UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22487
DBX ETF Trust
(Exact name of registrant as specified in charter)
345 Park Avenue
New York, New York 10154
(Address of principal executive offices) (Zip code)
Freddi Klassen
DBX ETF Trust
345 Park Avenue
New York, New York 10154
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 250-4352
Date of fiscal year end: May 31
Date of reporting period: November 30, 2016
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
November 30, 2016
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
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| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
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To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for 11 of our currency-hedged equity ETFs for the period ended November 30, 2016.
The world economy overcame a series of political risks and setbacks to post resilient growth figures. Britain’s decision to exit the Eurozone (“Brexit”) and the surprise U.S. election result during the reporting period challenged the global economic outlook. Major central banks across the world responded to these political shocks by loosening monetary policies. Global markets recovered after each of these political events. Monetary policy by major central banks were relatively unchanged through the reporting period, with increased expectations of a Federal Reserve Board (FRB) rate hike in December. Fueled by robust investment spending, the US economy registered healthy growth and a low unemployment rate. The Fed’s hawkish stance contrasted with the looser monetary policies of the rest of the developed world, leading to a strengthening of the US dollar. As for emerging markets, a moderate recovery in commodity prices helped improve current account deficits. China too avoided a hard landing, aided by fiscal stimulus.
Eurozone economies showed signs of a revival, as loose monetary policies helped the continent overcome ‘Brexit’. In addition to introducing a negative interest rate, the European Central Bank (ECB) renewed its commitment to its asset purchasing program. The ECB’s support maintained downward pressure on European sovereign yields. The resultant easing in credit conditions stimulated business and consumer confidence. Consequently, manufacturing activity rose across Europe. Germany posted a low unemployment rate, as industrial growth and residential construction boosted demand. In France, both the manufacturing and services sector aided output. Structural reforms in Spain and Greece helped growth, and a weaker EUR supported the continent’s exports. However, improvement in the real economy struggled to translate into gains for European equities. A persistent weakness in the region’s banking sector and Italy’s economic challenges affected European equities. The UK mitigated the immediate effects of ‘Brexit’ by restarting its quantitative easing program even as the sterling weakened.
In Asia, Japan’s economy posted growth during the reporting period. While weak consumption figures hurt Japan, a progressive weakening of the Japanese Yen helped the country improve exports. Japan’s unorthodox policies, such as negative interest rates and asset purchases, got yet another addition — yield-curve targeting. Bank of Japan committed to keep the yield on its 10-year government bonds at zero to reinvigorate the economy. China’s economy, on the other hand, dispelled notions of a slump, with generous infrastructure spending and a booming property sector. The resource-rich Australian economy, however, came under strain, as investment in the mining industry slowed and job losses mounted. The Reserve Bank of Australia cut interest rates to a record low to stimulate demand in the broader economy.
The world economy remained on a moderate growth path, given the challenging macroeconomic backdrop and political uncertainties. While Japanese and the US equities were supported by expectations of a weaker currency and reflationary policies, respectively, European equities could face headwinds from political challenges. As the FRB is expected to lift rates at a cautious pace, the outlook for the USD is strong. In the current market environment, hedging currency exposure plays a significant role in managing investments in international equities.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
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 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 US dollar and selected non-US currencies. 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 Fund’s 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 US dollar and selected non-US currencies. 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 Fund’s investment portfolio see page 39.
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 US dollar and Brazilian real. 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 Fund’s investment portfolio see page 48.
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 US 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 percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 50.
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 US dollar and selected non-US currencies. 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 Fund’s investment portfolio see page 63.
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”). The Underlying Index is designed to provide exposure to equities in countries in the EMU, or the “Eurozone,” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating exposure to fluctuations between the value of the US dollar and the euro. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 73.
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 Germany’s equity markets, while at the same time mitigating exposure to fluctuations between the value of the US dollar and euro. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 82.
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 US dollar and Japanese yen. 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 Fund’s investment portfolio see page 85.
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 US dollar and Mexican peso. 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 Fund’s investment portfolio see page 91.
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 US dollar and the South Korean won. 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 Fund’s investment portfolio see page 94.
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 US dollar and British pound sterling. 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 Fund’s investment portfolio see page 97.
12
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. 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, 2016 to November 30, 2016).
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, 2016 |
Ending Account Value November 30, 2016 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
| Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,048.80 | 0.40 | % | $ | 2.05 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.06 | 0.40 | % | $ | 2.03 | ||||||||
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,063.00 | 0.60 | % | $ | 3.10 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.06 | 0.60 | % | $ | 3.04 | ||||||||
| Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,204.40 | 0.60 | % | $ | 3.32 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.06 | 0.60 | % | $ | 3.04 | ||||||||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,051.50 | 0.65 | % | $ | 3.34 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
| Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,034.60 | 0.45 | % | $ | 2.30 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
13
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
| Beginning Account Value June 1, 2016 |
Ending Account Value November 30, 2016 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,014.40 | 0.45 | % | $ | 2.27 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,036.60 | 0.45 | % | $ | 2.30 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,065.90 | 0.45 | % | $ | 2.33 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 982.20 | 0.50 | % | $ | 2.48 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.56 | 0.50 | % | $ | 2.54 | ||||||||
| Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,043.00 | 0.58 | % | $ | 2.97 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.16 | 0.58 | % | $ | 2.94 | ||||||||
| Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,103.90 | 0.45 | % | $ | 2.37 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
14
DBX ETF Trust
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
November 30, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $70,960,557. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $4,544,840. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,247,609 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,792,449. |
| (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, 2016 amounted to $810,257, which is 1.2% of net assets. |
| (b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (d) | Securities are domiciled in the United States and trade on a non-US securities exchange. |
| (e) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (f) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| ADR: | American Depositary Receipt |
| CDI: | Chess Depositary Interest |
| CPO: | Ordinary Participation Certificates |
| GDR: | Global Depositary Receipt |
| NVDR: | Non Voting Depositary Receipt |
| OJSC: | Open Joint Stock Company |
| PJSC: | Private Joint Stock Company |
| REIT: | Real Estate Investment Trust |
| RSP: | Risparmio (Convertible Savings Shares) |
| SDR: | Swedish Depositary Receipt |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2016, open futures contracts purchased were as follows:
| Contract Description |
Currency | Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
| E-mini MSCI Emerging Markets Index Futures |
USD | 1 | $ | 43,150 | 12/16/2016 | $ | 750 | |||||||||||||
| E-mini MSCI EAFE Index |
USD | 2 | 163,510 | 12/16/2016 | 180 | |||||||||||||||
| SGX NIFTY 50 Futures |
USD | 50 | 824,000 | 12/29/2016 | (1,905 | ) | ||||||||||||||
|
|
|
|
|
|||||||||||||||||
| $ | 1,030,660 | $ | (975 | ) | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| 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, 2016 (Unaudited)
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | AUD | 2,470,607 | USD | 1,878,099 | $ | 53,929 | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 81,900 | USD | 62,644 | 2,174 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 103,800 | USD | 78,914 | 2,273 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 448,300 | USD | 340,820 | 9,818 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 1,794,600 | USD | 1,364,345 | 39,304 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 18,000 | USD | 13,674 | 383 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | BRL | 651,530 | USD | 203,629 | 11,279 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | BRL | 2,494,994 | USD | 780,661 | 44,071 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | BRL | 179,300 | USD | 55,051 | 2,116 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | BRL | 805,000 | USD | 250,451 | 12,793 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | BRL | 407,000 | USD | 126,626 | 6,468 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | CAD | 95,000 | USD | 70,898 | 172 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | CAD | 84,200 | USD | 62,836 | 151 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CAD | 3,806,688 | USD | 2,840,664 | 6,658 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CAD | 106,500 | USD | 79,510 | 223 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CAD | 1,972,200 | USD | 1,471,714 | 3,449 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CAD | 154,000 | USD | 114,919 | 269 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CAD | 88,000 | USD | 65,668 | 154 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | CHF | 22,300 | USD | 22,586 | 643 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 2,527,696 | USD | 2,559,978 | 72,763 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 20,000 | USD | 20,245 | 566 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 57,700 | USD | 59,036 | 2,260 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 98,800 | USD | 100,062 | 2,844 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 1,687,774 | USD | 1,709,329 | 48,585 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | CLP | 95,944,000 | USD | 146,816 | 4,938 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CLP | 54,777,280 | USD | 84,143 | 3,141 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CLP | 9,169,000 | USD | 14,084 | 526 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CLP | 4,126,000 | USD | 6,338 | 237 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | COP | 124,064,000 | USD | 41,091 | 781 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | COP | 36,438,780 | USD | 12,102 | 263 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | COP | 4,457,000 | USD | 1,480 | 32 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | CZK | 228,900 | USD | 9,294 | 320 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CZK | 393,000 | USD | 15,966 | 558 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CZK | 131,900 | USD | 5,359 | 187 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CZK | 68,000 | USD | 2,782 | 116 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CZK | 23,100 | USD | 938 | 33 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | DKK | 125,000 | USD | 18,444 | 633 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | DKK | 30,600 | USD | 4,549 | 189 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | DKK | 4,058,000 | USD | 598,720 | 20,508 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | DKK | 184,000 | USD | 27,147 | 930 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | DKK | 1,596,800 | USD | 235,593 | 8,070 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | EUR | 147,118 | USD | 155,545 | (426 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | EUR | 83,400 | USD | 91,545 | 3,126 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 4,949,359 | USD | 5,432,020 | 184,838 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 367,500 | USD | 403,339 | 13,725 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 446,000 | USD | 492,991 | 20,153 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 7,412,965 | USD | 8,135,877 | 276,843 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 442,000 | USD | 485,104 | 16,507 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 41,000 | USD | 45,047 | 1,580 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | GBP | 3,651,136 | USD | 4,460,191 | (108,955 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 167,700 | USD | 205,528 | (4,337 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 3,501,353 | USD | 4,277,043 | (104,661 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 38,000 | USD | 46,502 | (1,053 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 84,000 | USD | 102,609 | (2,511 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 51,300 | USD | 62,665 | (1,533 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | HKD | 22,141,796 | USD | 2,855,462 | 760 | ||||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | HKD | 6,008,500 | USD | 774,920 | $ | 255 | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 475,800 | USD | 61,367 | 23 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 1,020,000 | USD | 131,544 | 38 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 12,068,600 | USD | 1,556,427 | 444 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | HUF | 9,318,500 | USD | 33,153 | 1,579 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HUF | 583,500 | USD | 2,076 | 99 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HUF | 4,138,100 | USD | 14,723 | 701 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HUF | 7,998,300 | USD | 28,456 | 1,355 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | IDR | 2,917,359,000 | USD | 222,394 | 7,291 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | IDR | 3,369,860,500 | USD | 256,497 | 8,031 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | IDR | 137,191,500 | USD | 10,442 | 327 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | ILS | 686,798 | USD | 178,965 | (317 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ILS | 34,700 | USD | 9,040 | (18 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ILS | 206,500 | USD | 53,864 | (41 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ILS | 491,000 | USD | 127,917 | (254 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | INR | 23,679,246 | USD | 353,037 | 7,269 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | INR | 1,292,500 | USD | 19,311 | 438 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | INR | 28,200,731 | USD | 421,347 | 9,555 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | INR | 1,518,000 | USD | 22,680 | 514 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | JPY | 700,391,722 | USD | 6,671,725 | 547,593 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | JPY | 8,427,000 | USD | 80,270 | 6,586 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 43,700,400 | USD | 423,667 | 41,556 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 390,182,173 | USD | 3,716,355 | 304,654 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 35,788,000 | USD | 340,869 | 27,943 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 24,861,600 | USD | 236,798 | 19,412 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 3,805,000 | USD | 36,310 | 3,039 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 65,850,100 | USD | 627,200 | 51,416 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | KRW | 1,553,631,000 | USD | 1,354,635 | 25,676 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | KRW | 68,934,500 | USD | 60,047 | 1,082 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | KRW | 1,222,960,011 | USD | 1,065,296 | 19,190 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | MXN | 5,615,493 | USD | 297,466 | 24,722 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | MXN | 184,300 | USD | 9,763 | 812 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MXN | 82,000 | USD | 4,344 | 361 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MXN | 7,033,800 | USD | 372,623 | 30,992 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MXN | 594,100 | USD | 31,473 | 2,618 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MXN | 215,000 | USD | 11,109 | 666 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | MYR | 1,419,000 | USD | 337,295 | 19,626 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MYR | 59,000 | USD | 14,054 | 846 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MYR | 609,423 | USD | 145,170 | 8,739 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | NOK | 1,468,000 | USD | 177,915 | 5,481 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | NOK | 308,300 | USD | 37,364 | 1,150 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 60,500 | USD | 7,332 | 225 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 79,500 | USD | 9,685 | 347 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 77,000 | USD | 9,331 | 287 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 296,100 | USD | 35,884 | 1,103 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 755,700 | USD | 91,582 | 2,816 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | NZD | 49,016 | USD | 35,020 | 312 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 1,500 | USD | 1,072 | 10 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 179,300 | USD | 128,103 | 1,145 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 22,900 | USD | 16,361 | 146 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | PHP | 5,613,000 | USD | 115,601 | 2,743 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | PHP | 303,500 | USD | 6,244 | 141 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | PHP | 8,807,500 | USD | 181,187 | 4,099 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | PLN | 700,192 | USD | 177,761 | 11,174 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | PLN | 12,000 | USD | 3,046 | 191 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | PLN | 13,000 | USD | 3,335 | 242 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | PLN | 6,100 | USD | 1,455 | 4 | ||||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | PLN | 4,900 | USD | 1,244 | $ | 78 | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | RUB | 6,778,000 | USD | 106,189 | 634 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | RUB | 8,389,516 | USD | 130,984 | 333 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | RUB | 1,330,000 | USD | 20,765 | 53 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | SEK | 6,362,000 | USD | 706,198 | 16,137 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | SEK | 388,700 | USD | 43,146 | 985 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 4,372,600 | USD | 485,340 | 11,061 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 271,000 | USD | 30,080 | 686 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 149,000 | USD | 16,538 | 377 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 283,000 | USD | 31,668 | 972 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | SGD | 506,407 | USD | 363,853 | 10,546 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 99,100 | USD | 71,220 | 2,080 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 200,200 | USD | 143,877 | 4,202 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 11,000 | USD | 7,947 | 273 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 18,200 | USD | 13,080 | 382 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | TRY | 287,346 | USD | 92,127 | 8,592 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TRY | 292,000 | USD | 93,644 | 8,756 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TRY | 23,000 | USD | 7,376 | 690 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TRY | 45,700 | USD | 14,656 | 1,370 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | TWD | 22,001,297 | USD | 696,266 | 5,870 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TWD | 42,409,150 | USD | 1,342,062 | 11,272 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TWD | 1,310,500 | USD | 41,472 | 348 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TWD | 244,000 | USD | 7,722 | 65 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 1,822,846 | AUD | 2,470,607 | 1,324 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 191,824 | BRL | 651,530 | 526 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 70,640 | CAD | 95,000 | 85 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 142,598 | CLP | 95,944,000 | (720 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 40,373 | COP | 124,064,000 | (64 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 8,947 | CZK | 228,900 | 28 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 161,462 | EUR | 147,118 | (5,492 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 4,557,903 | GBP | 3,651,136 | 11,244 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 2,854,836 | HKD | 22,141,796 | (134 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 31,475 | HUF | 9,318,500 | 100 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 214,986 | IDR | 2,917,359,000 | 117 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 178,926 | ILS | 686,798 | 356 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 345,264 | INR | 23,679,246 | 504 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 6,134,317 | JPY | 700,391,722 | (10,184 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 1,318,984 | KRW | 1,553,631,000 | 9,975 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 273,915 | MXN | 5,615,493 | (1,171 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 318,233 | MYR | 1,419,000 | (564 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 171,980 | NOK | 1,468,000 | 453 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 34,666 | NZD | 49,016 | 41 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 112,718 | PHP | 5,613,000 | 140 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 166,284 | PLN | 700,192 | 302 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 105,093 | RUB | 6,778,000 | 461 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 687,733 | SEK | 6,362,000 | 2,329 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 352,890 | SGD | 506,407 | 417 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 83,437 | TRY | 287,346 | 98 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 689,480 | TWD | 22,001,297 | 916 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 115,259 | ZAR | 1,624,732 | 31 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 736,312 | BRL | 2,494,994 | 279 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 62,650 | CAD | 84,200 | 35 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 21,892 | CHF | 22,300 | 51 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 17,789 | DKK | 125,000 | 22 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 88,304 | EUR | 83,400 | 114 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 774,631 | HKD | 6,008,500 | 35 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 73,754 | JPY | 8,426,999 | (70 | ) | |||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 8,979 | MXN | 184,300 | $ | (28 | ) | ||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 36,133 | NOK | 308,300 | 80 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 42,008 | SEK | 388,700 | 153 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 743,215 | ZAR | 10,458,740 | (1,072 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,518,293 | AUD | 2,055,100 | (912 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 181,189 | AUD | 237,000 | (6,200 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 108,716 | AUD | 143,000 | (3,132 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 8,823 | AUD | 11,500 | (332 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 64,642 | BRL | 210,894 | (2,380 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 281,820 | BRL | 956,780 | 647 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 69,574 | BRL | 223,626 | (3,554 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 11,930 | CAD | 16,000 | (18 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 31,686 | CAD | 42,400 | (121 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 4,279,530 | CAD | 5,753,988 | 4,203 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 235,224 | CAD | 315,000 | (712 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,977,654 | CHF | 4,051,171 | 8,637 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 120,520 | CHF | 119,000 | (3,426 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 220,113 | CHF | 214,000 | (9,540 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 8,009 | CHF | 7,800 | (334 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 88,583 | CLP | 59,882,280 | (32 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 12,590 | CLP | 8,190,000 | (479 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,758 | COP | 8,494,000 | 2 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 10,517 | COP | 32,401,780 | 11 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,933 | CZK | 47,000 | (90 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 22,308 | CZK | 569,000 | 1 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 45,976 | DKK | 308,000 | (2,090 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 751,629 | DKK | 5,271,400 | (522 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 42,787 | DKK | 290,000 | (1,466 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,115 | EUR | 1,000 | (55 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 13,679,417 | EUR | 12,894,082 | (9,444 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 4,997 | EUR | 4,500 | (226 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,546 | EUR | 3,200 | (154 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 100,000 | EUR | 90,041 | (4,540 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 739,646 | EUR | 666,000 | (33,570 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,970,143 | GBP | 3,177,453 | 6,222 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 432,851 | GBP | 352,000 | 7,653 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 366,462 | GBP | 300,000 | 8,967 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 14,389 | GBP | 11,700 | 252 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,503 | GBP | 1,200 | (1 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,273,839 | HKD | 9,880,600 | 50 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 10,988 | HKD | 85,200 | (3 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 31,029 | HKD | 240,600 | (9 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 258,449 | HKD | 2,004,000 | (77 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 174,619 | HKD | 1,354,000 | (50 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 4,398 | HUF | 1,221,000 | (261 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 38,953 | HUF | 11,498,900 | 10 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 24,527 | IDR | 321,058,000 | (855 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 11,506 | IDR | 151,164,000 | (360 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 224,802 | IDR | 3,034,830,000 | (1,038 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 12,245 | ILS | 47,000 | 24 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 443 | ILS | 1,700 | 1 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 161,256 | ILS | 614,500 | (848 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 18,104 | ILS | 69,000 | (92 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 35,676 | INR | 2,390,000 | (776 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 416,915 | INR | 28,621,231 | 1,016 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 555,160 | JPY | 57,341,000 | (53,778 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 4,367,443 | JPY | 497,595,871 | (16,531 | ) | |||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 37,648 | JPY | 3,876,200 | $ | (3,755 | ) | ||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 51,457 | JPY | 5,374,200 | (4,466 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 38,943 | KRW | 44,706,000 | (702 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 933,973 | KRW | 1,099,286,511 | 6,344 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 129,195 | KRW | 147,902,000 | (2,681 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 353,654 | MXN | 7,239,900 | (2,012 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 35,237 | MXN | 685,000 | (1,967 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 6,908 | MYR | 29,000 | (416 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 115,432 | MYR | 517,423 | 403 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 29,180 | MYR | 122,000 | (1,868 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 131,540 | NOK | 1,119,800 | (7 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 18,187 | NOK | 149,000 | (686 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 5,565 | NZD | 7,600 | (184 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 8,732 | NZD | 12,000 | (235 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 122,679 | NZD | 173,100 | (111 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 7,859 | NZD | 11,000 | (70 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 14,708 | PHP | 711,000 | (413 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 12,302 | PHP | 598,000 | (278 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 156,982 | PHP | 7,802,000 | (111 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 9,237 | PLN | 36,000 | (672 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 25,843 | RUB | 1,652,000 | (116 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 125,957 | RUB | 8,067,516 | (320 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 64,695 | SEK | 578,000 | (2,002 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 486,067 | SEK | 4,486,800 | 599 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,208 | SEK | 10,800 | (37 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 32,523 | SGD | 45,000 | (1,127 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 17,248 | SGD | 24,000 | (504 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 181,161 | SGD | 259,500 | (115 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 95,493 | TRY | 327,700 | (226 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 10,518 | TRY | 33,000 | (924 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 104,633 | TWD | 3,295,000 | (1,237 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,276,881 | TWD | 40,668,650 | (708 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 221,535 | ZAR | 3,107,300 | (1,043 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 4,678 | ZAR | 63,500 | (172 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 57,986 | ZAR | 786,000 | (2,212 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 66,086 | ZAR | 897,000 | (2,436 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | ZAR | 1,624,732 | USD | 119,711 | 4,421 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | ZAR | 10,458,740 | USD | 770,754 | 28,611 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 3,689,100 | USD | 271,794 | 10,018 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 394,000 | USD | 29,044 | 1,086 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 770,700 | USD | 56,882 | 2,194 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | AED | 476,800 | USD | 129,742 | (74 | ) | |||||||||||
| The Bank of Nova Scotia |
12/6/2016 | AED | 12,700 | USD | 3,456 | (2 | ) | |||||||||||
| The Bank of Nova Scotia |
12/6/2016 | AED | 8,000 | USD | 2,177 | (1 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/6/2016 | EGP | 343,000 | USD | 31,041 | 11,867 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | EGP | 93,000 | USD | 8,900 | 3,701 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | QAR | 380,100 | USD | 104,194 | (180 | ) | |||||||||||
| The Bank of Nova Scotia |
12/6/2016 | THB | 10,506,931 | USD | 299,774 | 5,306 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | THB | 293,000 | USD | 8,360 | 148 | ||||||||||||
| JP Morgan & Chase Co. |
12/6/2016 | USD | 19,324 | EGP | 343,000 | (150 | ) | |||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 120,490 | AED | 442,500 | (13 | ) | |||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 8,707 | AED | 32,000 | 5 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 6,262 | AED | 23,000 | 0 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 5,138 | EGP | 93,000 | 61 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 5,076 | QAR | 18,488 | 0 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 99,358 | QAR | 361,612 | (60 | ) | |||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 17,682 | THB | 618,000 | (362 | ) | |||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 285,407 | THB | 10,181,931 | $ | (47 | ) | ||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | AED | 486,000 | USD | 132,284 | (18 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | AUD | 4,771,000 | USD | 3,517,434 | (2,368 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | BRL | 3,840,000 | USD | 1,119,207 | (3,779 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | CAD | 6,376,000 | USD | 4,744,754 | (3,852 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | CHF | 4,050,000 | USD | 3,982,693 | (12,188 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | CLP | 130,815,000 | USD | 193,619 | 638 | ||||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | COP | 229,373,000 | USD | 73,920 | (165 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | CZK | 972,000 | USD | 38,052 | (206 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | DKK | 5,501,000 | USD | 781,758 | (3,514 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | EUR | 12,988,000 | USD | 13,756,903 | (37,641 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | GBP | 6,705,000 | USD | 8,379,252 | (20,247 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | HKD | 39,630,000 | USD | 5,110,425 | (102 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | HUF | 18,142,000 | USD | 61,315 | (218 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | IDR | 5,699,849,000 | USD | 416,808 | (1,504 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | ILS | 542,000 | USD | 141,264 | (333 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | KRW | 2,712,340,000 | USD | 2,302,496 | (17,529 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | MXN | 11,593,000 | USD | 562,606 | 1,714 | ||||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | MYR | 2,031,000 | USD | 451,434 | (2,689 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | NOK | 2,943,000 | USD | 344,969 | (783 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | PHP | 13,653,000 | USD | 272,515 | (1,825 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | PLN | 653,000 | USD | 155,291 | (5 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | QAR | 470,000 | USD | 129,057 | 101 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SEK | 11,592,000 | USD | 1,258,400 | (1,610 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SGD | 922,000 | USD | 643,646 | 356 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | THB | 8,826,000 | USD | 247,192 | (115 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | TRY | 656,000 | USD | 191,162 | 1,848 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | TWD | 62,875,000 | USD | 1,964,844 | (10,221 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | ZAR | 14,474,000 | USD | 1,025,198 | 4,836 | ||||||||||||||||||
| The Bank of New York Mellon |
1/6/2017 | JPY | 1,289,623,000 | USD | 11,309,804 | 10,629 | ||||||||||||||||||
| The Bank of New York Mellon |
1/6/2017 | NZD | 183,000 | USD | 129,244 | (191 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/10/2017 | RUB | 6,424,000 | USD | 98,983 | (196 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 1,780,349 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
| See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (g) |
$ | 64,518,602 | $ | — | $ | 0 | $ | 64,518,602 | ||||||||
| Preferred Stocks (g) |
865,872 | — | — | 865,872 | ||||||||||||
| Rights (g) |
810 | — | — | 810 | ||||||||||||
| Short-Term Investments |
1,030,433 | — | — | 1,030,433 | ||||||||||||
| Derivatives (h) |
||||||||||||||||
| Futures Contracts |
930 | — | — | 930 | ||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 2,337,963 | — | 2,337,963 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 66,416,647 | $ | 2,337,963 | $ | 0 | $ | 68,754,610 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (h) |
||||||||||||||||
| Futures Contracts |
$ | (1,905 | ) | $ | — | $ | — | $ | (1,905 | ) | ||||||
| Forward Foreign Currency Exchange Contracts |
— | (557,614 | ) | — | (557,614 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | (1,905 | ) | $ | (557,614 | ) | $ | — | $ | (559,519 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| (g) | See Schedule of Investments for additional detailed categorizations. |
| (h) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)
November 30, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $4,919,811. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $240,705. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $413,750 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $654,455. |
| (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, 2016 amounted to $37,301, which is 0.8% of net assets. |
| (b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (c) | Security is listed in country of domicile. Significant business activities of company are in Australia, New Zealand and the United States. |
| (d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| ADR: | American Depositary Receipt |
| CDI: | Chess Depositary Interest |
| 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. |
At November 30, 2016, open future contract purchased was as follows:
| Contract Description |
Currency | Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
|||||||||||
| SGX NIFTY 50 Futures |
USD | 2 | $ | 32,960 | 12/29/2016 | $ | (90 | ) | ||||||||
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | AUD | 1,148,490 | USD | 873,056 | $ | 25,069 | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | AUD | 165,800 | USD | 126,037 | 3,619 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 52,100 | USD | 38,491 | 23 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | HKD | 9,252,225 | USD | 1,193,190 | 317 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | HKD | 2,315,500 | USD | 298,613 | 80 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | HKD | 15,037 | USD | 1,939 | 0 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 594,700 | USD | 76,671 | (3 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 50,600 | USD | 6,526 | 2 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | IDR | 2,543,408,000 | USD | 193,887 | 6,356 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | INR | 26,396,698 | USD | 393,552 | 8,103 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | INR | 602,910 | USD | 9,000 | 196 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | KRW | 1,255,371,380 | USD | 1,094,578 | 20,747 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | KRW | 7,860,000 | USD | 6,678 | (45 | ) | |||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | MYR | 1,185,000 | USD | 281,673 | $ | 16,390 | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | NZD | 45,432 | USD | 32,459 | 290 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | NZD | 6,000 | USD | 4,287 | 38 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 7,200 | USD | 5,144 | 46 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | PHP | 5,459,000 | USD | 112,429 | 2,668 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | SGD | 18,400 | USD | 13,220 | 383 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | SGD | 217,679 | USD | 156,403 | 4,533 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 3,100 | USD | 2,164 | 1 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | TWD | 22,008,143 | USD | 696,482 | 5,872 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TWD | 157,590 | USD | 5,000 | 55 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TWD | 386,160 | USD | 12,220 | 103 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 969,700 | AUD | 1,314,290 | 704 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 1,491,476 | HKD | 11,567,725 | (70 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 59,752 | IDR | 783,821,417 | (1,959 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 129,667 | IDR | 1,759,586,583 | 71 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 231,511 | INR | 15,877,699 | 338 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 156,829 | INR | 10,518,999 | (3,229 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 648,499 | KRW | 763,866,589 | 4,904 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 428,551 | KRW | 491,504,791 | (8,123 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 151,641 | MYR | 637,954 | (8,824 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 122,464 | MYR | 547,046 | 2 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 36,374 | NZD | 51,432 | 43 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 26,319 | PHP | 1,277,933 | (625 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 83,962 | PHP | 4,181,067 | 104 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 164,512 | SGD | 236,079 | 195 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 547,744 | TWD | 17,478,508 | 728 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 143,347 | TWD | 4,529,635 | (1,208 | ) | |||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 1,939 | HKD | 15,037 | (1 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 24,328 | AUD | 32,000 | (701 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 15,281 | AUD | 20,100 | (440 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 44,880 | HKD | 348,000 | (13 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 35,659 | HKD | 276,500 | (10 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,683 | HKD | 20,800 | (1 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 8,782 | INR | 602,910 | 21 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 6,847 | KRW | 7,860,000 | (123 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 5,103 | NZD | 7,200 | (5 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,228 | SGD | 3,100 | (65 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 17,072 | TWD | 543,750 | (9 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | THB | 2,846,827 | USD | 81,223 | 1,438 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 79,799 | THB | 2,846,827 | (13 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | AUD | 1,305,000 | USD | 962,385 | (378 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | HKD | 10,535,000 | USD | 1,358,381 | (170 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | IDR | 1,444,285,000 | USD | 105,422 | (574 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | KRW | 723,801,000 | USD | 614,302 | (4,808 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | MYR | 483,000 | USD | 107,131 | (866 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | PHP | 2,575,000 | USD | 51,397 | (344 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SGD | 235,000 | USD | 164,053 | 91 | ||||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | THB | 3,474,000 | USD | 97,229 | (113 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | TWD | 16,925,000 | USD | 528,906 | (2,751 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | NZD | 35,000 | USD | 24,778 | 23 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 68,082 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| 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, 2016 (Unaudited)
Currency Abbreviations
| AUD | Australian Dollar |
| HKD | Hong Kong Dollar |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| KRW | South Korean Won |
| MYR | Malaysian Ringgit |
| NZD | New Zealand Dollar |
| PHP | Phillippine Peso |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TWD | New Taiwan Dollar |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (f) |
$ | 4,607,431 | $ | — | $ | 0 | $ | 4,607,431 | ||||||||
| Rights (f) |
72 | — | — | 72 | ||||||||||||
| Preferred Stocks |
31,738 | — | — | 31,738 | ||||||||||||
| Short-Term Investments |
39,865 | — | — | 39,865 | ||||||||||||
| Derivatives (g) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 103,553 | — | 103,553 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 4,679,106 | $ | 103,553 | $ | 0 | $ | 4,782,659 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (g) |
||||||||||||||||
| Futures Contracts |
$ | (90 | ) | $ | — | $ | — | $ | (90 | ) | ||||||
| Forward Foreign Currency Exchange Contracts |
— | (35,471 | ) | — | (35,471 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | (90 | ) | $ | (35,471 | ) | $ | — | $ | (35,561 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| (f) | See Schedule of Investments for additional detailed categorizations. |
| (g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Brazil Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $4,660,134. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $299,475. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $841,475 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,140,950. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | BRL | 9,301,086 | USD | 2,906,953 | $ | 161,016 | |||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | BRL | 7,257,257 | USD | 2,270,731 | 128,189 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | BRL | 36,000 | USD | 11,166 | 538 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | BRL | 1,480,000 | USD | 460,457 | 23,520 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 2,738,432 | BRL | 9,301,086 | 7,504 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 1,286,367 | BRL | 4,358,855 | 487 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 906,884 | BRL | 2,898,402 | (51,196 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 273,196 | BRL | 927,500 | 628 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 33,601 | BRL | 108,000 | (1,716 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 147,528 | BRL | 480,500 | (5,672 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | BRL | 9,388,645 | USD | 2,736,417 | (9,239 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | BRL | 4,358,855 | USD | 1,272,658 | (2,064 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | BRL | 927,500 | USD | 270,503 | (739 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 251,256 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| BRL | Brazilian Real |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (a) |
$ | 2,578,972 | $ | — | $ | — | $ | 2,578,972 | ||||||||
| Preferred Stocks (a) |
1,781,687 | — | — | 1,781,687 | ||||||||||||
| Derivatives (b) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 321,882 | — | 321,882 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 4,360,659 | $ | 321,882 | $ | — | $ | 4,682,541 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (b) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (70,626 | ) | $ | — | $ | (70,626 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (70,626 | ) | $ | — | $ | (70,626 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 50 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 51 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 52 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $133,242,487. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $10,322,960. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $9,302,785 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $19,625,745. |
| (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, 2016 amounted to $617,081, which is 0.5% of net assets. |
| (b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| ADR: | American Depositary Receipt |
| CPO: | Ordinary Participation Certificates |
| GDR: | Global Depositary Receipt |
| NVDR: | Non Voting Depositary Receipt |
| OJSC: | Open Joint Stock Company |
| PJSC: | Private Joint Stock Company |
| REIT: | Real Estate Investment Trust |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| See Notes to Financial Statements. | 57 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
At November 30, 2016, open future contract purchased was as follows:
| Contract Description |
Currency | Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
| E-mini MSCI Emerging Markets Index Futures |
USD | 12 | $ | 517,800 | 12/16/2016 | $ | (20,460 | ) | ||||||||||||
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | BRL | 3,952,100 | USD | 1,162,724 | $ | (4,044 | ) | ||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | BRL | 18,292,797 | USD | 5,717,214 | 316,677 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | BRL | 4,678,510 | USD | 1,463,864 | 82,639 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | BRL | 10,747,055 | USD | 3,343,617 | 170,791 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | BRL | 3,622,000 | USD | 1,126,874 | 57,561 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | BRL | 81,000 | USD | 25,124 | 1,211 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | CLP | 140,993,100 | USD | 209,204 | 710 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | CLP | 1,962,231,300 | USD | 3,002,649 | 100,998 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CLP | 646,295,500 | USD | 956,058 | 348 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CLP | 73,887,000 | USD | 113,498 | 4,237 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | COP | 1,924,615,100 | USD | 637,444 | 12,123 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | COP | 1,411,959,500 | USD | 458,280 | (476 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | CZK | 1,200,500 | USD | 48,746 | 1,677 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | CZK | 7,891,200 | USD | 320,450 | 11,058 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CZK | 378,600 | USD | 15,490 | 647 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CZK | 2,655,600 | USD | 104,113 | (6 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CZK | 668,000 | USD | 27,138 | 948 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 2,076 | USD | 2,279 | 78 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | HKD | 26,638,300 | USD | 3,434,320 | (109 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | HKD | 196,548,863 | USD | 25,347,440 | 6,743 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | HKD | 27,239,385 | USD | 3,513,082 | 1,156 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 37,987,200 | USD | 4,899,020 | 1,398 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | HUF | 20,569,500 | USD | 69,459 | (239 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | HUF | 134,594,300 | USD | 478,861 | 22,800 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HUF | 45,294,200 | USD | 161,148 | 7,672 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HUF | 12,094,000 | USD | 43,028 | 2,049 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | IDR | 5,806,607,300 | USD | 426,643 | (1,490 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | IDR | 55,417,671,000 | USD | 4,224,552 | 138,496 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | IDR | 4,907,740,500 | USD | 373,553 | 11,696 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | IDR | 1,222,670,000 | USD | 90,568 | 418 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | INR | 54,743,900 | USD | 797,783 | (1,596 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | INR | 591,042,944 | USD | 8,811,935 | 181,434 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | INR | 80,100,601 | USD | 1,166,797 | (2,845 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | INR | 10,223,000 | USD | 152,742 | 3,464 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | KRW | 2,586,534,200 | USD | 2,193,837 | (18,656 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | KRW | 24,533,310,500 | USD | 21,390,976 | 405,452 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | KRW | 392,324,600 | USD | 333,326 | (2,264 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | KRW | 10,402,000 | USD | 9,081 | 183 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | KRW | 2,045,490,400 | USD | 1,781,786 | 32,096 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | MXN | 12,747,600 | USD | 621,683 | 2,532 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | MXN | 105,681,962 | USD | 5,598,224 | 465,256 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MXN | 12,931,000 | USD | 685,034 | 56,976 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MXN | 746,000 | USD | 39,520 | 3,287 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | MYR | 1,719,500 | USD | 384,375 | (567 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | MYR | 21,609,192 | USD | 5,136,485 | 298,876 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MYR | 5,560,141 | USD | 1,240,411 | (4,328 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | PHP | 13,406,800 | USD | 268,722 | (842 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | PHP | 91,196,000 | USD | 1,878,200 | 44,571 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | PHP | 49,367,216 | USD | 1,015,577 | 22,977 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | PLN | 773,600 | USD | 184,309 | 257 | ||||||||||||
| See Notes to Financial Statements. | 58 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | PLN | 7,138,500 | USD | 1,812,283 | $ | 113,921 | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | PLN | 41,000 | USD | 10,436 | 682 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | PLN | 155,000 | USD | 39,348 | 2,471 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | PLN | 149,000 | USD | 37,825 | 2,376 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | QAR | 368,800 | USD | 101,269 | (6 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | RUB | 17,240,200 | USD | 276,023 | 7,539 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | RUB | 96,348,155 | USD | 1,509,464 | 9,019 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | RUB | 6,878,000 | USD | 107,151 | 38 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | RUB | 76,645,638 | USD | 1,196,653 | 3,039 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | TRY | 628,100 | USD | 182,906 | 310 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | TRY | 5,580,772 | USD | 1,789,277 | 166,880 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TRY | 69,000 | USD | 22,128 | 2,069 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TRY | 25,000 | USD | 8,017 | 749 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TRY | 188,000 | USD | 60,291 | 5,637 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | TWD | 62,023,600 | USD | 1,942,487 | (3,800 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | TWD | 476,825,884 | USD | 15,089,904 | 127,216 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TWD | 148,709,156 | USD | 4,705,986 | 39,526 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TWD | 1,276,000 | USD | 40,428 | 387 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 929,174 | BRL | 3,161,700 | 4,247 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 234,345 | BRL | 790,400 | (998 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 41,843 | CLP | 28,198,600 | (144 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 167,704 | CLP | 112,794,500 | (909 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 2,747,650 | HKD | 21,310,600 | (112 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 687,029 | HKD | 5,327,700 | (138 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 14,158 | HUF | 4,113,900 | (218 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 56,230 | HUF | 16,455,600 | (472 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 346,301 | IDR | 4,645,285,800 | (3,795 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 86,024 | IDR | 1,161,321,500 | (397 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 160,258 | INR | 10,948,800 | (382 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 639,578 | INR | 43,795,100 | (75 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 1,774,638 | KRW | 2,069,227,400 | (4,643 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 439,244 | KRW | 517,306,800 | 3,254 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 124,499 | MXN | 2,549,500 | (670 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 494,189 | MXN | 10,198,100 | 1,132 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 78,124 | MYR | 343,900 | (1,135 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 308,299 | MYR | 1,375,600 | (346 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 53,789 | PHP | 2,681,400 | 124 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 215,998 | PHP | 10,725,400 | (349 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 37,121 | PLN | 154,700 | (316 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 148,597 | PLN | 618,900 | (1,351 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 81,013 | QAR | 295,000 | (4 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 20,269 | QAR | 73,800 | (3 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 53,665 | RUB | 3,448,000 | 31 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 211,821 | RUB | 13,792,200 | 2,967 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 37,249 | TRY | 125,600 | (736 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 147,347 | TRY | 502,500 | (1,264 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 388,984 | TWD | 12,404,700 | 273 | ||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 1,561,865 | TWD | 49,618,900 | (4,836 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 839,337 | ZAR | 11,644,200 | (13,075 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 204,228 | ZAR | 2,911,100 | 2,341 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 5,385,779 | BRL | 18,292,797 | 14,758 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 2,916,385 | CLP | 1,962,231,300 | (14,733 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 626,309 | COP | 1,924,615,100 | (988 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 46,922 | CZK | 1,200,500 | 146 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 25,341,884 | HKD | 196,548,863 | (1,187 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 454,613 | HUF | 134,594,300 | 1,448 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 4,083,837 | IDR | 55,417,671,000 | 2,219 | ||||||||||||
| See Notes to Financial Statements. | 59 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 8,617,922 | INR | 591,042,944 | $ | 12,580 | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 20,828,008 | KRW | 24,533,310,500 | 157,516 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 5,154,999 | MXN | 105,681,962 | (22,031 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 4,846,197 | MYR | 21,609,192 | (8,588 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 1,831,355 | PHP | 91,196,000 | 2,274 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 1,695,281 | PLN | 7,138,500 | 3,081 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 1,493,886 | RUB | 96,348,155 | 6,559 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 1,620,494 | TRY | 5,580,772 | 1,902 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 14,942,836 | TWD | 476,825,884 | 19,852 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 8,354,082 | ZAR | 117,762,145 | 2,213 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 1,380,702 | BRL | 4,678,510 | 522 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 308,351 | CZK | 7,891,200 | 1,041 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 3,511,769 | HKD | 27,239,385 | 157 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 107,755 | RUB | 6,878,000 | (643 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 4,098,691 | BRL | 13,915,055 | 9,416 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 166,449 | BRL | 535,000 | (8,502 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 882,953 | CLP | 574,802,500 | (32,963 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 214,777 | CLP | 139,820,000 | (8,018 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 8,506 | CLP | 5,560,000 | (284 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 443,631 | COP | 1,335,772,000 | (9,629 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 16,301 | COP | 49,081,500 | (354 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 8,978 | COP | 27,106,000 | (172 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 150,407 | CZK | 3,702,200 | (5,254 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,203 | EUR | 2,076 | (2 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,201,911 | HKD | 24,835,800 | 125 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 505,981 | HKD | 3,923,400 | (144 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,190,089 | HKD | 9,228,000 | (340 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 194,405 | HUF | 57,388,200 | 50 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 362,459 | IDR | 4,761,989,500 | (11,348 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 104,157 | IDR | 1,368,421,000 | (3,261 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 477,133 | INR | 31,934,500 | (10,820 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 872,391 | INR | 58,389,101 | (19,784 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 220,786 | KRW | 253,462,000 | (3,977 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,911,807 | KRW | 2,194,755,000 | (34,438 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 649,482 | MXN | 13,296,000 | (3,696 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 20,082 | MXN | 381,000 | (1,576 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 423,297 | MYR | 1,777,000 | (25,483 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 121,010 | MYR | 508,000 | (7,285 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 780,167 | MYR | 3,275,141 | (46,967 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 112,857 | PHP | 5,486,000 | (2,553 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 682,781 | PHP | 33,934,216 | (484 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 204,629 | PHP | 9,947,000 | (4,630 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 66,816 | PLN | 263,200 | (4,197 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 19,510 | PLN | 81,800 | (48 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 54,301 | RUB | 3,478,000 | (138 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,115,357 | RUB | 71,438,638 | (2,832 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 27,056 | RUB | 1,729,000 | (130 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 82,175 | TRY | 282,000 | (195 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,204,448 | TWD | 102,061,656 | (1,776 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 33,608 | TWD | 1,062,000 | (282 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,482,959 | TWD | 46,861,500 | (12,456 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 243,458 | ZAR | 3,304,500 | (8,974 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 594,187 | ZAR | 8,065,000 | (21,902 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,289,527 | ZAR | 18,087,230 | (6,074 | ) | |||||||||||
