UBS ETF – MSCI EMU Select Factor Mix UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Common Stocks
Advertising (0.35%)
IPSOS 2,846 82,392 0.03
JCDecaux 2,808 77,164 0.03
Publicis Groupe 13,281 536,021 0.21
Stroeer & Co 2,649 190,860 0.08
Aerospace & Defense (3.24%)
Airbus 27,950 3,646,916 1.42
Dassault Aviation 346 404,820 0.16
FACC 1,353 15,072 0.01
FIGEAC-AERO 1,439 13,383 0.01
Latecoere 7,014 27,039 0.01
LISI 2,041 61,332 0.02
MTU Aero Engines 5,276 1,343,269 0.52
OHB 318 13,833 0.01
Rheinmetall 3,752 384,205 0.15
Safran 10,065 1,385,447 0.54
Thales 10,782 997,551 0.39
Agriculture (0.03%)
BayWa 913 25,792 0.01
ForFarmers 2,425 13,920 0.01
Origin Enterprises 8,180 30,348 0.01
Airlines (0.08%)
Air France-KLM 18,133 179,952 0.07
Finnair 3,366 19,792 0.01
Apparel (5.51%)
adidas 13,138 3,807,392 1.49
Brunello Cucinelli 3,369 106,326 0.04
Geox 5,317 6,285 0.00
Hermes International 3,428 2,283,734 0.89
Kering 4,973 2,910,200 1.14
LVMH Moet Hennessy Louis Vuitton 10,424 4,317,621 1.68
Moncler 11,265 451,388 0.18
Puma 2,483 169,713 0.07
SMCP 2,534 23,946 0.01
Tod's 942 38,829 0.01
Van de Velde 409 12,229 0.00
Auto Manufacturers (1.31%)
Ferrari 9,350 1,382,865 0.54
Fiat Chrysler Automobiles 41,626 549,214 0.21
Peugeot 67,087 1,428,953 0.56
Auto Parts & Equipment (1.99%)
AKWEL 1,471 29,714 0.01
Bertrandt 367 20,662 0.01
CIR-Compagnie Industriali Riunite 20,813 22,644 0.01
Compagnie Automotive 5,795 122,159 0.05
Compagnie Generale des Etablissements Michelin 17,506 1,909,905 0.74
Compagnie Plastic Omnium 4,825 120,142 0.05
Continental 14,045 1,618,827 0.63
ElringKlinger 1,955 15,953 0.01
Faurecia 11,091 532,701 0.21
Freni Brembo 12,693 140,385 0.05
Gestamp Automocion 16,505 70,740 0.03
JOST Werke 973 36,293 0.01
Kendrion 872 18,268 0.01
MBB 126 8,959 0.00
Nokian Renkaat 15,819 405,441 0.16
SAF-Holland 2,995 22,163 0.01
Banks (3.98%)
ABN AMRO Bank - CVA 21,612 350,547 0.14
Aktia Bank 4,256 39,751 0.02
The accompanying notes form an integral part of these financial statements.
122
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Banks (3.98%) (continued)
Banca Carige* 807,546 0 0.00
Banca Generali 4,731 137,010 0.05
Banca IFIS 3,279 45,906 0.02
Banca Mediolanum 12,352 109,377 0.04
Banca Monte dei Paschi di Siena 25,318 35,395 0.01
Banca Popolare di Sondrio 46,470 97,959 0.04
Banco Bilbao Vizcaya Argentaria 252,308 1,257,251 0.49
Banco BPM 134,615 272,999 0.11
Banco Comercial Portugues - Class R 674,926 136,875 0.05
Banco de Sabadell 145,166 150,973 0.06
Bankia 55,108 104,843 0.04
Bankinter 56,314 367,843 0.14
BAWAG Group 5,320 215,992 0.09
BNP Paribas 40,549 2,142,204 0.84
BPER Banca 34,787 155,950 0.06
CaixaBank 161,791 452,691 0.18
Credito Emiliano 5,368 27,860 0.01
Credito Valtellinese 434,219 30,916 0.01
Deutsche Pfandbriefbank 10,822 157,568 0.06
doValue 2,601 31,992 0.01
FinecoBank Banca Fineco 32,078 342,914 0.13
Illimity Bank 5,101 52,081 0.02
ING Groep 103,440 1,105,567 0.43
KBC Group 11,197 750,871 0.29
Liberbank 180,522 60,475 0.02
Mediobanca Banca di Credito Finanziario 38,035 373,275 0.15
NIBC Holding 2,277 17,123 0.01
Societe Generale 27,960 867,179 0.34
Unicaja Banco 62,015 60,030 0.02
Unione di Banche Italiane 86,696 252,459 0.10
Beverages (2.50%)
Anheuser-Busch InBev 23,036 1,674,947 0.65
Coca-Cola European Partners 40,660 1,843,013 0.72
Davide Campari-Milano 41,597 338,600 0.13
Heineken 6,523 619,163 0.24
Heineken Holding 7,430 641,952 0.25
Pernod Ricard 8,145 1,298,313 0.51
Building Materials (0.97%)
Buzzi Unicem 5,719 128,392 0.05
Cementir Holding 2,649 17,812 0.01
CRH 36,981 1,319,112 0.51
Imerys 2,638 99,400 0.04
Kingspan Group 9,246 503,445 0.20
Oeneo 4,285 59,047 0.02
Tarkett 2,848 41,011 0.02
Vicat 1,635 65,972 0.02
Wienerberger 9,351 247,053 0.10
Chemicals (4.08%)
Air Liquide 16,512 2,083,815 0.81
Akzo Nobel 4,785 433,712 0.17
Arkema 4,345 411,472 0.16
BASF 29,986 2,019,557 0.79
Brenntag 15,272 740,387 0.29
Covestro 41,769 1,731,325 0.68
Evonik Industries 11,944 324,996 0.13
IMCD 4,549 353,912 0.14
K+S - Registered 15,551 172,849 0.07
Kemira 10,317 136,804 0.05
Koninklijke DSM 7,533 874,581 0.34
KWS Saat 1,002 57,815 0.02
Lenzing 1,050 86,940 0.03
OCI 6,837 128,194 0.05
Recticel 2,516 20,908 0.01
SGL Carbon 3,833 18,169 0.01
The accompanying notes form an integral part of these financial statements.
