# Schedule of investments as at 31 July 2021
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 93.84% (2020: 94.90%) |  |  |  |
|  | Austria: 0.00% (2020: 3.45%) | – |  | – |
|  | Communications: 0.00% (2020: 2.29%) | – |  | – |
|  | Energy: 0.00% (2020: 1.16%) | – |  | – |
|  | Belgium: 0.00% (2020: 2.38%) | – |  | – |
|  | Financial: 0.00% (2020: 2.38%) | – |  | – |
|  | Denmark: 21.85% (2020: 8.24%) |  |  |  |
|  | Consumer, non-cyclical: 0.00% (2020: 8.24%) | – |  | – |
|  | Financial: 18.89% (2020: 0.00%) |  |  |  |
| 64,378 | Alm Brand | 467,474 |  | 2.22 |
| 28,390 | Jyske Bank | 1,378,564 |  | 6.55 |
| 65,874 | Spar Nord Bank | 791,803 |  | 3.77 |
| 43,622 | Sydbank | 1,335,871 |  | 6.35 |
|  | Industrial: 2.96% (2020: 0.00%) |  |  |  |
| 13,096 | NKT | 622,138 |  | 2.96 |
|  | Total Denmark | 	4,595,850 |  | 	21.85 |
|  | Finland: 0.00% (2020: 1.55%) | – |  | – |
|  | Industrial: 0.00% (2020: 1.55%) | – |  | – |
|  | Georgia: 0.22% (2020: 0.00%) |  |  |  |
|  | Energy: 0.22% (2020: 0.00%) |  |  |  |
| 15,375 | BW Energy | 46,552 |  | 0.22 |
|  | Total Georgia | 	46,552 |  | 	0.22 |
|  | Germany: 22.10% (2020: 25.52%) |  |  |  |
|  | Basic materials: 2.30% (2020: 0.00%) |  |  |  |
| 5,754 | KWS Saat | 483,757 |  | 2.30 |
|  | Consumer, cyclical: 2.69% (2020: 7.13%) |  |  |  |
| 7,522 | Fielmann | 564,610 |  | 2.69 |
|  | Consumer, non-cyclical: 6.53% (2020: 3.94%) |  |  |  |
| 91,304 | Suedzucker | 1,373,925 |  | 6.53 |
|  | Financial: 4.35% (2020: 3.58%) |  |  |  |
| 12 | DIC Asset | 217 |  | – |
| 7,804 | VIB Vermoegen | 333,144 |  | 1.58 |
| 26,640 | Wuestenrot & Wuerttembergische | 582,514 |  | 2.77 |
|  | Industrial: 3.51% (2020: 6.78%) |  |  |  |
| 75,108 | Deutz | 636,801 |  | 3.03 |

SciBeta HFI US Equity 6F EW (USD) UCITS ETF
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- |
|  | Equities: 93.84% (2020: 94.90%) (continued) |  |  |  |
|  | Germany: 22.10% (2020: 25.52%) (continued) |  |  |  |
|  | Industrial: 3.51% (2020: 6.78%) (continued) |  |  |  |
| 43,321 | Heidelberger Druckmaschinen | 101,096 |  | 0.48 |
|  | Technology: 0.00% (2020: 4.09%) | – |  | – |
|  | Utilities: 2.72% (2020: 0.00%) |  |  |  |
| 8,657 | Energiekontor | 572,813 |  | 2.72 |
|  | Total Germany | 	4,648,877 |  | 	22.10 |
|  | Luxembourg: 3.42% (2020: 0.00%) |  |  |  |
|  | Communications: 3.42% (2020: 0.00%) |  |  |  |
| 12,725 | RTL | 719,760 |  | 3.42 |
|  | Total Luxembourg | 	719,760 |  | 	3.42 |
|  | Netherlands: 3.63% (2020: 8.02%) |  |  |  |
|  | Basic materials: 0.00% (2020: 4.23%) | – |  | – |
|  | Communications: 0.00% (2020: 3.79%) | – |  | – |
|  | Financial: 3.63% (2020: 0.00%) |  |  |  |
| 4,332 | HAL Trust | 762,314 |  | 3.63 |