| Goldman Sachs & Co. |
12/5/2016 | ZAR | 14,555,300 | USD | 1,029,553 | (3,278 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | ZAR | 117,762,145 | USD | 8,676,769 | 320,474 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 19,364,000 | USD | 1,426,638 | 52,586 | ||||||||||||
| See Notes to Financial Statements. | 60 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 6,586,330 | USD | 485,246 | $ | 17,886 | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 3,405,000 | USD | 251,004 | 9,389 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 101,400 | USD | 7,484 | 289 | ||||||||||||||||||
| Goldman Sachs & Co. |
12/6/2016 | AED | 476,700 | USD | 129,778 | (11 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | AED | 4,662,321 | USD | 1,268,659 | (725 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/6/2016 | EGP | 10,352,000 | USD | 936,833 | 358,149 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | EGP | 6,279,000 | USD | 346,906 | (4,094 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | EGP | 292,000 | USD | 27,943 | 11,620 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | QAR | 3,442,180 | USD | 943,580 | (1,632 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
12/6/2016 | THB | 9,471,600 | USD | 264,977 | (475 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | THB | 97,442,813 | USD | 2,780,148 | 49,204 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | THB | 268,000 | USD | 7,647 | 136 | ||||||||||||||||||
| Goldman Sachs & Co. |
12/6/2016 | USD | 103,839 | AED | 381,400 | 3 | ||||||||||||||||||
| Goldman Sachs & Co. |
12/6/2016 | USD | 25,946 | AED | 95,300 | 1 | ||||||||||||||||||
| Goldman Sachs & Co. |
12/6/2016 | USD | 53,316 | THB | 1,894,300 | (226 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
12/6/2016 | USD | 212,971 | THB | 7,577,300 | (609 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/6/2016 | USD | 583,211 | EGP | 10,352,000 | (4,527 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 57,959 | AED | 213,000 | 33 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 1,211,524 | AED | 4,449,321 | (132 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 628,804 | EGP | 6,571,000 | (261,480 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 945,784 | QAR | 3,442,180 | (571 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 68,503 | THB | 2,401,000 | (1,212 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 2,477,983 | THB | 88,402,313 | (409 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 197,078 | THB | 6,907,500 | (3,488 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | AED | 3,303,000 | USD | 899,045 | (125 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | BRL | 32,047,000 | USD | 9,346,419 | (25,542 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | CLP | 989,081,000 | USD | 1,459,898 | 780 | ||||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | COP | 1,593,442,000 | USD | 515,522 | 861 | ||||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | CZK | 5,644,000 | USD | 220,952 | (1,198 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | EGP | 2,890,000 | USD | 159,669 | (667 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | EUR | 391,000 | USD | 414,148 | (1,133 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | HKD | 102,202,500 | USD | 13,177,342 | (2,286 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | HKD | 102,202,500 | USD | 13,178,152 | (1,475 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | HUF | 104,718,000 | USD | 353,514 | (1,667 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | IDR | 41,003,178,000 | USD | 2,996,213 | (13,010 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | INR | 687,681,000 | USD | 9,992,459 | (17,479 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | KRW | 20,548,661,000 | USD | 17,426,673 | (149,810 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | MXN | 88,096,000 | USD | 4,275,280 | 13,026 | ||||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | MYR | 13,701,000 | USD | 3,039,601 | (23,883 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | PHP | 73,091,000 | USD | 1,458,902 | (9,771 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | PLN | 5,354,000 | USD | 1,276,481 | 3,195 | ||||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | QAR | 3,651,000 | USD | 1,001,591 | (154 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | THB | 98,632,000 | USD | 2,757,394 | (6,297 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | TRY | 4,325,000 | USD | 1,247,178 | (962 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | TWD | 240,246,500 | USD | 7,507,703 | (39,056 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | TWD | 240,246,500 | USD | 7,507,703 | (39,056 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | ZAR | 116,131,000 | USD | 8,185,301 | (1,492 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/10/2017 | RUB | 256,253,000 | USD | 3,943,142 | (13,091 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 2,983,414 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| See Notes to Financial Statements. | 61 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
| AED | Arab Emirates Dirham |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EGP | Egyptian Pound |
| EUR | Euro |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PHP | Phillippine Peso |
| PLN | Polish Zloty |
| QAR | Qatari Rial |
| RUB | Russian Ruble |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | U.S. Dollar |
| ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (d) |
$ | 116,827,439 | $ | — | $ | 0 | $ | 116,827,439 | ||||||||
| Preferred Stocks (d) |
4,965,582 | — | — | 4,965,582 | ||||||||||||
| Rights (d) |
82 | — | 0 | 82 | ||||||||||||
| Short-Term Investments |
1,126,424 | — | — | 1,126,424 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 4,041,211 | — | 4,041,211 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 122,919,527 | $ | 4,041,211 | $ | 0 | $ | 126,960,738 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Futures Contracts |
$ | (20,460 | ) | $ | — | $ | — | $ | (20,460 | ) | ||||||
| Forward Foreign Currency Exchange Contracts |
— | (1,057,797 | ) | — | (1,057,797 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | (20,460 | ) | $ | (1,057,797 | ) | $ | — | $ | (1,078,257 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| (d) | See Schedule of Investments for additional detailed categorizations. |
| (e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
During the period ended November 30, 2016, the amount of transfers between Level 3 and Level 1 was $28,956. Investments were transferred from 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. | 62 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 63 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 64 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 65 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 66 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $2,862,855,499. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $475,853,067. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $37,070,189 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $512,923,256. |
| (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, 2016 amounted to $43,430,958, which is 1.8% of net assets. |
| (b) | Listed on London Stock Exchange. |
| (c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (d) | Securities are domiciled in the United States and trade on a non-US securities exchange. |
| (e) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (f) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| See Notes to Financial Statements. | 67 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| 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, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| Bank of Montreal |
12/5/2016 | CHF | 58,443,640 | USD | 59,196,921 | $ | 1,689,263 | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | CHF | 38,637,200 | USD | 39,132,223 | 1,113,802 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | CHF | 47,942,691 | USD | 48,557,674 | 1,382,791 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | CHF | 60,126,900 | USD | 60,902,123 | 1,738,163 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | CHF | 1,569,000 | USD | 1,588,095 | 44,223 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | CHF | 55,799,014 | USD | 56,521,471 | 1,616,086 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | CHF | 10,701,400 | USD | 10,838,507 | 308,491 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 13,822,100 | USD | 14,142,137 | 541,399 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 217,500 | USD | 217,220 | 3,203 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 61,239,594 | USD | 62,021,688 | 1,762,853 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 52,800 | USD | 52,311 | 357 | ||||||||||||
| Bank of Montreal |
12/5/2016 | DKK | 56,009,500 | USD | 8,265,035 | 284,403 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | DKK | 52,335,900 | USD | 7,721,950 | 264,758 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | DKK | 29,260,387 | USD | 4,317,478 | 148,250 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | DKK | 2,708,200 | USD | 399,623 | 13,740 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | DKK | 60,412,856 | USD | 8,914,973 | 306,919 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | DKK | 1,385,000 | USD | 204,527 | 7,183 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | DKK | 43,051,300 | USD | 6,352,232 | 217,976 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | DKK | 203,897,400 | USD | 30,083,169 | 1,030,416 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | DKK | 18,844,000 | USD | 2,801,478 | 116,451 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | DKK | 14,400 | USD | 2,068 | 17 | ||||||||||||
| Bank of Montreal |
12/5/2016 | EUR | 168,961,513 | USD | 185,456,719 | 6,328,084 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | EUR | 114,780,270 | USD | 125,982,825 | 4,295,745 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | EUR | 182,473,085 | USD | 200,265,123 | 6,811,868 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | EUR | 172,234,079 | USD | 189,042,059 | 6,443,934 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | EUR | 149,727,356 | USD | 164,338,500 | 5,601,422 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | EUR | 3,194,000 | USD | 3,508,079 | 121,883 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | EUR | 32,426,000 | USD | 35,590,291 | 1,213,083 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | EUR | 31,641,700 | USD | 34,731,828 | 1,186,115 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 183,963,208 | USD | 201,903,300 | 6,870,255 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 61,900 | USD | 68,361 | 2,736 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 45,031,400 | USD | 49,775,908 | 2,034,780 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 430,200 | USD | 456,821 | 734 | ||||||||||||
| Bank of Montreal |
12/5/2016 | GBP | 79,840,808 | USD | 97,531,216 | (2,384,089 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | GBP | 123,807,100 | USD | 151,244,610 | (3,691,498 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | GBP | 86,282,650 | USD | 105,402,023 | (2,574,806 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | GBP | 91,789,021 | USD | 112,133,139 | (2,734,535 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | GBP | 88,980,081 | USD | 108,697,267 | (2,655,213 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | GBP | 6,617,000 | USD | 8,083,268 | (197,455 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | GBP | 2,935,000 | USD | 3,591,715 | (81,236 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | GBP | 15,126,782 | USD | 18,476,003 | (454,129 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 57,464,483 | USD | 70,195,164 | (1,717,701 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 24,193,300 | USD | 29,650,583 | (625,676 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 3,400 | USD | 4,225 | (29 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | NOK | 25,290,200 | USD | 3,064,942 | 94,322 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | NOK | 31,424,800 | USD | 3,808,443 | 117,245 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | NOK | 30,591,592 | USD | 3,707,553 | 114,225 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | NOK | 1,490,000 | USD | 180,579 | 5,561 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | NOK | 32,374,700 | USD | 3,923,428 | 120,653 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | NOK | 447,000 | USD | 54,078 | 1,573 | ||||||||||||
| See Notes to Financial Statements. | 68 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | NOK | 4,341,000 | USD | 526,077 | $ | 16,178 | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | NOK | 27,343,000 | USD | 3,313,773 | 102,028 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 8,985,500 | USD | 1,094,625 | 39,176 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 49,999,300 | USD | 6,059,317 | 186,333 | ||||||||||||
| Bank of Montreal |
12/5/2016 | SEK | 161,229,700 | USD | 17,897,258 | 409,285 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | SEK | 176,191,500 | USD | 19,557,385 | 446,563 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | SEK | 174,734,391 | USD | 19,395,970 | 443,195 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | SEK | 171,292,700 | USD | 19,014,733 | 435,265 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | SEK | 174,374,945 | USD | 19,356,362 | 442,575 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | SEK | 13,995,000 | USD | 1,553,505 | 35,520 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | SEK | 2,287,000 | USD | 253,808 | 5,746 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | SEK | 5,981,100 | USD | 663,910 | 15,163 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 74,100 | USD | 8,034 | (3 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 288,300 | USD | 31,358 | 87 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 41,463,600 | USD | 4,639,855 | 142,456 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 52,248,250 | USD | 5,799,336 | 132,167 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 55,996,473 | CHF | 57,030,140 | 120,322 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 1,397,048 | CHF | 1,413,500 | (6,186 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 7,727,479 | DKK | 54,184,500 | (6,886 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 261,179 | DKK | 1,825,000 | (1,140 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 4,834,142 | EUR | 4,540,000 | (20,951 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 174,443,251 | EUR | 164,421,513 | (127,807 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 96,807,839 | GBP | 77,477,808 | 150,333 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 2,952,287 | GBP | 2,363,000 | 4,845 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 2,863,950 | NOK | 24,380,200 | (220 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 106,713 | NOK | 910,000 | 177 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 17,017,804 | SEK | 157,072,700 | 19,274 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 453,375 | SEK | 4,157,000 | (2,481 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 521,646 | CHF | 528,500 | (1,610 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 37,417,597 | CHF | 38,108,700 | 80,788 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 7,366,059 | DKK | 51,653,900 | (6,044 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 97,271 | DKK | 682,000 | (95 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 1,779,440 | EUR | 1,677,000 | (1,527 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 119,996,010 | EUR | 113,103,270 | (86,842 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 153,584,916 | GBP | 122,917,100 | 237,418 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 1,105,073 | GBP | 890,000 | 8,701 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 3,651,034 | NOK | 31,080,300 | (301 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 40,299 | NOK | 344,500 | 166 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 169,587 | SEK | 1,561,500 | (217 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 18,918,607 | SEK | 174,630,000 | 22,845 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 47,071,492 | CHF | 47,942,691 | 103,391 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 4,172,518 | DKK | 29,260,387 | (3,290 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 184,032,563 | EUR | 173,467,524 | (126,772 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 10,000,000 | EUR | 9,005,561 | (452,537 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 107,805,858 | GBP | 86,282,650 | 170,972 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 3,593,508 | NOK | 30,591,592 | (180 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 18,929,309 | SEK | 174,734,391 | 23,465 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 59,033,482 | CHF | 60,126,900 | 130,478 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 386,178 | DKK | 2,708,200 | (295 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 182,719,690 | EUR | 172,234,079 | (121,565 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 114,683,864 | GBP | 91,789,021 | 183,810 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 175,024 | NOK | 1,490,000 | (7 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 18,556,484 | SEK | 171,292,700 | 22,983 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 1,397,079 | CHF | 1,413,500 | (6,216 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 43,618,023 | CHF | 44,422,514 | 93,059 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 9,435,606 | CHF | 9,315,000 | (269,787 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 521,625 | CHF | 528,500 | (1,589 | ) | |||||||||||
| See Notes to Financial Statements. | 69 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 1,716,709 | CHF | 1,688,500 | $ | (55,250 | ) | ||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 315,097 | DKK | 2,147,500 | (9,105 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 97,269 | DKK | 682,000 | (93 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 261,184 | DKK | 1,825,000 | (1,145 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 3,544,276 | DKK | 24,018,000 | (122,020 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 4,724,058 | DKK | 33,125,356 | (4,121 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 1,779,331 | EUR | 1,677,000 | (1,418 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 4,834,228 | EUR | 4,540,000 | (21,037 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 184,301,513 | EUR | 173,712,356 | (136,158 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 5,915,920 | EUR | 5,418,000 | (171,896 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 3,554,328 | GBP | 2,860,000 | 24,766 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 115,479,213 | GBP | 92,419,081 | 176,939 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 1,105,019 | GBP | 890,000 | 8,755 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 2,952,313 | GBP | 2,363,000 | 4,819 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 127,868 | NOK | 1,065,000 | (2,771 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 4,093,171 | NOK | 34,843,200 | (444 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 106,713 | NOK | 910,000 | 176 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 40,297 | NOK | 344,500 | 168 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 539,487 | SEK | 4,885,000 | (9,630 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 169,580 | SEK | 1,561,500 | (210 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 19,506,672 | SEK | 180,053,445 | 23,041 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 453,374 | SEK | 4,157,000 | (2,480 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 10,504,442 | CHF | 10,701,400 | 25,574 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 6,138,417 | DKK | 43,051,300 | (4,162 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 33,564,250 | EUR | 31,641,700 | (18,536 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 18,896,528 | GBP | 15,126,782 | 33,605 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 3,210,893 | NOK | 27,343,000 | 852 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 647,785 | SEK | 5,981,100 | 962 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,312,759 | CHF | 1,276,100 | (57,096 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,716,758 | CHF | 1,688,500 | (55,299 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 70,238,436 | CHF | 71,551,894 | 167,546 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 842,763 | CHF | 815,500 | (40,324 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 235,609 | DKK | 1,578,000 | (10,764 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 31,079,064 | DKK | 217,987,000 | (18,724 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 315,091 | DKK | 2,147,500 | (9,099 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 156,370 | DKK | 1,043,300 | (7,713 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,594,355 | EUR | 3,236,700 | (162,890 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 295,678 | EUR | 266,800 | (12,824 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,000,142 | EUR | 2,690,300 | (147,955 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 5,916,131 | EUR | 5,418,000 | (172,107 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 624,080 | EUR | 583,700 | (5,257 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 230,491,649 | EUR | 217,291,208 | (125,119 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,379,268 | GBP | 1,934,600 | 41,752 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 27,023 | GBP | 21,700 | 133 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,899,265 | GBP | 1,516,500 | (1,469 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 93,659,750 | GBP | 74,967,383 | 156,797 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,554,465 | GBP | 2,860,000 | 24,629 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 68,966 | GBP | 54,900 | (263 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 337,859 | GBP | 270,400 | 528 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 44,591 | GBP | 35,700 | 85 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 6,670,860 | NOK | 56,792,900 | 109 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 85,555 | NOK | 701,100 | (3,203 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 52,217 | NOK | 425,800 | (2,202 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 127,870 | NOK | 1,065,000 | (2,774 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 539,510 | SEK | 4,885,000 | (9,652 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 497,020 | SEK | 4,428,800 | (16,645 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 8,941,295 | SEK | 82,550,150 | 12,606 | ||||||||||||
| See Notes to Financial Statements. | 70 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 246,955 | SEK | 2,210,300 | $ | (7,213 | ) | ||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | CHF | 47,942,691 | USD | 47,185,134 | (105,071 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | CHF | 38,108,700 | USD | 37,508,194 | (81,858 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | CHF | 60,126,900 | USD | 59,179,437 | (129,153 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | CHF | 44,422,514 | USD | 43,712,191 | (105,746 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | CHF | 10,701,400 | USD | 10,530,283 | (25,474 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | CHF | 57,030,140 | USD | 56,119,876 | (134,101 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | CHF | 71,551,894 | USD | 70,409,847 | (168,248 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | DKK | 29,260,387 | USD | 4,179,680 | 2,733 | ||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | DKK | 51,653,900 | USD | 7,379,102 | 5,461 | ||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | DKK | 2,708,200 | USD | 386,884 | 286 | ||||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | DKK | 43,051,300 | USD | 6,149,395 | 3,783 | ||||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | DKK | 33,125,356 | USD | 4,731,585 | 2,911 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | DKK | 54,184,500 | USD | 7,738,819 | 3,932 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | DKK | 217,987,000 | USD | 31,133,661 | 15,819 | ||||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | EUR | 173,467,524 | USD | 184,355,907 | 116,200 | ||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | EUR | 113,103,270 | USD | 120,203,102 | 76,216 | ||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | EUR | 172,234,079 | USD | 183,045,729 | 116,062 | ||||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | EUR | 173,712,356 | USD | 184,604,120 | 104,377 | ||||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | EUR | 31,641,700 | USD | 33,625,635 | 19,012 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | EUR | 164,421,513 | USD | 174,719,232 | 87,285 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | EUR | 217,291,208 | USD | 230,900,157 | 115,352 | ||||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | GBP | 86,282,650 | USD | 107,916,299 | (171,842 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | GBP | 91,789,021 | USD | 114,805,944 | (180,146 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | GBP | 122,917,100 | USD | 153,739,669 | (241,239 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | GBP | 15,126,782 | USD | 18,916,495 | (33,152 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | GBP | 92,419,081 | USD | 115,572,834 | (202,547 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | GBP | 77,477,808 | USD | 96,896,846 | (161,279 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | GBP | 74,967,383 | USD | 93,757,208 | (156,053 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | NOK | 30,591,592 | USD | 3,594,141 | 154 | ||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | NOK | 31,080,300 | USD | 3,651,345 | (56 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | NOK | 1,490,000 | USD | 175,047 | (3 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | NOK | 27,343,000 | USD | 3,211,308 | (1,025 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | NOK | 34,843,200 | USD | 4,092,171 | (1,307 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | NOK | 56,792,900 | USD | 6,671,879 | (312 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | NOK | 24,380,200 | USD | 2,864,121 | (134 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | SEK | 174,734,391 | USD | 18,969,114 | (23,894 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | SEK | 171,292,700 | USD | 18,595,969 | (22,939 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | SEK | 174,630,000 | USD | 18,958,275 | (23,386 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | SEK | 5,981,100 | USD | 649,160 | (964 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | SEK | 180,053,445 | USD | 19,542,138 | (29,032 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SEK | 82,550,150 | USD | 8,960,026 | (12,883 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SEK | 157,072,700 | USD | 17,048,732 | (24,513 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | USD | 1,496,829 | CHF | 1,520,000 | 2,484 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | USD | 3,931,567 | CHF | 3,994,000 | 8,076 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | USD | 2,895,024 | DKK | 20,263,000 | (2,463 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | USD | 10,985,072 | EUR | 10,335,000 | (8,277 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | USD | 1,244,025 | EUR | 1,173,000 | 1,817 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | USD | 697,294 | GBP | 558,000 | 1,725 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | USD | 23,062,659 | GBP | 18,437,000 | 33,770 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 37,763,943 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| See Notes to Financial Statements. | 71 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | Pound Sterling |
| NOK | Norwegian Krone |
| SEK | Swedish Krona |
| USD | U.S. Dollar |
For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (g) |
$ | 2,321,576,558 | $ | — | $ | — | $ | 2,321,576,558 | ||||||||
| Preferred Stocks |
19,547,057 | — | — | 19,547,057 | ||||||||||||
| Rights |
42,660 | — | — | 42,660 | ||||||||||||
| Short-Term Investments |
45,836,157 | — | — | 45,836,157 | ||||||||||||
| Derivatives (h) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 59,601,023 | — | 59,601,023 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 2,387,002,432 | $ | 59,601,023 | $ | — | $ | 2,446,603,455 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (h) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (21,837,080 | ) | $ | — | $ | (21,837,080 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (21,837,080 | ) | $ | — | $ | (21,837,080 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (g) | See Schedule of Investments for additional detailed categorizations. |
| (h) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 72 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 73 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 74 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 75 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 76 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 77 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 78 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $54,401,237. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $6,373,665. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,210,517 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,584,182. |
| (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, 2016 amounted to $1,360,640, which is 2.9% of net assets. |
| (b) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| REIT: | Real Estate Investment Trust |
| RSP: | Risparmio (Convertible Savings Shares) |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2016, open future contract purchased was as follows:
| Contract Description |
Currency | Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
| EURO STOXX Futures |
EUR | 4 | $ | 129,344 | 12/16/2016 | $ | 42 | |||||||||||||
| See Notes to Financial Statements. | 79 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | EUR | 130,000 | USD | 142,798 | $ | 4,975 | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | EUR | 816,000 | USD | 895,564 | 30,462 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | EUR | 5,869,091 | USD | 6,441,356 | 219,098 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | EUR | 15,165,836 | USD | 16,645,840 | 567,412 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | EUR | 8,753,670 | USD | 9,608,554 | 328,138 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 1,241,800 | USD | 1,372,636 | 56,112 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 11,252,909 | USD | 12,350,293 | 420,249 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 1,100 | USD | 1,215 | 49 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 700 | USD | 873 | (3 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 7,205,473 | EUR | 6,815,091 | 19,710 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 16,049,291 | EUR | 15,165,836 | 29,136 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 324,468 | EUR | 295,600 | (11,081 | ) | |||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 8,955,447 | EUR | 8,458,070 | 11,581 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 12,918,882 | EUR | 12,177,209 | (8,919 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 106,941 | EUR | 96,300 | (4,846 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 98,693 | EUR | 88,500 | (4,867 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 11,304 | EUR | 10,200 | (490 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 135,653 | EUR | 123,600 | (4,616 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 855 | GBP | 700 | 21 | ||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | EUR | 21,548,000 | USD | 22,844,435 | (41,677 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | EUR | 21,548,000 | USD | 22,901,141 | 15,029 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 1,625,473 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| EUR | Euro |
| GBP | Pound Sterling |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
| See Notes to Financial Statements. | 80 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (e) |
$ | 45,560,936 | $ | — | $ | — | $ | 45,560,936 | ||||||||
| Rights (e) |
1,860 | — | 0 | 1,860 | ||||||||||||
| Preferred Stocks |
760,665 | — | — | 760,665 | ||||||||||||
| Short-Term Investments |
1,704,111 | — | — | 1,704,111 | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 1,701,972 | — | 1,701,972 | ||||||||||||
| Futures Contracts |
42 | — | — | 42 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 48,027,614 | $ | 1,701,972 | $ | 0 | $ | 49,729,586 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (76,499 | ) | $ | — | $ | (76,499 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (76,499 | ) | $ | — | $ | (76,499 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | See Schedule of Investments for additional detailed categorizations. |
| (f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 81 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 82 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $84,518,230. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $14,573,033. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $2,523,611 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $17,096,644. |
| (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, 2016 amounted to $225,979, which is 0.3% of net assets. |
| (c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
At November 30, 2016, open future contract purchased was as follows:
| Contract Description |
Currency | Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
| DAX Index Future |
EUR | 6 | $ | 1,691,123 | 12/16/2016 | $ | 21,344 | |||||||||||||
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | EUR | 1,584,000 | USD | 1,738,448 | $ | 59,132 | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | EUR | 228,000 | USD | 250,446 | 8,726 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | EUR | 15,739,010 | USD | 17,273,642 | 587,550 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | EUR | 17,970,120 | USD | 19,723,788 | 672,331 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | EUR | 13,971,475 | USD | 15,335,929 | 523,732 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | EUR | 9,663,623 | USD | 10,607,372 | 362,249 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 2,073,300 | USD | 2,291,743 | 93,684 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 14,287,872 | USD | 15,681,225 | 533,592 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 1,724,458 | EUR | 1,551,000 | (80,127 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 120,000 | EUR | 107,932 | (5,573 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 125,000 | EUR | 112,570 | (5,657 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 16,683,390 | EUR | 15,779,508 | 45,637 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 1,724,399 | EUR | 1,551,000 | (80,069 | ) | |||||||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 2,307,640 | EUR | 2,078,000 | (104,598 | ) | |||||||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 2,274,979 | EUR | 2,144,200 | (1,754 | ) | |||||||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 12,907,427 | EUR | 12,196,920 | 23,433 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 25,024,959 | EUR | 23,635,098 | 32,361 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 11,152 | EUR | 10,000 | (550 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 14,626,901 | EUR | 13,787,172 | (10,098 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 5,448 | EUR | 5,000 | (147 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 17,689 | EUR | 16,000 | (726 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,307,785 | EUR | 2,078,000 | (104,743 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 284,806 | EUR | 259,500 | (9,691 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 228,208 | EUR | 205,500 | (10,342 | ) | |||||||||||||||||
| Goldman Sachs & Co |
1/5/2017 | EUR | 22,277,000 | USD | 23,559,264 | (101,118 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | EUR | 22,277,000 | USD | 23,617,296 | (43,087 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | EUR | 22,277,000 | USD | 23,675,920 | 15,537 | ||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 258,065 | EUR | 243,000 | 25 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 2,399,709 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| EUR | Euro |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign exchange currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
| See Notes to Financial Statements. | 83 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Germany Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (e) |
$ | 65,687,169 | $ | — | $ | — | $ | 65,687,169 | ||||||||
| Preferred Stocks (e) |
4,023,038 | — | — | 4,023,038 | ||||||||||||
| Short-Term Investments |
234,990 | — | — | 234,990 | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 2,957,989 | — | 2,957,989 | ||||||||||||
| Futures Contracts |
21,344 | — | — | 21,344 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 69,966,541 | $ | 2,957,989 | $ | — | $ | 72,924,530 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (558,280 | ) | $ | — | $ | (558,280 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (558,280 | ) | $ | — | $ | (558,280 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | See Schedule of Investments for additional detailed categorizations. |
| (f) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 84 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 85 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 86 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 87 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $1,859,036,773. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $42,807,938. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $47,881,862 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $90,689,800. |
| (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, 2016 amounted to $9,305,533, which is 0.5% of net assets. |
| (b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| REIT: | Real Estate Investment Trust |
At November 30, 2016, open future contract purchased was as follows:
| Contract Description |
Currency | Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
| TOPIX Index Futures |
JPY | 17 | $ | 2,190,289 | 12/08/2016 | $ | 223,956 | |||||||||||||
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| Bank of Montreal |
12/5/2016 | JPY | 1,756,418,000 | USD | 16,435,601 | $ | 1,077,716 | |||||||||||
| Bank of Montreal |
12/5/2016 | JPY | 3,788,852,000 | USD | 34,719,743 | 1,590,525 | ||||||||||||
| Bank of Montreal |
12/5/2016 | JPY | 18,618,921,639 | USD | 177,368,042 | 14,566,668 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | JPY | 4,259,018,000 | USD | 40,566,519 | 3,326,232 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | JPY | 34,699,490,364 | USD | 330,507,535 | 27,099,807 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | JPY | 958,032,000 | USD | 9,176,112 | 799,208 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | JPY | 464,910,000 | USD | 4,438,282 | 373,170 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | JPY | 29,702,077,925 | USD | 282,933,250 | 23,222,231 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | JPY | 5,326,215,300 | USD | 47,060,975 | 489,257 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | JPY | 4,003,606,000 | USD | 36,712,580 | 1,705,582 | ||||||||||||
| See Notes to Financial Statements. | 88 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | JPY | 1,756,418,000 | USD | 16,435,520 | $ | 1,077,635 | |||||||||||||||||
| RBC Capital Markets |
12/5/2016 | JPY | 3,788,852,000 | USD | 34,720,071 | 1,590,853 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | JPY | 10,242,442,291 | USD | 97,570,300 | 8,011,747 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | JPY | 470,467,500 | USD | 4,185,159 | 71,453 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | JPY | 5,326,215,300 | USD | 47,063,055 | 491,336 | ||||||||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | JPY | 30,341,930,761 | USD | 289,058,737 | 23,752,930 | ||||||||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | JPY | 958,032,000 | USD | 9,175,403 | 798,498 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | JPY | 111,693,000 | USD | 1,063,915 | 87,286 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 5,957,945,700 | USD | 57,761,136 | 5,665,652 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 16,606,461,365 | USD | 158,171,010 | 12,966,321 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 4,003,606,000 | USD | 36,711,409 | 1,704,410 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 5,326,215,300 | USD | 47,061,703 | 489,985 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 470,467,500 | USD | 4,185,072 | 71,367 | ||||||||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 212,100,270 | JPY | 24,164,191,639 | (811,792 | ) | |||||||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 7,000,000 | JPY | 790,776,000 | (85,560 | ) | |||||||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 3,372,234 | JPY | 377,928,000 | (67,682 | ) | |||||||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 328,691,699 | JPY | 37,447,680,864 | (1,254,157 | ) | |||||||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 16,544,490 | JPY | 1,765,065,500 | (1,110,992 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 291,923,540 | JPY | 33,263,227,725 | (1,074,300 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 16,542,862 | JPY | 1,765,065,500 | (1,109,364 | ) | |||||||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 224,582,231 | JPY | 25,588,001,091 | (844,153 | ) | |||||||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 271,416,030 | JPY | 30,922,034,761 | (1,037,871 | ) | |||||||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 3,372,021 | JPY | 377,928,000 | (67,469 | ) | |||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 980,172 | JPY | 111,693,000 | (3,543 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 278,778,844 | JPY | 31,767,044,465 | (1,012,033 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 60,681 | JPY | 6,607,000 | (2,911 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 125,081 | JPY | 13,535,000 | (6,733 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 107,524 | JPY | 11,488,300 | (7,072 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 14,817 | JPY | 1,549,800 | (1,266 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 4,100,276 | JPY | 422,164,400 | (408,926 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,362,571 | JPY | 142,306,900 | (118,258 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/6/2017 | JPY | 9,973,758,000 | USD | 87,710,690 | 324,502 | ||||||||||||||||||
| JP Morgan & Chase Co. |
1/6/2017 | JPY | 33,263,227,725 | USD | 292,498,551 | 1,059,089 | ||||||||||||||||||
| RBC Capital Markets |
1/6/2017 | JPY | 25,588,001,091 | USD | 225,034,924 | 842,812 | ||||||||||||||||||
| RBC Capital Markets |
1/6/2017 | JPY | 37,447,680,864 | USD | 329,335,456 | 1,233,444 | ||||||||||||||||||
| The Bank of New York Mellon |
1/6/2017 | JPY | 111,693,000 | USD | 982,150 | 3,539 | ||||||||||||||||||
| The Bank of New York Mellon |
1/6/2017 | JPY | 30,922,034,761 | USD | 271,906,604 | 979,764 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | JPY | 24,164,191,639 | USD | 212,474,108 | 756,861 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | JPY | 31,767,044,465 | USD | 279,325,481 | 994,994 | ||||||||||||||||||
| JP Morgan & Chase Co. |
1/6/2017 | USD | 16,952,125 | JPY | 1,932,627,000 | (19,199 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 128,181,593 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| JPY | Japanese Yen |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
| See Notes to Financial Statements. | 89 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (d) |
$ | 1,806,295,538 | $ | — | $ | — | $ | 1,806,295,538 | ||||||||
| Short-Term Investments |
9,933,297 | — | — | 9,933,297 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 137,224,874 | — | 137,224,874 | ||||||||||||
| Futures Contracts |
223,956 | — | — | 223,956 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 1,816,452,791 | $ | 137,224,874 | $ | — | $ | 1,953,677,665 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (9,043,281 | ) | $ | — | $ | (9,043,281 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (9,043,281 | ) | $ | — | $ | (9,043,281 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (d) | See Schedule of Investments for additional detailed categorizations. |
| (e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 90 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 91 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $5,542,860. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $1,366,656. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $20,378 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,387,034. |
| CPO: | Ordinary Participation Certificates |
| REIT: | Real Estate Investment Trust |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | MXN | 36,858,305 | USD | 1,952,472 | $ | 162,266 | |||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | MXN | 11,315,400 | USD | 599,431 | 49,843 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | MXN | 959,000 | USD | 50,803 | 4,224 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MXN | 24,396,404 | USD | 1,292,426 | 107,494 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MXN | 12,282,300 | USD | 650,668 | 54,117 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MXN | 129,700 | USD | 6,369 | 69 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 1,797,890 | MXN | 36,858,305 | (7,684 | ) | |||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 582,093 | MXN | 11,947,400 | (1,808 | ) | |||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 17,270 | MXN | 327,000 | (1,387 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 7,281 | MXN | 150,400 | 24 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 140,159 | MXN | 2,712,700 | (8,404 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,658,157 | MXN | 33,945,304 | (9,435 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | MXN | 28,690,000 | USD | 1,395,568 | 7,491 | ||||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | MXN | 28,690,000 | USD | 1,392,320 | 4,242 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | MXN | 28,690,000 | USD | 1,396,025 | 7,947 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 368,999 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| MXN | Mexican Peso |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
| See Notes to Financial Statements. | 92 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Mexico Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (a) |
$ | 4,176,204 | $ | — | $ | — | $ | 4,176,204 | ||||||||
| Derivatives (b) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 397,717 | — | 397,717 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 4,176,204 | $ | 397,717 | $ | — | $ | 4,573,921 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (b) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (28,718 | ) | $ | — | $ | (28,718 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (28,718 | ) | $ | — | $ | (28,718 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 93 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 94 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $66,408,796. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $13,986,445. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $8,825,917 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $22,812,362. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | KRW | 13,874,300,500 | USD | 11,812,942 | $ | (54,982 | ) | ||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | KRW | 36,232,611,070 | USD | 31,591,779 | 598,802 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | KRW | 9,002,071,500 | USD | 7,860,012 | 159,739 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | KRW | 36,982,000 | USD | 32,306 | 672 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | KRW | 667,758,000 | USD | 581,418 | 10,225 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | KRW | 6,920,267,000 | USD | 6,037,047 | 117,527 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | KRW | 9,002,071,500 | USD | 7,865,368 | 165,095 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | KRW | 11,186,470,500 | USD | 9,523,237 | (45,547 | ) | |||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | KRW | 25,385,484,000 | USD | 22,132,070 | 417,606 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | KRW | 3,157,000,000 | USD | 2,750,000 | 49,537 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | KRW | 12,416,197,000 | USD | 10,815,503 | 194,824 | ||||||||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 11,780,644 | KRW | 13,874,300,500 | 87,279 | ||||||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 38,550,096 | KRW | 45,234,682,570 | 143,154 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 56,659 | KRW | 64,948,000 | (1,103 | ) | |||||||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 11,878,479 | KRW | 13,874,300,500 | (10,555 | ) | |||||||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 11,807,915 | KRW | 13,874,300,500 | 60,009 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 74,691 | KRW | 85,670,123 | (1,409 | ) | |||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 21,554,687 | KRW | 25,299,813,877 | 86,495 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 13,231,263 | KRW | 15,573,197,000 | 89,878 | ||||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | KRW | 15,386,000,000 | USD | 13,048,382 | (112,171 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | KRW | 15,386,000,000 | USD | 13,077,062 | (83,492 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | KRW | 30,772,000,000 | USD | 26,100,085 | (221,022 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 1,650,561 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| See Notes to Financial Statements. | 95 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI South Korea Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
| KRW | South Korean Won |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (a) |
$ | 51,168,052 | $ | — | $ | — | $ | 51,168,052 | ||||||||
| Preferred Stocks (a) |
1,254,299 | — | — | 1,254,299 | ||||||||||||
| Derivatives (b) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 2,180,842 | — | 2,180,842 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 52,422,351 | $ | 2,180,842 | $ | — | $ | 54,603,193 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (b) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (530,281 | ) | $ | — | $ | (530,281 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (530,281 | ) | $ | — | $ | (530,281 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 96 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 97 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $6,912,602. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $943,772. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $88,609 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,032,381. |
| (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, 2016 amounted to $4,952, which is 0.1% of net assets. |
| (b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| REIT: | Real Estate Investment Trust |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | GBP | 1,980,857 | USD | 2,419,795 | $ | (59,112 | ) | ||||||||||
| The Bank of New York Mellon |
12/5/2016 | GBP | 53,000 | USD | 64,735 | (1,591 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | GBP | 25,000 | USD | 30,592 | (693 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | GBP | 3,800 | USD | 4,641 | (114 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | GBP | 30,000 | USD | 36,642 | (901 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 101,000 | USD | 123,376 | (3,019 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 326,500 | USD | 400,149 | (8,444 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 2,574,928 | USD | 3,145,377 | (76,969 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 2,472,807 | GBP | 1,980,857 | 6,100 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 139,544 | GBP | 111,800 | 367 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,720,466 | GBP | 2,977,628 | 5,831 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,633 | GBP | 1,300 | (6 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 28,901 | GBP | 23,500 | 507 | ||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | GBP | 1,596,333 | USD | 1,994,941 | (4,820 | ) | |||||||||||
| The Bank of New York Mellon |
1/5/2017 | GBP | 1,596,333 | USD | 1,994,618 | (5,143 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | GBP | 1,596,334 | USD | 1,996,684 | (3,078 | ) | |||||||||||
|
|
|
|||||||||||||||||
| Total net unrealized depreciation |
$ | (151,085 | ) | |||||||||||||||
|
|
|
|||||||||||||||||
| See Notes to Financial Statements. | 98 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
| GBP | Pound Sterling |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (d) |
$ | 5,963,530 | $ | — | $ | — | $ | 5,963,530 | ||||||||
| Short-Term Investments |
5,300 | — | — | 5,300 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 12,805 | — | 12,805 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 5,968,830 | $ | 12,805 | $ | — | $ | 5,981,635 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (163,890 | ) | $ | — | $ | (163,890 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (163,890 | ) | $ | — | $ | (163,890 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (d) | See Schedule of Investments for additional detailed categorizations. |
| (e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 99 |
DBX ETF Trust
Statements of Assets and Liabilities
November 30, 2016 (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 value |
$ | 65,301,151 | $ | 4,639,241 | $ | 4,360,659 | ||||||
| Investment in affiliated securities at value (See Note 4) |
84,133 | — | — | |||||||||
| Investment in Government & Agency Securities Portfolio* |
1,030,433 | 39,865 | — | |||||||||
| Cash |
11,467 | 1,658 | 310 | |||||||||
| Foreign currency at value |
82,312 | 4,276 | 4,844 | |||||||||
| Unrealized appreciation on forward foreign currency exchange contracts |
2,337,963 | 103,553 | 321,882 | |||||||||
| Deposit with broker for futures contracts |
15,000 | — | — | |||||||||
| Receivables: | ||||||||||||
| Investment securities sold |
1,780,003 | 141,210 | 28,653 | |||||||||
| Dividends |
152,953 | 8,908 | 17,205 | |||||||||
| Securities lending income |
2,253 | 43 | — | |||||||||
| Foreign tax reclaim |
66,343 | — | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Assets |
$ | 70,864,011 | $ | 4,938,754 | $ | 4,733,553 | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities |
||||||||||||
| Payable upon return of securities loaned |
$ | 1,030,433 | $ | 39,865 | $ | — | ||||||
| Unrealized depreciation on forward foreign currency exchange contracts |
557,614 | 35,471 | 70,626 | |||||||||
| Unrealized depreciation on future contracts |
975 | 90 | — | |||||||||
| Payables: | ||||||||||||
| Investment securities purchased |
2,615,210 | 163,675 | 292,867 | |||||||||
| Investment advisory fees |
21,749 | 2,299 | 2,163 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Liabilities |
4,225,981 | 241,400 | 365,656 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 66,638,030 | $ | 4,697,354 | $ | 4,367,897 | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets Consist of |
||||||||||||
| Paid-in capital |
$ | 70,805,114 | $ | 5,814,515 | $ | 9,932,224 | ||||||
| Undistributed net investment income |
535,464 | 40,516 | 33,895 | |||||||||
| Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
(2,563,972 | ) | (1,035,311 | ) | (6,528,476 | ) | ||||||
| Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
(2,138,576 | ) | (122,366 | ) | 930,254 | |||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 66,638,030 | $ | 4,697,354 | $ | 4,367,897 | ||||||
|
|
|
|
|
|
|
|||||||
| Number of Common Shares outstanding |
2,850,001 | 200,001 | 400,800 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value |
$ | 23.38 | $ | 23.49 | $ | 10.90 | ||||||
|
|
|
|
|
|
|
|||||||
| Investments in non-affiliated securities at cost |
$ | 69,141,559 | $ | 4,829,350 | $ | 3,681,223 | ||||||
|
|
|
|
|
|
|
|||||||
| Investments in affiliated securities at cost |
$ | 149,964 | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Value of securities loaned |
$ | 810,257 | $ | 37,301 | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Investment in Government & Agency Securities Portfolio at cost* |
$ | 1,030,433 | $ | 39,865 | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Foreign currency at cost |
$ | 82,957 | $ | 4,296 | $ | 4,797 | ||||||
|
|
|
|
|
|
|
|||||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 100 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (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 value |
$ | 121,793,103 | $ | 2,334,228,049 | $ | 46,065,140 | ||||||
| Investment in affiliated securities at value (See Note 4) |
— | 6,938,226 | 258,321 | |||||||||
| Investment in Government & Agency Securities Portfolio* |
1,126,424 | 45,836,157 | 1,704,111 | |||||||||
| Cash |
72,000 | 476,069 | 8,561 | |||||||||
| Foreign currency at value |
481,450 | 646,801 | 33,553 | |||||||||
| Unrealized appreciation on forward foreign currency exchange contracts |
4,041,211 | 59,601,023 | 1,701,972 | |||||||||
| Deposit with broker for futures contracts |
76,332 | — | — | |||||||||
| Unrealized appreciation on future contracts |
— | — | 42 | |||||||||
| Receivables: | ||||||||||||
| Investment securities sold |
18,018,027 | 22,305,901 | 984,972 | |||||||||
| Capital shares |
36,108 | 17 | — | |||||||||
| Dividends |
75,528 | 4,267,541 | 10,170 | |||||||||
| Securities lending income |
890 | 173,872 | 2,761 | |||||||||
| Foreign tax reclaim |
5,481 | 6,563,981 | 83,952 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Assets |
$ | 145,726,554 | $ | 2,481,037,637 | $ | 50,853,555 | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities |
||||||||||||
| Payable upon return of securities loaned |
$ | 1,126,424 | $ | 45,836,157 | $ | 1,704,111 | ||||||
| Unrealized depreciation on forward foreign currency exchange contracts |
1,057,797 | 21,837,080 | 76,499 | |||||||||
| Unrealized depreciation on future contracts |
20,460 | — | — | |||||||||
| Payables: | ||||||||||||
| Investment securities purchased |
10,238,263 | 46,111,143 | 2,362,860 | |||||||||
| Capital shares |
11,640,200 | 17,891,027 | — | |||||||||
| Investment advisory fees |
72,453 | 875,705 | 17,096 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Liabilities |
24,155,597 | 132,551,112 | 4,160,566 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 121,570,957 | $ | 2,348,486,525 | $ | 46,692,989 | ||||||
|
|
|
|
|
|
|
|||||||
| Net unrealized appreciation (depreciation) on investments and foreign currency translations |
||||||||||||
| Paid-in capital |
$ | 147,894,345 | $ | 2,635,590,673 | $ | 54,023,415 | ||||||
| Undistributed net investment income |
1,287,144 | 9,256,436 | 164,676 | |||||||||
| Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
(23,663,516 | ) | 88,652,258 | (3,360,265 | ) | |||||||
| Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
(3,947,016 | ) | (385,012,842 | ) | (4,134,837 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 121,570,957 | $ | 2,348,486,525 | $ | 46,692,989 | ||||||
|
|
|
|
|
|
|
|||||||
| Number of Common Shares outstanding |
6,250,800 | 91,350,001 | 1,850,001 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value |
$ | 19.45 | $ | 25.71 | $ | 25.24 | ||||||
|
|
|
|
|
|
|
|||||||
| Investments in non-affiliated securities at cost |
$ | 128,688,466 | $ | 2,750,134,948 | $ | 51,616,520 | ||||||
|
|
|
|
|
|
|
|||||||
| Investments in affiliated securities at cost |
$ | — | $ | 13,439,300 | $ | 462,984 | ||||||
|
|
|
|
|
|
|
|||||||
| Value of securities loaned |
$ | 617,081 | $ | 43,430,958 | $ | 1,360,640 | ||||||
|
|
|
|
|
|
|
|||||||
| Investment in Government & Agency Securities Portfolio at cost* |
$ | 1,126,424 | $ | 45,836,157 | $ | 1,704,111 | ||||||
|
|
|
|
|
|
|
|||||||
| Foreign currency at cost |
$ | 492,656 | $ | 646,963 | $ | 33,546 | ||||||
|
|
|
|
|
|
|
|||||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 101 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (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 value |
$ | 68,282,212 | $ | 1,806,295,538 | $ | 4,176,204 | ||||||
| Investment in affiliated securities at value (See Note 4) |
1,427,995 | — | — | |||||||||
| Investment in Government & Agency Securities Portfolio* |
234,990 | 9,933,297 | — | |||||||||
| Cash |
21,692 | 19,899,868 | — | |||||||||
| Foreign currency at value |
16,740 | 2,961,011 | 5,230 | |||||||||
| Unrealized appreciation on forward foreign currency exchange contracts |
2,957,989 | 137,224,874 | 397,717 | |||||||||
| Deposit with broker for futures contracts |
42,558 | — | — | |||||||||
| Unrealized appreciation on future contracts |
21,344 | 223,956 | — | |||||||||
| Receivables: | ||||||||||||
| Investment securities sold |
3,431,196 | 13,965,631 | 438,673 | |||||||||
| Capital shares |
— | 2,957 | — | |||||||||
| Dividends |
— | 6,312,237 | 670 | |||||||||
| Securities lending income |
104 | 22,002 | 2 | |||||||||
| Foreign tax reclaim |
814,495 | 2,829,315 | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Assets |
$ | 77,251,315 | $ | 1,999,670,686 | $ | 5,018,496 | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities |
||||||||||||
| Payable upon return of securities loaned |
$ | 234,990 | $ | 9,933,297 | $ | — | ||||||
| Unrealized depreciation on forward foreign currency exchange contracts |
558,280 | 9,043,281 | 28,718 | |||||||||
| Due to broker for futures contracts |
— | 117,776 | — | |||||||||
| Payables: | ||||||||||||
| Investment securities purchased |
2,388,840 | 132,986,339 | 816,092 | |||||||||
| Capital shares |
2,339,154 | 7,237,085 | — | |||||||||
| Investment advisory fees |
27,648 | 569,188 | 1,735 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Liabilities |
5,548,912 | 159,886,966 | 846,545 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 71,702,403 | $ | 1,839,783,720 | $ | 4,171,951 | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets Consist of |
||||||||||||
| Paid-in capital |
$ | 96,105,643 | $ | 1,979,565,837 | $ | 4,904,930 | ||||||
| Distributions in excess of net investment income |
(656,377 | ) | — | — | ||||||||
| Undistributed net investment income |
— | 11,731,163 | 28,200 | |||||||||
| Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
(12,632,696 | ) | (262,325,276 | ) | 117,082 | |||||||
| Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
