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- ＜1391 ＞ＵＢＳスイス株 平成27年12月期決算短信（2/2）
＜1391 ＞ＵＢＳスイス株
平成27年12月期決算短信（2/2）
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Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Common Stocks
Advertising (0.50%)
Dentsu 49,900 2,770,955 0.42
Hakuhodo DY Holdings 51,200 561,393 0.08
Aerospace & Defense (0.33%)
IHI 333,000 932,882 0.14
Kawasaki Heavy Industries 333,000 1,251,224 0.19
Agriculture (1.41%)
Japan Tobacco 253,100 9,406,959 1.41
Airlines (0.26%)
ANA Holdings 263,000 765,202 0.11
Japan Airlines 27,300 988,560 0.15
Apparel (0.11%)
Asics 35,500 744,852 0.11
Auto Manufacturers (10.85%)
Daihatsu Motor 42,600 581,126 0.09
Fuji Heavy Industries 134,800 5,633,148 0.85
Hino Motors 60,900 713,314 0.11
Honda Motor 375,200 12,195,287 1.83
Isuzu Motors 136,800 1,494,287 0.22
Mazda Motor 124,000 2,601,737 0.39
Mitsubishi Motors 144,700 1,238,963 0.19
Nissan Motor 571,400 6,077,612 0.91
Suzuki Motor 83,300 2,564,195 0.38
Toyota Motor 628,700 39,134,674 5.88
Auto Parts & Equipment (3.62%)
Aisin Seiki 44,500 1,938,401 0.29
Bridgestone 149,400 5,183,886 0.78
Denso 111,600 5,397,471 0.81
JTEKT 48,200 803,367 0.12
Koito Manufacturing 24,600 1,024,531 0.16
NGK Insulators 60,000 1,373,623 0.21
NGK Spark Plug 41,200 1,101,110 0.17
NHK Spring 38,700 393,129 0.06
NOK 20,700 491,796 0.07
Stanley Electric 31,000 688,574 0.10
Sumitomo Electric Industries 173,500 2,486,504 0.37
Sumitomo Rubber Industries 36,800 483,651 0.07
Toyoda Gosei 15,100 347,453 0.05
Toyota Industries 37,500 2,035,621 0.31
Yokohama Rubber 23,000 357,729 0.05
Banks (9.23%)
Aozora Bank 264,000 928,318 0.14
Bank of Kyoto 79,000 742,092 0.11
Bank of Yokohama 258,000 1,600,181 0.24
Chiba Bank 159,000 1,141,993 0.17
Chugoku Bank 41,300 557,556 0.08
Fukuoka Financial Group 191,000 960,597 0.15
Gunma Bank 89,000 523,073 0.08
Hachijuni Bank 95,000 588,345 0.09
Hiroshima Bank 115,000 662,496 0.10
Hokuhoku Financial Group 234,000 482,414 0.07
Iyo Bank 58,200 572,832 0.09
Japan Post Bank 93,500 1,360,198 0.21
Joyo Bank 143,000 683,528 0.10
Kyushu Financial Group 88,300 621,722 0.09
Mitsubishi UFJ Financial Group 2,931,600 18,450,595 2.77
Mizuho Financial Group 5,413,700 10,958,360 1.65
Resona Holdings 505,700 2,485,306 0.37
Seven Bank 141,300 626,068 0.09
Shinsei Bank 396,000 737,387 0.11
Shizuoka Bank 122,000 1,198,753 0.18
Sumitomo Mitsui Financial Group 292,500 11,199,593 1.68
The accompanying notes form an integral part of these financial statements.
193
UBS ETF - MSCI Japan hedged to USD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Banks (9.23%) (continued)
Sumitomo Mitsui Trust Holdings 766,000 2,935,500 0.44
Suruga Bank 40,400 843,969 0.13
Yamaguchi Financial Group 48,000 574,588 0.09
Beverages (1.02%)
Asahi Group Holdings 88,700 2,801,208 0.42
Kirin Holdings 189,200 2,591,188 0.39
Suntory Beverage & Food 31,800 1,406,343 0.21
Building Materials (1.40%)
Asahi Glass 217,000 1,255,514 0.19
Daikin Industries 53,700 3,973,429 0.60
LIXIL Group 60,400 1,355,667 0.20
Rinnai 8,500 761,711 0.11
Taiheiyo Cement 268,000 788,661 0.12
TOTO 32,600 1,161,237 0.18
Chemicals (3.83%)
Air Water 33,000 536,581 0.08
Asahi Kasei 291,000 1,990,639 0.30
Daicel 66,700 1,005,809 0.15
Hitachi Chemical 23,800 383,031 0.06
JSR 41,800 659,863 0.10
Kaneka 66,000 694,044 0.10
Kansai Paint 54,000 828,214 0.12
Kuraray 80,300 982,598 0.15
Mitsubishi Chemical Holdings 310,900 2,001,162 0.30
Mitsubishi Gas Chemical 96,000 496,380 0.07
Mitsui Chemicals 193,000 869,579 0.13
Nippon Paint Holdings 34,000 836,045 0.13
Nitto Denko 37,700 2,792,987 0.42
Shin-Etsu Chemical 94,200 5,181,607 0.78
Sumitomo Chemical 343,000 1,998,778 0.30
Taiyo Nippon Sanso 32,900 301,391 0.05
Teijin 218,000 752,068 0.11
Toray Industries 338,000 3,175,028 0.48
Commercial Services (1.23%)
Benesse Holdings 14,200 411,970 0.06
Dai Nippon Printing 126,000 1,262,147 0.19
Park24 21,200 516,188 0.08
Recruit Holdings 32,600 964,762 0.14
Secom 48,100 3,294,767 0.49
Sohgo Security Services 13,700 649,154 0.10
Toppan Printing 120,000 1,116,256 0.17
Computers (1.23%)
Fujitsu 429,000 2,164,347 0.33
Itochu Techno-Solutions 12,100 243,620 0.04
Nomura Research Institute 27,940 1,084,665 0.16
NTT Data 28,600 1,397,963 0.21
Obic 15,400 824,440 0.12
Otsuka 12,400 614,356 0.09
TDK 28,200 1,833,193 0.28
Cosmetics & Personal Care (1.53%)
Kao 115,800 6,021,273 0.90
Kose 6,800 637,067 0.10
Shiseido 82,500 1,734,424 0.26
Unicharm 85,600 1,762,593 0.27
Distribution & Wholesale (3.01%)
ITOCHU 363,100 4,352,552 0.65
Marubeni 377,100 1,959,559 0.29
Mitsubishi 310,600 5,236,267 0.79
Mitsui & Co 392,200 4,712,790 0.71
Sumitomo 259,400 2,674,972 0.40
Toyota Tsusho 47,000 1,113,122 0.17
The accompanying notes form an integral part of these financial statements.
194
UBS ETF - MSCI Japan hedged to USD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Diversified Financial Services (2.35%)
Acom 84,100 401,292 0.06
AEON Financial Service 22,500 509,872 0.08
Credit Saison 32,300 644,684 0.10
Daiwa Securities Group 384,000 2,377,515 0.36
Japan Exchange Group 126,500 2,008,521 0.30
Mitsubishi UFJ Lease & Finance 117,400 612,887 0.09
Nomura Holdings 832,600 4,700,267 0.71
ORIX 306,000 4,363,797 0.65
Electric (1.75%)
Chubu Electric Power 152,000 2,100,669 0.32
Chugoku Electric Power 68,500 911,093 0.14
Electric Power Development 33,300 1,197,244 0.18
Hokuriku Electric Power 36,700 547,625 0.08
Kansai Electric Power 161,800 1,963,067 0.29
Kyushu Electric Power 96,400 1,063,409 0.16
Shikoku Electric Power 42,900 677,584 0.10
Tohoku Electric Power 101,200 1,278,723 0.19
Tokyo Electric Power 331,000 1,923,347 0.29
Electrical Components & Equipment (0.92%)
Brother Industries 55,700 649,166 0.10
Casio Computer 46,200 1,093,407 0.16
Mabuchi Motor 11,900 656,852 0.10
Nidec 51,000 3,746,515 0.56
Electronics (4.43%)
Alps Electric 42,700 1,176,695 0.18
Hamamatsu Photonics 32,900 912,104 0.14
Hirose Electric 7,130 874,839 0.13
Hitachi High-Technologies 15,100 412,976 0.06
Hoya 95,800 3,966,747 0.60
Keyence 10,500 5,855,106 0.88
Kyocera 73,500 3,454,582 0.52
Minebea 73,000 636,577 0.10
Murata Manufacturing 46,600 6,806,285 1.02
NEC 612,000 1,958,685 0.29
Nippon Electric Glass 94,000 479,006 0.07
Omron 45,700 1,544,291 0.23
Yaskawa Electric 55,100 761,722 0.11
Yokogawa Electric 54,600 664,940 0.10
Engineering & Construction (0.97%)
Japan Airport Terminal 9,800 441,548 0.07
JGC 49,000 758,859 0.11
Kajima 194,000 1,167,596 0.17
Obayashi 149,000 1,386,018 0.21
Shimizu 134,000 1,102,789 0.17
Taisei 238,000 1,582,776 0.24
Entertainment (0.66%)
Oriental Land 45,900 2,799,520 0.42
Sankyo 11,800 443,867 0.07
Sega Sammy Holdings 39,700 374,575 0.06
Toho 26,800 748,560 0.11
Environmental Control (0.08%)
Kurita Water Industries 25,900 547,088 0.08
Food (3.01%)
Ajinomoto 129,000 3,087,872 0.46
Calbee 17,500 747,745 0.11
Kikkoman 33,000 1,159,026 0.17
MEIJI Holdings 28,000 2,339,249 0.35
NH Foods 40,000 790,723 0.12
Nisshin Seifun Group 50,830 839,596 0.13
Nissin Foods Holdings 15,100 807,124 0.12
Seven & i Holdings 173,200 7,990,856 1.20
Toyo Suisan Kaisha 20,300 713,820 0.11
Yakult Honsha 20,100 995,852 0.15
The accompanying notes form an integral part of these financial statements.
