities from 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 fluctuation between the value of the U.S. Dollar and the euro. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 77.
7
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR)
The Deutsche X-trackers 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 German equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 85.
8
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP)
The Deutsche X-trackers 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 provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 88.
9
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX)
The Deutsche X-trackers 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 U.S. dollar and Mexican peso. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 94.
10
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO)
The Deutsche X-trackers 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 U.S. dollar and the South Korean won. It is not possible to invest directly into an index.
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 97.
11
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK)
The Deutsche X-trackers 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 U.S. dollar and British pound sterling. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 100.
12
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2015 to November 30, 2015).
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 purposeqs
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 June 1, 2015 |
Ending Account Value November 30, 2015 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 927.86 | 0.40 | % | $ | 1.93 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.00 | 0.40 | % | $ | 2.02 | ||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 870.16 | 0.60 | % | $ | 2.81 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.00 | 0.60 | % | $ | 3.03 | ||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 812.89 | 0.60 | % | $ | 2.72 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.00 | 0.60 | % | $ | 3.03 | ||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 864.64 | 0.65 | % | $ | 3.03 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.75 | 0.65 | % | $ | 3.29 | ||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 963.43 | 0.45 | % | $ | 2.21 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 |
13
DBX ETF Trust
Fees and expenses (Unaudited) (Continued)
Beginning June 1, 2015 |
Ending Account Value November 30, 2015 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 990.77 | 0.45 | % | $ | 2.24 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 989.76 | 0.45 | % | $ | 2.24 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 934.39 | 0.45 | % | $ | 2.18 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 980.35 | 0.50 | % | $ | 2.48 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.50 | 0.50 | % | $ | 2.53 | ||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 940.38 | 0.58 | % | $ | 2.81 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.10 | 0.58 | % | $ | 2.93 | ||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 919.73 | 0.45 | % | $ | 2.16 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 |
(1) Expenses are equal to the Funds annualized expense ratio multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six month period), then divided by 366.
14
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $70,573,778. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $5,400,765. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,666,517 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,067,282. |
(a) | Stapled Security A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $1,047,227, which is 1.6% of net assets. |
(c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(d) | Security is listed in country domicile. Significant business activities of company are in Australia, New Zealand and the United States. |
(e) | Listed on London Stock Exchange |
(f) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(g) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: American Depositary Receipt.
CDI: Chess Depositary Interest.
CPO: Ordinary Participation Certificates.
FDR: Fiduciary Depositary Receipt.
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.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/2/2015 | CHF | 132,500 | USD | 134,531 | $ | 5,746 | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | CHF | 2,000 | USD | 1,946 | 2 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | CHF | 351,000 | USD | 356,258 | 15,100 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | CHF | 1,445,000 | USD | 1,467,154 | 62,673 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | CHF | 28,000 | USD | 28,394 | 1,179 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | CHF | 45,600 | USD | 46,298 | 1,977 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | CHF | 2,523,596 | USD | 2,562,261 | 109,428 | ||||||||||||
Bank of Montreal |
12/2/2015 | CZK | 8,900 | USD | 348 | 0 | ||||||||||||
Bank of Montreal |
12/2/2015 | CZK | 32,000 | USD | 1,305 | 55 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | CZK | 682,000 | USD | 27,820 | 1,167 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | CZK | 451,000 | USD | 18,394 | 769 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | CZK | 13,100 | USD | 534 | 22 | ||||||||||||
Bank of Montreal |
12/2/2015 | DKK | 184,000 | USD | 27,272 | 1,213 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | DKK | 68,000 | USD | 9,627 | (3 | ) |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | DKK | 1,260,000 | USD | 186,757 | $ | 8,313 | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | DKK | 163,000 | USD | 24,154 | 1,070 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | DKK | 45,000 | USD | 6,651 | 278 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | DKK | 41,100 | USD | 6,092 | 271 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | DKK | 4,003,400 | USD | 593,369 | 26,399 | ||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 367,500 | USD | 406,095 | 17,814 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | EUR | 184,000 | USD | 194,332 | (73 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | EUR | 3,546,843 | USD | 3,919,411 | 172,005 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | EUR | 1,447,000 | USD | 1,598,785 | 69,962 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | EUR | 102,000 | USD | 112,414 | 4,646 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 811,800 | USD | 897,055 | 39,351 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | EUR | 7,541,626 | USD | 8,333,685 | 365,607 | ||||||||||||
Bank of Montreal |
12/2/2015 | GBP | 175,500 | USD | 270,992 | 6,673 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | GBP | 3,670,736 | USD | 5,667,818 | 139,351 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | GBP | 1,912,285 | USD | 2,952,807 | 72,730 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | GBP | 472,000 | USD | 728,734 | 17,859 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | GBP | 60,000 | USD | 92,750 | 2,384 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | GBP | 89,900 | USD | 138,564 | 3,166 | ||||||||||||
Bank of Montreal |
12/2/2015 | HKD | 1,020,000 | USD | 131,604 | 50 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | HKD | 22,141,796 | USD | 2,857,153 | 1,419 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HKD | 7,042,000 | USD | 908,713 | 472 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HKD | 3,622,000 | USD | 467,377 | 231 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HKD | 2,404,400 | USD | 310,262 | 154 | ||||||||||||
Bank of Montreal |
12/2/2015 | HUF | 583,500 | USD | 2,071 | 88 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | HUF | 10,222,000 | USD | 36,290 | 1,550 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HUF | 8,035,500 | USD | 28,527 | 1,218 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | HUF | 1,851,000 | USD | 6,571 | 280 | ||||||||||||
Bank of Montreal |
12/2/2015 | ILS | 45,500 | USD | 11,782 | 29 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | ILS | 738,698 | USD | 191,283 | 482 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | ILS | 73,000 | USD | 18,888 | 33 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | ILS | 569,500 | USD | 147,460 | 361 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | ILS | 27,200 | USD | 7,043 | 17 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | ILS | 5,000 | USD | 1,295 | 3 | ||||||||||||
Bank of Montreal |
12/2/2015 | NOK | 5,000 | USD | 576 | 1 | ||||||||||||
Bank of Montreal |
12/2/2015 | NOK | 65,500 | USD | 7,745 | 208 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | NOK | 1,468,000 | USD | 173,393 | 4,474 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | NOK | 175,000 | USD | 20,664 | 527 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | NOK | 584,500 | USD | 69,041 | 1,784 | ||||||||||||
Bank of Montreal |
12/2/2015 | PLN | 7,800 | USD | 1,929 | (1 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | PLN | 31,000 | USD | 8,040 | 368 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | PLN | 864,392 | USD | 224,181 | 10,278 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | PLN | 19,000 | USD | 4,926 | 224 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | PLN | 285,300 | USD | 73,993 | 3,393 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | PLN | 6,500 | USD | 1,686 | 77 | ||||||||||||
Bank of Montreal |
12/2/2015 | SEK | 317,500 | USD | 37,416 | 1,013 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | SEK | 6,362,000 | USD | 749,732 | 20,295 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | SEK | 836,000 | USD | 98,489 | 2,638 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | SEK | 89,000 | USD | 10,470 | 265 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | SEK | 3,284,100 | USD | 387,016 | 10,477 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | SEK | 54,800 | USD | 6,458 | 175 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 128,897 | CHF | 132,500 | (113 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 1,250 | CZK | 32,000 | 1 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 26,049 | DKK | 184,000 | 9 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 388,135 | EUR | 367,500 | 146 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 135,628 | GBP | 90,100 | 71 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 131,867 | GBP | 85,400 | (3,247 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 131,580 | HKD | 1,020,000 | (25 | ) |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/2/2015 | USD | 1,983 | HUF | 583,500 | $ | 1 | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 11,759 | ILS | 45,500 | (7 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 7,544 | NOK | 65,500 | (7 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 7,666 | PLN | 31,000 | 5 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 36,406 | SEK | 317,500 | (3 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 2,031 | CHF | 2,000 | (87 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 26,635 | CZK | 682,000 | 17 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 10,079 | DKK | 68,000 | (448 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 203,315 | EUR | 184,000 | (8,910 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 5,525,559 | GBP | 3,670,736 | 2,908 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 2,856,287 | HKD | 22,141,796 | (553 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 34,730 | HUF | 10,222,000 | 10 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 190,913 | ILS | 738,698 | (111 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 169,085 | NOK | 1,468,000 | (166 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 213,760 | PLN | 864,392 | 143 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 729,495 | SEK | 6,362,000 | (59 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 1,774,405 | CHF | 1,824,000 | (1,552 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 4,083 | CZK | 100,000 | (175 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 13,708 | CZK | 351,000 | 9 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 207,826 | DKK | 1,468,000 | 75 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 5,381,975 | EUR | 5,095,843 | 2,020 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 3,679,382 | GBP | 2,444,285 | 1,936 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 1,375,654 | HKD | 10,664,000 | (266 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 27,302 | HUF | 8,035,500 | 8 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 166,051 | ILS | 642,500 | (97 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 87,480 | NOK | 759,500 | (86 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 75,252 | PLN | 304,300 | 50 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 482,634 | SEK | 4,209,100 | (39 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 44,360 | CHF | 45,600 | (39 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 874 | CZK | 22,000 | (15 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 5,819 | DKK | 41,100 | 2 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,823 | EUR | 2,600 | (76 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 27,340 | EUR | 24,800 | (1,138 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 429 | EUR | 400 | (7 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 538,108 | EUR | 509,500 | 202 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 300,727 | EUR | 274,500 | (10,704 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,105 | GBP | 1,400 | 4 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 133,219 | GBP | 88,500 | 70 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 813 | HKD | 6,300 | 0 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 296,454 | HKD | 2,298,100 | (57 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 12,904 | HKD | 100,000 | (7 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,571 | ILS | 6,100 | 4 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 5,453 | ILS | 21,100 | (3 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 577 | NOK | 5,000 | (2 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 3,700 | PLN | 14,300 | (162 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,391 | SEK | 12,000 | (15 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 4,908 | SEK | 42,800 | 0 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 2,454,980 | CHF | 2,523,596 | (2,148 | ) | |||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 566,765 | DKK | 4,003,400 | 205 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 7,965,088 | EUR | 7,541,626 | 2,989 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 6,289 | HUF | 1,851,000 | 2 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 1,292 | ILS | 5,000 | (1 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | AUD | 127,000 | USD | 90,466 | (1,365 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | AUD | 12,000 | USD | 8,695 | 18 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | AUD | 2,592,807 | USD | 1,846,955 | (27,844 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | AUD | 33,000 | USD | 23,525 | (336 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | AUD | 290,000 | USD | 206,535 | (3,157 | ) |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | AUD | 869,000 | USD | 619,015 | $ | (9,339 | ) | ||||||||||
The Bank of Nova Scotia |
12/3/2015 | AUD | 562,000 | USD | 400,352 | (6,017 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | BRL | 651,530 | USD | 167,877 | (361 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | BRL | 26,000 | USD | 6,635 | (79 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | BRL | 43,000 | USD | 11,047 | (57 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | BRL | 47,922 | USD | 12,589 | 215 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | BRL | 2,582,023 | USD | 665,016 | (1,713 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | CAD | 154,000 | USD | 117,684 | 2,368 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | CAD | 95,000 | USD | 72,600 | 1,463 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | CAD | 888,200 | USD | 678,748 | 13,655 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | CAD | 36,000 | USD | 27,545 | 588 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | CAD | 329,000 | USD | 251,382 | 5,023 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | CAD | 173,900 | USD | 132,895 | 2,677 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | CAD | 3,855,888 | USD | 2,946,654 | 59,326 | ||||||||||||
Bank of Montreal |
12/3/2015 | CLP | 4,126,000 | USD | 5,952 | 147 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | CLP | 95,944,000 | USD | 138,423 | 3,458 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | CLP | 5,901,000 | USD | 8,515 | 214 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | CLP | 44,265,280 | USD | 63,875 | 1,606 | ||||||||||||
Bank of Montreal |
12/3/2015 | COP | 4,457,000 | USD | 1,534 | 117 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | COP | 124,064,000 | USD | 42,735 | 3,287 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | COP | 23,072,780 | USD | 7,951 | 615 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | EGP | 484,000 | USD | 58,881 | (2,632 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | EGP | 205,000 | USD | 25,293 | (761 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | IDR | 137,191,500 | USD | 9,908 | (1 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | IDR | 2,917,359,000 | USD | 210,716 | 1 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | IDR | 1,423,583,500 | USD | 102,564 | (259 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | IDR | 428,112,000 | USD | 30,844 | (78 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | INR | 1,292,500 | USD | 19,701 | 321 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | INR | 23,679,246 | USD | 360,086 | 5,034 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | INR | 3,009,000 | USD | 45,729 | 612 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | INR | 20,218,671 | USD | 307,275 | 4,111 | ||||||||||||
Bank of Montreal |
12/3/2015 | JPY | 36,114,500 | USD | 299,344 | 5,931 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | JPY | 700,391,722 | USD | 5,805,009 | 114,654 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | JPY | 283,585,500 | USD | 2,350,568 | 46,569 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | JPY | 153,471,000 | USD | 1,271,925 | 25,045 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | JPY | 4,911,000 | USD | 40,686 | 786 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | JPY | 81,831,400 | USD | 678,254 | 13,413 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | JPY | 60,474,000 | USD | 501,243 | 9,920 | ||||||||||||
Bank of Montreal |
12/3/2015 | KRW | 68,934,500 | USD | 60,343 | 823 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | KRW | 1,553,631,000 | USD | 1,360,507 | 19,048 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | KRW | 4,608,000 | USD | 4,028 | 49 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | KRW | 171,931,000 | USD | 150,500 | 2,049 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | KRW | 744,202,011 | USD | 651,437 | 8,867 | ||||||||||||
Bank of Montreal |
12/3/2015 | MXN | 212,500 | USD | 12,829 | 14 | ||||||||||||
Bank of Montreal |
12/3/2015 | MXN | 55,900 | USD | 3,366 | (5 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | MXN | 5,615,493 | USD | 338,982 | 330 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MXN | 3,731,500 | USD | 225,251 | 216 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MXN | 561,000 | USD | 33,861 | 29 | ||||||||||||
Bank of Montreal |
12/3/2015 | MYR | 59,000 | USD | 13,701 | (133 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | MYR | 1,419,000 | USD | 330,115 | (2,597 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MYR | 61,000 | USD | 14,186 | (117 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MYR | 585,423 | USD | 136,145 | (1,119 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | NZD | 4,500 | USD | 2,965 | 4 | ||||||||||||
Bank of Montreal |
12/3/2015 | NZD | 6,000 | USD | 4,050 | 102 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | NZD | 93,116 | USD | 62,861 | 1,580 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | NZD | 82,700 | USD | 55,829 | 1,404 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | NZD | 15,000 | USD | 10,123 | 252 |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
The Bank of Nova Scotia |
12/3/2015 | NZD | 13,500 | USD | 9,114 | $ | 230 | |||||||||||
Bank of Montreal |
12/3/2015 | PHP | 303,500 | USD | 6,483 | 46 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | PHP | 5,613,000 | USD | 119,770 | 723 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | PHP | 428,000 | USD | 9,132 | 54 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | PHP | 3,923,500 | USD | 83,692 | 479 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | QAR | 32,000 | USD | 8,786 | 1 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | QAR | 429,500 | USD | 117,870 | (52 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | RUB | 6,778,000 | USD | 105,244 | 3,137 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | RUB | 783,000 | USD | 12,147 | 352 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | RUB | 8,880,756 | USD | 137,772 | 3,987 | ||||||||||||
Bank of Montreal |
12/3/2015 | SGD | 23,200 | USD | 16,549 | 103 | ||||||||||||
Bank of Montreal |
12/3/2015 | SGD | 5,000 | USD | 3,549 | 4 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | SGD | 511,707 | USD | 364,984 | 2,251 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | SGD | 69,000 | USD | 49,204 | 292 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | SGD | 71,000 | USD | 50,641 | 311 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | SGD | 145,000 | USD | 103,419 | 633 | ||||||||||||
Bank of Montreal |
12/3/2015 | THB | 293,000 | USD | 8,215 | 40 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | THB | 7,352,000 | USD | 205,823 | 713 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | THB | 1,371,931 | USD | 38,429 | 154 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | THB | 346,000 | USD | 9,684 | 32 | ||||||||||||
Bank of Montreal |
12/3/2015 | TRY | 23,000 | USD | 7,827 | (61 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | TRY | 460,846 | USD | 156,836 | (1,200 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TRY | 62,000 | USD | 21,094 | (168 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TRY | 301,000 | USD | 102,432 | (789 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | TRY | 30,600 | USD | 10,414 | (79 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | TRY | 23,700 | USD | 8,068 | (60 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | TWD | 1,310,500 | USD | 39,988 | (160 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | TWD | 22,001,297 | USD | 677,046 | 3,020 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TWD | 2,111,000 | USD | 64,974 | 302 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TWD | 23,576,650 | USD | 725,659 | 3,370 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 7,978 | AUD | 11,200 | 120 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 83,904 | AUD | 115,800 | (172 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 115,645 | CAD | 154,000 | (328 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 5,771 | CLP | 4,126,000 | 33 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 1,415 | COP | 4,457,000 | 2 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 9,914 | IDR | 137,191,500 | (5 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 19,349 | INR | 1,292,500 | 31 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 292,950 | JPY | 36,114,500 | 463 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 59,542 | KRW | 68,934,500 | (21 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 12,796 | MXN | 212,500 | 19 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 13,882 | MYR | 59,000 | (49 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 3,953 | NZD | 6,000 | (5 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 6,444 | PHP | 303,500 | (7 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 16,466 | SGD | 23,200 | (20 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 8,176 | THB | 293,000 | (1 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 7,909 | TRY | 23,000 | (22 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 40,138 | TWD | 1,310,500 | 10 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 1,878,748 | AUD | 2,592,807 | (3,948 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 166,313 | BRL | 651,530 | 1,925 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 71,339 | CAD | 95,000 | (202 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 134,984 | CLP | 95,944,000 | (18 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 39,404 | COP | 124,064,000 | 44 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 62,613 | EGP | 484,000 | (1,100 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 210,899 | IDR | 2,917,359,000 | (183 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 356,138 | INR | 23,679,246 | (1,086 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 5,681,309 | JPY | 700,391,722 | 9,046 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 1,343,971 | KRW | 1,553,631,000 | (2,512 | ) |
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 338,161 | MXN | 5,615,493 | $ | 492 | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 333,914 | MYR | 1,419,000 | (1,202 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 61,355 | NZD | 93,116 | (75 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 119,010 | PHP | 5,613,000 | 36 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 8,782 | QAR | 32,000 | 4 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 102,526 | RUB | 6,778,000 | (419 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 363,184 | SGD | 511,707 | (451 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 205,383 | THB | 7,352,000 | (273 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 158,557 | TRY | 460,846 | (521 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 674,328 | TWD | 22,001,297 | (302 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 112,672 | ZAR | 1,624,732 | (349 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 863,723 | AUD | 1,192,000 | (1,815 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 17,683 | BRL | 69,000 | 134 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 941,088 | CAD | 1,253,200 | (2,679 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 70,624 | CLP | 50,166,280 | (54 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 7,325 | COP | 23,072,780 | 11 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 133,677 | IDR | 1,851,695,500 | 67 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 349,262 | INR | 23,227,671 | (981 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 3,585,071 | JPY | 441,967,500 | 5,708 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 795,745 | KRW | 920,741,011 | (745 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 258,491 | MXN | 4,292,500 | 376 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 152,082 | MYR | 646,423 | (515 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 64,379 | NZD | 97,700 | (83 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 92,338 | PHP | 4,351,500 | (47 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 146,274 | RUB | 9,663,756 | (694 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 99,365 | SGD | 140,000 | (123 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 47,933 | THB | 1,717,931 | (5 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 124,892 | TRY | 363,000 | (410 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 788,013 | TWD | 25,687,650 | (1,053 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 120,074 | ZAR | 1,666,460 | (4,867 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 9,580 | ZAR | 133,000 | (385 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 1,356 | AUD | 1,900 | 18 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 7,196 | AUD | 10,100 | 107 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 670,939 | BRL | 2,629,945 | 8,165 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 9,083 | CAD | 11,900 | (172 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 120,526 | CAD | 160,500 | (342 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 1,140 | CAD | 1,500 | (16 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 587,715 | JPY | 72,452,800 | 930 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 77,079 | JPY | 9,378,600 | (882 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 2,688 | MXN | 44,300 | (17 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 688 | MXN | 11,600 | 11 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 3,023 | NZD | 4,500 | (61 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 117,931 | QAR | 429,500 | (10 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 3,569 | SGD | 5,000 | (25 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 10,523 | TRY | 30,600 | (29 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 407,225 | AUD | 562,000 | (856 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 2,895,572 | CAD | 3,855,888 | (8,243 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 26,448 | EGP | 205,000 | (394 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 490,542 | JPY | 60,474,000 | 781 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 8,896 | NZD | 13,500 | (11 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 102,914 | SGD | 145,000 | (128 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 8,154 | TRY | 23,700 | (27 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | ZAR | 1,624,732 | USD | 117,067 | 4,744 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | ZAR | 1,624,160 | USD | 112,632 | 349 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | ZAR | 175,300 | USD | 12,631 | 512 | ||||||||||||
JP Morgan & Chase Co. |
12/7/2015 | AED | 50,000 | USD | 13,606 | (7 | ) | |||||||||||
The Bank of New York Mellon |
12/7/2015 | AED | 22,000 | USD | 5,990 | 0 |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
The Bank of New York Mellon |
12/7/2015 | AED | 350,800 | USD | 95,477 | $ | (36 | ) | ||||||||||
JP Morgan & Chase Co. |
12/7/2015 | USD | 13,613 | AED | 50,000 | 1 | ||||||||||||
State Street Bank & Trust Co. |
12/7/2015 | USD | 5,990 | AED | 22,000 | 0 | ||||||||||||
The Bank of New York Mellon |
12/7/2015 | USD | 95,506 | AED | 350,800 | 7 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | AED | 50,000 | USD | 13,606 | (5 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | AED | 350,800 | USD | 95,482 | (10 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | CHF | 132,500 | USD | 129,245 | 72 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | CHF | 8,000 | USD | 7,811 | 11 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | CHF | 7,000 | USD | 6,825 | 1 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | CHF | 1,824,000 | USD | 1,779,122 | 920 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | CHF | 45,600 | USD | 44,479 | 24 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | CHF | 2,523,596 | USD | 2,461,649 | 1,418 | ||||||||||||
Bank of Montreal |
1/5/2016 | CZK | 32,000 | USD | 1,250 | (3 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | CZK | 682,000 | USD | 26,635 | (74 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | CZK | 351,000 | USD | 13,731 | (16 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | DKK | 184,000 | USD | 26,089 | (15 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | DKK | 1,468,000 | USD | 208,143 | (118 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | DKK | 292,000 | USD | 41,394 | (31 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | DKK | 41,100 | USD | 5,828 | (3 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | DKK | 4,003,400 | USD | 567,625 | (325 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | EUR | 367,500 | USD | 388,558 | (212 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | EUR | 5,095,843 | USD | 5,388,039 | (2,734 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | EUR | 246,000 | USD | 260,068 | (169 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | EUR | 509,500 | USD | 538,707 | (281 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | EUR | 7,541,626 | USD | 7,973,837 | (4,273 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | GBP | 90,100 | USD | 135,649 | (74 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | GBP | 3,670,736 | USD | 5,526,329 | (3,136 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | GBP | 2,444,285 | USD | 3,680,005 | (1,978 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | GBP | 88,500 | USD | 133,241 | (72 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | HKD | 1,020,000 | USD | 131,596 | 18 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | HKD | 22,141,796 | USD | 2,856,656 | 414 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | HKD | 10,664,000 | USD | 1,375,849 | 217 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | HKD | 2,298,100 | USD | 296,497 | 47 | ||||||||||||
Bank of Montreal |
1/5/2016 | HUF | 583,500 | USD | 1,982 | (1 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | HUF | 10,222,000 | USD | 34,722 | (17 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | HUF | 8,035,500 | USD | 27,297 | (11 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | HUF | 2,314,000 | USD | 7,856 | (8 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | HUF | 1,851,000 | USD | 6,288 | (2 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | ILS | 45,500 | USD | 11,764 | 5 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | ILS | 738,698 | USD | 191,012 | 96 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | ILS | 642,500 | USD | 166,086 | 32 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | ILS | 21,100 | USD | 5,455 | 2 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | ILS | 5,000 | USD | 1,293 | 1 | ||||||||||||
Bank of Montreal |
1/5/2016 | NOK | 65,500 | USD | 7,541 | 8 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | NOK | 1,468,000 | USD | 169,009 | 173 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | NOK | 759,500 | USD | 87,441 | 90 | ||||||||||||
Bank of Montreal |
1/5/2016 | PLN | 31,000 | USD | 7,661 | (4 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | PLN | 864,392 | USD | 213,607 | (117 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | PLN | 304,300 | USD | 75,202 | (37 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | SEK | 317,500 | USD | 36,455 | (3 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | SEK | 6,362,000 | USD | 730,458 | (89 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | SEK | 129,000 | USD | 14,807 | (6 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | SEK | 4,209,100 | USD | 483,296 | (34 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | SEK | 42,800 | USD | 4,914 | 0 | ||||||||||||
Bank of Montreal |
1/5/2016 | TRY | 23,000 | USD | 7,838 | 32 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | TRY | 460,846 | USD | 157,050 | 637 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | TRY | 363,000 | USD | 123,702 | 498 |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
The Bank of New York Mellon |
1/5/2016 | TRY | 30,600 | USD | 10,429 | $ | 44 | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | TRY | 23,700 | USD | 8,076 | 32 | ||||||||||||
Bank of Montreal |
1/5/2016 | USD | 348 | CZK | 8,900 | 1 | ||||||||||||
Bank of Montreal |
1/5/2016 | USD | 576 | NOK | 5,000 | (1 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | USD | 1,928 | PLN | 7,800 | 1 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | USD | 9,641 | DKK | 68,000 | 6 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | USD | 194,540 | EUR | 184,000 | 110 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 6,534 | AED | 24,000 | (1 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 45,481 | EUR | 43,000 | 8 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 105,404 | GBP | 70,000 | 41 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 174,064 | HKD | 1,349,000 | (46 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 15,328 | PLN | 62,000 | 2 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 10,221 | TRY | 30,000 | (39 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | USD | 5,988 | AED | 22,000 | 1 | ||||||||||||
Bank of Montreal |
1/6/2016 | AUD | 115,800 | USD | 83,755 | 180 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | AUD | 2,592,807 | USD | 1,875,312 | 4,048 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | AUD | 31,000 | USD | 22,385 | 12 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | AUD | 1,192,000 | USD | 862,203 | 1,921 | ||||||||||||
The Bank of Nova Scotia |
1/6/2016 | AUD | 562,000 | USD | 406,500 | 897 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | BRL | 651,530 | USD | 164,702 | (1,709 | ) | |||||||||||
The Bank of New York Mellon |
1/6/2016 | BRL | 2,629,945 | USD | 664,161 | (7,567 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | CAD | 154,000 | USD | 115,644 | 329 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | CAD | 95,000 | USD | 71,341 | 205 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | CAD | 20,000 | USD | 14,980 | 4 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | CAD | 1,253,200 | USD | 941,070 | 2,674 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | CAD | 160,500 | USD | 120,525 | 343 | ||||||||||||
The Bank of Nova Scotia |
1/6/2016 | CAD | 3,855,888 | USD | 2,895,529 | 8,239 | ||||||||||||
Bank of Montreal |
1/6/2016 | CLP | 4,126,000 | USD | 5,752 | (31 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | CLP | 95,944,000 | USD | 134,494 | 17 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | CLP | 50,166,280 | USD | 70,384 | 70 | ||||||||||||
Bank of Montreal |
1/6/2016 | COP | 4,457,000 | USD | 1,412 | (3 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | COP | 124,064,000 | USD | 39,304 | (76 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | COP | 23,072,780 | USD | 7,315 | (8 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | EGP | 484,000 | USD | 58,881 | 662 | ||||||||||||
The Bank of Nova Scotia |
1/6/2016 | EGP | 205,000 | USD | 25,573 | 915 | ||||||||||||
Bank of Montreal |
1/6/2016 | IDR | 137,191,500 | USD | 9,883 | 55 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | IDR | 2,917,359,000 | USD | 209,415 | 424 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | IDR | 162,805,000 | USD | 11,673 | 10 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | IDR | 1,851,695,500 | USD | 132,767 | 117 | ||||||||||||
Bank of Montreal |
1/6/2016 | INR | 1,292,500 | USD | 19,257 | (4 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | INR | 23,679,246 | USD | 353,976 | 1,120 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | INR | 23,227,671 | USD | 347,408 | 1,280 | ||||||||||||
Bank of Montreal |
1/6/2016 | JPY | 36,114,500 | USD | 293,334 | (462 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | JPY | 700,391,722 | USD | 5,688,184 | (9,579 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | JPY | 441,967,500 | USD | 3,589,677 | (5,777 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | JPY | 23,341,000 | USD | 189,547 | (334 | ) | |||||||||||
The Bank of New York Mellon |
1/6/2016 | JPY | 72,452,800 | USD | 588,433 | (979 | ) | |||||||||||
The Bank of Nova Scotia |
1/6/2016 | JPY | 60,474,000 | USD | 491,181 | (781 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | KRW | 68,934,500 | USD | 59,488 | 32 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | KRW | 1,553,631,000 | USD | 1,342,172 | 2,167 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | KRW | 20,620,000 | USD | 17,799 | 14 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | KRW | 920,741,011 | USD | 794,770 | 632 | ||||||||||||
Bank of Montreal |
1/6/2016 | MXN | 212,500 | USD | 12,768 | (17 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | MXN | 5,615,493 | USD | 337,389 | (452 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | MXN | 4,292,500 | USD | 257,927 | (319 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | MYR | 59,000 | USD | 13,910 | 109 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | MYR | 1,419,000 | USD | 333,992 | 2,062 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | MYR | 646,423 | USD | 152,207 | $ | 997 | |||||||||||
Bank of Montreal |
1/6/2016 | PHP | 303,500 | USD | 6,433 | 11 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | PHP | 5,613,000 | USD | 118,693 | (83 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | PHP | 4,351,500 | USD | 92,084 | 2 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | QAR | 429,500 | USD | 117,812 | (8 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | SGD | 23,200 | USD | 16,445 | 19 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | SGD | 511,707 | USD | 362,759 | 463 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | SGD | 140,000 | USD | 99,246 | 125 | ||||||||||||
The Bank of Nova Scotia |
1/6/2016 | SGD | 145,000 | USD | 102,785 | 123 | ||||||||||||
Bank of Montreal |
1/6/2016 | THB | 293,000 | USD | 8,167 | 3 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | THB | 7,352,000 | USD | 205,118 | 256 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | THB | 483,000 | USD | 13,468 | 9 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | THB | 1,717,931 | USD | 47,909 | 39 | ||||||||||||
Bank of Montreal |
1/6/2016 | TWD | 1,310,500 | USD | 40,138 | (18 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | TWD | 22,001,297 | USD | 673,750 | (397 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | TWD | 25,687,650 | USD | 787,168 | 67 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 8,679 | AUD | 12,000 | (19 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | USD | 3,359 | MXN | 55,900 | 4 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 3,544 | SGD | 5,000 | (4 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | USD | 8,773 | QAR | 32,000 | 5 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 34,005 | AUD | 47,000 | (84 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 32,570 | BRL | 128,000 | 123 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 7,838 | BRL | 31,000 | 80 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 6,574 | BRL | 26,000 | 67 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 165,973 | CAD | 221,000 | (488 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 7,954 | CLP | 5,669,000 | (8 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 5,092 | COP | 16,061,000 | 6 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 25,591 | INR | 1,711,000 | (94 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 45,512 | JPY | 5,597,000 | 20 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 9,260 | KRW | 10,742,000 | 5 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 5,829 | MXN | 97,000 | 6 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 6,666 | PHP | 315,000 | 0 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 7,958 | QAR | 29,000 | (3 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 33,328 | SGD | 47,000 | (52 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 22,615 | TWD | 738,000 | (2 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 6,041 | ZAR | 88,000 | 2 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 111,924 | ZAR | 1,624,160 | (389 | ) | |||||||||||
The Bank of Nova Scotia |
1/6/2016 | USD | 13,597 | EGP | 109,000 | (486 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | ZAR | 1,624,732 | USD | 111,962 | 388 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | ZAR | 722,000 | USD | 50,204 | 622 | ||||||||||||
Bank of Montreal |
1/7/2016 | NZD | 6,000 | USD | 3,944 | 5 | ||||||||||||
JP Morgan & Chase Co. |
1/7/2016 | NZD | 93,116 | USD | 61,206 | 81 | ||||||||||||
State Street Bank & Trust Co. |
1/7/2016 | NZD | 97,700 | USD | 64,223 | 90 | ||||||||||||
The Bank of Nova Scotia |
1/7/2016 | NZD | 13,500 | USD | 8,874 | 12 | ||||||||||||
Bank of Montreal |
1/7/2016 | USD | 2,958 | NZD | 4,500 | (4 | ) | |||||||||||
JP Morgan & Chase Co. |
1/13/2016 | RUB | 6,778,000 | USD | 101,268 | 567 | ||||||||||||
State Street Bank & Trust Co. |
1/13/2016 | RUB | 9,663,756 | USD | 144,451 | 876 | ||||||||||||
State Street Bank & Trust Co. |
1/13/2016 | USD | 40,538 | RUB | 2,712,000 | (246 | ) | |||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 1,495,223 | ||||||||||||||||
|
|
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Currency Abbreviations
AED | Arab Emirates Dirham | |
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CLP | Chilean Peso | |
COP | Colombian Peso | |
CZK | Czech Kronua | |
DKK | Danish Krone | |
EGP | Egyptian Pound | |
EUR | Euro | |
GBP | Pound Sterling | |
HKD | Hong Kong Dollar | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
ILS | Israeli New Sheqel | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
PHP | Phillippine Peso | |
PLN | Polish Zloty | |
QAR | Qatari Rial | |
RUB | Russian Ruble | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
THB | Thai Baht | |
TRY | Turkish New Lira | |
TWD | New Taiwan Dollar | |
USD | U.S. Dollar | |
ZAR | South African Rand |
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** |
$ | 63,308,370 | $ | | $ | 97,174 | $ | 63,405,544 | ||||||||
Preferred Stocks** |
643,499 | | | 643,499 | ||||||||||||
Rights** |
11,942 | | | 11,942 | ||||||||||||
Securities Lending Collateral |
1,112,028 | | | 1,112,028 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 1,669,575 | | 1,669,575 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (174,352 | ) | | (174,352 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 65,075,839 | $ | 1,495,223 | $ | 97,174 | $ | 66,668,236 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $27,415 and between Level 3 and Level 1 was $10,895.
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 Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $10,760,709. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $1,231,621. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $417,499 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,649,120. |
(a) | Stapled Security A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $52,741, which is 0.6% of net assets. |
(c) | Security is listed in country of domicile. Significant business activities of company are in Australia, New Zealand and the United States. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: American Depositary Receipt.
CDI: Chess Depositary Interest.
GDR: Global Depositary Receipt.
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.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/2/2015 | HKD | 3,601,700 | USD | 464,706 | $ | 177 | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | HKD | 19,275,703 | USD | 2,487,316 | 1,235 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HKD | 2,583,000 | USD | 333,306 | 164 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HKD | 596,900 | USD | 77,023 | 38 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 110,444 | HKD | 856,000 | (42 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 354,195 | HKD | 2,745,700 | (69 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 2,486,562 | HKD | 19,275,703 | (481 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 333,206 | HKD | 2,583,000 | (64 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 30,109 | HKD | 233,400 | (6 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 46,208 | HKD | 358,100 | (22 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 697 | HKD | 5,400 | 0 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | AUD | 2,182,801 | USD | 1,554,892 | (23,443 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | AUD | 436,903 | USD | 311,219 | (4,697 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | AUD | 10,000 | USD | 7,246 | 15 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | AUD | 22,000 | USD | 15,683 | (224 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | AUD | 194,000 | USD | 138,165 | (2,112 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | AUD | 83,200 | USD | 59,268 | (892 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | IDR | 2,543,408,000 | USD | 183,706 | 1 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | IDR | 416,090,000 | USD | 29,978 | (76 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | IDR | 480,092,000 | USD | 34,589 | (87 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | INR | 27,675,572 | USD | 420,857 | 5,883 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | INR | 2,067,000 | USD | 31,413 | 420 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | INR | 4,958,128 | USD | 75,351 | 1,008 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | KRW | 1,272,775,880 | USD | 1,114,564 | 15,604 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | KRW | 121,333,000 | USD | 106,209 | 1,446 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | KRW | 328,315,410 | USD | 287,391 | 3,912 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | MYR | 1,185,000 | USD | 275,678 | (2,169 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MYR | 164,732 | USD | 38,310 | (315 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MYR | 41,000 | USD | 9,535 | (78 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | NZD | 89,782 | USD | 60,609 | 1,524 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | NZD | 10,000 | USD | 6,749 | 168 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | NZD | 6,400 | USD | 4,217 | 5 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | NZD | 41,250 | USD | 27,847 | 700 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | PHP | 5,459,000 | USD | 116,484 | 704 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | PHP | 415,000 | USD | 8,854 | 53 |
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | PHP | 2,006,051 | USD | 42,791 | $ | 245 | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | SGD | 714,437 | USD | 509,584 | 3,143 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | SGD | 126,000 | USD | 89,428 | 111 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | SGD | 50,000 | USD | 35,655 | 211 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | SGD | 800 | USD | 568 | 1 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | THB | 4,918,000 | USD | 137,682 | 477 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | THB | 686,688 | USD | 19,235 | 77 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | THB | 260,000 | USD | 7,277 | 24 | ||||||||||||
Bank of Montreal |
12/3/2015 | TWD | 386,160 | USD | 11,783 | (47 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | TWD | 22,260,983 | USD | 685,038 | 3,056 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TWD | 10,345,095 | USD | 318,409 | 1,479 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TWD | 1,948,000 | USD | 59,957 | 278 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 7,176 | AUD | 10,000 | 55 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 11,827 | TWD | 386,160 | 3 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 1,581,658 | AUD | 2,182,801 | (3,324 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 183,865 | IDR | 2,543,408,000 | (160 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 416,243 | INR | 27,675,572 | (1,269 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 1,101,017 | KRW | 1,272,775,880 | (2,058 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 278,850 | MYR | 1,185,000 | (1,004 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 59,158 | NZD | 89,782 | (72 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 115,745 | PHP | 5,459,000 | 35 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 507,071 | SGD | 714,437 | (629 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 137,388 | THB | 4,918,000 | (182 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 682,287 | TWD | 22,260,983 | (305 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 473,093 | AUD | 652,903 | (994 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 64,697 | IDR | 896,182,000 | 32 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 75,996 | INR | 5,054,128 | (213 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 30,000 | INR | 1,971,000 | (446 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 357,305 | KRW | 413,430,810 | (335 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 32,000 | KRW | 36,217,600 | (728 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 48,402 | MYR | 205,732 | (164 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 33,771 | NZD | 51,250 | (43 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 51,374 | PHP | 2,421,051 | (26 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 125,532 | SGD | 176,000 | (771 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 26,414 | THB | 946,688 | (3 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 377,112 | TWD | 12,293,095 | (504 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 33,982 | AUD | 46,900 | (69 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 25,400 | AUD | 35,600 | 342 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 492 | AUD | 700 | 14 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 4,199 | NZD | 6,400 | 13 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 285 | SGD | 400 | (2 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 282 | SGD | 400 | 2 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | HKD | 233,400 | USD | 30,113 | 5 | ||||||||||||
Bank of Montreal |
1/5/2016 | HKD | 2,745,700 | USD | 354,238 | 49 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | HKD | 19,275,703 | USD | 2,486,883 | 361 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | HKD | 2,583,000 | USD | 333,254 | 53 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 108,645 | HKD | 842,000 | (29 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | AUD | 2,182,801 | USD | 1,578,765 | 3,408 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | AUD | 652,903 | USD | 472,261 | 1,052 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | AUD | 21,000 | USD | 15,164 | 8 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | AUD | 46,900 | USD | 33,922 | 73 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | IDR | 896,182,000 | USD | 64,256 | 56 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | IDR | 2,543,408,000 | USD | 182,572 | 370 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | IDR | 92,402,000 | USD | 6,625 | 6 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | INR | 27,675,572 | USD | 413,717 | 1,309 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | INR | 5,054,128 | USD | 75,593 | 279 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | KRW | 1,272,775,880 | USD | 1,099,543 | 1,775 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | KRW | 413,430,810 | USD | 356,867 | $ | 284 | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | MYR | 1,185,000 | USD | 278,915 | 1,722 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | MYR | 205,732 | USD | 48,442 | 317 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | PHP | 5,459,000 | USD | 115,437 | (80 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | PHP | 2,421,051 | USD | 51,233 | 1 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | SGD | 714,437 | USD | 506,478 | 646 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | THB | 4,918,000 | USD | 137,211 | 171 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | THB | 946,688 | USD | 26,401 | 22 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | TWD | 12,293,095 | USD | 376,707 | 32 | ||||||||||||
Bank of Montreal |
1/6/2016 | TWD | 386,160 | USD | 11,827 | (5 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | TWD | 22,260,983 | USD | 681,702 | (401 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 6,581 | PHP | 311,000 | 0 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 7,233 | AUD | 10,000 | (16 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 20,258 | AUD | 28,000 | (50 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 13,506 | INR | 903,000 | (50 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 6,165 | KRW | 7,152,000 | 3 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 7,535 | MYR | 32,000 | (49 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 22,692 | SGD | 32,000 | (35 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 89,322 | SGD | 126,000 | (112 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 18,723 | TWD | 611,000 | (2 | ) | |||||||||||
The Bank of New York Mellon |
1/6/2016 | USD | 567 | SGD | 800 | (1 | ) | |||||||||||
JP Morgan & Chase Co. |
1/7/2016 | NZD | 89,782 | USD | 59,014 | 78 | ||||||||||||
State Street Bank & Trust Co. |
1/7/2016 | NZD | 51,250 | USD | 33,689 | 47 | ||||||||||||
State Street Bank & Trust Co. |
1/7/2016 | USD | 4,207 | NZD | 6,400 | (6 | ) | |||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 5,821 | ||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar | |
HKD | Hong Kong Dollar | |
IDR | Indonesian Rupiah | |
INR | Indian Rupee | |
KRW | South Korean Won | |
MYR | Malaysian Ringgit | |
NZD | New Zealand Dollar | |
PHP | Phillippine Peso | |
SGD | Singapore Dollar | |
THB | Thai Baht | |
TWD | New Taiwan Dollar | |
USD | U.S. Dollar |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** |
$ | 9,370,350 | $ | | $ | 44,715 | $ | 9,415,065 | ||||||||
Preferred Stocks** |
56,748 | | | 56,748 | ||||||||||||
Rights |
809 | | | 809 | ||||||||||||
Securities Lending Collateral |
56,466 | | | 56,466 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 54,782 | | 54,782 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (48,961 | ) | | (48,961 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 9,484,373 | $ | 5,821 | $ | 44,715 | $ | 9,534,909 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $26,791 and between Level 3 and Level 1 was $19,632.
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 a resumption in trading.
Transfers between price levels are recognized at the beginning of the reporting period.
** See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $5,682,816. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $2,156,133. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $54,720 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,210,853. |
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | BRL | 9,301,086 | USD | 2,396,569 | $ | (5,153 | ) | ||||||||||
State Street Bank & Trust Co. |
12/3/2015 | BRL | 4,559,410 | USD | 1,168,480 | (8,849 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | BRL | 167,000 | USD | 42,903 | (220 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | BRL | 1,797,068 | USD | 479,295 | 15,257 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | BRL | 107,302 | USD | 27,374 | (333 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 2,374,240 | BRL | 9,301,086 | 27,482 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 6,665 | BRL | 26,000 | 49 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 1,199,482 | BRL | 4,700,410 | 14,256 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 22,482 | BRL | 84,000 | (791 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 143,753 | BRL | 550,000 | (1,733 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 4,985 | BRL | 19,000 | (79 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 322,298 | BRL | 1,251,370 | 830 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | BRL | 9,301,086 | USD | 2,351,253 | (24,391 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | BRL | 4,700,410 | USD | 1,188,473 | (12,086 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 22,250 | BRL | 88,000 | 226 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 147,837 | BRL | 581,000 | 559 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | USD | 27,098 | BRL | 107,302 | 309 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 5,333 | ||||||||||||||||
|
|
Currency Abbreviations
BRL | Brazilian Real | |
USD | U.S. Dollar |
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** |
$ | 2,289,780 | $ | | $ | | $ | 2,289,780 | ||||||||
Preferred Stocks** |
1,236,903 | | | 1,236,903 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 58,968 | | 58,968 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (53,635 | ) | | (53,635 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 3,526,683 | $ | 5,333 | $ | | $ | 3,532,016 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $184,992,689. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $28,658,330. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,608,917 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $32,267,247. |
(a) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $2,327,449, which is 1.5% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: American Depositary Receipt.
CPO: Ordinary Participation Certificates.
GDR: Global Depositary Receipt.
NVDR: Non Voting Depositary Receipt
OJSC: Open Joint Stock Company.
PJSC: Private Joint Stock Company.
REIT: Real Estate Investment Trust.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
At November 30, 2015, open future(s) contract(s) purchased was as follows:
Contract Description |
Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||||||
E-mini MSCI Emerging Markets Index Futures |
4 | $ | 164,000 | 12/18/2015 | $ | 3,360 |
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | CZK | 1,582,500 | USD | 64,552 | $ | 2,709 | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | CZK | 229,800 | USD | 8,975 | (6 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | EUR | 76 | USD | 84 | 4 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | HKD | 289,039,563 | USD | 37,297,353 | 18,520 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HKD | 14,994,600 | USD | 1,934,300 | 374 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HKD | 30,136,000 | USD | 3,888,704 | 1,918 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HKD | 859,000 | USD | 110,841 | 52 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HKD | 5,998,400 | USD | 774,028 | 385 | ||||||||||||
Bank of Montreal |
12/2/2015 | HUF | 47,160,500 | USD | 167,398 | 7,119 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | HUF | 190,696,500 | USD | 677,017 | 28,920 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HUF | 7,216,700 | USD | 24,520 | (7 | ) |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HUF | 13,895,000 | USD | 49,297 | $ | 2,074 | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | PLN | 17,992,000 | USD | 4,666,247 | 213,939 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | PLN | 139,000 | USD | 36,036 | 1,639 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | PLN | 7,822,500 | USD | 1,934,467 | (1,293 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | PLN | 122,000 | USD | 31,622 | 1,432 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | PLN | 151,500 | USD | 37,832 | 341 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 46,128 | HUF | 12,995,500 | (1,962 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 116,080 | HUF | 34,165,000 | 33 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 61,804 | CZK | 1,582,500 | 39 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 37,286,046 | HKD | 289,039,563 | (7,213 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 647,914 | HUF | 190,696,500 | 183 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 4,449,335 | PLN | 17,992,000 | 2,973 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 9,372 | CZK | 229,800 | (392 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 81 | EUR | 76 | | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 3,887,538 | HKD | 30,136,000 | (752 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 47,210 | HUF | 13,895,000 | 13 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 64,544 | PLN | 261,000 | 43 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 743,920 | HKD | 5,765,200 | (354 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,075,826 | HKD | 16,086,800 | (1,033 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 25,224 | HUF | 7,216,700 | (698 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 52,417 | PLN | 202,100 | (2,406 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,982,189 | PLN | 7,642,500 | (90,974 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 33,354 | PLN | 129,400 | (1,332 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | BRL | 18,292,797 | USD | 4,713,424 | (10,134 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | BRL | 2,554,375 | USD | 654,632 | (4,957 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | BRL | 827,000 | USD | 211,997 | (1,551 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | BRL | 517,000 | USD | 132,820 | (680 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | BRL | 14,988,050 | USD | 3,860,263 | (9,945 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | CLP | 34,469,500 | USD | 48,209 | (280 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | CLP | 1,993,592,800 | USD | 2,876,259 | 71,844 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | CLP | 91,591,000 | USD | 132,166 | 3,324 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | CLP | 23,608,500 | USD | 33,236 | 26 | ||||||||||||
Bank of Montreal |
12/3/2015 | COP | 27,485,000 | USD | 8,725 | (14 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | COP | 1,932,085,100 | USD | 665,525 | 51,186 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | COP | 26,502,000 | USD | 9,110 | 684 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | COP | 27,521,000 | USD | 9,484 | 733 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | COP | 326,924,500 | USD | 103,789 | (162 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | EGP | 10,659,002 | USD | 1,296,716 | (57,962 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | EGP | 4,252,000 | USD | 548,560 | 8,163 | ||||||||||||
Bank of Montreal |
12/3/2015 | IDR | 1,031,227,000 | USD | 74,521 | 38 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | IDR | 56,621,179,500 | USD | 4,089,648 | 14 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | IDR | 7,089,581,000 | USD | 510,777 | (1,290 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | INR | 9,949,500 | USD | 148,945 | (241 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | INR | 644,676,144 | USD | 9,803,469 | 137,046 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | INR | 65,960,946 | USD | 991,819 | 2,786 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | INR | 36,322,000 | USD | 552,006 | 7,386 | ||||||||||||
Bank of Montreal |
12/3/2015 | KRW | 495,908,500 | USD | 428,338 | 153 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | KRW | 26,112,304,000 | USD | 22,866,416 | 320,139 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | KRW | 55,359,000 | USD | 48,391 | 592 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | KRW | 2,271,334,000 | USD | 1,988,213 | 27,063 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | KRW | 3,367,404,900 | USD | 2,947,658 | 40,123 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | MXN | 119,015,000 | USD | 7,184,397 | 6,990 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MXN | 685,000 | USD | 41,358 | 48 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MXN | 7,265,000 | USD | 438,509 | 380 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | MXN | 29,190,262 | USD | 1,761,764 | 1,394 | ||||||||||||
Bank of Montreal |
12/3/2015 | MYR | 418,000 | USD | 98,353 | 345 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | MYR | 22,826,332 | USD | 5,310,302 | (41,769 | ) |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MYR | 132,260 | USD | 30,758 | $ | (253 | ) | ||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MYR | 738,000 | USD | 171,628 | (1,410 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | PHP | 2,179,000 | USD | 46,263 | 49 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | PHP | 93,717,000 | USD | 1,999,723 | 12,078 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | PHP | 4,634,000 | USD | 98,869 | 587 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | PHP | 198,000 | USD | 4,223 | 23 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | PHP | 37,313,216 | USD | 795,930 | 4,554 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | QAR | 1,199,000 | USD | 329,034 | (158 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | QAR | 101,000 | USD | 27,718 | (13 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | QAR | 3,225,080 | USD | 885,075 | (389 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | RUB | 97,878,155 | USD | 1,519,788 | 45,301 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | RUB | 1,956,000 | USD | 30,444 | 977 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | RUB | 78,075,198 | USD | 1,211,219 | 35,054 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | RUB | 17,651,000 | USD | 273,829 | 7,925 | ||||||||||||
Bank of Montreal |
12/3/2015 | THB | 1,901,000 | USD | 53,044 | 8 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | THB | 119,770,000 | USD | 3,353,024 | 11,608 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | THB | 169,000 | USD | 4,729 | 14 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | THB | 3,060,000 | USD | 85,648 | 279 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | THB | 10,614,960 | USD | 296,176 | 34 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | TRY | 9,388,172 | USD | 3,195,001 | (24,456 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TRY | 582,000 | USD | 198,011 | (1,572 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TRY | 66,000 | USD | 22,419 | (214 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TRY | 722,000 | USD | 248,409 | 816 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | TRY | 369,300 | USD | 125,686 | (957 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | TWD | 10,494,000 | USD | 321,409 | (83 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | TWD | 487,572,884 | USD | 15,004,089 | 66,927 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TWD | 31,575,000 | USD | 971,837 | 4,514 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TWD | 1,221,000 | USD | 37,569 | 163 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TWD | 140,127,406 | USD | 4,312,940 | 20,031 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 49,721 | CLP | 34,469,500 | (1,232 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 9,460 | COP | 27,485,000 | (721 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 74,478 | IDR | 1,031,227,000 | 5 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 151,654 | INR | 9,949,500 | (2,469 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 434,105 | KRW | 495,908,500 | (5,920 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 97,069 | MYR | 418,000 | 939 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 46,545 | PHP | 2,179,000 | (330 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 53,298 | THB | 1,901,000 | (263 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 320,212 | TWD | 10,494,000 | 1,279 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 2,436,783 | ZAR | 35,144,500 | (7,130 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 4,669,508 | BRL | 18,292,797 | 54,050 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 2,804,796 | CLP | 1,993,592,800 | (381 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 613,656 | COP | 1,932,085,100 | 683 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 1,378,914 | EGP | 10,659,002 | (24,236 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 4,093,196 | IDR | 56,621,179,500 | (3,561 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 9,695,982 | INR | 644,676,144 | (29,558 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 22,588,498 | KRW | 26,112,304,000 | (42,221 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 7,166,990 | MXN | 119,015,000 | 10,418 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 5,371,407 | MYR | 22,826,332 | (19,336 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 1,987,045 | PHP | 93,717,000 | 599 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 329,219 | QAR | 1,199,000 | (26 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 1,480,535 | RUB | 97,878,155 | (6,048 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 3,345,858 | THB | 119,770,000 | (4,443 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 3,230,061 | TRY | 9,388,172 | (10,604 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 14,943,847 | TWD | 487,572,884 | (6,684 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 8,809,058 | ZAR | 127,026,616 | (27,296 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 994,813 | BRL | 3,898,375 | 11,823 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 161,946 | CLP | 112,228,500 | (4,072 | ) |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 4,281 | CLP | 2,971,000 | $ | (102 | ) | ||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 131,280 | COP | 380,947,500 | (10,151 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 371,041 | IDR | 5,139,661,500 | 186 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 12,240 | IDR | 169,519,000 | 4 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 128,271 | IDR | 1,780,400,500 | 324 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 1,164,634 | INR | 76,632,946 | (15,582 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 370,000 | INR | 24,309,000 | (5,505 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 20,399 | INR | 1,341,000 | (291 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 1,000,000 | KRW | 1,131,800,000 | (22,764 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 3,942,941 | KRW | 4,562,297,900 | (3,693 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 478,743 | MXN | 7,950,000 | 696 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 204,743 | MYR | 870,260 | (694 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 894,309 | PHP | 42,145,216 | (451 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 27,732 | QAR | 101,000 | (2 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 1,478,555 | RUB | 97,682,198 | (7,020 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 387,786 | THB | 13,843,960 | (1,559 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 222,949 | TRY | 648,000 | (732 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 5,304,724 | TWD | 172,923,406 | (7,086 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 940,361 | ZAR | 13,560,000 | (2,914 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 3,572,389 | BRL | 14,003,050 | 43,473 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 257,887 | BRL | 985,000 | (3,541 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 2,712 | MXN | 45,700 | 44 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 2,844 | MXN | 46,700 | (27 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 21,492 | MXN | 354,000 | (143 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 5,806 | MXN | 96,200 | (4 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 771,457 | MXN | 12,811,662 | 1,173 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 955,774 | MXN | 15,836,000 | (756 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 97,424 | QAR | 355,000 | 43 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 788,061 | QAR | 2,870,080 | (65 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 361,778 | TRY | 1,063,000 | 2,754 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 9,936 | TRY | 28,300 | (232 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 12,896 | ZAR | 180,600 | (410 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 133,138 | ZAR | 1,862,600 | (4,370 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 29,648 | ZAR | 421,900 | (481 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 1,522,885 | ZAR | 21,137,000 | (61,617 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 171,107 | EGP | 1,368,000 | 2,755 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 355,828 | EGP | 2,884,000 | 10,707 | ||||||||||||
Bank of Montreal |
12/3/2015 | ZAR | 35,144,500 | USD | 2,532,253 | 102,599 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | ZAR | 127,026,616 | USD | 9,152,664 | 370,901 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | ZAR | 478,000 | USD | 34,425 | 1,379 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | ZAR | 8,222,169 | USD | 570,192 | 1,767 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | ZAR | 13,082,000 | USD | 942,263 | 37,862 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | ZAR | 15,379,931 | USD | 1,108,098 | 44,834 | ||||||||||||
Bank of Montreal |
12/7/2015 | AED | 1,520,000 | USD | 413,718 | (137 | ) | |||||||||||
JP Morgan & Chase Co. |
12/7/2015 | AED | 2,137,000 | USD | 581,528 | (319 | ) | |||||||||||
The Bank of New York Mellon |
12/7/2015 | AED | 1,889,239 | USD | 514,195 | (194 | ) | |||||||||||
The Bank of New York Mellon |
12/7/2015 | AED | 263,000 | USD | 71,603 | (5 | ) | |||||||||||
Bank of Montreal |
12/7/2015 | USD | 413,825 | AED | 1,520,000 | 30 | ||||||||||||
JP Morgan & Chase Co. |
12/7/2015 | USD | 581,813 | AED | 2,137,000 | 34 | ||||||||||||
State Street Bank & Trust Co. |
12/7/2015 | USD | 71,607 | AED | 263,000 | | ||||||||||||
The Bank of New York Mellon |
12/7/2015 | USD | 164,119 | AED | 603,000 | 62 | ||||||||||||
The Bank of New York Mellon |
12/7/2015 | USD | 350,183 | AED | 1,286,239 | 25 | ||||||||||||
Bank of Montreal |
1/5/2016 | AED | 1,520,000 | USD | 413,718 | (47 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | AED | 2,137,000 | USD | 581,513 | (208 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | AED | 1,286,239 | USD | 350,094 | (38 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | CZK | 1,582,500 | USD | 61,804 | (171 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | EUR | 76 | USD | 81 | |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | HKD | 289,039,563 | USD | 37,290,856 | $ | 5,407 | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | HKD | 30,136,000 | USD | 3,888,090 | 614 | ||||||||||||
Bank of Montreal |
1/5/2016 | HUF | 34,165,000 | USD | 116,060 | (46 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | HUF | 190,696,500 | USD | 647,748 | (310 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | HUF | 21,074,000 | USD | 71,544 | (73 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | HUF | 13,895,000 | USD | 47,202 | (19 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | PLN | 17,992,000 | USD | 4,446,147 | (2,430 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | PLN | 261,000 | USD | 64,501 | (32 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | TRY | 9,388,172 | USD | 3,199,350 | 12,975 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | TRY | 648,000 | USD | 220,823 | 890 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | TRY | 29,000 | USD | 9,850 | 7 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 73,506 | AED | 270,000 | (8 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 8,989 | CZK | 229,800 | 10 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 1,934,575 | HKD | 14,994,600 | (305 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 5,290 | HKD | 41,000 | (1 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 1,444,252 | HKD | 11,193,000 | (380 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 24,515 | HUF | 7,216,700 | 10 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 142,155 | PLN | 575,000 | 16 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 1,933,180 | PLN | 7,822,500 | 957 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 6,931 | PLN | 28,000 | (7 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 167,284 | TRY | 491,000 | (637 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 246,040 | TRY | 722,000 | (991 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | USD | 71,584 | AED | 263,000 | 8 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | BRL | 18,292,797 | USD | 4,624,298 | (47,972 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | BRL | 3,898,375 | USD | 985,683 | (10,024 | ) | |||||||||||
The Bank of New York Mellon |
1/6/2016 | BRL | 14,003,050 | USD | 3,536,302 | (40,298 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | CLP | 1,993,592,800 | USD | 2,794,613 | 361 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | CLP | 2,911,000 | USD | 4,077 | (3 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | COP | 1,932,085,100 | USD | 612,099 | (1,185 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | EGP | 10,659,002 | USD | 1,296,716 | 14,585 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | IDR | 56,621,179,500 | USD | 4,064,402 | 8,230 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | IDR | 5,139,661,500 | USD | 368,514 | 324 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | IDR | 2,086,505,000 | USD | 149,602 | 131 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | INR | 644,676,144 | USD | 9,637,135 | 30,486 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | INR | 1,067,000 | USD | 15,943 | 43 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | KRW | 26,112,304,000 | USD | 22,558,251 | 36,415 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | KRW | 202,805,000 | USD | 175,058 | 139 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | KRW | 4,562,297,900 | USD | 3,938,108 | 3,130 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | MXN | 119,015,000 | USD | 7,150,627 | (9,574 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | MXN | 7,950,000 | USD | 477,698 | (591 | ) | |||||||||||
The Bank of New York Mellon |
1/6/2016 | MXN | 12,811,662 | USD | 769,635 | (1,142 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | MYR | 22,826,332 | USD | 5,372,671 | 33,172 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | MYR | 870,260 | USD | 204,912 | 1,342 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | PHP | 93,717,000 | USD | 1,981,751 | (1,379 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | PHP | 42,145,216 | USD | 891,849 | 21 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | QAR | 1,199,000 | USD | 328,717 | (189 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | QAR | 101,000 | USD | 27,706 | | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | QAR | 2,870,080 | USD | 787,262 | (50 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | THB | 119,770,000 | USD | 3,341,545 | 4,174 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | TWD | 487,572,884 | USD | 14,931,033 | (8,792 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | TWD | 172,923,406 | USD | 5,299,035 | 452 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 48,055 | CLP | 34,469,500 | 258 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 8,709 | COP | 27,485,000 | 16 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 74,291 | IDR | 1,031,227,000 | (417 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | USD | 148,235 | INR | 9,949,500 | 28 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 427,950 | KRW | 495,908,500 | (229 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | USD | 98,550 | MYR | 418,000 | (772 | ) |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
1/6/2016 | USD | 46,185 | PHP | 2,179,000 | $ | (75 | ) | ||||||||||
Bank of Montreal |
1/6/2016 | USD | 52,991 | THB | 1,901,000 | (20 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | USD | 321,407 | TWD | 10,494,000 | 142 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 81,163 | BRL | 321,000 | 825 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 382,697 | BRL | 1,504,000 | 1,448 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 33,123 | CLP | 23,608,500 | (33 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 99,832 | CLP | 71,155,000 | (100 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 103,654 | COP | 326,924,500 | 119 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 137,516 | COP | 433,727,000 | 158 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 13,758 | COP | 43,254,000 | (28 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 14,882 | IDR | 207,331,000 | (29 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 986,553 | INR | 65,960,946 | (3,635 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 288,887 | INR | 19,315,000 | (1,065 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 109,402 | KRW | 126,914,000 | 61 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 27,862 | MXN | 463,000 | (7 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 109,854 | MXN | 1,828,000 | 122 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 23,546 | MYR | 100,000 | (154 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 4,471 | MYR | 19,000 | (27 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 106,166 | PHP | 5,017,000 | (2 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 132,537 | QAR | 483,000 | (42 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 296,028 | THB | 10,614,960 | (244 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 6,887 | THB | 247,000 | (5 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 13,817 | TWD | 451,000 | 2 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 453,222 | TWD | 14,790,000 | (39 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 71,193 | ZAR | 1,037,000 | 21 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 228,838 | ZAR | 3,320,000 | (845 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 566,606 | ZAR | 8,222,169 | (1,971 | ) | |||||||||||
The Bank of Nova Scotia |
1/6/2016 | USD | 530,426 | EGP | 4,252,000 | (18,969 | ) | |||||||||||
The Bank of Nova Scotia |
1/6/2016 | USD | 126,491 | EGP | 1,014,000 | (4,521 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | ZAR | 35,144,500 | USD | 2,421,421 | 7,965 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | ZAR | 127,026,616 | USD | 8,753,514 | 30,296 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | ZAR | 13,560,000 | USD | 934,447 | 3,250 | ||||||||||||
JP Morgan & Chase Co. |
1/13/2016 | RUB | 97,878,155 | USD | 1,462,363 | 8,182 | ||||||||||||
State Street Bank & Trust Co. |
1/13/2016 | RUB | 97,682,198 | USD | 1,460,123 | 8,853 | ||||||||||||
State Street Bank & Trust Co. |
1/13/2016 | USD | 344,425 | RUB | 23,042,000 | (2,088 | ) | |||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 1,314,693 | ||||||||||||||||
|
|
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Currency Abbreviations
AED | Arab Emirates Dirham | |
BRL | Brazilian Real | |
CLP | Chilean Peso | |
COP | Colombian Peso | |
CZK | Czech Kronua | |
EGP | Egyptian Pound | |
EUR | Euro | |
HKD | Hong Kong Dollar | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
INR | Indian Rupee | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
PHP | Phillippine Peso | |
PLN | Polish Zloty | |
QAR | Qatari Rial | |
RUB | Russian Ruble | |
THB | Thai Baht | |
TRY | Turkish New Lira | |
TWD | New Taiwan Dollar | |
USD | U.S. Dollar | |
ZAR | South African Rand |
For information on the Funds policy and additional disclosures regarding 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** |
$ | 148,229,428 | $ | | $ | 1,151,403 | $ | 149,380,831 | ||||||||
Preferred Stocks** |
4,343,655 | | | 4,343,655 | ||||||||||||
Rights** |
10,345 | | | 10,345 | ||||||||||||
Securities Lending Collateral |
2,599,528 | | | 2,599,528 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 2,091,202 | | 2,091,202 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (776,509 | ) | | (776,509 | ) | ||||||||||
Unrealized Appreciation on Futures Contracts |
3,360 | | | 3,360 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 155,186,316 | $ | 1,314,693 | $ | 1,151,403 | $ | 157,652,412 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $903,571 and between Level 3 and Level 1 was $305,399. 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 of the resumption of trading on a securities exchange.