123
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Chemicals (4.08%) (continued)
Symrise 7,678 720,196 0.28
Tessenderlo Group 1,716 53,968 0.02
Wacker Chemie 1,291 87,323 0.03
Commercial Services (2.26%)
Adyen 555 405,705 0.16
ALD 7,830 108,367 0.04
Amadeus Fire 437 64,589 0.02
Amadeus IT Group 27,408 1,995,302 0.78
Applus Services 10,835 123,519 0.05
ASTM 2,901 78,211 0.03
Brunel International 1,425 12,839 0.00
Bureau Veritas 17,347 403,491 0.16
Caverion 9,612 69,110 0.03
Cramo 2,607 34,517 0.01
CTT-Correios de Portugal 8,118 25,896 0.01
Devoteam 464 43,848 0.02
Edenred 7,007 323,023 0.13
Elis 15,341 283,809 0.11
Europcar Mobility Group 9,141 39,617 0.01
GL Events 1,165 28,018 0.01
Global Dominion Access 7,112 25,959 0.01
Groupe Crit 362 26,643 0.01
Gruppo MutuiOnline 1,527 30,616 0.01
Hamburger Hafen und Logistik 2,135 52,393 0.02
Prosegur Cash 35,797 48,612 0.02
Prosegur Companhia de Seguridad 22,510 82,837 0.03
Randstad 13,226 720,024 0.28
Sixt 1,026 91,981 0.04
Societa Iniziative Autostradali e Servizi 4,500 67,230 0.03
Synergie 845 24,674 0.01
Wirecard 5,415 582,113 0.23
Computers (1.17%)
Atos 7,057 524,476 0.21
Aubay 854 28,566 0.01
Bechtle 2,584 323,517 0.13
CANCOM 2,587 136,076 0.05
Capgemini 5,664 616,809 0.24
Datagroup 409 26,749 0.01
Econocom Group 8,833 21,482 0.01
F-Secure 6,225 18,955 0.01
Indra Sistemas 10,850 110,453 0.04
Ingenico Group 1,907 184,598 0.07
Jenoptik 4,439 113,106 0.05
Kapsch TrafficCom 318 9,127 0.00
S&T 3,665 77,991 0.03
Solutions 30 6,187 61,622 0.02
Sopra Steria Group 1,308 187,698 0.07
Teleperformance 1,737 377,624 0.15
TietoEVRY 6,846 189,771 0.07
Cosmetics & Personal Care (3.17%)
Beiersdorf 9,813 1,046,556 0.41
Interparfums 920 34,040 0.01
L'Oreal 17,308 4,569,312 1.79
Unilever 48,108 2,464,573 0.96
Distribution & Wholesale (0.18%)
D'ieteren 2,105 131,773 0.05
Jacquet Metal Service 1,549 23,886 0.01
MARR 2,788 56,736 0.02
Rexel 21,558 255,354 0.10
Diversified Financial Services (1.23%)
Aareal Bank 4,660 140,965 0.06
ABC arbitrage 4,612 30,900 0.01
Amundi 1,979 138,332 0.05
The accompanying notes form an integral part of these financial statements.
