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- ＜1391 ＞ＵＢＳスイス株 平成30年12月期 決算短信（平成30年1月1日～平成30年12月31日）（2/2）
＜1391 ＞ＵＢＳスイス株
平成30年12月期 決算短信（平成30年1月1日～平成30年12月31日）（2/2）
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Schedule of Investments as at 31 December 2018 (Expressed in SGD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value SGD Net Assets
Common Stocks
Agriculture (0.66%)
Golden Agri-Resources 1,962,000 480,690 0.66
Airlines (2.19%)
Singapore Airlines 168,100 1,583,502 2.19
Banks (47.65%)
DBS Group Holdings 557,900 13,216,651 18.26
Oversea-Chinese Banking 977,430 11,005,862 15.20
United Overseas Bank 417,994 10,270,112 14.19
Distribution & Wholesale (1.51%)
Jardine Cycle & Carriage 30,811 1,089,169 1.51
Diversified Financial Services (2.48%)
Singapore Exchange 250,700 1,792,505 2.48
Electric (1.07%)
Sembcorp Industries 304,900 774,446 1.07
Electronics (1.64%)
Venture 85,300 1,189,935 1.64
Engineering & Construction (3.69%)
SATS 210,100 979,066 1.35
Singapore Technologies Engineering 485,400 1,694,046 2.34
Entertainment (2.53%)
Genting Singapore 1,874,100 1,827,248 2.53
Food (2.57%)
Wilmar International 596,900 1,862,328 2.57
Holding Companies - Diversified Operations (3.70%)
Keppel 452,800 2,676,048 3.70
Lodging (1.43%)
City Developments 127,800 1,037,736 1.43
Media (1.61%)
Singapore Press Holdings 496,500 1,166,775 1.61
Real Estate (4.78%)
CapitaLand 797,500 2,480,225 3.43
UOL Group 158,189 979,190 1.35
Real Estate Investment Trusts (8.90%)
Ascendas 819,910 2,107,169 2.91
CapitaLand Commercial Trust 810,466 1,418,315 1.96
CapitaLand Mall Trust 770,400 1,741,104 2.41
Suntec Real Estate Investment Trust 659,300 1,173,554 1.62
Shipping (1.27%)
Yangzijiang Shipbuilding Holdings 737,700 922,125 1.27
Telecommunications (10.27%)
Singapore Telecommunications - NPV 2,537,100 7,433,703 10.27
Transportation (2.00%)
ComfortDelGro 671,600 1,443,940 2.00
Total Common Stocks 72,345,444 99.95
TOTAL INVESTMENTS (Cost SGD 77,861,451) 72,345,444 99.95
Other net assets 39,745 0.05
TOTAL NET ASSETS 72,385,189 100.00
The accompanying notes form an integral part of these financial statements.
215
UBS ETF – MSCI Hong Kong UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in HKD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value HKD Net Assets
Common Stocks
Apparel (0.48%)
Yue Yuen Industrial Holdings 69,000 1,728,450 0.48
Auto Parts & Equipment (0.50%)
Minth Group 70,000 1,767,500 0.50
Banks (7.16%)
Bank of East Asia 118,134 2,941,537 0.82
BOC Hong Kong Holdings 345,500 10,054,050 2.82
Hang Seng Bank 71,300 12,534,540 3.52
Diversified Financial Services (7.02%)
Hong Kong Exchanges & Clearing 110,475 25,033,635 7.02
Electric (6.33%)
CLP Holdings 153,000 13,540,500 3.80
HK Electric Investments & HK Electric Investments 248,000 1,959,200 0.55
Power Assets Holdings 129,500 7,057,750 1.98
Engineering & Construction (1.03%)
CK Infrastructure Holdings 62,000 3,676,600 1.03
Food (2.01%)
Dairy Farm International Holdings 31,400 2,224,866 0.62
WH Group 820,500 4,947,615 1.39
Gas (3.92%)
Hong Kong & China Gas 862,875 13,978,575 3.92
Hand & Machine Tools (1.49%)
Techtronic Industries 128,000 5,324,800 1.49
Holding Companies - Diversified Operations (12.51%)
CK Hutchison Holdings 252,000 18,950,400 5.31
Jardine Matheson Holdings 20,600 11,222,183 3.15
Jardine Strategic Holdings 20,600 5,920,758 1.66
NWS Holdings 146,054 2,345,627 0.66
Swire Pacific - Class A 46,500 3,845,550 1.08
Wharf Holdings 114,000 2,325,600 0.65
Insurance (20.54%)
AIA Group 1,126,600 73,229,000 20.54
Lodging (7.95%)
Galaxy Entertainment Group 222,000 11,055,600 3.10
Melco Resorts & Entertainment - ADR 22,954 3,166,577 0.89
MGM China Holdings 89,200 1,172,088 0.33
Sands China 226,400 7,765,520 2.18
Shangri-La Asia 116,000 1,345,600 0.37
SJM Holdings 186,000 1,357,800 0.38
Wynn Macau 146,400 2,500,512 0.70
Pharmaceuticals & Biotechnology (0.94%)
BeiGene - ADR 3,043 3,341,654 0.94
Real Estate (19.84%)
CK Asset Holdings 241,500 13,837,950 3.88
Hang Lung Group 84,000 1,674,960 0.47
Hang Lung Properties 189,000 2,819,880 0.79
Henderson Land Development 122,919 4,793,841 1.34
Hongkong Land Holdings 109,300 5,391,212 1.51
Hysan Development 59,000 2,197,750 0.62
Kerry Properties 61,000 1,631,750 0.46
New World Development 572,627 5,932,416 1.66
Sino Land 309,767 4,157,073 1.17
Sun Hung Kai Properties 148,500 16,572,600 4.65
Swire Properties 109,600 3,014,000 0.84
The accompanying notes form an integral part of these financial statements.
216
UBS ETF – MSCI Hong Kong UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in HKD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value HKD Net Assets
Real Estate (19.84%) (continued)
Wharf Real Estate Investment 113,000 5,294,050 1.48
Wheelock & Co 77,000 3,445,750 0.97
Real Estate Investment Trusts (4.39%)
Link REIT 197,500 15,661,750 4.39
Semiconductors (0.60%)
ASM Pacific Technology 28,500 2,150,325 0.60
Telecommunications (1.62%)
HKT Trust 354,000 3,993,120 1.12
PCCW 395,000 1,781,450 0.50
Transportation (1.65%)
MTR 142,399 5,866,839 1.65
Total Common Stocks 356,530,803 99.98
TOTAL INVESTMENTS (Cost HKD 346,053,575) 356,530,803 99.98
Other net assets 78,414 0.02
TOTAL NET ASSETS 356,609,217 100.00
The accompanying notes form an integral part of these financial statements.
217
UBS ETF – MSCI Switzerland 20/35 UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in CHF)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value CHF Net Assets
Common Stocks
Banks (7.01%)
Credit Suisse Group - Registered 1,720,993 18,586,724 2.58
UBS Group - Registered 2,600,532 31,817,509 4.43
Building Materials (4.68%)
Geberit - Registered 24,890 9,515,447 1.32
LafargeHolcim - Registered 327,404 13,259,862 1.85
Sika - Registered 87,375 10,886,925 1.51
Chemicals (2.67%)
Clariant - Registered 135,454 2,450,363 0.34
EMS-Chemie Holding - Registered 5,607 2,618,469 0.36
Givaudan - Registered 6,207 14,127,132 1.97
Commercial Services (1.79%)
Adecco Group - Registered 107,194 4,923,420 0.69
SGS - Registered 3,579 7,909,590 1.10
Diversified Financial Services (1.71%)
Julius Baer Group 150,825 5,280,383 0.73
Partners Group Holding 11,781 7,021,476 0.98
Food (24.58%)
Barry Callebaut - Registered 1,484 2,272,004 0.32
Chocoladefabriken Lindt & Spruengli 724 4,416,400 0.61
Chocoladefabriken Lindt & Spruengli - Registered 69 5,057,700 0.70
Nestle - Registered 2,066,657 164,919,229 22.95
Hand & Machine Tools (1.11%)
Schindler Holding 27,279 5,311,221 0.74
Schindler Holding - Registered 13,875 2,644,575 0.37
Healthcare Products (3.22%)
Lonza Group - Registered 50,282 12,806,825 1.78
Sonova Holding - Registered 37,593 6,037,436 0.84
Straumann Holding - Registered 6,985 4,316,730 0.60
Insurance (8.57%)
Baloise Holding - Registered 33,033 4,472,668 0.62
Swiss Life Holding - Registered 22,965 8,694,549 1.21
Swiss Re 205,263 18,498,301 2.57
Zurich Insurance Group 102,227 29,962,734 4.17
Investment Companies (0.26%)
Pargesa Holding 26,648 1,888,011 0.26
Machinery - Construction & Mining (3.23%)
ABB - Registered 1,242,775 23,233,679 3.23
Pharmaceuticals & Biotechnology (33.62%)
Novartis - Registered 1,463,087 122,957,831 17.11
Roche Holding 474,063 115,386,934 16.06
Vifor Pharma 30,535 3,264,192 0.45
Real Estate (0.58%)
Swiss Prime Site - Registered 52,061 4,141,453 0.58
Retail (4.51%)
Compagnie Financiere Richemont - Registered 352,105 22,182,615 3.09
Dufry - Registered 22,139 2,061,584 0.29
Swatch Group 20,742 5,946,731 0.83
Swatch Group - Registered 38,496 2,186,573 0.30
Software (0.67%)
Temenos - Registered 40,800 4,810,320 0.67
Telecommunications (1.14%)
Swisscom - Registered 17,408 8,176,538 1.14
The accompanying notes form an integral part of these financial statements.
