DBX ETF Trust

N-CSRS 1 d834942dncsrs.htm DBX ETF TRUST DBX ETF Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22487

DBX ETF Trust

(Exact name of registrant as specified in charter)

60 Wall Street

New York, New York 10005

(Address of principal executive offices) (Zip code)

Alex Depetris

DBX ETF Trust

60 Wall Street

New York, New York 10005

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 250-4352

Date of fiscal year end: May 31

Date of reporting period: November 30, 2014

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

LOGO

November 30, 2014

Semi-Annual Report

DBX ETF Trust

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW)

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)

Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR)

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU)

Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR)

Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP)

Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX)

Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO)

Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK)

LOGO

DBX ETF Trust

Table of contents


	Page
Shareholder Letter		1
Performance Summary
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF		2
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		4
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		6
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		8
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		10
Deutsche X-trackers MSCI Europe Hedged Equity ETF		12
Deutsche X-trackers MSCI Germany Hedged Equity ETF		14
Deutsche X-trackers MSCI Japan Hedged Equity ETF		16
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		18
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		20
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		22
Fees and Expenses		24
Schedules of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF		26
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		45
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		52
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		54
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		72
Deutsche X-trackers MSCI Europe Hedged Equity ETF		82
Deutsche X-trackers MSCI Germany Hedged Equity ETF		92
Deutsche X-trackers MSCI Japan Hedged Equity ETF		94
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		99
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		101
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		103
Statements of Assets and Liabilities		106
Statements of Operations		110
Statements of Changes in Net Assets		114
Financial Highlights		120
Notes to Financial Statements		126
Additional Information		144
Privacy Policy Notice		145

To our shareholders:

Dear Shareholder,

I am very pleased to tell you that the db X-trackers exchange-traded funds were renamed Deutsche X-trackers exchange-traded funds effective August 11, 2014, aligning more closely with the Deutsche Asset & Wealth Management brand. We are proud to adopt the Deutsche name — a brand that fully represents the global access, discipline and intelligence that support all of our products and services.

Deutsche Asset & Wealth Management combines the asset management and wealth management divisions of Deutsche Bank to deliver a comprehensive suite of investment capabilities. Your investment in the Deutsche X-trackers exchange-traded funds means you have access to the thought leadership and resources of one of the world’s largest and most influential financial institutions.

In conjunction with your fund’s name change, please note the new Web address for the Deutsche X-trackers exchange-traded funds. The former dbxus.com is now deutsche-etfs.com.

These changes have no effect on the day-to-day management of your investment, and there is no action required on your part. You will continue to experience the benefits that come from our decades of experience, in-depth research and worldwide network of investment professionals.

Thanks for your continued support. We appreciate your trust and the opportunity to put our capabilities to work for you.

Sincerely,

s/ Alex Depetris

Alex Depetris

Chairman, President and Chief Executive Officer

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW)

The Deutsche X-trackers MSCI All World ex US Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 3.78%, compared to an increase of 3.95% for the MSCI ACWI ex US Dollar Hedged Index and a decrease of 3.94% for the MSCI ACWI ex USA Index.

Performance as of 11/30/14


Cumulative Total Returns
	Net Asset Value	Market Price	MSCI ACWI ex USA US Dollar Hedged Index	MSCI ACWI ex USA Index
Six Month	3.78%	3.44%	3.95%	-3.94%
Since Inception¹	6.32%	6.92%	6.24%	0.03%

¹ Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).

Performance quoted represents past performance, assumes reinvestment of all dividends and capital gain distributions, and does not guarantee future results. Current performance may be higher or lower than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.deutsche-etfs.com. Investment in the fund poses investment risk including possible loss of principal. The investment return and principal value of an investment will fluctuate, so that shares, when sold or redeemed, may be worth more or less than their original cost. The estimated operating expense ratio as disclosed in the most recent prospectus dated October 1, 2014, was 0.40%.

The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI ACWI ex USA Index is a free float-adjusted market capitalization index that is designed to measure equity performance of developed and emerging stock markets (excluding the United States). The MSCI ACWI ex USA Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI ACWI ex USA Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities, incur expenses or pay any transaction costs. Therefore index returns do not reflect deductions for fees or expenses and are not available for direct investment. In comparison, the Fund’s performance is negatively impacted by these deductions. Fund returns do not reflect brokerage commissions or taxes that a shareholder would pay on Fund distributions or on transactions in Fund shares.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (DBAW) (Continued)

Growth of a $10,000 Investment in DBAW² as 11/30/14

LOGO

² Based on Net Asset Value from commencement of operations 1/23/14.

Sector Breakdown* as of 11/30/14


Financial			27.1%
Consumer, Non-cyclical			19.6%
Consumer, Cyclical			10.7%
Industrial			10.2%
Communications			8.6%
Energy			7.4%
Basic Materials			7.1%
Technology			4.7%
Utilities			3.8%
Diversified			0.8%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
Nestle SA		1.4%
Novartis AG		1.2%
Roche Holding AG		1.1%
HSBC Holdings PLC		1.0%
Toyota Motor Corp.		0.9%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		0.9%
Royal Bank of Canada		0.8%
Royal Dutch Shell PLC, Class A		0.7%
Bayer AG		0.7%
SABMiller PLC		0.7%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 26.

Country Breakdown* as of 11/30/14


Japan			14.6%
United Kingdom			13.2%
Canada			7.6%
Switzerland			7.2%
France			6.8%
Germany			6.4%
Australia			5.3%
China			3.8%
South Korea			3.2%
Hong Kong			3.1%
Netherlands			3.1%
Spain			2.6%
Brazil			2.2%
Taiwan			2.2%
Sweden			2.0%
Other			16.7%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)

The Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Asia Pacific ex Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia Pacific region (excluding Japan) while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-US currencies.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 3.55%, compared to an increase of 3.53% for the MSCI Asia Pacific ex-Japan US Dollar Hedged Index and a decrease of 0.26% for the MSCI Asia Pacific ex-Japan Index.

Performance as of 11/30/14


Average Annual Total Returns
	Net Asset Value	Market Price	MSCI Asia Pacific ex- Japan US Dollar Hedged Index	MSCI Asia Pacific ex-Japan Index
One Year	5.61%	3.66%	5.56%	3.72%
Since Inception¹	8.26%	7.99%	8.12%	6.35%

Cumulative Total Returns
	Net Asset Value	Market Price	MSCI Asia Pacific ex- Japan US Dollar Hedged Index	MSCI Asia Pacific ex-Japan Index
Six Month	3.55%	2.67%	3.53%	-0.26%
One Year	5.61%	3.66%	5.56%	3.72%
Since Inception¹	9.70%	9.38%	9.55%	7.45%

¹ Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).

The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Asia Pacific Ex-Japan Index is a free float-adjusted market capitalization index that is designed to measure equity performance of non-Japanese Asian stocks. The MSCI Asia Pacific Ex-Japan US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Asia Pacific Ex-Japan Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP) (Continued)

Growth of a $10,000 Investment in DBAP² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of operations 10/1/13.

Sector Breakdown* as of 11/30/14


Financial			36.1%
Technology			11.6%
Consumer, Non-cyclical			9.6%
Communications			8.6%
Industrial			8.0%
Consumer, Cyclical			7.2%
Basic Materials			6.6%
Energy			5.6%
Utilities			4.1%
Diversified			2.6%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		3.8%
Commonwealth Bank of Australia		2.8%
Hon Hai Precision Industry Co. Ltd., GDR		2.6%
Samsung Electronics Co. Ltd.		2.5%
Westpac Banking Corp.		2.0%
BHP Billiton Ltd.		1.9%
AIA Group Ltd.		1.9%
China Mobile Ltd.		1.9%
Tencent Holdings Ltd.		1.8%
Australia & New Zealand Banking Group Ltd.		1.8%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 45.

Country Breakdown* as of 11/30/14


Australia			23.2%
China			16.3%
South Korea			13.7%
Hong Kong			13.5%
Taiwan			10.2%
India			5.5%
Malaysia			4.8%
Singapore			4.7%
Indonesia			3.0%
Thailand			2.1%
Philippines			1.4%
New Zealand			1.0%
Macau			0.5%
Ireland			0.1%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR)

The Deutsche X-trackers MSCI Brazil Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Brazil US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Brazilian equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Brazilian real.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 0.83%, compared to an increase of 1.28% for the MSCI Brazil US Dollar Hedged Index and a decrease of 7.73% for the MSCI Brazil Index.

Performance as of 11/30/14


Average Annual Total Returns
	Net Asset Value	Market Price	MSCI Brazil US Dollar Hedged Index	MSCI Brazil Index
One Year	-7.74%	-8.34%	-6.88%	-7.75%
Since Inception¹	-6.52%	-6.45%	-4.76%	-11.38%

Cumulative Total Returns
	Net Asset Value	Market Price	MSCI Brazil US Dollar Hedged Index	MSCI Brazil Index
Six Month	0.83%	0.07%	1.28%	-7.73%
One Year	-7.74%	-8.34%	-6.88%	-7.75%
Since Inception¹	-20.94%	-20.71%	-15.61%	-34.34%

¹ Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).

The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Brazil Index is a free float-adjusted market capitalization index that is designed to measure equity performance in Brazil. The MSCI Brazil US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Brazil Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and Brazilian real.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Brazil Hedged Equity ETF (DBBR) (Continued)

Growth of a $10,000 Investment in DBBR² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of operations 6/9/11.

Sector Breakdown* as of 11/30/14


Financial			32.7%
Consumer, Non-cyclical			26.8%
Basic Materials			13.0%
Energy			9.6%
Utilities			4.6%
Diversified			3.4%
Communications			3.4%
Industrial			3.2%
Consumer, Cyclical			2.9%
Technology			0.4%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
Itau Unibanco Holding SA, Preferred Stock		10.9%
Banco Bradesco SA, Preferred Stock		8.5%
Ambev SA		8.1%
Petroleo Brasileiro SA, Preferred Stock		5.5%
BRF SA		4.4%
Vale SA, Preferred Stock		3.9%
Petroleo Brasileiro SA		3.7%
Itausa — Investimentos Itau SA, Preferred Stock		3.4%
Cielo SA		3.2%
Vale SA		3.1%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 52.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF)

The Deutsche X-trackers MSCI EAFE Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed provide exposure to equity securities in developed international stock markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. The Index includes securities from the following 21 countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 4.09%, compared to an increase of 4.12% for the MSCI EAFE US Dollar Hedged Index and a decrease of 5.07% for the MSCI EAFE Index.

Performance as of 11/30/14


Average Annual Total Returns
	Net Asset Value	Market Price	MSCI EAFE US Dollar Hedged Index	MSCI EAFE Index
One Year	8.38%	7.75%	8.64%	-0.02%
Since Inception¹	10.46%	10.57%	10.91%	5.46%

Cumulative Total Returns
	Net Asset Value	Market Price	MSCI EAFE US Dollar Hedged Index	MSCI EAFE Index
Six Month	4.09%	3.70%	4.12%	-5.07%
One Year	8.38%	7.75%	8.64%	-0.02%
Since Inception¹	41.41%	41.87%	43.39%	20.34%

¹ Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).

The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI EAFE Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (DBEF) (Continued)

Growth of a $10,000 Investment in DBEF² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of operations 6/9/11.

Sector Breakdown* as of 11/30/14


Financial			25.9%
Consumer, Non-cyclical			23.9%
Consumer, Cyclical			12.2%
Industrial			11.6%
Communications			7.8%
Basic Materials			6.5%
Energy			5.4%
Utilities			4.1%
Technology			2.1%
Diversified			0.5%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
Nestle SA		1.9%
Novartis AG		1.7%
Roche Holding AG		1.6%
HSBC Holdings PLC		1.5%
Toyota Motor Corp.		1.3%
Royal Dutch Shell PLC, Class A		1.0%
Bayer AG		0.9%
BP PLC		0.9%
Total SA		0.9%
Sanofi		0.9%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 54.

Country Breakdown* as of 11/30/14


Japan			22.2%
United Kingdom			17.8%
Switzerland			9.9%
France			9.6%
Germany			9.1%
Australia			7.2%
Netherlands			4.4%
Spain			3.5%
Sweden			3.0%
Hong Kong			3.0%
Italy			2.1%
Singapore			1.6%
Denmark			1.5%
Belgium			1.3%
Finland			0.9%
Ireland			0.8%
Norway			0.7%
Israel			0.5%
Luxembourg			0.3%
Austria			0.2%
Other			0.4%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

The Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EM US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in the global emerging markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies. The Index includes securities from the following 23 countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 3.45%, compared to an increase of 3.94% for the MSCI EM US Dollar Hedged Index and a decrease of 0.82% for the MSCI EM Index.

Performance as of 11/30/14


Average Annual Total Returns
	Net Asset Value	Market Price	MSCI EM US Dollar Hedged Index	MSCI EM Index
One Year	3.10%	2.06%	3.63%	1.06%
Since Inception¹	-0.73%	-0.58%	1.81%	-1.24%

Cumulative Total Returns
	Net Asset Value	Market Price	MSCI EM US Dollar Hedged Index	MSCI EM Index
Six Month	3.45%	3.90%	3.94%	-0.82%
One Year	3.10%	2.06%	3.63%	1.03%
Since Inception¹	-2.50%	-1.99%	6.43%	-4.26%

¹ Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).

The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI EM Index is a free float-adjusted market capitalization index that is designed to measure equity performance in the global emerging markets. The MSCI EM US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI EM Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (DBEM) (Continued)

Growth of a $10,000 Investment in DBEM² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of operations 6/9/11.

Sector Breakdown* as of 11/30/14


Financial			26.8%
Technology			12.7%
Communications			12.2%
Consumer, Non-cyclical			10.5%
Energy			9.3%
Consumer, Cyclical			8.4%
Industrial			7.8%
Basic Materials			7.4%
Utilities			3.4%
Diversified			1.5%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		3.6%
Samsung Electronics Co. Ltd.		2.7%
Hon Hai Precision Industry Co. Ltd., GDR		2.5%
China Mobile Ltd.		1.8%
MTN Group Ltd., ADR		1.6%
Advanced Semiconductor Engineering, Inc., ADR		1.4%
China Construction Bank Corp., Class H		1.4%
Itau Unibanco Holding SA, Preferred Stock		1.3%
Tencent Holdings Ltd.		1.3%
Reliance Industries Ltd., GDR, 144A		1.3%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 72.

Country Breakdown* as of 11/30/14


China			18.1%
South Korea			15.4%
Taiwan			11.0%
Brazil			10.7%
India			5.5%
Mexico			5.3%
Malaysia			4.4%
South Africa			4.0%
Russia			3.9%
Hong Kong			3.3%
Poland			3.2%
Indonesia			3.0%
Turkey			2.7%
Thailand			2.5%
Chile			1.9%
Philippines			1.4%
United Arab Emirates			1.0%
Colombia			0.7%
Greece			0.5%
Other			1.5%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU)

The Deutsche X-trackers MSCI Europe Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed stock markets in Europe, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 0.65%, compared to an increase of 0.84% for the MSCI Europe US Dollar Hedged Index and a decrease of 7.14% for the MSCI Europe Index.

Performance as of 11/30/14


Average Annual Total Returns
	Net Asset Value	Market Price	MSCI Europe US Dollar Hedged Index	MSCI Europe Index
One Year	7.61%	6.90%	7.94%	0.24%
Since Inception¹	10.85%	10.98%	11.25%	4.92%

Cumulative Total Returns
	Net Asset Value	Market Price	MSCI Europe US Dollar Hedged Index	MSCI Europe Index
Six Month	0.65%	0.36%	0.84%	-7.14%
One Year	7.61%	6.90%	7.94%	0.24%
Since Inception¹	12.78%	12.93%	13.25%	5.77%

¹ Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).

The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure equity performance in developed markets in Europe. The MSCI Europe US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Europe Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Europe Hedged Equity ETF (DBEU) (Continued)

Growth of a $10,000 Investment in DBEU² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of operations 10/1/13.

Sector Breakdown* as of 11/30/14


Consumer, Non-cyclical			29.0%
Financial			22.9%
Industrial			9.4%
Consumer, Cyclical			8.9%
Communications			8.4%
Energy			7.8%
Basic Materials			6.8%
Utilities			4.3%
Technology			2.3%
Diversified			0.2%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
Nestle SA		2.8%
Novartis AG		2.6%
Roche Holding AG		2.4%
HSBC Holdings PLC		2.2%
Royal Dutch Shell PLC, Class A		1.5%
Bayer AG		1.4%
BP PLC		1.4%
Total SA		1.4%
Sanofi		1.3%
GlaxoSmithKline PLC		1.3%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 82.

Country Breakdown* as of 11/30/14


United Kingdom			27.6%
Switzerland			15.1%
France			14.5%
Germany			13.8%
Netherlands			6.7%
Spain			5.4%
Sweden			4.6%
Italy			3.3%
Denmark			2.3%
Belgium			1.9%
Finland			1.4%
Ireland			1.2%
Norway			0.9%
Luxembourg			0.5%
Austria			0.3%
Portugal			0.2%
Channel Islands			0.2%
Other			0.1%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR)

The Deutsche X-trackers MSCI Germany Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Germany US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to German equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Euro.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 0.60%, compared to an increase of 0.81% for the MSCI Germany US Dollar Hedged Index and a decrease of 8.03% for the MSCI Germany Index.

Performance as of 11/30/14


Average Annual Total Returns
	Net Asset Value	Market Price	MSCI Germany US Dollar Hedged Index²	MSCI Germany Index²
One Year	5.32%	4.99%	5.56%	-3.60%
Since Inception¹	4.70%	4.59%	5.12%	2.22%

Cumulative Total Returns
	Net Asset Value	Market Price	MSCI Germany US Dollar Hedged Index²	MSCI Germany Index²
Six Month	0.60%	-0.09%	0.81%	-8.03%
One Year	5.32%	4.99%	5.56%	-3.60%
Since Inception¹	17.36%	16.93%	18.98%	7.96%

¹ Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).

² Prior to 5/31/13, this fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) and had a different investment strategy. Returns reflect performance for DBCN and its underlying hedged and unhedged indicies through 5/31/13.

The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Germany Index is a free float-adjusted market capitalization index that is designed to measure equity performance in Germany. The MSCI Germany US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Germany Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and the Euro.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Germany Hedged Equity ETF (DBGR) (Continued)

Growth of a $10,000 Investment in DBGR^3,4 as of 11/30/14

LOGO

³ Based on Net Asset Value from commencement of operations 6/9/11.

⁴ Prior to 5/31/13, this fund was known as dbx-trackers MSCI Canada Hedged Equity Fund (DBCN) and had a different investment strategy. Returns reflect performance for DBCN and its underlying hedged and unhedged indicies through 5/31/13.

Sector Breakdown* as of 11/30/14


Consumer, Cyclical			19.4%
Consumer, Non-cyclical			19.1%
Financial			17.5%
Basic Materials			13.3%
Industrial			12.3%
Communications			6.8%
Technology			6.4%
Utilities			4.5%
Diversified			0.7%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
Bayer AG		10.3%
Siemens AG		7.8%
BASF SE		6.9%
Daimler AG		6.7%
Allianz SE		6.5%
SAP SE		5.4%
Deutsche Telekom AG		4.5%
Deutsche Bank AG		3.7%
Bayerische Motoren Werke AG		3.1%
Volkswagen AG		3.1%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 92.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP)

The Deutsche X-trackers MSCI Japan Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Japan US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to Japanese equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Japanese yen.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 17.56%, compared to an increase of 17.76% for the MSCI Japan US Dollar Hedged Index and a increase of 1.78% for the MSCI Japan Index.

Performance as of 11/30/14


Average Annual Total Returns
	Net Asset Value	Market Price	MSCI Japan US Dollar Hedged Index	MSCI Japan Index
One Year	12.33%	11.73%	12.66%	-1.85%
Since Inception¹	17.33%	17.28%	18.06%	6.38%

Cumulative Total Returns
	Net Asset Value	Market Price	MSCI Japan US Dollar Hedged Index	MSCI Japan Index
Six Month	17.56%	16.75%	17.76%	1.78%
One Year	12.33%	11.73%	12.66%	-1.85%
Since Inception¹	74.43%	74.18%	78.25%	24.05%

¹ Total returns are calculated based on the commencement of operations, 6/9/11 (“Inception”).

The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Japan Index is a free float-adjusted market capitalization index that is designed to measure equity performance in Japan. The MSCI Japan US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Japan Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and Japanese Yen.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Japan Hedged Equity ETF (DBJP) (Continued)

Growth of a $10,000 Investment in DBJP² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of operations 6/9/11.

Sector Breakdown* as of 11/30/14


Consumer, Cyclical			27.1%
Industrial			21.4%
Financial			18.7%
Consumer, Non-cyclical			13.2%
Communications			6.9%
Basic Materials			5.5%
Technology			3.9%
Utilities			2.4%
Energy			0.9%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
Toyota Motor Corp.		6.2%
Mitsubishi UFJ Financial Group, Inc.		2.7%
SoftBank Corp.		2.4%
Honda Motor Co. Ltd.		1.8%
Sumitomo Mitsui Financial Group, Inc.		1.8%
Mizuho Financial Group, Inc.		1.5%
KDDI Corp.		1.4%
Hitachi Ltd.		1.4%
Canon, Inc.		1.3%
Japan Tobacco, Inc.		1.3%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 94.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX)

The Deutsche X-trackers MSCI Mexico Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Mexico IMI 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to the Mexican equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Mexican peso.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 5.68%, compared to an increase of 5.93% for the MSCI Mexico IMI 25/50 US Dollar Hedged Index and a decrease of 0.66% for the MSCI Mexico IMI 25/50 Index.

Performance as of 11/30/14


Cumulative Total Returns
	Net Asset Value	Market Price	MSCI Mexico IMI 25/50 US Dollar Hedged Index	MSCI Mexico IMI 25/50 Index
Six Month	5.68%	5.77%	5.93%	-0.66%
Since Inception	2.68%	3.44%	3.11%	1.12%

¹ Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).

The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Mexico IMI 25/50 Index is designed to measure equity performance in Mexican market. The MSCI Mexico IMI 25/50 US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Mexico IMI 25/50 Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI Mexico Hedged Equity ETF (DBMX) (Continued)

Growth of a $10,000 Investment in DBMX² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of operations 1/23/14.

Sector Breakdown* as of 11/30/14


Communications			25.5%
Financial			20.3%
Consumer, Non-cyclical			18.7%
Industrial			11.8%
Consumer, Cyclical			9.4%
Basic Materials			8.8%
Diversified			5.5%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
America Movil SAB de CV, Series L		17.2%
Grupo Televisa SAB, Series CPO		7.7%
Fomento Economico Mexicano SAB de CV		7.6%
Cemex SAB de CV		6.0%
Grupo Financiero Banorte SAB de CV, Class O		5.6%
Grupo Mexico SAB de CV, Series B		4.5%
Wal-Mart de Mexico SAB de CV, Series V		4.4%
Fibra Uno Administracion SA de CV REIT		3.7%
Alfa SAB de CV, Class A		3.5%
Grupo Financiero Inbursa SAB de CV, Class O		3.0%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 99.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO)

The Deutsche X-trackers MSCI South Korea Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Korea 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to South Korean equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the South Korean won.

For the six-month period ended November 30, 2014, the Fund’s net asset value decreased 4.54%, compared to a decrease of 4.18% for the MSCI Korea 25/50 US Dollar Hedged Index and a decrease of 11.02% for the MSCI Korea 25/50 Index.

Performance as of 11/30/14


Cumulative Total Returns
	Net Asset Value	Market Price	MSCI Korea 25/50 US Dollar Hedged Index	MSCI Korea 25/50 Index
Six Month	-4.54%	-4.61%	-4.18%	-11.02%
Since Inception¹	-4.20%	-4.00%	-2.76%	-4.83%

¹ Total returns are calculated based on the commencement of operations, 1/23/14 (“Inception”).

The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI Korea 25/50 Index is designed to measure equity performance of the Korean market. The MSCI Korea 20/50 US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI Korea 25/50 Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI South Korea Hedged Equity ETF (DBKO) (Continued)

Growth of a $10,000 Investment in DBKO² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of operations 1/23/14.

Sector Breakdown* as of 11/30/14


Technology			29.7%
Consumer, Cyclical			19.1%
Financial			15.1%
Industrial			9.6%
Basic Materials			8.0%
Consumer, Non-cyclical			6.8%
Communications			6.7%
Energy			2.2%
Utilities			2.2%
Diversified			0.6%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
Samsung Electronics Co. Ltd.		21.2%
Hyundai Motor Co.		4.5%
SK Hynix, Inc.		4.4%
NAVER Corp.		3.4%
Shinhan Financial Group Co. Ltd.		3.4%
POSCO		3.2%
Hyundai Mobis Co. Ltd.		2.7%
KB Financial Group, Inc.		2.4%
Kia Motors Corp.		2.4%
Samsung Electronics Co. Ltd., Preferred Stock		2.3%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 101.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK)

The Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI United Kingdom US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to the United Kingdom equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and British pound sterling.

For the six-month period ended November 30, 2014, the Fund’s net asset value decreased 0.85%, compared to a decrease of 0.56% for the MSCI United Kingdom US Dollar Hedged Index and a decrease of 6.96% for the MSCI United Kingdom Index.

Performance as of 11/30/14


Average Annual Total Returns
	Net Asset Value	Market Price	MSCI United Kingdom US Dollar Hedged Index	MSCI United Kingdom Index
One Year	3.70%	2.97%	4.31%	-0.11%
Since Inception¹	5.95%	5.90%	6.57%	3.78%

Cumulative Total Returns
	Net Asset Value	Market Price	MSCI United Kingdom US Dollar Hedged Index	MSCI United Kingdom Index
Six Month	-0.85%	-1.34%	-0.56%	-6.96%
One Year	3.70%	2.97%	4.31%	-0.11%
Since Inception¹	6.98%	6.92%	7.71%	4.43%

¹ Total returns are calculated based on the commencement of operations, 10/1/13 (“Inception”).

The preceding performance chart is provided for comparative purposes and represents the period(s) noted. The net asset value return is based on the changes in the Fund’s net asset value per share (“NAV”). The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The market price return is based on the change in the market price on the NYSE Arca of a share of the Fund for the period(s) indicated. The price used to calculate market price returns is the midpoint of the bid/ask spread for Fund shares at 4 p.m. Eastern Time on the NYSE Arca. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. The MSCI United Kingdom Index is a free float-adjusted market capitalization index that is designed to measure equity performance of the United Kingdom markets. The MSCI United Kingdom US Dollar Hedged Index is the index that the Fund seeks to track. It is calculated using the same methodology as its corresponding MSCI United Kingdom Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (DBUK) (Continued)

Growth of a $10,000 Investment in DBUK² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of operations 10/1/13.

Sector Breakdown* as of 11/30/14


Consumer, Non-cyclical			29.3%
Financial			23.2%
Energy			14.9%
Communications			9.1%
Basic Materials			8.3%
Consumer, Cyclical			6.4%
Utilities			4.4%
Industrial			3.4%
Technology			1.0%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
HSBC Holdings PLC		7.0%
Royal Dutch Shell PLC, Class A		4.8%
BP PLC		4.4%
GlaxoSmithKline PLC		4.1%
British American Tobacco PLC		4.0%
Vodafone Group PLC		3.5%
AstraZeneca PLC		3.5%
Royal Dutch Shell PLC, Class B		3.1%
Diageo PLC		2.9%
Lloyds Banking Group PLC		2.6%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 103.

DBX ETF Trust

Fees and expenses (Unaudited)

As a shareholder of one or more of the funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including management fees and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held through the six-month period ended November 30, 2014 (June 1, 2014 to November 30, 2014).

Actual expenses

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value June 1, 2014		Ending Account Value November 30, 2014		Annualized Expense Ratio⁽¹⁾			June 1, 2014 to November 30, 2014 Per $1,000
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	1,037.84		0.40	%	$	2.04
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06		0.40	%	$	2.03
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
Actual	$	1,000.00	$	1,035.53		0.60	%	$	3.06
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06		0.60	%	$	3.04
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
Actual	$	1,000.00	$	1,009.00		0.60	%	$	3.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06		0.60	%	$	3.04
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	1,040.90		0.35	%	$	1.79
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.35	%	$	1.78

DBX ETF Trust

Fees and expenses (Unaudited) (Continued)


	Beginning Account Value June 1, 2014		Ending Account Value November 30, 2014		Annualized Expense Ratio⁽¹⁾			June 1, 2014 to November 30, 2014 Per $1,000
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	1,034.50		0.65	%	$	3.32
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Deutsche X-trackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	1,006.53		0.45	%	$	2.26
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Deutsche X-trackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	1,005.97		0.45	%	$	2.26
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Deutsche X-trackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	1,175.60		0.45	%	$	2.45
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
Actual	$	1,000.00	$	1,056.81		0.50	%	$	2.58
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56		0.50	%	$	2.54
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
Actual	$	1,000.00	$	954.56		0.58	%	$	2.84
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.16		0.58	%	$	2.94
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
Actual	$	1,000.00	$	991.48		0.45	%	$	2.25
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28

(1) Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period June 1, 2014 to November 30, 2014. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period; then multiplying the result by 183 days and then dividing the result by 365.

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 97.4%
Australia — 5.3%
AGL Energy Ltd.		123	$	1,372
ALS Ltd.		243		1,042
Alumina Ltd.*		1,247		1,772
Amcor Ltd.		391		4,046
AMP Ltd.		761		3,652
APA Group (a)		264		1,768
Asciano Ltd.		209		1,046
ASX Ltd.		54		1,654
Aurizon Holdings Ltd.		581		2,279
AusNet Services (a)		725		814
Australia & New Zealand Banking Group Ltd.		738		20,045
Bank of Queensland Ltd.		129		1,352
Bendigo and Adelaide Bank Ltd.		105		1,141
BHP Billiton Ltd.		891		23,442
Boral Ltd.		225		936
Brambles Ltd.		604		4,996
Caltex Australia Ltd.		44		1,133
Coca-Cola Amatil Ltd.		232		1,804
Cochlear Ltd.		35		2,071
Commonwealth Bank of Australia		445		30,565
Computershare Ltd.		117		1,150
Crown Resorts Ltd.		126		1,542
CSL Ltd.		137		9,625
Dexus Property Group REIT		338		2,045
Federation Centres REIT		755		1,780
Flight Centre Travel Group Ltd.		26		894
Fortescue Metals Group Ltd.		432		1,081
Goodman Group REIT		729		3,381
GPT Group REIT		639		2,251
Harvey Norman Holdings Ltd.		314		986
Healthscope Ltd.*		200		444
Iluka Resources Ltd.		182		1,061
Incitec Pivot Ltd.		526		1,276
Insurance Australia Group Ltd.		584		3,165
Leighton Holdings Ltd.		40		685
Lend Lease Group (a)		284		3,705
Macquarie Group Ltd.		67		3,331
Metcash Ltd.		558		1,239
Mirvac Group REIT		1,706		2,548
National Australia Bank Ltd.		627		17,393
Newcrest Mining Ltd.*		268		2,358
Novion Property Group REIT		1,194		2,164
Orica Ltd.		117		1,812
Origin Energy Ltd.		314		3,273
Qantas Airways Ltd.*		40		65
QBE Insurance Group Ltd.		342		3,160
Ramsay Health Care Ltd.		62		2,857
REA Group Ltd.		10		386
Rio Tinto Ltd.		124		6,236
Santos Ltd.		271		2,329
Scentre Group REIT*		1,775		5,241
Seek Ltd.		104		1,512
Sonic Healthcare Ltd.		168		2,495
Stockland REIT		924		3,239


	Number of Shares		Value

Australia (Continued)
Suncorp Group Ltd.		357	$	4,356
Sydney Airport (a)		524		1,980
Tabcorp Holdings Ltd.		267		927
Tatts Group Ltd.		485		1,407
Telstra Corp. Ltd.		1,231		5,960
Toll Holdings Ltd.		168		806
TPG Telecom Ltd.		138		870
Transurban Group (a)		634		4,483
Treasury Wine Estates Ltd.		281		1,133
Wesfarmers Ltd.*		286		10,079
Westfield Corp. REIT		700		4,938
Westpac Banking Corp.		843		23,348
Woodside Petroleum Ltd.		181		5,506
Woolworths Ltd.		371		9,824
WorleyParsons Ltd.		78		738

				279,994

Austria — 0.2%
Andritz AG		21		1,135
Erste Group Bank AG		98		2,654
Immofinanz AG*		397		1,190
OMV AG		47		1,359
Raiffeisen Bank International AG		25		517
Vienna Insurance Group AG Wiener Versicherung Gruppe		19		945
Voestalpine AG		36		1,495

				9,295

Belgium — 0.9%
Ageas		75		2,682
Anheuser-Busch InBev NV		239		28,072
Belgacom SA		61		2,408
Colruyt SA		13		605
Delhaize Group SA		25		1,828
Groupe Bruxelles Lambert SA		25		2,262
KBC Groep NV*		80		4,576
Solvay SA		18		2,473
Telenet Group Holding NV*		18		1,029
UCB SA		34		2,667
Umicore SA		34		1,382

				49,984

Bermuda — 0.0%
Seadrill Ltd.		135		1,934

Brazil — 1.4%
Ambev SA		1,455		9,526
B2W Cia Digital*		40		444
Banco Bradesco SA		200		2,965
Banco do Brasil SA		273		3,145
Banco Santander Brasil SA		400		2,300
BB Seguridade Participacoes SA		300		3,913
BM&F Bovespa SA		600		2,457
BR Malls Participacoes SA		200		1,434
BRF SA		205		5,289
CCR SA		200		1,372
Centrais Eletricas Brasileiras SA		77		180


See Notes to Financial Statements.		26

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Brazil (Continued)
CETIP SA — Mercados Organizados		100	$	1,289
Cia de Saneamento Basico do Estado de Sao Paulo		100		746
Cia Siderurgica Nacional SA		253		596
Cielo SA		200		3,415
Cosan SA Industria e Comercio		72		892
Cyrela Brazil Realty SA Empreendimentos e Participacoes		100		484
Duratex SA		110		359
Embraer SA		200		1,837
Estacio Participacoes SA		100		1,084
Fibria Celulose SA*		94		1,126
Hypermarcas SA*		100		674
JBS SA		205		956
Klabin SA		100		542
Kroton Educacional SA		392		2,731
Lojas Americanas SA		125		636
Lojas Renner SA		100		2,978
M Dias Branco SA		1		38
Natura Cosmeticos SA		25		343
Odontoprev SA		200		750
Petroleo Brasileiro SA		889		4,197
Qualicorp SA*		100		1,080
Raia Drogasil SA		100		948
Souza Cruz SA		130		1,035
Sul America SA		100		493
Tim Participacoes SA		300		1,452
Totvs SA		100		1,380
Ultrapar Participacoes SA		115		2,460
Vale SA		400		3,621
Via Varejo SA*		1		9
WEG SA		130		1,534

				72,710

Canada — 7.5%
Agnico Eagle Mines Ltd.		100		2,333
Alimentation Couche Tard, Inc., Class B		200		7,084
ARC Resources Ltd.		100		2,365
Bank of Montreal		200		14,667
Bank of Nova Scotia		500		30,826
Barrick Gold Corp.		300		3,552
BCE, Inc.		100		4,665
BlackBerry Ltd.*		100		1,036
Bombardier, Inc., Class B		400		1,525
Brookfield Asset Management, Inc., Class A		200		10,055
CAE, Inc.		100		1,324
Cameco Corp.		100		1,859
Canadian Imperial Bank of Commerce		100		9,313
Canadian National Railway Co.		200		14,207
Canadian Natural Resources Ltd.		300		9,959
Canadian Oil Sands Ltd.		100		1,271
Canadian Pacific Railway Ltd.		100		19,288
Canadian Utilities Ltd., Class A		100		3,495
Catamaran Corp.*		100		5,052
Cenovus Energy, Inc.		200		4,490
CGI Group, Inc., Class A*		100		3,645
CI Financial Corp.		100		2,962


	Number of Shares		Value

Canada (Continued)
Crescent Point Energy Corp.		100	$	2,596
Dollarama, Inc.		100		4,686
Eldorado Gold Corp.		200		1,247
Enbridge, Inc.		200		9,182
Encana Corp.		200		3,152
Enerplus Corp.		100		1,298
Finning International, Inc.		100		2,219
First Capital Realty, Inc.		100		1,637
First Quantum Minerals Ltd.		200		3,253
Fortis, Inc.		100		3,551
Franco-Nevada Corp.		100		5,003
Goldcorp, Inc.		200		3,918
Great-West Lifeco, Inc.		100		2,962
H&R Real Estate Investment Trust REIT		100		1,988
Husky Energy, Inc.		100		2,115
Imperial Oil Ltd.		100		4,336
Inter Pipeline Ltd.		100		2,853
Kinross Gold Corp.*		300		832
Loblaw Cos. Ltd.		25		1,345
Magna International, Inc.		100		10,695
Manulife Financial Corp.		500		9,956
MEG Energy Corp.*		100		1,624
New Gold, Inc.*		100		399
Open Text Corp.		100		5,920
Pacific Rubiales Energy Corp.		100		966
Pembina Pipeline Corp.		100		3,407
Penn West Petroleum Ltd.		200		712
Peyto Exploration & Development Corp.		100		2,937
Potash Corp. of Saskatchewan, Inc.		200		6,875
Power Corp. of Canada		100		2,836
Power Financial Corp.		100		3,126
PrairieSky Royalty Ltd.		100		3,010
Rogers Communications, Inc., Class B		100		4,003
Royal Bank of Canada		600		43,634
Shaw Communications, Inc., Class B		100		2,700
Silver Wheaton Corp.		100		1,975
SNC-Lavalin Group, Inc.		100		3,780
Sun Life Financial, Inc.		200		7,421
Suncor Energy, Inc.		400		12,631
Talisman Energy, Inc.		300		1,430
Teck Resources Ltd., Class B		200		3,085
TELUS Corp.		100		3,785
Tim Hortons, Inc.		100		8,335
Toronto-Dominion Bank (The)		480		24,187
Tourmaline Oil Corp.*		100		3,323
TransAlta Corp.		100		974
TransCanada Corp.		200		9,523
Turquoise Hill Resources Ltd.*		700		2,277
Yamana Gold, Inc.		200		722

				399,394

Channel Islands — 0.1%
Friends Life Group Ltd.		386		2,226
Randgold Resources Ltd.		25		1,661

				3,887


See Notes to Financial Statements.		27

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Chile — 0.4%
AES Gener SA		161	$	88
Aguas Andinas SA, Class A		391		235
Banco de Chile		26,234		3,186
Banco de Credito e Inversiones		16		846
Banco Santander Chile		40,759		2,215
CAP SA		21		144
Cencosud SA		453		1,175
Cia Cervecerias Unidas SA		74		769
Colbun SA		1,881		502
Corpbanca SA		72,281		912
Empresa Nacional de Electricidad SA		662		1,010
Empresas CMPC SA		475		1,187
Empresas Copec SA		164		1,935
Enersis SA		4,418		1,473
ENTEL Chile SA		84		936
LATAM Airlines Group SA*		100		1,195
SACI Falabella		417		2,992
Vina Concha y Toro SA		37		73

				20,873

China — 3.7%
AAC Technologies Holdings, Inc.		200		1,177
Agricultural Bank of China Ltd., Class H		3,000		1,424
Air China Ltd., Class H		2,000		1,534
Aluminum Corp. of China Ltd., Class H*		1,054		458
Anhui Conch Cement Co. Ltd., Class H		400		1,354
Anta Sports Products Ltd.		11		23
AviChina Industry & Technology Co. Ltd., Class H		800		564
Bank of China Ltd., Class H		23,000		11,863
Bank of Communications Co. Ltd., Class H		3,000		2,487
BBMG Corp., Class H		857		708
Beijing Capital International Airport Co. Ltd., Class H		2,000		1,563
Belle International Holdings Ltd.		1,669		1,896
Byd Co. Ltd., Class H		200		1,213
China Cinda Asset Management Co. Ltd., Class H*		921		492
China CITIC Bank Corp. Ltd., Class H		2,000		1,488
China Communications Construction Co. Ltd., Class H		1,000		1,001
China Communications Services Corp. Ltd., Class H		2,000		975
China Construction Bank Corp., Class H		25,140		19,061
China Everbright Bank Co. Ltd., Class H		998		510
China Galaxy Securities Co. Ltd., Class H		400		411
China Gas Holdings Ltd.		174		325
China International Marine Containers Group Co. Ltd., Class H		200		455
China Life Insurance Co. Ltd., Class H		2,000		6,950
China Longyuan Power Group Corp., Class H		1,000		1,075
China Medical System Holdings Ltd.		100		170
China Mengniu Dairy Co. Ltd.		1,000		4,055
China Merchants Bank Co. Ltd., Class H		1,100		2,278
China Minsheng Banking Corp. Ltd., Class H		1,925		2,115
China National Building Material Co. Ltd., Class H		245		239


	Number of Shares		Value

China (Continued)
China Oilfield Services Ltd., Class H		98	$	173
China Pacific Insurance Group Co. Ltd., Class H		900		3,772
China Petroleum & Chemical Corp., Class H		8,150		6,673
China Railway Construction Corp. Ltd., Class H		600		689
China Resources Cement Holdings Ltd.		2,000		1,372
China Resources Enterprise Ltd.		258		538
China Resources Power Holdings Co. Ltd.		944		2,751
China Shenhua Energy Co. Ltd., Class H		895		2,545
China Shipping Container Lines Co. Ltd., Class H*		1,000		294
China Telecom Corp. Ltd., Class H		4,000		2,424
China Vanke Co. Ltd., Class H*		458		938
Chongqing Rural Commercial Bank, Class H		1,000		566
CITIC Securities Co. Ltd., Class H		400		1,173
CNOOC Ltd.		4,810		7,033
Country Garden Holdings Co. Ltd.		1,000		418
Datang International Power Generation Co. Ltd., Class H		2,000		1,124
ENN Energy Holdings Ltd.		145		886
Fosun International Ltd.		1,360		1,661
GOME Electrical Appliances Holding Ltd.		4,000		588
Great Wall Motor Co. Ltd., Class H		376		1,896
Guangdong Investment Ltd.		2,000		2,759
Guangzhou Automobile Group Co. Ltd., Class H		2,000		1,893
Guangzhou R&F Properties Co. Ltd., Class H		1,724		2,130
Haitong Securities Co. Ltd., Class H		500		1,064
Hengan International Group Co. Ltd.		300		3,251
Huadian Power International Corp. Ltd., Class H		500		409
Huaneng Power International, Inc., Class H		2,000		2,344
Industrial & Commercial Bank of China Ltd., Class H		18,000		12,208
Intime Retail Group Co. Ltd.		200		158
Jiangsu Expressway Co. Ltd., Class H		117		133
Kingsoft Corp. Ltd.		160		383
Lee & Man Paper Manufacturing Ltd.		1,000		557
Lenovo Group Ltd.		2,000		2,806
Longfor Properties Co. Ltd.		820		1,104
New China Life Insurance Co. Ltd., Class H		200		906
Nine Dragons Paper Holdings Ltd.		698		596
People’s Insurance Co. (Group) of China Ltd., Class H		2,000		970
PetroChina Co. Ltd., Class H		6,000		6,507
PICC Property & Casualty Co. Ltd., Class H		2,000		4,028
Ping An Insurance Group Co. of China Ltd., Class H		500		4,194
Semiconductor Manufacturing International Corp.*		1,900		196
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,231		1,091
Shanghai Electric Group Co. Ltd., Class H		155		93
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		60		215


See Notes to Financial Statements.		28

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

China (Continued)
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		306	$	729
Shimao Property Holdings Ltd.		200		479
Sihuan Pharmaceutical Holdings Group Ltd.		898		672
Sino Biopharmaceutical Ltd.		1,200		1,187
Sino-Ocean Land Holdings Ltd.		500		300
Sinopec Engineering Group Co. Ltd., Class H		896		786
Sinopec Shanghai Petrochemical Co. Ltd., Class H		3,572		1,110
Sinopharm Group Co. Ltd., Class H		300		1,118
Soho China Ltd.		1,955		1,480
Sun Art Retail Group Ltd.		1,465		1,664
Tencent Holdings Ltd.		1,319		21,090
Tingyi Cayman Islands Holding Corp.		117		278
Tsingtao Brewery Co. Ltd., Class H		199		1,397
Uni-President China Holdings Ltd.		1,000		881
Want Want China Holdings Ltd.		3,000		3,938
Weichai Power Co. Ltd., Class H		67		254
Yanzhou Coal Mining Co. Ltd., Class H		181		154
Zhejiang Expressway Co. Ltd., Class H		2,000		2,239
Zhuzhou CSR Times Electric Co. Ltd., Class H‡		200		860
Zijin Mining Group Co. Ltd., Class H		4,296		1,147
ZTE Corp., Class H		300		718