124
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Diversified Financial Services (1.23%) (continued)
Anima Holding 24,495 112,726 0.04
Azimut Holding 8,735 185,881 0.07
Banca Farmafactoring 8,985 47,980 0.02
Bolsas y Mercados Espanoles 6,707 230,587 0.09
Deutsche Boerse 9,277 1,300,172 0.51
Euronext 4,797 348,502 0.14
Flow Traders 3,858 83,101 0.03
GRENKE 2,260 208,485 0.08
Hypoport 269 84,735 0.03
Intertrust 6,729 116,479 0.05
MLP 3,955 22,148 0.01
Tamburi Investment Partners 6,597 44,991 0.02
Wuestenrot & Wuerttembergische 2,827 54,731 0.02
Electric (7.32%)
A2A 142,668 238,541 0.09
ACEA 4,354 80,288 0.03
Albioma 2,286 59,436 0.02
EDP - Energias de Portugal 216,249 835,586 0.33
Elia System Operator 2,523 199,569 0.08
Endesa 63,995 1,522,441 0.59
Enel 595,474 4,211,192 1.64
Engie 122,266 1,760,630 0.69
EVN 3,084 53,353 0.02
Fortum 37,254 819,588 0.32
Hera 72,894 284,287 0.11
Iberdrola 550,438 5,053,021 1.97
Iren 48,556 134,112 0.05
Red Electrica 60,898 1,091,597 0.43
REN - Redes Energeticas Nacionais 32,703 88,952 0.04
RWE 17,218 470,912 0.18
Terna Rete Elettrica Nazionale 179,475 1,068,594 0.42
Uniper 23,762 701,217 0.27
Verbund 2,030 90,822 0.04
Electrical Components & Equipment (2.11%)
Bekaert 2,930 77,645 0.03
Legrand 19,224 1,396,431 0.54
Leoni 2,103 21,756 0.01
Nexans 2,127 92,503 0.03
OSRAM Licht 4,517 199,426 0.08
OSRAM Licht - TEND 3,886 157,577 0.06
Schneider Electric 32,156 2,942,274 1.15
Signify 11,201 312,060 0.12
SMA Solar Technology 687 23,743 0.01
Varta 1,220 148,108 0.06
Vossloh 574 21,238 0.01
Zumtobel Group 1,900 17,366 0.01
Electronics (0.20%)
AT&S Austria Technologie & Systemtechnik 2,459 49,327 0.02
Barco 749 164,031 0.06
Carel Industries 2,160 29,938 0.01
El.En. 1,126 37,203 0.02
Isra Vision 1,070 41,580 0.02
Sesa 518 24,683 0.01
TKH Group - CVA 3,286 163,971 0.06
Energy - Alternate Sources (0.15%)
Bio On 448 4,668 0.00
CropEnergies 3,939 43,250 0.02
Encavis 6,824 64,077 0.02
ERG 5,032 96,715 0.04
Falck Renewables 10,502 49,990 0.02
Nordex 5,326 64,338 0.03
SIF Holding 706 8,825 0.00
Solaria Energia y Medio Ambiente 4,615 31,382 0.01
VERBIO Vereinigte BioEnergie 1,358 15,916 0.01
The accompanying notes form an integral part of these financial statements.
125
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Engineering & Construction (5.42%)
Acciona 2,043 191,633 0.07
Ackermans & van Haaren 2,122 296,443 0.12
ACS Actividades de Construccion y Servicios 29,467 1,050,499 0.41
Aena 8,881 1,514,210 0.59
Aeroports de Paris 1,859 327,370 0.13
Akka Technologies 930 60,915 0.02
Alten 2,269 255,262 0.10
Altran Technologies 20,272 287,052 0.11
Arcadis 6,189 128,607 0.05
Bilfinger 2,446 84,583 0.03
Boskalis Westminster 6,413 146,216 0.06
Bouygues 26,959 1,021,207 0.40
Cellnex Telecom 12,762 489,678 0.19
Compagnie d'Entreprises CFE 640 62,272 0.02
Eiffage 4,890 498,780 0.19
Enav 22,441 119,386 0.05
Ferrovial 65,243 1,759,604 0.69
Fomento de Construcciones y Contratas 5,150 56,238 0.02
Fraport Frankfurt Airport Services Worldwide 7,161 542,661 0.21
Gaztransport Et Technigaz 1,774 151,500 0.06
Grupo Empresarial San Jose 2,329 13,974 0.01
HOCHTIEF 2,678 304,489 0.12
Infrastrutture Wireless Italiane 19,144 167,127 0.07
Koninklijke BAM Groep 22,533 60,524 0.02
Koninklijke Volkerwessels 2,878 63,172 0.02
Mota-Engil 4,550 8,508 0.00
Obrascon Huarte Lain 22,216 23,549 0.01
Porr 714 11,024 0.00
Sacyr 38,946 101,260 0.04
Salini Impregilo 25,762 41,348 0.02
SPIE 10,601 192,514 0.08
Tecnicas Reunidas 2,904 69,115 0.03
Vinci 38,234 3,785,166 1.48
Entertainment (0.34%)
bet-at-home.com 205 10,845 0.00
Borussia Dortmund & Co 4,949 43,551 0.02
Compagnie des Alpes 1,106 33,014 0.01
Flutter Entertainment 5,452 590,724 0.23
Gamenet Group 1,833 23,829 0.01
Juventus Football Club 48,001 59,857 0.02
Kinepolis Group 1,233 72,994 0.03
RAI Way 6,173 37,840 0.02
Environmental Control (0.05%)
BEFESA 1,261 47,918 0.02
Derichebourg 9,392 34,281 0.01
Fluidra 3,259 39,760 0.02
Food (4.53%)
Agrana Beteiligungs 826 15,364 0.01
Autogrill 10,765 100,437 0.04
Bonduelle 1,478 34,437 0.01
Casino Guichard Perrachon 3,987 166,258 0.07
Colruyt 15,204 706,682 0.28
Corbion 4,748 133,514 0.05
Danone 19,822 1,464,846 0.57
Distribuidora Internacional de Alimentacion 222,349 22,702 0.01
DO & Co 592 50,853 0.02
Ebro Foods 5,392 104,012 0.04
Elior Group 7,857 102,927 0.04
Glanbia 16,546 169,762 0.07
HelloFresh 12,473 232,746 0.09
Jeronimo Martins 38,333 562,153 0.22
Kerry Group - Class A 14,694 1,632,503 0.64
Kesko - Class B 5,655 356,717 0.14
Koninklijke Ahold Delhaize 182,976 4,079,450 1.59
The accompanying notes form an integral part of these financial statements.