218
UBS ETF – MSCI Switzerland 20/35 UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in CHF)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value CHF Net Assets
Transportation (0.64%)
Kuehne + Nagel International - Registered 36,646 4,630,222 0.64
Total Common Stocks 718,674,355 99.99
TOTAL INVESTMENTS (Cost CHF 737,243,376) 718,674,355 99.99
Other net assets 36,608 0.01
TOTAL NET ASSETS 718,710,963 100.00
Forward Foreign Exchange Contracts
Unrealised appreciation/ % of Net
Purchases Sales Maturity Date (depreciation) CHF Assets
CHF 1,975,000 GBP 1,576,439 03 January 2019 (4,242) (0.00)
GBP 4,839,328 CHF 6,160,000 03 January 2019 (84,153) (0.01)
GBP 4,872,324 CHF 6,202,000 03 January 2019 (84,726) (0.01)
SGD 1,623,807 CHF 1,179,000 03 January 2019 (4,569) (0.00)
Total Forward Foreign Exchange Contracts (177,690) (0.02)
The accompanying notes form an integral part of these financial statements.
219
UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Common Stocks
Banks (7.00%)
Credit Suisse Group - Registered 271,524 2,602,196 2.59
UBS Group - Registered 409,427 4,445,171 4.41
Building Materials (4.67%)
Geberit - Registered 3,921 1,330,176 1.32
LafargeHolcim - Registered 51,478 1,850,056 1.84
Sika - Registered 13,752 1,520,519 1.51
Chemicals (2.66%)
Clariant - Registered 21,256 341,215 0.34
EMS-Chemie Holding - Registered 877 363,433 0.36
Givaudan - Registered 980 1,979,276 1.96
Commercial Services (1.78%)
Adecco Group - Registered 16,666 679,260 0.67
SGS - Registered 568 1,113,906 1.11
Diversified Financial Services (1.69%)
Julius Baer Group 23,588 732,810 0.73
Partners Group Holding 1,840 973,133 0.96
Food (24.50%)
Barry Callebaut - Registered 234 317,906 0.31
Chocoladefabriken Lindt & Spruengli 115 622,495 0.62
Chocoladefabriken Lindt & Spruengli - Registered 11 715,492 0.71
Nestle - Registered 325,141 23,024,100 22.86
Hand & Machine Tools (1.10%)
Schindler Holding 4,312 744,994 0.74
Schindler Holding - Registered 2,157 364,822 0.36
Healthcare Products (3.20%)
Lonza Group - Registered 7,903 1,786,196 1.77
Sonova Holding - Registered 5,877 837,547 0.83
Straumann Holding - Registered 1,091 598,303 0.60
Insurance (8.55%)
Baloise Holding - Registered 5,172 621,420 0.62
Swiss Life Holding - Registered 3,612 1,213,490 1.21
Swiss Re 32,371 2,588,722 2.57
Zurich Insurance Group 16,084 4,183,290 4.15
Investment Companies (0.27%)
Pargesa Holding 4,285 269,401 0.27
Machinery - Construction & Mining (3.22%)
ABB - Registered 195,551 3,244,095 3.22
Pharmaceuticals & Biotechnology (33.50%)
Novartis - Registered 230,214 17,168,242 17.04
Roche Holding 74,596 16,111,803 16.00
Vifor Pharma 4,877 462,635 0.46
Real Estate (0.56%)
Swiss Prime Site - Registered 8,060 568,962 0.56
Retail (4.49%)
Compagnie Financiere Richemont - Registered 55,426 3,098,576 3.08
Dufry - Registered 3,464 286,239 0.28
Swatch Group 3,281 834,722 0.83
Swatch Group - Registered 5,999 302,368 0.30
Software (0.66%)
Temenos - Registered 6,374 666,859 0.66
Telecommunications (1.14%)
Swisscom - Registered 2,746 1,144,535 1.14
The accompanying notes form an integral part of these financial statements.
220
UBS ETF – MSCI Switzerland 20/35 hedged to EUR UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Transportation (0.64%)
Kuehne + Nagel International - Registered 5,769 646,821 0.64
Total Common Stocks 100,355,186 99.63
TOTAL INVESTMENTS (Cost EUR 102,845,807) 100,355,186 99.63
Other net assets 367,851 0.37
TOTAL NET ASSETS 100,723,037 100.00
Forward Foreign Exchange Contracts
Unrealised appreciation/ % of Net
Purchases Sales Maturity Date (depreciation) EUR Assets
CHF 2,391,000 EUR 2,125,031 03 January 2019 (3,313) (0.00)
CHF 49,581,000 EUR 43,964,726 03 January 2019 32,301 0.03
CHF 3,982,000 EUR 3,512,740 03 January 2019 20,794 0.02
CHF 10,093,000 EUR 8,928,461 03 January 2019 27,833 0.03
EUR 166,600,493 CHF 188,401,000 03 January 2019 (582,175) (0.58)
Total Forward Foreign Exchange Contracts (504,560) (0.50)
The accompanying notes form an integral part of these financial statements.
221
UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Common Stocks
Banks (6.98%)
Credit Suisse Group - Registered 113,746 1,246,152 2.58
UBS Group - Registered 171,482 2,128,304 4.40
Building Materials (4.66%)
Geberit - Registered 1,646 638,330 1.32
LafargeHolcim - Registered 21,564 885,922 1.83
Sika - Registered 5,760 728,034 1.51
Chemicals (2.66%)
Clariant - Registered 8,741 160,402 0.33
EMS-Chemie Holding - Registered 372 176,226 0.37
Givaudan - Registered 411 948,911 1.96
Commercial Services (1.78%)
Adecco Group - Registered 7,025 327,306 0.68
SGS - Registered 237 531,315 1.10
Diversified Financial Services (1.70%)
Julius Baer Group 9,932 352,728 0.73
Partners Group Holding 772 466,740 0.97
Food (24.43%)
Barry Callebaut - Registered 99 153,752 0.32
Chocoladefabriken Lindt & Spruengli 42 259,891 0.53
Chocoladefabriken Lindt & Spruengli - Registered 5 371,779 0.77
Nestle - Registered 136,207 11,025,886 22.81
Hand & Machine Tools (1.10%)
Schindler Holding 1,810 357,484 0.74
Schindler Holding - Registered 895 173,044 0.36
Healthcare Products (3.20%)
Lonza Group - Registered 3,314 856,234 1.77
Sonova Holding - Registered 2,470 402,396 0.83
Straumann Holding - Registered 459 287,748 0.60
Insurance (8.53%)
Baloise Holding - Registered 2,172 298,325 0.62
Swiss Life Holding - Registered 1,520 583,761 1.21
Swiss Re 13,554 1,239,081 2.56
Zurich Insurance Group 6,732 2,001,572 4.14
Investment Companies (0.26%)
Pargesa Holding 1,752 125,917 0.26
Machinery - Construction & Mining (3.21%)
ABB - Registered 81,891 1,553,005 3.21
Pharmaceuticals & Biotechnology (33.42%)
Novartis - Registered 96,430 8,220,711 17.01
Roche Holding 31,246 7,714,827 15.96
Vifor Pharma 2,020 219,049 0.45
Real Estate (0.57%)
Swiss Prime Site - Registered 3,401 274,447 0.57
Retail (4.47%)
Compagnie Financiere Richemont - Registered 23,219 1,483,868 3.07
Dufry - Registered 1,415 133,663 0.28
Swatch Group 1,367 397,564 0.82
Swatch Group - Registered 2,535 146,062 0.30
Software (0.66%)
Temenos - Registered 2,687 321,361 0.66
Telecommunications (1.14%)
Swisscom - Registered 1,153 549,365 1.14
The accompanying notes form an integral part of these financial statements.
222
UBS ETF – MSCI Switzerland 20/35 hedged to USD UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Transportation (0.64%)
Kuehne + Nagel International - Registered 2,422 310,428 0.64
Total Common Stocks 48,051,590 99.41
TOTAL INVESTMENTS (Cost USD 49,868,172) 48,051,590 99.41
Other net assets 286,779 0.59
TOTAL NET ASSETS 48,338,369 100.00
Forward Foreign Exchange Contracts
Unrealised appreciation/ % of Net
Purchases Sales Maturity Date (depreciation) USD Assets
CHF 9,489,000 USD 9,577,747 03 January 2019 47,937 0.10
USD 61,197,455 CHF 60,934,000 03 January 2019 (614,271) (1.27)
Total Forward Foreign Exchange Contracts (566,334) (1.17)
The accompanying notes form an integral part of these financial statements.