Transfers between price levels are recognized at the beginning of the reporting period.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 66 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $4,197,828,840. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $163,943,019. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $108,159,719 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $272,102,738. |
See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
(a) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $95,843,583, which is 2.4% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Listed on London Stock Exchange. |
(d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
CDI: Chess Depositary Interest.
FDR: Fiduciary Depositary Receipt.
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.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/2/2015 | CHF | 1,864,000 | USD | 1,824,071 | $ | 12,340 | |||||||||||
Bank of Montreal |
12/2/2015 | CHF | 83,988,240 | USD | 85,275,387 | 3,642,262 | ||||||||||||
Bank of Montreal |
12/2/2015 | CHF | 2,309,500 | USD | 2,299,703 | 54,964 | ||||||||||||
Bank of Montreal |
12/2/2015 | CHF | 1,869,500 | USD | 1,892,360 | 75,282 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | CHF | 95,434,000 | USD | 96,894,687 | 4,136,754 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | CHF | 1,864,000 | USD | 1,824,250 | 12,518 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | CHF | 2,207,500 | USD | 2,194,334 | 48,735 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | CHF | 82,512,377 | USD | 83,772,568 | 3,573,922 | ||||||||||||
RBC Capital Markets |
12/2/2015 | CHF | 87,099,500 | USD | 88,434,956 | 3,777,815 | ||||||||||||
RBC Capital Markets |
12/2/2015 | CHF | 4,304,000 | USD | 4,348,705 | 165,393 | ||||||||||||
RBC Capital Markets |
12/2/2015 | CHF | 1,869,500 | USD | 1,892,894 | 75,817 | ||||||||||||
RBC Capital Markets |
12/2/2015 | CHF | 2,207,500 | USD | 2,194,454 | 48,855 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | CHF | 90,017,000 | USD | 91,397,096 | 3,904,264 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | CHF | 4,304,000 | USD | 4,347,822 | 164,510 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | CHF | 2,309,500 | USD | 2,299,534 | 54,795 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | CHF | 21,000 | USD | 20,511 | 100 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | CHF | 1,460,600 | USD | 1,436,849 | 17,206 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | CHF | 88,336,400 | USD | 89,679,803 | 3,820,446 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | CHF | 9,221,800 | USD | 9,362,994 | 399,783 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | CHF | 37,728,000 | USD | 38,304,315 | 1,634,247 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | CHF | 30,060,994 | USD | 30,521,565 | 1,303,511 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | CHF | 186,000 | USD | 188,086 | 7,302 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | CHF | 3,283,000 | USD | 3,329,260 | 138,319 | ||||||||||||
Bank of Montreal |
12/2/2015 | DKK | 3,092,000 | USD | 445,359 | 7,463 | ||||||||||||
Bank of Montreal |
12/2/2015 | DKK | 92,514,000 | USD | 13,712,014 | 609,997 | ||||||||||||
Bank of Montreal |
12/2/2015 | DKK | 2,387,000 | USD | 352,153 | 14,101 | ||||||||||||
Bank of Montreal |
12/2/2015 | DKK | 2,497,000 | USD | 355,455 | 1,825 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | DKK | 2,932,000 | USD | 421,313 | 6,077 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | DKK | 118,741,500 | USD | 17,599,129 | 782,721 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | DKK | 2,497,000 | USD | 355,475 | 1,845 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | DKK | 129,648,031 | USD | 19,215,656 | 854,643 | ||||||||||||
RBC Capital Markets |
12/2/2015 | DKK | 42,497,000 | USD | 6,298,588 | 280,078 | ||||||||||||
RBC Capital Markets |
12/2/2015 | DKK | 2,932,000 | USD | 421,349 | 6,113 | ||||||||||||
RBC Capital Markets |
12/2/2015 | DKK | 2,387,000 | USD | 352,157 | 14,106 | ||||||||||||
RBC Capital Markets |
12/2/2015 | DKK | 5,601,000 | USD | 823,729 | 30,504 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | DKK | 111,608,000 | USD | 16,542,483 | 736,336 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | DKK | 3,092,000 | USD | 445,298 | 7,403 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | DKK | 5,601,000 | USD | 823,655 | 30,430 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | DKK | 13,337,800 | USD | 1,976,870 | 87,944 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | DKK | 6,008,700 | USD | 888,742 | 37,778 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | DKK | 237,000 | USD | 34,898 | 1,334 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | DKK | 5,309,000 | USD | 785,076 | 33,205 |
See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
The Bank of Nova Scotia |
12/2/2015 | DKK | 20,652,000 | USD | 3,060,808 | $ | 136,031 | |||||||||||
The Bank of Nova Scotia |
12/2/2015 | DKK | 116,152,500 | USD | 17,215,684 | 765,935 | ||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 5,740,500 | USD | 6,314,148 | 249,044 | ||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 249,428,471 | USD | 275,623,449 | 12,090,706 | ||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 7,187,000 | USD | 7,721,835 | 128,436 | ||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 5,767,000 | USD | 6,124,220 | 31,117 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 291,029,970 | USD | 321,596,848 | 14,110,192 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 6,850,000 | USD | 7,341,899 | 104,556 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 5,767,000 | USD | 6,124,496 | 31,393 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | EUR | 248,356,997 | USD | 274,427,776 | 12,027,095 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 13,299,500 | USD | 14,585,881 | 534,343 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 6,850,000 | USD | 7,342,234 | 104,892 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 270,184,358 | USD | 298,563,172 | 13,100,872 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 5,740,500 | USD | 6,314,470 | 249,365 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | EUR | 7,187,000 | USD | 7,721,289 | 127,890 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | EUR | 283,072,500 | USD | 312,807,002 | 13,727,783 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | EUR | 13,299,500 | USD | 14,585,336 | 533,797 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 21,400,300 | USD | 23,647,760 | 1,037,350 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 13,886,200 | USD | 15,308,425 | 637,011 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | EUR | 567,000 | USD | 622,518 | 23,456 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | EUR | 170,009,000 | USD | 187,855,661 | 8,233,270 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | EUR | 12,117,000 | USD | 13,353,903 | 551,731 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | EUR | 21,564,000 | USD | 23,828,759 | 1,045,393 | ||||||||||||
Bank of Montreal |
12/2/2015 | GBP | 2,648,500 | USD | 4,005,700 | 16,815 | ||||||||||||
Bank of Montreal |
12/2/2015 | GBP | 2,677,500 | USD | 4,126,627 | 94,066 | ||||||||||||
Bank of Montreal |
12/2/2015 | GBP | 120,870,808 | USD | 186,638,307 | 4,595,733 | ||||||||||||
Bank of Montreal |
12/2/2015 | GBP | 3,286,000 | USD | 4,998,318 | 49,299 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | GBP | 2,648,500 | USD | 4,005,922 | 17,037 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | GBP | 150,007,500 | USD | 231,628,831 | 5,703,714 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | GBP | 3,144,000 | USD | 4,751,842 | 16,688 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | GBP | 115,685,825 | USD | 178,625,277 | 4,391,764 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 3,144,000 | USD | 4,751,999 | 16,845 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 133,013,396 | USD | 205,388,912 | 5,058,480 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 6,184,000 | USD | 9,537,225 | 223,551 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 2,677,500 | USD | 4,126,686 | 94,124 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | GBP | 3,286,000 | USD | 4,997,855 | 48,836 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | GBP | 143,736,500 | USD | 221,947,123 | 5,466,710 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | GBP | 6,184,000 | USD | 9,536,476 | 222,802 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | GBP | 486,000 | USD | 732,193 | 232 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | GBP | 8,950,800 | USD | 13,821,020 | 340,290 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | GBP | 6,951,000 | USD | 10,713,646 | 244,799 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | GBP | 56,324,000 | USD | 86,966,385 | 2,137,251 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | GBP | 4,711,429 | USD | 7,274,989 | 179,142 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | GBP | 267,000 | USD | 408,701 | 6,574 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | GBP | 7,074,000 | USD | 10,937,571 | 283,475 | ||||||||||||
Bank of Montreal |
12/2/2015 | NOK | 39,842,000 | USD | 4,710,807 | 126,287 | ||||||||||||
Bank of Montreal |
12/2/2015 | NOK | 992,000 | USD | 116,685 | 2,538 | ||||||||||||
Bank of Montreal |
12/2/2015 | NOK | 1,246,000 | USD | 144,557 | 1,182 | ||||||||||||
Bank of Montreal |
12/2/2015 | NOK | 990,000 | USD | 114,403 | 486 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | NOK | 55,282,000 | USD | 6,529,769 | 168,606 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | NOK | 990,000 | USD | 114,408 | 491 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | NOK | 1,198,500 | USD | 138,826 | 918 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | NOK | 47,789,092 | USD | 5,644,625 | 145,653 | ||||||||||||
RBC Capital Markets |
12/2/2015 | NOK | 992,000 | USD | 116,693 | 2,546 | ||||||||||||
RBC Capital Markets |
12/2/2015 | NOK | 2,317,000 | USD | 272,506 | 5,894 | ||||||||||||
RBC Capital Markets |
12/2/2015 | NOK | 17,006,500 | USD | 2,008,794 | 51,898 | ||||||||||||
RBC Capital Markets |
12/2/2015 | NOK | 1,198,500 | USD | 138,840 | 931 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | NOK | 52,587,500 | USD | 6,211,611 | 160,498 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | NOK | 2,317,000 | USD | 272,422 | 5,810 |
See Notes to Financial Statements. | 73 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | NOK | 1,246,000 | USD | 144,494 | $ | 1,120 | |||||||||||
The Bank of New York Mellon |
12/2/2015 | NOK | 2,417,600 | USD | 284,874 | 6,687 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | NOK | 3,452,600 | USD | 407,820 | 10,538 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | NOK | 19,857,000 | USD | 2,345,355 | 60,459 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | NOK | 99,000 | USD | 11,528 | 136 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | NOK | 34,361,500 | USD | 4,058,717 | 104,824 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | NOK | 3,603,000 | USD | 424,987 | 10,399 | ||||||||||||
Bank of Montreal |
12/2/2015 | SEK | 6,266,000 | USD | 722,048 | 3,619 | ||||||||||||
Bank of Montreal |
12/2/2015 | SEK | 232,290,000 | USD | 27,374,127 | 740,863 | ||||||||||||
Bank of Montreal |
12/2/2015 | SEK | 5,000,500 | USD | 572,557 | (776 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | SEK | 280,975,000 | USD | 33,111,080 | 895,827 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | SEK | 5,000,500 | USD | 572,589 | (744 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | SEK | 5,969,000 | USD | 686,565 | 2,188 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | SEK | 221,079,146 | USD | 26,053,142 | 705,261 | ||||||||||||
RBC Capital Markets |
12/2/2015 | SEK | 246,502,000 | USD | 29,048,682 | 785,938 | ||||||||||||
RBC Capital Markets |
12/2/2015 | SEK | 11,508,500 | USD | 1,348,295 | 28,785 | ||||||||||||
RBC Capital Markets |
12/2/2015 | SEK | 5,969,000 | USD | 686,647 | 2,270 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | SEK | 11,508,500 | USD | 1,347,728 | 28,218 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | SEK | 266,381,500 | USD | 31,391,849 | 849,816 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | SEK | 6,266,000 | USD | 721,675 | 3,245 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | SEK | 12,121,400 | USD | 1,428,437 | 38,655 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | SEK | 198,200 | USD | 22,733 | 8 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | SEK | 10,011,000 | USD | 1,171,811 | 23,997 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | SEK | 12,083,200 | USD | 1,419,025 | 33,623 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | SEK | 10,529,000 | USD | 1,238,109 | 30,904 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | SEK | 7,415,000 | USD | 873,813 | 23,644 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | SEK | 91,256,000 | USD | 10,753,491 | 290,513 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | SEK | 495,000 | USD | 58,033 | 1,278 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 87,583,287 | CHF | 90,031,240 | (76,615 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 14,226,457 | DKK | 100,490,000 | 5,138 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 283,178,076 | EUR | 268,122,971 | 106,274 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 194,910,471 | GBP | 129,482,808 | 102,569 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 4,960,839 | NOK | 43,070,000 | (4,881 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 27,927,268 | SEK | 243,556,500 | (2,241 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 96,799,942 | CHF | 99,505,500 | (84,677 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 17,578,926 | DKK | 124,170,500 | 6,348 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 320,696,748 | EUR | 303,646,970 | 120,354 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 234,525,740 | GBP | 155,800,000 | 123,416 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 6,619,500 | NOK | 57,470,500 | (6,512 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 33,475,651 | SEK | 291,944,500 | (2,687 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 80,268,862 | CHF | 82,512,377 | (70,216 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 18,354,385 | DKK | 129,648,031 | 6,628 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 262,302,242 | EUR | 248,356,997 | 98,439 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 174,141,873 | GBP | 115,685,825 | 91,640 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 5,504,387 | NOK | 47,789,092 | (5,415 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 25,349,915 | SEK | 221,079,146 | (2,035 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 92,884,382 | CHF | 95,480,500 | (81,252 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 7,562,291 | DKK | 53,417,000 | 2,731 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 312,698,933 | EUR | 296,074,358 | 117,352 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 218,296,945 | GBP | 145,018,896 | 114,876 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 2,478,000 | NOK | 21,514,000 | (2,438 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 30,269,060 | SEK | 263,979,500 | (2,429 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 94,003,113 | CHF | 96,630,500 | (82,230 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 17,031,117 | DKK | 120,301,000 | 6,151 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 320,603,838 | EUR | 303,559,000 | 120,319 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 230,621,744 | GBP | 153,206,500 | 121,361 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 6,467,461 | NOK | 56,150,500 | (6,363 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 32,582,587 | SEK | 284,156,000 | (2,615 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 87,751,559 | CHF | 86,889,400 | (3,298,625 | ) |
See Notes to Financial Statements. | 74 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 11,820,030 | CHF | 12,150,400 | $ | (10,340 | ) | ||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,839,317 | DKK | 12,992,200 | 664 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 933,854 | DKK | 6,354,300 | (33,945 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 112,138 | EUR | 105,000 | (1,201 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 23,748,906 | EUR | 22,486,300 | 8,913 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,300,469 | EUR | 1,197,700 | (35,043 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 9,425,850 | EUR | 8,603,800 | (335,536 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 3,017,469 | EUR | 2,836,500 | (20,575 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 62,172 | EUR | 57,200 | (1,738 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 16,066,518 | GBP | 10,673,300 | 8,455 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 147,490 | GBP | 98,100 | 258 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 83,078 | GBP | 54,500 | (996 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 8,551,794 | GBP | 5,546,900 | (197,652 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 22,632 | GBP | 15,000 | (41 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 356,393 | NOK | 3,094,200 | (351 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 102,286 | NOK | 886,200 | (313 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 222,001 | NOK | 1,889,800 | (4,547 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,346,326 | SEK | 11,502,700 | (27,481 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,627,088 | SEK | 22,911,100 | (211 | ) | |||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 69,320,487 | CHF | 71,257,994 | (60,639 | ) | |||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 20,152,684 | DKK | 142,350,500 | 7,278 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 215,726,031 | EUR | 204,257,000 | 80,960 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 102,927,039 | GBP | 68,376,429 | 54,164 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 6,671,331 | NOK | 57,920,500 | (6,563 | ) | |||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 12,578,115 | SEK | 109,695,000 | (1,010 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | CHF | 90,031,240 | USD | 87,819,506 | 48,859 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | CHF | 99,505,500 | USD | 97,061,965 | 54,947 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | CHF | 82,512,377 | USD | 80,474,756 | 34,181 | ||||||||||||
RBC Capital Markets |
1/5/2016 | CHF | 95,480,500 | USD | 93,131,264 | 48,182 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | CHF | 96,630,500 | USD | 94,252,969 | 48,763 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | CHF | 12,150,400 | USD | 11,851,736 | 6,420 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | CHF | 773,000 | USD | 753,983 | 393 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | CHF | 71,257,994 | USD | 69,508,805 | 40,027 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | CHF | 1,064,000 | USD | 1,038,525 | 1,241 | ||||||||||||
Bank of Montreal |
1/5/2016 | DKK | 100,490,000 | USD | 14,248,040 | (8,169 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | DKK | 124,170,500 | USD | 17,605,345 | (10,343 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | DKK | 129,648,031 | USD | 18,381,448 | (11,321 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | DKK | 53,417,000 | USD | 7,573,227 | (4,879 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | DKK | 120,301,000 | USD | 17,057,076 | (9,658 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | DKK | 12,992,200 | USD | 1,842,147 | (1,017 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | DKK | 34,678,000 | USD | 4,916,597 | (3,065 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | DKK | 142,350,500 | USD | 20,183,258 | (11,571 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | EUR | 268,122,971 | USD | 283,486,417 | (154,580 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | EUR | 303,646,970 | USD | 321,052,015 | (168,987 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | EUR | 248,356,997 | USD | 262,582,885 | (148,151 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 296,074,358 | USD | 313,042,379 | (167,734 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | EUR | 303,559,000 | USD | 320,965,073 | (162,867 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | EUR | 22,486,300 | USD | 23,775,327 | (12,402 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | EUR | 204,257,000 | USD | 215,962,969 | (115,717 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | EUR | 29,812,000 | USD | 31,519,548 | (17,867 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | GBP | 129,482,808 | USD | 194,941,547 | (106,744 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | GBP | 155,800,000 | USD | 234,563,132 | (128,440 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | GBP | 115,685,825 | USD | 174,166,167 | (98,841 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | GBP | 145,018,896 | USD | 218,328,849 | (122,452 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | GBP | 153,206,500 | USD | 230,660,812 | (124,004 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | GBP | 10,673,300 | USD | 16,069,187 | (8,692 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | GBP | 68,376,429 | USD | 102,943,791 | (56,027 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | NOK | 43,070,000 | USD | 4,958,611 | 5,110 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | NOK | 57,470,500 | USD | 6,616,376 | 6,666 |
See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | NOK | 47,789,092 | USD | 5,501,886 | $ | 5,640 | |||||||||||
RBC Capital Markets |
1/5/2016 | NOK | 21,514,000 | USD | 2,476,767 | 2,431 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | NOK | 56,150,500 | USD | 6,464,565 | 6,669 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | NOK | 3,094,200 | USD | 356,226 | 361 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | NOK | 57,920,500 | USD | 6,668,298 | 6,833 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | NOK | 249,000 | USD | 28,611 | (27 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | SEK | 243,556,500 | USD | 27,965,106 | (2,450 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | SEK | 291,944,500 | USD | 33,520,929 | (3,014 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | SEK | 221,079,146 | USD | 25,383,387 | (3,098 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | SEK | 263,979,500 | USD | 30,307,496 | (5,231 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | SEK | 284,156,000 | USD | 32,627,294 | (2,297 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | SEK | 22,911,100 | USD | 2,630,663 | (215 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | SEK | 109,695,000 | USD | 12,595,157 | (1,104 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | SEK | 18,231,000 | USD | 2,093,175 | (288 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | SEK | 1,243,000 | USD | 142,608 | (125 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | USD | 311,777 | DKK | 2,198,000 | 46 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | USD | 5,750,255 | EUR | 5,436,000 | 362 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | USD | 239,281 | GBP | 159,000 | 231 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | USD | 10,544,174 | GBP | 7,003,000 | 4,896 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | USD | 90,958 | NOK | 790,000 | (100 | ) | |||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 140,243,617 | ||||||||||||||||
|
|
Currency Abbreviations
CHF | Swiss Franc | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | Pound Sterling | |
NOK | Norwegian Krone | |
SEK | Swedish Krona | |
USD | U.S. Dollar |
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks** |
$ | 3,882,420,321 | $ | | $ | 0 | $ | 3,882,420,321 | ||||||||
Preferred Stocks** |
29,624,533 | | | 29,624,533 | ||||||||||||
Rights** |
1,618,784 | | | 1,618,784 | ||||||||||||
Securities Lending Collateral |
120,222,183 | | | 120,222,183 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 146,386,027 | | 146,386,027 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts
|
| (6,142,410 | ) | | (6,142,410 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 4,033,885,821 | $ | 140,243,617 | $ | | $ | 4,174,129,438 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 76 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 80 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 81 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $66,314,754. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $536,166. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,855,049 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,391,215. |
(a) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $2,931,340, which is 4.7% of net assets. |
(b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
FDR: Fiduciary 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.
See Notes to Financial Statements. | 82 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 3,035,500 | USD | 3,243,905 | $ | 36,759 | |||||||||||
Bank of Montreal |
12/2/2015 | EUR | 7,229,570 | USD | 7,988,819 | 350,444 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 3,035,500 | USD | 3,243,796 | 36,650 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 11,738,243 | USD | 12,971,110 | 569,112 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | EUR | 7,503,239 | USD | 8,290,876 | 363,356 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 385,000 | USD | 424,382 | 17,612 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 17,435,394 | USD | 19,266,721 | 845,418 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 5,294,000 | USD | 5,849,796 | 256,439 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 290,900 | USD | 320,694 | 13,345 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 11,232,725 | EUR | 10,635,539 | 4,216 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 15,983,338 | EUR | 15,133,587 | 5,998 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 231,568 | EUR | 209,558 | (10,160 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 8,290,876 | EUR | 7,850,094 | 3,111 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 25,540,898 | EUR | 24,183,022 | 9,585 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 55,892 | EUR | 52,920 | 21 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 222,177 | EUR | 202,800 | (7,909 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 38,003 | EUR | 35,000 | (1,024 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,884 | EUR | 2,700 | (31 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,739 | EUR | 1,600 | (49 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | EUR | 10,623,971 | USD | 11,232,725 | (6,125 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | EUR | 15,116,841 | USD | 15,983,338 | (8,413 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | EUR | 7,841,704 | USD | 8,290,876 | (4,678 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 1,117,000 | USD | 1,180,962 | (686 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 24,156,490 | USD | 25,540,898 | (13,685 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | EUR | 52,861 | USD | 55,892 | (29 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | USD | 194,618 | EUR | 184,000 | 32 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 2,459,309 | ||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro | |
USD | U.S. Dollar |
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
See Notes to Financial Statements. | 83 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** |
$ | 61,712,280 | $ | | $ | | $ | 61,712,280 | ||||||||
Preferred Stocks** |
964,791 | | | 964,791 | ||||||||||||
Rights** |
20,089 | | | 20,089 | ||||||||||||
Securities Lending Collateral |
3,081,428 | | | 3,081,428 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 2,512,098 | | 2,512,098 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (52,789 | ) | | (52,789 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 65,778,588 | $ | 2,459,309 | $ | | $ | 68,237,897 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 84 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $171,067,045. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $13,871,918. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value |
See Notes to Financial Statements. | 85 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
over tax cost of $4,066,873 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $17,938,791. |
(a) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
(b) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $690,237, which is 0.4% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
At November 30, 2015, open futures contracts purchased were as follows:
Contract Description |
Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||||||
DAX Index Future |
1 | $ | 300,548 | 12/18/2015 | $ | 31,710 |
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 24,263,160 | USD | 26,811,277 | $ | 1,176,124 | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 36,219,854 | USD | 40,024,025 | 1,756,071 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | EUR | 32,750,454 | USD | 36,188,367 | 1,585,994 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 1,084,000 | USD | 1,194,883 | 49,587 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 17,433,000 | USD | 19,263,221 | 844,448 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | EUR | 31,158,884 | USD | 34,431,876 | 1,511,070 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 810,000 | USD | 892,960 | 37,158 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 355,641 | USD | 392,990 | 17,239 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 22,248,789 | EUR | 21,065,936 | 8,350 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 4,562,488 | EUR | 4,128,874 | (200,141 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 40,024,025 | EUR | 37,896,156 | 15,021 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 36,188,367 | EUR | 34,264,420 | 13,581 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 2,382,743 | EUR | 2,223,000 | (34,040 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 18,075,362 | EUR | 17,114,389 | 6,783 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 34,431,876 | EUR | 32,601,312 | 12,922 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,056,215 | EUR | 964,100 | (37,599 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 229,736 | EUR | 217,522 | 86 | ||||||||||||
Bank of Montreal |
1/5/2016 | EUR | 21,043,023 | USD | 22,248,789 | (12,132 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | EUR | 37,854,221 | USD | 40,024,025 | (21,067 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | EUR | 34,227,799 | USD | 36,188,367 | (20,418 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 17,095,612 | USD | 18,075,362 | (9,685 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 4,575,000 | USD | 4,836,974 | (2,811 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | EUR | 32,564,620 | USD | 34,431,876 | (17,472 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | EUR | 217,280 | USD | 229,736 | (120 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | USD | 487,602 | EUR | 461,000 | 79 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 6,679,028 | ||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro | |
USD | U.S. Dollar |
See Notes to Financial Statements. | 86 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** |
$ | 148,082,001 | $ | | $ | | $ | 148,082,001 | ||||||||
Preferred Stocks** |
8,399,789 | | | 8,399,789 | ||||||||||||
Securities Lending Collateral |
713,337 | | | 713,337 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 7,034,513 | | 7,034,513 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (355,485 | ) | | (355,485 | ) | ||||||||||
Unrealized Appreciation on Futures Contracts |
31,710 | | | 31,710 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 157,226,837 | $ | 6,679,028 | $ | | $ | 163,905,865 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 87 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 88 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 89 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 90 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $1,882,072,884. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $18,582,155. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $102,382,018 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $83,799,863. |
(a) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $18,320,901, which is 1.0% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: Real Estate Investment Trust.
As of November 30, 2015, the Fund had the following futures contracts open:
Contract Description |
Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||||||
TOPIX Index Futures |
17 | $ | 2,184,728 | 12/10/2015 | $ | 195,461 |
See Notes to Financial Statements. | 91 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/3/2015 | JPY | 732,519,500 | USD | 5,971,179 | $ | 19,801 | |||||||||||
Bank of Montreal |
12/3/2015 | JPY | 486,462,000 | USD | 3,966,516 | 14,241 | ||||||||||||
Bank of Montreal |
12/3/2015 | JPY | 52,415,869,859 | USD | 434,461,873 | 8,607,513 | ||||||||||||
Bank of Montreal |
12/3/2015 | JPY | 475,838,000 | USD | 3,908,478 | 42,517 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 970,084,500 | USD | 7,877,195 | (4,286 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 2,392,194,500 | USD | 19,827,062 | 391,604 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 847,897,500 | USD | 6,870,629 | (18,140 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 732,519,500 | USD | 5,969,284 | 17,907 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 817,197,000 | USD | 6,769,779 | 130,437 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 942,054,000 | USD | 7,750,437 | 96,690 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 23,849,782,000 | USD | 197,676,448 | 3,908,154 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 12,650,660,110 | USD | 104,856,380 | 2,075,700 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | JPY | 39,386,025,508 | USD | 326,440,499 | 6,447,514 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | JPY | 43,110,264,557 | USD | 357,330,067 | 7,079,386 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | JPY | 2,392,194,500 | USD | 19,825,747 | 390,289 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | JPY | 942,054,000 | USD | 7,750,035 | 96,288 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | JPY | 591,662,322 | USD | 4,903,956 | 96,977 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | JPY | 997,060,100 | USD | 8,201,180 | 100,534 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | JPY | 970,084,500 | USD | 7,877,132 | (4,350 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | JPY | 39,653,652,643 | USD | 328,672,275 | 6,504,945 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | JPY | 847,897,500 | USD | 6,870,128 | (18,641 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 448,308,045 | JPY | 55,266,833,034 | 709,053 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 357,597,215 | JPY | 44,084,584,649 | 569,360 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 326,440,499 | JPY | 40,243,584,699 | 519,753 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 384,905,849 | JPY | 47,451,193,110 | 612,840 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 6,492,365 | JPY | 800,370,260 | 10,268 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 6,612,772 | JPY | 804,609,000 | (75,701 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 343,419,535 | JPY | 42,336,760,265 | 546,786 | ||||||||||||
Bank of Montreal |
1/6/2016 | JPY | 55,194,565,777 | USD | 448,308,045 | (705,763 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/6/2016 | JPY | 5,438,127,000 | USD | 44,167,493 | (72,263 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/6/2016 | JPY | 44,028,084,289 | USD | 357,597,215 | (576,050 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | JPY | 40,194,945,065 | USD | 326,440,499 | (549,760 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | JPY | 47,390,301,005 | USD | 384,905,849 | (619,415 | ) | |||||||||||
The Bank of New York Mellon |
1/6/2016 | JPY | 799,394,458 | USD | 6,492,365 | (10,797 | ) | |||||||||||
The Bank of Nova Scotia |
1/6/2016 | JPY | 42,281,641,430 | USD | 343,419,535 | (546,227 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/6/2016 | USD | 8,021,232 | JPY | 986,395,000 | 3,199 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 35,790,363 | ||||||||||||||||
|
|
Currency Abbreviations
JPY Japanese Yen
USD U.S. Dollar
For information on the Funds policy and additional disclosures regarding 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
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks** |
$ | 1,881,331,509 | $ | | $ | | $ | 1,881,331,509 | ||||||||
Securities Lending Collateral |
19,323,530 | | | 19,323,530 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 38,991,756 | | 38,991,756 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (3,201,393 | ) | | (3,201,393 | ) | ||||||||||
Unrealized Appreciation on Futures Contracts |
195,461 | | | 195,461 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investment |
$ | 1,900,850,500 | $ | 35,790,363 | $ | | $ | 1,936,640,863 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 93 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 94 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $5,917,115. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $806,348. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $170,985 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $977,333. |
(a) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $598,270, which is 13.4% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
REIT: Real Estate Investment Trust.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/3/2015 | MXN | 3,454,000 | USD | 208,483 | $ | 183 | |||||||||||
Bank of Montreal |
12/3/2015 | MXN | 90,682 | USD | 5,460 | (8 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | MXN | 412,000 | USD | 24,877 | 31 | ||||||||||||
Bank of Montreal |
12/3/2015 | MXN | 28,727,976 | USD | 1,734,362 | 1,871 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | MXN | 43,567,080 | USD | 2,629,948 | 2,559 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | MXN | 75,100 | USD | 4,547 | 18 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 7,983 | MXN | 132,227 | (9 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 1,947,571 | MXN | 32,343,315 | 2,949 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 12,168 | MXN | 200,000 | (107 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 2,629,948 | MXN | 43,672,896 | 3,823 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 10,007 | MXN | 166,500 | 34 | ||||||||||||
Bank of Montreal |
1/6/2016 | MXN | 32,414,206 | USD | 1,947,571 | (2,538 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | MXN | 43,772,834 | USD | 2,629,948 | (3,521 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | USD | 32,332 | MXN | 538,000 | 35 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 17,033 | MXN | 283,000 | (7 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | USD | 5,460 | MXN | 90,881 | 7 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 5,320 | ||||||||||||||||
|
|
Currency Abbreviations
MXN | Mexican Peso | |
USD | U.S. Dollar |
For information on the Funds 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. | 95 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** |
$ | 4,461,290 | $ | | $ | | $ | 4,461,290 | ||||||||
Securities Lending Collateral |
649,477 | | | 649,477 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 11,510 | | 11,510 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (6,190 | ) | | (6,190 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 5,110,767 | $ | 5,320 | $ | | $ | 5,116,087 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 96 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 97 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $113,874,378. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $4,629,250. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $10,947,561 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $6,318,311. |
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/3/2015 | KRW | 33,081,316,000 | USD | 28,573,799 | $ | 10,233 | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | KRW | 84,407,896,340 | USD | 73,915,580 | 1,034,848 | ||||||||||||
RBC Capital Markets |
12/3/2015 | KRW | 8,227,044,000 | USD | 7,205,644 | 102,126 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | KRW | 272,037,000 | USD | 237,795 | 2,908 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | KRW | 69,659,093,000 | USD | 60,976,097 | 829,998 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | KRW | 8,865,098,000 | USD | 7,760,065 | 105,629 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 4,586,832 | KRW | 5,190,000,000 | (105,604 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 24,415,309 | KRW | 27,891,316,000 | (332,970 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 73,017,211 | KRW | 84,407,896,340 | (136,479 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 7,106,738 | KRW | 8,227,044,000 | (3,220 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 68,099,205 | KRW | 78,796,228,000 | (63,784 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | KRW | 84,407,896,340 | USD | 72,919,439 | 117,713 | ||||||||||||
RBC Capital Markets |
1/6/2016 | KRW | 8,227,044,000 | USD | 7,097,786 | 1,969 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | KRW | 78,796,228,000 | USD | 68,015,734 | 54,066 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | KRW | 455,493,000 | USD | 393,175 | 312 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 28,547,908 | KRW | 33,081,316,000 | (15,306 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 528,662 | KRW | 613,285,000 | 296 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 1,602,735 | ||||||||||||||||
|
|
Currency Abbreviations
KRW | South Korean Won | |
USD | U.S. Dollar |
See Notes to Financial Statements. | 98 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** |
$ | 114,070,734 | $ | | $ | | $ | 114,070,734 | ||||||||
Preferred Stocks** |
4,432,894 | | | 4,432,894 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 2,260,098 | | 2,260,098 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (657,363 | ) | | (657,363 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
$ | 118,503,628 | $ | 1,602,735 | $ | | $ | 120,106,363 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 99 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 100 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $5,011,689. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $542,002. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $388,984 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $930,986. |
(a) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $8,673, which is 0.2% of net assets. |
(b) | Listed on London Stock Exchange. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
CDI: Chess Depositary Interest.
REIT: Real Estate Investment Trust.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See Notes to Financial Statements. | 101 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/2/2015 | GBP | 28,000 | USD | 43,285 | $ | 1,115 | |||||||||||
Bank of Montreal |
12/2/2015 | GBP | 229,000 | USD | 353,584 | 8,689 | ||||||||||||
Bank of Montreal |
12/2/2015 | GBP | 972,538 | USD | 1,501,710 | 36,978 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | GBP | 1,715,170 | USD | 2,648,316 | 65,113 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | GBP | 3,849 | USD | 5,943 | 146 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | GBP | 25,300 | USD | 38,995 | 891 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 1,898,579 | GBP | 1,261,263 | 999 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 2,648,316 | GBP | 1,759,328 | 1,394 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,387 | GBP | 1,585 | 1 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 42,552 | GBP | 27,600 | (983 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | GBP | 1,261,062 | USD | 1,898,579 | (1,040 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | GBP | 1,759,083 | USD | 2,648,316 | (1,503 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | GBP | 1,585 | USD | 2,387 | (1 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | USD | 45,170 | GBP | 30,000 | 21 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 111,820 | ||||||||||||||||
|
|
Currency Abbreviations
GBP | Pound Sterling | |
USD | U.S. Dollar |
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Investment in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks** |
$ | 4,453,393 | $ | | $ | | $ | 4,453,393 | ||||||||
Rights** |
1,769 | | | 1,769 | ||||||||||||
Securities Lending Collateral |
14,525 | | | 14,525 | ||||||||||||
Other Financial Instruments | ||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 115,347 | | 115,347 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (3,527 | ) | | (3,527 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL INVESTMENTS |
$ | 4,469,687 | $ | 111,820 | $ | | $ | 4,581,507 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
** | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 102 |
This Page is Intentionally Left Blank
103
DBX ETF Trust
Statements of assets and liabilities
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
||||||||||
Assets |
||||||||||||
Investments in non-affiliated securities at fair value |
$ | 63,934,488 | $ | 9,472,622 | $ | 3,526,683 | ||||||
Investment in affiliated securities at fair value (See Note 5) |
126,497 | | | |||||||||
Investment in Daily Assets Fund* |
1,112,028 | 56,466 | | |||||||||
Cash |
3,328 | 1,081 | | |||||||||
Foreign currency at value |
112,438 | 6,386 | 1,060 | |||||||||
Unrealized appreciation on forward foreign currency contracts |
1,669,575 | 54,782 | 58,968 | |||||||||
Receivables: | ||||||||||||
Investment securities sold |
878,099 | 365,867 | 32,515 | |||||||||
Dividends |
138,032 | 21,264 | 10,603 | |||||||||
Interest |
3,048 | 308 | | |||||||||
Foreign tax reclaim |
29,734 | | | |||||||||
|
|
|
|
|
|
|||||||
Total Assets |
$ | 68,007,267 | $ | 9,978,776 | $ | 3,629,829 | ||||||
|
|
|
|
|
|
|||||||
Liabilities |
||||||||||||
Due to custodian |
$ | | $ | | $ | 12,540 | ||||||
Payable upon return of securities loaned |
1,112,028 | 56,466 | | |||||||||
Unrealized depreciation on forward foreign currency contracts |
174,352 | 48,961 | 53,635 | |||||||||
Payables: | ||||||||||||
Investment securities purchased |
2,415,807 | 411,520 | 61,027 | |||||||||
Investment advisory fees |
21,046 | 4,736 | 1,637 | |||||||||
|
|
|
|
|
|
|||||||
Total Liabilities |
3,723,233 | 521,683 | 128,839 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 64,284,034 | $ | 9,457,093 | $ | 3,500,990 | ||||||
|
|
|
|
|
|
|||||||
Net Assets Consist of |
||||||||||||
Paid-in capital |
$ | 67,510,090 | $ | 10,388,860 | $ | 9,849,689 | ||||||
Undistributed net investment income |
502,307 | 146,859 | 30,928 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
(43,163 | ) | 81,980 | (5,075,656 | ) | |||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
(3,685,200 | ) | (1,160,606 | ) | (1,303,971 | ) | ||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 64,284,034 | $ | 9,457,093 | $ | 3,500,990 | ||||||
|
|
|
|
|
|
|||||||
Number of Common Shares outstanding |
2,650,001 | 400,001 | 400,800 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets Value |
$ | 24.26 | $ | 23.64 | $ | 8.74 | ||||||
|
|
|
|
|
|
|||||||
Investments in non-affiliated securities at cost |
$ | 69,091,612 | $ | 10,639,392 | $ | 4,833,541 | ||||||
|
|
|
|
|
|
|||||||
Investments in affiliated securities at cost |
$ | 147,703 | $ | | $ | | ||||||
|
|
|
|
|
|
|||||||
Value of securities loaned |
$ | 1,047,227 | $ | 52,741 | $ | | ||||||
|
|
|
|
|
|
|||||||
Investment in Daily Assets Fund at cost |
$ | 1,112,028 | $ | 56,466 | $ | | ||||||
|
|
|
|
|
|
|||||||
Foreign currency at cost |
$ | 112,576 | $ | 6,361 | $ | 1,030 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 104 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
||||||||||
Assets |
||||||||||||
Investments in non-affiliated securities at fair value |
$ | 153,734,831 | $ | 3,896,720,140 | $ | 62,183,419 | ||||||
Investment in affiliated securities at fair value (See Note 5) |
| 16,943,498 | 513,741 | |||||||||
Investment in Daily Assets Fund* |
2,599,528 | 120,222,183 | 3,081,428 | |||||||||
Cash |
| 3,192,781 | 228,671 | |||||||||
Foreign currency at value |
85,064 | 1,505,696 | 28,555 | |||||||||
Unrealized appreciation on forward foreign currency contracts |
2,091,202 | 146,386,027 | 2,512,098 | |||||||||
Unrealized appreciation on future contracts |
3,360 | | | |||||||||
Deposit with broker for futures contracts |
8,045 | | | |||||||||
Receivables: | ||||||||||||
Investment securities sold |
5,449,932 | 4,018,877 | 305,324 | |||||||||
Capital shares |
41,191 | 593,604 | | |||||||||
Dividends |
81,994 | 6,155,818 | 10,214 | |||||||||
Interest |
2,726 | 340,962 | 5,157 | |||||||||
Foreign tax reclaim |
4,777 | 2,893,595 | 24,171 | |||||||||
|
|
|
|
|
|
|||||||
Total Assets |
$ | 164,102,650 | $ | 4,198,973,181 | $ | 68,892,778 | ||||||
|
|
|
|
|
|
|||||||
Liabilities |
||||||||||||
Due to custodian |
$ | 256,477 | $ | | $ | | ||||||
Payable upon return of securities loaned |
2,599,528 | 120,222,183 | 3,081,428 | |||||||||
Unrealized depreciation on forward foreign currency contracts |
776,509 | 6,142,410 | 52,789 | |||||||||
Payables: | ||||||||||||
Investment securities purchased |
6,512,362 | 150,312,255 | 2,921,069 | |||||||||
Capital shares |
2,988 | 15 | | |||||||||
Investment advisory fees |
84,059 | 1,399,588 | 21,237 | |||||||||
|
|
|
|
|
|
|||||||
Total Liabilities |
10,231,923 | 278,076,451 | 6,076,523 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 153,870,727 | $ | 3,920,896,730 | $ | 62,816,255 | ||||||
|
|
|
|
|
|
|||||||
Net Assets Consist of |
||||||||||||
Paid-in capital |
$ | 183,322,648 | $ | 3,956,138,738 | $ | 61,077,006 | ||||||
Undistributed net investment income |
2,314,004 | 12,414,824 | 113,049 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
(5,832,761 | ) | (36,683,522 | ) | (310,380 | ) | ||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
(25,933,164 | ) | (10,973,310 | ) | 1,936,580 | |||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 153,870,727 | $ | 3,920,896,730 | $ | 62,816,255 | ||||||
|
|
|
|
|
|
|||||||
Number of Common Shares outstanding |
8,050,800 | 144,150,001 | 2,250,001 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets Value |
$ | 19.11 | $ | 27.20 | $ | 27.92 | ||||||
|
|
|
|
|
|
|||||||
Investments in non-affiliated securities at cost |
$ | 180,980,592 | $ | 4,044,151,283 | $ | 62,615,891 | ||||||
|
|
|
|
|
|
|||||||
Investments in affiliated securities at cost |
$ | | $ | 20,442,643 | $ | 602,143 | ||||||
|
|
|
|
|
|
|||||||
Value of securities loaned |
$ | 2,327,449 | $ | 95,843,583 | $ | 2,931,340 | ||||||
|
|
|
|
|
|
|||||||
Investment in Daily Assets Fund at cost |
$ | 2,599,528 | $ | 120,222,183 | $ | 3,081,428 | ||||||
|
|
|
|
|
|
|||||||
Foreign currency at cost |
$ | 83,536 | $ | 1,510,906 | $ | 28,739 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 105 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
||||||||||
Assets |
||||||||||||
Investments in non-affiliated securities at fair value |
$ | 151,677,593 | $ | 1,881,331,509 | $ | 4,461,290 | ||||||
Investment in affiliated securities at fair value (See Note 5) |
4,804,197 | | | |||||||||
Investment in Daily Assets Fund* |
713,337 | 19,323,530 | 649,477 | |||||||||
Cash |
| 4,033,415 | 3,593 | |||||||||
Foreign currency at value |
94 | 3,445,439 | 4,521 | |||||||||
Unrealized appreciation on forward foreign currency contracts |
7,034,513 | 38,991,756 | 11,510 | |||||||||
Unrealized appreciation on future contracts |
30,838 | 193,477 | | |||||||||
Deposit with broker for futures contracts |
3,357 | | | |||||||||
Receivables: | ||||||||||||
Investment securities sold |
| 3,320,629 | 43,045 | |||||||||
Dividends |
| 6,254,008 | 883 | |||||||||
Interest |
227 | 13,550 | 71 | |||||||||
Foreign tax reclaim |
502,226 | 1,532,902 | | |||||||||
|
|
|
|
|
|
|||||||
Total Assets |
$ | 164,766,382 | $ | 1,958,440,215 | $ | 5,174,390 | ||||||
|
|
|
|
|
|
|||||||
Liabilities |
||||||||||||
Due to custodian |
$ | 208,268 | $ | | $ | | ||||||
Payable upon return of securities loaned |
713,337 | 19,323,530 | 649,477 | |||||||||
Unrealized depreciation on forward foreign currency contracts |
355,485 | 3,201,393 | 6,190 | |||||||||
Due to broker for future contracts |
| 135,467 | | |||||||||
Payables: | ||||||||||||
Investment securities purchased |
6,070,013 | 39,152,523 | 60,523 | |||||||||
Investment advisory fees |
56,305 | 688,807 | 1,868 | |||||||||
|
|
|
|
|
|
|||||||
Total Liabilities |
7,403,408 | 62,501,720 | 718,058 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 157,362,974 | $ | 1,895,938,495 | $ | 4,456,332 | ||||||
|
|
|
|
|
|
|||||||
Net Assets Consist of |
||||||||||||
Paid-in capital |
$ | 171,888,137 | $ | 1,842,996,928 | $ | 5,033,131 | ||||||
Undistributed net investment income (loss) |
(770,522 | ) | 7,823,859 | 42,960 | ||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
(7,826,968 | ) | (27,209,744 | ) | 151,228 | |||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
(5,927,673 | ) | 72,327,452 | (770,987 | ) | |||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 157,362,974 | $ | 1,895,938,495 | $ | 4,456,332 | ||||||
|
|
|
|
|
|
|||||||
Number of Common Shares outstanding |
6,100,800 | 47,000,800 | 200,001 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets Value |
$ | 25.79 | $ | 40.34 | $ | 22.28 | ||||||
|
|
|
|
|
|
|||||||
Investments in non-affiliated securities at cost |
$ | 162,839,977 | $ | 1,844,751,987 | $ | 5,237,589 | ||||||
|
|
|
|
|
|
|||||||
Investments in affiliated securities at cost |
$ | 6,229,061 | $ | | $ | | ||||||
|
|
|
|
|
|
|||||||
Value of securities loaned |
$ | 690,237 | $ | 18,320,901 | $ | 598,270 | ||||||
|
|
|
|
|
|
|||||||
Investment in Daily Assets Fund at cost |
$ | 713,337 | $ | 19,323,530 | $ | 649,477 | ||||||
|
|
|
|
|
|
|||||||
Foreign currency at cost |
$ | 96 | $ | 3,451,371 | $ | 4,529 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 106 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
|||||||
Assets |
||||||||
Investments in non-affiliated securities at fair value |
$ | 118,503,628 | $ | 4,455,162 | ||||
Investment in Daily Assets Fund* |
| 14,525 | ||||||
Cash |
11,924 | 3,545 | ||||||
Foreign currency at value |
22 | 5,612 | ||||||
Unrealized appreciation on forward foreign currency contracts |
2,260,098 | 115,347 | ||||||
Receivables: | ||||||||
Investment securities sold |
2,330,554 | 4,830 | ||||||
Dividends |
| 22,277 | ||||||
Interest |
| 443 | ||||||
Foreign tax reclaim |
| 6 | ||||||
|
|
|
|
|||||
Total Assets |
$ | 123,106,226 | $ | 4,621,747 | ||||
|
|
|
|
|||||
Liabilities |
||||||||
Payable upon return of securities loaned |
$ | | $ | 14,525 | ||||
Unrealized depreciation on forward foreign currency contracts |
657,363 | 3,527 | ||||||
Payables: | ||||||||
Investment securities purchased |
3,453,896 | 107,404 | ||||||
Investment advisory fees |
57,367 | 1,643 | ||||||
|
|
|
|
|||||
Total Liabilities |
4,168,626 | 127,099 | ||||||
|
|
|
|
|||||
Net Assets |
$ | 118,937,600 | $ | 4,494,648 | ||||
|
|
|
|
|||||
Net Assets Consist of |
||||||||
Paid-in capital |
$ | 130,461,713 | $ | 5,025,321 | ||||
Undistributed net investment income (loss) |
(1,082,314 | ) | 41,586 | |||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
(20,113,477 | ) | (220,848 | ) | ||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
9,671,678 | (351,411 | ) | |||||
|
|
|
|
|||||
Net Assets |
$ | 118,937,600 | $ | 4,494,648 | ||||
|
|
|
|
|||||
Number of Common Shares outstanding |
5,200,001 | 200,001 | ||||||
|
|
|
|
|||||
Net Assets Value |
$ | 22.87 | $ | 22.47 | ||||
|
|
|
|
|||||
Investments in non-affiliated securities at cost |
$ | 110,434,684 | $ | 4,918,060 | ||||
|
|
|
|
|||||
Value of securities loaned |
$ | | $ | 8,673 | ||||
|
|
|
|
|||||
Investment in Daily Assets Fund at cost |
$ | | $ | 14,525 | ||||
|
|
|
|
|||||
Foreign currency at cost |
$ | 22 | $ | 5,631 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 107 |
DBX ETF Trust
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
||||||||||
Investment Income |
||||||||||||
Unaffiliated dividend income* |
$ | 708,710 | $ | 179,871 | $ | 46,465 | ||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates |
18,538 | 1,566 | | |||||||||
|
|
|
|
|
|
|||||||
Total investment income |
727,248 | 181,437 | 46,465 | |||||||||
|
|
|
|
|
|
|||||||
Expenses |
||||||||||||
Investment advisory fees |
120,567 | 29,636 | 11,782 | |||||||||
|
|
|
|
|
|
|||||||
Total Expenses |
120,567 | 29,636 | 11,782 | |||||||||
|
|
|
|
|
|
|||||||
Net Investment Income |
606,681 | 151,801 | 34,683 | |||||||||
|
|
|
|
|
|
|||||||
Realized and Unrealized Gain (Loss) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments |
(549,044 | ) | (124,545 | ) | (1,369,448 | ) | ||||||
Investments in affiliates |
(15,154 | ) | | | ||||||||
Foreign currency transactions |
1,664,000 | 464,046 | 742,417 | |||||||||
|
|
|
|
|
|
|||||||
Net realized gain (loss) |
1,099,802 | 339,501 | (627,031 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments |
(6,805,874 | ) | (1,744,909 | ) | 3,964 | |||||||
Foreign currency translations |
624,528 | (160,739 | ) | (301,661 | ) | |||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) |
(6,181,346 | ) | (1,905,648 | ) | (297,697 | ) | ||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized loss on investments, futures, and foreign currency transactions |
(5,081,544 | ) | (1,566,147 | ) | (924,728 | ) | ||||||
|
|
|
|
|
|
|||||||
Net Decrease in Net Assets Resulting from Operations |
$ | (4,474,863 | ) | $ | (1,414,346 | ) | $ | (890,045 | ) | |||
|
|
|
|
|
|
|||||||
* Unaffiliated foreign tax withheld |
$ | 64,459 | $ | 14,091 | $ | 3,206 |
See Notes to Financial Statements. | 108 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
||||||||||
Investment Income |
||||||||||||
Unaffiliated dividend income* |
$ | 3,210,925 | $ | 29,002,199 | $ | 212,320 | ||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates |
31,384 | 1,020,850 | 14,227 | |||||||||
|
|
|
|
|
|
|||||||
Total investment income |
3,242,309 | 30,023,049 | 226,547 | |||||||||
|
|
|
|
|
|
|||||||
Expenses |
||||||||||||
Investment advisory fees |
618,189 | 6,865,684 | 76,151 | |||||||||
|
|
|
|
|
|
|||||||
Total Expenses |
618,189 | 6,865,684 | 76,151 | |||||||||
|
|
|
|
|
|
|||||||
Net Investment Income |
2,624,120 | 23,157,365 | 150,396 | |||||||||
|
|
|
|
|
|
|||||||
Realized and Unrealized Gain (Loss) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments |
(12,864,449 | ) | (26,840,037 | ) | (173,911 | ) | ||||||
Investments in affiliates |
| (184,492 | ) | (2,430 | ) | |||||||
In-kind redemptions |
877,671 | | | |||||||||
Futures contracts |
(24,560 | ) | | | ||||||||
Foreign currency transactions |
11,593,395 | 45,718,748 | 758,933 | |||||||||
|
|
|
|
|
|
|||||||
Net realized gain (loss) |
(417,943 | ) | 18,694,219 | 582,592 | ||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments |
(30,713,759 | ) | (197,008,643 | ) | (602,014 | ) | ||||||
Futures contracts |
(8,500 | ) | | | ||||||||
Foreign currency translations |
(2,195,745 | ) | 106,590,448 | 2,018,924 | ||||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) |
(32,918,004 | ) | (90,418,195 | ) | 1,416,910 | |||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions |
(33,335,947 | ) | (71,723,976 | ) | 1,999,502 | |||||||
|
|
|
|
|
|
|||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (30,711,827 | ) | $ | (48,566,611 | ) | $ | 2,149,898 | ||||
|
|
|
|
|
|
|||||||
* Unaffiliated foreign tax withheld |
$ | 439,931 | $ | 1,748,524 | $ | 30,352 |
See Notes to Financial Statements. | 109 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
||||||||||
Investment Income |
||||||||||||
Unaffiliated dividend income* |
$ | (17,521 | ) | $ | 11,535,759 | $ | 56,278 | |||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates |
3,160 | 83,140 | 204 | |||||||||
|
|
|
|
|
|
|||||||
Total Investment Income |
(14,361 | ) | 11,618,899 | 56,482 | ||||||||
|
|
|
|
|
|
|||||||
Expenses |
||||||||||||
Investment advisory fees |
398,079 | 3,273,489 | 12,204 | |||||||||
|
|
|
|
|
|
|||||||
Total Expenses |
398,079 | 3,273,489 | 12,204 | |||||||||
|
|
|
|
|
|
|||||||
Net Investment Income (Loss) |
(412,440 | ) | 8,345,410 | 44,278 | ||||||||
|
|
|
|
|
|
|||||||
Realized and Unrealized Gain (Loss) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments |
(1,834,851 | ) | (13,791,518 | ) | (153,384 | ) | ||||||
Investments in affiliates |
(345,305 | ) | | | ||||||||
In-kind redemptions |
(440,170 | ) | 927,606 | (49,927 | ) | |||||||
Futures contracts |
(50,512 | ) | (107,479 | ) | | |||||||
Foreign currency transactions |
2,466,115 | 4,253,768 | 341,898 | |||||||||
|
|
|
|
|
|
|||||||
Net realized gain (loss) |
(204,723 | ) | (8,717,623 | ) | 138,587 | |||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments |
(6,272,589 | ) | (58,547,326 | ) | (299,415 | ) | ||||||
Futures contracts |
48,061 | (12,602 | ) | | ||||||||
Foreign currency translations |
1,939,553 | (5,368,917 | ) | 2,659 | ||||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) |
(4,284,975 | ) | (63,928,845 | ) | (296,756 | ) | ||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized loss on investments, futures, and foreign currency transactions |
(4,489,698 | ) | (72,646,468 | ) | (158,169 | ) | ||||||
|
|
|
|
|
|
|||||||
Net decrease in Net Assets Resulting from Operations |
$ | (4,902,138 | ) | $ | (64,301,058 | ) | $ | (113,891 | ) | |||
|
|
|
|
|
|
|||||||
* Unaffiliated foreign tax withheld |
$ | 105,032 | $ | 1,283,377 | $ | 572 |
See Notes to Financial Statements. | 110 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
|||||||
Investment Income |
||||||||
Unaffiliated dividend income* |
$ | 93,628 | $ | 88,341 | ||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates |
| 1,047 | ||||||
|
|
|
|
|||||
Total Investment Income |
93,628 | 89,388 | ||||||
|
|
|
|
|||||
Expenses |
||||||||
Investment advisory fees |
386,141 | 10,264 | ||||||
|
|
|
|
|||||
Total Expenses |
386,141 | 10,264 | ||||||
|
|
|
|
|||||
Net Investment Income (Loss) |
(292,513 | ) | 79,124 | |||||
|
|
|
|
|||||
Realized and Unrealized Gain (Loss) |
||||||||
Net realized gain (loss) from: |
||||||||
Investments |
(19,351,034 | ) | (96,358 | ) | ||||
Foreign currency transactions |
9,285,160 | (41,584 | ) | |||||
|
|
|
|
|||||
Net realized (loss) |
(10,065,874 | ) | (137,942 | ) | ||||
Net change in unrealized appreciation (depreciation) on: |
||||||||
Investments |
1,298,450 | (424,583 | ) | |||||
Foreign currency translations |
(3,586,495 | ) | 85,420 | |||||
|
|
|
|
|||||
Net change in unrealized appreciation (depreciation) |
(2,288,045 | ) | (339,163 | ) | ||||
|
|
|
|
|||||
Net realized and unrealized loss on investments and foreign currency transactions |
(12,353,919 | ) | (477,105 | ) | ||||
|
|
|
|
|||||
Net decrease in Net Assets Resulting from Operations |
$ | (12,646,432 | ) | $ | (397,981 | ) | ||
|
|
|
|
|||||
* Unaffiliated foreign tax withheld |
$ | 29,437 | $ | 1,168 |
See Notes to Financial Statements. | 111 |
DBX ETF Trust
Statements of changes in net assets
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
|||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income |
$ | 606,681 | $ | 614,758 | $ | 151,801 | $ | 189,378 | ||||||||
Net realized gain (loss) |
1,099,802 | (31,374 | ) | 339,501 | 169,540 | |||||||||||
Net change in unrealized appreciation (depreciation) |
(6,181,346 | ) | 2,363,949 | (1,905,648 | ) | 388,805 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations. |
(4,474,863 | ) | 2,947,333 | (1,414,346 | ) | 747,723 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from |
||||||||||||||||
Net investment income |
(1,439,100 | ) | (363,724 | ) | (289,973 | ) | (323,116 | ) | ||||||||
Net realized gains |
| (7,810 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
(1,439,100 | ) | (371,534 | ) | (289,973 | ) | (323,116 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
23,167,348 | 39,333,293 | | 4,120,508 | ||||||||||||
Value of shares redeemed |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase in net assets resulting from fund share transactions |
23,167,348 | 39,333,293 | | 4,120,508 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total increase (decrease) in Net Assets |
17,253,385 | 41,909,092 | (1,704,319 | ) | 4,545,115 | |||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
47,030,649 | 5,121,557 | 11,161,412 | 6,616,297 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 64,284,034 | $ | 47,030,649 | $ | 9,457,093 | $ | 11,161,412 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Undistributed net investment income |