195
UBS ETF - MSCI Japan hedged to USD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Food (3.01%) (continued)
Yamazaki Baking 25,000 568,394 0.09
Forest Products & Paper (0.11%)
Oji Holdings 183,000 743,896 0.11
Gas (0.70%)
Osaka Gas 434,000 1,581,658 0.24
Toho Gas 94,000 613,409 0.09
Tokyo Gas 524,000 2,486,381 0.37
Hand & Machine Tools (0.89%)
Fuji Electric 134,000 569,217 0.09
Makita 27,400 1,601,247 0.24
SMC 12,400 3,274,849 0.49
THK 26,700 501,173 0.07
Healthcare Products (1.19%)
Olympus 63,000 2,513,820 0.38
Shimadzu 59,000 1,002,993 0.15
Sysmex 33,600 2,187,023 0.33
Terumo 69,600 2,187,024 0.33
Healthcare Services (0.09%)
Miraca Holdings 13,200 587,057 0.09
Home Builders (1.24%)
Daiwa House Industry 137,700 4,009,835 0.60
Iida Group Holdings 34,700 651,914 0.10
Sekisui Chemical 96,100 1,271,001 0.19
Sekisui House 138,400 2,354,509 0.35
Home Furnishings (1.96%)
Hoshizaki Electric 9,600 603,317 0.09
Panasonic 507,100 5,229,291 0.78
Sony 290,200 7,242,033 1.09
Insurance (3.07%)
Dai-ichi Life Insurance 248,000 4,195,353 0.63
Japan Post Holdings 102,800 1,593,765 0.24
MS&AD Insurance Group Holdings 116,900 3,469,247 0.52
Sompo Japan Nipponkoa Holdings 75,600 2,520,733 0.38
Sony Financial Holdings 39,800 720,929 0.11
T&D Holdings 132,800 1,776,260 0.27
Tokio Marine Holdings 157,300 6,161,500 0.92
Internet (1.10%)
Kakaku.com 31,700 630,864 0.09
M3 44,100 924,562 0.14
Mixi 8,900 336,631 0.05
Rakuten 214,100 2,497,047 0.38
SBI Holdings 51,400 564,441 0.08
Trend Micro 24,600 1,008,172 0.15
Yahoo Japan 334,400 1,373,237 0.21
Iron & Steel (1.00%)
Hitachi Metals 47,200 590,515 0.09
JFE Holdings 112,500 1,795,586 0.27
Kobe Steel 676,000 747,396 0.11
Nippon Steel & Sumitomo Metal 174,900 3,512,684 0.53
Leisure Time (0.77%)
Shimano 18,100 2,807,648 0.42
Yamaha 39,000 956,075 0.14
Yamaha Motor 59,500 1,357,230 0.21
Machinery - Construction & Mining (2.25%)
Hitachi 1,110,000 6,380,689 0.96
Hitachi Construction Machinery 22,800 359,736 0.05
Komatsu 211,300 3,498,978 0.53
Mitsubishi Electric 444,000 4,733,613 0.71
The accompanying notes form an integral part of these financial statements.
196
UBS ETF - MSCI Japan hedged to USD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Machinery - Diversified (2.55%)
Amada Holdings 81,900 792,482 0.12
FANUC 44,900 7,868,091 1.18
Kubota 258,000 4,049,245 0.61
Mitsubishi Heavy Industries 697,000 3,089,988 0.47
Nabtesco 26,700 550,003 0.08
Sumitomo Heavy Industries 134,000 610,433 0.09
Metal Fabricate & Hardware (0.24%)
Maruichi Steel Tube 11,700 349,166 0.05
NSK 111,900 1,233,463 0.19
Mining (0.33%)
Mitsubishi Materials 261,000 833,152 0.12
Sumitomo Metal Mining 113,000 1,389,779 0.21
Miscellaneous Manufacturers (1.28%)
FUJIFILM Holdings 106,100 4,480,552 0.67
Konica Minolta 103,600 1,052,406 0.16
Nikon 77,700 1,049,607 0.16
Toshiba 927,000 1,925,744 0.29
Office & Business Equipment (1.53%)
Canon 245,100 7,487,780 1.13
Ricoh 160,300 1,667,029 0.25
Seiko Epson 64,600 1,004,215 0.15
Oil & Gas (0.83%)
Idemitsu Kosan 19,600 315,764 0.05
Inpex 218,300 2,151,333 0.32
JX Holdings 515,300 2,177,801 0.33
Showa Shell Sekiyu 42,100 345,773 0.05
TonenGeneral Sekiyu 66,000 560,722 0.08
Other Consumer, Cyclical (0.06%)
Mitsubishi Logistics 28,000 373,582 0.06
Packaging & Containers (0.11%)
Toyo Seikan Group Holdings 39,100 735,228 0.11
Pharmaceuticals & Biotechnology (6.22%)
Alfresa Holdings 41,700 833,688 0.13
Astellas Pharma 485,500 6,988,181 1.05
Chugai Pharmaceutical 51,400 1,811,680 0.27
Daiichi Sankyo 146,500 3,057,386 0.46
Eisai 57,800 3,874,154 0.58
Hisamitsu Pharmaceutical 13,900 589,301 0.09
Kyowa Hakko Kirin 54,000 859,637 0.13
Medipal Holdings 29,300 505,160 0.08
Mitsubishi Tanabe Pharma 51,700 900,812 0.14
Ono Pharmaceutical 18,900 3,407,798 0.51
Otsuka Holdings 89,500 3,211,867 0.48
Santen Pharmaceutical 84,300 1,405,759 0.21
Shionogi & Co 68,500 3,133,592 0.47
Sumitomo Dainippon Pharma 35,500 422,299 0.06
Suzuken 18,300 703,583 0.11
Taisho Pharmaceutical Holdings 7,500 534,935 0.08
Takeda Pharmaceutical 181,500 9,150,817 1.37
Real Estate (2.84%)
Aeon Mall 25,100 434,834 0.07
Daito Trust Construction 16,300 1,898,358 0.28
Hulic 67,600 600,727 0.09
Mitsubishi Estate 288,000 6,041,548 0.91
Mitsui Fudosan 217,001 5,512,740 0.83
Nomura Real Estate Holdings 27,400 513,629 0.08
NTT Urban Development 24,000 233,426 0.03
Sumitomo Realty & Development 82,000 2,368,760 0.36
Tokyo Tatemono 50,300 553,198 0.08
Tokyu Fudosan Holdings 119,200 755,064 0.11
The accompanying notes form an integral part of these financial statements.
197
UBS ETF - MSCI Japan hedged to USD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Real Estate Investment Trusts (1.08%)
Japan Prime Realty Investment 193 662,613 0.10
Japan Real Estate Investment 309 1,507,818 0.23
Japan Retail Fund Investment 542 1,046,198 0.16
Nippon Building Fund 333 1,597,249 0.24
Nippon Prologis REIT 315 572,156 0.08
Nomura Real Estate Master Fund 806 1,001,009 0.15
United Urban Investment 612 834,349 0.12
Retail (2.80%)
ABC-Mart 7,000 386,965 0.06
Aeon 150,100 2,330,827 0.35
Citizen Holdings 63,800 463,537 0.07
Don Quijote Holdings 26,900 955,962 0.14
FamilyMart 13,400 628,256 0.09
Fast Retailing 12,200 4,324,436 0.65
Isetan Mitsukoshi Holdings 78,800 1,038,919 0.16
J Front Retailing 55,100 808,900 0.12
Lawson 15,100 1,236,419 0.19
Marui Group 50,900 836,944 0.13
McDonald's Holdings Japan 15,500 337,587 0.05
Nitori Holdings 16,700 1,420,184 0.21
Ryohin Keikaku 5,600 1,147,047 0.17
Shimamura 5,300 628,272 0.09
Takashimaya 70,000 636,602 0.10
USS 50,900 774,321 0.12
Yamada Denki 152,800 664,320 0.10
Semiconductors (0.53%)
Rohm 22,000 1,130,222 0.17
Tokyo Electron 39,300 2,392,074 0.36
Software (0.24%)
GungHo Online Entertainment 94,200 257,632 0.04
Konami 20,700 496,958 0.07
Nexon 28,100 462,280 0.07
Oracle 8,300 389,833 0.06
Telecommunications (5.39%)
Hikari Tsushin 4,400 301,758 0.05
KDDI 402,600 10,555,721 1.59
Nippon Telegraph & Telephone 172,400 6,930,682 1.04
NTT DOCOMO 328,600 6,785,339 1.02
SoftBank 220,900 11,273,163 1.69
Toys, Games & Hobbies (0.69%)
Bandai Namco Holdings 40,800 869,622 0.13
Nintendo 24,500 3,412,423 0.52
Sanrio 11,800 279,563 0.04
Transportation (5.10%)
Central Japan Railway 33,100 5,943,389 0.89
East Japan Railway 76,600 7,290,993 1.10
Hankyu Hanshin Holdings 263,000 1,724,984 0.26
Kamigumi 57,000 496,579 0.08
Keihan Electric Railway 117,000 790,731 0.12
Keikyu 107,000 892,149 0.13
Keio 131,000 1,143,439 0.17
Keisei Electric Railway 60,000 773,099 0.12
Kintetsu Group Holdings 426,000 1,745,858 0.26
Mitsui OSK Lines 272,000 694,160 0.11
Nagoya Railroad 204,000 856,395 0.13
Nippon Express 196,000 931,976 0.14
Nippon Yusen 381,000 934,328 0.14
Odakyu Electric Railway 147,000 1,599,593 0.24
Seibu Holdings 26,700 550,669 0.08
Tobu Railway 244,000 1,212,952 0.18
Tokyu 259,000 2,066,919 0.31
West Japan Railway 37,500 2,616,692 0.39
Yamato Holdings 77,900 1,668,152 0.25
The accompanying notes form an integral part of these financial statements.