|  | Total Netherlands | 	762,314 |  | 	3.63 |
|  | Norway: 2.18% (2020: 10.04%) |  |  |  |
|  | Communications: 0.00% (2020: 2.23%) | – |  | – |
|  | Consumer, non-cyclical: 0.00% (2020: 7.81%) | – |  | – |
|  | Financial: 2.18% (2020: 0.00%) |  |  |  |
| 412,544 | ABG Sundal Collier | 458,546 |  | 2.18 |
|  | Total Norway | 	458,546 |  | 	2.18 |
|  | Spain: 0.00% (2020: 10.92%) | – |  | – |
|  | Industrial: 0.00% (2020: 3.24%) | – |  | – |
|  | Utilities: 0.00% (2020: 7.68%) | – |  | – |
|  | Sweden: 22.94% (2020: 10.58%) |  |  |  |
|  | Basic materials: 6.88% (2020: 0.00%) |  |  |  |
| 282,891 | SSAB | 1,446,331 |  | 6.88 |
|  | Communications: 0.00% (2020: 4.01%) | – |  | – |
|  | Consumer, cyclical: 4.83% (2020: 6.30%) |  |  |  |
| 63,414 | New Wave | 1,017,089 |  | 4.83 |

SciBeta HFI US Equity 6F EW (USD) UCITS ETF
Schedule of investments as at 31 July 2021 (continued)
| Holdings | Financial assets at fair value through profit or loss |  | Fair value US$ |  | % of net assets |
| --- | --- | --- | --- | --- | --- |
|  | Equities: 93.84% (2020: 94.90%) (continued) |  |  |  |  |
|  | Sweden: 22.94% (2020: 10.58%) (continued) |  |  |  |  |
|  | Financial: 7.59% (2020: 0.09%) |  |  |  |  |
| 15,056 | Catena |  | 904,679 |  | 4.30 |
| 37,776 | Hufvudstaden |  | 691,059 |  | 3.29 |
|  | Industrial: 3.64% (2020: 0.18%) |  |  |  |  |
| 43,052 | NCC |  | 765,560 |  | 3.64 |
|  | Total Sweden | 	4,824,718 |  | 	22.94 |
|  | Switzerland: 17.50% (2020: 10.51%) |  |  |  |  |
|  | Communications: 3.88% (2020: 0.00%) |  |  |  |  |
| 47,610 | Ascom |  | 816,352 |  | 3.88 |
|  | Consumer, non-cyclical: 2.75% (2020: 6.53%) |  |  |  |  |
| 5 | Chocoladefabriken Lindt & Spruengli |  | 579,278 |  | 2.75 |
|  | Financial: 7.20% (2020: 0.00%) |  |  |  |  |
| 1,589 | Luzerner Kantonalbank |  | 735,502 |  | 3.50 |
| 1,673 | St. Galler Kantonalbank |  | 778,075 |  | 3.70 |
|  | Industrial: 3.67% (2020: 3.98%) |  |  |  |  |
| 9,082 | Huber + Suhner |  | 772,616 |  | 3.67 |
|  | Total Switzerland | 	3,681,823 |  | 	17.50 |
|  | United Kingdom: 0.00% (2020: 3.69%) |  | – |  | – |
|  | Technology: 0.00% (2020: 3.69%) |  | – |  | – |
|  | Total equities | 	19,738,440 |  | 	93.84 |
|  | Financial derivative instruments: 3.26% (2020: 4.70%) |  |  |  |  |
| Counterparty | Total return swaps - unrealised gains: 3.26% (2020: 4.70%) | Notional US$ | Unrealised gain US$ |  | % of net assets |
|  | Morgan Stanley Swap |  |  |  |  |
| Morgan Stanley | SciBeta HFI US Equity 6F EW (USD) UCITS ETF Reference Portfolio Leg |  |  |  |  |
|  | 21,040,981 | 686,093 |  | 3.26 |
|  | Total total return swaps - unrealised gains |  | 	686,093 |  | 	3.26 |
|  | Total financial derivative instruments |  | 	686,093 |  | 	3.26 |