$ | 502,307 | $ | 1,334,726 | $ | 146,859 | $ | 285,031 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
1,750,001 | 200,001 | 400,001 | 250,001 | ||||||||||||
Shares sold |
900,000 | 1,550,000 | | 150,000 | ||||||||||||
Shares redeemed |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
2,650,001 | 1,750,001 | 400,001 | 400,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 112 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
|||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income |
$ | 34,683 | $ | 202,521 | $ | 2,624,120 | $ | 1,374,039 | ||||||||
Net realized gain (loss) |
(627,031 | ) | (532,624 | ) | (417,943 | ) | (1,307,463 | ) | ||||||||
Net change in unrealized appreciation (depreciation) |
(297,697 | ) | (811,160 | ) | (32,918,004 | ) | 5,663,153 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations. |
(890,045 | ) | (1,141,263 | ) | (30,711,827 | ) | 5,729,729 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from |
||||||||||||||||
Net investment income |
(1,041,199 | ) | (243,907 | ) | (3,543,741 | ) | (956,998 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
(1,041,199 | ) | (243,907 | ) | (3,543,741 | ) | (956,998 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
1,580,238 | 10,339,307 | | 210,396,502 | ||||||||||||
Value of shares redeemed |
(2,674,488 | ) | (8,221,419 | ) | (56,415,784 | ) | | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
(1,094,250 | ) | 2,117,888 | (56,415,784 | ) | 210,396,502 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Net increase (decrease) in Net Assets |
(3,025,494 | ) | 732,718 | (90,671,352 | ) | 215,169,233 | ||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
6,526,484 | 5,793,766 | 244,542,079 | 29,372,846 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 3,500,990 | $ | 6,526,484 | $ | 153,870,727 | $ | 244,542,079 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Undistributed net investment income |
$ | 30,928 | $ | 1,037,444 | $ | 2,314,004 | $ | 3,233,625 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
500,800 | 400,800 | 10,900,800 | 1,350,800 | ||||||||||||
Shares sold |
150,000 | 700,000 | | 9,550,000 | ||||||||||||
Shares redeemed |
(250,000 | ) | (600,000 | ) | (2,850,000 | ) | | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
400,800 | 500,800 | 8,050,800 | 10,900,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 113 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
|||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Six Months Ended November 30, 2015 (Unaudited) |
For the Period December 10, 2014(1) to May 31, 2015 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income |
$ | 23,157,365 | $ | 43,275,210 | $ | 150,396 | $ | 318,178 | ||||||||
Net realized gain (loss) |
18,694,219 | 28,985,989 | 582,592 | (291,227 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) |
(90,418,195 | ) | 75,976,111 | 1,416,910 | 519,670 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations. |
(48,566,611 | ) | 148,237,310 | 2,149,898 | 546,621 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from |
||||||||||||||||
Net investment income |
(113,603,486 | ) | (24,329,020 | ) | (957,602 | ) | | |||||||||
Net realized gains |
| (65,401 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
(113,603,486 | ) | (24,394,421 | ) | (957,602 | ) | | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
1,414,815,388 | 2,387,879,956 | 39,647,237 | 21,430,076 | ||||||||||||
Value of shares redeemed |
| (7,202,324 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase in net assets resulting from fund share transactions |
1,414,815,388 | 2,380,677,632 | 39,647,237 | 21,430,076 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total increase in Net Assets |
1,252,645,291 | 2,504,520,521 | 40,839,533 | 21,976,697 | ||||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
2,668,251,439 | 163,730,918 | 21,976,722 | 25 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 3,920,896,730 | $ | 2,668,251,439 | $ | 62,816,255 | $ | 21,976,722 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Undistributed net investment income |
$ | 12,414,824 | $ | 102,860,945 | $ | 113,049 | $ | 920,255 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
90,550,001 | 5,900,001 | 750,001 | 1 | ||||||||||||
Shares sold |
53,600,000 | 84,900,000 | 1,500,000 | 750,000 | ||||||||||||
Shares redeemed |
| (250,000 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
144,150,001 | 90,550,001 | 2,250,001 | 750,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of operations. |
See Notes to Financial Statements. | 114 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
|||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income (loss) |
$ | (412,440 | ) | $ | 4,266,017 | $ | 8,345,410 | $ | 8,953,553 | |||||||
Net realized gain (loss) |
(204,723 | ) | 2,718,383 | (8,717,623 | ) | 80,877,064 | ||||||||||
Net change in unrealized appreciation (depreciation) |
(4,284,975 | ) | (5,155,413 | ) | (63,928,845 | ) | 147,043,634 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations. |
(4,902,138 | ) | 1,828,987 | (64,301,058 | ) | 236,874,251 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from |
||||||||||||||||
Net investment income |
(10,235,065 | ) | (4,112,744 | ) | (43,147,928 | ) | (62,464,849 | ) | ||||||||
Net realized gains |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
(10,235,065 | ) | (4,112,744 | ) | (43,147,928 | ) | (62,464,849 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
9,797,088 | 192,112,959 | 744,827,504 | 697,274,666 | ||||||||||||
Value of shares redeemed |
(71,090,851 | ) | (1,130,265 | ) | (4,308,582 | ) | (49,970,009 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
(61,293,763 | ) | 190,982,694 | 740,518,922 | 647,304,657 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Net increase (decrease) in Net Assets |
(76,430,966 | ) | 188,698,937 | 633,069,936 | 821,714,059 | |||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
233,793,940 | 45,095,003 | 1,262,868,559 | 441,154,500 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 157,362,974 | $ | 233,793,940 | $ | 1,895,938,495 | $ | 1,262,868,559 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Undistributed net investment income |
$ | | $ | 9,876,983 | $ | 7,823,859 | $ | 42,626,377 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment loss |
$ | (770,522 | ) | $ | | $ | | $ | | |||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
8,550,800 | 1,700,800 | 28,350,800 | 12,450,800 | ||||||||||||
Shares sold |
400,000 | 6,900,000 | 18,750,000 | 17,200,000 | ||||||||||||
Shares redeemed |
(2,850,000 | ) | (50,000 | ) | (100,000 | ) | (1,300,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
6,100,800 | 8,550,800 | 47,000,800 | 28,350,800 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 115 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
|||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income (loss) |
$ | 44,278 | $ | 52,836 | $ | (292,513 | ) | $ | (190,237 | ) | ||||||
Net realized gain (loss) |
138,587 | 628,796 | (10,065,874 | ) | (10,413,006 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) |
(296,756 | ) | (440,876 | ) | (2,288,045 | ) | 11,756,072 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(113,891 | ) | 240,756 | (12,646,432 | ) | 1,152,829 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from |
||||||||||||||||
Net investment income |
(506,949 | ) | (36,482 | ) | | | ||||||||||
Net realized gains |
| (14,040 | ) | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
(506,949 | ) | (50,522 | ) | | | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
1,145,870 | | 89,248,048 | 249,685,690 | ||||||||||||
Value of shares redeemed |
(1,116,659 | ) | | (95,061,917 | ) | (118,455,955 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
29,211 | | (5,813,869 | ) | 131,229,735 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Net increase (decrease) in Net Assets |
(591,629 | ) | 190,234 | (18,460,301 | ) | 132,382,564 | ||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
5,047,961 | 4,857,727 | 137,397,901 | 5,015,337 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 4,456,332 | $ | 5,047,961 | $ | 118,937,600 | $ | 137,397,901 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Undistributed net investment income |
$ | 42,960 | $ | 505,631 | $ | | $ | | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment loss |
$ | | $ | | $ | (1,082,314) | $ | (789,801 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
200,001 | 200,001 | 5,650,001 | 200,001 | ||||||||||||
Shares sold |
50,000 | | 3,950,000 | 10,350,000 | ||||||||||||
Shares redeemed |
(50,000 | ) | | (4,400,000 | ) | (4,900,000 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
200,001 | 200,001 | 5,200,001 | 5,650,001 | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | 116 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
||||||||
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
|||||||
Increase (Decrease) in Net Assets from Operations |
||||||||
Net investment income |
$ | 79,124 | $ | 183,195 | ||||
Net realized gain (loss) |
(137,942 | ) | 356,306 | |||||
Net change in unrealized appreciation (depreciation) |
(339,163 | ) | (337,065 | ) | ||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations. |
(397,981 | ) | 202,436 | |||||
|
|
|
|
|||||
Distributions to Shareholders from |
||||||||
Net investment income |
(293,977 | ) | (316,148 | ) | ||||
Net realized gains |
| (4,896 | ) | |||||
|
|
|
|
|||||
Total distributions |
(293,977 | ) | (321,044 | ) | ||||
|
|
|
|
|||||
Fund Shares Transactions |
||||||||
Net increase in net assets resulting from fund share transactions |
| | ||||||
|
|
|
|
|||||
Total Decrease in Net Assets |
(691,958 | ) | (118,608 | ) | ||||
Net Assets |
||||||||
Beginning of period |
5,186,606 | 5,305,214 | ||||||
|
|
|
|
|||||
End of period |
$ | 4,494,648 | $ | 5,186,606 | ||||
|
|
|
|
|||||
Undistributed net investment income |
$ | 41,586 | $ | 256,438 | ||||
|
|
|
|
|||||
Changes in Shares Outstanding |
||||||||
Shares outstanding, beginning of period |
200,001 | 200,001 | ||||||
Shares sold |
| | ||||||
Shares redeemed |
| | ||||||
|
|
|
|
|||||
Shares outstanding, end of period |
200,001 | 200,001 | ||||||
|
|
|
|
See Notes to Financial Statements. | 117 |
DBX ETF Trust
For a Share outstanding throughout each period
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Period January 23, 2014* to May 31, 2014 |
|||||||||
Net Asset Value, beginning of period |
$ | 26.87 | $ | 25.61 | $ | 25.00 | ||||||
|
|
|
|
|
|
|||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income** |
0.25 | 0.96 | 0.45 | |||||||||
Net realized and unrealized gain (loss) |
(2.14 | ) | 2.16 | 0.16 | ||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net asset value from investment operations |
(1.89 | ) | 3.12 | 0.61 | ||||||||
|
|
|
|
|
|
|||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income |
(0.72 | ) | (1.82 | ) | | |||||||
Net realized gains |
| (0.04 | ) | | ||||||||
|
|
|
|
|
|
|||||||
Total distributions |
(0.72 | ) | (1.86 | ) | | |||||||
|
|
|
|
|
|
|||||||
Net Asset Value, end of period |
$ | 24.26 | $ | 26.87 | $ | 25.61 | ||||||
|
|
|
|
|
|
|||||||
Total Return*** |
(7.21 | )% | 13.01 | % | 2.44 | % | ||||||
Ratios/Supplemental Data |
||||||||||||
Net Assets, end of period (000s omitted) |
$ | 64,284 | $ | 47,031 | $ | 5,122 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.40 | % | ||||||
Net investment income |
2.01 | % | 3.70 | % | 5.18 | % | ||||||
Portfolio turnover rate |
8 | % | 24 | % | 3 | % | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Period October 1, 2013* to May 31, 2014 |
|||||||||
Net Asset Value, beginning of period |
$ | 27.90 | $ | 26.47 | $ | 25.00 | ||||||
|
|
|
|
|
|
|||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income** |
0.38 | 0.68 | 0.40 | |||||||||
Net realized and unrealized gain (loss) |
(3.92 | ) | 2.04 | 1.08 | ||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net asset value from investment operations |
(3.54 | ) | 2.72 | 1.48 | ||||||||
|
|
|
|
|
|
|||||||
Distributions paid to shareholders from: |
||||||||||||
Net investment income |
(0.72 | ) | (1.29 | ) | (0.01 | ) | ||||||
|
|
|
|
|
|
|||||||
Total distributions |
(0.72 | ) | (1.29 | ) | (0.01 | ) | ||||||
|
|
|
|
|
|
|||||||
Net Asset Value, end of period |
$ | 23.64 | $ | 27.90 | $ | 26.47 | ||||||
|
|
|
|
|
|
|||||||
Total Return*** |
(12.98 | )% | 10.78 | % | 5.94 | % | ||||||
Ratios/Supplemental Data |
||||||||||||
Net assets, end of period (000s omitted) |
$ | 9,457 | $ | 11,161 | $ | 6,616 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses |
0.60 | % | 0.60 | % | 0.60 | % | ||||||
Net investment income |
3.07 | % | 2.51 | % | 2.33 | % | ||||||
Portfolio turnover rate |
20 | % | 19 | % | 20 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| Not Annualized. |
See Notes to Financial Statements. | 118 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
Year Ended May 31, 2014 |
Year Ended May 31, 2013 |
For the Period June 9, 2011* to May 31, 2012 |
|||||||||||||||
Net Asset Value, beginning of period |
$ | 13.03 | $ | 14.46 | $ | 19.28 | $ | 20.74 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from Investment Operations: | ||||||||||||||||||||
Net investment income** |
0.09 | 0.42 | 0.47 | 0.54 | 0.64 | |||||||||||||||
Net realized and unrealized loss |
(2.07 | ) | (1.44 | ) | (2.30 | ) | (0.15 | ) | (4.18 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from investment operations |
(1.98 | ) | (1.02 | ) | (1.83 | ) | 0.39 | (3.54 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions paid to shareholders from: | ||||||||||||||||||||
Net investment income |
(2.31 | ) | (0.41 | ) | (2.95 | ) | (0.54 | ) | (0.29 | ) | ||||||||||
Net realized gains |
| | | (1.31 | ) | (0.43 | ) | |||||||||||||
Return of capital |
| | (0.04 | ) | | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(2.31 | ) | (0.41 | ) | (2.99 | ) | (1.85 | ) | (0.72 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of period |
$ | 8.74 | $ | 13.03 | $ | 14.46 | $ | 19.28 | $ | 20.74 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return*** |
(18.71 | )% | (6.96 | )% | (9.83 | )% | 1.43 | % | (14.28 | )% | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (000s omitted) |
$ | 3,501 | $ | 6,526 | $ | 5,794 | $ | 7,728 | $ | 4,165 | ||||||||||
Ratios to average net assets: |
||||||||||||||||||||
Expenses, net of fee waiver and expense reimbursements |
0.60 | % | 0.60 | % | 0.60 | % | 0.68 | % | 1.13 | % | ||||||||||
Expenses, prior to fee waiver and expense reimbursements |
0.60 | % | 0.60 | % | 0.63 | % | 0.92 | % | 1.13 | % | ||||||||||
Net investment income |
1.77 | % | 2.97 | % | 2.93 | % | 2.66 | % | 2.89 | % | ||||||||||
Portfolio turnover rate |
47 | % | 141 | % | 89 | % | 25 | % | 34 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
| Not annualized. |
See Notes to Financial Statements. | 119 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
Year Ended May 31, 2014 |
Year Ended May 31, 2013 |
For the Period June 9, 2011* to May 31, 2012 |
|||||||||||||||
Net Asset Value, beginning of period |
$ | 22.43 | $ | 21.74 | $ | 21.96 | $ | 21.22 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from Investment Operations: | ||||||||||||||||||||
Net investment income** |
0.28 | 0.36 | 0.38 | 0.38 | 0.21 | |||||||||||||||
Net realized and unrealized gain (loss) |
(3.27 | ) | 0.77 | (0.17 | ) | 1.01 | (3.34 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from investment operations |
(2.99 | ) | 1.13 | 0.21 | 1.39 | (3.13 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions paid to shareholders from: | ||||||||||||||||||||
Net investment income |
(0.33 | ) | (0.44 | ) | (0.43 | ) | (0.40 | ) | (0.06 | ) | ||||||||||
Net realized gains |
| | | (0.25 | ) | (0.59 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(0.33 | ) | (0.44 | ) | (0.43 | ) | (0.65 | ) | (0.65 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of period |
$ | 19.11 | $ | 22.43 | $ | 21.74 | $ | 21.96 | $ | 21.22 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return*** |
(13.54 | )% | 5.35 | % | 1.17 | % | 6.54 | % | (12.52 | )% | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (000s omitted) |
$ | 153,871 | $ | 244,542 | $ | 29,373 | $ | 8,800 | $ | 4,261 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of fee waiver and expense reimbursements |
0.65 | % | 0.65 | % | 0.65 | % | 0.72 | % | 1.19 | % | ||||||||||
Expenses, prior to fee waiver and expense reimbursements |
0.65 | % | 0.65 | % | 0.66 | % | 0.94 | % | 1.19 | % | ||||||||||
Net investment income |
2.76 | % | 1.64 | % | 1.81 | % | 1.72 | % | 0.97 | % | ||||||||||
Portfolio turnover rate |
14 | % | 58 | % | 16 | % | 15 | % | 19 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
| Not annualized. |
See Notes to Financial Statements. | 120 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Europe Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Period October 1, 2013* to May 31, 2014 |
|||||||||
Net Asset Value, beginning of period |
$ | 29.47 | $ | 27.75 | $ | 25.00 | ||||||
|
|
|
|
|
|
|||||||
Income from Investment Operations: | ||||||||||||
Net investment income** |
0.20 | 1.33 | 1.27 | |||||||||
Net realized and unrealized gain (loss) |
(1.24 | ) | 1.54 | 1.72 | ||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net asset value from operations |
(1.04 | ) | 2.87 | 2.99 | ||||||||
|
|
|
|
|
|
|||||||
Distributions paid to shareholders from: |
||||||||||||
Net investment income |
(1.23 | ) | (1.15 | ) | (0.24 | ) | ||||||
Net realized gains |
| (0.00 | )(a) | | ||||||||
|
|
|
|
|
|
|||||||
Total distributions |
(1.23 | ) | (1.15 | ) | (0.24 | ) | ||||||
|
|
|
|
|
|
|||||||
Net Asset Value, end of period |
$ | 27.20 | $ | 29.47 | $ | 27.75 | ||||||
|
|
|
|
|
|
|||||||
Total Return*** |
(3.66 | )% | 10.88 | % | 12.05 | % | ||||||
Ratios/Supplemental Data |
||||||||||||
Net assets, end of period (000s omitted) |
$ | 3,920,897 | $ | 2,668,251 | $ | 163,731 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses |
0.45 | % | 0.45 | % | 0.45 | % | ||||||
Net investment income |
1.52 | % | 4.74 | % | 7.30 | % | ||||||
Portfolio turnover rate |
8 | % | 13 | % | 4 | % | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
For the Period December 10, 2014* to May 31, 2015 |
||||||||||
Net Asset Value, beginning of period |
$ | 29.30 | $ | 25.00 | ||||||||
|
|
|
|
|||||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income** |
0.12 | 0.81 | ||||||||||
Net realized and unrealized gain (loss) |
(0.37 | )(b) | 3.49 | |||||||||
|
|
|
|
|||||||||
Net increase (decrease) in net asset value from investment operations |
(0.25 | ) | 4.30 | |||||||||
|
|
|
|
|||||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income |
(1.13 | ) | | |||||||||
|
|
|
|
|||||||||
Net Asset Value, end of period |
$ | 27.92 | $ | 29.30 | ||||||||
|
|
|
|
|||||||||
Total Return*** |
(0.92 | )% | 17.20 | % | ||||||||
Ratios/Supplemental Data |
||||||||||||
Net assets, end of period (000s omitted) |
$ | 62,816 | $ | 21,977 | ||||||||
Ratios to average net assets: | ||||||||||||
Expenses |
0.45 | % | 0.45 | % | ||||||||
Net investment income |
0.89 | % | 6.04 | % | ||||||||
Portfolio turnover rate |
8 | % | 8 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| Not Annualized. |
(a) | Less than $0.005. |
(b) | Because of the timing of Fund share transactions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
See Notes to Financial Statements. | 121 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
Year Ended May 31, 2014 |
Year Ended May 31, 2013 |
For the Period June 9, 2011* to May 31, 2012 |
|||||||||||||||
Net Asset Value, beginning of period |
$ | 27.34 | $ | 26.51 | $ | 23.22 | $ | 21.57 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from Investment Operations: | ||||||||||||||||||||
Net investment income (loss)** |
(0.06 | ) | 1.38 | 1.03 | 0.44 | 0.27 | ||||||||||||||
Net realized and unrealized gain (loss) |
(0.20 | ) | 1.93 | (a) | 3.11 | 2.08 | (3.30 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from investment operations |
(0.26 | ) | 3.31 | 4.14 | 2.52 | (3.03 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions paid to shareholders from: | ||||||||||||||||||||
Net investment income |
(1.29 | ) | (2.48 | ) | (0.85 | ) | (0.44 | ) | (0.12 | ) | ||||||||||
Net realized gains |
| | | (0.43 | ) | (0.28 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(1.29 | ) | (2.48 | ) | (0.85 | ) | (0.87 | ) | (0.40 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of period |
$ | 25.79 | $ | 27.34 | $ | 26.51 | $ | 23.22 | $ | 21.57 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return*** |
(1.02 | )% | 13.92 | % | 18.70 | % | 11.86 | % | (12.14 | )% | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (000s omitted) |
$ | 157,363 | $ | 233,794 | $ | 45,095 | $ | 4,663 | $ | 4,331 | ||||||||||
Ratios to average net assets: |
||||||||||||||||||||
Expenses, net of fee waiver and expense reimbursements |
0.45 | % | 0.45 | % | 0.47 | % | 0.58 | % | 1.04 | % | ||||||||||
Expenses, prior to fee waiver and expense reimbursements |
0.45 | % | 0.45 | % | 0.47 | % | 0.82 | % | 1.04 | % | ||||||||||
Net investment income (loss) |
(0.47 | )% | 5.14 | % | 4.15 | % | 1.93 | % | 1.20 | % | ||||||||||
Portfolio turnover rate |
7 | % | 20 | % | 12 | % | 108 | % | 17 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| The Total Return would have been lower if certain fees has not been reimbursed by the Advisor. |
| Not Annualized. |
(a) | 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. |
See Notes to Financial Statements. | 122 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
Year Ended May 31, 2014 |
Year Ended May 31, 2013 |
For the Period June 9, 2011* to May 31, 2012 |
|||||||||||||||
Net Asset Value, beginning of period |
$ | 44.54 | $ | 35.43 | $ | 34.08 | $ | 21.79 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from Investment Operations: | ||||||||||||||||||||
Net investment income** |
0.23 | 0.52 | 0.55 | 0.39 | 0.27 | |||||||||||||||
Net realized and unrealized gain (loss) |
(3.06 | ) | 12.49 | 1.51 | 12.31 | (3.31 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from investment operations |
(2.83 | ) | 13.01 | 2.06 | 12.70 | (3.04 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions paid to shareholders from: | ||||||||||||||||||||
Net investment income |
(1.37 | ) | (3.90 | ) | (0.71 | ) | (0.41 | ) | (0.17 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(1.37 | ) | (3.90 | ) | (0.71 | ) | (0.41 | ) | (0.17 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of period |
$ | 40.34 | $ | 44.54 | $ | 35.43 | $ | 34.08 | $ | 21.79 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return*** |
(6.56 | )% | 39.00 | % | 6.21 | % | 59.04 | % | (12.16 | )% | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net assets, end of period (000s omitted) |
$ | 1,895,938 | $ | 1,262,869 | $ | 441,155 | $ | 109,072 | $ | 4,376 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of fee waiver and expense reimbursements |
0.45 | % | 0.45 | % | 0.48 | % | 0.52 | % | 1.03 | % | ||||||||||
Expenses, prior to fee waiver and expense reimbursements |
0.45 | % | 0.45 | % | 0.48 | % | 0.66 | % | 1.03 | % | ||||||||||
Net investment income |
1.15 | % | 1.32 | % | 1.56 | % | 1.27 | % | 1.15 | % | ||||||||||
Portfolio turnover rate |
8 | % | 14 | % | 13 | % | 12 | % | 16 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| The Total Return would have been lower if certain fees has not been reimbursed by the Advisor. |
| Not Annualized. |
See Notes to Financial Statements. | 123 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Period January 23, 2014* to May 31, 2014 |
|||||||||
Net Asset Value, beginning of period |
$ | 25.24 | $ | 24.29 | $ | 25.00 | ||||||
|
|
|
|
|
|
|||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income** |
0.21 | 0.26 | 0.07 | |||||||||
Net realized and unrealized gain (loss) |
(0.64 | ) | 0.94 | (0.78 | ) | |||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net asset value from investment operations |
(0.43 | ) | 1.20 | (0.71 | ) | |||||||
|
|
|
|
|
|
|||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income |
(2.53 | ) | (0.18 | ) | | |||||||
Net realized gains |
| (0.07 | ) | | ||||||||
|
|
|
|
|
|
|||||||
Total distributions |
(2.53 | ) | (0.25 | ) | | |||||||
|
|
|
|
|
|
|||||||
Net Asset Value, end of period |
$ | 22.28 | $ | 25.24 | $ | 24.29 | ||||||
|
|
|
|
|
|
|||||||
Total Return*** |
(1.97 | )% | 4.99 | % | (2.84 | )% | ||||||
Ratios/Supplemental Data |
||||||||||||
Net assets, end of period (000s omitted) |
$ | 4,456 | $ | 5,048 | $ | 4,858 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses |
0.50 | % | 0.50 | % | 0.50 | % | ||||||
Net investment income |
1.81 | % | 1.04 | % | 0.79 | % | ||||||
Portfolio turnover rate |
17 | % | 22 | % | 7 | % | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Period January 23, 2014* to May 31, 2014 |
|||||||||
Net Asset Value, beginning of period |
$ | 24.32 | $ | 25.08 | $ | 25.00 | ||||||
|
|
|
|
|
|
|||||||
Income from Investment Operations: | ||||||||||||
Net investment loss** |
(0.05 | ) | (0.11 | ) | (0.02 | ) | ||||||
Net realized and unrealized gain (loss) |
(1.40 | ) | (0.65 | )(a) | 0.10 | |||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net asset value from operations |
(1.45 | ) | (0.76 | ) | 0.08 | |||||||
|
|
|
|
|
|
|||||||
Net Asset Value, end of period |
$ | 22.87 | $ | 24.32 | $ | 25.08 | ||||||
|
|
|
|
|
|
|||||||
Total Return*** |
(5.96 | )% | (3.07 | )% | 0.32 | % | ||||||
Ratios/Supplemental Data |
||||||||||||
Net assets, end of period (000s omitted) |
$ | 118,938 | $ | 137,398 | $ | 5,015 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses |
0.58 | % | 0.58 | % | 0.58 | % | ||||||
Net investment loss |
(0.44 | )% | (0.47 | )% | (0.26 | )% | ||||||
Portfolio turnover rate |
80 | % | 287 | % | 8 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| Not annualized. |
(a) | 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. |
See Notes to Financial Statements. | 124 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Period October 1, 2013* to May 31, 2014 |
|||||||||
Net Asset Value, beginning of period |
$ | 25.93 | $ | 26.53 | $ | 25.00 | ||||||
|
|
|
|
|
|
|||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income** |
0.40 | 0.92 | 1.32 | |||||||||
Net realized and unrealized gain (loss) |
(2.39 | ) | 0.08 | 0.63 | ||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net asset value from investment operations |
(1.99 | ) | 1.00 | 1.95 | ||||||||
|
|
|
|
|
|
|||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income |
(1.47 | ) | (1.58 | ) | (0.42 | ) | ||||||
Net realized gains |
| (0.02 | ) | | ||||||||
|
|
|
|
|
|
|||||||
Total distributions |
(1.47 | ) | (1.60 | ) | (0.42 | ) | ||||||
|
|
|
|
|
|
|||||||
Net Asset Value, end of period |
$ | 22.47 | $ | 25.93 | $ | 26.53 | ||||||
|
|
|
|
|
|
|||||||
Total Return*** |
(8.03 | )% | 4.27 | % | 7.90 | % | ||||||
Ratios/Supplemental Data |
||||||||||||
Net assets, end of period (000s omitted) |
$ | 4,495 | $ | 5,187 | $ | 5,305 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses |
0.45 | % | 0.45 | % | 0.45 | % | ||||||
Net investment income |
3.47 | % | 3.57 | % | 7.70 | % | ||||||
Portfolio turnover rate |
11 | % | 19 | % | 11 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| Not Annualized. |
See Notes to Financial Statements. | 125 |
DBX ETF Trust
Notes to financial statements (Unaudited)
1. Organization
DBX ETF Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the Act), as an open end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2015, the Trust consists of thirty-five investment series of exchange-traded funds (ETF) (each a Fund and collectively, the Funds) in operation and trading. These financial statements report on the Funds listed below:
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
DBX Advisors LLC (DBX or the Advisor), an indirect wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds Board of Trustees.
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (NYSE Arca). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares, each called a Creation Unit, to authorized participants who have entered into agreements with the Funds distributor. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the Underlying Index). The underlying indices for the Funds are:
Fund |
Underlying Index | |
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | MSCI ACWI ex USA US Dollar Hedged Index | |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | MSCI Asia Pacific ex Japan US Dollar Hedged Index | |
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | MSCI Brazil US Dollar Hedged Index | |
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | MSCI EM US Dollar Hedged Index | |
Deutsche X-trackers MSCI Europe Hedged Equity ETF | MSCI Europe US Dollar Hedged Index | |
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | MSCI EMU IMI US Dollar Hedged Index | |
Deutsche X-trackers MSCI Germany Hedged Equity ETF | MSCI Germany US Dollar Hedged Index | |
Deutsche X-trackers MSCI Japan Hedged Equity ETF | MSCI Japan US Dollar Hedged Index | |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | MSCI Mexico IMI 25/50 US Dollar Hedged Index | |
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | MSCI Korea 25/50 US Dollar Hedged Index | |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | MSCI United Kingdom US Dollar Hedged Index |
MSCI, Inc. (MSCI) is the creator of each MSCI Hedged Underlying Index. Each MSCI Hedged Underlying Index is comprised of securities listed in countries in the MSCI Global Index Series. All listed equity securities and listed securities that exhibit characteristics of equity securities, except mutual funds, exchange traded funds, equity derivatives, limited partnerships and most investment trusts, are eligible for inclusion in the equity universe. REITs in some countries and certain income trusts in Canada are also eligible for inclusion. Each company and its securities (i.e., share classes) are classified in only one country, which allows for a distinctive sorting of each company by its respective country.
126
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
The MSCI Hedged Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next months index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between MSCI and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund, except Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF and Deutsche X-trackers MSCI Japan Hedged Equity ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a Fund and, consequently, the Funds investment portfolio. This may adversely affect the Funds performance or subject the Funds shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trusts organizational documents, the Trusts 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 Trusts 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. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (NAV), of each Funds 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 Funds net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities 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.
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
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Notes to financial statements (Unaudited) (Continued)
accordance with the Funds valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the securitys 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 companys or issuers 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 Funds net asset value and the prices used by the Funds underlying index, which in turn could result in a difference between the Funds performance and the performance of the Funds Underlying Index.
Disclosure about classification of the fair value measurements is included in a table following the Funds Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is each Funds 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 sufficient to relieve it from all, or substantially all, Federal income and excise taxes. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex- dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
The Funds recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the period ended November 30, 2015, the Funds did not incur any interest or penalties.
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
128
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Notes to financial statements (Unaudited) (Continued)
recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2015, if any, are disclosed in the Funds Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Funds retain benefits of owning the securities they have loaned and 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 either cash or liquid, unencumbered assets 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 security lending agreement. As of period end, any securities on loan were collateralized by cash. The Funds may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015 the Funds invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral Invested in Daily Assets Fund. 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. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2015, the funds listed below had securities on loan all of which were classified as common stocks and rights in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
As of November 30, 2015, the funds listed below had no securities on loan.
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
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Notes to financial statements (Unaudited) (Continued)
Derivatives
Forward Currency Contracts Each Fund may enter into forward currency contracts designed to offset a Funds 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 exchange contract is a commitment to purchase or sell a foreign currency at a future date at a
negotiated forward rate. For the period ended November 30, 2015, The Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers Asia Pacific ex Japan ETF, Deutsche X-trackers Europe ETF, Deutsche X-trackers MSCI Eurozone Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US Hedged Equity ETF invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Deutsche X-trackers MSCI Brazil Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF, Deutsche X-trackers MSCI Japan Hedged Equity ETF, Deutsche X-trackers MSCI South Korea Hedged Equity ETF Deutsche X-trackers United Kingdom ETF, and Deutsche X-trackers MSCI Mexico Hedged Equity ETF each invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against the Brazilian real, the Euro, the Japanese yen, the South Korean won, the British Pound sterling and the Mexican peso, respectively.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.
A summary of the open forward currency exchange contracts as of November 30, 2015 is included in a table following the Funds Schedule of Investments. The investment in forward foreign currency exchange contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the period ended November 30, 2015.
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. Each Fund may enter into futures contracts in seeking performance that corresponds to its 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 days settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2015 is included in a table following the Funds Schedule of Investments.
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Notes to financial statements (Unaudited) (Continued)
The following tables summarize the value of the Funds derivative instruments held as of November 30, 2015 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives |
Liability Derivatives |
|||||||||||||
Risk Type |
Statement of Asset and |
Fair Value | Statement of Asset and |
Fair Value | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 1,669,575 | Unrealized depreciation on forward foreign currency contracts | $ | 174,352 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 1,669,575 | Total | $ | 174,352 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 54,782 | Unrealized depreciation on forward foreign currency contracts | $ | 48,961 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 54,782 | Total | $ | 48,961 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 58,968 | Unrealized depreciation on forward foreign currency contracts | $ | 53,635 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 58,968 | Total | $ | 53,635 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 3,360 | Unrealized depreciation on futures contracts | $ | | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 2,091,202 | Unrealized depreciation on forward foreign currency contracts | 776,509 | ||||||||||
|
|
|
|
|||||||||||
Total | $ | 2,094,562 | Total | $ | 776,509 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 146,386,027 | Unrealized depreciation on forward foreign currency contracts | $ | 6,142,410 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 146,386,027 | Total | $ | 6,142,410 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 2,512,098 | Unrealized depreciation on forward foreign currency contracts | $ | 52,789 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 2,512,098 | Total | $ | 52,789 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 30,838 | Unrealized depreciation on futures contracts | $ | | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 7,034,513 | Unrealized depreciation on forward foreign currency contracts | 355,485 | ||||||||||
|
|
|
|
|||||||||||
Total | $ | 7,065,351 | Total | $ | 355,485 | |||||||||
|
|
|
|
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Notes to financial statements (Unaudited) (Continued)
Asset Derivatives |
Liability Derivatives |
|||||||||||||
Risk Type |
Statement of Asset and |
Fair Value | Statement of Asset and |
Fair Value | ||||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 193,477 | Unrealized depreciation on futures contracts | $ | | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 38,991,756 | Unrealized depreciation on forward foreign currency contracts | 3,201,393 | ||||||||||
|
|
|
|
|||||||||||
Total | $ | 39,185,233 | Total | $ | 3,201,393 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 11,510 | Unrealized depreciation on forward foreign currency contracts | $ | 6,190 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 11,510 | Total | $ | 6,190 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 2,260,098 | Unrealized depreciation on forward foreign currency contracts | $ | 657,363 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 2,260,098 | Total | $ | 657,363 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 115,347 | Unrealized depreciation on forward foreign currency contracts | $ | 3,527 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 115,347 | Total | $ | 3,527 | |||||||||
|
|
|
|
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Funds earnings during the six months ended November 30, 2015 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income |
||||||||||||
Equity Futures Contracts |
Forward Foreign Currency Contracts |
Total | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
$ | | $ | 1,760,284 | $ | 1,760,284 | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
| 478,343 | 478,343 | |||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
| 833,223 | 833,223 | |||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
(24,560 | ) | 11,562,178 | 11,537,618 | ||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
| 51,830,813 | 51,830,813 | |||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
| 605,706 | 605,706 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
(50,512 | ) | 2,485,697 | 2,435,185 | ||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
(107,479 | ) | 5,703,308 | 5,595,829 |
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DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income |
||||||||||||
Equity Futures Contracts |
Forward Foreign Currency Contracts |
Total | ||||||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
$ | | $ | 346,449 | $ | 346,449 | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
| 9,717,873 | 9,717,873 | |||||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
| (41,399 | ) | (41,399 | ) | |||||||
Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income |
||||||||||||
Equity Futures Contracts |
Forward Foreign Currency Contracts |
Total | ||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
$ | | $ | 622,298 | $ | 622,298 | ||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
| (162,169 | ) | (162,169 | ) | |||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
| (301,395 | ) | (301,395 | ) | |||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
(8,500 | ) | (2,194,086 | ) | (2,202,586 | ) | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
| 106,783,719 | 106,783,719 | |||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
| 2,020,242 | 2,020,242 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
48,061 | 1,952,576 | 2,000,637 | |||||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
(12,602 | ) | (5,525,413 | ) | (5,538,015 | ) | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
| 2,646 | 2,646 | |||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
| (3,586,494 | ) | (3,586,494 | ) | |||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
| 85,374 | 85,374 |
For the six months ended November 30, 2015 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) |
Forward Foreign Currency Contracts (Market Value) |
|||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
$ | | $ | (58,834,479 | ) | |||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
| (9,857,618 | ) | |||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
| (3,933,451 | ) | |||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
175,103 | (182,256,502 | ) | |||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
| (3,042,697,744 | ) | |||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
| (34,426,306 | ) | |||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
297,961 | (177,817,981 | ) | |||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
2,194,501 | (1,449,750,550 | ) | |||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
| (4,653,618 | ) | |||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
| (133,155,997 | ) | |||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
| (4,694,019 | ) |
133
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
As of November 30, 2015, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Fund |
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
||||||||||||||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Bank of Montreal |
$ | 45,091 | $ | (6,633 | ) | $ | | $ | 38,458 | $ | 6,633 | $ | (6,633 | ) | $ | | $ | | ||||||||||||||
JP Morgan & Chase Co. |
370,989 | (73,426 | ) | | 297,563 | 73,426 | (73,426 | ) | | | ||||||||||||||||||||||
State Street Bank & Trust Co. |
593,937 | (45,201 | ) | | 548,736 | 45,201 | (45,201 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
72,118 | (24,579 | ) | | 47,539 | 24,579 | (24,579 | ) | | | ||||||||||||||||||||||
The Bank of Nova Scotia |
587,440 | (24,513 | ) | | 562,927 | 24,513 | (24,513 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 1,669,575 | $ | (174,352 | ) | $ | | $ | 1,495,223 | $ | 174,352 | $ | (174,352 | ) | $ | | $ | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deutsche X-trackers MSCI Asia Pacific ex Japan ETF |
| |||||||||||||||||||||||||||||||
Bank of Montreal |
$ | 284 | $ | (163 | ) | $ | | $ | 121 | $ | 163 | $ | (163 | ) | $ | | $ | | ||||||||||||||
JP Morgan & Chase Co. |
41,502 | (35,577 | ) | | 5,925 | 35,577 | (35,577 | ) | | | ||||||||||||||||||||||
State Street Bank & Trust Co. |
12,508 | (12,229 | ) | | 279 | 12,229 | (12,229 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
488 | (488 | ) | | | 992 | (488 | ) | | 504 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 54,782 | $ | (48,457 | ) | $ | | $ | 6,325 | $ | 48,961 | $ | (48,457 | ) | $ | | $ | 504 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
JP Morgan & Chase Co. |
$ | 27,482 | $ | (27,482 | ) | $ | | $ | | $ | 29,544 | $ | (27,482 | ) | $ | | $ | 2,062 | ||||||||||||||
State Street Bank & Trust Co. |
15,090 | (15,090 | ) | | | 21,155 | (15,090 | ) | | 6,065 | ||||||||||||||||||||||
The Bank of New York Mellon |
16,396 | (2,936 | ) | | 13,460 | 2,936 | (2,936 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 58,968 | $ | (45,508 | ) | $ | | $ | 13,460 | $ | 53,635 | $ | (45,508 | ) | $ | | $ | 8,127 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Bank of Montreal |
$ | 121,006 | $ | (22,388 | ) | $ | | $ | 98,618 | $ | 22,388 | $ | (22,388 | ) | $ | | $ | | ||||||||||||||
JP Morgan & Chase Co. |
1,611,384 | (388,615 | ) | | 1,222,769 | 388,615 | (388,615 | ) | | | ||||||||||||||||||||||
State Street Bank & Trust Co. |
242,599 | (120,555 | ) | | 122,044 | 120,555 | (120,555 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
94,588 | (94,588 | ) | | | 221,461 | (94,588 | ) | | 126,873 | ||||||||||||||||||||||
The Bank of Nova Scotia |
21,625 | (21,625 | ) | | | 23,490 | (21,625 | ) | | 1,865 | ||||||||||||||||||||||
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$ | 2,091,202 | $ | (647,771 | ) | $ | | $ | 1,443,431 | $ | 776,509 | $ | (647,771 | ) | $ | | $ | 128,738 | |||||||||||||||
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134
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Fund |
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
||||||||||||||||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Bank of Montreal |
$ | 22,816,375 | $ | (356,456 | ) | $ | | $ | 22,459,919 | $ | 356,456 | $ | (356,456 | ) | $ | | $ | | ||||||||||||||
Canadian Imperial Bank of Commerce |
26,351,991 | (405,404 | ) | | 25,946,587 | 405,404 | (405,404 | ) | | | ||||||||||||||||||||||
JP Morgan & Chase Co. |
21,934,866 | (339,077 | ) | | 21,595,789 | 339,077 | (339,077 | ) | | | ||||||||||||||||||||||
RBC Capital Markets |
24,944,987 | (386,415 | ) | | 24,558,572 | 386,415 | (386,415 | ) | | | ||||||||||||||||||||||
State Street Bank & Trust Co. |
26,377,526 | (390,034 | ) | | 25,987,492 | 390,034 | (390,034 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
6,761,518 | (3,990,921 | ) | | 2,770,597 | 3,990,921 | (3,990,921 | ) | | | ||||||||||||||||||||||
The Bank of Nova Scotia |
17,198,764 | (274,103 | ) | | 16,924,661 | 274,103 | (274,103 | ) | | | ||||||||||||||||||||||
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$ | 146,386,027 | $ | (6,142,410 | ) | $ | | $ | 140,243,617 | $ | 6,142,410 | $ | (6,142,410 | ) | $ | | $ | | |||||||||||||||
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Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
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Bank of Montreal |
$ | 391,419 | $ | (6,125 | ) | $ | | $ | 385,294 | $ | 6,125 | $ | (6,125 | ) | $ | | $ | | ||||||||||||||
Canadian Imperial Bank of Commerce |
611,760 | (18,573 | ) | | 593,187 | 18,573 | (18,573 | ) | | | ||||||||||||||||||||||
JP Morgan & Chase Co. |
366,467 | (4,678 | ) | | 361,789 | 4,678 | (4,678 | ) | | | ||||||||||||||||||||||
RBC Capital Markets |
1,129,086 | (14,371 | ) | | 1,114,715 | 14,371 | (14,371 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
13,366 | (9,042 | ) | 4,324 | 9,042 | (9,042 | ) | | | |||||||||||||||||||||||
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$ | 2,512,098 | $ | (52,789 | ) | $ | | $ | 2,459,309 | $ | 52,789 | $ | (52,789 | ) | $ | | $ | | |||||||||||||||
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Deutsche X-trackers MSCI Germany Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
Bank of Montreal |
$ | 1,184,474 | $ | (212,273 | ) | $ | | $ | 972,201 | $ | 212,273 | $ | (212,273 | ) | $ | | $ | | ||||||||||||||
Canadian Imperial Bank of Commerce |
1,771,092 | (21,067 | ) | | 1,750,025 | 21,067 | (21,067 | ) | | | ||||||||||||||||||||||
JP Morgan & Chase Co. |
1,599,575 | (20,418 | ) | | 1,579,157 | 20,418 | (20,418 | ) | | | ||||||||||||||||||||||
RBC Capital Markets |
900,897 | (46,536 | ) | | 854,361 | 46,536 | (46,536 | ) | | | ||||||||||||||||||||||
State Street Bank & Trust Co. |
1,523,992 | (17,472 | ) | | 1,506,520 | 17,472 | (17,472 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
54,483 | (37,719 | ) | | 16,764 | 37,719 | (37,719 | ) | | | ||||||||||||||||||||||
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$ | 7,034,513 | $ | (355,485 | ) | $ | | $ | 6,679,028 | $ | 355,485 | $ | (355,485 | ) | $ | | $ | | |||||||||||||||
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Deutsche X-trackers MSCI Japan Hedged Equity ETF |
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JP Morgan & Chase Co. |
$ | 6,967,267 | $ | (549,760 | ) | $ | | $ | 6,417,507 | $ | 549,760 | $ | (549,760 | ) | $ | | $ | | ||||||||||||||
State Street Bank & Trust Co. |
8,178,803 | (619,415 | ) | | 7,559,388 | 619,415 | (619,415 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
207,779 | (86,498 | ) | | 121,281 | 86,498 | (86,498 | ) | | | ||||||||||||||||||||||
The Bank of Nova Scotia |
7,051,731 | (569,218 | ) | | 6,482,513 | 569,218 | (569,218 | ) | | | ||||||||||||||||||||||
Bank of Montreal |
9,393,125 | (705,763 | ) | | 8,687,362 | 705,763 | (705,763 | ) | | | ||||||||||||||||||||||
Canadian Imperial Bank of Commerce |
7,193,051 | (670,739 | ) | | 6,522,312 | 670,739 | (670,739 | ) | | | ||||||||||||||||||||||
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$ | 38,991,756 | $ | (3,201,393 | ) | $ | | $ | 35,790,363 | $ | 3,201,393 | $ | (3,201,393 | ) | $ | | $ | | |||||||||||||||
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Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
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Bank of Montreal |
$ | 5,076 | $ | (2,669 | ) | $ | | $ | 2,407 | $ | 2,669 | $ | (2,669 | ) | $ | | $ | | ||||||||||||||
JP Morgan & Chase Co. |
6,382 | (3,521 | ) | | 2,861 | 3,521 | (3,521 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
52 | | | 52 | | | | | ||||||||||||||||||||||||
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$ | 11,510 | $ | (6,190 | ) | $ | | $ | 5,320 | $ | 6,190 | $ | (6,190 | ) | $ | | $ | | |||||||||||||||
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135
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Fund |
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
||||||||||||||||||||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
| |||||||||||||||||||||||||||||||
JP Morgan & Chase Co. |
$ | 1,152,561 | $ | (136,479 | ) | $ | | $ | 1,016,082 | $ | 136,479 | $ | (136,479 | ) | $ | | $ | | ||||||||||||||
State Street Bank & Trust Co. |
993,209 | (63,784 | ) | | 929,425 | 63,784 | (63,784 | ) | | | ||||||||||||||||||||||
Bank of Montreal |
10,233 | (10,233 | ) | | | 453,880 | (10,233 | ) | | 443,647 | ||||||||||||||||||||||
RBC Capital Markets |
104,095 | (3,220 | ) | | 100,875 | 3,220 | (3,220 | ) | | | ||||||||||||||||||||||
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$ | 2,260,098 | $ | (213,716 | ) | $ | | $ | 2,046,382 | $ | 657,363 | $ | (213,716 | ) | $ | | $ | 443,647 | |||||||||||||||
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Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
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Bank of Montreal |
$ | 47,802 | $ | (1,040 | ) | $ | | $ | 46,762 | $ | 1,040 | $ | (1,040 | ) | $ | | $ | | ||||||||||||||
JP Morgan & Chase Co. |
66,507 | (1,503 | ) | | 65,004 | 1,503 | (1,503 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
1,038 | (984 | ) | | 54 | 984 | (984 | ) | | | ||||||||||||||||||||||
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$ | 115,347 | $ | (3,527 | ) | $ | | $ | 111,820 | $ | 3,527 | $ | (3,527 | ) | $ | | $ | | |||||||||||||||
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3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the Investment Advisory Agreement), the Advisor is responsible for arranging subadvisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
TDAM USA Inc. (TDAM) serves as investment sub-advisor to each Fund. TDAM is responsible for day-to-day management of the Funds, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and TDAM from time to time.
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 Funds average daily net assets at an annual rate equal to:
Fund |
Management Fee | |||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
0.40 | % | ||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
0.60 | % | ||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
0.60 | % | ||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
0.65 | % | ||
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
0.50 | % | ||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
0.58 | % | ||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
0.45 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisor, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
136
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds Independent Trustees).
4. Federal Income Taxes
At May 31, 2015 for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, as provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-term | Long-term | Total Amount |
||||||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
$ | 865,903 | $ | 1,434,243 | $ | 2,300,146 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
81,895 | | 81,895 | |||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
| 429,896 | 429,896 |
Capital losses incurred after October 31 (post-October losses) within the taxable year are deemed to arise on the first business day of the Funds next taxable year.
During the fiscal year ended May 31, 2015, the Fund incurred and elected to defer net capital losses as follows:
Late Year Ordinary Losses |
Post-October Losses on Capital |
|||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
$ | | $ | 77,909 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
| 53,183 | ||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
| 995,906 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
| 985,660 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
| 8,611,085 | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
| 435,970 | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
| 1,177,135 | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
789,801 | 1,423,429 |
The tax character of current year distributions will be determined at the end of the fiscal year.
5. Transactions with Affiliates
The Advisor is an indirect wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Funds. The table below shows the transactions in and earnings from investments in Deutsche Bank AG securities for the six months ended November 30, 2015.
Value at 05/31/15 ($) |
Purchases at Cost ($) |
Sales Proceeds ($) |
Realized Gain/(Loss) ($) |
Value at 11/30/15 ($) |
||||||||||||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF Deutsche Bank AG (Common Stock) |
98,068 | 106,503 | (48,545 | ) | (15,154 | ) | 126,497 | |||||||||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF Deutsche Bank AG (Common Stock) |
12,693,883 | 8,124,633 | (1,125,008 | ) | (184,492 | ) | 16,943,498 | |||||||||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF Deutsche Bank AG (Common Stock) |
205,048 | 394,733 | (14,707 | ) | (2,430 | ) | 513,741 | |||||||||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF Deutsche Bank AG (Common Stock) |
8,184,755 | 725,088 | (3,383,934 | ) | (345,305 | ) | 4,804,197 |
137
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
6. Investment Portfolio Transactions
For the six months ended November 30, 2015, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
$ | 8,504,625 | $ | 4,788,208 | ||||
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
2,192,083 | 1,975,391 | ||||||
Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
1,849,481 | 3,465,140 | ||||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
27,189,843 | 47,534,778 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
290,372,894 | 237,851,405 | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
4,618,876 | 2,744,554 | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
13,251,005 | 20,653,554 | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
110,618,756 | 138,933,855 | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
787,735 | 873,472 | ||||||
Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
107,395,158 | 107,409,251 | ||||||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
485,220 | 648,476 |
For the six months ended November 30, 2015, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
$ | 20,709,129 | $ | | ||||
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
| 25,859,508 | ||||||
Deutsche X-trackers MSCI Europe Hedged Equity ETF |
1,409,983,445 | | ||||||
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
39,523,830 | | ||||||
Deutsche X-trackers MSCI Germany Hedged Equity ETF |
9,771,836 | 71,198,390 | ||||||
Deutsche X-trackers MSCI Japan Hedged Equity ETF |
734,797,983 | 4,222,845 | ||||||
Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
1,143,226 | 1,119,565 |
7. Fund Share Transactions
As of November 30, 2015, 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 Funds Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Deutsche X-trackers Brazil Hedged Equity ETF and Deutsche X-trackers South Korea Hedged Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
8. Investing in Emerging Markets
Investment in emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, (i) greater market volatility, (ii) lower trading volume, (iii) political and economic instability, (iv) high levels of inflations, deflation or currency devaluation, (v) greater risk of market shut down, (vi) more governmental limitations on foreign investments and limitations on repatriation of invested capital than those typically found in a developed market, and (vii) the risk that companies may be held to lower disclosure, corporate governance, auditing and financial reporting standards than companies in more developed markets.
The financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Funds investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
138
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a failed settlement. Failed settlements can result in losses to a Fund. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that are not subject to independent evaluation. Local agents are held only to the standards of care of their local markets.
9. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers MSCI All World ex US Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $130 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 Funds 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 a maximum of 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2015.
10. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2015, there was one affiliated shareholder account for fund listed below holding a significant percentage of the shares outstanding:
Fund Name |
Approximate Percent of Outstanding Shares Held |
|||
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
37 | % |
139
DBX ETF Trust
Additional information (Unaudited)
Proxy Voting Policies and Procedures
The Funds policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site www.deutsche-etfs.com (click on proxy voting at the bottom of the page) or on the SECs 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 SECs website at www.sec.gov and are available by calling the Company at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SECs 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 SECs Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Funds portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
140
DBX ETF Trust
Privacy policy notice (Unaudited)
DBX Advisors LLC (Advisors) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.deutsche-etfs.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
141
DBX ETF Trust
This report is intended for the shareholders of the DBX ETF Trust.
Carefully consider a Funds investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Funds prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at WWW.DEUTSCHE-ETFS.COM. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile than the markets or 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 US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Non-diversified Funds can take larger positions in fewer issues, increasing potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset & Wealth Management is the brand name for the asset and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.
MSCI is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.
Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 |
Investment sub-advisor TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 |
Administrator, custodian, fund accountant & 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-036924-2 (1/16) DBX 001744 (1/17)
November 30, 2015
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)
DBX ETF Trust
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34 |
Dear Shareholder,
We are pleased to provide this semi-annual report for our currency-hedged Deutsche X-trackers MSCI EAFE Hedged Equity ETF for the period ended November 30, 2015.
Over the last six months, the global macroeconomic environment has been unsettled by developments in China, the Greek debt crisis and timing of the impending U.S. Federal Reserve rate hike. Equity markets reacted with increased volatility and performed negatively during the period. The US economy grew steadily as strong payroll growth and a steady unemployment rate set the stage for a Fed rate hike in December. While the slowdown in the Chinese economy negatively impacted commodity prices, markets were also impacted by the devaluation of the yuan and the Chinese equity market crash. In Europe, volatility arising from the Greek debt crisis abated as Greece eventually accepted the terms of its third bailout.
The recovery of the Eurozone has continued despite headwinds on the global macroeconomic front. A combination of low crude oil prices, a weak euro, and an ultra-loose monetary policy seem to be working to sustain economic growth. The German economy continued to show steady positive growth driven by low interest rates and a strong labor market, which in turn helped boost private consumption. France expanded modestly in the third quarter compared to a previously flat quarter, as growth was supported by strong domestic demand. However, the service industry was severely affected by the recent terror attacks in Paris. In the UK, equity markets fell during the reporting period as slower global growth negatively impacted the economy; however, fundamentals remained strong and a robust labor market helped sustain growth. In an effort to boost growth in the Eurozone and meet its inflation target, the European Central Bank announced a reduction in deposit rates by 10 basis points (100 basis points equals one percentage point) and also extended its EUR 60bn Bond purchase until March 2017. Excess liquidity from the quantitative easing program resulted in the euro weakening further against the dollar.
Japanese markets were aided by strong corporate earnings and falling energy prices. However, market sentiment was dampened by a faltering Chinese market, an impending Fed rate hike, and weak economic data. The Bank of Japan held off expanding its JPY 80tn asset purchase program despite experiencing deflationary pressures, which were driven by weak exports and slumping energy costs. The Australian economy grew moderately over the last two quarters, despite the slowdown in China, Australias biggest trade partner. Growth in the third quarter was supported by healthy consumption expenditure, along with a sharp increase in mining activity, which helped boost net exports.
Global equities have recovered from their September-end lows and future modest gains are possible, although periods of volatility are likely. While Japanese and European equities are likely to be supported by further monetary policy initiatives, US equities could face headwinds from a strong dollar. In 2016, earnings growth should be similar in Europe, Japan, and the US and less influenced by currency fluctuations. In the current market environment, hedging currency exposure plays a significant role in managing investments in international equities. In the backdrop of a strengthening dollar, our currency-hedged strategy has made a positive contribution to fund performance.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)
The Deutsche X-trackers MSCI EAFE Hedged Equity ETF 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 selected non-U.S. currencies. As of November 30, 2015, the Index included securities from the following 21 countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 4.
2
DBX ETF Trust
As a shareholder of the fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2015 to November 30, 2015).
Actual expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading Expenses Paid During the Period to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the 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 table are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value June 1, 2015 |
Ending Account Value |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 947.17 | 0.35 | % | $ | 1.70 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.25 | 0.35 | % | $ | 1.77 |
(1) Expenses are equal to the Funds annualized expense ratio multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.