				197,854

Colombia — 0.1%
Almacenes Exito SA		103		1,240
Cementos Argos SA		163		701
Corp. Financiera Colombiana SA		42		754
Grupo Argos SA/Colombia		106		964
Grupo de Inversiones Suramericana SA		94		1,720
Interconexion Electrica SA ESP		87		322

				5,701

Czech Republic — 0.1%
CEZ AS		40		1,114
Komercni Banka AS		10		2,222
O2 Czech Republic AS		26		298

				3,634

Denmark — 1.1%
A.P. Moeller — Maersk A/S, Class A		1		2,044
A.P. Moeller — Maersk A/S, Class B		2		4,171
Carlsberg A/S, Class B		27		2,405
Coloplast A/S, Class B		30		2,600
Danske Bank A/S		230		6,534
DSV A/S		50		1,566
Novo Nordisk A/S, Class B		569		25,951
Novozymes A/S, Class B		63		2,768
Pandora A/S		34		3,017
TDC A/S		219		1,775
Tryg A/S		7		807
Vestas Wind Systems A/S*		100		3,683
William Demant Holding A/S*		7		502

				57,823


	Number of Shares		Value

Egypt — 0.1%
Commercial International Bank Egypt SAE		547	$	3,791
Global Telecom Holding*		173		103
Talaat Moustafa Group		1,462		2,092

				5,986

Finland — 0.7%
Elisa OYJ		45		1,305
Fortum OYJ		138		3,463
Kone OYJ, Class B		86		3,957
Metso OYJ		37		1,147
Neste Oil OYJ		39		925
Nokia OYJ		1,132		9,417
Nokian Renkaat OYJ		40		1,130
Orion OYJ, Class B		25		857
Sampo OYJ, Class A		127		6,265
Stora Enso OYJ, Class R		164		1,453
UPM-Kymmene OYJ		157		2,606
Wartsila OYJ Abp		51		2,284

				34,809

France — 6.7%
Accor SA		43		2,028
Aeroports de Paris		11		1,350
Air Liquide SA		99		12,458
Airbus Group NV		165		10,052
Alcatel-Lucent*		820		2,919
Alstom SA*		68		2,378
Arkema SA		21		1,429
AtoS		24		1,705
AXA SA		539		13,012
BNP Paribas SA		322		20,644
Bollore SA		1		494
Bouygues SA		53		1,994
Bureau Veritas SA		66		1,574
Cap Gemini SA		44		3,224
Carrefour SA		156		4,936
Casino Guichard-Perrachon SA		12		1,156
Christian Dior SA		15		2,872
Cie de St-Gobain		124		5,696
Cie Generale des Etablissements Michelin		58		5,333
CNP Assurances		58		1,074
Credit Agricole SA		271		3,810
Danone SA		163		11,502
Dassault Systemes SA		37		2,419
Edenred		60		1,730
Electricite de France		76		2,275
Essilor International SA		57		6,400
Eurazeo SA		10		696
Eutelsat Communications SA		46		1,521
Fonciere des Regions REIT		6		573
GDF Suez		405		9,979
Gecina SA REIT		9		1,217
Groupe Eurotunnel SA		163		2,107
ICADE REIT		12		960
Iliad SA		7		1,719
Imerys SA		11		832
JCDecaux SA		24		789
Kering		21		4,337


See Notes to Financial Statements.		29

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

France (Continued)
Klepierre REIT		34	$	1,526
Lafarge SA		55		3,911
Lagardere SCA		48		1,361
Legrand SA		72		3,775
L’Oreal SA		66		11,260
LVMH Moet Hennessy Louis Vuitton SA		82		14,734
Natixis SA		282		1,992
Numericable-SFR*		30		1,254
Orange SA		527		9,282
Pernod Ricard SA		61		7,229
Peugeot SA*		113		1,447
Publicis Groupe SA		59		4,333
Remy Cointreau SA		7		526
Renault SA		59		4,733
Rexel SA		63		1,166
Safran SA		74		4,788
Sanofi		339		32,820
Schneider Electric SE		150		12,236
SCOR SE		46		1,435
Societe BIC SA		9		1,200
Societe Generale SA		214		10,615
Sodexo		23		2,320
Suez Environnement Co.		85		1,507
Technip SA		29		1,886
Thales SA		24		1,273
Total SA		614		34,349
Unibail-Rodamco SE REIT		31		8,191
Valeo SA		24		2,953
Vallourec SA		32		1,061
Veolia Environnement		110		2,006
Vinci SA		138		7,460
Vivendi SA*		362		9,219
Wendel SA		13		1,532
Zodiac Aerospace		45		1,491

				356,065

Germany — 6.0%
adidas AG		58		4,652
Allianz SE		125		21,520
Axel Springer SE		13		765
BASF SE		271		24,603
Bayer AG		233		35,042
Bayerische Motoren Werke AG		98		11,205
Beiersdorf AG		27		2,403
Brenntag AG		39		2,148
Celesio AG		23		766
Commerzbank AG*		264		4,039
Continental AG		35		7,364
Daimler AG		283		23,859
Deutsche Annington Immobilien SE		100		3,220
Deutsche Bank AG (b)		383		12,518
Deutsche Boerse AG		62		4,529
Deutsche Lufthansa AG		68		1,214
Deutsche Post AG		279		9,268
Deutsche Telekom AG		894		15,230
Deutsche Wohnen AG		70		1,680
E.ON SE		538		9,536


	Number of Shares		Value

Germany (Continued)
Fraport AG Frankfurt Airport Services Worldwide		12	$	733
Fresenius Medical Care AG & Co. KGaA		59		4,357
Fresenius SE & Co. KGaA		102		5,529
GEA Group AG		49		2,342
Hannover Rueck SE		17		1,517
HeidelbergCement AG		38		2,881
Henkel AG & Co. KGaA		35		3,466
Hugo Boss AG		9		1,185
Infineon Technologies AG		299		2,929
K+S AG		48		1,440
Kabel Deutschland Holding AG*		7		971
LANXESS AG		29		1,440
Linde AG		50		9,435
MAN SE		9		1,026
Merck KGaA		32		3,186
Metro AG*		30		1,019
Muenchener Rueckversicherungs-Gesellschaft AG		49		10,093
OSRAM Licht AG*		25		1,038
ProSiebenSat.1 Media AG		70		2,990
RWE AG		136		4,926
SAP SE		262		18,466
Siemens AG		215		25,440
Symrise AG		100		5,977
Telefonica Deutschland Holding AG*		74		388
ThyssenKrupp AG*		123		3,254
United Internet AG		34		1,498
Volkswagen AG		14		3,167

				316,254

Greece — 0.1%
Alpha Bank AE*		210		136
Eurobank Ergasias SA*		2,118		656
FF Group*		15		553
Hellenic Telecommunications Organization SA*		62		759
JUMBO SA		43		545
National Bank of Greece SA*		334		797
OPAP SA		53		664
Piraeus Bank SA*		519		787
Public Power Corp. SA*		43		332
Titan Cement Co. SA		12		284

				5,513

Hong Kong — 3.1%
AIA Group Ltd.		3,000		17,330
Alibaba Health Information Technology Ltd.*		529		372
ASM Pacific Technology Ltd.		100		1,018
Bank of East Asia Ltd. (The)		300		1,257
Beijing Enterprises Holdings Ltd.		300		2,395
Beijing Enterprises Water Group Ltd.*		1,497		1,029
BOC Hong Kong (Holdings) Ltd.		900		3,180
Brilliance China Automotive Holdings Ltd.		2,000		3,409
Cheung Kong (Holdings) Ltd.		698		12,807
China Everbright International Ltd.		1,000		1,540
China Mobile Ltd.		2,342		28,855


See Notes to Financial Statements.		30

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Hong Kong (Continued)
China Overseas Land & Investment Ltd.		2,000	$	6,009
China Resources Gas Group Ltd.		394		1,108
China South City Holdings Ltd.		500		257
China Taiping Insurance Holdings Co. Ltd.*		300		774
China Unicom (Hong Kong) Ltd.		2,000		3,043
CLP Holdings Ltd.		500		4,349
Far East Horizon Ltd.		1,000		931
Franshion Properties China Ltd.		2,000		565
Galaxy Entertainment Group Ltd.		654		4,465
GCL-Poly Energy Holdings Ltd.*		2,000		544
Geely Automobile Holdings Ltd.		686		298
Hanergy Thin Film Power Group Ltd.*		2,000		503
Hang Lung Properties Ltd.		1,000		3,004
Hang Seng Bank Ltd.		200		3,332
Henderson Land Development Co. Ltd.		95		637
HKT Trust and HKT Ltd. (a)		237		295
Hong Kong and China Gas Co. Ltd.		2,200		5,214
Hong Kong Exchanges & Clearing Ltd.		300		6,534
Hutchison Whampoa Ltd.		734		9,200
Kerry Properties Ltd.		200		721
Kingboard Chemical Holdings Ltd.		100		187
Kunlun Energy Co. Ltd.		2,000		2,164
Li & Fung Ltd.		2,000		2,223
Link REIT (The)		600		3,822
MGM China Holdings Ltd.		300		907
MTR Corp. Ltd.		200		803
New World China Land Ltd.		1,647		1,019
New World Development Co. Ltd.		205		245
Noble Group Ltd.		1,000		939
PCCW Ltd.		1,000		670
Power Assets Holdings Ltd.		400		3,819
Sino Land Co. Ltd.		2,000		3,280
SJM Holdings Ltd.		1,000		1,986
Sun Hung Kai Properties Ltd.		823		12,034
Swire Pacific Ltd., Class A		200		2,749
Swire Properties Ltd.		200		622
Techtronic Industries Co. Ltd.		178		569
Wharf Holdings Ltd. (The)		51		368
Yue Yuen Industrial (Holdings) Ltd.		100		359
Yuexiu Property Co. Ltd.		2,057		411

				164,151

Hungary — 0.1%
MOL Hungarian Oil and Gas PLC		26		1,255
OTP Bank PLC		71		1,142
Richter Gedeon Nyrt		149		2,318

				4,715

India — 1.1%
Dr. Reddy’s Laboratories Ltd., ADR		100		5,839
ICICI Bank Ltd., ADR		200		11,778
Infosys Ltd., ADR		100		6,984
Larsen & Toubro Ltd., GDR		300		7,935
Reliance Industries Ltd., GDR, 144A		300		9,555
Tata Motors Ltd., ADR		200		9,132
Wipro Ltd., ADR		500		6,450

				57,673


	Number of Shares		Value

Indonesia — 0.7%
PT Adaro Energy Tbk		6,600	$	584
PT Astra Agro Lestari Tbk		400		787
PT Astra International Tbk		5,000		2,919
PT Bank Central Asia Tbk		3,600		3,864
PT Bank Danamon Indonesia Tbk		2,466		849
PT Bank Mandiri Persero Tbk		1,900		1,639
PT Bank Negara Indonesia Persero Tbk		1,800		889
PT Bank Rakyat Indonesia Persero Tbk		2,900		2,739
PT Bumi Serpong Damai Tbk		3,676		533
PT Charoen Pokphand Indonesia Tbk		1,700		573
PT Global Mediacom Tbk		2,500		329
PT Gudang Garam Tbk		200		1,003
PT Indo Tambangraya Megah Tbk		100		156
PT Indocement Tunggal Prakarsa Tbk		500		1,011
PT Indofood CBP Sukses Makmur Tbk		500		461
PT Indofood Sukses Makmur Tbk		1,000		549
PT Jasa Marga Persero Tbk		1,000		553
PT Kalbe Farma Tbk		6,400		918
PT Lippo Karawaci Tbk		9,000		859
PT Matahari Department Store Tbk		818		1,005
PT Media Nusantara Citra Tbk		1,700		335
PT Perusahaan Gas Negara Persero Tbk		3,300		1,609
PT Semen Indonesia Persero Tbk		1,000		1,311
PT Surya Citra Media Tbk		2,100		552
PT Tambang Batubara Bukit Asam Persero Tbk		903		973
PT Telekomunikasi Indonesia Persero Tbk		13,600		3,148
PT Tower Bersama Infrastructure Tbk		1,100		849
PT Unilever Indonesia Tbk		800		2,085
PT United Tractors Tbk		400		601
PT XL Axiata Tbk		1,700		710

				34,393

Ireland — 0.5%
Bank of Ireland*		6,801		2,791
CRH PLC		182		4,300
Experian PLC		282		4,462
James Hardie Industries PLC CDI		141		1,452
Kerry Group PLC, Class A		36		2,672
Shire PLC		167		11,887

				27,564

Israel — 0.4%
Bank Hapoalim BM		390		1,945
Bank Leumi Le-Israel BM*		414		1,461
Bezeq The Israeli Telecommunication Corp. Ltd.		783		1,385
Delek Group Ltd.		1		339
Israel Chemicals Ltd.		239		1,632
Israel Corp. Ltd. (The)*		1		490
Mizrahi Tefahot Bank Ltd.*		68		720
NICE Systems Ltd.		24		1,139
Teva Pharmaceutical Industries Ltd.		236		13,429

				22,540


See Notes to Financial Statements.		31

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Italy — 1.5%
Assicurazioni Generali SpA		350	$	7,568
Atlantia SpA		124		3,127
Banca Monte dei Paschi di Siena SpA*		1,378		1,112
Banco Popolare SC*		88		1,214
Enel Green Power SpA		555		1,335
Enel SpA		1,905		9,191
Eni SpA		722		14,427
EXOR SpA		27		1,202
Finmeccanica SpA*		127		1,232
Intesa Sanpaolo SpA		3,391		10,449
Intesa Sanpaolo SpA-RSP		236		635
Luxottica Group SpA		43		2,299
Mediobanca SpA		197		1,764
Pirelli & C. SpA		86		1,220
Prysmian SpA		54		970
Saipem SpA*		89		1,274
Snam SpA		577		3,059
Telecom Italia SpA*		2,762		3,112
Telecom Italia SpA-RSP		1,715		1,519
Terna Rete Elettrica Nazionale SpA		462		2,231
UniCredit SpA		1,262		9,329
Unione di Banche Italiane SCpA		231		1,775
UnipolSai SpA		288		824

				80,868

Japan — 14.4%
Acom Co. Ltd.*		200		598
Aeon Co. Ltd.		400		3,986
AISIN SEIKI Co. Ltd.		100		3,576
Asahi Group Holdings Ltd.		200		6,238
ASICS Corp.		100		2,531
Astellas Pharma, Inc.		600		8,627
Bandai Namco Holdings, Inc.		100		2,164
Bridgestone Corp.		200		6,873
Brother Industries Ltd.		100		1,868
Canon, Inc.		300		9,607
Casio Computer Co. Ltd.		100		1,511
Central Japan Railway Co.		100		14,552
Chubu Electric Power Co., Inc.*		200		2,338
Chugai Pharmaceutical Co. Ltd.		100		2,708
Chugoku Electric Power Co., (The), Inc.		100		1,290
Citizen Holdings Co. Ltd.		200		1,547
Credit Saison Co. Ltd.		100		1,872
Daihatsu Motor Co. Ltd.		100		1,371
Dai-ichi Life Insurance Co. Ltd. (The)		400		5,800
Daiichi Sankyo Co. Ltd.		200		2,947
Daikin Industries Ltd.		100		6,634
Daiwa Securities Group, Inc.		1,000		8,035
DENSO Corp.		100		4,669
Dentsu, Inc.		100		3,757
East Japan Railway Co.		100		7,494
Eisai Co. Ltd.		100		3,584
FANUC Corp.		100		16,864
Fuji Heavy Industries Ltd.		200		7,275
FUJIFILM Holdings Corp.		100		3,315
Fujitsu Ltd.		1,000		5,712
GungHo Online Entertainment, Inc.		100		377


	Number of Shares		Value

Japan (Continued)
Hino Motors Ltd.		100	$	1,347
Hitachi Ltd.		1,100		8,492
Hokuhoku Financial Group, Inc.		1,400		2,830
Hokuriku Electric Power Co.		100		1,280
Honda Motor Co. Ltd.		400		12,034
Hoya Corp.		100		3,555
Hulic Co. Ltd.		200		2,065
INPEX Corp.		300		3,178
Isetan Mitsukoshi Holdings Ltd.		200		2,626
Isuzu Motors Ltd.		100		1,305
ITOCHU Corp.		400		4,603
Iyo Bank Ltd. (The)		500		5,172
Japan Exchange Group, Inc.		100		2,565
Japan Retail Fund Investment Corp. REIT		1		2,081
Japan Tobacco, Inc.		300		9,609
JFE Holdings, Inc.		200		4,255
JSR Corp.		100		1,788
JTEKT Corp.		100		1,659
JX Holdings, Inc.		700		2,604
Kakaku.com, Inc.		100		1,527
Kansai Electric Power Co., (The), Inc.*		300		3,010
Kao Corp.		200		7,406
Kawasaki Heavy Industries Ltd.		1,000		4,397
KDDI Corp.		200		12,810
Kintetsu Corp.		1,000		3,378
Kobe Steel Ltd.		1,000		1,592
Komatsu Ltd.		300		7,104
Konica Minolta, Inc.		200		2,332
Kuraray Co. Ltd.		200		2,434
Kyocera Corp.		100		4,895
Kyushu Electric Power Co., Inc.*		200		2,049
LIXIL Group Corp.		100		2,126
Marubeni Corp.		1,000		6,303
Marui Group Co. Ltd.		200		1,750
Mazda Motor Corp.		200		5,165
Medipal Holdings Corp.		100		1,111
MEIJI Holdings Co. Ltd.		100		8,971
Minebea Co. Ltd.		100		1,253
Mitsubishi Chemical Holdings Corp.		600		3,091
Mitsubishi Corp.		400		7,564
Mitsubishi Electric Corp.		1,000		12,016
Mitsubishi Heavy Industries Ltd.		1,000		5,834
Mitsubishi Motors Corp.		200		2,055
Mitsubishi Tanabe Pharma Corp.		100		1,525
Mitsubishi UFJ Financial Group, Inc.		3,500		20,237
Mitsubishi UFJ Lease & Finance Co. Ltd.		500		2,359
Mitsui & Co. Ltd.		500		6,897
Mizuho Financial Group, Inc.		7,100		12,231
MS&AD Insurance Group Holdings, Inc.		200		4,668
Murata Manufacturing Co. Ltd.		100		10,803
NEC Corp.		1,000		3,142
Nidec Corp.		100		6,631
Nikon Corp.		100		1,425
Nippon Building Fund, Inc. REIT		1		5,037
Nippon Steel & Sumitomo Metal Corp.		3,000		7,728
Nippon Telegraph & Telephone Corp.		100		5,350
Nippon Yusen KK		1,000		2,822


See Notes to Financial Statements.		32

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Japan (Continued)
Nissan Motor Co. Ltd.		700	$	6,536
Nisshin Seifun Group, Inc.		450		4,454
Nitto Denko Corp.		100		5,276
Nomura Holdings, Inc.		900		5,413
Nomura Research Institute Ltd.		100		3,117
NTT DOCOMO, Inc.		400		6,238
NTT Urban Development Corp.		300		3,086
Olympus Corp.*		100		3,639
Omron Corp.		100		4,650
ORIX Corp.		400		5,275
Osaka Gas Co. Ltd.		1,000		3,823
Otsuka Holdings Co. Ltd.		100		3,161
Panasonic Corp.		600		7,745
Park24 Co. Ltd.		100		1,517
Rakuten, Inc.		300		4,041
Recruit Holdings Co. Ltd.*		100		3,285
Resona Holdings, Inc.		800		4,318
Ricoh Co. Ltd.		200		2,166
SBI Holdings, Inc.		100		1,154
Secom Co. Ltd.		100		5,782
Sega Sammy Holdings, Inc.		100		1,377
Seiko Epson Corp.		100		4,827
Sekisui House Ltd.		200		2,685
Seven & I Holdings Co. Ltd.		300		11,189
Seven Bank Ltd.		500		2,169
Shikoku Electric Power Co., Inc.*		100		1,249
Shin-Etsu Chemical Co. Ltd.		200		13,461
Shinsei Bank Ltd.		1,000		1,878
Shionogi & Co. Ltd.		100		2,487
Shiseido Co. Ltd.		200		2,986
Showa Shell Sekiyu KK		100		833
SoftBank Corp.		300		20,123
Sompo Japan Nipponkoa Holdings, Inc.		100		2,479
Sony Corp.		300		6,570
Sumitomo Chemical Co. Ltd.		1,000		3,782
Sumitomo Corp.		300		3,199
Sumitomo Dainippon Pharma Co. Ltd.		100		1,034
Sumitomo Electric Industries Ltd.		200		2,600
Sumitomo Mitsui Financial Group, Inc.		400		15,078
Sumitomo Mitsui Trust Holdings, Inc.		2,000		8,312
Sumitomo Rubber Industries Ltd.		100		1,523
Suzuki Motor Corp.		100		3,158
T&D Holdings, Inc.		200		2,423
Takeda Pharmaceutical Co. Ltd.		200		8,376
TDK Corp.		100		6,023
Terumo Corp.		200		4,549
Tohoku Electric Power Co., Inc.		200		2,316
Tokio Marine Holdings, Inc.		200		6,538
Tokyo Electric Power Co., (The), Inc.*		500		1,828
Tokyo Electron Ltd.		100		6,812
Tokyo Gas Co. Ltd.		1,000		5,452
Tokyu Fudosan Holdings Corp.		600		4,286
Toray Industries, Inc.		1,000		7,859
Toshiba Corp.		1,000		4,443
Toyo Seikan Group Holdings Ltd.		100		1,208
Toyota Industries Corp.		100		4,995
Toyota Motor Corp.		800		49,288


	Number of Shares		Value

Japan (Continued)
Toyota Tsusho Corp.		100	$	2,367
Trend Micro, Inc.		100		3,037
United Urban Investment Corp. REIT		2		3,213
USS Co. Ltd.		200		2,886
West Japan Railway Co.		100		4,773
Yahoo Japan Corp.		400		1,459
Yamada Denki Co. Ltd.		400		1,317
Yamaha Corp.		100		1,490
Yamaha Motor Co. Ltd.		100		2,125
Yamato Holdings Co. Ltd.		200		4,511
Yokogawa Electric Corp.		100		1,258

				766,303

Luxembourg — 0.3%
Altice SA*		28		1,884
ArcelorMittal		271		3,324
Millicom International Cellular SA SDR		16		1,331
RTL Group SA		12		1,155
SES SA FDR		87		3,237
Tenaris SA		145		2,398

				13,329

Macau — 0.1%
Sands China Ltd.		700		4,193
Wynn Macau Ltd.		400		1,305

				5,498

Malaysia — 1.0%
Alliance Financial Group Bhd		800		1,152
AMMB Holdings Bhd		700		1,378
Astro Malaysia Holdings Bhd		1,000		996
Axiata Group Bhd		100		209
Berjaya Sports Toto Bhd		1,318		1,356
British American Tobacco Malaysia Bhd		100		2,087
Bumi Armada Bhd		150		51
CIMB Group Holdings Bhd		700		1,206
Dialog Group Bhd		1,410		621
DiGi.Com Bhd		1,400		2,607
Felda Global Ventures Holdings Bhd		1,100		1,073
Genting Malaysia Bhd		1,300		1,622
Genting Plantations Bhd		200		633
Hong Leong Bank Bhd		500		2,114
Hong Leong Financial Group Bhd		400		2,093
IHH Healthcare Bhd		1,000		1,455
IJM Corp. Bhd		300		601
IOI Corp. Bhd		900		1,282
Kuala Lumpur Kepong Bhd		200		1,330
Lafarge Malaysia Bhd		400		1,199
Malayan Banking Bhd		1,800		5,034
Malaysia Airports Holdings Bhd		300		617
Maxis Bhd		1,000		2,049
MISC Bhd		500		1,081
Petronas Chemicals Group Bhd		700		1,165
Petronas Dagangan Bhd		200		951
Petronas Gas Bhd		300		2,015
PPB Group Bhd		100		459
Public Bank Bhd		600		3,296
RHB Capital Bhd		100		242


See Notes to Financial Statements.		33

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Malaysia (Continued)
SapuraKencana Petroleum Bhd		900	$	745
Sime Darby Bhd		600		1,717
Telekom Malaysia Bhd		600		1,256
Tenaga Nasional Bhd		500		2,108
UEM Sunrise Bhd		100		53
UMW Holdings Bhd		400		1,334
YTL Corp. Bhd		1,300		607
YTL Power International Bhd		2,065		934

				50,728

Mexico — 1.2%
Alfa SAB de CV, Class A		800		2,127
America Movil SAB de CV, Series L		10,100		11,905
Arca Continental SAB de CV		100		643
Cemex SAB de CV*		3,028		3,758
Coca-Cola Femsa SAB de CV, Series L		100		992
Compartamos SAB de CV		300		640
Controladora Comercial Mexicana SAB de CV		100		367
El Puerto de Liverpool SAB de CV, Series C1		100		1,087
Fibra Uno Administracion SA de CV REIT		600		2,017
Fomento Economico Mexicano SAB de CV		600		5,725
Fresnillo PLC(c)		64		712
Genomma Lab Internacional SAB de CV, Class B*		200		434
Grupo Aeroportuario del Pacifico SAB de CV, Class B		200		1,364
Grupo Aeroportuario del Sureste SAB de CV, Class B		100		1,333
Grupo Bimbo SAB de CV, Series A*		400		1,124
Grupo Carso SAB de CV, Series A1		200		1,124
Grupo Comercial Chedraui SA de CV		100		329
Grupo Financiero Banorte SAB de CV, Class O		700		3,964
Grupo Financiero Inbursa SAB de CV, Class O		900		2,428
Grupo Financiero Santander Mexico SAB de CV, Class B		500		1,130
Grupo Mexico SAB de CV, Series B		1,100		3,602
Grupo Televisa SAB, Series CPO		800		5,824
Industrias Penoles SAB de CV		91		1,989
Kimberly-Clark de Mexico SAB de CV, Class A		400		905
Mexichem SAB de CV*		300		1,093
Minera Frisco SAB de CV, Class A1*		200		338
OHL Mexico SAB de CV*		300		688
Wal-Mart de Mexico SAB de CV, Series V		1,500		3,207

				60,849

Netherlands — 3.0%
Aegon NV		738		5,793
Akzo Nobel NV		68		4,698
ASML Holding NV		102		10,772
Corio NV REIT		11		556
Delta Lloyd NV		48		1,103
Gemalto NV		26		2,209
Heineken Holding NV		26		1,778


	Number of Shares		Value

Netherlands (Continued)
Heineken NV		67	$	5,269
ING Groep NV*		1,043		15,278
Koninklijke Ahold NV		213		3,762
Koninklijke Boskalis Westminster NV		18		1,010
Koninklijke DSM NV		45		2,958
Koninklijke KPN NV		906		3,008
Koninklijke Philips NV		264		7,962
Koninklijke Vopak NV		19		954
OCI NV*		29		1,040
QIAGEN NV*		58		1,386
Randstad Holding NV		38		1,875
Reed Elsevier NV		216		5,310
Royal Dutch Shell PLC, Class A		1,124		37,440
Royal Dutch Shell PLC, Class B		699		24,272
TNT Express NV		137		923
Unilever NV		459		18,695
Wolters Kluwer NV		92		2,696

				160,747

New Zealand — 0.2%
Auckland International Airport Ltd.		515		1,564
Contact Energy Ltd.		363		1,746
Fletcher Building Ltd.		252		1,619
Meridian Energy Ltd.		100		135
Ryman Healthcare Ltd.		322		2,023
Spark New Zealand Ltd.		511		1,227

				8,314

Norway — 0.5%
DNB ASA		329		5,463
Gjensidige Forsikring ASA		78		1,338
Norsk Hydro ASA		380		2,225
Orkla ASA		265		1,972
Statoil ASA		347		6,554
Telenor ASA		249		5,256
Yara International ASA		57		2,424

				25,232

Peru — 0.0%
Cia de Minas Buenaventura SA, Class B, ADR		92		851
Southern Copper Corp.		100		2,995

				3,846

Philippines — 0.3%
Aboitiz Equity Ventures, Inc.		1,010		1,181
Aboitiz Power Corp.		1,000		940
Alliance Global Group, Inc.		500		276
Ayala Corp.		80		1,236
Ayala Land, Inc.		2,000		1,514
Bank of the Philippine Islands		490		1,037
BDO Unibank, Inc.		520		1,265
DMCI Holdings Inc.		500		181
Energy Development Corp.		2,000		358
International Container Terminal Services, Inc.		390		1,007
JG Summit Holdings, Inc.		200		275
Jollibee Foods Corp.		290		1,337
Megaworld Corp.		3,000		335


See Notes to Financial Statements.		34

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Philippines (Continued)
Metro Pacific Investments Corp.		2,000	$	224
Metropolitan Bank & Trust Company		320		591
SM Investments Corp.		50		896
SM Prime Holdings, Inc.		3,000		1,144
Universal Robina Corp.		380		1,651

				15,448

Poland — 0.6%
Alior Bank SA*		80		1,878
Bank Handlowy w Warszawie SA		16		513
Bank Millennium SA		123		281
Bank Pekao SA		59		3,241
Bank Zachodni WBK SA		20		2,326
Cyfrowy Polsat SA		730		5,358
Enea SA		79		420
LPP SA		1		2,627
mBank		5		749
Orange Polska SA		190		536
PGE SA		390		2,244
Polski Koncern Naftowy Orlen SA		96		1,289
Polskie Gornictwo Naftowe i Gazownictwo SA		695		1,004
Powszechna Kasa Oszczednosci Bank Polski SA		337		3,760
Powszechny Zaklad Ubezpieczen SA		22		3,138
Tauron Polska Energia SA		168		259

				29,623

Portugal — 0.1%
Banco Comercial Portugues SA, Class R*		10,792		1,114
Banco Espirito Santo SA*‡		587		0
EDP — Energias de Portugal SA		767		3,146
Galp Energia SGPS SA		136		1,657
Jeronimo Martins SGPS SA		82		833

				6,750

Qatar — 0.1%
Industries Qatar QSC		17		892
Masraf Al Rayan		100		1,325
Qatar Electricity & Water Co.		10		522
Qatar Islamic Bank SAQ		5		145
Qatar National Bank SAQ		43		2,704
Vodafone Qatar		55		267

				5,855

Russia — 0.7%
Gazprom OAO, ADR		400		2,338
Lukoil OAO, ADR		100		4,654
Magnit OJSC, GDR		137		7,925
MegaFon OAO, GDR		128		2,643
MMC Norilsk Nickel OJSC, ADR		200		3,514
Mobile TeleSystems OJSC, ADR		300		3,666
NovaTek OAO, GDR		46		4,347
Rosneft Oil Co. OJSC, GDR		600		2,841
Severstal OAO, GDR		200		1,838
Sistema JSFC, GDR		119		685
Surgutneftegas OJSC, ADR		400		2,354
VTB Bank OJSC, GDR		1,200		2,216

				39,021


	Number of Shares		Value

Singapore — 1.0%
Ascendas Real Estate Investment Trust REIT		1,000	$	1,794
CapitaCommercial Trust REIT		1,000		1,292
CapitaLand Ltd.		1,000		2,546
CapitaMall Trust REIT		1,000		1,518
ComfortDelGro Corp. Ltd.		1,000		1,994
DBS Group Holdings Ltd.		1,000		15,205
Genting Singapore PLC		2,000		1,748
Global Logistic Properties Ltd.		1,000		2,009
Golden Agri-Resources Ltd.		2,000		705
Hutchison Port Holdings Trust, Class U		1,000		685
Keppel Corp. Ltd.		1,000		6,901
Oversea-Chinese Banking Corp. Ltd.		1,000		8,036
Singapore Technologies Engineering Ltd.		1,000		2,584
Singapore Telecommunications Ltd.		2,000		5,981
Wilmar International Ltd.		1,000		2,461

				55,459

South Africa — 0.5%
AngloGold Ashanti Ltd., ADR*		200		1,712
Gold Fields Ltd., ADR		800		3,280
Impala Platinum Holdings Ltd., ADR*		500		3,585
MTN Group Ltd., ADR		500		9,840
Sasol Ltd., ADR		200		8,410

				26,827

South Korea — 3.0%
Amorepacific Corp.		1		2,256
AMOREPACIFIC Group		1		1,049
BS Financial Group, Inc.		70		992
Celltrion, Inc.*		36		1,295
Cheil Worldwide, Inc.*		40		673
CJ CheilJedang Corp.		2		637
CJ Corp.		4		585
Coway Co. Ltd.		24		1,872
Daelim Industrial Co. Ltd.		7		426
Daewoo International Corp.		10		309
Daewoo Securities Co. Ltd.*		10		98
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		30		523
DGB Financial Group, Inc.		74		781
Dongbu Insurance Co. Ltd.		30		1,508
Doosan Corp.		1		104
Doosan Heavy Industries & Construction Co. Ltd.		7		165
Doosan Infracore Co. Ltd.*		10		94
E-Mart Co. Ltd.		8		1,589
GS Engineering & Construction Corp.*		17		410
GS Holdings		8		300
Halla Visteon Climate Control Corp.		30		1,144
Hana Financial Group, Inc.		80		2,441
Hankook Tire Co. Ltd.		28		1,385
Hanwha Chemical Corp.		84		955
Hanwha Corp.		28		751
Hanwha Life Insurance Co. Ltd.		160		1,216
Hite Jinro Co. Ltd.		26		593
Hotel Shilla Co. Ltd.		2		162
Hyosung Corp.		16		1,001


See Notes to Financial Statements.		35

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

South Korea (Continued)
Hyundai Department Store Co. Ltd.		6	$	696
Hyundai Development Co.-Engineering & Construction		10		320
Hyundai Engineering & Construction Co. Ltd.		14		566
Hyundai Glovis Co. Ltd.		6		1,505
Hyundai Heavy Industries Co. Ltd.		8		892
Hyundai Marine & Fire Insurance Co. Ltd.		50		1,203
Hyundai Merchant Marine Co. Ltd.*		25		219
Hyundai Mipo Dockyard Co. Ltd.		2		139
Hyundai Mobis Co. Ltd.		20		4,459
Hyundai Motor Co.		40		6,462
Hyundai Steel Co.		40		2,311
Hyundai Wia Corp.		7		1,115
Industrial Bank of Korea		20		272
Kangwon Land, Inc.		40		1,181
KB Financial Group, Inc.		90		3,160
KCC Corp.		3		1,492
Kia Motors Corp.		68		3,419
Korea Aerospace Industries Ltd.		30		1,089
Korea Electric Power Corp.		50		2,076
Korea Gas Corp.*		5		260
Korea Investment Holdings Co. Ltd.		20		1,036
Korea Zinc Co. Ltd.		4		1,543
KT Corp.		10		294
KT&G Corp.		42		3,673
Kumho Petrochemical Co. Ltd.		12		856
LG Chem Ltd.		19		3,541
LG Corp.		15		881
LG Display Co. Ltd.*		50		1,532
LG Electronics, Inc.		25		1,435
LG Household & Health Care Ltd.		4		2,249
LG Innotek Co. Ltd.*		3		271
LG Uplus Corp.		117		1,146
Lotte Chemical Corp.		10		1,588
Lotte Shopping Co. Ltd.		4		1,083
LS Corp.		3		164
LS Industrial Systems Co. Ltd.		7		407
Mirae Asset Securities Co. Ltd.		10		449
NAVER Corp.		8		5,459
NCSoft Corp.		6		864
OCI Co. Ltd.*		9		690
Orion Corp.		2		1,765
Paradise Co. Ltd.		2		50
POSCO		27		7,372
S-1 Corp.		10		684
Samsung C&T Corp.		23		1,493
Samsung Card Co. Ltd.		30		1,298
Samsung Electro-Mechanics Co. Ltd.		16		878
Samsung Electronics Co. Ltd.		25		29,040
Samsung Engineering Co. Ltd.*		6		265
Samsung Fire & Marine Insurance Co. Ltd.		16		4,477
Samsung Heavy Industries Co. Ltd.		30		585
Samsung Life Insurance Co. Ltd.		31		3,414
Samsung SDI Co. Ltd.		22		2,661
Samsung Securities Co. Ltd.		20		892
Shinhan Financial Group Co. Ltd.		130		5,820


	Number of Shares		Value

South Korea (Continued)
Shinsegae Co. Ltd.		4	$	713
SK C&C Co. Ltd.		8		1,610
SK Holdings Co. Ltd.		4		614
SK Hynix, Inc.*		140		6,072
SK Innovation Co. Ltd.		9		696
SK Telecom Co. Ltd.		6		1,519
S-Oil Corp.		7		266
Woori Bank*		33		319
Woori Investment & Securities Co. Ltd.		8		86
Yuhan Corp.		3		471

				160,371

Spain — 2.5%
Abertis Infraestructuras SA		133		2,846
ACS Actividades de Construccion y Servicios SA		40		1,413
Amadeus IT Holding SA, Class A		114		4,538
Banco Bilbao Vizcaya Argentaria SA		1,750		18,797
Banco de Sabadell SA		933		2,646
Banco Popular Espanol SA		499		2,743
Banco Santander SA		3,554		32,035
Bankia SA*		1,381		2,421
Bankinter SA		200		1,792
CaixaBank SA		601		3,319
Distribuidora Internacional de Alimentacion SA		130		904
Enagas SA		85		2,846
Ferrovial SA		109		2,234
Gas Natural SDG SA		103		2,918
Grifols SA		39		1,737
Iberdrola SA		1,502		11,105
Inditex SA		325		9,463
Mapfre SA		305		1,119
Red Electrica Corp. SA		38		3,481
Repsol SA		282		6,329
Telefonica SA		1,248		19,988
Zardoya Otis SA		42		448

				135,122

Sweden — 2.0%
Alfa Laval AB		73		1,453
Assa Abloy AB, Class B		81		4,402
Atlas Copco AB, Class A		173		4,988
Atlas Copco AB, Class B		99		2,630
Boliden AB		79		1,335
Electrolux AB, Series B		71		2,110
Elekta AB, Class B		87		887
Getinge AB, Class B		59		1,366
Hennes & Mauritz AB, Class B		267		11,437
Hexagon AB, Class B		92		2,924
Husqvarna AB, Class B		93		685
Industrivarden AB, Class C		54		954
Investment AB Kinnevik, Class B		64		2,220
Investor AB, Class B		125		4,696
Lundin Petroleum AB*		65		916
Nordea Bank AB		827		10,331
Sandvik AB		290		3,037


See Notes to Financial Statements.		36

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Sweden (Continued)
Securitas AB, Class B		76	$	918
Skandinaviska Enskilda Banken AB, Class A		493		6,512
Skanska AB, Class B		82		1,766
SKF AB, Class B		98		2,019
Svenska Cellulosa AB SCA, Class B		147		3,468
Svenska Handelsbanken AB, Class A		130		6,350
Swedbank AB, Class A		273		7,161
Swedish Match AB		45		1,554
Tele2 AB, Class B		75		971
Telefonaktiebolaget LM Ericsson, Class B		856		10,779
TeliaSonera AB		593		4,231
Volvo AB, Class B		442		4,837

				106,937

Switzerland — 7.1%
ABB Ltd.*		599		13,446
Actelion Ltd.*		27		3,211
Adecco SA*		47		3,300
Aryzta AG*		21		1,676
Baloise Holding AG		16		2,090
Barry Callebaut AG*		1		1,070
Cie Financiere Richemont SA		150		14,104
Coca-Cola HBC AG CDI*		63		1,429
Credit Suisse Group AG*		421		11,250
EMS-Chemie Holding AG		3		1,113
Geberit AG		11		3,832
Givaudan SA*		3		5,346
Glencore PLC*		2,988		14,954
Holcim Ltd.*		61		4,504
Julius Baer Group Ltd.*		62		2,809
Kuehne + Nagel International AG		23		3,097
Lonza Group AG*		14		1,646
Nestle SA		964		72,381
Novartis AG		656		63,478
Pargesa Holding SA		9		716
Partners Group Holding AG		6		1,723
Roche Holding AG		203		60,800
Schindler Holding AG		8		1,118
Schindler Holding AG Participation Certificates		15		2,139
SGS SA		2		4,326
Sika AG		1		3,806
Sonova Holding AG		17		2,572
STMicroelectronics NV		183		1,371
Sulzer AG		7		782
Swatch Group AG (The) — Bearer		9		4,448
Swatch Group AG (The) — Registered		12		1,105
Swiss Life Holding AG*		11		2,520
Swiss Prime Site AG*		34		2,621
Swiss Re AG*		96		8,207
Swisscom AG		11		6,677
Syngenta AG		32		10,541
Transocean Ltd.		106		2,244
UBS AG*		1,051		18,872
Wolseley PLC		70		3,925
Zurich Insurance Group AG*		44		13,789

				379,038


	Number of Shares		Value

Taiwan — 2.2%
Advanced Semiconductor Engineering, Inc., ADR		1,700	$	10,506
AU Optronics Corp., ADR		900		4,266
Chunghwa Telecom Co. Ltd., ADR		200		6,018
Hon Hai Precision Industry Co. Ltd., GDR		4,580		28,854
Siliconware Precision Industries Co., ADR		1,100		8,151
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		2,000		46,940
United Microelectronics Corp., ADR		5,100		11,016

				115,751

Thailand — 0.6%
Bangkok Bank PCL, NVDR		500		3,076
Indorama Ventures PCL, NVDR		2,400		1,645
IRPC PCL, NVDR		10,300		1,048
Kasikornbank PCL, NVDR		500		3,761
Krung Thai Bank PCL, NVDR		4,000		2,912
PTT Exploration & Production PCL, NVDR		1,000		4,127
PTT PCL, NVDR		700		8,165
Siam Commercial Bank PCL, NVDR		600		3,591
Thai Oil PCL, NVDR		800		1,054

				29,379

Turkey — 0.5%
Akbank TAS		521		2,108
Anadolu Efes Biracilik Ve Malt Sanayii AS*		38		435
Arcelik AS		309		1,975
BIM Birlesik Magazalar AS		58		1,290
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		815		1,035
Enka Insaat ve Sanayi AS		294		764
Eregli Demir ve Celik Fabrikalari TAS		891		1,809
Ford Otomotiv Sanayi AS		136		1,831
Haci Omer Sabanci Holding AS		285		1,360
KOC Holding AS		238		1,339
TAV Havalimanlari Holding AS		175		1,497
Tofas Turk Otomobil Fabrikasi AS		224		1,593
Tupras Turkiye Petrol Rafinerileri AS		65		1,466
Turk Hava Yollari*		211		875
Turk Telekomunikasyon AS		259		828
Turkcell Iletisim Hizmetleri AS*		249		1,575
Turkiye Garanti Bankasi AS		641		2,819
Turkiye Halk Bankasi AS		157		1,117
Turkiye Is Bankasi, Class C		451		1,251
Turkiye Sise ve Cam Fabrikalari AS		164		261
Turkiye Vakiflar Bankasi TAO, Class D		131		301
Ulker Biskuvi Sanayi AS		24		180
Yapi ve Kredi Bankasi AS		218		522

				28,231

United Arab Emirates — 0.2%
Abu Dhabi Commercial Bank PJSC		400		800
Aldar Properties PJSC		900		782
Arabtec Holding Co.*		300		324
DP World Ltd.		100		2,116
Dubai Financial Market		700		499
Dubai Islamic Bank PJSC		200		411


See Notes to Financial Statements.		37

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value
United Arab Emirates (Continued)

Emaar Properties PJSC		974	$	2,904
First Gulf Bank PJSC		555		2,712
National Bank of Abu Dhabi PJSC		275		1,011

				11,559

United Kingdom — 13.1%
3i Group PLC		299		2,074
Aberdeen Asset Management PLC		281		1,975
Admiral Group PLC		57		1,104
Aggreko PLC		74		1,772
Amec Foster Wheeler PLC		84		1,226
Anglo American PLC		679		14,016
Antofagasta PLC		106		1,220
ARM Holdings PLC		403		5,757
Ashtead Group PLC		100		1,646
Associated British Foods PLC		101		5,053
AstraZeneca PLC		360		26,879
Aviva PLC		836		6,634
Babcock International Group PLC		139		2,469
BAE Systems PLC		874		6,568
Barclays PLC		4,596		17,599
BG Group PLC		967		13,597
BHP Billiton PLC		611		14,478
BP PLC		5,240		34,393
British American Tobacco PLC		547		32,421
British Land Co. PLC REIT		277		3,323
BT Group PLC		2,319		14,859
Bunzl PLC		90		2,511
Burberry Group PLC		121		3,119
Capita PLC		188		3,142
Carnival PLC		47		2,070
Centrica PLC		1,507		6,699
CNH Industrial NV		253		1,980
Cobham PLC		290		1,366
Compass Group PLC		444		7,560
Croda International PLC		44		1,687
Diageo PLC		739		22,867
Direct Line Insurance Group PLC		384		1,766
Dixons Carphone PLC		256		1,693
easyJet PLC		49		1,265
Fiat Chrysler Automobiles NV*		285		3,555
G4S PLC		453		1,956
GKN PLC		495		2,670
GlaxoSmithKline PLC		1,392		32,289
Hammerson PLC REIT		178		1,732
Hargreaves Lansdown PLC		71		1,082
HSBC Holdings PLC		5,416		53,889
ICAP PLC		158		1,029
IMI PLC		73		1,347
Imperial Tobacco Group PLC		278		12,854
Inmarsat PLC		125		1,551
InterContinental Hotels Group PLC		61		2,582
International Consolidated Airlines Group SA*		310		2,215
Intertek Group PLC		48		1,751
Intu Properties PLC REIT		230		1,282