223
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Common Stocks
Advertising (0.18%)
Dentsu 5,500 245,887 0.02
Hakuhodo DY Holdings 7,100 101,923 0.01
Interpublic Group of Companies 9,675 199,595 0.02
JCDecaux 2,881 80,755 0.01
Omnicom Group 6,014 440,465 0.04
Publicis Groupe 6,532 373,950 0.04
WPP 35,236 379,925 0.04
Aerospace & Defense (1.97%)
Airbus 16,560 1,589,410 0.16
Arconic 13,737 231,606 0.02
BAE Systems 86,648 506,750 0.05
Boeing 15,489 4,995,202 0.49
Bombardier - Class B 57,200 85,017 0.01
CAE 8,600 157,984 0.02
Dassault Aviation 112 154,920 0.02
Elbit Systems 315 36,147 0.00
General Dynamics 7,042 1,107,073 0.11
Harris 3,400 457,810 0.05
IHI 3,100 85,613 0.01
Kawasaki Heavy Industries 3,600 77,174 0.01
L3 Technologies 2,461 427,377 0.04
Leonardo 11,795 103,526 0.01
Lockheed Martin 7,252 1,898,864 0.19
Meggitt 24,379 146,241 0.01
MTU Aero Engines 1,701 308,008 0.03
Northrop Grumman 4,676 1,145,152 0.11
Raytheon 8,008 1,228,027 0.12
Rolls-Royce Holdings 47,289 499,886 0.05
Safran 9,620 1,159,094 0.11
Spirit AeroSystems Holdings - Class A 2,956 213,098 0.02
Thales 3,222 375,689 0.04
TransDigm Group 1,431 486,626 0.05
United Technologies 22,964 2,445,207 0.24
Agriculture (1.03%)
Altria Group 54,031 2,668,591 0.26
Archer-Daniels-Midland 15,521 635,896 0.06
British American Tobacco 65,105 2,072,943 0.21
Bunge 4,253 227,280 0.02
Golden Agri-Resources 310,000 55,723 0.01
Imperial Brands 27,075 819,654 0.08
Japan Tobacco 30,900 736,908 0.07
Philip Morris International 44,778 2,989,379 0.30
Swedish Match 6,083 239,523 0.02
Airlines (0.14%)
American Airlines Group 2,469 79,280 0.01
ANA Holdings 3,900 140,089 0.01
Delta Air Lines 4,700 234,530 0.02
Deutsche Lufthansa - Registered 7,803 175,724 0.02
easyJet 4,650 65,441 0.01
International Consolidated Airlines Group 12,372 97,870 0.01
Japan Airlines 3,400 120,580 0.01
Ryanair Holdings 7,839 96,332 0.01
Singapore Airlines 10,000 69,112 0.01
Southwest Airlines 4,600 213,808 0.02
United Continental Holdings 1,570 131,456 0.01
Apparel (0.99%)
adidas 5,269 1,098,642 0.11
Asics 4,900 62,749 0.01
Burberry Group 11,230 248,220 0.02
Gildan Activewear 7,224 219,185 0.02
Hanesbrands 11,400 142,842 0.01
The accompanying notes form an integral part of these financial statements.
224
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Apparel (0.99%) (continued)
Hermes International 919 509,309 0.05
Kering 2,125 999,856 0.10
LVMH Moet Hennessy Louis Vuitton 7,883 2,326,756 0.23
Michael Kors Holdings 4,500 170,640 0.02
Moncler 5,575 184,373 0.02
NIKE - Class B 36,068 2,674,082 0.26
Puma 187 91,279 0.01
PVH 2,400 223,080 0.02
Ralph Lauren 1,967 203,506 0.02
Under Armour - Class A 4,517 79,815 0.01
Under Armour - Class C 4,487 72,555 0.01
VF 9,315 664,532 0.06
Yue Yuen Industrial Holdings 32,000 102,384 0.01
Auto Manufacturers (1.49%)
Bayerische Motoren Werke 9,478 766,019 0.08
Daimler - Registered 25,253 1,325,328 0.13
Ferrari 3,383 335,602 0.03
Fiat Chrysler Automobiles 30,762 445,970 0.04
Ford Motor 110,250 843,412 0.08
General Motors 35,624 1,191,623 0.12
Hino Motors 8,000 75,833 0.01
Honda Motor 45,600 1,203,019 0.12
Isuzu Motors 15,800 222,999 0.02
Mazda Motor 16,100 166,554 0.02
Mitsubishi Motors 24,500 134,430 0.01
Nissan Motor 62,100 498,260 0.05
PACCAR 9,765 557,972 0.06
Peugeot 16,494 351,554 0.04
Renault 4,721 294,396 0.03
Subaru 15,900 342,013 0.03
Suzuki Motor 10,300 522,628 0.05
Tesla 3,623 1,205,734 0.12
Toyota Motor 64,956 3,792,628 0.37
Volkswagen 1,268 201,627 0.02
Volvo - Class B 44,689 584,455 0.06
Auto Parts & Equipment (0.57%)
Aisin Seiki 5,500 191,496 0.02
Aptiv 7,480 460,543 0.04
Autoliv 3,000 210,690 0.02
BorgWarner 6,020 209,135 0.02
Bridgestone 16,400 633,190 0.06
Compagnie Generale des Etablissements Michelin 4,886 484,257 0.05
Continental 3,049 420,870 0.04
Denso 12,100 539,628 0.05
Faurecia 1,692 63,964 0.01
Goodyear Tire & Rubber 7,977 162,810 0.02
JTEKT 9,600 107,274 0.01
Koito Manufacturing 3,800 196,728 0.02
Lear 1,802 221,394 0.02
Magna International 8,674 393,562 0.04
Minth Group 14,000 45,151 0.00
NGK Insulators 7,300 99,205 0.01
NGK Spark Plug 3,200 63,933 0.01
Nokian Renkaat 3,264 100,072 0.01
Stanley Electric 4,400 123,921 0.01
Sumitomo Electric Industries 20,600 274,504 0.03
Sumitomo Rubber Industries 5,600 66,354 0.01
Toyoda Gosei 1,200 23,789 0.00
Toyota Industries 5,400 250,522 0.02
Valeo 5,705 166,368 0.02
WABCO Holdings 1,852 198,794 0.02
Yokohama Rubber 3,500 65,875 0.01
The accompanying notes form an integral part of these financial statements.
225
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Banks (9.10%)
ABN AMRO Group - CVA 11,820 277,537 0.03
AIB Group 16,341 68,743 0.01
Aozora Bank 2,599 77,580 0.01
Australia & New Zealand Banking Group 80,309 1,382,908 0.14
Banco Bilbao Vizcaya Argentaria 187,459 993,359 0.10
Banco de Sabadell 159,087 181,951 0.02
Banco Espirito Santo - Registered* 53,033 0 0.00
Banco Santander 462,439 2,100,275 0.21
Bank Hapoalim 34,980 221,389 0.02
Bank Leumi Le-Israel 42,050 254,320 0.02
Bank of America 270,409 6,662,878 0.66
Bank of East Asia 48,082 152,917 0.01
Bank of Ireland Group 25,880 143,782 0.01
Bank of Kyoto 1,400 57,996 0.01
Bank of Montreal 17,904 1,169,174 0.11
Bank of New York Mellon 27,262 1,283,222 0.13
Bank of Nova Scotia 34,011 1,694,574 0.17
Bank of Queensland 713 4,869 0.00
Bankia 37,743 110,454 0.01
Bankinter 20,774 166,662 0.02
Barclays 488,639 936,732 0.09
BB&T 21,980 952,174 0.09
Bendigo & Adelaide Bank 15,232 115,705 0.01
BNP Paribas 31,877 1,438,476 0.14
BOC Hong Kong Holdings 114,000 423,713 0.04
CaixaBank 113,487 410,474 0.04
Canadian Imperial Bank of Commerce 12,164 905,576 0.09
Capital One Financial 13,095 989,851 0.10
Chiba Bank 17,000 95,137 0.01
CIT Group 3,621 138,576 0.01
Citigroup 70,891 3,690,585 0.36
Citizens Financial Group 12,945 384,855 0.04
Comerica 4,721 324,285 0.03
Commerzbank 27,207 179,861 0.02
Commonwealth Bank of Australia 49,790 2,537,425 0.25
Concordia Financial Group 35,000 134,622 0.01
Credit Agricole 31,064 334,867 0.03
Credit Suisse Group - Registered 72,378 792,942 0.08
Danske Bank 20,160 398,077 0.04
DBS Group Holdings 49,542 861,078 0.08
Deutsche Bank - Registered 60,090 478,576 0.05
DNB 27,503 438,789 0.04
East West Bancorp 3,900 169,767 0.02
Erste Group Bank 9,150 303,858 0.03
Fifth Third Bancorp 19,222 452,294 0.04
First Republic Bank 5,000 434,500 0.04
Fukuoka Financial Group 3,300 67,284 0.01
Goldman Sachs Group 10,134 1,692,885 0.17
Hang Seng Bank 21,500 482,760 0.05
HSBC Holdings 570,925 4,703,804 0.46
Huntington Bancshares 34,100 406,472 0.04
ING Groep 108,837 1,170,764 0.12
Intesa Sanpaolo 422,572 937,046 0.09
Investec 15,131 85,004 0.01
Irish Bank Resolution* 1,990 0 0.00
Japan Post Bank 4,300 47,423 0.00
JPMorgan Chase & Co 94,952 9,269,214 0.91
KBC Group 7,296 472,735 0.05
KeyCorp 30,186 446,149 0.04
Lloyds Banking Group 2,043,732 1,349,602 0.13
M&T Bank 3,970 568,226 0.06
Mediobanca Banca di Credito Finanziario 13,884 117,068 0.01
Mitsubishi UFJ Financial Group 333,600 1,635,542 0.16
Mizrahi Tefahot Bank 3,784 63,938 0.01
Mizuho Financial Group 705,100 1,094,459 0.11
Morgan Stanley 36,913 1,463,600 0.14
National Australia Bank 73,929 1,252,747 0.12
The accompanying notes form an integral part of these financial statements.
