UBS ETF – MSCI Singapore UCITS ETF Annual report as of 31 December 2018
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