	Number of Shares		Value

United Kingdom (Continued)
Investec PLC		159	$	1,470
ITV PLC		1,156		3,868
J Sainsbury PLC		279		1,017
Johnson Matthey PLC		57		2,961
Kingfisher PLC		692		3,372
Land Securities Group PLC REIT		225		4,175
Legal & General Group PLC		1,651		6,362
Lloyds Banking Group PLC*		15,949		20,017
London Stock Exchange Group PLC		66		2,325
Marks & Spencer Group PLC		470		3,586
Meggitt PLC		209		1,642
Melrose Industries PLC		280		1,131
National Grid PLC		1,092		15,863
Next PLC		45		4,762
Old Mutual PLC		1,369		4,283
Pearson PLC		239		4,596
Persimmon PLC*		84		2,011
Petrofac Ltd.		80		1,031
Prudential PLC		728		17,603
Reckitt Benckiser Group PLC		176		14,447
Reed Elsevier PLC		342		5,946
Rexam PLC		194		1,371
Rio Tinto PLC		353		16,500
Rolls-Royce Holdings PLC*		523		6,883
Royal Bank of Scotland Group PLC*		656		4,051
Royal Mail PLC		185		1,207
RSA Insurance Group PLC*		271		1,982
SABMiller PLC		624		34,738
Sage Group PLC (The)		315		2,003
Schroders PLC		41		1,726
Segro PLC REIT		168		1,029
Severn Trent PLC		78		2,489
Sky PLC		326		4,746
Smith & Nephew PLC		260		4,508
Smiths Group PLC		106		1,916
Sports Direct International PLC*		74		764
SSE PLC		297		7,608
Standard Chartered PLC		695		10,173
Standard Life PLC		661		4,378
Subsea 7 SA		96		956
Tate & Lyle PLC		172		1,621
Tesco PLC		2,141		6,235
Travis Perkins PLC		66		1,863
TUI Travel PLC		103		716
Tullow Oil PLC		267		1,777
Unilever PLC		374		15,808
United Utilities Group PLC		205		2,900
Vodafone Group PLC		7,688		28,094
Weir Group PLC (The)		58		1,700
Whitbread PLC		45		3,224
William Hill PLC		225		1,177
WM Morrison Supermarkets PLC		536		1,494
WPP PLC		393		8,226

				694,903


See Notes to Financial Statements.		38

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

United States — 0.4%
Thomson Reuters Corp.		100	$	3,988
Valeant Pharmaceuticals International, Inc.*		100		14,552

				18,540

TOTAL COMMON STOCKS (Cost $5,313,373)				5,167,274

PREFERRED STOCKS — 1.5%
Brazil — 0.8%
Banco Bradesco SA		604		9,284
Banco do Estado do Rio Grande do Sul SA, Class B		100		581
Bradespar SA		100		586
Braskem SA, Class A		3		22
Centrais Eletricas Brasileiras SA, Class B		100		300
Cia Brasileira de Distribuicao		24		1,012
Cia Energetica de Minas Gerais		200		1,094
Cia Paranaense de Energia, Class B		6		82
Gerdau SA		300		1,270
Itau Unibanco Holding SA		782		11,728
Itausa — Investimentos Itau SA		880		3,583
Lojas Americanas SA		125		822
Metalurgica Gerdau SA		100		505
Oi SA*		837		449
Petroleo Brasileiro SA		1,200		5,968
Suzano Papel e Celulose SA, Class A		100		423
Telefonica Brasil SA		100		2,040
Usinas Siderurgicas de Minas Gerais SA, Class A*		182		368
Vale SA		597		4,639

				44,756

Chile — 0.0%
Embotelladora Andina SA, Class B		165		503
Sociedad Quimica y Minera de Chile SA, Class B		30		759

				1,262

Colombia — 0.1%
Bancolombia SA		166		2,144
Grupo Aval Acciones y Valores		1,061		672
Grupo de Inversiones Suramericana SA		31		555

				3,371


	Number of Shares		Value

Germany — 0.4%
Bayerische Motoren Werke AG		14	$	1,189
Fuchs Petrolub SE		20		827
Henkel AG & Co. KGaA		48		5,325
Porsche Automobil Holding SE		42		3,658
Volkswagen AG		47		10,823

				21,822

South Korea — 0.2%
Hyundai Motor Co.		14		1,624
Hyundai Motor Co. — 2nd Preferred		15		1,800
LG Chem Ltd.		7		1,055
Samsung Electronics Co. Ltd.		6		5,681

				10,160

United Kingdom — 0.0%
Rolls-Royce Holdings PLC, Class C*		47,070		74

TOTAL PREFERRED STOCKS (Cost $85,600)				81,445

RIGHTS — 0.0%
Australia — 0.0%
Harvey Norman Holdings Ltd., Class R*, expires 1/15/15		14		21

South Korea — 0.0%
DGB Financial Group, Inc.*, expires 2/13/15		12		17

TOTAL RIGHTS (Cost $0)				38

WARRANTS — 0.0%
Hong Kong — 0.0%
Sun Hung Kai Properties Ltd.*, expires 4/22/16 (Cost $83)		83		181


TOTAL INVESTMENTS — 98.9% (Cost $5,399,056)			$	5,248,938
Other assets less liabilities — 1.1%				57,906

NET ASSETS — 100.0%			$	5,306,844

As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/2/2014	CHF	163,000	USD	169,388	$	695
JP Morgan & Chase Co.	12/2/2014	CHF	163,000	USD	169,388		694
The Bank of New York Mellon	12/2/2014	CHF	2,000	USD	2,085		15
Barclays Bank PLC	12/2/2014	DKK	168,000	USD	28,283		207
JP Morgan & Chase Co.	12/2/2014	DKK	168,000	USD	28,283		207
Barclays Bank PLC	12/2/2014	EUR	422,000	USD	528,811		4,073
JP Morgan & Chase Co.	12/2/2014	EUR	422,000	USD	528,804		4,065
The Bank of New York Mellon	12/2/2014	EUR	1,300	USD	1,621		4
The Bank of New York Mellon	12/2/2014	EUR	1,500	USD	1,883		18


See Notes to Financial Statements.		39

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/2/2014	GBP	240,000	USD	383,908	$	9,026
JP Morgan & Chase Co.	12/2/2014	GBP	240,000	USD	383,873		8,990
The Bank of New York Mellon	12/2/2014	GBP	2,210	USD	3,536		84
Barclays Bank PLC	12/2/2014	ILS	41,000	USD	10,811		283
JP Morgan & Chase Co.	12/2/2014	ILS	41,000	USD	10,811		283
Barclays Bank PLC	12/2/2014	NOK	108,000	USD	15,981		587
JP Morgan & Chase Co.	12/2/2014	NOK	108,000	USD	15,983		588
Barclays Bank PLC	12/2/2014	SEK	383,000	USD	51,757		393
JP Morgan & Chase Co.	12/2/2014	SEK	383,000	USD	51,757		393
Barclays Bank PLC	12/2/2014	USD	525,812	EUR	422,000		(1,073	)
Barclays Bank PLC	12/2/2014	USD	375,852	GBP	240,000		(969	)
Barclays Bank PLC	12/2/2014	USD	169,087	CHF	163,000		(394	)
Barclays Bank PLC	12/2/2014	USD	51,455	SEK	383,000		(91	)
Barclays Bank PLC	12/2/2014	USD	28,132	DKK	168,000		(56	)
Barclays Bank PLC	12/2/2014	USD	15,417	NOK	108,000		(22	)
Barclays Bank PLC	12/2/2014	USD	10,523	ILS	41,000		5
JP Morgan & Chase Co.	12/2/2014	USD	519,853	EUR	417,000		(1,332	)
JP Morgan & Chase Co.	12/2/2014	USD	371,937	GBP	237,500		(959	)
JP Morgan & Chase Co.	12/2/2014	USD	169,175	CHF	163,000		(482	)
JP Morgan & Chase Co.	12/2/2014	USD	51,465	SEK	383,000		(101	)
JP Morgan & Chase Co.	12/2/2014	USD	3,995	GBP	2,500		(90	)
JP Morgan & Chase Co.	12/2/2014	USD	28,147	DKK	168,000		(71	)
JP Morgan & Chase Co.	12/2/2014	USD	6,243	EUR	5,000		(25	)
JP Morgan & Chase Co.	12/2/2014	USD	15,416	NOK	108,000		(21	)
JP Morgan & Chase Co.	12/2/2014	USD	10,519	ILS	41,000		9
The Bank of New York Mellon	12/2/2014	USD	3,503	EUR	2,800		(21	)
The Bank of New York Mellon	12/2/2014	USD	3,461	GBP	2,210		(9	)
The Bank of New York Mellon	12/2/2014	USD	2,076	CHF	2,000		(6	)
Barclays Bank PLC	12/3/2014	AUD	166,000	USD	145,618		4,399
JP Morgan & Chase Co.	12/3/2014	AUD	166,000	USD	145,636		4,417
The Bank of New York Mellon	12/3/2014	AUD	1,400	USD	1,221		30
Barclays Bank PLC	12/3/2014	BRL	144,000	USD	58,182		2,280
JP Morgan & Chase Co.	12/3/2014	BRL	144,000	USD	58,201		2,299
Barclays Bank PLC	12/3/2014	CAD	213,000	USD	188,781		2,524
JP Morgan & Chase Co.	12/3/2014	CAD	213,000	USD	188,793		2,536
The Bank of New York Mellon	12/3/2014	CAD	14,300	USD	12,542		38
Barclays Bank PLC	12/3/2014	CLP	6,380,000	USD	10,991		509
JP Morgan & Chase Co.	12/3/2014	CLP	6,380,000	USD	11,009		526
Barclays Bank PLC	12/3/2014	COP	10,422,000	USD	5,044		345
JP Morgan & Chase Co.	12/3/2014	COP	10,422,000	USD	5,036		337
Barclays Bank PLC	12/3/2014	CZK	39,000	USD	1,757		2
JP Morgan & Chase Co.	12/3/2014	CZK	39,000	USD	1,757		2
JP Morgan & Chase Co.	12/3/2014	EGP	22,000	USD	3,053		(22	)
JP Morgan & Chase Co.	12/3/2014	EGP	22,000	USD	3,053		(22	)
Barclays Bank PLC	12/3/2014	HKD	1,353,000	USD	174,467		5
JP Morgan & Chase Co.	12/3/2014	HKD	1,353,000	USD	174,467		5
The Bank of New York Mellon	12/3/2014	HKD	58,500	USD	7,546		3
Barclays Bank PLC	12/3/2014	HUF	546,000	USD	2,217		2
JP Morgan & Chase Co.	12/3/2014	HUF	546,000	USD	2,217		2
Barclays Bank PLC	12/3/2014	IDR	200,716,000	USD	16,540		102
JP Morgan & Chase Co.	12/3/2014	IDR	200,716,000	USD	16,518		80
Barclays Bank PLC	12/3/2014	INR	1,784,000	USD	28,947		217
JP Morgan & Chase Co.	12/3/2014	INR	1,784,000	USD	28,943		213
Barclays Bank PLC	12/3/2014	JPY	40,630,000	USD	362,509		20,240
JP Morgan & Chase Co.	12/3/2014	JPY	40,630,000	USD	362,490		20,220
The Bank of New York Mellon	12/3/2014	JPY	1,650,000	USD	14,394		494
Barclays Bank PLC	12/3/2014	KRW	93,250,000	USD	86,801		2,648
JP Morgan & Chase Co.	12/3/2014	KRW	93,250,000	USD	87,146		2,994


See Notes to Financial Statements.		40

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/3/2014	MXN	422,000	USD	31,240	$	915
JP Morgan & Chase Co.	12/3/2014	MXN	422,000	USD	31,242		917
Barclays Bank PLC	12/3/2014	MYR	87,000	USD	26,232		518
JP Morgan & Chase Co.	12/3/2014	MYR	87,000	USD	26,383		669
Barclays Bank PLC	12/3/2014	NZD	5,000	USD	3,878		(43	)
JP Morgan & Chase Co.	12/3/2014	NZD	5,000	USD	3,879		(42	)
Barclays Bank PLC	12/3/2014	PHP	337,000	USD	7,489		(14	)
JP Morgan & Chase Co.	12/3/2014	PHP	337,000	USD	7,510		6
Barclays Bank PLC	12/3/2014	PLN	48,000	USD	14,253		(8	)
JP Morgan & Chase Co.	12/3/2014	PLN	48,000	USD	14,256		(6	)
Barclays Bank PLC	12/3/2014	QAR	26,000	USD	7,138		(3	)
Barclays Bank PLC	12/3/2014	RUB	731,000	USD	16,830		2,173
JP Morgan & Chase Co.	12/3/2014	RUB	731,000	USD	16,878		2,220
Barclays Bank PLC	12/3/2014	SGD	35,000	USD	27,221		384
JP Morgan & Chase Co.	12/3/2014	SGD	35,000	USD	27,221		384
Barclays Bank PLC	12/3/2014	THB	469,000	USD	14,366		85
JP Morgan & Chase Co.	12/3/2014	THB	469,000	USD	14,358		77
Barclays Bank PLC	12/3/2014	TRY	28,000	USD	12,526		(71	)
JP Morgan & Chase Co.	12/3/2014	TRY	28,000	USD	12,530		(68	)
Barclays Bank PLC	12/3/2014	TWD	1,668,000	USD	54,742		843
JP Morgan & Chase Co.	12/3/2014	TWD	1,668,000	USD	54,808		909
Barclays Bank PLC	12/3/2014	USD	141,664	AUD	166,000		(446	)
Barclays Bank PLC	12/3/2014	USD	186,620	CAD	213,000		(364	)
Barclays Bank PLC	12/3/2014	USD	14,795	RUB	731,000		(137	)
Barclays Bank PLC	12/3/2014	USD	342,378	JPY	40,630,000		(109	)
Barclays Bank PLC	12/3/2014	USD	14,482	ZAR	160,000		(43	)
Barclays Bank PLC	12/3/2014	USD	14,304	PLN	48,000		(42	)
Barclays Bank PLC	12/3/2014	USD	30,353	MXN	422,000		(29	)
Barclays Bank PLC	12/3/2014	USD	12,621	TRY	28,000		(23	)
Barclays Bank PLC	12/3/2014	USD	4,713	COP	10,422,000		(14	)
Barclays Bank PLC	12/3/2014	USD	26,846	SGD	35,000		(10	)
Barclays Bank PLC	12/3/2014	USD	10,492	CLP	6,380,000		(9	)
Barclays Bank PLC	12/3/2014	USD	174,468	HKD	1,353,000		(6	)
Barclays Bank PLC	12/3/2014	USD	2,219	HUF	546,000		(5	)
Barclays Bank PLC	12/3/2014	USD	1,757	CZK	39,000		(3	)
Barclays Bank PLC	12/3/2014	USD	3,924	NZD	5,000		(3	)
Barclays Bank PLC	12/3/2014	USD	55,903	BRL	144,000		(1	)
Barclays Bank PLC	12/3/2014	USD	7,140	QAR	26,000		1
Barclays Bank PLC	12/3/2014	USD	7,497	PHP	337,000		6
Barclays Bank PLC	12/3/2014	USD	14,264	THB	469,000		17
Barclays Bank PLC	12/3/2014	USD	28,681	INR	1,784,000		49
Barclays Bank PLC	12/3/2014	USD	16,372	IDR	200,716,000		67
Barclays Bank PLC	12/3/2014	USD	25,606	MYR	87,000		109
Barclays Bank PLC	12/3/2014	USD	53,742	TWD	1,668,000		157
Barclays Bank PLC	12/3/2014	USD	83,865	KRW	93,250,000		287
JP Morgan & Chase Co.	12/3/2014	USD	186,792	CAD	213,000		(536	)
JP Morgan & Chase Co.	12/3/2014	USD	141,672	AUD	166,000		(453	)
JP Morgan & Chase Co.	12/3/2014	USD	14,767	RUB	731,000		(109	)
JP Morgan & Chase Co.	12/3/2014	USD	2,633	JPY	300,000		(106	)
JP Morgan & Chase Co.	12/3/2014	USD	14,311	PLN	48,000		(49	)
JP Morgan & Chase Co.	12/3/2014	USD	16,481	IDR	200,716,000		(42	)
JP Morgan & Chase Co.	12/3/2014	USD	14,482	ZAR	160,000		(42	)
JP Morgan & Chase Co.	12/3/2014	USD	28,764	INR	1,784,000		(34	)
JP Morgan & Chase Co.	12/3/2014	USD	30,358	MXN	422,000		(33	)
JP Morgan & Chase Co.	12/3/2014	USD	12,624	TRY	28,000		(27	)
JP Morgan & Chase Co.	12/3/2014	USD	26,853	SGD	35,000		(16	)
JP Morgan & Chase Co.	12/3/2014	USD	4,713	COP	10,422,000		(15	)


See Notes to Financial Statements.		41

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	12/3/2014	USD	84,164	KRW	93,250,000	$	(12	)
JP Morgan & Chase Co.	12/3/2014	USD	6,162	EGP	44,000		(11	)
JP Morgan & Chase Co.	12/3/2014	USD	174,469	HKD	1,353,000		(7	)
JP Morgan & Chase Co.	12/3/2014	USD	2,222	HUF	546,000		(7	)
JP Morgan & Chase Co.	12/3/2014	USD	25,720	MYR	87,000		(6	)
JP Morgan & Chase Co.	12/3/2014	USD	1,759	CZK	39,000		(5	)
JP Morgan & Chase Co.	12/3/2014	USD	3,925	NZD	5,000		(3	)
JP Morgan & Chase Co.	12/3/2014	USD	10,485	CLP	6,380,000		(2	)
JP Morgan & Chase Co.	12/3/2014	USD	7,505	PHP	337,000		(1	)
JP Morgan & Chase Co.	12/3/2014	USD	55,898	BRL	144,000		3
JP Morgan & Chase Co.	12/3/2014	USD	14,278	THB	469,000		3
JP Morgan & Chase Co.	12/3/2014	USD	53,859	TWD	1,668,000		41
JP Morgan & Chase Co.	12/3/2014	USD	336,771	JPY	40,330,000		(67	)
The Bank of New York Mellon	12/3/2014	USD	12,540	CAD	14,300		(36	)
The Bank of New York Mellon	12/3/2014	USD	3,398	JPY	400,000		(29	)
The Bank of New York Mellon	12/3/2014	USD	1,195	AUD	1,400		(4	)
The Bank of New York Mellon	12/3/2014	USD	10,533	JPY	1,250,000		(3	)
The Bank of New York Mellon	12/3/2014	USD	7,544	HKD	58,500		—
Barclays Bank PLC	12/3/2014	ZAR	160,000	USD	14,416		(24	)
JP Morgan & Chase Co.	12/3/2014	ZAR	160,000	USD	14,417		(23	)
Barclays Bank PLC	12/8/2014	AED	19,000	USD	5,171		(2	)
Barclays Bank PLC	12/8/2014	USD	5,173	AED	19,000		—
Barclays Bank PLC	1/5/2015	DKK	174,000	USD	29,142		56
JP Morgan & Chase Co.	1/5/2015	DKK	174,000	USD	29,158		72
Barclays Bank PLC	1/5/2015	EUR	463,000	USD	576,995		1,152
JP Morgan & Chase Co.	1/5/2015	EUR	463,000	USD	577,299		1,456
Barclays Bank PLC	1/5/2015	GBP	254,000	USD	397,698		1,034
JP Morgan & Chase Co.	1/5/2015	GBP	254,000	USD	397,699		1,034
Barclays Bank PLC	1/5/2015	NOK	2,104	USD	300		—
Barclays Bank PLC	1/5/2015	NOK	104,000	USD	14,828		23
JP Morgan & Chase Co.	1/5/2015	NOK	104,000	USD	14,827		22
Barclays Bank PLC	1/5/2015	SEK	408,000	USD	54,817		95
JP Morgan & Chase Co.	1/5/2015	SEK	408,000	USD	54,829		107
Barclays Bank PLC	1/5/2015	USD	24,500	EUR	19,660		(49	)
Barclays Bank PLC	1/5/2015	USD	6,100	GBP	3,896		(16	)
Barclays Bank PLC	1/5/2015	USD	3,100	CHF	2,987		(7	)
Barclays Bank PLC	1/5/2015	USD	1,500	SEK	11,164		(3	)
Barclays Bank PLC	1/5/2015	USD	300	DKK	1,791		(1	)
Barclays Bank PLC	1/6/2015	AUD	169,000	USD	143,869		453
JP Morgan & Chase Co.	1/6/2015	AUD	169,000	USD	143,886		470
Barclays Bank PLC	1/6/2015	BRL	152,000	USD	58,437		1
JP Morgan & Chase Co.	1/6/2015	BRL	152,000	USD	58,423		(13	)
Barclays Bank PLC	1/6/2015	CAD	243,000	USD	212,766		451
JP Morgan & Chase Co.	1/6/2015	CAD	243,000	USD	212,937		622
Barclays Bank PLC	1/6/2015	CHF	173,000	USD	179,536		396
JP Morgan & Chase Co.	1/6/2015	CHF	173,000	USD	179,633		493
Barclays Bank PLC	1/6/2015	CLP	6,740,000	USD	11,044		8
JP Morgan & Chase Co.	1/6/2015	CLP	6,740,000	USD	11,034		(1	)
Barclays Bank PLC	1/6/2015	COP	10,019,000	USD	4,517		16
JP Morgan & Chase Co.	1/6/2015	COP	10,019,000	USD	4,512		11
Barclays Bank PLC	1/6/2015	CZK	40,000	USD	1,803		3
JP Morgan & Chase Co.	1/6/2015	CZK	40,000	USD	1,805		5
Barclays Bank PLC	1/6/2015	HKD	1,426,000	USD	183,875		5
JP Morgan & Chase Co.	1/6/2015	HKD	1,426,000	USD	183,874		4
Barclays Bank PLC	1/6/2015	HUF	589,000	USD	2,392		5
JP Morgan & Chase Co.	1/6/2015	HUF	589,000	USD	2,395		8
Barclays Bank PLC	1/6/2015	IDR	211,212,000	USD	17,155		(43	)


See Notes to Financial Statements.		42

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	1/6/2015	IDR	211,212,000	USD	17,204	$	6
Barclays Bank PLC	1/6/2015	ILS	44,000	USD	11,293		(6	)
JP Morgan & Chase Co.	1/6/2015	ILS	44,000	USD	11,288		(11	)
Barclays Bank PLC	1/6/2015	INR	1,795,000	USD	28,692		(4	)
JP Morgan & Chase Co.	1/6/2015	INR	1,795,000	USD	28,769		73
Barclays Bank PLC	1/6/2015	KRW	94,920,000	USD	85,144		(380	)
JP Morgan & Chase Co.	1/6/2015	KRW	94,920,000	USD	85,520		(4	)
Barclays Bank PLC	1/6/2015	MXN	425,000	USD	30,494		20
JP Morgan & Chase Co.	1/6/2015	MXN	425,000	USD	30,509		35
Barclays Bank PLC	1/6/2015	MYR	87,000	USD	25,506		(138	)
JP Morgan & Chase Co.	1/6/2015	MYR	87,000	USD	25,627		(17	)
Barclays Bank PLC	1/6/2015	SGD	36,000	USD	27,605		9
JP Morgan & Chase Co.	1/6/2015	SGD	36,000	USD	27,607		12
Barclays Bank PLC	1/6/2015	TRY	224	USD	100		—
Barclays Bank PLC	1/6/2015	TRY	31,000	USD	13,863		7
JP Morgan & Chase Co.	1/6/2015	TRY	31,000	USD	13,890		34
Barclays Bank PLC	1/6/2015	USD	21,200	CAD	24,213		(45	)
Barclays Bank PLC	1/6/2015	USD	4,500	AUD	5,286		(14	)
Barclays Bank PLC	1/6/2015	USD	1,800	BRL	4,682		—
Barclays Bank PLC	1/6/2015	USD	1,500	HKD	11,633		—
Barclays Bank PLC	1/6/2015	USD	200	HUF	49,245		—
Barclays Bank PLC	1/6/2015	USD	700	ILS	2,727		—
Barclays Bank PLC	1/6/2015	ZAR	161,000	USD	14,483		40
JP Morgan & Chase Co.	1/6/2015	ZAR	161,000	USD	14,485		43
Barclays Bank PLC	1/7/2015	AED	28,000	USD	7,622		(1	)
Barclays Bank PLC	1/7/2015	JPY	45,088,000	USD	380,149		92
JP Morgan & Chase Co.	1/7/2015	JPY	45,088,000	USD	380,105		47
Barclays Bank PLC	1/7/2015	NZD	5,000	USD	3,910		4
JP Morgan & Chase Co.	1/7/2015	NZD	5,000	USD	3,911		4
Barclays Bank PLC	1/7/2015	PHP	348,000	USD	7,720		(13	)
JP Morgan & Chase Co.	1/7/2015	PHP	348,000	USD	7,736		3
Barclays Bank PLC	1/7/2015	PLN	672	USD	200		1
Barclays Bank PLC	1/7/2015	PLN	50,000	USD	14,876		44
JP Morgan & Chase Co.	1/7/2015	PLN	50,000	USD	14,883		51
Barclays Bank PLC	1/7/2015	QAR	38,000	USD	10,431		(2	)
Barclays Bank PLC	1/7/2015	THB	494,000	USD	14,976		(40	)
JP Morgan & Chase Co.	1/7/2015	THB	494,000	USD	14,985		(30	)
Barclays Bank PLC	1/7/2015	TWD	1,803,000	USD	58,118		(167	)
JP Morgan & Chase Co.	1/7/2015	TWD	1,803,000	USD	58,199		(86	)
Barclays Bank PLC	1/7/2015	USD	5,800	JPY	687,915		(1	)
Barclays Bank PLC	1/8/2015	EGP	43,000	USD	5,907		(65	)
Barclays Bank PLC	1/13/2015	RUB	771,000	USD	15,345		137
JP Morgan & Chase Co.	1/13/2015	RUB	771,000	USD	15,358		150

Total net unrealized appreciation						$	107,616

Currency Abbreviations

AED – Arab Emirates Dirham

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

COP – Colombian Peso

CZK – Czech Koruna


See Notes to Financial Statements.		43

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)

DKK – Danish Krone

EGP – Egyptian Pound

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli New Shekel

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PHP – Philippine Peso

PLN – Polish Zloty

QAR – Qatari Rial

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thai Baht

TRY – Turkish New Lira

TWD – New Taiwan Dollar

USD – U.S. Dollar

ZAR – South African Rand

* Non-income producing security.

‡ Fair valued security.

144A – Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2014, the aggregate market value of this security amounted to $9,555 or 0.2% of net assets.

(a) Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(b) Affiliated issuer. This security is owned in proportion with its representation in the index.

ADR – American Depositary Receipt

CDI – Chess Depositary Interest

CPO – Ordinary Participation Certificates

FDR – Fiduciary Depositary Receipt

GDR – Global Depositary Receipt

NVDR – Non Voting Depositary Receipt

REIT – Real Estate Investment Trust

RSP – Risparmio (Convertible Savings Shares)

SDR – Swedish Depositary Receipt


See Notes to Financial Statements.		44

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 98.8%
Australia — 23.1%
AGL Energy Ltd.		1,501	$	16,744
ALS Ltd.		733		3,143
Alumina Ltd.*		4,711		6,694
Amcor Ltd.		2,060		21,315
AMP Ltd.		5,520		26,491
APA Group (a)		2,006		13,433
Asciano Ltd.		976		4,883
ASX Ltd.		353		10,813
Aurizon Holdings Ltd.		3,042		11,933
AusNet Services (a)		5,702		6,404
Australia & New Zealand Banking Group Ltd.		4,484		121,789
Bank of Queensland Ltd.		326		3,417
Bendigo and Adelaide Bank Ltd.		720		7,823
BHP Billiton Ltd.		5,065		133,259
Boral Ltd.		1,112		4,627
Brambles Ltd.		2,798		23,141
Caltex Australia Ltd.		231		5,946
Coca-Cola Amatil Ltd.		966		7,513
Cochlear Ltd.		73		4,320
Commonwealth Bank of Australia		2,795		191,974
Computershare Ltd.		551		5,415
Crown Resorts Ltd.		675		8,259
CSL Ltd.		814		57,190
Dexus Property Group REIT		1,238		7,490
Federation Centres REIT		2,583		6,088
Flight Centre Travel Group Ltd.		70		2,408
Fortescue Metals Group Ltd.		3,464		8,666
Goodman Group REIT		1,980		9,182
GPT Group REIT		2,504		8,821
Harvey Norman Holdings Ltd.		1,250		3,925
Healthscope Ltd.*		1,000		2,221
Iluka Resources Ltd.		677		3,946
Incitec Pivot Ltd.		1,637		3,970
Insurance Australia Group Ltd.		4,272		23,155
Leighton Holdings Ltd.		308		5,276
Lend Lease Group (a)		697		9,092
Macquarie Group Ltd.		578		28,737
Metcash Ltd.		1,232		2,736
Mirvac Group REIT		4,868		7,270
National Australia Bank Ltd.		3,684		102,191
Newcrest Mining Ltd.*		1,549		13,629
Novion Property Group REIT		4,823		8,741
Orica Ltd.		464		7,185
Origin Energy Ltd.		2,031		21,170
Qantas Airways Ltd.*		4,069		6,648
QBE Insurance Group Ltd.		1,822		16,837
Ramsay Health Care Ltd.		334		15,389
REA Group Ltd.		74		2,860
Rio Tinto Ltd.		693		34,850
Santos Ltd.		1,637		14,068
Scentre Group REIT*		10,406		30,724
Seek Ltd.		623		9,060
Sonic Healthcare Ltd.		752		11,166
Stockland REIT		3,965		13,900
Suncorp Group Ltd.		2,686		32,774


	Number of Shares		Value

Australia (Continued)
Sydney Airport (a)		1,090	$	4,118
Tabcorp Holdings Ltd.		903		3,135
Tatts Group Ltd.		2,469		7,164
Telstra Corp. Ltd.		7,834		37,930
Toll Holdings Ltd.		1,067		5,121
TPG Telecom Ltd.		388		2,446
Transurban Group (a)		2,809		19,862
Treasury Wine Estates Ltd.		2,195		8,853
Wesfarmers Ltd.		1,833		64,611
Westfield Corp. REIT		3,887		27,419
Westpac Banking Corp.		4,869		134,856
Woodside Petroleum Ltd.		1,062		32,306
Woolworths Ltd.		2,236		59,209
WorleyParsons Ltd.		202		1,911

				1,579,642

China — 16.2%
AAC Technologies Holdings, Inc.		945		5,562
Agricultural Bank of China Ltd., Class H		13,753		6,526
Anhui Conch Cement Co. Ltd., Class H		1,375		4,655
Anta Sports Products Ltd.		3,750		7,766
AviChina Industry & Technology Co. Ltd., Class H		5,500		3,879
Bank of China Ltd., Class H		97,524		50,301
BBMG Corp., Class H		2,905		2,401
Beijing Capital International Airport Co. Ltd., Class H		12,503		9,770
Belle International Holdings Ltd.		18,754		21,305
Byd Co. Ltd., Class H		1,106		6,710
China Cinda Asset Management Co. Ltd., Class H*		3,000		1,602
China Communications Construction Co. Ltd., Class H		7,501		7,506
China Communications Services Corp. Ltd., Class H		2,000		975
China Construction Bank Corp., Class H		64,977		49,265
China COSCO Holdings Co. Ltd., Class H*		7,828		3,846
China Everbright Bank Co. Ltd., Class H		7,960		4,065
China Gas Holdings Ltd.		10,002		18,675
China Huishan Dairy Holdings Co. Ltd.		26,885		5,651
China International Marine Containers (Group) Co. Ltd., Class H		1,250		2,846
China Life Insurance Co. Ltd., Class H		11,252		39,101
China Longyuan Power Group Corp., Class H		7,501		8,067
China Mengniu Dairy Co. Ltd.		2,500		10,138
China Merchants Bank Co. Ltd., Class H		5,001		10,356
China Minsheng Banking Corp. Ltd., Class H		12,598		13,840
China National Building Material Co. Ltd., Class H		915		894
China Oilfield Services Ltd., Class H		2,500		4,403
China Pacific Insurance Group Co. Ltd., Class H		5,626		23,577
China Petroleum & Chemical Corp., Class H		45,011		36,855
China Railway Construction Corp. Ltd., Class H		3,625		4,165
China Railway Group Ltd., Class H		1,250		906


See Notes to Financial Statements.		45

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

China (Continued)
China Resources Power Holdings Co. Ltd.		2,500	$	7,285
China Shenhua Energy Co. Ltd., Class H		5,751		16,351
China Shipping Container Lines Co. Ltd., Class H*		2,069		608
China State Construction International Holdings Ltd.		5,001		7,596
China Telecom Corp. Ltd., Class H		12,503		7,577
China Vanke Co. Ltd., Class H*		1,965		4,024
CITIC Securities Co. Ltd., Class H		1,250		3,667
CNOOC Ltd.		20,005		29,252
Country Garden Holdings Co. Ltd.		17,932		7,492
CSR Corp. Ltd., Class H		2,500		2,543
Datang International Power Generation Co. Ltd., Class H		1,188		668
Dongfeng Motor Group Co. Ltd., Class H		5,001		7,609
ENN Energy Holdings Ltd.		2,500		15,280
Evergrande Real Estate Group Ltd.		29,546		12,001
Fosun International Ltd.		12,099		14,774
GOME Electrical Appliances Holding Ltd.		16,000		2,352
Great Wall Motor Co. Ltd., Class H		3,350		16,890
Guangdong Investment Ltd.		10,002		13,800
Guangzhou Automobile Group Co. Ltd., Class H		5,001		4,733
Guangzhou R&F Properties Co. Ltd., Class H		13,539		16,725
Haitong Securities Co. Ltd., Class H		2,500		5,318
Hengan International Group Co. Ltd.		2,250		24,385
Huadian Power International Corp. Ltd., Class H		2,300		1,880
Huaneng Power International, Inc., Class H		5,001		5,862
Industrial & Commercial Bank of China Ltd., Class H		103,620		70,281
Intime Retail Group Co. Ltd.		2,500		1,979
Jiangsu Expressway Co. Ltd., Class H		12,503		14,171
Kingsoft Corp. Ltd.		922		2,209
Lee & Man Paper Manufacturing Ltd.		3,466		1,930
Lenovo Group Ltd.		16,505		23,155
Longfor Properties Co. Ltd.		4,751		6,396
New China Life Insurance Co. Ltd., Class H		1,125		5,099
Nine Dragons Paper Holdings Ltd.		1,724		1,472
People’s Insurance Co. (Group) of China Ltd., Class H		22,505		10,911
PetroChina Co. Ltd., Class H		24,127		26,164
PICC Property & Casualty Co. Ltd., Class H		5,001		10,073
Ping An Insurance Group Co. of China Ltd., Class H		2,000		16,776
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		3,625		3,211
Shanghai Electric Group Co. Ltd., Class H		10,002		5,997
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,625		3,872
Shenzhou International Group Holdings Ltd.		5,001		16,637
Shimao Property Holdings Ltd.		1,763		4,219
Sihuan Pharmaceutical Holdings Group Ltd.		4,508		3,371
Sino Biopharmaceutical Ltd.		14,506		14,347
Sino-Ocean Land Holdings Ltd.		2,700		1,619
Sinopec Engineering Group Co. Ltd., Class H		1,900		1,666


	Number of Shares		Value

China (Continued)
Sinopec Shanghai Petrochemical Co. Ltd., Class H		23,099	$	7,178
Sinopharm Group Co. Ltd., Class H		1,750		6,522
Soho China Ltd.		41,066		31,082
Sun Art Retail Group Ltd.		7,001		7,953
Tencent Holdings Ltd.		7,905		126,394
Tingyi Cayman Islands Holding Corp.		2,500		5,944
Tsingtao Brewery Co. Ltd., Class H		2,500		17,553
Uni-President China Holdings Ltd.		2,500		2,202
Want Want China Holdings Ltd.		17,504		22,977
Weichai Power Co. Ltd., Class H		1,250		4,740
Zhejiang Expressway Co. Ltd., Class H		15,003		16,792
Zhuzhou CSR Times Electric Co. Ltd., Class H		1,950		8,386
Zijin Mining Group Co. Ltd., Class H		23,003		6,140
ZTE Corp., Class H		1,810		4,332

				1,108,030

Hong Kong — 13.3%
AIA Group Ltd.		22,745		131,392
Alibaba Health Information Technology Ltd.*		5,718		4,026
Alibaba Pictures Group Ltd.*		4,078		847
ASM Pacific Technology Ltd.		582		5,925
Bank of East Asia Ltd. (The)		625		2,619
Beijing Enterprises Holdings Ltd.		2,750		21,950
Beijing Enterprises Water Group Ltd.*		10,229		7,030
BOC Hong Kong (Holdings) Ltd.		3,625		12,808
Brilliance China Automotive Holdings Ltd.		5,001		8,525
Cheung Kong (Holdings) Ltd.		2,500		45,873
China Everbright International Ltd.		15,504		23,870
China Merchants Holdings International Co. Ltd.		5,001		17,121
China Mobile Ltd.		10,562		130,131
China Overseas Land & Investment Ltd.		7,501		22,536
China Resources Gas Group Ltd.		2,500		7,028
China Resources Land Ltd.		2,500		6,318
China South City Holdings Ltd.		6,100		3,138
China Taiping Insurance Holdings Co. Ltd.*		1,500		3,868
China Unicom (Hong Kong) Ltd.		3,882		5,906
CITIC Ltd.		1,294		2,256
CLP Holdings Ltd.		2,240		19,482
Far East Horizon Ltd.		3,750		3,491
First Pacific Co. Ltd.		2,500		2,637
Franshion Properties China Ltd.		3,578		1,010
Galaxy Entertainment Group Ltd.		3,750		25,603
GCL-Poly Energy Holdings Ltd.*		10,357		2,818
Geely Automobile Holdings Ltd.		10,000		4,345
Haier Electronics Group Co. Ltd.		2,500		6,979
Hanergy Thin Film Power Group Ltd.*		17,345		4,361
Hang Lung Properties Ltd.		3,750		11,267
Hang Seng Bank Ltd.		476		7,930
Henderson Land Development Co. Ltd.		2,750		18,439
HKT Trust and HKT Ltd. (a)		1,788		2,225
Hong Kong and China Gas Co. Ltd.		8,251		19,554
Hong Kong Exchanges & Clearing Ltd.		1,875		40,835
Hutchison Whampoa Ltd.		3,750		47,000


See Notes to Financial Statements.		46

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Hong Kong (Continued)
Hysan Development Co. Ltd.		1,250	$	5,778
Kerry Properties Ltd.		1,250		4,505
Kunlun Energy Co. Ltd.		10,002		10,821
Li & Fung Ltd.		7,501		8,337
Link REIT (The)		2,752		17,530
MGM China Holdings Ltd.		2,000		6,048
New World China Land Ltd.		12,808		7,927
New World Development Co. Ltd.		7,501		8,956
Noble Group Ltd.		8,752		8,221
NWS Holdings Ltd.		323		598
PCCW Ltd.		3,394		2,276
Power Assets Holdings Ltd.		2,111		20,157
Shangri-La Asia Ltd.		2,442		3,382
Sino Land Co. Ltd.		5,001		8,203
SJM Holdings Ltd.		8,752		17,379
Sun Hung Kai Properties Ltd.		2,500		36,556
Swire Pacific Ltd., Class A		750		10,309
Swire Properties Ltd.		359		1,116
Techtronic Industries Co. Ltd.		1,017		3,252
WH Group Ltd., 144A*		3,500		2,072
Wharf Holdings Ltd. (The)		3,750		27,054
Wheelock & Co. Ltd.		2,500		12,572
Yue Yuen Industrial (Holdings) Ltd.		167		599
Yuexiu Property Co. Ltd.		47,376		9,469

				914,260

India — 5.4%
Dr. Reddy’s Laboratories Ltd., ADR		625		36,494
ICICI Bank Ltd., ADR		875		51,529
Infosys Ltd., ADR		500		34,920
Larsen & Toubro Ltd., GDR		1,775		46,949
Reliance Industries Ltd., GDR, 144A		3,275		104,308
Tata Motors Ltd., ADR		1,200		54,792
Wipro Ltd., ADR		3,225		41,603

				370,595

Indonesia — 3.0%
PT Adaro Energy Tbk		40,635		3,596
PT Astra Agro Lestari Tbk		1,875		3,687
PT Astra International Tbk		20,308		11,856
PT Bank Central Asia Tbk		27,473		29,490
PT Bank Danamon Indonesia Tbk		3,875		1,334
PT Bank Mandiri Persero Tbk		12,128		10,459
PT Bank Negara Indonesia Persero Tbk		3,625		1,790
PT Bank Rakyat Indonesia Persero Tbk		19,379		18,301
PT Bumi Serpong Damai Tbk		6,501		943
PT Global Mediacom Tbk		17,504		2,302
PT Gudang Garam Tbk		750		3,760
PT Indo Tambangraya Megah Tbk		500		779
PT Indocement Tunggal Prakarsa Tbk		3,375		6,824
PT Indofood CBP Sukses Makmur Tbk		7,552		6,962
PT Indofood Sukses Makmur Tbk		4,276		2,348
PT Jasa Marga Persero Tbk		9,376		5,186
PT Kalbe Farma Tbk		6,207		890
PT Lippo Karawaci Tbk		72,643		6,934
PT Matahari Department Store Tbk		4,633		5,694
PT Media Nusantara Citra Tbk		2,811		554
PT Perusahaan Gas Negara Persero Tbk		23,130		11,277


	Number of Shares		Value

Indonesia (Continued)
PT Semen Indonesia Persero Tbk		8,752	$	11,474
PT Tambang Batubara Bukit Asam Persero Tbk		4,251		4,581
PT Telekomunikasi Indonesia Persero Tbk		97,274		22,517
PT Tower Bersama Infrastructure Tbk		7,251		5,600
PT Unilever Indonesia Tbk		7,751		20,197
PT XL Axiata Tbk		15,878		6,635

				205,970

Ireland — 0.1%
James Hardie Industries PLC CDI†		612		6,301

Macau — 0.5%
Sands China Ltd.		4,501		26,958
Wynn Macau Ltd.		2,500		8,156

				35,114

Malaysia — 4.7%
Alliance Financial Group Bhd		5,876		8,460
AMMB Holdings Bhd		3,000		5,907
Berjaya Sports Toto Bhd		12,247		12,600
British American Tobacco Malaysia Bhd		750		15,654
Bumi Armada Bhd		3,187		1,084
CIMB Group Holdings Bhd		1,250		2,154
DiGi.Com Bhd		9,502		17,698
Felda Global Ventures Holdings Bhd		11,127		10,855
Gamuda Bhd		500		782
Genting Malaysia Bhd		13,753		17,158
Hong Leong Bank Bhd		4,251		17,972
Hong Leong Financial Group Bhd		3,625		18,969
IHH Healthcare Bhd		6,376		9,274
Kuala Lumpur Kepong Bhd		1,000		6,652
Lafarge Malaysia Bhd		1,500		4,497
Malayan Banking Bhd		8,127		22,729
Malaysia Airports Holdings Bhd		3,125		6,430
Maxis Bhd		7,501		15,368
MISC Bhd		2,125		4,592
Petronas Dagangan Bhd		2,000		9,508
Petronas Gas Bhd		2,375		15,953
Public Bank Bhd		5,626		30,904
SapuraKencana Petroleum Bhd		5,051		4,181
Sime Darby Bhd		12,128		34,708
Telekom Malaysia Bhd		5,251		10,991
UMW Holdings Bhd		5,376		17,928
YTL Power International Bhd		2,231		1,009

				324,017

New Zealand — 1.0%
Auckland International Airport Ltd.		5,295		16,076
Contact Energy Ltd.		4,976		23,929
Fletcher Building Ltd.		1,734		11,141
Meridian Energy Ltd.		300		405
Ryman Healthcare Ltd.		1,711		10,752
Spark New Zealand Ltd.		3,184		7,643