198
UBS ETF - MSCI Japan hedged to USD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
______________________________________________________________________________________________________________________________________ _____________________________________________________________________________________________
Total Common Stocks 665,119,459 99.92
TOTAL INVESTMENTS (Cost USD 670,531,700) 665,119,459 99.92
Other net assets 507,796 0.08
TOTAL NET ASSETS 665,627,255 100.00
Forward Foreign Exchange Contracts
Unrealised appreciation/
(depreciation) % of Net
Purchases Sales Maturity Date USD Assets
JPY 1,369,486,000 USD 11,358,761 06 January 2016 25,941 0.00
USD 695,842,081 JPY 85,681,610,000 06 January 2016 (16,439,390) (2.47)
Total Forward Foreign Exchange Contracts (16,413,449)
______________________________________________________________________________________________________________________________________
(2.47)
_____________________________________________________________________________________________
The accompanying notes form an integral part of these financial statements.
199
UBS ETF - MSCI Japan hedged to SGD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in SGD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value SGD Net Assets
Common Stocks
Advertising (0.51%)
Dentsu 1,200 94,534 0.43
Hakuhodo DY Holdings 1,200 18,666 0.08
Aerospace & Defense (0.34%)
IHI 8,000 31,794 0.15
Kawasaki Heavy Industries 8,000 42,644 0.19
Agriculture (1.41%)
Japan Tobacco 5,900 311,089 1.41
Airlines (0.25%)
ANA Holdings 6,000 24,766 0.11
Japan Airlines 600 30,822 0.14
Apparel (0.12%)
Asics 900 26,789 0.12
Auto Manufacturers (10.91%)
Daihatsu Motor 1,000 19,352 0.09
Fuji Heavy Industries 3,200 189,708 0.86
Hino Motors 1,400 23,263 0.11
Honda Motor 8,800 405,777 1.83
Isuzu Motors 3,200 49,588 0.22
Mazda Motor 2,900 86,321 0.39
Mitsubishi Motors 3,400 41,299 0.19
Nissan Motor 13,400 202,196 0.91
Suzuki Motor 2,000 87,340 0.40
Toyota Motor 14,800 1,306,939 5.91
Auto Parts & Equipment (3.59%)
Aisin Seiki 1,000 61,796 0.28
Bridgestone 3,500 172,285 0.78
Denso 2,600 178,392 0.81
JTEKT 1,100 26,010 0.12
Koito Manufacturing 600 35,450 0.16
NGK Insulators 1,000 32,478 0.15
NGK Spark Plug 1,000 37,915 0.17
NHK Spring 800 11,529 0.05
NOK 500 16,852 0.08
Stanley Electric 800 25,209 0.11
Sumitomo Electric Industries 4,100 83,358 0.38
Sumitomo Rubber Industries 900 16,781 0.07
Toyoda Gosei 400 13,057 0.06
Toyota Industries 900 69,308 0.31
Yokohama Rubber 600 13,239 0.06
Banks (9.25%)
Aozora Bank 6,000 29,931 0.13
Bank of Kyoto 2,000 26,652 0.12
Bank of Yokohama 6,000 52,793 0.24
Chiba Bank 4,000 40,757 0.18
Chugoku Bank 900 17,237 0.08
Fukuoka Financial Group 4,000 28,539 0.13
Gunma Bank 2,000 16,675 0.08
Hachijuni Bank 2,000 17,572 0.08
Hiroshima Bank 3,000 24,518 0.11
Hokuhoku Financial Group 6,000 17,548 0.08
Iyo Bank 1,300 18,152 0.08
Japan Post Bank 2,100 43,340 0.20
Joyo Bank 3,000 20,343 0.09
Kyushu Financial Group 2,000 19,978 0.09
Mitsubishi UFJ Financial Group 68,800 614,284 2.78
Mizuho Financial Group 127,600 366,418 1.66
Resona Holdings 11,800 82,271 0.37
Seven Bank 3,400 21,371 0.10
Shinsei Bank 10,000 26,417 0.12
Shizuoka Bank 3,000 41,818 0.19
Sumitomo Mitsui Financial Group 6,900 374,801 1.69
The accompanying notes form an integral part of these financial statements.
200
UBS ETF - MSCI Japan hedged to SGD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in SGD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value SGD Net Assets
Banks (9.25%) (continued)
Sumitomo Mitsui Trust Holdings 18,000 97,859 0.44
Suruga Bank 1,000 29,636 0.13
Yamaguchi Financial Group 1,000 16,982 0.08
Beverages (1.04%)
Asahi Group Holdings 2,100 94,084 0.42
Kirin Holdings 4,400 85,488 0.39
Suntory Beverage & Food 800 50,192 0.23
Building Materials (1.43%)
Asahi Glass 5,000 41,040 0.19
Daikin Industries 1,300 136,461 0.62
LIXIL Group 1,400 44,578 0.20
Rinnai 200 25,426 0.11
Taiheiyo Cement 7,000 29,223 0.13
TOTO 800 40,427 0.18
Chemicals (3.89%)
Air Water 1,000 23,067 0.10
Asahi Kasei 7,000 67,932 0.31
Daicel 1,600 34,228 0.15
Hitachi Chemical 600 13,699 0.06
JSR 1,000 22,395 0.10
Kaneka 2,000 29,836 0.13
Kansai Paint 1,300 28,286 0.13
Kuraray 1,900 32,983 0.15
Mitsubishi Chemical Holdings 7,300 66,659 0.30
Mitsubishi Gas Chemical 2,000 14,671 0.07
Mitsui Chemicals 4,000 25,567 0.11
Nippon Paint Holdings 800 27,907 0.13
Nitto Denko 900 94,590 0.43
Shin-Etsu Chemical 2,200 171,677 0.78
Sumitomo Chemical 8,000 66,136 0.30
Taiyo Nippon Sanso 800 10,397 0.05
Teijin 5,000 24,471 0.11
Toray Industries 8,000 106,609 0.48
Commercial Services (1.25%)
Benesse Holdings 400 16,463 0.08
Dai Nippon Printing 3,000 42,632 0.19
Park24 500 17,271 0.08
Recruit Holdings 800 33,587 0.15
Secom 1,100 106,893 0.48
Sohgo Security Services 300 20,166 0.09
Toppan Printing 3,000 39,589 0.18
Computers (1.24%)
Fujitsu 10,000 71,572 0.32
Itochu Techno-Solutions 300 8,569 0.04
Nomura Research Institute 660 36,349 0.17
NTT Data 700 48,540 0.22
Obic 300 22,784 0.10
Otsuka 300 21,086 0.10
TDK 700 64,556 0.29
Cosmetics & Personal Care (1.54%)
Kao 2,700 199,167 0.90
Kose 200 26,582 0.12
Shiseido 1,900 56,667 0.26
Unicharm 2,000 58,423 0.26
Distribution & Wholesale (3.02%)
ITOCHU 8,500 144,548 0.65
Marubeni 8,700 64,135 0.29
Mitsubishi 7,300 174,590 0.79
Mitsui & Co 9,200 156,832 0.71
Sumitomo 6,000 87,776 0.40
Toyota Tsusho 1,200 40,318 0.18
The accompanying notes form an integral part of these financial statements.