226
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Banks (9.10%) (continued)
National Bank of Canada 8,565 351,492 0.03
Natixis 31,059 146,245 0.01
Nordea Bank 86,028 723,672 0.07
Northern Trust 6,025 503,630 0.05
Oversea-Chinese Banking 92,572 764,755 0.08
PNC Financial Services Group 13,069 1,527,897 0.15
Raiffeisen Bank International 3,299 83,722 0.01
Regions Financial 31,389 419,985 0.04
Resona Holdings 56,600 272,747 0.03
Royal Bank of Canada 40,332 2,759,278 0.27
Royal Bank of Scotland Group 134,254 370,526 0.04
Seven Bank 17,000 48,653 0.00
Shinsei Bank 4,900 58,461 0.01
Shizuoka Bank 8,400 65,920 0.01
Signature Bank 1,900 195,339 0.02
Skandinaviska Enskilda Banken - Class A 52,479 509,646 0.05
Societe Generale 21,333 678,441 0.07
Standard Chartered 80,010 620,881 0.06
State Street 10,900 687,463 0.07
Sumitomo Mitsui Financial Group 38,300 1,272,419 0.13
Sumitomo Mitsui Trust Holdings 9,900 362,920 0.04
SunTrust Banks 12,502 630,601 0.06
SVB Financial Group 1,500 284,880 0.03
Svenska Handelsbanken - Class A 43,319 480,299 0.05
Swedbank - Class A 25,914 578,004 0.06
Toronto-Dominion Bank 50,974 2,532,652 0.25
UBS Group - Registered 113,499 1,408,663 0.14
UniCredit 58,452 661,111 0.06
United Overseas Bank 37,715 679,866 0.07
US Bancorp 42,875 1,959,388 0.19
Wells Fargo & Co 129,979 5,989,432 0.59
Westpac Banking 95,295 1,679,875 0.17
Yamaguchi Financial Group 6,000 57,695 0.01
Zions Bancorp 5,145 209,607 0.02
Beverages (1.97%)
Anheuser-Busch InBev 21,116 1,392,806 0.14
Asahi Group Holdings 9,600 373,535 0.04
Brown-Forman - Class B 8,375 398,482 0.04
Carlsberg - Class B 3,027 321,158 0.03
Coca-Cola 114,914 5,441,178 0.54
Coca-Cola Amatil 19,042 109,792 0.01
Coca-Cola Bottlers Japan Holdings 2,300 68,865 0.01
Coca-Cola European Partners 5,421 248,553 0.02
Coca-Cola HBC 5,419 169,228 0.02
Constellation Brands - Class A 4,642 746,526 0.07
Davide Campari-Milano 10,389 87,706 0.01
Diageo 69,676 2,480,265 0.24
Heineken 7,311 645,204 0.06
Heineken Holding 4,165 351,140 0.03
Kirin Holdings 23,100 483,939 0.05
Molson Coors Brewing - Class B 5,757 323,313 0.03
Monster Beverage 11,405 561,354 0.05
PepsiCo 40,163 4,437,208 0.44
Pernod Ricard 5,710 935,374 0.09
Remy Cointreau 632 71,488 0.01
Suntory Beverage & Food 3,900 176,311 0.02
Treasury Wine Estates 15,680 163,373 0.02
Building Materials (0.67%)
AGC 4,600 143,809 0.01
Boral 39,317 136,735 0.01
Compagnie de Saint-Gobain 14,209 473,728 0.05
CRH 24,252 640,417 0.06
Daikin Industries 7,100 756,820 0.08
Fletcher Building 39,590 129,550 0.01
Fortune Brands Home & Security 3,250 123,467 0.01
The accompanying notes form an integral part of these financial statements.
227
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Building Materials (0.67%) (continued)
Geberit - Registered 997 386,643 0.04
HeidelbergCement 3,807 232,308 0.02
Imerys 908 43,574 0.00
James Hardie Industries - CDI 8,010 85,262 0.01
Johnson Controls International 27,225 807,221 0.08
Kingspan Group 2,536 108,366 0.01
LafargeHolcim - Registered - CH 7,889 324,107 0.03
LafargeHolcim - Registered - FR 6,097 249,727 0.02
Lennox International 900 196,974 0.02
LIXIL Group 4,700 58,346 0.01
Martin Marietta Materials 2,300 395,301 0.04
Masco 7,962 232,809 0.02
Owens Corning 2,291 100,758 0.01
Rinnai 1,100 72,588 0.01
Sika - Registered 3,780 477,772 0.05
Taiheiyo Cement 3,300 102,115 0.01
TOTO 4,500 156,269 0.02
Vulcan Materials 3,851 380,479 0.04
Chemicals (2.38%)
Air Liquide 11,893 1,474,430 0.15
Air Products & Chemicals 6,433 1,029,602 0.10
Air Water 4,000 60,703 0.01
Akzo Nobel 7,513 604,629 0.06
Albemarle 3,600 277,452 0.03
Arkema 1,993 170,781 0.02
Asahi Kasei 33,900 349,150 0.03
Axalta Coating Systems 6,800 159,256 0.02
BASF 25,291 1,746,249 0.17
Brenntag 4,962 213,846 0.02
Celanese - Class A 4,463 401,536 0.04
CF Industries Holdings 5,981 260,233 0.03
Chemours 5,400 152,388 0.01
Clariant - Registered 4,397 80,688 0.01
Covestro 5,794 285,999 0.03
Croda International 3,793 226,321 0.02
Daicel 5,200 53,604 0.00
DowDuPont 65,368 3,495,881 0.34
Eastman Chemical 3,586 262,172 0.03
EMS-Chemie Holding - Registered 270 127,906 0.01
Evonik Industries 3,202 79,796 0.01
FMC 4,200 310,632 0.03
Givaudan - Registered 248 572,579 0.06
Hitachi Chemical 1,900 28,747 0.00
Incitec Pivot 54,648 126,189 0.01
International Flavors & Fragrances - IL 241 32,252 0.00
International Flavors & Fragrances - US 2,366 317,683 0.03
Israel Chemicals 16,505 93,639 0.01
Johnson Matthey 5,543 197,597 0.02
JSR 5,400 81,457 0.01
Kaneka 2,200 79,005 0.01
Kansai Paint 2,700 52,024 0.00
Koninklijke DSM 4,714 384,976 0.04
Kuraray 12,400 175,181 0.02
LANXESS 3,017 138,645 0.01
Linde - DE 7,178 1,136,876 0.11
Linde - US 8,439 1,316,822 0.13
LyondellBasell Industries - Class A 9,367 778,960 0.08
Methanex 2,000 96,149 0.01
Mitsubishi Chemical Holdings 35,600 270,160 0.03
Mitsubishi Gas Chemical 2,400 36,203 0.00
Mitsui Chemicals 3,500 79,242 0.01
Mosaic 9,755 284,944 0.03
Nippon Paint Holdings 5,300 181,634 0.02
Nissan Chemical 3,500 183,749 0.02
Nitto Denko 5,100 257,661 0.02
Novozymes - Class B 5,885 262,249 0.03
The accompanying notes form an integral part of these financial statements.
228
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Chemicals (2.38%) (continued)
Nutrien 17,551 823,964 0.08
PPG Industries 7,063 722,051 0.07
Sherwin-Williams 2,468 971,059 0.10
Shin-Etsu Chemical 10,300 801,356 0.08
Showa Denko 3,200 95,374 0.01
Solvay 2,246 224,195 0.02
Sumitomo Chemical 56,000 272,050 0.03
Symrise 3,488 257,181 0.02
Taiyo Nippon Sanso 3,000 49,109 0.00
Teijin 3,300 52,847 0.00
Toray Industries 37,500 263,866 0.03
Tosoh 6,200 80,922 0.01
Umicore 6,046 240,934 0.02
Westlake Chemical 1,200 79,404 0.01
Yara International 4,483 172,659 0.02
Commercial Services (2.11%)
Adecco Group - Registered 5,071 236,266 0.02
AMERCO 200 65,622 0.01
Ashtead Group 13,498 281,417 0.03
Atlantia 14,571 300,989 0.03
Automatic Data Processing 12,348 1,619,070 0.16
Babcock International Group 7,941 49,486 0.00
Benesse Holdings 1,300 33,153 0.00
Brambles 43,110 308,047 0.03
Bureau Veritas 8,926 181,576 0.02
Cintas 2,657 446,349 0.04
Companiestar Group 997 336,328 0.03
Dai Nippon Printing 6,100 127,710 0.01
Ecolab 7,587 1,117,944 0.11
Edenred 7,770 285,210 0.03
Equifax 3,600 335,268 0.03
Experian 25,867 627,587 0.06
FleetCor Technologies 2,400 445,728 0.04
G4S 44,587 111,840 0.01
Gartner 2,902 370,992 0.04
Global Payments 4,900 505,337 0.05
H&R Block 6,227 157,979 0.01
IHS Markit 10,668 511,744 0.05
Intertek Group 4,330 264,705 0.03
ISS 3,479 97,022 0.01
ManpowerGroup 1,601 103,745 0.01
Moody's 5,118 716,725 0.07
Nielsen Holdings 9,070 211,603 0.02
Park24 3,700 81,375 0.01
PayPal Holdings 31,698 2,665,485 0.26
Persol Holdings 5,500 82,012 0.01
Randstad 3,684 168,834 0.02
Recruit Holdings 31,800 771,704 0.08
RELX - GB 32,999 679,375 0.07
RELX - NL 22,608 464,423 0.04
Robert Half International 4,132 236,350 0.02
Rollins 4,500 162,450 0.02
S&P Global 7,046 1,197,397 0.12
Sabre 7,175 155,267 0.01
Secom 5,600 465,191 0.05
Securitas - Class B 6,678 107,147 0.01
SGS - Registered 138 309,373 0.03
Sohgo Security Services 2,000 93,697 0.01
Square - Class A 8,538 478,896 0.05
Toppan Printing 6,000 88,429 0.01
Total System Services 5,200 422,708 0.04
TransUnion 4,972 282,410 0.03
Transurban Group 72,533 594,886 0.06
United Rentals 1,791 183,631 0.02
Verisk Analytics 4,296 468,436 0.05
Western Union 12,967 221,217 0.02
The accompanying notes form an integral part of these financial statements.