126
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Food (4.53%) (continued)
La Doria 672 6,270 0.00
Sodexo 10,016 1,058,190 0.41
Sonae 93,990 85,531 0.03
Suedzucker 5,543 90,961 0.04
Takeaway.com 3,256 267,643 0.10
Viscofan 3,255 153,311 0.06
Forest Products & Paper (1.17%)
Altri 6,708 38,102 0.02
Corticeira Amorim 2,616 29,561 0.01
Ence Energia y Celulosa 12,328 45,244 0.02
Miquel y Costas & Miquel 1,248 20,467 0.01
Navigator 17,708 63,536 0.02
Semapa-Sociedade de Investimento e Gestao 1,588 21,787 0.01
Smurfit Kappa Group 11,031 377,922 0.15
Stora Enso - Class R 18,259 236,728 0.09
UPM-Kymmene 69,858 2,159,311 0.84
Gas (1.39%)
Ascopiave 4,774 18,213 0.01
Enagas 37,522 853,250 0.33
Italgas 39,976 217,629 0.09
Naturgy Energy Group 45,939 1,029,034 0.40
Rubis 7,422 406,354 0.16
Snam 219,147 1,026,923 0.40
Hand & Machine Tools (0.10%)
IMA Industria Macchine Automatiche 1,713 109,803 0.04
Konecranes 5,176 141,823 0.06
Healthcare Products (1.18%)
Biocartis 2,320 13,270 0.01
Carl Zeiss Meditec 1,163 132,233 0.05
DiaSorin 2,224 256,650 0.10
Draegerwerk & Co 184 7,286 0.00
EssilorLuxottica 11,367 1,543,639 0.60
Guerbet 658 27,175 0.01
Ion Beam Applications 1,377 17,956 0.01
Koninklijke Philips 8,817 383,716 0.15
Sartorius Stedim Biotech 1,993 294,366 0.12
Siemens Healthineers 7,368 315,498 0.12
STRATEC 309 18,849 0.01
Healthcare Services (1.35%)
Evotec 11,486 264,752 0.10
Fresenius & Co 23,670 1,187,761 0.46
Fresenius Medical Care & Co 20,376 1,344,001 0.53
Korian 4,384 183,777 0.07
LNA Sante 630 31,217 0.01
Orpea 3,815 436,054 0.17
Rhoen-Klinikum 1,279 22,357 0.01
Home Builders (0.11%)
Cairn Homes 57,276 72,168 0.03
Glenveagh Properties 54,304 47,407 0.02
Kaufman & Broad 2,165 80,105 0.03
YIT 12,354 73,630 0.03
Home Furnishings (0.22%)
De' Longhi 5,381 101,432 0.04
Rational 315 225,855 0.09
SEB 1,789 236,863 0.09
Household Products (0.57%)
Fila 1,412 20,276 0.01
Henkel & Co 13,859 1,164,156 0.45
Ontex Group 5,653 105,994 0.04
The accompanying notes form an integral part of these financial statements.
127
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Household Products (0.57%) (continued)
Oriola - Class B 7,743 15,680 0.01
Societe 2,426 150,412 0.06
Insurance (9.67%)
Aegon 83,320 338,862 0.13
Ageas 21,022 1,107,439 0.43
Allianz - Registered 29,719 6,490,630 2.53
ASR Nederland 12,132 404,724 0.16
Assicurazioni Generali 152,826 2,811,234 1.10
AXA 98,001 2,460,805 0.96
CNP Assurances 21,315 377,915 0.15
Coface 7,313 80,224 0.03
Grupo Catalana Occidente 3,138 97,749 0.04
Hannover Rueck 10,604 1,827,069 0.71
Mapfre 325,749 768,768 0.30
Muenchener Rueckversicherungs-Gesellschaft in Muenchen - Registered 13,083 3,440,829 1.34
NN Group 23,575 797,306 0.31
Sampo - Class A 70,066 2,726,268 1.07
SCOR 15,735 588,804 0.23
Societa Cattolica di Assicurazioni 14,783 107,472 0.04
Unipol Gruppo 35,196 179,922 0.07
UNIQA Insurance Group 11,106 101,009 0.04
Vienna Insurance Group Wiener Versicherung Gruppe 3,065 77,851 0.03
Internet (1.11%)
Cerved Group 15,622 135,833 0.05
eDreams ODIGEO 3,988 17,029 0.01
Flatex - Registered 743 18,203 0.01
Masmovil Ibercom 7,030 142,990 0.06
New Work 238 69,496 0.03
Prosus 24,417 1,624,463 0.63
Reply 1,555 107,995 0.04
Rocket Internet 5,610 123,981 0.05
Scout24 9,045 533,203 0.21
Solocal Group 48,764 26,918 0.01
zooplus 459 39,199 0.01
Investment Companies (0.75%)
DeA Capital 5,306 7,747 0.00
EXOR 2,992 206,687 0.08
FFP 356 37,024 0.01
Financiera Alba 1,054 51,172 0.02
Groupe Bruxelles Lambert 8,609 808,902 0.32
Italmobiliare 889 21,469 0.01
KBC Ancora 3,746 167,671 0.07
Sofina 1,358 261,551 0.10
Wendel 2,986 353,841 0.14
Iron & Steel (0.18%)
Acerinox 13,860 139,224 0.05
APERAM 5,067 144,460 0.06
Kloeckner & Co 7,106 44,626 0.02
Outokumpu 24,374 68,393 0.03
Salzgitter 3,124 61,730 0.02
Leisure Time (0.27%)
Accell Group 1,457 37,591 0.01
Basic-Fit 3,504 118,610 0.05
Beneteau 3,651 39,540 0.02
CTS Eventim 5,113 286,584 0.11
Piaggio 15,239 41,877 0.02
Technogym 8,680 100,601 0.04
Trigano 678 63,800 0.02
Lodging (0.22%)
Accor 9,924 414,327 0.16
Dalata Hotel Group 12,079 62,207 0.03
Melia Hotels International 10,622 83,489 0.03
The accompanying notes form an integral part of these financial statements.