3
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 4 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 5 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following open futures contracts purchased:
Contract Description |
Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||
E-mini MSCI EAFE Index |
20 | $1,744,000 | 12/18/2015 | $ | 46,900 |
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/2/2015 | CHF | 8,185,000 | USD | 8,300,678 | $ | 345,194 | |||||||||||
Bank of Montreal |
12/2/2015 | CHF | 100,453,000 | USD | 101,987,297 | 4,351,101 | ||||||||||||
Bank of Montreal |
12/2/2015 | CHF | 207,523,600 | USD | 210,703,966 | 8,999,538 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | CHF | 195,363,600 | USD | 198,353,783 | 8,468,377 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | CHF | 520,000 | USD | 510,079 | 4,660 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | CHF | 264,376,881 | USD | 268,414,643 | 11,451,158 | ||||||||||||
RBC Capital Markets |
12/2/2015 | CHF | 100,233,400 | USD | 101,770,232 | 4,347,479 | ||||||||||||
RBC Capital Markets |
12/2/2015 | CHF | 520,000 | USD | 510,101 | 4,682 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | CHF | 303,897,500 | USD | 308,556,706 | 13,180,801 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | CHF | 1,100 | USD | 1,117 | 48 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | CHF | 6,093,400 | USD | 5,994,314 | 71,779 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | CHF | 6,465,900 | USD | 6,564,232 | 279,643 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | CHF | 108,205,100 | USD | 109,862,932 | 4,692,013 | ||||||||||||
Bank of Montreal |
12/2/2015 | DKK | 264,827,900 | USD | 39,251,615 | 1,746,159 | ||||||||||||
Bank of Montreal |
12/2/2015 | DKK | 13,242,000 | USD | 1,957,222 | 81,864 | ||||||||||||
Bank of Montreal |
12/2/2015 | DKK | 57,352,000 | USD | 8,500,030 | 377,726 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | DKK | 244,732,300 | USD | 36,272,705 | 1,613,228 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | DKK | 657,000 | USD | 93,822 | 776 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | DKK | 406,823,500 | USD | 60,296,947 | 2,681,790 | ||||||||||||
RBC Capital Markets |
12/2/2015 | DKK | 657,000 | USD | 93,831 | 785 | ||||||||||||
RBC Capital Markets |
12/2/2015 | DKK | 130,303,600 | USD | 19,312,626 | 858,770 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | DKK | 327,936,000 | USD | 48,606,514 | 2,163,563 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | DKK | 19,465,900 | USD | 2,885,150 | 128,350 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | DKK | 2,100 | USD | 302 | 5 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | DKK | 25,112,100 | USD | 3,555,142 | (1,284 | ) | |||||||||||
The Bank of Nova Scotia |
12/2/2015 | DKK | 149,931,700 | USD | 22,222,310 | 988,683 | ||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 604,141,682 | USD | 667,588,641 | 29,284,946 | ||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 30,208,000 | USD | 33,289,216 | 1,373,064 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 433,480,000 | USD | 478,995,400 | 21,003,683 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 1,576,500 | USD | 1,679,280 | 13,635 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 665,874,504 | USD | 735,811,303 | 32,284,020 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | EUR | 802,191,041 | USD | 886,399,441 | 38,847,417 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 1,576,500 | USD | 1,679,360 | 13,715 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 96,469,016 | USD | 106,601,639 | 4,677,651 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | EUR | 988,362,000 | USD | 1,092,181,521 | 47,931,248 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 3,014,900 | USD | 3,323,686 | 138,304 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | EUR | 337,810,300 | USD | 373,288,827 | 16,376,584 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | EUR | 39,743,000 | USD | 41,974,569 | (15,753 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | GBP | 180,373,500 | USD | 278,517,246 | 6,858,135 | ||||||||||||
Bank of Montreal |
12/2/2015 | GBP | 17,621,000 | USD | 27,240,462 | 701,613 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | GBP | 355,516,500 | USD | 548,958,360 | 13,517,753 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | GBP | 686,500 | USD | 1,045,639 | 11,707 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | GBP | 379,042,312 | USD | 585,262,177 | 14,389,529 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 143,463,000 | USD | 221,524,374 | 5,455,877 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 686,500 | USD | 1,045,702 | 11,770 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | GBP | 280,097,000 | USD | 432,504,780 | 10,652,889 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | GBP | 144,765,000 | USD | 223,506,882 | 5,477,453 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | GBP | 363,445,500 | USD | 561,201,648 | 13,819,236 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | GBP | 9,978,300 | USD | 15,020,335 | (7,904 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | HKD | 315,944,000 | USD | 40,767,020 | 18,192 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | HKD | 912,808,948 | USD | 117,790,159 | 60,768 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | HKD | 697,213,000 | USD | 89,967,611 | 44,674 | ||||||||||||
RBC Capital Markets |
12/2/2015 | HKD | 27,524,000 | USD | 3,551,715 | 1,811 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HKD | 861,854,000 | USD | 111,215,219 | 57,734 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HKD | 388,663,900 | USD | 50,152,834 | 24,968 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HKD | 20,231,900 | USD | 2,610,802 | 1,396 |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
The Bank of Nova Scotia |
12/2/2015 | HKD | 100,168,500 | USD | 12,925,602 | $ | 6,385 | |||||||||||
Bank of Montreal |
12/2/2015 | ILS | 15,460,000 | USD | 4,002,734 | 9,501 | ||||||||||||
Bank of Montreal |
12/2/2015 | ILS | 930,000 | USD | 240,678 | 464 | ||||||||||||
Bank of Montreal |
12/2/2015 | ILS | 58,149,000 | USD | 15,056,823 | 37,258 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | ILS | 126,500 | USD | 32,438 | (236 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | ILS | 51,017,800 | USD | 13,210,031 | 32,415 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | ILS | 63,411,000 | USD | 16,420,080 | 41,369 | ||||||||||||
RBC Capital Markets |
12/2/2015 | ILS | 126,500 | USD | 32,439 | (235 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | ILS | 25,311,700 | USD | 6,553,927 | 16,055 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | ILS | 67,482,800 | USD | 17,473,220 | 42,785 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | ILS | 10,925,600 | USD | 2,829,044 | 7,022 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | ILS | 28,274,800 | USD | 7,321,398 | 18,173 | ||||||||||||
Bank of Montreal |
12/2/2015 | NOK | 55,641,000 | USD | 6,571,936 | 169,464 | ||||||||||||
Bank of Montreal |
12/2/2015 | NOK | 9,069,000 | USD | 1,069,785 | 26,238 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | NOK | 281,000 | USD | 32,367 | 33 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | NOK | 117,630,700 | USD | 13,894,238 | 358,765 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | NOK | 150,672,500 | USD | 17,796,735 | 459,225 | ||||||||||||
RBC Capital Markets |
12/2/2015 | NOK | 132,571,300 | USD | 15,659,214 | 404,564 | ||||||||||||
RBC Capital Markets |
12/2/2015 | NOK | 281,000 | USD | 32,370 | 36 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | NOK | 185,971,000 | USD | 21,966,808 | 567,587 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | NOK | 2,543,800 | USD | 292,997 | 288 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | NOK | 63,076,900 | USD | 7,450,526 | 192,424 | ||||||||||||
Bank of Montreal |
12/2/2015 | SEK | 262,585,000 | USD | 30,942,699 | 835,955 | ||||||||||||
Bank of Montreal |
12/2/2015 | SEK | 26,233,000 | USD | 3,085,736 | 77,986 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | SEK | 1,455,000 | USD | 166,722 | (102 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | SEK | 729,960,200 | USD | 86,021,073 | 2,327,317 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | SEK | 745,107,500 | USD | 87,807,429 | 2,376,956 | ||||||||||||
RBC Capital Markets |
12/2/2015 | SEK | 295,632,800 | USD | 34,838,432 | 942,585 | ||||||||||||
RBC Capital Markets |
12/2/2015 | SEK | 1,455,000 | USD | 166,727 | (96 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | SEK | 932,920,000 | USD | 109,940,382 | 2,976,223 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | SEK | 689,958,800 | USD | 81,307,455 | 2,200,069 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | SEK | 60,615,200 | USD | 6,950,408 | 558 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 2,563,387 | CHF | 2,619,500 | (17,341 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 305,016,878 | CHF | 313,542,100 | (266,818 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 47,016,804 | DKK | 332,107,900 | 16,979 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 471,757 | DKK | 3,314,000 | (2,422 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 8,472,173 | EUR | 7,978,000 | (43,046 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 661,542,452 | EUR | 626,371,682 | 248,269 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 292,542,260 | GBP | 194,341,500 | 153,946 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 5,524,947 | GBP | 3,653,000 | (23,192 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 40,756,713 | HKD | 315,944,000 | (7,885 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 167,894 | ILS | 651,000 | 256 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 19,095,961 | ILS | 73,888,000 | (11,098 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 160,568 | NOK | 1,389,500 | (682 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 7,293,308 | NOK | 63,320,500 | (7,175 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 829,724 | SEK | 7,246,500 | 1,125 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 32,286,237 | SEK | 281,571,500 | (2,591 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 2,563,638 | CHF | 2,619,500 | (17,592 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 188,009,242 | CHF | 193,264,100 | (164,464 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 471,783 | DKK | 3,314,000 | (2,448 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 34,270,811 | DKK | 242,075,300 | 12,376 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 4,645,215 | EUR | 4,203,700 | (203,811 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 1,149,882,578 | EUR | 1,088,749,304 | 431,538 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 8,472,556 | EUR | 7,978,000 | (43,429 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 517,315,161 | GBP | 343,662,500 | 272,230 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 13,723,322 | GBP | 8,887,500 | (337,928 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 5,525,254 | GBP | 3,653,000 | (23,499 | ) |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 14,556,581 | HKD | 112,805,500 | $ | (7,510 | ) | ||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 103,200,285 | HKD | 800,003,448 | (19,965 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 167,893 | ILS | 651,000 | 256 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 13,049,725 | ILS | 50,493,300 | (7,584 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 2,096,762 | NOK | 17,751,500 | (54,141 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 160,576 | NOK | 1,389,500 | (690 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 11,376,492 | NOK | 98,770,700 | (11,193 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 5,682,237 | SEK | 48,218,500 | (153,734 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 77,507,447 | SEK | 675,950,200 | (6,221 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 829,770 | SEK | 7,246,500 | 1,079 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 257,188,464 | CHF | 264,376,881 | (224,979 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 57,594,357 | DKK | 406,823,500 | 20,799 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 847,234,067 | EUR | 802,191,041 | 317,957 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 570,572,392 | GBP | 379,042,312 | 300,256 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 89,940,338 | HKD | 697,213,000 | (17,400 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 16,388,236 | ILS | 63,411,000 | (9,524 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 17,354,584 | NOK | 150,672,500 | (17,074 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 85,437,330 | SEK | 745,107,500 | (6,857 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 98,013,911 | CHF | 100,753,400 | (85,739 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 18,540,206 | DKK | 130,960,600 | 6,696 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 103,550,772 | EUR | 98,045,516 | 38,861 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 216,988,242 | GBP | 144,149,500 | 114,187 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 3,550,591 | HKD | 27,524,000 | (687 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 6,574,367 | ILS | 25,438,200 | (3,821 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 15,302,039 | NOK | 132,852,300 | (15,055 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 34,065,405 | SEK | 297,087,800 | (2,734 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 295,634,515 | CHF | 303,897,500 | (258,610 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 46,426,185 | DKK | 327,936,000 | 16,766 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 1,043,858,526 | EUR | 988,362,000 | 391,748 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 639,544,769 | GBP | 424,862,000 | 336,551 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 111,178,994 | HKD | 861,854,000 | (21,509 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 17,440,571 | ILS | 67,482,800 | (10,136 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 21,420,295 | NOK | 185,971,000 | (21,074 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 106,972,744 | SEK | 932,920,000 | (8,585 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 12,218,882 | CHF | 12,560,400 | (10,689 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 6,493,369 | DKK | 44,580,100 | (179,846 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 30,552,669 | EUR | 27,888,100 | (1,087,598 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 102,686 | EUR | 97,000 | (201 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,008,556 | EUR | 927,900 | (28,186 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 9,730,310 | EUR | 9,080,000 | (136,869 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 28,010 | EUR | 26,000 | (540 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 3,289,881 | EUR | 3,029,900 | (88,651 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 436,052 | EUR | 409,900 | (2,973 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 261,762 | EUR | 245,100 | (2,802 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,130,682 | EUR | 1,054,000 | (17,082 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 101,734 | GBP | 66,900 | (977 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 248,623 | GBP | 163,100 | (2,979 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 9,962,018 | GBP | 6,480,900 | (201,186 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,866,400 | GBP | 1,902,600 | (909 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 62,164 | GBP | 41,200 | (113 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 408,041 | GBP | 271,400 | 713 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,621,766 | GBP | 1,052,200 | (37,056 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 596,823 | HKD | 4,625,400 | (263 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 4,217,318 | HKD | 32,683,600 | (1,956 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 712,928 | HKD | 5,526,100 | (200 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 427,262 | HKD | 3,311,100 | (213 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 46,389,128 | HKD | 359,606,200 | (8,975 | ) |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 405,575 | HKD | 3,143,400 | $ | (156 | ) | ||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,682,320 | ILS | 10,378,700 | (1,559 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 140,960 | ILS | 546,900 | 301 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 293,607 | NOK | 2,543,800 | (898 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 3,810,012 | SEK | 32,870,000 | (41,294 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 3,111,816 | SEK | 27,010,500 | (14,921 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 86,282 | SEK | 734,700 | (2,044 | ) | |||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 105,262,999 | CHF | 108,205,100 | (92,080 | ) | |||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 21,225,961 | DKK | 149,931,700 | 7,665 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 356,778,348 | EUR | 337,810,300 | 133,895 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 547,094,511 | GBP | 363,445,500 | 287,901 | ||||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 12,921,716 | HKD | 100,168,500 | (2,500 | ) | |||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 7,307,472 | ILS | 28,274,800 | (4,247 | ) | |||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 7,265,250 | NOK | 63,076,900 | (7,148 | ) | |||||||||||
The Bank of Nova Scotia |
12/2/2015 | USD | 79,113,736 | SEK | 689,958,800 | (6,350 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | AUD | 2,864,500 | USD | 2,040,469 | (30,786 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | AUD | 9,691,000 | USD | 6,909,470 | (97,874 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | AUD | 85,286,000 | USD | 60,748,365 | (920,022 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | AUD | 203,846,300 | USD | 145,211,950 | (2,184,721 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | AUD | 489,500 | USD | 347,660 | (6,286 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | AUD | 253,320,500 | USD | 180,449,818 | (2,720,533 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | AUD | 489,500 | USD | 347,669 | (6,277 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | AUD | 100,504,500 | USD | 71,593,275 | (1,079,267 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | AUD | 340,874,000 | USD | 242,814,776 | (3,663,540 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | AUD | 280,454,500 | USD | 199,787,372 | (3,002,964 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | AUD | 2,700,600 | USD | 1,956,855 | 4,112 | ||||||||||||
Bank of Montreal |
12/3/2015 | JPY | 33,549,320,200 | USD | 278,081,820 | 5,509,328 | ||||||||||||
Bank of Montreal |
12/3/2015 | JPY | 621,067,000 | USD | 5,037,910 | (7,968 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | JPY | 1,450,971,000 | USD | 12,020,265 | 231,806 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 154,678,000 | USD | 1,251,866 | (4,821 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | JPY | 86,705,473,427 | USD | 718,635,040 | 14,193,733 | ||||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 43,243,364,000 | USD | 358,413,895 | 7,081,844 | ||||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 69,527,314,300 | USD | 576,291,914 | 11,415,094 | ||||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 154,678,000 | USD | 1,251,934 | (4,752 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | JPY | 87,861,470,700 | USD | 728,261,483 | 14,428,240 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | JPY | 34,189,561,100 | USD | 283,378,045 | 5,603,896 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | JPY | 8,976,636,600 | USD | 73,836,083 | 905,121 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | JPY | 1,599,993,600 | USD | 13,019,669 | 20,471 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | JPY | 28,705,291,667 | USD | 237,925,964 | 4,708,932 | ||||||||||||
Bank of Montreal |
12/3/2015 | NZD | 7,539,300 | USD | 5,089,555 | 127,927 | ||||||||||||
Bank of Montreal |
12/3/2015 | NZD | 376,000 | USD | 254,051 | 6,605 | ||||||||||||
Bank of Montreal |
12/3/2015 | NZD | 2,437,000 | USD | 1,645,072 | 41,278 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | NZD | 12,500 | USD | 8,063 | (163 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | NZD | 4,932,300 | USD | 3,329,796 | 83,839 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | NZD | 4,454,000 | USD | 3,006,784 | 75,598 | ||||||||||||
RBC Capital Markets |
12/3/2015 | NZD | 12,500 | USD | 8,066 | (161 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | NZD | 2,405,000 | USD | 1,623,555 | 40,820 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | NZD | 7,635,500 | USD | 5,154,535 | 129,597 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | NZD | 819,000 | USD | 539,680 | 695 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | NZD | 3,822,800 | USD | 2,580,811 | 65,018 | ||||||||||||
Bank of Montreal |
12/3/2015 | SGD | 15,505,000 | USD | 11,057,663 | 66,672 | ||||||||||||
Bank of Montreal |
12/3/2015 | SGD | 687,000 | USD | 489,722 | 2,730 | ||||||||||||
Bank of Montreal |
12/3/2015 | SGD | 24,831,200 | USD | 17,712,343 | 110,313 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | SGD | 91,000 | USD | 63,934 | (573 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | SGD | 40,984,900 | USD | 29,231,499 | 178,635 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | SGD | 45,958,848 | USD | 32,780,918 | 202,185 | ||||||||||||
RBC Capital Markets |
12/3/2015 | SGD | 18,942,400 | USD | 13,510,522 | 82,870 |
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
RBC Capital Markets |
12/3/2015 | SGD | 91,000 | USD | 63,940 | $ | (566 | ) | ||||||||||
State Street Bank & Trust Co. |
12/3/2015 | SGD | 66,077,000 | USD | 47,129,250 | 289,412 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | SGD | 7,486,600 | USD | 5,357,349 | 50,341 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | SGD | 2,549,400 | USD | 1,818,286 | 11,099 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | SGD | 7,993,700 | USD | 5,701,356 | 34,882 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 1,763,620 | AUD | 2,431,000 | (5,819 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 69,130,632 | AUD | 95,410,500 | (141,447 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 277,619,298 | JPY | 34,224,546,200 | 439,088 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 6,323,534 | JPY | 775,745,000 | (20,970 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 6,778,745 | NZD | 10,287,800 | (8,323 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 42,432 | NZD | 64,500 | 15 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 28,791,741 | SGD | 40,566,700 | (35,326 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 325,066 | SGD | 456,500 | (1,468 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 10,602,837 | AUD | 14,884,100 | 159,520 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 1,763,678 | AUD | 2,431,000 | (5,877 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 135,515,199 | AUD | 187,020,700 | (284,740 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 6,321,528 | JPY | 775,745,000 | (18,963 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 42,426 | NZD | 64,500 | 21 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 3,215,874 | NZD | 4,880,300 | (4,139 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 324,990 | SGD | 456,500 | (1,392 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 28,829,554 | SGD | 40,619,400 | (35,781 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 183,556,034 | AUD | 253,320,500 | (385,682 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 703,321,491 | JPY | 86,705,473,427 | 1,119,816 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 2,934,781 | NZD | 4,454,000 | (3,594 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 32,619,218 | SGD | 45,958,848 | (40,485 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 73,176,011 | AUD | 100,994,000 | (149,522 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 806,243,012 | JPY | 99,392,429,100 | 1,273,860 | ||||||||||||
RBC Capital Markets |
12/3/2015 | USD | 112,170,542 | JPY | 13,532,927,200 | (2,221,854 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 1,592,905 | NZD | 2,417,500 | (1,944 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 13,508,772 | SGD | 19,033,400 | (16,613 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 246,997,300 | AUD | 340,874,000 | (518,983 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 712,698,497 | JPY | 87,861,470,700 | 1,134,745 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 5,031,413 | NZD | 7,635,500 | (6,475 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 46,898,045 | SGD | 66,077,000 | (58,206 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 778,690 | AUD | 1,091,400 | 10,477 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 239,087 | AUD | 335,100 | 3,216 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 920,282 | AUD | 1,274,100 | 991 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 64,499 | JPY | 7,958,500 | 160 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 21,101,855 | JPY | 2,567,568,200 | (241,568 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 341,941,922 | JPY | 42,154,155,600 | 540,822 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 80,009 | JPY | 9,881,500 | 274 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 216,847 | JPY | 26,627,500 | (511 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 550,121 | NZD | 819,000 | (11,136 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 7,090,114 | SGD | 9,989,800 | (8,669 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 32,528 | SGD | 46,200 | 221 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 203,217,331 | AUD | 280,454,500 | (426,994 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 232,846,298 | JPY | 28,705,291,667 | 370,734 | ||||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 2,519,034 | NZD | 3,822,800 | (3,242 | ) | |||||||||||
The Bank of Nova Scotia |
12/3/2015 | USD | 5,673,516 | SGD | 7,993,700 | (7,042 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | CHF | 2,499,000 | USD | 2,439,472 | 3,219 | ||||||||||||
Bank of Montreal |
1/5/2016 | CHF | 1,388,000 | USD | 1,353,782 | 633 | ||||||||||||
Bank of Montreal |
1/5/2016 | CHF | 313,542,100 | USD | 305,839,531 | 170,156 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | CHF | 193,264,100 | USD | 188,518,155 | 106,721 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | CHF | 264,376,881 | USD | 257,848,166 | 109,520 | ||||||||||||
RBC Capital Markets |
1/5/2016 | CHF | 100,753,400 | USD | 98,274,428 | 50,843 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | CHF | 303,897,500 | USD | 296,420,298 | 153,356 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | CHF | 12,560,400 | USD | 12,251,658 | 6,637 |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
The Bank of Nova Scotia |
1/5/2016 | CHF | 108,205,100 | USD | 105,548,960 | $ | 60,781 | |||||||||||
Bank of Montreal |
1/5/2016 | DKK | 77,973,000 | USD | 11,054,899 | (6,892 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | DKK | 332,107,900 | USD | 47,088,134 | (26,997 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | DKK | 242,075,300 | USD | 34,322,317 | (20,165 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | DKK | 406,823,500 | USD | 57,679,280 | (35,524 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | DKK | 130,960,600 | USD | 18,567,017 | (11,962 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | DKK | 327,936,000 | USD | 46,496,948 | (26,328 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | DKK | 149,931,700 | USD | 21,258,163 | (12,188 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | EUR | 626,371,682 | USD | 662,262,779 | (361,119 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | EUR | 1,088,749,304 | USD | 1,151,156,414 | (605,916 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | EUR | 802,191,041 | USD | 848,140,543 | (478,527 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 98,045,516 | USD | 103,664,505 | (55,545 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 71,909,000 | USD | 76,026,653 | (44,190 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | EUR | 988,362,000 | USD | 1,045,034,677 | (530,281 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | EUR | 337,810,300 | USD | 357,170,208 | (191,378 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | GBP | 194,341,500 | USD | 292,588,902 | (160,213 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | GBP | 343,662,500 | USD | 517,397,640 | (283,312 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | GBP | 379,042,312 | USD | 570,651,991 | (323,850 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | GBP | 144,149,500 | USD | 217,019,955 | (121,718 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | GBP | 424,862,000 | USD | 639,653,108 | (343,879 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | GBP | 363,445,500 | USD | 547,183,555 | (297,803 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | HKD | 315,944,000 | USD | 40,761,656 | 5,594 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | HKD | 800,003,448 | USD | 103,212,934 | 14,298 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | HKD | 697,213,000 | USD | 89,951,941 | 13,041 | ||||||||||||
RBC Capital Markets |
1/5/2016 | HKD | 27,524,000 | USD | 3,551,083 | 549 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | HKD | 861,854,000 | USD | 111,194,772 | 17,556 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | HKD | 359,606,200 | USD | 46,395,711 | 7,325 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | HKD | 100,168,500 | USD | 12,923,217 | 1,707 | ||||||||||||
Bank of Montreal |
1/5/2016 | ILS | 6,192,000 | USD | 1,600,822 | 496 | ||||||||||||
Bank of Montreal |
1/5/2016 | ILS | 73,888,000 | USD | 19,103,860 | 7,454 | ||||||||||||
Bank of Montreal |
1/5/2016 | ILS | 1,290,000 | USD | 332,967 | (434 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | ILS | 50,493,300 | USD | 13,055,393 | 5,364 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | ILS | 63,411,000 | USD | 16,396,817 | 8,199 | ||||||||||||
RBC Capital Markets |
1/5/2016 | ILS | 25,438,200 | USD | 6,577,228 | 2,708 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | ILS | 67,482,800 | USD | 17,444,295 | 3,317 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | ILS | 10,378,700 | USD | 2,683,371 | 989 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | ILS | 28,274,800 | USD | 7,310,646 | 3,004 | ||||||||||||
Bank of Montreal |
1/5/2016 | NOK | 63,320,500 | USD | 7,290,033 | 7,512 | ||||||||||||
Bank of Montreal |
1/5/2016 | NOK | 583,000 | USD | 66,968 | (84 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | NOK | 98,770,700 | USD | 11,371,122 | 11,456 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | NOK | 150,672,500 | USD | 17,346,698 | 17,782 | ||||||||||||
RBC Capital Markets |
1/5/2016 | NOK | 132,852,300 | USD | 15,294,420 | 15,013 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | NOK | 185,971,000 | USD | 21,410,702 | 22,088 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | NOK | 63,076,900 | USD | 7,261,946 | 7,442 | ||||||||||||
Bank of Montreal |
1/5/2016 | SEK | 2,917,000 | USD | 334,757 | (202 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | SEK | 281,571,500 | USD | 32,329,981 | (2,833 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | SEK | 48,438,000 | USD | 5,561,363 | (766 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | SEK | 675,950,200 | USD | 77,612,282 | (6,978 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | SEK | 745,107,500 | USD | 85,550,140 | (10,442 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | SEK | 297,087,800 | USD | 34,108,661 | (5,887 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | SEK | 932,920,000 | USD | 107,119,524 | (7,540 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | SEK | 689,958,800 | USD | 79,220,925 | (6,941 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | USD | 730,018 | DKK | 5,148,000 | 313 | ||||||||||||
Bank of Montreal |
1/5/2016 | USD | 13,508,723 | EUR | 12,768,000 | (1,755 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | USD | 562,759 | GBP | 374,000 | 622 | ||||||||||||
Bank of Montreal |
1/5/2016 | USD | 60,506 | HKD | 469,000 | (6 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | USD | 15,253,813 | HKD | 118,218,000 | (3,959 | ) |
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
1/5/2016 | USD | 487,029 | NOK | 4,230,000 | $ | (535 | ) | ||||||||||
RBC Capital Markets |
1/5/2016 | USD | 2,059,276 | CHF | 2,112,500 | 181 | ||||||||||||
RBC Capital Markets |
1/5/2016 | USD | 383,991 | DKK | 2,707,000 | 43 | ||||||||||||
RBC Capital Markets |
1/5/2016 | USD | 6,855,190 | EUR | 6,480,500 | 379 | ||||||||||||
RBC Capital Markets |
1/5/2016 | USD | 4,415,472 | GBP | 2,931,000 | (318 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | USD | 137,013 | ILS | 530,000 | (34 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | USD | 128,532 | NOK | 1,117,500 | (8 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | USD | 679,362 | SEK | 5,917,000 | 86 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 2,059,718 | CHF | 2,112,500 | (260 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 384,041 | DKK | 2,707,000 | (7 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 6,855,714 | EUR | 6,480,500 | (146 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 27,091,886 | GBP | 17,992,000 | 10,622 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 4,415,783 | GBP | 2,931,000 | (629 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 137,050 | ILS | 530,000 | (72 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 128,592 | NOK | 1,117,500 | (68 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 679,612 | SEK | 5,917,000 | (164 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | USD | 3,560,535 | DKK | 25,112,100 | 2,041 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | USD | 42,020,671 | EUR | 39,743,000 | 22,515 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | USD | 15,022,780 | GBP | 9,978,300 | 8,176 | ||||||||||||
The Bank of Nova Scotia |
1/5/2016 | USD | 292,864 | NOK | 2,543,800 | (300 | ) | |||||||||||
The Bank of Nova Scotia |
1/5/2016 | USD | 6,959,825 | SEK | 60,615,200 | 610 | ||||||||||||
Bank of Montreal |
1/6/2016 | AUD | 95,410,500 | USD | 69,007,552 | 148,478 | ||||||||||||
Bank of Montreal |
1/6/2016 | AUD | 9,210,000 | USD | 6,646,553 | (431 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/6/2016 | AUD | 187,020,700 | USD | 135,270,202 | 294,783 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | AUD | 253,320,500 | USD | 183,220,385 | 395,485 | ||||||||||||
RBC Capital Markets |
1/6/2016 | AUD | 100,994,000 | USD | 73,043,204 | 154,441 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | AUD | 340,874,000 | USD | 246,562,686 | 549,218 | ||||||||||||
The Bank of Nova Scotia |
1/6/2016 | AUD | 280,454,500 | USD | 202,855,544 | 447,663 | ||||||||||||
Bank of Montreal |
1/6/2016 | JPY | 34,224,546,200 | USD | 277,982,790 | (437,623 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/6/2016 | JPY | 8,822,962,000 | USD | 71,658,516 | (117,241 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | JPY | 86,705,473,427 | USD | 704,172,576 | (1,185,900 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | JPY | 99,392,429,100 | USD | 807,274,381 | (1,293,862 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | JPY | 87,861,470,700 | USD | 713,614,248 | (1,148,392 | ) | |||||||||||
The Bank of New York Mellon |
1/6/2016 | JPY | 42,154,155,600 | USD | 342,359,322 | (569,328 | ) | |||||||||||
The Bank of Nova Scotia |
1/6/2016 | JPY | 28,705,291,667 | USD | 233,149,840 | (370,837 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | SGD | 714,000 | USD | 505,349 | (173 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | SGD | 40,566,700 | USD | 28,755,312 | 33,546 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/6/2016 | SGD | 40,619,400 | USD | 28,794,199 | 35,121 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | SGD | 45,958,848 | USD | 32,581,063 | 41,585 | ||||||||||||
RBC Capital Markets |
1/6/2016 | SGD | 19,033,400 | USD | 13,492,024 | 16,122 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | SGD | 66,077,000 | USD | 46,842,158 | 58,759 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | SGD | 9,989,800 | USD | 7,081,148 | 8,236 | ||||||||||||
The Bank of Nova Scotia |
1/6/2016 | SGD | 7,993,700 | USD | 5,666,437 | 6,791 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 13,404,325 | AUD | 18,531,000 | (30,246 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | USD | 5,044,506 | JPY | 621,067,000 | 7,941 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 13,501,680 | JPY | 1,659,933,000 | 2,056 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 8,235,492 | SGD | 11,615,000 | (11,917 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | USD | 1,420,778 | AUD | 1,968,000 | (445 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | USD | 4,972,682 | JPY | 611,245,500 | (133 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | USD | 257,100 | SGD | 363,000 | (92 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 1,421,097 | AUD | 1,968,000 | (764 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 4,973,013 | JPY | 611,245,500 | (465 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 257,116 | SGD | 363,000 | (108 | ) | |||||||||||
The Bank of Nova Scotia |
1/6/2016 | USD | 1,953,371 | AUD | 2,700,600 | (4,311 | ) | |||||||||||
Bank of Montreal |
1/7/2016 | NZD | 10,287,800 | USD | 6,762,171 | 8,876 | ||||||||||||
Bank of Montreal |
1/7/2016 | NZD | 311,000 | USD | 204,187 | 35 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/7/2016 | NZD | 4,880,300 | USD | 3,208,065 | 4,455 | ||||||||||||
JP Morgan & Chase Co. |
1/7/2016 | NZD | 4,454,000 | USD | 2,927,632 | 3,861 | ||||||||||||
RBC Capital Markets |
1/7/2016 | NZD | 2,417,500 | USD | 1,589,057 | 2,120 |
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
1/7/2016 | NZD | 7,635,500 | USD | 5,019,226 | $ | 7,000 | |||||||||||
The Bank of Nova Scotia |
1/7/2016 | NZD | 3,822,800 | USD | 2,512,879 | 3,451 | ||||||||||||
Bank of Montreal |
1/7/2016 | USD | 427,956 | NZD | 651,000 | (616 | ) | |||||||||||
RBC Capital Markets |
1/7/2016 | USD | 34,149 | NZD | 52,000 | (14 | ) | |||||||||||
State Street Bank & Trust Co. |
1/7/2016 | USD | 34,161 | NZD | 52,000 | (26 | ) | |||||||||||
The Bank of Nova Scotia |
1/7/2016 | USD | 538,361 | NZD | 819,000 | (739 | ) | |||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 389,286,247 | ||||||||||||||||
|
|
Currency Abbreviations | ||
AUD | Australian Dollar | |
CHF | Swiss Franc | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | Pound Sterling | |
HKD | Hong Kong Dollar | |
ILS | Israeli New Sheqel | |
JPY | Japanese Yen | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
USD | U.S. Dollar |
For information on the Funds policy and additional disclosures regarding 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 13,823,432,542 | $ | | $ | 7,431,742 | $ | 13,830,864,284 | ||||||||
Preferred Stocks* |
67,617,921 | | | 67,617,921 | ||||||||||||
Rights* |
3,936,856 | | | 3,936,856 | ||||||||||||
Securities Lending Collateral |
324,932,268 | | | 324,932,268 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 420,995,418 | | 420,995,418 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (31,709,171 | ) | | (31,709,171 | ) | ||||||||||
Unrealized Appreciation on Futures Contracts |
46,900 | | | 46,900 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 14,219,966,487 | $ | 389,286,247 | $ | 7,431,742 | $ | 14,616,684,476 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $7,668,947.
Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on the securities exchanges. Transfers between price levels are recognized at the beginning of the reporting period.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Statement of assets and liabilities
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
||||
Assets |
||||
Investments in non-affiliated securities at value |
$ | 13,864,214,466 | ||
Investment in affiliated securities at value (See Note 4) |
38,204,595 | |||
Investment in Daily Assets Fund |
324,932,268 | |||
Cash |
107,688 | |||
Foreign currency at value |
16,568,586 | |||
Unrealized appreciation on forward foreign currency contracts |
420,995,418 | |||
Unrealized appreciation on future contracts |
46,900 | |||
Deposit with broker for futures contracts |
33,989 | |||
Receivables: | ||||
Investment securities sold |
56,114,517 | |||
Capital shares |
9,107 | |||
Dividends |
37,153,621 | |||
Interest |
901,424 | |||
Foreign tax reclaim |
11,499,811 | |||
|
|
|||
Total Assets |
$ | 14,770,782,390 | ||
|
|
|||
Liabilities |
||||
Payable upon return of securities loaned |
$ | 324,932,268 | ||
Unrealized depreciation on forward foreign currency contracts |
31,709,171 | |||
Payables: | ||||
Investment securities purchased |
411,983,280 | |||
Capital shares |
48,693,555 | |||
Investment advisory fees |
3,992,200 | |||
|
|
|||
Total Liabilities |
821,310,474 | |||
|
|
|||
Net Assets |
$ | 13,949,471,916 | ||
|
|
|||
Net Assets Consist of |
||||
Paid-in capital |
$ | 14,484,979,522 | ||
Undistributed net investment income |
102,697,591 | |||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
(53,562,634 | ) | ||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
(584,642,563 | ) | ||
|
|
|||
Net Assets |
$ | 13,949,471,916 | ||
|
|
|||
Number of Common Shares outstanding |
491,550,800 | |||
|
|
|||
Net Assets Value |
$ | 28.38 | ||
|
|
|||
Investments in non-affiliated securities at cost |
$ | 14,826,402,111 | ||
|
|
|||
Investments in affiliated securities at cost |
$ | 48,941,700 | ||
|
|
|||
Value of securities loaned |
$ | 276,474,946 | ||
|
|
|||
Investment in Daily Assets Fund at cost |
$ | 324,932,268 | ||
|
|
|||
Foreign currency at cost |
$ | 16,599,324 | ||
|
|
See Notes to Financial Statements. | 22 |
DBX ETF Trust
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
||||
Investment Income |
||||
Unaffiliated dividend income* |
$ | 144,892,124 | ||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates |
3,130,260 | |||
|
|
|||
Total investment income |
148,022,384 | |||
|
|
|||
Expenses |
||||
Investment advisory fees |
23,338,825 | |||
|
|
|||
Total Expenses |
23,338,825 | |||
|
|
|||
Net Investment Income |
124,683,559 | |||
|
|
|||
Realized and Unrealized Gain (Loss) |
||||
Net realized gain (loss) from: |
||||
Investments |
(70,678,191 | ) | ||
Investments in affiliates |
(1,178,962 | ) | ||
In-kind redemptions |
45,314,516 | |||
Futures contracts |
(112,800 | ) | ||
Foreign currency transactions |
205,367,387 | |||
|
|
|||
Net realized gain (loss) |
178,711,950 | |||
Net change in unrealized appreciation (depreciation) on: |
||||
Investments |
(1,225,136,071 | ) | ||
Futures contracts |
(33,400 | ) | ||
Foreign currency translations |
161,521,210 | |||
|
|
|||
Net change in unrealized appreciation (depreciation) |
(1,063,648,261 | ) | ||
|
|
|||
Net realized and unrealized loss on investments, futures, and foreign currency transactions |
(884,936,311 | ) | ||
|
|
|||
Net Decrease in Net Assets Resulting from Operations |
$ | (760,252,752 | ) | |
|
|
|||
* Unaffiliated foreign tax withheld |
$ | 8,278,772 |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Statement of changes in net assets
Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
||||||||
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
|||||||
Increase (Decrease) in Net Assets from Operations |
||||||||
Net investment income |
$ | 124,683,559 | $ | 156,253,508 | ||||
Net realized gain (loss) |
178,711,950 | 10,994,476 | ||||||
Net change in unrealized appreciation (depreciation) |
(1,063,648,261 | ) | 444,128,055 | |||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations |
(760,252,752 | ) | 611,376,039 | |||||
|
|
|
|
|||||
Distributions to Shareholders from |
||||||||
Net investment income |
(331,524,748 | ) | (60,786,308 | ) | ||||
Net realized gains |
| (18,620 | ) | |||||
|
|
|
|
|||||
Total distributions |
(331,524,748 | ) | (60,804,928 | ) | ||||
|
|
|
|
|||||
Fund Shares Transactions |
||||||||
Proceeds from shares sold |
3,462,240,353 | 11,584,742,012 | ||||||
Value of shares redeemed |
(689,021,735 | ) | (430,415,811 | ) | ||||
|
|
|
|
|||||
Net increase in net assets resulting from fund share transactions |
2,773,218,618 | 11,154,326,201 | ||||||
|
|
|
|
|||||
Total increase in Net Assets |
1,681,441,118 | 11,704,897,312 | ||||||
Net Assets |
||||||||
Beginning of period |
12,268,030,798 | 563,133,486 | ||||||
|
|
|
|
|||||
End of period |
$ | 13,949,471,916 | $ | 12,268,030,798 | ||||
|
|
|
|
|||||
Undistributed net investment income |
$ | 102,697,591 | $ | 309,538,780 | ||||
|
|
|
|
|||||
Changes in Shares Outstanding |
||||||||
Shares outstanding, beginning of period |
398,950,800 | 20,250,800 | ||||||
Shares sold |
118,200,000 | 392,850,000 | ||||||
Shares redeemed |
(25,600,000 | ) | (14,150,000 | ) | ||||
|
|
|
|
|||||
Shares outstanding, end of period |
491,550,800 | 398,950,800 | ||||||
|
|
|
|
See Notes to Financial Statements. | 24 |
DBX ETF Trust
For a Share outstanding throughout each period
Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
Year Ended May 31, 2014 |
Year Ended May 31, 2013 |
For the Period June 9, 2011* to May 31, 2012 |
|||||||||||||||
Net Asset Value, beginning of period |
$ | 30.75 | $ | 27.81 | $ | 25.09 | $ | 22.12 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) from Investment Operations: |
||||||||||||||||||||
Net investment income** |
0.26 | 1.41 | 1.18 | 0.79 | 0.70 | |||||||||||||||
Net realized and unrealized gain (loss) |
(1.85 | ) | 2.90 | 1.95 | 6.26 | (3.48 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in net asset value from investment operations |
(1.59 | ) | 4.31 | 3.13 | 7.05 | (2.78 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions paid to shareholders from: |
||||||||||||||||||||
Net investment income |
(0.78 | ) | (1.37 | ) | (0.41 | ) | (1.68 | ) | (0.10 | ) | ||||||||||
Net realized gains |
| (0.00 | ) | | (2.40 | ) | | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(0.78 | ) | (1.37 | ) | (0.41 | ) | (4.08 | ) | (0.10 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Asset Value, end of period |
$ | 28.38 | $ | 30.75 | $ | 27.81 | $ | 25.09 | $ | 22.12 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return*** |
(5.28 | )% | 16.22 | % | 12.74 | % | 35.60 | % | (11.14 | )% | ||||||||||
Ratios/Supplemental Data |
||||||||||||||||||||
Net Assets, end of period (000s omitted) |
$ | 13,949,472 | $ | 12,268,031 | $ | 563,133 | $ | 75,300 | $ | 30,979 | ||||||||||
Ratios to average net assets: | ||||||||||||||||||||
Expenses, net of fee waiver and expense reimbursements |
0.35 | % | 0.35 | % | 0.35 | % | 0.48 | % | 0.57 | % | ||||||||||
Expenses, prior to fee waiver and expense reimbursements |
0.35 | % | 0.35 | % | 0.36 | % | 0.64 | % | 0.57 | % | ||||||||||
Net investment income |
1.87 | % | 4.81 | % | 4.48 | % | 3.35 | % | 3.04 | % | ||||||||||
Portfolio turnover rate |
6 | % | 12 | % | 10 | % | 14 | % | 14 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
| Less than 0.005. |
| Not annualized |
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Notes to financial statements (Unaudited)
1. Organization
DBX ETF Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the Act), as an open end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2015, the Trust consists of thirty-five investment series of exchange-traded funds (ETF) in operation and trading. These financial statements report on Deutsche X-trackers MSCI EAFE Hedged Equity ETF (the Fund), a diversified series of the Trust.
DBX Advisors LLC (DBX or the Advisor), an indirect wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Funds Board of Trustees.
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 Funds distributor. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Fund.
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, Inc. (MSCI) is the creator of the Underlying Index. The Underlying Index is comprised of securities listed in countries in the MSCI Global Index Series. All listed equity securities and listed securities that exhibit characteristics of equity securities, except mutual funds, ETFs, equity derivatives, limited partnerships and most investment trusts, are eligible for inclusion in the equity universe. REITs in some countries and certain income trusts in Canada are also eligible for inclusion. Each company and its securities (i.e., share classes) are classified in only one country, which allows for a distinctive sorting of each company by its respective country.
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 months 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 MSCI and DBX. There is no charge to the Fund in connection with these licensing agreements.
Pursuant to the Trusts organizational documents, the Trusts 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 Trusts 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 following is a summary of significant accounting policies followed by the Fund.
Security Valuation The Net Asset Value (NAV), of the Funds 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 Funds net assets by the number of Fund shares outstanding.
26
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities 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.
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 Funds valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the securitys 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 companys or issuers 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 Funds net asset value and the prices used by the Funds underlying index, which in turn could result in a difference between the Funds performance and the performance of the Funds underlying index.
Disclosure about the classification of the fair value measurements is included in a table following the Funds 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 Funds 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 sufficient to relieve it from all, or substantially all, Federal income and excise taxes. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-
27
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
The Fund recognizes interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statement of Operations. For the period ended November 30, 2015, the Fund did not incur any interest or penalties. The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2015, if any, are disclosed in the Funds
Statement of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund is maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Fund may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Fund retains benefits of owning the securities it has loaned and 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 either cash or liquid, unencumbered assets 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 security lending agreement. As of period end, any securities on loan were collateralized by cash. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015 the Fund invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral Invested in Daily Assets Fund. 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
28
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2015, the Fund had securities on loan, which were classified as common stock and rights in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
Derivatives
Forward Currency Contracts The Fund may enter into forward currency contracts designed to offset the Funds 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 exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2015, the Fund invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency exchange contracts as of November 30, 2015 is included in a table following the Funds Schedule of Investments. The investment in forward foreign currency exchange contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the period ended November 30, 2015.
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. The Fund may enter into futures contracts in seeking performance that corresponds to its 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 days settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2015 is included in a table following the Funds Schedule of Investments.
29
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
The following table summarizes the value of the Funds derivative instruments held as of November 30, 2015 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives |
Liability Derivatives |
|
||||||||||||
Risk Type |
Statement of Asset and Liabilities Location |
Fair Value | Statement of Asset and Liabilities Location |
Fair Value | ||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||||||||
Equity contracts | Unrealized appreciation on futures contracts | $ | 46,900 | Unrealized depreciation on futures contracts | $ | | ||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | 420,995,418 | Unrealized depreciation on forward foreign currency contracts | 31,709,171 | ||||||||||
|
|
|
|
|||||||||||
Total | $ | 421,042,318 | Total | $ | 31,709,171 | |||||||||
|
|
|
|
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Funds earnings during the six months ended November 30, 2015 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:
Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income |
||||||||||||
Equity Futures Contracts |
Forward Foreign Currency Contracts |
Total | ||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
$ | (112,800 | ) | $ | 222,381,794 | $ | 222,268,994 | |||||
Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income |
||||||||||||
Equity Futures Contracts |
Forward Foreign Currency Contracts |
Total | ||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
$ | (33,400 | ) | $ | 161,426,751 | $ | 161,393,351 |
For the six months ended November 30, 2015 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) |
Forward Foreign Currency Contracts (Market Value) |
|||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
$ | 1,784,186 | $ | (13,094,887,990 | ) |
30
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
As of November 30, 2015, 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 default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Fund |
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
||||||||||||||||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
|
|||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce |
$ | 81,308,829 | $ | (4,635,615 | ) | $ | | $ | 76,673,214 | $ | 4,635,615 | $ | (4,635,615 | ) | $ | $ | | |||||||||||||||
JP Morgan & Chase Co. |
87,111,935 | $ | (5,460,371 | ) | | 81,651,564 | 5,460,371 | $ | (5,460,371 | ) | | | ||||||||||||||||||||
The Bank of New York Mellon |
7,822,805 | $ | (2,702,348 | ) | | 5,120,457 | 2,702,348 | $ | (2,702,348 | ) | | | ||||||||||||||||||||
Bank of Montreal |
62,647,666 | $ | (2,699,054 | ) | | 59,948,612 | 2,699,054 | $ | (2,699,054 | ) | | | ||||||||||||||||||||
State Street Bank & Trust Co. |
100,599,258 | $ | (6,626,247 | ) | | 93,973,011 | 6,626,247 | $ | (6,626,247 | ) | | | ||||||||||||||||||||
The Bank of Nova Scotia |
44,472,428 | $ | (4,462,005 | ) | | 40,010,423 | 4,462,005 | $ | (4,462,005 | ) | | | ||||||||||||||||||||
RBC Capital Markets |
37,032,497 | $ | (5,123,531 | ) | | 31,908,966 | 5,123,531 | $ | (5,123,531 | ) | | | ||||||||||||||||||||
|
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$ | 420,995,418 | $ | (31,709,171 | ) | $ | | $ | 389,286,247 | $ | 31,709,171 | $ | (31,709,171 | ) | $ | | $ | | |||||||||||||||
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3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Funds 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.
TDAM USA Inc. (TDAM) serves as investment sub-advisor to the Fund. TDAM is responsible for day-to-day management of the Fund, subject to the replication strategy for the Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and TDAM from time to time.
For its investment advisory services to the Fund below, the Advisor is entitled to receive a unitary management fee from the Fund based on the Funds daily average net assets at an annual rate equal to 0.35%.
Out of the unitary management fee, the Advisor pays substantially all expenses of the Fund, including the payments to the sub-advisor, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. The Fund is responsible for the payment of interest expense, taxes, and brokerage 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 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 and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds Independent Trustees).
31
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
4. Transactions with Affiliates
The Advisor is an indirect wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Fund. Deutsche Bank AG is owned by the Fund in proportion with Deutsche Bank AGs representation in the DBEF index. A summary of the Funds transactions with Deutsche Bank AG securities during the six months ended November 30, 2015 is as follows:
Value ($) 5/31/2015 |
Purchases Cost ($) |
Sales Proceeds ($) |
Realized Gain/ (Loss)($) |
Value ($) at 11/30/2015 |
||||||||||||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
||||||||||||||||||||
Deutsche Bank AG (Common Stock) |
39,601,472 | 12,584,821 | (6,258,204 | ) | (1,178,962 | ) | 38,204,595 |
5. Investment Portfolio Transactions
For the six months ended November 30, 2015, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
$ | 1,043,614,665 | $ | 808,087,112 |
For the six months ended November 30, 2015, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
$ | 3,346,378,102 | $ | 674,734,720 |
6. Fund Share Transactions
As of November 30, 2015, 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 Funds 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.
32
DBX ETF Trust
Additional information (Unaudited)
Proxy Voting Policies and Procedures
The Funds policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site www.deutsche-etfs.com (click on proxy voting at the bottom of the page) or on the SECs 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 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 SECs website at www.sec.gov and are available by calling the Company at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SECs 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 SECs Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about the Funds portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
33
DBX ETF Trust
Privacy policy notice (Unaudited)
DBX Advisors LLC (Advisors) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.deutsche-etfs.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
34
DBX ETF Trust
This report is intended for the shareholders of the DBX ETF Trust.
Carefully consider the Funds investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Funds prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. 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 US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. See the prospectus for details.
Shares of the Fund are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Fund is managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset & Wealth Management is the brand name for the asset and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.
MSCI is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.
Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Avenue New York, NY 10154 |
Investment sub-advisor TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 |
Administrator, custodian, fund accountant & 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-040497-1 (1/16) DBX 001745 (1/17)
November 30, 2015
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF (EMIH)
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF (HYIH)
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF (IGIH)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)
DBX ETF Trust
Dear Shareholder,
We are pleased to provide this semi-annual report for our eight ETFs tracking the fixed income and equity dividend markets for the period ended November 30, 2015.
Global markets have witnessed an increasing growth differential between the US and the rest of the world. Macroeconomic concerns were mainly around the timing of a rate hike by the US Federal Reserve (Fed) and slowing growth in China, with its spillover effects on emerging markets (EM) and commodities. The Fed rate hike was deferred twice in the period, mainly due to developments in Europe and China. Low commodity prices have pushed EM countries, such as Brazil and Russia, into recession and dampened Eurozone inflation. This pushed the European Central Bank (ECB) to extend its quantitative easing (QE) program until March 2017.
Equity markets witnessed the most volatility in the reporting period. As China tried to counter slowing economic growth with its devaluation of the yuan in mid-August, market anxiety about the implications of an impending Fed rate hike and central banks inaction came to the fore. Global equities were down in August and September; however, positive corporate earnings, aided by accommodative monetary policy in the Eurozone and Japan, helped markets recover in October and November.
Although the Barclays Global Aggregate Bond Index (Hedged)1 has remained flat over the past six months, it has not been without periods of volatility. The September bond rally as evidenced by the Treasury 10-year rate, which rose to 2.3% was a reaction to unchanged rates by the Fed, while the brief October sell-off appeared to be a reaction to surety over a rate hike and global growth concerns. As investors continued to prepare for an eventual rate hike, the Treasury yield curve flattened. Corporate bond issuances surged, as loose monetary policy made bonds a low-cost funding option. While Investment Grade bonds were mostly flat, the High Yield bond market with about a fifth of the issues linked to commodities saw spreads widen against Treasuries.
The Municipal Bond market has been one of most stable markets in this reporting period, gaining about 2.58%, as measured by the Barclays Municipal Bond Index2. Markets have seen year-to-date net inflows of USD 9 billion with favorable demand-supply, as a majority of the new issuance has been for refunding. Despite the overall market stability, Pennsylvania and Illinois were downgraded, and Puerto Ricos financial crisis continued.
Despite concerns over debt levels, we still believe EM economies will continue to grow, though the momentum has been slowing in some countries. While the US appears to be leading the recovery in developed markets, the interest rate divergence between Europe and the US is likely to strengthen the dollar further, thereby possibly creating headwinds for US equities. European and Japanese markets will likely remain well supported by the ECB and Bank of Japans accommodative monetary policy, while a strong labor market sets the stage for a Fed rate hike in December.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
1 Barclays Global Aggregate Bond Index (Hedged) is an unmanaged, broad-based, global investment-grade fixed-income measure comprised of three component indices, the U.S. Aggregate Index, the Pan-European Aggregate Index and the Asian-Pacific Aggregate Index.
2 The Barclays Municipal Bond Index is an unmanaged, market-value-weighted measure of municipal bonds issued across the United States. Index issues have a credit rating of at least Baa and a maturity of at least two years.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF (EMIH)
The Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Emerging Markets Bond Interest Rate Hedged Index (name changed from DBIQ USD Emerging Markets Bond Interest Rate Hedged Index effective August 10, 2015) (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 emerging markets bonds 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.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 12.
2
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF (HYIH)
The Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive High Yield Corporate Bond Interest Rate Hedged Index (name changed from DBIQ USD High Yield Corporate Bond Interest Rate Hedged Index effective August 10, 2015) (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.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 15.
3
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF (IGIH)
The Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Investment Grade Bond Interest Rate Hedged Index (name changed from DBIQ USD Investment Grade Bond Interest Rate Hedged Index effective August 10, 2015) (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.
* As a percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 19.
4
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)
The Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (name changed from DBIQ Municipal Infrastructure Revenue Bond Index effective August 10, 2015) (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.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 23.
5
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)
The Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex US High Dividend Yield US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while 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.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 25.
6
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)
The Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to provide exposure to equity securities in developed international stock markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 35.
7
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)
The Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to provide exposure to equity securities in the global emerging markets in its parent index, the MSCI Emerging Markets Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 40.
8
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)
The Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU High Dividend Yield US Dollar Hedged Index (the Underlying Index). Underlying Index is designed to provide exposure to equity securities from countries in the European Monetary Union (the EMU), or the Eurozone, in its parent index, the MSCI EMU Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 45.
9
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2015 to November 30, 2015).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading Expenses Paid During the Period to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value June 1, 2015 |
Ending Account Value |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
||||||||||||||||
Actual |
$ | 1,000.00 | $ | 994.50 | 0.50 | % | $ | 2.49 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.50 | 0.50 | % | $ | 2.53 | ||||||||
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
||||||||||||||||
Actual |
$ | 1,000.00 | $ | 935.32 | 0.45 | % | $ | 2.18 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
||||||||||||||||
Actual |
$ | 1,000.00 | $ | 989.61 | 0.25 | % | $ | 1.24 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.75 | 0.25 | % | $ | 1.26 | ||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
||||||||||||||||
Actual |
$ | 1,000.00 | $ | 1,036.22 | 0.30 | % | $ | 1.53 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.50 | 0.30 | % | $ | 1.52 | ||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
||||||||||||||||
Actual (2) |
$ | 1,000.00 | $ | 948.01 | 0.45 | % | $ | 1.33 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 |
10
DBX ETF Trust
Fees and expenses (Unaudited) (Continued)
Beginning Account Value June 1, 2015 |
Ending Account Value |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
||||||||||||||||
Actual (2) |
$ | 1,000.00 | $ | 961.22 | 0.45 | % | $ | 1.34 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
||||||||||||||||
Actual (2) |
$ | 1,000.00 | $ | 900.95 | 0.65 | % | $ | 1.87 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.75 | 0.65 | % | $ | 3.29 | ||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Actual (2) |
$ | 1,000.00 | $ | 1,022.80 | 0.45 | % | $ | 1.38 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 |
(1) Expenses are equal to each Funds annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.
(2) For the period from August 12, 2015 (commencement of operations) to November 30, 2015.
11
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
| The cost for federal income tax purposes was $5,967,137. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $221,589. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $61,585 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $283,174. |
(a) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $100,482, which is 1.7% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
GMTN: Global Medium Term Note
MTN: Medium Term Note
144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2015, open futures contracts sold were as follows:
Contract Description |
Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
5-Year U.S. Treasury Note |
20 | $ | 2,373,594 | 3/31/2016 | $ | 1,016 | ||||||||||
10-Year U.S. Treasury Note |
16 | 2,023,000 | 3/21/2016 | 875 | ||||||||||||
U.S. Treasury Long Bond |
9 | 1,386,000 | 3/21/2016 | (2,531 | ) | |||||||||||
|
|
|
|
|||||||||||||
$ | 5,782,594 | $ | (640 | ) | ||||||||||||
|
|
|
|
For information on the Funds policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Sovereign Bonds* |
$ | | $ | 5,640,715 | $ | | $ | 5,640,715 | ||||||||
Securities Lending Collateral |
104,833 | | | 104,833 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Depreciation on Futures Contracts |
(640 | ) | | | (640 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 104,193 | $ | 5,640,715 | $ | | $ | 5,744,908 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
| The cost for federal income tax purposes was $9,442,753. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $883,889. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $31,050 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $914,939. |
(a) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $220,763, which is 2.5% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
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. | 17 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
At November 30, 2015, open futures contracts sold were as follows:
Contract Description |
Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation |
||||||||||||
2-Year U.S. Treasury Note |
4 | $ | 870,188 | 3/31/2016 | $ | 250 | ||||||||||
5-Year U.S. Treasury Note |
38 | 4,509,827 | 3/31/2016 | 2,437 | ||||||||||||
10-Year U.S. Treasury Note |
23 | 2,908,063 | 3/21/2016 | 1,258 | ||||||||||||
|
|
|
|
|||||||||||||
$ | 8,288,078 | $ | 3,945 | |||||||||||||
|
|
|
|
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Corporate Bonds* |
$ | | $ | 8,330,627 | $ | | $ | 8,330,627 | ||||||||
Securities Lending Collateral |
228,237 | | | 228,237 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Futures Contracts |
3,945 | | | 3,945 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 232,182 | $ | 8,330,627 | $ | | $ | 8,562,809 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
| The cost for federal income tax purposes was $4,677,602. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $197,528. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,905 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $199,433. |
(a) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
GMTN: Global Medium Term Note
MTN: Medium Term Note
At November 30, 2015, open futures contracts sold were as follows:
Contract Description |
Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
||||||||||||
10-Year U.S. Treasury Note |
13 | $ | 1,643,688 | 3/21/2016 | $ | 711 | ||||||||||
5-Year U.S. Treasury Note |
12 | 1,424,156 | 3/31/2016 | 688 | ||||||||||||
Ultra Long U.S. Treasury Bond |
2 | 316,875 | 3/21/2016 | (719 | ) | |||||||||||
U.S. Treasury Long Bond |
7 | 1,078,000 | 3/21/2016 | (1,969 | ) | |||||||||||
|
|
|
|
|||||||||||||
$4,462,719 | $ | (1,289 | ) | |||||||||||||
|
|
|
|
For information on the Funds policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Corporate Bonds* |
$ | | 4,480,074 | $ | | $ | 4,480,074 | |||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Depreciation on Futures Contracts |
(1,289 | ) | | | (1,289 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | (1,289 | ) | $ | 4,480,074 | $ | | $ | 4,478,785 | |||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* | See Schedule of Investments for additional detailed categorizations. |
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2015 (Unaudited)
| The cost for federal income tax purposes was $23,418,926. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $818,656. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $841,773 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $23,117. |
AGM: Assured Guaranty Municipal Corp.