				69,946

Philippines — 1.4%
Aboitiz Equity Ventures, Inc.		10,727		12,541
Aboitiz Power Corp.		1,750		1,645


See Notes to Financial Statements.		47

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Philippines (Continued)
Ayala Corp.		325	$	5,023
Ayala Land, Inc.		6,626		5,017
Bank of the Philippine Islands		3,588		7,590
BDO Unibank, Inc.		180		438
Globe Telecom, Inc.		250		9,742
International Container Terminal Services, Inc.		2,913		7,525
Jollibee Foods Corp.		3,068		14,143
Philippine Long Distance Telephone Co.		125		8,323
SM Investments Corp.		75		1,344
SM Prime Holdings, Inc.		30,257		11,535
Universal Robina Corp.		2,700		11,731

				96,597

Singapore — 4.7%
Ascendas Real Estate Investment Trust REIT		3,750		6,729
CapitaCommercial Trust REIT		3,750		4,845
CapitaLand Ltd.		6,251		15,914
CapitaMall Trust REIT		5,001		7,592
City Developments Ltd.		1,250		9,642
ComfortDelGro Corp. Ltd.		1,000		1,994
DBS Group Holdings Ltd.		2,500		38,013
Genting Singapore PLC		12,503		10,929
Global Logistic Properties Ltd.		7,501		15,069
Golden Agri-Resources Ltd.		19,003		6,703
Hutchison Port Holdings Trust, Class U		8,752		5,995
Keppel Corp. Ltd.		2,500		17,253
Keppel Land Ltd.		3,250		8,398
Oversea-Chinese Banking Corp. Ltd.		3,750		30,135
Sembcorp Industries Ltd.		1,250		4,380
Sembcorp Marine Ltd.		1,250		3,000
Singapore Exchange Ltd.		1,250		7,016
Singapore Press Holdings Ltd.		1,250		4,112
Singapore Technologies Engineering Ltd.		3,750		9,690
Singapore Telecommunications Ltd.		13,503		40,380
United Overseas Bank Ltd.		2,500		46,007
UOL Group Ltd.		1,250		6,451
Wilmar International Ltd.		4,750		11,691
Yangzijiang Shipbuilding Holdings Ltd.		10,002		9,395

				321,333

South Korea — 13.2%
Amorepacific Corp.		2		4,513
AMOREPACIFIC Group		8		8,390
BS Financial Group, Inc.		136		1,927
Celltrion, Inc.*		217		7,805
Cheil Worldwide, Inc.*		57		959
CJ CheilJedang Corp.		3		956
CJ Corp.		9		1,316
Coway Co. Ltd.		88		6,862
Daelim Industrial Co. Ltd.		1		61
Daewoo Securities Co. Ltd.*		520		5,116
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		20		348
DGB Financial Group, Inc.		302		3,189
Dongbu Insurance Co. Ltd.		119		5,982


	Number of Shares		Value

South Korea (Continued)
E-Mart Co. Ltd.		50	$	9,928
GS Engineering & Construction Corp.*		114		2,752
Hana Financial Group, Inc.		750		22,880
Hankook Tire Co. Ltd.		21		1,039
Hanwha Chemical Corp.		321		3,651
Hanwha Corp.		260		6,970
Hite Jinro Co. Ltd.		30		684
Hotel Shilla Co. Ltd.		21		1,696
Hyosung Corp.		6		375
Hyundai Department Store Co. Ltd.		2		232
Hyundai Glovis Co. Ltd.		14		3,513
Hyundai Heavy Industries Co. Ltd.		77		8,584
Hyundai Marine & Fire Insurance Co. Ltd.		163		3,921
Hyundai Merchant Marine Co. Ltd.*		22		193
Hyundai Mipo Dockyard Co. Ltd.		8		555
Hyundai Mobis Co. Ltd.		52		11,592
Hyundai Motor Co.		131		21,165
Hyundai Steel Co.		472		27,265
Hyundai Wia Corp.		15		2,390
Industrial Bank of Korea		2,880		39,121
Kangwon Land, Inc.		82		2,421
KB Financial Group, Inc.		1,910		67,061
Kia Motors Corp.		367		18,450
Korea Aerospace Industries Ltd.		58		2,104
Korea Electric Power Corp.		497		20,635
Korea Zinc Co. Ltd.		22		8,489
KT Corp.		100		2,938
KT&G Corp.		157		13,731
Kumho Petrochemical Co. Ltd.		20		1,426
LG Chem Ltd.		139		25,907
LG Display Co. Ltd.*		93		2,850
LG Electronics, Inc.		10		574
LG Household & Health Care Ltd.		17		9,559
LG Uplus Corp.		1,140		11,164
Lotte Chemical Corp.		71		11,278
Mirae Asset Securities Co. Ltd.		80		3,592
NAVER Corp.		46		31,388
NCSoft Corp.		38		5,470
OCI Co. Ltd.*		21		1,611
Orion Corp.		8		7,062
Paradise Co. Ltd.		46		1,158
POSCO		391		106,753
S-1 Corp.		13		889
Samsung C&T Corp.		9		584
Samsung Card Co. Ltd.		80		3,462
Samsung Electro-Mechanics Co. Ltd.		29		1,591
Samsung Electronics Co. Ltd.		149		173,079
Samsung Engineering Co. Ltd.*		48		2,123
Samsung Fire & Marine Insurance Co. Ltd.		24		6,715
Samsung Heavy Industries Co. Ltd.		19		370
Samsung Life Insurance Co. Ltd.		90		9,910
Samsung SDI Co. Ltd.		34		4,112
Samsung Securities Co. Ltd.		150		6,688
Shinhan Financial Group Co. Ltd.		1,220		54,616
SK C&C Co. Ltd.		1		201
SK Holdings Co. Ltd.		19		2,915
SK Hynix, Inc.*		657		28,493


See Notes to Financial Statements.		48

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

South Korea (Continued)
SK Innovation Co. Ltd.		34	$	2,630
SK Telecom Co. Ltd.		29		7,342
Woori Bank*		2,125		20,522
Woori Investment & Securities Co. Ltd.		630		6,767

				904,560

Taiwan — 10.1%
Advanced Semiconductor Engineering, Inc., ADR		12,154		75,111
AU Optronics Corp., ADR		5,951		28,208
Chunghwa Telecom Co. Ltd., ADR		1,450		43,631
Hon Hai Precision Industry Co. Ltd., GDR		27,754		174,850
Siliconware Precision Industries Co., ADR		7,077		52,441
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		11,027		258,803
United Microelectronics Corp., ADR		25,954		56,061

				689,105

Thailand — 2.1%
Bangkok Bank PCL, NVDR		2,125		13,073
Indorama Ventures PCL, NVDR		8,326		5,705
IRPC PCL, NVDR		37,384		3,803
Kasikornbank PCL, NVDR		3,000		22,567
Krung Thai Bank PCL, NVDR		47,004		34,214
PTT Exploration & Production PCL, NVDR		3,500		14,443
PTT PCL, NVDR		2,125		24,787
Siam Commercial Bank PCL, NVDR		3,000		17,953
Thai Oil PCL, NVDR		5,251		6,917

				143,462

TOTAL COMMON STOCKS (Cost $6,502,423)				6,768,932


	Number of Shares		Value

PREFERRED STOCKS — 0.4%
South Korea — 0.4%
Hyundai Motor Co.		3	$	348
Hyundai Motor Co. — 2nd Preferred		13		1,560
LG Chem Ltd.		29		4,371
Samsung Electronics Co. Ltd.		23		21,777

				28,056

TOTAL PREFERRED STOCKS (Cost $28,595)				28,056

RIGHTS — 0.0%
Australia — 0.0%
Harvey Norman Holdings Ltd. Class R*, expires 1/15/15		56		86

Hong Kong — 0.0%
Shangri-La Asia Ltd.*, expires 1/15/15		357		15

South Korea — 0.0%
DGB Financial Group, Inc.*, expires 2/13/15		50		70

TOTAL RIGHTS (Cost $0)				171

WARRANTS — 0.0%
Hong Kong — 0.0%
Sun Hung Kai Properties Ltd.*, expires 4/22/16 (Cost $208)		208		452


TOTAL INVESTMENTS — 99.2% (Cost $6,531,226)			$	6,797,611
Other assets less liabilities — 0.8%				52,693

NET ASSETS — 100.0%			$	6,850,304

As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon	12/3/2014	AUD	9,000	USD	7,681	$	25
Barclays Bank PLC	12/3/2014	AUD	947,000	USD	830,723		25,097
JP Morgan & Chase Co.	12/3/2014	AUD	947,000	USD	830,827		25,201
The Bank of New York Mellon	12/3/2014	HKD	30,000	USD	3,868		—
Barclays Bank PLC	12/3/2014	HKD	7,677,000	USD	989,937		30
JP Morgan & Chase Co.	12/3/2014	HKD	7,677,000	USD	989,936		29
JP Morgan & Chase Co.	12/3/2014	HKD	34,898	USD	4,500		—
Barclays Bank PLC	12/3/2014	IDR	1,256,336,000	USD	103,530		639
JP Morgan & Chase Co.	12/3/2014	IDR	1,256,336,000	USD	103,394		502
Barclays Bank PLC	12/3/2014	INR	10,501,000	USD	170,388		1,276
JP Morgan & Chase Co.	12/3/2014	INR	10,501,000	USD	170,363		1,251
Barclays Bank PLC	12/3/2014	KRW	494,568,000	USD	460,363		14,046
JP Morgan & Chase Co.	12/3/2014	KRW	494,568,000	USD	462,196		15,879
Barclays Bank PLC	12/3/2014	MYR	603,000	USD	181,818		3,591
JP Morgan & Chase Co.	12/3/2014	MYR	603,000	USD	182,863		4,636
Barclays Bank PLC	12/3/2014	NZD	45,000	USD	34,906		(385	)
JP Morgan & Chase Co.	12/3/2014	NZD	45,000	USD	34,910		(381	)
Barclays Bank PLC	12/3/2014	PHP	2,121,000	USD	47,136		(88	)
JP Morgan & Chase Co.	12/3/2014	PHP	2,121,000	USD	47,264		39
The Bank of New York Mellon	12/3/2014	SGD	2,000	USD	1,534		1


See Notes to Financial Statements.		49

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/3/2014	SGD	203,000	USD	157,881	$	2,228
JP Morgan & Chase Co.	12/3/2014	SGD	203,000	USD	157,880		2,228
Barclays Bank PLC	12/3/2014	THB	2,213,000	USD	67,786		400
JP Morgan & Chase Co.	12/3/2014	THB	2,213,000	USD	67,748		362
Barclays Bank PLC	12/3/2014	TWD	9,508,000	USD	312,045		4,805
JP Morgan & Chase Co.	12/3/2014	TWD	9,508,000	USD	312,419		5,180
JP Morgan & Chase Co.	12/3/2014	TWD	100,000	USD	3,276		45
JP Morgan & Chase Co.	12/3/2014	TWD	300,000	USD	9,807		113
The Bank of New York Mellon	12/3/2014	USD	7,691	AUD	9,000		(35	)
The Bank of New York Mellon	12/3/2014	USD	3,869	HKD	30,000		(1	)
The Bank of New York Mellon	12/3/2014	USD	1,542	SGD	2,000		(8	)
Barclays Bank PLC	12/3/2014	USD	808,170	AUD	947,000		(2,544	)
Barclays Bank PLC	12/3/2014	USD	989,942	HKD	7,677,000		(35	)
Barclays Bank PLC	12/3/2014	USD	102,474	IDR	1,256,336,000		417
Barclays Bank PLC	12/3/2014	USD	168,824	INR	10,501,000		288
Barclays Bank PLC	12/3/2014	USD	444,795	KRW	494,568,000		1,522
Barclays Bank PLC	12/3/2014	USD	177,473	MYR	603,000		754
Barclays Bank PLC	12/3/2014	USD	35,317	NZD	45,000		(27	)
Barclays Bank PLC	12/3/2014	USD	47,184	PHP	2,121,000		41
Barclays Bank PLC	12/3/2014	USD	155,709	SGD	203,000		(56	)
Barclays Bank PLC	12/3/2014	USD	67,305	THB	2,213,000		81
Barclays Bank PLC	12/3/2014	USD	306,344	TWD	9,508,000		895
JP Morgan & Chase Co.	12/3/2014	USD	808,212	AUD	947,000		(2,585	)
JP Morgan & Chase Co.	12/3/2014	USD	994,446	HKD	7,711,898		(39	)
JP Morgan & Chase Co.	12/3/2014	USD	103,156	IDR	1,256,336,000		(265	)
JP Morgan & Chase Co.	12/3/2014	USD	169,314	INR	10,501,000		(202	)
JP Morgan & Chase Co.	12/3/2014	USD	5,550	KRW	6,000,000		(136	)
JP Morgan & Chase Co.	12/3/2014	USD	440,966	KRW	488,568,000		(63	)
JP Morgan & Chase Co.	12/3/2014	USD	178,265	MYR	603,000		(38	)
JP Morgan & Chase Co.	12/3/2014	USD	35,322	NZD	45,000		(31	)
JP Morgan & Chase Co.	12/3/2014	USD	47,233	PHP	2,121,000		(9	)
JP Morgan & Chase Co.	12/3/2014	USD	155,747	SGD	203,000		(94	)
JP Morgan & Chase Co.	12/3/2014	USD	67,372	THB	2,213,000		15
JP Morgan & Chase Co.	12/3/2014	USD	319,923	TWD	9,508,000		243
Barclays Bank PLC	1/6/2015	AUD	953,000	USD	811,285		2,554
JP Morgan & Chase Co.	1/6/2015	AUD	953,000	USD	811,381		2,651
Barclays Bank PLC	1/6/2015	HKD	13,960	USD	1,800		—
Barclays Bank PLC	1/6/2015	HKD	7,987,000	USD	1,029,879		27
JP Morgan & Chase Co.	1/6/2015	HKD	7,987,000	USD	1,029,876		25
Barclays Bank PLC	1/6/2015	IDR	1,268,592,000	USD	103,037		(259	)
JP Morgan & Chase Co.	1/6/2015	IDR	1,268,592,000	USD	103,331		34
Barclays Bank PLC	1/6/2015	INR	10,943,000	USD	174,917		(23	)
JP Morgan & Chase Co.	1/6/2015	INR	10,943,000	USD	175,388		448
Barclays Bank PLC	1/6/2015	KRW	523,010,000	USD	469,143		(2,095	)
JP Morgan & Chase Co.	1/6/2015	KRW	523,010,000	USD	471,214		(24	)
Barclays Bank PLC	1/6/2015	MYR	556,000	USD	163,002		(881	)
JP Morgan & Chase Co.	1/6/2015	MYR	556,000	USD	163,775		(108	)
Barclays Bank PLC	1/6/2015	SGD	5,347	USD	4,100		1
Barclays Bank PLC	1/6/2015	SGD	212,000	USD	162,560		51
JP Morgan & Chase Co.	1/6/2015	SGD	212,000	USD	162,577		69
Barclays Bank PLC	1/6/2015	USD	23,000	AUD	27,018		(72	)
Barclays Bank PLC	1/7/2015	NZD	384	USD	300		—
Barclays Bank PLC	1/7/2015	NZD	46,000	USD	35,976		35
JP Morgan & Chase Co.	1/7/2015	NZD	46,000	USD	35,982		41
Barclays Bank PLC	1/7/2015	PHP	2,170,000	USD	48,141		(80	)
JP Morgan & Chase Co.	1/7/2015	PHP	2,170,000	USD	48,238		16
Barclays Bank PLC	1/7/2015	THB	2,403,000	USD	72,849		(193	)


See Notes to Financial Statements.		50

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	1/7/2015	THB	2,403,000	USD	72,894	$	(148	)
Barclays Bank PLC	1/7/2015	TWD	10,734,000	USD	346,001		(993	)
JP Morgan & Chase Co.	1/7/2015	TWD	10,734,000	USD	346,482		(510	)

Total net unrealized appreciation						$	105,403

Currency Abbreviations

AUD – Australian Dollar

HKD – Hong Kong Dollar

IDR – Indonesian Rupiah

INR – Indian Rupee

KRW – South Korean Won

MYR – Malaysian Ringgit

NZD – New Zealand Dollar

PHP – Phillippine Peso

SGD – Singapore Dollar

THB – Thai Baht

TWD – New Taiwan Dollar

USD – U.S. Dollar

* Non-income producing security.

144A – Security is exempt from registration under Rule 144A of the securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2014, the aggregate market value of these securities amounted to $106,380 or 1.6% of net assets.

† Security is listed in country domicile. Significant business activities of company are in Australia, New Zealand and the United States.

(a) Stapled Security – A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

ADR – American Depositary Receipt.

CDI – Chess Depositary Interest.

GDR – Global Depositary Receipt.

NVDR – Non Voting Depositary Receipt.

REIT – Real Estate Investment Trust.


See Notes to Financial Statements.		51

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Brazil Hedged Equity ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 58.4%
Basic Materials — 7.0%
Cia Siderurgica Nacional SA		21,715	$	51,128
Fibria Celulose SA*		8,192		98,127
Klabin SA		14,992		81,257
Ultrapar Participacoes SA		11,834		253,113
Vale SA		41,917		379,465

				863,090

Communications — 1.4%
B2W Cia Digital*		3,761		41,778
Tim Participacoes SA		27,625		133,735

				175,513

Consumer, Cyclical — 2.0%
Lojas Americanas SA		5,031		25,607
Lojas Renner SA		4,154		123,709
Raia Drogasil SA		6,991		66,276
Via Varejo SA*		4,008		35,287

				250,879

Consumer, Non-cyclical — 25.3%
Ambev SA		153,223		1,003,110
BRF SA		21,387		551,750
CCR SA		28,761		197,230
Cielo SA		23,085		394,198
EcoRodovias Infraestrutura e Logistica SA		7,134		30,490
Estacio Participacoes SA		9,777		105,945
Hypermarcas SA*		11,341		76,450
JBS SA		23,996		111,878
Kroton Educacional SA		44,727		311,584
Localiza Rent a Car SA		4,851		65,967
M Dias Branco SA		1,086		41,224
Natura Cosmeticos SA		5,692		78,000
Qualicorp SA*		6,457		69,743
Souza Cruz SA		12,445		99,123

				3,136,692

Energy — 4.1%
Cosan SA Industria e Comercio		3,915		48,523
Petroleo Brasileiro SA		96,946		457,647

				506,170

Financial — 12.7%
Banco Bradesco SA		20,549		304,666
Banco do Brasil SA		28,037		322,985
Banco Santander Brasil SA		13,641		78,439
BB Seguridade Participacoes SA		22,878		298,397
BM&F Bovespa SA		58,764		240,645
BR Malls Participacoes SA		14,265		102,257
CETIP SA — Mercados Organizados		6,905		89,015
Cyrela Brazil Realty SA Empreendimentos e Participacoes		8,441		40,831
Odontoprev SA		7,552		28,315
Porto Seguro SA		3,585		43,333
Sul America SA		5,674		27,997

				1,576,880


	Number of Shares		Value

Industrial — 3.2%
Duratex SA		9,447	$	30,795
Embraer SA		21,779		200,037
Multiplan Empreendimentos Imobiliarios SA		2,702		54,181
WEG SA		9,280		109,537

				394,550

Technology — 0.4%
Totvs SA		4,076		56,267

Utilities — 2.3%
Centrais Eletricas Brasileiras SA		7,979		18,663
Cia de Saneamento Basico do Estado de Sao Paulo		11,203		83,616
CPFL Energia SA		7,549		57,809
EDP — Energias do Brasil SA		7,199		28,250
Tractebel Energia SA		5,171		69,655
Transmissora Alianca de Energia Eletrica SA		3,006		22,775

				280,768

TOTAL COMMON STOCKS (Cost $7,474,301)				7,240,809

PREFERRED STOCKS — 41.7%
Basic Materials — 6.1%
Braskem SA, Class A		4,896		36,618
Gerdau SA		28,000		118,580
Metalurgica Gerdau SA		8,626		43,536
Suzano Papel e Celulose SA, Class A		10,365		43,815
Usinas Siderurgicas de Minas Gerais SA, Class A*		12,127		24,501
Vale SA		62,693		487,162

				754,212

Communications — 2.0%
Oi SA*		89,575		48,028
Telefonica Brasil SA		9,742		198,753

				246,781

Consumer, Cyclical — 0.8%
Lojas Americanas SA		16,181		106,373

Consumer, Non-cyclical — 1.6%
Cia Brasileira de Distribuicao		4,654		196,192

Diversified — 3.4%
Itausa — Investimentos Itau SA		103,946		423,247

Energy — 5.5%
Petroleo Brasileiro SA		136,818		680,422

Financial — 20.0%
Banco Bradesco SA		68,555		1,053,709
Banco do Estado do Rio Grande do Sul SA, Class B		5,892		34,270
Bradespar SA		7,111		41,664
Itau Unibanco Holding SA		89,889		1,348,091

				2,477,734


See Notes to Financial Statements.		52

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Brazil Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Utilities — 2.3%
AES Tiete SA		3,151	$	23,457
Centrais Eletricas Brasileiras SA, Class B		6,808		20,420
Cia Energetica de Minas Gerais		24,549		134,296
Cia Energetica de Sao Paulo, Class B		6,251		62,830
Cia Paranaense de Energia, Class B		3,388		46,467

				287,470

TOTAL PREFERRED STOCKS (Cost $5,673,549)				5,172,431


TOTAL INVESTMENTS — 100.1% (Cost $13,147,850)			$	12,413,240
Liabilities in excess of other assets — (0.1%)				(7,704	)

NET ASSETS — 100.0%			$	12,405,536

As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/3/2014	BRL	14,541,000	USD	5,875,152	$	230,241
JP Morgan & Chase Co.	12/3/2014	BRL	14,541,000	USD	5,877,051		232,141
JP Morgan & Chase Co.	12/3/2014	BRL	95,999	USD	38,800		1,533
The Bank of New York Mellon	12/3/2014	BRL	150,938	USD	58,570		(25	)
Barclays Bank PLC	12/3/2014	USD	5,645,017	BRL	14,541,000		(107	)
JP Morgan & Chase Co.	12/3/2014	USD	27,780	BRL	70,000		(606	)
JP Morgan & Chase Co.	12/3/2014	USD	11,748	BRL	30,000		(101	)
JP Morgan & Chase Co.	12/3/2014	USD	15,770	BRL	40,000		(242	)
JP Morgan & Chase Co.	12/3/2014	USD	5,627,499	BRL	14,496,999		330
The Bank of New York Mellon	12/3/2014	USD	54,100	BRL	136,781		(1,001	)
The Bank of New York Mellon	12/3/2014	USD	5,600	BRL	14,157		(104	)
Barclays Bank PLC	1/6/2015	BRL	15,671,000	USD	6,024,759		86
JP Morgan & Chase Co.	1/6/2015	BRL	15,671,000	USD	6,023,369		(1,303	)
The Bank of New York Mellon	1/6/2015	USD	446,800	BRL	1,161,702		(187	)

Total net unrealized appreciation						$	460,655

Currency Abbreviations

BRL – Brazilian Real

USD – U.S. Dollar

* Non-income producing security.


See Notes to Financial Statements.		53

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 98.3%
Australia — 7.1%
AGL Energy Ltd.		49,086	$	547,567
ALS Ltd.		23,362		100,188
Alumina Ltd.*		274,661		390,293
Amcor Ltd.		104,927		1,085,670
AMP Ltd.		295,035		1,415,892
APA Group (a)		75,477		505,436
Asciano Ltd.		70,210		351,280
ASX Ltd.		15,122		463,222
Aurizon Holdings Ltd.		182,831		717,180
AusNet Services (a)		598,079		671,753
Australia & New Zealand Banking Group Ltd.		246,014		6,681,898
Bank of Queensland Ltd.		2,515		26,365
Bendigo and Adelaide Bank Ltd.		65,296		709,504
BHP Billiton Ltd.		289,781		7,624,064
Boral Ltd.		69,793		290,401
Brambles Ltd.		131,865		1,090,619
Caltex Australia Ltd.		28,354		729,822
Coca-Cola Amatil Ltd.		51,569		401,063
Cochlear Ltd.		4,235		250,627
Commonwealth Bank of Australia		146,230		10,043,723
Computershare Ltd.		40,245		395,522
Crown Resorts Ltd.		36,135		442,145
CSL Ltd.		49,800		3,498,878
Dexus Property Group REIT		67,086		405,862
Federation Centres REIT		143,249		337,636
Flight Centre Travel Group Ltd.		718		24,700
Fortescue Metals Group Ltd.		121,706		304,464
Goodman Group REIT		147,921		685,967
GPT Group REIT		157,203		553,781
Harvey Norman Holdings Ltd.		93,900		294,828
Healthscope Ltd.*		1,000		2,221
Iluka Resources Ltd.		43,108		251,261
Incitec Pivot Ltd.		109,033		264,411
Insurance Australia Group Ltd.		200,008		1,084,086
Leighton Holdings Ltd.		44,459		761,519
Lend Lease Group (a)		39,761		518,653
Macquarie Group Ltd.		31,721		1,577,102
Metcash Ltd.		9,219		20,474
Mirvac Group REIT		302,308		451,444
National Australia Bank Ltd.		218,812		6,069,681
Newcrest Mining Ltd.*		80,157		705,244
Novion Property Group REIT		15,925		28,863
Orica Ltd.		33,845		524,135
Origin Energy Ltd.		121,640		1,267,914
Qantas Airways Ltd.*		100		163
QBE Insurance Group Ltd.		109,881		1,015,382
Ramsay Health Care Ltd.		11,764		542,039
REA Group Ltd.		1,542		59,595
Rio Tinto Ltd.		40,597		2,041,543
Santos Ltd.		109,930		944,745
Scentre Group REIT*		500,369		1,477,396
Seek Ltd.		16,823		244,638
Sonic Healthcare Ltd.		31,335		465,267
Stockland REIT		193,391		677,970
Suncorp Group Ltd.		109,087		1,331,065


	Number of Shares		Value

Australia (Continued)
Sydney Airport (a)		185,003	$	698,938
Tabcorp Holdings Ltd.		8,396		29,148
Tatts Group Ltd.		10,032		29,108
Telstra Corp. Ltd.		517,352		2,504,814
Toll Holdings Ltd.		5,760		27,643
TPG Telecom Ltd.		21,000		132,408
Transurban Group (a)		162,629		1,149,943
Treasury Wine Estates Ltd.		6,588		26,571
Wesfarmers Ltd.*		96,551		3,402,868
Westfield Corp. REIT		216,493		1,527,129
Westpac Banking Corp.		281,284		7,790,640
Woodside Petroleum Ltd.		67,009		2,038,385
Woolworths Ltd.		104,681		2,771,945
WorleyParsons Ltd.		18,491		174,961

				85,671,662

Austria — 0.2%
Andritz AG		793		42,854
Erste Group Bank AG		30,308		820,815
Immofinanz AG*		5,875		17,613
OMV AG		10,106		292,294
Raiffeisen Bank International AG		11,585		239,707
Vienna Insurance Group AG Wiener Versicherung Gruppe		6,420		319,360
Voestalpine AG		21,082		875,566

				2,608,209

Belgium — 1.3%
Ageas		19,253		688,522
Anheuser-Busch InBev NV		71,947		8,450,670
Belgacom SA		13,996		552,471
Colruyt SA		7,539		350,603
Delhaize Group SA		9,258		676,786
Groupe Bruxelles Lambert SA		7,536		681,717
KBC Groep NV*		21,785		1,246,080
Solvay SA		5,921		813,557
Telenet Group Holding NV*		699		39,956
UCB SA		21,082		1,653,614
Umicore SA		12,609		512,695

				15,666,671

Bermuda — 0.0%
Seadrill Ltd.		33,783		483,959

Channel Islands — 0.1%
Friends Life Group Ltd.		128,162		739,104
Randgold Resources Ltd.		8,086		537,172

				1,276,276

Denmark — 1.5%
A.P. Moeller — Maersk A/S, Class A		580		1,185,454
A.P. Moeller — Maersk A/S, Class B		707		1,474,566
Carlsberg A/S, Class B		15,121		1,346,908
Coloplast A/S, Class B		5,916		512,633
Danske Bank A/S		69,321		1,969,445
DSV A/S		21,873		685,028
ISS A/S*		1,000		28,243
Novo Nordisk A/S, Class B		176,564		8,052,596


See Notes to Financial Statements.		54

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Denmark (Continued)
Novozymes A/S, Class B		21,839	$	959,519
Pandora A/S		9,040		802,219
TDC A/S		66,054		535,391
Tryg A/S		744		85,793
Vestas Wind Systems A/S*		19,117		704,144
William Demant Holding A/S*		745		53,438

				18,395,377

Finland — 0.9%
Elisa OYJ		1,631		47,295
Fortum OYJ		63,377		1,590,316
Kone OYJ, Class B		28,799		1,324,981
Metso OYJ		10,106		313,280
Neste Oil OYJ		2,438		57,842
Nokia OYJ		356,335		2,964,251
Nokian Renkaat OYJ		5,906		166,779
Orion OYJ, Class B		1,617		55,454
Sampo OYJ, Class A		37,882		1,868,640
Stora Enso OYJ, Class R		50,908		451,026
UPM-Kymmene OYJ		46,084		765,001
Wartsila OYJ Abp		15,105		676,542

				10,281,407

France — 9.4%
Accor SA		14,962		705,765
Aeroports de Paris		2,526		309,982
Air Liquide SA		31,129		3,917,204
Airbus Group NV		49,884		3,039,091
Alcatel-Lucent*		369,084		1,313,945
Alstom SA*		23,767		831,184
Arkema SA		519		35,314
AtoS		7,340		521,424
AXA SA		163,863		3,955,931
BNP Paribas SA		95,527		6,124,486
Bollore SA		537		265,091
Bouygues SA		18,524		696,887
Bureau Veritas SA		19,909		474,943
Cap Gemini SA		9,211		674,953
Carrefour SA		50,785		1,606,824
Casino Guichard-Perrachon SA		5,086		490,064
Christian Dior SA		4,982		954,015
Cie de St-Gobain		35,187		1,616,254
Cie Generale des Etablissements Michelin		20,235		1,860,681
CNP Assurances		43,167		799,240
Credit Agricole SA		90,421		1,271,073
Danone SA		50,724		3,579,397
Dassault Systemes SA		23,951		1,565,641
Edenred		18,441		531,760
Electricite de France		21,028		629,499
Essilor International SA		22,853		2,566,029
Eurazeo SA		663		46,126
Eutelsat Communications SA		20,459		676,573
Fonciere des Regions REIT		565		53,935
GDF Suez		130,772		3,222,102
Gecina SA REIT		2,200		297,497
Groupe Eurotunnel SA		42,297		546,720


	Number of Shares		Value

France (Continued)
ICADE REIT		554	$	44,315
Iliad SA		1,657		406,930
Imerys SA		635		48,007
JCDecaux SA		20,392		670,681
Kering		8,077		1,668,208
Klepierre REIT		21,082		946,083
Lafarge SA		18,457		1,312,308
Lagardere SCA		17,820		505,211
Legrand SA		21,920		1,149,273
L’Oreal SA		22,727		3,877,276
LVMH Moet Hennessy Louis Vuitton SA		24,248		4,356,866
Natixis SA		169,430		1,197,077
Numericable-SFR*		9,039		377,763
Orange SA		164,946		2,905,286
Pernod Ricard SA		20,939		2,481,561
Peugeot SA*		32,949		421,998
Publicis Groupe SA		15,150		1,112,595
Remy Cointreau SA		638		47,972
Renault SA		17,827		1,430,221
Rexel SA		24,411		451,971
Safran SA		23,594		1,526,462
Sanofi		107,162		10,374,944
Schneider Electric SE		47,332		3,860,906
SCOR SE		14,071		438,992
Societe BIC SA		6,650		886,435
Societe Generale SA		59,272		2,939,978
Sodexo		9,227		930,720
Suez Environnement Co.		28,612		507,339
Technip SA		9,259		602,138
Thales SA		8,416		446,538
Total SA		193,205		10,808,488
Unibail-Rodamco SE REIT		8,686		2,295,141
Valeo SA		6,585		810,218
Vallourec SA		9,787		324,505
Veolia Environnement		29,359		535,370
Vinci SA		41,455		2,241,027
Vivendi SA*		118,343		3,013,722
Wendel SA		25		2,945
Zodiac Aerospace		16,822		557,449

				113,694,549

Germany — 8.5%
adidas AG		21,063		1,689,314
Allianz SE		42,222		7,268,793
Axel Springer SE		788		46,400
BASF SE		83,267		7,559,374
Bayer AG		74,989		11,278,049
Bayerische Motoren Werke AG		27,788		3,177,163
Beiersdorf AG		9,292		827,049
Brenntag AG		13,597		748,823
Celesio AG		21,228		707,415
Commerzbank AG*		86,096		1,317,332
Continental AG		10,033		2,110,871
Daimler AG		89,055		7,507,901
Deutsche Annington Immobilien SE		20,644		664,722
Deutsche Bank AG (b)		118,117		3,860,565
Deutsche Boerse AG		26,131		1,908,949


See Notes to Financial Statements.		55

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Germany (Continued)
Deutsche Lufthansa AG		33,800	$	603,324
Deutsche Post AG		84,841		2,818,328
Deutsche Telekom AG		281,223		4,790,732
Deutsche Wohnen AG		25,968		623,360
E.ON SE		180,617		3,201,521
Fraport AG Frankfurt Airport Services Worldwide		12,516		764,382
Fresenius Medical Care AG & Co. KGaA		19,614		1,448,472
Fresenius SE & Co. KGaA		43,126		2,337,795
GEA Group AG		15,176		725,201
Hannover Rueck SE		5,828		520,035
HeidelbergCement AG		11,680		885,502
Henkel AG & Co. KGaA		11,746		1,163,193
Hugo Boss AG		3,907		514,482
Infineon Technologies AG		103,597		1,014,831
K+S AG		9,873		296,297
Kabel Deutschland Holding AG*		8,203		1,137,818
LANXESS AG		8,286		411,461
Linde AG		15,203		2,868,722
MAN SE		9,259		1,055,181
Merck KGaA		11,722		1,167,230
Metro AG*		14,870		504,967
Muenchener Rueckversicherungs-Gesellschaft AG		15,284		3,148,176
OSRAM Licht AG*		8,133		337,775
ProSiebenSat.1 Media AG		19,965		852,760
RWE AG		43,148		1,562,902
SAP SE		79,468		5,600,833
Siemens AG		70,977		8,398,517
Symrise AG		7,792		465,702
Telefonica Deutschland Holding AG*		3,339		17,509
ThyssenKrupp AG*		37,251		985,458
United Internet AG		11,223		494,367
Volkswagen AG		2,537		573,831

				101,963,384

Hong Kong — 2.9%
AIA Group Ltd.		1,114,118		6,435,960
ASM Pacific Technology Ltd.		2,227		22,671
Bank of East Asia Ltd. (The)		115,801		485,288
BOC Hong Kong (Holdings) Ltd.		322,364		1,138,941
Cathay Pacific Airways Ltd.		421,182		927,602
Cheung Kong (Holdings) Ltd.		168,206		3,086,387
Cheung Kong Infrastructure Holdings Ltd.		7,580		56,103
CLP Holdings Ltd.		186,324		1,620,522
First Pacific Co. Ltd.		27,065		28,547
Galaxy Entertainment Group Ltd.		184,287		1,258,244
Hang Lung Properties Ltd.		200,118		601,238
Hang Seng Bank Ltd.		77,071		1,283,979
Henderson Land Development Co. Ltd.		102,301		685,942
HKT Trust and HKT Ltd. (a)		31,364		39,027
Hong Kong and China Gas Co. Ltd.		570,347		1,351,727
Hong Kong Exchanges & Clearing Ltd.		98,029		2,134,954
Hutchison Whampoa Ltd.		168,206		2,108,201
Hysan Development Co. Ltd.		9,205		42,552
Kerry Properties Ltd.		109,253		393,749


	Number of Shares		Value

Hong Kong (Continued)
Li & Fung Ltd.		780,430	$	867,452
Link REIT (The)		210,368		1,340,019
MGM China Holdings Ltd.		7,495		22,663
MTR Corp. Ltd.		200,124		803,825
New World Development Co. Ltd.		469,817		560,976
Noble Group Ltd.		34,000		31,937
NWS Holdings Ltd.		18,410		34,089
PCCW Ltd.		63,063		42,284
Power Assets Holdings Ltd.		115,777		1,105,482
Shangri-La Asia Ltd.		378,734		524,497
Sino Land Co. Ltd.		446,268		731,960
SJM Holdings Ltd.		41,411		82,232
Sun Hung Kai Properties Ltd.		168,278		2,460,620
Swire Pacific Ltd., Class A		68,462		941,046
Swire Properties Ltd.		10,915		33,919
Techtronic Industries Co. Ltd.		37,279		119,212
WH Group Ltd., 144A*		1,000		592
Wharf Holdings Ltd. (The)		130,538		941,762
Wheelock & Co. Ltd.		183,520		922,895
Yue Yuen Industrial (Holdings) Ltd.		9,205		32,997

				35,302,093

Ireland — 0.8%
Bank of Ireland*		2,124,008		871,567
CRH PLC		76,771		1,813,767
Experian PLC		95,297		1,507,902
James Hardie Industries PLC CDI		30,709		316,175
Kerry Group PLC, Class A		13,480		1,000,511
Shire PLC		63,846		4,544,614

				10,054,536

Israel — 0.5%
Bank Hapoalim BM		98,114		489,272
Bank Leumi Le-Israel BM*		119,805		422,700
Bezeq The Israeli Telecommunication Corp. Ltd.		37,346		66,075
Delek Group Ltd.		10		3,390
Israel Chemicals Ltd.		3,330		22,746
Israel Corp. Ltd. (The)*		272		133,405
Mizrahi Tefahot Bank Ltd.*		2,425		25,687
NICE Systems Ltd.		718		34,072
Teva Pharmaceutical Industries Ltd.		86,812		4,939,922

				6,137,269

Italy — 2.1%
Assicurazioni Generali SpA		99,062		2,142,088
Atlantia SpA		35,375		892,062
Banca Monte dei Paschi di Siena SpA*		392,275		316,567
Banco Popolare SC*		32,839		452,848
Enel Green Power SpA		10,901		26,229
Enel SpA		545,476		2,631,709
Eni SpA		219,156		4,379,250
EXOR SpA		1,411		62,812
Finmeccanica SpA*		12,572		121,935
Intesa Sanpaolo SpA		993,478		3,061,188
Intesa Sanpaolo SpA-RSP		107,149		288,321
Luxottica Group SpA		21,082		1,127,225
Mediobanca SpA		60,883		545,079


See Notes to Financial Statements.		56

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Italy (Continued)
Pirelli & C. SpA		43,108	$	611,609
Prysmian SpA		18,377		330,197
Saipem SpA*		30,103		430,840
Snam SpA		176,536		936,011
Telecom Italia SpA*		1,208,785		1,361,783
Telecom Italia SpA-RSP		470,003		416,405
Terna Rete Elettrica Nazionale SpA		129,969		627,696
UniCredit SpA		391,233		2,892,130
Unione di Banche Italiane SCpA		114,096		876,778
UnipolSai SpA		81,955		234,387

				24,765,149

Japan — 22.0%
ABC-Mart, Inc.		2,700		135,552
Acom Co. Ltd.*		1,900		5,682
Advantest Corp.		8,200		97,876
Aeon Co. Ltd.		69,100		688,584
AEON Financial Service Co. Ltd.		300		6,474
AEON Mall Co. Ltd.		2,000		34,098
AIR WATER, Inc.		10,000		162,237
AISIN SEIKI Co. Ltd.		9,800		350,427
Ajinomoto Co., Inc.		31,000		578,534
Alfresa Holdings Corp.		400		4,616
Amada Co. Ltd.		1,000		9,022
ANA Holdings, Inc.		3,000		7,384
Aozora Bank Ltd.		3,000		9,754
Asahi Glass Co. Ltd.		23,000		111,014
Asahi Group Holdings Ltd.		58,600		1,827,625
Asahi Kasei Corp.		81,800		711,095
ASICS Corp.		400		10,125
Astellas Pharma, Inc.		235,300		3,383,373
Bandai Namco Holdings, Inc.		9,100		196,925
Bank of Kyoto Ltd. (The)		1,000		8,407
Bank of Yokohama Ltd. (The)		108,000		608,617
Benesse Holdings, Inc.		900		27,406
Bridgestone Corp.		80,700		2,773,159
Brother Industries Ltd.		2,900		54,182
Calbee, Inc.		3,800		131,559
Canon, Inc.		94,500		3,026,086
Casio Computer Co. Ltd.		500		7,556
Central Japan Railway Co.		13,404		1,950,504
Chiba Bank Ltd. (The)		38,000		252,554
Chiyoda Corp.		6,000		52,967
Chubu Electric Power Co., Inc.*		70,900		828,953
Chugai Pharmaceutical Co. Ltd.		67,000		1,814,472
Chugoku Bank Ltd. (The)		500		7,004
Chugoku Electric Power Co., (The), Inc.		64,600		833,654
Citizen Holdings Co. Ltd.		56,800		439,223
COLOPL, Inc.*		1,000		24,934
Credit Saison Co. Ltd.		74,600		1,396,295
Dai Nippon Printing Co. Ltd.		30,000		263,572
Daicel Corp.		14,000		161,092
Daihatsu Motor Co. Ltd.		400		5,482
Dai-ichi Life Insurance Co. Ltd. (The)		84,204		1,221,052
Daiichi Sankyo Co. Ltd.		70,400		1,037,483
Daikin Industries Ltd.		54,800		3,635,177
Daito Trust Construction Co. Ltd.		6,800		767,553


	Number of Shares		Value

Japan (Continued)
Daiwa House Industry Co. Ltd.		67,100	$	1,277,678
Daiwa Securities Group, Inc.		119,000		956,190
DENSO Corp.		71,000		3,315,107
Dentsu, Inc.		20,100		755,135
Don Quijote Holdings Co. Ltd.		1,600		99,735
East Japan Railway Co.		56,300		4,219,358
Eisai Co. Ltd.		52,100		1,867,376
Electric Power Development Co. Ltd.		4,700		162,717
FamilyMart Co. Ltd.		3,100		114,375
FANUC Corp.		17,800		3,001,777
Fast Retailing Co. Ltd.		3,800		1,382,967
Fuji Electric Co. Ltd.		10,000		43,887
Fuji Heavy Industries Ltd.		74,800		2,720,687
FUJIFILM Holdings Corp.		77,800		2,579,134
Fujitsu Ltd.		172,600		985,891
Fukuoka Financial Group, Inc.		2,000		10,900
GungHo Online Entertainment, Inc.		700		2,642
Gunma Bank Ltd. (The)		2,000		11,894
Hachijuni Bank Ltd. (The)		2,000		12,231
Hakuhodo DY Holdings, Inc.		800		7,777
Hamamatsu Photonics KK		3,100		156,678
Hankyu Hanshin Holdings, Inc.		58,700		322,883
Hikari Tsushin, Inc.		900		58,527
Hino Motors Ltd.		500		6,735
Hirose Electric Co. Ltd.		400		50,541
Hiroshima Bank Ltd. (The)		2,000		9,670
Hisamitsu Pharmaceutical Co., Inc.		100		3,041
Hitachi Chemical Co. Ltd.		400		7,403
Hitachi Construction Machinery Co. Ltd.		200		4,316
Hitachi High-Technologies Corp.		200		5,779
Hitachi Ltd.		632,000		4,879,147
Hitachi Metals Ltd.		5,000		86,468
Hokuhoku Financial Group, Inc.		4,000		8,087
Hokuriku Electric Power Co.		68,000		870,084
Honda Motor Co. Ltd.		165,100		4,966,977
Hoya Corp.		61,300		2,179,051
Hulic Co. Ltd.		71,800		741,497
IBIDEN Co. Ltd.		200		2,970
Idemitsu Kosan Co. Ltd.		400		6,823
IHI Corp.		71,000		358,843
Iida Group Holdings Co. Ltd.		300		3,293
INPEX Corp.		84,204		891,938
Isetan Mitsukoshi Holdings Ltd.		64,000		840,467
Isuzu Motors Ltd.		67,300		878,134
ITOCHU Corp.		149,000		1,714,476
Itochu Techno-Solutions Corp.		1,300		50,811
Iyo Bank Ltd. (The)		700		7,241
J. Front Retailing Co. Ltd.		1,000		12,812
Japan Airlines Co. Ltd.		200		5,880
Japan Display, Inc.*		54,100		178,640
Japan Exchange Group, Inc.		68,500		1,757,002
Japan Prime Realty Investment Corp. REIT		25		90,658
Japan Real Estate Investment Corp. REIT		64		315,377
Japan Retail Fund Investment Corp. REIT		492		1,023,662