(11,114,167 | ) | 110,811,996 | (878,261 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 71,702,403 | $ | 1,839,783,720 | $ | 4,171,951 | ||||||
|
|
|
|
|
|
|
|||||||
| Number of Common Shares outstanding |
3,050,800 | 50,900,800 | 200,001 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value |
$ | 23.50 | $ | 36.14 | $ | 20.86 | ||||||
|
|
|
|
|
|
|
|||||||
| Investments in non-affiliated securities at cost |
$ | 83,176,070 | $ | 1,822,945,102 | $ | 5,421,895 | ||||||
|
|
|
|
|
|
|
|||||||
| Investments in affiliated securities at cost |
$ | 3,043,415 | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Value of securities loaned |
$ | 225,979 | $ | 9,305,533 | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Investment in Government & Agency Securities Portfolio at cost* |
$ | 234,990 | $ | 9,933,297 | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Foreign currency at cost |
$ | 17,134 | $ | 2,992,912 | $ | 5,227 | ||||||
|
|
|
|
|
|
|
|||||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 102 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (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 value |
$ | 52,422,351 | $ | 5,963,530 | ||||
| Investment in Government & Agency Securities Portfolio* |
— | 5,300 | ||||||
| Foreign currency at value |
— | 4,882 | ||||||
| Unrealized appreciation on forward foreign currency exchange contracts |
2,180,842 | 12,805 | ||||||
| Receivables: | ||||||||
| Investment securities sold |
11,749,358 | 150,030 | ||||||
| Capital shares |
46,112 | — | ||||||
| Dividends |
— | 34,776 | ||||||
| Securities lending income |
— | 727 | ||||||
| Foreign tax reclaim |
— | 19 | ||||||
|
|
|
|
|
|||||
| Total Assets |
$ | 66,398,663 | $ | 6,172,069 | ||||
|
|
|
|
|
|||||
| Liabilities |
||||||||
| Due to custodian |
$ | 498,121 | $ | 413 | ||||
| Payable upon return of securities loaned |
— | 5,300 | ||||||
| Unrealized depreciation on forward foreign currency exchange contracts |
530,281 | 163,890 | ||||||
| Payables: | ||||||||
| Investment securities purchased |
935,841 | — | ||||||
| Capital shares |
11,920,172 | — | ||||||
| Investment advisory fees |
39,133 | 2,223 | ||||||
|
|
|
|
|
|||||
| Total Liabilities |
13,923,548 | 171,826 | ||||||
|
|
|
|
|
|||||
| Net Assets, at value |
$ | 52,475,115 | $ | 6,000,243 | ||||
|
|
|
|
|
|||||
| Net Assets Consist of |
||||||||
| Paid-in capital |
$ | 64,418,146 | $ | 6,113,246 | ||||
| Distributions in excess of net investment income |
(75,800 | ) | — | |||||
| Undistributed net investment income |
— | 98,144 | ||||||
| Accumulated net realized gain (loss) on investments and foreign currency transactions |
(21,594,073 | ) | 708,073 | |||||
| Net unrealized appreciation (depreciation) on investments and foreign currency translations |
9,726,842 | (919,220 | ) | |||||
|
|
|
|
|
|||||
| Net Assets, at value |
$ | 52,475,115 | $ | 6,000,243 | ||||
|
|
|
|
|
|||||
| Number of Common Shares outstanding |
2,200,001 | 250,001 | ||||||
|
|
|
|
|
|||||
| Net Asset Value |
$ | 23.85 | $ | 24.00 | ||||
|
|
|
|
|
|||||
| Investments in non-affiliated securities at cost |
$ | 44,342,767 | $ | 6,731,381 | ||||
|
|
|
|
|
|||||
| Value of securities loaned |
$ | — | $ | 4,952 | ||||
|
|
|
|
|
|||||
| Investment in Government & Agency Securities Portfolio at cost* |
$ | — | $ | 5,300 | ||||
|
|
|
|
|
|||||
| Foreign currency at cost |
$ | — | $ | 4,867 | ||||
|
|
|
|
|
|||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 103 |
DBX ETF Trust
For the Six Months Ended November 30, 2016 (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* |
$ | 859,428 | $ | 79,151 | $ | 46,453 | ||||||
| Securities lending income, net of borrower rebates |
11,399 | 563 | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Investment Income |
870,827 | 79,714 | 46,453 | |||||||||
|
|
|
|
|
|
|
|||||||
| Expenses |
||||||||||||
| Investment advisory fees |
136,006 | 14,004 | 12,558 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Expenses |
136,006 | 14,004 | 12,558 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Investment income (loss) |
734,821 | 65,710 | 33,895 | |||||||||
|
|
|
|
|
|
|
|||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||
| Net realized gain (loss) from: | ||||||||||||
| Investments |
(617,936 | ) | (53,321 | ) | 820 | |||||||
| Investments in affiliates |
(1,182 | ) | — | — | ||||||||
| In-kind redemptions |
429,019 | — | — | |||||||||
| In-kind redemptions in affiliates |
(621 | ) | — | — | ||||||||
| Foreign currency transactions |
2,759,113 | (10,559 | ) | (574,831 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Net realized gain (loss) |
2,568,393 | (63,880 | ) | (574,011 | ) | |||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
| Investments |
177,331 | 306,797 | 1,148,055 | |||||||||
| Futures contracts |
(975 | ) | (90 | ) | — | |||||||
| Foreign currency translations |
(312,358 | ) | (31,296 | ) | 120,600 | |||||||
|
|
|
|
|
|
|
|||||||
| Net change in unrealized appreciation (depreciation) |
(136,002 | ) | 275,411 | 1,268,655 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
2,432,391 | 211,531 | 694,644 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net increase (decrease) in Net Assets Resulting from Operations |
$ | 3,167,212 | $ | 277,241 | $ | 728,539 | ||||||
|
|
|
|
|
|
|
|||||||
| * Unaffiliated foreign tax withheld |
$ | 84,783 | $ | 7,698 | $ | 2,542 | ||||||
| See Notes to Financial Statements. | 104 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (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* |
$ | 2,039,996 | $ | 31,506,987 | $ | 593,718 | ||||||
| Securities lending income, net of borrower rebates |
12,718 | 1,286,805 | 23,226 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Investment Income |
2,052,714 | 32,793,792 | 616,944 | |||||||||
|
|
|
|
|
|
|
|||||||
| Expenses |
||||||||||||
| Investment advisory fees |
446,665 | 6,132,838 | 127,279 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Expenses |
446,665 | 6,132,838 | 127,279 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Investment income (loss) |
1,606,049 | 26,660,954 | 489,665 | |||||||||
|
|
|
|
|
|
|
|||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||
| Net realized gain (loss) from: |
||||||||||||
| Investments |
(3,854,992 | ) | (37,709,462 | ) | (566,215 | ) | ||||||
| Investments in affiliates |
— | (641,108 | ) | (17,962 | ) | |||||||
| In-kind redemptions |
256,144 | 961,335 | (557,214 | ) | ||||||||
| In-kind redemptions in affiliates |
— | (1,677,008 | ) | (95,139 | ) | |||||||
| Futures contracts |
41,460 | — | — | |||||||||
| Foreign currency transactions |
(2,615,031 | ) | 252,844,027 | 3,178,847 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net realized gain (loss) |
(6,172,419 | ) | 213,777,784 | 1,942,317 | ||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
| Investments |
11,542,550 | (106,653,313 | ) | (2,368,340 | ) | |||||||
| Futures contracts |
(2,280 | ) | — | 42 | ||||||||
| Foreign currency translations |
(401,267 | ) | (48,674,958 | ) | (682,478 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net change in unrealized appreciation (depreciation) |
11,139,003 | (155,328,271 | ) | (3,050,776 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
4,966,584 | 58,449,513 | (1,108,459 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net increase (decrease) in Net Assets Resulting from Operations |
$ | 6,572,633 | $ | 85,110,467 | $ | (618,794 | ) | |||||
|
|
|
|
|
|
|
|||||||
| * Unaffiliated foreign tax withheld |
$ | 301,042 | $ | 2,076,047 | $ | 86,713 | ||||||
| See Notes to Financial Statements. | 105 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (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* |
$ | 376,064 | $ | 13,134,127 | $ | 39,693 | ||||||
| Securities lending income, net of borrower rebates |
941 | 152,202 | 12 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Investment Income |
377,005 | 13,286,329 | 39,705 | |||||||||
|
|
|
|
|
|
|
|||||||
| Expenses |
||||||||||||
| Investment advisory fees |
200,181 | 2,944,422 | 10,597 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Expenses |
200,181 | 2,944,422 | 10,597 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Investment income (loss) |
176,824 | 10,341,907 | 29,108 | |||||||||
|
|
|
|
|
|
|
|||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||
| Net realized gain (loss) from: | ||||||||||||
| Investments |
(1,253,178 | ) | (28,614,623 | ) | (127,302 | ) | ||||||
| Investments in affiliates |
(145,174 | ) | — | — | ||||||||
| In-kind redemptions |
(4,479,515 | ) | 27,592,190 | 45,193 | ||||||||
| In-kind redemptions in affiliates |
(717,939 | ) | — | — | ||||||||
| Futures contracts |
17,923 | (58,507 | ) | — | ||||||||
| Foreign currency transactions |
5,002,800 | (12,016,706 | ) | 289,658 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net realized gain (loss) |
(1,575,083 | ) | (13,097,646 | ) | 207,549 | |||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
| Investments |
4,471,012 | 38,043,164 | (354,513 | ) | ||||||||
| Futures contracts |
14,660 | 233,227 | — | |||||||||
| Foreign currency translations |
(979,829 | ) | 90,718,318 | 65,454 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net change in unrealized appreciation (depreciation) |
3,505,843 | 128,994,709 | (289,059 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
1,930,760 | 115,897,063 | (81,510 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net increase (decrease) in Net Assets Resulting from Operations |
$ | 2,107,584 | $ | 126,238,970 | $ | (52,402 | ) | |||||
|
|
|
|
|
|
|
|||||||
| * Unaffiliated foreign tax withheld |
$ | 32,106 | $ | 1,430,919 | $ | 903 | ||||||
| See Notes to Financial Statements. | 106 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (Unaudited)
| Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
|||||||
| Investment Income |
||||||||
| Unaffiliated dividend income* |
$ | 57,318 | $ | 116,009 | ||||
| Securities lending income, net of borrower rebates |
— | 1,620 | ||||||
|
|
|
|
|
|||||
| Total Investment Income |
57,318 | 117,629 | ||||||
|
|
|
|
|
|||||
| Expenses |
||||||||
| Investment advisory fees |
189,399 | 13,322 | ||||||
|
|
|
|
|
|||||
| Total Expenses |
189,399 | 13,322 | ||||||
|
|
|
|
|
|||||
| Net Investment income (loss) |
(132,081 | ) | 104,307 | |||||
|
|
|
|
|
|||||
| Realized and Unrealized Gain (Loss) |
||||||||
| Net realized gain (loss) from: | ||||||||
| Investments |
5,101,806 | (117,878 | ) | |||||
| Foreign currency transactions |
(1,010,276 | ) | 1,020,617 | |||||
|
|
|
|
|
|||||
| Net realized gain (loss) |
4,091,530 | 902,739 | ||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||
| Investments |
(1,406,636 | ) | (227,608 | ) | ||||
| Foreign currency translations |
(3,003,030 | ) | (214,776 | ) | ||||
|
|
|
|
|
|||||
| Net change in unrealized appreciation (depreciation) |
(4,409,666 | ) | (442,384 | ) | ||||
|
|
|
|
|
|||||
| Net realized and unrealized gain (loss) on investments and foreign currency transactions |
(318,136 | ) | 460,355 | |||||
|
|
|
|
|
|||||
| Net increase (decrease) in Net Assets Resulting from Operations |
$ | (450,217 | ) | $ | 564,662 | |||
|
|
|
|
|
|||||
| * Unaffiliated foreign tax withheld |
$ | 16,390 | $ | 1,767 | ||||
| See Notes to Financial Statements. | 107 |
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, 2016 (Unaudited) |
Year Ended May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
Year Ended May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 734,821 | $ | 1,707,404 | $ | 65,710 | $ | 200,089 | ||||||||
| Net realized gain (loss) |
2,568,393 | (3,250,471 | ) | (63,880 | ) | (746,550 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) |
(136,002 | ) | (4,498,720 | ) | 275,411 | (1,142,819 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
3,167,212 | (6,041,787 | ) | 277,241 | (1,689,280 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
(967,291 | ) | (1,777,313 | ) | (34,216 | ) | (417,566 | ) | ||||||||
| Net realized gains |
— | (1,089,202 | ) | — | (344,439 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(967,291 | ) | (2,866,515 | ) | (34,216 | ) | (762,005 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 39,978,605 | — | — | ||||||||||||
| Value of shares redeemed |
(3,435,045 | ) | (10,227,798 | ) | — | (4,255,798 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(3,435,045 | ) | 29,750,807 | — | (4,255,798 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
(1,235,124 | ) | 20,842,505 | 243,025 | (6,707,083 | ) | ||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
67,873,154 | 47,030,649 | 4,454,329 | 11,161,412 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 66,638,030 | $ | 67,873,154 | $ | 4,697,354 | $ | 4,454,329 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | 535,464 | $ | 767,934 | $ | 40,516 | $ | 9,022 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
3,000,001 | 1,750,001 | 200,001 | 400,001 | ||||||||||||
| Shares sold |
— | 1,700,000 | — | — | ||||||||||||
| Shares redeemed |
(150,000 | ) | (450,000 | ) | — | (200,000 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
2,850,001 | 3,000,001 | 200,001 | 200,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 108 |
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, 2016 (Unaudited) |
Year Ended May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
Year Ended May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 33,895 | $ | 91,264 | $ | 1,606,049 | $ | 3,536,953 | ||||||||
| Net realized gain (loss) |
(574,011 | ) | (1,607,287 | ) | (6,172,419 | ) | (14,067,074 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) |
1,268,655 | 667,873 | 11,139,003 | (22,070,859 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
728,539 | (848,150 | ) | 6,572,633 | (32,600,980 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
— | (1,037,444 | ) | (868,519 | ) | (6,061,629 | ) | |||||||||
| Return of capital |
— | (3,755 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
— | (1,041,199 | ) | (868,519 | ) | (6,061,629 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
464,672 | 1,581,261 | — | 18,231,512 | ||||||||||||
| Value of shares redeemed |
— | (3,043,710 | ) | (14,485,632 | ) | (93,758,507 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
464,672 | (1,462,449 | ) | (14,485,632 | ) | (75,526,995 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
1,193,211 | (3,351,798 | ) | (8,781,518 | ) | (114,189,604 | ) | |||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
3,174,686 | 6,526,484 | 130,352,475 | 244,542,079 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 4,367,897 | $ | 3,174,686 | $ | 121,570,957 | $ | 130,352,475 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | 33,895 | $ | — | $ | 1,287,144 | $ | 549,614 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
350,800 | 500,800 | 7,000,800 | 10,900,800 | ||||||||||||
| Shares sold |
50,000 | 150,000 | — | 1,000,000 | ||||||||||||
| Shares redeemed |
— | (300,000 | ) | (750,000 | ) | (4,900,000 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
400,800 | 350,800 | 6,250,800 | 7,000,800 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 109 |
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, 2016 (Unaudited) |
Year Ended May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
Year Ended May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 26,660,954 | $ | 100,832,456 | $ | 489,665 | $ | 1,791,987 | ||||||||
| Net realized gain (loss) |
213,777,784 | (61,459,702 | ) | 1,942,317 | (2,889,946 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) |
(155,328,271 | ) | (309,129,456 | ) | (3,050,776 | ) | (1,603,731 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
85,110,467 | (269,756,702 | ) | (618,794 | ) | (2,701,690 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
(96,680,278 | ) | (120,694,283 | ) | (2,062,088 | ) | (1,359,253 | ) | ||||||||
| Net realized gains |
— | (21,395,440 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(96,680,278 | ) | (142,089,723 | ) | (2,062,088 | ) | (1,359,253 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
100,189,889 | 1,634,503,636 | — | 82,581,476 | ||||||||||||
| Value of shares redeemed |
(1,050,381,140 | ) | (580,661,063 | ) | (33,944,253 | ) | (17,179,131 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(950,191,251 | ) | 1,053,842,573 | (33,944,253 | ) | 65,402,345 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
(961,761,062 | ) | 641,996,148 | (36,625,135 | ) | 61,341,402 | ||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
3,310,247,587 | 2,668,251,439 | 83,318,124 | 21,976,722 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 2,348,486,525 | $ | 3,310,247,587 | $ | 46,692,989 | $ | 83,318,124 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | 9,256,436 | $ | 79,275,760 | $ | 164,676 | $ | 1,737,099 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
129,050,001 | 90,550,001 | 3,250,001 | 750,001 | ||||||||||||
| Shares sold |
4,000,000 | 62,500,000 | — | 3,200,000 | ||||||||||||
| Shares redeemed |
(41,700,000 | ) | (24,000,000 | ) | (1,400,000 | ) | (700,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
91,350,001 | 129,050,001 | 1,850,001 | 3,250,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 110 |
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, 2016 (Unaudited) |
Year Ended May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
Year Ended May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 176,824 | $ | 2,115,523 | $ | 10,341,907 | $ | 17,699,139 | ||||||||
| Net realized gain (loss) |
(1,575,083 | ) | (9,632,430 | ) | (13,097,646 | ) | (153,656,780 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) |
3,505,843 | (12,977,312 | ) | 128,994,709 | (154,439,010 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
2,107,584 | (20,494,219 | ) | 126,238,970 | (290,396,651 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
(3,345,701 | ) | (10,562,800 | ) | (12,701,782 | ) | (44,182,466 | ) | ||||||||
| Net realized gains |
— | — | — | (38,800,971 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(3,345,701 | ) | (10,562,800 | ) | (12,701,782 | ) | (82,983,437 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 20,164,894 | 984,065,083 | 927,313,581 | ||||||||||||
| Value of shares redeemed |
(37,046,402 | ) | (112,914,893 | ) | (283,980,426 | ) | (790,640,177 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(37,046,402 | ) | (92,749,999 | ) | 700,084,657 | 136,673,404 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
(38,284,519 | ) | (123,807,018 | ) | 813,621,845 | (236,706,684 | ) | |||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
109,986,922 | 233,793,940 | 1,026,161,875 | 1,262,868,559 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 71,702,403 | $ | 109,986,922 | $ | 1,839,783,720 | $ | 1,026,161,875 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions in excess of net investment income |
$ | (656,377 | ) | $ | — | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | — | $ | 2,512,500 | $ | 11,731,163 | $ | 14,091,038 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
4,700,800 | 8,550,800 | 29,900,800 | 28,350,800 | ||||||||||||
| Shares sold |
— | 850,000 | 29,800,000 | 24,450,000 | ||||||||||||
| Shares redeemed |
(1,650,000 | ) | (4,700,000 | ) | (8,800,000 | ) | (22,900,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
3,050,800 | 4,700,800 | 50,900,800 | 29,900,800 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 111 |
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, 2016 (Unaudited) |
Year Ended May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
Year Ended May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 29,108 | $ | 109,214 | $ | (132,081 | ) | $ | 893,533 | |||||||
| Net realized gain (loss) |
207,549 | 62,085 | 4,091,530 | (15,157,123 | ) | |||||||||||
| Net change in unrealized appreciation (depreciation) |
(289,059 | ) | (114,971 | ) | (4,409,666 | ) | 2,176,785 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
(52,402 | ) | 56,328 | (450,217 | ) | (12,086,805 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
(62,392 | ) | (558,149 | ) | (374,148 | ) | (154,180 | ) | ||||||||
| Net realized gains |
— | (264,905 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(62,392 | ) | (823,054 | ) | (374,148 | ) | (154,180 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
1,096,760 | 1,145,870 | 47,032,389 | 124,679,916 | ||||||||||||
| Value of shares redeemed |
(1,120,460 | ) | (1,116,660 | ) | (111,894,174 | ) | (131,675,567 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(23,700 | ) | 29,210 | (64,861,785 | ) | (6,995,651 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
(138,494 | ) | (737,516 | ) | (65,686,150 | ) | (19,236,636 | ) | ||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
4,310,445 | 5,047,961 | 118,161,265 | 137,397,901 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 4,171,951 | $ | 4,310,445 | $ | 52,475,115 | $ | 118,161,265 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions in excess of net investment income |
$ | — | $ | — | $ | (75,800 | ) | $ | — | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | 28,200 | $ | 61,484 | $ | — | $ | 430,429 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
200,001 | 200,001 | 5,150,001 | 5,650,001 | ||||||||||||
| Shares sold |
50,000 | 50,000 | 1,850,000 | 5,550,000 | ||||||||||||
| Shares redeemed |
(50,000 | ) | (50,000 | ) | (4,800,000 | ) | (6,050,000 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
200,001 | 200,001 | 2,200,001 | 5,150,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 112 |
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, 2016 (Unaudited) |
Year Ended May 31, 2016 |
|||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||
| Net investment income (loss) |
$ | 104,307 | $ | 188,379 | ||||
| Net realized gain (loss) |
902,739 | (109,350 | ) | |||||
| Net change in unrealized appreciation (depreciation) |
(442,384 | ) | (464,588 | ) | ||||
|
|
|
|
|
|||||
| Net increase (decrease) in net assets resulting from operations |
564,662 | (385,559 | ) | |||||
|
|
|
|
|
|||||
| Distributions to Shareholders from |
||||||||
| Net investment income |
(127,763 | ) | (302,668 | ) | ||||
| Net realized gains |
— | (22,960 | ) | |||||
|
|
|
|
|
|||||
| Total distributions |
(127,763 | ) | (325,628 | ) | ||||
|
|
|
|
|
|||||
| Fund Shares Transactions |
||||||||
| Proceeds from shares sold |
— | 1,087,925 | ||||||
|
|
|
|
|
|||||
| Net increase (decrease) in net assets resulting from fund share transactions |
— | 1,087,925 | ||||||
|
|
|
|
|
|||||
| Total net increase (decrease) in Net Assets |
436,899 | 376,738 | ||||||
| Net Assets |
||||||||
| Beginning of period |
5,563,344 | 5,186,606 | ||||||
|
|
|
|
|
|||||
| End of period |
$ | 6,000,243 | $ | 5,563,344 | ||||
|
|
|
|
|
|||||
| Undistributed net investment income |
$ | 98,144 | $ | 121,600 | ||||
|
|
|
|
|
|||||
| Changes in Shares Outstanding |
||||||||
| Shares outstanding, beginning of period |
250,001 | 200,001 | ||||||
| Shares sold |
— | 50,000 | ||||||
| Shares redeemed |
— | — | ||||||
|
|
|
|
|
|||||
| Shares outstanding, end of period |
250,001 | 250,001 | ||||||
|
|
|
|
|
|||||
| See Notes to Financial Statements. | 113 |
DBX ETF Trust
| Deutsche X-trackers MSCI All World ex US Hedged Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Period Ended 5/31/2014(a) |
||||||||||||
| Net Asset Value, beginning of period |
$ | 22.62 | $ | 26.87 | $ | 25.61 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from investment operations: | ||||||||||||||||
| Net investment income (loss)(c) |
0.25 | 0.64 | 0.96 | 0.45 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.83 | (3.57 | ) | 2.16 | 0.16 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total from investment operations |
1.08 | (2.93 | ) | 3.12 | 0.61 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income |
(0.32 | ) | (0.86 | ) | (1.82 | ) | — | |||||||||
| Net realized gains |
— | (0.46 | ) | (0.04 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(0.32 | ) | (1.32 | ) | (1.86 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset Value, end of period |
$ | 23.38 | $ | 22.62 | $ | 26.87 | $ | 25.61 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Return (%) |
4.88 | ** | (11.17 | ) | 13.01 | 2.44 | ** | |||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||
| Net assets, end of period ($ millions) |
67 | 68 | 47 | 5 | ||||||||||||
| Ratio of expenses (%) |
0.40 | * | 0.40 | 0.40 | 0.40 | * | ||||||||||
| Ratio of net investment income (loss) (%) |
2.16 | * | 2.76 | 3.70 | 5.18 | * | ||||||||||
| Portfolio turnover rate (%)(d) |
8 | ** | 24 | 24 | 3 | ** | ||||||||||
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Period Ended 5/31/2014(b) |
||||||||||||
| Net Asset Value, beginning of period |
$ | 22.27 | $ | 27.90 | $ | 26.47 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from investment operations: | ||||||||||||||||
| Net investment income (loss)(c) |
0.33 | 0.63 | 0.68 | 0.40 | ||||||||||||
| Net realized and unrealized gain (loss) |
1.06 | (4.19 | ) | 2.04 | 1.08 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total from investment operations |
1.39 | (3.56 | ) | 2.72 | 1.48 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income |
(0.17 | ) | (1.09 | ) | (1.29 | ) | (0.01 | ) | ||||||||
| Net realized gains |
— | (0.98 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(0.17 | ) | (2.07 | ) | (1.29 | ) | (0.01 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset Value, end of period |
$ | 23.49 | $ | 22.27 | $ | 27.90 | $ | 26.47 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Return (%) |
6.30 | ** | (12.98 | ) | 10.78 | 5.94 | ** | |||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||
| Net assets, end of period ($ millions) |
5 | 4 | 11 | 7 | ||||||||||||
| Ratio of expenses (%) |
0.60 | * | 0.60 | 0.60 | 0.60 | * | ||||||||||
| Ratio of net investment income (loss) (%) |
2.82 | * | 2.64 | 2.51 | 2.33 | * | ||||||||||
| Portfolio turnover rate (%)(d) |
7 | ** | 34 | 19 | 20 | ** | ||||||||||
| (a) | For the period January 23, 2014 (commencement of operations)through May 31, 2014. |
| (b) | For the period October 1, 2013 (commencement of operations) through May 31, 2014. |
| (c) | Based on average shares outstanding during the period. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 114 |
DBX ETF Trust
Financial Highlights (Continued)
| Deutsche X-trackers MSCI Brazil Hedged Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Year Ended 5/31/2014 |
Year Ended 5/31/2013 |
Period Ended 5/31/2012(a) |
||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 9.05 | $ | 13.03 | $ | 14.46 | $ | 19.28 | $ | 20.74 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b) |
0.08 | 0.24 | 0.42 | 0.47 | 0.54 | 0.64 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
1.77 | (1.91 | ) | (1.44 | ) | (2.30 | ) | (0.15 | ) | (4.18 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
1.85 | (1.67 | ) | (1.02 | ) | (1.83 | ) | 0.39 | (3.54 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income |
— | (2.30 | ) | (0.41 | ) | (2.95 | ) | (0.54 | ) | (0.29 | ) | |||||||||||||
| Net realized gains |
— | — | — | — | (1.31 | ) | (0.43 | ) | ||||||||||||||||
| Return of capital |
— | (0.01 | ) | — | (0.04 | ) | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
— | (2.31 | ) | (0.41 | ) | (2.99 | ) | (1.85 | ) | (0.72 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 10.90 | $ | 9.05 | $ | 13.03 | $ | 14.46 | $ | 19.28 | $ | 20.74 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
20.44 | ** | (15.83 | ) | (6.96 | ) | (9.83 | )(c) | 1.43 | (c) | (14.28 | )** | ||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period ($ millions) |
4 | 3 | 7 | 6 | 8 | 4 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.60 | * | 0.60 | 0.60 | 0.63 | 0.92 | 1.13 | * | ||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.60 | * | 0.60 | 0.60 | 0.60 | 0.68 | 1.13 | * | ||||||||||||||||
| Ratio of net investment income (loss) (%) |
1.62 | * | 2.56 | 2.97 | 2.93 | 2.66 | 2.89 | * | ||||||||||||||||
| Portfolio turnover rate (%)(d) |
18 | ** | 59 | 141 | 89 | 25 | 34 | ** | ||||||||||||||||
| Deutsche X-trackers MSCI Emerging Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Year Ended 5/31/2014 |
Year Ended 5/31/2013 |
Period Ended 5/31/2012(a) |
||||||||||||||||||
| Net Asset Value, beginning of period | $ | 18.62 | $ | 22.43 | $ | 21.74 | $ | 21.96 | $ | 21.22 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b) |
0.23 | 0.43 | 0.36 | 0.38 | 0.38 | 0.21 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.72 | (3.60 | ) | 0.77 | (0.17 | ) | 1.01 | (3.34 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
0.95 | (3.17 | ) | 1.13 | 0.21 | 1.39 | (3.13 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income |
(0.12 | ) | (0.64 | ) | (0.44 | ) | (0.43 | ) | (0.40 | ) | (0.06 | ) | ||||||||||||
| Net realized gains |
— | — | — | — | (0.25 | ) | (0.59 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.12 | ) | (0.64 | ) | (0.44 | ) | (0.43 | ) | (0.65 | ) | (0.65 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 19.45 | $ | 18.62 | $ | 22.43 | $ | 21.74 | $ | 21.96 | $ | 21.22 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
5.15 | ** | (14.32 | ) | 5.35 | 1.17 | (c) | 6.54 | (c) | (12.52 | )** | |||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period ($ millions) |
122 | 130 | 245 | 29 | 9 | 4 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.65 | * | 0.65 | 0.65 | 0.66 | 0.94 | 1.19 | * | ||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.65 | * | 0.65 | 0.65 | 0.65 | 0.72 | 1.19 | * | ||||||||||||||||
| Ratio of net investment income (loss) (%) |
2.34 | * | 2.20 | 1.64 | 1.81 | 1.72 | 0.97 | * | ||||||||||||||||
| Portfolio turnover rate (%)(d) |
10 | ** | 32 | 58 | 16 | 15 | 19 | ** | ||||||||||||||||
| (a) | For the period June 9, 2011 (commencement of operations) through May 31, 2012. |
| (b) | Based on average shares outstanding during the period. |
| (c) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 115 |
DBX ETF Trust
Financial Highlights (Continued)
| Deutsche X-trackers MSCI Europe Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Period Ended 5/31/2014(a) |
||||||||||||
| Net Asset Value, beginning of period |
$ | 25.65 | $ | 29.47 | $ | 27.75 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from investment operations: | ||||||||||||||||
| Net investment income (loss)(c) |
0.25 | 0.79 | 1.33 | 1.27 | ||||||||||||
| Net realized and unrealized gain (loss) |
0.60 | (3.19 | ) | 1.54 | 1.72 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total from investment operations |
0.85 | (2.40 | ) | 2.87 | 2.99 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income |
(0.79 | ) | (1.28 | ) | (1.15 | ) | (0.24 | ) | ||||||||
| Net realized gains |
— | (0.14 | ) | (0.00 | )(d) | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(0.79 | ) | (1.42 | ) | (1.15 | ) | (0.24 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset Value, end of period |
$ | 25.71 | $ | 25.65 | $ | 29.47 | $ | 27.75 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Return (%) |
3.46 | ** | (8.46 | ) | 10.88 | 12.05 | ** | |||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||
| Net assets, end of period ($ millions) |
2,348 | 3,310 | 2,668 | 164 | ||||||||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | 0.45 | 0.45 | * | ||||||||||
| Ratio of net investment income (loss) (%) |
1.96 | * | 3.08 | 4.74 | 7.30 | * | ||||||||||
| Portfolio turnover rate (%)(e) |
9 | ** | 18 | 13 | 4 | ** | ||||||||||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Period Ended 5/31/2015(b) |
|||||||||||||
| Net Asset Value, beginning of period |
$ | 25.64 | $ | 29.30 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from investment operations: | ||||||||||||||||
| Net investment income (loss)(c) |
0.22 | 0.78 | 0.81 | |||||||||||||
| Net realized and unrealized gain (loss) |
0.12 | (f) | (3.15 | ) | 3.49 | |||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total from investment operations |
0.34 | (2.37 | ) | 4.30 | ||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income |
(0.74 | ) | (1.29 | ) | — | |||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total distributions |
(0.74 | ) | (1.29 | ) | — | |||||||||||
|
|
|
|
|
|
|
|||||||||||
| Net Asset Value, end of period |
$ | 25.24 | $ | 25.64 | $ | 29.30 | ||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total Return (%) |
1.44 | ** | (8.45 | ) | 17.20 | ** | ||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||
| Net assets, end of period ($ millions) |
47 | 83 | 22 | |||||||||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | 0.45 | * | |||||||||||
| Ratio of net investment income (loss) (%) |
1.73 | * | 3.11 | 6.04 | * | |||||||||||
| Portfolio turnover rate (%)(e) |
8 | ** | 22 | 8 | ** | |||||||||||
| (a) | For the period October 1, 2013 (commencement of operations) through May 31, 2014. |
| (b) | For the period December 10, 2014 (commencement of operations) through May 31, 2015. |
| (c) | Based on average shares outstanding during the period. |
| (d) | Amount represents less than $0.005. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (f) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 116 |
DBX ETF Trust
Financial Highlights (Continued)
| Deutsche X-trackers MSCI Germany Hedged Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Year Ended 5/31/2014 |
Year Ended 5/31/2013 |
Period Ended 5/31/2012(a) |
||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 23.40 | $ | 27.34 | $ | 26.51 | $ | 23.22 | $ | 21.57 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b) |
0.05 | 0.33 | 1.38 | 1.03 | 0.44 | 0.27 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.76 | (2.93 | ) | 1.93 | 3.11 | 2.08 | (3.30 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
0.81 | (2.60 | ) | 3.31 | 4.14 | 2.52 | (3.03 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income |
(0.71 | ) | (1.34 | ) | (2.48 | ) | (0.85 | ) | (0.44 | ) | (0.12 | ) | ||||||||||||
| Net realized gains |
— | — | — | — | (0.43 | ) | (0.28 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.71 | ) | (1.34 | ) | (2.48 | ) | (0.85 | ) | (0.87 | ) | (0.40 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 23.50 | $ | 23.40 | $ | 27.34 | $ | 26.51 | $ | 23.22 | $ | 21.57 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
3.66 | ** | (9.99 | ) | 13.92 | 18.70 | (c) | 11.86 | (c) | (12.14 | )** | |||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period ($ millions) |
72 | 110 | 234 | 45 | 5 | 4 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.45 | * | 0.45 | 0.45 | 0.47 | 0.82 | 1.04 | * | ||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.45 | * | 0.45 | 0.45 | 0.47 | 0.58 | 1.04 | * | ||||||||||||||||
| Ratio of net investment income (loss) (%) |
0.40 | * | 1.37 | 5.14 | 4.15 | 1.93 | 1.20 | * | ||||||||||||||||
| Portfolio turnover rate (%)(d) |
8 | ** | 16 | 20 | 12 | 108 | 17 | ** | ||||||||||||||||
| Deutsche X-trackers MSCI Japan Hedged Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Year Ended 5/31/2014 |
Year Ended 5/31/2013 |
Period Ended 5/31/2012(a) |
||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 34.32 | $ | 44.54 | $ | 35.43 | $ | 34.08 | $ | 21.79 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b) |
0.26 | 0.48 | 0.52 | 0.55 | 0.39 | 0.27 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
1.95 | (8.44 | ) | 12.49 | 1.51 | 12.31 | (3.31 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
2.21 | (7.96 | ) | 13.01 | 2.06 | 12.70 | (3.04 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income |
(0.39 | ) | (1.39 | ) | (3.90 | ) | (0.71 | ) | (0.41 | ) | (0.17 | ) | ||||||||||||
| Net realized gains |
— | (0.87 | ) | — | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.39 | ) | (2.26 | ) | (3.90 | ) | (0.71 | ) | (0.41 | ) | (0.17 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 36.14 | $ | 34.32 | $ | 44.54 | $ | 35.43 | $ | 34.08 | $ | 21.79 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
6.59 | ** | (18.65 | ) | 39.00 | 6.21 | (c) | 59.04 | (c) | (12.16 | )** | |||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period ($ millions) |
1,840 | 1,026 | 1,263 | 441 | 109 | 4 | ||||||||||||||||||
| Ratio of expenses before fee waiver (%) |
0.45 | * | 0.45 | 0.45 | 0.48 | 0.66 | 1.03 | * | ||||||||||||||||
| Ratio of expenses after fee waiver (%) |
0.45 | * | 0.45 | 0.45 | 0.48 | 0.52 | 1.03 | * | ||||||||||||||||
| Ratio of net investment income (loss) (%) |
1.58 | * | 1.29 | 1.32 | 1.56 | 1.27 | 1.15 | * | ||||||||||||||||
| Portfolio turnover rate (%)(d) |
13 | ** | 15 | 14 | 13 | 12 | 16 | ** | ||||||||||||||||
| (a) | For the period June 9, 2011 (commencement of operations) through May 31, 2012. |
| (b) | Based on average shares outstanding during the period. |
| (c) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 117 |
DBX ETF Trust
Financial Highlights (Continued)
| Deutsche X-trackers MSCI Mexico Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Period Ended 5/31/2014(a) |
||||||||||||
| Net Asset Value, beginning of period |
$ | 21.55 | $ | 25.24 | $ | 24.29 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from investment operations: | ||||||||||||||||
| Net investment income (loss)(b) |
0.15 | 0.53 | 0.26 | 0.07 | ||||||||||||
| Net realized and unrealized gain (loss) |
(0.53 | ) | (0.11 | ) | 0.94 | (0.78 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total from investment operations |
(0.38 | ) | 0.42 | 1.20 | (0.71 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income |
(0.31 | ) | (2.79 | ) | (0.18 | ) | — | |||||||||
| Net realized gains |
— | (1.32 | ) | (0.07 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(0.31 | ) | (4.11 | ) | (0.25 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset Value, end of period |
$ | 20.86 | $ | 21.55 | $ | 25.24 | $ | 24.29 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Return (%) |
(1.78 | )** | 2.09 | 4.99 | (2.84 | )** | ||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||
| Net assets, end of period ($ millions) |
4 | 4 | 5 | 5 | ||||||||||||
| Ratio of expenses (%) |
0.50 | * | 0.51 | 0.50 | 0.50 | * | ||||||||||
| Ratio of net investment income (loss) (%) |
1.37 | * | 2.40 | 1.04 | 0.79 | * | ||||||||||
| Portfolio turnover rate (%)(c) |
9 | ** | 34 | 22 | 7 | ** | ||||||||||
| Deutsche X-trackers MSCI South Korea Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Period Ended 5/31/2014(a) |
||||||||||||
| Net Asset Value, beginning of period |
$ | 22.94 | $ | 24.32 | $ | 25.08 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from investment operations: | ||||||||||||||||
| Net investment income (loss)(b) |
(0.05 | ) | 0.16 | (0.11 | ) | (0.02 | ) | |||||||||
| Net realized and unrealized gain (loss) |
1.03 | (d) | (1.51 | ) | (0.65 | ) | 0.10 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total from investment operations |
0.98 | (1.35 | ) | (0.76 | ) | 0.08 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income |
(0.07 | ) | (0.03 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(0.07 | ) | (0.03 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset Value, end of period |
$ | 23.85 | $ | 22.94 | $ | 24.32 | $ | 25.08 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Return (%) |
4.30 | ** | (5.55 | ) | (3.07 | ) | 0.32 | ** | ||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||
| Net assets, end of period ($ millions) |
52 | 118 | 137 | 5 | ||||||||||||
| Ratio of expenses (%) |
0.58 | * | 0.58 | 0.58 | 0.58 | * | ||||||||||
| Ratio of net investment income (loss) (%) |
(0.40 | )* | 0.72 | (0.47 | ) | (0.26 | )* | |||||||||
| Portfolio turnover rate (%)(c) |
78 | ** | 124 | 287 | 8 | ** | ||||||||||
| (a) | For the period January 23, 2014 (commencement of operations) through May 31, 2014. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (d) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 118 |
DBX ETF Trust
Financial Highlights (Continued)
| Deutsche X-trackers MSCI United Kingdom Hedged Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Period Ended 5/31/2014(a) |
||||||||||||
| Net Asset Value, beginning of period |
$ | 22.25 | $ | 25.93 | $ | 26.53 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from investment operations: | ||||||||||||||||
| Net investment income (loss)(b) |
0.42 | 0.89 | 0.92 | 1.32 | ||||||||||||
| Net realized and unrealized gain (loss) |
1.84 | (2.95 | ) | 0.08 | 0.63 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total from investment operations |
2.26 | (2.06 | ) | 1.00 | 1.95 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income |
(0.51 | ) | (1.51 | ) | (1.58 | ) | (0.42 | ) | ||||||||
| Net realized gains |
— | (0.11 | ) | (0.02 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(0.51 | ) | (1.62 | ) | (1.60 | ) | (0.42 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset Value, end of period |
$ | 24.00 | $ | 22.25 | $ | 25.93 | $ | 26.53 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Return (%) |
10.39 | ** | (8.25 | ) | 4.27 | 7.90 | ** | |||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||
| Net assets, end of period ($ millions) |
6 | 6 | 5 | 5 | ||||||||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | 0.45 | 0.45 | * | ||||||||||
| Ratio of net investment income (loss) (%) |
3.52 | * | 4.04 | 3.57 | 7.70 | * | ||||||||||
| Portfolio turnover rate (%)(c) |
12 | ** | 24 | 19 | 11 | ** | ||||||||||
| (a) | For the period October 1, 2013 (commencement of operations) through May 31, 2014. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 119 |
DBX ETF Trust
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, 2016, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
| Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
| Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
| Deutsche X-trackers MSCI Europe Hedged Equity ETF |
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
| Deutsche X-trackers MSCI Germany Hedged Equity ETF |
| Deutsche X-trackers MSCI Japan Hedged Equity ETF |
| Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
| Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
| Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees.
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
| Fund |
Underlying Index | |
| Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | MSCI ACWI ex USA US Dollar Hedged Index | |
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF | MSCI Asia Pacific ex Japan US Dollar Hedged Index | |
| Deutsche X-trackers MSCI Brazil Hedged Equity ETF | MSCI Brazil US Dollar Hedged Index | |
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | MSCI EM US Dollar Hedged Index | |
| Deutsche X-trackers MSCI Europe Hedged Equity ETF | MSCI Europe US Dollar Hedged Index | |
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | MSCI EMU IMI US Dollar Hedged Index | |
| Deutsche X-trackers MSCI Germany Hedged Equity ETF | MSCI Germany US Dollar Hedged Index | |
| Deutsche X-trackers MSCI Japan Hedged Equity ETF | MSCI Japan US Dollar Hedged Index | |
| Deutsche X-trackers MSCI Mexico Hedged Equity ETF | MSCI Mexico IMI 25/50 US Dollar Hedged Index | |
| Deutsche X-trackers MSCI South Korea Hedged Equity ETF | MSCI Korea 25/50 US Dollar Hedged Index | |
| Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | MSCI United Kingdom US Dollar Hedged Index |
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. Real Estate Investment Trusts (“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 MSCI Hedged Underlying Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of the following month and remain
120
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund, except Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers MSCI Europe Hedged Equity ETF and Deutsche X-trackers MSCI Japan Hedged Equity ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the Fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any
121
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange- traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are 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, 2016, the Funds did not incur any interest or penalties.
At May 31, 2016 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
122
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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 |
$ | 2,079,570 | $ | 1,684,928 | $ | 3,764,498 | ||||||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
502,271 | — | 502,271 | |||||||||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
33,309 | 85,724 | 119,033 | |||||||||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF |
1,851,136 | 2,925,397 | 4,776,533 | |||||||||
| Deutsche X-trackers MSCI Japan Hedged Equity ETF |
11,799,790 | 18,520,568 | 30,320,358 | |||||||||
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.
During the fiscal year ended May 31, 2016, the Fund incurred and elected to defer net capital losses as follows:
| Post-October Losses on Capital |
||||
| Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
$ | 2,527,578 | ||
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF |
843,723 | |||
| Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
1,080,778 | |||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
10,732,107 | |||
| Deutsche X-trackers MSCI Europe Hedged Equity ETF |
1,299,467 | |||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
2,270,439 | |||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF |
1,805,548 | |||
| Deutsche X-trackers MSCI Japan Hedged Equity ETF |
156,399,824 | |||
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, 2016, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended November 30, 2016, the Funds invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2016 the Funds invested the cash collateral in Government &
123
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of November 30, 2016) on the cash collateral invested in Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2016, the funds listed below had securities on loan, which were classified as common stocks in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
Deutsche X-trackers MSCI Europe Hedged Equity ETF
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
Deutsche X-trackers MSCI Germany Hedged Equity ETF
Deutsche X-trackers MSCI Japan Hedged Equity ETF
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
As of November 30, 2016, the funds listed below had no securities on loan.
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
Derivatives
Forward Foreign Currency Exchange Contracts Each Fund may enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2016, The Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Deutsche X-trackers MSCI Europe Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Deutsche X-trackers MSCI Brazil Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF, Deutsche X-trackers MSCI Japan Hedged Equity ETF, Deutsche X-trackers MSCI South Korea Hedged Equity ETF, Deutsche X-trackers MSCI United Kingdom ETF and Deutsche X-trackers MSCI Mexico Hedged Equity ETF each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the Brazilian real, the euro, the Japanese yen, the South Korean won, the British Pound sterling and the Mexican peso, respectively.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.
124
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
A summary of the open forward currency contracts as of November 30, 2016 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the period ended November 30, 2016.
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2016, 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 Eurozone Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF and Deutsche X-trackers MSCI Japan Hedged Equity ETF utilized futures in order to simulate investment in each Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2016 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, 2016 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
| Asset Derivatives |
Liability Derivatives |
|||||||||||||
| Risk Type |
Statement of Asset and |
Fair Value | Statement of Asset and |
Fair Value | ||||||||||
| Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts | $ | — | Unrealized depreciation on futures contracts | $ | 975 | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 2,337,963 | Unrealized depreciation on forward foreign currency exchange contracts | 557,614 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 2,337,963 | Total | $ | 558,589 | |||||||||
|
|
|
|
|
|||||||||||
125
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 Asia Pacific ex Japan Hedged ETF | ||||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts | $ | — | Unrealized depreciation on futures contracts | $ | 90 | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 103,553 | Unrealized depreciation on forward foreign currency exchange contracts | 35,471 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 103,553 | Total | $ | 35,561 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 321,882 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 70,626 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 321,882 | Total | $ | 70,626 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts | $ | — | Unrealized depreciation on futures contracts | $ | 20,460 | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 4,041,211 | Unrealized depreciation on forward foreign currency exchange contracts | 1,057,797 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 4,041,211 | Total | $ | 1,078,257 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 59,601,023 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 21,837,080 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 59,601,023 | Total | $ | 21,837,080 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts | $ | 42 | Unrealized depreciation on futures contracts |
$ | — | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 1,701,972 | Unrealized depreciation on forward foreign currency exchange contracts | 76,499 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 1,702,014 | Total | $ | 76,499 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts | $ | 21,344 | Unrealized depreciation on futures contracts | $ | — | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 2,957,989 | Unrealized depreciation on forward foreign currency exchange contracts | 558,280 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 2,979,333 | Total | $ | 558,280 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts | $ | 223,956 | Unrealized depreciation on futures contracts | $ | — | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 137,224,874 | Unrealized depreciation on forward foreign currency exchange contracts | 9,043,281 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 137,448,830 | Total | $ | 9,043,281 | |||||||||
|
|
|
|
|
|||||||||||
126
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 Mexico Hedged Equity ETF | ||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 397,717 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 28,718 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 397,717 | Total | $ | 28,718 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 2,180,842 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 530,281 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 2,180,842 | Total | $ | 530,281 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 12,805 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 163,890 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 12,805 | Total | $ | 163,890 | |||||||||
|
|
|
|
|
|||||||||||
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2016 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
| Net Realized Gain (Loss) from: |
||||||||||||
| Futures - Equity Contracts |
Foreign Exchange Contracts |
Total | ||||||||||
| Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
$ | — | $ | 2,811,031 | $ | 2,811,031 | ||||||
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF |
— | (12,708 | ) | (12,708 | ) | |||||||
| Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
— | (538,419 | ) | (538,419 | ) | |||||||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
41,460 | (2,645,506 | ) | (2,604,046 | ) | |||||||
| Deutsche X-trackers MSCI Europe Hedged Equity ETF |
— | 253,614,610 | 253,614,610 | |||||||||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
— | 3,183,965 | 3,183,965 | |||||||||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF |
17,923 | 5,001,175 | 5,019,098 | |||||||||
| Deutsche X-trackers MSCI Japan Hedged Equity ETF |
(58,507 | ) | (11,270,283 | ) | (11,328,790 | ) | ||||||
| Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
— | 290,945 | 290,945 | |||||||||
| Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
— | 24,526 | 24,526 | |||||||||
| Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
— | 1,013,960 | 1,013,960 | |||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
| Futures - Equity Contracts |
Foreign Exchange Contracts |
Total | ||||||||||
| Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
$ | (975 | ) | $ | (300,743 | ) | $ | (301,718 | ) | |||
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF |
(90 | ) | (31,253 | ) | (31,343 | ) | ||||||
| Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
— | 120,498 | 120,498 | |||||||||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
(2,280 | ) | (389,204 | ) | (391,484 | ) | ||||||
| Deutsche X-trackers MSCI Europe Hedged Equity ETF |
— | (48,451,655 | ) | (48,451,655 | ) | |||||||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
42 | (680,889 | ) | (680,847 | ) | |||||||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF |
14,660 | (938,469 | ) | (923,809 | ) | |||||||
| Deutsche X-trackers MSCI Japan Hedged Equity ETF |
233,227 | 91,925,276 | 92,158,503 | |||||||||
| Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
— | 66,884 | 66,884 | |||||||||
127
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
| Futures - Equity Contracts |
Foreign Exchange Contracts |
Total | ||||||||||
| Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
$ | — | $ | (2,999,727 | ) | $ | (2,999,727 | ) | ||||
| Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
— | (214,632 | ) | (214,632 | ) | |||||||
For the period ended November 30, 2016 the average monthly volume of derivatives was as follows:
| Futures Contracts (Contract Value) |
Forward Foreign Currency Exchange Contracts (Contract Value) |
|||||||
| Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
$ | 1,030,660 | $ | (65,825,460 | ) | |||
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
32,960 | (4,353,780 | ) | |||||
| Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
— | (4,005,834 | ) | |||||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
481,320 | (127,454,329 | ) | |||||
| Deutsche X-trackers MSCI Europe Hedged Equity ETF |
— | (2,652,005,905 | ) | |||||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
129,344 | (56,594,162 | ) | |||||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF |
903,926 | (86,973,636 | ) | |||||
| Deutsche X-trackers MSCI Japan Hedged Equity ETF |
2,201,182 | (1,323,529,614 | ) | |||||
| Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
— | (4,064,477 | ) | |||||
| Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
— | (66,961,528 | ) | |||||
| Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
— | (5,665,817 | ) | |||||
As of November 30, 2016, 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:
| 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 | ||||||||||||||||||||||||||||||||
| Goldman Sachs & Co. |
$ | 739 | $ | (739 | ) | $ | — | $ | — | $ | 26,744 | $ | (739 | ) | $ | — | $ | 26,005 | ||||||||||||||
| JP Morgan & Chase Co. |
813,159 | (207,786 | ) | — | 605,373 | 207,786 | (207,786 | ) | — | — | ||||||||||||||||||||||
| The Bank of New York Mellon |
100,135 | (3,969 | ) | — | 96,166 | 3,969 | (3,969 | ) | — | — | ||||||||||||||||||||||
| The Bank of Nova Scotia |
1,423,930 | (319,115 | ) | — | 1,104,815 | 319,115 | (319,115 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 2,337,963 | $ | (531,609 | ) | $ | — | $ | 1,806,354 | $ | 557,614 | $ | (531,609 | ) | $ | — | $ | 26,005 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | ||||||||||||||||||||||||||||||||
| The Bank of New York Mellon |
$ | — | $ | — | $ | — | $ | — | $ | 8,917 | $ | — | $ | — | $ | 8,917 | ||||||||||||||||
| The Bank of Nova Scotia |
1,999 | (1,999 | ) | — | — | 2,516 | (1,999 | ) | — | 517 | ||||||||||||||||||||||
| JP Morgan & Chase Co. |
101,554 | (24,038 | ) | — | 77,516 | 24,038 | (24,038 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 103,553 | $ | (26,037 | ) | $ | — | $ | 77,516 | $ | 35,471 | $ | (26,037 | ) | $ | — | $ | 9,434 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
128
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
| Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
|||||||||||||||||||||||||
| Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| JP Morgan & Chase Co. |
$ | 168,520 | $ | — | $ | — | $ | 168,520 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
| The Bank of New York Mellon |
128,676 | (53,260 | ) | — | 75,416 | 53,260 | (53,260 | ) | — | — | ||||||||||||||||||||||
| The Bank of Nova Scotia |
24,686 | (8,127 | ) | — | 16,559 | 8,127 | (8,127 | ) | — | — | ||||||||||||||||||||||
| Goldman Sachs & Co. |
— | — | — | — | 9,239 | — | — | 9,239 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 321,882 | $ | (61,387 | ) | $ | — | $ | 260,495 | $ | 70,626 | $ | (61,387 | ) | $ | — | $ | 9,239 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| JP Morgan & Chase Co. |
$ | 3,316,171 | $ | (86,211 | ) | $ | — | $ | 3,229,960 | $ | 86,211 | $ | (86,211 | ) | $ | — | $ | — | ||||||||||||||
| The Bank of New York Mellon |
110,417 | (74,828 | ) | — | 35,589 | 74,828 | (74,828 | ) | — | — | ||||||||||||||||||||||
| The Bank of Nova Scotia |
588,902 | (588,902 | ) | — | — | 649,228 | (588,902 | ) | — | 60,326 | ||||||||||||||||||||||
| Goldman Sachs & Co. |
25,721 | (25,721 | ) | — | — | 245,244 | (25,721 | ) | — | 219,523 | ||||||||||||||||||||||
| RBC Capital Markets |
— | — | — | — | 2,286 | — | — | 2,286 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 4,041,211 | $ | (775,662 | ) | $ | — | $ | 3,265,549 | $ | 1,057,797 | $ | (775,662 | ) | $ | — | $ | 282,135 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| Bank of Montreal |
$ | 9,100,308 | $ | (2,549,760 | ) | $ | — | $ | 6,550,548 | $ | 2,549,760 | $ | (2,549,760 | ) | $ | — | $ | — | ||||||||||||||
| Canadian Imperial Bank of Commerce |
6,588,031 | (3,788,134 | ) | — | 2,799,897 | 3,788,134 | (3,788,134 | ) | — | — | ||||||||||||||||||||||
| JP Morgan & Chase Co. |
9,317,244 | (3,458,392 | ) | — | 5,858,852 | 3,458,392 | (3,458,392 | ) | — | — | ||||||||||||||||||||||
| RBC Capital Markets |
9,171,959 | (3,535,182 | ) | — | 5,636,777 | 3,535,182 | (3,535,182 | ) | — | — | ||||||||||||||||||||||
| State Street Bank & Trust Co. |
9,864,767 | (3,749,274 | ) | — | 6,115,493 | 3,749,274 | (3,749,274 | ) | — | — | ||||||||||||||||||||||
| The Bank of New York Mellon |
2,020,849 | (876,074 | ) | — | 1,144,775 | 876,074 | (876,074 | ) | — | — | ||||||||||||||||||||||
| The Bank of Nova Scotia |
13,537,865 | (3,880,264 | ) | — | 9,657,601 | 3,880,264 | (3,880,264 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 59,601,023 | $ | (21,837,080 | ) | $ | — | $ | 37,763,943 | $ | 21,837,080 | $ | (21,837,080 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| JP Morgan & Chase Co. |
$ | 274,245 | $ | — | $ | — | $ | 274,245 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
| RBC Capital Markets |
596,548 | (41,677 | ) | — | 554,871 | 41,677 | (41,677 | ) | — | — | ||||||||||||||||||||||
| The Bank of New York Mellon |
339,719 | (11,081 | ) | — | 328,638 | 11,081 | (11,081 | ) | — | — | ||||||||||||||||||||||
| The Bank of Nova Scotia |
491,460 | (23,741 | ) | — | 467,719 | 23,741 | (23,741 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 1,701,972 | $ | (76,499 | ) | $ | — | $ | 1,625,473 | $ | 76,499 | $ | (76,499 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| Goldman Sachs & Co |
$ | — | $ | — | $ | — | $ | — | $ | 101,118 | $ | — | $ | — | $ | 101,118 | ||||||||||||||||
| JP Morgan & Chase Co. |
701,045 | (91,357 | ) | — | 609,688 | 91,357 | (91,357 | ) | — | — | ||||||||||||||||||||||
| RBC Capital Markets |
695,789 | (229,508 | ) | — | 466,281 | 229,508 | (229,508 | ) | — | — | ||||||||||||||||||||||
| The Bank of New York Mellon |
918,342 | — | — | 918,342 | — | — | — | — | ||||||||||||||||||||||||
| The Bank of Nova Scotia |
642,813 | (136,297 | ) | — | 506,516 | 136,297 | (136,297 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 2,957,989 | $ | (457,162 | ) | $ | — | $ | 2,500,827 | $ | 558,280 | $ | (457,162 | ) | $ | — | $ | 101,118 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
129
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
| Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
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| Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| Bank of Montreal |
$ | 17,234,909 | $ | (811,792 | ) | $ | — | $ | 16,423,117 | $ | 811,792 | $ | (811,792 | ) | $ | — | $ | — | ||||||||||||||
| Canadian Imperial Bank of Commerce |
31,598,417 | (2,518,391 | ) | — | 29,080,026 | 2,518,391 | (2,518,391 | ) | — | — | ||||||||||||||||||||||
| JP Morgan & Chase Co. |
25,095,079 | (2,202,863 | ) | — | 22,892,216 | 2,202,863 | (2,202,863 | ) | — | — | ||||||||||||||||||||||
| RBC Capital Markets |
15,024,862 | (844,153 | ) | — | 14,180,709 | 844,153 | (844,153 | ) | — | — | ||||||||||||||||||||||
| State Street Bank & Trust Co. |
24,551,428 | (1,105,340 | ) | — | 23,446,088 | 1,105,340 | (1,105,340 | ) | — | — | ||||||||||||||||||||||
| The Bank of New York Mellon |
1,070,589 | (3,543 | ) | — | 1,067,046 | 3,543 | (3,543 | ) | — | — | ||||||||||||||||||||||
| The Bank of Nova Scotia |
22,649,590 | (1,557,199 | ) | — | 21,092,391 | 1,557,199 | (1,557,199 | ) | — | — | ||||||||||||||||||||||
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| $ | 137,224,874 | $ | (9,043,281 | ) | $ | — | $ | 128,181,593 | $ | 9,043,281 | $ | (9,043,281 | ) | $ | — | $ | — | |||||||||||||||
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| Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| RBC Capital Markets |
$ | 7,491 | $ | — | $ | — | $ | 7,491 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
| The Bank of New York Mellon |
58,309 | (3,195 | ) | — | 55,114 | 3,195 | (3,195 | ) | — | — | ||||||||||||||||||||||
| The Bank of Nova Scotia |
169,651 | (17,839 | ) | — | 151,812 | 17,839 | (17,839 | ) | — | — | ||||||||||||||||||||||
| JP Morgan & Chase Co. |
162,266 | (7,684 | ) | — | 154,582 | 7,684 | (7,684 | ) | — | — | ||||||||||||||||||||||
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| $ | 397,717 | $ | (28,718 | ) | $ | — | $ | 368,999 | $ | 28,718 | $ | (28,718 | ) | $ | — | $ | — | |||||||||||||||
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| Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| Goldman Sachs & Co. |
$ | 87,279 | $ | (87,279 | ) | $ | — | $ | — | $ | 167,153 | $ | (87,279 | ) | $ | — | $ | 79,874 | ||||||||||||||
| JP Morgan & Chase Co. |
901,695 | — | — | 901,695 | — | — | — | — | ||||||||||||||||||||||||
| RBC Capital Markets |
353,528 | (140,697 | ) | — | 212,831 | 140,697 | (140,697 | ) | — | — | ||||||||||||||||||||||
| The Bank of New York Mellon |
504,101 | (1,409 | ) | — | 502,692 | 1,409 | (1,409 | ) | — | — | ||||||||||||||||||||||
| The Bank of Nova Scotia |
334,239 | (221,022 | ) | — | 113,217 | 221,022 | (221,022 | ) | — | — | ||||||||||||||||||||||
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| $ | 2,180,842 | $ | (450,407 | ) | $ | — | $ | 1,730,435 | $ | 530,281 | $ | (450,407 | ) | $ | — | $ | 79,874 | |||||||||||||||
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| Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| JP Morgan & Chase Co. |
$ | 6,100 | $ | (6,100 | ) | $ | — | $ | — | $ | 63,932 | $ | (6,100 | ) | $ | — | $ | 57,832 | ||||||||||||||
| The Bank of New York Mellon |
367 | (367 | ) | — | — | 8,442 | (367 | ) | — | 8,075 | ||||||||||||||||||||||
| The Bank of Nova Scotia |
6,338 | (6,338 | ) | — | — | 91,516 | (6,338 | ) | — | 85,178 | ||||||||||||||||||||||
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| $ | 12,805 | $ | (12,805 | ) | $ | — | $ | — | $ | 163,890 | $ | (12,805 | ) | $ | — | $ | 151,085 | |||||||||||||||
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3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
Prior to the effective dates listed below, TDAM USA Inc. (“TDAM”) served as investment sub-advisor to each Fund and was responsible for day-to-day management of the Funds, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may have been agreed between the Advisor and TDAM from time to time.