AMT: Alternative Minimum Tax
INS: Insured
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Municipal Bonds* |
$ | | $ | 24,237,582 | $ | | $ | 24,237,582 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | | $ | 24,237,582 | $ | | $ | 24,237,582 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
| The cost for federal income tax purposes was $10,461,398. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $73,032. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $334,951 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $407,983. |
(a) | Stapled Security A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $26,958, which is 0.3% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: American Depositary Receipt
FDR: Fiduciary Depositary Receipt
GDR: Global Depositary Receipt
NVDR: Non Voting Depositary Receipt
PJSC: Private Joint Stock Company
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
10/2/2015 | CAD | 17,000 | USD | 12,766 | $ | 36 | |||||||||||
Bank of Montreal |
10/2/2015 | GBP | 1,257,561 | USD | 1,893,308 | (1,037 | ) | |||||||||||
Bank of Montreal |
10/2/2015 | ZAR | 37,200 | USD | 2,579 | 8 | ||||||||||||
Bank of Montreal |
10/6/2015 | HUF | 3,530,500 | USD | 11,993 | (5 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | BRL | 8,000 | USD | 2,054 | (11 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | CHF | 174,500 | USD | 177,174 | 7,567 | ||||||||||||
RBC Capital Markets |
12/2/2015 | CHF | 29,000 | USD | 29,445 | 1,258 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | CHF | 110,500 | USD | 112,194 | 4,793 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | CHF | 5,900 | USD | 5,990 | 256 | ||||||||||||
Bank of Montreal |
12/2/2015 | DKK | 97,000 | USD | 14,377 | 640 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | DKK | 59,000 | USD | 8,745 | 389 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | DKK | 9,700 | USD | 1,438 | 64 | ||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 1,144,229 | USD | 1,264,396 | 55,465 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 213,000 | USD | 235,362 | 10,318 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 15,000 | USD | 16,534 | 686 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | EUR | 706,000 | USD | 780,160 | 34,238 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 25,000 | USD | 27,626 | 1,212 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | GBP | 18,300 | USD | 28,257 | 696 | ||||||||||||
Bank of Montreal |
12/2/2015 | GBP | 1,386,561 | USD | 2,141,008 | 52,720 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 22,000 | USD | 34,017 | 883 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 166,000 | USD | 256,325 | 6,314 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | GBP | 831,500 | USD | 1,283,940 | 31,624 | ||||||||||||
RBC Capital Markets |
12/2/2015 | HKD | 906,000 | USD | 116,911 | 60 | ||||||||||||
Bank of Montreal |
12/2/2015 | HKD | 1,698,000 | USD | 219,083 | 83 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | HKD | 906,000 | USD | 116,890 | 18 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HKD | 5,830,900 | USD | 752,414 | 375 | ||||||||||||
Bank of Montreal |
12/2/2015 | HUF | 3,530,500 | USD | 12,532 | 533 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HUF | 2,197,500 | USD | 7,801 | 333 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HUF | 271,400 | USD | 963 | 41 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HUF | 289,400 | USD | 986 | 3 | ||||||||||||
Bank of Montreal |
12/2/2015 | NOK | 782,600 | USD | 92,532 | 2,481 | ||||||||||||
RBC Capital Markets |
12/2/2015 | NOK | 137,000 | USD | 16,182 | 418 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | NOK | 484,000 | USD | 57,170 | 1,477 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | NOK | 3,200 | USD | 378 | 10 | ||||||||||||
Bank of Montreal |
12/2/2015 | SEK | 1,027,500 | USD | 121,085 | 3,277 | ||||||||||||
RBC Capital Markets |
12/2/2015 | SEK | 110,000 | USD | 12,963 | 351 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | SEK | 630,500 | USD | 74,302 | 2,011 |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
The Bank of New York Mellon |
12/2/2015 | SEK | 34,600 | USD | 4,077 | $ | 110 | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 16,245 | CHF | 16,000 | (694 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 154,190 | CHF | 158,500 | (135 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 13,732 | DKK | 97,000 | 5 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 100,557 | EUR | 91,000 | (4,412 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 1,112,368 | EUR | 1,053,229 | 417 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 191,470 | GBP | 124,000 | (4,716 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 1,893,007 | GBP | 1,257,561 | 996 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 7,708 | GBP | 5,000 | (178 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 192,468 | HKD | 1,492,000 | (37 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 26,579 | HKD | 206,000 | (10 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 11,995 | HUF | 3,530,500 | 3 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 84,727 | NOK | 735,600 | (83 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 5,557 | NOK | 47,000 | (149 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 105,090 | SEK | 916,500 | (8 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 13,081 | SEK | 111,000 | (354 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 55,748 | NOK | 484,000 | (55 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 240,802 | EUR | 228,000 | 90 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 1,251,657 | GBP | 831,500 | 659 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 116,874 | HKD | 906,000 | (23 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 28,211 | CHF | 29,000 | (25 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 107,496 | CHF | 110,500 | (94 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 8,353 | DKK | 59,000 | 3 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 745,642 | EUR | 706,000 | 280 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 282,996 | GBP | 188,000 | 149 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 7,466 | HUF | 2,197,500 | 2 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 15,780 | NOK | 137,000 | (16 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 12,613 | SEK | 110,000 | (1 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 72,296 | SEK | 630,500 | (6 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,020 | CHF | 2,000 | (76 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 3,794 | CHF | 3,900 | (3 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,373 | DKK | 9,700 | 0 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 7,921 | EUR | 7,500 | 3 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 17,310 | EUR | 15,800 | (616 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,848 | EUR | 1,700 | (52 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 9,182 | GBP | 6,100 | 5 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 18,809 | GBP | 12,200 | (435 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 745,309 | HKD | 5,777,600 | (144 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,465 | HKD | 19,100 | (1 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 4,413 | HKD | 34,200 | (2 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,905 | HUF | 560,800 | 1 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 369 | NOK | 3,200 | 0 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 3,967 | SEK | 34,600 | 0 | ||||||||||||
Bank of Montreal |
12/3/2015 | AUD | 610,597 | USD | 434,947 | (6,563 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | AUD | 365,000 | USD | 260,000 | (3,924 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | AUD | 7,200 | USD | 5,217 | 11 | ||||||||||||
RBC Capital Markets |
12/3/2015 | AUD | 7,000 | USD | 4,992 | (69 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | AUD | 67,000 | USD | 47,727 | (719 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | AUD | 2,800 | USD | 1,995 | (30 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | BRL | 600,152 | USD | 154,573 | (398 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | CAD | 858,329 | USD | 655,921 | 13,196 | ||||||||||||
RBC Capital Markets |
12/3/2015 | CAD | 9,000 | USD | 6,888 | 149 | ||||||||||||
RBC Capital Markets |
12/3/2015 | CAD | 102,000 | USD | 77,951 | 1,572 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | CAD | 530,000 | USD | 405,018 | 8,148 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | CAD | 18,700 | USD | 14,291 | 288 | ||||||||||||
RBC Capital Markets |
12/3/2015 | CHF | 13,000 | USD | 12,680 | 7 |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/3/2015 | CLP | 6,871,500 | USD | 9,912 | $ | 246 | |||||||||||
RBC Capital Markets |
12/3/2015 | CLP | 3,457,000 | USD | 4,987 | 124 | ||||||||||||
RBC Capital Markets |
12/3/2015 | CLP | 3,907,000 | USD | 5,638 | 142 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | CLP | 6,871,500 | USD | 9,916 | 249 | ||||||||||||
Bank of Montreal |
12/3/2015 | COP | 9,138,000 | USD | 3,145 | 240 | ||||||||||||
RBC Capital Markets |
12/3/2015 | COP | 5,243,000 | USD | 1,806 | 139 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | COP | 9,138,000 | USD | 3,149 | 244 | ||||||||||||
RBC Capital Markets |
12/3/2015 | EUR | 32,000 | USD | 33,832 | (20 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | IDR | 89,246,000 | USD | 6,446 | 0 | ||||||||||||
RBC Capital Markets |
12/3/2015 | IDR | 57,515,000 | USD | 4,153 | (1 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | IDR | 89,246,000 | USD | 6,430 | (16 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | IDR | 89,246,000 | USD | 6,399 | 6 | ||||||||||||
Bank of Montreal |
12/3/2015 | JPY | 14,974,000 | USD | 124,116 | 2,459 | ||||||||||||
Bank of Montreal |
12/3/2015 | JPY | 599,500 | USD | 4,863 | (8 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 2,438,000 | USD | 20,207 | 399 | ||||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 2,438,000 | USD | 19,802 | (32 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | JPY | 9,403,000 | USD | 77,939 | 1,544 | ||||||||||||
Bank of Montreal |
12/3/2015 | MXN | 189,000 | USD | 11,410 | 12 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MXN | 123,000 | USD | 7,425 | 7 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | MXN | 8,400 | USD | 507 | 0 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | MXN | 14,500 | USD | 877 | 2 | ||||||||||||
Bank of Montreal |
12/3/2015 | MYR | 195,000 | USD | 45,284 | (438 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | MYR | 103,000 | USD | 23,945 | (205 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MYR | 195,000 | USD | 45,349 | (373 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | NZD | 400 | USD | 263 | 0 | ||||||||||||
Bank of Montreal |
12/3/2015 | NZD | 13,500 | USD | 9,113 | 229 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | NZD | 8,500 | USD | 5,738 | 144 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | NZD | 400 | USD | 270 | 7 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | RUB | 8,953,001 | USD | 138,892 | 4,020 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | RUB | 297,590 | USD | 4,508 | 25 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | RUB | 426,000 | USD | 6,623 | 205 | ||||||||||||
Bank of Montreal |
12/3/2015 | SGD | 148,500 | USD | 105,927 | 660 | ||||||||||||
Bank of Montreal |
12/3/2015 | SGD | 6,100 | USD | 4,329 | 5 | ||||||||||||
RBC Capital Markets |
12/3/2015 | SGD | 18,000 | USD | 12,838 | 79 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | SGD | 92,500 | USD | 65,975 | 405 | ||||||||||||
Bank of Montreal |
12/3/2015 | THB | 962,500 | USD | 26,985 | 133 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | THB | 962,500 | USD | 26,961 | 108 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | THB | 393,000 | USD | 11,022 | 57 | ||||||||||||
Bank of Montreal |
12/3/2015 | TWD | 3,089,300 | USD | 94,266 | (377 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | TWD | 1,458,000 | USD | 44,901 | 234 | ||||||||||||
RBC Capital Markets |
12/3/2015 | TWD | 447,000 | USD | 13,767 | 72 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TWD | 2,894,000 | USD | 89,074 | 414 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 65,534 | AUD | 92,000 | 989 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 375,755 | AUD | 518,597 | (769 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 32,096 | CAD | 42,000 | (646 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 613,014 | CAD | 816,329 | (1,738 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 9,610 | CLP | 6,871,500 | 56 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 2,901 | COP | 9,138,000 | 5 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 6,449 | IDR | 89,246,000 | (3 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 28,596 | JPY | 3,450,000 | (567 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 4,846 | JPY | 584,600 | (96 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 88,737 | JPY | 10,939,400 | 140 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 11,381 | MXN | 189,000 | 17 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 45,882 | MYR | 195,000 | (161 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 8,895 | NZD | 13,500 | (11 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 100,428 | SGD | 141,500 | (123 | ) |
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/3/2015 | USD | 4,993 | SGD | 7,000 | $ | (31 | ) | ||||||||||
Bank of Montreal |
12/3/2015 | USD | 26,857 | THB | 962,500 | (4 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 94,619 | TWD | 3,089,300 | 24 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 169,873 | ZAR | 2,450,000 | (497 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 19,022 | ZAR | 264,000 | (771 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 53,617 | AUD | 74,000 | (110 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 2,053 | BRL | 8,000 | 13 | ||||||||||||
RBC Capital Markets |
12/3/2015 | USD | 83,354 | CAD | 111,000 | (236 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 10,360 | CLP | 7,364,000 | (1 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 1,670 | COP | 5,243,000 | (3 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 4,152 | IDR | 57,515,000 | 2 | ||||||||||||
RBC Capital Markets |
12/3/2015 | USD | 19,776 | JPY | 2,438,000 | 31 | ||||||||||||
RBC Capital Markets |
12/3/2015 | USD | 24,250 | MYR | 103,000 | (99 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 58,382 | TWD | 1,905,000 | (21 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 12,897 | ZAR | 186,000 | (38 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 264,479 | AUD | 365,000 | (556 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 398,002 | CAD | 530,000 | (1,133 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 9,674 | CLP | 6,871,500 | (7 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 2,901 | COP | 9,138,000 | 5 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 6,443 | IDR | 89,246,000 | 3 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 76,274 | JPY | 9,403,000 | 121 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 7,407 | MXN | 123,000 | 11 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 45,877 | MYR | 195,000 | (155 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 5,601 | NZD | 8,500 | (7 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 135,516 | RUB | 8,953,001 | (643 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 65,652 | SGD | 92,500 | (81 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 26,855 | THB | 962,500 | (3 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 88,778 | TWD | 2,894,000 | (119 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 116,990 | ZAR | 1,687,000 | (363 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 7,124 | AUD | 10,000 | 106 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 153,108 | BRL | 600,152 | 1,863 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 10,419 | CAD | 13,600 | (235 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 16,775 | CAD | 22,100 | (226 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 4,931 | JPY | 599,500 | (60 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 1,379 | MXN | 22,900 | 2 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 264 | NZD | 400 | 0 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 11,229 | RUB | 723,590 | (329 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 4,342 | SGD | 6,100 | (18 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 10,965 | THB | 393,000 | (1 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 5,242 | ZAR | 74,600 | (85 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 2,515 | ZAR | 35,300 | (74 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | ZAR | 72,700 | USD | 5,238 | 212 | ||||||||||||
Bank of Montreal |
12/3/2015 | ZAR | 2,714,000 | USD | 195,551 | 7,923 | ||||||||||||
RBC Capital Markets |
12/3/2015 | ZAR | 186,000 | USD | 13,402 | 543 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | ZAR | 1,687,000 | USD | 121,554 | 4,927 | ||||||||||||
The Bank of New York Mellon |
12/7/2015 | AED | 22,000 | USD | 5,990 | 0 | ||||||||||||
The Bank of New York Mellon |
12/7/2015 | AED | 198,200 | USD | 53,944 | (20 | ) | |||||||||||
RBC Capital Markets |
12/7/2015 | USD | 5,989 | AED | 22,000 | 1 | ||||||||||||
The Bank of New York Mellon |
12/7/2015 | USD | 53,961 | AED | 198,200 | 4 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | AED | 198,200 | USD | 53,947 | (6 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | AUD | 365,000 | USD | 264,014 | 588 | ||||||||||||
Bank of Montreal |
1/5/2016 | CHF | 158,500 | USD | 154,606 | 86 | ||||||||||||
RBC Capital Markets |
1/5/2016 | CHF | 29,000 | USD | 28,286 | 15 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | CHF | 110,500 | USD | 107,781 | 56 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | CHF | 3,900 | USD | 3,804 | 2 | ||||||||||||
Bank of Montreal |
1/5/2016 | DKK | 97,000 | USD | 13,753 | (8 | ) |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | DKK | 59,000 | USD | 8,365 | $ | (5 | ) | ||||||||||
The Bank of New York Mellon |
1/5/2016 | DKK | 9,700 | USD | 1,375 | (1 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | EUR | 1,053,229 | USD | 1,113,580 | (607 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 228,000 | USD | 241,067 | (129 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | EUR | 706,000 | USD | 746,482 | (379 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | EUR | 7,500 | USD | 7,930 | (4 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | GBP | 188,000 | USD | 283,038 | (159 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | GBP | 831,500 | USD | 1,251,869 | (673 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | HKD | 5,777,600 | USD | 745,415 | 118 | ||||||||||||
Bank of Montreal |
1/5/2016 | HKD | 1,492,000 | USD | 192,491 | 26 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | HUF | 2,197,500 | USD | 7,465 | (3 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | HUF | 560,800 | USD | 1,905 | (1 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | IDR | 57,515,000 | USD | 4,123 | 3 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | MXN | 22,900 | USD | 1,376 | (2 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | MYR | 195,000 | USD | 45,915 | 301 | ||||||||||||
Bank of Montreal |
1/5/2016 | NOK | 735,600 | USD | 84,689 | 87 | ||||||||||||
RBC Capital Markets |
1/5/2016 | NOK | 137,000 | USD | 15,772 | 15 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | NOK | 484,000 | USD | 55,723 | 57 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | NOK | 3,200 | USD | 368 | 0 | ||||||||||||
Bank of Montreal |
1/5/2016 | SEK | 916,500 | USD | 105,232 | (9 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | SEK | 630,500 | USD | 72,395 | (5 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | SEK | 34,600 | USD | 3,973 | 0 | ||||||||||||
RBC Capital Markets |
1/5/2016 | USD | 6,346 | EUR | 6,000 | 1 | ||||||||||||
RBC Capital Markets |
1/5/2016 | USD | 6,022 | GBP | 4,000 | 3 | ||||||||||||
RBC Capital Markets |
1/5/2016 | USD | 67,349 | HKD | 522,000 | (12 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | USD | 5,052 | SEK | 44,000 | 1 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | USD | 5,988 | AED | 22,000 | 1 | ||||||||||||
Bank of Montreal |
1/6/2016 | AUD | 518,597 | USD | 375,086 | 807 | ||||||||||||
RBC Capital Markets |
1/6/2016 | AUD | 7,000 | USD | 5,054 | 2 | ||||||||||||
RBC Capital Markets |
1/6/2016 | AUD | 74,000 | USD | 53,520 | 113 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | BRL | 600,152 | USD | 151,561 | (1,727 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | CAD | 530,000 | USD | 397,995 | 1,131 | ||||||||||||
Bank of Montreal |
1/6/2016 | CAD | 816,329 | USD | 613,009 | 1,742 | ||||||||||||
RBC Capital Markets |
1/6/2016 | CAD | 111,000 | USD | 83,354 | 237 | ||||||||||||
Bank of Montreal |
1/6/2016 | CLP | 6,871,500 | USD | 9,580 | (52 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | CLP | 7,364,000 | USD | 10,325 | 3 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | CLP | 6,871,500 | USD | 9,641 | 10 | ||||||||||||
Bank of Montreal |
1/6/2016 | COP | 9,138,000 | USD | 2,895 | (5 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | COP | 5,243,000 | USD | 1,667 | 2 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | COP | 9,138,000 | USD | 2,897 | (3 | ) | |||||||||||
The Bank of New York Mellon |
1/6/2016 | GBP | 6,100 | USD | 9,184 | (5 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | IDR | 89,246,000 | USD | 6,429 | 36 | ||||||||||||
Bank of Montreal |
1/6/2016 | JPY | 10,939,400 | USD | 88,853 | (140 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | JPY | 9,403,000 | USD | 76,372 | (123 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | MXN | 123,000 | USD | 7,391 | (9 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | MXN | 189,000 | USD | 11,356 | (15 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | MYR | 195,000 | USD | 45,974 | 360 | ||||||||||||
RBC Capital Markets |
1/6/2016 | MYR | 103,000 | USD | 24,261 | 167 | ||||||||||||
RBC Capital Markets |
1/6/2016 | SEK | 110,000 | USD | 12,629 | (2 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | SGD | 141,500 | USD | 100,301 | 117 | ||||||||||||
RBC Capital Markets |
1/6/2016 | SGD | 18,000 | USD | 12,759 | 15 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | SGD | 92,500 | USD | 65,573 | 82 | ||||||||||||
Bank of Montreal |
1/6/2016 | THB | 962,500 | USD | 26,830 | 10 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | THB | 962,500 | USD | 26,842 | 22 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | THB | 393,000 | USD | 10,954 | 3 | ||||||||||||
Bank of Montreal |
1/6/2016 | TWD | 3,089,300 | USD | 94,618 | (42 | ) |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
RBC Capital Markets |
1/6/2016 | TWD | 1,905,000 | USD | 58,376 | $ | 5 | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | TWD | 2,894,000 | USD | 88,683 | 8 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 5,208 | AUD | 7,200 | (11 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | USD | 12,766 | CAD | 17,000 | (36 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | USD | 4,869 | JPY | 599,500 | 8 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 4,324 | SGD | 6,100 | (5 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | USD | 2,563 | ZAR | 37,200 | (8 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | USD | 46,291 | AUD | 64,000 | (101 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | USD | 6,355 | BRL | 25,000 | 31 | ||||||||||||
RBC Capital Markets |
1/6/2016 | USD | 2,036 | BRL | 8,000 | 8 | ||||||||||||
RBC Capital Markets |
1/6/2016 | USD | 30,788 | CAD | 41,000 | (88 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | USD | 9,217 | SGD | 13,000 | (12 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | USD | 12,775 | SGD | 18,000 | (16 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | USD | 11,121 | TWD | 363,000 | 1 | ||||||||||||
RBC Capital Markets |
1/6/2016 | USD | 16,951 | ZAR | 246,000 | (57 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | ZAR | 2,450,000 | USD | 168,803 | 555 | ||||||||||||
RBC Capital Markets |
1/6/2016 | ZAR | 186,000 | USD | 12,815 | 42 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | ZAR | 1,687,000 | USD | 116,255 | 404 | ||||||||||||
Bank of Montreal |
1/7/2016 | NZD | 13,500 | USD | 8,874 | 12 | ||||||||||||
State Street Bank & Trust Co. |
1/7/2016 | NZD | 8,500 | USD | 5,588 | 8 | ||||||||||||
State Street Bank & Trust Co. |
1/13/2016 | RUB | 8,953,001 | USD | 133,827 | 811 | ||||||||||||
The Bank of New York Mellon |
1/13/2016 | USD | 20,929 | RUB | 1,398,000 | (159 | ) | |||||||||||
The Bank of New York Mellon |
1/13/2016 | USD | 4,443 | RUB | 297,590 | (22 | ) | |||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 243,220 | ||||||||||||||||
|
|
Currency Abbreviations
AED | Arab Emirates Dirham | |
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CLP | Chilean Peso | |
COP | Colombian Peso | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | Pound Sterling | |
HKD | Hong Kong Dollar | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
JPY | Japanese Yen | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
RUB | Russian Ruble | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
THB | Thai Baht | |
TWD | New Taiwan Dollar | |
USD | U.S. Dollar | |
ZAR | South African Rand |
For information on the Funds 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. | 33 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 10,354,232 | $ | | $ | | $ | 10,354,232 | ||||||||
Preferred Stocks |
5,126 | | | 5,126 | ||||||||||||
Securities Lending Collateral |
29,008 | | | 29,008 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 284,452 | | 284,452 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (41,232 | ) | | (41,232 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 10,388,366 | $ | 243,220 | $ | | $ | 10,631,586 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
CDI Chess Depositary Interest
FDR Fiduciary Depositary Receipt
| The cost for federal income tax purposes was $5,081,729. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $184,669. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $78,853 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $263,522. |
(a) | Stapled Security A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
(b) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $112,922, which is 2.4% of net assets. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
10/2/2015 | EUR | 141,000 | USD | 155,803 | $ | 6,830 | |||||||||||
Bank of Montreal |
10/2/2015 | SEK | 70,000 | USD | 8,249 | 223 | ||||||||||||
JP Morgan & Chase Co. |
10/5/2015 | AUD | 495,000 | USD | 352,608 | (5,316 | ) | |||||||||||
Bank of Montreal |
10/5/2015 | CHF | 18,000 | USD | 18,276 | 781 | ||||||||||||
JP Morgan & Chase Co. |
10/5/2015 | HKD | 2,600 | USD | 336 | 0 | ||||||||||||
Bank of Montreal |
10/5/2015 | JPY | 627,500 | USD | 5,201 | 103 | ||||||||||||
RBC Capital Markets |
12/2/2015 | CHF | 120,000 | USD | 121,840 | 5,205 | ||||||||||||
Bank of Montreal |
12/2/2015 | CHF | 48,000 | USD | 48,736 | 2,082 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | CHF | 5,900 | USD | 5,990 | 256 | ||||||||||||
RBC Capital Markets |
12/2/2015 | DKK | 75,800 | USD | 11,235 | 500 | ||||||||||||
Bank of Montreal |
12/2/2015 | DKK | 29,000 | USD | 4,298 | 191 | ||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 322,315 | USD | 356,165 | 15,623 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 10,000 | USD | 11,023 | 457 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 850,000 | USD | 939,280 | 41,214 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 18,700 | USD | 20,664 | 906 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 97,000 | USD | 149,780 | 3,689 | ||||||||||||
Bank of Montreal |
12/2/2015 | GBP | 330,343 | USD | 510,087 | 12,560 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 806,440 | USD | 1,245,242 | 30,668 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 12,000 | USD | 18,555 | 482 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | GBP | 2,500 | USD | 3,853 | 88 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | GBP | 7,199 | USD | 11,116 | 274 | ||||||||||||
Bank of Montreal |
12/2/2015 | HKD | 382,000 | USD | 49,287 | 19 | ||||||||||||
RBC Capital Markets |
12/2/2015 | HKD | 91,000 | USD | 11,743 | 6 | ||||||||||||
RBC Capital Markets |
12/2/2015 | HKD | 990,000 | USD | 127,750 | 65 | ||||||||||||
RBC Capital Markets |
12/2/2015 | NOK | 572,800 | USD | 67,659 | 1,748 | ||||||||||||
Bank of Montreal |
12/2/2015 | NOK | 225,000 | USD | 26,603 | 713 | ||||||||||||
RBC Capital Markets |
12/2/2015 | NOK | 89,000 | USD | 10,513 | 272 | ||||||||||||
Bank of Montreal |
12/2/2015 | SEK | 287,000 | USD | 33,821 | 915 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | SEK | 5,600 | USD | 660 | 18 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 46,695 | CHF | 48,000 | (41 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 4,106 | DKK | 29,000 | 1 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 340,413 | EUR | 322,315 | 128 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 15,000 | GBP | 9,932 | (42 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 482,315 | GBP | 320,411 | 254 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 49,278 | HKD | 382,000 | (10 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 25,916 | NOK | 225,000 | (26 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 32,909 | SEK | 287,000 | (3 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 134,248 | CHF | 138,000 | (117 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 10,731 | DKK | 75,800 | 4 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 1,057,206 | EUR | 1,001,000 | 397 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 1,378,012 | GBP | 915,440 | 725 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 139,449 | HKD | 1,081,000 | (27 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 76,227 | NOK | 661,800 | (75 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 89,324 | SEK | 779,000 | (7 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 5,151 | CHF | 5,100 | (194 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 778 | CHF | 800 | (1 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 17,857 | EUR | 16,300 | (636 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,535 | EUR | 2,400 | 1 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 7,224 | GBP | 4,799 | 4 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 7,554 | GBP | 4,900 | (175 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 335 | HKD | 2,600 | 0 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,493 | SEK | 21,300 | (51 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 642 | SEK | 5,600 | 0 | ||||||||||||
Bank of Montreal |
12/3/2015 | AUD | 222,235 | USD | 158,304 | (2,388 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | AUD | 6,000 | USD | 4,279 | (59 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | AUD | 49,000 | USD | 34,905 | (526 | ) |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
The Bank of New York Mellon |
12/3/2015 | AUD | 4,000 | USD | 2,849 | $ | (43 | ) | ||||||||||
The Bank of New York Mellon |
12/3/2015 | AUD | 4,900 | USD | 3,496 | (47 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 11,658,000 | USD | 96,630 | 1,914 | ||||||||||||
Bank of Montreal |
12/3/2015 | JPY | 4,376,749 | USD | 36,278 | 719 | ||||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 1,802,000 | USD | 14,936 | 295 | ||||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 307,500 | USD | 2,494 | (4 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | NZD | 5,000 | USD | 3,375 | 85 | ||||||||||||
RBC Capital Markets |
12/3/2015 | NZD | 16,000 | USD | 10,801 | 272 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | NZD | 1,400 | USD | 945 | 24 | ||||||||||||
RBC Capital Markets |
12/3/2015 | SEK | 709,000 | USD | 83,551 | 2,261 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | SEK | 21,300 | USD | 2,501 | 59 | ||||||||||||
Bank of Montreal |
12/3/2015 | SGD | 37,000 | USD | 26,392 | 164 | ||||||||||||
RBC Capital Markets |
12/3/2015 | SGD | 11,000 | USD | 7,846 | 48 | ||||||||||||
RBC Capital Markets |
12/3/2015 | SGD | 100,000 | USD | 71,324 | 437 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 161,022 | AUD | 222,235 | (329 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 35,503 | JPY | 4,376,749 | 56 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 3,295 | NZD | 5,000 | (4 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 26,260 | SGD | 37,000 | (32 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 398,507 | AUD | 550,000 | (814 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 109,184 | JPY | 13,460,000 | 173 | ||||||||||||
RBC Capital Markets |
12/3/2015 | USD | 10,543 | NZD | 16,000 | (13 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 78,781 | SGD | 111,000 | (97 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 6,449 | AUD | 8,900 | (13 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 7,684 | JPY | 935,000 | (88 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 922 | NZD | 1,400 | (1 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | CHF | 48,000 | USD | 46,821 | 26 | ||||||||||||
RBC Capital Markets |
1/5/2016 | CHF | 138,000 | USD | 134,605 | 70 | ||||||||||||
RBC Capital Markets |
1/5/2016 | CHF | 9,000 | USD | 8,779 | 5 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | CHF | 800 | USD | 780 | 0 | ||||||||||||
Bank of Montreal |
1/5/2016 | DKK | 29,000 | USD | 4,112 | (2 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | DKK | 75,800 | USD | 10,747 | (7 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | EUR | 1,001,000 | USD | 1,058,367 | (567 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | EUR | 322,315 | USD | 340,784 | (186 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 18,000 | USD | 19,031 | (11 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | EUR | 2,400 | USD | 2,538 | (1 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | GBP | 915,440 | USD | 1,378,213 | (773 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | GBP | 320,411 | USD | 482,392 | (264 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | GBP | 4,799 | USD | 7,225 | (4 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | HKD | 1,081,000 | USD | 139,468 | 22 | ||||||||||||
Bank of Montreal |
1/5/2016 | HKD | 382,000 | USD | 49,284 | 7 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | HKD | 2,600 | USD | 335 | 0 | ||||||||||||
Bank of Montreal |
1/5/2016 | NOK | 225,000 | USD | 25,904 | 27 | ||||||||||||
RBC Capital Markets |
1/5/2016 | NOK | 661,800 | USD | 76,189 | 75 | ||||||||||||
Bank of Montreal |
1/5/2016 | SEK | 287,000 | USD | 32,953 | (3 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | SEK | 779,000 | USD | 89,437 | (15 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | SEK | 5,600 | USD | 643 | 0 | ||||||||||||
RBC Capital Markets |
1/5/2016 | USD | 4,231 | EUR | 4,000 | 1 | ||||||||||||
RBC Capital Markets |
1/5/2016 | USD | 9,677 | HKD | 75,000 | (2 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | AUD | 222,235 | USD | 160,736 | 346 | ||||||||||||
RBC Capital Markets |
1/6/2016 | AUD | 550,000 | USD | 397,784 | 841 | ||||||||||||
RBC Capital Markets |
1/6/2016 | AUD | 6,000 | USD | 4,332 | 2 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | AUD | 8,900 | USD | 6,437 | 14 | ||||||||||||
Bank of Montreal |
1/6/2016 | JPY | 4,376,749 | USD | 35,549 | (56 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | JPY | 704,000 | USD | 5,718 | (9 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | JPY | 13,460,000 | USD | 109,323 | (175 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | SGD | 37,000 | USD | 26,227 | 31 | ||||||||||||
RBC Capital Markets |
1/6/2016 | SGD | 111,000 | USD | 78,684 | 94 |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
RBC Capital Markets |
1/6/2016 | USD | 32,548 | AUD | 45,000 | $ | (71 | ) | ||||||||||
RBC Capital Markets |
1/6/2016 | USD | 2,498 | JPY | 307,500 | 4 | ||||||||||||
Bank of Montreal |
1/7/2016 | NZD | 5,000 | USD | 3,287 | 4 | ||||||||||||
RBC Capital Markets |
1/7/2016 | NZD | 16,000 | USD | 10,517 | 14 | ||||||||||||
The Bank of New York Mellon |
1/7/2016 | NZD | 1,400 | USD | 920 | 1 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 122,168 | ||||||||||||||||
|
|
Currency Abbreviations
AUD |
Australian Dollar | |
CHF |
Swiss Franc | |
DKK |
Danish Krone | |
EUR |
Euro | |
GBP |
Pound Sterling | |
HKD |
Hong Kong Dollar | |
JPY |
Japanese Yen | |
NOK |
Norwegian Krone | |
NZD |
New Zealand Dollar | |
SEK |
Swedish Krona | |
SGD |
Singapore Dollar | |
USD |
U.S. Dollar |
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 4,779,040 | $ | | $ | | $ | 4,779,040 | ||||||||
Securities Lending Collateral |
118,020 | | | 118,020 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 135,493 | | 135,493 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (13,325 | ) | | (13,325 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 4,897,060 | $ | 122,168 | $ | | $ | 5,019,228 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
| The cost for federal income tax purposes was $2,516,289. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $282,358. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $11,411 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $293,769. |
(a) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $21,791, which is 1.0% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: American Depositary Receipt
GDR: Global Depositary Receipt
NVDR: Non Voting Depositary Receipt
OJSC: Open Joint Stock Company
PJSC: Private Joint Stock Company
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
RBC Capital Markets |
12/2/2015 | CZK | 503,000 | USD | 20,515 | $ | 858 | |||||||||||
The Bank of New York Mellon |
12/2/2015 | CZK | 130,900 | USD | 5,337 | 222 | ||||||||||||
RBC Capital Markets |
12/2/2015 | HKD | 599,000 | USD | 77,295 | 39 | ||||||||||||
RBC Capital Markets |
12/2/2015 | HKD | 4,758,000 | USD | 613,975 | 313 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HKD | 363,806 | USD | 46,945 | 23 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | HUF | 4,508,600 | USD | 16,004 | 682 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HUF | 1,185,000 | USD | 4,038 | 11 | ||||||||||||
RBC Capital Markets |
12/2/2015 | PLN | 226,000 | USD | 58,611 | 2,685 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | PLN | 7,100 | USD | 1,841 | 85 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 19,644 | CZK | 503,000 | 13 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 691,052 | HKD | 5,357,000 | (134 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 15,319 | HUF | 4,508,600 | 4 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 55,889 | PLN | 226,000 | 37 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 5,112 | CZK | 130,900 | 3 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 35,540 | HKD | 275,506 | (7 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 11,394 | HKD | 88,300 | (5 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 4,026 | HUF | 1,185,000 | 1 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,256 | PLN | 4,900 | (43 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 544 | PLN | 2,200 | 0 | ||||||||||||
RBC Capital Markets |
12/3/2015 | BRL | 36,000 | USD | 9,245 | (51 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | BRL | 11,925 | USD | 3,043 | (36 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | BRL | 738,339 | USD | 190,164 | (490 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | CLP | 9,448,000 | USD | 13,628 | 338 | ||||||||||||
Bank of Montreal |
12/3/2015 | COP | 38,317,000 | USD | 13,188 | 1,005 | ||||||||||||
Bank of Montreal |
12/3/2015 | IDR | 371,966,000 | USD | 26,865 | (2 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | KRW | 55,591,000 | USD | 48,663 | 664 | ||||||||||||
RBC Capital Markets |
12/3/2015 | MXN | 302,000 | USD | 18,231 | 18 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | MXN | 22,900 | USD | 1,382 | 1 | ||||||||||||
Bank of Montreal |
12/3/2015 | MYR | 508,000 | USD | 117,969 | (1,141 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | MYR | 20,000 | USD | 4,709 | 19 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | RUB | 1,010,450 | USD | 15,676 | 454 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | RUB | 9,335,119 | USD | 144,872 | 4,243 | ||||||||||||
Bank of Montreal |
12/3/2015 | THB | 3,316,000 | USD | 92,970 | 458 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | THB | 287,000 | USD | 8,049 | 42 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | THB | 37,000 | USD | 1,032 | 0 | ||||||||||||
RBC Capital Markets |
12/3/2015 | TRY | 85,000 | USD | 28,928 | (221 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | TWD | 295,335 | USD | 9,090 | 42 | ||||||||||||
Bank of Montreal |
12/3/2015 | TWD | 10,604,880 | USD | 323,596 | (1,293 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | TWD | 52,000 | USD | 1,594 | 1 | ||||||||||||
RBC Capital Markets |
12/3/2015 | TWD | 328,000 | USD | 10,102 | 53 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 13,214 | CLP | 9,448,000 | 77 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 12,164 | COP | 38,317,000 | 19 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 26,880 | IDR | 371,966,000 | (14 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 48,016 | KRW | 55,591,000 | (17 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 119,529 | MYR | 508,000 | (419 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 92,526 | THB | 3,316,000 | (14 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 324,805 | TWD | 10,604,880 | 84 | ||||||||||||
RBC Capital Markets |
12/3/2015 | USD | 9,237 | BRL | 36,000 | 59 | ||||||||||||
RBC Capital Markets |
12/3/2015 | USD | 18,185 | MXN | 302,000 | 27 | ||||||||||||
RBC Capital Markets |
12/3/2015 | USD | 4,650 | MYR | 20,000 | 40 | ||||||||||||
RBC Capital Markets |
12/3/2015 | USD | 29,228 | TRY | 85,000 | (79 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 11,703 | TWD | 380,000 | (61 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 382,430 | ZAR | 5,515,588 | (1,119 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 3,056 | BRL | 11,925 | 23 |
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 15,295 | RUB | 1,010,450 | $ | (73 | ) | ||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 9,060 | TWD | 295,335 | (12 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 3,804 | BRL | 14,500 | (60 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 184,662 | BRL | 723,839 | 2,247 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 1,379 | MXN | 22,900 | 2 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 141,406 | RUB | 9,335,119 | (777 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 9,086 | THB | 324,000 | (47 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 3,252 | ZAR | 45,500 | (107 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 7,648 | ZAR | 110,303 | (22 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 1,602 | ZAR | 22,800 | (26 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | ZAR | 297,000 | USD | 21,400 | 867 | ||||||||||||
RBC Capital Markets |
12/3/2015 | ZAR | 5,218,588 | USD | 376,011 | 15,231 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | ZAR | 178,603 | USD | 12,868 | 521 | ||||||||||||
The Bank of New York Mellon |
12/7/2015 | AED | 214,500 | USD | 58,381 | (22 | ) | |||||||||||
The Bank of New York Mellon |
12/7/2015 | AED | 24,000 | USD | 6,534 | 0 | ||||||||||||
RBC Capital Markets |
12/7/2015 | USD | 6,534 | AED | 24,000 | 1 | ||||||||||||
The Bank of New York Mellon |
12/7/2015 | USD | 58,398 | AED | 214,500 | 4 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | AED | 214,500 | USD | 58,384 | (6 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | CZK | 503,000 | USD | 19,676 | (23 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | CZK | 130,900 | USD | 5,113 | (13 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | HKD | 5,357,000 | USD | 691,148 | 107 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | HKD | 275,506 | USD | 35,545 | 6 | ||||||||||||
RBC Capital Markets |
1/5/2016 | HUF | 4,508,600 | USD | 15,315 | (7 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | HUF | 1,185,000 | USD | 4,025 | (2 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | PLN | 226,000 | USD | 55,845 | (34 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | PLN | 2,200 | USD | 544 | 0 | ||||||||||||
RBC Capital Markets |
1/5/2016 | TRY | 85,000 | USD | 28,950 | 101 | ||||||||||||
RBC Capital Markets |
1/5/2016 | USD | 48,254 | HKD | 374,000 | (9 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | USD | 6,532 | AED | 24,000 | 1 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | BRL | 723,839 | USD | 182,797 | (2,085 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | CLP | 9,448,000 | USD | 13,172 | (71 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | COP | 38,317,000 | USD | 12,141 | (22 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | IDR | 371,966,000 | USD | 26,797 | 150 | ||||||||||||
Bank of Montreal |
1/6/2016 | KRW | 55,591,000 | USD | 47,973 | 26 | ||||||||||||
RBC Capital Markets |
1/6/2016 | MXN | 302,000 | USD | 18,146 | (23 | ) | |||||||||||
The Bank of New York Mellon |
1/6/2016 | MXN | 22,900 | USD | 1,376 | (2 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | MYR | 508,000 | USD | 119,769 | 938 | ||||||||||||
Bank of Montreal |
1/6/2016 | THB | 3,316,000 | USD | 92,435 | 35 | ||||||||||||
Bank of Montreal |
1/6/2016 | TWD | 10,604,880 | USD | 324,803 | (143 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | TWD | 295,335 | USD | 9,050 | 1 | ||||||||||||
RBC Capital Markets |
1/6/2016 | USD | 6,863 | BRL | 27,000 | 33 | ||||||||||||
RBC Capital Markets |
1/6/2016 | USD | 9,160 | BRL | 36,000 | 35 | ||||||||||||
RBC Capital Markets |
1/6/2016 | USD | 4,711 | MYR | 20,000 | (33 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | USD | 1,593 | TWD | 52,000 | 0 | ||||||||||||
RBC Capital Markets |
1/6/2016 | USD | 16,850 | TWD | 550,000 | 2 | ||||||||||||
RBC Capital Markets |
1/6/2016 | USD | 19,569 | ZAR | 284,000 | (66 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 3,015 | BRL | 11,925 | 31 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | USD | 1,031 | THB | 37,000 | 0 | ||||||||||||
RBC Capital Markets |
1/6/2016 | ZAR | 5,515,588 | USD | 380,015 | 1,247 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | ZAR | 110,303 | USD | 7,600 | 25 | ||||||||||||
State Street Bank & Trust Co. |
1/13/2016 | RUB | 1,010,450 | USD | 15,104 | 92 | ||||||||||||
The Bank of New York Mellon |
1/13/2016 | RUB | 9,335,119 | USD | 139,386 | 694 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 26,209 | ||||||||||||||||
|
|
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Currency Abbreviations
AED |
Arab Emirates Dirham | |
BRL |
Brazilian Real | |
CLP |
Chilean Peso | |
COP |
Colombian Peso | |
CZK |
Czech Kronua | |
HKD |
Hong Kong Dollar | |
HUF |
Hungarian Forint | |
IDR |
Indonesian Rupiah | |
KRW |
South Korean Won | |
MXN |
Mexican Peso | |
MYR |
Malaysian Ringgit | |
PLN |
Polish Zloty | |
RUB |
Russian Ruble | |
THB |
Thai Baht | |
TRY |
Turkish New Lira | |
TWD |
New Taiwan Dollar | |
USD |
U.S. Dollar | |
ZAR |
South African Rand |
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 2,202,413 | $ | | $ | | $ | 2,202,413 | ||||||||
Preferred Stocks |
7,544 | | | 7,544 | ||||||||||||
Rights |
71 | | | 71 | ||||||||||||
Securities Lending Collateral |
23,903 | | | 23,903 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 35,040 | | 35,040 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (8,831 | ) | | (8,831 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 2,233,931 | $ | 26,209 | $ | | $ | 2,260,140 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
November 30, 2015 (Unaudited)
| The cost for federal income tax purposes was $2,742,961. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $44,689. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $50,703 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $95,392. |
(a) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $136,832, which is 5.4% of net assets. |
(b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
FDR: Fiduciary Depositary Receipt
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 627,295 | USD | 693,174 | $ | 30,407 | |||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 18,000 | USD | 19,841 | 823 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 1,388,892 | USD | 1,534,774 | 67,346 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 230,000 | USD | 254,147 | 11,141 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 14,078 | USD | 15,000 | 126 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 975 | USD | 1,077 | 47 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 4,385 | EUR | 4,000 | (159 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 688,789 | EUR | 652,169 | 259 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 16,122 | EUR | 15,000 | (274 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 1,792,640 | EUR | 1,697,335 | 673 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 16,077 | EUR | 15,222 | 6 | ||||||||||||
Bank of Montreal |
1/5/2016 | EUR | 651,460 | USD | 688,789 | (376 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 1,695,473 | USD | 1,792,640 | (961 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 51,000 | USD | 53,920 | (31 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | EUR | 15,206 | USD | 16,077 | (8 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | USD | 8,462 | EUR | 8,000 | 1 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 109,020 | ||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro | |
USD | U.S. Dollar |
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 2,369,075 | $ | | $ | | $ | 2,369,075 | ||||||||
Preferred Stocks |
186,187 | | | 186,187 | ||||||||||||
Securities Lending Collateral |
143,010 | | | 143,010 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 110,829 | | 110,829 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (1,809 | ) | | (1,809 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 2,698,272 | $ | 109,020 | $ | | $ | 2,807,292 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 46 |
This Page is Intentionally Left Blank
47
DBX ETF Trust
Statements of assets and liabilities
November 30, 2015 (Unaudited)
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
||||||||||
Assets |
||||||||||||
Investments in non-affiliated securities at fair value |
$ | 5,640,715 | $ | 8,330,627 | $ | 4,471,993 | ||||||
Investment in affiliated securities at fair value (See Note 5) |
| | 8,081 | |||||||||
Investment in Daily Assets Fund* |
104,833 | 228,237 | | |||||||||
Cash |
210,557 | 568,717 | 193,758 | |||||||||
Unrealized appreciation on futures contracts |
| 3,945 | | |||||||||
Deposit with broker for futures contracts |
80,948 | 75,073 | 70,871 | |||||||||
Receivables: |
||||||||||||
Investment securities sold |
289,995 | | 40,991 | |||||||||
Interest |
86,516 | 138,358 | 50,839 | |||||||||
|
|
|
|
|
|
|||||||
Total Assets |
$ | 6,413,564 | $ | 9,344,957 | $ | 4,836,533 | ||||||
|
|
|
|
|
|
|||||||
Liabilities |
||||||||||||
Payable upon return of securities loaned |
$ | 104,833 | $ | 228,237 | $ | | ||||||
Unrealized depreciation on futures contracts |
640 | | 1,289 | |||||||||
Payables: |
||||||||||||
Investment securities purchased |
258,755 | 115,478 | 42,232 | |||||||||
Capital shares |
| 71,499 | | |||||||||
Investment advisory fees |
2,488 | 3,727 | 982 | |||||||||
|
|
|
|
|
|
|||||||
Total Liabilities |
366,716 | 418,941 | 44,503 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 6,046,848 | $ | 8,926,016 | $ | 4,792,030 | ||||||
|
|
|
|
|
|
|||||||
Net Assets Consist of |
||||||||||||
Paid-in capital |
$ | 6,236,855 | $ | 10,026,720 | $ | 5,036,435 | ||||||
Distributions in excess of net investment income |
(7,510 | ) | (620 | ) | | |||||||
Undistributed net investment income |
| | 4,639 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
24,582 | (241,400 | ) | (55,411 | ) | |||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
(207,079 | ) | (858,684 | ) | (193,633 | ) | ||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 6,046,848 | $ | 8,926,016 | $ | 4,792,030 | ||||||
|
|
|
|
|
|
|||||||
Number of Common Shares outstanding |
250,001 | 400,001 | 200,001 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets Value |
$ | 24.19 | $ | 22.31 | $ | 23.96 | ||||||
|
|
|
|
|
|
|||||||
Investments in non-affiliated securities at cost |
$ | 5,847,153 | $ | 9,193,256 | $ | 4,664,304 | ||||||
|
|
|
|
|
|
|||||||
Investments in affiliated securities at cost |
$ | | $ | | $ | 8,114 | ||||||
|
|
|
|
|
|
|||||||
Value of securities loaned |
$ | 100,482 | $ | 220,763 | $ | | ||||||
|
|
|
|
|
|
|||||||
Investment in Daily Assets Fund at cost |
$ | 104,833 | $ | 228,237 | $ | | ||||||
|
|
|
|
|
|
|||||||
Foreign currency at cost |
$ | | $ | | $ | | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (Unaudited)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
||||||||||
Assets |
||||||||||||
Investments in non-affiliated securities at fair value |
$ | 24,237,582 | $ | 10,359,358 | $ | 4,779,040 | ||||||
Investment in Daily Assets Fund* |
| 29,008 | 118,020 | |||||||||
Cash |
146,037 | | 3,508 | |||||||||
Foreign currency at value |
| 12,561 | 5,410 | |||||||||
Unrealized appreciation on forward foreign currency contracts |
| 284,452 | 135,493 | |||||||||
Receivables: |
||||||||||||
Investment securities sold |
| 28,579 | 308,824 | |||||||||
Dividends |
| 32,648 | 20,367 | |||||||||
Interest |
320,509 | 997 | 544 | |||||||||
Foreign tax reclaim |
| 996 | 66 | |||||||||
|
|
|
|
|
|
|||||||
Total Assets |
$ | 24,704,128 | $ | 10,748,599 | $ | 5,371,272 | ||||||
|
|
|
|
|
|
|||||||
Liabilities |
||||||||||||
Due to custodian |
$ | | $ | 21,592 | $ | | ||||||
Payable upon return of securities loaned |
| 29,008 | 118,020 | |||||||||
Unrealized depreciation on forward foreign currency contracts |
| 41,232 | 13,325 | |||||||||
Payables: |
||||||||||||
Investment securities purchased |
| | 442,638 | |||||||||
Investment advisory fees |
5,470 | 3,940 | 1,762 | |||||||||
|
|
|
|
|
|
|||||||
Total Liabilities |
5,470 | 95,772 | 575,745 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 24,698,658 | $ | 10,652,827 | $ | 4,795,527 | ||||||
|
|
|
|
|
|
|||||||
Net Assets Consist of |
||||||||||||
Paid-in capital |
$ | 23,916,100 | $ | 10,470,837 | $ | 4,824,394 | ||||||
Undistributed net investment income |
57,950 | 70,590 | 31,345 | |||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
(94,048 | ) | (58,169 | ) | 2,414 | |||||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
818,656 | 169,569 | (62,626 | ) | ||||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 24,698,658 | $ | 10,652,827 | $ | 4,795,527 | ||||||
|
|
|
|
|
|
|||||||
Number of Common Shares outstanding |
950,001 | 450,001 | 200,001 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets Value |
$ | 26.00 | $ | 23.67 | $ | 23.98 | ||||||
|
|
|
|
|
|
|||||||
Investments in non-affiliated securities at cost |
$ | 23,418,926 | $ | 10,432,390 | $ | 4,963,709 | ||||||
|
|
|
|
|
|
|||||||
Value of securities loaned |
$ | | $ | 26,958 | $ | 112,922 | ||||||
|
|
|
|
|
|
|||||||
Investment in Daily Assets Fund at cost |
$ | | $ | 29,008 | $ | 118,020 | ||||||
|
|
|
|
|
|
|||||||
Foreign currency at cost |
$ | | $ | 12,681 | $ | 5,427 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
|||||||
Assets |
||||||||
Investments in non-affiliated securities at fair value |
$ | 2,210,028 | $ | 2,555,262 | ||||
Investment in Daily Assets Fund* |
23,903 | 143,010 | ||||||
Cash |
2,166 | 222 | ||||||
Foreign currency at value |
1,417 | 2,814 | ||||||
Unrealized appreciation on forward foreign currency contracts |
35,040 | 110,829 | ||||||
Receivables: |
||||||||
Investment securities sold |
307,349 | 367,147 | ||||||
Dividends |
1,135 | 1,713 | ||||||
Interest |
29 | 491 | ||||||
|
|
|
|
|||||
Total Assets |
$ | 2,581,067 | $ | 3,181,488 | ||||
|
|
|
|
|||||
Liabilities |
||||||||
Payable upon return of securities loaned |
$ | 23,903 | $ | 143,010 | ||||
Unrealized depreciation on forward foreign currency contracts |
8,831 | 1,809 | ||||||
Payables: |
||||||||
Investment securities purchased |
299,598 | 478,713 | ||||||
Investment advisory fees |
1,238 | 924 | ||||||
|
|
|
|
|||||
Total Liabilities |
333,570 | 624,456 | ||||||
|
|
|
|
|||||
Net Assets |
$ | 2,247,497 | $ | 2,557,032 | ||||
|
|
|
|
|||||
Net Assets Consist of |
||||||||
Paid-in capital |
$ | 2,507,967 | $ | 2,535,950 | ||||
Undistributed net investment income |
12,443 | 7,428 | ||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
(16,757 | ) | (50,637 | ) | ||||
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
(256,156 | ) | 64,291 | |||||
|
|
|
|
|||||
Net Assets |
$ | 2,247,497 | $ | 2,557,032 | ||||
|
|
|
|
|||||
Number of Common Shares outstanding |
100,001 | 100,001 | ||||||
|
|
|
|
|||||
Net Assets Value |
$ | 22.47 | $ | 25.57 | ||||
Investments in non-affiliated securities at cost |
$ | 2,492,386 | $ | 2,599,951 | ||||
|
|
|
|
|||||
Value of securities loaned |
$ | 21,791 | $ | 136,832 | ||||
|
|
|
|
|||||
Investment in Daily Assets Fund at cost |
$ | 23,903 | $ | 143,010 | ||||
|
|
|
|
|||||
Foreign currency at cost |
$ | 1,419 | $ | 2,826 | ||||
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 50 |
DBX ETF Trust
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
||||||||||
Investment Income |
||||||||||||
Interest income |
$ | 150,778 | $ | 256,509 | $ | 78,417 | ||||||
Affiliated interest income |
| | 102 | |||||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates |
186 | 332 | 370 | |||||||||
|
|
|
|
|
|
|||||||
Total Investment Income |
150,964 | 256,841 | 78,889 | |||||||||
|
|
|
|
|
|
|||||||
Expenses |
||||||||||||
Investment advisory fees |
15,217 | 21,984 | 6,132 | |||||||||
|
|
|
|
|
|
|||||||
Total Expenses |
15,217 | 21,984 | 6,132 | |||||||||
|
|
|
|
|
|
|||||||
Net Investment Income |
135,747 | 234,857 | 72,757 | |||||||||
|
|
|
|
|
|
|||||||
Realized and Unrealized Gain (Loss) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments |
48,668 | (33,465 | ) | (73,515 | ) | |||||||
Investments in affiliates |
| | (19 | ) | ||||||||
In-kind redemptions |
| (99,279 | ) | | ||||||||
Futures contracts |
(22,406 | ) | 7,430 | 5,033 | ||||||||
|
|
|
|
|
|
|||||||
Net realized gain (loss) |
26,262 | (125,314 | ) | (68,501 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments |
(219,030 | ) | (753,988 | ) | (78,178 | ) | ||||||
Futures contracts |
21,123 | 32,598 | 22,295 | |||||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) |
(197,907 | ) | (721,390 | ) | (55,883 | ) | ||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized loss on investments, futures, and foreign currency transactions |
(171,645 | ) | (846,704 | ) | (124,384 | ) | ||||||
|
|
|
|
|
|
|||||||
Net decrease in Net Assets Resulting from Operations |
$ | (35,898 | ) | $ | (611,847 | ) | $ | (51,627 | ) | |||
|
|
|
|
|
|
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF(1) |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF(1) |
||||||||||
Investment Income |
||||||||||||
Interest income |
$ | 376,565 | $ | | $ | | ||||||
Dividend income* |
| 93,658 | 45,594 | |||||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates |
| 1,778 | 908 | |||||||||
|
|
|
|
|
|
|||||||
Total Investment Income |
376,565 | 95,436 | 46,502 | |||||||||
|
|
|
|
|
|
|||||||
Expenses |
||||||||||||
Investment advisory fees |
32,651 | 11,589 | 5,475 | |||||||||
|
|
|
|
|
|
|||||||
Total Expenses |
32,651 | 11,589 | 5,475 | |||||||||
|
|
|
|
|
|
|||||||
Net Investment Income |
343,914 | 83,847 | 41,027 | |||||||||
|
|
|
|
|
|
|||||||
Realized and Unrealized Gain (Loss) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments |
(17,995 | ) | (4,035 | ) | (24,447 | ) | ||||||
Foreign currency transactions |
| (54,134 | ) | 26,861 | ||||||||
|
|
|
|
|
|
|||||||
Net realized gain (loss) |
(17,995 | ) | (58,169 | ) | 2,414 | |||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments |
448,501 | (73,032 | ) | (184,669 | ) | |||||||
Foreign currency translations |
| 242,601 | 122,043 | |||||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) |
448,501 | 169,569 | (62,626 | ) | ||||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions |
430,506 | 111,400 | (60,212 | ) | ||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in Net Assets Resulting from Operations |
$ | 774,420 | $ | 195,247 | $ | (19,185 | ) | |||||
|
|
|
|
|
|
|||||||
* Foreign tax withheld |
$ | | $ | 6,710 | $ | 2,126 |
(1) | For the period August 12, 2015 (commencement of operations) through November 30, 2015. |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF(1) |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF(1) |
|||||||
Investment Income |
||||||||
Dividend income* |
$ | 22,521 | $ | 10,059 | ||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates |
120 | 995 | ||||||
|
|
|
|
|||||
Total Investment Income |
22,641 | 11,054 | ||||||
|
|
|
|
|||||
Expenses |
||||||||
Investment advisory fees |
4,620 | 3,626 | ||||||
|
|
|
|
|||||
Total Expenses |
4,620 | 3,626 | ||||||
|
|
|
|
|||||
Net Investment Income |
18,021 | 7,428 | ||||||
|
|
|
|
|||||
Realized and Unrealized Gain (Loss) |
||||||||
Net realized gain (loss) from: |
||||||||
Investments |
(63,942 | ) | (14,396 | ) | ||||
In-kind redemptions |
| (38,071 | ) | |||||
Foreign currency transactions |
47,185 | 1,830 | ||||||
|
|
|
|
|||||
Net realized gain (loss) |
(16,757 | ) | (50,637 | ) | ||||
Net change in unrealized appreciation (depreciation) on: |
||||||||
Investments |
(282,358 | ) | (44,689 | ) | ||||
Foreign currency translations |
26,202 | 108,980 | ||||||
|
|
|
|
|||||
Net change in unrealized appreciation (depreciation) |
(256,156 | ) | 64,291 | |||||
|
|
|
|
|||||
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions |
(272,913 | ) | 13,654 | |||||
|
|
|
|
|||||
Net increase (decrease) in Net Assets Resulting from Operations |
$ | (254,892 | ) | $ | 21,082 | |||
|
|
|
|
|||||
* Foreign tax withheld |
$ | 2,720 | $ | 1,887 |
(1) | For the period August 12, 2015 (commencement of operations) through November 30, 2015 |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Statements of changes in net assets
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
|||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) |
For the Period March 3, 2015(1) to May 31, 2015 |
For the Six Months Ended November 30, 2015 (Unaudited) |
For the Period March 3, 2015(1) to May 31, 2015 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income |
$ | 135,747 | $ | 64,757 | $ | 234,857 | $ | 128,299 | ||||||||
Net realized gain (loss) |
26,262 | 13,674 | (125,314 | ) | (94,169 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) |
(197,907 | ) | (9,172 | ) | (721,390 | ) | (137,294 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations. |
(35,898 | ) | 69,259 | (611,847 | ) | (103,164 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from |
||||||||||||||||
Net investment income |
(174,530 | ) | (48,838 | ) | (289,919 | ) | (95,774 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
(174,530 | ) | (48,838 | ) | (289,919 | ) | (95,774 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
| 6,236,830 | 1,110,857 | 11,254,996 | ||||||||||||
Value of shares redeemed |
| | (2,339,158 | ) | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
| 6,236,830 | (1,228,301 | ) | 11,254,996 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Net increase (decrease) in Net Assets |
(210,428 | ) | 6,257,251 | (2,130,067 | ) | 11,056,058 | ||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
6,257,276 | 25 | 11,056,083 | 25 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 6,046,848 | $ | 6,257,276 | $ | 8,926,016 | $ | 11,056,083 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions in excess of net investment income |
(7,510 | ) | | (620 | ) | | ||||||||||
Undistributed net investment income |
$ | | $ | 31,273 | $ | | $ | 54,442 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
250,001 | 1 | 450,001 | 1 | ||||||||||||
Shares sold |
| 250,000 | 50,000 | 450,000 | ||||||||||||
Shares redeemed |
| | (100,000 | ) | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
250,001 | 250,001 | 400,001 | 450,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
|||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) |
For the Period March 3, 2015(1) to May 31, 2015 |
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income |
$ | 72,757 | $ | 40,754 | $ | 343,914 | $ | 584,119 | ||||||||
Net realized gain (loss) on investments, futures and foreign currency related transactions |
(68,501 | ) | 18,716 | (17,995 | ) | 106,699 | ||||||||||
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation |
(55,883 | ) | (137,750 | ) | 448,501 | 44,797 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations. |
(51,627 | ) | (78,280 | ) | 774,420 | 735,615 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from |
||||||||||||||||
Net investment income |
(86,185 | ) | (28,313 | ) | (342,381 | ) | (573,756 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
(86,185 | ) | (28,313 | ) | (342,381 | ) | (573,756 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
| 6,263,110 | 2,601,132 | 10,360,410 | ||||||||||||
Value of shares redeemed |
(1,226,700 | ) | | | (5,152,537 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
(1,226,700 | ) | 6,263,110 | 2,601,132 | 5,207,873 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Net increase (decrease) in Net Assets |
(1,364,512 | ) | 6,156,517 | 3,033,171 | 5,369,732 | |||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
6,156,542 | 25 | 21,665,487 | 16,295,755 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 4,792,030 | $ | 6,156,542 | $ | 24,698,658 | $ | 21,665,487 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Undistributed net investment income |
$ | 4,639 | $ | 18,067 | $ | 57,950 | $ | 56,417 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
250,001 | 1 | 850,001 | 650,001 | ||||||||||||
Shares sold |
| 250,000 | 100,000 | 400,000 | ||||||||||||
Shares redeemed |
(50,000 | ) | | | (200,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
200,001 | 250,001 | 950,001 | 850,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
|||||||
For the Period August 12, 2015(1) to November 30, 2015 |
For the Period August 12, 2015(1) to November 30, 2015 |
|||||||
Increase (Decrease) in Net Assets from Operations |
||||||||
Net investment income |
$ | 83,847 | $ | 41,027 | ||||
Net realized gain (loss) |
(58,169 | ) | 2,414 | |||||
Net change in unrealized appreciation (depreciation) |
169,569 | (62,626 | ) | |||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations. |
195,247 | (19,185 | ) | |||||
|
|
|
|
|||||
Distributions to Shareholders from |
||||||||
Net investment income |
(13,257 | ) | (9,682 | ) | ||||
|
|
|
|
|||||
Total distributions |
(13,257 | ) | (9,682 | ) | ||||
|
|
|
|
|||||
Fund Shares Transactions |
||||||||
Proceeds from shares sold |
10,470,812 | 4,824,369 | ||||||
Value of shares redeemed |
| | ||||||
|
|
|
|
|||||
Net increase in net assets resulting from fund share transactions |
10,470,812 | 4,824,369 | ||||||
|
|
|
|
|||||
Total Increase in Net Assets |
10,652,802 | 4,795,502 | ||||||
Net Assets |
||||||||
Beginning of period |
25 | 25 | ||||||
|
|
|
|
|||||
End of period |
$ | 10,652,827 | $ | 4,795,527 | ||||
|
|
|
|
|||||
Undistributed net investment income |
$ | 70,590 | $ | 31,345 | ||||
|
|
|
|
|||||
Changes in Shares Outstanding |
||||||||
Shares outstanding, beginning of period |
1 | 1 | ||||||
Shares sold |
450,000 | 200,000 | ||||||
Shares redeemed |
| | ||||||
|
|
|
|
|||||
Shares outstanding, end of period |
450,001 | 200,001 | ||||||
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
|||||||
For the Period August 12, 2015(1) to November 30, 2015 |
For the
Period August 12, 2015(1) to November 30, 2015 |
|||||||
Increase (Decrease) in Net Assets from Operations |
||||||||
Net investment income |
$ | 18,021 | $ | 7,428 | ||||
Net realized gain (loss) |
(16,757 | ) | (50,637 | ) | ||||
Net change in unrealized appreciation (depreciation) |
(256,156 | ) | 64,291 | |||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations. |
(254,892 | ) | 21,082 | |||||
|
|
|
|
|||||
Distributions to Shareholders from |
||||||||
Net investment income |
(5,578 | ) | | |||||
|
|
|
|
|||||
Total distributions |
(5,578 | ) | | |||||
|
|
|
|
|||||
Fund Shares Transactions |
||||||||
Proceeds from shares sold |
2,507,942 | 3,670,465 | ||||||
Value of shares redeemed |
| (1,134,540 | ) | |||||
|
|
|
|
|||||
Net increase in net assets resulting from fund share transactions |
2,507,942 | 2,535,925 | ||||||
|
|
|
|
|||||
Total Increase in Net Assets |
2,247,472 | 2,557,007 | ||||||
Net Assets |
||||||||
Beginning of period |
25 | 25 | ||||||
|
|
|
|
|||||
End of period |
$ | 2,247,497 | $ | 2,557,032 | ||||
|
|
|
|
|||||
Undistributed net investment income |
$ | 12,443 | $ | 7,428 | ||||
|
|
|
|
|||||
Changes in Shares Outstanding |
||||||||
Shares outstanding, beginning of period |
1 | 1 | ||||||
Shares sold |
100,000 | 150,000 | ||||||
Shares redeemed |
| (50,000 | ) | |||||
|
|
|
|
|||||
Shares outstanding, end of period |
100,001 | 100,001 | ||||||
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
For a Share outstanding throughout each period
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
For the Period March 3, 2015* to May 31, 2015 |
||||||
Net Asset Value, beginning of period |
$ | 25.03 | $ | 25.00 | ||||
|
|
|
|
|||||
Income (loss) from Investment Operations: |
||||||||
Net investment income** |
0.54 | 0.27 | ||||||
Net realized and unrealized gain (loss) |
(0.68 | ) | (0.04 | )(a) | ||||
|
|
|
|
|||||
Net increase (decrease) in net asset value from investment operations |
(0.14 | ) | 0.23 | |||||
|
|
|
|
|||||
Distributions paid to shareholders from: |
||||||||
Net investment income |
(0.70 | ) | (0.20 | ) | ||||
|
|
|
|
|||||
Total distributions |
(0.70 | ) | (0.20 | ) | ||||
|
|
|
|
|||||
Net Asset Value, end of period |
$ | 24.19 | $ | 25.03 | ||||
|
|
|
|
|||||
Total Return*** |
(0.55 | )% | 0.90 | % | ||||
Ratios/Supplemental Data |
||||||||
Net Assets, end of period (000s omitted) |
$ | 6,047 | $ | 6,257 | ||||
Ratios to average net assets: |
||||||||
Expenses |
0.50 | % | 0.50 | % | ||||
Net investment income |
4.46 | % | 4.35 | % | ||||
Portfolio turnover rate |
8 | % | 1 | % | ||||
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
For the Period March 3, 2015* to May 31, 2015 |
||||||
Net Asset Value, beginning of period |
$ | 24.57 | $ | 25.00 | ||||
|
|
|
|
|||||
Income (loss) from Investment Operations: |
||||||||
Net investment income** |
0.56 | 0.29 | ||||||
Net realized and unrealized loss |
(2.14 | ) | (0.51 | ) | ||||
|
|
|
|
|||||
Net (decrease) in net asset value from investment operations |
(1.58 | ) | (0.22 | ) | ||||
|
|
|
|
|||||
Distributions paid to shareholders from: |
||||||||
Net investment income |
(0.68 | ) | (0.21 | ) | ||||
|
|
|
|
|||||
Total distributions |
(0.68 | ) | (0.21 | ) | ||||
|
|
|
|
|||||
Net Asset Value, end of period |
$ | 22.31 | $ | 24.57 | ||||
|
|
|
|
|||||
Total Return*** |
(6.47 | )% | (0.87 | )% | ||||
Ratios/Supplemental Data |
||||||||
Net assets, end of period (000s omitted) |
$ | 8,926 | $ | 11,056 | ||||
Ratios to average net assets: |
||||||||
Expenses |
0.45 | % | 0.45 | % | ||||
Net investment income |
4.81 | % | 4.75 | % | ||||
Portfolio turnover rate |
20 | % | 13 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| Not annualized. |
(a) | Because of the timing of Fund share transactions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
For the Period March 3, 2015* to May 31, 2015 |
||||||
Net Asset Value, beginning of period |
$ | 24.63 | $ | 25.00 | ||||
|
|
|
|
|||||
Income (loss) from Investment Operations: |
||||||||
Net investment income** |
0.36 | 0.17 | ||||||
Net realized and unrealized gain (loss) |
(0.62 | ) | (0.43 | ) | ||||
|
|
|
|
|||||
Net (decrease) in net asset value from investment operations |
(0.26 | ) | (0.26 | ) | ||||
|
|
|
|
|||||
Distributions paid to shareholders from: |
||||||||
Net investment income |
(0.41 | ) | (0.11 | ) | ||||
|
|
|
|
|||||
Total distributions |
(0.41 | ) | (0.11 | ) | ||||
|
|
|
|
|||||
Net Asset Value, end of period |
$ | 23.96 | $ | 24.63 | ||||
|
|
|
|
|||||
Total Return*** |
(1.04 | )% | (1.03 | )% | ||||
Ratios/Supplemental Data |
||||||||
Net assets, end of period (000s omitted) |
$ | 4,792 | $ | 6,157 | ||||
Ratios to average net assets: |
||||||||
Expenses |
0.25 | % | 0.25 | % | ||||
Net investment income |
2.97 | % | 2.72 | % | ||||
Portfolio turnover rate |
3 | % | 7 | % |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Period June 4, 2013* to May 31, 2014 |
|||||||||
Net Asset Value, beginning of period |
$ | 25.49 | $ | 25.07 | $ | 25.00 | ||||||
|
|
|
|
|
|
|||||||
Income (loss) from Investment Operations: |
||||||||||||
Net investment income** |
0.40 | 0.81 | 0.81 | |||||||||
Net realized and unrealized gain |
0.51 | 0.40 | 0.00 | | ||||||||
|
|
|
|
|
|
|||||||
Net increase in net asset value from investment operations |
0.91 | 1.21 | 0.81 | |||||||||
|
|
|
|
|
|
|||||||
Distributions paid to shareholders from: |
||||||||||||
Net investment income |
(0.40 | ) | (0.79 | ) | (0.74 | ) | ||||||
|
|
|
|
|
|
|||||||
Total distributions |
(0.40 | ) | (0.79 | ) | (0.74 | ) | ||||||
|
|
|
|
|
|
|||||||
Net Asset Value, end of period |
$ | 26.00 | $ | 25.49 | $ | 25.07 | ||||||
|
|
|
|
|
|
|||||||
Total Return*** |
3.62 | % | 4.88 | % | 3.46 | % | ||||||
Ratios/Supplemental Data |
||||||||||||
Net assets, end of period (000s omitted) |
$ | 24,699 | $ | 21,665 | $ | 16,296 | ||||||
Ratios to average net assets: |
||||||||||||
Expenses, net of fee waiver and expense reimbursements |
0.30 | % | 0.30 | % | 0.30 | % | ||||||
Expenses, prior to fee waiver and expense reimbursements |
0.30 | % | 0.30 | % | 0.32 | % | ||||||
Net investment income |
3.16 | % | 3.16 | % | 3.48 | % | ||||||
Portfolio turnover rate |
15 | % | 4 | % | 5 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
| Not annualized. |
| Less than 0.005. |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | For the Period August 12, 2015* to November 30, 2015 |
|||
Net Asset Value, beginning of period |
$ | 25.00 | ||
|
|
|||
Income (loss) from Investment Operations: |
||||
Net investment income** |
0.23 | |||
Net realized and unrealized gain (loss) |
(1.53 | )(a) | ||
|
|
|||
Net (decrease) in net asset value from investment operations |
(1.30 | ) | ||
|
|
|||
Distributions paid to shareholders from: |
||||
Net investment income |
(0.03 | ) | ||
|
|
|||
Total distributions |
(0.03 | ) | ||
|
|
|||
Net Asset Value, end of period |
$ | 23.67 | ||
|
|
|||
Total Return*** |
(5.20 | )% | ||
Ratios/Supplemental Data |
||||
Net assets, end of period (000s omitted) |
$ | 10,653 | ||
Ratios to average net assets: |
||||
Expenses |
0.45 | % | ||
Net investment income |
3.26 | % | ||
Portfolio turnover rate |
2 | % | ||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | For the Period August 12, 2015* to November 30, 2015 |
|||
Net Asset Value, beginning of period |
$ | 25.00 | ||
|
|
|||
Income (loss) from Investment Operations: |
||||
Net investment income** |
0.24 | |||
Net realized and unrealized loss |
(1.21 | ) | ||
|
|
|||
Net (decrease) in net asset value from investment operations |
(0.97 | ) | ||
|
|
|||
Distributions paid to shareholders from: |
||||
Net investment income |
(0.05 | ) | ||
|
|
|||
Total distributions |
(0.05 | ) | ||
|
|
|||
Net Asset Value, end of period |
$ | 23.98 | ||
|
|
|||
Total Return*** |
(3.88 | )% | ||
Ratios/Supplemental Data |
||||
Net assets, end of period (000s omitted) |
$ | 4,796 | ||
Ratios to average net assets: |
||||
Expenses |
0.45 | % | ||
Net investment income |
3.37 | % | ||
Portfolio turnover rate |
9 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| Not annualized. |
(a) | Because of the timing of Fund share transactions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | For the Period August 12, 2015* to November 30, 2015 |
|||
Net Asset Value, beginning of period |
$ | 25.00 | ||
|
|
|||
Income from Investment Operations: |
||||
Net investment income** |
0.18 | |||
Net realized and unrealized loss |
(2.65 | ) | ||
|
|
|||
Net (decrease) in net asset value from investment operations |
(2.47 | ) | ||
|
|
|||
Distributions paid to shareholders from: |
||||
Net investment income |
(0.06 | ) | ||
|
|
|||
Total distributions |
(0.06 | ) | ||
|
|
|||
Net Asset Value, end of period |
$ | 22.47 | ||
|
|
|||
Total Return*** |
(9.90 | )% | ||
Ratios/Supplemental Data |
||||
Net Assets, end of period (000s omitted) |
$ | 2,247 | ||
Ratios to average net assets: |
||||
Expenses |
0.65 | % | ||
Net investment income |
2.54 | % | ||
Portfolio turnover rate |
17 | % | ||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | For the Period August 12, 2015* to November 30, 2015 |
|||
Net Asset Value, beginning of period |
$ | 25.00 | ||
|
|
|||
Income (loss) from Investment Operations: |
||||
Net investment income** |
0.07 | |||
Net realized and unrealized gain |
0.50 | |||
|
|
|||
Net increase in net asset value from investment operations |
0.57 | |||
|
|
|||
Net Asset Value, end of period |
$ | 25.57 | ||
|
|
|||
Total Return*** |
2.28 | % | ||
Ratios/Supplemental Data |
||||
Net Assets, end of period (000s omitted) |
$ | 2,557 | ||
Ratios to average net assets: |
||||
Expenses |
0.45 | % | ||
Net investment income |
0.92 | % | ||
Portfolio turnover rate |
16 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| Not annualized. |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Notes to financial statements (Unaudited)
1. Organization
DBX ETF Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the Act), as an open end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2015, the Trust consists of thirty-five investment series of exchange-traded funds (ETF) (each a Fund and collectively, the Funds) in operation and trading. These financial statements report on the Funds listed below:
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
DBX Advisors LLC (DBX or the Advisor), an indirect, wholly owned subsidiary of Deutsche Bank AG, serves
as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds Board of Trustees.