201
UBS ETF - MSCI Japan hedged to SGD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in SGD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value SGD Net Assets
Diversified Financial Services (2.36%)
Acom 2,000 13,539 0.06
AEON Financial Service 600 19,289 0.09
Credit Saison 800 22,652 0.10
Daiwa Securities Group 9,000 79,051 0.36
Japan Exchange Group 3,000 67,574 0.30
Mitsubishi UFJ Lease & Finance 2,800 20,737 0.09
Nomura Holdings 19,500 156,169 0.71
ORIX 7,100 143,641 0.65
Electric (1.78%)
Chubu Electric Power 3,500 68,621 0.31
Chugoku Electric Power 1,600 30,190 0.14
Electric Power Development 800 40,804 0.18
Hokuriku Electric Power 900 19,052 0.09
Kansai Electric Power 3,800 65,405 0.30
Kyushu Electric Power 2,300 35,994 0.16
Shikoku Electric Power 1,000 22,407 0.10
Tohoku Electric Power 2,500 44,814 0.20
Tokyo Electric Power 8,000 65,947 0.30
Electrical Components & Equipment (0.94%)
Brother Industries 1,300 21,494 0.10
Casio Computer 1,100 36,932 0.17
Mabuchi Motor 300 23,492 0.11
Nidec 1,200 125,059 0.56
Electronics (4.31%)
Alps Electric 1,000 39,094 0.18
Hamamatsu Photonics 800 31,464 0.14
Hirose Electric 200 34,813 0.16
Hitachi High-Technologies 400 15,520 0.07
Hoya 2,200 129,231 0.58
Keyence 200 158,216 0.72
Kyocera 1,700 113,353 0.51
Minebea 2,000 24,742 0.11
Murata Manufacturing 1,100 227,925 1.03
NEC 14,000 63,565 0.29
Nippon Electric Glass 2,000 14,458 0.07
Omron 1,100 52,733 0.24
Yaskawa Electric 1,300 25,495 0.11
Yokogawa Electric 1,300 22,460 0.10
Engineering & Construction (1.00%)
Japan Airport Terminal 200 12,784 0.06
JGC 1,000 21,970 0.10
Kajima 5,000 42,691 0.19
Obayashi 4,000 52,786 0.24
Shimizu 3,000 35,025 0.16
Taisei 6,000 56,607 0.25
Entertainment (0.67%)
Oriental Land 1,100 95,179 0.43
Sankyo 300 16,009 0.07
Sega Sammy Holdings 1,000 13,385 0.06
Toho 600 23,775 0.11
Environmental Control (0.08%)
Kurita Water Industries 600 17,980 0.08
Food (3.16%)
Ajinomoto 3,000 101,875 0.46
Calbee 400 24,247 0.11
Kikkoman 1,000 49,826 0.23
MEIJI Holdings 700 82,964 0.37
NH Foods 1,000 28,044 0.13
Nisshin Seifun Group 1,200 28,119 0.13
Nissin Foods Holdings 300 22,749 0.10
Seven & i Holdings 4,100 268,352 1.21
Toyo Suisan Kaisha 500 24,942 0.11
Yakult Honsha 500 35,143 0.16
The accompanying notes form an integral part of these financial statements.
202
UBS ETF - MSCI Japan hedged to SGD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in SGD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value SGD Net Assets
Food (3.16%) (continued)
Yamazaki Baking 1,000 32,254 0.15
Forest Products & Paper (0.10%)
Oji Holdings 4,000 23,067 0.10
Gas (0.68%)
Osaka Gas 10,000 51,701 0.23
Toho Gas 2,000 18,515 0.08
Tokyo Gas 12,000 80,778 0.37
Hand & Machine Tools (0.89%)
Fuji Electric 3,000 18,079 0.08
Makita 600 49,743 0.23
SMC 300 112,400 0.51
THK 600 15,977 0.07
Healthcare Products (1.17%)
Olympus 1,500 84,910 0.38
Shimadzu 1,000 24,117 0.11
Sysmex 800 73,872 0.34
Terumo 1,700 75,782 0.34
Healthcare Services (0.09%)
Miraca Holdings 300 18,928 0.09
Home Builders (1.24%)
Daiwa House Industry 3,200 132,196 0.60
Iida Group Holdings 800 21,322 0.09
Sekisui Chemical 2,200 41,278 0.19
Sekisui House 3,300 79,644 0.36
Home Furnishings (1.96%)
Hoshizaki Electric 200 17,831 0.08
Panasonic 11,900 174,089 0.79
Sony 6,800 240,740 1.09
Insurance (3.10%)
Dai-ichi Life Insurance 5,800 139,194 0.63
Japan Post Holdings 2,500 54,985 0.25
MS&AD Insurance Group Holdings 2,800 117,884 0.53
Sompo Japan Nipponkoa Holdings 1,800 85,144 0.39
Sony Financial Holdings 900 23,127 0.10
T&D Holdings 3,200 60,720 0.27
Tokio Marine Holdings 3,700 205,606 0.93
Internet (1.11%)
Kakaku.com 800 22,586 0.10
M3 1,000 29,742 0.14
Mixi 200 10,732 0.05
Rakuten 5,000 82,729 0.37
SBI Holdings 1,200 18,694 0.08
Trend Micro 600 34,884 0.16
Yahoo Japan 7,800 45,441 0.21
Iron & Steel (1.01%)
Hitachi Metals 1,100 19,523 0.09
JFE Holdings 2,600 58,871 0.26
Kobe Steel 18,000 28,233 0.13
Nippon Steel & Sumitomo Metal 4,100 116,818 0.53
Leisure Time (0.74%)
Shimano 400 88,024 0.40
Yamaha 900 31,300 0.14
Yamaha Motor 1,400 45,304 0.20
Machinery - Construction & Mining (2.23%)
Hitachi 26,000 212,028 0.96
Hitachi Construction Machinery 600 13,430 0.06
Komatsu 5,000 117,459 0.53
Mitsubishi Electric 10,000 151,247 0.68
The accompanying notes form an integral part of these financial statements.
203
UBS ETF - MSCI Japan hedged to SGD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in SGD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value SGD Net Assets
Machinery - Diversified (2.59%)
Amada Holdings 1,800 24,709 0.11
FANUC 1,100 273,458 1.24
Kubota 6,000 133,592 0.60
Mitsubishi Heavy Industries 16,000 100,628 0.46
Nabtesco 700 20,456 0.09
Sumitomo Heavy Industries 3,000 19,388 0.09
Metal Fabricate & Hardware (0.21%)
Maruichi Steel Tube 200 8,468 0.04
NSK 2,500 39,094 0.17
Mining (0.36%)
Mitsubishi Materials 6,000 27,171 0.12
Sumitomo Metal Mining 3,000 52,344 0.24
Miscellaneous Manufacturers (1.28%)
FUJIFILM Holdings 2,500 149,772 0.68
Konica Minolta 2,500 36,028 0.16
Nikon 1,800 34,495 0.16
Toshiba 21,000 61,889 0.28
Office & Business Equipment (1.52%)
Canon 5,700 247,036 1.12
Ricoh 3,800 56,062 0.25
Seiko Epson 1,500 33,079 0.15
Oil & Gas (0.86%)
Idemitsu Kosan 500 11,427 0.05
Inpex 5,100 71,302 0.32
JX Holdings 11,900 71,348 0.32
Showa Shell Sekiyu 1,000 11,652 0.06
TonenGeneral Sekiyu 2,000 24,105 0.11
Other Consumer, Cyclical (0.09%)
Mitsubishi Logistics 1,000 18,928 0.09
Packaging & Containers (0.11%)
Toyo Seikan Group Holdings 900 24,008 0.11
Pharmaceuticals & Biotechnology (6.18%)
Alfresa Holdings 1,000 28,362 0.13
Astellas Pharma 11,400 232,785 1.05
Chugai Pharmaceutical 1,200 60,003 0.27
Daiichi Sankyo 3,400 100,662 0.46
Eisai 1,400 133,123 0.60
Hisamitsu Pharmaceutical 300 18,044 0.08
Kyowa Hakko Kirin 1,000 22,584 0.10
Medipal Holdings 700 17,121 0.08
Mitsubishi Tanabe Pharma 1,200 29,662 0.14
Ono Pharmaceutical 400 102,317 0.46
Otsuka Holdings 2,100 106,913 0.48
Santen Pharmaceutical 2,000 47,314 0.21
Shionogi & Co 1,600 103,836 0.47
Sumitomo Dainippon Pharma 900 15,188 0.07
Suzuken 400 21,817 0.10
Taisho Pharmaceutical Holdings 200 20,237 0.09
Takeda Pharmaceutical 4,300 307,558 1.39
Real Estate (2.90%)
Aeon Mall 600 14,746 0.07
Daito Trust Construction 400 66,089 0.30
Hulic 1,600 20,171 0.09
Mitsubishi Estate 7,000 208,319 0.94
Mitsui Fudosan 5,000 180,198 0.82
Nomura Real Estate Holdings 700 18,615 0.08
NTT Urban Development 600 8,279 0.04
Sumitomo Realty & Development 2,000 81,962 0.37
Tokyo Tatemono 1,100 17,162 0.08
Tokyu Fudosan Holdings 2,800 25,162 0.11
The accompanying notes form an integral part of these financial statements.