130
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Effective on the dates listed below with respect to each applicable Fund, as approved by the Board of Trustees of DBX ETF Trust, the Advisor assumed the day-to-day management of the Funds.
| Effective Dates | ||
| November 17, 2016 | Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | |
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF | ||
| Deutsche X-trackers MSCI Brazil Hedged Equity ETF | ||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF | ||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||
| Deutsche X-trackers MSCI Mexico Hedged Equity ETF | ||
| Deutsche X-trackers MSCI South Korea Hedged Equity ETF | ||
| Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF | ||
| December 9, 2016 | Deutsche X-trackers MSCI Europe Hedged Equity ETF | |
| Deutsche X-trackers MSCI Japan Hedged Equity ETF | ||
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| Unitary Management Fee |
||||
| Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
0.40 | % | ||
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF |
0.60 | % | ||
| Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
0.60 | % | ||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
0.65 | % | ||
| Deutsche X-trackers MSCI Europe Hedged Equity ETF |
0.45 | % | ||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
0.45 | % | ||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF |
0.45 | % | ||
| Deutsche X-trackers MSCI Japan Hedged Equity ETF |
0.45 | % | ||
| Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
0.50 | % | ||
| Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
0.58 | % | ||
| Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
0.45 | % | ||
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisor, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
131
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 Funds. The table below shows the transactions in and earnings from investments in Deutsche Bank AG securities for the six months ended November 30, 2016.
| Value ($) at 5/31/16 |
Purchases Cost ($) |
Sales Proceeds ($) |
Realized Gain/ (Loss) ($) |
Income ($) | Value ($) at 11/30/16 |
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| Deutsche X-trackers MSCI All World ex US Hedged Equity ETF | ||||||||||||||||||||||||
| Deutsche Bank AG (Common Stock) |
99,464 | 1,777 | (4,777 | ) | (1,803 | ) | — | 84,133 | ||||||||||||||||
| Deutsche X-trackers MSCI Europe Hedged Equity ETF | ||||||||||||||||||||||||
| Deutsche Bank AG (Common Stock) |
10,421,441 | 1,136,404 | 3,231,870 | (2,318,116 | ) | — | 6,938,226 | |||||||||||||||||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF | ||||||||||||||||||||||||
| Deutsche Bank AG (Common Stock) |
490,996 | 23,395 | (179,548 | ) | (113,101 | ) | — | 258,321 | ||||||||||||||||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF | ||||||||||||||||||||||||
| Deutsche Bank AG (Common Stock) |
2,496,049 | 91,304 | (800,642 | ) | (863,113 | ) | — | 1,427,995 | ||||||||||||||||
5. Investment Portfolio Transactions
For the period ended November 30, 2016, 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 |
$ | 6,986,615 | $ | 5,728,426 | ||||
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged ETF |
344,166 | 390,088 | ||||||
| Deutsche X-trackers MSCI Brazil Hedged Equity ETF |
810,806 | 751,293 | ||||||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
13,900,651 | 23,398,110 | ||||||
| Deutsche X-trackers MSCI Europe Hedged Equity ETF |
375,455,823 | 229,739,192 | ||||||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
5,098,540 | 4,435,146 | ||||||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF |
6,711,127 | 7,046,581 | ||||||
| Deutsche X-trackers MSCI Japan Hedged Equity ETF |
259,933,544 | 179,791,137 | ||||||
| Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
735,158 | 383,516 | ||||||
| Deutsche X-trackers MSCI South Korea Hedged Equity ETF |
51,565,276 | 119,859,799 | ||||||
| Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF |
1,528,325 | 699,679 | ||||||
For the period ended November 30, 2016, 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 |
$ | — | $ | 3,104,951 | ||||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
— | 5,409,230 | ||||||
| Deutsche X-trackers MSCI Europe Hedged Equity ETF |
99,132,485 | 1,046,661,475 | ||||||
| Deutsche X-trackers MSCI Eurozone Hedged Equity ETF |
— | 33,827,043 | ||||||
| Deutsche X-trackers MSCI Germany Hedged Equity ETF |
— | 36,708,086 | ||||||
| Deutsche X-trackers MSCI Japan Hedged Equity ETF |
970,380,965 | 288,536,791 | ||||||
| Deutsche X-trackers MSCI Mexico Hedged Equity ETF |
1,123,927 | 1,156,899 | ||||||
6. Fund Share Transactions
As of November 30, 2016, 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
132
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Deutsche X-trackers Brazil Hedged Equity ETF and Deutsche X-trackers South Korea Hedged Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
7. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers MSCI All World ex US Hedged Equity ETF, Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2016.
| Pro-rata Share | ||||
| Deutsche X-trackers MSCI All World ex US Hedged Equity ETF |
$ | 9,450,000 | ||
| Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF |
525,000 | |||
| Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF |
19,950,000 | |||
133
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
134
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.
135
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in 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 and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the 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 Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
In June 2016, the United Kingdom approved a referendum to leave the EU, creating economic and political uncertainty in its wake. Significant uncertainty exists regarding the timing of the United Kingdom’s anticipated withdrawal from the EU and the effects such withdrawal will have on the United Kingdom’s economy and on markets in the United Kingdom and throughout the world.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 |
Investment sub-advisor TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 |
Administrator, custodian, fund accountant, lending agent & transfer agent The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | ||
| Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 |
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 |
Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 | ||
R-049077-1 (1/17) DBX 002438 (1/18)
November 30, 2016
Semi-Annual Report
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)
DBX ETF Trust
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To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for Deutsche X-trackers MSCI EAFE Hedged Equity ETF for the period ended November 30, 2016.
Global growth showed signs of a recovery over the reporting period even as political risks challenged economic prospects across the developed world. Britain’s decision to exit the Eurozone (“Brexit”) and the surprise US election result and other European referendums created uncertainties across markets. But global markets recovered, as major central banks loosened monetary policy. However, the US Federal Reserve Board (FRB) adopted a tighter monetary policy, as the country registered healthy growth and a low unemployment rate. The European Central Bank (ECB), on the other hand, expanded its asset purchase program to over EUR 2.2 trillion and extended its time frame for asset purchases. The increasing divergence in monetary policies between the US and other economies strengthened the USD during the reporting period.
Eurozone economies showed signs of a revival, as loose monetary policies helped the continent overcome ‘Brexit’. In addition to introducing a negative interest rate, the ECB renewed its commitment to its asset purchasing program. The ECB’s support kept a lid on European sovereign yields. The resultant easing in credit conditions stimulated business and consumer confidence. Consequently, manufacturing activity rose across Europe. Germany posted a low unemployment rate, as industrial growth and residential construction boosted demand. In France, both the manufacturing and services industries aided output. Structural reforms in Spain and Greece helped growth, and a weaker EUR supported the continent’s exports. However, improvement in the real economy struggled to translate into gains for European equities. A persistent weakness in the region’s banking industry and Italy’s economic challenges affected European equities. The UK mitigated the immediate effects of ‘Brexit’ by restarting its quantitative easing program even as the GBP weakened.
In Asia, Japan’s economy posted growth during the reporting period. While weak consumption figures hurt Japan, a progressive weakening of the JPY helped the country improve exports. Japan’s unorthodox policies, such as negative interest rates and asset purchases, got yet another addition — yield-curve targeting. Bank of Japan (BOJ) committed to keep the yield on its 10-year government bonds at zero to reinvigorate the economy. The resource-rich Australian economy, however, came under strain, as investment in the mining industry slowed and job losses mounted. The Reserve Bank of Australia (RBA) cut interest rates to a record low to stimulate demand in the broader economy.
The world economy remained on a moderate growth path given challenging macroeconomic backdrop and political uncertainties. While Japanese and the US equities were supported by expectations of a weaker currency and reflationary policies respectively, European equities could face headwinds from political challenges. As the FRB is expected to lift rates at a cautious pace, the outlook for USD is strong. In the current market environment, hedging currency exposure plays a significant role in managing investments in international equities. In the backdrop of a strengthening USD, 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/ Freddi Klassen
Freddi Klassen
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 select non-U.S. currencies. As of November 30, 2016, 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 Fund’s investment portfolio see page 4.
2
DBX ETF Trust
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2016 to November 30, 2016).
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, 2016 |
Ending Account Value November 30, 2016 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
| Deutsche X-trackers MSCI EAFE Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,045.90 | 0.35 | % | $ | 1.80 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.31 | 0.35 | % | $ | 1.78 | ||||||||
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
3
DBX ETF Trust
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 4 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 5 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 6 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 9 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 10 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 11 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 12 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $8,776,337,698. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $1,272,874,588. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $170,625,236 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,443,499,824. |
| (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, 2016 amounted to $93,140,858, which is 1.2% of net assets. |
| (b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (c) | Affiliated issuer. This security is owned in proportion with its representation in the index. |
| (d) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (e) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| ADR: | American Depositary Receipt |
| CDI: | Chess Depositary Interest |
| FDR: | Fiduciary Depository 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. |
At November 30, 2016, open future contract purchased was as follows:
| Contract Description |
Currency | Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
|||||||||
| E-mini MSCI EAFE Index |
USD | 120 | $ | 9,810,600 | 12/16/2016 | $ | (413,640 | ) | ||||||
| See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| Bank of Montreal |
12/5/2016 | AUD | 173,668,900 | USD | 132,037,686 | $ | 3,809,441 | |||||||||||
| Bank of Montreal |
12/5/2016 | AUD | 2,757,000 | USD | 2,094,606 | 58,978 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | AUD | 74,114,300 | USD | 56,347,991 | 1,625,777 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | AUD | 95,918,579 | USD | 72,915,098 | 2,093,718 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | AUD | 8,356,500 | USD | 6,173,398 | 3,385 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | AUD | 171,842,579 | USD | 130,657,584 | 3,777,801 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 215,870,900 | USD | 164,115,852 | 4,727,805 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 22,331,500 | USD | 17,081,141 | 592,702 | ||||||||||||
| Bank of Montreal |
12/5/2016 | CHF | 3,116,000 | USD | 3,153,687 | 87,590 | ||||||||||||
| Bank of Montreal |
12/5/2016 | CHF | 170,742,800 | USD | 172,943,506 | 4,935,173 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | CHF | 71,013,500 | USD | 71,923,330 | 2,047,120 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | CHF | 113,566,913 | USD | 115,023,688 | 3,275,563 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | CHF | 78,982,900 | USD | 80,001,236 | 2,283,257 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | CHF | 153,595,482 | USD | 155,584,159 | 4,448,528 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | CHF | 1,337,000 | USD | 1,312,393 | (3,195 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 23,631,600 | USD | 24,178,765 | 925,629 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 67,642,400 | USD | 68,506,264 | 1,947,166 | ||||||||||||
| Bank of Montreal |
12/5/2016 | DKK | 297,139,600 | USD | 43,847,371 | 1,508,805 | ||||||||||||
| Bank of Montreal |
12/5/2016 | DKK | 2,754,000 | USD | 406,663 | 14,254 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | DKK | 106,382,300 | USD | 15,696,277 | 538,169 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | DKK | 248,808,596 | USD | 36,712,627 | 1,260,607 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | DKK | 99,010,600 | USD | 14,610,057 | 502,322 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | DKK | 110,150,596 | USD | 16,254,645 | 559,604 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | DKK | 34,531,400 | USD | 5,095,118 | 174,839 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | DKK | 26,932,300 | USD | 4,003,940 | 166,434 | ||||||||||||
| Bank of Montreal |
12/5/2016 | EUR | 62,394,748 | USD | 68,486,160 | 2,336,859 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | EUR | 719,146,397 | USD | 789,335,085 | 26,914,638 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | EUR | 347,215,926 | USD | 381,071,215 | 12,961,852 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | EUR | 6,340,000 | USD | 6,963,374 | 241,870 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | EUR | 215,723,000 | USD | 236,774,976 | 8,071,020 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | EUR | 67,057,000 | USD | 73,600,959 | 2,508,858 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | EUR | 463,929,401 | USD | 509,201,952 | 17,355,976 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | EUR | 5,747,200 | USD | 6,096,400 | 3,367 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 66,480,900 | USD | 73,485,328 | 3,003,993 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 121,900 | USD | 134,623 | 5,387 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 174,932,512 | USD | 191,991,930 | 6,532,997 | ||||||||||||
| Bank of Montreal |
12/5/2016 | GBP | 36,006,827 | USD | 43,984,896 | (1,075,183 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | GBP | 165,012,400 | USD | 201,581,623 | (4,920,097 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | GBP | 158,692,071 | USD | 193,856,647 | (4,735,614 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | GBP | 112,465,192 | USD | 137,391,977 | (3,350,510 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | GBP | 13,964,000 | USD | 17,058,297 | (416,693 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | GBP | 361,482,631 | USD | 441,583,929 | (10,786,834 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | GBP | 5,827,000 | USD | 7,130,809 | (161,283 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | GBP | 1,238,000 | USD | 1,512,106 | (37,167 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 236,263,000 | USD | 288,604,705 | (7,062,263 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 35,874,800 | USD | 43,967,079 | (927,777 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | HKD | 36,645,000 | USD | 4,726,043 | 1,468 | ||||||||||||
| Bank of Montreal |
12/5/2016 | HKD | 933,028,400 | USD | 120,331,077 | 37,378 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | HKD | 420,840,398 | USD | 54,276,424 | 18,217 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | HKD | 315,204,270 | USD | 40,649,542 | 10,813 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | HKD | 20,416,000 | USD | 2,631,903 | (296 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | HKD | 24,692,440 | USD | 3,184,895 | 1,342 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | HKD | 1,365,060 | USD | 175,983 | (12 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | HKD | 214,326,800 | USD | 27,641,874 | 9,099 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 57,189,500 | USD | 7,376,054 | 2,713 | ||||||||||||
| Bank of Montreal |
12/5/2016 | ILS | 707,000 | USD | 184,367 | (189 | ) | |||||||||||
| See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| Bank of Montreal |
12/5/2016 | ILS | 153,356,100 | USD | 39,959,815 | $ | (72,217 | ) | ||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | ILS | 13,568,900 | USD | 3,539,116 | (2,906 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | ILS | 2,843,302 | USD | 741,693 | (521 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | ILS | 19,278,900 | USD | 5,023,214 | (9,344 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | ILS | 11,352,322 | USD | 2,960,768 | (2,639 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ILS | 77,808,900 | USD | 20,292,592 | (18,621 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ILS | 10,025,800 | USD | 2,611,953 | (5,179 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | JPY | 12,143,300,500 | USD | 115,679,816 | 9,500,412 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | JPY | 7,629,161,500 | USD | 72,666,640 | 5,958,266 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | JPY | 590,768,000 | USD | 5,639,790 | 474,193 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | JPY | 5,649,810,000 | USD | 53,813,608 | 4,412,421 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | JPY | 31,146,415,327 | USD | 296,691,583 | 24,351,470 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | JPY | 37,403,076,700 | USD | 356,304,613 | 29,257,084 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | JPY | 44,184,853,500 | USD | 420,936,229 | 34,589,747 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | JPY | 34,082,853,200 | USD | 324,651,164 | 26,635,229 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 18,737,391,667 | USD | 178,467,411 | 14,630,151 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 10,359,716,100 | USD | 100,435,453 | 9,851,473 | ||||||||||||
| Bank of Montreal |
12/5/2016 | NOK | 25,256,600 | USD | 3,060,870 | 94,197 | ||||||||||||
| Bank of Montreal |
12/5/2016 | NOK | 882,000 | USD | 106,701 | 3,100 | ||||||||||||
| Bank of Montreal |
12/5/2016 | NOK | 8,728,000 | USD | 1,057,754 | 32,552 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | NOK | 31,654,700 | USD | 3,836,306 | 118,103 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | NOK | 67,730,819 | USD | 8,208,648 | 252,897 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | NOK | 121,008,800 | USD | 14,665,511 | 451,659 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | NOK | 97,268,319 | USD | 11,787,760 | 362,496 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | NOK | 44,420,300 | USD | 5,383,417 | 165,751 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 12,985,400 | USD | 1,581,897 | 56,615 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 3,988,600 | USD | 483,371 | 14,864 | ||||||||||||
| Bank of Montreal |
12/5/2016 | NZD | 30,000 | USD | 21,425 | 182 | ||||||||||||
| Bank of Montreal |
12/5/2016 | NZD | 12,897,800 | USD | 9,215,414 | 82,782 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | NZD | 1,211,100 | USD | 865,331 | 7,779 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | NZD | 218,480 | USD | 156,093 | 1,393 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | NZD | 1,743,500 | USD | 1,245,696 | 11,164 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | NZD | 2,842,080 | USD | 2,030,652 | 18,241 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 186,100 | USD | 133,389 | 1,616 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 1,472,900 | USD | 1,052,328 | 9,402 | ||||||||||||
| Bank of Montreal |
12/5/2016 | SEK | 28,505,000 | USD | 3,164,190 | 72,361 | ||||||||||||
| Bank of Montreal |
12/5/2016 | SEK | 4,553,000 | USD | 504,941 | 11,094 | ||||||||||||
| Bank of Montreal |
12/5/2016 | SEK | 177,781,700 | USD | 19,734,608 | 451,303 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | SEK | 305,781,400 | USD | 33,941,958 | 775,012 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | SEK | 344,122,158 | USD | 38,198,450 | 872,829 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | SEK | 241,666,300 | USD | 26,826,713 | 614,089 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | SEK | 527,481,858 | USD | 58,552,735 | 1,338,784 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | SEK | 5,585,300 | USD | 604,918 | (898 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 214,099,500 | USD | 23,764,145 | 541,587 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 60,803,300 | USD | 6,804,004 | 208,901 | ||||||||||||
| Bank of Montreal |
12/5/2016 | SGD | 24,462,800 | USD | 17,577,677 | 510,627 | ||||||||||||
| Bank of Montreal |
12/5/2016 | SGD | 97,000 | USD | 69,690 | 2,015 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | SGD | 21,847,900 | USD | 15,698,488 | 455,785 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | SGD | 33,668,416 | USD | 24,190,730 | 701,165 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | SGD | 14,619,900 | USD | 10,505,353 | 305,434 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | SGD | 36,037,468 | USD | 25,899,107 | 756,717 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 3,318,900 | USD | 2,397,824 | 82,315 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 14,278,134 | AUD | 18,780,000 | (411,941 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 116,471,707 | AUD | 157,645,900 | (74,027 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 18,047,656 | CHF | 17,818,000 | (515,014 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 153,212,573 | CHF | 156,040,800 | 329,215 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 36,025,430 | DKK | 252,607,600 | (32,101 | ) | |||||||||||
| See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 6,977,753 | DKK | 47,286,000 | $ | (240,107 | ) | ||||||||||
| Bank of Montreal |
12/5/2016 | USD | 66,197,802 | EUR | 62,394,748 | (48,500 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 44,990,214 | GBP | 36,006,827 | 69,865 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 113,006,885 | HKD | 876,512,600 | 332 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 12,000,000 | HKD | 93,040,800 | (4,414 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 15,477 | HKD | 120,000 | (5 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 28,360,023 | ILS | 108,718,100 | 19,719 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 10,000,000 | ILS | 38,106,000 | (52,821 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 1,886,258 | ILS | 7,239,000 | 3,409 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 106,587,357 | JPY | 12,143,300,500 | (407,952 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 4,095,791 | NOK | 34,866,600 | (315 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 8,461,478 | NZD | 11,938,800 | (7,892 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 706,636 | NZD | 989,000 | (6,348 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 22,843,108 | SEK | 210,839,700 | 25,872 | ||||||||||||
| Bank of Montreal |
12/5/2016 | USD | 2,397,792 | SGD | 3,337,000 | (69,655 | ) | |||||||||||
| Bank of Montreal |
12/5/2016 | USD | 14,817,614 | SGD | 21,222,800 | (11,026 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 3,695,823 | AUD | 4,790,500 | (158,762 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 2,938,581 | AUD | 3,784,500 | (144,299 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 46,302,678 | AUD | 62,671,800 | (29,022 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 982,891 | AUD | 1,314,500 | (12,331 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 1,171,141 | AUD | 1,553,000 | (24,485 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 1,127,189 | CHF | 1,142,000 | (3,478 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 3,452,240 | CHF | 3,372,500 | (133,751 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 4,415,990 | CHF | 4,295,500 | (189,283 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 1,394,798 | CHF | 1,377,000 | (39,850 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 59,723,409 | CHF | 60,826,500 | 128,947 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 206,380 | DKK | 1,447,000 | (201 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 639,779 | DKK | 4,317,500 | (24,591 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 827,111 | DKK | 5,566,500 | (33,957 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 13,312,565 | DKK | 93,353,300 | (10,923 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 247,698 | DKK | 1,698,000 | (5,755 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 15,118,521 | EUR | 13,674,000 | (621,700 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 3,787,012 | EUR | 3,569,000 | (3,251 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 4,701,734 | EUR | 4,331,000 | (110,119 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 728,678,197 | EUR | 686,821,897 | (527,350 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 11,854,308 | EUR | 10,750,500 | (456,905 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 2,356,040 | GBP | 1,897,500 | 18,551 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 184,837,161 | GBP | 147,928,900 | 285,729 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 7,083,255 | GBP | 5,723,500 | 79,314 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 8,949,897 | GBP | 7,211,000 | 74,176 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 2,837,588 | GBP | 2,251,500 | (19,990 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 1,297,490 | HKD | 10,058,500 | (665 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 427,299 | HKD | 3,314,000 | (31 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 517,177 | HKD | 4,011,500 | 19 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 50,381,161 | HKD | 390,771,398 | 303 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 1,636,044 | HKD | 12,685,000 | (589 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 85,070 | ILS | 326,500 | 160 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 90,818 | ILS | 346,000 | (498 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 114,630 | ILS | 437,000 | (556 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 3,216,000 | ILS | 12,341,400 | 5,596 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 30,726 | ILS | 118,000 | 77 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 3,852,595 | JPY | 411,018,000 | (258,709 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 3,257,400 | JPY | 365,058,500 | (65,378 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 9,664,869 | JPY | 1,014,903,000 | (790,692 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 94,770,762 | JPY | 10,797,185,500 | (361,608 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 12,275,030 | JPY | 1,281,574,500 | (1,069,113 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 259,471 | NOK | 2,138,500 | (8,280 | ) | |||||||||||
| See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 102,260 | NOK | 861,000 | $ | (1,126 | ) | ||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 85,745 | NOK | 733,000 | 354 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 326,785 | NOK | 2,689,500 | (10,873 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 2,964,110 | NOK | 25,232,700 | (244 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 27,765 | NZD | 39,000 | (150 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 642,544 | NZD | 906,600 | (601 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 94,489 | NZD | 129,000 | (3,147 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 24,036 | NZD | 34,000 | 39 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 75,783 | NZD | 102,500 | (3,205 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 433,254 | SEK | 3,935,500 | (6,385 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 1,364,753 | SEK | 12,304,000 | (30,185 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 29,949,684 | SEK | 276,453,400 | 36,165 | ||||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 362,035 | SEK | 3,333,500 | (463 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 1,082,116 | SEK | 9,755,000 | (24,028 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 603,580 | SGD | 838,500 | (18,581 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 13,853,920 | SGD | 19,842,900 | (10,052 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 481,022 | SGD | 667,000 | (15,674 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 162,824 | SGD | 232,000 | (964 | ) | |||||||||||
| Canadian Imperial Bank of Commerce |
12/5/2016 | USD | 189,332 | SGD | 267,500 | (2,705 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 1,171,052 | AUD | 1,553,000 | (24,396 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 69,711,911 | AUD | 94,365,579 | (37,187 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 1,394,916 | CHF | 1,377,000 | (39,969 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 110,151,234 | CHF | 112,189,913 | 241,944 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 247,679 | DKK | 1,698,000 | (5,736 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 35,237,859 | DKK | 247,110,596 | (27,782 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 349,437,266 | EUR | 329,376,585 | (240,712 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 4,701,383 | EUR | 4,331,000 | (109,768 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 15,000,000 | EUR | 13,508,341 | (678,805 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 2,837,361 | GBP | 2,251,500 | (19,762 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 195,464,672 | GBP | 156,440,571 | 309,992 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 517,151 | HKD | 4,011,500 | 45 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 40,119,481 | HKD | 311,192,770 | 2,052 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 85,070 | ILS | 326,500 | 159 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 655,824 | ILS | 2,516,802 | 1,161 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 3,852,216 | JPY | 411,018,000 | (258,330 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 269,738,886 | JPY | 30,735,397,327 | (992,659 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 7,855,009 | NOK | 66,869,819 | (393 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 102,258 | NOK | 861,000 | (1,124 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 27,763 | NZD | 39,000 | (148 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 127,193 | NZD | 179,480 | (108 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 433,238 | SEK | 3,935,500 | (6,370 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 36,853,068 | SEK | 340,186,658 | 45,684 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 23,316,358 | SGD | 33,400,916 | (13,420 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 189,315 | SGD | 267,500 | (2,687 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 6,353,505 | AUD | 8,356,500 | (183,493 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 77,546,582 | CHF | 78,982,900 | 171,397 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 14,118,504 | DKK | 99,010,600 | (10,769 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 306,721,626 | EUR | 289,120,000 | (204,064 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 140,517,272 | GBP | 112,465,192 | 225,215 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 2,633,251 | HKD | 20,416,000 | (1,053 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 5,029,293 | ILS | 19,278,900 | 3,265 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 328,281,462 | JPY | 37,403,076,700 | (1,233,934 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 14,214,401 | NOK | 121,008,800 | (549 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 1,235,611 | NZD | 1,743,500 | (1,080 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 26,180,199 | SEK | 241,666,300 | 32,425 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 10,206,947 | SGD | 14,619,900 | (7,029 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 119,654,660 | AUD | 161,953,079 | (76,778 | ) | |||||||||||
| See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 3,695,569 | AUD | 4,790,500 | $ | (158,508 | ) | ||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 2,938,252 | AUD | 3,784,500 | (143,970 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 982,825 | AUD | 1,314,500 | (12,266 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 4,415,732 | CHF | 4,295,500 | (189,025 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 3,452,010 | CHF | 3,372,500 | (133,521 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 142,163,420 | CHF | 144,785,482 | 303,305 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 1,127,144 | CHF | 1,142,000 | (3,434 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 206,376 | DKK | 1,447,000 | (197 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 14,092,813 | DKK | 98,819,596 | (12,294 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 827,054 | DKK | 5,566,500 | (33,900 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 639,718 | DKK | 4,317,500 | (24,530 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 11,853,673 | EUR | 10,750,500 | (456,271 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 15,117,386 | EUR | 13,674,000 | (620,565 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 3,786,780 | EUR | 3,569,000 | (3,019 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 462,509,682 | EUR | 435,935,901 | (341,692 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 8,949,183 | GBP | 7,211,000 | 74,890 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 457,875,048 | GBP | 366,441,631 | 701,564 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 2,355,925 | GBP | 1,897,500 | 18,667 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 7,082,717 | GBP | 5,723,500 | 79,852 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 427,276 | HKD | 3,314,000 | (8 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 1,635,962 | HKD | 12,685,000 | (508 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 1,297,440 | HKD | 10,058,500 | (615 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 90,829 | ILS | 346,000 | (509 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 30,728 | ILS | 118,000 | 75 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 114,662 | ILS | 437,000 | (588 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 2,724,247 | ILS | 10,451,322 | 3,963 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 9,664,202 | JPY | 1,014,903,000 | (790,025 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 364,468,059 | JPY | 41,523,317,500 | (1,393,694 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 12,274,081 | JPY | 1,281,574,500 | (1,068,164 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 3,257,194 | JPY | 365,058,500 | (65,171 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 259,453 | NOK | 2,138,500 | (8,262 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 85,741 | NOK | 733,000 | 358 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 326,768 | NOK | 2,689,500 | (10,856 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 10,773,229 | NOK | 91,707,319 | (1,167 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 24,036 | NZD | 34,000 | 39 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 94,485 | NZD | 129,000 | (3,143 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 1,826,159 | NZD | 2,576,580 | (1,743 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 75,778 | NZD | 102,500 | (3,200 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 1,364,641 | SEK | 12,304,000 | (30,073 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 362,021 | SEK | 3,333,500 | (449 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 54,395,472 | SEK | 502,089,358 | 64,250 | ||||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 1,082,029 | SEK | 9,755,000 | (23,941 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 481,005 | SGD | 667,000 | (15,657 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 162,833 | SGD | 232,000 | (973 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 603,554 | SGD | 838,500 | (18,554 | ) | |||||||||||
| State Street Bank & Trust Co. |
12/5/2016 | USD | 23,949,097 | SGD | 34,299,968 | (18,914 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 1,354,130 | CHF | 1,337,000 | (38,542 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 4,923,618 | DKK | 34,531,400 | (3,338 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 6,308,472 | EUR | 5,747,200 | (215,438 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 1,546,522 | GBP | 1,238,000 | 2,750 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 27,632,127 | HKD | 214,326,800 | 647 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 299,097,020 | JPY | 34,082,853,200 | (1,081,085 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 5,216,283 | NOK | 44,420,300 | 1,384 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 619,976 | SEK | 5,585,300 | (14,160 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 175,087,774 | AUD | 236,986,200 | (109,269 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 933,069 | AUD | 1,216,200 | (35,089 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 87,549,622 | CHF | 89,186,800 | 208,840 | ||||||||||||
| See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,030,021 | CHF | 996,700 | $ | (49,283 | ) | ||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,121,827 | CHF | 1,090,500 | (48,792 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,830,310 | DKK | 12,837,700 | (1,103 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,837,516 | DKK | 12,454,300 | (62,939 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 200,809 | DKK | 1,339,800 | (9,905 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 44,007 | DKK | 300,500 | (1,190 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 43,422 | EUR | 40,000 | (1,015 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,546,910 | EUR | 3,180,600 | (174,920 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 368,818 | EUR | 338,500 | (9,949 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 214,645 | EUR | 200,000 | (2,610 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 250,880,010 | EUR | 236,511,912 | (136,186 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 107,502 | EUR | 100,000 | (1,485 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 701,281 | EUR | 631,500 | (31,781 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 590,470 | EUR | 532,800 | (25,609 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 334,667,577 | GBP | 267,875,500 | 560,270 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 55,416 | GBP | 44,500 | 272 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,343,488 | GBP | 1,092,400 | 23,576 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,184,007 | GBP | 947,600 | 1,849 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 133,159 | GBP | 106,000 | (507 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,594,722 | GBP | 2,071,800 | (2,006 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,814,887 | HKD | 29,591,700 | 318 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 218,432 | HKD | 1,693,700 | (66 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,273,610 | HKD | 25,383,700 | (934 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 67,097 | HKD | 520,400 | (3 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 23,049,492 | ILS | 87,834,700 | (121,147 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 233,972,385 | JPY | 26,661,317,067 | (849,375 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 26,036 | JPY | 2,725,400 | (2,205 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 18,941,930 | JPY | 1,950,261,100 | (1,889,106 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 4,436,837 | JPY | 463,383,300 | (385,075 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 181,769 | JPY | 19,420,900 | (11,955 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,796,436 | NOK | 15,294,100 | 29 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 200,650 | NOK | 1,679,900 | (3,327 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,175,833 | NZD | 1,659,000 | (1,134 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 29,588,160 | SEK | 273,171,500 | 41,714 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 194,295 | SEK | 1,731,300 | (6,507 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,603,915 | SGD | 2,231,800 | (46,847 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 758,777 | SGD | 1,087,100 | (336 | ) | |||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | AUD | 94,365,579 | USD | 69,652,744 | 34,598 | ||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | AUD | 161,953,079 | USD | 119,540,159 | 59,379 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | AUD | 28,106,000 | USD | 20,746,950 | 11,766 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | AUD | 62,671,800 | USD | 46,262,317 | 26,237 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | AUD | 157,645,900 | USD | 116,381,297 | 78,136 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | AUD | 236,986,200 | USD | 174,953,877 | 117,460 | ||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | CHF | 112,189,913 | USD | 110,417,166 | (245,876 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | CHF | 78,982,900 | USD | 77,738,310 | (169,657 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | CHF | 60,826,500 | USD | 59,868,013 | (130,656 | ) | |||||||||||
| The Bank of New York Mellon |
1/5/2017 | CHF | 144,785,482 | USD | 142,470,339 | (344,656 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | CHF | 89,186,800 | USD | 87,763,280 | (209,715 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | CHF | 156,040,800 | USD | 153,550,216 | (366,916 | ) | |||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | DKK | 247,110,596 | USD | 35,298,342 | 23,080 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | DKK | 93,353,300 | USD | 13,336,138 | 9,870 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | DKK | 99,010,600 | USD | 14,144,321 | 10,468 | ||||||||||||
| The Bank of New York Mellon |
1/5/2017 | DKK | 98,819,596 | USD | 14,115,270 | 8,683 | ||||||||||||
| The Bank of New York Mellon |
1/5/2017 | DKK | 34,531,400 | USD | 4,932,423 | 3,034 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | DKK | 12,837,700 | USD | 1,833,525 | 932 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | DKK | 252,607,600 | USD | 36,078,296 | 18,332 | ||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | EUR | 329,376,585 | USD | 350,051,223 | 220,637 | ||||||||||||
| See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| RBC Capital Markets |
1/5/2017 | EUR | 289,120,000 | USD | 307,268,930 | $ | 194,827 | |||||||||||
| RBC Capital Markets |
1/5/2017 | EUR | 686,821,897 | USD | 729,935,768 | 462,824 | ||||||||||||
| The Bank of New York Mellon |
1/5/2017 | EUR | 435,935,901 | USD | 463,269,082 | 261,938 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | EUR | 62,394,748 | USD | 66,302,531 | 33,123 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | EUR | 236,511,912 | USD | 251,324,653 | 125,555 | ||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | GBP | 156,440,571 | USD | 195,664,916 | (311,569 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | GBP | 112,465,192 | USD | 140,666,851 | (220,726 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | GBP | 147,928,900 | USD | 185,023,403 | (290,327 | ) | |||||||||||
| The Bank of New York Mellon |
1/5/2017 | GBP | 1,238,000 | USD | 1,548,156 | (2,713 | ) | |||||||||||
| The Bank of New York Mellon |
1/5/2017 | GBP | 366,441,631 | USD | 458,246,253 | (803,098 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | GBP | 267,875,500 | USD | 335,015,815 | (557,613 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | GBP | 36,006,827 | USD | 45,031,578 | (74,952 | ) | |||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | HKD | 311,192,770 | USD | 40,125,688 | (4,492 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | HKD | 44,038,000 | USD | 5,677,862 | (1,103 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | HKD | 390,771,398 | USD | 50,382,538 | (9,785 | ) | |||||||||||
| The Bank of New York Mellon |
1/5/2017 | HKD | 214,326,800 | USD | 27,636,692 | (2,039 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | HKD | 876,512,600 | USD | 113,010,908 | (20,667 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | HKD | 29,591,700 | USD | 3,815,330 | (698 | ) | |||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | ILS | 117,616,000 | USD | 30,697,997 | (29,052 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | ILS | 19,278,900 | USD | 5,031,689 | (4,903 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | ILS | 108,718,100 | USD | 28,371,852 | (30,631 | ) | |||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | NOK | 66,869,819 | USD | 7,856,392 | 336 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | NOK | 121,008,800 | USD | 14,216,238 | (219 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | NOK | 25,232,700 | USD | 2,964,363 | (46 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | NOK | 4,594,000 | USD | 539,708 | (8 | ) | |||||||||||
| The Bank of New York Mellon |
1/5/2017 | NOK | 44,420,300 | USD | 5,216,957 | (1,666 | ) | |||||||||||
| The Bank of New York Mellon |
1/5/2017 | NOK | 91,707,319 | USD | 10,770,596 | (3,439 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | NOK | 34,866,600 | USD | 4,096,035 | (192 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | NOK | 15,294,100 | USD | 1,796,710 | (84 | ) | |||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | NZD | 2,576,580 | USD | 1,824,046 | 1,583 | ||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | NZD | 179,480 | USD | 127,060 | 110 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | NZD | 906,600 | USD | 641,805 | 550 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | NZD | 1,743,500 | USD | 1,234,267 | 1,057 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | NZD | 11,938,800 | USD | 8,452,312 | 7,775 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | NZD | 1,659,000 | USD | 1,174,522 | 1,080 | ||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | SEK | 340,186,658 | USD | 36,930,563 | (46,519 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | SEK | 241,666,300 | USD | 26,235,906 | (32,363 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | SEK | 276,453,400 | USD | 30,012,481 | (37,022 | ) | |||||||||||
| The Bank of New York Mellon |
1/5/2017 | SEK | 502,089,358 | USD | 54,494,373 | (80,958 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SEK | 273,171,500 | USD | 29,650,142 | (42,631 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SEK | 210,839,700 | USD | 22,884,624 | (32,903 | ) | |||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | SGD | 33,400,916 | USD | 23,314,567 | 10,378 | ||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | SGD | 34,299,968 | USD | 23,942,126 | 10,658 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | SGD | 14,619,900 | USD | 10,205,850 | 5,383 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | SGD | 5,194,000 | USD | 3,625,824 | 1,913 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | SGD | 19,842,900 | USD | 13,851,918 | 7,306 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SGD | 21,222,800 | USD | 14,812,116 | 4,733 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SGD | 1,087,100 | USD | 758,724 | 242 | ||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | USD | 2,963,841 | ILS | 11,352,322 | 1,941 | ||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | USD | 742,323 | ILS | 2,843,302 | 486 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 6,168,501 | AUD | 8,356,500 | (3,498 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 5,661,906 | AUD | 7,668,000 | (4,843 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 2,961,644 | CHF | 3,008,000 | 5,418 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 7,989,156 | CHF | 8,116,000 | 16,388 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 5,669,885 | DKK | 39,679,000 | (5,672 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 2,464,758 | EUR | 2,324,000 | 3,561 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 26,496,511 | EUR | 24,929,000 | (19,441 | ) | |||||||||||
| See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 45,458,557 | GBP | 36,341,000 | $ | 66,599 | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 1,380,541 | GBP | 1,105,000 | 3,717 | ||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 2,632,255 | HKD | 20,416,000 | 511 | ||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 3,541,410 | ILS | 13,568,900 | 3,451 | ||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | USD | 760,145 | SEK | 7,014,000 | 2,252 | ||||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | USD | 1,315,621 | CHF | 1,337,000 | 3,183 | ||||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | USD | 6,107,549 | EUR | 5,747,200 | (3,453 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | USD | 176,020 | HKD | 1,365,060 | 13 | ||||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | USD | 606,202 | SEK | 5,585,300 | 901 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | USD | 20,305,566 | ILS | 77,808,900 | 21,923 | ||||||||||||||||||
| JP Morgan & Chase Co. |
1/6/2017 | JPY | 30,735,397,327 | USD | 270,270,199 | 978,604 | ||||||||||||||||||
| JP Morgan & Chase Co. |
1/6/2017 | JPY | 10,561,602,000 | USD | 92,880,276 | 343,628 | ||||||||||||||||||
| RBC Capital Markets |
1/6/2017 | JPY | 37,403,076,700 | USD | 328,943,183 | 1,231,975 | ||||||||||||||||||
| RBC Capital Markets |
1/6/2017 | JPY | 10,797,185,500 | USD | 94,956,375 | 355,635 | ||||||||||||||||||
| The Bank of New York Mellon |
1/6/2017 | JPY | 41,523,317,500 | USD | 365,126,821 | 1,315,666 | ||||||||||||||||||
| The Bank of New York Mellon |
1/6/2017 | JPY | 34,082,853,200 | USD | 299,700,616 | 1,079,915 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | JPY | 12,143,300,500 | USD | 106,775,223 | 380,348 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | JPY | 26,661,317,067 | USD | 234,431,164 | 835,075 | ||||||||||||||||||
| JP Morgan & Chase Co. |
1/6/2017 | USD | 16,943,108 | JPY | 1,931,599,000 | (19,189 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 243,018,957 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| AUD | Australian Dollar |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | Pound Sterling |
| HKD | Hong Kong Dollar |
| ILS | Israeli New Sheqel |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
| See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (f) |
$ | 7,348,470,948 | $ | — | $ | — | $ | 7,348,470,948 | ||||||||
| Preferred Stocks |
38,300,876 | — | — | 38,300,876 | ||||||||||||
| Rights (f) |
116,396 | — | — | 116,396 | ||||||||||||
| Short-Term Investments |
116,574,890 | — | — | 116,574,890 | ||||||||||||
| Derivatives (g) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 303,032,737 | — | 303,032,737 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 7,503,463,110 | $ | 303,032,737 | $ | — | $ | 7,806,495,847 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (g) |
||||||||||||||||
| Futures Contracts |
$ | (413,640 | ) | $ | — | $ | — | $ | (413,640 | ) | ||||||
| Forward Foreign Currency Exchange Contracts |
— | (60,013,780 | ) | — | (60,013,780 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | (413,640) | $ | (60,013,780) | $ | — | $ | (60,427,420) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (f) | See Schedule of Investments for additional detailed categorizations. |
| (g) | Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 22 |
This Page is Intentionally Left Blank
23
DBX ETF Trust
Statements of Assets and Liabilities
November 30, 2016 (Unaudited)
| Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
||||
| Assets |
||||
| Investments in non-affiliated securities at value |
$ | 7,373,293,225 | ||
| Investment in affiliated securities at value (See Note 4) |
13,594,995 | |||
| Investment in Government & Agency Securities Portfolio* |
116,574,890 | |||
| Cash |
347,173 | |||
| Foreign currency at value |
8,217,061 | |||
| Unrealized appreciation on forward foreign currency exchange contracts |
303,032,737 | |||
| Deposit with broker for futures contracts |
914,318 | |||
| Receivables: | ||||
| Investment securities sold |
35,045,973 | |||
| Dividends |
21,893,123 | |||
| Securities lending income |
385,245 | |||
| Foreign tax reclaim |
19,388,596 | |||
|
|
|
|||
| Total Assets |
$ | 7,892,687,336 | ||
|
|
|
|||
| Liabilities |
||||
| Payable upon return of securities loaned |
$ | 116,574,890 | ||
| Unrealized depreciation on forward foreign currency exchange contracts |
60,013,780 | |||
| Unrealized depreciation on future contracts |
413,640 | |||
| Payables: | ||||
| Investment securities purchased |
232,186,711 | |||
| Capital shares |
26,862,993 | |||
| Investment advisory fees |
2,133,116 | |||
|
|
|
|||
| Total Liabilities |
438,185,130 | |||
|
|
|
|||
| Net Assets, at value |
$ | 7,454,502,206 | ||
|
|
|
|||
| Net Assets Consist of |
||||
| Paid-in capital |
$ | 8,917,664,243 | ||
| Undistributed net investment income |
37,210,908 | |||
| Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
(559,236,027 | ) | ||
| Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
(941,136,918 | ) | ||
|
|
|
|||
| Net Assets, at value |
$ | 7,454,502,206 | ||
|
|
|
|||
| Number of Common Shares outstanding |
276,550,800 | |||
|
|
|
|||
| Net Asset Value |
$ | 26.96 | ||
|
|
|
|||
| Investments in non-affiliated securities at cost |
$ | 8,539,847,925 | ||
|
|
|
|||
| Investments in affiliated securities at cost |
$ | 28,568,260 | ||
|
|
|
|||
| Value of securities loaned |
$ | 93,140,858 | ||
|
|
|
|||
| Investment in Government & Agency Securities Portfolio at cost* |
$ | 116,574,890 | ||
|
|
|
|||
| Foreign currency at cost |
$ | 8,276,497 | ||
|
|
|
|||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 24 |
DBX ETF Trust
For the Six Months Ended November 30, 2016 (Unaudited)
| Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
||||
| Investment Income |
||||
| Unaffiliated dividend income* |
$ | 112,242,983 | ||
| Securities lending income, net of borrower rebates |
2,463,438 | |||
|
|
|
|||
| Total Investment Income |
114,706,421 | |||
|
|
|
|||
| Expenses |
||||
| Investment advisory fees |
16,649,202 | |||
|
|
|
|||
| Total expenses |
16,649,202 | |||
|
|
|
|||
| Net Investment income (loss) |
98,057,219 | |||
|
|
|
|||
| Realized and Unrealized Gain (Loss) |
||||
| Net realized gain (loss) from: |
||||
| Investments |
(112,005,681 | ) | ||
| Investments in affiliates |
(1,028,317 | ) | ||
| In-kind redemptions |
(173,255,577 | ) | ||
| In-kind redemptions in affiliates |
(7,787,443 | ) | ||
| Futures contracts |
150,600 | |||
| Foreign currency transactions |
522,894,197 | |||
|
|
|
|||
| Net realized gain (loss) |
228,967,779 | |||
| Net change in unrealized appreciation (depreciation) on: |
||||
| Investments |
136,547,511 | |||
| Futures contracts |
(255,840 | ) | ||
| Foreign currency translations |
(103,702,508 | ) | ||
|
|
|
|||
| Net change in unrealized appreciation (depreciation) |
32,589,163 | |||
|
|
|
|||
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
261,556,942 | |||
|
|
|
|||
| Net increase (decrease) in Net Assets Resulting from Operations |
$ | 359,614,161 | ||
|
|
|
|||
| * Unaffiliated foreign tax withheld |
$ | 7,963,175 | ||
| See Notes to Financial Statements. | 25 |
DBX ETF Trust
Statements of Changes in Net Assets
| Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
||||||||
| For the Six Months Ended November 30, 2016 (Unaudited) |
Year Ended May 31, 2016 |
|||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||
| Net investment income (loss) |
$ | 98,057,219 | $ | 363,173,573 | ||||
| Net realized gain (loss) |
228,967,779 | (513,957,100 | ) | |||||
| Net change in unrealized appreciation (depreciation) |
32,589,163 | (1,452,731,779 | ) | |||||
|
|
|
|
|
|||||
| Net increase (decrease) in net assets resulting from operations |
359,614,161 | (1,603,515,306 | ) | |||||
|
|
|
|
|
|||||
| Distributions to Shareholders from |
||||||||
| Net investment income |
(300,979,772 | ) | (382,099,530 | ) | ||||
| Net realized gains |
— | (58,292,903 | ) | |||||
|
|
|
|
|
|||||
| Total distributions |
(300,979,772 | ) | (440,392,433 | ) | ||||
|
|
|
|
|
|||||
| Fund Shares Transactions |
||||||||
| Proceeds from shares sold |
— | 3,817,716,917 | ||||||
| Value of shares redeemed |
(4,588,180,022 | ) | (2,057,792,137 | ) | ||||
|
|
|
|
|
|||||
| Net increase (decrease) in net assets resulting from fund share transactions |
(4,588,180,022 | ) | 1,759,924,780 | |||||
|
|
|
|
|
|||||
| Total net increase (decrease) in Net Assets |
(4,529,545,633 | ) | (283,982,959 | ) | ||||
| Net Assets |
||||||||
| Beginning of period |
11,984,047,839 | 12,268,030,798 | ||||||
|
|
|
|
|
|||||
| End of period |
$ | 7,454,502,206 | $ | 11,984,047,839 | ||||
|
|
|
|
|
|||||
| Undistributed net investment income |
$ | 37,210,908 | $ | 240,133,461 | ||||
|
|
|
|
|
|||||
| Changes in Shares Outstanding |
||||||||
| Shares outstanding, beginning of period |
452,550,800 | 398,950,800 | ||||||
| Shares sold |
— | 132,200,000 | ||||||
| Shares redeemed |
(176,000,000 | ) | (78,600,000 | ) | ||||
|
|
|
|
|
|||||
| Shares outstanding, end of period |
276,550,800 | 452,550,800 | ||||||
|
|
|
|
|
|||||
| See Notes to Financial Statements. | 26 |
DBX ETF Trust
| Deutsche X-trackers MSCI EAFE Hedged Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Year Ended 5/31/2014 |
Year Ended 5/31/2013 |
Period ended 5/31/2012(a) |
||||||||||||||||||
| Net Asset Value, beginning of period |
$ | 26.48 | $ | 30.75 | $ | 27.81 | $ | 25.09 | $ | 22.12 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Income (loss) from investment operations: | ||||||||||||||||||||||||
| Net investment income (loss)(b) |
0.27 | 0.76 | 1.41 | 1.18 | 0.79 | 0.70 | ||||||||||||||||||
| Net realized and unrealized gain (loss) |
0.89 | (4.03 | ) | 2.90 | 1.95 | 6.26 | (3.48 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total from investment operations |
1.16 | (3.27 | ) | 4.31 | 3.13 | 7.05 | (2.78 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Less distributions from: | ||||||||||||||||||||||||
| Net investment income |
(0.68 | ) | (0.88 | ) | (1.37 | ) | (0.41 | ) | (1.68 | ) | (0.10 | ) | ||||||||||||
| Net realized gains |
— | (0.12 | ) | (0.00 | )(c) | — | (2.40 | ) | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total distributions |
(0.68 | ) | (1.00 | ) | (1.37 | ) | (0.41 | ) | (4.08 | ) | (0.10 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Net Asset Value, end of period |
$ | 26.96 | $ | 26.48 | $ | 30.75 | $ | 27.81 | $ | 25.09 | 22.12 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Return (%) |
4.59 | ** | (10.90 | ) | 16.22 | 12.74 | (d) | 35.60 | (d) | (11.14 | )** | |||||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||||||||||
| Net assets, end of period ($ millions) |
7,455 | 11,984 | 12,268 | 563 | 75 | 31 | ||||||||||||||||||
| Ratio of expenses before fee |
0.35 | * | 0.35 | 0.35 | 0.36 | 0.64 | 0.57 | * | ||||||||||||||||
| Ratio of expenses after fee |
0.35 | * | 0.35 | 0.35 | 0.35 | 0.48 | 0.57 | * | ||||||||||||||||
| Ratio of net investment income |
2.06 | * | 2.82 | 4.81 | 4.48 | 3.35 | 3.04 | * | ||||||||||||||||
| Portfolio turnover rate (%)(e) |
8 | ** | 15 | 12 | 10 | 14 | 14 | ** | ||||||||||||||||
| (a) | For the period June 9, 2011 (commencement of operations) through May 31, 2012. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Amount represents less than $0.005. |
| (d) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 27 |
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, 2016, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Deutsche X-trackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust.
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees.
The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 200,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Shares are not individually redeemable securities of the Fund, and owners of shares may acquire those shares from the Fund or tender such shares for redemption to the Fund, in Creation Units only.
The investment objective of the Fund is to track the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).
MSCI, 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. Real Estate Investment Trusts (“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 month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
The Fund is entitled to use its Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no charge to the Fund in connection with the licensing agreement.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Fund.
Security Valuation The Net Asset Value (“NAV”), of the Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
28
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is the Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of the Fund to pay out dividends from its net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment
29
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements. The 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, 2016, the Fund did not incur any interest or penalties.
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the year ended May 31, 2016, the Funds incurred and elected to defer net capital losses as follows:
| Post-October Losses on Capital |
||||
| $ | 362,575,595 | |||
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, 2016, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended November 30, 2016, the Fund invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2016 the Fund invested the cash collateral in Government & Agency Securities Portfolio.
30
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Deutsche Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of November 30, 2016) on the cash collateral invested in Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2016, the Fund had securities on loan, which were classified as common stock in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Derivatives
Forward Foreign Currency Exchange Contracts The Fund may enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2016, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 2016 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the period ended November 30, 2016.
Futures Contracts The Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2016, the Fund utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time 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).
31
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2016 is included in a table following the Fund’s Schedule of Investments.