128
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Machinery - Construction & Mining (0.07%)
Danieli & C Officine Meccaniche 756 12,383 0.00
Manitou 2,077 44,552 0.02
Outotec 12,151 69,965 0.03
Palfinger 827 24,190 0.01
Wacker Neuson 1,937 33,026 0.01
Machinery - Diversified (2.01%)
ANDRITZ 6,538 251,059 0.10
Basler 226 12,294 0.01
Biesse 905 13,439 0.01
Deutz 10,520 58,596 0.02
Duerr 4,883 148,346 0.06
GEA Group 13,550 399,454 0.16
Heidelberger Druckmaschinen 17,936 20,626 0.01
Interpump Group 6,198 175,032 0.07
KION Group 3,076 189,359 0.07
Koenig & Bauer 927 25,900 0.01
Kone - Class B 48,280 2,813,759 1.10
Krones 1,248 84,240 0.03
Metso 8,084 284,395 0.11
Pfeiffer Vacuum Technology 384 61,056 0.02
Stabilus 2,323 140,890 0.06
Talgo 5,823 35,462 0.01
Valmet 12,150 259,524 0.10
Washtec 989 53,109 0.02
Zardoya Otis 15,948 112,035 0.04
Media (1.44%)
Altice Europe - Class A 24,979 143,579 0.06
Arnoldo Mondadori Editore 8,074 16,632 0.01
Atresmedia Corp de Medios de Comunicacion 5,937 20,673 0.01
Cairo Communication 4,527 12,291 0.00
Euskaltel 7,546 67,688 0.03
Lagardere 3,902 75,816 0.03
Mediaset 29,309 77,962 0.03
Mediaset Espana Comunicacion 13,518 76,512 0.03
Metropole Television 1,649 27,670 0.01
NOS 22,197 106,545 0.04
Promotora de Informaciones - Class A 11,898 17,133 0.01
ProSiebenSat.1 Media 20,612 286,713 0.11
Sanoma 6,098 57,596 0.02
Television Francaise 1 4,210 31,154 0.01
Wolters Kluwer 41,153 2,675,768 1.04
Metal Fabricate & Hardware (0.14%)
Aurubis 2,796 152,997 0.06
Norma Group 2,868 108,984 0.04
SAES Getters 168 5,099 0.00
Tubacex 7,422 21,004 0.01
Vallourec 24,534 68,990 0.03
Mining (0.06%)
Constellium 10,076 120,284 0.05
Eramet 615 28,191 0.01
Miscellaneous Manufacturers (1.52%)
Aalberts 8,783 351,408 0.14
AGFA-Gevaert 13,821 63,825 0.02
Alstom 11,334 478,635 0.19
AMG Advanced Metallurgical Group 3,406 74,319 0.03
Chargeurs 1,877 32,435 0.01
Indus Holding 1,271 49,378 0.02
Knorr-Bremse 2,746 249,199 0.10
Mersen 1,448 49,449 0.02
Semperit Holding 636 7,085 0.00
Siemens - Registered 21,309 2,483,351 0.97
Uponor 4,866 56,689 0.02
The accompanying notes form an integral part of these financial statements.