204
UBS ETF - MSCI Japan hedged to SGD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in SGD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value SGD Net Assets
Real Estate Investment Trusts (1.10%)
Japan Prime Realty Investment 5 24,353 0.11
Japan Real Estate Investment 7 48,458 0.22
Japan Retail Fund Investment 13 35,598 0.16
Nippon Building Fund 8 54,437 0.25
Nippon Prologis REIT 8 20,614 0.09
Nomura Real Estate Master Fund 19 33,476 0.15
United Urban Investment 14 27,077 0.12
Retail (2.80%)
ABC-Mart 100 7,843 0.03
Aeon 3,500 77,103 0.35
Citizen Holdings 1,400 14,430 0.06
Don Quijote Holdings 600 30,249 0.14
FamilyMart 300 19,954 0.09
Fast Retailing 300 150,857 0.68
Isetan Mitsukoshi Holdings 1,900 35,537 0.16
J Front Retailing 1,300 27,075 0.12
Lawson 400 46,465 0.21
Marui Group 1,200 27,992 0.13
McDonald's Holdings Japan 400 12,359 0.05
Nitori Holdings 400 48,257 0.22
Ryohin Keikaku 100 29,058 0.13
Shimamura 100 16,817 0.08
Takashimaya 2,000 25,803 0.12
USS 1,200 25,898 0.12
Yamada Denki 3,900 24,055 0.11
Semiconductors (0.52%)
Rohm 500 36,441 0.17
Tokyo Electron 900 77,714 0.35
Software (0.25%)
GungHo Online Entertainment 2,100 8,148 0.04
Konami 500 17,029 0.08
Nexon 700 16,337 0.07
Oracle 200 13,326 0.06
Telecommunications (5.40%)
Hikari Tsushin 100 9,729 0.05
KDDI 9,500 353,356 1.60
Nippon Telegraph & Telephone 4,000 228,126 1.03
NTT DOCOMO 7,700 225,564 1.02
SoftBank 5,200 376,469 1.70
Toys, Games & Hobbies (0.70%)
Bandai Namco Holdings 1,000 30,238 0.14
Nintendo 600 118,556 0.53
Sanrio 200 6,722 0.03
Transportation (5.10%)
Central Japan Railway 800 203,785 0.92
East Japan Railway 1,800 243,056 1.10
Hankyu Hanshin Holdings 6,000 55,829 0.25
Kamigumi 1,000 12,359 0.06
Keihan Electric Railway 3,000 28,763 0.13
Keikyu 3,000 35,485 0.16
Keio 3,000 37,148 0.17
Keisei Electric Railway 1,000 18,279 0.08
Kintetsu Group Holdings 10,000 58,140 0.26
Mitsui OSK Lines 6,000 21,723 0.10
Nagoya Railroad 5,000 29,778 0.14
Nippon Express 5,000 33,728 0.15
Nippon Yusen 9,000 31,311 0.14
Odakyu Electric Railway 3,000 46,311 0.21
Seibu Holdings 600 17,555 0.08
Tobu Railway 6,000 42,314 0.19
Tokyu 6,000 67,928 0.31
West Japan Railway 900 89,092 0.40
Yamato Holdings 1,800 54,682 0.25
The accompanying notes form an integral part of these financial statements.
205
UBS ETF - MSCI Japan hedged to SGD UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in SGD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value SGD
______________________________________________________________________________________________________________________________________
Net Assets
_____________________________________________________________________________________________
Total Common Stocks 22,198,328
______________________________________________________________________________________________________________________________________
100.38
_____________________________________________________________________________________________
TOTAL INVESTMENTS (Cost SGD 19,436,342) 22,198,328 100.38
Other net liabilities (83,035)
______________________________________________________________________________________________________________________________________
(0.38)
_____________________________________________________________________________________________
TOTAL NET ASSETS 22,115,293
______________________________________________________________________________________________________________________________________
______________________________________________________________________________________________________________________________________
100.00
_____________________________________________________________________________________________
_____________________________________________________________________________________________
Forward Foreign Exchange Contracts
Unrealised appreciation/
(depreciation) % of Net
Purchases Sales Maturity Date SGD Assets
SGD 22,691,414 JPY 1,980,670,000 06 January 2016 (668,327) (3.02)
Total Forward Foreign Exchange Contracts (668,327)
______________________________________________________________________________________________________________________________________
(3.02)
_____________________________________________________________________________________________
The accompanying notes form an integral part of these financial statements.
206
UBS ETF - MSCI Japan Socially Responsible UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in JPY)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value JPY Net Assets
Common Stocks
Airlines (0.43%)
ANA Holdings 28,000 9,800,000 0.43
Apparel (0.42%)
Asics 3,800 9,591,200 0.42
Auto Manufacturers (10.37%)
Hino Motors 6,200 8,735,800 0.38
Honda Motor 39,100 152,881,000 6.66
Nissan Motor 59,700 76,386,150 3.33
Auto Parts & Equipment (5.44%)
Denso 11,700 68,070,600 2.97
NGK Insulators 6,000 16,524,000 0.72
Stanley Electric 3,400 9,084,800 0.39
Sumitomo Electric Industries 18,100 31,204,400 1.36
Banks (3.28%)
Hokuhoku Financial Group 28,000 6,944,000 0.30
Resona Holdings 53,100 31,392,720 1.37
Sumitomo Mitsui Trust Holdings 80,000 36,880,000 1.61
Beverages (0.77%)
Suntory Beverage & Food 3,300 17,556,000 0.77
Building Materials (2.87%)
Asahi Glass 23,000 16,008,000 0.70
Daikin Industries 5,600 49,845,600 2.17
Chemicals (10.75%)
Asahi Kasei 30,000 24,687,000 1.08
Hitachi Chemical 2,500 4,840,000 0.21
Kaneka 7,000 8,855,000 0.39
Kansai Paint 5,600 10,332,000 0.45
Kuraray 8,500 12,512,000 0.55
Nippon Paint Holdings 3,500 10,353,000 0.45
Nitto Denko 4,000 35,648,000 1.55
Shin-Etsu Chemical 9,900 65,508,300 2.85
Sumitomo Chemical 36,000 25,236,000 1.10
Teijin 22,000 9,130,000 0.40
Toray Industries 35,000 39,550,000 1.72
Commercial Services (0.93%)
Benesse Holdings 1,600 5,584,000 0.25
Dai Nippon Printing 13,000 15,665,000 0.68
Computers (0.61%)
Nomura Research Institute 3,000 14,010,000 0.61
Diversified Financial Services (0.30%)
AEON Financial Service 2,500 6,815,000 0.30
Electronics (6.89%)
Kyocera 7,700 43,535,800 1.90
Murata Manufacturing 4,900 86,093,000 3.75
Omron 4,700 19,105,500 0.83
Yaskawa Electric 5,700 9,479,100 0.41
Engineering & Construction (1.38%)
Obayashi 16,000 17,904,000 0.78
Shimizu 14,000 13,860,000 0.60
Food (2.14%)
Ajinomoto 14,000 40,313,000 1.75
Toyo Suisan Kaisha 2,100 8,883,000 0.39
Gas (2.23%)
Osaka Gas 45,000 19,728,000 0.86
Tokyo Gas 55,000 31,394,000 1.37
The accompanying notes form an integral part of these financial statements.
207
UBS ETF - MSCI Japan Socially Responsible UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in JPY)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value JPY Net Assets
Healthcare Products (1.19%)
Sysmex 3,500 27,405,000 1.19
Home Builders (4.18%)
Daiwa House Industry 14,400 50,443,200 2.20
Sekisui Chemical 10,000 15,910,000 0.69
Sekisui House 14,500 29,674,250 1.29
Home Furnishings (6.83%)
Panasonic 53,000 65,746,500 2.87
Sony 30,300 90,960,600 3.96
Insurance (2.37%)
Sompo Japan Nipponkoa Holdings 8,000 32,088,000 1.40
T&D Holdings 13,900 22,365,100 0.97
Iron & Steel (0.34%)
Hitachi Metals 5,200 7,826,000 0.34
Machinery - Construction & Mining (2.14%)
Hitachi Construction Machinery 2,600 4,934,800 0.21
Komatsu 22,200 44,222,400 1.93
Machinery - Diversified (2.22%)
Kubota 27,000 50,976,000 2.22
Mining (0.77%)
Sumitomo Metal Mining 12,000 17,754,000 0.77
Miscellaneous Manufacturers (3.04%)
FUJIFILM Holdings 11,100 56,388,000 2.46
Konica Minolta 10,900 13,319,800 0.58
Oil & Gas (1.18%)
Inpex 22,800 27,029,400 1.18
Pharmaceuticals & Biotechnology (7.29%)
Alfresa Holdings 4,200 10,101,000 0.44
Astellas Pharma 50,700 87,787,050 3.83
Eisai 6,100 49,184,300 2.14
Kyowa Hakko Kirin 6,000 11,490,000 0.50
Suzuken 1,900 8,787,500 0.38
Real Estate (3.69%)
Hulic 7,200 7,696,800 0.34
Mitsui Fudosan 23,000 70,288,000 3.06
Nomura Real Estate Holdings 3,000 6,765,000 0.29
Retail (1.97%)
Aeon 15,700 29,327,600 1.28
Lawson 1,600 15,760,000 0.69
Telecommunications (9.50%)
KDDI 42,000 132,468,000 5.77
NTT DOCOMO 34,400 85,449,600 3.73
Transportation (4.35%)
East Japan Railway 8,000 91,600,000 3.99
Mitsui OSK Lines 27,000 8,289,000
______________________________________________________________________________________________________________________________________
0.36
_____________________________________________________________________________________________
Total Common Stocks 2,291,961,870
______________________________________________________________________________________________________________________________________
99.87
_____________________________________________________________________________________________
TOTAL INVESTMENTS (Cost JPY 2,375,690,244) 2,291,961,870 99.87
Other net assets 2,938,698
______________________________________________________________________________________________________________________________________
0.13
_____________________________________________________________________________________________
TOTAL NET ASSETS 2,294,900,568
______________________________________________________________________________________________________________________________________
______________________________________________________________________________________________________________________________________
100.00
_____________________________________________________________________________________________
_____________________________________________________________________________________________
The accompanying notes form an integral part of these financial statements.