229
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Commercial Services (2.11%) (continued)
Wirecard 3,359 509,931 0.05
Worldpay - Class A - GB 3,469 267,296 0.03
Worldpay - Class A - US 4,900 374,507 0.04
Computers (3.49%)
Accenture - Class A 18,228 2,570,330 0.25
Apple 136,909 21,596,026 2.13
Atos 2,508 204,935 0.02
Capgemini 4,840 480,251 0.05
CGI Group - Class A 7,100 434,068 0.04
Check Point Software Technologies 3,436 352,705 0.04
Cognizant Technology Solutions - Class A 16,218 1,029,519 0.10
Computershare 11,018 133,337 0.01
Dell Technologies - Class C 10,073 492,268 0.05
DXC Technology 7,317 389,045 0.04
Fortinet 4,095 288,411 0.03
Fujitsu 5,100 318,276 0.03
Hewlett Packard Enterprise 42,049 555,467 0.06
HP 44,836 917,345 0.09
Ingenico Group 1,820 103,070 0.01
International Business Machines 25,797 2,932,345 0.29
Leidos Holdings 4,200 221,424 0.02
NEC 7,500 223,192 0.02
NetApp 7,206 429,982 0.04
Nomura Research Institute 3,666 136,161 0.01
NTT Data 16,100 176,826 0.02
Obic 1,800 139,288 0.01
Otsuka 2,400 66,062 0.01
Seagate Technology 8,974 346,307 0.03
TDK 3,600 253,311 0.03
Teleperformance 1,541 245,918 0.03
Western Digital 9,065 335,133 0.03
Cosmetics & Personal Care (1.75%)
Beiersdorf 2,829 294,809 0.03
Colgate-Palmolive 22,746 1,353,842 0.13
Coty - Class A 16,700 109,552 0.01
Essity - Class B 17,895 439,208 0.04
Estee LauderCompanies - Class A 6,583 856,448 0.08
Kao 14,200 1,055,342 0.10
Kose 1,000 157,317 0.02
Lion 8,200 169,658 0.02
L'Oreal 7,085 1,629,562 0.16
Pigeon 2,000 85,676 0.01
Pola Orbis Holdings 1,200 32,473 0.00
Procter & Gamble 70,570 6,486,794 0.64
Shiseido 10,600 665,863 0.07
Unicharm 10,900 353,581 0.04
Unilever 32,080 1,678,613 0.17
Unilever - CVA 43,704 2,369,114 0.23
Distribution & Wholesale (0.58%)
Bunzl 8,828 266,355 0.03
Copart 6,300 301,014 0.03
Fastenal 8,057 421,301 0.04
Ferguson 6,588 420,950 0.04
HD Supply Holdings 4,513 169,328 0.02
ITOCHU 41,000 697,689 0.07
Jardine Cycle & Carriage 1,876 48,655 0.01
LKQ 9,800 232,554 0.02
Marubeni 44,100 310,467 0.03
Mitsubishi 38,100 1,048,735 0.10
Mitsui & Co 47,700 734,967 0.07
Rexel 10,910 115,987 0.01
Sumitomo 33,700 479,629 0.05
Toyota Tsusho 7,700 227,740 0.02
WW Grainger 1,387 391,633 0.04
The accompanying notes form an integral part of these financial statements.
230
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Diversified Financial Services (3.02%)
Acom 5,500 17,997 0.00
AEON Financial Service 3,500 62,334 0.01
Affiliated Managers Group 1,155 112,543 0.01
Alliance Data Systems 1,700 255,136 0.02
Ally Financial 11,107 251,685 0.02
American Express 20,630 1,966,452 0.19
Ameriprise Financial 4,471 466,638 0.05
Amundi 1,480 78,096 0.01
ASX 4,821 203,435 0.02
BlackRock 3,616 1,420,437 0.14
Cboe Global Markets 3,200 313,056 0.03
Charles Schwab 33,888 1,407,369 0.14
CI Financial 5,300 67,055 0.01
CME Group 10,112 1,902,269 0.19
Credit Saison 5,200 61,188 0.01
Daiwa Securities Group 38,600 195,823 0.02
Deutsche Boerse 5,575 668,853 0.07
Discover Financial Services 9,192 542,144 0.05
E*TRADE Financial 7,136 313,128 0.03
Eaton Vance 3,517 123,728 0.01
Franklin Resources 7,707 228,590 0.02
Hargreaves Lansdown 7,190 169,316 0.02
Hong Kong Exchanges & Clearing 34,409 995,878 0.10
IGM Financial 4,000 90,877 0.01
Intercontinental Exchange 15,806 1,190,666 0.12
Invesco 8,679 145,286 0.01
Japan Exchange Group 13,600 220,520 0.02
Jefferies Financial Group 10,047 174,416 0.02
Julius Baer Group 5,740 203,852 0.02
London Stock Exchange Group 8,743 452,307 0.04
Macquarie Group 8,854 677,239 0.07
Mastercard - Class A 26,362 4,973,191 0.49
Mebuki Financial Group 25,740 68,506 0.01
Mitsubishi UFJ Lease & Finance 10,000 48,125 0.00
Nasdaq 3,400 277,338 0.03
Nomura Holdings 92,500 354,774 0.03
ORIX 38,000 556,068 0.05
Partners Group Holding 542 327,685 0.03
Raymond James Financial 4,200 312,522 0.03
Schroders 3,267 101,650 0.01
SEI Investments 4,151 191,776 0.02
Singapore Exchange 21,100 110,686 0.01
Standard Lif Abeerdeen 66,930 218,859 0.02
Synchrony Financial 19,785 464,156 0.05
T Rowe Price Group 6,740 622,237 0.06
TD Ameritrade Holding 8,251 403,969 0.04
Visa - Class A 50,362 6,644,762 0.66
Electric (2.95%)
AES 22,000 318,120 0.03
AGL Energy 16,643 241,363 0.02
Alliant Energy 6,828 288,483 0.03
Ameren 6,389 416,754 0.04
American Electric Power 13,951 1,042,698 0.10
Atco - Class I 4,500 127,211 0.01
AusNet Services 82,000 89,767 0.01
CenterPoint Energy 13,242 373,822 0.04
Chubu Electric Power 18,200 259,194 0.03
Chugoku Electric Power 9,400 122,346 0.01
CLP Holdings 46,000 519,967 0.05
CMS Energy 7,333 364,083 0.04
Consolidated Edison 8,344 637,982 0.06
Dominion Energy 18,148 1,296,856 0.13
DTE Energy 4,974 548,632 0.05
Duke Energy 19,916 1,718,751 0.17
E.ON 62,116 612,585 0.06
Edison International 9,745 553,224 0.05
The accompanying notes form an integral part of these financial statements.
231
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Electric (2.95%) (continued)
EDP - Energias de Portugal 73,802 257,234 0.03
Electric Power Development 5,300 125,888 0.01
Electricite de France 17,839 281,419 0.03
Endesa 10,064 231,589 0.02
Enel 232,804 1,342,359 0.13
Engie 53,020 759,138 0.08
Entergy 4,779 411,329 0.04
Evergy 7,539 427,989 0.04
Eversource Energy 9,624 625,945 0.06
Exelon 26,576 1,198,578 0.12
FirstEnergy 13,469 505,761 0.05
Fortis 12,105 403,352 0.04
Fortum 12,618 275,503 0.03
HK Electric Investments & HK Electric Investments 80,000 80,722 0.01
Hydro One 6,300 93,407 0.01
Iberdrola 172,280 1,382,138 0.14
Innogy Tender 4,279 181,574 0.02
Kansai Electric Power 18,700 281,229 0.03
Kyushu Electric Power 14,300 170,612 0.02
Meridian Energy 34,480 78,726 0.01
NextEra Energy 13,278 2,307,982 0.23
NRG Energy 6,663 263,855 0.03
OGE Energy 6,000 235,140 0.02
Origin Energy 52,597 239,573 0.02
Orsted 5,447 363,553 0.04
PG&E 14,802 351,547 0.03
Pinnacle West Capital 3,024 257,645 0.03
Power Assets Holdings 40,500 281,920 0.03
PPL 19,616 555,721 0.05
Public Service Enterprise Group 13,784 717,457 0.07
Red Electrica 12,643 281,758 0.03
RWE 14,816 321,208 0.03
SCANA 4,379 209,229 0.02
Sembcorp Industries 33,000 61,497 0.01
Sempra Energy 7,886 853,186 0.08
Southern 28,217 1,239,291 0.12
SSE 32,859 452,599 0.04
Terna Rete Elettrica Nazionale 39,656 224,533 0.02
Tohoku Electric Power 12,400 163,879 0.02
Tokyo Electric Power Holdings 41,200 245,213 0.02
Uniper 4,929 127,342 0.01
Verbund 803 34,184 0.00
Vistra Energy 9,656 221,026 0.02
WEC Energy Group 8,598 595,497 0.06
Xcel Energy 13,776 678,744 0.07
Electrical Components & Equipment (0.42%)
Acuity Brands 1,373 157,826 0.02
AMETEK 6,160 417,032 0.04
Brother Industries 8,000 118,926 0.01
Casio Computer 8,000 95,083 0.01
Emerson Electric 17,199 1,027,640 0.10
Legrand 7,003 394,670 0.04
Nidec 6,300 716,333 0.07
OSRAM Licht 2,672 115,827 0.01
Prysmian 6,347 122,402 0.01
Schneider Electric - FR 15,319 1,045,811 0.11
Schneider Electric - GB 283 19,346 0.00
Electronics (1.15%)
Agilent Technologies 8,663 584,406 0.06
Allegion 2,655 211,630 0.02
Alps Alpine 4,100 79,784 0.01
Amphenol - Class A 8,174 662,258 0.07
Arrow Electronics 2,699 186,096 0.02
Assa Abloy - Class B 27,615 492,600 0.05
Corning 22,424 677,429 0.07
The accompanying notes form an integral part of these financial statements.