129
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Office & Business Equipment (0.04%)
Datalogic 1,337 22,555 0.01
Quadient 4,193 90,485 0.03
Oil & Gas (4.21%)
Eni 114,415 1,584,190 0.62
Etablissements Maurel et Prom 3,060 8,629 0.00
Galp Energia 88,727 1,322,032 0.52
Neste 25,931 804,380 0.31
OMV 9,336 467,547 0.18
Repsol 139,590 1,944,489 0.76
Saras 46,992 67,386 0.03
Total 93,389 4,594,739 1.79
Oil & Gas Services (0.31%)
CGG 52,446 151,831 0.06
Fugro - CVA 7,601 75,843 0.03
Maire Tecnimont 9,915 24,530 0.01
Saipem 54,284 236,461 0.09
SBM Offshore 15,490 256,979 0.10
Schoeller-Bleckmann Oilfield Equipment 974 48,992 0.02
Packaging & Containers (0.25%)
Gerresheimer 2,546 175,674 0.07
Groupe Guillin 1,061 17,252 0.01
Huhtamaki 8,424 348,585 0.13
Metsa Board 14,431 86,514 0.03
Zignago Vetro 1,466 18,618 0.01
Pharmaceuticals & Biotechnology (2.76%)
Almirall 4,702 68,837 0.03
Amplifon 10,002 256,451 0.10
Argenx - BE 878 126,081 0.05
Argenx - NL 2,705 388,438 0.15
Boiron 381 13,868 0.01
Cellectis 3,098 48,577 0.02
DBV Technologies 3,650 71,650 0.03
Dermapharm Holding 1,284 51,039 0.02
Eckert & Ziegler Strahlen- und Medizintechnik 288 54,893 0.02
Faes Farma 22,506 112,530 0.04
Fagron 4,725 91,334 0.04
Galapagos - BE 682 127,193 0.05
Galapagos - NL 1,236 230,514 0.09
Genfit 3,542 62,516 0.02
Innate Pharma 8,393 50,022 0.02
Ipsen 1,853 146,387 0.06
Merck 6,592 694,467 0.27
Mithra Pharmaceuticals 1,408 36,974 0.01
MorphoSys 2,777 352,124 0.14
Orion - Class B 13,131 541,916 0.21
Pharma Mar 11,365 40,573 0.02
Pharming Group 46,874 73,475 0.03
Recordati 8,068 303,115 0.12
Sanofi 30,161 2,703,029 1.05
UCB 4,402 312,102 0.12
Vilmorin & Compagnie 429 20,699 0.01
Virbac 357 84,431 0.03
Pipelines (0.04%)
Koninklijke Vopak 1,965 94,968 0.04
Private Equity (0.28%)
AURELIUS Equity Opportunities 1,822 71,058 0.03
Deutsche Beteiligungs 808 31,876 0.01
Eurazeo 7,458 454,938 0.18
Gimv 1,688 92,502 0.03
PATRIZIA Immobilien 3,843 76,322 0.03
The accompanying notes form an integral part of these financial statements.
130
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Real Estate (1.96%)
ADLER Real Estate 3,549 48,267 0.02
ADO Properties 2,476 79,480 0.03
Aedas Homes 1,495 32,068 0.01
Aroundtown 145,919 1,165,017 0.46
CA Immobilien Anlagen 5,131 192,156 0.08
Citycon 7,557 70,771 0.03
Consus Real Estate 2,760 20,203 0.01
Corestate Capital Holding 844 31,650 0.01
Deutsche EuroShop 4,310 113,870 0.04
Deutsche Wohnen 10,746 391,370 0.15
DIC Asset 2,987 47,493 0.02
Grand City Properties 10,670 228,125 0.09
IMMOFINANZ 8,109 193,805 0.08
LEG Immobilien 5,587 589,708 0.23
Metrovacesa 3,047 26,661 0.01
Montea C.V.A - REIT 846 68,526 0.03
Neinor Homes 6,295 69,245 0.03
Nexity 3,373 151,043 0.06
S IMMO 3,871 86,323 0.03
TAG Immobilien 11,851 262,618 0.10
TLG Immobilien 6,580 187,201 0.07
Vonovia 19,965 958,320 0.37
Real Estate Investment Trusts (2.25%)
Aedifica - REIT 2,193 248,248 0.10
alstria office REIT - REIT 13,893 232,708 0.09
Befimmo - REIT 1,960 106,036 0.04
Carmila - REIT 3,933 78,660 0.03
Cofinimmo - REIT 2,165 283,615 0.11
Covivio - REIT 7,532 762,238 0.30
Eurocommercial Properties - CVA 3,708 92,700 0.04
Gecina - REIT 4,810 767,676 0.30
Hamborner REIT - REIT 5,545 54,119 0.02
Hibernia REIT - REIT 54,388 76,687 0.03
ICADE - REIT 7,771 754,175 0.29
Immobiliare Grande Distribuzione - REIT 3,615 22,413 0.01
Inmobiliaria Colonial Socimi - REIT 23,127 262,723 0.10
Intervest Offices & Warehouses - REIT 1,753 44,877 0.02
Irish Residential Properties REIT - REIT 34,862 55,431 0.02
Klepierre - REIT 13,899 470,481 0.18
Lar Espana Real Estate Socimi - REIT 5,659 40,179 0.02
Mercialys - REIT 3,129 38,580 0.02
Merlin Properties Socimi - REIT 30,329 387,908 0.15
NSI - REIT 1,579 68,529 0.03
Retail Estates - REIT 909 76,265 0.03
Unibail-Rodamco-Westfield - REIT - FR 2,454 345,155 0.13
Unibail-Rodamco-Westfield - REIT - NL 1,178 165,686 0.06
Vastned Retail - REIT 797 21,280 0.01
Warehouses De Pauw - REIT 1,555 252,221 0.10
Wereldhave - REIT 2,969 59,736 0.02
Retail (1.16%)
CECONOMY 13,738 74,268 0.03
Cewe Stiftung & Co 475 50,255 0.02
Fnac Darty 1,373 72,494 0.03
Hornbach Holding & Co 906 58,437 0.02
HUGO BOSS 5,703 246,712 0.10
Industria de Diseno Textil 68,499 2,154,294 0.84
Maisons du Monde 5,698 73,903 0.03
OVS 24,713 49,574 0.02
Salvatore Ferragamo 5,815 109,031 0.04
Shop Apotheke Europe 611 26,578 0.01
Takkt 2,210 27,802 0.01
Tokmanni Group 3,131 39,513 0.01
The accompanying notes form an integral part of these financial statements.