208
UBS ETF - MSCI Japan Socially Responsible UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in JPY)
Forward Foreign Exchange Contracts
Unrealised appreciation/
(depreciation) % of Net
Purchases Sales Maturity Date JPY Assets
CHF 4,540,372 JPY 545,508,445 06 January 2016 137,992 0.01
CHF 5,628,747 JPY 693,754,000 06 January 2016 (17,310,410) (0.76)
Total Forward Foreign Exchange Contracts (17,172,418)
______________________________________________________________________________________________________________________________________
(0.75)
_____________________________________________________________________________________________
The accompanying notes form an integral part of these financial statements.
209
UBS ETF - MSCI Pacific (ex Japan) UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Common Stocks
Agriculture (0.11%)
Golden Agri-Resources 765,700 183,511 0.11
Airlines (0.56%)
Cathay Pacific Airways 144,000 249,348 0.15
Qantas Airways 60,719 180,680 0.10
Singapore Airlines 66,000 521,059 0.31
Apparel (0.18%)
Yue Yuen Industrial Holdings 90,000 305,994 0.18
Banks (28.49%)
Australia & New Zealand Banking Group 347,463 7,060,612 4.18
Bank of East Asia 142,839 531,719 0.31
Bank of Queensland 44,178 448,055 0.27
Bendigo & Adelaide Bank 55,431 481,930 0.29
BOC Hong Kong Holdings 441,500 1,350,109 0.80
Commonwealth Bank of Australia 205,059 12,760,278 7.56
DBS Group Holdings 212,925 2,505,000 1.48
Hang Seng Bank 91,900 1,749,031 1.04
National Australia Bank 317,324 6,972,246 4.13
Oversea-Chinese Banking 367,049 2,276,835 1.35
United Overseas Bank 155,976 2,156,056 1.28
Westpac Banking 401,154 9,794,808 5.80
Beverages (0.59%)
Coca-Cola Amatil 68,199 461,449 0.27
Treasury Wine Estates 89,777 542,133 0.32
Building Materials (0.89%)
Boral 93,601 402,467 0.24
Fletcher Building 80,584 405,483 0.24
James Hardie Industries - CDI 54,858 697,262 0.41
Chemicals (0.35%)
Incitec Pivot 202,186 582,518 0.35
Commercial Services (2.25%)
Brambles 188,973 1,590,728 0.94
Hutchison Port Holdings Trust 655,893 347,624 0.20
Transurban Group 12,853 97,907 0.06
Transurban Group - Unit 231,898 1,766,471 1.05
Computers (0.29%)
Computershare 57,651 487,389 0.29
Distribution & Wholesale (0.50%)
Jardine Cycle & Carriage 14,588 358,363 0.21
Li & Fung 710,000 482,791 0.29
Diversified Financial Services (4.22%)
ASX 23,592 728,799 0.43
Hong Kong Exchanges and Clearing 137,049 3,510,155 2.08
Macquarie Group 36,271 2,184,215 1.29
Platinum Asset Management 28,772 169,139 0.10
Singapore Exchange 97,900 531,371 0.32
Electric (4.09%)
AGL Energy 82,011 1,078,781 0.64
AusNet Services 202,373 218,646 0.13
CLP Holdings 229,000 1,945,724 1.15
Contact Energy 90,097 292,365 0.18
Duet Group 266,031 441,296 0.26
HK Electric Investments 293,500 246,157 0.15
Meridian Energy 154,929 253,494 0.15
Mighty River Power 80,875 153,920 0.09
Origin Energy 211,671 723,806 0.43
Power Assets Holdings 167,500 1,540,970 0.91
The accompanying notes form an integral part of these financial statements.
210
UBS ETF - MSCI Pacific (ex Japan) UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Engineering & Construction (1.84%)
Auckland International Airport 117,157 461,183 0.28
Cheung Kong Infrastructure Holdings 77,000 713,354 0.42
CIMIC Group 12,497 220,940 0.13
LendLease Group 67,048 695,614 0.41
Singapore Technologies Engineering 188,400 399,735 0.24
Sydney Airport 132,234 610,913 0.36
Entertainment (1.04%)
Aristocrat Leisure 63,765 473,665 0.28
Genting Singapore 701,400 380,699 0.23
Tabcorp Holdings 100,132 343,128 0.20
Tatts Group 175,462 560,416 0.33
Food (4.68%)
First Pacific 283,000 187,689 0.11
Wesfarmers 135,653 4,106,672 2.43
WH Group 710,000 396,676 0.24
Wilmar International 230,000 476,651 0.28
Woolworths 152,794 2,723,549 1.62
Gas (0.97%)
Hong Kong & China Gas 835,821 1,639,256 0.97
Hand & Machine Tools (0.40%)
Techtronic Industries 165,500 674,800 0.40
Healthcare Products (0.29%)
Cochlear 7,007 487,261 0.29
Healthcare Services (1.25%)
Healthscope 197,825 382,847 0.23
Ramsay Health Care 17,181 849,253 0.50
Ryman Healthcare 46,017 267,778 0.16
Sonic Healthcare 46,565 605,406 0.36
Holding Companies - Diversified Operations (1.75%)
Keppel 176,200 808,559 0.48
Noble Group 563,521 158,889 0.10
NWS Holdings 182,378 272,974 0.16
Swire Pacific - Class A 71,000 798,849 0.47
Wharf Holdings 164,900 914,911 0.54
Insurance (9.04%)
AIA Group 1,453,600 8,740,187 5.18
AMP 356,524 1,512,238 0.90
Challenger 68,491 434,523 0.26
Insurance Australia Group 291,209 1,177,992 0.70
Medibank Private 325,387 508,981 0.30
QBE Insurance Group 165,075 1,512,063 0.89
Suncorp Group 155,601 1,374,339 0.81
Internet (0.27%)
Seek 40,127 449,010 0.27
Iron & Steel (0.15%)
Fortescue Metals Group 187,155 254,628 0.15
Leisure Time (0.12%)
Flight Centre Travel Group 6,891 199,990 0.12
Lodging (2.04%)
City Developments 51,000 275,015 0.16
Crown Resorts 44,795 407,382 0.24
Galaxy Entertainment Group 279,000 880,183 0.52
Melco Crown Entertainment - ADR 11,665 195,972 0.12
MGM China Holdings 116,000 145,184 0.09
Sands China 293,200 1,004,427 0.59
Shangri-La Asia 152,500 148,955 0.09
SJM Holdings 241,000 171,962 0.10
Wynn Macau 189,200 221,177 0.13
The accompanying notes form an integral part of these financial statements.
211
UBS ETF - MSCI Pacific (ex Japan) UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Media (0.31%)
Singapore Press Holdings 190,400 528,796 0.31
Mining (5.06%)
Alumina 297,709 250,171 0.15
BHP Billiton 387,795 5,039,025 2.98
Iluka Resources 51,168 228,203 0.13
Newcrest Mining 92,817 875,851 0.52
Rio Tinto 51,248 1,667,034 0.99
South32 628,032 486,625 0.29
Miscellaneous Manufacturers (0.29%)
Orica 43,937 495,479 0.29
Oil & Gas (2.44%)
Caltex Australia 32,868 901,524 0.53
Oil Search 164,815 803,405 0.48
Santos 201,137 538,521 0.32
Woodside Petroleum 89,640 1,873,049 1.11
Packaging & Containers (0.82%)
Amcor 142,350 1,391,937 0.82
Pharmaceuticals & Biotechnology (2.54%)
CSL 56,038 4,293,536 2.54
Pipelines (0.51%)
APA Group 135,229 853,989 0.51
Real Estate (6.54%)
CapitaLand 309,000 729,673 0.43
Cheung Kong Property Holdings 325,452 2,116,447 1.25
Global Logistic Properties 376,500 570,595 0.34
Hang Lung Properties 273,000 621,371 0.37
Henderson Land Development 140,184 859,176 0.51
Hongkong Land Holdings 72,200 505,400 0.30
Hysan Development 78,438 321,337 0.19
Kerry Properties 79,000 215,589 0.13
New World Development 679,117 671,217 0.40
REA Group 6,555 262,729 0.15
Sino Land 357,624 524,197 0.31
Sun Hung Kai Properties 208,113 2,513,419 1.49
Swire Properties 142,000 410,418 0.24
UOL Group 60,200 264,793 0.16
Wheelock & Co 107,000 450,772 0.27
Real Estate Investment Trusts (6.65%)
Ascendas Real Estate Investment Trust 243,700 391,665 0.23
CapitaLand Commercial Trust 250,900 238,759 0.14
CapitaLand Mall Trust 287,000 390,449 0.23
Dexus Property Group 117,529 641,312 0.38
Goodman Group 210,824 961,724 0.57
GPT Group 213,482 742,424 0.44
Link REIT 272,500 1,631,452 0.97
Mirvac Group 436,397 628,651 0.37
Scentre Group 641,334 1,955,064 1.16
Stockland 286,312 854,056 0.51
Suntec Real Estate Investment Trust 294,600 321,876 0.19
Vicinity Centres 400,128 815,117 0.48
Westfield 238,829 1,652,458 0.98
Retail (2.72%)
CK Hutchison Holdings 325,452 4,392,467 2.60
Harvey Norman Holdings 66,734 202,949 0.12
Semiconductors (0.14%)
ASM Pacific Technology 29,500 231,808 0.14
Shipping (0.33%)
SembCorp Industries 121,500 261,217 0.16
SembCorp Marine 99,000 122,123 0.07
The accompanying notes form an integral part of these financial statements.