The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2016 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
| Asset Derivatives |
Liability Derivatives |
|||||||||||||
| Risk Type |
Statement of Asset and |
Fair Value |
Statement of Asset and |
Fair Value | ||||||||||
| Equity contracts | Unrealized appreciation on futures contracts | $ | — | Unrealized depreciation on futures contracts | $ | 413,640 | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 303,032,737 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 60,013,780 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 303,032,737 | Total | $ | 60,427,420 | |||||||||
|
|
|
|
|
|||||||||||
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2016 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:
| Net Realized Gain (Loss) from: |
||||||||||||
| Futures — Equity Contracts |
Foreign Exchange Contracts |
Total | ||||||||||
| $ | 150,600 | $ | 529,210,172 | $ | 529,360,772 | |||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
| Futures — Equity Contracts |
Foreign Exchange Contracts |
Total | ||||||||||
| $ | (255,840 | ) | $ | (101,300,575 | ) | $ | (101,556,415 | ) | ||||
For the period ended November 30, 2016 the average monthly volume of derivatives was as follows:
| Futures Contracts (Contract Value) |
Forward Foreign Currency Exchange Contracts (Contract Value) |
|||||||
| $ | 9,986,571 | $ | (9,228,510,818 | ) | ||||
As of November 30, 2016, 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
32
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:
| Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
|||||||||||||||||||||||||
| Bank of Montreal |
$ | 23,998,983 | $ | (3,029,707 | ) | $ | — | $ | 20,969,276 | $ | 3,029,707 | $ | (3,029,707 | ) | $ | — | $ | — | ||||||||||||||
| Canadian Imperial Bank of Commerce |
43,974,910 | (10,157,508 | ) | — | 33,817,402 | 10,157,508 | (10,157,508 | ) | — | — | ||||||||||||||||||||||
| JP Morgan & Chase Co. |
48,068,762 | (7,852,188 | ) | — | 40,216,574 | 7,852,188 | (7,852,188 | ) | — | — | ||||||||||||||||||||||
| RBC Capital Markets |
47,104,152 | (5,932,390 | ) | — | 41,171,762 | 5,932,390 | (5,932,390 | ) | — | — | ||||||||||||||||||||||
| State Street Bank & Trust Co. |
64,456,199 | (17,033,645 | ) | — | 47,422,554 | 17,033,645 | (17,033,645 | ) | — | — | ||||||||||||||||||||||
| The Bank of New York Mellon |
29,666,399 | (2,635,845 | ) | — | 27,030,554 | 2,635,845 | (2,635,845 | ) | — | — | ||||||||||||||||||||||
| The Bank of Nova Scotia |
45,763,332 | (13,372,497 | ) | — | 32,390,835 | 13,372,497 | (13,372,497 | ) | — | — | ||||||||||||||||||||||
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|||||||||||||||||
| $ | 303,032,737 | $ | (60,013,780 | ) | $ | — | $ | 243,018,957 | $ | 60,013,780 | $ | (60,013,780 | ) | $ | — | $ | — | |||||||||||||||
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3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.
Prior to December 9, 2016, TDAM USA Inc. (“TDAM”) served as investment sub-advisor to the Fund and was responsible for day-to-day management of the Fund, subject to the replication strategy for the Fund with regard to its underlying index and for general administration, compliance and management services as may have been agreed between the Advisor and TDAM from time to time. Effective December 9, 2016, as approved by the Board of Trustees of DBX ETF Trust, the Advisor assumed the day-to-day management of the Fund.
For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s daily average net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.35%.
Out of the unitary management fee, the Advisor pays substantially all expenses of the Fund, including the payments to the sub-advisor, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. The Fund is responsible for the payment of interest expense, taxes, brokerage expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for the Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Fund’s Independent Trustees).
4. Transactions with Affiliates
The Advisor is an indirect wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Fund. Deutsche Bank AG is owned by the Fund in proportion with Deutsche
33
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Bank AG’s representation in the DBEF index. A summary of the Funds’ transactions with Deutsche Bank AG securities during the period ended November 30, 2016 is as follows:
| Value ($) at 5/31/16 |
Purchases Cost ($) |
Sales Proceeds ($) |
Realized Gain/(Loss) ($) |
Income($) | Value ($) at 11/30/16 |
|||||||||||||||||||
| Deutsche X-trackers MSCI EAFE Hedged Equity ETF |
||||||||||||||||||||||||
| Deutsche Bank AG |
24,253,079 | 1,131,568 | (7,874,232 | ) | (8,815,760 | ) | — | 13,594,995 | ||||||||||||||||
5. Investment Portfolio Transactions
For the period ended November 30, 2016, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
| Purchases | Sales | |||||||
| $ | 953,175,513 | $ | 718,160,633 | |||||
For the period ended November 30, 2016, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| Purchases | Sales | |||||||
| $ | — | $ | 4,563,894,738 | |||||
6. Fund Share Transactions
As of November 30, 2016, there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
34
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Fund is required to file its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about the Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
35
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.
36
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in 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 Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in the Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| Investment advisor DBX Advisors LLC 60 Wall Street New York, NY 10005 |
Investment sub-advisor TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2 |
Administrator, custodian, fund accountant, lending agent & transfer agent The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | ||
| Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 |
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 |
Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 | ||
R-049078-1 (1/17) DBX 002437 (1/18)
November 30, 2016
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
To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our eight ETFs tracking the fixed income and equity dividend markets for the period ended November 30, 2016.
Global markets continued to grow at a steady pace, as volatility settled after the run up to the US elections and Britain’s decision to exit the Eurozone (“Brexit”). Monetary policy moves by major central banks were relatively unchanged through the reporting period, with increased expectations of a Federal Reserve Board (FRB) rate hike in December. The Eurozone remained resilient following the Brexit referendum, as the European Central Bank (ECB) continued to fight weak inflation by pledging to continue bond purchases until March 2017. The Bank of Japan (BoJ) staved off deflationary pressures by adding yield curve control to its monetary policy framework, which essentially seeks to steepen the yield curve. This divergence in monetary policies resulted in the strengthening of the USD against other major currencies.
Overall, global equities gained on the back of healthy growth in the US, a steady recovery in Europe and continued reassurances from the FRB that the rate hike would be gradual. Emerging Markets (EMs) outperformed Developed Markets (DMs), as commodity prices recovered moderately. China showed signs of a rebound, with optimistic manufacturing and service sector data, which was fueled by stronger government spending and bank lending.
Fixed income markets remained relatively calm for most of the reporting period, as the markets continued to assess economic data and its likely implications on monetary policy. However, the surprise US election results caused a sell-off in bond markets, as Trump’s pro-expenditure policies are expected to lead to higher inflation and debt. The 10-year US Treasury yields increased on the back of strong economic data and an uptick in inflation expectations. High-yield bond markets fared well during the reporting period supported by tightening credit spreads and continued strength in commodity prices. As the search for income in a low-interest-rate environment continued, EM bonds rallied over the reporting period driven by tailwinds created by stronger EM fundamentals.
Municipal bonds performed poorly, with record-breaking issuance until October and higher municipal yields taking a toll. Yields rose as uncertainty over government spending, tax policy and inflation with the new administration loomed. Capital flowed out from the tax-exempt sector, as US Treasury yields sky rocketed following the election results in November.
As the US economy continues to stabilize and expand, the FRB is likely to continue gradually increasing interest rates. Other major central banks, such as the ECB and BoJ pursuing loose monetary policies are likely to control liquidity through other avenues as they start to approach the limits of the effectiveness of their existing measures. As political and monetary scenarios become clearer, global growth is expected to improve, offering various opportunities for fixed income investments.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
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 (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 percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12.
2
DBX ETF Trust
Portfolio Summary (Unaudited)
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)
The Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive High Yield Corporate Bond — Interest Rate Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds and is comprised of (a) long positions in U.S. dollar denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the high yield bonds. It is not possible to invest directly into an index.
Sector Diversification* as of 11/30/16
| Communications |
21.7% | |||
| Consumer, Cyclical |
15.2% | |||
| Consumer, Non-cyclical |
14.2% | |||
| Energy |
12.4% | |||
| Industrial |
10.4% | |||
| Financial |
10.2% | |||
| Basic Materials |
6.2% | |||
| Technology |
5.3% | |||
| Utilities |
4.4% | |||
|
|
|
|||
| Total |
100.0% |
Modified duration as of 11/30/16: 0.1 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 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 (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.
Sector Diversification* as of 11/30/16
| Financial |
33.2% | |||
| Consumer, Non-cyclical |
20.2% | |||
| Communications |
14.6% | |||
| Energy |
10.3% | |||
| Technology |
7.1% | |||
| Industrial |
5.9% | |||
| Consumer, Cyclical |
5.3% | |||
| Basic Materials |
2.2% | |||
| Utilities |
1.2% | |||
|
|
|
|||
| Total |
100.0% |
Modified duration as of 11/30/16: 0.1 years
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.
* As a percent of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s 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 (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 Fund’s 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 USA Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 26.
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 percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 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 percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 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”). The Underlying Index is designed to provide exposure to equity securities from countries in the European Monetary Union (the “EMU”), or the “Eurozone”, in its parent index, the MSCI EMU Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.
* As a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 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 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, 2016 to November 30, 2016).
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, 2016 |
Ending Account Value November 30, 2016 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
| Deutsche X-trackers Emerging Markets Bond — Int Rate Hedged ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,045.40 | 0.49 | % | $ | 2.51 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.61 | 0.49 | % | $ | 2.48 | ||||||||
| Deutsche X-trackers High Yield Corp Bond — Int Rate Hedged ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,067.30 | 0.43 | % | $ | 2.23 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.91 | 0.43 | % | $ | 2.18 | ||||||||
| Deutsche X-trackers Investment Grade Bond — Int Rate Hedged ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,029.00 | 0.25 | % | $ | 1.27 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.82 | 0.25 | % | $ | 1.27 | ||||||||
| Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 951.90 | 0.30 | % | $ | 1.47 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.56 | 0.30 | % | $ | 1.52 | ||||||||
10
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
| Beginning Account Value June 1, 2016 |
Ending Account Value November 30, 2016 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,068.50 | 0.45 | % | $ | 2.33 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,047.30 | 0.45 | % | $ | 2.31 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,054.60 | 0.65 | % | $ | 3.35 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.81 | 0.65 | % | $ | 3.29 | ||||||||
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 995.80 | 0.45 | % | $ | 2.25 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
11
DBX ETF Trust
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF
November 30, 2016 (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, 2016 (Unaudited)
| † | The cost for federal income tax purposes was $6,182,481. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $168,731. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $111,229 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $279,960. |
| (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, 2016 amounted to $155,001, 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. |
| 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, 2016, open futures contracts sold were as follows:
| Contract Description |
Currency | Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
| 2-Year U.S. Treasury Note |
USD | 2 | $ | 433,625 | 3/31/2017 | $ | (13 | ) | ||||||||||||
| 5-Year U.S. Treasury Note |
USD | 13 | 1,531,969 | 3/31/2017 | 102 | |||||||||||||||
| 10-Year Ultra U.S. Treasury Note |
USD | 4 | 537,750 | 3/22/2017 | 35 | |||||||||||||||
| 10-Year U.S. Treasury Note |
USD | 13 | 1,618,703 | 3/22/2017 | 203 | |||||||||||||||
| Ultra Long U.S. Treasury Bond |
USD | 1 | 161,406 | 3/22/2017 | 94 | |||||||||||||||
| U.S. Treasury Long Bond |
USD | 9 | 1,361,531 | 3/22/2017 | 0 | |||||||||||||||
|
|
|
|
|
|||||||||||||||||
| $ | 5,644,984 | $ | 421 | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||
Currency Abbreviations
| USD | U.S. Dollar |
| 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, 2016 (Unaudited)
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Sovereign Bonds (d) |
$ | — | $ | 5,852,410 | $ | — | $ | 5,852,410 | ||||||||
| Short-Term Investments |
161,340 | — | — | 161,340 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Futures Contracts |
434 | — | — | 434 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 161,774 | $ | 5,852,410 | $ | — | $ | 6,014,184 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Futures Contracts |
$ | (13 | ) | $ | — | $ | — | $ | (13 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | (13 | ) | $ | — | $ | — | $ | (13 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (d) | See Schedule of Investments for additional detailed categorizations. |
| (e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| 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, 2016 (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, 2016 (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, 2016 (Unaudited)
| 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, 2016 (Unaudited)
| † | The cost for federal income tax purposes was $9,527,581. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $176,275. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $187,831 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $364,106. |
| (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, 2016 amounted to $409,286, which is 4.4% 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. |
| 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, 2016, open futures contracts sold were as follows:
| Contract Description |
Currency | Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
| 2-Year U.S. Treasury Note |
USD | 6 | $ | 1,300,875 | 3/31/2017 | $ | (37 | ) | ||||||||||||
| 5-Year U.S. Treasury Note |
USD | 36 | 4,242,375 | 3/31/2017 | 281 | |||||||||||||||
| 10-Year Ultra U.S. Treasury Note |
USD | 1 | 134,438 | 3/22/2017 | 9 | |||||||||||||||
| 10-Year U.S. Treasury Note |
USD | 24 | 2,988,375 | 3/22/2017 | 375 | |||||||||||||||
|
|
|
|
|
|||||||||||||||||
| $ | 8,666,063 | $ | 628 | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||
Currency Abbreviations
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open future contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Bonds (d) |
$ | — | $ | 8,930,018 | $ | — | $ | 8,930,018 | ||||||||
| Short-Term Investments |
421,288 | — | — | 421,288 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Futures Contracts |
665 | — | — | 665 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 421,953 | $ | 8,930,018 | $ | — | $ | 9,351,971 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Futures Contracts |
$ | (37 | ) | $ | — | $ | — | $ | (37 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | (37 | ) | $ | — | $ | — | $ | (37 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (d) | See Schedule of Investments for additional detailed categorizations. |
| (e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF
November 30, 2016 (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, 2016 (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, 2016 (Unaudited)
| † | The cost for federal income tax purposes was $4,707,932. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $115,233. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $10,348 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $125,581. |
| 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, 2016, open futures contracts sold were as follows:
| Contract Description |
Currency | Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
| 2-Year U.S. Treasury Note |
USD | 2 | $ | 433,625 | 3/31/2017 | $ | (12 | ) | ||||||||||||
| 5-Year U.S. Treasury Note |
USD | 10 | 1,178,437 | 3/31/2017 | 78 | |||||||||||||||
| 10-Year Ultra U.S. Treasury Note |
USD | 3 | 403,313 | 3/22/2017 | 26 | |||||||||||||||
| 10-Year U.S. Treasury Note |
USD | 10 | 1,245,156 | 3/22/2017 | 156 | |||||||||||||||
| Ultra Long U.S. Treasury Bond |
USD | 2 | 322,813 | 3/22/2017 | 188 | |||||||||||||||
| U.S. Treasury Long Bond |
USD | 8 | 1,210,250 | 3/22/2017 | 0 | |||||||||||||||
|
|
|
|
|
|||||||||||||||||
| $ | 4,793,594 | $ | 436 | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||
Currency Abbreviations
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
| See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)
November 30, 2016 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Corporate Bonds (a) |
$ | — | $ | 4,592,699 | $ | — | $ | 4,592,699 | ||||||||
| Derivatives (b) |
||||||||||||||||
| Futures Contracts |
448 | — | — | 448 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 448 | $ | 4,592,699 | $ | — | $ | 4,593,147 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (b) |
||||||||||||||||
| Futures Contracts |
$ | (12 | ) | $ | — | $ | — | $ | (12 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | (12 | ) | $ | — | $ | — | $ | (12 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | See Schedule of Investments for additional detailed categorizations. |
| (b) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (Continued)
November 30, 2016 (Unaudited)
| † | The cost for federal income tax purposes was $64,369,015. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $2,654,051. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $376,381 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,030,432. |
| AGM: | Assured Guaranty Municipal Corp |
| AMT: | Alternative Minimum Tax |
| INS: | Insured |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Municipal Bonds (a) |
$ | — | $ | 61,714,964 | $ | — | $ | 61,714,964 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | 61,714,964 | $ | — | $ | 61,714,964 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| 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
November 30, 2016 (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, 2016 (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, 2016 (Unaudited)
| 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, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $3,731,011. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $121,889. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $116,412 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $238,301. |
| (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, 2016 amounted to $8,131, which is 0.2% 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. |
| FDR: | Fiduciary Depositary Receipt |
| GDR: | Global Depositary Receipt |
| NVDR: | Non Voting Depositary Receipt |
| OJSC: | Open Joint Stock Company |
| PJSC: | Private Joint Stock Company |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| RBC Capital Markets |
12/5/2016 | AUD | 38,000 | USD | 28,892 | $ | 834 | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | AUD | 1,100 | USD | 836 | 24 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 7,500 | USD | 5,737 | 199 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 191,897 | USD | 145,890 | 4,203 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 63,900 | USD | 48,580 | 1,399 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | BRL | 3,000 | USD | 936 | 51 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | BRL | 181,379 | USD | 56,752 | 3,204 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | BRL | 12,211 | USD | 3,749 | 144 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | CAD | 130,000 | USD | 97,018 | 235 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | CAD | 46,000 | USD | 34,329 | 83 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CAD | 105,360 | USD | 78,623 | 184 | ||||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CAD | 19,100 | USD | 14,260 | $ | 40 | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CAD | 230,029 | USD | 171,654 | 402 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CAD | 7,500 | USD | 5,597 | 13 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | CHF | 13,000 | USD | 13,168 | 376 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | CHF | 3,300 | USD | 3,342 | 95 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 2,600 | USD | 2,660 | 102 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 800 | USD | 810 | 23 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 16,900 | USD | 17,116 | 486 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 58,000 | USD | 58,741 | 1,670 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | CLP | 7,364,000 | USD | 11,285 | 395 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CLP | 122,000 | USD | 187 | 7 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CLP | 122,000 | USD | 187 | 7 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | CZK | 145,600 | USD | 5,913 | 204 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CZK | 44,900 | USD | 1,760 | 0 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | DKK | 7,000 | USD | 1,033 | 35 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | EUR | 60,000 | USD | 65,855 | 2,245 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | EUR | 121,500 | USD | 133,366 | 4,555 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 35,000 | USD | 38,413 | 1,307 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 309,529 | USD | 339,715 | 11,560 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 166,236 | USD | 182,448 | 6,208 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 3,000 | USD | 3,293 | 112 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 21,300 | USD | 23,544 | 962 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | GBP | 175,000 | USD | 213,787 | (5,214 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | GBP | 2,600 | USD | 3,176 | (78 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 158,606 | USD | 193,743 | (4,741 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 23,700 | USD | 29,046 | (613 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 421,761 | USD | 515,198 | (12,607 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | HKD | 857,000 | USD | 110,536 | 44 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | HKD | 1,602,200 | USD | 206,637 | 68 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 95,200 | USD | 12,278 | 5 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 339,900 | USD | 43,835 | 13 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | HUF | 110,000 | USD | 391 | 19 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | IDR | 57,515,000 | USD | 4,382 | 141 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | IDR | 7,257,500 | USD | 552 | 17 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | IDR | 7,257,500 | USD | 552 | 17 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | JPY | 1,148,000 | USD | 10,936 | 898 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | JPY | 726,100 | USD | 6,916 | 567 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 2,276,000 | USD | 21,678 | 1,777 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | KRW | 5,238,000 | USD | 4,569 | 89 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | KRW | 23,368,000 | USD | 20,355 | 367 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MXN | 67,900 | USD | 3,597 | 299 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MXN | 16,000 | USD | 848 | 71 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | MYR | 103,000 | USD | 24,511 | 1,453 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MYR | 26,500 | USD | 6,313 | 380 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | NOK | 55,000 | USD | 6,666 | 205 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 223,700 | USD | 27,110 | 834 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 67,500 | USD | 8,180 | 252 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 17,200 | USD | 2,095 | 75 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | NZD | 7,700 | USD | 5,502 | 49 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 600 | USD | 429 | 4 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 900 | USD | 655 | 18 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 9,400 | USD | 6,716 | 60 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | PLN | 68,900 | USD | 17,492 | 1,100 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | PLN | 4,900 | USD | 1,169 | 3 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | RUB | 32,590 | USD | 508 | 0 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | RUB | 3,903,970 | USD | 60,952 | 155 | ||||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| RBC Capital Markets |
12/5/2016 | SEK | 86,000 | USD | 9,547 | $ | 219 | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | SEK | 591,700 | USD | 65,679 | 1,500 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 19,100 | USD | 2,137 | 66 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 6,700 | USD | 744 | 17 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 7,400 | USD | 821 | 19 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | SGD | 28,850 | USD | 20,729 | 601 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | SGD | 38,000 | USD | 27,305 | 794 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 3,200 | USD | 2,300 | 67 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 44,400 | USD | 31,909 | 932 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | TRY | 27,500 | USD | 8,817 | 822 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | TWD | 1,166,000 | USD | 36,908 | 319 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TWD | 6,039,840 | USD | 191,134 | 1,605 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TWD | 189,108 | USD | 6,000 | 66 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 16,363 | PLN | 68,900 | 30 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 20,104 | SGD | 28,850 | 24 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 7,985 | TRY | 27,500 | 9 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 28,059 | AUD | 38,000 | (2 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 885 | BRL | 3,000 | 1 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 96,683 | CAD | 130,000 | 100 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 12,753 | CHF | 13,000 | 39 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 10,932 | CLP | 7,364,000 | (43 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 63,495 | EUR | 60,000 | 115 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 218,646 | GBP | 175,000 | 355 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 110,484 | HKD | 857,000 | 7 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 373 | HUF | 110,000 | 0 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 4,233 | IDR | 57,515,000 | 8 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 10,076 | JPY | 1,147,999 | (38 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 4,452 | KRW | 5,238,000 | 28 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 23,043 | MYR | 103,000 | 16 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 6,461 | NOK | 55,000 | (1 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 9,317 | SEK | 86,000 | 11 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 26,533 | SGD | 38,000 | (21 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 36,517 | TWD | 1,166,000 | 71 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 27,362 | ZAR | 384,000 | (113 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 812 | AUD | 1,100 | 0 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 53,528 | BRL | 181,379 | 20 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 34,227 | CAD | 46,000 | 19 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 3,240 | CHF | 3,300 | 8 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 5,689 | CZK | 145,600 | 19 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 128,645 | EUR | 121,500 | 166 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 3,245 | GBP | 2,600 | 9 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 206,560 | HKD | 1,602,200 | 9 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 6,355 | JPY | 726,100 | (6 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 5,444 | NZD | 7,700 | 8 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 511 | RUB | 32,590 | (3 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 63,947 | SEK | 591,700 | 232 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 9,657 | ZAR | 135,900 | (14 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,509 | AUD | 3,300 | (72 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 192,084 | AUD | 259,997 | (115 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,597 | BRL | 12,211 | 8 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 266,552 | CAD | 358,389 | 262 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,691 | CAD | 3,600 | (10 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 76,879 | CHF | 78,300 | 167 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 361 | CLP | 244,000 | 0 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,824 | CZK | 44,900 | (64 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 998 | DKK | 7,000 | (1 | ) | |||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 565,215 | EUR | 532,766 | $ | (390 | ) | ||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,554 | EUR | 2,300 | (116 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,321 | GBP | 1,900 | 57 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 7,625 | GBP | 6,200 | 134 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 744,644 | GBP | 595,967 | 1,167 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 271 | HKD | 2,100 | 0 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 43,215 | HKD | 335,200 | 2 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 619 | HKD | 4,800 | 0 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 11,994 | HKD | 93,000 | (3 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,075 | IDR | 14,515,000 | (5 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,212 | JPY | 232,200 | (181 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 17,939 | JPY | 2,043,800 | (68 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 8,116 | KRW | 9,552,000 | 55 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 12,035 | KRW | 13,816,000 | (217 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 4,098 | MXN | 83,900 | (23 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,561 | MYR | 11,480 | 9 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,578 | MYR | 15,020 | (215 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 36,227 | NOK | 308,400 | (2 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 7,725 | NZD | 10,900 | (7 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 721 | PLN | 2,800 | (55 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 533 | PLN | 2,100 | (33 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 60,952 | RUB | 3,903,970 | (155 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,597 | SEK | 33,200 | 4 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,653 | SGD | 2,300 | (48 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 31,625 | SGD | 45,300 | (20 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 27,002 | TWD | 853,250 | (227 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 168,782 | TWD | 5,375,698 | (94 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,672 | ZAR | 22,700 | (62 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 58,294 | ZAR | 817,650 | (275 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | ZAR | 384,000 | USD | 28,293 | 1,045 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | ZAR | 135,900 | USD | 10,015 | 372 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 341,000 | USD | 25,123 | 926 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 460,550 | USD | 33,931 | 1,251 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 38,800 | USD | 2,864 | 110 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | AED | 69,200 | USD | 18,830 | (11 | ) | |||||||||||
| The Bank of Nova Scotia |
12/6/2016 | QAR | 23,750 | USD | 6,510 | (11 | ) | |||||||||||
| The Bank of Nova Scotia |
12/6/2016 | THB | 59,000 | USD | 1,683 | 30 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | THB | 547,000 | USD | 15,607 | 276 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 18,843 | AED | 69,200 | (2 | ) | |||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 6,526 | QAR | 23,750 | (4 | ) | |||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 16,987 | THB | 606,000 | (3 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | AED | 74,000 | USD | 20,139 | (6 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | AUD | 267,000 | USD | 196,997 | 18 | ||||||||||||
| The Bank of New York Mellon |
1/5/2017 | BRL | 198,000 | USD | 57,810 | (94 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | CAD | 592,000 | USD | 440,435 | (464 | ) | |||||||||||
| The Bank of New York Mellon |
1/5/2017 | CHF | 109,000 | USD | 107,270 | (247 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | CLP | 5,534,000 | USD | 8,215 | 51 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | CZK | 123,000 | USD | 4,842 | 1 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | DKK | 18,000 | USD | 2,571 | 2 | ||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | EUR | 2,000 | USD | 2,124 | 0 | ||||||||||||
| RBC Capital Markets |
1/5/2017 | EUR | 762,000 | USD | 807,846 | (1,474 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | GBP | 718,000 | USD | 898,044 | (1,410 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | HKD | 2,761,000 | USD | 355,986 | (62 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | IDR | 37,994,000 | USD | 2,772 | (17 | ) | |||||||||||
| RBC Capital Markets |
1/5/2017 | KRW | 13,299,000 | USD | 11,303 | (72 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | MXN | 69,000 | USD | 3,357 | 19 | ||||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | MYR | 98,000 | USD | 21,778 | $ | (135 | ) | ||||||||||||||||
| RBC Capital Markets |
1/5/2017 | NOK | 183,000 | USD | 21,499 | 0 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | PLN | 38,000 | USD | 9,060 | 23 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | QAR | 33,000 | USD | 9,041 | (13 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | SEK | 518,000 | USD | 56,229 | (76 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | SGD | 135,000 | USD | 94,240 | 49 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | THB | 916,000 | USD | 25,655 | (12 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | TRY | 25,000 | USD | 7,234 | 20 | ||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | TWD | 6,765,000 | USD | 211,803 | (703 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | USD | 2,506 | GBP | 2,000 | 0 | ||||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | USD | 387 | HKD | 3,000 | 0 | ||||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | USD | 188 | TWD | 6,000 | 0 | ||||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | ZAR | 5,000 | USD | 352 | 0 | ||||||||||||||||||
| RBC Capital Markets |
1/5/2017 | ZAR | 1,186,000 | USD | 83,945 | 336 | ||||||||||||||||||
| Goldman Sachs & Co. |
1/6/2017 | JPY | 31,000 | USD | 271 | 0 | ||||||||||||||||||
| The Bank of New York Mellon |
1/6/2017 | JPY | 7,793,000 | USD | 68,343 | 64 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | NZD | 21,000 | USD | 14,867 | 14 | ||||||||||||||||||
| Goldman Sachs & Co. |
1/10/2017 | RUB | 22,000 | USD | 339 | 0 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/10/2017 | RUB | 5,376,000 | USD | 82,835 | (164 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 34,215 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| AED | Arab Emirates Dirham |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | Pound Sterling |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| QAR | Qatari Rial |
| RUB | Russian Ruble |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | U.S. Dollar |
| ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
| See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (e) |
$ | 3,585,130 | $ | — | $ | — | $ | 3,585,130 | ||||||||
| Preferred Stocks (e) |
15,429 | — | — | 15,429 | ||||||||||||
| Short-Term Investments |
8,563 | — | — | 8,563 | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 65,147 | — | 65,147 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 3,609,122 | $ | 65,147 | $ | — | $ | 3,674,269 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (30,932 | ) | $ | — | $ | (30,932 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (30,932 | ) | $ | — | $ | (30,932 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | See Schedule of Investments for additional detailed categorizations. |
| (f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| 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, 2016 (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, 2016 (Unaudited)
| † | The cost for federal income tax purposes was $5,033,149. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $332,938. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $81,974 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $414,912. |
| (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, 2016 amounted to $19,198, 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. |
| FDR: | Fiduciary Depositary Receipt |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| RBC Capital Markets |
12/5/2016 | AUD | 483,500 | USD | 367,608 | $ | 10,617 | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | AUD | 11,800 | USD | 8,972 | 259 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 222,235 | USD | 168,954 | 4,867 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 27,300 | USD | 20,882 | 725 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | CHF | 128,100 | USD | 129,752 | 3,703 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | CHF | 7,000 | USD | 7,090 | 202 | ||||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | CHF | 18,600 | USD | 18,838 | $ | 536 | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 48,000 | USD | 48,613 | 1,382 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 8,600 | USD | 8,799 | 337 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 1,700 | USD | 1,722 | 49 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 700 | USD | 709 | 20 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | DKK | 19,500 | USD | 2,877 | 99 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | DKK | 29,000 | USD | 4,279 | 147 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | EUR | 75,000 | USD | 82,319 | 2,806 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | EUR | 827,377 | USD | 908,119 | 30,955 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | EUR | 288,871 | USD | 317,082 | 10,829 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 9,004 | USD | 10,000 | 454 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 12,000 | USD | 13,170 | 448 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 2,000 | USD | 2,195 | 75 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 58,900 | USD | 65,106 | 2,661 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 315,215 | USD | 345,955 | 11,772 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | GBP | 7,000 | USD | 8,568 | (192 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | GBP | 946,695 | USD | 1,156,521 | (28,203 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | GBP | 27,500 | USD | 33,589 | (826 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 320,411 | USD | 391,395 | (9,578 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 4,500 | USD | 5,497 | (134 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 48,900 | USD | 59,930 | (1,265 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | HKD | 1,305,000 | USD | 168,319 | 67 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | HKD | 200,000 | USD | 25,794 | 8 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 382,000 | USD | 49,265 | 14 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 90,000 | USD | 11,608 | 4 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | JPY | 2,182,000 | USD | 20,786 | 1,707 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | JPY | 1,736,300 | USD | 16,539 | 1,357 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 4,373,749 | USD | 41,659 | 3,415 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 129,200 | USD | 1,231 | 101 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | NOK | 298,700 | USD | 36,201 | 1,115 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 225,000 | USD | 27,267 | 838 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 6,900 | USD | 836 | 26 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 16,300 | USD | 1,986 | 71 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | NZD | 23,000 | USD | 16,433 | 147 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | NZD | 18,800 | USD | 13,433 | 121 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 5,000 | USD | 3,572 | 32 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | SEK | 576,000 | USD | 63,940 | 1,464 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | SEK | 5,900 | USD | 655 | 15 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 287,000 | USD | 31,856 | 726 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 12,500 | USD | 1,387 | 32 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 21,100 | USD | 2,361 | 72 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | SGD | 32,700 | USD | 23,495 | 681 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | SGD | 110,000 | USD | 79,042 | 2,298 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 37,000 | USD | 26,591 | 777 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 7,900 | USD | 5,708 | 196 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 22,787 | SGD | 32,700 | 27 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 350,368 | AUD | 474,500 | (22 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 6,843 | AUD | 9,000 | (198 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 132,529 | CHF | 135,100 | 408 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 2,781 | DKK | 19,500 | (2 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 954,943 | EUR | 902,377 | 1,734 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 1,167,813 | GBP | 934,695 | 1,894 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 23,211 | GBP | 19,000 | 566 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 168,240 | HKD | 1,305,000 | 11 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 19,151 | JPY | 2,181,999 | (72 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 35,089 | NOK | 298,700 | (3 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 16,301 | NZD | 23,000 | (15 | ) | |||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 13,765 | SEK | 124,000 | $ | (315 | ) | ||||||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 48,971 | SEK | 452,000 | 56 | ||||||||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 76,805 | SGD | 110,000 | (61 | ) | |||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 8,709 | AUD | 11,800 | 4 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 18,259 | CHF | 18,600 | 43 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 305,858 | EUR | 288,871 | 395 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 34,324 | GBP | 27,500 | 90 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 25,784 | HKD | 200,000 | 1 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 15,196 | JPY | 1,736,300 | (14 | ) | |||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 13,292 | NZD | 18,800 | 20 | ||||||||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 638 | SEK | 5,900 | 2 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 184,059 | AUD | 249,135 | (111 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 304 | AUD | 400 | (9 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 57,929 | CHF | 59,000 | 126 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 4,135 | DKK | 29,000 | (3 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,554 | EUR | 2,300 | (116 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 415,472 | EUR | 391,620 | (287 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,569 | EUR | 3,200 | (176 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 11,482 | GBP | 9,400 | 281 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 5,042 | GBP | 4,100 | 88 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 450,199 | GBP | 360,311 | 706 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 56,533 | HKD | 438,500 | 2 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,373 | HKD | 18,400 | (1 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,947 | HKD | 15,100 | 0 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 39,331 | JPY | 4,481,149 | (149 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 208 | JPY | 21,800 | (17 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 497 | NOK | 4,100 | (15 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 28,674 | NOK | 244,100 | (1 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,544 | NZD | 5,000 | (3 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 34,731 | SEK | 320,600 | 43 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,672 | SGD | 3,700 | (91 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 27,785 | SGD | 39,800 | (18 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,006 | SGD | 1,400 | (29 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | AUD | 546,000 | USD | 402,653 | (158 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | CHF | 250,000 | USD | 245,851 | (747 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | DKK | 41,000 | USD | 5,857 | 4 | ||||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | EUR | 1,784,000 | USD | 1,892,396 | (2,389 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | GBP | 1,228,000 | USD | 1,534,386 | (3,956 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | HKD | 2,203,000 | USD | 284,041 | (49 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | NOK | 243,000 | USD | 28,549 | 1 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SEK | 464,000 | USD | 50,371 | (64 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SGD | 228,000 | USD | 159,051 | (27 | ) | |||||||||||||||||
| RBC Capital Markets |
1/6/2017 | JPY | 11,366,000 | USD | 99,960 | 375 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | NZD | 56,000 | USD | 39,645 | 36 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 55,824 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| 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, 2016 (Unaudited)
Currency Abbreviations
| AUD | Australian Dollar |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | Pound Sterling |
| HKD | Hong Kong Dollar |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign exchange currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (e) |
$ | 4,668,856 | $ | — | $ | — | $ | 4,668,856 | ||||||||
| Preferred Stocks |
11,128 | — | — | 11,128 | ||||||||||||
| Short-Term Investments |
20,227 | — | — | 20,227 | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 105,140 | — | 105,140 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 4,700,211 | $ | 105,140 | $ | — | $ | 4,805,351 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (49,316 | ) | $ | — | $ | (49,316 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (49,316 | ) | $ | — | $ | (49,316 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | See Schedule of Investments for additional detailed categorizations. |
| (f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| 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, 2016 (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, 2016 (Unaudited)
| 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, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $2,228,798. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $58,116. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $73,921 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $132,037. |
| (a) | All or a portion of these securities were on loan amounting to $6,220. In addition, “Other Assets and Liabilities, Net” include pending sales amounting to $13,737 that are also on loan. The value of all securities loaned at November 30, 2016 amounted to $19,957, which is 0.9% 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 |
| 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, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| The Bank of Nova Scotia |
12/2/2016 | TRY | 78,000 | USD | 25,032 | $ | 2,330 | |||||||||||
| The Bank of Nova Scotia |
12/2/2016 | USD | 201,842 | RUB | 12,928,000 | (236 | ) | |||||||||||
| The Bank of Nova Scotia |
12/2/2016 | USD | 22,744 | TRY | 78,000 | (41 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | BRL | 556,000 | USD | 172,939 | 8,793 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CLP | 12,185,000 | USD | 18,575 | 556 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CZK | 225,000 | USD | 9,128 | 306 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 4,507,000 | USD | 581,267 | 188 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 154,000 | USD | 19,861 | 6 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HUF | 4,445,000 | USD | 15,815 | 753 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | IDR | 383,503,000 | USD | 29,053 | 777 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | KRW | 36,877,000 | USD | 32,151 | 607 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MXN | 288,000 | USD | 15,259 | 1,271 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MYR | 347,000 | USD | 82,423 | 4,741 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | PLN | 216,000 | USD | 54,837 | 3,447 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | QAR | 45,000 | USD | 12,344 | (13 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | TWD | 17,311,000 | USD | 547,773 | 4,558 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 163,770 | BRL | 556,000 | 376 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 18,025 | CLP | 12,185,000 | (7 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 8,821 | CZK | 225,000 | 0 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 600,911 | HKD | 4,661,000 | 23 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 15,058 | HUF | 4,445,000 | 4 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 28,408 | IDR | 383,503,000 | (131 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 31,331 | KRW | 36,877,000 | 213 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 14,068 | MXN | 288,000 | (80 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 77,412 | MYR | 347,000 | 270 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 51,518 | PLN | 216,000 | (128 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 12,366 | QAR | 45,000 | (9 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 552,057 | TWD | 17,583,000 | (306 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 296,587 | ZAR | 4,160,000 | (1,397 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 152,000 | USD | 11,200 | 414 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 4,008,000 | USD | 295,331 | 10,927 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | AED | 232,000 | USD | 63,151 | (14 | ) | |||||||||||
| The Bank of Nova Scotia |
12/6/2016 | THB | 1,642,000 | USD | 46,901 | 882 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 63,172 | AED | 232,000 | (7 | ) | |||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 46,026 | THB | 1,642,000 | (8 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | AED | 223,000 | USD | 60,689 | (18 | ) | |||||||||||
| 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, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | BRL | 493,000 | USD | 143,782 | $ | (393 | ) | ||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | CLP | 7,127,000 | USD | 10,512 | (2 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | CZK | 262,000 | USD | 10,314 | 1 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | HKD | 3,810,000 | USD | 491,261 | (62 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | HUF | 3,210,000 | USD | 10,884 | (4 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | IDR | 338,505,000 | USD | 24,708 | (134 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | KRW | 43,519,000 | USD | 36,912 | (313 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | MXN | 269,000 | USD | 13,089 | 75 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | MYR | 333,000 | USD | 73,918 | (539 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | PLN | 123,000 | USD | 29,325 | 73 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | QAR | 95,000 | USD | 26,027 | (38 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | THB | 1,608,000 | USD | 45,036 | (21 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | TRY | 71,000 | USD | 20,690 | 200 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | TWD | 17,356,000 | USD | 542,375 | (2,822 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | ZAR | 3,168,000 | USD | 224,390 | 1,059 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/10/2017 | RUB | 13,107,000 | USD | 201,957 | (399 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 35,728 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| AED | Arab Emirates Dirham |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CZK | Czech Koruna |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PLN | Polish Zloty |
| QAR | Qatari Rial |
| RUB | Russian Ruble |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | U.S. Dollar |
| ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding 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. | 43 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (d) |
$ | 2,115,858 | $ | — | $ | — | $ | 2,115,858 | ||||||||
| Preferred Stocks (d) |
33,745 | — | — | 33,745 | ||||||||||||
| Short-Term Investments |
21,079 | — | — | 21,079 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 42,850 | — | 42,850 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 2,170,682 | $ | 42,850 | $ | — | $ | 2,213,532 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (7,122 | ) | $ | — | $ | (7,122 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (7,122 | ) | $ | — | $ | (7,122 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (d) | See Schedule of Investments for additional detailed categorizations. |
| (e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| 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, 2016 (Unaudited)
| † | The cost for federal income tax purposes was $2,592,726. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $232,530. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $34,215 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $266,745. |
| (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, 2016 amounted to $39,174, 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. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 2,176,000 | USD | 2,388,269 | $ | 81,330 | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 7,000 | USD | 7,746 | 324 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,315,959 | EUR | 2,183,000 | (1,599 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | EUR | 2,197,000 | USD | 2,330,812 | (2,620 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 77,435 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| 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, 2016 (Unaudited)
Currency Abbreviations
| EUR | Euro |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (d) |
$ | 2,305,437 | $ | — | $ | — | $ | 2,305,437 | ||||||||
| Preferred Stocks |
14,000 | — | — | 14,000 | ||||||||||||
| Short-Term Investments |
40,759 | — | — | 40,759 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 81,654 | — | 81,654 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 2,360,196 | $ | 81,654 | $ | — | $ | 2,441,850 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (4,219 | ) | $ | — | $ | (4,219 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (4,219 | ) | $ | — | $ | (4,219 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (d) | See Schedule of Investments for additional detailed categorizations. |
| (e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 46 |
This Page is Intentionally Left Blank
47
DBX ETF Trust
Statements of Assets and Liabilities
November 30, 2016 (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 value |
$ | 5,852,410 | $ | 8,930,018 | $ | 4,592,699 | ||||||
| Investment in Government & Agency Securities Portfolio* |
161,340 | 421,288 | — | |||||||||
| Cash |
81,480 | 147,990 | 78,008 | |||||||||
| Deposit with broker for futures contracts |
223,136 | 204,266 | 162,405 | |||||||||
| Unrealized appreciation on future contracts |
421 | 628 | 436 | |||||||||
| Receivables: | ||||||||||||
| Investment securities sold |
— | 175,382 | 136,574 | |||||||||
| Interest |
88,035 | 124,245 | 50,748 | |||||||||
| Securities lending income |
44 | 168 | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Assets |
$ | 6,406,866 | $ | 10,003,985 | $ | 5,020,870 | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities |
||||||||||||
| Payable upon return of securities loaned |
$ | 161,340 | $ | 421,288 | $ | — | ||||||
| Payables: | ||||||||||||
| Investment securities purchased |
140,309 | 346,943 | 204,572 | |||||||||
| Investment advisory fees |
2,259 | 2,617 | 984 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Liabilities |
303,908 | 770,848 | 205,556 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 6,102,958 | $ | 9,233,137 | $ | 4,815,314 | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets Consist of |
||||||||||||
| Paid-in capital |
$ | 6,236,855 | $ | 9,927,222 | $ | 5,036,435 | ||||||
| Distributions in excess of net investment income |
(2,403 | ) | — | — | ||||||||
| Undistributed net investment income |
— | 12,916 | 4,629 | |||||||||
| Accumulated net realized gain (loss) on investments and futures |
(31,507 | ) | (600,736 | ) | (130,730 | ) | ||||||
| Net unrealized appreciation (depreciation) on investments and futures |
(99,987 | ) | (106,265 | ) | (95,020 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 6,102,958 | $ | 9,233,137 | $ | 4,815,314 | ||||||
|
|
|
|
|
|
|
|||||||
| Number of Common Shares outstanding |
250,001 | 400,001 | 200,001 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value |
$ | 24.41 | $ | 23.08 | $ | 24.08 | ||||||
|
|
|
|
|
|
|
|||||||
| Investments in non-affiliated securities at cost |
$ | 5,952,818 | $ | 9,036,911 | $ | 4,688,155 | ||||||
|
|
|
|
|
|
|
|||||||
| Value of securities loaned |
$ | 155,001 | $ | 409,286 | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| Investment in Government & Agency Securities Portfolio at cost* |
$ | 161,340 | $ | 421,288 | $ | — | ||||||
|
|
|
|
|
|
|
|||||||
| 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, 2016 (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 value |
$ | 61,714,964 | $ | 3,600,559 | $ | 4,679,984 | ||||||
| Investment in Government & Agency Securities Portfolio* |
— | 8,563 | 20,227 | |||||||||
| Cash |
1,351,714 | 233 | 565 | |||||||||
| Foreign currency at value |
— | 2,985 | 7,641 | |||||||||
| Unrealized appreciation on forward foreign currency exchange contracts |
— | 65,147 | 105,140 | |||||||||
| Receivables: | ||||||||||||
| Investment securities sold |
— | 478,036 | 677,298 | |||||||||
| Due from Advisor |
5,796 | — | — | |||||||||
| Dividends |
— | 8,259 | 15,611 | |||||||||
| Interest |
815,302 | — | — | |||||||||
| Securities lending income |
— | 35 | 79 | |||||||||
| Foreign tax reclaim |
— | 4,350 | 2,899 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Assets |
$ | 63,887,776 | $ | 4,168,167 | $ | 5,509,444 | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities |
||||||||||||
| Payable upon return of securities loaned |
$ | — | $ | 8,563 | $ | 20,227 | ||||||
| Unrealized depreciation on forward foreign currency exchange contracts |
— | 30,932 | 49,316 | |||||||||
| Payables: | ||||||||||||
| Investment securities purchased |
— | 496,842 | 725,303 | |||||||||
| Investment advisory fees |
16,236 | 1,334 | 1,735 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Liabilities |
16,236 | 537,671 | 796,581 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 63,871,540 | $ | 3,630,496 | $ | 4,712,863 | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets Consist of |
||||||||||||
| Paid-in capital |
$ | 66,112,217 | $ | 3,667,980 | $ | 4,824,394 | ||||||
| Undistributed net investment income |
115,838 | 108,146 | 30,795 | |||||||||
| Accumulated net realized gain (loss) on investments and foreign currency transactions |
297,536 | (66,110 | ) | 106,378 | ||||||||
| Net unrealized appreciation (depreciation) on investments and foreign currency translations |
(2,654,051 | ) | (79,520 | ) | (248,704 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 63,871,540 | $ | 3,630,496 | $ | 4,712,863 | ||||||
|
|
|
|
|
|
|
|||||||
| Number of Common Shares outstanding |
2,500,001 | 150,001 | 200,001 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value |
$ | 25.55 | $ | 24.20 | $ | 23.56 | ||||||
|
|
|
|
|
|
|
|||||||
| Investments in non-affiliated securities at cost |
$ | 64,369,015 | $ | 3,714,229 | $ | 4,984,492 | ||||||
|
|
|
|
|
|
|
|||||||
| Value of securities loaned |
$ | — | $ | 8,131 | $ | 19,198 | ||||||
|
|
|
|
|
|
|
|||||||
| Investment in Government & Agency Securities Portfolio at cost* |
$ | — | $ | 8,563 | $ | 20,227 | ||||||
|
|
|
|
|
|
|
|||||||
| Foreign currency at cost |
$ | — | $ | 3,004 | $ | 7,677 | ||||||
|
|
|
|
|
|
|
|||||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 49 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (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 value |
$ | 2,149,603 | $ | 2,319,437 | ||||
| Investment in Government & Agency Securities Portfolio* |
21,079 | 40,759 | ||||||
| Cash |
— | 243 | ||||||
| Foreign currency at value |
2,129 | 3,243 | ||||||
| Unrealized appreciation on forward foreign currency exchange contracts |
42,850 | 81,654 | ||||||
| Receivables: | ||||||||
| Investment securities sold |
530,671 | 367,232 | ||||||
| Dividends |
1,231 | — | ||||||
| Securities lending income |
8 | 185 | ||||||
| Foreign tax reclaim |
277 | 3,431 | ||||||
|
|
|
|
|
|||||
| Total Assets |
$ | 2,747,848 | $ | 2,816,184 | ||||
|
|
|
|
|
|||||
| Liabilities |
||||||||
| Due to custodian |
$ | 542 | $ | — | ||||
| Payable upon return of securities loaned |
21,079 | 40,759 | ||||||
| Unrealized depreciation on forward foreign currency exchange contracts |
7,122 | 4,219 | ||||||
| Payables: | ||||||||
| Investment securities purchased |
544,675 | 434,124 | ||||||
| Investment advisory fees |
1,157 | 860 | ||||||
|
|
|
|
|
|||||
| Total Liabilities |
574,575 | 479,962 | ||||||
|
|
|
|
|
|||||
| Net Assets, at value |
$ | 2,173,273 | $ | 2,336,222 | ||||
|
|
|
|
|
|||||
| Net Assets Consist of |
||||||||
| Paid-in capital |
$ | 2,507,967 | $ | 2,495,710 | ||||
| Undistributed net investment income |
2,883 | 22,207 | ||||||
| Accumulated net realized gain (loss) on investments and foreign currency transactions |
(326,695 | ) | (35,770 | ) | ||||
| Net unrealized appreciation (depreciation) on investments and foreign currency translations |
(10,882 | ) | (145,925 | ) | ||||
|
|
|
|
|
|||||
| Net Assets, at value |
$ | 2,173,273 | $ | 2,336,222 | ||||
|
|
|
|
|
|||||
| Number of Common Shares outstanding |
100,001 | 100,001 | ||||||
|
|
|
|
|
|||||
| Net Asset Value |
$ | 21.73 | $ | 23.36 | ||||
|
|
|
|
|
|||||
| Investments in non-affiliated securities at cost |
$ | 2,196,232 | $ | 2,542,662 | ||||
|
|
|
|
|
|||||
| Value of securities loaned |
$ | 19,957 | $ | 39,174 | ||||
|
|
|
|
|
|||||
| Investment in Government & Agency Securities Portfolio at cost* |
$ | 21,079 | $ | 40,759 | ||||
|
|
|
|
|
|||||
| Foreign currency at cost |
$ | 2,167 | $ | 3,232 | ||||
|
|
|
|
|
|||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 50 |
DBX ETF Trust
For the Six Months Ended November 30, 2016 (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 |
||||||||||||
| Unaffiliated interest income |
$ | 143,383 | $ | 244,092 | $ | 75,770 | ||||||
| Securities lending income, net of borrower rebates |