See Notes to Financial Statements.		57

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Japan (Continued)
Japan Tobacco, Inc.		92,800	$	2,972,430
JFE Holdings, Inc.		74,700		1,589,141
JGC Corp.		10,700		230,151
Joyo Bank Ltd. (The)		2,000		10,091
JSR Corp.		300		5,365
JTEKT Corp.		300		4,976
JX Holdings, Inc.		224,600		835,475
Kajima Corp.		4,000		15,803
Kakaku.com, Inc.		5,600		85,522
Kamigumi Co. Ltd.		7,000		63,151
Kaneka Corp.		31,000		163,989
Kansai Electric Power Co., (The), Inc.*		68,300		685,215
Kansai Paint Co. Ltd.		9,000		143,360
Kao Corp.		74,700		2,766,131
Kawasaki Heavy Industries Ltd.		73,000		320,987
KDDI Corp.		72,310		4,631,641
Keihan Electric Railway Co. Ltd.		1,000		5,004
Keikyu Corp.		24,500		187,184
Keio Corp.		20,800		152,958
Keisei Electric Railway Co. Ltd.		13,000		149,476
Keyence Corp.		4,310		1,990,264
Kikkoman Corp.		9,000		214,093
Kintetsu Corp.		47,400		160,110
Kirin Holdings Co. Ltd.		66,100		848,278
Kobe Steel Ltd.		801,000		1,275,231
Koito Manufacturing Co. Ltd.		1,000		31,378
Komatsu Ltd.		83,900		1,986,631
Konami Corp.		1,300		24,562
Konica Minolta, Inc.		61,200		713,480
Kubota Corp.		80,800		1,262,553
Kuraray Co. Ltd.		87,400		1,063,834
Kurita Water Industries Ltd.		3,900		80,947
Kyocera Corp.		56,700		2,775,417
Kyowa Hakko Kirin Co. Ltd.		1,000		10,858
Kyushu Electric Power Co., Inc.*		67,800		694,477
Lawson, Inc.		1,000		61,660
LIXIL Group Corp.		58,200		1,237,390
M3, Inc.		69,710		1,199,072
Mabuchi Motor Co. Ltd.		700		55,781
Makita Corp.		3,200		160,654
Marubeni Corp.		155,600		980,798
Marui Group Co. Ltd.		600		5,251
Maruichi Steel Tube Ltd.		2,500		54,879
Mazda Motor Corp.		72,200		1,864,374
McDonald’s Holdings Co. Japan Ltd.		64,500		1,474,565
Medipal Holdings Corp.		500		5,555
MEIJI Holdings Co. Ltd.		2,200		197,363
Minebea Co. Ltd.		1,000		12,526
Miraca Holdings, Inc.		3,300		125,229
Mitsubishi Chemical Holdings Corp.		242,300		1,248,085
Mitsubishi Corp.		161,500		3,054,101
Mitsubishi Electric Corp.		179,000		2,150,895
Mitsubishi Estate Co. Ltd.		116,000		2,610,402
Mitsubishi Gas Chemical Co., Inc.		1,000		5,720
Mitsubishi Heavy Industries Ltd.		560,200		3,268,285
Mitsubishi Logistics Corp.		1,000		15,668
Mitsubishi Materials Corp.		21,000		65,982
Mitsubishi Motors Corp.		66,100		679,291


	Number of Shares		Value

Japan (Continued)
Mitsubishi Tanabe Pharma Corp.		80,900	$	1,233,450
Mitsubishi UFJ Financial Group, Inc.		1,179,500		6,819,768
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,000		4,717
Mitsui & Co. Ltd.		167,900		2,315,935
Mitsui Chemicals, Inc.		3,000		8,390
Mitsui Fudosan Co. Ltd.		88,000		2,542,931
Mitsui OSK Lines Ltd.		29,000		91,850
Mixi, Inc.		1,000		45,908
Mizuho Financial Group, Inc.		2,360,200		4,065,711
MS&AD Insurance Group Holdings, Inc.		64,600		1,507,868
Murata Manufacturing Co. Ltd.		18,800		2,030,999
Nabtesco Corp.		5,500		131,993
Nagoya Railroad Co. Ltd.		54,700		211,953
NEC Corp.		264,000		829,482
Nexon Co. Ltd.		700		6,628
NGK Insulators Ltd.		12,000		266,352
NGK Spark Plug Co. Ltd.		9,100		273,655
NH Foods Ltd.		1,000		20,073
NHK Spring Co. Ltd.		600		5,196
Nidec Corp.		17,000		1,127,271
Nikon Corp.		77,500		1,104,578
Nintendo Co. Ltd.		9,900		1,147,487
Nippon Building Fund, Inc. REIT		72		362,684
Nippon Electric Glass Co. Ltd.		31,000		141,793
Nippon Express Co. Ltd.		2,000		9,603
Nippon Paint Holdings Co. Ltd.		10,000		258,603
Nippon Prologis REIT, Inc.		41		89,346
Nippon Steel & Sumitomo Metal Corp.		839,000		2,161,194
Nippon Telegraph & Telephone Corp.		67,000		3,584,357
Nippon Yusen KK		2,000		5,644
Nissan Motor Co. Ltd.		248,800		2,323,167
Nisshin Seifun Group, Inc.		4,400		43,550
Nissin Foods Holdings Co. Ltd.		3,200		160,384
Nitori Holdings Co. Ltd.		2,900		160,737
Nitto Denko Corp.		8,000		422,053
NOK Corp.		400		10,011
Nomura Holdings, Inc.		336,400		2,023,246
Nomura Real Estate Holdings, Inc.		2,200		40,399
Nomura Research Institute Ltd.		1,500		46,751
NSK Ltd.		24,000		302,236
NTT Data Corp.		4,100		156,450
NTT DOCOMO, Inc.		164,792		2,570,125
NTT Urban Development Corp.		600		6,171
Obayashi Corp.		34,000		211,936
Odakyu Electric Railway Co. Ltd.		16,500		151,080
Oji Holdings Corp.		1,600		5,607
Olympus Corp.*		31,200		1,135,358
Omron Corp.		10,500		488,228
Ono Pharmaceutical Co. Ltd.		5,900		504,940
Oracle Corp. Japan		2,000		75,475
Oriental Land Co. Ltd.		4,700		1,022,626
ORIX Corp.		156,600		2,065,091
Osaka Gas Co. Ltd.		84,000		321,169
OTSUKA Corp.		2,100		72,261
Otsuka Holdings Co. Ltd.		74,500		2,354,894
Panasonic Corp.		245,300		3,166,593
Park24 Co. Ltd.		52,900		802,535
Rakuten, Inc.		80,900		1,089,661


See Notes to Financial Statements.		58

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Japan (Continued)
Recruit Holdings Co. Ltd.*		10,000	$	328,518
Resona Holdings, Inc.		168,400		908,990
Ricoh Co. Ltd.		77,500		839,205
Rinnai Corp.		3,100		230,316
ROHM Co. Ltd.		3,000		194,078
Sankyo Co. Ltd.		3,200		102,969
Sanrio Co. Ltd.		200		5,282
Santen Pharmaceutical Co. Ltd.		100		5,593
SBI Holdings, Inc.		3,600		41,545
Secom Co. Ltd.		15,000		867,287
Sega Sammy Holdings, Inc.		50,700		698,265
Seibu Holdings, Inc.		5,400		102,209
Seiko Epson Corp.		5,000		241,334
Sekisui Chemical Co. Ltd.		30,000		373,247
Sekisui House Ltd.		70,200		942,584
Seven & i Holdings Co. Ltd.		76,000		2,834,436
Seven Bank Ltd.		79,700		345,748
Sharp Corp.*		24,000		57,213
Shikoku Electric Power Co., Inc.*		58,200		727,040
Shimadzu Corp.		9,000		89,003
Shimamura Co. Ltd.		100		8,365
Shimano, Inc.		7,300		990,018
Shimizu Corp.		8,000		54,585
Shin-Etsu Chemical Co. Ltd.		55,900		3,762,295
Shinsei Bank Ltd.		3,000		5,635
Shionogi & Co. Ltd.		52,000		1,293,484
Shiseido Co. Ltd.		74,600		1,113,831
Shizuoka Bank Ltd. (The)		28,000		269,351
Showa Shell Sekiyu KK		900		7,498
SMC Corp.		4,000		1,098,766
SoftBank Corp.		84,000		5,634,435
Sompo Japan Nipponkoa Holdings, Inc.		53,800		1,333,500
Sony Corp.		87,000		1,905,404
Sony Financial Holdings, Inc.		400		6,068
Stanley Electric Co. Ltd.		200		4,345
Sumitomo Chemical Co. Ltd.		29,000		109,683
Sumitomo Corp.		167,900		1,790,518
Sumitomo Dainippon Pharma Co. Ltd.		400		4,134
Sumitomo Electric Industries Ltd.		70,200		912,721
Sumitomo Heavy Industries Ltd.		2,000		10,967
Sumitomo Metal Mining Co. Ltd.		27,000		413,250
Sumitomo Mitsui Financial Group, Inc.		139,400		5,254,728
Sumitomo Mitsui Trust Holdings, Inc.		572,000		2,377,331
Sumitomo Realty & Development Co. Ltd.		26,100		901,073
Sumitomo Rubber Industries Ltd.		500		7,615
Suntory Beverage & Food Ltd.		7,100		250,592
Suruga Bank Ltd.		7,000		132,966
Suzuken Co. Ltd.		100		2,561
Suzuki Motor Corp.		58,400		1,844,508
Sysmex Corp.		13,500		579,960
T&D Holdings, Inc.		81,200		983,579
Taiheiyo Cement Corp.		41,000		128,476
Taisei Corp.		20,000		104,452
Taisho Pharmaceutical Holdings Co. Ltd.		134		8,296
Taiyo Nippon Sanso Corp.		12,000		141,313
Takas himaya Co. Ltd.		1,000		8,373
Takeda Pharmaceutical Co. Ltd.		83,600		3,501,320


	Number of Shares		Value

Japan (Continued)
TDK Corp.		6,300	$	379,438
Teijin Ltd.		41,000		111,208
Terumo Corp.		52,300		1,189,488
THK Co. Ltd.		2,000		48,435
Tobu Railway Co. Ltd.		41,000		184,770
Toho Co. Ltd.		300		6,687
Toho Gas Co. Ltd.		31,000		162,684
Tohoku Electric Power Co., Inc.		68,800		796,866
Tokio Marine Holdings, Inc.		80,700		2,637,885
Tokyo Electric Power Co., Inc.*		171,400		626,607
Tokyo Electron Ltd.		12,300		837,891
Tokyo Gas Co. Ltd.		325,400		1,773,987
Tokyo Tatemono Co. Ltd.		7,000		55,840
Tokyu Corp.		81,600		492,837
Tokyu Fudosan Holdings Corp.		63,600		454,305
TonenGeneral Sekiyu KK		1,000		8,365
Toppan Printing Co. Ltd.		31,000		199,764
Toray Industries, Inc.		136,200		1,070,417
Toshiba Corp.		601,000		2,670,493
TOTO Ltd.		6,000		71,617
Toyo Seikan Group Holdings Ltd.		300		3,624
Toyo Suisan Kaisha Ltd.		4,000		135,450
Toyoda Gosei Co. Ltd.		300		5,873
Toyota Industries Corp.		8,300		414,598
Toyota Motor Corp.		250,800		15,451,721
Toyota Tsusho Corp.		3,800		89,947
Trend Micro, Inc.		4,100		124,504
Unicharm Corp.		44,000		1,007,017
United Urban Investment Corp. REIT		713		1,145,340
USS Co. Ltd.		56,400		813,824
West Japan Railway Co.		8,400		400,913
Yahoo Japan Corp.		162,400		592,337
Yakult Honsha Co. Ltd.		3,200		169,818
Yamada Denki Co. Ltd.		1,900		6,258
Yamaguchi Financial Group, Inc.		24,400		244,586
Yamaha Corp.		75,200		1,120,573
Yamaha Motor Co. Ltd.		73,200		1,555,689
Yamato Holdings Co. Ltd.		74,700		1,684,785
Yamato Kogyo Co. Ltd.		2,600		72,931
Yamazaki Baking Co. Ltd.		3,000		37,855
Yaskawa Electric Corp.		2,000		25,944
Yokogawa Electric Corp.		4,400		55,373
Yokohama Rubber Co. Ltd. (The)		1,000		9,199

				264,343,152

Luxembourg — 0.3%
Altice SA*		1,680		113,015
ArcelorMittal		73,119		896,929
Millicom International Cellular SA SDR		5,861		487,726
RTL Group SA		722		69,524
SES SA FDR		24,261		902,611
Tenaris SA		42,776		707,428

				3,177,233

Macau — 0.2%
Sands China Ltd.		215,187		1,288,861
Wynn Macau Ltd.		141,171		460,543

				1,749,404


See Notes to Financial Statements.		59

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Mexico — 0.0%
Fresnillo PLC(c)		19,550	$	217,426

Netherlands — 4.3%
Aegon NV		163,647		1,284,618
Akzo Nobel NV		25,397		1,754,588
ASML Holding NV		31,110		3,285,426
Corio NV REIT		713		36,071
Delta Lloyd NV		18,452		424,125
Gemalto NV		7,068		600,447
Heineken Holding NV		14,308		978,348
Heineken NV		30,233		2,377,783
ING Groep NV*		347,917		5,096,259
Koninklijke Ahold NV		83,599		1,476,634
Koninklijke Boskalis Westminster NV		8,089		453,882
Koninklijke DSM NV		15,121		994,078
Koninklijke KPN NV		297,413		987,420
Koninklijke Philips NV		85,359		2,574,430
Koninklijke Vopak NV		700		35,165
NN Group NV*		1,144		34,731
OCI NV*		3,050		109,358
QIAGEN NV*		21,081		503,689
Randstad Holding NV		21,082		1,040,324
Reed Elsevier NV		60,067		1,476,635
Royal Dutch Shell PLC, Class A		354,751		11,816,721
Royal Dutch Shell PLC, Class B		225,715		7,837,620
TNT Express NV		39,037		263,091
Unilever NV		141,956		5,781,784
Wolters Kluwer NV		26,058		763,553

				51,986,780

New Zealand — 0.1%
Auckland International Airport Ltd.		94,916		288,166
Contact Energy Ltd.		107,545		517,182
Fletcher Building Ltd.		59,193		380,317
Meridian Energy Ltd.		1,000		1,349
Mighty River Power Ltd.		1,000		2,353
Ryman Healthcare Ltd.		24,803		155,858
Spark New Zealand Ltd.		14,229		34,158

				1,379,383

Norway — 0.6%
DNB ASA		119,950		1,991,914
Gjensidige Forsikring ASA		9,166		157,177
Norsk Hydro ASA		115,849		678,371
Orkla ASA		66,584		495,433
Statoil ASA		89,618		1,692,605
Telenor ASA		95,463		2,015,277
Yara International ASA		16,867		717,192

				7,747,969

Portugal — 0.1%
Banco Comercial Portugues SA, Class R*		3,177,478		327,938
Banco Espirito Santo SA*#		163,078		0
EDP — Energias de Portugal SA		198,074		812,531
Galp Energia SGPS SA		19,542		238,136
Jeronimo Martins SGPS SA		25,055		254,535

				1,633,140


	Number of Shares		Value

Singapore — 1.5%
Ascendas Real Estate Investment Trust REIT		4,000	$	7,177
CapitaCommercial Trust REIT		6,000		7,752
CapitaLand Ltd.		746,100		1,899,362
CapitaMall Trust REIT		4,000		6,073
City Developments Ltd.		30,000		231,415
ComfortDelGro Corp. Ltd.		134,000		267,147
DBS Group Holdings Ltd.		160,000		2,432,849
Genting Singapore PLC		680,000		594,410
Global Logistic Properties Ltd.		654,000		1,313,867
Golden Agri-Resources Ltd.		35,000		12,345
Hutchison Port Holdings Trust, Class U		1,345,789		921,865
Jardine Cycle & Carriage Ltd.		300		9,797
Keppel Corp. Ltd.		135,000		931,641
Keppel Land Ltd.		69,000		178,300
Oversea-Chinese Banking Corp. Ltd.		516,000		4,146,517
Sembcorp Industries Ltd.		31,100		108,981
Sembcorp Marine Ltd.		79,200		190,083
Singapore Airlines Ltd.		1,000		8,266
Singapore Exchange Ltd.		18,000		101,031
Singapore Press Holdings Ltd.		82,000		269,739
Singapore Technologies Engineering Ltd.		32,800		84,757
Singapore Telecommunications Ltd.		767,600		2,295,472
StarHub Ltd.		2,000		6,349
Suntec Real Estate Investment Trust REIT		1,000		1,511
United Overseas Bank Ltd.		120,000		2,208,335
UOL Group Ltd.		2,000		10,321
Wilmar International Ltd.		98,000		241,215
Yangzijiang Shipbuilding Holdings Ltd.		7,000		6,575

				18,493,152

Spain — 3.5%
Abertis Infraestructuras SA		34,767		744,010
ACS Actividades de Construccion y Servicios SA		15,277		539,779
Amadeus IT Holding SA, Class A		33,115		1,318,283
Banco Bilbao Vizcaya Argentaria SA		531,016		5,703,630
Banco de Sabadell SA		349,689		991,831
Banco Popular Espanol SA		156,917		862,428
Banco Santander SA		1,131,159		10,196,058
Bankia SA*		419,487		735,475
Bankinter SA		56,444		505,828
CaixaBank SA		143,487		792,362
Distribuidora Internacional de Alimentacion SA		52,296		363,505
Enagas SA		27,960		936,276
Ferrovial SA		37,698		772,514
Gas Natural SDG SA		30,322		858,899
Grifols SA		13,218		588,820
Iberdrola SA		418,285		3,092,628
Inditex SA		97,028		2,825,022
Mapfre SA		21,676		79,539
Red Electrica Corp. SA		14,461		1,324,706
Repsol SA		92,043		2,065,849
Telefonica SA		389,000		6,230,114
Zardoya Otis SA		21,873		233,088

				41,760,644


See Notes to Financial Statements.		60

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Sweden — 3.0%
Alfa Laval AB		28,520	$	567,604
Assa Abloy AB, Class B		30,511		1,658,013
Atlas Copco AB, Class A		76,031		2,192,255
Atlas Copco AB, Class B		33,597		892,580
Boliden AB		21,873		369,608
Electrolux AB, Series B		21,810		648,168
Elekta AB, Class B		1,706		17,388
Getinge AB, Class B		18,280		423,135
Hennes & Mauritz AB, Class B		84,521		3,620,442
Hexagon AB, Class B		31,072		987,597
Husqvarna AB, Class B		64,065		471,688
ICA Gruppen AB		1,000		38,624
Industrivarden AB, Class C		1,629		28,794
Investment AB Kinnevik, Class B		20,759		720,220
Investor AB, Class B		39,553		1,485,780
Lundin Petroleum AB*		21,238		299,349
Nordea Bank AB		253,904		3,171,863
Sandvik AB		96,294		1,008,585
Securitas AB, Class B		23,563		284,562
Skandinaviska Enskilda Banken AB, Class A		167,647		2,214,594
Skanska AB, Class B		33,808		728,160
SKF AB, Class B		34,945		719,844
Svenska Cellulosa AB SCA, Class B		50,787		1,198,065
Svenska Handelsbanken AB, Class A		55,226		2,697,402
Swedbank AB, Class A		81,865		2,147,480
Swedish Match AB		27,928		964,449
Tele2 AB, Class B		38,085		493,138
Telefonaktiebolaget LM Ericsson, Class B		249,893		3,146,891
TeliaSonera AB		226,367		1,615,053
Volvo AB, Class B		128,850		1,410,057

				36,221,388

Switzerland — 9.8%
ABB Ltd.*		201,481		4,522,766
Actelion Ltd.*		8,751		1,040,611
Adecco SA*		11,822		830,140
Aryzta AG*		6,723		536,448
Baloise Holding AG		4,191		547,378
Barry Callebaut AG*		8		8,561
Chocoladefabriken Lindt & Spruengli AG		6		358,417
Chocoladefabriken Lindt & Spruengli AG Participation Certificates.		15		75,555
Cie Financiere Richemont SA		44,843		4,216,287
Coca-Cola HBC AG CDI*		863		19,573
Credit Suisse Group AG*		130,354		3,483,302
EMS-Chemie Holding AG		25		9,276
Geberit AG		3,369		1,173,615
Givaudan SA*		780		1,390,075
Glencore PLC*		958,055		4,794,764
Holcim Ltd.*		21,032		1,553,049
Julius Baer Group Ltd.*		19,305		874,694
Kuehne + Nagel International AG		5,085		684,666
Lonza Group AG*		5,013		589,368
Nestle SA		298,264		22,394,880


	Number of Shares		Value

Switzerland (Continued)
Novartis AG		212,753	$	20,587,223
Pargesa Holding SA		8,287		659,529
Partners Group Holding AG		1,673		480,473
Roche Holding AG		64,981		19,462,356
Schindler Holding AG		7,293		1,018,944
Schindler Holding AG Participation Certificates		4,181		596,266
SGS SA		777		1,680,652
Sika AG		95		361,614
Sonova Holding AG		5,006		757,441
STMicroelectronics NV		49,883		373,839
Sulzer AG		1,688		188,497
Swatch Group AG (The) — Bearer		3,386		1,673,288
Swatch Group AG (The) — Registered		1,614		148,580
Swiss Life Holding AG*		6,735		1,543,212
Swiss Prime Site AG*		4,988		384,586
Swiss Re AG*		30,314		2,591,396
Swisscom AG		2,461		1,493,792
Syngenta AG		8,440		2,780,287
Transocean Ltd.		30,448		644,726
UBS AG*		302,494		5,447,240
Wolseley PLC		23,506		1,318,128
Zurich Insurance Group AG*		14,308		4,483,791

				117,779,285

United Kingdom — 17.6%
3i Group PLC		102,995		714,305
Aberdeen Asset Management PLC		42,199		296,553
Admiral Group PLC		1,586		30,719
Aggreko PLC		23,386		559,993
Amec Foster Wheeler PLC		26,950		393,390
Anglo American PLC		121,707		2,512,274
Antofagasta PLC		14,332		164,990
ARM Holdings PLC		121,758		1,739,264
Ashtead Group PLC		46,644		767,928
Associated British Foods PLC		31,269		1,564,427
AstraZeneca PLC		114,168		8,524,259
Aviva PLC		300,605		2,385,307
Babcock International Group PLC		27,693		491,830
BAE Systems PLC		382,469		2,874,193
Barclays PLC		1,479,007		5,663,520
BG Group PLC		292,372		4,111,110
BHP Billiton PLC		182,092		4,314,801
BP PLC		1,647,543		10,813,770
British American Tobacco PLC		170,621		10,112,799
British Land Co. PLC REIT		93,506		1,121,721
BT Group PLC		715,919		4,587,160
Bunzl PLC		29,582		825,266
Burberry Group PLC		37,905		976,933
Capita PLC		57,318		957,986
Carnival PLC		10,971		483,259
Centrica PLC		439,876		1,955,463
CNH Industrial NV		81,342		636,709
Cobham PLC		96,191		453,158
Compass Group PLC		151,035		2,571,511
Croda International PLC		12,429		476,426
Diageo PLC		223,262		6,908,498


See Notes to Financial Statements.		61

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

United Kingdom (Continued)
Direct Line Insurance Group PLC		120,551	$	554,550
Dixons Carphone PLC		72,187		477,300
easyJet PLC		1,547		39,944
Fiat Chrysler Automobiles NV*		50,788		633,421
G4S PLC		135,908		586,769
GKN PLC		149,157		804,497
GlaxoSmithKline PLC		436,753		10,130,868
Hammerson PLC REIT		61,669		600,122
Hargreaves Lansdown PLC		14,112		215,031
HSBC Holdings PLC		1,771,127		17,622,742
ICAP PLC		45,919		298,954
IMI PLC		23,530		434,066
Imperial Tobacco Group PLC		80,784		3,735,093
Inmarsat PLC		38,558		478,512
InterContinental Hotels Group PLC		22,579		955,781
International Consolidated Airlines Group SA*		92,096		658,131
Intertek Group PLC		14,293		521,308
Intu Properties PLC REIT		80,232		447,279
Investec PLC		60,844		562,631
ITV PLC		318,307		1,065,001
J Sainsbury PLC		105,879		386,007
Johnson Matthey PLC		18,311		951,302
Kingfisher PLC		203,053		989,575
Land Securities Group PLC REIT		92,160		1,710,186
Legal & General Group PLC		533,861		2,057,224
Lloyds Banking Group PLC*		5,281,114		6,628,202
London Stock Exchange Group PLC		20,414		719,050
Marks & Spencer Group PLC		137,825		1,051,664
Meggitt PLC		70,135		551,045
Melrose Industries PLC		4,908		19,833
Merlin Entertainments PLC, 144A		1,000		5,920
National Grid PLC		348,795		5,066,843
Next PLC		14,280		1,511,199
Old Mutual PLC		424,238		1,327,318
Pearson PLC		87,052		1,673,868
Persimmon PLC*		27,672		662,624
Petrofac Ltd.		1,613		20,786
Prudential PLC		260,385		6,296,094
Reckitt Benckiser Group PLC		61,720		5,066,207
Reed Elsevier PLC		101,899		1,771,534
Rexam PLC		62,543		441,963
Rio Tinto PLC		113,964		5,327,043
Rolls-Royce Holdings PLC*		171,038		2,250,852
Royal Bank of Scotland Group PLC*		198,614		1,226,369
Royal Mail PLC		29,575		193,009
RSA Insurance Group PLC*		91,357		668,125
SABMiller PLC		93,911		5,228,035
Sage Group PLC (The)		75,326		478,994
Schroders PLC		10,107		425,466
Segro PLC REIT		64,210		393,464
Severn Trent PLC		21,873		698,009
Sky PLC		122,483		1,783,101
Smith & Nephew PLC		66,828		1,158,686
Smiths Group PLC		34,283		619,579
Sports Direct International PLC*		9,040		93,266
SSE PLC		90,538		2,319,311


	Number of Shares		Value

United Kingdom (Continued)
Standard Chartered PLC		222,772	$	3,260,850
Standard Life PLC		206,701		1,368,966
Subsea 7 SA		23,693		236,070
Tate & Lyle PLC		54,694		515,586
Tesco PLC		681,005		1,983,339
Travis Perkins PLC		21,238		599,454
TUI Travel PLC		69,791		484,787
Tullow Oil PLC		85,372		568,080
Unilever PLC		108,742		4,596,311
United Utilities Group PLC		58,359		825,431
Vodafone Group PLC		2,420,731		8,846,142
Weir Group PLC (The)		22,734		666,183
Whitbread PLC		19,741		1,414,432
William Hill PLC		78,678		411,702
WM Morrison Supermarkets PLC		192,140		535,723
WPP PLC		117,869		2,467,111

				211,363,442

TOTAL COMMON STOCKS (Cost $1,182,695,732)				1,184,152,939

PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		842		71,488
Fuchs Petrolub SE		1,486		61,476
Henkel AG & Co. KGaA		15,308		1,698,287
Porsche Automobil Holding SE		12,628		1,099,794
Volkswagen AG		14,896		3,430,372

				6,361,417

United Kingdom — 0.0%
Rolls-Royce Holdings PLC, Class C*		11,515,770		17,988

TOTAL PREFERRED STOCKS (Cost $6,222,381)				6,379,405

RIGHTS — 0.0%
Australia — 0.0%
Harvey Norman Holdings Ltd.*, expires 1/15/15		4,268		6,537

Hong Kong — 0.0%
Shangri-La Asia Ltd.*, expires 1/15/15		46,318		2,001

Spain — 0.0%
CaixaBank SA*, expires 1/09/15		131,175		8,808

TOTAL RIGHTS (Cost $8,183)				17,346

WARRANTS — 0.0%
Hong Kong — 0.0%
Sun Hung Kai Properties Ltd.*, expires 4/22/16 (Cost $4,861)		4,854		10,553


TOTAL INVESTMENTS — 98.8% (Cost $1,188,931,157)			$	1,190,560,243
Other assets less liabilities — 1.2%				14,000,542

NET ASSETS — 100.0%			$	1,204,560,785


See Notes to Financial Statements.		62

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)

As of November 30, 2014, the Fund had the following futures contracts open:


Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Depreciation
E-mini MSCI EAFE Index Futures		20	$	1,836,400		12/19/2014	$	(54,600	)

As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/2/2014	CHF	19,772,000	USD	20,546,906	$	84,293
Barclays Bank PLC	12/2/2014	CHF	488,000	USD	507,294		2,249
Barclays Bank PLC	12/2/2014	CHF	359,500	USD	374,395		2,338
Barclays Bank PLC	12/2/2014	CHF	243,500	USD	250,197		(1,809	)
Barclays Bank PLC	12/2/2014	CHF	1,453,500	USD	1,504,417		148
Barclays Bank PLC	12/2/2014	CHF	369,000	USD	383,096		1,207
Barclays Bank PLC	12/2/2014	CHF	1,223,500	USD	1,275,849		9,614
Barclays Bank PLC	12/2/2014	CHF	1,190,500	USD	1,233,833		1,751
Barclays Bank PLC	12/2/2014	CHF	235,000	USD	245,345		2,136
Barclays Bank PLC	12/2/2014	CHF	1,486,500	USD	1,533,015		(5,407	)
Barclays Bank PLC	12/2/2014	CHF	4,210,000	USD	4,367,324		10,274
Canadian Imperial Bank of Commerce	12/2/2014	CHF	19,772,000	USD	20,547,034		84,421
JP Morgan & Chase Co.	12/2/2014	CHF	19,772,000	USD	20,546,821		84,207
JP Morgan & Chase Co.	12/2/2014	CHF	488,000	USD	507,294		2,249
JP Morgan & Chase Co.	12/2/2014	CHF	1,190,500	USD	1,233,833		1,751
JP Morgan & Chase Co.	12/2/2014	CHF	359,500	USD	374,431		2,374
JP Morgan & Chase Co.	12/2/2014	CHF	243,500	USD	250,196		(1,809	)
JP Morgan & Chase Co.	12/2/2014	CHF	1,453,500	USD	1,504,415		146
JP Morgan & Chase Co.	12/2/2014	CHF	369,000	USD	383,094		1,205
JP Morgan & Chase Co.	12/2/2014	CHF	1,223,500	USD	1,275,851		9,615
JP Morgan & Chase Co.	12/2/2014	CHF	235,000	USD	245,344		2,135
JP Morgan & Chase Co.	12/2/2014	CHF	1,486,500	USD	1,533,002		(5,420	)
JP Morgan & Chase Co.	12/2/2014	CHF	4,210,000	USD	4,367,315		10,265
State Street Bank & Trust Co.	12/2/2014	CHF	19,772,000	USD	20,547,376		84,763
The Bank of New York Mellon	12/2/2014	CHF	49,400	USD	51,208		82
The Bank of New York Mellon	12/2/2014	CHF	402,000	USD	418,312		2,270
Barclays Bank PLC	12/2/2014	DKK	20,893,000	USD	3,517,344		25,691
Barclays Bank PLC	12/2/2014	DKK	547,500	USD	92,193		694
Barclays Bank PLC	12/2/2014	DKK	400,500	USD	67,509		577
Barclays Bank PLC	12/2/2014	DKK	266,500	USD	44,351		(186	)
Barclays Bank PLC	12/2/2014	DKK	1,598,500	USD	267,696		554
Barclays Bank PLC	12/2/2014	DKK	397,500	USD	66,645		215
Barclays Bank PLC	12/2/2014	DKK	1,322,000	USD	222,490		1,557
Barclays Bank PLC	12/2/2014	DKK	1,341,000	USD	225,083		974
Barclays Bank PLC	12/2/2014	DKK	268,500	USD	45,241		369
Barclays Bank PLC	12/2/2014	DKK	1,693,500	USD	282,050		(968	)
Barclays Bank PLC	12/2/2014	DKK	4,866,000	USD	816,068		2,859
Canadian Imperial Bank of Commerce	12/2/2014	DKK	20,893,000	USD	3,517,207		25,555
JP Morgan & Chase Co.	12/2/2014	DKK	20,893,000	USD	3,517,340		25,688
JP Morgan & Chase Co.	12/2/2014	DKK	547,500	USD	92,192		693
JP Morgan & Chase Co.	12/2/2014	DKK	1,341,000	USD	225,080		972
JP Morgan & Chase Co.	12/2/2014	DKK	400,500	USD	67,515		583
JP Morgan & Chase Co.	12/2/2014	DKK	266,500	USD	44,352		(186	)
JP Morgan & Chase Co.	12/2/2014	DKK	1,598,500	USD	267,704		561
JP Morgan & Chase Co.	12/2/2014	DKK	397,500	USD	66,645		214
JP Morgan & Chase Co.	12/2/2014	DKK	1,322,000	USD	222,490		1,556
JP Morgan & Chase Co.	12/2/2014	DKK	268,500	USD	45,242		370
JP Morgan & Chase Co.	12/2/2014	DKK	1,693,500	USD	282,050		(969	)
JP Morgan & Chase Co.	12/2/2014	DKK	4,866,000	USD	816,065		2,856


See Notes to Financial Statements.		63

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	12/2/2014	DKK	20,893,000	USD	3,517,352	$	25,700
Barclays Bank PLC	12/2/2014	EUR	52,224,000	USD	65,442,260		503,998
Barclays Bank PLC	12/2/2014	EUR	1,314,000	USD	1,646,910		13,008
Barclays Bank PLC	12/2/2014	EUR	958,500	USD	1,202,495		10,643
Barclays Bank PLC	12/2/2014	EUR	652,500	USD	807,689		(3,667	)
Barclays Bank PLC	12/2/2014	EUR	3,877,000	USD	4,829,057		8,177
Barclays Bank PLC	12/2/2014	EUR	968,500	USD	1,208,658		4,371
Barclays Bank PLC	12/2/2014	EUR	3,233,500	USD	4,050,796		30,080
Barclays Bank PLC	12/2/2014	EUR	3,216,000	USD	4,017,910		18,954
Barclays Bank PLC	12/2/2014	EUR	661,500	USD	829,744		7,198
Barclays Bank PLC	12/2/2014	EUR	4,212,500	USD	5,220,349		(17,711	)
Barclays Bank PLC	12/2/2014	EUR	12,134,000	USD	15,139,119		51,020
Canadian Imperial Bank of Commerce	12/2/2014	EUR	52,224,000	USD	65,441,894		503,632
JP Morgan & Chase Co.	12/2/2014	EUR	52,224,000	USD	65,441,372		503,110
JP Morgan & Chase Co.	12/2/2014	EUR	1,314,000	USD	1,646,918		13,016
JP Morgan & Chase Co.	12/2/2014	EUR	3,216,000	USD	4,017,932		18,977
JP Morgan & Chase Co.	12/2/2014	EUR	958,500	USD	1,202,637		10,784
JP Morgan & Chase Co.	12/2/2014	EUR	1,000,000	USD	1,248,557		5,101
JP Morgan & Chase Co.	12/2/2014	EUR	652,500	USD	807,688		(3,667	)
JP Morgan & Chase Co.	12/2/2014	EUR	600,000	USD	745,340		(734	)
JP Morgan & Chase Co.	12/2/2014	EUR	3,877,000	USD	4,829,265		8,385
JP Morgan & Chase Co.	12/2/2014	EUR	968,500	USD	1,208,658		4,371
JP Morgan & Chase Co.	12/2/2014	EUR	3,233,500	USD	4,050,793		30,077
JP Morgan & Chase Co.	12/2/2014	EUR	661,500	USD	829,747		7,201
JP Morgan & Chase Co.	12/2/2014	EUR	4,212,500	USD	5,220,349		(17,711	)
JP Morgan & Chase Co.	12/2/2014	EUR	12,134,000	USD	15,139,131		51,032
State Street Bank & Trust Co.	12/2/2014	EUR	52,224,000	USD	65,443,148		504,885
The Bank of New York Mellon	12/2/2014	EUR	69,800	USD	87,638		845
The Bank of New York Mellon	12/2/2014	EUR	523,000	USD	654,255		3,927
Barclays Bank PLC	12/2/2014	GBP	28,722,000	USD	45,944,237		1,080,132
Barclays Bank PLC	12/2/2014	GBP	712,500	USD	1,139,513		26,580
Barclays Bank PLC	12/2/2014	GBP	524,000	USD	838,060		19,566
Barclays Bank PLC	12/2/2014	GBP	355,000	USD	561,950		7,436
Barclays Bank PLC	12/2/2014	GBP	2,136,500	USD	3,391,337		54,099
Barclays Bank PLC	12/2/2014	GBP	540,000	USD	848,236		4,749
Barclays Bank PLC	12/2/2014	GBP	1,803,000	USD	2,825,245		8,938
Barclays Bank PLC	12/2/2014	GBP	1,739,500	USD	2,778,672		61,552
Barclays Bank PLC	12/2/2014	GBP	365,000	USD	572,106		1,972
Barclays Bank PLC	12/2/2014	GBP	2,298,000	USD	3,598,693		9,190
Barclays Bank PLC	12/2/2014	GBP	6,534,500	USD	10,265,353		58,387
Canadian Imperial Bank of Commerce	12/2/2014	GBP	28,722,000	USD	45,940,265		1,076,160
JP Morgan & Chase Co.	12/2/2014	GBP	28,722,000	USD	45,939,977		1,075,872
JP Morgan & Chase Co.	12/2/2014	GBP	712,500	USD	1,139,518		26,584
JP Morgan & Chase Co.	12/2/2014	GBP	1,739,500	USD	2,778,674		61,554
JP Morgan & Chase Co.	12/2/2014	GBP	524,000	USD	838,144		19,650
JP Morgan & Chase Co.	12/2/2014	GBP	600,000	USD	958,076		20,869
JP Morgan & Chase Co.	12/2/2014	GBP	355,000	USD	561,948		7,434
JP Morgan & Chase Co.	12/2/2014	GBP	400,000	USD	636,243		11,438
JP Morgan & Chase Co.	12/2/2014	GBP	2,136,500	USD	3,391,339		54,101
JP Morgan & Chase Co.	12/2/2014	GBP	540,000	USD	848,236		4,749
JP Morgan & Chase Co.	12/2/2014	GBP	1,803,000	USD	2,825,251		8,943
JP Morgan & Chase Co.	12/2/2014	GBP	365,000	USD	572,108		1,974
JP Morgan & Chase Co.	12/2/2014	GBP	2,298,000	USD	3,598,696		9,192
JP Morgan & Chase Co.	12/2/2014	GBP	6,534,500	USD	10,265,360		58,393
State Street Bank & Trust Co.	12/2/2014	GBP	28,722,000	USD	45,940,322		1,076,217
The Bank of New York Mellon	12/2/2014	GBP	211,000	USD	337,571		7,986


See Notes to Financial Statements.		64

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/2/2014	ILS	4,339,000	USD	1,144,125	$	29,932
Barclays Bank PLC	12/2/2014	ILS	113,500	USD	29,866		720
Barclays Bank PLC	12/2/2014	ILS	87,000	USD	22,981		641
Barclays Bank PLC	12/2/2014	ILS	58,500	USD	15,366		344
Barclays Bank PLC	12/2/2014	ILS	352,000	USD	92,379		1,990
Barclays Bank PLC	12/2/2014	ILS	88,500	USD	23,227		502
Barclays Bank PLC	12/2/2014	ILS	295,000	USD	77,375		1,624
Barclays Bank PLC	12/2/2014	ILS	267,000	USD	70,167		1,605
Barclays Bank PLC	12/2/2014	ILS	59,000	USD	15,354		204
Barclays Bank PLC	12/2/2014	ILS	369,000	USD	95,698		944
Barclays Bank PLC	12/2/2014	ILS	1,038,000	USD	268,762		2,218
Canadian Imperial Bank of Commerce	12/2/2014	ILS	4,339,000	USD	1,143,980		29,787
JP Morgan & Chase Co.	12/2/2014	ILS	4,339,000	USD	1,144,156		29,963
JP Morgan & Chase Co.	12/2/2014	ILS	113,500	USD	29,866		721
JP Morgan & Chase Co.	12/2/2014	ILS	267,000	USD	70,168		1,607
JP Morgan & Chase Co.	12/2/2014	ILS	87,000	USD	22,984		644
JP Morgan & Chase Co.	12/2/2014	ILS	58,500	USD	15,366		344
JP Morgan & Chase Co.	12/2/2014	ILS	352,000	USD	92,378		1,989
JP Morgan & Chase Co.	12/2/2014	ILS	88,500	USD	23,227		501
JP Morgan & Chase Co.	12/2/2014	ILS	295,000	USD	77,370		1,619
JP Morgan & Chase Co.	12/2/2014	ILS	59,000	USD	15,354		203
JP Morgan & Chase Co.	12/2/2014	ILS	369,000	USD	95,697		943
JP Morgan & Chase Co.	12/2/2014	ILS	1,038,000	USD	268,764		2,220
State Street Bank & Trust Co.	12/2/2014	ILS	4,339,000	USD	1,144,170		29,978
Barclays Bank PLC	12/2/2014	NOK	12,441,000	USD	1,840,976		67,604
Barclays Bank PLC	12/2/2014	NOK	307,000	USD	45,471		1,711
Barclays Bank PLC	12/2/2014	NOK	224,500	USD	32,721		720
Barclays Bank PLC	12/2/2014	NOK	151,000	USD	21,976		452
Barclays Bank PLC	12/2/2014	NOK	912,500	USD	133,865		3,795
Barclays Bank PLC	12/2/2014	NOK	227,500	USD	33,488		1,060
Barclays Bank PLC	12/2/2014	NOK	761,500	USD	112,764		4,218
Barclays Bank PLC	12/2/2014	NOK	754,500	USD	110,826		3,278
Barclays Bank PLC	12/2/2014	NOK	155,000	USD	22,822		728
Barclays Bank PLC	12/2/2014	NOK	973,500	USD	143,169		4,403
Barclays Bank PLC	12/2/2014	NOK	2,753,500	USD	404,009		11,518
Canadian Imperial Bank of Commerce	12/2/2014	NOK	12,441,000	USD	1,841,065		67,694
JP Morgan & Chase Co.	12/2/2014	NOK	12,441,000	USD	1,841,104		67,732
JP Morgan & Chase Co.	12/2/2014	NOK	307,000	USD	45,471		1,710
JP Morgan & Chase Co.	12/2/2014	NOK	754,500	USD	110,826		3,278
JP Morgan & Chase Co.	12/2/2014	NOK	224,500	USD	32,724		723
JP Morgan & Chase Co.	12/2/2014	NOK	151,000	USD	21,977		453
JP Morgan & Chase Co.	12/2/2014	NOK	912,500	USD	133,868		3,798
JP Morgan & Chase Co.	12/2/2014	NOK	227,500	USD	33,488		1,060
JP Morgan & Chase Co.	12/2/2014	NOK	761,500	USD	112,764		4,218
JP Morgan & Chase Co.	12/2/2014	NOK	155,000	USD	22,822		728
JP Morgan & Chase Co.	12/2/2014	NOK	973,500	USD	143,169		4,404
JP Morgan & Chase Co.	12/2/2014	NOK	2,753,500	USD	404,009		11,518
State Street Bank & Trust Co.	12/2/2014	NOK	12,441,000	USD	1,841,051		67,679
The Bank of New York Mellon	12/2/2014	NOK	120,000	USD	17,129		23
Barclays Bank PLC	12/2/2014	SEK	50,886,000	USD	6,876,554		52,218
Barclays Bank PLC	12/2/2014	SEK	1,267,000	USD	171,592		1,674
Barclays Bank PLC	12/2/2014	SEK	935,000	USD	126,617		1,224
Barclays Bank PLC	12/2/2014	SEK	630,000	USD	84,778		288
Barclays Bank PLC	12/2/2014	SEK	3,769,000	USD	509,003		3,542
Barclays Bank PLC	12/2/2014	SEK	950,000	USD	127,894		489
Barclays Bank PLC	12/2/2014	SEK	3,158,000	USD	427,324		3,804