131
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Semiconductors (3.40%)
AIXTRON 11,433 97,501 0.04
ASM International 3,827 383,274 0.15
ASML Holding 17,149 4,522,191 1.76
BE Semiconductor Industries 6,114 210,688 0.08
Dialog Semiconductor 6,703 302,372 0.12
Elmos Semiconductor 646 18,411 0.01
Infineon Technologies 49,296 1,001,202 0.39
Melexis 1,578 105,805 0.04
NXP Semiconductors 7,276 824,895 0.32
Siltronic 1,726 154,857 0.06
SOITEC 1,898 177,843 0.07
STMicroelectronics 37,553 900,145 0.35
X-Fab Silicon Foundries 3,740 15,596 0.01
Shipping (0.22%)
Fincantieri 47,318 43,580 0.02
Wartsila 53,557 527,536 0.20
Software (1.86%)
CompuGroup Medical 1,905 121,444 0.05
Dassault Systemes 7,668 1,123,746 0.44
InterXion Holding 6,588 491,885 0.19
Nemetschek 5,090 299,292 0.12
RIB Software 3,549 80,207 0.03
Rovio Entertainment 2,972 13,124 0.00
SAP 20,365 2,450,317 0.96
Software 4,104 127,634 0.05
TINEXTA 1,347 15,625 0.00
TomTom 5,758 54,240 0.02
Storage & Warehousing (0.02%)
ID Logistics Group 249 44,920 0.02
Telecommunications (2.89%)
ADVA Optical Networking 2,823 22,838 0.01
Deutsche Telekom - Registered 39,387 573,869 0.22
Elisa 27,566 1,357,625 0.53
Eutelsat Communications 9,105 131,931 0.05
Freenet 11,562 236,327 0.09
Koninklijke KPN 267,082 702,693 0.27
Orange 120,509 1,581,078 0.62
Orange Belgium 2,494 51,626 0.02
Proximus 38,682 987,165 0.39
Technicolor - Registered 41,075 28,116 0.01
Telefonica 245,635 1,529,569 0.60
Telefonica Deutschland Holding 40,445 104,510 0.04
Telekom Austria 12,660 92,165 0.04
Textile (0.01%)
Aquafil 1,000 6,300 0.00
Sioen Industries 424 9,667 0.01
Transportation (1.40%)
bpost 8,086 83,286 0.03
Cargotec - Class B 3,457 104,540 0.04
Companhia de Distribucion Integral Logista Holdings 4,095 82,309 0.03
Construcciones y Auxiliar de Ferrocarriles 1,598 65,518 0.03
Deutsche Post - Registered 59,389 2,019,820 0.79
Euronav 14,501 159,221 0.06
Exmar 1,838 9,705 0.00
Getlink 43,869 680,408 0.27
Oesterreichische Post 2,932 99,688 0.04
Poste Italiane 20,762 210,111 0.08
PostNL 35,973 72,378 0.03
Trucking & Leasing (0.00%)
Sixt Leasing 764 8,648 0.00
The accompanying notes form an integral part of these financial statements.
132
UBS ETF – MSCI EMU Select Factor Mix UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Water (0.31%)
Veolia Environnement 33,757 800,378 0.31
Total Common Stocks 253,820,041 99.07
Preferred Stocks
Auto Manufacturers (0.12%)
Bayerische Motoren Werke 5,330 293,416 0.12
Building Materials (0.02%)
Buzzi Unicem - Rsp 2,622 36,288 0.01
STO 156 17,784 0.01
Chemicals (0.07%)
Fuchs Petrolub 3,891 171,827 0.07
Commercial Services (0.03%)
Sixt 1,159 75,683 0.03
Electronics (0.06%)
Sartorius 819 156,265 0.06
Healthcare Products (0.01%)
Draegerwerk & Co 496 27,627 0.01
Household Products (0.43%)
Henkel & Co 11,958 1,102,528 0.43
Machinery - Construction & Mining (0.01%)
Danieli & C Officine Meccaniche - Rsp 2,483 25,078 0.01
Machinery - Diversified (0.03%)
Jungheinrich 3,874 83,291 0.03
Telecommunications (0.06%)
Telecom Italia - Rsp 286,170 156,192 0.06
Total Preferred Stocks 2,145,979 0.84
Rights
Banks (0.00%)
Banca Carige 807,546 0 0.00
Oil & Gas (0.03%)
Repsol - Rights 139,590 59,047 0.03
Pharmaceuticals & Biotechnology (0.00%)
Faes Farma - Rights 22,505 3,317 0.00
Total Rights 62,364 0.03
TOTAL INVESTMENTS (Cost EUR 242,917,281) 256,028,384 99.94
Other net assets 166,163 0.06
TOTAL NET ASSETS 256,194,547 100.00
*Investment which has less than 0.5 shares and/or less than 0.5 EUR has been rounded down to zero.
The accompanying notes form an integral part of these financial statements.