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. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the Underlying Index). The underlying indices for the Funds are:
Fund |
Underlying Index | |
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF | Solactive Emerging Markets Bond Interest Rate Hedged Index | |
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF | Solactive High Yield Corporate Bond Interest Rate Hedged Index | |
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF | Solactive Investment Grade Bond Interest Rate Hedged Index | |
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Solactive Municipal Infrastructure Revenue Bond Index | |
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | MSCI ACWI ex-USA High Dividend Yield U.S. Dollar Hedged Index | |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | MSCI EAFE High Dividend Yield U.S. Dollar Hedged Index | |
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | MSCI EM (Emerging Markets) High Dividend Yield U.S. Dollar Hedged Index | |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | MSCI EMU High Dividend Yield U.S. Dollar Hedged Index |
The Solactive USD 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 emerging markets bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets bonds. The Solactive USD 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 USD 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
62
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 nd 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 US High Dividend Yield U.S. Dollar Hedged Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EAFE High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities in developed international stock markets (excluding the U.S. and Canada) in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities in global emerging markets in its parent index, the MSCI Emerging Markets Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EMU High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities from countries in the European Monetary Union (the EMU) in its parent index, the MSCI EMU Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro.
The MSCI Hedged Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next months index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between MSCI or Solactive and DBX, as applicable. 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 Funds investment portfolio. This may adversely affect the Funds performance or subject the Funds shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trusts organizational documents, the Trusts 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 Trusts 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.
63
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (NAV), of each Funds 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 Funds net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from brokerdealers. These securities are generally 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.
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 Funds valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the securitys 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 companys or issuers 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 Funds net asset value and the prices used by the Funds underlying index, which in turn could result in a difference between the Funds performance and the performance of the Funds underlying index.
Disclosure about the classification of the fair value measurements is included in a table following each Funds Schedule of Investments.
64
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted over the lives of the respective security for financial reporting purposes.
Tax Information and Dividends and Distributions to Shareholders It is each Funds policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (the Code). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (RIC) under Subchapter M of the Code. It is the policy of Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF and Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from net investment income monthly and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF to pay out dividends from net investment income quarterly; sufficient to relieve it from all or substantially all Federal income and excise taxes. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
The Funds recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the period ended November 30, 2015, the Funds did not incur any interest or penalties.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2015, if any, are disclosed in the Funds Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund is maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
65
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds, except the Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Funds retain the benefits of owning securities it has loaned and 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 the Funds consisting of either cash or liquid, unencumbered assets 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 security lending agreement. As of period end, any securities on loan were collateralized by cash. The Funds may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015, the Funds invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral invested in Daily Assets Fund. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2015, the Funds listed below had securities on loan, all of which were classified as bonds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
As of November 30, 2015, 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.
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
As of November 30, 2015, Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF had no securities on loan.
Derivatives
Forward Currency Contracts Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF enter into forward currency contracts designed to offset the Funds exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
66
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2015, the Funds invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency exchange contracts as of November 30, 2015 is included in a table following the Funds Schedule of Investments. The investment in forward foreign currency exchange contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Funds had to the value of non U.S currencies during the period ended November 30, 2015.
Futures Contracts Each Fund may enter into futures contracts. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF and Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF enter into short U.S. Treasury futures contracts to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of each Funds long bond investments. 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 days settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2015 is included in a table following the Funds Schedule of Investments.
The following tables summarize the value of the Funds derivative instruments held as of November 30, 2015 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives |
Liability Derivatives |
|||||||||||||||
Risk Type |
Statement of Asset and |
Fair Value | Statement of Asset and |
Fair Value |
||||||||||||
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF | ||||||||||||||||
Interest Rate Contracts | Unrealized appreciation on Future Contracts | $ | | Unrealized depreciation on Future Contracts | $ | 640 | ||||||||||
|
|
|
|
|||||||||||||
Total | $ | | Total | $ | 640 | |||||||||||
|
|
|
|
|||||||||||||
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF | ||||||||||||||||
Interest Rate Contracts | Unrealized appreciation on Future Contracts | $ | 3,945 | Unrealized depreciation on Future Contracts | $ | | ||||||||||
|
|
|
|
|||||||||||||
Total | $ | 3,945 | Total | $ | | |||||||||||
|
|
|
|
67
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Asset Derivatives |
Liability Derivatives |
|||||||||||||||
Risk Type |
Statement of Asset and |
Fair Value | Statement of Asset and |
Fair Value |
||||||||||||
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF | ||||||||||||||||
Interest Rate Contracts | Unrealized appreciation on Future Contracts | $ | | Unrealized depreciation on Future Contracts | $ | 1,289 | ||||||||||
|
|
|
|
|||||||||||||
Total | $ | | Total | $ | 1,289 | |||||||||||
|
|
|
|
|||||||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 284,452 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 41,232 | ||||||||||
|
|
|
|
|||||||||||||
Total | $ | 284,452 | Total | $ | 41,232 | |||||||||||
|
|
|
|
|||||||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 135,493 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 13,325 | ||||||||||
|
|
|
|
|||||||||||||
Total | $ | 135,493 | Total | $ | 13,325 | |||||||||||
|
|
|
|
|||||||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 35,040 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 8,831 | ||||||||||
|
|
|
|
|||||||||||||
Total | $ | 35,040 | Total | $ | 8,831 | |||||||||||
|
|
|
|
|||||||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 110,829 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 1,809 | ||||||||||
|
|
|
|
|||||||||||||
Total | $ | 110,829 | Total | $ | 1,809 | |||||||||||
|
|
|
|
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Funds earnings during the six months ended November 30, 2015 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income |
||||||||||||
Interest Rate Contracts |
Forward Foreign Currency Contracts |
Total | ||||||||||
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
$ | (22,406 | ) | $ | | $ | (22,406 | ) | ||||
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
7,430 | | 7,430 | |||||||||
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
5,033 | | 5,033 | |||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
| (34,255 | ) | (34,255 | ) | |||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
| 32,177 | 32,177 | |||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
| 42,573 | 42,573 | |||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
| 17,224 | 17,224 |
68
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income |
||||||||||||
Interest Rate Contracts |
Forward Foreign Currency Contracts |
Total | ||||||||||
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
$ | 21,123 | $ | | $ | 21,123 | ||||||
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
32,598 | | 32,598 | |||||||||
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
22,295 | | 22,295 | |||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
| 243,220 | 243,220 | |||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
| 122,168 | 122,168 | |||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
| 26,209 | 26,209 | |||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
| 109,020 | 109,020 |
For the six months ended November 30, 2015 the average monthly volume of derivatives was as follows:
Futures Contracts (Contract Value) |
Forward Foreign Currency Contracts (Market Value) |
|||||||
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
$ | (5,630,797 | ) | $ | | |||
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
(9,106,804 | ) | | |||||
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
(4,556,463 | ) | | |||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
| (8,262,402 | ) | |||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
| (4,029,357 | ) | |||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
| (2,233,781 | ) | |||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
| (2,634,394 | ) |
69
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
As of November 30, 2015, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Fund |
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
||||||||||||||||||||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
||||||||||||||||||||||||||||||||
Bank of Montreal |
$ | 154,422 | $ | (25,559 | ) | $ | | $ | 128,863 | $ | 25,559 | $ | (25,559 | ) | $ | | $ | | ||||||||||||||
Canadian Imperial Bank of Commerce |
| | | | 55 | | | 55 | ||||||||||||||||||||||||
JP Morgan & Chase Co. |
767 | (23 | ) | | 744 | 23 | (23 | ) | | | ||||||||||||||||||||||
RBC Capital Markets |
24,459 | (2,155 | ) | | 22,304 | 2,155 | (2,155 | ) | | | ||||||||||||||||||||||
State Street Bank & Trust Co |
99,133 | (8,708 | ) | | 90,425 | 8,708 | (8,708 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
5,671 | (4,732 | ) | | 939 | 4,732 | (4,732 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 284,452 | $ | (41,177 | ) | $ | | $ | 243,275 | $ | 41,232 | $ | (41,177 | ) | $ | | $ | 55 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
||||||||||||||||||||||||||||||||
Bank of Montreal |
$ | 41,888 | $ | (3,386 | ) | $ | | $ | 38,502 | $ | 3,386 | $ | (3,386 | ) | $ | | $ | | ||||||||||||||
JP Morgan & Chase Co. |
22 | (22 | ) | | | 6,656 | (22 | ) | | 6,634 | ||||||||||||||||||||||
RBC Capital Markets |
91,938 | (2,029 | ) | | 89,909 | 2,029 | (2,029 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
1,645 | (1,254 | ) | | 391 | 1,254 | (1,254 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 135,493 | $ | (6,691 | ) | $ | | $ | 128,802 | $ | 13,325 | $ | (6,691 | ) | $ | | $ | 6,634 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
||||||||||||||||||||||||||||||||
Bank of Montreal |
$ | 3,794 | $ | (3,136 | ) | $ |
|
|
$ | 658 | $ | 3,136 | $ | (3,136 | ) | $ | | $ | | |||||||||||||
JP Morgan & Chase Co. |
682 | | 682 | | | | | |||||||||||||||||||||||||
RBC Capital Markets |
21,790 | (1,860 | ) | | 19,930 | 1,860 | (1,860 | ) | | | ||||||||||||||||||||||
State Street Bank & Trust Co |
643 | (121 | ) | | 522 | 121 | (121 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
8,131 | (3,714 | ) | | 4,417 | 3,714 | (3,714 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 35,040 | $ | (8,831 | ) | $ | | $ | 26,209 | $ | 8,831 | $ | (8,831 | ) | $ | | $ | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
||||||||||||||||||||||||||||||||
Bank of Montreal |
$ | 30,666 | $ | (535 | ) | $ | | $ | 30,131 | $ | 535 | $ | (535 | ) | $ | | $ | | ||||||||||||||
RBC Capital Markets |
79,984 | (1,266 | ) | | 78,718 | 1,266 | (1,266 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
179 | (8 | ) | | 171 | 8 | (8 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 110,829 | $ | (1,809 | ) | $ | | $ | 109,020 | $ | 1,809 | $ | (1,809 | ) | $ | | $ | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the 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.
TDAM USA Inc. (TDAM) serves as investment sub-advisor to Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF pursuant to a Sub-Advisory Agreement. Deutsche Investment Management Americas Inc. (DIMA) serves as investment sub-advisor to Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF pursuant to a Sub-Advisory Agreement.
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 Funds average daily net assets at an annual rate equal to:
Fund |
Unitary Management Fee |
|||
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
0.50 | % | ||
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
0.45 | % | ||
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
0.25 | % | ||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
0.65 | % | ||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
0.30 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the
payments to the sub-advisors, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage expenses 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 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 and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds Independent Trustees).
4. Federal Income Taxes
At May 31, 2015, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
Short-Term | Long-Term | Total Amount** |
||||||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
$ | 62,094 | $ | | $ | 62,094 |
** | Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code. |
71
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Capital losses incurred after October 31 (post-October losses) within the taxable year are deemed to arise on the first business day of each Funds next taxable year. During the year ended May 31, 2015, the Funds incurred and elected to defer net capital losses as follows:
Post-October Loss on Capital |
||||
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
$ | 8,293 | ||
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
123,479 | |||
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
5,310 | |||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
13,959 |
The tax character of current year distributions will be determined at the end of the fiscal year.
5. Transactions with Affiliates
The Advisor is an indirect wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Funds. A summary of the Funds transactions with Deutsche Bank AG securities during the six months ended November 30, 2015 is as follows:
Value ($) 5/31/15 |
Purchases Cost ($) |
Sales Proceeds ($) |
Realized Gain/ (Loss)($) |
Income ($) |
Value ($) at 11/30/15 |
|||||||||||||||||||
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
||||||||||||||||||||||||
Deutsche Bank AG 2.5% 2/13/19 |
10,156 | | (2,010 | ) | (19 | ) | 102 | 8,081 |
6. Investment Portfolio Transactions
For the six months ended November 30, 2015, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
$ | 482,548 | $ | 540,787 | ||||
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
1,790,911 | 1,947,594 | ||||||
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
154,352 | 1,282,774 | ||||||
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
5,894,558 | 3,241,878 | ||||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF(1) |
3,910,604 | 159,760 | ||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF(1) |
3,025,757 | 352,461 | ||||||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF(1) |
2,938,273 | 381,945 | ||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF(1) |
3,054,160 | 442,004 |
For the six months ended November 30, 2015, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
$ | | $ | 1,025,776 | ||||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF(1) |
6,685,581 | | ||||||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF(1) |
2,314,860 | | ||||||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF(1) |
1,170,986 | 1,130,724 |
(1) | For the period from August 12, 2015 (commencement of operations) to November 30, 2015. |
7. Fund Share Transactions
As of November 30, 2015, 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
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DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 Funds 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.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $130 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 Funds 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 a maximum of 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2015.
9. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2015, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:
Fund Name |
Approximate Percent of Outstanding Shares Held |
|||
Deutsche X-trackers Emerging Markets Bond Interest Rate Hedged ETF |
80 | % | ||
Deutsche X-trackers High Yield Corporate Bond Interest Rate Hedged ETF |
92 | % | ||
Deutsche X-trackers Investment Grade Bond Interest Rate Hedged ETF |
59 | % | ||
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
19 | % | ||
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
39 | % | ||
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
97 | % | ||
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
95 | % |
10. Investing in Emerging Markets
Investment in emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, (i) greater market volatility, (ii) lower trading volume, (iii) political and economic instability, (iv) high levels of inflations, deflation or currency devaluation, (v) greater risk of market shut down, (vi) more governmental limitations on foreign investments and limitations on repatriation of invested capital than those typically found in a developed market, and (vii) the risk that companies may be held to lower disclosure, corporate governance, auditing and financial reporting standards than companies in more developed markets.
11. Investing in High-Yield Securities
A Funds performance could be hurt if a security declines in credit quality or goes into default, or if an issuer does not make timely payments of interest or principal. Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth-highest category) may be in uncertain financial health, the risk of loss from default by the issuer is significantly greater. Prices and yields of high-yield securities will fluctuate over time and, during periods of economic uncertainty, volatility of high-yield securities may adversely affect a funds net asset value.
73
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
At a meeting held on May 21, 2015, the Board of Trustees (Board or Trustees), including the Independent Trustees (those not affiliated with DBX ETF Trust (the Trust) or its service providers), unanimously approved the Investment Advisory Agreement and the Investment Sub-Advisory Agreement with respect to Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (the Funds).
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 to be provided to the Funds and their shareholders; (2) DBX Advisors LLCs (DBX or Adviser) financial resources 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 to be provided by and the profits that could be realized by the Adviser from its relationship with the Funds; and (5) the extent to which economies of scale would be realized as the Funds grow, and if the Funds shareholders would benefit from those economies.
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 to be provided to the Funds and their shareholders; (2) the performance of TDAM USA Inc. (TDAM or Sub-Adviser) with respect to its management of other funds of the Trust, as well as TDAMs financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services to be provided by and the profits that could be realized by TDAM from its relationship with the Funds; and (4) the extent to which economies of scale would be realized as the Funds grow, and if the Funds shareholders would benefit from those economies.
The Board reached a determination, with the assistance of K&L Gates LLP (Independent Trustees 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 consistent with the Boards 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 to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trusts service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds operation. The Board also considered the role to be played by the Adviser in working with TDAM to manage the Funds portfolio, noting that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal and regulatory requirements applicable to the Funds.
The Board evaluated these factors in consultation with Independent Trustees Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the
74
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and custodian. The Board further considered the compliance program of the Adviser which supports the Funds compliance program.
Advisers 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 Advisers financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Funds proposed advisory fee to that of other exchange-traded funds (ETFs), and noted that each Funds fee is competitive with the fees of its respective peer group. The Board noted that the proposed fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds costs. The Board also noted that the Funds portfolio would be managed on a day-to-day basis by the Sub-Adviser, which will receive a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee 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 be provided to the Funds, and the likelihood and level of profits in the early years of the Funds operations. The Board noted that since each Fund was new, it was difficult to estimate the profitability of each Fund to the Adviser at this time, and 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 also noted that the Adviser recently had provided extensive information about its current lack of profitability with respect to its management of other funds of the Trust. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds, and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
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 TDAM proposes to provide to the Funds, the Board reviewed in detail the nature, extent and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.
The Board also considered TDAMs operational capabilities and resources, and its experience in serving as investment sub-adviser to other funds, (including certain other index-based ETFs advised by the Adviser). The Board considered the professional experience and qualifications of TDAMs senior management and key professional personnel, as well as TDAMs depth and breadth of experience in managing investment portfolios consisting of non-U.S. equity securities. The Board gave special consideration to TDAMs experience and capabilities in implementing currency hedging strategies, and their techniques for implementing such strategies
75
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
while minimizing index tracking error. In addition, the Board considered TDAMs operational capabilities and resources, and TDAMs experience in managing index funds covering various asset classes.
The Board evaluated these factors in consultation with Independent Trustees Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to TDAM, taking special consideration of the fact that the fees to be paid to TDAM are payable by the Adviser and not the Funds.
Performance of TDAM; TDAMs Financial Resources. The Board noted that the Funds have not commenced operations and have no performance history, but the Board considered TDAMs performance in managing other currency-hedged equity based portfolios of the Trust and its ability to minimize tracking error. The Board concluded that, given TDAMs capabilities and experience in managing other portfolios of the Trust, TDAM should be able to keep the Funds tracking error within acceptable ranges.
The Board also considered TDAMs financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that TDAM had the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.
Reasonableness of Sub-Advisory Fee. The Board noted that the fee to be paid to TDAM in respect of the Funds would be paid by the Adviser and not the Funds. The Board further noted that the proposed 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 TDAM. 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 noted that since the Funds were new, it was difficult to estimate the profitability of the Funds to the Sub-Adviser at this time, and further noted that the fees to be paid by the Adviser to TDAM under the Investment Sub-Advisory Agreement contain breakpoints. The Board further noted that specific information about TDAMs profitability with respect to its services provided to the Funds was not available because TDAM does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also noted that the overall fees paid by each Fund remained reasonable.
The Board also considered whether TDAM would benefit in other ways from its relationship with the Funds. The Board discussed TDAMs practices regarding the selection and compensation of brokers and dealers that would execute portfolio transactions for the Funds and the brokers and dealers provision of brokerage services to TDAM. The Board discussed the possible potential benefits TDAM might derive from the Funds soft dollar arrangements, whereby brokers provide brokerage services to the Funds or TDAM in return for allocating fund brokerage.
Economies of Scale. The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.
76
DBX ETF Trust
Additional information (Unaudited)
Proxy Voting Policies and Procedures
The Funds policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site www.deutsche-etfs.com (click on Resources proxy voting and at the top of the page) or on the SECs 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 1-855-329-3837.
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 SECs website at www.sec.gov and are available by calling the Company at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SECs 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 SECs Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Funds portfolio holdings is available daily at www.deutsche-etfs.com.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund during the past calendar year, when available can be found at www.deutsche-etfs.com.
77
DBX ETF Trust
Privacy policy notice (Unaudited)
DBX Advisors LLC (Advisors) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.deutsche-etfs.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
78
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Funds investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Funds prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile than the markets or 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 issuers 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 Funds ability to generate income may be adversely affected. These Funds are non-diversified and can take larger positions in fewer issuers, increasing potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset & Wealth Management is the brand name for the asset and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.
MSCI is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.
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.
Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks is a the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave New York, New York 10154 |
Investment sub-advisors TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 |
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-036922-2 (1/16) DBX001742 (1/17)
November 30, 2015
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
Deutsche X-trackers MSCI All China Equity ETF (CN)
DBX ETF Trust
Dear Shareholder,
We are pleased to provide this semi-annual report for our four flagship ETFs tracking Chinas equity market for the period ended November 30, 2015.
The global economy is growing at a moderate rate; however, decelerating emerging market growth has led to widespread questions about potentially slower global growth and its impact on inflation. Growth momentum in China continues to wane as the traditional sources of growth, investment, and manufacturing are faltering mainly due to overcapacity in certain sectors and insufficient global demand. On the upside, the fall in commodity prices is bolstering Chinas already massive trade surplus. The upward trend in retail sales suggests the transformation toward a more domestic-consumption-based economic model is continuing.
China, the economic heavyweight of Asia, experienced two major shocks in the last six months. The first was Chinas unexpected decision to moderately devalue the Renminbi versus the US dollar in August, which led to a huge sell-off in international equity markets. This was driven primarily by weaker exports and Renminbi appreciation. The second was the sharp downward trajectory in equity markets, with the Shanghai Composite Index1 tumbling nearly 9% intra-day in July and August. This fall was attributable to soft economic data, speculation about the Chinese governments continued support to restore its markets, and the unwinding of margin financing that powered the market rally earlier this year. However, the equity market has staged a modest recovery since then.
Hard landing fears dominated investor sentiment and, it seems, persuaded the Federal Reserve to not raise rates in September. The shift from Made in China to Consumed in China has also been reflected in reduced demand for raw materials, which in turn partly explains the significant decline in commodity prices. Gross Domestic Product (GDP) growth in the third quarter stood at 6.9%, the slowest since 2009. In response, the Peoples Bank of China (PBOC) continued to inject new liquidity into the banking system by reducing interest rates for the sixth time in a year in October. The Chinese government has taken unprecedented steps to stabilize markets, including deleveraging of margin financing, tightening trading rules to curb speculation and volatility, and extending liquidity (via China Securities Finance Corp) during the equity market sell-off.
The slowdown has deep roots, wedded in both cyclical and structural forces; however, we believe China will continue to be one of the fastest growing among the worlds major economies. Meanwhile, the Chinese government is facing the challenge of rebalancing the economy while trying to avoid a hard landing.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
1 The Shanghai Composite Index is a capitalization-weighted index which tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 7.
2
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR)
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the Underlying Index). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. The Fund, using a passive or indexing approach, attempts to approximate the investment performance of the Underlying Index. It is not possible to invest directly into an index.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 9.
3
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)
The Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the Underlying Index). The Underlying Index is designed to reflect the price fluctuation and performance of small cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. The Fund, using a passive or indexing investment approach, attempts to approximate the investment performance of the Underlying Index. It is not possible to invest directly into an index.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 15.
4
DBX ETF Trust
Portfolio summary (Unaudited)
Deutsche X-trackers MSCI All China Equity ETF (CN)
The Deutsche X-trackers MSCI All China Equity ETF (CN) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index. The MSCI China All Shares Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe and is compose of A-shares, H-shares, B-shares, Red chips, and P chips share classes. On November 30, 2015 the MSCI China All Shares Index replaced the MSCI All China Index as the comparative broad-based securities market index because the Advisor believes the MSCI China All Shares Index more closely reflects the Funds investment strategy. The MSCI All China Index is designed to capture large and mid cap representation across all China securities listed in China and Hong Kong as well as in the U.S. and Singapore. The MSCI All China Index includes: A-shares, H-shares, B-shares, Red chips, and P chips along with China securities (including American Depository Receipts) that are listed on the NYSE Euronext (New York), the NASDAQ, the New York AMEX and the Singapore exchanges. The Fund, using a passive approach or indexing approach, attempts to approximate the performance of the MSCI China All Shares Index. The Fund expects to gain exposure to the China A-share components of the Index by investing in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated funds subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 24.
5
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other fund expenses. In addition to the ongoing expenses which each Fund bears directly, the Deutsche X-trackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (the Underlying Funds) in which the Deutsche X-trackers MSCI All China Equity ETF invests. The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF shareholders indirectly bear the expenses of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (the Underlying Fund) in which the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF invests. These expenses are not included in Deutsche X-trackers MSCI All China Equity ETFs and Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETFs annualized expense ratios used to calculate the expense estimate in the tables. In the most recent six-month period Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2015 to November 30, 2015).
Actual expenses
The first line in the following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading Expenses Paid During the Period to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following table provides information about hypothetical account values and hypothetical expenses based on the Funds actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value June 1, 2015 |
Ending Account Value November 30, 2015 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF* | ||||||||||||||||
Actual (2) |
$ | 1,000.00 | $ | 1,014.80 | 0.06 | % | $ | 0.07 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.70 | 0.06 | % | $ | 0.30 | ||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
||||||||||||||||
Actual |
$ | 1,000.00 | $ | 713.60 | 0.80 | % | $ | 3.43 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.00 | 0.80 | % | $ | 4.04 | ||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
||||||||||||||||
Actual |
$ | 1,000.00 | $ | 685.42 | 0.80 | % | $ | 3.37 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.00 | 0.80 | % | $ | 4.04 | ||||||||
Deutsche X-trackers MSCI All China Equity ETF* | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 769.67 | 0.22 | % | $ | 0.97 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.90 | 0.22 | % | $ | 1.11 |
(1) Expenses are equal to each Funds annualized expense ratio multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.
(2) For the period from October 20, 2015 (commencement of operations) to November 30, 2015.
* The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
6
DBX ETF Trust
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF
November 30, 2015 (Unaudited)
| The cost for federal income tax purposes was $3,843,450. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $21,419. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $21,419 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $0. |
(a) | All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $1,331,770, which is 52.5% of net assets. |
(b) | Affiliated fund advised by DBX Advisors LLC. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation |
||||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | CNH | 15,756,000 | USD | 2,483,576 | $ | 31,012 | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 2,452,086 | CNH | 15,756,000 | 477 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | CNH | 16,034,427 | USD | 2,484,572 | 1,214 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | CNH | 171,000 | USD | 26,614 | 130 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 32,833 | ||||||||||||||||
|
|
Currency Abbreviations
CNH Chinese Offshore Yuan
USD U.S. Dollar
For information on the Funds policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF |
||||||||||||||||
Investment in Securities |
||||||||||||||||
Exchange-Traded Fund |
$ | 2,530,133 | $ | | $ | | $ | 2,530,133 | ||||||||
Securities Lending Collateral |
1,334,736 | | | 1,334,736 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 32,833 | | 32,833 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 3,864,869 | $ | 32,833 | $ | | $ | 3,897,702 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $393,525,002. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $58,494,018. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $107,053,379 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $48,559,361. |
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 425,279,893 | $ | | $ | 26,739,127 | $ | 452,019,020 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 425,279,893 | $ | | $ | 26,739,127 | $ | 452,019,020 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for additional detailed categorizations. |
The following is a reconciliation of the Funds Level 3 investments for which significant unobservable inputs were used in determining value:
Balance at May 31, 2015 |
$ | 82,552,492 | ||
Purchases |
21,204,223 | |||
Sales |
(46,535,157 | ) | ||
Realized gain (loss) |
14,266,151 | |||
Change in unrealized gain (loss) |
(30,420,654 | ) | ||
Transfers into Level 3 (a) |
58,525,347 | |||
Transfers out of Level 3 (a) |
(72,853,275 | ) | ||
Balance at November 30, 2015 |
26,739,127 | |||
Change in unrealized gain (loss) related to Investments still held at November 30, 2015 |
(30,420,654 | ) |
(a) | During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $58,525,347 and between Level 3 and Level 1 was $72,853,275. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange. |
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)
November 30, 2015 (Unaudited)
Qualitative Disclosure About Unobservable Inputs
Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Funds 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 -41% to 16% with a weighted average range of approximately -5%. 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
Asset Class |
Fair Value at 11/30/2015 |
Valuation Technique |
Unobservable Input | |||||
Common Stock: Consumer Discretionary |
$ | 6,517,647 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Consumer Staples |
1,176,415 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Health Care |
2,683,233 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Industrials |
12,905,223 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Information Technology |
2,960,801 | Market Approach | Last traded price adjusted for proxy. | |||||
Common Stock: Utilities |
495,808 | Market Approach | Last traded price adjusted for proxy. |
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $31,084,007. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $3,977,527. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $7,112,112 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,134,585. |
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 30,759,380 | $ | | $ | 4,302,154 | $ | 35,061,534 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 30,759,380 | $ | | $ | 4,302,154 | $ | 35,061,534 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for additional detailed categorizations. |
The following is a reconciliation of the Funds Level 3 investments for which significant unobservable inputs were used in determining value:
Balance at May 31, 2015 |
$ | 8,929,221 | ||
Purchases |
4,672,298 | |||
Sales |
(5,964,729 | ) | ||
Realized gain (loss) |
(507,164 | ) | ||
Change in unrealized gain (loss) |
(2,712,600 | ) | ||
Transfers into Level 3 (a) |
7,382,314 | |||
Transfers out of Level 3 (a) |
(7,497,186 | ) | ||
Balance at November 30, 2015 |
4,302,154 | |||
Change in unrealized gain (loss) related to Investments still held at November 30, 2015 |
(2,712,600 | ) |
(a) | During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $7,382,314 and between Level 3 and Level 1 was $7,497,186. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange. |
Transfers between price levels are recognized at the beginning of the reporting period.
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)
November 30, 2015 (Unaudited)
Qualitative Disclosure About Unobservable Inputs
Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Funds 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 -60% to 44% with a weighted average range of approximately -11%. 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
Asset Class |
Fair Value at | Valuation Technique |
Unobservable Input | |||||
Common Stock: Consumer Discretionary |
$ | 752,856 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Consumer Staples |
$ | 124,924 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Energy |
$ | 27,140 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Financials |
$ | 438,992 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Health Care |
$ | 218,691 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Industrials |
$ | 1,088,086 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Information Technology |
$ | 889,435 | Market Approach | Last traded price adjusted for proxy. | ||||
Common Stock: Materials |
$ | 762,030 | Market Approach | Last traded price adjusted for proxy. |
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All China Equity ETF
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $22,492,650. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $1,006,543. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $322,425 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,328,968. |
(a) | All or a portion of these securities were on loan amounting to $6,709,674. In addition, included in Other Assets and Liabilities Net are pending sales amounting to $635,661 that are also on loan (see Notes to Financial Statements). The value of securities loaned at November 30, 2015 amounted to $7,345,335, which is 51.8% of net assets. |
(b) | Affiliated fund advised by DBX Advisor LLC. |
(c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
(d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
ADR: American Depositary Receipt.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 7,302,466 | $ | | $ | 69,101 | $ | 7,371,567 | ||||||||
Exchange-Traded Funds |
6,729,520 | | | 6,729,520 | ||||||||||||
Securities Lending Collateral |
7,385,020 | | | 7,385,020 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 21,417,006 | $ | | $ | 69,101 | $ | 21,486,107 | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for additional detailed categorizations. |
During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $48,973 and between Level 3 and Level 1 was $57,389. 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. | 27 |
DBX ETF Trust
Statements of assets and liabilities
November 30, 2015 (Unaudited)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF |
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
Deutsche X-trackers MSCI All China Equity ETF |
|||||||||||||
Assets |
||||||||||||||||
Investments in non-affiliated securities at fair value |
$ | | $ | 452,019,020 | $ | 35,061,534 | $ | 7,371,567 | ||||||||
Investment in affiliated securities at fair value (See Note 5) |
2,530,133 | | | 6,729,520 | ||||||||||||
Investment in Daily Assets Fund* |
1,334,736 | | | 7,385,020 | ||||||||||||
Cash |
920 | 22,100,085 | 28,924 | 14,581 | ||||||||||||
Foreign currency at value |
| 3,068,784 | | 820,470 | | 4,083 | ||||||||||
Unrealized appreciation on forward foreign currency contracts |
32,833 | | | | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold |
| | | 2,143,035 | ||||||||||||
Capital shares |
| 87,917 | | | ||||||||||||
Dividends |
| 55 | 22 | 1,590 | ||||||||||||
Interest |
4,916 | | | 39,026 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
$ | 3,903,538 | $ | 477,275,861 | $ | 35,910,950 | $ | 23,688,422 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities |
||||||||||||||||
Payable upon return of securities loaned |
$ | 1,334,736 | $ | | $ | | $ | 7,385,020 | ||||||||
Payables: | ||||||||||||||||
Investment securities purchased |
31,546 | 178,915 | 16,086 | 2,130,137 | ||||||||||||
Capital shares |
| 20,664,965 | | | ||||||||||||
Investment advisory fees |
124 | 373,995 | 26,279 | 2,664 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
1,366,406 | 21,217,875 | 42,365 | 9,517,821 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets |
$ | 2,537,132 | $ | 456,057,986 | $ | 35,868,585 | $ | 14,170,601 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets Consist of |
||||||||||||||||
Paid-in capital |
$ | 2,497,306 | $ | 100,807,040 | $ | 35,642,581 | $ | 15,706,721 | ||||||||
Undistributed net investment income |
6,589 | 7,206,695 | 253,305 | 540,821 | ||||||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions |
(21,015 | ) | 278,529,013 | (4,838,214 | ) | (1,174,582 | ) | |||||||||
Net unrealized appreciation on investments and foreign currency translations |
54,252 | 69,515,238 | 4,810,913 | (902,359 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets |
$ | 2,537,132 | $ | 456,057,986 | $ | 35,868,585 | $ | 14,170,601 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Number of Common Shares outstanding |
100,001 | 12,800,001 | 800,001 | 400,001 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Assets Value |
$ | 25.37 | $ | 35.63 | $ | 44.84 | $ | 35.43 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investments in non-affiliated securities at cost |
$ | | $ | 382,406,183 | $ | 30,244,758 | $ | 8,105,671 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investments in affiliated securities at cost |
$ | 2,508,714 | $ | | $ | | $ | 6,897,697 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Market value of securities loaned |
$ | 1,331,770 | $ | | $ | | $ | 6,709,674 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Investment in Daily Assets Fund at cost* |
$ | 1,334,736 | $ | | $ | | $ | 7,385,020 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Foreign currency at cost |
$ | | $ | 3,072,555 | $ | 824,240 | $ | 4,100 | ||||||||
|
|
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
| Included in foreign currency at value is $43,736 and $8,530 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited. |
See Notes to Financial Statements. | 28 |
DBX ETF Trust
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF(1) |
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
Deutsche X-trackers MSCI All China Equity ETF |
|||||||||||||
Investment Income |
||||||||||||||||
Unaffiliated interest income |
$ | | $ | 51,965 | $ | 5,299 | $ | | ||||||||
Unaffiliated dividend income* |
| 9,929,821 | 206,794 | 126,657 | ||||||||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates |
6,755 | | | 402,548 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investment Income |
6,755 | 9,981,786 | 212,093 | 529,205 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses |
||||||||||||||||
Investment advisory fees |
2,519 | 2,770,844 | 194,855 | 44,627 | ||||||||||||
Interest Expense |
| 4,247 | 291 | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Expenses |
2,519 | 2,775,091 | 195,146 | 44,627 | ||||||||||||
Less fees waived (See Note 3): |
||||||||||||||||
Waiver |
(2,353 | ) | | | (27,986 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Expenses |
166 | 2,775,091 | 195,146 | 16,641 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Investment Income |
6,589 | 7,206,695 | 16,947 | 512,564 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Realized and Unrealized Gain (Loss) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments |
| 262,539,069 | (6,941,014 | ) | (72,561 | ) | ||||||||||
Investments in affiliates |
(65 | ) | | | (1,005,961 | ) | ||||||||||
Foreign currency transactions |
(20,950 | ) | (4,176,755 | ) | (181,794 | ) | 868 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized gain (loss) |
(21,015 | ) | 258,362,314 | (7,122,808 | ) | (1,077,654 | ) | |||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments |
21,419 | (522,875,534 | ) | (20,919,261 | ) | (3,668,969 | ) | |||||||||
Foreign currency translations |
32,833 | (54,674 | ) | (8,054 | ) | (552 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) |
54,252 | (522,930,208 | ) | (20,927,315 | ) | (3,669,521 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) on investments and foreign currency transactions |
33,237 | (264,567,894 | ) | (28,050,123 | ) | (4,747,175 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in Net Assets Resulting from Operations |
$ | 39,826 | $ | (257,361,199 | ) | $ | (28,033,176 | ) | $ | (4,234,611 | ) | |||||
|
|
|
|
|
|
|
|
|||||||||
* Unaffiliated foreign tax withheld |
$ | | $ | 1,165,994 | $ | 26,496 | $ | 10,811 |
(1) | For the period October 20, 2015 (commencement of operations) through November 30, 2015. |
See Notes to Financial Statements. | 29 |
DBX ETF Trust
For the Six Months Ended November 30, 2015
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
||||
Increase (Decrease) in Cash: |
||||
Cash Flows from Operating Activities |
||||
Net increase (decrease) in net assets resulting from operations |
$ | (28,033,176 | ) | |
|
|
|||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided (used) by operating activities: |
||||
Purchases of long-term investments |
(63,227,492 | ) | ||
Proceeds from sales and maturities of long-term investments |
78,835,788 | |||
(Increase) decrease in dividends receivable |
1,435 | |||
Increase (decrease) in investment advisory fees |
(13,276 | ) | ||
(Increase) decrease in deferred foreign taxes |
28,872 | |||
Change in unrealized (appreciation) depreciation on investments |
20,888,449 | |||
Net realized (gain) loss from investments |
6,941,014 | |||
|
|
|||
Cash provided (used) by operating activities |
15,421,614 | |||
|
|
|||
Cash Flows from Financing Activities |
||||
Proceeds from shares sold |
49,987,986 | |||
Value of shares redeemed |
(67,859,176 | ) | ||
Distributions paid |
| |||
|
|
|||
Cash provided (used) by financing activities |
(17,871,190 | ) | ||
|
|
|||
Increase (decrease) in cash |
(2,449,576 | ) | ||
Cash at beginning of period (including foreign currency) |
3,298,970 | |||
|
|
|||
Cash at end of period (including foreign currency) |
$ | 849,394 | ||
|
|
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Statements of changes in net assets
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF |
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
|||||||||||
For the
Period October 20, 2015(1) to November 30, 2015 (Unaudited) |
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||
Net investment income (loss) |
$ | 6,589 | $ | 7,206,695 | $ | 1,868,446 | ||||||
Net realized gain (loss) |
(21,015 | ) | 258,362,314 | 29,264,178 | ||||||||
Net change in unrealized appreciation (depreciation) |
54,252 | (522,930,208 | ) | 609,959,020 | ||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net assets resulting from operations |
39,826 | (257,361,199 | ) | 641,091,644 | ||||||||
|
|
|
|
|
|
|||||||
Distributions to Shareholders from |
||||||||||||
Net investment income |
| | (2,530,476 | ) | ||||||||
|
|
|
|
|
|
|||||||
Total distributions |
| | (2,530,476 | ) | ||||||||
|
|
|
|
|
|
|||||||
Fund Shares Transactions |
||||||||||||
Proceeds from shares sold |
2,497,281 | 548,169,515 | 969,607,417 | |||||||||
Value of shares redeemed |
| (1,245,147,463 | ) | (350,563,989 | ) | |||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net assets resulting from fund share transactions |
2,497,281 | (696,977,948 | ) | 619,043,428 | ||||||||
|
|
|
|
|
|
|||||||
Total Net increase (decrease) in Net Assets |
2,537,107 | (954,339,147 | ) | 1,257,604,596 | ||||||||
Net Assets |
||||||||||||
Beginning of period |
25 | 1,410,397,133 | 152,792,537 | |||||||||
|
|
|
|
|
|
|||||||
End of period |
$ | 2,537,132 | $ | 456,057,986 | $ | 1,410,397,133 | ||||||
|
|
|
|
|
|
|||||||
Undistributed net investment income |
$ | 6,589 | $ | 7,206,695 | $ | | ||||||
|
|
|
|
|
|
|||||||
Changes in Shares Outstanding |
||||||||||||
Shares outstanding, beginning of period |
1 | 28,250,001 | 6,950,001 | |||||||||
Shares sold |
100,000 | 14,600,000 | 31,350,000 | |||||||||
Shares redeemed |
| (30,050,000 | ) | (10,050,000 | ) | |||||||
|
|
|
|
|
|
|||||||
Shares outstanding, end of period |
100,001 | 12,800,001 | 28,250,001 | |||||||||
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
Deutsche X-trackers MSCI All China Equity ETF |
|||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income (loss) |
$ | 16,947 | $ | (73,420 | ) | $ | 512,564 | $ | 68,609 | |||||||
Net realized gain (loss) |
(7,122,808 | ) | 2,754,980 | (1,077,654 | ) | 1,928,813 | ||||||||||
Net change in unrealized appreciation (depreciation) |
(20,927,315 | ) | 25,545,008 | (3,669,521 | ) | 2,689,959 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(28,033,176 | ) | 28,226,568 | (4,234,611 | ) | 4,687,381 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from |
||||||||||||||||
Net investment income |
| (30,280 | ) | | (70,374 | ) | ||||||||||
Net realized gains |
| (134,976 | ) | | (9,598 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
| (165,256 | ) | | (79,972 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
49,987,986 | 77,518,004 | | 16,983,988 | ||||||||||||
Value of shares redeemed |
(67,859,176 | ) | (31,516,705 | ) | | (8,288,839 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from fund share transactions |
(17,871,190 | ) | 46,001,299 | | 8,695,149 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Net increase (decrease) in Net Assets |
(45,904,366 | ) | 74,062,611 | (4,234,611 | ) | 13,302,558 | ||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
81,772,951 | 7,710,340 | 18,405,212 | 5,102,654 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 35,868,585 | $ | 81,772,951 | $ | 14,170,601 | $ | 18,405,212 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Undistributed net investment income |
$ | 253,305 | $ | 236,358 | $ | 540,821 | $ | 28,257 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
1,250,001 | 300,001 | 400,001 | 200,001 | ||||||||||||
Shares sold |
850,000 | 1,650,000 | | 450,000 | ||||||||||||
Shares redeemed |
(1,300,000 | ) | (700,000 | ) | | (250,000 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
800,001 | 1,250,001 | 400,001 | 400,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 32 |
DBX ETF Trust
For a Share outstanding throughout each period
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | For the Period October 20, 2015* to November 30, 2015 (Unaudited) |
|||||||||||
Net Asset Value, beginning of period |
$ | 25.00 | ||||||||||
|
|
|||||||||||
Income from Investment Operations: | ||||||||||||
Net investment income** |
0.07 | |||||||||||
Net realized and unrealized gain |
0.30 | |||||||||||
|
|
|||||||||||
Net increase in net asset value from investment operations |
0.37 | |||||||||||
|
|
|||||||||||
Net Asset Value, end of period |
$ | 25.37 | ||||||||||
|
|
|||||||||||
Total Return*** |
1.48 | % | ||||||||||
Ratios/Supplemental Data |
||||||||||||
Net assets, end of period (000s omitted) |
$ | 2,537 | ||||||||||
Ratios to average net assets: |
||||||||||||
Expenses, net of fee waiver and expense reimbursements (a) |
0.06 | % | ||||||||||
Expenses, prior to fee waiver and expense reimbursements (a) |
0.85 | % | ||||||||||
Net investment income |
2.22 | % | ||||||||||
Portfolio turnover rate |
1 | % | ||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Period November 6, 2013* to May 31, 2014 |
|||||||||
Net Asset Value, beginning of period |
$ | 49.93 | $ | 21.98 | $ | 25.00 | ||||||
|
|
|
|
|
|
|||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income (loss)** |
0.43 | 0.09 | (0.05 | ) | ||||||||
Net realized and unrealized gain (loss) |
(14.73 | ) | 27.96 | (2.97 | ) | |||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net asset value from investment operations. |
(14.30 | ) | 28.05 | (3.02 | ) | |||||||
|
|
|
|
|
|
|||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income |
| (0.10 | ) | | ||||||||
|
|
|
|
|
|
|||||||
Total distributions |
| (0.10 | ) | | ||||||||
|
|
|
|
|
|
|||||||
Net Asset Value, end of period |
$ | 35.63 | $ | 49.93 | $ | 21.98 | ||||||
|
|
|
|
|
|
|||||||
Total Return*** |
(28.64 | )% | 127.82 | % | (12.08 | )% | ||||||
Ratios/Supplemental Data |
||||||||||||
Net assets, end of period (000s omitted) |
$ | 456,058 | $ | 1,410,397 | $ | 152,793 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses, net of fee waiver and expense reimbursements |
0.80 | % | 0.80 | % | 0.92 | % | ||||||
Expenses, prior to fee waiver and expense reimbursements |
0.80 | % | 0.80 | % | 0.96 | % | ||||||
Net investment income (loss) |
2.08 | % | 0.26 | % | (0.38 | )% | ||||||
Portfolio turnover rate |
89 | % | 58 | % | 42 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
| Not annualized. |
(a) | 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. |
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Period May 21, 2014* to May 31, 2014 |
|||||||||
Net Asset Value, beginning of period |
$ | 65.42 | $ | 25.70 | $ | 25.00 | ||||||
|
|
|
|
|
|
|||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income (loss)** |
0.02 | (0.12 | ) | 0.02 | ||||||||
Net realized and unrealized gain (loss) |
(20.60 | ) | 40.05 | 0.68 | ||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net asset value from investment operations |
(20.58 | ) | 39.93 | 0.70 | ||||||||
|
|
|
|
|
|
|||||||
Distributions paid to shareholders from: | ||||||||||||
Net investment income |
| (0.04 | ) | | ||||||||
Net realized and unrealized gain (loss) |
| (0.17 | ) | | ||||||||
|
|
|
|
|
|
|||||||
Total distributions |
| (0.21 | ) | | ||||||||
|
|
|
|
|
|
|||||||
Net Asset Value, end of period |
$ | 44.84 | $ | 65.42 | $ | 25.70 | ||||||
|
|
|
|
|
|
|||||||
Total Return*** |
(31.46 | )% | 155.99 | % | 2.80 | % | ||||||
Ratios/Supplemental Data |
||||||||||||
Net assets, end of period (000s omitted) |
$ | 35,869 | $ | 81,773 | $ | 7,710 | ||||||
Ratios to average net assets: |
||||||||||||
Expenses |
0.80 | % | 0.80 | % | 0.80 | % | ||||||
Net investment income (loss) |
0.07 | % | (0.30 | )% | 2.57 | % | ||||||
Portfolio turnover rate |
134 | % | 131 | % | 0 | % | ||||||
Deutsche X-trackers MSCI All China Equity ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
Year Ended May 31, 2015 |
For the Period April 30, 2014* to May 31, 2014 |
|||||||||
Net Asset Value, beginning of period |
$ | 46.01 | $ | 25.51 | $ | 25.00 | ||||||
|
|
|
|
|
|
|||||||
Income (loss) from Investment Operations: | ||||||||||||
Net investment income** |
1.28 | 0.32 | 0.06 | |||||||||
Net realized and unrealized gain (loss) |
(11.86 | ) | 20.58 | 0.45 | ||||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in net asset value from investment operations. |
(10.58 | ) | 20.90 | 0.51 | ||||||||
|
|
|
|
|
|
|||||||
Distributions paid to shareholders from: |
||||||||||||
Net investment income |
| (0.35 | ) | | ||||||||
Net realized gains |
| (0.05 | ) | | ||||||||
|
|
|
|
|
|
|||||||
Total distributions |
| (0.40 | ) | | ||||||||
|
|
|
|
|
|
|||||||
Net Asset Value, end of period |
$ | 35.43 | $ | 46.01 | $ | 25.51 | ||||||
|
|
|
|
|
|
|||||||
Total Return*** |
(23.00 | )% | 82.48 | % | 2.04 | % | ||||||
Ratios/Supplemental Data |
||||||||||||
Net assets, end of period (000s omitted) |
$ | 14,171 | $ | 18,405 | $ | 5,103 | ||||||
Ratios to average net assets: | ||||||||||||
Expenses, net of fee waiver and expense reimbursements (a) |
0.22 | % | 0.26 | % | 0.30 | % | ||||||
Expenses, prior to fee waiver and expense reimbursements (a) |
0.60 | % | 0.60 | % | 0.60 | % | ||||||
Net investment income |
6.89 | % | 0.94 | % | 2.73 | % | ||||||
Portfolio turnover rate |
17 | % | 20 | % | 2 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
| Not annualized. |
(a) | 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. |
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Notes to financial statements (Unaudited)
1. Organization
DBX ETF Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the Act), as an open end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2015, the Trust consists of thirty-five investment series of exchange-traded funds (ETF) (each a Fund and collectively, the Funds) in operation and trading. These financial statements report on the Funds listed below:
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) |
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) |
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) |
Deutsche X-trackers MSCI All China Equity ETF (CN) |
DBX Advisors LLC (DBX or the Advisor), an indirect, wholly owned subsidiary of Deutsche Bank AG, serves
as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds Board of Trustees.