See Notes to Financial Statements.		65

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/2/2014	SEK	3,089,000	USD	416,444	$	2,178
Barclays Bank PLC	12/2/2014	SEK	638,500	USD	86,389		760
Barclays Bank PLC	12/2/2014	SEK	4,048,000	USD	542,382		(496	)
Barclays Bank PLC	12/2/2014	SEK	11,673,000	USD	1,571,492		6,023
Canadian Imperial Bank of Commerce	12/2/2014	SEK	50,886,000	USD	6,876,486		52,151
JP Morgan & Chase Co.	12/2/2014	SEK	50,886,000	USD	6,876,579		52,244
JP Morgan & Chase Co.	12/2/2014	SEK	1,267,000	USD	171,591		1,673
JP Morgan & Chase Co.	12/2/2014	SEK	3,089,000	USD	416,442		2,175
JP Morgan & Chase Co.	12/2/2014	SEK	935,000	USD	126,618		1,225
JP Morgan & Chase Co.	12/2/2014	SEK	630,000	USD	84,778		288
JP Morgan & Chase Co.	12/2/2014	SEK	3,769,000	USD	509,008		3,546
JP Morgan & Chase Co.	12/2/2014	SEK	950,000	USD	127,893		488
JP Morgan & Chase Co.	12/2/2014	SEK	3,158,000	USD	427,323		3,802
JP Morgan & Chase Co.	12/2/2014	SEK	638,500	USD	86,389		759
JP Morgan & Chase Co.	12/2/2014	SEK	4,048,000	USD	542,382		(497	)
JP Morgan & Chase Co.	12/2/2014	SEK	11,673,000	USD	1,571,484		6,015
State Street Bank & Trust Co.	12/2/2014	SEK	50,886,000	USD	6,876,562		52,226
Barclays Bank PLC	12/2/2014	USD	1,436,328	CHF	1,384,000		(3,987	)
Barclays Bank PLC	12/2/2014	USD	30,754,149	CHF	29,647,000		(71,614	)
Barclays Bank PLC	12/2/2014	USD	5,625,429	DKK	33,594,500		(11,094	)
Barclays Bank PLC	12/2/2014	USD	3,137,935	EUR	2,500,000		(29,294	)
Barclays Bank PLC	12/2/2014	USD	2,384,771	EUR	1,910,000		(9,769	)
Barclays Bank PLC	12/2/2014	USD	98,486,332	EUR	79,042,000		(201,058	)
Barclays Bank PLC	12/2/2014	USD	2,356,224	GBP	1,500,000		(13,206	)
Barclays Bank PLC	12/2/2014	USD	1,662,083	GBP	1,057,000		(11,036	)
Barclays Bank PLC	12/2/2014	USD	67,611,077	GBP	43,173,000		(174,338	)
Barclays Bank PLC	12/2/2014	USD	1,813,737	ILS	7,066,500		838
Barclays Bank PLC	12/2/2014	USD	2,806,661	NOK	19,661,500		(4,061	)
Barclays Bank PLC	12/2/2014	USD	10,887,968	SEK	81,043,500		(19,202	)
Canadian Imperial Bank of Commerce	12/2/2014	USD	20,521,017	CHF	19,772,000		(58,404	)
Canadian Imperial Bank of Commerce	12/2/2014	USD	3,500,427	DKK	20,893,000		(8,775	)
Canadian Imperial Bank of Commerce	12/2/2014	USD	65,105,050	EUR	52,224,000		(166,787	)
Canadian Imperial Bank of Commerce	12/2/2014	USD	44,980,088	GBP	28,722,000		(115,983	)
Canadian Imperial Bank of Commerce	12/2/2014	USD	1,113,249	ILS	4,339,000		943
Canadian Imperial Bank of Commerce	12/2/2014	USD	1,775,802	NOK	12,441,000		(2,430	)
Canadian Imperial Bank of Commerce	12/2/2014	USD	6,837,770	SEK	50,886,000		(13,434	)
JP Morgan & Chase Co.	12/2/2014	USD	517,837	CHF	500,000		(373	)
JP Morgan & Chase Co.	12/2/2014	USD	31,687,597	CHF	30,531,000		(90,185	)
JP Morgan & Chase Co.	12/2/2014	USD	5,628,445	DKK	33,594,500		(14,109	)
JP Morgan & Chase Co.	12/2/2014	USD	6,900	EUR	5,506		(53	)
JP Morgan & Chase Co.	12/2/2014	USD	1,248,526	EUR	1,000,000		(5,070	)
JP Morgan & Chase Co.	12/2/2014	USD	1,351,000	EUR	1,088,324		2,284
JP Morgan & Chase Co.	12/2/2014	USD	103,419,802	EUR	82,958,169		(264,943	)
JP Morgan & Chase Co.	12/2/2014	USD	958,898	GBP	600,000		(21,691	)
JP Morgan & Chase Co.	12/2/2014	USD	706,356	GBP	450,000		(3,451	)
JP Morgan & Chase Co.	12/2/2014	USD	71,537,164	GBP	45,680,000		(184,462	)
JP Morgan & Chase Co.	12/2/2014	USD	1,813,039	ILS	7,066,500		1,536
JP Morgan & Chase Co.	12/2/2014	USD	2,806,440	NOK	19,661,500		(3,840	)
JP Morgan & Chase Co.	12/2/2014	USD	10,890,162	SEK	81,043,500		(21,396	)
State Street Bank & Trust Co.	12/2/2014	USD	20,521,017	CHF	19,772,000		(58,404	)
State Street Bank & Trust Co.	12/2/2014	USD	3,500,427	DKK	20,893,000		(8,775	)
State Street Bank & Trust Co.	12/2/2014	USD	65,105,050	EUR	52,224,000		(166,787	)
State Street Bank & Trust Co.	12/2/2014	USD	44,980,088	GBP	28,722,000		(115,983	)
State Street Bank & Trust Co.	12/2/2014	USD	1,113,249	ILS	4,339,000		943
State Street Bank & Trust Co.	12/2/2014	USD	1,775,802	NOK	12,441,000		(2,430	)
State Street Bank & Trust Co.	12/2/2014	USD	6,837,770	SEK	50,886,000		(13,434	)


See Notes to Financial Statements.		66

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon	12/2/2014	USD	468,500	CHF	451,400	$	(1,333	)
The Bank of New York Mellon	12/2/2014	USD	739,014	EUR	592,800		(1,893	)
The Bank of New York Mellon	12/2/2014	USD	110,558	GBP	70,000		(1,217	)
The Bank of New York Mellon	12/2/2014	USD	220,813	GBP	141,000		(569	)
The Bank of New York Mellon	12/2/2014	USD	17,589	NOK	120,000		(484	)
Barclays Bank PLC	12/3/2014	AUD	20,171,000	USD	17,694,304		534,556
Barclays Bank PLC	12/3/2014	AUD	499,500	USD	438,668		13,736
Barclays Bank PLC	12/3/2014	AUD	371,500	USD	323,935		7,894
Barclays Bank PLC	12/3/2014	AUD	248,500	USD	212,461		1,059
Barclays Bank PLC	12/3/2014	AUD	1,501,000	USD	1,293,871		16,950
Barclays Bank PLC	12/3/2014	AUD	367,500	USD	319,905		7,268
Barclays Bank PLC	12/3/2014	AUD	1,227,000	USD	1,073,571		29,745
Barclays Bank PLC	12/3/2014	AUD	1,227,000	USD	1,064,224		20,398
Barclays Bank PLC	12/3/2014	AUD	242,500	USD	208,718		2,420
Barclays Bank PLC	12/3/2014	AUD	1,498,500	USD	1,298,151		23,356
Barclays Bank PLC	12/3/2014	AUD	4,284,000	USD	3,652,757		8,299
Canadian Imperial Bank of Commerce	12/3/2014	AUD	20,171,000	USD	17,696,825		537,078
JP Morgan & Chase Co.	12/3/2014	AUD	20,171,000	USD	17,696,523		536,775
JP Morgan & Chase Co.	12/3/2014	AUD	499,500	USD	438,675		13,743
JP Morgan & Chase Co.	12/3/2014	AUD	1,227,000	USD	1,064,229		20,403
JP Morgan & Chase Co.	12/3/2014	AUD	371,500	USD	323,955		7,915
JP Morgan & Chase Co.	12/3/2014	AUD	248,500	USD	212,462		1,060
JP Morgan & Chase Co.	12/3/2014	AUD	1,501,000	USD	1,293,882		16,960
JP Morgan & Chase Co.	12/3/2014	AUD	367,500	USD	319,905		7,268
JP Morgan & Chase Co.	12/3/2014	AUD	1,227,000	USD	1,073,565		29,739
JP Morgan & Chase Co.	12/3/2014	AUD	242,500	USD	208,719		2,421
JP Morgan & Chase Co.	12/3/2014	AUD	1,498,500	USD	1,298,154		23,359
JP Morgan & Chase Co.	12/3/2014	AUD	4,284,000	USD	3,652,774		8,316
State Street Bank & Trust Co.	12/3/2014	AUD	20,171,000	USD	17,694,606		534,859
The Bank of New York Mellon	12/3/2014	AUD	355,200	USD	309,808		7,635
Barclays Bank PLC	12/3/2014	HKD	54,172,000	USD	6,985,393		211
Barclays Bank PLC	12/3/2014	HKD	1,340,000	USD	172,792		6
Barclays Bank PLC	12/3/2014	HKD	3,293,500	USD	424,794		115
Barclays Bank PLC	12/3/2014	HKD	993,000	USD	128,082		40
Barclays Bank PLC	12/3/2014	HKD	655,000	USD	84,486		27
Barclays Bank PLC	12/3/2014	HKD	3,926,000	USD	506,401		165
Barclays Bank PLC	12/3/2014	HKD	1,016,500	USD	131,082		10
Barclays Bank PLC	12/3/2014	HKD	3,405,000	USD	439,079		23
Barclays Bank PLC	12/3/2014	HKD	665,000	USD	85,745		(3	)
Barclays Bank PLC	12/3/2014	HKD	4,156,000	USD	535,675		(218	)
Barclays Bank PLC	12/3/2014	HKD	11,961,000	USD	1,542,541		236
Canadian Imperial Bank of Commerce	12/3/2014	HKD	54,172,000	USD	6,985,393		211
JP Morgan & Chase Co.	12/3/2014	HKD	54,172,000	USD	6,985,384		202
JP Morgan & Chase Co.	12/3/2014	HKD	1,340,000	USD	172,793		7
JP Morgan & Chase Co.	12/3/2014	HKD	3,293,500	USD	424,794		116
JP Morgan & Chase Co.	12/3/2014	HKD	993,000	USD	128,095		53
JP Morgan & Chase Co.	12/3/2014	HKD	655,000	USD	84,486		27
JP Morgan & Chase Co.	12/3/2014	HKD	3,926,000	USD	506,404		168
JP Morgan & Chase Co.	12/3/2014	HKD	1,016,500	USD	131,082		10
JP Morgan & Chase Co.	12/3/2014	HKD	3,405,000	USD	439,080		24
JP Morgan & Chase Co.	12/3/2014	HKD	665,000	USD	85,745		(3	)
JP Morgan & Chase Co.	12/3/2014	HKD	4,156,000	USD	535,677		(216	)
JP Morgan & Chase Co.	12/3/2014	HKD	11,961,000	USD	1,542,538		233
State Street Bank & Trust Co.	12/3/2014	HKD	54,172,000	USD	6,985,506		324
The Bank of New York Mellon	12/3/2014	HKD	6,400,000	USD	825,368		123
Barclays Bank PLC	12/3/2014	JPY	5,160,915,000	USD	46,046,749		2,570,938


See Notes to Financial Statements.		67

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/3/2014	JPY	129,207,500	USD	1,150,532	$	62,081
Barclays Bank PLC	12/3/2014	JPY	99,864,500	USD	878,566		37,303
Barclays Bank PLC	12/3/2014	JPY	68,685,000	USD	596,481		17,875
Barclays Bank PLC	12/3/2014	JPY	414,515,500	USD	3,617,621		125,721
Barclays Bank PLC	12/3/2014	JPY	105,510,000	USD	911,337		22,515
Barclays Bank PLC	12/3/2014	JPY	354,306,500	USD	3,047,137		62,441
Barclays Bank PLC	12/3/2014	JPY	329,451,500	USD	2,895,905		120,589
Barclays Bank PLC	12/3/2014	JPY	70,716,000	USD	599,325		3,610
Barclays Bank PLC	12/3/2014	JPY	442,957,000	USD	3,762,600		31,108
Barclays Bank PLC	12/3/2014	JPY	1,267,022,500	USD	10,741,812		68,350
Canadian Imperial Bank of Commerce	12/3/2014	JPY	5,160,915,000	USD	46,044,654		2,568,842
JP Morgan & Chase Co.	12/3/2014	JPY	5,160,915,000	USD	46,044,243		2,568,432
JP Morgan & Chase Co.	12/3/2014	JPY	129,207,500	USD	1,150,533		62,082
JP Morgan & Chase Co.	12/3/2014	JPY	329,451,500	USD	2,895,949		120,632
JP Morgan & Chase Co.	12/3/2014	JPY	99,864,500	USD	878,678		37,415
JP Morgan & Chase Co.	12/3/2014	JPY	60,000,000	USD	523,818		18,375
JP Morgan & Chase Co.	12/3/2014	JPY	68,685,000	USD	596,473		17,867
JP Morgan & Chase Co.	12/3/2014	JPY	414,515,500	USD	3,617,607		125,707
JP Morgan & Chase Co.	12/3/2014	JPY	105,510,000	USD	911,334		22,513
JP Morgan & Chase Co.	12/3/2014	JPY	354,306,500	USD	3,047,135		62,439
JP Morgan & Chase Co.	12/3/2014	JPY	70,716,000	USD	599,297		3,582
JP Morgan & Chase Co.	12/3/2014	JPY	64,000,000	USD	544,674		5,535
JP Morgan & Chase Co.	12/3/2014	JPY	442,957,000	USD	3,762,757		31,264
JP Morgan & Chase Co.	12/3/2014	JPY	1,267,022,500	USD	10,741,812		68,350
State Street Bank & Trust Co.	12/3/2014	JPY	5,160,915,000	USD	46,046,009		2,570,198
The Bank of New York Mellon	12/3/2014	JPY	36,400,000	USD	319,958		13,322
The Bank of New York Mellon	12/3/2014	JPY	147,800,000	USD	1,301,840		56,765
The Bank of New York Mellon	12/3/2014	JPY	897,000,000	USD	7,824,835		268,462
The Bank of New York Mellon	12/3/2014	JPY	10,400,000	USD	89,889		2,279
Barclays Bank PLC	12/3/2014	NZD	358,000	USD	277,694		(3,063	)
Barclays Bank PLC	12/3/2014	NZD	9,000	USD	6,996		(63	)
Barclays Bank PLC	12/3/2014	NZD	6,500	USD	5,039		(58	)
Barclays Bank PLC	12/3/2014	NZD	4,500	USD	3,454		(75	)
Barclays Bank PLC	12/3/2014	NZD	26,500	USD	20,482		(300	)
Barclays Bank PLC	12/3/2014	NZD	6,500	USD	5,118		21
Barclays Bank PLC	12/3/2014	NZD	22,500	USD	17,777		131
Barclays Bank PLC	12/3/2014	NZD	22,000	USD	16,941		(313	)
Barclays Bank PLC	12/3/2014	NZD	4,500	USD	3,533		4
Barclays Bank PLC	12/3/2014	NZD	28,500	USD	22,443		92
Barclays Bank PLC	12/3/2014	NZD	75,000	USD	58,568		(250	)
Canadian Imperial Bank of Commerce	12/3/2014	NZD	358,000	USD	277,727		(3,030	)
JP Morgan & Chase Co.	12/3/2014	NZD	358,000	USD	277,727		(3,030	)
JP Morgan & Chase Co.	12/3/2014	NZD	9,000	USD	6,996		(62	)
JP Morgan & Chase Co.	12/3/2014	NZD	22,000	USD	16,945		(308	)
JP Morgan & Chase Co.	12/3/2014	NZD	6,500	USD	5,040		(57	)
JP Morgan & Chase Co.	12/3/2014	NZD	4,500	USD	3,455		(74	)
JP Morgan & Chase Co.	12/3/2014	NZD	26,500	USD	20,483		(299	)
JP Morgan & Chase Co.	12/3/2014	NZD	6,500	USD	5,119		21
JP Morgan & Chase Co.	12/3/2014	NZD	22,500	USD	17,777		131
JP Morgan & Chase Co.	12/3/2014	NZD	4,500	USD	3,535		5
JP Morgan & Chase Co.	12/3/2014	NZD	28,500	USD	22,443		93
JP Morgan & Chase Co.	12/3/2014	NZD	75,000	USD	58,572		(246	)
State Street Bank & Trust Co.	12/3/2014	NZD	358,000	USD	277,703		(3,054	)
Barclays Bank PLC	12/3/2014	SGD	3,982,000	USD	3,096,950		43,705
Barclays Bank PLC	12/3/2014	SGD	83,000	USD	64,592		951
Barclays Bank PLC	12/3/2014	SGD	62,000	USD	48,066		527


See Notes to Financial Statements.		68

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/3/2014	SGD	41,500	USD	32,025	$	205
Barclays Bank PLC	12/3/2014	SGD	249,000	USD	193,154		2,230
Barclays Bank PLC	12/3/2014	SGD	63,000	USD	48,781		475
Barclays Bank PLC	12/3/2014	SGD	210,500	USD	162,305		902
Barclays Bank PLC	12/3/2014	SGD	208,000	USD	161,083		1,597
Barclays Bank PLC	12/3/2014	SGD	48,000	USD	36,747		(57	)
Barclays Bank PLC	12/3/2014	SGD	299,000	USD	230,143		882
Barclays Bank PLC	12/3/2014	SGD	758,500	USD	583,134		1,545
Canadian Imperial Bank of Commerce	12/3/2014	SGD	3,982,000	USD	3,097,085		43,840
JP Morgan & Chase Co.	12/3/2014	SGD	3,982,000	USD	3,096,941		43,695
JP Morgan & Chase Co.	12/3/2014	SGD	83,000	USD	64,592		951
JP Morgan & Chase Co.	12/3/2014	SGD	208,000	USD	161,079		1,593
JP Morgan & Chase Co.	12/3/2014	SGD	62,000	USD	48,070		531
JP Morgan & Chase Co.	12/3/2014	SGD	41,500	USD	32,026		205
JP Morgan & Chase Co.	12/3/2014	SGD	249,000	USD	193,158		2,234
JP Morgan & Chase Co.	12/3/2014	SGD	63,000	USD	48,781		475
JP Morgan & Chase Co.	12/3/2014	SGD	210,500	USD	162,308		904
JP Morgan & Chase Co.	12/3/2014	SGD	48,000	USD	36,747		(57	)
JP Morgan & Chase Co.	12/3/2014	SGD	299,000	USD	230,147		885
JP Morgan & Chase Co.	12/3/2014	SGD	758,500	USD	583,140		1,551
State Street Bank & Trust Co.	12/3/2014	SGD	3,982,000	USD	3,096,929		43,683
The Bank of New York Mellon	12/3/2014	SGD	805,000	USD	623,413		6,170
The Bank of New York Mellon	12/3/2014	SGD	651,000	USD	505,093		5,931
Barclays Bank PLC	12/3/2014	USD	26,999,866	AUD	31,638,000		(84,984	)
Barclays Bank PLC	12/3/2014	USD	11,035,844	HKD	85,583,000		(386	)
Barclays Bank PLC	12/3/2014	USD	2,545,091	JPY	300,000,000		(17,875	)
Barclays Bank PLC	12/3/2014	USD	2,015,411	JPY	237,519,000		(14,539	)
Barclays Bank PLC	12/3/2014	USD	66,618,623	JPY	7,905,632,000		(21,176	)
Barclays Bank PLC	12/3/2014	USD	442,253	NZD	563,500		(334	)
Barclays Bank PLC	12/3/2014	USD	4,605,685	SGD	6,004,500		(1,663	)
Canadian Imperial Bank of Commerce	12/3/2014	USD	17,215,949	AUD	20,171,000		(56,201	)
Canadian Imperial Bank of Commerce	12/3/2014	USD	6,985,429	HKD	54,172,000		(247	)
Canadian Imperial Bank of Commerce	12/3/2014	USD	43,484,139	JPY	5,160,915,000		(8,328	)
Canadian Imperial Bank of Commerce	12/3/2014	USD	281,030	NZD	358,000		(273	)
Canadian Imperial Bank of Commerce	12/3/2014	USD	3,054,852	SGD	3,982,000		(1,607	)
JP Morgan & Chase Co.	12/3/2014	USD	27,001,293	AUD	31,638,000		(86,411	)
JP Morgan & Chase Co.	12/3/2014	USD	11,035,895	HKD	85,583,000		(437	)
JP Morgan & Chase Co.	12/3/2014	USD	1,301,000	JPY	145,823,886		(72,572	)
JP Morgan & Chase Co.	12/3/2014	USD	877,616	JPY	100,000,000		(35,211	)
JP Morgan & Chase Co.	12/3/2014	USD	1,852,000	JPY	217,720,008		(17,916	)
JP Morgan & Chase Co.	12/3/2014	USD	68,278,620	JPY	8,103,607,105		(13,421	)
JP Morgan & Chase Co.	12/3/2014	USD	442,305	NZD	563,500		(387	)
JP Morgan & Chase Co.	12/3/2014	USD	606,900	SGD	780,343		(8,563	)
JP Morgan & Chase Co.	12/3/2014	USD	4,008,109	SGD	5,224,157		(2,425	)
State Street Bank & Trust Co.	12/3/2014	USD	17,214,839	AUD	20,171,000		(55,092	)
State Street Bank & Trust Co.	12/3/2014	USD	6,985,402	HKD	54,172,000		(220	)
State Street Bank & Trust Co.	12/3/2014	USD	43,484,322	JPY	5,160,915,000		(8,511	)
State Street Bank & Trust Co.	12/3/2014	USD	281,004	NZD	358,000		(246	)
State Street Bank & Trust Co.	12/3/2014	USD	3,054,836	SGD	3,982,000		(1,590	)
The Bank of New York Mellon	12/3/2014	USD	303,145	AUD	355,200		(972	)
The Bank of New York Mellon	12/3/2014	USD	825,273	HKD	6,400,000		(28	)
The Bank of New York Mellon	12/3/2014	USD	407,787	JPY	48,000,000		(3,433	)
The Bank of New York Mellon	12/3/2014	USD	8,793,505	JPY	1,043,600,000		(2,166	)
The Bank of New York Mellon	12/3/2014	USD	1,116,984	SGD	1,456,000		(579	)
Barclays Bank PLC	1/5/2015	DKK	27,785,000	USD	4,653,460		8,908
Canadian Imperial Bank of Commerce	1/5/2015	DKK	27,785,000	USD	4,655,976		11,424


See Notes to Financial Statements.		69

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	1/5/2015	DKK	27,785,000	USD	4,655,990	$	11,438
State Street Bank & Trust Co.	1/5/2015	DKK	27,785,000	USD	4,656,051		11,499
Barclays Bank PLC	1/5/2015	EUR	72,750,000	USD	90,661,778		180,978
Canadian Imperial Bank of Commerce	1/5/2015	EUR	72,750,000	USD	90,709,065		228,266
JP Morgan & Chase Co.	1/5/2015	EUR	72,750,000	USD	90,709,574		228,775
State Street Bank & Trust Co.	1/5/2015	EUR	72,750,000	USD	90,710,520		229,721
Barclays Bank PLC	1/5/2015	GBP	39,103,000	USD	61,225,147		159,150
Canadian Imperial Bank of Commerce	1/5/2015	GBP	39,103,000	USD	61,224,936		158,939
JP Morgan & Chase Co.	1/5/2015	GBP	39,103,000	USD	61,225,249		159,252
State Street Bank & Trust Co.	1/5/2015	GBP	39,103,000	USD	61,225,600		159,604
Barclays Bank PLC	1/5/2015	NOK	15,559,000	USD	2,218,344		3,417
Canadian Imperial Bank of Commerce	1/5/2015	NOK	15,559,000	USD	2,218,183		3,255
JP Morgan & Chase Co.	1/5/2015	NOK	15,559,000	USD	2,218,178		3,250
State Street Bank & Trust Co.	1/5/2015	NOK	15,559,000	USD	2,218,194		3,266
Barclays Bank PLC	1/5/2015	SEK	69,213,000	USD	9,299,113		16,109
Canadian Imperial Bank of Commerce	1/5/2015	SEK	69,213,000	USD	9,301,097		18,093
JP Morgan & Chase Co.	1/5/2015	SEK	69,213,000	USD	9,301,105		18,101
State Street Bank & Trust Co.	1/5/2015	SEK	69,213,000	USD	9,301,024		18,020
Barclays Bank PLC	1/5/2015	USD	1,508,900	CHF	1,453,866		(3,448	)
Barclays Bank PLC	1/5/2015	USD	1,726,200	EUR	1,385,160		(3,446	)
Barclays Bank PLC	1/5/2015	USD	2,522,700	GBP	1,611,187		(6,558	)
Barclays Bank PLC	1/6/2015	AUD	25,882,000	USD	22,033,240		69,367
Canadian Imperial Bank of Commerce	1/6/2015	AUD	25,882,000	USD	22,037,229		73,355
JP Morgan & Chase Co.	1/6/2015	AUD	25,882,000	USD	22,035,857		71,984
State Street Bank & Trust Co.	1/6/2015	AUD	25,882,000	USD	22,035,987		72,113
Barclays Bank PLC	1/6/2015	CHF	27,022,000	USD	28,042,902		61,841
Canadian Imperial Bank of Commerce	1/6/2015	CHF	27,022,000	USD	28,057,898		76,837
JP Morgan & Chase Co.	1/6/2015	CHF	27,022,000	USD	28,058,102		77,041
State Street Bank & Trust Co.	1/6/2015	CHF	27,022,000	USD	28,058,218		77,157
Barclays Bank PLC	1/6/2015	HKD	72,395,000	USD	9,334,928		248
Canadian Imperial Bank of Commerce	1/6/2015	HKD	72,395,000	USD	9,334,882		202
JP Morgan & Chase Co.	1/6/2015	HKD	72,395,000	USD	9,334,906		226
State Street Bank & Trust Co.	1/6/2015	HKD	72,395,000	USD	9,334,955		274
Barclays Bank PLC	1/6/2015	ILS	5,992,000	USD	1,537,910		(862	)
Canadian Imperial Bank of Commerce	1/6/2015	ILS	5,992,000	USD	1,537,289		(1,483	)
JP Morgan & Chase Co.	1/6/2015	ILS	5,992,000	USD	1,537,218		(1,554	)
State Street Bank & Trust Co.	1/6/2015	ILS	5,992,000	USD	1,537,320		(1,452	)
Barclays Bank PLC	1/6/2015	SGD	5,967,000	USD	4,575,447		1,446
Canadian Imperial Bank of Commerce	1/6/2015	SGD	5,967,000	USD	4,576,026		2,025
JP Morgan & Chase Co.	1/6/2015	SGD	5,967,000	USD	4,575,934		1,934
State Street Bank & Trust Co.	1/6/2015	SGD	5,967,000	USD	4,576,092		2,092
Barclays Bank PLC	1/6/2015	USD	434,600	AUD	510,516		(1,368	)
Barclays Bank PLC	1/6/2015	USD	431,600	HKD	3,347,180		(11	)
Barclays Bank PLC	1/6/2015	USD	1,614,000	SGD	2,104,874		(510	)
Barclays Bank PLC	1/7/2015	JPY	7,796,715,000	USD	65,736,261		15,965
Canadian Imperial Bank of Commerce	1/7/2015	JPY	7,796,715,000	USD	65,732,105		11,809
JP Morgan & Chase Co.	1/7/2015	JPY	7,796,715,000	USD	65,728,503		8,207
State Street Bank & Trust Co.	1/7/2015	JPY	7,796,715,000	USD	65,734,044		13,748
Barclays Bank PLC	1/7/2015	NZD	448,000	USD	350,376		341
Canadian Imperial Bank of Commerce	1/7/2015	NZD	448,000	USD	352,890		2,854
JP Morgan & Chase Co.	1/7/2015	NZD	448,000	USD	350,438		402
State Street Bank & Trust Co.	1/7/2015	NZD	448,000	USD	350,439		403
Barclays Bank PLC	1/7/2015	USD	8,646,900	JPY	1,025,574,221		(2,100	)

Total net unrealized appreciation						$	22,544,948


See Notes to Financial Statements.		70

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)

Currency Abbreviations

AUD – Australian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – Pound Sterling

HKD – Hong Kong Dollar

ILS – Israeli New Sheqel

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

USD – U.S. Dollar

* Non-income producing security.

# Fair Valued Security.

144A – Security is exempt from registration under Rule 144A of the securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2014, the aggregate market value of this security amounted to $6,512 or 0.0% of net assets.

(a) Stapled Security — A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

(b) Affiliated issuer. This security is owned in proportion with its representation in the index.

CDI – Chess Depositary Interest

FDR – Fixed Depositary Receipt

REIT – Real Estate Investment Trust

RSP – Risparmio (Convertible Savings Shares)

SDR – Swedish Depositary Receipt


See Notes to Financial Statements.		71

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 93.2%
Brazil — 6.1%
Ambev SA		35,493	$	232,363
B2W Cia Digital*		785		8,720
Banco Bradesco SA		4,987		73,939
Banco do Brasil SA		7,464		85,985
Banco Santander Brasil SA		8,667		49,837
BB Seguridade Participacoes SA		3,356		43,772
BM&F Bovespa SA		21,855		89,499
BR Malls Participacoes SA		6,785		48,638
BRF SA		8,708		224,652
CCR SA		11,057		75,824
Centrais Eletricas Brasileiras SA		3,581		8,376
Cia de Saneamento Basico do Estado de Sao Paulo		411		3,068
Cia Siderurgica Nacional SA		10,923		25,718
Cielo SA		7,131		121,768
Cosan SA Industria e Comercio		1,402		17,377
CPFL Energia SA		2,345		17,957
Duratex SA		2,100		6,846
EcoRodovias Infraestrutura e Logistica SA		1,233		5,270
EDP — Energias do Brasil SA		2,261		8,873
Embraer SA		9,802		90,030
Estacio Participacoes SA		632		6,848
Fibria Celulose SA*		798		9,558
Hypermarcas SA*		437		2,946
JBS SA		11,305		52,707
Klabin SA		3,841		20,818
Kroton Educacional SA		11,470		79,905
Localiza Rent a Car SA		1,584		21,540
Lojas Americanas SA		134		682
Lojas Renner SA		3,173		94,495
Multiplan Empreendimentos Imobiliarios SA		752		15,079
Natura Cosmeticos SA		3,012		41,275
Odontoprev SA		3,319		12,444
Petroleo Brasileiro SA		24,279		114,613
Qualicorp SA*		2,274		24,562
Souza Cruz SA		2,371		18,885
Tim Participacoes SA		7,536		36,482
Totvs SA		1,869		25,801
Tractebel Energia SA		1,510		20,340
Ultrapar Participacoes SA		4,148		88,720
Vale SA		13,388		121,199

				2,047,411

Chile — 1.8%
AES Gener SA		52,217		28,663
Banco de Chile		224,645		27,281
Banco de Credito e Inversiones		802		42,385
Banco Santander Chile		1,219,288		66,268
CAP SA		753		5,168
Cencosud SA		13,070		33,888
Colbun SA		79,264		21,157
Corpbanca SA		2,119,582		26,757
Empresa Nacional de Electricidad SA		40,288		61,452
Empresas CMPC SA		14,722		36,799
Empresas Copec SA		3,850		45,417


	Number of Shares		Value
Chile (Continued)
Enersis SA		173,384	$	57,801
ENTEL Chile SA		1,511		16,829
LATAM Airlines Group SA*		2,900		34,649
SACI Falabella		12,588		90,309

				594,823

China — 17.8%
AAC Technologies Holdings, Inc.		7,375		43,412
Agricultural Bank of China Ltd., Class H		150,702		71,511
Air China Ltd., Class H		42,873		32,893
Aluminum Corp. of China Ltd., Class H*		12,484		5,425
Anhui Conch Cement Co. Ltd., Class H		18,842		63,776
Anta Sports Products Ltd.		37,675		78,020
Bank of China Ltd., Class H		744,018		383,749
Bank of Communications Co. Ltd., Class H		82,886		68,722
BBMG Corp., Class H		38,561		31,872
Belle International Holdings Ltd.		37,675		42,799
Byd Co. Ltd., Class H		11,550		70,072
China Cinda Asset Management Co. Ltd., Class H*		19,950		10,650
China CITIC Bank Corp. Ltd., Class H		75,358		56,067
China Communications Construction Co. Ltd., Class H		45,213		45,240
China Communications Services Corp. Ltd., Class H		60,146		29,316
China Construction Bank Corp., Class H		626,182		474,768
China Everbright Bank Co. Ltd., Class H		18,617		9,506
China Galaxy Securities Co. Ltd., Class H		5,100		5,241
China Gas Holdings Ltd.		68,043		127,045
China International Marine Containers Group Co. Ltd., Class H		4,653		10,596
China Life Insurance Co. Ltd., Class H		65,667		228,197
China Longyuan Power Group Corp., Class H		67,817		72,930
China Mengniu Dairy Co. Ltd		25,120		101,870
China Merchants Bank Co. Ltd., Class H		33,911		70,225
China Minsheng Banking Corp. Ltd., Class H		76,861		84,440
China National Building Material Co. Ltd., Class H		26,518		25,919
China Pacific Insurance Group Co. Ltd., Class H		18,106		75,877
China Petroleum & Chemical Corp., Class H		228,966		187,477
China Railway Construction Corp. Ltd., Class H		315		362
China Resources Cement Holdings Ltd.		28,123		19,292
China Resources Enterprise Ltd.		15,088		31,479
China Resources Power Holdings Co. Ltd.		22,359		65,158
China Shenhua Energy Co. Ltd., Class H		30,147		85,715
China Shipping Container Lines Co. Ltd., Class H*		35,546		10,450
China State Construction International Holdings Ltd.		22,359		33,963
China Telecom Corp. Ltd., Class H		135,637		82,201
China Vanke Co. Ltd., Class H*		18,019		36,897
CITIC Securities Co. Ltd., Class H		6,321		18,543


See Notes to Financial Statements.		72

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value
China (Continued)
CNOOC Ltd.		138,719	$	202,840
Country Garden Holdings Co. Ltd.		153,292		64,043
CSR Corp. Ltd., Class H#		3,816		3,882
Dongfeng Motor Group Co. Ltd., Class H		45,264		68,871
ENN Energy Holdings Ltd.		2,261		13,819
Fosun International Ltd.		67,498		82,422
GOME Electrical Appliances Holding Ltd.		62,264		9,153
Great Wall Motor Co. Ltd., Class H		32,404		163,373
Guangdong Investment Ltd.		45,461		62,723
Guangzhou R&F Properties Co. Ltd., Class H		90,480		111,769
Haitian International Holdings Ltd.		1,426		3,034
Haitong Securities Co. Ltd., Class H		8,396		17,863
Hengan International Group Co. Ltd.		5,030		54,514
Industrial & Commercial Bank of China Ltd., Class H		518,671		351,789
Intime Retail Group Co. Ltd.		13,062		10,341
Kingsoft Corp. Ltd.		6,609		15,834
Lee & Man Paper Manufacturing Ltd.		128,098		71,356
Lenovo Group Ltd.		60,347		84,662
Longfor Properties Co. Ltd.		24,368		32,804
New China Life Insurance Co. Ltd., Class H		2,878		13,044
Nine Dragons Paper Holdings Ltd.		56,822		48,504
PetroChina Co. Ltd., Class H		212,705		230,663
PICC Property & Casualty Co. Ltd., Class H		45,264		91,167
Ping An Insurance Group Co. of China Ltd., Class H		15,088		126,556
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		12,493		11,067
Shanghai Industrial Holdings Ltd.		22,605		69,664
Shenzhou International Group Holdings Ltd.		3,758		12,502
Shimao Property Holdings Ltd.		11,501		27,524
Sihuan Pharmaceutical Holdings Group Ltd.		14,421		10,785
Sino Biopharmaceutical Ltd.		105,489		104,330
Sinopec Engineering Group Co. Ltd., Class H		5,116		4,486
Sinopec Shanghai Petrochemical Co. Ltd., Class H		105,218		32,697
Sinopharm Group Co. Ltd., Class H		6,539		24,368
Sinotrans Ltd., Class H		3,400		2,565
Soho China Ltd.		90,422		68,441
Tencent Holdings Ltd.		27,151		434,121
Tingyi Cayman Islands Holding Corp		30,147		71,682
Tsingtao Brewery Co. Ltd., Class H		9,533		66,932
Uni-President China Holdings Ltd.		62,544		55,082
Want Want China Holdings Ltd.		82,886		108,801
Weichai Power Co. Ltd., Class H		2,225		8,435
Yanzhou Coal Mining Co. Ltd., Class H		35,589		30,333
Zhuzhou CSR Times Electric Co. Ltd., Class H#		2,080		8,945
Zijin Mining Group Co. Ltd., Class H		121,889		32,534

				6,011,995

Colombia — 0.4%
Almacenes Exito SA		2,445		29,441


	Number of Shares		Value
Colombia (Continued)
Cementos Argos SA		3,781	$	16,267
Cemex Latam Holdings SA*		4,599		35,053
Grupo de Inversiones Suramericana SA		3,567		65,280

				146,041

Czech Republic — 0.0%
CEZ AS		519		14,455

Egypt — 0.4%
Commercial International Bank Egypt SAE		12,630		87,526
Global Telecom Holding SAE*		6,072		3,618
Talaat Moustafa Group		14,864		21,267
Telecom Egypt Co.		16,405		33,085

				145,496

Greece — 0.5%
Alpha Bank AE*		4,162		2,701
Eurobank Ergasias SA*		6,339		1,963
FF Group*		245		9,024
Hellenic Telecommunications Organization SA*		3,651		44,718
JUMBO SA		458		5,809
National Bank of Greece SA*		11,190		26,715
OPAP SA		2,912		36,499
Piraeus Bank SA*		19,685		29,863
Public Power Corp. SA*		188		1,449
Titan Cement Co. SA		1,160		27,492

				186,233

Hong Kong — 3.2%
Alibaba Health Information Technology Ltd.*		22,977		16,177
Alibaba Pictures Group Ltd.*#		7,391		1,534
Beijing Enterprises Holdings Ltd.		6,029		48,122
Beijing Enterprises Water Group Ltd.*		65,503		45,019
Brilliance China Automotive Holdings Ltd.		8,542		14,561
China Everbright International Ltd.		34,320		52,839
China Everbright Ltd.		2,751		6,378
China Mobile Ltd.		49,014		603,886
China Overseas Land & Investment Ltd.		45,264		135,993
China South City Holdings Ltd.		57,582		29,625
China Taiping Insurance Holdings Co. Ltd.*		5,801		14,960
GCL-Poly Energy Holdings Ltd.*		75,221		20,465
Hanergy Thin Film Power Group Ltd.*		75,105		18,885
Kunlun Energy Co. Ltd.		27,277		29,510
New World China Land Ltd.		72,598		44,933
Yuexiu Property Co. Ltd.		48,740		9,741

				1,092,628

Hungary — 0.4%
MOL Hungarian Oil and Gas PLC		717		34,612
OTP Bank PLC		1,292		20,786
Richter Gedeon Nyrt		4,148		64,531

				119,929

India — 5.4%
Dr. Reddy’s Laboratories Ltd., ADR		4,134		241,384
ICICI Bank Ltd., ADR		5,090		299,750


See Notes to Financial Statements.		73

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value
India (Continued)
Infosys Ltd., ADR		2,765	$	193,108
Larsen & Toubro Ltd., GDR		8,583		227,020
Reliance Industries Ltd., GDR, 144A		13,321		424,274
Tata Motors Ltd., ADR		5,374		245,377
Wipro Ltd., ADR		15,597		201,201

				1,832,114

Indonesia — 2.9%
PT Adaro Energy Tbk		218,198		19,310
PT Astra Agro Lestari Tbk		8,538		16,791
PT Astra International Tbk		187,580		109,514
PT Bank Central Asia Tbk		109,257		117,278
PT Bank Danamon Indonesia Tbk		68,740		23,657
PT Bank Mandiri Persero Tbk		94,190		81,232
PT Bank Negara Indonesia Persero Tbk		71,586		35,341
PT Bank Rakyat Indonesia Persero Tbk		101,728		96,068
PT Bumi Serpong Damai Tbk		54,197		7,860
PT Charoen Pokphand Indonesia Tbk		122,482		41,248
PT Gudang Garam Tbk		6,029		30,222
PT Indo Tambangraya Megah Tbk		6,152		9,590
PT Indocement Tunggal Prakarsa Tbk		14,010		28,327
PT Lippo Karawaci Tbk		288,073		27,500
PT Matahari Department Store Tbk		28,488		35,015
PT Perusahaan Gas Negara Persero Tbk		162,007		78,986
PT Semen Indonesia Persero Tbk		30,147		39,524
PT Tambang Batubara Bukit Asam Persero Tbk		380		409
PT Telekomunikasi Indonesia Persero Tbk		452,594		104,767
PT Unilever Indonesia Tbk		15,088		39,315
PT United Tractors Tbk		25,968		38,992
PT XL Axiata Tbk		32,407		13,543

				994,489

Malaysia — 4.3%
AirAsia Bhd		23,600		18,001
AMMB Holdings Bhd		16,400		32,291
Axiata Group Bhd		3,800		7,931
British American Tobacco Malaysia Bhd		5,900		123,146
CIMB Group Holdings Bhd		44,300		76,354
DiGi.Com Bhd		41,700		77,668
Genting Bhd		5,300		14,368
Genting Malaysia Bhd		29,200		36,430
Hong Leong Bank Bhd		15,000		63,415
IOI Corp. Bhd		42,500		60,561
IOI Properties Group Bhd		44,366		32,266
Kuala Lumpur Kepong Bhd		5,600		37,251
Lafarge Malaysia Bhd		27,000		80,940
Malayan Banking Bhd		29,600		82,784
Maxis Bhd		35,900		73,551
Petronas Chemicals Group Bhd		32,700		54,427
Petronas Dagangan Bhd		14,600		69,407
Petronas Gas Bhd		6,800		45,675
Public Bank Bhd		17,600		96,677
RHB Capital Bhd		6,400		15,477
Sime Darby Bhd		24,400		69,828
Telekom Malaysia Bhd		26,900		56,305
Tenaga Nasional Bhd		29,800		125,631
UMW Holdings Bhd		20,500		68,364


	Number of Shares		Value
Malaysia (Continued)
YTL Corp. Bhd		47,693	$	22,278
YTL Power International Bhd		34,270		15,501

				1,456,527

Mexico — 5.2%
Alfa SAB de CV, Class A		30,147		80,148
America Movil SAB de CV, Series L		311,384		367,031
Arca Continental SAB de CV		7,536		48,433
Cemex SAB de CV*		142,521		176,903
Coca-Cola Femsa SAB de CV, Series L		3,444		34,154
Fibra Uno Administracion SA de CV REIT		9,973		33,531
Fomento Economico Mexicano SAB de CV		17,362		165,665
Genomma Lab Internacional SAB de CV, Class B*		4,758		10,321
Grupo Bimbo SAB de CV, Series A*		16,610		46,690
Grupo Carso SAB de CV, Series A1		6,783		38,128
Grupo Financiero Banorte SAB de CV, Class O		22,110		125,221
Grupo Financiero Inbursa SAB de CV, Class O		31,648		85,367
Grupo Financiero Santander Mexico SAB de CV, Class B		18,842		42,577
Grupo Mexico SAB de CV, Series B		36,590		119,815
Grupo Televisa SAB, Series CPO		30,681		223,357
Industrias Penoles SAB de CV		1,257		27,471
Kimberly-Clark de Mexico SAB de CV, Class A		1,162		2,630
Minera Frisco SAB de CV, Class A1*		6,030		10,202
Wal-Mart de Mexico SAB de CV, Series V		56,608		121,040

				1,758,684

Peru — 0.3%
Cia de Minas Buenaventura SA, Class B, ADR		1,180		10,915
Credicorp Ltd.		280		46,385
Southern Copper Corp		1,165		34,892

				92,192

Philippines — 1.4%
Aboitiz Power Corp.		35,300		33,173
Ayala Land, Inc.		86,200		65,267
Bank of the Philippine Islands		18,520		39,180
BDO Unibank, Inc.		18,269		44,427
Energy Development Corp.		152,300		27,235
Metropolitan Bank & Trust Company		18,679		34,525
Philippine Long Distance Telephone Co.		750		49,939
SM Investments Corp.		1,840		32,965
Universal Robina Corp.		30,040		130,515

				457,226

Poland — 3.2%
Bank Pekao SA		2,768		152,048
CCC SA		200		8,647
Cyfrowy Polsat SA		27,756		203,727
LPP SA		45		118,212
Orange Polska SA		5,439		15,338
PGE SA		16,645		95,760
Powszechna Kasa Oszczednosci Bank Polski SA		12,529		139,805