232
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Electronics (1.15%) (continued)
Flex 15,200 115,672 0.01
FLIR Systems 4,526 197,062 0.02
Fortive 8,104 548,317 0.05
Garmin 3,650 231,118 0.02
Hirose Electric 1,033 101,403 0.01
Hitachi High-Technologies 1,500 47,236 0.00
Honeywell International 20,784 2,745,982 0.27
Hoya 11,000 663,218 0.07
Keysight Technologies 5,400 335,232 0.03
Kyocera 9,000 451,825 0.04
Mettler-Toledo International 793 448,505 0.04
Minebea Mitsumi 7,700 111,589 0.01
Murata Manufacturing 5,200 708,800 0.07
Nippon Electric Glass 2,400 58,909 0.01
Omron 5,700 207,811 0.02
Sensata Technologies Holding 4,800 215,232 0.02
TE Connectivity 9,245 699,199 0.07
Trimble 7,800 256,698 0.03
Venture 7,600 77,784 0.01
Waters 2,149 405,409 0.04
Yokogawa Electric 6,700 116,089 0.01
Energy - Alternate Sources (0.05%)
Siemens Gamesa Renewable Energy 7,079 86,103 0.01
Vestas Wind Systems 5,497 414,383 0.04
Engineering & Construction (0.51%)
ACS Actividades de Construccion y Servicios 6,742 260,732 0.03
Aena 1,837 285,070 0.03
Aeroports de Paris 884 167,245 0.02
Auckland International Airport 18,582 89,464 0.01
Bouygues 6,029 215,997 0.02
CIMIC Group 2,565 78,388 0.01
CK Infrastructure Holdings 24,000 181,778 0.02
Eiffage 1,936 161,471 0.02
Ferrovial 12,829 259,505 0.03
Fluor 3,486 112,249 0.01
Fraport Frankfurt Airport Services Worldwide 739 52,765 0.00
HOCHTIEF 787 105,890 0.01
Jacobs Engineering Group 3,212 187,774 0.02
Japan Airport Terminal 1,600 55,562 0.01
JGC 7,000 98,701 0.01
Kajima 13,000 175,126 0.02
LendLease Group 13,784 112,857 0.01
Obayashi 23,000 208,376 0.02
SATS 39,800 136,073 0.01
Shimizu 18,000 146,835 0.01
Singapore Technologies Engineering 33,000 84,497 0.01
Skanska - Class B 9,352 148,732 0.01
SNC-Lavalin Group 4,627 155,566 0.01
Sydney Airport 32,794 155,375 0.01
Taisei 8,000 343,071 0.03
Vinci 13,756 1,132,527 0.11
WSP Global 2,300 98,800 0.01
Entertainment (0.24%)
Aristocrat Leisure 17,791 273,543 0.03
Genting Singapore 160,000 114,453 0.01
GVC Holdings 13,546 116,280 0.01
Live Nation Entertainment 4,700 231,475 0.02
Merlin Entertainments 23,999 97,044 0.01
Oriental Land 5,900 594,490 0.06
Paddy Power Betfair 2,714 222,295 0.02
Sankyo 1,600 60,958 0.01
Sega Sammy Holdings 3,000 42,000 0.00
Stars Group 5,600 92,418 0.01
Tabcorp Holdings 74,174 224,017 0.02
The accompanying notes form an integral part of these financial statements.
233
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Entertainment (0.24%) (continued)
Toho 2,800 101,572 0.01
Vail Resorts 1,241 261,628 0.03
Environmental Control (0.23%)
Kurita Water Industries 4,300 104,409 0.01
Pentair 3,628 137,066 0.01
Republic Services 6,549 472,117 0.05
Waste Connections 7,058 524,056 0.05
Waste Management 11,842 1,053,820 0.11
Food (2.75%)
a2 Milk 16,623 124,284 0.01
Ajinomoto 11,900 212,262 0.02
Aramark 6,500 188,305 0.02
Associated British Foods 8,599 223,743 0.02
Barry Callebaut - Registered 43 66,781 0.01
Calbee 3,100 97,197 0.01
Campbell Soup 5,519 182,072 0.02
Carrefour 17,648 300,799 0.03
Casino Guichard Perrachon 2,241 93,096 0.01
Chocoladefabriken Lindt & Spruengli 34 210,387 0.02
Chocoladefabriken Lindt & Spruengli - Registered 3 223,068 0.02
Chr Hansen Holding 2,758 243,608 0.02
Coles Group 28,761 237,708 0.02
Colruyt 2,138 152,118 0.01
Compass Group 43,032 904,292 0.09
Conagra Brands 13,694 292,504 0.03
Dairy Farm International Holdings 6,700 60,635 0.01
Danone 17,244 1,212,514 0.12
Empire - Class A 4,800 101,321 0.01
General Mills 16,616 647,027 0.06
George Weston 2,110 139,117 0.01
Hershey 3,744 401,282 0.04
Hormel Foods 8,316 354,927 0.04
ICA Gruppen 2,952 105,483 0.01
Ingredion 2,000 182,800 0.02
J Sainsbury 62,010 209,286 0.02
Jeronimo Martins 11,746 138,840 0.01
JM Smucker 3,150 294,493 0.03
Kellogg 7,067 402,890 0.04
Kerry Group - Class A 5,163 510,530 0.05
Kikkoman 5,000 269,334 0.03
Koninklijke Ahold Delhaize 34,526 871,265 0.09
Kraft Heinz 16,793 722,771 0.07
Kroger 22,240 611,600 0.06
Lamb Weston Holdings 3,846 282,912 0.03
Loblaw Companies 6,185 276,735 0.03
Marine Harvest 11,125 234,727 0.02
McCormick & Co - Non-Voting Shares 3,378 470,353 0.05
MEIJI Holdings 4,200 342,998 0.03
Metro - CA 7,100 246,093 0.02
Metro - DE 5,766 88,292 0.01
Mondelez International - Class A 41,471 1,660,084 0.16
Nestle - Registered 86,945 7,038,153 0.69
NH Foods 3,000 113,066 0.01
Nisshin Seifun Group 5,445 112,707 0.01
Nissin Foods Holdings 1,500 94,335 0.01
Orkla 20,311 159,595 0.02
Saputo 7,400 212,334 0.02
Seven & i Holdings 21,200 924,209 0.09
Sodexo 2,595 265,499 0.03
Sysco 13,928 872,728 0.09
Tesco 276,487 669,406 0.07
Toyo Suisan Kaisha 3,000 104,863 0.01
Tyson Foods - Class A 8,106 432,860 0.04
Wesfarmers 31,009 703,373 0.07
WH Group 300,500 231,439 0.02
The accompanying notes form an integral part of these financial statements.
234
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Food (2.75%) (continued)
Wilmar International 74,500 170,536 0.02
Wm Morrison Supermarkets 58,701 159,429 0.02
Woolworths Group 34,733 719,379 0.07
Yakult Honsha 2,500 175,910 0.02
Yamazaki Baking 4,500 94,581 0.01
Forest Products & Paper (0.15%)
International Paper 10,915 440,530 0.04
Mondi 10,512 218,694 0.02
Oji Holdings 20,000 102,994 0.01
Smurfit Kappa Group 3,919 104,205 0.01
Stora Enso - Class R 16,713 192,679 0.02
UPM-Kymmene 13,891 351,731 0.04
West Fraser Timber 2,400 118,506 0.01
Gas (0.39%)
Atmos Energy 3,129 290,121 0.03
Canadian Utilities - Class A 4,200 96,313 0.01
Centrica 153,226 263,255 0.03
Enagas 6,332 170,899 0.02
Hong Kong & China Gas 282,778 585,107 0.06
National Grid 99,478 968,204 0.09
Naturgy Energy Group 11,626 295,841 0.03
NiSource 9,500 240,825 0.02
Osaka Gas 9,300 170,293 0.02
Snam 70,507 307,812 0.03
Toho Gas 2,000 84,492 0.01
Tokyo Gas 9,400 238,652 0.02
UGI 4,900 261,415 0.02
Hand & Machine Tools (0.23%)
Disco 900 105,409 0.01
Finning International 5,400 94,099 0.01
Fuji Electric 3,400 100,560 0.01
Makita 6,700 238,468 0.02
Sandvik 32,988 470,122 0.05
Schindler Holding 1,403 277,099 0.03
Schindler Holding - Registered 593 114,654 0.01
Snap-on 1,600 232,464 0.02
Stanley Black & Decker 4,601 550,924 0.05
Techtronic Industries 30,500 162,057 0.02
Healthcare Products (2.90%)
Abbott Laboratories 48,602 3,515,383 0.35
ABIOMED 1,300 422,552 0.04
Align Technology 2,211 463,050 0.05
Asahi Intecc 2,500 105,728 0.01
Baxter International 14,523 955,904 0.09
Becton Dickinson 7,564 1,704,320 0.17
Boston Scientific 39,132 1,382,925 0.14
Cochlear 1,638 200,152 0.02
Coloplast - Class B 3,039 281,650 0.03
ConvaTec Group 33,324 58,972 0.01
Cooper Companies 1,600 407,200 0.04
Danaher 17,941 1,850,076 0.18
DENTSPLY SIRONA 5,724 212,990 0.02
Edwards Lifesciences 5,931 908,451 0.09
EssilorLuxottica 7,945 1,003,143 0.10
Fisher & Paykel Healthcare 14,182 123,626 0.01
Henry Schein 3,979 312,431 0.03
Hologic 8,719 358,351 0.04
IDEXX Laboratories 2,500 465,050 0.05
Intuitive Surgical 3,292 1,576,605 0.16
Koninklijke Philips 26,116 923,400 0.09
Lonza Group - Registered 2,074 535,857 0.05
Medtronic 38,216 3,476,127 0.34
Olympus 7,800 239,940 0.02
QIAGEN 6,199 210,324 0.02
The accompanying notes form an integral part of these financial statements.