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. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the Underlying Index). The Underlying Index for each Fund is:
Fund |
Underlying Index | |
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | CSI 300 USD Hedged Index | |
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | CSI 300 Index | |
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | CSI 500 Index | |
Deutsche X-trackers MSCI All China Equity ETF | MSCI China All Shares Index |
CSI 300 USD Hedged Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the largest and most liquid stocks in the Chinese 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 rebalanced 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 Chinese 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 rebalanced 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 Chinese 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 rebalanced every six-months.
MSCI is the creator of the MSCI China All Shares Index. The MSCI All China Index captures large and mid-cap representation across all China securities listed in China and Hong Kong. The Underlying Index includes: A shares, B shares, H shares, Red chips and P chips share classes. With over 600 constituents, the Underlying index is comprehensive, aiming to cover the global large and mid-cap China equity opportunity set. The MSCI China All Shares Index is rebalanced on a quarterly basis.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between MSCI or CSI and DBX, as applicable. There is no charge to the Funds in connection with these licensing agreements.
35
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the funds investment portfolio. This may adversely affect the funds performance or subject the funds Shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trusts organizational documents, the Trusts 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 Trusts 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. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (NAV), of each Funds 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 Funds net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the
exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities 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.
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 Funds valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the securitys 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 companys or issuers 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 securitys 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 Funds net asset value and the prices used by the Funds underlying index, which in turn could result in a difference between the Funds performance and the performance of the Funds underlying index.
36
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Disclosure about the classification of the fair value measurements is included in a table following the Funds 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 Funds 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 sufficient to relieve it from all, or substantially all, Federal income and excise taxes. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.
Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
The Funds recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the period ended November 30, 2015, the Funds did not incur any interest or penalties.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2015, if any, are disclosed in the Funds Statements of Assets and Liabilities.
The Funds direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds direct investments in A-Shares include withholding income tax (WHT) on dividends, WHT on bank interest, WHT on capital gains realized from the disposal of equity investments prior to 17 November 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non PRC enterprises including Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.
37
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (PE) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises are companies whose value of immovable property in the PRC is greater than 50% of their value of total assets. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.
The PRC rules for taxation of RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at 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 Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and the Deutsche X-trackers MSCI All China Equity ETF may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Funds retain benefits of owning securities they have loaned and 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 either cash or liquid, unencumbered assets 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 security lending agreement. As of period end, any securities on loan were collateralized by cash. The Funds may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015 the Funds invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral invested in Daily Assets Fund. 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.
38
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
As of November 30, 2015, Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF had securities on loan, all of which were classified as Exchanged Traded Funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
As of November 30, 2015, the Deutsche X-trackers MSCI All China Equity ETF had securities on loan, all of which were classified as Common Stock and Exchange Traded Funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
Remaining Contractual Maturity of the Agreements As of November 30, 2015 |
||||||||||||||||||||
Overnight and Continuous |
<30 days | Between 30 & 90 days |
>90 days | Total | ||||||||||||||||
Securities Lending Transactions | ||||||||||||||||||||
Common Stocks |
$ | 50,301 | $ | | $ | | $ | | $ | 50,301 | ||||||||||
Exchange Traded Funds |
7,295,034 | | | | 7,295,034 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | 7,345,335 | $ | | $ | | $ | | $ | 7,345,335 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Borrowings |
$ | 7,345,335 | $ | | $ | | $ | | $ | 7,345,335 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross amount of recognized liabilities for securities lending transactions |
|
$ | 7,385,020 |
Derivatives
Forward Currency Contracts The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF may enter into forward currency contracts designed to offset the Funds exposure to non-U.S. currencies. A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2015, the Fund invested in forward foreign currency exchange 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 foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency exchange contracts as of November 30, 2015 is included in a table following the Funds Schedule of Investments. The investment in forward foreign currency exchange contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the period ended November 30, 2015.
The following table summarizes the value of the Funds derivative instruments held as of November 30, 2015 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives |
Liability Derivatives |
|||||||||||||
Risk Type |
Statement of Asset and |
Fair Value | Statement of Asset and |
Fair Value | ||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||
Foreign exchange contracts | Unrealized appreciation on forward foreign currency contracts | $ | 32,833 | Unrealized depreciation on forward foreign currency contracts | $ | | ||||||||
|
|
|
|
|||||||||||
Total | $ | 32,833 | Total | $ | | |||||||||
|
|
|
|
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Funds earnings during the period ended November 30, 2015 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income |
||||||||
Forward Foreign Currency Contracts |
Total | |||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF |
$ | (20,950 | ) | $ | (20,950 | ) |
39
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income |
||||||||
Forward Foreign Currency Contracts |
Total | |||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF |
$ | 32,833 | $ | 32,833 |
For the period ended November 30, 2015 the average monthly volume of derivatives was as follows:
Forward Foreign Currency Contracts (Market Value) |
||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF |
$ | (2,417,000 | ) |
As of November 30, 2015, 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 default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full 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:
Fund |
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
||||||||||||||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||||||||||||||||||
State Street Bank & Trust Co. |
$ | 32,833 | $ | | $ | | $ | 32,833 | $ | | $ | | $ | | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 32,833 | $ | | $ | | $ | 32,833 | $ | | $ | | $ | | $ | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Ltd. serves as investment sub-advisor (the Sub-Advisor) to the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and the Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to supervision of the Advisor.
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Funds average daily net assets at an annual rate equal to:
Fund |
Unitary Management Fee | |
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | 0.85% | |
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | 0.80% | |
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | 0.80% | |
Deutsche X-trackers MSCI All China Equity ETF | 0.60% |
Out of the unitary management fee, the Advisor is responsible for substantially all expenses of each Fund, including the payments to the Sub-Advisor, 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 and other extraordinary expenses.
40
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
The Advisor for the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF has contractually agreed to waive a portion of its management fees in an amount equal to the Funds management fee attributable to the Funds assets invested in an affiliated fund, if any (the Expense Limit). For the period from October 20, 2015 (commencement of operations) to November 30, 2015, the Advisor waived $2,353 of expenses to the Fund. The Expense Limit will remain in effect until at least October 1, 2018.
The Advisor for the Deutsche X-trackers MSCI All China Equity ETF has contractually agreed to waive a portion of its management fees in an amount equal to the Funds management fee attributable to the Funds assets invested in an affiliated fund, if any (the Expense Limit). For the six months ended November 30, 2015, the Advisor waived $27,986 of expenses to the Fund. The Expense Limit will remain in effect until at least October 1, 2018.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the Distributor) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds Independent Trustees).
4. Transactions with Affiliates
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF in which the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and the Deutsche X-trackers MSCI All China Equity ETF invest are considered to be affiliated investments. The table below shows the transactions in and earnings from each Funds investments in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF for the period ended November 30, 2015.
Value ($) at 5/31/15 |
Purchases Cost ($) |
Sales Proceeds ($) |
Realized Gain/(Loss) ($) |
Value ($) at 11/30/15 |
||||||||||||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
| 2,529,724 | (20,945 | ) | (65 | ) | 2,530,133 | |||||||||||||
Deutsche X-trackers MSCI All China Equity ETF |
||||||||||||||||||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
8,759,229 | 305,534 | (1,620,095 | ) | (670,266 | ) | 4,988,785 | |||||||||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
3,073,688 | 333,787 | (728,664 | ) | (335,695 | ) | 1,740,735 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
11,832,917 | 639,321 | (2,348,759 | ) | (1,005,961 | ) | 6,729,520 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
5. Investment Portfolio Transactions
For the six months ended November 30, 2015, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF1 |
$ | 2,529,724 | $ | 20,945 | ||||
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
639,066,421 | 1,321,668,493 | ||||||
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
63,243,577 | 78,830,204 | ||||||
Deutsche X-trackers MSCI All China Equity ETF |
3,011,937 | 2,515,816 |
For the six months ended November 30, 2015, there were no in-kind purchases and sales.
1 | For the period from October 20, 2015 (commencement of operations) to November 30, 2015. |
41
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
6. Fund Share Transactions
As of November 30, 2015 there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MSCI All China Equity ETF generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Funds underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
7. Investing in China
Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; the small size of the market for Chinese securities and the low volume of trading, resulting in lack of liquidity and in price volatility; currency devaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets, whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers; higher rates of inflation; greater political, economic and social uncertainty; market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; and custody risks associated with investing through a RQFII.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF and certain other funds managed by the Advisor to borrow up to $130 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 Funds 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 a maximum of 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2015.
Under the Credit Facility, during the six months ended November 30, 2015, the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF had an average loan balanced of approximately $52,600,000, with a average interest rate of 1.453%, with a loan outstanding for 2 days. The Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF had an average loan balance of approximately $3,600,000 with a average interest rate of 1.453%, with a loan outstanding for 2 days. The Funds had no outstanding loans at November 30, 2015.
9. Developments in the China Market
In response to the volatility that occurred in the China Stock Market, the Chinese Securities Regulatory Commission (CSRC) employed measures in an effort to stabilize the market and enhance liquidity. These measures included cutting interest rates, suspending new issuances and restricting certain sales for insiders and significant shareholders. The result of these measures are uncertain. Please refer to Note 7, which further discusses the risks and considerations around investing in China.
42
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF
At a meeting held on July 23, 2015, the Board of Trustees (Board or Trustees), including the Independent Trustees (those not affiliated with DBX ETF Trust (the Trust) or its service providers), unanimously approved the Investment Advisory Agreement with respect to Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (the Fund).
In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its shareholders; (2) DBX Advisors LLCs (DBX or Adviser) financial resources 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 to be provided by and the profits that could be realized by the Adviser from its relationship with the Fund; and (5) the extent to which economies of scale would be realized as the Fund grows, and if the Funds shareholders would benefit from those economies.
The Board reached a determination, with the assistance of K&L Gates LLP (Independent Trustees Counsel) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is consistent with the Boards 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 to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the 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 and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trusts service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds operation. The Board also considered the role to be played by the Adviser, noting that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal and regulatory requirements applicable to the Fund.
The Board evaluated these factors in consultation with Independent Trustees Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser in supervising third party service providers to the Fund, such as the administrator and custodian. The Board further considered the compliance program of the Adviser which supports the Funds compliance program.
Advisers 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 Advisers financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
43
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
Reasonableness of Advisory Fee. The Board compared the Funds proposed advisory fee to that of other exchange-traded funds (ETFs), and noted that the Funds fee is competitive with the fees of its respective peer group. The Board noted that the proposed fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Funds costs. The Board also noted that the Funds portfolio would be managed on a day-to-day basis by the Adviser, and that the Adviser also would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.
Costs of Services and Profitability. The Board considered the expenses of the Adviser in developing and rendering services to be provided to the Fund, and the likelihood and level of profits in the early years of the Funds operations. The Board noted that since the Fund was new, it was difficult to estimate the profitability of the Fund to the Adviser at this time. The Board also noted that the Adviser recently had provided extensive information about its current lack of profitability with respect to its management of other funds of the Trust. 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 noted that since the Fund was new, it was difficult to estimate whether the Fund would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
44
DBX ETF Trust
Additional information (Unaudited)
Proxy Voting Policies and Procedures
The Funds policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site www.deutsche-etfs.com (click on proxy voting at the bottom of the page) or on the SECs 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 SECs website at www.sec.gov and are available by calling the Company at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SECs 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 SECs Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Funds portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
45
DBX ETF Trust
Privacy policy notice (Unaudited)
DBX Advisors LLC (Advisors) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.deutsche-etfs.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
46
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Funds investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Funds prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. 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 than the markets or 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. These Funds are non-diversified and can take larger positions in fewer issues, increasing potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset & Wealth Management is the brand name for the asset and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.
MSCI is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.
Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 |
Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong |
Administrator, custodian, The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | ||
Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 |
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 |
Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
R-036923-2 (1/16) DBX 001743 (1/17)
November 30, 2015
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE)
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH)
Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)
Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP)
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF)
DBX ETF Trust
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Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
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Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
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Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts |
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83 | ||||
84 |
Dear Shareholder,
We are pleased to provide this semi-annual report for the period ended November 30, 2015.
Global markets remained volatile on the back of the Chinese market crash, Greek debt crisis and uncertainty on the impending US Federal Reserve rate hike. The US economy is on stable ground, with the continued recovery of the housing industry, improved labor markets, and consumer spending boosting the economy. However, inflation continues to remain below target in the current environment of low energy prices and a strong US dollar. The US equity market, as measured by the Standard & Poors 500 Index1, remained almost flat for the reporting period.
Global real estate markets were spurred in the second half of 2015, primarily in Asian markets, by strong interest from cross-border Asian investors and global funds. The US real estate sector performed well, driven by economic growth and increased commercial real estate investment. Japans real estate market remained active owing to a rise in inbound tourists and increased activity by Asia-focused private equity real estate funds and Japans real estate investment trusts. The global financial crisis reinforced the belief that infrastructure is a strong asset class, with increased appetite for investment in developed markets. The US announced a USD 275bn spending plan via private investment, while Japan collaborated with the Asian Development Bank to propose an additional USD 16bn investment fund for sustainable infrastructure development.
The recovery of the Eurozone continued despite global macroeconomic headwinds. Economic growth was sustained due to a combination of low crude oil prices, a weak euro and ultra-loose monetary policy. Growth in Italy and Spain continues to be underpinned by robust domestic demand, renewed consumer confidence, and rising employment rates. Japan experienced deflationary pressure due to weak exports and slumping energy costs; however, the Bank of Japan held off expanding its JPY 80tn asset purchase program. Meanwhile, Australia witnessed a growth in Gross Domestic Product levels driven by the mining industry and a sharp increase in exports.
Budget constraints of governments are likely to create opportunities for private investment in infrastructure development across the globe. The real estate sector is expected to grow, with a favorable pro-cyclical investment strategy targeted at commercial real estate and logistics. While Japanese and European equities are likely to be supported by further monetary policy initiatives, US equities could face headwinds from a strong dollar. In this environment, hedging currency exposure plays a significant role in managing investments in international equities. In the backdrop of a strengthening dollar, our currency-hedged strategy has made a positive contribution to the funds overall performance.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Alex Depetris
Alex Depetris
Chairman, President and Chief Executive Officer
1 The Standard & Poors 500 (S&P 500) Index is an unmanaged, capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE)
The Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged (the Underlying Index). The Underlying Index is constructed to track the performance of publicly traded real estate securities in countries other than the United States, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
* As percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 13.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)
The Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the Underlying Index). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (JASDAQ) or the following sections of the Tokyo Stock Exchange (TSE): the first section (for large companies), the second section (for middle-sized companies) and the Mothers (for high-growth and emerging stocks). It is not possible to invest directly into an index.
* As percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 19.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH)
The Deutsche X-trackers Japan JPX-Nikkei 400 Hedged 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 USD Hedged 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) while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 23.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU)
The Deutsche X-trackers MSCI Australia Hedged Equity ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Australia US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to track the performance of the Australian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the Australian dollar. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 27.
5
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
The Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE Small Cap US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 30.
6
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)
The Deutsche X-trackers MSCI Italy Hedged Equity ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Italy 25/50 US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 41.
7
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)
The Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Southern Europe US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to track the performance of the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 43.
8
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP)
The Deutsche X-trackers MSCI Spain Hedged Equity ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Spain 25/50 US Dollar Hedged Index (the Underlying Index). The Underlying Index is designed to track the performance of the Spanish 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.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 45.
9
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF)
The Deutsche X-trackers S&P Hedged Global Infrastructure ETF (the Fund) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P Global Infrastructure Index (USD)(Hedged)(Net TR) (the Underlying Index). The Underlying Index is designed to track the performance of equity securities of infrastructure issuers in developed markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries in the Underlying Index. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Funds investment portfolio see page 47.
10
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2015 to November 30, 2015).
Actual expenses
The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading Expenses Paid During the Period to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value June 1, 2015 |
Ending Account Value November 30, 2015 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
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Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 967.25 | 0.48 | % | $ | 2.36 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.60 | 0.48 | % | $ | 2.43 | ||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||||
Actual(2) |
$ | 1,000.00 | $ | 952.80 | 0.40 | % | $ | 1.71 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.00 | 0.40 | % | $ | 2.02 | ||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||||
Actual(3) |
$ | 1,000.00 | $ | 951.20 | 0.45 | % | $ | 1.25 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | ||||||||||||||||
Actual(3) |
$ | 1,000.00 | $ | 982.40 | 0.45 | % | $ | 1.27 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 |
11
DBX ETF Trust
Fees and expenses (Unaudited) (Continued)
Beginning Account Value June 1, 2015 |
Ending Account Value November 30, 2015 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||
Actual(3) |
$ | 1,000.00 | $ | 998.00 | 0.45 | % | $ | 1.28 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||||
Actual(3) |
$ | 1,000.00 | $ | 972.40 | 0.45 | % | $ | 1.26 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||||
Actual(3) |
$ | 1,000.00 | $ | 959.60 | 0.45 | % | $ | 1.25 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | ||||||||||||||||
Actual(3) |
$ | 1,000.00 | $ | 953.20 | 0.45 | % | $ | 1.25 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 | ||||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||||
Actual |
$ | 1,000.00 | $ | 905.67 | 0.45 | % | $ | 2.14 | ||||||||
Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.75 | 0.45 | % | $ | 2.28 |
(1) Expenses are equal to the Funds annualized expense ratio multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.
(2) For the period from June 24, 2015 (commencement of operations) to November 30, 2015.
(3) For the period from August 19, 2015 (commencement of operations) to November 30, 2015.
12
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | CHF | 2,000 | USD | 2,031 | $ | 87 | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | CHF | 44,733 | USD | 45,419 | 1,940 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | CHF | 700 | USD | 711 | 30 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | EUR | 3,000 | USD | 3,168 | (1 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | EUR | 282,996 | USD | 312,722 | 13,732 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | EUR | 32,000 | USD | 35,357 | 1,547 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 8,000 | USD | 8,840 | 388 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | GBP | 4,000 | USD | 6,021 | (3 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | GBP | 18,000 | USD | 27,791 | 681 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | GBP | 250,857 | USD | 387,354 | 9,541 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | GBP | 3,100 | USD | 4,787 | 118 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | HKD | 139,000 | USD | 17,936 | 9 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HKD | 124,000 | USD | 16,001 | 8 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HKD | 960,209 | USD | 123,907 | 64 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HKD | 18,700 | USD | 2,412 | 0 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | PLN | 16,000 | USD | 4,150 | 190 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | SEK | 7,000 | USD | 803 | 0 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | SEK | 20,000 | USD | 2,340 | 47 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | SEK | 261,355 | USD | 30,799 | 834 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | SEK | 7,800 | USD | 919 | 25 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 3,957 | PLN | 16,000 | 3 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 1,946 | CHF | 2,000 | (2 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 3,315 | EUR | 3,000 | (145 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 6,176 | GBP | 4,000 | (152 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 17,931 | HKD | 139,000 | (3 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 825 | SEK | 7,000 | (22 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 43,517 | CHF | 44,733 | (38 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 332,683 | EUR | 314,996 | 125 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 404,710 | GBP | 268,857 | 213 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 139,863 | HKD | 1,084,209 | (27 | ) | |||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 32,261 | SEK | 281,355 | (3 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 681 | CHF | 700 | (1 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 3,274 | EUR | 3,100 | 1 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 5,368 | EUR | 4,900 | (191 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,258 | GBP | 1,500 | 1 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 610 | GBP | 400 | (7 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,850 | GBP | 1,200 | (43 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,413 | HKD | 18,700 | (1 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 894 | SEK | 7,800 | 0 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | AUD | 371,160 | USD | 264,400 | (3,976 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | AUD | 10,000 | USD | 7,246 | 15 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | AUD | 25,000 | USD | 17,805 | (272 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | AUD | 16,085 | USD | 11,458 | (173 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | AUD | 8,300 | USD | 5,913 | (89 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | BRL | 38,810 | USD | 9,996 | (26 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | CAD | 306,969 | USD | 234,580 | 4,718 | ||||||||||||
RBC Capital Markets |
12/3/2015 | CAD | 9,000 | USD | 6,758 | 19 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | CAD | 31,000 | USD | 23,686 | 473 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | CAD | 6,100 | USD | 4,662 | 94 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 57,425,500 | USD | 475,978 | 9,422 | ||||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 148,000 | USD | 1,201 | (2 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | JPY | 500,000 | USD | 4,131 | 69 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | JPY | 2,791,000 | USD | 23,131 | 455 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | JPY | 392,435 | USD | 3,253 | 64 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | JPY | 514,300 | USD | 4,230 | 52 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | MYR | 17,106 | USD | 3,978 | (33 | ) |
See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | NZD | 24,479 | USD | 16,525 | $ | 415 | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | PHP | 100,000 | USD | 2,129 | 8 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | PHP | 2,739,104 | USD | 58,428 | 334 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | PHP | 61,000 | USD | 1,293 | 0 | ||||||||||||
RBC Capital Markets |
12/3/2015 | SGD | 2,000 | USD | 1,420 | 2 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | SGD | 193,378 | USD | 137,926 | 847 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | SGD | 31,000 | USD | 22,106 | 131 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | SGD | 100 | USD | 71 | 0 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | THB | 323,037 | USD | 9,049 | 36 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | TRY | 3,402 | USD | 1,158 | (9 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | TRY | 100 | USD | 34 | 0 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 268,943 | AUD | 371,160 | (565 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 223,008 | CAD | 296,969 | (635 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 7,642 | CAD | 10,000 | (154 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 465,814 | JPY | 57,425,500 | 742 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 1,170 | TRY | 3,402 | (4 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 7,123 | AUD | 10,000 | 107 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 6,878 | CAD | 9,000 | (139 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 1,227 | JPY | 148,000 | (24 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 1,302 | PHP | 61,000 | (8 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 1,427 | SGD | 2,000 | (9 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 648 | ZAR | 9,000 | (26 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 29,771 | AUD | 41,085 | (63 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 23,279 | CAD | 31,000 | (66 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 26,695 | JPY | 3,291,000 | 43 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 4,024 | MYR | 17,106 | (14 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 16,130 | NZD | 24,479 | (21 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 60,245 | PHP | 2,839,104 | (30 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 155,220 | SGD | 218,697 | (193 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 4,052 | SGD | 5,681 | (25 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 9,013 | THB | 323,037 | (1 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 367 | ZAR | 5,100 | (15 | ) | |||||||||||
State Street Bank & Trust Co. |
12/3/2015 | USD | 44,930 | ZAR | 647,894 | (139 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 4,347 | AUD | 6,000 | (9 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 1,641 | AUD | 2,300 | 22 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 9,901 | BRL | 38,810 | 120 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 2,353 | CAD | 3,100 | (32 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 2,253 | CAD | 3,000 | (6 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 4,553 | JPY | 561,335 | 7 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 2,839 | JPY | 345,400 | (33 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 71 | SGD | 100 | 0 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 34 | TRY | 100 | 0 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | ZAR | 9,000 | USD | 624 | 2 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | ZAR | 602,994 | USD | 43,448 | 1,761 | ||||||||||||
State Street Bank & Trust Co. |
12/3/2015 | ZAR | 50,000 | USD | 3,611 | 154 | ||||||||||||
RBC Capital Markets |
1/5/2016 | CHF | 2,000 | USD | 1,951 | 1 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | CHF | 44,733 | USD | 43,633 | 23 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | CHF | 700 | USD | 683 | 0 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | EUR | 314,996 | USD | 333,057 | (169 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | EUR | 3,100 | USD | 3,278 | (2 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | GBP | 268,857 | USD | 404,778 | (218 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | GBP | 1,500 | USD | 2,258 | (1 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | HKD | 1,084,209 | USD | 139,883 | 22 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | HKD | 139,000 | USD | 17,933 | 3 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | PLN | 16,000 | USD | 3,954 | (2 | ) | |||||||||||
State Street Bank & Trust Co. |
1/5/2016 | SEK | 281,355 | USD | 32,306 | (2 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | SEK | 7,800 | USD | 896 | 0 |
See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | TRY | 3,402 | USD | 1,159 | $ | 4 | |||||||||||
The Bank of New York Mellon |
1/5/2016 | TRY | 100 | USD | 34 | 0 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | USD | 3,172 | EUR | 3,000 | 2 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | USD | 6,022 | GBP | 4,000 | 3 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | USD | 804 | SEK | 7,000 | 0 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 10,572 | EUR | 10,000 | 7 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 18,069 | GBP | 12,000 | 7 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | USD | 2,413 | HKD | 18,700 | 0 | ||||||||||||
RBC Capital Markets |
1/6/2016 | AUD | 41,085 | USD | 29,718 | 66 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | AUD | 371,160 | USD | 268,457 | 585 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | AUD | 6,000 | USD | 4,340 | 9 | ||||||||||||
Bank of Montreal |
1/6/2016 | BRL | 38,810 | USD | 9,801 | (112 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/6/2016 | CAD | 296,969 | USD | 222,998 | 628 | ||||||||||||
RBC Capital Markets |
1/6/2016 | CAD | 31,000 | USD | 23,279 | 66 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | CAD | 3,000 | USD | 2,253 | 6 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/6/2016 | JPY | 57,425,500 | USD | 466,411 | (751 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | JPY | 3,291,000 | USD | 26,730 | (43 | ) | |||||||||||
The Bank of New York Mellon |
1/6/2016 | JPY | 561,335 | USD | 4,559 | (8 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | MYR | 17,106 | USD | 4,028 | 26 | ||||||||||||
RBC Capital Markets |
1/6/2016 | PHP | 2,839,104 | USD | 60,079 | 1 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | SGD | 218,697 | USD | 155,035 | 194 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | SGD | 100 | USD | 71 | 0 | ||||||||||||
State Street Bank & Trust Co. |
1/6/2016 | THB | 323,037 | USD | 9,009 | 7 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | USD | 7,233 | AUD | 10,000 | (16 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | USD | 6,759 | CAD | 9,000 | (19 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | USD | 1,202 | JPY | 148,000 | 2 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | USD | 1,290 | PHP | 61,000 | 1 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | USD | 620 | ZAR | 9,000 | (2 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | USD | 1,418 | SGD | 2,000 | (2 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 7,959 | AUD | 11,000 | (20 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | USD | 8,509 | SGD | 12,000 | (13 | ) | |||||||||||
State Street Bank & Trust Co. |
1/6/2016 | ZAR | 647,894 | USD | 44,648 | 155 | ||||||||||||
State Street Bank & Trust Co. |
1/7/2016 | NZD | 24,479 | USD | 16,091 | 22 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 42,726 | ||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
EUR | Euro | |
GBP | Pound Sterling | |
HKD | Hong Kong Dollar | |
JPY | Japanese Yen | |
MYR | Malaysian Ringgit | |
NZD | New Zealand Dollar | |
PHP | Phillippine Peso | |
PLN | Polish Zloty | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
THB | Thai Baht | |
TRY | Turkish New Lira | |
USD | U.S. Dollar | |
ZAR | South African Rand |
For information on the Funds 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. | 17 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 2,329,848 | $ | | $ | | $ | 2,329,848 | ||||||||
Rights |
7 | | | 7 | ||||||||||||
Securities Lending Collateral |
36,610 | | | 36,610 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 51,536 | | 51,536 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (8,810 | ) | | (8,810 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 2,366,465 | $ | 42,726 | $ | | $ | 2,409,191 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)
November 30, 2015 (Unaudited)
Fair Value Measurements
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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 13,042,292 | $ | | $ | | $ | 13,042,292 | ||||||||
Securities Lending Collateral |
28,242 | | | 28,242 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 13,070,534 | $ | | $ | | $ | 13,070,534 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH) (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH) (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH) (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 214,942,742 | USD | 1,781,576 | $ | 35,267 | |||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 47,365,000 | USD | 392,575 | 7,757 | ||||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 153,905,437 | USD | 1,275,678 | 25,268 | ||||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 1,621,000 | USD | 13,430 | 260 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | JPY | 4,827,338 | USD | 40,011 | 791 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 1,781,576 | JPY | 219,632,742 | 2,837 | ||||||||||||
RBC Capital Markets |
12/3/2015 | USD | 1,681,683 | JPY | 207,315,361 | 2,657 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 35,092 | JPY | 4,326,127 | 56 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 4,919 | JPY | 598,500 | (56 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/6/2016 | JPY | 219,351,253 | USD | 1,781,576 | (2,870 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | JPY | 12,639,000 | USD | 102,657 | (163 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | JPY | 207,050,496 | USD | 1,681,683 | (2,695 | ) | |||||||||||
The Bank of New York Mellon |
1/6/2016 | JPY | 4,320,853 | USD | 35,092 | (59 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | USD | 15,092 | JPY | 1,856,000 | 7 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 69,057 | ||||||||||||||||
|
|
Currency Abbreviations
JPY | Japanese Yen | |
USD | U.S. Dollar |
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 3,533,571 | $ | | $ | | $ | 3,533,571 | ||||||||
Securities Lending Collateral |
8,872 | | | 8,872 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 74,900 | | 74,900 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (5,843 | ) | | (5,843 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 3,542,443 | $ | 69,057 | $ | | $ | 3,611,500 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU) (Continued)
November 30, 2015 (Unaudited)
CDI: Chess Depositary Interest.
REIT: Real Estate Investment Trust.
* | Non-income producing security. |
| The cost for federal income tax purposes was $3,754,190. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $68,373. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $105,069 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $173,442. |
(a) All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $13,271, which is 0.4% of net assets.
(b) Stapled Security A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | AUD | 1,732,505 | USD | 1,234,168 | $ | (18,568 | ) | ||||||||||
RBC Capital Markets |
12/3/2015 | AUD | 41,000 | USD | 29,241 | (406 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | AUD | 344,000 | USD | 245,046 | (3,692 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | AUD | 3,096,420 | USD | 2,205,700 | (33,251 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | AUD | 80,831 | USD | 57,581 | (866 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | AUD | 86,200 | USD | 61,884 | (446 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 7,176 | AUD | 10,000 | 55 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 1,226,992 | AUD | 1,693,337 | (2,578 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 2,479,987 | AUD | 3,422,759 | (5,068 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 62,857 | AUD | 88,100 | 846 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 56,186 | AUD | 77,545 | (115 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 421 | AUD | 600 | 12 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/6/2016 | AUD | 1,696,403 | USD | 1,226,992 | 2,674 | ||||||||||||
RBC Capital Markets |
1/6/2016 | AUD | 38,000 | USD | 27,435 | 9 | ||||||||||||
RBC Capital Markets |
1/6/2016 | AUD | 3,428,982 | USD | 2,479,987 | 5,244 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | AUD | 77,682 | USD | 56,186 | 122 | ||||||||||||
RBC Capital Markets |
1/6/2016 | USD | 52,078 | AUD | 72,000 | (114 | ) | |||||||||||
|
|
|||||||||||||||||
Total net unrealized depreciation |
$ | (56,142 | ) | |||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar | |
USD | U.S. Dollar |
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU) (Continued)
November 30, 2015 (Unaudited)
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 3,671,644 | $ | | $ | | $ | 3,671,644 | ||||||||
Rights |
216 | | | 216 | ||||||||||||
Securities Lending Collateral |
13,957 | | | 13,957 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 8,962 | | 8,962 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (65,104 | ) | | (65,104 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 3,685,817 | $ | (56,142 | ) | $ | | $ | 3,629,675 | |||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $2,687,756. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $74,804. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $82,951 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $157,755. |
(a) All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $121,617, which is 4.9% of net assets.
(b) Stapled Security A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
REIT: Real Estate Investment Trust.
SDR: Swedish Depositary Receipt.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | CHF | 54,200 | USD | 55,030 | $ | 2,349 | |||||||||||
RBC Capital Markets |
12/2/2015 | CHF | 8,000 | USD | 8,123 | 347 | ||||||||||||
RBC Capital Markets |
12/2/2015 | CHF | 47,000 | USD | 47,721 | 2,039 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | DKK | 166,000 | USD | 24,603 | 1,094 | ||||||||||||
RBC Capital Markets |
12/2/2015 | DKK | 166,000 | USD | 24,603 | 1,094 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | DKK | 5,000 | USD | 741 | 33 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | DKK | 5,000 | USD | 709 | 0 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 264,000 | USD | 291,728 | 12,801 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 214,336 | USD | 236,849 | 10,393 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 4,000 | USD | 4,409 | 183 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 46,000 | USD | 50,829 | 2,228 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 2,400 | USD | 2,572 | 36 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | GBP | 178,000 | USD | 274,852 | 6,768 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 152,814 | USD | 235,963 | 5,811 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 3,000 | USD | 4,639 | 120 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 12,000 | USD | 18,530 | 456 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | GBP | 700 | USD | 1,056 | 2 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | GBP | 6,600 | USD | 10,191 | 251 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | HKD | 218,000 | USD | 28,131 | 15 | ||||||||||||
RBC Capital Markets |
12/2/2015 | HKD | 183,000 | USD | 23,614 | 12 | ||||||||||||
RBC Capital Markets |
12/2/2015 | HKD | 35,000 | USD | 4,516 | 2 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HKD | 33,100 | USD | 4,271 | 2 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HKD | 10,600 | USD | 1,368 | 1 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | HKD | 5,100 | USD | 658 | 0 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | ILS | 37,000 | USD | 9,580 | 24 | ||||||||||||
RBC Capital Markets |
12/2/2015 | ILS | 37,000 | USD | 9,580 | 23 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | ILS | 6,700 | USD | 1,735 | 4 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | ILS | 3,500 | USD | 902 | (2 | ) |
See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
The Bank of New York Mellon |
12/2/2015 | JPY | 266,700 | USD | 2,166 | $ | (4 | ) | ||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | NOK | 131,000 | USD | 15,473 | 400 | ||||||||||||
RBC Capital Markets |
12/2/2015 | NOK | 131,000 | USD | 15,474 | 400 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | NOK | 22,300 | USD | 2,634 | 68 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | SEK | 427,000 | USD | 50,319 | 1,361 | ||||||||||||
RBC Capital Markets |
12/2/2015 | SEK | 384,000 | USD | 45,252 | 1,224 | ||||||||||||
RBC Capital Markets |
12/2/2015 | SEK | 69,000 | USD | 8,131 | 220 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | SEK | 1,500 | USD | 177 | 5 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | SGD | 4,200 | USD | 2,977 | 3 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 52,726 | CHF | 54,200 | (46 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 23,501 | DKK | 166,000 | 8 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 1,437 | EUR | 1,300 | (63 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 277,451 | EUR | 262,700 | 104 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 267,943 | GBP | 178,000 | 141 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 28,122 | HKD | 218,000 | (5 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 9,562 | ILS | 37,000 | (6 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 15,089 | NOK | 131,000 | (15 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 48,962 | SEK | 427,000 | (4 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 53,505 | CHF | 55,000 | (47 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 23,501 | DKK | 166,000 | 8 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 279,179 | EUR | 264,336 | 105 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 252,610 | GBP | 167,814 | 133 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 28,122 | HKD | 218,000 | (5 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 9,562 | ILS | 37,000 | (6 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 15,089 | NOK | 131,000 | (15 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 51,943 | SEK | 453,000 | (4 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 708 | DKK | 5,000 | 0 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,629 | EUR | 2,400 | (94 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 3,392 | GBP | 2,200 | (78 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 3,462 | GBP | 2,300 | 2 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,223 | GBP | 800 | (18 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 3,057 | GBP | 2,000 | (45 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 6,295 | HKD | 48,800 | (1 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,636 | ILS | 10,200 | (2 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,569 | NOK | 22,300 | (3 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 172 | SEK | 1,500 | 0 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | AUD | 86,800 | USD | 62,782 | 137 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | AUD | 86,800 | USD | 61,833 | (928 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | AUD | 77,184 | USD | 54,981 | (829 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | AUD | 14,000 | USD | 9,973 | (150 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | AUD | 5,200 | USD | 3,704 | (56 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | AUD | 1,700 | USD | 1,194 | (35 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | HKD | 48,800 | USD | 6,296 | 1 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 47,590,900 | USD | 394,462 | 7,809 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | JPY | 300,000 | USD | 2,478 | 41 | ||||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 33,732,506 | USD | 279,599 | 5,538 | ||||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 8,060,000 | USD | 66,804 | 1,320 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | JPY | 266,700 | USD | 2,204 | 37 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | NZD | 19,000 | USD | 12,827 | 323 | ||||||||||||
RBC Capital Markets |
12/3/2015 | NZD | 19,000 | USD | 12,826 | 322 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | SGD | 29,600 | USD | 21,111 | 129 | ||||||||||||
RBC Capital Markets |
12/3/2015 | SGD | 31,000 | USD | 22,111 | 136 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | SGD | 1,100 | USD | 774 | (5 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | SGD | 3,100 | USD | 2,211 | 14 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 62,895 | AUD | 86,800 | (132 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 380,529 | JPY | 46,911,600 | 606 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 8,117 | JPY | 979,300 | (161 | ) |
See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 12,520 | NZD | 19,000 | $ | (16 | ) | ||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 21,009 | SGD | 29,600 | (26 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 66,068 | AUD | 91,184 | (135 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 339,009 | JPY | 41,792,506 | 536 | ||||||||||||
RBC Capital Markets |
12/3/2015 | USD | 12,519 | NZD | 19,000 | (15 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 22,002 | SGD | 31,000 | (27 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 4,999 | AUD | 6,900 | (10 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 2,163 | JPY | 266,700 | 3 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 2,981 | SGD | 4,200 | (4 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | CHF | 54,200 | USD | 52,869 | 30 | ||||||||||||
RBC Capital Markets |
1/5/2016 | CHF | 55,000 | USD | 53,647 | 28 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | DKK | 166,000 | USD | 23,536 | (14 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | DKK | 166,000 | USD | 23,535 | (15 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | EUR | 262,700 | USD | 277,758 | (146 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 9,000 | USD | 9,515 | (6 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 264,336 | USD | 279,485 | (150 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | GBP | 178,000 | USD | 267,986 | (147 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | GBP | 167,814 | USD | 252,647 | (142 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | GBP | 2,300 | USD | 3,463 | (2 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | HKD | 218,000 | USD | 28,125 | 4 | ||||||||||||
RBC Capital Markets |
1/5/2016 | HKD | 218,000 | USD | 28,126 | 4 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | ILS | 37,000 | USD | 9,567 | 4 | ||||||||||||
RBC Capital Markets |
1/5/2016 | ILS | 37,000 | USD | 9,567 | 4 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | ILS | 10,200 | USD | 2,637 | 1 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | NOK | 131,000 | USD | 15,082 | 15 | ||||||||||||
RBC Capital Markets |
1/5/2016 | NOK | 131,000 | USD | 15,081 | 15 | ||||||||||||
The Bank of New York Mellon |
1/5/2016 | NOK | 22,300 | USD | 2,567 | 3 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | SEK | 427,000 | USD | 49,028 | (4 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | SEK | 453,000 | USD | 52,009 | (9 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | SEK | 51,000 | USD | 5,856 | (1 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | SEK | 1,500 | USD | 172 | 0 | ||||||||||||
RBC Capital Markets |
1/6/2016 | AUD | 91,184 | USD | 65,948 | 139 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | AUD | 6,900 | USD | 4,991 | 11 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/6/2016 | JPY | 46,911,600 | USD | 381,017 | (614 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | JPY | 41,792,506 | USD | 339,443 | (544 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | JPY | 2,955,000 | USD | 24,001 | (38 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/6/2016 | SGD | 29,600 | USD | 20,983 | 26 | ||||||||||||
RBC Capital Markets |
1/6/2016 | SGD | 31,000 | USD | 21,975 | 26 | ||||||||||||
Canadian Imperial Bank of Commerce |
1/7/2016 | NZD | 19,000 | USD | 12,490 | 17 | ||||||||||||
RBC Capital Markets |
1/7/2016 | NZD | 19,000 | USD | 12,489 | 17 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 62,742 | ||||||||||||||||
|
|
Currency Abbreviations
AUD | Australian Dollar | |
CHF | Swiss Franc | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | Pound Sterling | |
HKD | Hong Kong Dollar | |
ILS | Israeli New Sheqel | |
JPY | Japanese Yen | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
USD | U.S. Dollar |
See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES) (Continued)
November 30, 2015 (Unaudited)
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 2,476,811 | $ | | $ | 1,060 | $ | 2,477,871 | ||||||||
Preferred Stocks* |
7,961 | | | 7,961 | ||||||||||||
Rights |
72 | | | 72 | ||||||||||||
Securities Lending Collateral |
127,048 | | | 127,048 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 67,566 | | 67,566 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (4,824 | ) | | (4,824 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 2,611,892 | $ | 62,742 | $ | 1,060 | $ | 2,675,694 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT) (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 1,120,193 | USD | 1,237,847 | $ | 54,311 | |||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 850,222 | USD | 939,525 | 41,226 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 17,000 | USD | 18,739 | 778 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 178,000 | USD | 196,688 | 8,622 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 15,600 | USD | 17,198 | 716 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 21,847 | USD | 24,142 | 1,059 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 2,400 | USD | 2,572 | 36 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 1,237,847 | EUR | 1,172,037 | 465 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 1,154,952 | EUR | 1,093,549 | 433 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 23,972 | EUR | 22,698 | 9 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 19,939 | EUR | 18,200 | (709 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | EUR | 1,170,740 | USD | 1,237,847 | (652 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 1,092,349 | USD | 1,154,952 | (619 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | EUR | 22,673 | USD | 23,972 | (13 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | USD | 7,404 | EUR | 7,000 | 1 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 105,663 | ||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro | |
USD | U.S. Dollar |
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 2,419,336 | $ | | $ | | $ | 2,419,336 | ||||||||
Rights |
0 | | | | ||||||||||||
Securities Lending Collateral |
184,771 | | | 184,771 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 107,656 | | 107,656 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (1,993 | ) | | (1,993 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 2,604,107 | $ | 105,663 | $ | | $ | 2,709,770 | ||||||||
|
|
|
|
|
|
|
|
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 42 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE) (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 1,116,199 | USD | 1,233,434 | $ | 54,116 | |||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 17,000 | USD | 18,739 | 778 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 809,912 | USD | 894,981 | 39,272 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 200,000 | USD | 220,997 | 9,688 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 8,100 | USD | 8,874 | 316 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 30,382 | USD | 33,573 | 1,473 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 1,233,434 | EUR | 1,167,858 | 463 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 1,134,717 | EUR | 1,074,390 | 426 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 33,988 | EUR | 32,181 | 13 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,293 | EUR | 1,200 | (25 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 7,166 | EUR | 6,600 | (193 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | EUR | 1,166,566 | USD | 1,233,434 | (649 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 1,073,211 | USD | 1,134,717 | (608 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | EUR | 32,145 | USD | 33,988 | (18 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | USD | 15,859 | EUR | 15,000 | 9 | ||||||||||||
RBC Capital Markets |
1/5/2016 | USD | 7,404 | EUR | 7,000 | 1 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 105,062 | ||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro | |
USD | U.S. Dollar |
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 2,388,511 | $ | | $ | | $ | 2,388,511 | ||||||||
Rights |
0 | | | | ||||||||||||
Securities Lending Collateral |
87,464 | | | 87,464 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 106,555 | | 106,555 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (1,493 | ) | | (1,493 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 2,475,975 | $ | 105,062 | $ | | $ | 2,581,037 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
There have been no transfers between fair value measurement levels during the period ended November 30, 2015. |
|
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP) (Continued)
November 30, 2015 (Unaudited)
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 1,113,204 | USD | 1,230,124 | $ | 53,971 | |||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | EUR | 1,000 | USD | 1,096 | 39 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 788,739 | USD | 871,584 | 38,245 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 17,000 | USD | 18,739 | 778 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 207,000 | USD | 228,732 | 10,027 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 34,489 | USD | 38,111 | 1,672 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 19,100 | USD | 20,925 | 745 | ||||||||||||
Canadian Imperial Bank of Commerce |
12/2/2015 | USD | 1,231,220 | EUR | 1,165,762 | 462 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 1,119,055 | EUR | 1,059,561 | 420 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 39,193 | EUR | 37,109 | 15 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 644 | EUR | 600 | (10 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 1,066 | EUR | 1,000 | (10 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 18,133 | EUR | 16,700 | (489 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
1/5/2016 | EUR | 1,164,472 | USD | 1,231,220 | (647 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 1,058,398 | USD | 1,119,055 | (600 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | EUR | 37,068 | USD | 39,193 | (20 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | USD | 22,203 | EUR | 21,000 | 13 | ||||||||||||
RBC Capital Markets |
1/5/2016 | USD | 7,404 | EUR | 7,000 | 1 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 104,612 | ||||||||||||||||
|
|
Currency Abbreviations
EUR | Euro | |
USD | U.S. Dollar |
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 2,373,595 | $ | | $ | | $ | 2,373,595 | ||||||||
Rights |
7,119 | | | 7,119 | ||||||||||||
Securities Lending Collateral |
251,745 | | | 251,745 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 106,388 | | 106,388 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (1,776 | ) | | (1,776 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 2,632,459 | $ | 104,612 | $ | | $ | 2,737,071 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
There have been no transfers between fair value measurement levels during the period ended November 30, 2015. |
|
* See Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF)
November 30, 2015 (Unaudited)
See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF) (Continued)
November 30, 2015 (Unaudited)
* | Non-income producing security. |
| The cost for federal income tax purposes was $3,838,186. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $451,207. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $47,621 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $498,828. |
(a) Stapled SecurityA security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.
(b) All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $26,405, which is 0.8% of net assets.
(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
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.
As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
12/2/2015 | CHF | 5,000 | USD | 5,076 | $ | 217 | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | CHF | 14,000 | USD | 14,214 | 606 | ||||||||||||
RBC Capital Markets |
12/2/2015 | CHF | 28,924 | USD | 29,368 | 1,255 | ||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 56,000 | USD | 61,878 | 2,711 | ||||||||||||
Bank of Montreal |
12/2/2015 | EUR | 6,000 | USD | 6,612 | 273 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | EUR | 269,225 | USD | 297,486 | 13,038 | ||||||||||||
RBC Capital Markets |
12/2/2015 | EUR | 449,595 | USD | 496,818 | 21,803 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 50,600 | USD | 55,914 | 2,453 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | EUR | 2,400 | USD | 2,572 | 36 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | GBP | 57,000 | USD | 88,011 | 2,164 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 98,459 | USD | 152,033 | 3,744 | ||||||||||||
RBC Capital Markets |
12/2/2015 | GBP | 4,000 | USD | 6,021 | (3 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | HKD | 498,384 | USD | 64,304 | 24 | ||||||||||||
Bank of Montreal |
12/2/2015 | HKD | 109,000 | USD | 14,065 | 6 | ||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | HKD | 741,000 | USD | 95,618 | 47 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | HKD | 15,000 | USD | 1,936 | 1 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 4,864 | CHF | 5,000 | (4 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 65,481 | EUR | 62,000 | 25 | ||||||||||||
Bank of Montreal |
12/2/2015 | USD | 72,225 | HKD | 559,884 | (14 | ) | |||||||||||
Bank of Montreal |
12/2/2015 | USD | 6,129 | HKD | 47,500 | (2 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 13,619 | CHF | 14,000 | (12 | ) | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 284,341 | EUR | 269,225 | 107 |
See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF) (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 85,802 | GBP | 57,000 | $ | 45 | |||||||||||
JP Morgan & Chase Co. |
12/2/2015 | USD | 95,589 | HKD | 741,000 | (18 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 5,483 | CHF | 5,400 | (234 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 18,993 | CHF | 19,524 | (17 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 4,061 | CHF | 4,000 | (173 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 37,571 | EUR | 34,000 | (1,649 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 438,931 | EUR | 415,595 | 165 | ||||||||||||
RBC Capital Markets |
12/2/2015 | USD | 1,699 | GBP | 1,100 | (42 | ) | |||||||||||
RBC Capital Markets |
12/2/2015 | USD | 146,555 | GBP | 97,359 | 77 | ||||||||||||
State Street Bank & Trust Co. |
12/2/2015 | USD | 1,935 | HKD | 15,000 | 0 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 2,606 | EUR | 2,400 | (70 | ) | |||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 53,441 | EUR | 50,600 | 20 | ||||||||||||
The Bank of New York Mellon |
12/2/2015 | USD | 6,049 | GBP | 4,000 | (24 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | AUD | 23,000 | USD | 16,383 | (248 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | AUD | 15,000 | USD | 10,868 | 22 | ||||||||||||
Bank of Montreal |
12/3/2015 | AUD | 5,000 | USD | 3,588 | (27 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | AUD | 263,299 | USD | 187,556 | (2,830 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | AUD | 122,000 | USD | 86,905 | (1,310 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | AUD | 4,300 | USD | 3,063 | (46 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | CAD | 29,000 | USD | 22,163 | 447 | ||||||||||||
Bank of Montreal |
12/3/2015 | CAD | 168,119 | USD | 128,474 | 2,585 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | CAD | 120,000 | USD | 91,706 | 1,848 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | CAD | 31,200 | USD | 23,843 | 480 | ||||||||||||
Bank of Montreal |
12/3/2015 | JPY | 2,656,000 | USD | 22,014 | 435 | ||||||||||||
Bank of Montreal |
12/3/2015 | JPY | 102,000 | USD | 827 | (1 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | JPY | 5,424,000 | USD | 44,955 | 888 | ||||||||||||
RBC Capital Markets |
12/3/2015 | JPY | 11,061,795 | USD | 91,688 | 1,816 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | JPY | 667,300 | USD | 5,431 | 10 | ||||||||||||
The Bank of New York Mellon |
12/3/2015 | JPY | 546,600 | USD | 4,496 | 55 | ||||||||||||
Bank of Montreal |
12/3/2015 | NZD | 10,159 | USD | 6,858 | 172 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | NZD | 21,000 | USD | 14,177 | 356 | ||||||||||||
RBC Capital Markets |
12/3/2015 | NZD | 43,451 | USD | 29,333 | 737 | ||||||||||||
Bank of Montreal |
12/3/2015 | SGD | 8,000 | USD | 5,706 | 36 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | SGD | 17,000 | USD | 12,126 | 75 | ||||||||||||
RBC Capital Markets |
12/3/2015 | SGD | 31,198 | USD | 22,252 | 136 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 211,064 | AUD | 291,299 | (432 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 148,024 | CAD | 197,119 | (420 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 21,545 | JPY | 2,656,000 | 34 | ||||||||||||
Bank of Montreal |
12/3/2015 | USD | 6,694 | NZD | 10,159 | (8 | ) | |||||||||||
Bank of Montreal |
12/3/2015 | USD | 5,678 | SGD | 8,000 | (7 | ) | |||||||||||
Canadian Imperial Bank of Commerce |
12/3/2015 | USD | 10,685 | AUD | 15,000 | 161 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 88,401 | AUD | 122,000 | (186 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 90,113 | CAD | 120,000 | (255 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 43,997 | JPY | 5,424,000 | 70 | ||||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 13,837 | NZD | 21,000 | (17 | ) | |||||||||||
JP Morgan & Chase Co. |
12/3/2015 | USD | 12,066 | SGD | 17,000 | (15 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 3,116 | AUD | 4,300 | (6 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 10,013 | JPY | 1,208,000 | (198 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 61,574 | JPY | 7,590,795 | 97 | ||||||||||||
RBC Capital Markets |
12/3/2015 | USD | 18,757 | JPY | 2,263,000 | (372 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 23,557 | NZD | 35,751 | (29 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 5,198 | NZD | 7,700 | (131 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 5,492 | SGD | 7,700 | (34 | ) | |||||||||||
RBC Capital Markets |
12/3/2015 | USD | 16,677 | SGD | 23,498 | (21 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 996 | CAD | 1,300 | (23 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 22,453 | CAD | 29,900 | (64 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 5,389 | JPY | 655,700 | (62 | ) | |||||||||||
The Bank of New York Mellon |
12/3/2015 | USD | 5,451 | JPY | 660,200 | (87 | ) |
See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF) (Continued)
November 30, 2015 (Unaudited)
Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
Bank of Montreal |
1/5/2016 | CHF | 5,000 | USD | 4,877 | $ | 3 | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | CHF | 14,000 | USD | 13,654 | 6 | ||||||||||||
RBC Capital Markets |
1/5/2016 | CHF | 19,524 | USD | 19,044 | 10 | ||||||||||||
Bank of Montreal |
1/5/2016 | EUR | 62,000 | USD | 65,553 | (36 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | EUR | 269,225 | USD | 284,646 | (161 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | EUR | 415,595 | USD | 439,413 | (235 | ) | |||||||||||
The Bank of New York Mellon |
1/5/2016 | EUR | 50,600 | USD | 53,501 | (28 | ) | |||||||||||
JP Morgan & Chase Co. |
1/5/2016 | GBP | 57,000 | USD | 85,814 | (49 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | GBP | 97,359 | USD | 146,577 | (82 | ) | |||||||||||
Bank of Montreal |
1/5/2016 | HKD | 559,884 | USD | 72,234 | 10 | ||||||||||||
JP Morgan & Chase Co. |
1/5/2016 | HKD | 741,000 | USD | 95,601 | 14 | ||||||||||||
State Street Bank & Trust Co. |
1/5/2016 | HKD | 15,000 | USD | 1,935 | 0 | ||||||||||||
Bank of Montreal |
1/5/2016 | USD | 11,631 | EUR | 11,000 | 5 | ||||||||||||
Bank of Montreal |
1/5/2016 | USD | 7,613 | HKD | 59,000 | (2 | ) | |||||||||||
RBC Capital Markets |
1/5/2016 | USD | 6,022 | GBP | 4,000 | 3 | ||||||||||||
Bank of Montreal |
1/6/2016 | AUD | 291,299 | USD | 210,688 | 453 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | AUD | 122,000 | USD | 88,240 | 190 | ||||||||||||
RBC Capital Markets |
1/6/2016 | AUD | 4,300 | USD | 3,110 | 7 | ||||||||||||
Bank of Montreal |
1/6/2016 | CAD | 197,119 | USD | 148,023 | 421 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | CAD | 120,000 | USD | 90,115 | 259 | ||||||||||||
The Bank of New York Mellon |
1/6/2016 | CAD | 29,900 | USD | 22,453 | 64 | ||||||||||||
Bank of Montreal |
1/6/2016 | JPY | 2,656,000 | USD | 21,573 | (34 | ) | |||||||||||
JP Morgan & Chase Co. |
1/6/2016 | JPY | 5,424,000 | USD | 44,051 | (74 | ) | |||||||||||
RBC Capital Markets |
1/6/2016 | JPY | 7,590,795 | USD | 61,653 | (99 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | SGD | 8,000 | USD | 5,671 | 7 | ||||||||||||
JP Morgan & Chase Co. |
1/6/2016 | SGD | 17,000 | USD | 12,052 | 15 | ||||||||||||
RBC Capital Markets |
1/6/2016 | SGD | 23,498 | USD | 16,657 | 20 | ||||||||||||
Bank of Montreal |
1/6/2016 | USD | 10,849 | AUD | 15,000 | (23 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | USD | 29,288 | CAD | 39,000 | (85 | ) | |||||||||||
Bank of Montreal |
1/6/2016 | USD | 828 | JPY | 102,000 | 1 | ||||||||||||
Bank of Montreal |
1/7/2016 | NZD | 10,159 | USD | 6,678 | 9 | ||||||||||||
JP Morgan & Chase Co. |
1/7/2016 | NZD | 21,000 | USD | 13,803 | 18 | ||||||||||||
RBC Capital Markets |
1/7/2016 | NZD | 35,751 | USD | 23,500 | 31 | ||||||||||||
|
|
|||||||||||||||||
Total net unrealized appreciation |
$ | 50,824 | ||||||||||||||||
|
|
Currency Abbreviations
AUD |
Australian Dollar | |
CAD |
Canadian Dollar | |
CHF |
Swiss Franc | |
EUR |
Euro | |
GBP |
Pound Sterling | |
HKD |
Hong Kong Dollar | |
JPY |
Japanese Yen | |
NZD |
New Zealand Dollar | |
SGD |
Singapore Dollar | |
USD |
U.S. Dollar |
For information on the Funds 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 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 rate, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF) (Continued)
November 30, 2015 (Unaudited)
The following is a summary of the inputs used as of November 30, 2015 in valuing the Funds investments. For more information on the Funds policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investment in Securities |
||||||||||||||||
Common Stocks* |
$ | 3,327,279 | $ | | $ | 31,782 | $ | 3,359,061 | ||||||||
Rights* |
597 | | | 597 | ||||||||||||
Securities Lending Collateral |
27,321 | | | 27,321 | ||||||||||||
Other Financial Instruments |
||||||||||||||||
Unrealized Appreciation on Forward Foreign Currency Contracts |
| 60,823 | | 60,823 | ||||||||||||
Unrealized Depreciation on Forward Foreign Currency Contracts |
| (9,999 | ) | | (9,999 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 3,355,197 | $ | 50,824 | $ | 31,782 | $ | 3,437,803 | ||||||||
|
|
|
|
|
|
|
|
During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $37,743. 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 Schedule of Investments for additional detailed categorizations.