See Notes to Financial Statements.		74

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value
Poland (Continued)
Powszechny Zaklad Ubezpieczen SA		2,355	$	335,915

				1,069,452

Qatar — 0.4%
Industries Qatar QSC		692		36,301
Masraf Al Rayan		1,820		24,118
Qatar Islamic Bank SAQ		91		2,639
Qatar National Bank SAQ		1,303		81,951

				145,009

Russia — 3.8%
Gazprom OAO, ADR		9,442		55,188
Lukoil OAO, ADR		4,001		186,207
Magnit OJSC, GDR		3,700		214,045
MegaFon OAO, GDR		3,965		81,877
MMC Norilsk Nickel OJSC, ADR		11,677		205,165
Mobile TeleSystems OJSC, ADR		3,022		36,929
NovaTek OAO, GDR		1,653		156,209
Rosneft Oil Co. OJSC, GDR		30,584		144,815
Sistema JSFC, GDR		2,327		13,404
Surgutneftegas OJSC, ADR		11,328		66,665
Tatneft, ADR		1,896		58,131
VTB Bank OJSC, GDR		37,737		69,700

				1,288,335

South Africa — 4.0%
AngloGold Ashanti Ltd., ADR*		9,048		77,451
Gold Fields Ltd., ADR		32,890		134,849
Impala Platinum Holdings Ltd., ADR*		26,299		188,564
MTN Group Ltd., ADR		26,841		528,231
Sasol Ltd., ADR		9,687		407,338

				1,336,433

South Korea — 14.7%
Amorepacific Corp.		36		81,231
AMOREPACIFIC Group		1		1,049
BS Financial Group, Inc.		846		11,988
Celltrion, Inc.*		764		27,479
CJ Corp.		53		7,749
Coway Co. Ltd.		1,619		126,253
Daewoo Engineering & Construction Co. Ltd.*		2,314		13,137
Daewoo International Corp.		689		21,268
Daum Kakao Corp.		100		13,241
DGB Financial Group, Inc.		1,501		15,851
Dongbu Insurance Co. Ltd.		368		18,500
Doosan Corp.		202		21,058
Doosan Heavy Industries & Construction Co. Ltd.		689		16,231
Doosan Infracore Co. Ltd.*		756		7,130
E-Mart Co. Ltd.		509		101,070
GS Engineering & Construction Corp.*		353		8,523
Hana Financial Group, Inc.		2,103		64,156
Hankook Tire Co. Ltd.		303		14,987
Hanwha Chemical Corp.		127		1,444
Hanwha Corp.		823		22,062
Hanwha Life Insurance Co. Ltd.		6,095		46,320
Hyosung Corp.		22		1,376


	Number of Shares		Value
South Korea (Continued)
Hyundai Department Store Co. Ltd.		129	$	14,961
Hyundai Engineering & Construction Co. Ltd.		975		39,424
Hyundai Glovis Co. Ltd.		3		753
Hyundai Heavy Industries Co. Ltd.		383		42,692
Hyundai Marine & Fire Insurance Co. Ltd.		249		5,989
Hyundai Merchant Marine Co. Ltd.*		756		6,626
Hyundai Mipo Dockyard Co. Ltd.		134		9,301
Hyundai Mobis Co. Ltd.		592		131,977
Hyundai Motor Co.		1,418		229,091
Hyundai Steel Co.		1,149		66,371
Hyundai Wia Corp.		176		28,037
Industrial Bank of Korea		401		5,447
Kangwon Land, Inc.		689		20,335
KB Financial Group, Inc.		3,595		126,220
Kia Motors Corp.		2,764		138,955
Korea Aerospace Industries Ltd.		45		1,633
Korea Electric Power Corp.		278		11,542
Korea Gas Corp.*		660		34,252
Korea Zinc Co. Ltd.		75		28,939
Korean Air Lines Co. Ltd.*		291		11,031
KT&G Corp.		2,316		202,555
Kumho Petrochemical Co. Ltd.		93		6,631
LG Chem Ltd.		417		77,721
LG Corp.		1,005		59,051
LG Display Co. Ltd.*		1,201		36,801
LG Electronics, Inc.		885		50,802
LG Household & Health Care Ltd.		149		83,783
LG Uplus Corp.		7,440		72,859
Lotte Chemical Corp.		177		28,117
Lotte Shopping Co. Ltd.		172		46,573
LS Corp.		674		36,865
Mirae Asset Securities Co. Ltd.		58		2,604
NAVER Corp.		208		141,927
NCSoft Corp.		150		21,594
Neo Holdings Co. Ltd.*#		26		0
OCI Co. Ltd.*		202		15,497
POSCO		827		225,793
Samsung C&T Corp.		1,125		73,006
Samsung Card Co. Ltd.		689		29,819
Samsung Electro-Mechanics Co. Ltd.		313		17,176
Samsung Electronics Co. Ltd.		798		926,960
Samsung Fire & Marine Insurance Co. Ltd.		750		209,847
Samsung Heavy Industries Co. Ltd.		1,803		35,150
Samsung Life Insurance Co. Ltd.		2,375		261,519
Samsung SDI Co. Ltd.		966		116,832
Samsung SDS Co. Ltd.*		100		31,319
Shinhan Financial Group Co. Ltd.		3,614		161,788
SK C&C Co. Ltd.		184		37,034
SK Holdings Co. Ltd.		395		60,608
SK Hynix, Inc.*		4,286		185,876
SK Innovation Co. Ltd.		303		23,437
SK Networks Co. Ltd.*		2,314		19,674
S-Oil Corp.		538		20,443
Woori Bank*		4,077		39,374

				4,954,714


See Notes to Financial Statements.		75

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value
Taiwan — 10.8%
Advanced Semiconductor Engineering, Inc., ADR		77,423	$	478,474
AU Optronics Corp., ADR		28,132		133,346
Chunghwa Telecom Co. Ltd., ADR		12,382		372,574
Hon Hai Precision Industry Co. Ltd., GDR		131,358		827,555
Siliconware Precision Industries Co., ADR		45,458		336,844
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		52,380		1,229,359
United Microelectronics Corp., ADR		124,590		269,114

				3,647,266

Thailand — 2.5%
Bangkok Bank PCL, NVDR		14,500		89,204
Indorama Ventures PCL, NVDR		151,000		103,472
IRPC PCL, NVDR		696,112		70,809
Kasikornbank PCL, NVDR		17,600		132,394
Krung Thai Bank PCL, NVDR		181,400		132,038
PTT Exploration & Production PCL, NVDR		12,800		52,822
PTT PCL, NVDR		6,400		74,652
Siam Commercial Bank PCL, NVDR		21,400		128,068
Thai Oil PCL, NVDR		35,900		47,287

				830,746

Turkey — 2.7%
Akbank TAS		16,467		66,642
Anadolu Efes Biracilik Ve Malt Sanayii AS*		4,151		47,463
Arcelik AS		8,667		55,403
BIM Birlesik Magazalar AS		3,138		69,784
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		12,832		16,290
Enka Insaat ve Sanayi AS		10,866		28,224
Eregli Demir ve Celik Fabrikalari TAS		18,548		37,657
Ford Otomotiv Sanayi AS		4,221		56,815
Haci Omer Sabanci Holding AS		8,809		42,034
KOC Holding AS		7,077		39,823
TAV Havalimanlari Holding AS		1,565		13,386
Tofas Turk Otomobil Fabrikasi AS		6,530		46,445
Turk Hava Yollari*		13,860		57,463
Turk Telekomunikasyon AS		4,532		14,485
Turkcell Iletisim Hizmetleri AS*		13,345		84,405
Turkiye Garanti Bankasi AS		19,983		87,888
Turkiye Halk Bankasi AS		4,067		28,927
Turkiye Is Bankasi, Class C		23,914		66,314
Turkiye Vakiflar Bankasi TAO, Class D		9,813		22,529
Yapi ve Kredi Bankasi AS		9,059		21,695

				903,672

United Arab Emirates — 1.0%
Abu Dhabi Commercial Bank PJSC		7,825		15,658
Aldar Properties PJSC		25,134		21,829
Arabtec Holding Co.*		18,447		19,938
DP World Ltd.		1,780		37,665
Dubai Financial Market		21,674		15,460
Dubai Islamic Bank PJSC		13,970		28,716
Emaar Properties PJSC		34,343		102,382
First Gulf Bank PJSC		12,626		61,702
National Bank of Abu Dhabi PJSC		7,198		26,456

				329,806


	Number of Shares		Value
TOTAL COMMON STOCKS (Cost $30,438,804)			$	31,455,676

PREFERRED STOCKS — 5.4%
Brazil — 4.5%
AES Tiete SA		620		4,615
Banco Bradesco SA		18,216		279,985
Banco do Estado do Rio Grande do Sul SA, Class B		184		1,070
Bradespar SA		2,605		15,263
Braskem SA, Class A		4,522		33,821
Cia Brasileira de Distribuicao		1,510		63,655
Cia Energetica de Minas Gerais		8,617		47,139
Gerdau SA		9,041		38,288
Itau Unibanco Holding SA		30,228		453,338
Itausa — Investimentos Itau SA		29,829		121,458
Lojas Americanas SA		779		5,121
Metalurgica Gerdau SA		4,523		22,828
Oi SA*		18,575		9,959
Petroleo Brasileiro SA		36,432		181,183
Telefonica Brasil SA		3,369		68,734
Usinas Siderurgicas de Minas Gerais SA, Class A*		4,694		9,484
Vale SA		20,489		159,212

				1,515,153

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B		1,679		42,454

Colombia — 0.2%
Bancolombia SA		5,573		71,982
Grupo Argos SA		584		5,294

				77,276

South Korea — 0.6%
LG Chem Ltd.		79		11,908
Samsung Electronics Co. Ltd.		178		168,529

				180,437

TOTAL PREFERRED STOCKS (Cost $2,029,920)				1,815,320

RIGHTS — 0.0%
South Korea — 0.0%
DGB Financial Group, Inc.*, expires 2/13/15 (Cost $0)		313		438


TOTAL INVESTMENTS — 98.6% (Cost $32,468,724)			$	33,271,434
Other assets less liabilities — 1.4%				487,103

NET ASSETS — 100.0%			$	33,758,537


See Notes to Financial Statements.		76

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)

As of November 30, 2014, the Fund had the following futures contracts open:


Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Depreciation
E-mini MSCI Emerging Markets Index Futures		4	$	199,660		12/19/2014	$	(11,080	)

As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/2/2014	EUR	68,000	USD	85,211	$	656
Barclays Bank PLC	12/2/2014	EUR	5,000	USD	6,255		38
JP Morgan & Chase Co.	12/2/2014	EUR	68,000	USD	85,210		655
JP Morgan & Chase Co.	12/2/2014	EUR	10,000	USD	12,536		102
Barclays Bank PLC	12/2/2014	USD	90,958	EUR	73,000		(186	)
JP Morgan & Chase Co.	12/2/2014	USD	97,239	EUR	78,000		(249	)
Barclays Bank PLC	12/3/2014	BRL	3,895,000	USD	1,573,737		61,673
JP Morgan & Chase Co.	12/3/2014	BRL	3,895,000	USD	1,574,246		62,182
The Bank of New York Mellon	12/3/2014	BRL	101,690	USD	40,221		744
The Bank of New York Mellon	12/3/2014	BRL	584,609	USD	225,109		(1,840	)
Barclays Bank PLC	12/3/2014	CLP	160,923,000	USD	277,238		12,842
JP Morgan & Chase Co.	12/3/2014	CLP	160,923,000	USD	277,669		13,273
JP Morgan & Chase Co.	12/3/2014	CLP	12,687,000	USD	21,239		394
The Bank of New York Mellon	12/3/2014	CLP	25,023,000	USD	41,750		638
Barclays Bank PLC	12/3/2014	COP	291,141,000	USD	140,893		9,636
JP Morgan & Chase Co.	12/3/2014	COP	291,141,000	USD	140,682		9,425
JP Morgan & Chase Co.	12/3/2014	COP	20,621,000	USD	9,524		227
The Bank of New York Mellon	12/3/2014	COP	43,501,000	USD	20,193		581
Barclays Bank PLC	12/3/2014	CZK	454,000	USD	20,452		24
Barclays Bank PLC	12/3/2014	CZK	35,000	USD	1,587		13
JP Morgan & Chase Co.	12/3/2014	CZK	454,000	USD	20,453		25
JP Morgan & Chase Co.	12/3/2014	CZK	67,000	USD	3,035		20
JP Morgan & Chase Co.	12/3/2014	EGP	794,000	USD	110,201		(797	)
JP Morgan & Chase Co.	12/3/2014	EGP	63,000	USD	8,780		(27	)
JP Morgan & Chase Co.	12/3/2014	EGP	31,000	USD	4,336		2
Barclays Bank PLC	12/3/2014	HKD	23,882,000	USD	3,079,546		93
Barclays Bank PLC	12/3/2014	HKD	1,849,000	USD	238,447		28
JP Morgan & Chase Co.	12/3/2014	HKD	23,882,000	USD	3,079,542		89
JP Morgan & Chase Co.	12/3/2014	HKD	100,816	USD	13,000		—
JP Morgan & Chase Co.	12/3/2014	HKD	3,517,000	USD	453,508		10
Barclays Bank PLC	12/3/2014	HUF	11,462,000	USD	46,535		42
Barclays Bank PLC	12/3/2014	HUF	1,090,000	USD	4,441		20
JP Morgan & Chase Co.	12/3/2014	HUF	11,462,000	USD	46,539		46
JP Morgan & Chase Co.	12/3/2014	HUF	1,739,000	USD	7,127		73
Barclays Bank PLC	12/3/2014	IDR	5,004,336,000	USD	412,389		2,544
Barclays Bank PLC	12/3/2014	IDR	387,864,000	USD	31,884		118
JP Morgan & Chase Co.	12/3/2014	IDR	5,004,336,000	USD	411,846		2,001
JP Morgan & Chase Co.	12/3/2014	IDR	244,820,000	USD	20,000		(50	)
JP Morgan & Chase Co.	12/3/2014	IDR	772,495,000	USD	63,501		236
Barclays Bank PLC	12/3/2014	INR	50,497,000	USD	819,357		6,136
Barclays Bank PLC	12/3/2014	INR	3,259,000	USD	52,695		211
JP Morgan & Chase Co.	12/3/2014	INR	50,497,000	USD	819,238		6,016
JP Morgan & Chase Co.	12/3/2014	INR	6,468,000	USD	104,484		321
Barclays Bank PLC	12/3/2014	KRW	2,467,280,000	USD	2,296,640		70,072
JP Morgan & Chase Co.	12/3/2014	KRW	2,467,280,000	USD	2,305,783		79,216
JP Morgan & Chase Co.	12/3/2014	KRW	183,636,000	USD	166,194		474
The Bank of New York Mellon	12/3/2014	KRW	371,601,000	USD	337,234		1,887
Barclays Bank PLC	12/3/2014	MXN	10,973,000	USD	812,301		23,797
Barclays Bank PLC	12/3/2014	MXN	834,000	USD	60,740		810
JP Morgan & Chase Co.	12/3/2014	MXN	10,973,000	USD	812,357		23,853


See Notes to Financial Statements.		77

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	12/3/2014	MXN	1,631,000	USD	120,238	$	3,037
The Bank of New York Mellon	12/3/2014	MXN	544,000	USD	40,068		977
Barclays Bank PLC	12/3/2014	MYR	2,363,000	USD	712,498		14,072
JP Morgan & Chase Co.	12/3/2014	MYR	2,363,000	USD	716,593		18,167
JP Morgan & Chase Co.	12/3/2014	MYR	173,000	USD	51,690		556
The Bank of New York Mellon	12/3/2014	MYR	342,000	USD	101,634		550
Barclays Bank PLC	12/3/2014	PHP	9,335,000	USD	207,458		(387	)
Barclays Bank PLC	12/3/2014	PHP	693,000	USD	15,426		(4	)
JP Morgan & Chase Co.	12/3/2014	PHP	9,335,000	USD	208,018		173
JP Morgan & Chase Co.	12/3/2014	PHP	1,406,000	USD	31,238		(67	)
Barclays Bank PLC	12/3/2014	PLN	1,464,000	USD	434,728		(258	)
Barclays Bank PLC	12/3/2014	PLN	111,000	USD	33,218		237
JP Morgan & Chase Co.	12/3/2014	PLN	1,464,000	USD	434,815		(171	)
JP Morgan & Chase Co.	12/3/2014	PLN	231,000	USD	68,646		11
The Bank of New York Mellon	12/3/2014	PLN	190,300	USD	56,472		(70	)
Barclays Bank PLC	12/3/2014	QAR	94,000	USD	25,806		(10	)
JP Morgan & Chase Co.	12/3/2014	QAR	94,000	USD	25,805		(10	)
JP Morgan & Chase Co.	12/3/2014	QAR	15,000	USD	4,118		(1	)
JP Morgan & Chase Co.	12/3/2014	QAR	7,000	USD	1,923		—
Barclays Bank PLC	12/3/2014	RUB	24,431,000	USD	562,493		72,618
Barclays Bank PLC	12/3/2014	RUB	2,146,000	USD	45,442		2,412
JP Morgan & Chase Co.	12/3/2014	RUB	24,431,000	USD	564,073		74,198
JP Morgan & Chase Co.	12/3/2014	RUB	4,574,000	USD	97,195		5,480
Barclays Bank PLC	12/3/2014	THB	12,111,000	USD	370,971		2,186
Barclays Bank PLC	12/3/2014	THB	911,000	USD	27,788		48
JP Morgan & Chase Co.	12/3/2014	THB	12,111,000	USD	370,764		1,980
JP Morgan & Chase Co.	12/3/2014	THB	1,786,000	USD	54,426		42
Barclays Bank PLC	12/3/2014	TRY	773,000	USD	345,820		(1,960	)
Barclays Bank PLC	12/3/2014	TRY	63,000	USD	28,485		141
JP Morgan & Chase Co.	12/3/2014	TRY	773,000	USD	345,915		(1,864	)
JP Morgan & Chase Co.	12/3/2014	TRY	120,000	USD	53,865		(124	)
The Bank of New York Mellon	12/3/2014	TRY	21,000	USD	9,394		(54	)
Barclays Bank PLC	12/3/2014	TWD	46,677,000	USD	1,531,900		23,590
Barclays Bank PLC	12/3/2014	TWD	800,000	USD	26,030		179
Barclays Bank PLC	12/3/2014	TWD	3,708,000	USD	120,008		188
JP Morgan & Chase Co.	12/3/2014	TWD	46,677,000	USD	1,533,737		25,427
JP Morgan & Chase Co.	12/3/2014	TWD	450,000	USD	14,743		201
JP Morgan & Chase Co.	12/3/2014	TWD	7,189,000	USD	233,986		1,683
Barclays Bank PLC	12/3/2014	USD	1,512,093	BRL	3,895,000		(29	)
Barclays Bank PLC	12/3/2014	USD	264,628	CLP	160,923,000		(232	)
Barclays Bank PLC	12/3/2014	USD	131,659	COP	291,141,000		(402	)
Barclays Bank PLC	12/3/2014	USD	22,035	CZK	489,000		(32	)
Barclays Bank PLC	12/3/2014	USD	3,317,987	HKD	25,731,000		(116	)
Barclays Bank PLC	12/3/2014	USD	51,021	HUF	12,552,000		(107	)
Barclays Bank PLC	12/3/2014	USD	439,821	IDR	5,392,200,000		1,790
Barclays Bank PLC	12/3/2014	USD	864,230	INR	53,756,000		1,475
Barclays Bank PLC	12/3/2014	USD	2,218,977	KRW	2,467,280,000		7,591
Barclays Bank PLC	12/3/2014	USD	849,239	MXN	11,807,000		(804	)
Barclays Bank PLC	12/3/2014	USD	695,470	MYR	2,363,000		2,955
Barclays Bank PLC	12/3/2014	USD	223,082	PHP	10,028,000		192
Barclays Bank PLC	12/3/2014	USD	469,342	PLN	1,575,000		(1,376	)
Barclays Bank PLC	12/3/2014	USD	25,813	QAR	94,000		3
Barclays Bank PLC	12/3/2014	USD	537,899	RUB	26,577,000		(4,993	)
Barclays Bank PLC	12/3/2014	USD	396,046	THB	13,022,000		478
Barclays Bank PLC	12/3/2014	USD	376,825	TRY	836,000		(701	)
Barclays Bank PLC	12/3/2014	USD	1,649,161	TWD	51,185,000		4,820
Barclays Bank PLC	12/3/2014	USD	44,609	ZAR	500,000		514


See Notes to Financial Statements.		78

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/3/2014	USD	539,377	ZAR	5,959,000	$	(1,595	)
JP Morgan & Chase Co.	12/3/2014	USD	1,511,975	BRL	3,895,000		89
JP Morgan & Chase Co.	12/3/2014	USD	285,303	CLP	173,610,000		(63	)
JP Morgan & Chase Co.	12/3/2014	USD	140,990	COP	311,762,000		(436	)
JP Morgan & Chase Co.	12/3/2014	USD	23,502	CZK	521,000		(60	)
JP Morgan & Chase Co.	12/3/2014	USD	124,370	EGP	888,000		(231	)
JP Morgan & Chase Co.	12/3/2014	USD	3,546,091	HKD	27,499,816		(140	)
JP Morgan & Chase Co.	12/3/2014	USD	53,719	HUF	13,201,000		(172	)
JP Morgan & Chase Co.	12/3/2014	USD	494,429	IDR	6,021,651,000		(1,268	)
JP Morgan & Chase Co.	12/3/2014	USD	918,479	INR	56,965,000		(1,095	)
JP Morgan & Chase Co.	12/3/2014	USD	20,000	KRW	21,620,200		(489	)
JP Morgan & Chase Co.	12/3/2014	USD	2,373,118	KRW	2,629,295,800		(341	)
JP Morgan & Chase Co.	12/3/2014	USD	906,704	MXN	12,604,000		(998	)
JP Morgan & Chase Co.	12/3/2014	USD	749,719	MYR	2,536,000		(160	)
JP Morgan & Chase Co.	12/3/2014	USD	239,194	PHP	10,741,000		(44	)
JP Morgan & Chase Co.	12/3/2014	USD	505,349	PLN	1,695,000		(1,729	)
JP Morgan & Chase Co.	12/3/2014	USD	31,859	QAR	116,000		(1	)
JP Morgan & Chase Co.	12/3/2014	USD	585,926	RUB	29,005,000		(4,335	)
JP Morgan & Chase Co.	12/3/2014	USD	423,076	THB	13,897,000		92
JP Morgan & Chase Co.	12/3/2014	USD	402,629	TRY	893,000		(861	)
JP Morgan & Chase Co.	12/3/2014	USD	1,753,826	TWD	54,316,000		1,329
JP Morgan & Chase Co.	12/3/2014	USD	26,962	ZAR	300,000		112
JP Morgan & Chase Co.	12/3/2014	USD	591,676	ZAR	6,537,000		(1,731	)
The Bank of New York Mellon	12/3/2014	USD	11,773	BRL	29,497		(322	)
The Bank of New York Mellon	12/3/2014	USD	254,866	BRL	656,801		109
The Bank of New York Mellon	12/3/2014	USD	41,143	CLP	25,023,000		(30	)
The Bank of New York Mellon	12/3/2014	USD	19,665	COP	43,501,000		(54	)
The Bank of New York Mellon	12/3/2014	USD	334,474	KRW	371,601,000		873
The Bank of New York Mellon	12/3/2014	USD	4,370	MXN	60,000		(59	)
The Bank of New York Mellon	12/3/2014	USD	34,819	MXN	484,000		(39	)
The Bank of New York Mellon	12/3/2014	USD	100,915	MYR	342,000		169
The Bank of New York Mellon	12/3/2014	USD	56,736	PLN	190,300		(194	)
The Bank of New York Mellon	12/3/2014	USD	9,469	TRY	21,000		(20	)
Barclays Bank PLC	12/3/2014	ZAR	5,948,000	USD	535,906		(884	)
Barclays Bank PLC	12/3/2014	ZAR	511,000	USD	46,600		484
JP Morgan & Chase Co.	12/3/2014	ZAR	5,948,000	USD	535,943		(847	)
JP Morgan & Chase Co.	12/3/2014	ZAR	889,000	USD	80,424		195
Barclays Bank PLC	12/8/2014	AED	409,000	USD	111,305		(45	)
JP Morgan & Chase Co.	12/8/2014	AED	409,000	USD	111,338		(11	)
JP Morgan & Chase Co.	12/8/2014	AED	60,000	USD	16,335		—
JP Morgan & Chase Co.	12/8/2014	AED	29,000	USD	7,895		—
Barclays Bank PLC	12/8/2014	USD	111,349	AED	409,000		1
JP Morgan & Chase Co.	12/8/2014	USD	135,579	AED	498,000		—
Barclays Bank PLC	1/5/2015	EUR	74,000	USD	92,220		184
JP Morgan & Chase Co.	1/5/2015	EUR	74,000	USD	92,268		233
Barclays Bank PLC	1/5/2015	USD	2,400	EUR	1,926		(5	)
Barclays Bank PLC	1/6/2015	BRL	4,609,000	USD	1,771,943		25
JP Morgan & Chase Co.	1/6/2015	BRL	4,609,000	USD	1,771,534		(383	)
Barclays Bank PLC	1/6/2015	CLP	193,988,000	USD	317,852		223
JP Morgan & Chase Co.	1/6/2015	CLP	193,988,000	USD	317,586		(42	)
Barclays Bank PLC	1/6/2015	COP	246,950,000	USD	111,334		396
JP Morgan & Chase Co.	1/6/2015	COP	246,950,000	USD	111,200		262
Barclays Bank PLC	1/6/2015	CZK	711,957	USD	32,100		48
Barclays Bank PLC	1/6/2015	CZK	167,000	USD	7,530		11
JP Morgan & Chase Co.	1/6/2015	CZK	167,000	USD	7,537		19
Barclays Bank PLC	1/6/2015	HKD	55,838	USD	7,200		—
Barclays Bank PLC	1/6/2015	HKD	27,487,000	USD	3,544,294		94


See Notes to Financial Statements.		79

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	1/6/2015	HKD	27,487,000	USD	3,544,286	$	86
Barclays Bank PLC	1/6/2015	HUF	2,486,850	USD	10,100		22
Barclays Bank PLC	1/6/2015	HUF	14,986,000	USD	60,864		132
JP Morgan & Chase Co.	1/6/2015	HUF	14,986,000	USD	60,929		197
Barclays Bank PLC	1/6/2015	IDR	6,099,978,000	USD	495,450		(1,247	)
JP Morgan & Chase Co.	1/6/2015	IDR	6,099,978,000	USD	496,862		165
Barclays Bank PLC	1/6/2015	INR	56,784,000	USD	907,658		(121	)
JP Morgan & Chase Co.	1/6/2015	INR	56,784,000	USD	910,102		2,323
Barclays Bank PLC	1/6/2015	KRW	2,861,585,000	USD	2,566,858		(11,461	)
JP Morgan & Chase Co.	1/6/2015	KRW	2,861,585,000	USD	2,578,190		(129	)
Barclays Bank PLC	1/6/2015	MXN	143,553	USD	10,300		7
Barclays Bank PLC	1/6/2015	MXN	12,439,000	USD	892,502		589
JP Morgan & Chase Co.	1/6/2015	MXN	12,439,000	USD	892,942		1,029
Barclays Bank PLC	1/6/2015	MYR	2,477,000	USD	726,180		(3,923	)
JP Morgan & Chase Co.	1/6/2015	MYR	2,477,000	USD	729,624		(479	)
Barclays Bank PLC	1/6/2015	TRY	984,000	USD	440,042		223
JP Morgan & Chase Co.	1/6/2015	TRY	984,000	USD	440,891		1,072
Barclays Bank PLC	1/6/2015	USD	31,400	BRL	81,675		—
Barclays Bank PLC	1/6/2015	USD	37,000	TRY	82,737		(19	)
Barclays Bank PLC	1/6/2015	ZAR	7,954,000	USD	715,494		1,997
JP Morgan & Chase Co.	1/6/2015	ZAR	7,954,000	USD	715,604		2,107
Barclays Bank PLC	1/7/2015	AED	553,000	USD	150,531		(13	)
JP Morgan & Chase Co.	1/7/2015	AED	553,000	USD	150,534		(10	)
Barclays Bank PLC	1/7/2015	PHP	10,241,000	USD	227,194		(378	)
JP Morgan & Chase Co.	1/7/2015	PHP	10,241,000	USD	227,654		82
Barclays Bank PLC	1/7/2015	PLN	1,810,000	USD	538,513		1,604
JP Morgan & Chase Co.	1/7/2015	PLN	1,810,000	USD	538,772		1,862
Barclays Bank PLC	1/7/2015	QAR	263,000	USD	72,191		(15	)
JP Morgan & Chase Co.	1/7/2015	QAR	263,000	USD	72,201		(5	)
Barclays Bank PLC	1/7/2015	THB	13,823,000	USD	419,055		(1,107	)
JP Morgan & Chase Co.	1/7/2015	THB	13,823,000	USD	419,312		(851	)
Barclays Bank PLC	1/7/2015	TWD	56,833,000	USD	1,831,963		(5,255	)
JP Morgan & Chase Co.	1/7/2015	TWD	56,833,000	USD	1,834,506		(2,712	)
Barclays Bank PLC	1/7/2015	USD	63,000	PLN	211,750		(188	)
Barclays Bank PLC	1/8/2015	EGP	1,039,000	USD	142,720		(1,577	)
Barclays Bank PLC	1/13/2015	RUB	26,223,000	USD	521,908		4,651
JP Morgan & Chase Co.	1/13/2015	RUB	26,223,000	USD	522,348		5,091

Total net unrealized appreciation						$	622,306

Currency Abbreviations

AED – Arab Emirates Dirham

BRL – Brazilian Real

CLP – Chilean Peso

COP – Colombian Peso

CZK – Czech Kronua

EGP – Egyptian Pound

EUR – Euro

HKD – Hong Kong Dollar

HUF – Hungarian Forint

IDR – Indonesian Rupiah

INR – Indian Rupee

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

PHP – Philippine Peso

PLN – Polish Zloty


See Notes to Financial Statements.		80

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)

QAR – Qatari Rial

RUB – Russian Ruble

THB – Thai Baht

TRY – Turkish New Lira

TWD – New Taiwan Dollar

USD – U.S. Dollar

ZAR – South African Rand

* Non-income producing security.

# Fair Valued Security.

144A – Security is exempt from registration under Rule 144A of the securities Act of 1933. This security is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2014, the aggregate market value of this security amounted to $424,274 or 1.3% of net assets.

ADR – American Depositary Receipt

CPO – Ordinary Participation Certificates

GDR – Global Depositary Receipt

NVDR – Non Voting Depositary Receipt

REIT – Real Estate Investment Trust


See Notes to Financial Statements.		81

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Europe Hedged Equity ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 98.1%
Austria — 0.3%
Andritz AG		5,313	$	287,118
Erste Group Bank AG		20,435		553,431
Immofinanz AG*		68,636		205,769
OMV AG		10,835		313,378
Raiffeisen Bank International AG		8,711		180,240
Vienna Insurance Group AG Wiener Versicherung Gruppe		2,726		135,603
Voestalpine AG		8,111		336,862

				2,012,401

Belgium — 1.9%
Ageas		15,872		567,611
Anheuser-Busch InBev NV		58,311		6,849,029
Belgacom SA		10,940		431,840
Colruyt SA		5,202		241,920
Delhaize Group SA		7,437		543,666
Groupe Bruxelles Lambert SA		5,868		530,828
KBC Groep NV*		18,110		1,035,874
Solvay SA		4,297		590,416
Telenet Group Holding NV*		3,855		220,358
UCB SA		9,177		719,818
Umicore SA		7,751		315,164

				12,046,524

Bermuda — 0.1%
Seadrill Ltd.		28,605		409,782

Channel Islands — 0.2%
Friends Life Group Ltd		102,387		590,461
Randgold Resources Ltd.		6,440		427,824

				1,018,285

Denmark — 2.3%
A.P. Moeller — Maersk A/S, Class A		288		588,639
A.P. Moeller — Maersk A/S, Class B		518		1,080,376
Carlsberg A/S, Class B		7,780		693,006
Coloplast A/S, Class B		8,106		702,402
Danske Bank A/S		47,394		1,346,488
DSV A/S		12,761		399,654
ISS A/S*		6,800		192,055
Novo Nordisk A/S, Class B		145,533		6,637,358
Novozymes A/S, Class B		17,312		760,620
Pandora A/S		8,345		740,544
TDC A/S		58,662		475,476
Tryg A/S		1,521		175,391
Vestas Wind Systems A/S*		16,193		596,443
William Demant Holding A/S*		1,652		118,495

				14,506,947

Finland — 1.4%
Elisa OYJ		10,467		303,516
Fortum OYJ		32,348		811,707
Kone OYJ, Class B		22,659		1,042,493
Metso OYJ		8,154		252,769
Neste Oil OYJ		9,521		225,887
Nokia OYJ		271,668		2,259,930
Nokian Renkaat OYJ		8,193		231,361


	Number of Shares		Value

Finland (Continued)
Orion OYJ, Class B		7,227	$	247,847
Sampo OYJ, Class A		32,330		1,594,771
Stora Enso OYJ, Class R		40,514		358,939
UPM-Kymmene OYJ		38,488		638,906
Wartsila OYJ Abp		10,696		479,066

				8,447,192

France — 14.3%
Accor SA		12,551		592,037
Aeroports de Paris		2,158		264,823
Air Liquide SA		24,988		3,144,434
Airbus Group NV		42,648		2,598,249
Alcatel-Lucent*		203,440		724,250
Alstom SA*		15,799		552,526
Arkema SA		4,738		322,383
AtoS		5,825		413,800
AXA SA		131,709		3,179,679
BNP Paribas SA		76,814		4,924,745
Bollore SA		410		202,397
Bouygues SA		12,213		459,462
Bureau Veritas SA		15,985		381,334
Cap Gemini SA		10,345		758,050
Carrefour SA		45,158		1,428,787
Casino Guichard-Perrachon SA		4,121		397,081
Christian Dior SA		3,946		755,629
Cie de St-Gobain		32,950		1,513,501
Cie Generale des Etablissements Michelin		13,478		1,239,351
CNP Assurances		12,268		227,143
Credit Agricole SA		74,730		1,050,500
Danone SA		42,017		2,964,978
Dassault Systemes SA		9,209		601,979
Edenred		14,926		430,402
Electricite de France		17,478		523,225
Essilor International SA		14,822		1,664,275
Eurazeo SA		2,726		189,652
Eutelsat Communications SA		11,295		373,523
Fonciere des Regions REIT		2,106		201,039
GDF Suez		104,980		2,586,611
Gecina SA REIT		2,093		283,028
Groupe Eurotunnel SA		34,169		441,659
ICADE REIT		2,676		214,057
Iliad SA		1,891		464,397
Imerys SA		2,537		191,803
JCDecaux SA		5,011		164,809
Kering		5,469		1,129,557
Klepierre REIT		7,204		323,289
Lafarge SA		13,498		959,719
Lagardere SCA		8,675		245,943
Legrand SA		19,147		1,003,884
L’Oreal SA		18,229		3,109,908
LVMH Moet Hennessy Louis Vuitton SA		20,251		3,638,688
Natixis SA		67,350		475,849
Numericable-SFR*		7,136		298,232
Orange SA		134,483		2,368,723
Pernod Ricard SA		15,411		1,826,416
Peugeot SA*		28,817		369,077


See Notes to Financial Statements.		82

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

France (Continued)
Publicis Groupe SA		13,512	$	992,301
Remy Cointreau SA		1,734		130,383
Renault SA		13,894		1,114,685
Rexel SA		20,308		376,004
Safran SA		19,600		1,268,062
Sanofi		86,240		8,349,368
Schneider Electric SE		38,086		3,106,703
SCOR SE		11,299		352,510
Societe BIC SA		2,106		280,727
Societe Generale SA		52,550		2,606,557
Sodexo		6,861		692,064
Suez Environnement Co		21,547		382,065
Technip SA		7,408		481,763
Thales SA		6,722		356,658
Total SA		155,219		8,683,431
Unibail-Rodamco SE REIT		7,091		1,873,687
Valeo SA		5,478		674,013
Vallourec SA		8,067		267,476
Veolia Environnement		30,502		556,213
Vinci SA		35,471		1,917,537
Vivendi SA*		88,041		2,242,051
Wendel SA		2,316		272,865
Zodiac Aerospace		13,595		450,513

				89,602,519

Germany — 12.8%
adidas AG		15,129		1,213,390
Allianz SE		33,104		5,699,069
Axel Springer SE		2,971		174,944
BASF SE		66,604		6,046,628
Bayer AG		59,967		9,018,798
Bayerische Motoren Werke AG		24,012		2,745,431
Beiersdorf AG		7,280		647,968
Brenntag AG		11,285		621,495
Celesio AG		3,686		122,835
Commerzbank AG*		70,252		1,074,907
Continental AG		7,958		1,674,306
Daimler AG		69,822		5,886,438
Deutsche Annington Immobilien SE		17,728		570,829
Deutsche Bank AG (a)		100,018		3,269,013
Deutsche Boerse AG		13,947		1,018,871
Deutsche Lufthansa AG		16,990		303,268
Deutsche Post AG		70,192		2,331,704
Deutsche Telekom AG		230,228		3,922,015
Deutsche Wohnen AG		20,698		496,854
E.ON SE		145,103		2,572,019
Fraport AG Frankfurt Airport Services Worldwide		2,734		166,972
Fresenius Medical Care AG & Co. KGaA		15,688		1,158,541
Fresenius SE & Co. KGaA		27,356		1,482,927
GEA Group AG		13,231		632,257
Hannover Rueck SE		4,366		389,580
HeidelbergCement AG		10,194		772,843
Henkel AG & Co. KGaA		8,516		843,330
Hugo Boss AG		3,064		403,474
Infineon Technologies AG		82,141		804,649
K+S AG		12,653		379,727


	Number of Shares		Value

Germany (Continued)
Kabel Deutschland Holding AG*		1,642	$	227,758
LANXESS AG		6,661		330,768
Linde AG		13,469		2,541,526
MAN SE		2,578		293,796
Merck KGaA		9,411		937,110
Metro AG*		11,826		401,597
Muenchener Rueckversicherungs-Gesellschaft AG		12,543		2,583,589
OSRAM Licht AG*		6,409		266,175
ProSiebenSat.1 Media AG		15,905		679,346
RWE AG		35,375		1,281,349
SAP SE		66,814		4,708,991
Siemens AG		57,498		6,803,583
Symrise AG		9,014		538,737
Telefonica Deutschland Holding AG*		43,140		226,211
ThyssenKrupp AG*		32,911		870,645
United Internet AG		8,931		393,406
Volkswagen AG		2,140		484,035

				80,013,704

Ireland — 1.1%
Bank of Ireland*		2,001,672		821,367
CRH PLC		53,453		1,262,863
Experian PLC		71,608		1,133,066
Kerry Group PLC, Class A		11,516		854,739
Shire PLC		42,753		3,043,197

				7,115,232

Italy — 3.3%
Assicurazioni Generali SpA		84,783		1,833,322
Atlantia SpA		30,096		758,940
Banca Monte dei Paschi di Siena SpA*		311,422		251,319
Banco Popolare SC*		26,646		367,446
Enel Green Power SpA		128,938		310,236
Enel SpA		477,451		2,303,515
Eni SpA		184,473		3,686,203
EXOR SpA		7,229		321,804
Finmeccanica SpA*		29,847		289,485
Intesa Sanpaolo SpA		843,920		2,600,357
Intesa Sanpaolo SpA-RSP		66,644		179,328
Luxottica Group SpA		12,191		651,836
Mediobanca SpA		43,622		390,543
Pirelli & C. SpA		17,606		249,791
Prysmian SpA		15,069		270,759
Saipem SpA*		19,482		278,830
Snam SpA		146,667		777,643
Telecom Italia SpA*		733,575		826,425
Telecom Italia SpA-RSP		435,793		386,096
Terna Rete Elettrica Nazionale SpA		109,017		526,507
UniCredit SpA		319,007		2,358,211
Unione di Banche Italiane SCpA		61,822		475,075
UnipolSai SpA		65,092		186,160

				20,279,831

Luxembourg — 0.5%
Altice SA*		6,352		427,305
ArcelorMittal		72,617		890,771
Millicom International Cellular SA SDR		4,805		399,850


See Notes to Financial Statements.		83

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Luxembourg (Continued)
RTL Group SA		2,822	$	271,740
SES SA FDR		21,962		817,078
Tenaris SA		34,410		569,072

				3,375,816

Mexico — 0.0%
Fresnillo PLC(b)		16,481		183,294

Netherlands — 6.6%
Aegon NV		132,545		1,040,470
Akzo Nobel NV		17,542		1,211,915
ASML Holding NV		25,928		2,738,172
Corio NV REIT		5,208		263,473
Delta Lloyd NV		14,424		331,540
Gemalto NV		5,758		489,159
Heineken Holding NV		7,349		502,507
Heineken NV		16,650		1,309,500
ING Groep NV*		279,736		4,097,549
Koninklijke Ahold NV		64,759		1,143,857
Koninklijke Boskalis Westminster NV		6,224		349,235
Koninklijke DSM NV		12,561		825,779
Koninklijke KPN NV		231,534		768,699
Koninklijke Philips NV		69,199		2,087,044
Koninklijke Vopak NV		5,190		260,723
NN Group NV*		8,914		270,620
OCI NV*		6,231		223,413
QIAGEN NV*		16,900		403,792
Randstad Holding NV		9,082		448,165
Reed Elsevier NV		50,561		1,242,948
Royal Dutch Shell PLC, Class A		285,908		9,523,568
Royal Dutch Shell PLC, Class B		176,967		6,144,918
TNT Express NV		31,445		211,925
Unilever NV		118,127		4,811,243
Wolters Kluwer NV		21,829		639,634

				41,339,848

Norway — 0.9%
DNB ASA		70,641		1,173,079
Gjensidige Forsikring ASA		14,709		252,228
Norsk Hydro ASA		97,247		569,444
Orkla ASA		58,792		437,455
Statoil ASA		81,030		1,530,404
Telenor ASA		54,300		1,146,303
Yara International ASA		12,979		551,873

				5,660,786

Portugal — 0.2%
Banco Comercial Portugues SA, Class R*		2,523,154		260,407
Banco Espirito Santo SA*‡		56,984		0
EDP — Energias de Portugal SA		167,432		686,833
Galp Energia SGPS SA		27,790		338,645
Jeronimo Martins SGPS SA		17,931		182,162

				1,468,047

Spain — 5.4%
Abertis Infraestructuras SA		29,233		625,583
ACS Actividades de Construccion y Servicios SA		12,677		447,914
Amadeus IT Holding SA, Class A		30,834		1,227,479


	Number of Shares		Value
Spain (Continued)

Banco Bilbao Vizcaya Argentaria SA		430,466	$	4,623,625
Banco de Sabadell SA		246,610		699,466
Banco Popular Espanol SA		129,896		713,918
Banco Santander SA		896,214		8,078,306
Bankia SA*		333,099		584,014
Bankinter SA		48,924		438,437
CaixaBank SA		166,123		917,363
Distribuidora Internacional de Alimentacion SA		45,553		316,635
Enagas SA		14,675		491,411
Ferrovial SA		30,127		617,367
Gas Natural SDG SA		25,500		722,311
Grifols SA		10,909		485,961
Iberdrola SA		365,969		2,705,825
Inditex SA		79,123		2,303,708
Mapfre SA		66,091		242,517
Red Electrica Corp. SA		7,875		721,393
Repsol SA		73,229		1,643,580
Telefonica SA		305,502		4,892,834
Zardoya Otis SA		12,377		131,895

				33,631,542

Sweden — 4.6%
Alfa Laval AB		22,730		452,372
Assa Abloy AB, Class B		24,152		1,312,456
Atlas Copco AB, Class A		48,549		1,399,847
Atlas Copco AB, Class B		28,398		754,457
Boliden AB		20,091		339,496
Electrolux AB, Series B		17,395		516,959
Elekta AB, Class B		27,253		277,773
Getinge AB, Class B		14,662		339,388
Hennes & Mauritz AB, Class B		68,849		2,949,135
Hexagon AB, Class B		18,622		591,884
Husqvarna AB, Class B		29,136		214,518
ICA Gruppen AB		5,700		220,155
Industrivarden AB, Class C		11,879		209,970
Investment AB Kinnevik, Class B		17,016		590,359
Investor AB, Class B		33,033		1,240,861
Lundin Petroleum AB*		16,095		226,859
Nordea Bank AB		220,262		2,751,595
Sandvik AB		77,549		812,249
Securitas AB, Class B		23,083		278,765
Skandinaviska Enskilda Banken AB, Class A		109,814		1,450,628
Skanska AB, Class B		27,779		598,307
SKF AB, Class B		28,637		589,903
Svenska Cellulosa AB SCA, Class B		42,573		1,004,297
Svenska Handelsbanken AB, Class A		36,085		1,762,498
Swedbank AB, Class A		65,455		1,717,014
Swedish Match AB		14,504		500,872
Tele2 AB, Class B		23,483		304,066
Telefonaktiebolaget LM Ericsson, Class B		220,685		2,779,076
TeliaSonera AB		172,809		1,232,935
Volvo AB, Class B		110,923		1,213,875