212
UBS ETF - MSCI Pacific (ex Japan) UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Shipping (0.33%) (continued)
Yangzijiang Shipbuilding Holdings 227,400 176,322 0.10
Telecommunications (3.71%)
HKT Trust & HKT 324,160 414,080 0.24
PCCW 492,893 289,371 0.17
Singapore Telecommunications 636,500 1,646,604 0.98
Singapore Telecommunications 10 320,500 844,937 0.50
Spark New Zealand 223,332 504,547 0.30
StarHub 76,700 200,042 0.12
Telstra 516,470 2,108,001 1.25
TPG Telecom 35,249 253,633 0.15
Transportation (1.61%)
Asciano 77,469 492,609 0.29
Aurizon Holdings 252,060 803,232 0.48
ComfortDelGro 257,500 553,607 0.33
MTR 173,843 861,347
______________________________________________________________________________________________________________________________________
0.51
_____________________________________________________________________________________________
Total Common Stocks 168,842,750
______________________________________________________________________________________________________________________________________
100.03
_____________________________________________________________________________________________
Transferable securities non-listed on an Official Stock Exchange
Rights
Real Estate Investment Trusts (0.00%)
Ascendas Real Estate Investments - Rights 9,138 399
______________________________________________________________________________________________________________________________________
0.00
_____________________________________________________________________________________________
Total Rights 399
______________________________________________________________________________________________________________________________________
0.00
_____________________________________________________________________________________________
TOTAL INVESTMENTS (Cost USD 194,798,853) 168,843,149 100.03
Other net liabilities (43,742)
______________________________________________________________________________________________________________________________________
(0.03)
_____________________________________________________________________________________________
TOTAL NET ASSETS 168,799,407
______________________________________________________________________________________________________________________________________
______________________________________________________________________________________________________________________________________
100.00
_____________________________________________________________________________________________
_____________________________________________________________________________________________
The accompanying notes form an integral part of these financial statements.
213
UBS ETF - MSCI USA UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Common Stocks
Advertising (0.24%)
Interpublic Group of Companies 33,742 785,514 0.05
Nielsen Holdings 28,085 1,308,761 0.09
Omnicom Group 19,644 1,486,265 0.10
Aerospace & Defense (2.07%)
B/E Aerospace 9,256 392,177 0.02
Boeing 51,433 7,436,697 0.49
General Dynamics 21,846 3,000,767 0.20
Harris 9,979 867,175 0.06
L-3 Communications Holdings 6,289 751,598 0.05
Lockheed Martin 22,395 4,863,074 0.32
Northrop Grumman 14,586 2,753,983 0.18
Raytheon 24,675 3,072,778 0.20
Rockwell Collins 10,609 979,211 0.06
TransDigm Group 3,840 877,248 0.06
United Technologies 68,035 6,536,122 0.43
Agriculture (1.70%)
Altria Group 157,098 9,144,675 0.60
Archer-Daniels-Midland 47,693 1,749,379 0.12
Bunge 11,679 797,442 0.05
Philip Morris International 124,021 10,902,686 0.72
Reynolds American 69,502 3,207,517 0.21
Airlines (0.16%)
American Airlines Group 14,616 618,988 0.04
Delta Air Lines 16,319 827,210 0.05
Southwest Airlines 13,200 568,392 0.04
United Continental Holdings 6,844 392,161 0.03
Apparel (0.77%)
Hanesbrands 32,246 949,000 0.06
Michael Kors Holdings 14,603 584,996 0.04
NIKE - Class B 108,964 6,810,250 0.45
Ralph Lauren 4,540 506,119 0.03
Under Armour - Class A 14,774 1,190,932 0.08
VF 27,637 1,720,404 0.11
Auto Manufacturers (0.74%)
Ford Motor 297,371 4,189,957 0.28
General Motors 113,992 3,876,868 0.25
PACCAR 27,713 1,313,596 0.09
Tesla Motors 7,851 1,884,319 0.12
Auto Parts & Equipment (0.50%)
Autoliv 6,994 872,641 0.06
BorgWarner 19,168 828,633 0.05
Delphi Automotive 22,112 1,895,662 0.13
Goodyear Tire & Rubber 22,715 742,099 0.05
Johnson Controls 51,351 2,027,851 0.13
Lear 6,525 801,466 0.05
WABCO Holdings 3,892 397,996 0.03
Banks (7.22%)
Bank of America 836,182 14,072,943 0.93
Bank of New York Mellon 88,272 3,638,572 0.24
BB&T 61,549 2,327,168 0.15
Capital One Financial 43,319 3,126,765 0.21
CIT Group 14,268 566,440 0.04
Citigroup 241,483 12,496,745 0.82
Citizens Financial Group 40,253 1,054,226 0.07
Comerica 14,114 590,389 0.04
Fifth Third Bancorp 66,521 1,337,072 0.09
First Republic Bank 11,081 732,011 0.05
Goldman Sachs Group 31,355 5,651,112 0.37
Huntington Bancshares 63,086 697,731 0.05
JPMorgan Chase & Co 295,451 19,508,630 1.28
KeyCorp 72,814 960,417 0.06
The accompanying notes form an integral part of these financial statements.
214
UBS ETF - MSCI USA UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Banks (7.22%) (continued)
M&T Bank 11,873 1,438,770 0.09
Morgan Stanley 118,098 3,756,697 0.25
Northern Trust 17,761 1,280,391 0.08
PNC Financial Services Group 41,197 3,926,486 0.26
Regions Financial 111,209 1,067,606 0.07
Signature Bank 3,676 563,788 0.04
State Street 32,029 2,125,444 0.14
SunTrust Banks 40,250 1,724,310 0.11
US Bancorp 140,390 5,990,441 0.39
Wells Fargo & Co 389,755 21,187,082 1.39
Beverages (2.30%)
Brown-Forman - Class B 9,735 966,491 0.06
Coca-Cola 331,662 14,248,199 0.94
Coca-Cola Enterprises 17,536 863,473 0.06
Constellation Brands - Class A 13,843 1,971,797 0.13
Dr Pepper Snapple Group 15,201 1,416,733 0.09
Keurig Green Mountain 8,896 800,462 0.05
Molson Coors Brewing - Class B 12,586 1,182,077 0.08
Monster Beverage 11,627 1,731,958 0.12
PepsiCo 117,639 11,754,489 0.77
Building Materials (0.20%)
Fortune Brands Home & Security 13,094 726,717 0.05
Martin Marietta Materials 4,489 613,108 0.04
Masco 25,530 722,499 0.05
Vulcan Materials 10,597 1,006,397 0.06
Chemicals (2.18%)
Air Products & Chemicals 16,281 2,118,321 0.14
Airgas 5,358 741,119 0.05
Albemarle 8,343 467,291 0.03
Ashland 5,259 540,099 0.04
Axalta Coating Systems 9,829 261,943 0.02
Celanese - Class A 12,520 842,972 0.06
CF Industries Holdings 19,897 811,997 0.05
Dow Chemical 90,160 4,641,437 0.31
Eastman Chemical 11,522 777,850 0.05
Ecolab 20,994 2,401,294 0.16
EI du Pont de Nemours & Co 72,073 4,800,062 0.32
FMC 11,239 439,782 0.03
International Flavors & Fragrances 6,507 778,497 0.05
LyondellBasell Industries - Class A 31,595 2,745,605 0.18
Monsanto 37,645 3,708,785 0.24
Mosaic 24,174 666,961 0.04
PPG Industries 22,068 2,180,760 0.14
Praxair 22,793 2,334,003 0.15
Sherwin-Williams 6,403 1,662,219 0.11
Westlake Chemical 3,685 200,169 0.01
Commercial Services (1.49%)
ADT 13,245 436,820 0.03
Aramark 17,737 572,018 0.04
Automatic Data Processing 37,639 3,188,776 0.21
Cintas 7,761 706,639 0.05
Equifax 9,516 1,059,797 0.07
FleetCor Technologies 6,073 868,014 0.06
Gartner 7,320 663,924 0.04
Global Payments 9,472 611,039 0.04
H&R Block 19,812 659,938 0.04
Hertz Global Holdings 31,372 446,423 0.03
ManpowerGroup 6,120 515,855 0.04
McGraw Hill Financial 22,085 2,177,139 0.14
Moody's 14,795 1,484,530 0.10
PayPal Holdings 88,895 3,217,999 0.21
Quanta Services 17,599 356,380 0.02
Robert Half International 9,907 467,016 0.03
Sabre 11,907 333,039 0.02
SEI Investments 12,319 645,516 0.04
Total System Services 13,067 650,737 0.04
The accompanying notes form an integral part of these financial statements.