|  | Total financial assets at fair value through profit or loss |  | 	20,424,533 |  | 	97.10 |

SciBeta HFI US Equity 6F EW (USD) UCITS ETF
Schedule of investments as at 31 July 2021 (continued)
|  | Financial liabilities at fair value through profit or loss |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Financial derivative instruments: (2.07%) (2020: (3.49%)) |  |  |  |  |
| Counterparty | Total return swaps - unrealised losses: (2.07%) (2020: (3.49%)) | Notional US$ | Unrealised loss US$ |  | % of net assets |
|  | Morgan Stanley Swap |  |  |  |  |
| Morgan Stanley | SciBeta HFI US Equity 6F EW (USD) UCITS ETF Financing Leg |  |  |  |  |
|  | (19,738,440) | (434,409) |  | (2.07) |
|  | Total total return swaps - unrealised losses |  | (434,409) |  | (2.07) |
|  |  |  |  |  |  |
|  | Total financial derivative instruments |  | (434,409) |  | (2.07) |
|  |  |  |  |  |  |
|  | Total financial liabilities at fair value through profit or loss |  | (434,409) |  | (2.07) |
|  |  |  | Fair value US$ |  | % of net assets |
|  | Total value of investments |  |  |  |  |
|  | (Cost: US$ 13,370,187) |  | 19,990,124 |  | 95.03 |
|  | Due from broker |  | 1,062,698 |  | 5.05 |
|  | Other net liabilities |  | (17,196) |  | (0.08) |
|  | Net assets attributable to holders of redeemable participating shares | 	21,035,626 |  | 	100.00 |

| Analysis of portfolio | Fair value US$ |  | % of total assets |
| --- | --- | --- | --- |
| Transferable securities admitted to official stock exchange listing or dealt in/on another regulated market | 19,738,440 |  | 91.61 |
| Over the counter financial derivative instruments | 686,093 |  | 3.18 |
| Due from broker | 1,062,698 |  | 4.93 |
| Other assets | 59,861 |  | 0.28 |
| Total assets | 	21,547,092 |  | 	100.00 |

SciBeta HFI US Equity 6F EW (USD) UCITS ETF

Translation (ENDE, 2021-07-31):
# Anlagenverzeichnis zum 31. Juli 2021
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
| Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Anlagen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 93,39 % (2020: 87,55 %) |  |  |  |
|  | Argentinien: 2,89 % (2020: 0,00 %) |  |  |  |
|  | Kommunikation: 2,89 % (2020: 0,00 %) |  |  |  |
| 212 | MercadoLibre | 332.565 |  | 2,89 |
|  | Summe Argentinien | 	332.565 |  | 	2,89 |
|  | Brasilien: 2,81 % (2020: 0,00 %) |  |  |  |
|  | Grundstoffe: 2,81 % (2020: 0,00 %) |  |  |  |
| 7.000 | Wheaton Precious Metals | 323.050 |  | 2,81 |
|  | Brasilien gesamt | 	323.050 |  | 	2,81 |
|  | Kanada: 11,93 % (2020: 24,30 %) |  |  |  |
|  | Grundstoffe: 3,34 % (2020: 8,32 %) |  |  |  |
| 10 | Agnico Eagle Mines | 647 |  | 0,01 |
| 21.527 | Cameco | 383.180 |  | 3,33 |