235
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Healthcare Products (2.90%) (continued)
ResMed 3,800 432,706 0.04
Sartorius Stedim Biotech 471 47,031 0.00
Shimadzu 7,000 138,705 0.01
Siemens Healthineers 3,570 149,142 0.02
Smith & Nephew 23,194 432,464 0.04
Sonova Holding - Registered 1,435 233,781 0.02
Straumann Holding - Registered 279 174,906 0.02
Stryker 9,475 1,485,206 0.15
Sysmex 3,900 187,544 0.02
Teleflex 1,600 413,568 0.04
Terumo 7,800 442,484 0.04
Thermo Fisher Scientific 11,355 2,541,135 0.25
Varian Medical Systems 2,651 300,385 0.03
William Demant Holding 3,116 88,259 0.01
Zimmer Biomet Holdings 5,694 590,582 0.06
Healthcare Services (1.69%)
Anthem 7,354 1,931,381 0.19
Centene 5,807 669,547 0.07
Cigna 10,705 2,033,094 0.20
DaVita 3,480 179,081 0.02
Eurofins Scientific 322 119,999 0.01
Fresenius & Co 11,823 572,785 0.06
Fresenius Medical Care & Co 6,347 410,956 0.04
HCA Healthcare 7,811 972,079 0.10
Humana 3,922 1,123,575 0.11
IQVIA Holdings 4,524 525,553 0.05
Laboratoryof America Holdings 3,091 390,579 0.04
NMC Health 2,395 83,455 0.01
Quest Diagnostics 4,112 342,406 0.03
Ramsay Health Care 3,319 134,890 0.01
Ryman Healthcare 11,816 85,095 0.01
Sonic Healthcare 11,884 184,980 0.02
UnitedHealth Group 27,411 6,828,628 0.67
Universal Health Services - Class B 2,600 303,056 0.03
WellCare Health Plans 1,081 255,213 0.02
Holding Companies - Diversified Operations (0.19%)
CK Hutchison Holdings 74,220 712,875 0.07
Industrivarden - Class C 4,435 89,642 0.01
Jardine Matheson Holdings 5,500 382,690 0.04
Jardine Strategic Holdings 6,000 220,260 0.02
Keppel 47,500 205,961 0.02
NWS Holdings 31,628 64,877 0.01
Swire Pacific - Class A 13,000 137,317 0.01
Wharf Holdings 39,100 101,878 0.01
Home Builders (0.28%)
Barratt Developments 28,685 169,076 0.02
Berkeley Group Holdings 3,863 171,164 0.02
Daiwa House Industry 15,400 490,992 0.05
DR Horton 10,800 374,328 0.04
Iida Group Holdings 4,700 81,436 0.01
Lennar - Class A 8,300 324,945 0.03
NVR 110 268,069 0.02
Persimmon 9,443 232,113 0.02
PulteGroup 7,900 205,321 0.02
Sekisui Chemical 8,600 127,846 0.01
Sekisui House 16,900 249,383 0.02
Taylor Wimpey 98,312 170,599 0.02
Home Furnishings (0.30%)
Electrolux - Class B 8,373 176,699 0.02
Hoshizaki 1,600 97,416 0.01
Leggett & Platt 2,501 89,636 0.01
Panasonic 61,700 557,080 0.05
SEB 893 115,150 0.01
Sharp 5,500 55,243 0.01
The accompanying notes form an integral part of these financial statements.
236
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Home Furnishings (0.30%) (continued)
Sony 35,800 1,737,874 0.17
Whirlpool 2,200 235,114 0.02
Household Products (0.44%)
Avery Dennison 2,145 192,685 0.02
Church & Dwight 6,676 439,014 0.04
Clorox 3,568 549,971 0.06
Henkel & Co 3,337 327,110 0.03
Kimberly-Clark 9,688 1,103,851 0.11
Newell Brands 13,203 245,444 0.02
Reckitt Benckiser Group 19,163 1,467,532 0.15
Societe BIC 965 98,345 0.01
Insurance (4.62%)
Admiral Group 5,424 141,407 0.01
Aegon 50,010 233,192 0.02
Aflac 21,026 957,945 0.09
Ageas 4,517 202,930 0.02
AIA Group 342,400 2,842,637 0.28
Alleghany 508 316,647 0.03
Allianz - Registered 12,229 2,448,383 0.24
Allstate 9,379 774,987 0.08
American Financial Group 3,000 271,590 0.03
American International Group 24,908 981,624 0.10
AMP 93,156 160,675 0.02
Aon 6,800 988,448 0.10
Arch Capital Group 9,837 262,845 0.03
Arthur J Gallagher & Co 5,084 374,691 0.04
Assicurazioni Generali 33,533 559,665 0.06
Assurant 2,178 194,800 0.02
Athene Holding - Class A 5,200 207,116 0.02
Aviva 109,896 525,563 0.05
AXA 54,218 1,168,806 0.12
AXA Equitable Holdings 6,200 103,106 0.01
Baloise Holding - Registered 1,595 219,074 0.02
Berkshire Hathaway - Class B 36,938 7,542,001 0.74
Brighthouse Financial 2,843 86,655 0.01
Challenger 16,509 110,296 0.01
Chubb 12,936 1,671,072 0.16
Cincinnati Financial 4,252 329,190 0.03
CNP Assurances 7,619 161,303 0.02
Dai-ichi Life Holdings 32,100 502,646 0.05
Direct Line Insurance Group 31,606 128,288 0.01
Everest Re Group 1,392 303,122 0.03
Fairfax Financial Holdings 879 386,778 0.04
Fidelity National Financial 7,130 224,167 0.02
Gjensidige Forsikring 6,399 99,911 0.01
Great-West Lifeco 7,800 160,934 0.02
Hannover Rueck 1,955 263,043 0.03
Hartford Financial Services Group 8,959 398,228 0.04
Industrial Alliance Insurance & Financial Services 3,400 108,462 0.01
Insurance Australia Group 69,972 344,822 0.03
Intact Financial 3,822 277,569 0.03
Japan Post Holdings 45,900 529,221 0.05
Legal & General Group 168,567 495,927 0.05
Lincoln National 5,216 267,633 0.03
Loews 6,339 288,551 0.03
Manulife Financial 56,903 807,008 0.08
Mapfre 48,110 127,593 0.01
Markel 439 455,704 0.04
Marsh & McLennan Companies 13,885 1,107,329 0.11
Medibank Pvt 121,825 220,415 0.02
MetLife 23,716 973,779 0.10
MS&AD Insurance Group Holdings 14,100 402,508 0.04
Münchener Rückversicherungs-Gesellschaft - Registered 4,354 948,420 0.09
NN Group 8,678 345,225 0.03
Poste Italiane 15,354 122,583 0.01
The accompanying notes form an integral part of these financial statements.
237
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Insurance (4.62%) (continued)
Power Corp of Canada 10,869 195,209 0.02
Power Financial 3,964 74,967 0.01
Principal Financial Group 7,707 340,418 0.03
Progressive 16,204 977,587 0.10
Prudential 73,355 1,309,817 0.13
Prudential Financial 11,479 936,112 0.09
QBE Insurance Group 42,625 303,081 0.03
Reinsurance Group of America 2,157 302,476 0.03
RenaissanceRe Holdings 1,200 160,440 0.02
RSA Insurance Group 29,423 192,462 0.02
Sampo - Class A 12,429 545,737 0.05
SCOR 3,921 176,602 0.02
Sompo Holdings 9,200 312,942 0.03
Sony Financial Holdings 5,900 110,509 0.01
St James's Place 12,348 148,457 0.01
Sun Life Financial 16,311 540,874 0.05
Suncorp Group 33,070 294,042 0.03
Swiss Life Holding - Registered 881 338,351 0.03
Swiss Re 8,323 760,873 0.07
T&D Holdings 17,500 204,006 0.02
Tokio Marine Holdings 18,600 887,660 0.09
Torchmark 2,617 195,045 0.02
Travelers Companies 7,448 891,898 0.09
Tryg 2,609 65,505 0.01
Unum Group 6,281 184,536 0.02
Voya Financial 4,500 180,630 0.02
Willis Towers Watson 3,737 567,501 0.06
WR Berkley 3,151 232,890 0.02
Zurich Insurance Group 4,208 1,251,131 0.12
Internet (5.71%)
Alphabet - Class A 8,493 8,874,845 0.88
Alphabet - Class C 8,945 9,263,531 0.91
Amazon.com 11,768 17,675,183 1.74
Auto Trader Group 25,044 145,063 0.01
Booking Holdings 1,371 2,361,438 0.23
CDW 4,937 400,144 0.04
CyberAgent 2,300 88,990 0.01
Delivery Hero 2,644 98,231 0.01
eBay 26,022 730,437 0.07
Expedia Group 3,451 388,755 0.04
F5 Networks 1,728 279,988 0.03
Facebook - Class A 68,392 8,965,507 0.88
GoDaddy - Class A 4,500 295,290 0.03
GrubHub 1,379 105,921 0.01
IAC/InterActiveCorp 2,400 439,296 0.04
Iliad 770 107,960 0.01
Kakaku.com 4,000 70,802 0.01
LINE 900 30,967 0.00
M3 13,400 180,026 0.02
MercadoLibre 1,200 351,420 0.03
MonotaRO 2,300 56,978 0.01
Netflix 12,349 3,305,333 0.33
Palo Alto Networks 2,601 489,898 0.05
Rakuten 24,400 163,682 0.02
SBI Holdings 4,980 97,998 0.01
SEEK 10,012 119,260 0.01
Shopify - Class A 2,800 387,035 0.04
Symantec 17,430 329,340 0.03
Trend Micro 3,800 206,772 0.02
TripAdvisor 3,500 188,790 0.02
Twitter 18,970 545,198 0.05
United Internet - Registered 3,253 142,053 0.01
VeriSign 3,117 462,220 0.05
Wayfair - Class A 1,257 113,231 0.01
Wix.com 600 54,204 0.01
Yahoo Japan 72,700 181,559 0.02
The accompanying notes form an integral part of these financial statements.