420 | 1,776 | 93 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Investment Income |
143,803 | 245,868 | 75,863 | |||||||||
|
|
|
|
|
|
|
|||||||
| Expenses |
||||||||||||
| Investment advisory fees |
15,006 | 19,415 | 5,972 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Expenses |
15,006 | 19,415 | 5,972 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Investment income (loss) |
128,797 | 226,453 | 69,891 | |||||||||
|
|
|
|
|
|
|
|||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||
| Net realized gain (loss) from: |
||||||||||||
| Investments |
12,959 | (99,201 | ) | 12,258 | ||||||||
| Futures contracts |
179,196 | 144,779 | 144,856 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net realized gain (loss) |
192,155 | 45,578 | 157,114 | |||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
| Investments |
(72,893 | ) | 298,107 | (110,922 | ) | |||||||
| Futures contracts |
22,297 | 20,108 | 19,990 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net change in unrealized appreciation (depreciation) |
(50,596 | ) | 318,215 | (90,932 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Net realized and unrealized gain (loss) on investments and futures |
141,559 | 363,793 | 66,182 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net increase (decrease) in Net Assets Resulting from Operations |
$ | 270,356 | $ | 590,246 | $ | 136,073 | ||||||
|
|
|
|
|
|
|
|||||||
| See Notes to Financial Statements. | 51 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (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 |
||||||||||
| Investment Income |
||||||||||||
| Unaffiliated interest income |
$ | 742,955 | $ | — | $ | — | ||||||
| Unaffiliated dividend income* |
— | 75,118 | 81,500 | |||||||||
| Securities lending income, net of borrower rebates |
— | 472 | 916 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Investment Income |
742,955 | 75,590 | 82,416 | |||||||||
|
|
|
|
|
|
|
|||||||
| Expenses |
||||||||||||
| Investment advisory fees |
81,192 | 8,013 | 10,466 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Expenses |
81,192 | 8,013 | 10,466 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Investment income (loss) |
661,763 | 67,577 | 71,950 | |||||||||
|
|
|
|
|
|
|
|||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||
| Net realized gain (loss) from: | ||||||||||||
| Investments |
— | (77,648 | ) | (124,421 | ) | |||||||
| In-kind redemptions |
391,584 | — | — | |||||||||
| Foreign currency transactions |
— | 228,700 | 396,713 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net realized gain (loss) |
391,584 | 151,052 | 272,292 | |||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||
| Investments |
(4,636,463 | ) | 70,253 | (75,347 | ) | |||||||
| Foreign currency translations |
— | (55,669 | ) | (57,485 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Net change in unrealized appreciation (depreciation) |
(4,636,463 | ) | 14,584 | (132,832 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Net realized and unrealized gain (loss) on investments and foreign currency transactions |
(4,244,879 | ) | 165,636 | 139,460 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net increase (decrease) in Net Assets Resulting from Operations |
$ | (3,583,116 | ) | $ | 233,213 | $ | 211,410 | |||||
|
|
|
|
|
|
|
|||||||
| * Unaffiliated foreign tax withheld |
$ | — | $ | 6,920 | $ | 2,875 | ||||||
| See Notes to Financial Statements. | 52 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (Unaudited)
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
|||||||
| Investment Income |
||||||||
| Unaffiliated dividend income* |
$ | 69,786 | $ | 38,803 | ||||
| Securities lending income, net of borrower rebates |
142 | 471 | ||||||
|
|
|
|
|
|||||
| Total Investment Income |
69,928 | 39,274 | ||||||
|
|
|
|
|
|||||
| Expenses |
||||||||
| Investment advisory fees |
7,211 | 5,177 | ||||||
|
|
|
|
|
|||||
| Total Expenses |
7,211 | 5,177 | ||||||
|
|
|
|
|
|||||
| Net Investment income (loss) |
62,717 | 34,097 | ||||||
|
|
|
|
|
|||||
| Realized and Unrealized Gain (Loss) |
||||||||
| Net realized gain (loss) from: |
||||||||
| Investments |
(74,062 | ) | (36,760 | ) | ||||
| Foreign currency transactions |
(55,573 | ) | 118,744 | |||||
|
|
|
|
|
|||||
| Net realized gain (loss) |
(129,635 | ) | 81,984 | |||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||
| Investments |
211,535 | (134,213 | ) | |||||
| Foreign currency translations |
(27,917 | ) | 6,110 | |||||
|
|
|
|
|
|||||
| Net change in unrealized appreciation (depreciation) |
183,618 | (128,103 | ) | |||||
|
|
|
|
|
|||||
| Net realized and unrealized gain (loss) on investments and foreign currency transactions |
53,983 | (46,119 | ) | |||||
|
|
|
|
|
|||||
| Net increase (decrease) in Net Assets Resulting from Operations |
$ | 116,700 | $ | (12,022 | ) | |||
|
|
|
|
|
|||||
| * Unaffiliated foreign tax withheld |
$ | 11,792 | $ | 3,595 | ||||
| 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, 2016 (Unaudited) |
Year Ended May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
Year Ended May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 128,797 | $ | 266,282 | $ | 226,453 | $ | 441,462 | ||||||||
| Net realized gain (loss) |
192,155 | (158,073 | ) | 45,578 | (546,706 | ) | ||||||||||
| Net change in net unrealized appreciation (depreciation) |
(50,596 | ) | (40,219 | ) | 318,215 | (287,186 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
270,356 | 67,990 | 590,246 | (392,430 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
(157,443 | ) | (315,321 | ) | (247,761 | ) | (544,700 | ) | ||||||||
| Net realized gains |
— | (19,900 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(157,443 | ) | (335,221 | ) | (247,761 | ) | (544,700 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | — | — | 1,110,857 | ||||||||||||
| Value of shares redeemed |
— | — | — | (2,339,158 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
— | — | — | (1,228,301 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
112,913 | (267,231 | ) | 342,485 | (2,165,431 | ) | ||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
5,990,045 | 6,257,276 | 8,890,652 | 11,056,083 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 6,102,958 | $ | 5,990,045 | $ | 9,233,137 | $ | 8,890,652 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions in excess of net investment income |
$ | (2,403 | ) | $ | — | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | — | $ | 26,243 | $ | 12,916 | $ | 34,224 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
250,001 | 250,001 | 400,001 | 450,001 | ||||||||||||
| Shares sold |
— | — | — | 50,000 | ||||||||||||
| Shares redeemed |
— | — | — | (100,000 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
250,001 | 250,001 | 400,001 | 400,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 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, 2016 (Unaudited) |
Year Ended May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
Year Ended May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 69,891 | $ | 143,930 | $ | 661,763 | $ | 761,958 | ||||||||
| Net realized gain (loss) |
157,114 | (283,184 | ) | 391,584 | (17,995 | ) | ||||||||||
| Net change in net unrealized appreciation (depreciation) |
(90,932 | ) | 133,662 | (4,636,463 | ) | 1,612,257 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
136,073 | (5,592 | ) | (3,583,116 | ) | 2,356,220 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
(78,317 | ) | (166,692 | ) | (626,399 | ) | (737,901 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(78,317 | ) | (166,692 | ) | (626,399 | ) | (737,901 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | — | 38,315,746 | 13,390,357 | ||||||||||||
| Value of shares redeemed |
— | (1,226,700 | ) | (6,914,650 | ) | — | ||||||||||
| Payments by Affiliates (See Note 10) |
— | — | 5,796 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
— | (1,226,700 | ) | 31,406,892 | 13,390,357 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
57,756 | (1,398,984 | ) | 27,197,377 | 15,008,676 | |||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
4,757,558 | 6,156,542 | 36,674,163 | 21,665,487 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 4,815,314 | $ | 4,757,558 | $ | 63,871,540 | $ | 36,674,163 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | 4,629 | $ | 13,055 | $ | 115,838 | $ | 80,474 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
200,001 | 250,001 | 1,350,001 | 850,001 | ||||||||||||
| Shares sold |
— | — | 1,400,000 | 500,000 | ||||||||||||
| Shares redeemed |
— | (50,000 | ) | (250,000 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
200,001 | 200,001 | 2,500,001 | 1,350,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 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 Six Months Ended November 30, 2016 (Unaudited) |
For the Period August 12, 2015(1) to May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
For the Period August 12, 2015(1) to May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 67,577 | $ | 257,559 | $ | 71,950 | $ | 167,918 | ||||||||
| Net realized gain (loss) |
151,052 | (278,676 | ) | 272,292 | (134,798 | ) | ||||||||||
| Net change in net unrealized appreciation (depreciation) |
14,584 | (94,104 | ) | (132,832 | ) | (115,872 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
233,213 | (115,221 | ) | 211,410 | (82,752 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
(47,271 | ) | (168,419 | ) | (130,363 | ) | (75,062 | ) | ||||||||
| Net realized gains |
— | — | — | (34,764 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(47,271 | ) | (168,419 | ) | (130,363 | ) | (109,826 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 11,570,439 | — | 4,824,369 | ||||||||||||
| Value of shares redeemed |
— | (7,842,270 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
— | 3,728,169 | — | 4,824,369 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
185,942 | 3,444,529 | 81,047 | 4,631,791 | ||||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
3,444,554 | 25 | 4,631,816 | 25 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 3,630,496 | $ | 3,444,554 | $ | 4,712,863 | $ | 4,631,816 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | 108,146 | $ | 87,840 | $ | 30,795 | $ | 89,208 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
150,001 | 1 | 200,001 | 1 | ||||||||||||
| Shares sold |
— | 500,000 | — | 200,000 | ||||||||||||
| Shares redeemed |
— | (350,000 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
150,001 | 150,001 | 200,001 | 200,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | Commencement of Operations. |
| See Notes to Financial Statements. | 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 Six Months Ended November 30, 2016 (Unaudited) |
For the Period
August 12, 2015(1) to May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
For the Period August 12, 2015(1) to May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 62,717 | $ | 38,707 | $ | 34,097 | $ | 77,796 | ||||||||
| Net realized gain (loss) |
(129,635 | ) | (144,811 | ) | 81,984 | (158,877 | ) | |||||||||
| Net change in net unrealized appreciation (depreciation) |
183,618 | (194,500 | ) | (128,103 | ) | (17,822 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
116,700 | (300,604 | ) | (12,022 | ) | (98,903 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
(71,837 | ) | (26,794 | ) | (61,033 | ) | (27,770 | ) | ||||||||
| Net realized gains |
— | (52,159 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(71,837 | ) | (78,953 | ) | (61,033 | ) | (27,770 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 2,507,942 | — | 3,670,465 | ||||||||||||
| Value of shares redeemed |
— | — | — | (1,134,540 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
— | 2,507,942 | — | 2,535,925 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
44,863 | 2,128,385 | (73,055 | ) | 2,409,252 | |||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
2,128,410 | 25 | 2,409,277 | 25 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 2,173,273 | $ | 2,128,410 | $ | 2,336,222 | $ | 2,409,277 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | 2,883 | $ | 12,003 | $ | 22,207 | $ | 49,143 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
100,001 | 1 | 100,001 | 1 | ||||||||||||
| Shares sold |
— | 100,000 | — | 150,000 | ||||||||||||
| Shares redeemed |
— | — | — | (50,000 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | Commencement of Operations. |
| See Notes to Financial Statements. | 57 |
DBX ETF Trust
| Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Period Ended 5/31/2015(a) |
|||||||||
| Net Asset Value, beginning of period |
$ | 23.96 | $ | 25.03 | $ | 25.00 | ||||||
|
|
|
|
|
|
|
|||||||
| Income (loss) from investment operations: | ||||||||||||
| Net investment income (loss)(b) |
0.52 | 1.07 | 0.27 | |||||||||
| Net realized and unrealized gain (loss) |
0.56 | (0.80 | ) | (0.04 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Total from investment operations |
1.08 | 0.27 | 0.23 | |||||||||
|
|
|
|
|
|
|
|||||||
| Less distributions from: | ||||||||||||
| Net investment income |
(0.63 | ) | (1.26 | ) | (0.20 | ) | ||||||
| Net realized gains |
— | (0.08 | ) | — | ||||||||
|
|
|
|
|
|
|
|||||||
| Total distributions |
(0.63 | ) | (1.34 | ) | (0.20 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value, end of period |
$ | 24.41 | $ | 23.96 | $ | 25.03 | ||||||
|
|
|
|
|
|
|
|||||||
| Total Return (%) |
4.54 | ** | 1.22 | 0.90 | ** | |||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||
| Net assets, end of period ($ millions) |
6 | 6 | 6 | |||||||||
| Ratio of expenses (%) |
0.49 | * | 0.50 | 0.50 | * | |||||||
| Ratio of net investment income (loss) (%) |
4.20 | * | 4.45 | 4.35 | * | |||||||
| Portfolio turnover rate (%)(c) |
8 | ** | 15 | 1 | ** | |||||||
| Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Period Ended 5/31/2015(a) |
|||||||||
| Net Asset Value, beginning of period |
$ | 22.23 | $ | 24.57 | $ | 25.00 | ||||||
|
|
|
|
|
|
|
|||||||
| Income (loss) from investment operations: |
||||||||||||
| Net investment income (loss)(b) |
0.57 | 1.08 | 0.29 | |||||||||
| Net realized and unrealized gain (loss) |
0.90 | (2.10 | ) | (0.51 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Total from investment operations |
1.47 | (1.02 | ) | (0.22 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Less distributions from: |
||||||||||||
| Net investment income |
(0.62 | ) | (1.32 | ) | (0.21 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Total distributions |
(0.62 | ) | (1.32 | ) | (0.21 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value, end of period |
$ | 23.08 | $ | 22.23 | $ | 24.57 | ||||||
|
|
|
|
|
|
|
|||||||
| Total Return (%) |
6.73 | ** | (4.06 | ) | (0.87 | )** | ||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||
| Net assets, end of period ($ millions) |
9 | 9 | 11 | |||||||||
| Ratio of expenses (%) |
0.43 | * | 0.45 | 0.45 | * | |||||||
| Ratio of net investment income (loss) (%) |
5.01 | * | 4.81 | 4.75 | * | |||||||
| Portfolio turnover rate (%)(c) |
9 | ** | 35 | 13 | ** | |||||||
| (a) | For the period March 3, 2015 (commencement of operations) through May 31, 2015. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 58 |
DBX ETF Trust
Financial Highlights (Continued)
| Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Period Ended 5/31/2015(a) |
|||||||||||||
| Net Asset Value, beginning of period |
$ | 23.79 | $ | 24.63 | $ | 25.00 | ||||||||||
|
|
|
|
|
|
|
|||||||||||
| Income (loss) from investment operations: | ||||||||||||||||
| Net investment income (loss)(c) |
0.35 | 0.71 | 0.17 | |||||||||||||
| Net realized and unrealized gain (loss) |
0.33 | (0.73 | ) | (0.43 | ) | |||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total from investment operations |
0.68 | (0.02 | ) | (0.26 | ) | |||||||||||
|
|
|
|
|
|
|
|||||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income |
(0.39 | ) | (0.82 | ) | (0.11 | ) | ||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total distributions |
(0.39 | ) | (0.82 | ) | (0.11 | ) | ||||||||||
|
|
|
|
|
|
|
|||||||||||
| Net Asset Value, end of period |
$ | 24.08 | $ | 23.79 | $ | 24.63 | ||||||||||
|
|
|
|
|
|
|
|||||||||||
| Total Return (%) |
2.90 | ** | (0.04 | ) | (1.03 | )** | ||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||
| Net assets, end of period ($ millions) |
5 | 5 | 6 | |||||||||||||
| Ratio of expenses (%) |
0.25 | * | 0.25 | 0.25 | * | |||||||||||
| Ratio of net investment income (loss) (%) |
2.93 | * | 3.00 | 2.72 | * | |||||||||||
| Portfolio turnover rate (%)(d) |
16 | ** | 14 | 7 | ** | |||||||||||
| Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Period Ended 5/31/2014(b) |
||||||||||||
| Net Asset Value, beginning of period |
$ | 27.17 | $ | 25.49 | $ | 25.07 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from investment operations: | ||||||||||||||||
| Net investment income (loss)(c) |
0.33 | 0.80 | 0.81 | 0.81 | ||||||||||||
| Net realized and unrealized gain (loss) |
(1.62 | ) | 1.67 | 0.40 | 0.00 | (e) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total from investment operations |
(1.29 | ) | 2.47 | 1.21 | 0.81 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income |
(0.33 | ) | (0.79 | ) | (0.79 | ) | (0.74 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(0.33 | ) | (0.79 | ) | (0.79 | ) | (0.74 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset Value, end of period |
$ | 25.55 | $ | 27.17 | $ | 25.49 | $ | 25.07 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Return (%) |
(4.81 | )** | 9.89 | 4.88 | 3.46 | **(f) | ||||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||
| Net assets, end of period ($ millions) |
64 | 37 | 22 | 16 | ||||||||||||
| Ratio of expenses before fee waiver (%) |
0.30 | * | 0.30 | 0.30 | 0.32 | * | ||||||||||
| Ratio of expenses after fee waiver (%) |
0.30 | * | 0.30 | 0.30 | 0.30 | * | ||||||||||
| Ratio of net investment income (loss) (%) |
2.45 | * | 3.07 | 3.16 | 3.48 | * | ||||||||||
| Portfolio turnover rate (%)(d) |
0 | ** | 13 | 4 | 5 | ** | ||||||||||
| (a) | For the period March 3, 2015 (commencement of operations) through May 31, 2015. |
| (b) | For the period June 4, 2013 (commencement of operations) through May 31, 2014. |
| (c) | Based on average shares outstanding during the period. |
| (d) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (e) | Less than 0.005. |
| (f) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 59 |
DBX ETF Trust
Financial Highlights (Continued)
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Period Ended 5/31/2016(a) |
||||||
| Net Asset Value, beginning of period |
$ | 22.96 | $ | 25.00 | ||||
|
|
|
|
|
|||||
| Income (loss) from investment operations: | ||||||||
| Net investment income (loss)(b) |
0.45 | 0.70 | ||||||
| Net realized and unrealized gain (loss) |
1.11 | (2.38 | ) | |||||
|
|
|
|
|
|||||
| Total from investment operations |
1.56 | (1.68 | ) | |||||
|
|
|
|
|
|||||
| Less distributions from: | ||||||||
| Net investment income |
(0.32 | ) | (0.36 | ) | ||||
|
|
|
|
|
|||||
| Total distributions |
(0.32 | ) | (0.36 | ) | ||||
|
|
|
|
|
|||||
| Net Asset Value, end of period |
$ | 24.20 | $ | 22.96 | ||||
|
|
|
|
|
|||||
| Total Return (%) |
6.85 | ** | (6.67 | )** | ||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||
| Net assets, end of period ($ millions) |
4 | 3 | ||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | * | ||||
| Ratio of net investment income (loss) (%) |
3.80 | * | 3.83 | * | ||||
| Portfolio turnover rate (%)(c) |
16 | ** | 33 | ** | ||||
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Period Ended 5/31/2016(a) |
||||||
| Net Asset Value, beginning of period |
$ | 23.16 | $ | 25.00 | ||||
|
|
|
|
|
|||||
| Income (loss) from investment operations: |
||||||||
| Net investment income (loss)(b) |
0.36 | 0.88 | ||||||
| Net realized and unrealized gain (loss) |
0.69 | (2.17 | ) | |||||
|
|
|
|
|
|||||
| Total from investment operations |
1.05 | (1.29 | ) | |||||
|
|
|
|
|
|||||
| Less distributions from: |
||||||||
| Net investment income |
(0.65 | ) | (0.38 | ) | ||||
| Net realized gains |
— | (0.17 | ) | |||||
|
|
|
|
|
|||||
| Total distributions |
(0.65 | ) | (0.55 | ) | ||||
|
|
|
|
|
|||||
| Net Asset Value, end of period |
$ | 23.56 | $ | 23.16 | ||||
|
|
|
|
|
|||||
| Total Return (%) |
4.73 | ** | (5.08 | )** | ||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||
| Net assets, end of period ($ millions) |
5 | 5 | ||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | * | ||||
| Ratio of net investment income (loss) (%) |
3.09 | * | 4.86 | * | ||||
| Portfolio turnover rate (%)(c) |
19 | ** | 33 | ** | ||||
| (a) | For the period August 12, 2015 (commencement of operations) through May 31, 2016. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 60 |
DBX ETF Trust
Financial Highlights (Continued)
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Period Ended 5/31/2016(a) |
||||||
| Net Asset Value, beginning of period |
$ | 21.28 | $ | 25.00 | ||||
|
|
|
|
|
|||||
| Income (loss) from investment operations: | ||||||||
| Net investment income (loss)(b) |
0.63 | 0.39 | ||||||
| Net realized and unrealized gain (loss) |
0.54 | (3.32 | ) | |||||
|
|
|
|
|
|||||
| Total from investment operations |
1.17 | (2.93 | ) | |||||
|
|
|
|
|
|||||
| Less distributions from: | ||||||||
| Net investment income |
(0.72 | ) | (0.27 | ) | ||||
| Net realized gains |
— | (0.52 | ) | |||||
|
|
|
|
|
|||||
| Total distributions |
(0.72 | ) | (0.79 | ) | ||||
|
|
|
|
|
|||||
| Net Asset Value, end of period |
$ | 21.73 | $ | 21.28 | ||||
|
|
|
|
|
|||||
| Total Return (%) |
5.46 | ** | (11.67 | )** | ||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||
| Net assets, end of period ($ millions) |
2 | 2 | ||||||
| Ratio of expenses (%) |
0.65 | * | 0.65 | * | ||||
| Ratio of net investment income (loss) (%) |
5.65 | * | 2.20 | * | ||||
| Portfolio turnover rate (%)(c) |
28 | ** | 39 | ** | ||||
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF Selected Per Share Data |
For the Six Months Ended 11/30/2016 (Unaudited) |
Period Ended 5/31/2016(a) |
||||||
| Net Asset Value, beginning of period |
$ | 24.09 | $ | 25.00 | ||||
|
|
|
|
|
|||||
| Income (loss) from investment operations: | ||||||||
| Net investment income (loss)(b) |
0.34 | 0.75 | ||||||
| Net realized and unrealized gain (loss) |
(0.46 | ) | (1.38 | ) | ||||
|
|
|
|
|
|||||
| Total from investment operations |
(0.12 | ) | (0.63 | ) | ||||
|
|
|
|
|
|||||
| Less distributions from: | ||||||||
| Net investment income |
(0.61 | ) | (0.28 | ) | ||||
|
|
|
|
|
|||||
| Total distributions |
(0.61 | ) | (0.28 | ) | ||||
|
|
|
|
|
|||||
| Net Asset Value, end of period |
$ | 23.36 | $ | 24.09 | ||||
|
|
|
|
|
|||||
| Total Return (%) |
(0.42 | )** | (2.52 | )** | ||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||
| Net assets, end of period ($ millions) |
2 | 2 | ||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | * | ||||
| Ratio of net investment income (loss) (%) |
2.96 | * | 3.95 | * | ||||
| Portfolio turnover rate (%)(c) |
22 | ** | 46 | ** | ||||
| (a) | For the period August 12, 2015 (commencement of operations) through May 31, 2016. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 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, 2016, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
| Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
| Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF |
| Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF |
| Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees.
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Effective January 6, 2017, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF transferred their primary listings to Bats BZX Exchange, Inc. and are no longer listed or traded on the NYSE Arca, Inc. 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 offer shares that are listed and traded of the Bats BZX Exchange, Inc. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
| Fund |
Underlying Index | |
| Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF | Solactive Emerging Markets Bond — Interest Rate Hedged Index | |
| Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF | Solactive High Yield Corporate Bond — Interest Rate Hedged Index | |
| Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | Solactive Investment Grade Bond — Interest Rate Hedged Index | |
| Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF | Solactive Municipal Infrastructure Revenue Bond Index | |
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | MSCI ACWI ex US High Dividend Yield US Dollar Hedged Index | |
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | MSCI EAFE High Dividend Yield US Dollar Hedged Index | |
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | MSCI EM (Emerging Markets) High Dividend Yield US Dollar Hedged Index | |
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | MSCI EMU High Dividend Yield US Dollar Hedged Index |
The Solactive 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
62
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
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 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 month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.
Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
63
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 Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker dealers. These securities are generally categorized as Level 2.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of
64
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange- traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
Disclosure about the classification of the fair value measurements is included in a table following each Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted over the lives of the respective security for financial reporting purposes.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF and Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from net investment income monthly and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements. The 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, 2016, the Funds did not incur any interest or penalties.
65
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
At May 31, 2016, 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 High Yield Corp Bond — Interest Rate Hedge ETF |
$ | 102,688 | $ | 68,499 | $ | 171,187 | ||||||
| Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF |
76,059 | 4,111 | 80,170 | |||||||||
| Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
94,048 | — | 94,048 | |||||||||
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
— | 38,372 | 38,372 | |||||||||
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
781 | 1,184 | 1,965 | |||||||||
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the period ended May 31, 2016, the Funds incurred and elected to defer net capital losses as follows:
| Post-October Losses on Capital |
||||
| Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
$ | 177,215 | ||
| Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF |
425,225 | |||
| Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF |
207,451 | |||
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
87,058 | |||
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
27,497 | |||
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
136,998 | |||
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
34,684 | |||
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, 2016, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translations The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at year end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds, except the Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended November 30, 2016, the Funds invested the cash collateral into a joint trading account in
66
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2016 the Funds invested the cash collateral in Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of November 30, 2016) on the cash collateral invested in Government & Agency Securities Portfolio. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2016, the Funds listed below had securities on loan, which were classified as bonds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
| 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, 2016, the Funds listed below had securities on loan, all of which were classified as common stock in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
| 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, 2016, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF had no securities on loan.
Derivatives
Forward Foreign Currency Exchange Contracts Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2016, the Funds invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 2016 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Funds had to the value of non U.S currencies during the period ended November 30, 2016.
67
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Futures Contracts Each Fund may enter into futures contracts. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF and Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF enter into short U.S. Treasury futures contracts to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of each Fund’s long bond investments. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
A summary of the open futures contracts as of November 30, 2016 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, 2016 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 | $ | 421 | Unrealized depreciation on future contracts | $ | — | ||||||||||
|
|
|
|
|
|||||||||||||
| Total | $ | 421 | Total | $ | — | |||||||||||
|
|
|
|
|
|||||||||||||
| Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF | ||||||||||||||||
| Interest rate contracts | Unrealized appreciation on future contracts | $ | 628 | Unrealized depreciation on future contracts | $ | — | ||||||||||
|
|
|
|
|
|||||||||||||
| Total | $ | 628 | Total | $ | — | |||||||||||
|
|
|
|
|
|||||||||||||
| Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF | ||||||||||||||||
| Interest rate contracts | Unrealized appreciation on future contracts | $ | 436 | Unrealized depreciation on future contracts | $ | — | ||||||||||
|
|
|
|
|
|||||||||||||
| Total | $ | 436 | Total | $ | — | |||||||||||
|
|
|
|
|
|||||||||||||
68
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 All World ex US High Dividend Yield Hedged Equity ETF | ||||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 65,147 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 30,932 | ||||||||||
|
|
|
|
|
|||||||||||||
| Total | $ | 65,147 | Total | $ | 30,932 | |||||||||||
|
|
|
|
|
|||||||||||||
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 105,140 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 49,316 | ||||||||||
|
|
|
|
|
|||||||||||||
| Total | $ | 105,140 | Total | $ | 49,316 | |||||||||||
|
|
|
|
|
|||||||||||||
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 42,850 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 7,122 | ||||||||||
|
|
|
|
|
|||||||||||||
| Total | $ | 42,850 | Total | $ | 7,122 | |||||||||||
|
|
|
|
|
|||||||||||||
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 81,654 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 4,219 | ||||||||||
|
|
|
|
|
|||||||||||||
| Total | $ | 81,654 | Total | $ | 4,219 | |||||||||||
|
|
|
|
|
|||||||||||||
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the year ended November 30, 2016 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
| Net Realized Gain (Loss) from: |
||||||||||||
| Futures - Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||
| Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
$ | 179,196 | $ | — | $ | 179,196 | ||||||
| Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF |
144,779 | — | 144,779 | |||||||||
| Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF |
144,856 | — | 144,856 | |||||||||
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
— | 234,054 | 234,054 | |||||||||
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
— | 401,406 | 401,406 | |||||||||
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
— | (59,019 | ) | (59,019 | ) | |||||||
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
— | 118,810 | 118,810 | |||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
| Futures - Interest Rate Contracts |
Foreign Exchange Contracts |
Total | ||||||||||
| Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
$ | 22,297 | $ | — | $ | 22,297 | ||||||
| Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF |
20,108 | — | 20,108 | |||||||||
| Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF |
19,990 | — | 19,990 | |||||||||
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
— | (55,743 | ) | (55,743 | ) | |||||||
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
— | (57,717 | ) | (57,717 | ) | |||||||
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
— | (28,005 | ) | (28,005 | ) | |||||||
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
— | 6,133 | 6,133 | |||||||||
69
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For the year ended November 30, 2016 the average monthly volume of derivatives was as follows:
| Futures Contracts (Contract Value) |
Forward Foreign Currency Exchange Contracts (Contract Value) |
|||||||
| Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
$ | (5,709,879 | ) | $ | — | |||
| Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF |
(8,253,638 | ) | — | |||||
| Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF |
(4,558,221 | ) | — | |||||
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
— | (3,489,110 | ) | |||||
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
— | (4,564,678 | ) | |||||
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
— | (2,125,407 | ) | |||||
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
— | (2,280,160 | ) | |||||
As of November 30, 2016, 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:
| 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 | ||||||||||||||||||||||||||||||||
| RBC Capital Markets |
$ | 10,587 | $ | (9,845 | ) | $ | — | $ | 742 | $ | 9,845 | $ | (9,845 | ) | $ | — | $ | — | ||||||||||||||
| The Bank of New York Mellon |
11,275 | (442 | ) | — | 10,833 | 442 | (442 | ) | — | — | ||||||||||||||||||||||
| The Bank of Nova Scotia |
40,699 | (20,645 | ) | — | 20,054 | 20,645 | (20,645 | ) | — | — | ||||||||||||||||||||||
| JP Morgan & Chase Co. |
2,586 | — | — | 2,586 | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 65,147 | $ | (30,932 | ) | $ | — | $ | 34,215 | $ | 30,932 | $ | (30,932 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| RBC Capital Markets |
$ | 60,224 | $ | (29,879 | ) | $ | — | $ | 30,345 | $ | 29,879 | $ | (29,879 | ) | $ | — | $ | — | ||||||||||||||
| The Bank of New York Mellon |
13,680 | (7,343 | ) | — | 6,337 | 7,343 | (7,343 | ) | — | — | ||||||||||||||||||||||
| The Bank of Nova Scotia |
30,528 | (12,094 | ) | — | 18,434 | 12,094 | (12,094 | ) | — | — | ||||||||||||||||||||||
| JP Morgan & Chase Co. |
708 | — | — | 708 | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 105,140 | $ | (49,316 | ) | $ | — | $ | 55,824 | $ | 49,316 | $ | (49,316 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| The Bank of Nova Scotia |
$ | 42,850 | $ | (7,122 | ) | $ | — | $ | 35,728 | $ | 7,122 | $ | (7,122 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 42,850 | $ | (7,122 | ) | $ | — | $ | 35,728 | $ | 7,122 | $ | (7,122 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| The Bank of Nova Scotia |
$ | 81,654 | $ | (4,219 | ) | $ | — | $ | 77,435 | $ | 4,219 | $ | (4,219 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 81,654 | $ | (4,219 | ) | $ | — | $ | 77,435 | $ | 4,219 | $ | (4,219 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
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.
Prior to the effective dates listed below, TDAM USA Inc. (“TDAM”) served as investment sub-advisor to Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF pursuant to a Sub-Advisory Agreement. Deutsche Investment Management Americas Inc. (“DIMA”) serves as investment sub-advisor to Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF pursuant to a Sub-Advisory Agreement.
Effective on the dates listed below with respect to each applicable Fund, as approved by the Board of Trustees of DBX ETF Trust, the Advisor assumed the day-to-day management of the Funds.
| Effective Dates |
||
| September 13, 2016 | Deutsche X-trackers Emerging Markets Bond—Interest Rate Hedged ETF | |
| Deutsche X-trackers High Yield Corporate Bond—Interest Rate Hedged ETF | ||
| Deutsche X-trackers Investment Grade Bond—Interest Rate Hedged ETF | ||
| October 19, 2016 | Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF | |
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF | ||
| November 17, 2016 | Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF | |
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF | ||
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| Unitary Management Fee |
||||
| Deutsche X-trackers Investment Grade Bond—Interest Rate Hedged ETF |
0.25 | % | ||
| Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
0.30 | % | ||
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
0.45 | % | ||
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
0.45 | % | ||
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
0.65 | % | ||
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
0.45 | % | ||
For its investment advisory services to the Funds below, for the period from June 1, 2016 through October 24, 2016, the Advisor received a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| Unitary Management Fee |
||||
| Deutsche X-trackers Emerging Markets Bond—Interest Rate Hedged ETF |
0.50 | % | ||
| Deutsche X-trackers High Yield Corporate Bond—Interest Rate Hedged ETF |
0.45 | % | ||
71
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Effective October 25, 2016, for its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| Unitary Management Fee |
||||
| Deutsche X-trackers Emerging Markets Bond—Interest Rate Hedged ETF |
0.45 | % | ||
| Deutsche X-trackers High Yield Corporate Bond—Interest Rate Hedged ETF |
0.35 | % | ||
Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisors, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage expenses and extraordinary expenses.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each independent Trustee; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 2016, 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 |
$ | 681,454 | $ | 492,616 | ||||
| Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF |
1,201,941 | 799,633 | ||||||
| Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF |
886,546 | 750,760 | ||||||
| Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
27,181,399 | — | ||||||
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
763,539 | 579,355 | ||||||
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
1,160,226 | 888,988 | ||||||
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
605,890 | 718,430 | ||||||
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
592,044 | 507,359 | ||||||
For the period ended November 30, 2016, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| Purchases | Sales | |||||||
| Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF |
$ | 10,611,847 | $ | 6,906,346 | ||||
5. Fund Share Transactions
As of November 30, 2016, there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
72
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
6. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corp Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2016.
| Pro-rata Share | ||||
| Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
$ | 525,000 | ||
| Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF |
1,050,000 | |||
| Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF |
525,000 | |||
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
525,000 | |||
| Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF |
525,000 | |||
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, 2016, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:
| Approximate Percent of Outstanding Shares Held |
||||
| Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF |
62 | % | ||
| Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF |
85 | % | ||
| Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF |
36 | % | ||
| Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF |
47 | % | ||
| Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF |
30 | % | ||
| Deutsche X-trackers MSCI Emerging Markets High Dividends Yield Hedged Equity ETF |
97 | % | ||
| Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF |
75 | % | ||
8. Investing in Emerging Markets
The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.
9. Investing in High-Yield Debt Securities
High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in net asset value of a fund, reduce liquidity for
73
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.
10. Payments by Affiliates
During the period ended November 30, 2016, the Advisor agreed to reimburse Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF $5,796 for the diluting effect of an accounting adjustment related to certain investments held by the Fund.
74
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “Resources” “proxy voting” and at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.
Discount/Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Bats BZX, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund during the past calendar year, when available can be found at www.deutsche-etfs.com.
75
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.
76
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Foreign investing involves greater and different risks than investing in 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 and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. EMIH, HYIH and IGIH seek to mitigate the potential negative impact of rising Treasury interest rates by taking short positions in U.S. Treasury notes or bonds, or futures relating to those instruments. These short positions are not intended to mitigate credit risk or other factors that may have a greater impact on performance than rising or falling interest rates. The short positions may limit the potential positive impact of falling interest rates and there is no guarantee that the short positions will completely eliminate the interest rate risk of the long positions. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Stocks may decline in value. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
EMIH, HYIH, IGIH and RVNU are not sponsored, promoted, sold or supported in any other manner by Solactive AG (the “Licensor”) nor does the trade mark or the Index Price at any time or in any other respect.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| Investment advisor DBX Advisors LLC 345 Park Ave New York, New York 10154 |
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-049075-1 (1/17) DBX 002440 (1/18)
November 30, 2016
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
To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for our flagship ETFs tracking China’s equity market for the period ended November 30, 2016.
China’s economy grew 6.7% during the reporting period, overcoming a challenging external environment. Even as political events such as Britain’s decision to exit the Eurozone and US elections affected the trade outlook, China achieved its growth through an expansionary fiscal policy. Furthermore, the People’s Bank of China (PBOC), which had aggressively cut interest rates in 2015, kept monetary policy stable throughout 2016 to help the country achieve its growth target of 6.5%.
China avoided a hard landing in 2016, as the PBOC’s relatively generous monetary stance provided stimulus to a number of sectors. China’s property sector which benefited from this policy fueled construction and employment across the country. In addition, loose monetary policy drove up demand and prices for houses across many Chinese cities. Loans from China’s government to railroad and road infrastructure projects kept investment spending high as well. Consequently, China’s economy found its feet and a number of headline indicators recovered. Investment in fixed assets exceeded expectations and a slight markup in factory gate prices broke a deflationary trend in the final months of 2016.
China’s exports fell during the reporting period, given a broad slowdown in global trade. But here too, China made a late comeback, posting better export figures in November 2016, as the Eurozone and US economies stabilized. China is also making incremental progress in addressing structural issues in its economy. The country’s effort to rely less on exports and more on consumption started paying off. Consumption accounted for nearly two-thirds of economic growth in the past nine months, driven by retail and consumer durables growth. Furthermore, unlike in 2015, when China devalued its currency and its equity markets suffered volatility, Chinese capital markets were relatively calm in 2016. Key equity indices in the region were on course to finish the year higher. However, China has some near-term challenges to address. Its reliance on debt-fueled growth is causing concerns about a bubble in the property sector and overcapacity in the industrial sector. After an extended period of monetary easing, the PBOC is selectively tightening money supply in an effort to mitigate financial risks. Some concerns about growth in the country have also led to an outflow of capital and a sharp decline in the value of the Renminbi (RMB). In fact, the RMB hit an eight-year low against the USD in late 2016.
Nonetheless, China’s ability to steer its economy, through its control over the banking sector, appears intact. The country also has the means to buy time to implement structural changes in its economy and reforms at its state-owned enterprises. Encouragingly, China also looks keen on opening up its capital markets. The opening of the Hong Kong-Shenzhen stock link to foreign investors marks an important chapter in China’s financial liberalization, and such a move could improve the depth and quality of Chinese markets.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)
The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 USD Hedged Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market, while mitigating exposure to fluctuations between the value of the renmimbi (“RMB”) and the U.S. dollar. The Fund, using a “passive” or indexing approach, attempts to approximate the investment performance of the Underlying Index. ASHX expects to gain exposure to the China A-share market of the Underlying Index by investing in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR), an affiliated fund subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral. Sector percentages are based on the sector allocations of the Fund’s investment in Deutsche X-trackers Harvest CSI 300 China A-shares ETF.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 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 percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.
3
DBX ETF Trust
Portfolio Summary (Unaudited)
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 percentage of total investments.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.
4
DBX ETF Trust
Portfolio Summary (Unaudited)
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 composed of A-shares, H-shares, B-shares, Red chips, and P chips share classes. The MSCI China All Shares Index captures large and mid-cap representation across China A-shares, B-shares, H-shares, Red-chips, and P-chips. The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai and Shenzhen. It is based on the concept of the integrated MSCI China equity universe with China A-shares included. The Fund, using a passive approach or indexing approach, attempts to approximate the performance of the MSCI China All Shares Index. The Fund expects to gain exposure to the China A-share components of the Index by investing in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated funds subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.
* As a percentage of total investments excluding securities lending collateral. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 24.
5
DBX ETF Trust
As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other fund expenses. In addition to the ongoing expenses which each Fund bears directly, the Deutsche X-trackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Deutsche X-trackers MSCI All China Equity ETF invests. The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF shareholders indirectly bear the expenses of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (the “Underlying Fund”) in which the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF invests. These expenses are not included in Deutsche X-trackers MSCI All China Equity ETF’s and Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. In the most recent six-month period Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2016 to November 30, 2016).
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, 2016 |
Ending Account Value November 30, 2016 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF(2) | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,113.50 | 0.05 | % | $ | 0.26 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,024.82 | 0.05 | % | $ | 0.25 | ||||||||
| Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,085.10 | 0.69 | % | $ | 3.61 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.61 | 0.69 | % | $ | 3.50 | ||||||||
| Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,053.90 | 0.69 | % | $ | 3.55 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,021.61 | 0.69 | % | $ | 3.50 | ||||||||
| Deutsche X-trackers MSCI All China Equity ETF(2) | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,095.60 | 0.34 | % | $ | 1.79 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.36 | 0.34 | % | $ | 1.72 | ||||||||
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
6
DBX ETF Trust
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF
November 30, 2016 (Unaudited)
| † | The cost for federal income tax purposes was $3,694,106. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $169,511. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $0 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $169,511. |
| (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, 2016 amounted to $1,055,412, which is 43.4% 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, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | CNH | 15,473,000 | USD | 2,275,625 | $ | 39,957 | |||||||||||||||||
| Goldman Sachs & Co. |
12/5/2016 | USD | 2,235,983 | CNH | 15,473,000 | (315 | ) | |||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | CNH | 16,946,000 | USD | 2,441,083 | 283 | ||||||||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | USD | 2,598 | CNH | 18,000 | (5 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 39,920 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| CNH | Chinese Offshore Yuan |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
| See Notes to Financial Statements. | 7 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Exchange-Traded Fund |
$ | 2,433,703 | $ | — | $ | — | $ | 2,433,703 | ||||||||
| Short-Term Investments |
1,090,892 | — | — | 1,090,892 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 40,240 | — | 40,240 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 3,524,595 | $ | 40,240 | $ | — | $ | 3,564,835 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (320 | ) | $ | — | $ | (320 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (320 | ) | $ | — | $ | (320 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 8 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
November 30, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $477,380,136. At November 30, 2016, net unrealized appreciation for all securities based on tax cost was $15,245,408. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $90,760,373 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $75,514,965. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (a) |
$ | 475,327,461 | $ | — | $ | 17,298,083 | $ | 492,625,544 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 475,327,461 | $ | — | $ | 17,298,083 | $ | 492,625,544 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | See Schedule of Investments for additional detailed categorizations. |
The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining value:
| Balance at May 31, 2016 |
$ | 19,241,343 | ||
| Purchases |
4,863,489 | |||
| Sales |
(1,465,964 | ) | ||
| Realized gain (loss) |
(159,243 | ) | ||
| Change in unrealized gain (loss) |
2,239,934 | |||
| Transfers into Level 3 (b) |
6,327,802 | |||
| Transfer out of Level 3 (b) |
(13,749,278 | ) | ||
| Balance at November 30, 2016 |
17,298,083 | |||
| Change in unrealized gain (loss) related to Investments still held at November 30, 2016 |
2,242,852 |
| (b) | During the period ended November 30, 2016, the amount of transfers between Level 1 and Level 3 was $6,327,802 and between Level 3 and Level 1 was $13,749, 278. 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, 2016 (Unaudited)
Qualitative Disclosure About Unobservable Inputs
Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading adjusted for proxy (the movement in the applicable sector index) with a range of -1% to 14% with a weighted average range of approximately 4%. A significant change between last traded price, adjusted for proxy, and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement.
| Asset Class |
Fair Value at |
Valuation |
Unobservable Input | |||
| Common Stock: Consumer Discretionary |
$9,629,311 | Market Approach | Last traded price adjusted for proxy. | |||
| Common Stock: Financials |
743,747 | Market Approach | Last traded price adjusted for proxy. | |||
| Common Stock: Health Care |
1,701,440 | Market Approach | Last traded price adjusted for proxy. | |||
| Common Stock: Industrials |
2,248,284 | Market Approach | Last traded price adjusted for proxy. | |||
| Common Stock: Information Technology |
543,008 | Market Approach | Last traded price adjusted for proxy. | |||
| Common Stock: Real Estate |
1,944,011 | Market Approach | Last traded price adjusted for proxy. | |||
| Common Stock: Utilities |
488,282 | 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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (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, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $28,779,207. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $1,047,186. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,449,754 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $4,496,940. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets | ||||||||||||||||
| Common Stocks (a) |
$ | 25,605,774 | $ | — | $ | 2,126,247 | $ | 27,732,021 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 25,605,774 | $ | — | $ | 2,126,247 | $ | 27,732,021 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | See Schedule of Investments for additional detailed categorizations. |
| 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, 2016 (Unaudited)
The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:
| Balance at May 31, 2016 |
$ | 1,889,269 | ||
| Purchases |
652,975 | |||
| Sales |
(476,403 | ) | ||
| Realized gain (loss) |
(16,769 | ) | ||
| Change in unrealized gain (loss) |
75,155 | |||
| Transfers into Level 3 (b) |
1,298,629 | |||
| Transfer out of Level 3 (b) |
(1,296,610 | ) | ||
| Balance at November 30, 2016 |
2,126,247 | |||
| Change in unrealized gain (loss) related to investments still held at November 30, 2016 |
117,194 |
| (b) | During the period ended November 30, 2016, the amount of transfers between Level 1 and Level 3 was $1,298,629 and between Level 3 and Level 1 was $1,296,610. 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.
Qualitative Disclosure About Unobservable Inputs
Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading adjusted for proxy (the movement in the applicable sector index) with a range of -2% to 27% with a weighted average range of approximately 4%. A significant change between last traded price, adjusted for proxy, and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement.
| Asset Class |
Fair Value at 11/30/2016 |
Valuation Technique |
Unobservable Input | |||||
| Common Stock: Consumer Discretionary |
$ | 667,888 | Market Approach | Last traded price adjusted for proxy. | ||||
| Common Stock: Financials |
68,236 | Market Approach | Last traded price adjusted for proxy. | |||||
| Common Stock: Health Care |
66,439 | Market Approach | Last traded price adjusted for proxy. | |||||
| Common Stock: Industrials |
429,738 | Market Approach | Last traded price adjusted for proxy. | |||||
| Common Stock: Information Technology |
474,426 | Market Approach | Last traded price adjusted for proxy. | |||||
| Common Stock: Materials |
248,989 | Market Approach | Last traded price adjusted for proxy. | |||||
| Common Stock: Real Estate |
139,799 | Market Approach | Last traded price adjusted for proxy. | |||||
| Common Stock: Utilities |
30,732 | 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, 2016 (Unaudited)
| See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI All China Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $8,654,137. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $1,935,439. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $138,155 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,073,594. |
| (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, 2016 amounted to $1,990,997, which is 42.7% of net assets. |
| (b) | Affiliated fund advised by DBX Advisors LLC. |
| (c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| ADR: | American Depositary Receipt |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (e) |
$ | 2,598,583 | $ | — | $ | 0 | $ | 2,598,583 | ||||||||
| Exchange-Traded Funds |
2,058,544 | — | — | 2,058,544 | ||||||||||||
| Short-Term Investments |
2,061,571 | — | — | 2,061,571 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 6,718,698 | $ | — | $ | 0 | $ | 6,718,698 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | See Schedule of Investments for additional detailed categorizations. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 26 |
This Page is Intentionally Left Blank
27
DBX ETF Trust
Statements of Assets and Liabilities
November 30, 2016 (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 value |
$ | — | $ | 492,625,544 | $ | 27,732,021 | $ | 2,598,583 | ||||||||
| Investment in affiliated securities at value (See Note 4) |
2,433,703 | — | — | 2,058,544 | ||||||||||||
| Investment in Government & Agency Securities Portfolio* |
1,090,892 | — | — | 2,061,571 | ||||||||||||
| Cash |
1,604 | 1,152,421 | — | 26 | ||||||||||||
| Foreign currency at value |
— | 4,554,422 | † | 108,540 | † | 164 | ||||||||||
| Unrealized appreciation on forward foreign currency exchange contracts |
40,240 | — | — | — | ||||||||||||
| Receivables: | ||||||||||||||||
| Investment securities sold |
— | — | — | 1,359 | ||||||||||||
| Dividends |
— | 68 | 21 | 558 | ||||||||||||
| Securities lending income |
73 | — | — | 3,009 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Assets |
$ | 3,566,512 | $ | 498,332,455 | $ | 27,840,582 | $ | 6,723,814 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
||||||||||||||||
| Due to custodian |
$ | — | $ | — | $ | 144 | $ | — | ||||||||
| Payable upon return of securities loaned |
1,090,892 | — | — | 2,061,571 | ||||||||||||
| Unrealized depreciation on forward foreign currency exchange contracts |
320 | — | — | — | ||||||||||||
| Payables: | ||||||||||||||||
| Investment securities purchased |
41,155 | 1,775,981 | — | — | ||||||||||||
| Investment advisory fees |
110 | 256,919 | 14,967 | 1,275 | ||||||||||||
| Due to authorized participant |
— | 490,639 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Liabilities |
1,132,477 | 2,523,539 | 15,111 | 2,062,846 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets, at value |
$ | 2,434,035 | $ | 495,808,916 | $ | 27,825,471 | $ | 4,660,968 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets Consist of |
||||||||||||||||
| Paid-in capital |
$ | 2,222,884 | $ | 484,640,333 | $ | 38,552,020 | $ | 7,952,975 | ||||||||
| Distributions in excess of net investment income |
— | — | (171,928 | ) | — | |||||||||||
| Undistributed net investment income |
272,625 | 3,223,361 | — | 427,644 | ||||||||||||
| Accumulated net realized gain (loss) on investments and foreign currency transactions |
55,916 | (74,353,758 | ) | (12,177,550 | ) | (1,999,219 | ) | |||||||||
| Net unrealized appreciation (depreciation) on investments and foreign currency translations |
(117,390 | ) | 82,298,980 | 1,622,929 | (1,720,432 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Assets, at value |
$ | 2,434,035 | $ | 495,808,916 | $ | 27,825,471 | $ | 4,660,968 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Number of Common Shares outstanding |
100,001 | 19,250,001 | 800,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset Value |
$ | 24.34 | $ | 25.76 | $ | 34.78 | $ | 31.07 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investments in non-affiliated securities at cost |
$ | — | $ | 410,325,819 | $ | 26,105,985 | $ | 3,024,942 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investments in affiliated securities at cost |
$ | 2,591,013 | $ | — | $ | — | $ | 3,352,610 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Value of securities loaned |
$ | 1,055,412 | $ | — | $ | — | $ | 1,990,997 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investment in Government & Agency Securities Portfolio at cost* |
$ | 1,090,892 | $ | — | $ | — | $ | 2,061,571 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Foreign currency at cost |
$ | — | $ | 4,555,165 | $ | 111,647 | $ | 163 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | Represents collateral on securities loaned. |
| † | Included in foreign currency at value is $21,241 and $6,680, 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, 2016 (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 |
|||||||||||||
| Investment Income |
||||||||||||||||
| Unaffiliated interest income |
$ | — | $ | 7,649 | $ | 501 | $ | — | ||||||||
| Unaffiliated dividend income* |
— | 7,105,717 | 97,958 | 74,907 | ||||||||||||
| Securities lending income, net of borrower rebates |
8,055 | — | — | 36,548 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investment Income |
8,055 | 7,113,366 | 98,459 | 111,455 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Expenses |
||||||||||||||||
| Investment advisory fees |
8,444 | 1,556,819 | 91,965 | 15,466 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Expenses |
8,444 | 1,556,819 | 91,965 | 15,466 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less fees waived (See Note 3): |
||||||||||||||||
| Waiver |
(7,838 | ) | — | — | (6,702 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Expenses |
606 | 1,556,819 | 91,965 | 8,764 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Investment income (loss) |
7,449 | 5,556,547 | 6,494 | 102,691 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||||||
| Net realized gain (loss) from: |
||||||||||||||||
| Investments |
— | (6,445,894 | ) | (178,473 | ) | (10,283 | ) | |||||||||
| Investments in affiliates |
(9,707 | ) | — | — | (10,664 | ) | ||||||||||
| In-kind redemptions |
— | — | — | (169,893 | ) | |||||||||||
| In-kind redemptions in affiliates |
— | — | — | (397,096 | ) | |||||||||||
| Foreign currency transactions |
69,197 | (164,909 | ) | (16,057 | ) | 151 | ||||||||||
| Payments by Affiliates (See note 9) |
9,674 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized gain (loss) |
69,164 | (6,610,803 | ) | (194,530 | ) | (587,785 | ) | |||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
| Investments |
162,572 | 34,279,335 | 1,353,617 | 903,511 | ||||||||||||
| Foreign currency translations |
8,892 | (1,069 | ) | (2,741 | ) | 8 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net change in unrealized appreciation (depreciation) |
171,464 | 34,278,266 | 1,350,876 | 903,519 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net realized and unrealized gain (loss) on investments and foreign currency transactions |
240,628 | 27,667,463 | 1,156,346 | 315,734 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 248,077 | $ | 33,224,010 | $ | 1,162,840 | $ | 418,425 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * Unaffiliated foreign tax withheld |
$ | — | $ | 818,398 | $ | 12,564 | $ | 6,690 | ||||||||
| See Notes to Financial Statements. | 29 |
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 Six Months Ended November 30, 2016 (Unaudited) |
For the Period October 20, 2015(1) to May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
Year Ended May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 7,449 | $ | 36,161 | $ | 5,556,547 | $ | 6,777,935 | ||||||||
| Net realized gain (loss) |
69,164 | 278,298 | (6,610,803 | ) | 219,304,333 | |||||||||||
| Net change in net unrealized appreciation (depreciation) |
171,464 | (288,854 | ) | 34,278,266 | (544,424,732 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
248,077 | 25,605 | 33,224,010 | (318,342,464 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
— | (37,029 | ) | — | (3,938,040 | ) | ||||||||||
| Net realized gains |
— | — | — | (97,209,728 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
— | (37,029 | ) | — | (101,147,768 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 3,505,824 | 184,341,739 | 758,999,152 | ||||||||||||
| Value of shares redeemed |
— | (1,308,467 | ) | (48,224,658 | ) | (1,423,452,453 | ) | |||||||||
| Payments by Affiliates (See Note 9) |
— | — | — | 14,225 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
— | 2,197,357 | 136,117,081 | (664,439,076 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
248,077 | 2,185,933 | 169,341,091 | (1,083,929,308 | ) | |||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
2,185,958 | 25 | 326,467,825 | 1,410,397,133 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 2,434,035 | $ | 2,185,958 | $ | 495,808,916 | $ | 326,467,825 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions in excess of net investment income |
$ | — | $ | — | $ | — | $ | (2,333,186 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | 272,625 | $ | 265,176 | $ | 3,223,361 | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
100,001 | 1 | 13,750,001 | 28,250,001 | ||||||||||||
| Shares sold |
— | 150,000 | 7,500,000 | 22,750,000 | ||||||||||||
| Shares redeemed |
— | (50,000 | ) | (2,000,000 | ) | (37,250,000 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
100,001 | 100,001 | 19,250,001 | 13,750,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
(1) Commencement of Operations.