|  | Kommunikation: 0,00 % (2020: 1,89 %) | – |  | – |
|  | Nicht-Basiskonsumgüter: 2,61 % (2020: 2,67 %) |  |  |  |
| 3.589 | Magna International | 300.866 |  | 2,61 |
|  | Basiskonsumgüter: 0,00 % (2020: 2,87 %) | – |  | – |
|  | Finanzen: 0,00 % (2020: 2,65 %) | – |  | – |
|  | Industrie: 3,37 % (2020: 5,90 %) |  |  |  |
| 12.688 | CAE | 387.365 |  | 3,37 |
|  | Technologie: 2,61 % (2020: 0,00 %) |  |  |  |
| 29.606 | BlackBerry | 300.797 |  | 2,61 |
|  | Kanada gesamt | 	1.372.855 |  | 	11,93 |
|  | Irland: 0,00 % (2020: 2,55 %) | – |  | – |
|  | Finanzen: 0,00 % (2020: 2,55 %) | – |  | – |
|  | Niederlande: 0,00 % (2020: 1,40 %) | – |  | – |
|  | Technologie: 0,00 % (2020: 1,40 %) | – |  | – |
|  | USA: 75,76 % (2020: 59,30 %) |  |  |  |
|  | Kommunikation: 15,67 % (2020: 7,37 %) |  |  |  |
| 148 | Alphabet | 398.790 |  | 3,46 |
| 60 | Amazon.com | 199.655 |  | 1,74 |
| 379 | Arista Networks | 144.168 |  | 1,25 |
| 43 | Booking | 93.665 |  | 0,81 |
| 868 | Facebook | 309.268 |  | 2,69 |
| 8.099 | Liberty Media | 380.086 |  | 3,30 |
| 1.155 | Wayfair | 278.771 |  | 2,42 |

MS Scientific Beta US Equity Factors UCITS ETF Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
|  |  | Beizulegender |  | % des |
| --- | --- | --- | --- | --- |
|  | Erfolgswirksam zum beizulegenden Zeitwert bewertete | Zeitwert |  | Nettover- |
| Positionen | finanzielle Vermögenswerte | USD |  | mögens |
|  | Aktien: 93,39 % (2020: 87,55 %) (Fortsetzung) |  |  |  |
|  | Vereinigte Staaten: 75,76 % (2020: 59,30 %) (Fortsetzung) |  |  |  |
|  | Nicht-Basiskonsumgüter: 6,27 % (2020: 6,14 %) |  |  |  |
| 59 | Chipotle Mexican Grill | 109.943 |  | 0,96 |
| 2.137 | Copart | 314.139 |  | 2,73 |
| 6.133 | DraftKings | 297.451 |  | 2,58 |
|  | Basiskonsumgüter: 20,49 % (2020: 6,83 %) |  |  |  |
| 11.484 | Bausch Health | 335.907 |  | 2,92 |
| 470 | Bio-Rad Laboratories | 347.570 |  | 3,02 |
| 1.373 | Danaher | 408.454 |  | 3,55 |
| 2.935 | Edwards Lifesciences | 329.513 |  | 2,86 |
| 1.622 | Eli Lilly and Company | 394.957 |  | 3,43 |
| 529 | IQVIA | 131.033 |  | 1,14 |
| 1.506 | Molina Healthcare | 411.153 |  | 3,57 |
|  | Finanzen: 5,99 % (2020: 19,74 %) |  |  |  |
| 16.011 | KeyCorp | 314.776 |  | 2,74 |
| 4 | Regions Financial | 77 |  | – |
| 5.882 | The Hartford Financial Services | 374.213 |  | 3,25 |
|  | Industrie: 0,62 % (2020: 11,95 %) |  |  |  |
| 306 | Honeywell Intl. | 71.540 |  | 0,62 |
|  | Technologie: 22,04 % (2020: 7,27 %) |  |  |  |
| 4.822 | Black Knight | 399.310 |  | 3,47 |
| 4.752 | Cerner | 382.013 |  | 3,32 |
| 1.194 | CrowdStrike | 302.810 |  | 2,63 |
| 2.504 | Fidelity National Information Services | 373.221 |  | 3,24 |
| 3.410 | Guidewire Software | 392.832 |  | 3,41 |