238
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Internet (5.71%) (continued)
Zillow Group - Class C 3,182 100,488 0.01
ZOZO 6,300 115,417 0.01
Investment Companies (0.16%)
EXOR 3,509 189,575 0.02
Groupe Bruxelles Lambert 2,619 227,777 0.02
Investor - Class B 13,389 567,222 0.06
Kinnevik - Class B 5,612 135,270 0.01
L E Lundbergforetagen - Class B 730 21,507 0.00
Melrose Industries 125,487 261,865 0.03
Pargesa Holding 1,460 104,931 0.01
Wendel 1,154 138,120 0.01
Iron & Steel (0.24%)
ArcelorMittal 18,005 373,365 0.04
BlueScope Steel 18,093 139,603 0.02
Fortescue Metals Group 44,199 130,376 0.01
Hitachi Metals 7,000 73,372 0.01
JFE Holdings 14,700 235,409 0.02
Kobe Steel 9,600 66,849 0.01
Nippon Steel & Sumitomo Metal 22,689 391,368 0.04
Nucor 8,120 420,697 0.04
Steel Dynamics 6,300 189,252 0.02
Thyssenkrupp 13,346 228,542 0.02
Voestalpine 4,336 129,370 0.01
Leisure Time (0.27%)
Carnival - GB 4,635 222,135 0.02
Carnival - US 11,502 567,048 0.06
Flight Centre Travel Group 233 7,040 0.00
Harley-Davidson 5,055 172,477 0.02
Norwegian Cruise Line Holdings 6,733 285,412 0.03
Polaris Industries 2,000 153,360 0.01
Royal Caribbean Cruises 4,625 452,279 0.04
Shimano 1,900 268,769 0.03
TUI 13,813 198,001 0.02
Yamaha 5,000 213,280 0.02
Yamaha Motor 8,500 167,265 0.02
Lodging (0.46%)
Accor 4,359 184,919 0.02
City Developments 6,800 40,511 0.00
Crown Resorts 11,469 95,760 0.01
Galaxy Entertainment Group 66,000 419,805 0.04
Hilton Worldwide Holdings 7,525 540,295 0.05
InterContinental Hotels Group 4,791 258,534 0.03
Las Vegas Sands 10,291 535,646 0.05
Marriott International - Class A 8,478 920,372 0.09
Melco Resorts & Entertainment - ADR 6,900 121,578 0.01
MGM China Holdings 26,800 44,978 0.00
MGM Resorts International 14,394 349,198 0.04
Sands China 87,200 382,019 0.04
Shangri-La Asia 13,000 19,261 0.00
SJM Holdings 50,000 46,619 0.01
Whitbread 5,768 336,379 0.03
Wynn Macau 39,600 86,389 0.01
Wynn Resorts 2,803 277,245 0.03
Machinery - Construction & Mining (0.63%)
ABB - Registered 50,521 958,095 0.09
Atlas Copco - Class A 19,944 473,526 0.05
Atlas Copco - Class B 10,597 231,068 0.02
Caterpillar 16,786 2,132,997 0.21
Epiroc - Class A 19,944 188,601 0.02
Epiroc - Class B 13,433 119,514 0.01
Hitachi 27,900 746,484 0.07
Hitachi Construction Machinery 3,200 75,016 0.01
Komatsu 26,400 569,195 0.06
The accompanying notes form an integral part of these financial statements.
239
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Machinery - Construction & Mining (0.63%) (continued)
Mitsubishi Electric 51,800 574,349 0.06
Mitsubishi Heavy Industries 8,100 292,062 0.03
Machinery - Diversified (1.02%)
Amada Holdings 12,000 108,062 0.01
ANDRITZ 2,104 96,496 0.01
CNH Industrial 29,375 263,536 0.03
Cognex 4,312 166,745 0.02
Cummins 4,376 584,809 0.06
Daifuku 2,600 118,963 0.01
Deere & Co 8,641 1,288,978 0.13
Dover 4,751 337,083 0.03
FANUC 5,300 805,277 0.08
Flowserve 2,841 108,015 0.01
GEA Group 4,783 123,023 0.01
Hexagon - Class B 6,624 304,832 0.03
Husqvarna - Class B 13,990 103,672 0.01
IDEX 2,600 328,276 0.03
Keyence 2,780 1,410,841 0.14
KION Group 1,697 85,997 0.01
Kone - Class B 9,371 446,067 0.05
Kubota 29,400 418,430 0.04
Metso 4,029 105,472 0.01
Middleby 2,043 209,877 0.02
Nabtesco 3,700 80,802 0.01
Rockwell Automation 3,452 519,457 0.05
Roper Technologies 3,178 847,001 0.08
SMC 1,800 545,340 0.05
Sumitomo Heavy Industries 2,800 83,580 0.01
THK 1,800 33,829 0.00
Wabtec 2,800 196,700 0.02
Weir Group 6,502 107,487 0.01
Xylem 4,922 328,396 0.03
Yaskawa Electric 7,500 184,432 0.02
Media (1.77%)
Axel Springer 1,038 58,594 0.00
Bollore 24,577 98,333 0.01
CBS - Class B - Non-Voting Shares 9,083 397,109 0.04
Charter Communications - Class A 4,630 1,319,411 0.13
Comcast - Class A 129,462 4,408,181 0.43
Discovery - Class A 4,565 112,938 0.01
Discovery - Class C 6,744 155,652 0.01
DISH Network - Class A 7,118 177,736 0.02
Informa 34,139 274,007 0.03
ITV 120,866 192,188 0.02
Liberty Broadband - Class C 3,100 223,293 0.02
Liberty Global - Class A 5,942 126,802 0.01
Liberty Global - Class C 14,433 297,897 0.03
Liberty Media Corp-Liberty Formula One - Class C 5,700 174,990 0.02
Liberty Media Corp-Liberty SiriusXM - Class A 2,300 84,640 0.01
Liberty Media Corp-Liberty SiriusXM - Class C 5,300 195,994 0.02
News - Class A 14,540 165,029 0.02
Pearson 24,131 288,401 0.03
ProSiebenSat.1 Media 6,165 109,589 0.01
RTL Group 1,033 55,147 0.00
Schibsted - Class B 2,566 77,788 0.01
Shaw Communications - Class B 11,936 215,946 0.02
Singapore Press Holdings 44,000 75,862 0.01
Sirius XM Holdings 46,693 266,617 0.03
Telenet Group Holding 2,137 99,182 0.01
Thomson Reuters 5,620 271,289 0.03
Twenty-First Century Fox - Class A 29,453 1,417,278 0.14
Twenty-First Century Fox - Class B 12,019 574,268 0.06
Viacom - Class B 9,205 236,568 0.02
Vivendi 28,877 702,468 0.07
The accompanying notes form an integral part of these financial statements.
240
UBS ETF – MSCI World UCITS ETF Annual report as of 31 December 2018
Schedule of Investments as at 31 December 2018 (Expressed in USD)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value USD Net Assets
Media (1.77%) (continued)
Walt Disney 42,109 4,617,252 0.45
Wolters Kluwer 8,508 502,441 0.05
Metal Fabricate & Hardware (0.06%)
Maruichi Steel Tube 1,000 31,582 0.00
MISUMI Group 7,300 154,297 0.01
NSK 7,200 62,278 0.01
SKF - Class B 10,611 160,915 0.02
Tenaris 15,770 170,179 0.02
Mining (1.22%)
Agnico Eagle Mines 6,900 278,364 0.03
Alumina 110,396 178,753 0.02
Anglo American 30,347 675,524 0.07
Antofagasta 10,714 106,870 0.01
Barrick Gold 33,248 448,646 0.04
BHP Group - AU 83,706 2,017,140 0.20
BHP Group - GB 60,704 1,276,895 0.13
Boliden 6,366 137,849 0.01
Cameco 11,998 135,986 0.01
First Quantum Minerals 17,544 141,811 0.01
Franco-Nevada 5,675 397,765 0.04
Freeport-McMoRan 37,401 385,604 0.04
Fresnillo 9,492 103,965 0.01
Glencore 317,022 1,176,352 0.12
Goldcorp 28,844 282,358 0.03
Kinross Gold 40,755 131,295 0.01
Lundin Mining 23,700 97,868 0.01
Newcrest Mining 19,075 292,748 0.03
Newmont Mining 13,623 472,037 0.05
Norsk Hydro 36,733 166,333 0.02
Randgold Resources 2,625 218,846 0.02
Rio Tinto - AU &nb