| See Notes to Financial Statements. | 30 |
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, 2016 (Unaudited) |
Year Ended May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
Year Ended May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 6,494 | $ | (40,064 | ) | $ | 102,691 | $ | 784,789 | |||||||
| Net realized gain (loss) |
(194,530 | ) | (11,329,272 | ) | (587,785 | ) | (1,010,000 | ) | ||||||||
| Net change in net unrealized appreciation (depreciation) |
1,350,876 | (25,466,175 | ) | 903,519 | (5,391,113 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
1,162,840 | (36,835,511 | ) | 418,425 | (5,616,324 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
|
|||||||||||||||
| Net investment income |
— | (134,904 | ) | — | (1,736,120 | ) | ||||||||||
| Net realized gains |
— | (2,632,219 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
— | (2,767,123 | ) | — | (1,736,120 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
5,210,995 | 60,339,888 | — | — | ||||||||||||
| Value of shares redeemed |
— | (81,058,569 | ) | (2,847,049 | ) | (3,963,691 | ) | |||||||||
| Payments by Affiliates (See Note 9) |
— | — | — | 515 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
5,210,995 | (20,718,681 | ) | (2,847,049 | ) | (3,963,176 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
6,373,835 | (60,321,315 | ) | (2,428,624 | ) | (11,315,620 | ) | |||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
21,451,636 | 81,772,951 | 7,089,592 | 18,405,212 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 27,825,471 | $ | 21,451,636 | $ | 4,660,968 | $ | 7,089,592 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions in excess of net investment income |
$ | (171,928 | ) | $ | (178,422 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | — | $ | — | $ | 427,644 | $ | 324,953 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
650,001 | 1,250,001 | 250,001 | 400,001 | ||||||||||||
| Shares sold |
150,000 | 1,100,000 | — | — | ||||||||||||
| Shares redeemed |
— | (1,700,000 | ) | (100,000 | ) | (150,000 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
800,001 | 650,001 | 150,001 | 250,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| See Notes to Financial Statements. | 31 |
DBX ETF Trust
Selected Per Share Data
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) |
Period Ended 5/31/2016(a) |
||||||
| Net Asset Value, beginning of period |
$ | 21.86 | $ | 25.00 | ||||
|
|
|
|
|
|||||
| Income (loss) from investment operations: | ||||||||
| Net investment income (loss)(c) |
0.07 | 0.40 | ||||||
| Net realized and unrealized gain (loss) |
2.41 | (2.80 | ) | |||||
|
|
|
|
|
|||||
| Total from investment operations |
2.48 | (2.40 | ) | |||||
|
|
|
|
|
|||||
| Less distributions from: | ||||||||
| Net investment income |
— | (0.74 | ) | |||||
|
|
|
|
|
|||||
| Total distributions |
— | (0.74 | ) | |||||
|
|
|
|
|
|||||
| Net Asset value, end of period |
$ | 24.34 | $ | 21.86 | ||||
|
|
|
|
|
|||||
| Total Return (%)(d) |
11.34 | **(g) | (10.01 | )** | ||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||
| Net assets, end of period ($ millions) |
2 | 2 | ||||||
| Ratio of expenses before fee waiver (%)(e) |
0.75 | * | 1.25 | *** | ||||
| Ratio of expenses after fee waiver (%)(e) |
0.05 | * | 0.45 | *** | ||||
| Ratio of net investment income (loss) (%) |
0.66 | * | 2.92 | * | ||||
| Portfolio turnover rate (%)(f) |
1 | ** | 4 | ** | ||||
| Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Period Ended 5/31/2014(b) |
||||||||||||
| Net Asset Value, beginning of period |
$ | 23.74 | $ | 49.93 | $ | 21.98 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from investment operations: | ||||||||||||||||
| Net investment income (loss)(c) |
0.30 | 0.43 | 0.09 | (0.05 | ) | |||||||||||
| Net realized and unrealized gain (loss) |
1.72 | (18.19 | ) | 27.96 | (2.97 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total from investment operations |
2.02 | (17.76 | ) | 28.05 | (3.02 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income |
— | (0.33 | ) | (0.10 | ) | — | ||||||||||
| Net realized gains |
— | (8.10 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
— | (8.43 | ) | (0.10 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset value, end of period |
$ | 25.76 | $ | 23.74 | $ | 49.93 | $ | 21.98 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Return (%) |
8.51 | ** | (38.10 | ) | 127.82 | (12.08 | )**(d) | |||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||
| Net assets, end of period ($ millions) |
496 | 326 | 1,410 | 153 | ||||||||||||
| Ratio of expenses before fee waiver (%) |
0.69 | * | 0.80 | 0.80 | 0.96 | * | ||||||||||
| Ratio of expenses after fee waiver (%) |
0.69 | * | 0.80 | 0.80 | 0.92 | * | ||||||||||
| Ratio of net investment income (loss) (%) |
2.48 | * | 1.27 | 0.26 | (0.38 | )* | ||||||||||
| Portfolio turnover rate (%)(f) |
16 | ** | 159 | 58 | 42 | ** | ||||||||||
| (a) | For the period October 20, 2015 (commencement of operations) through May 31, 2016. |
| (b) | For the period November 6, 2013 (commencement of operations) through May 31, 2014. |
| (c) | Based on average shares outstanding during the period. |
| (d) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
| (e) | The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not included these indirect fees and expenses. |
| (f) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (g) | The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.43%. |
| * | Annualized. |
| ** | Not Annualized. |
| *** | Annualized. Includes excise tax expense that is not annualized. |
| See Notes to Financial Statements. | 32 |
DBX ETF Trust
Financial Highlights (Continued)
Selected Per Share Data
| Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Period Ended 5/31/2014(a) |
||||||||||||
| Net Asset Value, beginning of period |
$ | 33.00 | $ | 65.42 | $ | 25.70 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from investment operations: | ||||||||||||||||
| Net investment income (loss)(c) |
0.01 | (0.05 | ) | (0.12 | ) | 0.02 | ||||||||||
| Net realized and unrealized gain (loss) |
1.77 | (28.91 | ) | 40.05 | 0.68 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total from investment operations |
1.78 | (28.96 | ) | 39.93 | 0.70 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income |
— | (0.17 | ) | (0.04 | ) | — | ||||||||||
| Net realized gains |
— | (3.29 | ) | (0.17 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
— | (3.46 | ) | (0.21 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset value, end of period |
$ | 34.78 | $ | 33.00 | $ | 65.42 | $ | 25.70 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Return (%) |
5.39 | ** | (45.37 | ) | 155.99 | 2.80 | ** | |||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||
| Net assets, end of period ($ millions) |
28 | 21 | 82 | 8 | ||||||||||||
| Ratio of expenses (%) |
0.69 | * | 0.80 | 0.80 | 0.80 | * | ||||||||||
| Ratio of net investment income (loss) (%) |
0.05 | * | (0.11 | ) | (0.30 | ) | 2.57 | * | ||||||||
| Portfolio turnover rate (%)(e) |
13 | ** | 215 | 131 | 0 | ** | ||||||||||
| Deutsche X-trackers MSCI All China Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Year Ended 5/31/2015 |
Period Ended 5/31/2014(b) |
||||||||||||
| Net Asset Value, beginning of period |
$ | 28.36 | $ | 46.01 | $ | 25.51 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from investment operations: | ||||||||||||||||
| Net investment income (loss)(c) |
0.60 | 2.15 | 0.32 | 0.06 | ||||||||||||
| Net realized and unrealized gain (loss) |
2.11 | (15.46 | ) | 20.58 | 0.45 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total from investment operations |
2.71 | (13.31 | ) | 20.90 | 0.51 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income |
— | (4.34 | ) | (0.35 | ) | — | ||||||||||
| Net realized gains |
— | — | (0.05 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
— | (4.34 | ) | (0.40 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net Asset value, end of period |
$ | 31.07 | $ | 28.36 | $ | 46.01 | $ | 25.51 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Return (%) (d) |
9.56 | ** | (29.80 | ) | 82.48 | 2.04 | ** | |||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||||||
| Net assets, end of period ($ millions) |
5 | 7 | 18 | 5 | ||||||||||||
| Ratio of expenses before fee waiver (%)(f) |
0.60 | * | 0.60 | 0.60 | 0.60 | * | ||||||||||
| Ratio of expenses after fee waiver (%)(f) |
0.34 | * | 0.26 | 0.26 | 0.30 | * | ||||||||||
| Ratio of net investment income (loss) (%) |
3.98 | * | 6.46 | 0.94 | 2.73 | * | ||||||||||
| Portfolio turnover rate (%)(e) |
2 | ** | 36 | 20 | 2 | ** | ||||||||||
| (a) | For the period May 21, 2014 (commencement of operations) through May 31, 2014. |
| (b) | For the period April 30, 2014 (commencement of operations) through May 31, 2014. |
| (c) | Based on average shares outstanding during the period. |
| (d) | The Total Return would have been lower if certain fees had not been reimbursed by the Advisor. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (f) | The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does no included these indirect fees and expenses. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 33 |
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, 2016, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) | ||
| Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) | ||
| Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) | ||
| Deutsche X-trackers MSCI All China Equity ETF (CN) | ||
DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees.
Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The Underlying Index for each Fund is:
| Fund |
Underlying Index | |
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | CSI 300 USD Hedged Index | |
| Deutsche X-trackers Harvest CSI 300 China A-Shares ETF | CSI 300 Index | |
| Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF | CSI 500 Index | |
| Deutsche X-trackers MSCI All China Equity ETF | MSCI China All Shares Index |
CSI 300 USD Hedged Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the largest and most liquid stocks in the 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 China All Shares Indexes is constructed by applying the MSCI Global Investable Market Indexes (GIMI) Methodology on the integrated MSCI China equity universe comprising A-shares, B-shares, H-shares, Red-chips, and P-chips. The Emerging Markets investability requirements and Global Minimum Size Reference for the Standard size-segments are applied. The index constituents are weighted by the security free-float adjusted market capitalization calculated based on the Foreign Inclusion Factor (FIF) and subject to Foreign Ownership Limits (FOLs). For the China A-share constituents, an Inclusion Factor (IF) of 100% is applied to their security free-float adjusted market capitalization in deriving their
34
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
final weight in the index. The MSCI China All Shares Index is rebalanced simultaneously with the MSCI Global Investable Market Indexes, using the same price and data cut-off dates. 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 each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.
Each Fund, except Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s Shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
2. Significant Accounting Policies
The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities 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 Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange- traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in
35
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. Interest income is recorded on the accrual basis.
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income.
Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.
In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements. The 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, 2016, the Funds did not incur any interest or penalties.
At May 31, 2016, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
| Short-Term | Long-Term | Total Amount | ||||||||||
|
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
$ | 4,159,340 | $ | — | $ | 4,159,340 | ||||||
| Deutsche X-trackers MSCI All China Equity ETF |
65,695 | 4,085 | 69,780 | |||||||||
36
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2016, the following Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:
| Late Year Oridinary Losses |
Post-October Losses on Capital |
|||||||
| Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
$ | 2,333,186 | $ | 688,638 | ||||
| Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
178,422 | 5,150,458 | ||||||
| Deutsche X-trackers MSCI All China Equity ETF |
— | 1,126,640 | ||||||
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, 2016, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
The Funds’ direct investments in China A-Shares will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ direct investments in A-Shares include withholding income tax (WHT) on dividends, WHT on bank interest, WHT on capital gains realized from the disposal of equity investments prior to 17 November 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non PRC enterprises including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.
With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from WHT with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Land-rich enterprises are companies whose value of immovable property in the PRC is greater than 50% of their value of total assets. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.
The PRC rules for taxation of RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.
Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at 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
37
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and the Deutsche X-trackers MSCI All China Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended November 30, 2016, the Funds invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2016 the Funds invested the cash collateral in Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of November 30, 2016) on the cash collateral invested in Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2016, the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF had securities on loan, which were classified as Exchanged Traded Fund in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
As of November 30, 2016, the Deutsche X-trackers MSCI All China Equity ETF had securities on loan, which were classified as Common Stocks and Exchange Traded Funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.
| Remaining Contractual Maturity of the Agreements, as of November 30, 2016 |
||||||||||||||||||||
| Overnight and Continuous |
<30 Days | Between 30 & 90 days |
>90 days | Total | ||||||||||||||||
| Securities Lending Transactions | ||||||||||||||||||||
| Common Stocks |
$ | 60,149 | $ | — | $ | — | $ | — | $ | 60,149 | ||||||||||
| Exchange Traded Funds |
2,001,422 | — | — | — | 2,001,422 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Borrowings |
$ | 2,061,571 | $ | — | $ | — | $ | — | $ | 2,061,571 | ||||||||||
|
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|
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|
|
|
|
|||||||||||
| Gross amount of recognized liabilities for securities lending transactions |
|
$ | 2,061,571 | |||||||||||||||||
Derivatives
Forward Foreign Currency Exchange Contracts The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF may enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2016, the Fund invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the renminbi.
38
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.
A summary of the open forward currency contracts as of November 30, 2016 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the Fund had to the value of non U.S currencies during the period ended November 30, 2016.
The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2016 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:
| Asset Derivatives |
Liability Derivatives |
|||||||||||||
| Risk Type |
Statement of Asset and |
Fair Value | Statement of Asset and |
Fair Value | ||||||||||
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 40,240 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 320 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 40,240 | Total | $ | 320 | |||||||||
|
|
|
|
|
|||||||||||
Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2016 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
| Net Realized Gain (Loss) from: |
||||
| Foreign Exchange Contracts |
||||
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF |
$ | 59,738 | ||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||
| Foreign Exchange Contracts |
||||
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF |
$ | 8,892 | ||
For the period ended November 30, 2016 the average monthly volume of derivatives was as follows:
| Forward Foreign Currency Exchange Contracts (Contract Value) |
||||
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF |
$ | (2,226,720 | ) | |
39
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
As of November 30, 2016, 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:
| Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
|||||||||||||||||||||||||
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| Goldman Sachs & Co. |
$ | 40,240 | $ | (320 | ) | $ | — | $ | 39,920 | $ | 320 | $ | (320 | ) | $ | — | $ | — | ||||||||||||||
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| $ | 40,240 | $ | (320 | ) | $ | — | $ | 39,920 | $ | 320 | $ | (320 | ) | $ | — | $ | — | |||||||||||||||
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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 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 Deutsche X-trackers MSCI All China Equity ETF, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to .60%.
For its investment advisory services to the Funds below, for the period from June 1, 2016 through July 31, 2016, the Advisor received a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| Unitary Management Fee | ||||
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF |
0.85 | % | ||
| Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
0.80 | % | ||
| Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
0.80 | % | ||
Effective August 1, 2016, for its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| Unitary Management Fee | ||||
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF |
0.70 | % | ||
| Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
0.65 | % | ||
| Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
0.65 | % | ||
Out of the unitary management fee, the Advisor is responsible for substantially all expenses of each Fund, including the payments to the Sub-Advisor, 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 fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in the underlying fund, if any (the “Expense Limit”). For the period from June 1, 2016 through November 30, 2016, the Advisor waived $7,838 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 fee in an amount equal to the Fund’s management fee attributable to the Fund’s assets invested in an affiliated fund, if any (the “Expense Limit”). For the period from June 1, 2016 through November 30, 2016, the Advisor waived $6,702 of expenses to the Fund. The Expense Limit will remain in effect until at least October 1, 2018.
The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Transactions with Affiliates
The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF in which the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and the Deutsche X-trackers MSCI All China Equity ETF invest are considered to be affiliated investments. The table below shows the transactions in and earnings from each Fund’s investments in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF for the period ended November 30, 2016.
| Value ($) at 5/31/16 |
Purchases Cost ($) |
Sales Proceeds ($) |
Realized Gain/(Loss) ($) |
Income Distributions ($) |
Capital Gain Distributions ($) |
Value ($) at 11/30/16 |
||||||||||||||||||||||
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF | ||||||||||||||||||||||||||||
| Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
2,183,045 | 118,924 | (21,132 | ) | (9,707 | ) | — | — | 2,433,703 | |||||||||||||||||||
| Deutsche X-trackers MSCI All China Equity ETF | ||||||||||||||||||||||||||||
| Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
2,608,494 | 47,296 | (1,062,524 | ) | (404,823 | ) | — | — | 1,696,589 | |||||||||||||||||||
| Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
519,514 | 49,624 | (229,812 | ) | (2,937 | ) | — | — | 361,955 | |||||||||||||||||||
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| 3,128,008 | 96,920 | (1,292,336 | ) | (407,760 | ) | — | — | 2,058,544 | ||||||||||||||||||||
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|||||||||||||||
5. Investment Portfolio Transactions
For the period ended November 30, 2016, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:
| Purchases | Sales | |||||||
| Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF |
$ | 118,925 | $ | 21,132 | ||||
| Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
210,909,735 | 70,002,245 | ||||||
| Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
8,505,373 | 3,313,099 | ||||||
| Deutsche X-trackers MSCI All China Equity ETF |
235,049 | 107,940 | ||||||
41
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For the period ended November 30, 2016, the cost of in-kind purchases and proceeds from in-kind sale were as follows:
| Purchases | Sales | |||||||
| Deutsche X-trackers MSCI All China Equity ETF |
$ | — | $ | 2,847,212 | ||||
6. Fund Share Transactions
As of November 30, 2016 there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MSCI All China Equity ETF generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
7. Investing in China
Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; the small size of the market for Chinese securities and the low volume of trading, resulting in lack of liquidity and in price volatility; currency devaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets, whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers; higher rates of inflation; greater political, economic and social uncertainty; market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; and custody risks associated with investing through a RQFII.
8. Line of Credit
The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2016.
| Pro-rata Share | ||||
| Deutsche X-trackers Harvest CSI 300 China A-Shares ETF |
$ | 67,200,000 | ||
| Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF |
4,200,000 | |||
42
DBX ETF Trust
Notes to financial statements (Unaudited) (Continued)
9. Payments by Affiliates
During the year ended May 31, 2016, the Advisor agreed to reimburse Deutsche X-trackers CSI 300 China A-Shares ETF and Deutsche X-trackers MSCI All China Equity ETF $14,225 and $515, respectively, for the diluting effect of accounting adjustments related to certain investments held by the Funds. The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total returns.
In addition, during the period ended November 30, 2016, the Advisor agreed to reimburse Deutsche X-tracker CSI 300 China A-Shares Hedged Equity $9,674 for a loss on a trade executed incorrectly. The amount of the loss was 0.43% of the Fund’s average net assets.
43
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
44
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.
45
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in 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 and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Funds which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the Funds to achieve its investment objective. The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency vs. the U.S. dollar. The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF aims to hedge the currency exposure by entering into forward transactions linked to the CNH/USD exchange rate. The equity shares included in the CSI 300 index may be valued using the CNY/USD exchange rate. The difference between the CNH/USD and CNH/USD exchange rates may lead to tracking errors in the fund. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
The CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 |
Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong |
Administrator, custodian, The Bank of New York Mellon 101 Barclay Street New York, NY 10286 | ||
| Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203 |
Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036 |
Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036 | ||
R-049076-1 (1/17) DBX 002439 (1/18)
November 30, 2016
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 |
2 | |||
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| 9 | ||||
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| Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
13 | |||
| 17 | ||||
| 22 | ||||
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| 40 | ||||
| 42 | ||||
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| 80 | ||||
| 81 | ||||
To our shareholders: (Unaudited)
Dear Shareholder,
We are pleased to provide this semi-annual report for the period ended November 30, 2016.
The world economy witnessed resilient growth figures, despite a series of political risks and uncertainties arising from Britain’s decision to exit the Eurozone (“Brexit”) and the surprise U.S. election result. China showed signs of recovery, driven by stronger government spending and bank lending. Major central banks’ monetary policies remained unchanged during the reporting period, with expectations of a rate hike by the Federal Reserve Board (FRB). The European Central Bank (ECB) expanded its asset purchase program to over EUR 2.2 trillion and also introduced negative interest rate policies. Bank of Japan (BoJ) is committed to keep the yield on its 10-year government bonds at zero to revive the economy.
Real estate performance across much of the Asia Pacific region continued to improve on the back of strong capital markets and strong occupancy fundamentals. Key cities in Japan, China, Hong Kong and Australia continued to see significant demand for office leasing. The US office leasing market grew during the reporting period, supported by a resurgent consumer and housing market. Supply is increasing at a measured and sustainable pace, allowing absorption to propel occupancies and rents. In Japan, leasing markets and real estate fundamentals were broadly healthy, with an increase in occupancy rates in all major cities. Rents in Japan recorded healthy growth in the commercial and residential property markets.
Eurozone economies displayed signs of a rebound, as loose monetary policies helped the region overcome Brexit. Europe needs EUR 2 trillion of investment in infrastructure by 2020, according to the European Commission, for sustainable growth in its economy. Private infrastructure investors have helped to bridge the funding gap when public expenditure has been below the historical average. Structural reforms in Spain helped growth and a weaker EUR supported exports. Italy’s weakening banking industry and economic challenges negatively affected the Eurozone equities market. The Japanese stock market rose consistently during the reporting period, and the weakening of the JPY led to an improvement in exports. In August, Shinzo Abe announced a JPY 6.2 trillion (USD 61 billion) plan on infrastructure spending to help double the number of tourists visiting the country by the time of the Tokyo Summer Olympics in 2020. The Reserve Bank of Australia (RBA) cut interest rates to a record low to stimulate demand in the broader economy, which has been under strain due to the slowdown in the mining industry and increased job losses. Meanwhile, U.S. borrowing expanded supported by record-low interest rates to fund infrastructure expenditure on roads, bridges, and schools.
The global real estate market is expected to grow on the back of strong capital markets and steady leasing markets. Infrastructure spending is likely to increase, mainly in the US, owing to rising demand in the steel and construction sector. Demand for private capital in the infrastructure spectrum is expected to grow due to significant gaps in government budgets.
Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.
Sincerely,
/s/ Freddi Klassen
Freddi Klassen
President and Chief Executive Officer
Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.
1
DBX ETF Trust
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 a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 13.
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 a percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 17.
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 Fund’s investment portfolio see page 22.
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 percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 27.
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 percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 29.
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 Fund’s investment portfolio see page 40.
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 percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 42.
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 percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 44.
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 percent of total investments excluding securities lending collateral.
Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 46.
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, 2016 to November 30, 2016).
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, 2016 |
Ending Account Value November 30, 2016 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
| Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 958.50 | 0.48 | % | $ | 2.36 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.66 | 0.48 | % | $ | 2.43 | ||||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,040.80 | 0.40 | % | $ | 2.05 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,023.06 | 0.40 | % | $ | 2.03 | ||||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,060.60 | 0.45 | % | $ | 2.32 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Deutsche X-trackers MSCI Australia Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,031.60 | 0.45 | % | $ | 2.29 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,027.20 | 0.45 | % | $ | 2.29 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
11
DBX ETF Trust
Fees and Expenses (Unaudited) (Continued)
| Beginning Account Value June 1, 2016 |
Ending Account Value November 30, 2016 |
Annualized Expense Ratio |
Expenses Paid During the Period Per $1,000(1) |
|||||||||||||
| Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 975.50 | 0.45 | % | $ | 2.23 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 974.40 | 0.45 | % | $ | 2.23 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Deutsche X-trackers MSCI Spain Hedged Equity ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 975.00 | 0.45 | % | $ | 2.23 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
| Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||||
| Actual |
$ | 1,000.00 | $ | 1,005.70 | 0.45 | % | $ | 2.26 | ||||||||
| Hypothetical (5% return before expenses) |
$ | 1,000.00 | $ | 1,022.81 | 0.45 | % | $ | 2.28 | ||||||||
(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.
12
DBX ETF Trust
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 13 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $3,614,042. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $387,066. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $32,273 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $419,339. |
| (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, 2016 amounted to $20,658, which is 0.6% of net assets. |
| (c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| NVDR: | Non Voting Depositary Receipt |
| REIT: | Real Estate Investment Trust |
| See Notes to Financial Statements. | 14 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (Continued)
November 30, 2016 (Unaudited)
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| The Bank of Nova Scotia |
12/2/2016 | CAD | 168,000 | USD | 125,368 | $ | 302 | |||||||||||
| The Bank of Nova Scotia |
12/2/2016 | PHP | 3,133,000 | USD | 64,511 | 1,511 | ||||||||||||
| The Bank of Nova Scotia |
12/2/2016 | TRY | 7,000 | USD | 2,247 | 209 | ||||||||||||
| The Bank of Nova Scotia |
12/2/2016 | USD | 124,947 | CAD | 168,000 | 118 | ||||||||||||
| The Bank of Nova Scotia |
12/2/2016 | USD | 63,038 | PHP | 3,133,000 | (38 | ) | |||||||||||
| The Bank of Nova Scotia |
12/2/2016 | USD | 2,041 | TRY | 7,000 | (4 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 636,000 | USD | 483,538 | 13,948 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | BRL | 59,000 | USD | 18,351 | 933 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 81,000 | USD | 82,037 | 2,334 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 463,000 | USD | 508,166 | 17,305 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 317,000 | USD | 387,244 | (9,460 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 1,714,000 | USD | 221,054 | 71 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 89,877,000 | USD | 856,069 | 70,197 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | MYR | 22,000 | USD | 5,226 | 301 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 46,000 | USD | 32,866 | 294 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 550,000 | USD | 61,048 | 1,392 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 338,000 | USD | 242,846 | 7,032 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 469,872 | AUD | 636,000 | (282 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 17,379 | BRL | 59,000 | 40 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 79,530 | CHF | 81,000 | 173 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 491,200 | EUR | 463,000 | (339 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 396,083 | GBP | 317,000 | 621 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 220,974 | HKD | 1,714,000 | 9 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 788,858 | JPY | 89,877,000 | (2,986 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 4,908 | MYR | 22,000 | 17 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 32,601 | NZD | 46,000 | (30 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 59,583 | SEK | 550,000 | 74 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 235,963 | SGD | 338,000 | (150 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 56,109 | ZAR | 787,000 | (264 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ZAR | 787,000 | USD | 57,990 | 2,146 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | THB | 654,000 | USD | 18,681 | 351 | ||||||||||||
| The Bank of Nova Scotia |
12/6/2016 | USD | 18,332 | THB | 654,000 | (3 | ) | |||||||||||
| Goldman Sachs & Co. |
1/5/2017 | AUD | 3,000 | USD | 2,214 | 1 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | AUD | 640,000 | USD | 472,453 | 293 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | BRL | 50,000 | USD | 14,582 | (40 | ) | |||||||||||
| Goldman Sachs & Co. |
1/5/2017 | CAD | 1,000 | USD | 745 | 0 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | CAD | 166,000 | USD | 123,505 | (126 | ) | |||||||||||
| Goldman Sachs & Co. |
1/5/2017 | CHF | 1,000 | USD | 986 | 0 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | CHF | 83,000 | USD | 81,691 | (180 | ) | |||||||||||
| Goldman Sachs & Co. |
1/5/2017 | EUR | 3,000 | USD | 3,186 | 0 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | EUR | 445,000 | USD | 472,944 | 310 | ||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | GBP | 2,000 | USD | 2,506 | 1 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | GBP | 317,000 | USD | 396,501 | (611 | ) | |||||||||||
| Goldman Sachs & Co. |
1/5/2017 | HKD | 8,000 | USD | 1,031 | 0 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | HKD | 1,641,000 | USD | 211,590 | (27 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | MYR | 22,000 | USD | 4,883 | (36 | ) | |||||||||||
| Goldman Sachs & Co. |
1/5/2017 | PHP | 15,000 | USD | 299 | (2 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | PHP | 3,038,000 | USD | 60,639 | (406 | ) | |||||||||||
| Goldman Sachs & Co. |
1/5/2017 | SEK | 2,000 | USD | 217 | 0 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SEK | 544,000 | USD | 59,055 | (75 | ) | |||||||||||
| Goldman Sachs & Co. |
1/5/2017 | SGD | 1,000 | USD | 697 | 0 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SGD | 332,000 | USD | 231,768 | 128 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | THB | 653,000 | USD | 18,289 | (8 | ) | |||||||||||
| The Bank of Nova Scotia |
1/5/2017 | TRY | 6,000 | USD | 1,748 | 17 | ||||||||||||
| Goldman Sachs & Co. |
1/5/2017 | ZAR | 4,000 | USD | 282 | 0 | ||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | ZAR | 788,000 | USD | 55,814 | 263 | ||||||||||||
| See Notes to Financial Statements. | 15 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| Goldman Sachs & Co. |
1/6/2017 | JPY | 446,000 | USD | 3,905 | $ | (3 | ) | ||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | JPY | 92,594,000 | USD | 814,436 | 3,163 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | NZD | 45,000 | USD | 31,857 | 29 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 108,513 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
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 |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | U.S. Dollar |
| ZAR | South African Rand |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (e) |
$ | 3,204,995 | $ | — | $ | — | $ | 3,204,995 | ||||||||
| Short-Term Investments |
21,981 | — | — | 21,981 | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 123,583 | — | 123,583 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 3,226,976 | $ | 123,583 | $ | — | $ | 3,350,559 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (15,070 | ) | $ | — | $ | (15,070 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (15,070 | ) | $ | — | $ | (15,070 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | See Schedule of Investments for additional detailed categorizations. |
| (f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the year ended November 30, 2016.
| See Notes to Financial Statements. | 16 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 17 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 18 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 19 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $17,041,686. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $362,731. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $512,758 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $875,489. |
| (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, 2016 amounted to $9,775, which is 0.1% of net assets. |
| (b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| See Notes to Financial Statements. | 20 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (Continued)
November 30, 2016 (Unaudited)
At November 30, 2016, open future contract purchased was as follows:
| Contract Description |
Currency | Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
|||||||||
| JPX-Nikkei 400 Index Futures |
USD | 14 | $ | 162,491 | 12/08/2016 | $ | 14,842 | |||||||
For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (d) |
$ | 16,668,545 | $ | — | $ | — | $ | 16,668,545 | ||||||||
| Short-Term Investments |
10,410 | — | — | 10,410 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Futures Contracts |
14,842 | — | — | 14,842 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 16,693,797 | $ | — | $ | — | $ | 16,693,797 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (d) | See Schedule of Investments for additional detailed categorizations. |
| (e) | Derivatives include unrealized appreciation (depreciation) on open futures contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 21 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 22 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 23 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 24 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $3,191,800. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $6,445. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $182,480 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $188,925. |
| (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, 2016 amounted to $14,388, which is 0.4% 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. |
At November 30, 2016, open future contract purchased was as follows:
| Contract Description |
Currency | Number of Contracts |
Contract Value |
Expiration Date |
Unrealized Appreciation (Depreciation) |
|||||||||||||||
| JPX-Nikkei 400 Index Futures |
USD | 6 | $ | 69,359 | 12/08/2016 | $ | 4,050 | |||||||||||||
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 328,612,000 | USD | 3,129,996 | $ | 256,656 | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,884,257 | JPY | 328,612,000 | (10,917 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | JPY | 369,693,000 | USD | 3,251,735 | 12,629 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | JPY | 3,650,000 | USD | 31,967 | (13 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 258,355 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| JPY | Japanese Yen |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding open futures contracts and forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
| See Notes to Financial Statements. | 25 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (d) |
$ | 3,170,002 | $ | — | $ | — | $ | 3,170,002 | ||||||||
| Short-Term Investments |
15,353 | — | — | 15,353 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 269,285 | — | 269,285 | ||||||||||||
| Futures Contracts |
4,050 | — | — | 4,050 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 3,189,405 | $ | 269,285 | $ | — | $ | 3,458,690 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (10,930 | ) | $ | — | $ | (10,930 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (10,930 | ) | $ | — | $ | (10,930 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
(d) See Schedule of Investments for additional detailed categorizations.
(e) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency exchange contracts.
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 26 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Australia Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 27 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Australia Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $3,512,425. At November 30, 2016, net unrealized appreciation for all securities based on tax cost was $173,426. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $301,956 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $128,530. |
| (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, 2016 amounted to $29,676, which is 0.8% 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. |
| CDI: | Chess Depositary Interest |
| REIT: | Real Estate Investment Trust |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 4,759,000 | USD | 3,618,173 | $ | 104,370 | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 7,646 | AUD | 10,000 | (262 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,508,527 | AUD | 4,749,000 | (2,108 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | AUD | 5,033,000 | USD | 3,715,399 | 2,307 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | USD | 14,760 | AUD | 20,000 | (5 | ) | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 104,302 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| AUD | Australian Dollar |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (e) |
$ | 3,654,009 | $ | — | $ | — | $ | 3,654,009 | ||||||||
| Rights |
235 | — | — | 235 | ||||||||||||
| Short-Term Investments |
31,607 | — | — | 31,607 | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 106,677 | — | 106,677 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 3,685,851 | $ | 106,677 | $ | — | $ | 3,792,528 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (2,375 | ) | $ | — | $ | (2,375 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (2,375 | ) | $ | — | $ | (2,375 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | See Schedule of Investments for additional detailed categorizations. |
| (f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 28 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 29 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 30 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 31 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 32 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 33 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 34 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 35 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 36 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $2,671,681. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $204,571. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $151,342 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $355,913. |
| (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, 2016 amounted to $56,013, which is 2.3% of net assets. |
| (b) | Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. |
| (c) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| 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, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 203,000 | USD | 154,337 | $ | 4,452 | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 108,000 | USD | 109,383 | 3,112 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | DKK | 249,000 | USD | 36,738 | 1,259 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 533,000 | USD | 584,994 | 19,921 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 330,000 | USD | 403,125 | (9,848 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 488,000 | USD | 62,937 | 20 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | ILS | 109,000 | USD | 28,398 | (55 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 600,000 | USD | 5,770 | 524 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 83,228,000 | USD | 792,738 | 65,004 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NOK | 333,000 | USD | 40,358 | 1,243 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 38,000 | USD | 27,150 | 243 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SEK | 1,103,000 | USD | 122,429 | 2,791 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 64,000 | USD | 45,983 | 1,332 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 149,975 | AUD | 203,000 | (90 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 106,040 | CHF | 108,000 | 230 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 35,504 | DKK | 249,000 | (25 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 565,463 | EUR | 533,000 | (391 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 412,326 | GBP | 330,000 | 646 | ||||||||||||
| See Notes to Financial Statements. | 37 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 62,915 | HKD | 488,000 | $ | 3 | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 28,432 | ILS | 109,000 | 22 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 735,766 | JPY | 83,828,000 | (2,785 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 39,117 | NOK | 333,000 | (2 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 26,931 | NZD | 38,000 | (25 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 119,491 | SEK | 1,103,000 | 147 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 44,679 | SGD | 64,000 | (28 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | AUD | 214,000 | USD | 157,976 | 98 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | CHF | 111,000 | USD | 109,249 | (240 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | DKK | 245,000 | USD | 34,999 | 25 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | EUR | 542,000 | USD | 576,036 | 378 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | GBP | 337,000 | USD | 421,517 | (650 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | HKD | 504,000 | USD | 64,986 | (8 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | ILS | 115,000 | USD | 30,017 | (26 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | NOK | 344,000 | USD | 40,415 | 1 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SEK | 1,119,000 | USD | 121,476 | (155 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SGD | 63,000 | USD | 43,980 | 24 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | JPY | 88,618,000 | USD | 779,464 | 3,027 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | NZD | 39,000 | USD | 27,610 | 25 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 90,199 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| AUD | Australian Dollar |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | Pound Sterling |
| HKD | Hong Kong Dollar |
| ILS | Israeli New Sheqel |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
| See Notes to Financial Statements. | 38 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (e) |
$ | 2,399,055 | $ | — | $ | — | $ | 2,399,055 | ||||||||
| Preferred Stocks |
8,210 | — | — | 8,210 | ||||||||||||
| Rights |
— | — | 0 | 0 | ||||||||||||
| Short-Term Investments |
59,845 | — | — | 59,845 | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 104,527 | — | 104,527 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 2,467,110 | $ | 104,527 | $ | 0 | $ | 2,571,637 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (14,328 | ) | $ | — | $ | (14,328 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (14,328 | ) | $ | — | $ | (14,328 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | See Schedule of Investments for additional detailed categorizations. |
| (f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 39 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Italy Hedged Equity ETF
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $2,497,824. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $530,440. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $31,310 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $561,750. |
| (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, 2016 amounted to $114,715, which is 6.2% of net assets. |
| (b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| RSP: | Risparmio (Convertible Savings Shares) |
| 144A: | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 1,693,000 | USD | 1,858,152 | $ | 63,277 | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 15,000 | USD | 16,598 | 696 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,812,028 | EUR | 1,708,000 | (1,251 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | EUR | 1,682,000 | USD | 1,787,624 | 1,173 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 63,895 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| EUR | Euro |
| USD | U.S. Dollar |
| See Notes to Financial Statements. | 40 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Italy Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (d) |
$ | 1,848,524 | $ | — | $ | — | $ | 1,848,524 | ||||||||
| Short-Term Investments |
118,860 | — | — | 118,860 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 65,146 | — | 65,146 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 1,967,384 | $ | 65,146 | $ | — | $ | 2,032,530 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (1,251 | ) | $ | — | $ | (1,251 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (1,251 | ) | $ | — | $ | (1,251 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (d) | See Schedule of Investments for additional detailed categorizations. |
| (e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 41 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $2,556,743. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $586,599. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $21,015 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $607,614. |
| (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, 2016 amounted to $57,033, which is 3.0% 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. |
| 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. | 42 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
As of November 30, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 1,823,000 | USD | 2,000,834 | $ | 68,136 | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 10,000 | USD | 11,065 | 464 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 1,944,642 | EUR | 1,833,000 | (1,343 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | EUR | 1,791,000 | USD | 1,903,469 | 1,249 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 68,506 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
Currency Abbreviations
| EUR | Euro |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (d) |
$ | 1,910,268 | $ | — | $ | 567 | $ | 1,910,835 | ||||||||
| Rights |
417 | — | — | 417 | ||||||||||||
| Short-Term Investments |
58,892 | — | — | 58,892 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 69,849 | — | 69,849 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 1,969,577 | $ | 69,849 | $ | 567 | $ | 2,039,993 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (1,343 | ) | $ | — | $ | (1,343 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (1,343 | ) | $ | — | $ | (1,343 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (d) | See Schedule of Investments for additional detailed categorizations. |
| (e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 43 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Spain Hedged Equity ETF
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $2,533,486. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $549,468. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $14,970 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $564,438. |
| (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, 2016 amounted to $5,357, which is 0.3% of net assets. |
| (b) | Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
| (c) | Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| 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, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 1,913,000 | USD | 2,099,613 | $ | 71,500 | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 9,000 | USD | 9,959 | 417 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,039,062 | EUR | 1,922,000 | (1,408 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | EUR | 1,871,000 | USD | 1,988,492 | 1,305 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 71,814 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| See Notes to Financial Statements. | 44 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers MSCI Spain Hedged Equity ETF (Continued)
November 30, 2016 (Unaudited)
Currency Abbreviations
| EUR | Euro |
| USD | U.S. Dollar |
For information on the Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (d) |
$ | 1,975,977 | $ | — | $ | 1,276 | $ | 1,977,253 | ||||||||
| Rights |
1,008 | — | — | 1,008 | ||||||||||||
| Short-Term Investments |
5,757 | — | — | 5,757 | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 73,222 | — | 73,222 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 1,982,742 | $ | 73,222 | $ | 1,276 | $ | 2,057,240 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (e) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (1,408 | ) | $ | — | $ | (1,408 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (1,408 | ) | $ | — | $ | (1,408 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (d) | See Schedule of Investments for additional detailed categorizations. |
| (e) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 45 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF
November 30, 2016 (Unaudited)
| See Notes to Financial Statements. | 46 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (Continued)
November 30, 2016 (Unaudited)
| * | Non-income producing security. |
| † | The cost for federal income tax purposes was $3,936,709. At November 30, 2016, net unrealized depreciation for all securities based on tax cost was $287,237. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $158,858 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $446,095. |
| (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, 2016 amounted to $196,395, which is 5.7% 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, 2016, the Fund had the following forward foreign currency exchange contracts outstanding:
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | AUD | 113,200 | USD | 86,052 | $ | 2,471 | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | AUD | 8,800 | USD | 6,691 | 193 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 266,936 | USD | 202,938 | 5,846 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 5,200 | USD | 3,977 | 138 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | AUD | 31,600 | USD | 24,024 | 692 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | CAD | 120,000 | USD | 89,555 | 217 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | CAD | 93,400 | USD | 69,702 | 168 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CAD | 275,119 | USD | 205,302 | 481 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CAD | 100 | USD | 75 | 0 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CAD | 4,100 | USD | 3,061 | 9 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | CHF | 12,700 | USD | 12,863 | 366 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | CHF | 19,524 | USD | 19,776 | 564 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | CHF | 1,700 | USD | 1,722 | 49 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 1,100 | USD | 1,125 | 43 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | CHF | 10,600 | USD | 10,735 | 305 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | EUR | 254,925 | USD | 279,781 | 9,517 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | EUR | 407,595 | USD | 447,372 | 15,250 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | EUR | 2,800 | USD | 3,073 | 105 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 5,500 | USD | 6,079 | 249 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 21,741 | USD | 23,862 | 812 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 13,700 | USD | 15,036 | 512 | ||||||||||||
| See Notes to Financial Statements. | 47 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | EUR | 1,400 | USD | 1,537 | $ | 52 | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | GBP | 26,100 | USD | 31,884 | (779 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | GBP | 91,359 | USD | 111,608 | (2,722 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | GBP | 2,000 | USD | 2,443 | (60 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 32,000 | USD | 39,089 | (957 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 18,600 | USD | 22,721 | (556 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | GBP | 1,400 | USD | 1,716 | (36 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | HKD | 622,972 | USD | 80,340 | 21 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | HKD | 7,400 | USD | 954 | 0 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 358,400 | USD | 46,221 | 13 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 416,084 | USD | 53,660 | 15 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | HKD | 4,000 | USD | 516 | 0 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | JPY | 4,131,300 | USD | 39,354 | 3,230 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | JPY | 6,171,411 | USD | 58,789 | 4,827 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | JPY | 147,900 | USD | 1,409 | 116 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 632,000 | USD | 6,020 | 493 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | JPY | 250,600 | USD | 2,430 | 238 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | NZD | 21,000 | USD | 15,003 | 134 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | NZD | 35,751 | USD | 25,543 | 229 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | NZD | 1,200 | USD | 857 | 8 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 27,159 | USD | 19,404 | 173 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 9,600 | USD | 6,859 | 61 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | NZD | 1,400 | USD | 1,003 | 12 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | SGD | 17,900 | USD | 12,861 | 373 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | SGD | 14,998 | USD | 10,777 | 313 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | SGD | 22,000 | USD | 15,811 | 462 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 32,688 | AUD | 43,000 | (939 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 51,794 | AUD | 70,200 | 38 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 89,230 | CAD | 120,000 | 108 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 12,468 | CHF | 12,700 | 29 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 269,527 | EUR | 254,925 | 737 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 32,582 | GBP | 26,100 | 80 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 72,844 | HKD | 564,972 | (3 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 7,480 | HKD | 58,000 | (2 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 36,184 | JPY | 4,131,300 | (60 | ) | |||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 14,852 | NZD | 21,000 | 18 | ||||||||||||
| JP Morgan & Chase Co. |
12/5/2016 | USD | 12,474 | SGD | 17,900 | 15 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 19,152 | CHF | 19,524 | 59 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 431,339 | EUR | 407,595 | 783 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 114,145 | GBP | 91,359 | 185 | ||||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 54,165 | JPY | 6,171,411 | (203 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 25,338 | NZD | 35,751 | (23 | ) | |||||||||||
| RBC Capital Markets |
12/5/2016 | USD | 10,472 | SGD | 14,998 | (8 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 6,495 | AUD | 8,800 | 3 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 69,496 | CAD | 93,400 | 39 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 1,669 | CHF | 1,700 | 4 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 2,965 | EUR | 2,800 | 4 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 2,496 | GBP | 2,000 | 7 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 954 | HKD | 7,400 | 0 | ||||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 1,294 | JPY | 147,900 | (1 | ) | |||||||||||
| The Bank of New York Mellon |
12/5/2016 | USD | 848 | NZD | 1,200 | 1 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 5,398 | AUD | 7,100 | (155 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 219,152 | AUD | 296,636 | (132 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 166,093 | CAD | 223,319 | 163 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 40,819 | CAD | 54,700 | (96 | ) | |||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 965 | CAD | 1,300 | 3 | ||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 709 | CHF | 700 | (20 | ) | |||||||||||
| See Notes to Financial Statements. | 48 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (Continued)
November 30, 2016 (Unaudited)
| Counterparty |
Settlement Date |
Currency To Deliver |
Currency To Receive |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 709 | CHF | 700 | $ | (20 | ) | ||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 10,113 | CHF | 10,300 | 22 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 44,920 | EUR | 42,341 | (31 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 64,973 | GBP | 52,000 | 102 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 2,412 | HKD | 18,700 | (1 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 97,954 | HKD | 759,784 | 4 | ||||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,614 | JPY | 379,400 | (296 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 524 | JPY | 55,000 | (43 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 3,934 | JPY | 448,200 | (15 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 27,044 | NZD | 38,159 | (25 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 10,133 | SGD | 14,100 | (296 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
12/5/2016 | USD | 5,515 | SGD | 7,900 | (4 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | AUD | 392,000 | USD | 289,377 | 180 | ||||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | CAD | 438,000 | USD | 326,017 | (189 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | CHF | 43,000 | USD | 42,286 | (128 | ) | |||||||||||||||||
| RBC Capital Markets |
1/5/2017 | EUR | 669,000 | USD | 709,250 | (1,294 | ) | |||||||||||||||||
| JP Morgan & Chase Co. |
1/5/2017 | GBP | 158,000 | USD | 197,453 | (477 | ) | |||||||||||||||||
| The Bank of New York Mellon |
1/5/2017 | HKD | 1,310,000 | USD | 168,913 | (19 | ) | |||||||||||||||||
| The Bank of Nova Scotia |
1/5/2017 | SGD | 39,000 | USD | 27,226 | 15 | ||||||||||||||||||
| JP Morgan & Chase Co. |
1/6/2017 | JPY | 11,769,000 | USD | 103,291 | 175 | ||||||||||||||||||
| The Bank of Nova Scotia |
1/6/2017 | NZD | 83,000 | USD | 58,759 | 53 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total net unrealized appreciation |
$ | 41,994 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
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 Fund’s policy and additional disclosures regarding forward foreign currency exchange contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.