133
UBS ETF – MSCI EMU Value UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Common Stocks
Advertising (0.41%)
Publicis Groupe 7,808 315,131 0.41
Aerospace & Defense (0.07%)
Leonardo 5,200 54,340 0.07
Airlines (0.18%)
Deutsche Lufthansa - Registered 8,438 138,468 0.18
Auto Manufacturers (4.83%)
Bayerische Motoren Werke 11,911 871,171 1.13
Daimler - Registered 32,720 1,615,386 2.10
Fiat Chrysler Automobiles 38,949 513,893 0.67
Peugeot 10,704 227,995 0.29
Renault 6,944 292,898 0.38
Volkswagen 1,144 198,198 0.26
Auto Parts & Equipment (1.88%)
Compagnie Generale des Etablissements Michelin 6,124 668,129 0.87
Continental 3,958 456,199 0.59
Faurecia 2,790 134,004 0.17
Nokian Renkaat 4,480 114,822 0.15
Pirelli 14,331 73,661 0.10
Banks (18.06%)
ABN AMRO Bank - CVA 15,557 252,335 0.33
AIB Group 26,365 81,890 0.11
Banco Bilbao Vizcaya Argentaria 240,390 1,197,863 1.56
Banco de Sabadell 201,485 209,544 0.27
Banco Santander 598,045 2,230,708 2.90
Bank of Ireland Group 31,655 154,540 0.20
Bankia 45,645 86,840 0.11
Bankinter 24,019 156,892 0.20
BNP Paribas 40,433 2,136,075 2.78
CaixaBank 129,557 362,501 0.47
Commerzbank 37,045 204,377 0.27
Credit Agricole 41,531 536,788 0.70
Deutsche Bank - Registered 36,011 249,088 0.32
Erste Group Bank 10,839 363,757 0.47
ING Groep 140,393 1,500,520 1.95
Intesa Sanpaolo 533,291 1,252,434 1.63
KBC Group 9,012 604,345 0.79
Mediobanca Banca di Credito Finanziario 22,418 220,010 0.29
Natixis 33,157 131,235 0.17
Raiffeisen Bank International 5,313 118,958 0.15
Societe Generale 29,151 904,118 1.17
UniCredit 72,275 941,021 1.22
Building Materials (1.29%)
Compagnie de Saint-Gobain 17,674 645,101 0.84
HeidelbergCement 5,390 350,134 0.45
Chemicals (4.31%)
Arkema 2,502 236,939 0.31
BASF 33,022 2,224,032 2.89
Brenntag 2,838 137,586 0.18
Covestro 6,326 262,213 0.34
Evonik Industries 6,618 180,076 0.23
Solvay 2,693 278,187 0.36
Commercial Services (0.78%)
Atlantia 17,810 370,270 0.48
Randstad 4,242 230,934 0.30
Computers (0.35%)
Atos 3,571 265,397 0.35
The accompanying notes form an integral part of these financial statements.
134
UBS ETF – MSCI EMU Value UCITS ETF Annual report as of 31 December 2019
Schedule of Investments as at 31 December 2019 (Expressed in EUR)
Transferable securities listed on an Official Stock Exchange
Market % of
Quantity Value EUR Net Assets
Diversified Financial Services (0.52%)
AerCap Holdings 4,497 246,263 0.32
Amundi 2,174 151,963 0.20
Electric (9.64%)
E.ON 80,812 769,654 1.00
EDP - Energias de Portugal 59,819 231,141 0.30
Electricite de France 21,523 213,680 0.28
Endesa 11,569 275,227 0.36
Enel 292,205 2,066,474 2.68
Engie 65,575 944,280 1.23
Fortum 5,594 123,068 0.16
Iberdrola 217,478 1,996,448 2.59
Red Electrica 15,761 282,516 0.37
Terna Rete Elettrica Nazionale 50,208 298,938 0.39
Uniper 7,399 218,344 0.28
Electrical Components & Equipment (2.36%)
Schneider Electric 19,857 1,816,915 2.36
Engineering & Construction (3.35%)
ACS Actividades de Construccion y Servicios 9,528 339,673 0.44
Bouygues 8,087 306,336 0.40
Fraport Frankfurt Airport Services Worldwide 1,519 115,110 0.15
Vinci 18,344 1,816,056 2.36
Entertainment (0.38%)
Flutter Entertainment 2,690 291,461 0.38
Food (1.95%)
Carrefour 21,734 324,923 0.42
Casino Guichard Perrachon 2,018 84,151 0.11
Colruyt 1,036 48,153 0.06
Koninklijke Ahold Delhaize 42,502 947,582 1.23
Metro 6,659 95,557 0.13
Forest Products & Paper (1.48%)
Smurfit Kappa Group 7,819 267,879 0.35
Stora Enso - Class R 21,109 273,678 0.36
UPM-Kymmene 19,197 593,379 0.77
Gas (1.01%)
Enagas 8,942 203,341 0.26
Naturgy Energy Group 10,462 234,349 0.31
Snam 72,882 341,525 0.44
Healthcare Services (0.98%)
Fresenius & Co 15,023 753,854 0.98
Insurance (9.90%)
Aegon 65,021 264,440 0.34
Ageas 6,454 339,997 0.44
Allianz - Registered 9,927 2,168,057 2.82
Assicurazioni Generali 39,230 721,636 0.94
AXA 69,375 1,742,006 2.26
CNP Assurances 5,669 100,511 0.13
Hannover Rueck 2,175 374,752 0.49
Mapfre 38,976 91,983 0.12
Muenchener Rueckversicherungs-Gesellschaft in Muenchen - Registered 2,599 683,537 0.89
NN Group