215
UBS ETF - MSCI USA UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Commercial Services (1.49%) (continued)
Towers Watson & Co - Class A 5,990 769,475 0.05
United Rentals 7,763 563,128 0.04
Vantiv - Class A 11,173 529,824 0.04
Verisk Analytics 12,573 966,612 0.06
Western Union 43,699 782,649 0.05
Computers (5.27%)
Accenture - Class A 50,092 5,234,614 0.34
Apple 457,288 48,134,135 3.17
Cognizant Technology Solutions - Class A 49,408 2,965,468 0.20
EMC 153,586 3,944,089 0.26
Fortinet 9,750 303,908 0.02
Hewlett Packard Enterprise 144,641 2,198,543 0.14
HP 143,242 1,695,985 0.11
IHS - Class A 5,392 638,575 0.04
International Business Machines 74,275 10,221,726 0.67
NetApp 24,697 655,211 0.04
SanDisk 15,862 1,205,353 0.08
Seagate Technology 24,312 891,278 0.06
Synopsys 11,776 537,103 0.04
Teradata 12,792 337,965 0.02
Western Digital 19,126 1,148,516 0.08
Cosmetics & Personal Care (1.56%)
Colgate-Palmolive 67,918 4,524,697 0.30
Edgewell Personal Care 5,498 430,878 0.03
Estee Lauder Companies - Class A 17,645 1,553,819 0.10
Procter & Gamble 217,370 17,261,352 1.13
Distribution & Wholesale (0.24%)
Fastenal 21,506 877,875 0.06
Genuine Parts 11,779 1,011,698 0.07
LKQ 24,147 715,476 0.05
WW Grainger 4,907 994,109 0.06
Diversified Financial Services (3.43%)
Affiliated Managers Group 4,741 757,422 0.05
Alliance Data Systems 5,321 1,471,629 0.10
Ally Financial 34,575 644,478 0.04
American Express 71,622 4,981,310 0.33
Ameriprise Financial 13,738 1,461,998 0.10
BlackRock 10,125 3,447,765 0.23
Charles Schwab 95,124 3,132,433 0.21
CME Group 25,844 2,341,466 0.15
Discover Financial Services 35,516 1,904,368 0.12
E*TRADE Financial 24,245 718,622 0.05
Eaton Vance 8,992 291,611 0.02
FNF Group 20,157 698,843 0.05
Franklin Resources 29,900 1,100,918 0.07
Intercontinental Exchange 8,883 2,276,358 0.15
Invesco 32,729 1,095,767 0.07
Legg Mason 8,479 332,631 0.02
MasterCard - Class A 79,883 7,777,409 0.51
NASDAQ OMX Group 9,138 531,557 0.03
Navient 28,559 327,001 0.02
Raymond James Financial 9,960 577,381 0.04
Synchrony Financial 65,529 1,992,737 0.13
T Rowe Price Group 20,201 1,444,170 0.09
TD Ameritrade Holding 22,237 771,846 0.05
Visa - Class A 156,233 12,115,869 0.80
Electric (2.63%)
AES 60,068 574,851 0.04
Alliant Energy 9,703 605,952 0.04
Ameren 18,911 817,523 0.05
American Electric Power 38,357 2,235,062 0.15
Calpine 28,467 411,917 0.03
CMS Energy 21,927 791,126 0.05
Consolidated Edison 23,551 1,513,623 0.10
Dominion Resources 47,591 3,219,055 0.21
The accompanying notes form an integral part of these financial statements.
216
UBS ETF - MSCI USA UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Electric (2.63%) (continued)
DTE Energy 14,194 1,138,217 0.07
Duke Energy 54,854 3,916,027 0.26
Edison International 25,329 1,499,730 0.10
Entergy 14,951 1,022,050 0.07
Eversource Energy 25,913 1,323,377 0.09
Exelon 69,579 1,932,209 0.13
FirstEnergy 32,998 1,047,027 0.07
NextEra Energy 35,936 3,733,391 0.25
NRG Energy 28,150 331,326 0.02
OGE Energy 18,254 479,898 0.03
Pepco Holdings 22,687 590,089 0.04
PG&E 38,697 2,058,293 0.13
Pinnacle West Capital 8,338 537,634 0.03
PPL 53,851 1,837,935 0.12
Public Service Enterprise Group 41,916 1,621,730 0.11
SCANA 10,811 653,957 0.04
Southern 73,199 3,424,981 0.22
WEC Energy Group 24,525 1,258,378 0.08
Xcel Energy 40,455 1,452,739 0.10
Electrical Components & Equipment (0.28%)
Acuity Brands 3,078 719,636 0.05
AMETEK 19,705 1,055,991 0.07
Emerson Electric 53,076 2,538,625 0.16
Electronics (1.50%)
Agilent Technologies 25,864 1,081,374 0.07
Amphenol - Class A 25,384 1,325,806 0.09
Arrow Electronics 8,062 436,799 0.03
Avnet 9,854 422,145 0.03
Corning 99,242 1,814,144 0.12
Flextronics International 49,505 554,951 0.04
FLIR Systems 10,514 295,128 0.02
Garmin 9,599 356,795 0.02
Honeywell International 58,880 6,098,202 0.40
Mettler-Toledo International 2,327 789,156 0.05
Sensata Technologies Holding 12,737 586,666 0.04
TE Connectivity 31,840 2,057,182 0.13
Thermo Fisher Scientific 32,161 4,562,038 0.30
Trimble Navigation 19,809 424,903 0.03
Tyco International 34,784 1,109,262 0.07
Waters 7,098 955,249 0.06
Engineering & Construction (0.16%)
Chicago Bridge & Iron 7,472 291,333 0.02
Fluor 12,042 568,623 0.04
Jacobs Engineering Group 10,235 429,358 0.03
SBA Communications - Class A 10,190 1,070,664 0.07
Environmental Control (0.24%)
Republic Services 20,112 884,727 0.06
Stericycle 6,922 834,793 0.06
Waste Management 35,297 1,883,801 0.12
Food (1.80%)
Campbell Soup 14,328 752,937 0.05
ConAgra Foods 33,693 1,420,497 0.09
General Mills 47,423 2,734,410 0.18
Hershey 11,723 1,046,512 0.07
Hormel Foods 11,228 887,910 0.06
JM Smucker 9,229 1,138,305 0.07
Kellogg 20,938 1,513,189 0.10
Kraft Heinz 48,295 3,513,944 0.23
Kroger 73,795 3,086,845 0.20
McCormick & Co - Non-Voting Shares 9,322 797,590 0.05
Mondelez International - Class A 129,737 5,817,407 0.38
Sysco 47,262 1,937,742 0.13
Tyson Foods - Class A 24,239 1,292,666 0.09
WhiteWave Foods 14,791 575,518 0.04
Whole Foods Market 27,854 933,109 0.06
The accompanying notes form an integral part of these financial statements.
217
UBS ETF - MSCI USA UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Forest Products & Paper (0.08%)
International Paper 32,072 1,209,114 0.08
Gas (0.19%)
AGL Resources 8,569 546,788 0.04
CenterPoint Energy 35,493 651,651 0.04
Sempra Energy 18,695 1,757,517 0.11
Hand & Machine Tools (0.14%)
Snap-on 4,981 853,893 0.06
Stanley Black & Decker 12,117 1,293,247 0.08
Healthcare Products (2.22%)
Baxter International 43,642 1,664,942 0.11
Becton Dickinson & Co 16,953 2,612,288 0.17
Boston Scientific 109,073 2,011,306 0.13
Cooper Companies 3,722 499,492 0.03
CR Bard 6,300 1,193,472 0.08
Danaher 49,285 4,577,591 0.30
DENTSPLY International 11,498 699,653 0.05
Edwards Lifesciences 17,230 1,360,826 0.09
Henry Schein 6,983 1,104,641 0.07
Hologic 19,390 750,199 0.05
Intuitive Surgical 3,065 1,673,981 0.11
Medtronic 113,686 8,744,727 0.58
Patterson Companies 7,008 316,832 0.02
ResMed 10,838 581,892 0.04
St Jude Medical 21,714 1,341,274 0.09
Stryker 27,377 2,544,418 0.17
Varian Medical Systems 8,098 654,318 0.04
Zimmer Biomet Holdings 13,584 1,393,583 0.09
Healthcare Services (1.78%)
Aetna 27,516 2,975,030 0.19
Anthem 21,214 2,958,080 0.19
Centene 9,426 620,325 0.04
Cigna 20,349 2,977,669 0.20
DaVita HealthCare Partners 13,551 944,640 0.06
Envision Healthcare Holdings 15,284 396,926 0.03
HCA Holdings 26,309 1,779,278 0.12
Humana 12,546 2,239,586 0.15
Laboratory 8,374 1,035,361 0.07
MEDNAX 6,611 473,744 0.03
Quest Diagnostics 10,878 773,861 0.05
UnitedHealth Group 76,217 8,966,168 0.59
Universal Health Services - Class B 7,348 878,013 0.06
Holding Companies - Diversified Operations (0.03%)
Leucadia National 25,483 443,149 0.03
Home Builders (0.16%)
DR Horton 27,609 884,317 0.06
Lennar - Class A 12,955 633,629 0.04
PulteGroup 24,671 439,637 0.03
Toll Brothers 13,800 459,540 0.03
Home Furnishings (0.13%)
Harman International Industries 5,869 552,919 0.04
Leggett & Platt 10,724 450,622 0.03
Whirlpool 6,401 940,115 0.06
Household Products (0.48%)
Avery Dennison 7,958 498,648 0.03
Church & Dwight 10,865 922,221 0.06
Clorox 10,021 1,270,964 0.08
Jarden 16,100 919,632 0.06
Kimberly-Clark 29,107 3,705,321 0.25
Insurance (3.83%)
ACE 26,128 3,053,057 0.20
Aflac 34,766 2,082,483 0.14
The accompanying notes form an integral part of these financial statements.
218
UBS ETF - MSCI USA UCITS ETF
Annual Report as of 31 December 2015
Schedule of Investments as at 31 December 2015 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market