Fair Value Measurements
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
| See Notes to Financial Statements. | 49 |
DBX ETF Trust
Schedule of Investments
Deutsche X-trackers S&P Hedged Global Infrastructure ETF (Continued)
November 30, 2016 (Unaudited)
The following is a summary of the inputs used as of November 30, 2016 in valuing the Fund’s investments. For information on Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.
| Assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks (e) |
$ | 3,443,801 | $ | — | $ | — | $ | 3,443,801 | ||||||||
| Short-Term Investments |
205,671 | — | — | 205,671 | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
— | 51,584 | — | 51,584 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | 3,649,472 | $ | 51,584 | $ | — | $ | 3,701,056 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Derivatives (f) |
||||||||||||||||
| Forward Foreign Currency Exchange Contracts |
$ | — | $ | (9,590 | ) | $ | — | $ | (9,590 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL |
$ | — | $ | (9,590 | ) | $ | — | $ | (9,590 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (e) | See Schedule of Investments for additional detailed categorizations. |
| (f) | Derivatives include unrealized appreciation (depreciation) on forward foreign currency exchange contracts. |
There have been no transfers between fair value measurement levels during the period ended November 30, 2016.
| See Notes to Financial Statements. | 50 |
This Page is Intentionally Left Blank
51
DBX ETF Trust
Statements of Assets and Liabilities
November 30, 2016 (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 value |
$ | 3,204,995 | $ | 16,668,545 | $ | 3,170,002 | ||||||
| Investment in Government & Agency Securities Portfolio* |
21,981 | 10,410 | 15,353 | |||||||||
| Cash |
427 | 1,637 | 32,338 | |||||||||
| Foreign currency at value |
4,881 | 53,362 | 14,187 | |||||||||
| Unrealized appreciation on forward foreign currency exchange contracts |
123,583 | — | 269,285 | |||||||||
| Deposit with broker for futures contracts |
— | 15,051 | 7,468 | |||||||||
| Unrealized appreciation on future contracts |
— | 14,842 | 4,050 | |||||||||
| Receivables: | ||||||||||||
| Dividends |
8,958 | 82,908 | 14,973 | |||||||||
| Securities lending income |
4 | 40 | 10 | |||||||||
| Foreign tax reclaim |
3,777 | 6,337 | 1,320 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Assets |
$ | 3,368,606 | $ | 16,853,132 | $ | 3,528,986 | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities |
||||||||||||
| Payable upon return of securities loaned |
$ | 21,981 | $ | 10,410 | $ | 15,353 | ||||||
| Unrealized depreciation on forward foreign currency exchange contracts |
15,070 | — | 10,930 | |||||||||
| Payables: | ||||||||||||
| Investment securities purchased |
84,896 | — | 203,180 | |||||||||
| Investment advisory fees |
1,260 | 5,583 | 1,168 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Liabilities |
123,207 | 15,993 | 230,631 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 3,245,399 | $ | 16,837,139 | $ | 3,298,355 | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets Consist of |
||||||||||||
| Paid-in capital |
$ | 3,790,841 | $ | 16,178,317 | $ | 3,594,256 | ||||||
| Undistributed net investment income |
26,732 | 132,655 | 26,549 | |||||||||
| Accumulated net realized gain (loss) on investments, futures and foreign currency transactions |
(344,421 | ) | 848,807 | (584,300 | ) | |||||||
| Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations |
(227,753 | ) | (322,640 | ) | 261,850 | |||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 3,245,399 | $ | 16,837,139 | $ | 3,298,355 | ||||||
|
|
|
|
|
|
|
|||||||
| Number of Common Shares outstanding |
150,001 | 700,001 | 150,001 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value |
$ | 21.64 | $ | 24.05 | $ | 21.99 | ||||||
|
|
|
|
|
|
|
|||||||
| Investments in non-affiliated securities at cost |
$ | 3,540,574 | $ | 16,990,709 | $ | 3,166,458 | ||||||
|
|
|
|
|
|
|
|||||||
| Value of securities loaned |
$ | 20,658 | $ | 9,775 | $ | 14,388 | ||||||
|
|
|
|
|
|
|
|||||||
| Investment in Government & Agency Securities Portfolio at cost* |
$ | 21,981 | $ | 10,410 | $ | 15,353 | ||||||
|
|
|
|
|
|
|
|||||||
| Foreign currency at cost |
$ | 4,859 | $ | 56,661 | $ | 15,826 | ||||||
|
|
|
|
|
|
|
|||||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 52 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (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 value |
$ | 3,654,244 | $ | 2,407,265 | $ | 1,848,524 | ||||||
| Investment in Government & Agency Securities Portfolio* |
31,607 | 59,845 | 118,860 | |||||||||
| Cash |
77 | 677 | 1,389 | |||||||||
| Foreign currency at value |
158 | 3,912 | 3,486 | |||||||||
| Unrealized appreciation on forward foreign currency exchange contracts |
106,677 | 104,527 | 65,146 | |||||||||
| Receivables: | ||||||||||||
| Investment securities sold |
4,181 | 62,808 | 75,746 | |||||||||
| Dividends |
27,725 | 4,686 | — | |||||||||
| Securities lending income |
10 | 69 | 150 | |||||||||
| Foreign tax reclaim |
— | 281 | — | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Assets |
$ | 3,824,679 | $ | 2,644,070 | $ | 2,113,301 | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities |
||||||||||||
| Payable upon return of securities loaned |
$ | 31,607 | $ | 59,845 | $ | 118,860 | ||||||
| Unrealized depreciation on forward foreign currency exchange contracts |
2,375 | 14,328 | 1,251 | |||||||||
| Payables: | ||||||||||||
| Investment securities purchased |
56,638 | 135,218 | 139,894 | |||||||||
| Investment advisory fees |
1,352 | 887 | 667 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Liabilities |
91,972 | 210,278 | 260,672 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 3,732,707 | $ | 2,433,792 | $ | 1,852,629 | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets Consist of |
||||||||||||
| Paid-in capital |
$ | 3,709,780 | $ | 2,504,618 | $ | 2,503,573 | ||||||
| Undistributed net investment income |
5,473 | 9,121 | 21,231 | |||||||||
| Accumulated net realized gain (loss) on investments and foreign currency transactions |
(317,146 | ) | 11,469 | (238,749 | ) | |||||||
| Net unrealized appreciation (depreciation) on investments and foreign currency translations |
334,600 | (91,416 | ) | (433,426 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 3,732,707 | $ | 2,433,792 | $ | 1,852,629 | ||||||
|
|
|
|
|
|
|
|||||||
| Number of Common Shares outstanding |
150,001 | 100,001 | 100,001 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value |
$ | 24.88 | $ | 24.34 | $ | 18.53 | ||||||
|
|
|
|
|
|
|
|||||||
| Investments in non-affiliated securities at cost |
$ | 3,423,202 | $ | 2,588,502 | $ | 2,345,929 | ||||||
|
|
|
|
|
|
|
|||||||
| Value of securities loaned |
$ | 29,676 | $ | 56,013 | $ | 114,715 | ||||||
|
|
|
|
|
|
|
|||||||
| Investment in Government & Agency Securities Portfolio at cost* |
$ | 31,607 | $ | 59,845 | $ | 118,860 | ||||||
|
|
|
|
|
|
|
|||||||
| Foreign currency at cost |
$ | 158 | $ | 3,919 | $ | 3,471 | ||||||
|
|
|
|
|
|
|
|||||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 53 |
DBX ETF Trust
Statements of Assets and Liabilities (Continued)
November 30, 2016 (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 value |
$ | 1,911,252 | $ | 1,978,261 | $ | 3,443,801 | ||||||
| Investment in Government & Agency Securities Portfolio* |
58,892 | 5,757 | 205,671 | |||||||||
| Cash |
918 | — | 907 | |||||||||
| Foreign currency at value |
— | — | 2,566 | |||||||||
| Unrealized appreciation on forward foreign currency exchange contracts |
69,849 | 73,222 | 51,584 | |||||||||
| Receivables: | ||||||||||||
| Investment securities sold |
6,275 | 78,207 | 367 | |||||||||
| Dividends |
— | — | 10,277 | |||||||||
| Securities lending income |
532 | 643 | 210 | |||||||||
| Foreign tax reclaim |
71 | 136 | 1,523 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Assets |
$ | 2,047,789 | $ | 2,136,226 | $ | 3,716,906 | ||||||
|
|
|
|
|
|
|
|||||||
| Liabilities |
||||||||||||
| Due to custodian |
$ | — | $ | 1,030 | $ | — | ||||||
| Due to foreign custodian |
1,058 | 1,098 | — | |||||||||
| Payable upon return of securities loaned |
58,892 | 5,757 | 205,671 | |||||||||
| Unrealized depreciation on forward foreign currency exchange contracts |
1,343 | 1,408 | 9,590 | |||||||||
| Payables: | ||||||||||||
| Investment securities purchased |
62,032 | 132,089 | 34,739 | |||||||||
| Investment advisory fees |
709 | 743 | 1,276 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Liabilities |
124,034 | 142,125 | 251,276 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 1,923,755 | $ | 1,994,101 | $ | 3,465,630 | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets Consist of |
||||||||||||
| Paid-in capital |
$ | 2,502,254 | $ | 2,501,326 | $ | 3,740,922 | ||||||
| Undistributed net investment income |
25,489 | 26,851 | 48,653 | |||||||||
| Accumulated net realized gain (loss) on investments and foreign currency transactions |
(127,119 | ) | (91,481 | ) | (95,462 | ) | ||||||
| Net unrealized appreciation (depreciation) on investments and foreign currency translations |
(476,869 | ) | (442,595 | ) | (228,483 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net Assets, at value |
$ | 1,923,755 | $ | 1,994,101 | $ | 3,465,630 | ||||||
|
|
|
|
|
|
|
|||||||
| Number of Common Shares outstanding |
100,001 | 100,001 | 150,001 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value |
$ | 19.24 | $ | 19.94 | $ | 23.10 | ||||||
|
|
|
|
|
|
|
|||||||
| Investments in non-affiliated securities at cost |
$ | 2,456,638 | $ | 2,492,657 | $ | 3,714,148 | ||||||
|
|
|
|
|
|
|
|||||||
| Value of securities loaned |
$ | 57,033 | $ | 5,357 | $ | 196,395 | ||||||
|
|
|
|
|
|
|
|||||||
| Investment in Government & Agency Securities Portfolio at cost* |
$ | 58,892 | $ | 5,757 | $ | 205,671 | ||||||
|
|
|
|
|
|
|
|||||||
| Foreign currency at cost |
$ | — | $ | — | $ | 2,580 | ||||||
|
|
|
|
|
|
|
|||||||
| * | Represents collateral on securities loaned. |
| See Notes to Financial Statements. | 54 |
DBX ETF Trust
For the Six Months Ended November 30, 2016 (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 |
||||||||||
| Investment Income |
||||||||||||
| Unaffiliated dividend income* |
$ | 52,604 | $ | 171,373 | $ | 28,900 | ||||||
| Securities lending income, net of borrower rebates |
86 | 696 | 104 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Investment Income |
52,690 | 172,069 | 29,004 | |||||||||
|
|
|
|
|
|
|
|||||||
| Expenses |
||||||||||||
| Investment advisory fees |
8,224 | 43,153 | 6,728 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Expenses |
8,224 | 43,153 | 6,728 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Investment income (loss) |
44,466 | 128,916 | 22,276 | |||||||||
|
|
|
|
|
|
|
|||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||
| Net realized gain (loss) from: |
||||||||||||
| Investments |
(31,056 | ) | (223,545 | ) | (40,110 | ) | ||||||
| In-kind redemptions |
— | 1,116,997 | — | |||||||||
| Futures contracts |
— | 1,085 | — | |||||||||
| Foreign currency transactions |
192,717 | 5,305 | (47,501 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net realized gain (loss) |
161,661 | 899,842 | (87,611 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
| Investments |
(277,858 | ) | (223,008 | ) | 100,647 | |||||||
| Futures contracts |
— | 14,842 | 4,050 | |||||||||
| Foreign currency translations |
(71,553 | ) | (17,283 | ) | 148,295 | |||||||
|
|
|
|
|
|
|
|||||||
| Net change in unrealized appreciation (depreciation) |
(349,411 | ) | (225,449 | ) | 252,992 | |||||||
|
|
|
|
|
|
|
|||||||
| Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions |
(187,750 | ) | 674,393 | 165,381 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (143,284 | ) | $ | 803,309 | $ | 187,657 | |||||
|
|
|
|
|
|
|
|||||||
| * Unaffiliated foreign tax withheld |
$ | 7,284 | $ | 26,771 | $ | 5,037 | ||||||
| See Notes to Financial Statements. | 55 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (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 |
||||||||||
| Investment Income |
||||||||||||
| Unaffiliated dividend income* |
$ | 78,608 | $ | 25,581 | $ | 36,974 | ||||||
| Securities lending income, net of borrower rebates |
89 | 705 | 480 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Investment Income |
78,697 | 26,286 | 37,454 | |||||||||
|
|
|
|
|
|
|
|||||||
| Expenses |
||||||||||||
| Investment advisory fees |
8,227 | 5,325 | 4,060 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Expenses |
8,227 | 5,325 | 4,060 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Investment income (loss) |
70,470 | 20,961 | 33,394 | |||||||||
|
|
|
|
|
|
|
|||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||
| Net realized gain (loss) from: |
||||||||||||
| Investments |
(17,282 | ) | 9,037 | (90,256 | ) | |||||||
| Foreign currency transactions |
(20,015 | ) | 119,929 | 95,326 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net realized gain (loss) |
(37,297 | ) | 128,966 | 5,070 | ||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
| Investments |
163,251 | (109,217 | ) | (91,110 | ) | |||||||
| Foreign currency translations |
(84,081 | ) | 21,465 | 4,717 | ||||||||
|
|
|
|
|
|
|
|||||||
| Net change in unrealized appreciation (depreciation) |
79,170 | (87,752 | ) | (86,393 | ) | |||||||
|
|
|
|
|
|
|
|||||||
| Net realized and unrealized gain (loss) on investments and foreign currency transactions |
41,873 | 41,214 | (81,323 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 112,343 | $ | 62,175 | $ | (47,929 | ) | |||||
|
|
|
|
|
|
|
|||||||
| * Unaffiliated foreign tax withheld |
$ | 1,407 | $ | 2,276 | $ | 3,952 | ||||||
| See Notes to Financial Statements. | 56 |
DBX ETF Trust
Statements of Operations (Continued)
For the Six Months Ended November 30, 2016 (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 |
||||||||||
| Investment Income |
||||||||||||
| Unaffiliated dividend income* |
$ | 40,326 | $ | 41,245 | $ | 74,608 | ||||||
| Securities lending income, net of borrower rebates |
1,316 | 1,655 | 1,154 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Investment Income |
41,642 | 42,900 | 75,762 | |||||||||
|
|
|
|
|
|
|
|||||||
| Expenses |
||||||||||||
| Investment advisory fees |
4,277 | 4,456 | 8,016 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total Expenses |
4,277 | 4,456 | 8,016 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net Investment income (loss) |
37,365 | 38,444 | 67,746 | |||||||||
|
|
|
|
|
|
|
|||||||
| Realized and Unrealized Gain (Loss) |
||||||||||||
| Net realized gain (loss) from: |
||||||||||||
| Investments |
(52,149 | ) | (49,512 | ) | (82,604 | ) | ||||||
| Foreign currency transactions |
100,537 | 104,523 | 96,210 | |||||||||
|
|
|
|
|
|
|
|||||||
| Net realized gain (loss) |
48,388 | 55,011 | 13,606 | |||||||||
| Net change in unrealized appreciation (depreciation) on: |
||||||||||||
| Investments |
(145,154 | ) | (154,884 | ) | (38,645 | ) | ||||||
| Foreign currency translations |
7,154 | 8,629 | (21,682 | ) | ||||||||
|
|
|
|
|
|
|
|||||||
| Net change in unrealized appreciation (depreciation) |
(138,000 | ) | (146,255 | ) | (60,327 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net realized and unrealized gain (loss) on investments and foreign currency transactions |
(89,612 | ) | (91,244 | ) | (46,721 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (52,247 | ) | $ | (52,800 | ) | $ | 21,025 | ||||
|
|
|
|
|
|
|
|||||||
| * Unaffiliated foreign tax withheld |
$ | 5,005 | $ | 5,758 | $ | 4,193 | ||||||
| See Notes to Financial Statements. | 57 |
DBX ETF Trust
Statements of Changes in Net Assets
| Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
|||||||||||||||
| For the Six Months Ended November 30, 2016 (Unaudited) |
Year Ended May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
For the Period June 24, 2015(1) to May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 44,466 | $ | 127,340 | $ | 128,916 | $ | 137,772 | ||||||||
| Net realized gain (loss) |
161,661 | (45,473 | ) | 899,842 | 248,420 | |||||||||||
| Net change in unrealized appreciation (depreciation) |
(349,411 | ) | 144,995 | (225,449 | ) | (97,191 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
(143,284 | ) | 226,862 | 803,309 | 289,001 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
(165,733 | ) | (69,795 | ) | (86,709 | ) | (63,333 | ) | ||||||||
| Net realized gains |
— | (19,032 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(165,733 | ) | (88,827 | ) | (86,709 | ) | (63,333 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 8,065,673 | 8,337,935 | 21,675,862 | ||||||||||||
| Value of shares redeemed |
— | (7,090,253 | ) | (10,768,343 | ) | (3,350,608 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
— | 975,420 | (2,430,408 | ) | 18,325,254 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
(309,017 | ) | 1,113,455 | (1,713,808 | ) | 18,550,922 | ||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
3,554,416 | 2,440,961 | 18,550,947 | 25 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 3,245,399 | $ | 3,554,416 | $ | 16,837,139 | $ | 18,550,947 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | 26,732 | $ | 147,999 | $ | 132,655 | $ | 90,448 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
150,001 | 100,001 | 800,001 | 1 | ||||||||||||
| Shares sold |
— | 350,000 | 350,000 | 950,000 | ||||||||||||
| Shares redeemed |
— | (300,000 | ) | (450,000 | ) | (150,000 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
150,001 | 150,001 | 700,001 | 800,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | Commencement of Operations. |
| See Notes to Financial Statements. | 58 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
Deutsche X-trackers MSCI Australia Hedged Equity ETF |
|||||||||||||||
| For the Six Months Ended November 30, 2016 (Unaudited) |
For the Period August 19, 2015(1) to May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
For the Period August 19, 2015(1) to May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 22,276 | $ | 44,051 | $ | 70,470 | $ | 138,150 | ||||||||
| Net realized gain (loss) |
(87,611 | ) | (497,290 | ) | (37,297 | ) | (251,443 | ) | ||||||||
| Net change in unrealized appreciation (depreciation) |
252,992 | 8,858 | 79,170 | 255,430 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
187,657 | (444,381 | ) | 112,343 | 142,137 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
(13,429 | ) | (25,760 | ) | (104,447 | ) | (79,799 | ) | ||||||||
| Net realized gains |
— | — | — | (47,307 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(13,429 | ) | (25,760 | ) | (104,447 | ) | (127,106 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 3,594,243 | — | 3,709,755 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
— | 3,594,243 | — | 3,709,755 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
174,228 | 3,124,102 | 7,896 | 3,724,786 | ||||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
3,124,127 | 25 | 3,724,811 | 25 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 3,298,355 | $ | 3,124,127 | $ | 3,732,707 | $ | 3,724,811 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | 26,549 | $ | 17,702 | $ | 5,473 | $ | 39,450 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
150,001 | 1 | 150,001 | 1 | ||||||||||||
| Shares sold |
— | 150,000 | — | 150,000 | ||||||||||||
| Shares redeemed |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
150,001 | 150,001 | 150,001 | 150,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | Commencement of Operations. |
| See Notes to Financial Statements. | 59 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
Deutsche X-trackers MSCI Italy Hedged Equity ETF |
|||||||||||||||
| For the Six Months Ended November 30, 2016 (Unaudited) |
For the Period August 19, 2015(1) to May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
For the Period August 19, 2015(1) to May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 20,961 | $ | 39,712 | $ | 33,394 | $ | 45,842 | ||||||||
| Net realized gain (loss) |
128,966 | (89,790 | ) | 5,070 | (232,086 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) |
(87,752 | ) | (3,664 | ) | (86,393 | ) | (347,033 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
62,175 | (53,742 | ) | (47,929 | ) | (533,277 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
(53,478 | ) | (25,781 | ) | (48,194 | ) | (21,544 | ) | ||||||||
| Net realized gains |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(53,478 | ) | (25,781 | ) | (48,194 | ) | (21,544 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 2,504,593 | — | 2,503,548 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
— | 2,504,593 | — | 2,503,548 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
8,697 | 2,425,070 | (96,123 | ) | 1,948,727 | |||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
2,425,095 | 25 | 1,948,752 | 25 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 2,433,792 | $ | 2,425,095 | $ | 1,852,629 | $ | 1,948,752 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | 9,121 | $ | 41,638 | $ | 21,231 | $ | 36,031 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
100,001 | 1 | 100,001 | 1 | ||||||||||||
| Shares sold |
— | 100,000 | — | 100,000 | ||||||||||||
| Shares redeemed |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | Commencement of Operations. |
| See Notes to Financial Statements. | 60 |
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 |
|||||||||||||||
| For the Six Months Ended November 30, 2016 (Unaudited) |
For the Period August 19, 2015(1) to May 31, 2016 |
For the Six Months Ended November 30, 2016 (Unaudited) |
For the Period August 19, 2015(1) to May 31, 2016 |
|||||||||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||||||||||
| Net investment income (loss) |
$ | 37,365 | $ | 52,991 | $ | 38,444 | $ | 52,621 | ||||||||
| Net realized gain (loss) |
48,388 | (162,723 | ) | 55,011 | (133,493 | ) | ||||||||||
| Net change in unrealized appreciation (depreciation) |
(138,000 | ) | (338,869 | ) | (146,255 | ) | (296,340 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from operations |
(52,247 | ) | (448,601 | ) | (52,800 | ) | (377,212 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Distributions to Shareholders from |
||||||||||||||||
| Net investment income |
(48,695 | ) | (28,964 | ) | (41,888 | ) | (35,348 | ) | ||||||||
| Net realized gains |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total distributions |
(48,695 | ) | (28,964 | ) | (41,888 | ) | (35,348 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fund Shares Transactions |
||||||||||||||||
| Proceeds from shares sold |
— | 2,502,237 | — | 2,501,324 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in net assets resulting from fund share transactions |
— | 2,502,237 | — | 2,501,324 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net increase (decrease) in Net Assets |
(100,942 | ) | 2,024,672 | (94,688 | ) | 2,088,764 | ||||||||||
| Net Assets |
||||||||||||||||
| Beginning of period |
2,024,697 | 25 | 2,088,789 | 25 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| End of period |
$ | 1,923,755 | $ | 2,024,697 | $ | 1,994,101 | $ | 2,088,789 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Undistributed net investment income |
$ | 25,489 | $ | 36,819 | $ | 26,851 | $ | 30,295 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Changes in Shares Outstanding |
||||||||||||||||
| Shares outstanding, beginning of period |
100,001 | 1 | 100,001 | 1 | ||||||||||||
| Shares sold |
— | 100,000 | — | 100,000 | ||||||||||||
| Shares redeemed |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares outstanding, end of period |
100,001 | 100,001 | 100,001 | 100,001 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1) | Commencement of Operations. |
| See Notes to Financial Statements. | 61 |
DBX ETF Trust
Statements of Changes in Net Assets (Continued)
| Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
||||||||
| For the Six Months Ended November 30, 2016 (Unaudited) |
Year Ended May 31, 2016 |
|||||||
| Increase (Decrease) in Net Assets from Operations |
||||||||
| Net investment income (loss) |
$ | 67,746 | $ | 107,423 | ||||
| Net realized gain (loss) |
13,606 | (68,996 | ) | |||||
| Net change in unrealized appreciation (depreciation) |
(60,327 | ) | (203,934 | ) | ||||
|
|
|
|
|
|||||
| Net increase (decrease) in net assets resulting from operations |
21,025 | (165,507 | ) | |||||
|
|
|
|
|
|||||
| Distributions to Shareholders from |
||||||||
| Net investment income |
(53,356 | ) | (84,640 | ) | ||||
| Net realized gains |
— | (6,588 | ) | |||||
|
|
|
|
|
|||||
| Total distributions |
(53,356 | ) | (91,228 | ) | ||||
|
|
|
|
|
|||||
| Fund Shares Transactions |
||||||||
| Proceeds from shares sold |
— | — | ||||||
|
|
|
|
|
|||||
| Net increase (decrease) in net assets resulting from fund share transactions |
— | — | ||||||
|
|
|
|
|
|||||
| Total net increase (decrease) in Net Assets |
(32,331 | ) | (256,735 | ) | ||||
| Net Assets |
||||||||
| Beginning of period |
3,497,961 | 3,754,696 | ||||||
|
|
|
|
|
|||||
| End of period |
$ | 3,465,630 | $ | 3,497,961 | ||||
|
|
|
|
|
|||||
| Undistributed net investment income |
$ | 48,653 | $ | 34,263 | ||||
|
|
|
|
|
|||||
| Changes in Shares Outstanding |
||||||||
| Shares outstanding, beginning of period |
150,001 | 150,001 | ||||||
| Shares sold |
— | — | ||||||
| Shares redeemed |
— | — | ||||||
|
|
|
|
|
|||||
| Shares outstanding, end of period |
150,001 | 150,001 | ||||||
|
|
|
|
|
|||||
| See Notes to Financial Statements. | 62 |
DBX ETF Trust
| Deutsche X-trackers Dow Jones Hedged International Real Estate ETF | For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Period Ended 5/31/2015(a) |
|||||||||
| Selected Per Share Data | ||||||||||||
| Net Asset Value, beginning of period |
$ | 23.70 | $ | 24.41 | $ | 25.00 | ||||||
|
|
|
|
|
|
|
|||||||
| Income (loss) from investment operations: | ||||||||||||
| Net investment income (loss) (c) |
0.30 | 0.65 | 0.13 | |||||||||
| Net realized and unrealized gain (loss) |
(1.26 | ) | (0.91 | )(d) | (0.72 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Total from investment operations |
(0.96 | ) | (0.26 | ) | (0.59 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Less distributions from: |
||||||||||||
| Net investment income |
(1.10 | ) | (0.39 | ) | — | |||||||
| Net realized gains |
— | (0.06 | ) | — | ||||||||
|
|
|
|
|
|
|
|||||||
| Total distributions |
(1.10 | ) | (0.45 | ) | — | |||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value, end of period |
$ | 21.64 | $ | 23.70 | $ | 24.41 | ||||||
|
|
|
|
|
|
|
|||||||
| Total Return (%) |
(4.15 | )** | (0.96 | ) | (2.36 | )** | ||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||
| Net Assets, end of period ($ millions) |
3 | 4 | 2 | |||||||||
| Ratio of expenses (%) |
0.48 | * | 0.48 | 0.48 | * | |||||||
| Ratio of net investment income (loss) (%) |
2.60 | * | 2.83 | 3.53 | * | |||||||
| Portfolio turnover rate (%) (e) |
19 | ** | 27 | 2 | ** | |||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) |
Period Ended 5/31/2016(b) |
||||||||||
| Selected Per Share Data | ||||||||||||
| Net Asset Value, beginning of period |
$ | 23.19 | $ | 25.00 | ||||||||
|
|
|
|
|
|||||||||
| Income (loss) from investment operations: | ||||||||||||
| Net investment income (loss) (c) |
0.14 | 0.28 | ||||||||||
| Net realized and unrealized gain (loss) |
0.80 | (1.97 | )(d) | |||||||||
|
|
|
|
|
|||||||||
| Total from investment operations |
0.94 | (1.69 | ) | |||||||||
|
|
|
|
|
|||||||||
| Less distributions from: | ||||||||||||
| Net investment income |
(0.08 | ) | (0.12 | ) | ||||||||
|
|
|
|
|
|||||||||
| Total distributions |
(0.08 | ) | (0.12 | ) | ||||||||
|
|
|
|
|
|||||||||
| Net Asset Value, end of period |
$ | 24.05 | $ | 23.19 | ||||||||
|
|
|
|
|
|||||||||
| Total Return (%) |
4.08 | ** | (6.78 | )** | ||||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||
| Net Assets, end of period ($ millions) |
17 | 19 | ||||||||||
| Ratio of expenses (%) |
0.40 | * | 0.40 | * | ||||||||
| Ratio of net investment income (loss) (%) |
1.19 | * | 1.31 | * | ||||||||
| Portfolio turnover rate (%) (e) |
18 | ** | 8 | ** | ||||||||
| (a) | For the period April 9, 2015 (commencement of operations) through May 31, 2015. |
| (b) | For the period June 24, 2015 (commencement of operations) through May 31, 2016. |
| (c) | Based on average shares outstanding during the period. |
| (d) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| (e) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 63 |
DBX ETF Trust
Financial Highlights (Continued)
| Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) |
Period Ended 5/31/2016(a) |
||||||
| Selected Per Share Data | ||||||||
| Net Asset Value, beginning of period |
$ | 20.83 | $ | 25.00 | ||||
|
|
|
|
|
|||||
| Income (loss) from investment operations: | ||||||||
| Net investment income (loss) (b) |
0.15 | 0.30 | ||||||
| Net realized and unrealized gain (loss) |
1.10 | (4.30 | ) | |||||
|
|
|
|
|
|||||
| Total from investment operations |
1.25 | (4.00 | ) | |||||
|
|
|
|
|
|||||
| Less distributions from: |
||||||||
| Net investment income |
(0.09 | ) | (0.17 | ) | ||||
|
|
|
|
|
|||||
| Total distributions |
(0.09 | ) | (0.17 | ) | ||||
|
|
|
|
|
|||||
| Net Asset Value, end of period |
$ | 21.99 | $ | 20.83 | ||||
|
|
|
|
|
|||||
| Total Return (%) |
6.06 | ** | (16.06 | )** | ||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||
| Net Assets, end of period ($ millions) |
3 | 3 | ||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | * | ||||
| Ratio of net investment income (loss) (%) |
1.49 | * | 1.77 | * | ||||
| Portfolio turnover rate (%) (c) |
14 | ** | 26 | ** | ||||
| Deutsche X-trackers MSCI Australia Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) |
Period Ended 5/31/2016(a) |
||||||
| Selected Per Share Data | ||||||||
| Net Asset Value, beginning of period |
$ | 24.83 | $ | 25.00 | ||||
|
|
|
|
|
|||||
| Income (loss) from investment operations: | ||||||||
| Net investment income (loss) (b) |
0.47 | 0.94 | ||||||
| Net realized and unrealized gain (loss) |
0.28 | (0.26 | )(d) | |||||
|
|
|
|
|
|||||
| Total from investment operations |
0.75 | 0.68 | ||||||
|
|
|
|
|
|||||
| Less distributions from: | ||||||||
| Net investment income |
(0.70 | ) | (0.53 | ) | ||||
| Net realized gains |
— | (0.32 | ) | |||||
|
|
|
|
|
|||||
| Total distributions |
(0.70 | ) | (0.85 | ) | ||||
|
|
|
|
|
|||||
| Net Asset Value, end of period |
$ | 24.88 | $ | 24.83 | ||||
|
|
|
|
|
|||||
| Total Return (%) |
3.16 | ** | 2.98 | ** | ||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||
| Net Assets, end of period ($ millions) |
4 | 4 | ||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | * | ||||
| Ratio of net investment income (loss) (%) |
3.85 | * | 5.00 | * | ||||
| Portfolio turnover rate (%) (c) |
6 | ** | 22 | ** | ||||
| (a) | For the period August 19, 2015 (commencement of operations) through May 31, 2016. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| (d) | Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 64 |
DBX ETF Trust
Financial Highlights (Continued)
| Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) |
Period Ended 5/31/2016(a) |
||||||
| Selected Per Share Data | ||||||||
| Net Asset Value, beginning of period |
$ | 24.25 | $ | 25.00 | ||||
|
|
|
|
|
|||||
| Income (loss) from investment operations: | ||||||||
| Net investment income (loss) (b) |
0.21 | 0.40 | ||||||
| Net realized and unrealized gain (loss) |
0.41 | (0.89 | ) | |||||
|
|
|
|
|
|||||
| Total from investment operations |
0.62 | (0.49 | ) | |||||
|
|
|
|
|
|||||
| Less distributions from: |
||||||||
| Net investment income |
(0.53 | ) | (0.26 | ) | ||||
|
|
|
|
|
|||||
| Total distributions |
(0.53 | ) | (0.26 | ) | ||||
|
|
|
|
|
|||||
| Net Asset Value, end of period |
$ | 24.34 | $ | 24.25 | ||||
|
|
|
|
|
|||||
| Total Return (%) |
2.72 | ** | (1.96 | )** | ||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||
| Net Assets, end of period ($ millions) |
2 | 2 | ||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | * | ||||
| Ratio of net investment income (loss) (%) |
1.77 | * | 2.16 | * | ||||
| Portfolio turnover rate (%) (c) |
10 | ** | 23 | ** | ||||
| Deutsche X-trackers MSCI Italy Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) |
Period Ended 5/31/2016(a) |
||||||
| Selected Per Share Data | ||||||||
| Net Asset Value, beginning of period |
$ | 19.49 | $ | 25.00 | ||||
|
|
|
|
|
|||||
| Income (loss) from investment operations: | ||||||||
| Net investment income (loss) (b) |
0.33 | 0.46 | ||||||
| Net realized and unrealized gain (loss) |
(0.81 | ) | (5.75 | ) | ||||
|
|
|
|
|
|||||
| Total from investment operations |
(0.48 | ) | (5.29 | ) | ||||
|
|
|
|
|
|||||
| Less distributions from: |
||||||||
| Net investment income |
(0.48 | ) | (0.22 | ) | ||||
|
|
|
|
|
|||||
| Total distributions |
(0.48 | ) | (0.22 | ) | ||||
|
|
|
|
|
|||||
| Net Asset Value, end of period |
$ | 18.53 | $ | 19.49 | ||||
|
|
|
|
|
|||||
| Total Return (%) |
(2.45 | )** | (21.29 | )** | ||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||
| Net Assets, end of period ($ millions) |
2 | 2 | ||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | * | ||||
| Ratio of net investment income (loss) (%) |
3.70 | * | 2.76 | * | ||||
| Portfolio turnover rate (%) (c) |
11 | ** | 29 | ** | ||||
| (a) | For the period August 19, 2015 (commencement of operations) through May 31, 2016. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 65 |
DBX ETF Trust
Financial Highlights (Continued)
| Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) |
Period Ended 5/31/2016(a) |
||||||
| Selected Per Share Data | ||||||||
| Net Asset Value, beginning of period |
$ | 20.25 | $ | 25.00 | ||||
|
|
|
|
|
|||||
| Income (loss) from investment operations: | ||||||||
| Net investment income (loss) (b) |
0.37 | 0.53 | ||||||
| Net realized and unrealized gain (loss) |
(0.89 | ) | (4.99 | ) | ||||
|
|
|
|
|
|||||
| Total from investment operations |
(0.52 | ) | (4.46 | ) | ||||
|
|
|
|
|
|||||
| Less distributions from: |
||||||||
| Net investment income |
(0.49 | ) | (0.29 | ) | ||||
|
|
|
|
|
|||||
| Total distributions |
(0.49 | ) | (0.29 | ) | ||||
|
|
|
|
|
|||||
| Net Asset Value, end of period |
$ | 19.24 | $ | 20.25 | ||||
|
|
|
|
|
|||||
| Total Return (%) |
(2.56 | )** | (17.94 | )** | ||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||
| Net Assets, end of period ($ millions) |
2 | 2 | ||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | * | ||||
| Ratio of net investment income (loss) (%) |
3.93 | * | 3.18 | * | ||||
| Portfolio turnover rate (%) (c) |
8 | ** | 20 | ** | ||||
| Deutsche X-trackers MSCI Spain Hedged Equity ETF | For the Six Months Ended 11/30/2016 (Unaudited) |
Period Ended 5/31/2016(a) |
||||||
| Selected Per Share Data | ||||||||
| Net Asset Value, beginning of period |
$ | 20.89 | $ | 25.00 | ||||
|
|
|
|
|
|||||
| Income (loss) from investment operations: | ||||||||
| Net investment income (loss) (b) |
0.38 | 0.53 | ||||||
| Net realized and unrealized gain (loss) |
(0.91 | ) | (4.29 | ) | ||||
|
|
|
|
|
|||||
| Total from investment operations |
(0.53 | ) | (3.76 | ) | ||||
|
|
|
|
|
|||||
| Less distributions from: |
||||||||
| Net investment income |
(0.42 | ) | (0.35 | ) | ||||
|
|
|
|
|
|||||
| Total distributions |
(0.42 | ) | (0.35 | ) | ||||
|
|
|
|
|
|||||
| Net Asset Value, end of period |
$ | 19.94 | $ | 20.89 | ||||
|
|
|
|
|
|||||
| Total Return (%) |
(2.50 | )** | (15.10 | )** | ||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||
| Net Assets, end of period ($ millions) |
2 | 2 | ||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | * | ||||
| Ratio of net investment income (loss) (%) |
3.88 | * | 3.14 | * | ||||
| Portfolio turnover rate (%) (c) |
13 | ** | 23 | ** | ||||
| (a) | For the period August 19, 2015 (commencement of operations) through May 31, 2016. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 66 |
DBX ETF Trust
Financial Highlights (Continued)
| Deutsche X-trackers S&P Hedged Global Infrastructure ETF | For the Six Months Ended 11/30/2016 (Unaudited) |
Year Ended 5/31/2016 |
Period Ended 5/31/2015(a) |
|||||||||
| Selected Per Share Data | ||||||||||||
| Net Asset Value, beginning of period |
$ | 23.32 | $ | 25.03 | $ | 25.00 | ||||||
|
|
|
|
|
|
|
|||||||
| Income (loss) from investment operations: | ||||||||||||
| Net investment income (loss)(b) |
0.45 | 0.72 | 0.18 | |||||||||
| Net realized and unrealized gain (loss) |
(0.31 | ) | (1.83 | ) | (0.15 | ) | ||||||
|
|
|
|
|
|
|
|||||||
| Total from investment operations |
0.14 | (1.11 | ) | 0.03 | ||||||||
|
|
|
|
|
|
|
|||||||
| Less distributions from: |
||||||||||||
| Net investment income |
(0.36 | ) | (0.56 | ) | — | |||||||
| Net realized gains |
— | (0.04 | ) | — | ||||||||
|
|
|
|
|
|
|
|||||||
| Total distributions |
(0.36 | ) | (0.60 | ) | — | |||||||
|
|
|
|
|
|
|
|||||||
| Net Asset Value, end of period |
$ | 23.10 | $ | 23.32 | $ | 25.03 | ||||||
|
|
|
|
|
|
|
|||||||
| Total Return (%) |
0.57 | ** | (4.24 | ) | 0.12 | ** | ||||||
| Ratios to Average Net Assets and Supplemental Data |
||||||||||||
| Net Assets, end of period ($ millions) |
3 | 3 | 4 | |||||||||
| Ratio of expenses (%) |
0.45 | * | 0.45 | 0.45 | * | |||||||
| Ratio of net investment income (loss) (%) |
3.80 | * | 3.17 | 4.84 | * | |||||||
| Portfolio turnover rate (%)(c) |
10 | ** | 22 | 1 | ** | |||||||
| (a) | For the period April 9, 2015 (commencement of operations) through May 31, 2016. |
| (b) | Based on average shares outstanding during the period. |
| (c) | Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions. |
| * | Annualized. |
| ** | Not Annualized. |
| See Notes to Financial Statements. | 67 |
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, 2016, the Trust consists of thirty-nine investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:
| Deutsche X-trackers 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”). Effective January 6, 2017, the Deutsche X-trackers Dow Jones Hedged International Real Estate ETF, Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF, Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF, Deutsche Xtrackers MSCI Southern Europe Hedged Equity ETF, and Deutsche Xtrackers MSCI Spain Hedged Equity ETF, transferred their primary listings to Bats BZX Exchange, Inc. and will no longer be listed on the NYSE Arca, Inc. Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.
The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:
| Fund |
Underlying Index | |
| Deutsche X-trackers 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 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. 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.
68
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
The JPX-Nikkei Index 400 Net Total Return Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The 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 JPX-Nikkei 400 Net Total Return USD Hedged Index is rebalanced monthly on the last business day of the 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 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 MSCI EAFE Small Cap US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
The MSCI Italy 25/50 US Dollar Hedged Index is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The MSCI Italy 25/50 US Dollar Hedged Index is rebalanced quarterly.
The MSCI Southern Europe US Dollar Hedged Index is designed to track the performance the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The MSCI Southern Europe US Dollar Hedged Index is rebalanced monthly on the last business day of each month.
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 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. 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 fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies.
Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.
69
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. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.
Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.
Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.
Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange- traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.
Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.
Cash Cash consists of cash held at banks and is on deposit with major financial institutions.
Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.
70
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of Deutsche X-trackers Dow Jones Hedged International Real Estate ETF Fund to pay out dividends from net investment income quarterly and 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 to pay out dividends from net investment income semiannually. 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, 2016, the Funds did not incur any interest or penalties.
At May 31, 2016, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
| Short-Term | Long-Term | Total Amount | ||||||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
$ | 5,766 | $ | — | $ | 5,766 | ||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
34,973 | 42,844 | 77,817 | |||||||||
| Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
7,784 | 7,250 | 15,034 | |||||||||
| Deutsche X-trackers MSCI Italy Hedged Equity ETF |
10,136 | 5,248 | 15,384 | |||||||||
| Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
3,850 | 5,331 | 9,181 | |||||||||
| Deutsche X-trackers MSCI Spain Hedged Equity ETF |
10,084 | 5,348 | 15,432 | |||||||||
| Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
11,766 | — | 11,766 | |||||||||
Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the period ended May 31, 2016, the Funds incurred and elected to defer net capital losses as follows:
| Post-October Losses on Capital |
||||
| Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
$ | 288,090 | ||
| Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
4,702 | |||
| Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
303,023 | |||
71
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
| Post-October Losses on Capital |
||||
| Deutsche X-trackers MSCI Australia Hedged Equity ETF |
$ | 35,213 | ||
| Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
12,834 | |||
| Deutsche X-trackers MSCI Italy Hedged Equity ETF |
135,720 | |||
| Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
63,330 | |||
| Deutsche X-trackers MSCI Spain Hedged Equity ETF |
32,356 | |||
| Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
17,670 | |||
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, 2016, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.
Foreign Currency Translation The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.
Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.
Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the six months ended November 30, 2016, the Funds invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2016 the Funds invested the cash collateral in Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.09% annualized effective rate as of November 30, 2016) on the cash collateral invested in Government & Agency Securities Portfolio. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.
As of November 30, 2016, each Fund had securities on loan, which were classified as common stock in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period
72
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.
Derivatives
Forward Foreign Currency Exchange Contracts Each Fund, except Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF, may enter into forward foreign currency exchange contracts (“forward currency contracts”) designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.
A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2016, 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 S&P Hedged Global Infrastructure ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, Deutsche X-trackers 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 currency 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 contracts as of November 30, 2016 is included in a table following each Fund’s Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the period ended November 30, 2016.
Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2016, Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF and Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF utilized futures in order to simulate investment in each Fund’s Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.
At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).
Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.
73
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
A summary of the open futures contracts as of November 30, 2016 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, 2016 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 exchange contracts | $ | 123,583 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 15,070 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 123,583 | Total | $ | 15,070 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | ||||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts | $ | 14,842 | Unrealized depreciation on futures contracts | $ | — | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 14,842 | Total | $ | — | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||
| Equity contracts | Unrealized appreciation on futures contracts | $ | 4,050 | Unrealized depreciation on futures contracts | $ | — | ||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 269,285 | Unrealized depreciation on forward foreign currency exchange contracts | 10,930 | ||||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 273,335 | Total | $ | 10,930 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers MSCI Australia Hedged Equity ETF | ||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 106,677 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 2,375 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 106,677 | Total | $ | 2,375 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 104,527 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 14,328 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 104,527 | Total | $ | 14,328 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 65,146 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 1,251 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 65,146 | Total | $ | 1,251 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 69,849 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 1,343 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 69,849 | Total | $ | 1,343 | |||||||||
|
|
|
|
|
|||||||||||
74
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 exchange contracts | $ | 73,222 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 1,408 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 73,222 | Total | $ | 1,408 | |||||||||
|
|
|
|
|
|||||||||||
| Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||
| Foreign exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $ | 51,584 | Unrealized depreciation on forward foreign currency exchange contracts | $ | 9,590 | ||||||||
|
|
|
|
|
|||||||||||
| Total | $ | 51,584 | Total | $ | 9,590 | |||||||||
|
|
|
|
|
|||||||||||
Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2016 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:
| Net Realized Gain (Loss) from: |
||||||||||||
| Futures - Equity Contracts |
Foreign Exchange Contracts |
Total | ||||||||||
| Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
$ | — | $ | 207,686 | $ | 207,686 | ||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
1,085 | — | 1,085 | |||||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
— | (48,263 | ) | (48,263 | ) | |||||||
| Deutsche X-trackers MSCI Australia Hedged Equity ETF |
— | (21,394 | ) | (21,394 | ) | |||||||
| Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
— | 120,470 | 120,470 | |||||||||
| Deutsche X-trackers MSCI Italy Hedged Equity ETF |
— | 95,233 | 95,233 | |||||||||
| Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
— | 100,379 | 100,379 | |||||||||
| Deutsche X-trackers MSCI Spain Hedged Equity ETF |
— | 104,635 | 104,635 | |||||||||
| Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
— | 96,611 | 96,611 | |||||||||
| Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
| Futures - Equity Contracts |
Foreign Exchange Contracts |
Total | ||||||||||
| Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
$ | — | $ | (70,814 | ) | $ | (70,814 | ) | ||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
14,842 | — | 14,842 | |||||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
4,050 | 152,739 | 156,789 | |||||||||
| Deutsche X-trackers MSCI Australia Hedged Equity ETF |
— | (83,683 | ) | (83,683 | ) | |||||||
| Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
— | 21,905 | 21,905 | |||||||||
| Deutsche X-trackers MSCI Italy Hedged Equity ETF |
— | 4,634 | 4,634 | |||||||||
| Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
— | 7,154 | 7,154 | |||||||||
| Deutsche X-trackers MSCI Spain Hedged Equity ETF |
— | 8,626 | 8,626 | |||||||||
| Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
— | (21,588 | ) | (21,588 | ) | |||||||
For the period ended November 30, 2016 the average monthly volume of derivatives was as follows:
| Futures Contracts (Contract Value) |
Forward Foreign Currency Exchange Contracts (Contract Value) |
|||||||
| Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
$ | — | $ | (3,388,554 | ) | |||
| Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
148,501 | — | ||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
69,359 | (2,560,313 | ) | |||||
| Deutsche X-trackers MSCI Australia Hedged Equity ETF |
— | (3,661,443 | ) | |||||
75
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
| Futures Contracts (Contract Value) |
Forward Foreign Currency Exchange Contracts (Contract Value) |
|||||||
| Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
$ | — | $ | (2,319,561 | ) | |||
| Deutsche X-trackers MSCI Italy Hedged Equity ETF |
— | (1,805,666 | ) | |||||
| Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
— | (1,895,301 | ) | |||||
| Deutsche X-trackers MSCI Spain Hedged Equity ETF |
— | (1,969,529 | ) | |||||
| Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
— | (1,967,675 | ) | |||||
As of November 30, 2016, 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:
| 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 | ||||||||||||||||||||||||||||||||
| The Bank of Nova Scotia |
$ | 123,581 | $ | (15,065 | ) | $ | — | $ | 108,516 | $ | 15,065 | $ | (15,065 | ) | $ | — | $ | — | ||||||||||||||
| Goldman Sachs & Co. |
2 | (2 | ) | — | — | 5 | (2 | ) | — | 3 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 123,583 | $ | (15,067 | ) | $ | — | $ | 108,516 | $ | 15,070 | $ | (15,067 | ) | $ | — | $ | 3 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| The Bank of Nova Scotia |
$ | 269,285 | $ | (10,930 | ) | $ | — | $ | 258,355 | $ | 10,930 | $ | (10,930 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 269,285 | $ | (10,930 | ) | $ | — | $ | 258,355 | $ | 10,930 | $ | (10,930 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers MSCI Australia Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| The Bank of Nova Scotia |
$ | 106,677 | $ | (2,375 | ) | $ | — | $ | 104,302 | $ | 2,375 | $ | (2,375 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 106,677 | $ | (2,375 | ) | $ | — | $ | 104,302 | $ | 2,375 | $ | (2,375 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| The Bank of Nova Scotia |
$ | 104,527 | $ | (14,328 | ) | $ | — | $ | 90,199 | $ | 14,328 | $ | (14,328 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 104,527 | $ | (14,328 | ) | $ | — | $ | 90,199 | $ | 14,328 | $ | (14,328 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers MSCI Italy Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| The Bank of Nova Scotia |
$ | 65,146 | $ | (1,251 | ) | $ | — | $ | 63,895 | $ | 1,251 | $ | (1,251 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 65,146 | $ | (1,251 | ) | $ | — | $ | 63,895 | $ | 1,251 | $ | (1,251 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| The Bank of Nova Scotia |
$ | 69,849 | $ | (1,343 | ) | $ | — | $ | 68,506 | $ | 1,343 | $ | (1,343 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 69,849 | $ | (1,343 | ) | $ | — | $ | 68,506 | $ | 1,343 | $ | (1,343 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
76
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
| Gross Amounts of Assets Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Received |
Net Amount of Derivatives Assets |
Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities |
Financial Instruments and Derivatives Available for Offset |
Collateral Pledged |
Net Amount of Derivatives Liabilities |
|||||||||||||||||||||||||
| Deutsche X-trackers MSCI Spain Hedged Equity ETF | ||||||||||||||||||||||||||||||||
| The Bank of Nova Scotia |
$ | 73,222 | $ | (1,408 | ) | $ | — | $ | 71,814 | $ | 1,408 | $ | (1,408 | ) | $ | — | $ | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 73,222 | $ | (1,408 | ) | $ | — | $ | 71,814 | $ | 1,408 | $ | (1,408 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Deutsche X-trackers S&P Hedged Global Infrastructure ETF | ||||||||||||||||||||||||||||||||
| JP Morgan & Chase Co. |
$ | 17,529 | $ | (2,260 | ) | $ | — | $ | 15,269 | $ | 2,260 | $ | (2,260 | ) | $ | — | $ | — | ||||||||||||||
| The Bank of New York Mellon |
697 | (269 | ) | — | 428 | 269 | (269 | ) | — | — | ||||||||||||||||||||||
| The Bank of Nova Scotia |
11,148 | (2,683 | ) | — | 8,465 | 2,683 | (2,683 | ) | — | — | ||||||||||||||||||||||
| RBC Capital Markets |
22,210 | (4,378 | ) | — | 17,832 | 4,378 | (4,378 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 51,584 | $ | (9,590 | ) | $ | — | $ | 41,994 | $ | 9,590 | $ | (9,590 | ) | $ | — | $ | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
3. Investment Advisory and Other Agreements
The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.
Prior to the effective dates listed below, TDAM USA Inc. (“TDAM”) served as investment sub-advisor to each Fund and was responsible for day-to-day management of the Funds, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may have been agreed between the Advisor and TDAM from time to time.
Effective on the dates listed below with respect to each applicable Fund, as approved by the Board of Trustees of DBX ETF Trust, the Advisor assumed the day-to-day management of the Funds.
| Effective Dates |
||
| September 14, 2016 | Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF | |
| October 19, 2016 | Deutsche X-trackers Dow Jones Hedged International Real Estate ETF Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF 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 Deutsche X-trackers MSCI Spain Hedged Equity ETF | |
| November 17, 2016 | Deutsche X-trackers S&P Hedged Global Infrastructure ETF | |
77
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s daily average net assets, computed and accrued daily and payable monthly, at an annual rate equal to:
| Unitary Management Fee |
||||
| Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
0.48 | % | ||
| Deutsche X-trackers Japan 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, Lending Agent and Transfer Agent for each Fund.
ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.
The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Audit Committee and Lead Independent Trustee (Chairman of the Board of Trustees effective November 16, 2016); and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).
4. Investment Portfolio Transactions
For the period ended November 30, 2016, 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 |
$ | 655,481 | $ | 659,756 | ||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
3,812,811 | 3,760,208 | ||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF |
456,647 | 422,703 | ||||||
| Deutsche X-trackers MSCI Australia Hedged Equity ETF |
217,506 | 379,164 | ||||||
| Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF |
370,281 | 241,271 | ||||||
| Deutsche X-trackers MSCI Italy Hedged Equity ETF |
280,127 | 198,330 | ||||||
| Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF |
232,516 | 143,801 | ||||||
| Deutsche X-trackers MSCI Spain Hedged Equity ETF |
351,884 | 248,866 | ||||||
| Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
455,039 | 371,120 | ||||||
For the period ended November 30, 2016, the cost of in-kind purchases and proceeds from in-kind sales were as follows:
| Purchases | Sales | |||||||
| Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF |
$ | 8,244,337 | $ | 10,719,540 | ||||
5. Fund Share Transactions
As of November 30, 2016, 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
78
DBX ETF Trust
Notes to Financial Statements (Unaudited) (Continued)
Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.
6. Concentration of Ownership
From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2016, there was one affiliated shareholder account for each fund listed below holding a significant percentage of the shares outstanding:
| Approximate Percent of Outstanding Shares Held |
||||
| Deutsche X-trackers Dow Jones Hedged International Real Estate ETF |
67 | % | ||
| 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 |
85 | % | ||
| 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 |
68 | % | ||
| Deutsche X-trackers S&P Hedged Global Infrastructure ETF |
47 | % | ||
79
DBX ETF Trust
Additional Information (Unaudited)
Proxy Voting Policies and Procedures
The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.
Quarterly Portfolio Disclosure
The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.
Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.
Discount & Premium Information
Information regarding how often shares of each Fund traded on NYSE Arca or Bats BZX, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.
80
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.
81
DBX ETF Trust
This report is intended for the shareholders of DBX ETF Trust.
Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. Stocks may decline in value. 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 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 country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. 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. Performance of the Funds may diverge from that of the underlying index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. See the prospectus for details.
Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.
DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.
Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.
DBX ETF Trust (Continued)
The Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged and the S&P Global Infrastructure Index (USD) (Hedged) (Net TR) are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and have been licensed for use by DBRE and DBIF. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by DBRE and DBIF. The Funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, or third party licensors, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged and the S&P Global Infrastructure Index (USD) (Hedged) (Net TR).
The “JPX-Nikkei Index 400” and “JPX-Nikkei 400 Total Return Index” (hereinafter collectively referred to as the “Index”) are copyrightable works calculated using such methodology independently developed by Japan Exchange Group, Inc. and Tokyo Stock Exchange, Inc. (hereinafter collectively called “JPX Group”) and Nikkei Inc. (hereinafter called “Nikkei”). JPX Group and Nikkei jointly own copyrights and any other intellectual property rights subsisting in “Index” itself and the methodology to calculate “Index”. JPN and JPNH are not in any way sponsored, endorsed or promoted by JPX Group and Nikkei. JPX Group and Nikkei do not make any warranty or representation. JPX Group and Nikkei have no obligation to publish “Index” continuously and shall not be liable for any errors, delays or suspensions of the publication of “Index”. The currency hedge used for JPNH is provided solely by the Licensee. JPX Group and/or Nikkei assume no responsibility for such hedging, including, but not limited to, the tracking errors due to such hedging.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.
Copyright © 2017 Deutsche Bank AG. All rights reserved. Deutsche X-trackers® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.
Not FDIC Insured | No Bank Guarantee | May Lose Value
DBX ETF Trust
| Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154 |
Investment sub-advisor 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-049074-1 (1/17) DBX 002441 (1/18)
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 Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
| (a) | The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
| (b) | There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting. |
Item 12. Exhibits.
| (a)(1) | 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/ Freddi Klassen |
| Freddi Klassen |
| President and Chief Executive Officer |
| Date 1/31/2017 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* /s/ Freddi Klassen |
| Freddi Klassen |
| President and Chief Executive Officer |
| Date 1/31/2017 | ||
| By (Signature and Title)* /s/ Michael Gilligan |
| Michael Gilligan |
| Treasurer, Chief Financial Officer and Controller |
| Date 1/31/2017 |
* Print the name and title of each signing officer under his or her signature.