| 9.513 | HP | 274.640 |  | 2,39 |
| 1.549 | Snowflake | 411.600 |  | 3,58 |
|  | Versorger: 4,68 % (2020: 0,00 %) |  |  |  |
| 3.178 | Entergy | 327.080 |  | 2,84 |
| 11.083 | Vistra | 212.240 |  | 1,84 |
|  | USA gesamt | 	8.720.875 |  | 	75,76 |
|  | Summe Aktien | 	10.749.345 |  | 	93,39 |

MS Scientific Beta US Equity Factors UCITS ETF Anlagenverzeichnis zum 31. Juli 2021 (Fortsetzung)
Kontrahent
Erfolgswirksam zum beizulegenden Zeitwert bewertete
finanzielle Vermögenswerte
Derivative Finanzinstrumente: 3,41 % (2020: 10,16 %)
Total Return Swaps - nicht realisierte Gewinne: 3,41 % (2020: 10,16 %)
Morgan Stanley Swap
Nennwert
USD
Nicht realisierter Gewinn USD
% des Nettover- mögens
Morgan Stanley MS Scientific Beta US Equity Factors UCITS ETF Reference
Portfolio Leg	11.512.950	392.686	3,41     Summe Total Return Swaps - nicht realisierte Gewinne			392.686 3,41 Summe derivative Finanzinstrumente			392.686    3,41
Erfolgswirksam zum beizulegenden Zeitwert bewertete
finanzielle Vermögenswerte gesamt	   11.142.031   96,80
Erfolgswirksam zum beizulegenden Zeitwert bewertete
finanzielle Verbindlichkeiten
Derivative Finanzinstrumente: (1,08 %) (2020: (1,83 %))
Kontrahent
Total Return Swaps - nicht realisierte Verluste: (1,08 %) (2020: (1,83 %))
Morgan Stanley Swap
Nennwert
USD
Nicht realisierter Verlust USD
% des Nettover- mögens
Morgan Stanley MS Scientific Beta US Equity Factors UCITS ETF Financing Leg (10,749,344)	(124.093)	(1,08)
| Summe Total Return Swaps - nicht realisierte Verluste | 	(124.093) |  | 	(1,08) |
| --- | --- | --- | --- |
| Summe derivative Finanzinstrumente Erfolgswirksam zum beizulegenden Zeitwert bewertete finanzielle Verbindlichkeiten gesamt | 	(124.093) 	(124.093) |  | 	(1,08) 	(1,08) |
|  | Beizulegender |  | % des |
|  | Zeitwert |  | Nettover- |
|  | USD |  | mögens |
| Gesamtwert der Anlagen (Kosten: 10.625.252 USD) | 11.017.938 |  | 95,72 |
| Barmittel und Barmitteläquivalente | 23 |  | – |
| Forderungen an Broker | 488.875 |  | 4,25 |
| Sonstiges Nettovermögen | 4.113 |  | 0,03 |
| Den Inhabern rückzahlbarer, gewinnberechtigter Anteile |  |  |  |
| zuzurechnendes Nettovermögen | 	11.510.949 |  | 	100,00 |
|  | Beizulegender |  | % des |
| Zeitwert Gesamtver- |
| Portfolioanalyse | USD | mögens |
| Übertragbare Wertpapiere, die an einer Wertpapierbörse amtlich notiert |  |  |
| sind oder an einem anderen geregelten Markt gehandelt werden | 10.749.345 | 92,09 |
| Im Freiverkehr (OTC) gehandelte derivative Finanzinstrumente | 392.686 | 3,36 |
| Barmittel und Barmitteläquivalente | 23 | – |
| Forderungen an Broker | 488.875 | 4,19 |
| Sonstige Vermögenswerte | 	41.748 | 0,36 |
| Vermögenswerte gesamt | 	11.672.677 | 100,00 |