See Notes to Financial Statements. | 51 |
DBX ETF Trust
Statements of assets and liabilities
November 30, 2015 (Unaudited)
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
||||||||||
Assets |
||||||||||||
Investments in non-affiliated securities at fair value |
$ | 2,329,855 | $ | 13,042,292 | $ | 3,533,571 | ||||||
Investment in Daily Assets Fund* |
36,610 | 28,242 | 8,872 | |||||||||
Cash |
131 | 5,842 | 3,682 | |||||||||
Foreign currency at value |
3,692 | 15,018 | 6,348 | |||||||||
Unrealized appreciation on forward foreign currency contracts |
51,536 | | 74,900 | |||||||||
Receivables: | ||||||||||||
Investment securities sold |
| | | |||||||||
Dividends |
5,535 | 38,457 | 16,125 | |||||||||
Interest |
8 | | 1 | |||||||||
Foreign tax reclaim |
1,024 | 3,171 | 1,353 | |||||||||
|
|
|
|
|
|
|||||||
Total Assets |
$ | 2,428,391 | $ | 13,133,022 | $ | 3,644,852 | ||||||
|
|
|
|
|
|
|||||||
Liabilities |
||||||||||||
Payable upon return of securities loaned |
$ | 36,610 | $ | 28,242 | $ | 8,872 | ||||||
Unrealized depreciation on forward foreign currency contracts |
8,810 | | 5,843 | |||||||||
Payables: | ||||||||||||
Investment securities purchased |
45,782 | | 62,267 | |||||||||
Investment advisory fees |
920 | 4,035 | 1,316 | |||||||||
|
|
|
|
|
|
|||||||
Total Liabilities |
92,122 | 32,277 | 78,298 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 2,336,269 | $ | 13,100,745 | $ | 3,566,554 | ||||||
|
|
|
|
|
|
|||||||
Net Assets Consist of |
||||||||||||
Paid-in capital |
$ | 2,504,145 | $ | 13,076,492 | $ | 3,594,268 | ||||||
Undistributed net investment income |
21,356 | 47,263 | 20,384 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions |
(6,657 | ) | (43,036 | ) | (81,949 | ) | ||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations |
(182,575 | ) | 20,026 | 33,851 | ||||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 2,336,269 | $ | 13,100,745 | $ | 3,566,554 | ||||||
|
|
|
|
|
|
|||||||
Number of Common Shares outstanding |
100,001 | 550,001 | 150,001 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets Value |
$ | 23.36 | $ | 23.82 | $ | 23.78 | ||||||
|
|
|
|
|
|
|||||||
Investments in non-affiliated securities at cost |
$ | 2,555,074 | $ | 13,021,202 | $ | 3,568,332 | ||||||
|
|
|
|
|
|
|||||||
Value of securities loaned |
$ | 34,747 | $ | 23,589 | $ | 6,059 | ||||||
|
|
|
|
|
|
|||||||
Investment in Daily Assets Fund at cost |
$ | 36,610 | $ | 28,242 | $ | 8,872 | ||||||
|
|
|
|
|
|
|||||||
Foreign currency at cost |
$ | 3,685 | $ | 15,044 | $ | 6,358 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 52 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Australia Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
||||||||||
Assets |
||||||||||||
Investments in non-affiliated securities at fair value |
$ | 3,671,860 | $ | 2,485,904 | $ | 2,419,336 | ||||||
Investment in Daily Assets Fund* |
13,957 | 127,048 | 184,771 | |||||||||
Cash |
205 | | 3,236 | |||||||||
Foreign currency at value |
4,687 | 3,041 | 2,378 | |||||||||
Unrealized appreciation on forward foreign currency contracts |
8,962 | 67,566 | 107,656 | |||||||||
Receivables: | ||||||||||||
Investment securities sold |
109,514 | 70,845 | 11,045 | |||||||||
Dividends |
31,125 | 4,184 | 1,353 | |||||||||
Interest |
15 | 93 | 191 | |||||||||
Foreign tax reclaim |
| 244 | | |||||||||
|
|
|
|
|
|
|||||||
Total Assets |
$ | 3,840,325 | $ | 2,758,925 | $ | 2,729,966 | ||||||
|
|
|
|
|
|
|||||||
Liabilities |
||||||||||||
Payable upon return of securities loaned |
$ | 13,957 | $ | 127,048 | $ | 184,771 | ||||||
Unrealized depreciation on forward foreign currency contracts |
65,104 | 4,824 | 1,993 | |||||||||
Payables: | ||||||||||||
Investment securities purchased |
76,876 | 129,928 | 111,180 | |||||||||
Investment advisory fees |
1,361 | 905 | 876 | |||||||||
Due to custodian |
| 727 | | |||||||||
|
|
|
|
|
|
|||||||
Total Liabilities |
157,298 | 263,432 | 298,820 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 3,683,027 | $ | 2,495,493 | $ | 2,431,146 | ||||||
|
|
|
|
|
|
|||||||
Net Assets Consist of |
||||||||||||
Paid-in capital |
$ | 3,709,780 | $ | 2,504,619 | $ | 2,503,573 | ||||||
Undistributed net investment income |
57,851 | 10,158 | 8,337 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions |
39,254 | (7,130 | ) | (13,198 | ) | |||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations |
(123,858 | ) | (12,154 | ) | (67,566 | ) | ||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 3,683,027 | $ | 2,495,493 | $ | 2,431,146 | ||||||
|
|
|
|
|
|
|||||||
Number of Common Shares outstanding |
150,001 | 100,001 | 100,001 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets Value |
$ | 24.55 | $ | 24.95 | $ | 24.31 | ||||||
|
|
|
|
|
|
|||||||
Investments in non-affiliated securities at cost |
$ | 3,740,233 | $ | 2,560,708 | $ | 2,592,547 | ||||||
|
|
|
|
|
|
|||||||
Value of securities loaned |
$ | 13,271 | $ | 121,617 | $ | 174,200 | ||||||
|
|
|
|
|
|
|||||||
Investment in Daily Assets Fund at cost |
$ | 13,957 | $ | 127,048 | $ | 184,771 | ||||||
|
|
|
|
|
|
|||||||
Foreign currency at cost |
$ | 4,649 | $ | 3,046 | $ | 2,390 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 53 |
DBX ETF Trust
Statements of assets and liabilities (Continued)
November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Spain Hedged Equity ETF |
Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
||||||||||
Assets |
||||||||||||
Investments in non-affiliated securities at fair value |
$ | 2,388,511 | $ | 2,380,714 | $ | 3,359,658 | ||||||
Investment in Daily Assets Fund* |
87,464 | 251,745 | 27,321 | |||||||||
Cash |
128 | 349 | 3,798 | |||||||||
Foreign currency at value |
7,295 | 1,827 | 4,326 | |||||||||
Unrealized appreciation on forward foreign currency contracts |
106,555 | 106,388 | 60,823 | |||||||||
Receivables: | ||||||||||||
Investment securities sold |
| 34,430 | | |||||||||
Dividends |
851 | | 10,869 | |||||||||
Interest |
74 | 982 | 86 | |||||||||
Foreign tax reclaim |
| | 981 | |||||||||
|
|
|
|
|
|
|||||||
Total Assets |
$ | 2,590,878 | $ | 2,776,435 | $ | 3,467,862 | ||||||
|
|
|
|
|
|
|||||||
Liabilities |
||||||||||||
Payable upon return of securities loaned |
$ | 87,464 | $ | 251,745 | $ | 27,321 | ||||||
Unrealized depreciation on forward foreign currency contracts |
1,493 | 1,776 | 9,999 | |||||||||
Payables: | ||||||||||||
Investment securities purchased |
101,559 | 138,637 | 55,327 | |||||||||
Investment advisory fees |
873 | 871 | 1,253 | |||||||||
|
|
|
|
|
|
|||||||
Total Liabilities |
191,389 | 393,029 | 93,900 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 2,399,489 | $ | 2,383,406 | $ | 3,373,962 | ||||||
|
|
|
|
|
|
|||||||
Net Assets Consist of |
||||||||||||
Paid-in capital |
$ | 2,502,262 | $ | 2,501,349 | $ | 3,740,922 | ||||||
Undistributed net investment income |
13,043 | 16,166 | 49,146 | |||||||||
Accumulated net realized gain (loss) on investments and foreign currency transactions |
(9,823 | ) | (23,113 | ) | (16,749 | ) | ||||||
Net unrealized appreciation (depreciation) on investments and foreign currency translations |
(105,993 | ) | (110,996 | ) | (399,357 | ) | ||||||
|
|
|
|
|
|
|||||||
Net Assets |
$ | 2,399,489 | $ | 2,383,406 | $ | 3,373,962 | ||||||
|
|
|
|
|
|
|||||||
Number of Common Shares outstanding |
100,001 | 100,001 | 150,001 | |||||||||
|
|
|
|
|
|
|||||||
Net Assets Value |
$ | 23.99 | $ | 23.83 | $ | 22.49 | ||||||
|
|
|
|
|
|
|||||||
Investments in non-affiliated securities at cost |
$ | 2,599,534 | $ | 2,596,312 | $ | 3,809,752 | ||||||
|
|
|
|
|
|
|||||||
Value of securities loaned |
$ | 82,003 | $ | 239,427 | $ | 26,405 | ||||||
|
|
|
|
|
|
|||||||
Investment in Daily Assets Fund at cost |
$ | 87,464 | $ | 251,745 | $ | 27,321 | ||||||
|
|
|
|
|
|
|||||||
Foreign currency at cost |
$ | 7,323 | $ | 1,838 | $ | 4,345 | ||||||
|
|
|
|
|
|
* | Represents collateral on securities loaned. |
See Notes to Financial Statements. | 54 |
DBX ETF Trust
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF(1) |
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF(2) |
||||||||||
Investment Income |
||||||||||||
Unaffiliated dividend income* |
$ | 29,836 | $ | 59,691 | $ | 24,524 | ||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates |
33 | 5 | 1 | |||||||||
|
|
|
|
|
|
|||||||
Total Investment Income |
29,869 | 59,696 | 24,525 | |||||||||
|
|
|
|
|
|
|||||||
Expenses |
||||||||||||
Investment advisory fees |
5,612 | 12,433 | 4,141 | |||||||||
|
|
|
|
|
|
|||||||
Total Expenses |
5,612 | 12,433 | 4,141 | |||||||||
|
|
|
|
|
|
|||||||
Net Investment Income |
24,257 | 47,263 | 20,384 | |||||||||
|
|
|
|
|
|
|||||||
Realized and Unrealized Gain (Loss) |
||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments |
(20,254 | ) | (42,860 | ) | (11,543 | ) | ||||||
Foreign currency transactions |
75,086 | (176 | ) | (70,406 | ) | |||||||
|
|
|
|
|
|
|||||||
Net realized gain (loss) |
54,832 | (43,036 | ) | (81,949 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments |
(153,320 | ) | 21,090 | (34,761 | ) | |||||||
Foreign currency translations |
(5,918 | ) | (1,064 | ) | 68,612 | |||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) |
(159,238 | ) | 20,026 | 33,851 | ||||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized loss on investments and foreign currency transactions. |
(104,406 | ) | (23,010 | ) | (48,098 | ) | ||||||
|
|
|
|
|
|
|||||||
Net decrease in Net Assets Resulting from Operations |
$ | (80,149 | ) | $ | 24,253 | $ | (27,714 | ) | ||||
|
|
|
|
|
|
|||||||
* Unaffiliated foreign tax withheld |
$ | 3,138 | $ | 6,957 | $ | 2,798 |
(1) | For the period June 24, 2015 (commencement of operations) through November 30, 2015. |
(2) | For the period August 19, 2015 (commencement of operations) through November 30, 2015. |
See Notes to Financial Statements. | 55 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Australia Hedged Equity ETF(1) |
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF(1) |
Deutsche X-trackers MSCI Italy Hedged Equity ETF(1) |
||||||||||
Investment Income |
||||||||||||
Unaffiliated dividend income* |
$ | 62,294 | $ | 13,020 | $ | 10,980 | ||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates |
41 | 185 | 363 | |||||||||
|
|
|
|
|
|
|||||||
Total Investment Income |
62,335 | 13,205 | 11,343 | |||||||||
|
|
|
|
|
|
|||||||
Expenses |
||||||||||||
Investment advisory fees |
4,484 | 3,047 | 3,006 | |||||||||
|
|
|
|
|
|
|||||||
Total Expenses |
4,484 | 3,047 | 3,006 | |||||||||
|
|
|
|
|
|
|||||||
Net Investment Income |
57,851 | 10,158 | 8,337 | |||||||||
|
|
|
|
|
|
|||||||
Realized and Unrealized Gain (Loss) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments |
(6,539 | ) | 5,175 | (8,316 | ) | |||||||
Foreign currency transactions |
45,793 | (12,305 | ) | (4,882 | ) | |||||||
|
|
|
|
|
|
|||||||
Net realized gain (loss) |
39,254 | (7,130 | ) | (13,198 | ) | |||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments |
(68,373 | ) | (74,804 | ) | (173,211 | ) | ||||||
Foreign currency translations |
(55,485 | ) | 62,650 | 105,645 | ||||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) |
(123,858 | ) | (12,154 | ) | (67,566 | ) | ||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized loss on investments and foreign currency transactions |
(84,604 | ) | (19,284 | ) | (80,764 | ) | ||||||
|
|
|
|
|
|
|||||||
Net decrease in Net Assets Resulting from Operations |
$ | (26,753 | ) | $ | (9,126 | ) | $ | (72,427 | ) | |||
|
|
|
|
|
|
|||||||
* Unaffiliated foreign tax withheld |
$ | 258 | $ | 954 | $ | 1,810 |
(1) | For the period August 19, 2015 (commencement of operations) through November 30, 2015. |
See Notes to Financial Statements. | 56 |
DBX ETF Trust
Statements of operations (Continued)
For the Six Months Ended November 30, 2015 (Unaudited)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF(1) |
Deutsche X-trackers MSCI Spain Hedged Equity ETF(1) |
Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
||||||||||
Investment Income |
||||||||||||
Unaffiliated dividend income* |
$ | 15,879 | $ | 18,148 | $ | 65,283 | ||||||
Securities lending income, including income from Daily Assets Fund, net of borrower rebates |
141 | 982 | 434 | |||||||||
|
|
|
|
|
|
|||||||
Total Investment Income |
16,020 | 19,130 | 65,717 | |||||||||
|
|
|
|
|
|
|||||||
Expenses |
||||||||||||
Investment advisory fees |
2,977 | 2,964 | 7,852 | |||||||||
|
|
|
|
|
|
|||||||
Total Expenses |
2,977 | 2,964 | 7,852 | |||||||||
|
|
|
|
|
|
|||||||
Net Investment Income |
13,043 | 16,166 | 57,865 | |||||||||
|
|
|
|
|
|
|||||||
Realized and Unrealized Gain (Loss) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments |
(5,078 | ) | (18,401 | ) | (45,995 | ) | ||||||
Foreign currency transactions |
(4,745 | ) | (4,712 | ) | 71,450 | |||||||
|
|
|
|
|
|
|||||||
Net realized gain (loss) |
(9,823 | ) | (23,113 | ) | 25,455 | |||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments |
(211,023 | ) | (215,598 | ) | (437,771 | ) | ||||||
Foreign currency translations |
105,030 | 104,602 | 2,636 | |||||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) |
(105,993 | ) | (110,996 | ) | (435,135 | ) | ||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized loss on investments and foreign currency transactions |
(115,816 | ) | (134,109 | ) | (409,680 | ) | ||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in Net Assets Resulting from Operations |
$ | (102,773 | ) | $ | (117,943 | ) | $ | (351,815 | ) | |||
|
|
|
|
|
|
|||||||
* Unaffiliated foreign tax withheld |
$ | 1,566 | $ | 618 | $ | 3,981 |
(1) | For the period August 19, 2015 (commencement of operations) through November 30, 2015. |
See Notes to Financial Statements. | 57 |
DBX ETF Trust
Statements of changes in net assets
Deutsche X-trackers Dow Jones Hedged International Real Estate |
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
||||||||||||||
For the Six Months Ended November 30, 2015 (Unaudited) |
For the Period April 9, 2015(1) to May 31, 2015 |
For the
Period June 24, 2015(1) to November 30, 2015 (Unaudited) |
For the Period August 19, 2015(1) to November 30, 2015 (Unaudited) |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income |
$ | 24,257 | $ | 12,612 | $ | 47,263 | $ | 20,384 | ||||||||
Net realized gain (loss) |
54,832 | (52,459 | ) | (43,036 | ) | (81,949 | ) | |||||||||
Net change in unrealized appreciation (depreciation) |
(159,238 | ) | (23,337 | ) | 20,026 | 33,851 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(80,149 | ) | (63,184 | ) | 24,253 | (27,714 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from |
||||||||||||||||
Net investment income |
(24,543 | ) | | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
(24,543 | ) | | | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
| 2,504,120 | 13,076,467 | 3,594,243 | ||||||||||||
Value of shares redeemed |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase in net assets resulting from fund share transactions |
| 2,504,120 | 13,076,467 | 3,594,243 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Net increase (decrease) in Net Assets |
(104,692 | ) | 2,440,936 | 13,100,720 | 3,566,529 | |||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
2,440,961 | 25 | 25 | 25 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 2,336,269 | $ | 2,440,961 | $ | 13,100,745 | $ | 3,566,554 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Undistributed net investment income |
$ | 21,356 | $ | 21,642 | $ | 47,263 | $ | 20,384 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
100,001 | 1 | 1 | 1 | ||||||||||||
Shares sold |
| 100,000 | 550,000 | 150,000 | ||||||||||||
Shares redeemed |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
100,001 | 100,001 | 550,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 58 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Australia Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
||||||||||
For the Period August 19, 2015(1) to November 30, 2015 (Unaudited) |
For the Period August 19, 2015(1) to November 30, 2015 (Unaudited) |
For the Period August 19, 2015(1) to November 30, 2015 (Unaudited) |
||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||
Net investment income |
$ | 57,851 | $ | 10,158 | $ | 8,337 | ||||||
Net realized gain (loss) |
39,254 | (7,130 | ) | (13,198 | ) | |||||||
Net change in unrealized appreciation (depreciation) |
(123,858 | ) | (12,154 | ) | (67,566 | ) | ||||||
|
|
|
|
|
|
|||||||
Net decrease in net assets resulting from operations |
(26,753 | ) | (9,126 | ) | (72,427 | ) | ||||||
|
|
|
|
|
|
|||||||
Fund Shares Transactions |
||||||||||||
Proceeds from shares sold |
3,709,755 | 2,504,594 | 2,503,548 | |||||||||
Value of shares redeemed |
| | | |||||||||
|
|
|
|
|
|
|||||||
Net increase in net assets resulting from fund share transactions |
3,709,755 | 2,504,594 | 2,503,548 | |||||||||
|
|
|
|
|
|
|||||||
Total Increase in Net Assets |
3,683,002 | 2,495,468 | 2,431,121 | |||||||||
Net Assets |
||||||||||||
Beginning of period |
25 | 25 | 25 | |||||||||
|
|
|
|
|
|
|||||||
End of period |
$ | 3,683,027 | $ | 2,495,493 | $ | 2,431,146 | ||||||
|
|
|
|
|
|
|||||||
Undistributed net investment income |
$ | 57,851 | $ | 10,158 | $ | 8,337 | ||||||
|
|
|
|
|
|
|||||||
Changes in Shares Outstanding |
||||||||||||
Shares outstanding, beginning of period |
1 | 1 | 1 | |||||||||
Shares sold |
150,000 | 100,000 | 100,000 | |||||||||
Shares redeemed |
| | | |||||||||
|
|
|
|
|
|
|||||||
Shares outstanding, end of period |
150,001 | 100,001 | 100,001 | |||||||||
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 59 |
DBX ETF Trust
Statements of changes in net assets (Continued)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Spain Hedged Equity ETF |
Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
||||||||||||||
For the Period August 19, 2015(1) to November 30, 2015 (Unaudited) |
For the Period August 19, 2015(1) to November 30, 2015 (Unaudited) |
For the Six Months Ended November 30, 2015 (Unaudited) |
For the Period April 9, 2015(1) to May 31, 2015 |
|||||||||||||
Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
Net investment income |
$ | 13,043 | $ | 16,166 | $ | 57,865 | $ | 20,642 | ||||||||
Net realized loss |
(9,823 | ) | (23,113 | ) | 25,455 | (42,646 | ) | |||||||||
Net change in unrealized appreciation (depreciation) |
(105,993 | ) | (110,996 | ) | (435,135 | ) | 35,778 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(102,773 | ) | (117,943 | ) | (351,815 | ) | 13,774 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions to Shareholders from |
||||||||||||||||
Net investment income |
| | (28,919 | ) | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total distributions |
| | (28,919 | ) | | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Fund Shares Transactions |
||||||||||||||||
Proceeds from shares sold |
2,502,237 | 2,501,324 | | 3,740,897 | ||||||||||||
Value of shares redeemed |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase in net assets resulting from fund share transactions |
2,502,237 | 2,501,324 | | 3,740,897 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Increase in Net Assets |
2,399,464 | 2,383,381 | (380,734 | ) | 3,754,671 | |||||||||||
Net Assets |
||||||||||||||||
Beginning of period |
25 | 25 | 3,754,696 | 25 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 2,399,489 | $ | 2,383,406 | $ | 3,373,962 | $ | 3,754,696 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Undistributed net investment income |
$ | 13,043 | $ | 16,166 | $ | 49,146 | $ | 20,200 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Changes in Shares Outstanding |
||||||||||||||||
Shares outstanding, beginning of period |
1 | 1 | 150,001 | 1 | ||||||||||||
Shares sold |
100,000 | 100,000 | | 150,000 | ||||||||||||
Shares redeemed |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding, end of period |
100,001 | 100,001 | 150,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Commencement of Operations. |
See Notes to Financial Statements. | 60 |
DBX ETF Trust
For a Share outstanding throughout each period
Deutsche X-trackers Dow Jones Hedged International Real Estate | For the Six Months Ended November 30, 2015 (Unaudited) |
For the Period April 9, 2015* to May 31, 2015 |
||||||
Net Asset Value, beginning of period |
$ | 24.41 | $ | 25.00 | ||||
|
|
|
|
|||||
Income from Investment Operations: | ||||||||
Net investment income** |
0.24 | 0.13 | ||||||
Net realized and unrealized gain (loss) |
(1.04 | ) | (0.72 | ) | ||||
|
|
|
|
|||||
Net increase (decrease) in net asset value from operations |
(0.80 | ) | (0.59 | ) | ||||
|
|
|
|
|||||
Distributions paid to shareholders from: | ||||||||
Net investment income |
(0.25 | ) | | |||||
|
|
|
|
|||||
Total distributions |
(0.25 | ) | | |||||
|
|
|
|
|||||
Net Asset Value, end of period |
$ | 23.36 | $ | 24.41 | ||||
|
|
|
|
|||||
Total Return*** |
(3.27 | )% | (2.36 | )% | ||||
Ratios/Supplemental Data |
||||||||
Net assets, end of period (000s omitted) |
$ | 2,336 | $ | 2,441 | ||||
Ratios to average net assets: | ||||||||
Expenses |
0.48 | % | 0.48 | % | ||||
Net investment income |
2.07 | % | 3.53 | % | ||||
Portfolio turnover rate |
10 | % | 2 | % | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | For the Period June 24, 2015* to November 30, 2015 |
|||||||
Net Asset Value, beginning of period |
$ | 25.00 | ||||||
|
|
|||||||
Income from Investment Operations: | ||||||||
Net investment income** |
0.15 | |||||||
Net realized and unrealized gain (loss) |
(1.33 | ) | ||||||
|
|
|||||||
Net increase (decrease) in net asset value from operations |
(1.18 | ) | ||||||
|
|
|||||||
Distributions paid to shareholders from: | ||||||||
Net investment income |
| |||||||
|
|
|||||||
Net Asset Value, end of period |
$ | 23.82 | ||||||
|
|
|||||||
Total Return*** |
(4.72 | )% | ||||||
Ratios/Supplemental Data |
||||||||
Net assets, end of period (000s omitted) |
$ | 13,101 | ||||||
Ratios to average net assets: | ||||||||
Expenses |
0.40 | % | ||||||
Net investment income |
1.52 | % | ||||||
Portfolio turnover rate |
10 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| Not annualized. |
See Notes to Financial Statements. | 61 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | For the Period August 19, 2015* to November 30, 2015 |
|||
Net Asset Value, beginning of period |
$ | 25.00 | ||
|
|
|||
Income from Investment Operations: | ||||
Net investment income** |
0.14 | |||
Net realized and unrealized gain (loss) |
(1.36 | ) | ||
|
|
|||
Net increase (decrease) in net asset value from operations |
(1.22 | ) | ||
|
|
|||
Distributions paid to shareholders from: | ||||
Net investment income |
| |||
|
|
|||
Net Asset Value, end of period |
$ | 23.78 | ||
|
|
|||
Total Return*** |
(4.88 | )% | ||
Ratios/Supplemental Data |
||||
Net assets, end of period (000s omitted) |
$ | 3,567 | ||
Ratios to average net assets: | ||||
Expenses |
0.45 | % | ||
Net investment income |
2.22 | % | ||
Portfolio turnover rate |
8 | % | ||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | For the Period August 19, 2015* to November 30, 2015 |
|||
Net Asset Value, beginning of period |
$ | 25.00 | ||
|
|
|||
Income from Investment Operations: | ||||
Net investment income** |
0.40 | |||
Net realized and unrealized gain (loss) |
(0.85 | ) | ||
|
|
|||
Net increase (decrease) in net asset value from operations |
(0.45 | ) | ||
|
|
|||
Distributions paid to shareholders from: | ||||
Net investment income |
| |||
|
|
|||
Net Asset Value, end of period |
$ | 24.55 | ||
|
|
|||
Total Return*** |
(1.76 | )% | ||
Ratios/Supplemental Data |
||||
Net assets, end of period (000s omitted) |
$ | 3,683 | ||
Ratios to average net assets: | ||||
Expenses |
0.45 | % | ||
Net investment income |
5.80 | % | ||
Portfolio turnover rate |
7 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| Not annualized. |
See Notes to Financial Statements. | 62 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | For the Period August 19, 2015* to November 30, 2015 |
|||
Net Asset Value, beginning of period |
$ | 25.00 | ||
|
|
|||
Income from Investment Operations: | ||||
Net investment income** |
0.10 | |||
Net realized and unrealized gain (loss) |
(0.15 | ) | ||
|
|
|||
Net increase (decrease) in net asset value from operations |
(0.05 | ) | ||
|
|
|||
Distributions paid to shareholders from: | ||||
Net investment income |
| |||
|
|
|||
Net Asset Value, end of period |
$ | 24.95 | ||
|
|
|||
Total Return*** |
(0.20 | )% | ||
Ratios/Supplemental Data |
||||
Net assets, end of period (000s omitted) |
$ | 2,495 | ||
Ratios to average net assets: | ||||
Expenses |
0.45 | % | ||
Net investment income |
1.50 | % | ||
Portfolio turnover rate |
7 | % | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | For the Period August 19, 2015* to November 30, 2015 |
|||
Net Asset Value, beginning of period |
$ | 25.00 | ||
|
|
|||
Income from Investment Operations: | ||||
Net investment income** |
0.08 | |||
Net realized and unrealized gain (loss) |
(0.77 | ) | ||
|
|
|||
Net increase (decrease) in net asset value from operations |
(0.69 | ) | ||
|
|
|||
Distributions paid to shareholders from: | ||||
Net investment income |
| |||
|
|
|||
Net Asset Value, end of period |
$ | 24.31 | ||
|
|
|||
Total Return*** |
(2.76 | )% | ||
Ratios/Supplemental Data |
||||
Net assets, end of period (000s omitted) |
$ | 2,431 | ||
Ratios to average net assets: | ||||
Expenses |
0.45 | % | ||
Net investment income |
1.25 | % | ||
Portfolio turnover rate |
11 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| Not annualized. |
See Notes to Financial Statements. | 63 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | For the Period August 19, 2015* to November 30, 2015 |
|||
Net Asset Value, beginning of period |
$ | 25.00 | ||
|
|
|||
Income from Investment Operations: | ||||
Net investment income** |
0.13 | |||
Net realized and unrealized gain (loss) |
(1.14 | ) | ||
|
|
|||
Net increase (decrease) in net asset value from operations |
(1.01 | ) | ||
|
|
|||
Distributions paid to shareholders from: | ||||
Net investment income |
| |||
|
|
|||
Net Asset Value, end of period |
$ | 23.99 | ||
|
|
|||
Total Return*** |
(4.04 | )% | ||
Ratios/Supplemental Data |
||||
Net assets, end of period (000s omitted) |
$ | 2,399 | ||
Ratios to average net assets: | ||||
Expenses |
0.45 | % | ||
Net investment income |
1.97 | % | ||
Portfolio turnover rate |
4 | % | ||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | For the Period August 19, 2015* to November 30, 2015 |
|||
Net Asset Value, beginning of period |
$ | 25.00 | ||
|
|
|||
Income from Investment Operations: | ||||
Net investment income** |
0.16 | |||
Net realized and unrealized gain (loss) |
(1.33 | ) | ||
|
|
|||
Net increase (decrease) in net asset value from operations |
(1.17 | ) | ||
|
|
|||
Distributions paid to shareholders from: | ||||
Net investment income |
| |||
|
|
|||
Net Asset Value, end of period |
$ | 23.83 | ||
|
|
|||
Total Return*** |
(4.68 | )% | ||
Ratios/Supplemental Data |
||||
Net assets, end of period (000s omitted) |
$ | 2,383 | ||
Ratios to average net assets: | ||||
Expenses |
0.45 | % | ||
Net investment income |
2.45 | % | ||
Portfolio turnover rate |
9 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| Not annualized. |
See Notes to Financial Statements. | 64 |
DBX ETF Trust
Financial highlights (Continued)
For a Share outstanding throughout each period
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | For the Six Months Ended November 30, 2015 (Unaudited) |
For the Period April 9, 2015* to May 31, 2015 |
||||||
Net Asset Value, beginning of period |
$ | 25.03 | $ | 25.00 | ||||
|
|
|
|
|||||
Income from Investment Operations: | ||||||||
Net investment income** |
0.39 | 0.18 | ||||||
Net realized and unrealized gain (loss) |
(2.74 | ) | (0.15 | ) | ||||
|
|
|
|
|||||
Net increase (decrease) in net asset value from operations |
(2.35 | ) | 0.03 | |||||
|
|
|
|
|||||
Distributions paid to shareholders from: | ||||||||
Net investment income |
(0.19 | ) | | |||||
|
|
|
|
|||||
Total distributions |
(0.19 | ) | | |||||
|
|
|
|
|||||
Net Asset Value, end of period |
$ | 22.49 | $ | 25.03 | ||||
|
|
|
|
|||||
Total Return*** |
(9.43 | )% | 0.12 | % | ||||
Ratios/Supplemental Data |
||||||||
Net assets, end of period (000s omitted) |
$ | 3,374 | $ | 3,755 | ||||
Ratios to average net assets: | ||||||||
Expenses |
0.45 | % | 0.45 | % | ||||
Net investment income |
3.32 | % | 4.84 | % | ||||
Portfolio turnover rate |
8 | % | 1 | % |
* | Commencement of Operations. |
** | Based on average shares outstanding. |
*** | Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year are not annualized. |
| Annualized. |
| Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| Not annualized. |
See Notes to Financial Statements. | 65 |
DBX ETF Trust
Notes to financial statements (Unaudited)
1. Organization
DBX ETF Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the Act), as an open end registered management investment company organized as a Delaware statutory trust.
As of November 30, 2015, the Trust consists of thirty-five investment series of exchange-traded funds (ETF) (each a Fund and collectively, the Funds) in operation and trading. These financial statements report on the Funds listed below:
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
Deutsche X-trackers MSCI Australia Hedged Equity ETF |
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
Deutsche X-trackers MSCI Spain Hedged Equity ETF |
Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
DBX Advisors LLC (DBX or the Advisor), an indirect, wholly owned subsidiary of Deutsche Bank AG, serves
as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds Board of Trustees.
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (NYSE Arca). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares, each called a Creation Unit, to authorized participants who have entered into agreements with the Funds distributor. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the Underlying Index). The underlying indices for the Funds are:
Fund |
Underlying Index | |
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged | |
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | JPX-Nikkei 400 Net Total Return Index | |
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | JPX-Nikkei 400 Net Total Return USD Hedged Index | |
Deutsche X-trackers MSCI Australia Hedged Equity ETF | MSCI Australia US Dollar Hedged Index | |
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | MSCI EAFE Small Cap US Dollar Hedged Index | |
Deutsche X-trackers MSCI Italy Hedged Equity ETF | MSCI Italy 25/50 US Dollar Hedged Index | |
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | MSCI Southern Europe US Dollar Hedged Index | |
Deutsche X-trackers MSCI Spain Hedged Equity ETF | MSCI Spain 25/50 US Dollar Hedged Index | |
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | S&P Global Infrastructure Index (USD) (Hedged) (Net TR) |
The Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged (the Underlying Index) is designed to track the performance of publicly traded real estate securities in countries other than the United States, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is comprised of global real estate securities that represent the ownership and operation of commercial or residential real estate investment trusts (REITs) and real estate operating companies (REOCs) that meet the following criteria: (i) the company must be both an equity owner and operator of commercial and/or residential real estate; (ii) the company must have a minimum total market capitalization of at least $200 million at the time of its inclusion; (iii) at least 75% of the companys total revenue must be derived from the ownership and operation of real estate assets; and (iv) the liquidity of the companys stock must be commensurate with that of other institutionally held real estate securities. The Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged is rebalanced monthly on the last business day of each month.
66
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
The JPX-Nikkei Index 400 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 Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Underlying Index is comprised of the equity securities of the 400 highest scoring issuers listed on the JASDAQ and TSE, as measured in return on equity, cumulative operating profit and current market value. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The JPX-Nikkei Index 400 is rebalanced annually.
The JPX-Nikkei 400 Net Total Return USD Hedged 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) while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar. The Fund may achieve its investment objective by investing a substantial portion of its assets in the Underlying Fund, though the Fund may also invest directly in the stocks included in its Underlying Index. The Fund is subject to the principal risks noted below, any of which may adversely affect the Funds net asset value (NAV), trading price, yield, total return and ability to meet its investment objective, as well as numerous other risks. The JPX-Nikkei 400 Net Total Return USD Hedged Index is rebalanced monthly on the last trading day of the month, when the index will reflect the effect of rolling into new month.
The MSCI Australia US Dollar Hedged Index is designed to track the performance of the Australian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the Australian dollar. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI Australia US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
The MSCI EAFE Small Cap US Dollar Hedged Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI EAFE Small Cap US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
The MSCI Italy 25/50 US Dollar Hedged Index is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI Italy 25/50 US Dollar Hedged Index is rebalanced quarterly.
The MSCI Southern Europe US Dollar Hedged Index is designed to track the performance the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at
67
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI Southern Europe US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
The MSCI Spain 25/50 US Dollar Hedged Index is designed to track the performance of the Spanish equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI Spain 25/50 US Dollar Hedged Index is rebalanced quarterly.
S&P Global Infrastructure Index (USD) (Hedged) (Net TR) (the Underlying Index) is designed to track the performance of equity securities of infrastructure issuers in developed markets, 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 consists of companies involved in utilities, energy and transportation infrastructure. The Underlying Index is comprised of a minimum market capitalization of approximate $585 million from issuers in the following countries: Australia, Brazil, Canada, Chile, China, France, Germany, Hong Kong, Italy, Japan, Mexico, the Netherlands, New Zealand, Singapore, Spain, Switzerland, the United Kingdom and the United States. The S&P Global Infrastructure Index (USD) (Hedged) (Net TR) 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 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 funds investment portfolio. This may adversely affect the funds performance or subject the funds shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trusts organizational documents, the Trusts 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 Trusts 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. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (NAV), of each Funds 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 Funds net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities 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.
68
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
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 Funds valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the securitys 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 companys or issuers 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 Funds net asset value and the prices used by the Funds underlying index, which in turn could result in a difference between the Funds performance and the performance of the Funds Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Funds 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 Funds 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 net investment income, sufficient to relieve it from all or substantially all Federal income and excise taxes. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These book/tax differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.
69
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
The Funds recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the period ended November 30, 2015, the Funds did not incur any interest or penalties.
Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2015, 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 the Security Lending Agreement. The Funds retain the benefits of owning securities it has loaned and 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 the Funds consisting of either cash or liquid, unencumbered assets 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 security lending agreement. As of period end, any securities on loan were collateralized by cash. The Funds may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015, the Funds invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral invested in Daily Assets Fund. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2015, each Fund 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.
Derivatives
Forward Currency Contracts Each Fund, except Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF, may enter into forward currency contracts designed to offset a Funds exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2015, the Deutsche X-trackers Dow Jones Hedged International Real Estate ETF, Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, and Deutsche X-trackers
70
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
S&P Hedged Global Infrastructure ETF invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF, Deutsche X-trackers MSCI Australia Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, and Deutsche X-trackers MSCI Spain Hedged Equity ETF each invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S dollar against the Japanese Yen, the Australian Dollar, the Euro, Euro and Euro, respectively.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.
A summary of the open forward currency exchange contracts as of November 30, 2015 is included in a table following each Funds Schedule of Investments. The investment in forward foreign currency exchange contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the period ended November 30, 2015.
The following tables summarize the value of the Funds derivative instruments held as of November 30, 2015 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
Asset Derivatives |
Liability Derivatives |
|||||||||||||
Risk Type |
Statement of Asset and |
Fair Value | Statement of Asset and |
Fair Value | ||||||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 51,536 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 8,810 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 51,536 | Total | $ | 8,810 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 74,900 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 5,843 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 74,900 | Total | $ | 5,843 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 8,962 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 65,104 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 8,962 | Total | $ | 65,104 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 67,566 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 4,824 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 67,566 | Total | $ | 4,824 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 107,656 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 1,993 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 107,656 | Total | $ | 1,993 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 106,555 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 1,493 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 106,555 | Total | $ | 1,493 | |||||||||
|
|
|
|
71
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Asset Derivatives |
Liability Derivatives |
|||||||||||||
Risk Type |
Statement of Asset and |
Fair Value | Statement of Asset and |
Fair Value | ||||||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 106,388 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 1,776 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 106,388 | Total | $ | 1,776 | |||||||||
|
|
|
|
|||||||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||
Foreign exchange Contracts | Unrealized appreciation on Forward Foreign Currency Contracts | $ | 60,823 | Unrealized depreciation on Forward Foreign Currency Contracts | $ | 9,999 | ||||||||
|
|
|
|
|||||||||||
Total | $ | 60,823 | Total | $ | 9,999 | |||||||||
|
|
|
|
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Funds earnings during the period ended November 30, 2015 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income |
||||||||
Forward Foreign Currency Contracts |
Total | |||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
$ | 75,199 | $ | 75,199 | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
(71,321 | ) | (71,321 | ) | ||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF |
44,409 | 44,409 | ||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
(12,571 | ) | (12,571 | ) | ||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
(4,985 | ) | (4,985 | ) | ||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
(4,832 | ) | (4,832 | ) | ||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF |
(4,663 | ) | (4,663 | ) | ||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
72,156 | 72,156 |
Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income |
||||||||
Forward Foreign Currency Contracts |
Total | |||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
$ | (5,899 | ) | $ | (5,899 | ) | ||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
69,057 | 69,057 | ||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF |
(56,142 | ) | (56,142 | ) | ||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
62,742 | 62,742 | ||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
105,663 | 105,663 | ||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
105,062 | 105,062 | ||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF |
104,612 | 104,612 | ||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
2,634 | 2,634 |
72
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
For the six months ended November 30, 2015 the average monthly volume of derivatives was as follows:
Forward Foreign Currency Contracts (Market Value) |
||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
$ | (2,269,759 | ) | |
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
(3,112,420 | ) | ||
Deutsche X-trackers MSCI Australia Hedged Equity ETF |
(3,347,283 | ) | ||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
(2,360,722 | ) | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
(2,294,357 | ) | ||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
(2,279,854 | ) | ||
Deutsche X-trackers MSCI Spain Hedged Equity ETF |
(2,274,403 | ) | ||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
(2,087,919 | ) |
As of November 30, 2015, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
Fund |
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
||||||||||||||||||||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | ||||||||||||||||||||||||||||||||
Bank of Montreal |
| $ | | $ | | $ | | $ | 112 | $ | | $ | | $ | 112 | |||||||||||||||||
Canadian Imperial Bank of Commerce |
15,707 | (6,096 | ) | | 9,611 | 6,096 | (6,096 | ) | | | ||||||||||||||||||||||
JP Morgan & Chase Co. |
228 | (228 | ) | | | 571 | (228 | ) | | 343 | ||||||||||||||||||||||
RBC Capital Markets |
155 | (4 | ) | | 151 | 4 | (4 | ) | ||||||||||||||||||||||||
State Street Bank & Trust Co. |
34,509 | (1,578 | ) | | 32,931 | 1,578 | (1,578 | ) | ||||||||||||||||||||||||
The Bank of New York Mellon |
937 | (449 | ) | | 488 | 449 | (449 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 51,536 | $ | (8,355 | ) | $ | | $ | 43,181 | $ | 8,810 | $ | (8,355 | ) | $ | | $ | 455 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce |
$ | 38,104 | $ | (2,870 | ) | $ | | $ | 35,234 | $ | 2,870 | $ | (2,870 | ) | $ | | $ | | ||||||||||||||
RBC Capital Markets |
35,949 | (2,858 | ) | | 33,091 | 2,858 | (2,858 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
847 | (115 | ) | | 732 | 115 | (115 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 74,900 | $ | (5,843 | ) | $ | | $ | 69,057 | $ | 5,843 | $ | (5,843 | ) | $ | | $ | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce |
$ | 2,729 | $ | (2,729 | ) | $ | | $ | | $ | 21,146 | $ | (2,729 | ) | $ | | $ | 18,417 | ||||||||||||||
RBC Capital Markets |
5,253 | (5,253 | ) | | | 42,531 | (5,253 | ) | | 37,278 | ||||||||||||||||||||||
The Bank of New York Mellon |
980 | (980 | ) | | | 1,427 | (980 | ) | | 447 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 8,962 | $ | (8,962 | ) | $ | | $ | | $ | 65,104 | $ | (8,962 | ) | $ | | $ | 56,142 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
Fund |
Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
||||||||||||||||||||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce |
$ | 34,206 | $ | (2,327 | ) | $ | | $ | 31,879 | $ | 2,327 | $ | (2,327 | ) | $ | | $ | | ||||||||||||||
RBC Capital Markets |
32,883 | (2,138 | ) | | 30,745 | 2,138 | (2,138 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
477 | (359 | ) | | 118 | 359 | (359 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 67,566 | $ | (4,824 | ) | $ | | $ | 62,472 | $ | 4,824 | $ | (4,824 | ) | $ | | $ | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce |
$ | 54,776 | $ | (652 | ) | $ | | $ | 54,124 | $ | 652 | $ | (652 | ) | $ | | $ | | ||||||||||||||
RBC Capital Markets |
51,060 | (619 | ) | | 50,441 | 619 | (619 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
1,820 | (722 | ) | | 1,098 | 722 | (722 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 107,656 | $ | (1,993 | ) | $ | | $ | 105,663 | $ | 1,993 | $ | (1,993 | ) | $ | | $ | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce |
$ | 54,579 | $ | (649 | ) | $ | | $ | 53,930 | $ | 649 | $ | (649 | ) | $ | | $ | | ||||||||||||||
RBC Capital Markets |
50,174 | (608 | ) | | 49,566 | 608 | (608 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
1,802 | (236 | ) | | 1,566 | 236 | (236 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 106,555 | $ | (1,493 | ) | $ | | $ | 105,062 | $ | 1,493 | $ | (1,493 | ) | $ | | $ | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF | ||||||||||||||||||||||||||||||||
Canadian Imperial Bank of Commerce |
$ | 54,472 | $ | (647 | ) | $ | | $ | 53,825 | $ | 647 | $ | (647 | ) | $ | | $ | | ||||||||||||||
RBC Capital Markets |
49,484 | (600 | ) | | 48,884 | 600 | (600 | ) | | | ||||||||||||||||||||||
The Bank of New York Mellon |
2,432 | (529 | ) | | 1,903 | 529 | (529 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 106,388 | $ | (1,776 | ) | $ | | $ | 104,612 | $ | 1,776 | $ | (1,776 | ) | $ | | $ | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||||||||||||||||||||
Bank of Montreal |
$ | 7,896 | $ | (4,173 | ) | $ | | $ | 3,723 | $ | 4,173 | $ | (4,173 | ) | $ | | $ | | ||||||||||||||
Canadian Imperial Bank of Commerce |
161 | | | 161 | | | | | ||||||||||||||||||||||||
JP Morgan & Chase Co. |
19,746 | (2,097 | ) | | 17,649 | 2,097 | (2,097 | ) | | | ||||||||||||||||||||||
RBC Capital Markets |
29,901 | (3,371 | ) | | 26,530 | 3,371 | (3,371 | ) | | | ||||||||||||||||||||||
State Street Bank & Trust Co. |
1 | | | 1 | | | | | ||||||||||||||||||||||||
The Bank of New York Mellon |
3,118 | (358 | ) | | 2,760 | 358 | (358 | ) | | | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 60,823 | $ | (9,999 | ) | $ | | $ | 50,824 | $ | 9,999 | $ | (9,999 | ) | $ | | $ | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
74
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
TDAM USA Inc. (TDAM) serves as investment sub-advisor to each Fund. TDAM is responsible for day-to-day management of the Funds, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and sub-advisor from time to time.
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 Funds daily average net assets at an annual rate equal to:
Fund |
Unitary Management Fee |
|||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
0.48 | % | ||
Deutsche X-trackers JPX-Nikkei 400 Equity ETF |
0.40 | % | ||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers MSCI Australia Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers MSCI Spain Hedged Equity ETF |
0.45 | % | ||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
0.45 | % |
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisors, the cost of transfer agency, custody, fund administration, legal, audit and other services and expenses of the Independent Trustees. Each Fund is responsible for the payment of, interest expense, taxes, brokerage expenses, 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 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 and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds Independent Trustees).
4. Federal Income Taxes
At May 31, 2015 for the Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, as provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capitals gains, it is probable that capital gains so offset will not be distributed to shareholders.
Capital losses incurred after October 31 (post-October losses) within the taxable year are deemed to arise on the first business day of each Funds next taxable year. During the year ended May 31, 2015, the Funds incurred and elected to defer net capital losses as follows:
Post-October Loss on Capital |
||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
$ | 6,502 |
The tax character of current year distributions will be determined at the end of the fiscal year.
75
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
5. Investment Portfolio Transactions
For the six months ended November 30, 2015, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
$ | 303,129 | $ | 236,038 | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (1) |
3,282,946 | 722,092 | ||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (2) |
2,755,326 | 246,629 | ||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF (2) |
2,805,513 | 234,029 | ||||||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (2) |
2,716,257 | 159,719 | ||||||
Deutsche X-trackers MSCI Italy Hedged Equity ETF (2) |
2,855,199 | 254,336 | ||||||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (2) |
2,690,707 | 86,477 | ||||||
Deutsche X-trackers MSCI Spain Hedged Equity ETF (2) |
2,811,631 | 204,560 | ||||||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
395,169 | 287,555 |
For the six months ended November 30, 2015, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
Purchases | Sales | |||||||
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (1) |
$ | 10,503,207 | $ | | ||||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (2) |
1,071,179 | | ||||||
Deutsche X-trackers MSCI Australia Hedged Equity ETF (2) |
1,180,006 | |
(1) | For the period from June 24, 2015 (commencement of operations) to November 30, 2015. |
(2) | For the period from August 19, 2015 (commencement of operations) to November 30, 2015. |
6. Fund Share Transactions
As of November 30, 2015, there were unlimited Fund shares authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Funds underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
7. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2015, there was one affiliated shareholder account for each fund listed below holding a significant percentage of the shares outstanding:
Fund Name |
Approximate Percent of Outstanding Shares Held |
|||
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
80 | % | ||
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
67 | % | ||
Deutsche X-trackers MSCI Australia Hedged Equity ETF |
67 | % | ||
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
95 | % | ||
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
95 | % | ||
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
95 | % | ||
Deutsche X-trackers MSCI Spain Hedged Equity ETF |
95 | % | ||
Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
57 | % |
76
DBX ETF Trust
Board considerations in approval of investment advisory and
sub-advisory contracts (Unaudited)
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF and Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF
At a meeting held on February 19, 2015, the Board of Trustees (Board or Trustees), including the Independent Trustees (those not affiliated with DBX ETF Trust (the Trust) or its service providers), unanimously approved the Investment Advisory Agreement and the Investment Sub-Advisory Agreement with respect to Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF and Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (the Funds).
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 to be provided to the Funds and their shareholders; (2) DBX Advisors LLCs (DBX or Adviser) financial resources 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 to be provided by and the profits that could be realized by the Adviser from its relationship with the Funds; and (5) the extent to which economies of scale would be realized as the Funds grow, and if the Funds shareholders would benefit from those economies.
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 to be provided to the Funds and their shareholders; (2) the performance of TDAM USA Inc. (TDAM or Sub-Adviser) with respect to its management of other funds of the Trust, as well as TDAMs financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services to be provided by and the profits that could be realized by TDAM from its relationship with the Funds; and (4) the extent to which economies of scale would be realized as the Funds grow, and if the Funds shareholders would benefit from those economies.
The Board reached a determination, with the assistance of 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 consistent with the Boards 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 to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trusts service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds operation. The Board also considered the role to be played by the Adviser in working with TDAM to manage the Funds portfolio, noting that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds.
The Board evaluated these factors in consultation with Trust Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary
77
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
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 custodian. The Board further considered the compliance program of the Adviser which supports the Funds compliance program.
Advisers 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 Advisers financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Funds proposed advisory fee to that of other exchange-traded funds (ETFs), and noted that each Funds fee is competitive with the fees of its respective peer group. The Board noted that the proposed fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds costs. The Board also noted that the Funds portfolio would be managed on a day-to-day basis by the Sub-Adviser, which will receive a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee 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 be provided to the Funds, and the likelihood and level of profits in the early years of the Funds operations. The Board noted that since the Funds were new, it was difficult to estimate the profitability of the Funds to the Adviser at this time, and 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 noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
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 TDAM proposes to provide to the Funds, the Board reviewed in detail the nature, extent and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.
The Board also considered TDAMs operational capabilities and resources, and its experience in serving as investment sub-adviser to other funds, (including certain other index-based ETFs advised by the Adviser). The Board considered the professional experience and qualifications of TDAMs senior management and key professional personnel, as well as TDAMs depth and breadth of experience in managing investment portfolios consisting of U.S. and non-U.S. equity securities. The Board gave special consideration to TDAMs experience and capabilities in implementing currency hedging strategies, and their techniques for implementing such strategies while minimizing index tracking error. In addition, the Board considered TDAMs operational capabilities and resources, and TDAMs experience in managing index funds covering various asset classes. The Board noted that TDAM 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, TDAM closely monitors any such changes to devise strategies to realign its
78
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
portfolios at the lowest possible cost while tracking the respective benchmark index. The Board also noted TDAMs processes to minimize the cost of trading.
The Board evaluated these factors in consultation with Trust Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to TDAM, taking special consideration of the fact that the fees to be paid to TDAM are payable by the Adviser and not the Funds.
Performance of TDAM; TDAMs Financial Resources. The Board noted that the Funds have not commenced operations and have no performance history, but the Board considered TDAMs performance in managing other equity based portfolios of the Trust and its ability to minimize tracking error. The Board concluded that, given TDAMs capabilities and experience in managing other portfolios of the Trust, TDAM should be able to keep the Funds tracking error within acceptable ranges.
The Board also considered TDAMs financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that TDAM had the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.
Reasonableness of Sub-Advisory Fee. The Board noted that the fee to be paid to TDAM in respect of the Funds would be paid by the Adviser and not the Funds. The Board further noted that the proposed 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 TDAM. 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 noted that since the Funds were new, it was difficult to estimate the profitability of the Funds to the Sub-Adviser at this time, and further noted that the fees to be paid by the Adviser to TDAM under the Investment Sub-Advisory Agreement contain breakpoints. The Board 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 also considered whether TDAM would benefit in other ways from its relationship with the Funds. The Board discussed TDAMs practices regarding the selection and compensation of brokers and dealers that would execute portfolio transactions for the Funds and the brokers and dealers provision of brokerage services to TDAM. The Board discussed the possible potential benefits TDAM might derive from the Funds soft dollar arrangements, whereby brokers provide brokerage services to the Funds or TDAM in return for allocating fund brokerage.
Economies of Scale. The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.
79
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Australia Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF and Deutsche X-trackers MSCI Spain Hedged Equity ETF
At a meeting held on May 21, 2015, the Board of Trustees (Board or Trustees), including the Independent Trustees (those not
affiliated with DBX ETF Trust (the Trust) or its service providers), unanimously approved the Investment Advisory Agreement and the Investment Sub-Advisory Agreement with respect to Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity
ETF, Deutsche X-trackers MSCI Australia Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF and Deutsche
X-trackers MSCI Spain Hedged Equity ETF (the Funds).
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 to be provided to the Funds and their shareholders; (2) DBX Advisors LLCs (DBX or Adviser) financial resources 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 to be provided by and the profits that could be realized by the Adviser from its relationship with the Funds; and (5) the extent to which economies of scale would be realized as the Funds grow, and if the Funds shareholders would benefit from those economies.
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 to be provided to the Funds and their shareholders; (2) the performance of TDAM USA Inc. (TDAM or Sub-Adviser) with respect to its management of other funds of the Trust, as well as TDAMs financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services to be provided by and the profits that could be realized by TDAM from its relationship with the Funds; and (4) the extent to which economies of scale would be realized as the Funds grow, and if the Funds shareholders would benefit from those economies.
The Board reached a determination, with the assistance of K&L Gates LLP (Independent Trustees 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 consistent with the Boards 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 to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trusts service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds operation. The Board also considered the role to be played by the Adviser in working with TDAM to manage the Funds portfolio, noting that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal and regulatory requirements applicable to the Funds.
The Board evaluated these factors in consultation with Independent Trustees Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser,
80
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
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 custodian. The Board further considered the compliance program of the Adviser which supports the Funds compliance program.
Advisers 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 Advisers financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.
Reasonableness of Advisory Fee. The Board compared each Funds proposed advisory fee to that of other exchange-traded funds (ETFs), and noted that each Funds fee is competitive with the fees of its respective peer group. The Board noted that the proposed fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds costs. The Board also noted that the Funds portfolio would be managed on a day-to-day basis by the Sub-Adviser, which will receive a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee 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 be provided to the Funds, and the likelihood and level of profits in the early years of the Funds operations. The Board noted that since each Fund was new, it was difficult to estimate the profitability of each Fund to the Adviser at this time, and 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 also noted that the Adviser recently had provided extensive information about its current lack of profitability with respect to its management of other funds of the Trust. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds, and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.
Economies of Scale. The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.
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 TDAM proposes to provide to the Funds, the Board reviewed in detail the nature, extent and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.
The Board also considered TDAMs operational capabilities and resources, and its experience in serving as investment sub-adviser to other funds, (including certain other index-based ETFs advised by the Adviser). The Board considered the professional experience and qualifications of TDAMs senior management and key professional personnel, as well as TDAMs depth and breadth of experience in managing investment portfolios consisting of non-U.S. equity securities. The Board gave special consideration to TDAMs experience and capabilities in implementing currency hedging strategies, and their techniques for implementing such strategies while minimizing index tracking error. In addition, the Board considered TDAMs operational capabilities and resources, and TDAMs experience in managing index funds covering various asset classes.
81
DBX ETF Trust
Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)
The Board evaluated these factors in consultation with Independent Trustees Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to TDAM, taking special consideration of the fact that the fees to be paid to TDAM are payable by the Adviser and not the Funds.
Performance of TDAM; TDAMs Financial Resources. The Board noted that the Funds have not commenced operations and have no performance history, but the Board considered TDAMs performance in managing other currency-hedged equity based portfolios of the Trust and its ability to minimize tracking error. The Board concluded that, given TDAMs capabilities and experience in managing other portfolios of the Trust, TDAM should be able to keep the Funds tracking error within acceptable ranges.
The Board also considered TDAMs financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that TDAM had the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.
Reasonableness of Sub-Advisory Fee. The Board noted that the fee to be paid to TDAM in respect of the Funds would be paid by the Adviser and not the Funds. The Board further noted that the proposed 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 TDAM. 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 noted that since the Funds were new, it was difficult to estimate the profitability of the Funds to the Sub-Adviser at this time, and further noted that the fees to be paid by the Adviser to TDAM under the Investment Sub-Advisory Agreement contain breakpoints. The Board further noted that specific information about TDAMs profitability with respect to its services provided to the Funds was not available because TDAM does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also noted that the overall fees paid by each Fund remained reasonable.
The Board also considered whether TDAM would benefit in other ways from its relationship with the Funds. The Board discussed TDAMs practices regarding the selection and compensation of brokers and dealers that would execute portfolio transactions for the Funds and the brokers and dealers provision of brokerage services to TDAM. The Board discussed the possible potential benefits TDAM might derive from the Funds soft dollar arrangements, whereby brokers provide brokerage services to the Funds or TDAM in return for allocating fund brokerage.
Economies of Scale. The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.
Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.
82
DBX ETF Trust
Additional information (Unaudited)
Proxy Voting Policies and Procedures
The Funds policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site www.deutsche-etfs.com (click on proxy voting at the bottom of the page) or on the SECs 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 SECs website at www.sec.gov and are available by calling the Company at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SECs 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 SECs Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Funds portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
83
DBX ETF Trust
Privacy policy notice (Unaudited)
DBX Advisors LLC (Advisors) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.
Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.deutsche-etfs.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.
84
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Funds investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Funds prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market 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 countrys debt, and sellers of credit default swaps linked to that countrys creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. Companies in the infrastructure, transportation, energy and utility industries may be affected by a variety of factors, including, but not limited to, high interest costs, energy prices, high degrees of leverage, environmental and other government regulations, the level of government spending on infrastructure projects, intense competition and other factors. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. The Funds use of forward currency contracts may not be successful in hedging currency exchange rates 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 potential risk. Performance of the Funds may diverge from that of the underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the
New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
MSCI is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.
JPX-Nikkei 400 Currency Hedged Index and JPX-Nikkei Index 400 are servicemarks of Nikkei Inc. and the Tokyo Stock Exchange, Inc. (the Index Vendor) and has been licensed for use by Deutsche Bank AG. The corresponding funds are not sponsored, endorsed, issued, sold or promoted by the Index Vendor nor does the Index Vendor make any representation regarding the advisability of investing in the funds.
S&P® is a registered trademark of Standard & Poors Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. These trademarks have been licensed to S&P Dow Jones Indices LLC and sublicensed to DBRE and DBIF. The Indexes are products of S&PDow Jones Indices LLC, and have been licensed for use by the funds. The funds are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Standard & Poors Financial Services LLC, Dow Jones Trademark Holdings LLC, or their respective affiliates, or third party licensors, and none of such parties make any representation regarding the advisability of investing in the funds.
Deutsche Asset & Wealth Management is the brand name for the asset and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.
Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 |
Investment sub-advisor TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 |
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-040498-1 (1/16) DBX 001741 (1/17)
Item 2. |
Code of Ethics. |
Not applicable.
Item 3. |
Audit Committee Financial Expert. |
Not applicable.
Item 4. |
Principal Accountant Fees and Services. |
Not applicable.
Item 5. |
Audit Committee of Listed Registrants. |
Not applicable.
Item 6. |
Investments. |
(a) |
Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) |
Not applicable. |
Item 7. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. |
Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrants Board of Trustees.
Item 11. Controls and Procedures.
(a) |
The Chief Executive and Financial Officers concluded that the Registrants 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 registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal controls over financial reporting. |
Item 12. Exhibits.
(a)(1) |
Not applicable. |
(a)(2) |
Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) |
Not applicable. |
(b) |
Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) DBX ETF Trust |
By (Signature and Title)* /s/ Alex Depetris | ||||
Alex Depetris | ||||
President and Chief Executive Officer |
Date 2/8/16 |
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/ Alex Depetris | ||||
Alex Depetris | ||||
President and Chief Executive Officer |
Date 2/8/16 |
By (Signature and Title)* /s/ Michael Gilligan | ||||
Michael Gilligan | ||||
Treasurer, Chief Financial Officer and Controller |
Date 2/8/16 |
* |
Print the name and title of each signing officer under his or her signature. |
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I, Alex Depetris, certify that:
1. |
I have reviewed this report on Form N-CSR of DBX ETF Trust; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. |
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) |
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) |
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. |
The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: 2/8/16 |
/s/ Alex Depetris | |||||
Alex Depetris | ||||||
President and Chief Executive Officer |
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the
Sarbanes-Oxley Act
I, Michael Gilligan, certify that:
1. |
I have reviewed this report on Form N-CSR of DBX ETF Trust; |
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. |
The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) |
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) |
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. |
The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: 2/8/16 |
/s/ Michael Gilligan | |||||
Michael Gilligan | ||||||
Treasurer, Chief Financial Officer and Controller |
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the
Sarbanes-Oxley Act
President
Section 906 Certification under Sarbanes Oxley Act
I, Alex Depetris, certify that:
1. |
I have reviewed this report, filed on behalf of DBX ETF Trust, on Form N-CSRS; |
2. |
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the Report) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. |
Date: 2/8/16 |
/s/ Alex Depetris | |||||||
Alex Depetris | ||||||||
President and Chief Executive Officer |
Chief Financial Officer and Controller
Section 906 Certification under Sarbanes Oxley Act
I, Michael Gilligan, certify that:
1. |
I have reviewed this report, filed on behalf of DBX ETF Trust, on Form N-CSRS; |
2. |
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the Report) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. |
Date: 2/8/16 |
/s/ Michael Gilligan | |||||||
Michael Gilligan | ||||||||
Treasurer, Chief Financial Officer and Controller |
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