				28,632,569


See Notes to Financial Statements.		84

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Switzerland — 14.9%
ABB Ltd.*		159,461	$	3,579,518
Actelion Ltd.*		7,471		888,401
Adecco SA*		12,325		865,460
Aryzta AG*		6,339		505,808
Baloise Holding AG		3,466		452,687
Barry Callebaut AG*		160		171,219
Chocoladefabriken Lindt & Spruengli AG		8		477,889
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		69		347,553
Cie Financiere Richemont SA		37,853		3,559,063
Coca-Cola HBC AG CDI*		14,718		333,810
Credit Suisse Group AG*		110,717		2,958,564
EMS-Chemie Holding AG		597		221,500
Geberit AG		2,730		951,015
Givaudan SA*		681		1,213,642
Glencore PLC*		769,871		3,852,963
Holcim Ltd.*		16,551		1,222,162
Julius Baer Group Ltd.*		16,252		736,365
Kuehne + Nagel International AG		3,957		532,787
Lonza Group AG*		3,838		451,226
Nestle SA		233,847		17,558,188
Novartis AG		166,804		16,140,929
Pargesa Holding SA		2,235		177,875
Partners Group Holding AG		1,260		361,863
Roche Holding AG		50,947		15,259,055
Schindler Holding AG		1,491		208,316
Schindler Holding AG Participation Certificates		3,240		462,066
SGS SA		399		863,038
Sika AG		156		593,809
Sonova Holding AG		3,919		592,971
STMicroelectronics NV		46,831		350,966
Sulzer AG		1,734		193,634
Swatch Group AG (The) — Bearer		2,239		1,106,466
Swatch Group AG (The) — Registered		3,581		329,656
Swiss Life Holding AG*		2,319		531,360
Swiss Prime Site AG*		4,196		323,521
Swiss Re AG*		25,554		2,184,487
Swisscom AG		1,692		1,027,020
Syngenta AG		6,744		2,221,595
Transocean Ltd.		26,351		557,973
UBS AG*		248,656		4,477,738
Wolseley PLC		19,344		1,084,739
Zurich Insurance Group AG*		10,837		3,396,061

				93,324,958

United Kingdom — 27.3%
3i Group PLC		70,220		486,999
Aberdeen Asset Management PLC		66,483		467,209
Admiral Group PLC		14,231		275,639
Aggreko PLC		18,521		443,497
Amec Foster Wheeler PLC		28,105		410,249
Anglo American PLC		101,336		2,091,776
Antofagasta PLC		28,984		333,665
ARM Holdings PLC		101,544		1,450,515
Ashtead Group PLC		36,562		601,942
Associated British Foods PLC		25,758		1,288,705


	Number of Shares		Value

United Kingdom (Continued)
AstraZeneca PLC		91,557	$	6,836,027
Aviva PLC		213,054		1,690,588
Babcock International Group PLC		18,949		336,536
BAE Systems PLC		228,158		1,714,571
Barclays PLC		1,190,838		4,560,043
BG Group PLC		247,336		3,477,849
BHP Billiton PLC		153,157		3,629,165
BP PLC		1,335,911		8,768,350
British American Tobacco PLC		135,169		8,011,540
British Land Co. PLC REIT		70,003		839,774
BT Group PLC		590,273		3,782,099
Bunzl PLC		24,340		679,027
Burberry Group PLC		32,309		832,706
Capita PLC		48,053		803,135
Carnival PLC		13,437		591,883
Centrica PLC		362,833		1,612,969
CNH Industrial NV		68,498		536,172
Cobham PLC		83,639		394,026
Compass Group PLC		121,735		2,072,652
Croda International PLC		9,940		381,018
Diageo PLC		182,179		5,637,248
Direct Line Insurance Group PLC		108,219		497,821
Dixons Carphone PLC		70,756		467,838
easyJet PLC		11,540		297,963
Fiat Chrysler Automobiles NV*		63,810		795,830
G4S PLC		112,094		483,955
GKN PLC		118,661		640,013
GlaxoSmithKline PLC		351,664		8,157,155
Hammerson PLC REIT		56,694		551,708
Hargreaves Lansdown PLC		17,441		265,756
HSBC Holdings PLC		1,388,609		13,816,680
ICAP PLC		40,689		264,904
IMI PLC		19,848		366,143
Imperial Tobacco Group PLC		69,404		3,208,932
Inmarsat PLC		31,322		388,712
InterContinental Hotels Group PLC		17,065		722,370
International Consolidated Airlines Group SA*		73,714		526,771
Intertek Group PLC		11,783		429,761
Intu Properties PLC REIT		66,794		372,365
Investec PLC		40,340		373,028
ITV PLC		278,581		932,085
J Sainsbury PLC		91,293		332,830
Johnson Matthey PLC		14,915		774,872
Kingfisher PLC		171,203		834,354
Land Securities Group PLC REIT		57,383		1,064,838
Legal & General Group PLC		429,151		1,653,726
Lloyds Banking Group PLC*		4,140,528		5,196,679
London Stock Exchange Group PLC		16,465		579,953
Marks & Spencer Group PLC		118,984		907,899
Meggitt PLC		58,204		457,304
Melrose Industries PLC		78,765		318,283
Merlin Entertainments PLC		36,800		217,857
National Grid PLC		273,464		3,972,532
Next PLC		11,093		1,173,931
Old Mutual PLC		355,630		1,112,663
Pearson PLC		59,381		1,141,800


See Notes to Financial Statements.		85

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

United Kingdom (Continued)
Persimmon PLC*		22,176	$	531,019
Petrofac Ltd		19,028		245,206
Prudential PLC		186,105		4,500,008
Reckitt Benckiser Group PLC		47,126		3,868,278
Reed Elsevier PLC		82,593		1,435,895
Rexam PLC		51,642		364,930
Rio Tinto PLC		92,273		4,313,136
Rolls-Royce Holdings PLC*		136,926		1,801,939
Royal Bank of Scotland Group PLC*		183,613		1,133,743
Royal Mail PLC		47,675		311,131
RSA Insurance Group PLC*		74,191		542,584
SABMiller PLC		70,131		3,904,200
Sage Group PLC (The)		79,181		503,508
Schroders PLC		8,999		378,824
Segro PLC REIT		54,610		334,638
Severn Trent PLC		17,413		555,682
Sky PLC		74,925		1,090,754
Smith & Nephew PLC		64,822		1,123,905
Smiths Group PLC		28,521		515,445
Sports Direct International PLC*		19,197		198,057
SSE PLC		70,783		1,813,248
Standard Chartered PLC		179,122		2,621,919
Standard Life PLC		173,542		1,149,357
Subsea 7 SA		20,809		207,335
Tate & Lyle PLC		34,349		323,799
Tesco PLC		587,142		1,709,976
Travis Perkins PLC		17,966		507,100
TUI Travel PLC		37,232		258,623
Tullow Oil PLC		66,613		443,254
Unilever PLC		93,070		3,933,886
United Utilities Group PLC		49,307		697,399
Vodafone Group PLC		1,921,651		7,022,341
Weir Group PLC (The)		15,526		454,964


	Number of Shares		Value

United Kingdom (Continued)
Whitbread PLC		13,153	$	942,406
William Hill PLC		63,461		332,075
WM Morrison Supermarkets PLC		151,985		423,763
WPP PLC		95,640		2,001,837

				170,833,049

TOTAL COMMON STOCKS (Cost $622,798,554)				613,902,326

PREFERRED STOCKS — 0.9%
Germany — 0.9%
Bayerische Motoren Werke AG		3,996		339,273
Fuchs Petrolub SE		5,163		213,592
Henkel AG & Co. KGaA		12,938		1,435,357
Porsche Automobil Holding SE		11,146		970,724
Volkswagen AG		11,788		2,714,636

				5,673,582

United Kingdom — 0.0%
Rolls-Royce Holdings PLC, Class C*		9,160,650		14,309

TOTAL PREFERRED STOCKS (Cost $5,617,267)				5,687,891

RIGHTS — 0.0%
Spain — 0.0%
CaixaBank SA*, expires 1/09/15 (Cost $8,067)		129,308		8,683


TOTAL INVESTMENTS — 99.0% (Cost $628,423,888)			$	619,598,900
Other assets less liabilities — 1.0%				6,390,039

NET ASSETS — 100.0%			$	625,988,939

As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/2/2014	CHF	15,958,000	USD	16,583,427	$	68,033
Barclays Bank PLC	12/2/2014	CHF	1,803,000	USD	1,852,584		(13,392	)
Barclays Bank PLC	12/2/2014	CHF	269,000	USD	278,423		27
Barclays Bank PLC	12/2/2014	CHF	361,000	USD	372,896		(714	)
Barclays Bank PLC	12/2/2014	CHF	1,810,000	USD	1,876,789		3,568
Barclays Bank PLC	12/2/2014	CHF	180,500	USD	186,712		(92	)
Barclays Bank PLC	12/2/2014	CHF	1,815,000	USD	1,880,986		2,590
Barclays Bank PLC	12/2/2014	CHF	88,000	USD	90,754		(320	)
Barclays Bank PLC	12/2/2014	CHF	1,757,500	USD	1,818,575		(312	)
Barclays Bank PLC	12/2/2014	CHF	524,500	USD	545,767		2,947
JP Morgan & Chase Co.	12/2/2014	CHF	15,958,000	USD	16,583,358		67,964
JP Morgan & Chase Co.	12/2/2014	CHF	1,803,000	USD	1,852,579		(13,398	)
JP Morgan & Chase Co.	12/2/2014	CHF	269,000	USD	278,423		27
JP Morgan & Chase Co.	12/2/2014	CHF	361,000	USD	372,895		(714	)
JP Morgan & Chase Co.	12/2/2014	CHF	1,810,000	USD	1,876,782		3,560
JP Morgan & Chase Co.	12/2/2014	CHF	180,500	USD	186,711		(93	)
JP Morgan & Chase Co.	12/2/2014	CHF	1,815,000	USD	1,880,975		2,579
JP Morgan & Chase Co.	12/2/2014	CHF	150,200	USD	155,257		(189	)
JP Morgan & Chase Co.	12/2/2014	CHF	88,000	USD	90,753		(321	)


See Notes to Financial Statements.		86

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	12/2/2014	CHF	1,757,500	USD	1,818,568	$	(320	)
JP Morgan & Chase Co.	12/2/2014	CHF	524,500	USD	545,769		2,949
Canadian Imperial Bank of Commerce	12/2/2014	CHF	15,958,000	USD	16,583,531		68,136
State Street Bank & Trust Co.	12/2/2014	CHF	15,958,000	USD	16,583,807		68,412
The Bank of New York Mellon	12/2/2014	CHF	447,000	USD	463,357		744
The Bank of New York Mellon	12/2/2014	CHF	328,000	USD	341,909		2,452
Barclays Bank PLC	12/2/2014	DKK	16,631,000	USD	2,799,834		20,450
Barclays Bank PLC	12/2/2014	DKK	1,873,500	USD	311,791		(1,309	)
Barclays Bank PLC	12/2/2014	DKK	281,000	USD	47,058		97
Barclays Bank PLC	12/2/2014	DKK	375,000	USD	62,620		(50	)
Barclays Bank PLC	12/2/2014	DKK	1,868,500	USD	313,365		1,100
Barclays Bank PLC	12/2/2014	DKK	187,000	USD	31,250		(1	)
Barclays Bank PLC	12/2/2014	DKK	1,868,000	USD	312,475		293
Barclays Bank PLC	12/2/2014	DKK	96,000	USD	15,989		(55	)
Barclays Bank PLC	12/2/2014	DKK	1,927,500	USD	322,380		255
Barclays Bank PLC	12/2/2014	DKK	578,500	USD	97,254		575
JP Morgan & Chase Co.	12/2/2014	DKK	16,631,000	USD	2,799,832		20,448
JP Morgan & Chase Co.	12/2/2014	DKK	1,873,500	USD	311,793		(1,307	)
JP Morgan & Chase Co.	12/2/2014	DKK	281,000	USD	47,060		99
JP Morgan & Chase Co.	12/2/2014	DKK	375,000	USD	62,619		(51	)
JP Morgan & Chase Co.	12/2/2014	DKK	1,868,500	USD	313,366		1,101
JP Morgan & Chase Co.	12/2/2014	DKK	187,000	USD	31,250		(1	)
JP Morgan & Chase Co.	12/2/2014	DKK	1,868,000	USD	312,473		292
JP Morgan & Chase Co.	12/2/2014	DKK	125,000	USD	20,870		(20	)
JP Morgan & Chase Co.	12/2/2014	DKK	96,000	USD	15,989		(55	)
JP Morgan & Chase Co.	12/2/2014	DKK	1,927,500	USD	322,379		254
JP Morgan & Chase Co.	12/2/2014	DKK	578,500	USD	97,262		583
Canadian Imperial Bank of Commerce	12/2/2014	DKK	16,631,000	USD	2,799,726		20,342
State Street Bank & Trust Co.	12/2/2014	DKK	16,631,000	USD	2,799,841		20,457
The Bank of New York Mellon	12/2/2014	DKK	517,000	USD	86,790		388
The Bank of New York Mellon	12/2/2014	DKK	363,000	USD	61,245		580
Barclays Bank PLC	12/2/2014	EUR	42,206,000	USD	52,888,634		407,317
Barclays Bank PLC	12/2/2014	EUR	4,842,500	USD	5,994,226		(27,212	)
Barclays Bank PLC	12/2/2014	EUR	719,000	USD	895,561		1,516
Barclays Bank PLC	12/2/2014	EUR	964,500	USD	1,198,158		(1,156	)
Barclays Bank PLC	12/2/2014	EUR	4,839,000	USD	6,038,012		20,927
Barclays Bank PLC	12/2/2014	EUR	476,000	USD	591,974		89
Barclays Bank PLC	12/2/2014	EUR	4,827,000	USD	6,010,310		8,146
Barclays Bank PLC	12/2/2014	EUR	250,500	USD	310,433		(1,053	)
Barclays Bank PLC	12/2/2014	EUR	5,045,000	USD	6,277,423		4,186
Barclays Bank PLC	12/2/2014	EUR	1,526,000	USD	1,908,965		11,451
JP Morgan & Chase Co.	12/2/2014	EUR	42,206,000	USD	52,887,917		406,599
JP Morgan & Chase Co.	12/2/2014	EUR	4,842,500	USD	5,994,221		(27,216	)
JP Morgan & Chase Co.	12/2/2014	EUR	719,000	USD	895,600		1,555
JP Morgan & Chase Co.	12/2/2014	EUR	964,500	USD	1,198,158		(1,156	)
JP Morgan & Chase Co.	12/2/2014	EUR	4,839,000	USD	6,038,036		20,951
JP Morgan & Chase Co.	12/2/2014	EUR	476,000	USD	591,973		88
JP Morgan & Chase Co.	12/2/2014	EUR	4,827,000	USD	6,010,349		8,185
JP Morgan & Chase Co.	12/2/2014	EUR	250,500	USD	310,433		(1,053	)
JP Morgan & Chase Co.	12/2/2014	EUR	5,045,000	USD	6,277,448		4,211
JP Morgan & Chase Co.	12/2/2014	EUR	1,526,000	USD	1,908,970		11,455
Canadian Imperial Bank of Commerce	12/2/2014	EUR	42,206,000	USD	52,888,339		407,022
State Street Bank & Trust Co.	12/2/2014	EUR	42,206,000	USD	52,889,352		408,034
The Bank of New York Mellon	12/2/2014	EUR	900,000	USD	1,124,182		5,071
The Bank of New York Mellon	12/2/2014	EUR	999,700	USD	1,255,188		12,105
The Bank of New York Mellon	12/2/2014	EUR	1,200	USD	1,499		7
Barclays Bank PLC	12/2/2014	GBP	23,565,000	USD	37,695,005		886,194


See Notes to Financial Statements.		87

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/2/2014	GBP	2,682,000	USD	4,245,493	$	56,178
Barclays Bank PLC	12/2/2014	GBP	403,500	USD	640,489		10,217
Barclays Bank PLC	12/2/2014	GBP	542,000	USD	858,871		12,261
Barclays Bank PLC	12/2/2014	GBP	2,711,000	USD	4,314,662		80,048
Barclays Bank PLC	12/2/2014	GBP	270,500	USD	426,935		4,410
Barclays Bank PLC	12/2/2014	GBP	2,733,000	USD	4,273,956		4,978
Barclays Bank PLC	12/2/2014	GBP	139,500	USD	218,459		558
Barclays Bank PLC	12/2/2014	GBP	2,777,000	USD	4,361,065		23,358
Barclays Bank PLC	12/2/2014	GBP	832,000	USD	1,314,140		14,546
JP Morgan & Chase Co.	12/2/2014	GBP	23,565,000	USD	37,691,511		882,701
JP Morgan & Chase Co.	12/2/2014	GBP	2,682,000	USD	4,245,477		56,161
JP Morgan & Chase Co.	12/2/2014	GBP	403,500	USD	640,489		10,217
JP Morgan & Chase Co.	12/2/2014	GBP	542,000	USD	858,871		12,260
JP Morgan & Chase Co.	12/2/2014	GBP	2,711,000	USD	4,314,684		80,070
JP Morgan & Chase Co.	12/2/2014	GBP	270,500	USD	426,934		4,410
JP Morgan & Chase Co.	12/2/2014	GBP	2,733,000	USD	4,273,967		4,988
JP Morgan & Chase Co.	12/2/2014	GBP	40,000	USD	62,717		236
JP Morgan & Chase Co.	12/2/2014	GBP	139,500	USD	218,459		558
JP Morgan & Chase Co.	12/2/2014	GBP	2,777,000	USD	4,361,062		23,355
JP Morgan & Chase Co.	12/2/2014	GBP	832,000	USD	1,314,142		14,548
Canadian Imperial Bank of Commerce	12/2/2014	GBP	23,565,000	USD	37,691,746		882,936
State Street Bank & Trust Co.	12/2/2014	GBP	23,565,000	USD	37,691,793		882,984
The Bank of New York Mellon	12/2/2014	GBP	520,000	USD	830,878		18,632
The Bank of New York Mellon	12/2/2014	GBP	526,500	USD	842,327		19,928
Barclays Bank PLC	12/2/2014	NOK	9,424,000	USD	1,394,530		51,210
Barclays Bank PLC	12/2/2014	NOK	1,053,000	USD	153,252		3,155
Barclays Bank PLC	12/2/2014	NOK	159,000	USD	23,325		661
Barclays Bank PLC	12/2/2014	NOK	213,000	USD	31,248		886
Barclays Bank PLC	12/2/2014	NOK	1,065,500	USD	156,721		4,842
Barclays Bank PLC	12/2/2014	NOK	106,000	USD	15,574		465
Barclays Bank PLC	12/2/2014	NOK	1,064,000	USD	156,626		4,961
Barclays Bank PLC	12/2/2014	NOK	54,500	USD	8,015		247
Barclays Bank PLC	12/2/2014	NOK	1,093,000	USD	161,300		5,501
Barclays Bank PLC	12/2/2014	NOK	314,000	USD	46,002		1,244
JP Morgan & Chase Co.	12/2/2014	NOK	9,424,000	USD	1,394,627		51,307
JP Morgan & Chase Co.	12/2/2014	NOK	1,053,000	USD	153,253		3,156
JP Morgan & Chase Co.	12/2/2014	NOK	159,000	USD	23,326		662
JP Morgan & Chase Co.	12/2/2014	NOK	213,000	USD	31,248		886
JP Morgan & Chase Co.	12/2/2014	NOK	1,065,500	USD	156,724		4,845
JP Morgan & Chase Co.	12/2/2014	NOK	106,000	USD	15,574		465
JP Morgan & Chase Co.	12/2/2014	NOK	1,064,000	USD	156,626		4,961
JP Morgan & Chase Co.	12/2/2014	NOK	186,000	USD	27,446		933
JP Morgan & Chase Co.	12/2/2014	NOK	54,500	USD	8,015		247
JP Morgan & Chase Co.	12/2/2014	NOK	1,093,000	USD	161,302		5,503
JP Morgan & Chase Co.	12/2/2014	NOK	314,000	USD	46,002		1,244
Canadian Imperial Bank of Commerce	12/2/2014	NOK	9,424,000	USD	1,394,599		51,278
State Street Bank & Trust Co.	12/2/2014	NOK	9,424,000	USD	1,394,588		51,267
The Bank of New York Mellon	12/2/2014	NOK	230,000	USD	33,815		1,030
The Bank of New York Mellon	12/2/2014	NOK	162,800	USD	23,764		558
Barclays Bank PLC	12/2/2014	SEK	40,434,000	USD	5,464,108		41,493
Barclays Bank PLC	12/2/2014	SEK	4,597,500	USD	618,676		2,104
Barclays Bank PLC	12/2/2014	SEK	687,000	USD	92,779		646
Barclays Bank PLC	12/2/2014	SEK	921,500	USD	124,006		423
Barclays Bank PLC	12/2/2014	SEK	4,620,500	USD	624,991		5,334
Barclays Bank PLC	12/2/2014	SEK	458,000	USD	61,714		292
Barclays Bank PLC	12/2/2014	SEK	4,631,000	USD	622,626		1,561
Barclays Bank PLC	12/2/2014	SEK	237,500	USD	31,822		(29	)


See Notes to Financial Statements.		88

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/2/2014	SEK	4,782,000	USD	643,137	$	1,821
Barclays Bank PLC	12/2/2014	SEK	1,434,000	USD	193,926		1,612
JP Morgan & Chase Co.	12/2/2014	SEK	40,434,000	USD	5,464,128		41,513
JP Morgan & Chase Co.	12/2/2014	SEK	4,597,500	USD	618,675		2,103
JP Morgan & Chase Co.	12/2/2014	SEK	687,000	USD	92,780		646
JP Morgan & Chase Co.	12/2/2014	SEK	921,500	USD	124,005		422
JP Morgan & Chase Co.	12/2/2014	SEK	4,620,500	USD	624,991		5,334
JP Morgan & Chase Co.	12/2/2014	SEK	458,000	USD	61,714		291
JP Morgan & Chase Co.	12/2/2014	SEK	4,631,000	USD	622,625		1,560
JP Morgan & Chase Co.	12/2/2014	SEK	594,000	USD	79,760		99
JP Morgan & Chase Co.	12/2/2014	SEK	237,500	USD	31,822		(29	)
JP Morgan & Chase Co.	12/2/2014	SEK	4,782,000	USD	643,139		1,824
JP Morgan & Chase Co.	12/2/2014	SEK	1,434,000	USD	193,926		1,612
Canadian Imperial Bank of Commerce	12/2/2014	SEK	40,434,000	USD	5,464,054		41,439
State Street Bank & Trust Co.	12/2/2014	SEK	40,434,000	USD	5,464,114		41,499
The Bank of New York Mellon	12/2/2014	SEK	1,002,000	USD	135,215		836
The Bank of New York Mellon	12/2/2014	SEK	678,000	USD	91,918		991
Barclays Bank PLC	12/2/2014	USD	90,770	CHF	87,500		(214	)
Barclays Bank PLC	12/2/2014	USD	25,393,154	CHF	24,479,000		(59,130	)
Barclays Bank PLC	12/2/2014	USD	16,184	DKK	96,500		(57	)
Barclays Bank PLC	12/2/2014	USD	4,284,985	DKK	25,589,500		(8,450	)
Barclays Bank PLC	12/2/2014	USD	621,927	EUR	500,000		(198	)
Barclays Bank PLC	12/2/2014	USD	497,478	EUR	400,000		(95	)
Barclays Bank PLC	12/2/2014	USD	317,530	EUR	254,500		(1,070	)
Barclays Bank PLC	12/2/2014	USD	80,418,086	EUR	64,541,000		(164,171	)
Barclays Bank PLC	12/2/2014	USD	313,936	GBP	200,000		(1,534	)
Barclays Bank PLC	12/2/2014	USD	217,576	GBP	138,500		(1,238	)
Barclays Bank PLC	12/2/2014	USD	56,874,238	GBP	36,317,000		(146,653	)
Barclays Bank PLC	12/2/2014	USD	7,850	NOK	53,500		(224	)
Barclays Bank PLC	12/2/2014	USD	2,068,791	NOK	14,492,500		(2,993	)
Barclays Bank PLC	12/2/2014	USD	32,378	SEK	240,500		(124	)
Barclays Bank PLC	12/2/2014	USD	8,405,097	SEK	62,562,500		(14,823	)
JP Morgan & Chase Co.	12/2/2014	USD	464,000	CHF	446,503		(1,902	)
JP Morgan & Chase Co.	12/2/2014	USD	508,000	CHF	492,347		1,544
JP Morgan & Chase Co.	12/2/2014	USD	90,770	CHF	87,500		(213	)
JP Morgan & Chase Co.	12/2/2014	USD	24,587,805	CHF	23,690,350		(69,978	)
JP Morgan & Chase Co.	12/2/2014	USD	86,200	DKK	512,028		(630	)
JP Morgan & Chase Co.	12/2/2014	USD	16,184	DKK	96,500		(57	)
JP Morgan & Chase Co.	12/2/2014	USD	4,222,439	DKK	25,202,472		(10,585	)
JP Morgan & Chase Co.	12/2/2014	USD	1,405,700	EUR	1,121,787		(10,807	)
JP Morgan & Chase Co.	12/2/2014	USD	561,837	EUR	450,000		(2,281	)
JP Morgan & Chase Co.	12/2/2014	USD	497,122	EUR	400,000		261
JP Morgan & Chase Co.	12/2/2014	USD	376,622	EUR	300,000		(3,585	)
JP Morgan & Chase Co.	12/2/2014	USD	317,530	EUR	254,500		(1,070	)
JP Morgan & Chase Co.	12/2/2014	USD	78,749,899	EUR	63,169,213		(201,743	)
JP Morgan & Chase Co.	12/2/2014	USD	823,700	GBP	514,983		(19,290	)
JP Morgan & Chase Co.	12/2/2014	USD	399,541	GBP	250,000		(9,038	)
JP Morgan & Chase Co.	12/2/2014	USD	608,000	GBP	383,814		(8,477	)
JP Morgan & Chase Co.	12/2/2014	USD	469,423	GBP	300,000		(820	)
JP Morgan & Chase Co.	12/2/2014	USD	217,576	GBP	138,500		(1,238	)
JP Morgan & Chase Co.	12/2/2014	USD	54,981,201	GBP	35,108,203		(141,771	)
JP Morgan & Chase Co.	12/2/2014	USD	34,700	NOK	234,480		(1,277	)
JP Morgan & Chase Co.	12/2/2014	USD	7,850	NOK	53,500		(224	)
JP Morgan & Chase Co.	12/2/2014	USD	2,061,708	NOK	14,444,020		(2,821	)
JP Morgan & Chase Co.	12/2/2014	USD	135,000	SEK	998,987		(1,026	)
JP Morgan & Chase Co.	12/2/2014	USD	32,377	SEK	240,500		(124	)
JP Morgan & Chase Co.	12/2/2014	USD	8,352,372	SEK	62,157,514		(16,410	)


See Notes to Financial Statements.		89

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Canadian Imperial Bank of Commerce	12/2/2014	USD	16,562,532	CHF	15,958,000	$	(47,138	)
Canadian Imperial Bank of Commerce	12/2/2014	USD	2,786,369	DKK	16,631,000		(6,985	)
Canadian Imperial Bank of Commerce	12/2/2014	USD	52,616,110	EUR	42,206,000		(134,793	)
Canadian Imperial Bank of Commerce	12/2/2014	USD	36,903,968	GBP	23,565,000		(95,158	)
Canadian Imperial Bank of Commerce	12/2/2014	USD	1,345,162	NOK	9,424,000		(1,841	)
Canadian Imperial Bank of Commerce	12/2/2014	USD	5,433,290	SEK	40,434,000		(10,675	)
State Street Bank & Trust Co.	12/2/2014	USD	16,562,532	CHF	15,958,000		(47,138	)
State Street Bank & Trust Co.	12/2/2014	USD	2,786,369	DKK	16,631,000		(6,985	)
State Street Bank & Trust Co.	12/2/2014	USD	52,616,110	EUR	42,206,000		(134,793	)
State Street Bank & Trust Co.	12/2/2014	USD	36,903,968	GBP	23,565,000		(95,158	)
State Street Bank & Trust Co.	12/2/2014	USD	1,345,162	NOK	9,424,000		(1,841	)
State Street Bank & Trust Co.	12/2/2014	USD	5,433,290	SEK	40,434,000		(10,675	)
The Bank of New York Mellon	12/2/2014	USD	804,359	CHF	775,000		(2,289	)
The Bank of New York Mellon	12/2/2014	USD	147,436	DKK	880,000		(370	)
The Bank of New York Mellon	12/2/2014	USD	375,290	EUR	300,000		(2,253	)
The Bank of New York Mellon	12/2/2014	USD	1,995,762	EUR	1,600,900		(5,113	)
The Bank of New York Mellon	12/2/2014	USD	15,794	GBP	10,000		(174	)
The Bank of New York Mellon	12/2/2014	USD	1,623,211	GBP	1,036,500		(4,186	)
The Bank of New York Mellon	12/2/2014	USD	14,658	NOK	100,000		(403	)
The Bank of New York Mellon	12/2/2014	USD	41,794	NOK	292,800		(57	)
The Bank of New York Mellon	12/2/2014	USD	225,749	SEK	1,680,000		(444	)
Barclays Bank PLC	1/5/2015	DKK	21,772,000	USD	3,646,397		6,980
JP Morgan & Chase Co.	1/5/2015	DKK	21,772,000	USD	3,648,379		8,963
Canadian Imperial Bank of Commerce	1/5/2015	DKK	21,772,000	USD	3,648,368		8,952
State Street Bank & Trust Co.	1/5/2015	DKK	21,772,000	USD	3,648,427		9,011
Barclays Bank PLC	1/5/2015	EUR	57,784,000	USD	72,010,999		143,748
JP Morgan & Chase Co.	1/5/2015	EUR	57,784,000	USD	72,048,963		181,712
Canadian Imperial Bank of Commerce	1/5/2015	EUR	57,784,000	USD	72,048,558		181,307
State Street Bank & Trust Co.	1/5/2015	EUR	57,784,000	USD	72,049,714		182,463
Barclays Bank PLC	1/5/2015	GBP	31,311,000	USD	49,024,898		127,437
JP Morgan & Chase Co.	1/5/2015	GBP	31,311,000	USD	49,024,979		127,518
Canadian Imperial Bank of Commerce	1/5/2015	GBP	31,311,000	USD	49,024,729		127,267
State Street Bank & Trust Co.	1/5/2015	GBP	31,311,000	USD	49,025,261		127,800
Barclays Bank PLC	1/5/2015	NOK	11,490,000	USD	1,638,201		2,523
JP Morgan & Chase Co.	1/5/2015	NOK	11,490,000	USD	1,638,078		2,400
Canadian Imperial Bank of Commerce	1/5/2015	NOK	11,490,000	USD	1,638,082		2,404
State Street Bank & Trust Co.	1/5/2015	NOK	11,490,000	USD	1,638,090		2,412
Barclays Bank PLC	1/5/2015	SEK	54,475,000	USD	7,318,989		12,679
JP Morgan & Chase Co.	1/5/2015	SEK	54,475,000	USD	7,320,557		14,247
Canadian Imperial Bank of Commerce	1/5/2015	SEK	54,475,000	USD	7,320,551		14,241
State Street Bank & Trust Co.	1/5/2015	SEK	54,475,000	USD	7,320,493		14,183
Barclays Bank PLC	1/5/2015	USD	447,400	CHF	431,082		(1,022	)
Barclays Bank PLC	1/5/2015	USD	50,000	DKK	298,541		(96	)
Barclays Bank PLC	1/5/2015	USD	1,214,900	EUR	974,876		(2,425	)
Barclays Bank PLC	1/5/2015	USD	720,100	GBP	459,910		(1,872	)
Barclays Bank PLC	1/5/2015	USD	25,000	NOK	175,345		(39	)
Barclays Bank PLC	1/5/2015	USD	68,300	SEK	508,355		(118	)
Barclays Bank PLC	1/6/2015	CHF	21,193,000	USD	21,993,680		48,501
JP Morgan & Chase Co.	1/6/2015	CHF	21,193,000	USD	22,005,601		60,422
Canadian Imperial Bank of Commerce	1/6/2015	CHF	21,193,000	USD	22,005,441		60,262
State Street Bank & Trust Co.	1/6/2015	CHF	21,193,000	USD	22,005,692		60,514

Total net unrealized appreciation						$	6,471,669


See Notes to Financial Statements.		90

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)

Currency Abbreviations

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – Pound Sterling

NOK – Norwegian Krone

SEK – Swedish Krona

USD – U.S. Dollar

* Non-income producing security.

‡ Fair valued security.

(a) Affiliated issuer. This security is owned in proportion with its representation in the index.

(b) Listed on the London Stock Exchange.

CDI – Chess Depositary Interest.

FDR – Fiduciary Depositary Receipt.

REIT – Real Estate Investment Trust.

RSP – Risparmio (Convertible Savings Shares).

SDR – Swedish Depositary Receipt.


See Notes to Financial Statements.		91

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Germany Hedged Equity ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 92.1%
Basic Materials — 12.9%
BASF SE		33,011	$	2,996,894
Brenntag AG		5,552		305,764
K+S AG		6,191		185,797
LANXESS AG		3,286		163,174
Linde AG		6,675		1,259,536
Symrise AG		4,400		262,974
ThyssenKrupp AG*		16,272		430,468

				5,604,607

Communications — 6.7%
Axel Springer SE		1,422		83,733
Deutsche Telekom AG		114,109		1,943,887
Kabel Deutschland Holding AG*		795		110,273
ProSiebenSat.1 Media AG		7,863		335,850
RTL Group SA (Luxembourg)		1,390		133,848
Telefonica Deutschland Holding AG*		21,251		111,433
United Internet AG		4,420		194,699

				2,913,723

Consumer, Cyclical — 14.5%
adidas AG		7,519		603,046
Bayerische Motoren Werke AG		11,900		1,360,596
Continental AG		3,953		831,683
Daimler AG		34,606		2,917,504
Deutsche Lufthansa AG		8,277		147,743
Hugo Boss AG		1,518		199,893
Volkswagen AG		1,060		239,756

				6,300,221

Consumer, Non-cyclical — 17.2%
Bayer AG		29,721		4,469,920
Beiersdorf AG		3,622		322,382
Celesio AG		1,826		60,851
Fresenius Medical Care AG & Co. KGaA		7,800		576,021
Fresenius SE & Co. KGaA		13,603		737,398
Henkel AG & Co. KGaA		4,201		416,020
Merck KGaA		4,645		462,530
Metro AG*		5,824		197,776
QIAGEN NV (Netherlands)*		8,358		199,698

				7,442,596

Diversified — 0.7%
GEA Group AG		6,572		314,050

Financial — 17.3%
Allianz SE		16,407		2,824,571
Commerzbank AG*		34,781		532,175
Deutsche Annington Immobilien SE		8,800		283,353
Deutsche Bank AG (a)		49,572		1,620,224


	Number of Shares		Value
Financial (Continued)
Deutsche Boerse AG		6,936	$	506,696
Deutsche Wohnen AG		10,284		246,867
Hannover Rueck SE		2,167		193,362
Muenchener Rueckversicherungs-Gesellschaft AG		6,215		1,280,157

				7,487,405

Industrial — 12.1%
Deutsche Post AG		34,781		1,155,388
Fraport AG Frankfurt Airport Services Worldwide		1,324		80,860
HeidelbergCement AG		5,065		383,996
MAN SE		1,266		144,277
OSRAM Licht AG*		3,195		132,693
Siemens AG		28,497		3,371,973

				5,269,187

Technology — 6.3%
Infineon Technologies AG		40,530		397,030
SAP SE		33,115		2,333,916

				2,730,946

Utilities — 4.4%
E.ON SE		71,918		1,274,780
RWE AG		17,589		637,107

				1,911,887

TOTAL COMMON STOCKS (Cost $40,672,959)				39,974,622

PREFERRED STOCKS — 6.5%
Basic Materials — 0.3%
Fuchs Petrolub SE		2,497		103,300

Consumer, Cyclical — 4.6%
Bayerische Motoren Werke AG		1,950		165,561
Porsche Automobil Holding SE		5,503		479,266
Volkswagen AG		5,842		1,345,344

				1,990,171

Consumer, Non-cyclical — 1.6%
Henkel AG & Co. KGaA		6,403		710,356

TOTAL PREFERRED STOCKS (Cost $2,959,253)				2,803,827


TOTAL INVESTMENTS — 98.6% (Cost $43,632,212)			$	42,778,449
Other assets less liabilities — 1.4%				617,478

NET ASSETS — 100.0%			$	43,395,927

As of November 30, 2014, the Fund had the following futures contracts open:


Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Appreciation
DAX Index Futures		1	$	310,071		12/19/2014	$	10,367


See Notes to Financial Statements.		92

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)

As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/2/2014	EUR	7,835,000	USD	9,818,093	$	75,613
Canadian Imperial Bank of Commerce	12/2/2014	EUR	7,835,000	USD	9,818,039		75,558
JP Morgan & Chase Co.	12/2/2014	EUR	7,835,000	USD	9,817,960		75,480
State Street Bank & Trust Co.	12/2/2014	EUR	7,835,000	USD	9,818,227		75,746
The Bank of New York Mellon	12/2/2014	EUR	4,014	USD	5,004		13
Barclays Bank PLC	12/2/2014	USD	9,818,093	EUR	7,879,690		(20,043	)
Canadian Imperial Bank of Commerce	12/2/2014	USD	9,818,039	EUR	7,875,537		(25,152	)
JP Morgan & Chase Co.	12/2/2014	USD	46,195	EUR	37,000		(188	)
JP Morgan & Chase Co.	12/2/2014	USD	24,845	EUR	20,000		24
JP Morgan & Chase Co.	12/2/2014	USD	37,662	EUR	30,000		(358	)
JP Morgan & Chase Co.	12/2/2014	USD	9,709,258	EUR	7,788,279		(24,873	)
State Street Bank & Trust Co.	12/2/2014	USD	9,818,227	EUR	7,875,688		(25,153	)
The Bank of New York Mellon	12/2/2014	USD	5,004	EUR	4,000		(30	)
Barclays Bank PLC	1/5/2015	EUR	8,611,000	USD	10,731,114		21,421
Canadian Imperial Bank of Commerce	1/5/2015	EUR	8,611,000	USD	10,736,711		27,019
JP Morgan & Chase Co.	1/5/2015	EUR	8,611,000	USD	10,736,772		27,079
State Street Bank & Trust Co.	1/5/2015	EUR	8,611,000	USD	10,736,884		27,191

Total net unrealized appreciation						$	309,347

Currency Abbreviations

EUR – Euro

USD – U.S. Dollar

* Non-income producing security.

(a) Affiliated issuer. This security is owned in proportion with its representation in the index.


See Notes to Financial Statements.		93

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Japan Hedged Equity ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 98.4%
Basic Materials — 5.4%
AIR WATER, Inc.		35,500	$	575,942
Asahi Kasei Corp.		300,000		2,607,927
Daicel Corp.		64,900		746,775
Hitachi Chemical Co. Ltd.		23,800		440,455
Hitachi Metals Ltd.		51,600		892,346
JFE Holdings, Inc.		116,600		2,480,507
JSR Corp.		42,400		758,246
Kaneka Corp.		67,000		354,429
Kansai Paint Co. Ltd.		55,000		876,090
Kobe Steel Ltd.		735,000		1,170,155
Kuraray Co. Ltd.		81,700		994,453
Mitsubishi Chemical Holdings Corp.		321,500		1,656,044
Mitsubishi Gas Chemical Co., Inc.		92,000		526,201
Mitsubishi Materials Corp.		260,000		816,914
Mitsui Chemicals, Inc.		189,000		528,560
Nippon Paint Holdings Co. Ltd.		41,000		1,060,270
Nippon Steel & Sumitomo Metal Corp.		1,803,145		4,644,753
Nitto Denko Corp.		37,100		1,957,270
Oji Holdings Corp.		184,000		644,771
Shin-Etsu Chemical Co. Ltd.		97,400		6,555,415
Sumitomo Chemical Co. Ltd.		354,000		1,338,887
Sumitomo Metal Mining Co. Ltd.		125,000		1,913,195
Taiyo Nippon Sanso Corp.		36,000		423,940
Teijin Ltd.		215,000		583,161
Yamato Kogyo Co. Ltd.		9,100		255,258

				34,801,964

Communications — 6.8%
Dentsu, Inc.		51,300		1,927,288
Hakuhodo DY Holdings, Inc.		55,300		537,558
Hikari Tsushin, Inc.		4,000		260,119
Kakaku.com, Inc.		33,500		511,608
KDDI Corp.		138,284		8,857,445
M3, Inc.		46,000		791,240
Mixi, Inc.		8,900		408,584
Nippon Telegraph & Telephone Corp.		89,000		4,761,311
NTT DOCOMO, Inc.		362,300		5,650,494
Rakuten, Inc.		188,900		2,544,338
SBI Holdings, Inc.		46,628		538,098
SoftBank Corp.		227,800		15,280,052
Trend Micro, Inc.		25,000		759,171
Yahoo Japan Corp.		337,600		1,231,358

				44,058,664

Consumer, Cyclical — 26.7%
ABC-Mart, Inc.		6,300		316,287
Aeon Co. Ltd.		150,600		1,500,735
AISIN SEIKI Co. Ltd.		45,500		1,626,985
ANA Holdings, Inc.		276,000		679,335
ASICS Corp.		38,000		961,884
Bandai Namco Holdings, Inc.		42,200		913,211
Bridgestone Corp.		154,300		5,302,336
Citizen Holdings Co. Ltd.		61,600		476,341
Daihatsu Motor Co. Ltd.		45,600		624,952
Daiwa House Industry Co. Ltd.		141,000		2,684,838


	Number of Shares		Value

Consumer, Cyclical (Continued)
DENSO Corp.		115,300	$	5,383,547
Don Quijote Holdings Co. Ltd.		13,700		853,978
FamilyMart Co. Ltd.		14,200		523,910
Fast Retailing Co. Ltd.		12,600		4,585,630
Fuji Heavy Industries Ltd.		139,300		5,066,735
Hino Motors Ltd.		61,400		827,011
Hitachi High-Technologies Corp.		15,100		436,280
Honda Motor Co. Ltd.		386,600		11,630,728
Iida Group Holdings Co. Ltd.		36,600		401,717
Isetan Mitsukoshi Holdings Ltd.		79,600		1,045,330
Isuzu Motors Ltd.		140,900		1,838,471
ITOCHU Corp.		357,000		4,107,838
J. Front Retailing Co. Ltd.		57,300		734,139
Japan Airlines Co. Ltd.		27,678		813,681
JTEKT Corp.		48,700		807,735
Koito Manufacturing Co. Ltd.		22,800		715,411
Lawson, Inc.		15,200		937,236
Marubeni Corp.		391,500		2,467,754
Marui Group Co. Ltd.		54,500		476,987
Mazda Motor Corp.		128,100		3,307,843
McDonald’s Holdings Co. Japan Ltd.		15,500		354,353
Mitsubishi Corp.		327,300		6,189,517
Mitsubishi Logistics Corp.		30,000		470,033
Mitsubishi Motors Corp.		151,600		1,557,950
Mitsui & Co. Ltd.		404,700		5,582,245
NGK Insulators Ltd.		63,000		1,398,349
NGK Spark Plug Co. Ltd.		42,500		1,278,061
NHK Spring Co. Ltd.		35,900		310,872
Nintendo Co. Ltd.		25,200		2,920,877
Nissan Motor Co. Ltd.		589,600		5,505,383
Nitori Holdings Co. Ltd.		16,200		897,915
NOK Corp.		22,000		550,579
Oriental Land Co. Ltd.		11,900		2,589,201
Panasonic Corp.		523,500		6,757,897
Sankyo Co. Ltd.		11,600		373,264
Sanrio Co. Ltd.		11,700		308,971
Sega Sammy Holdings, Inc.		44,200		608,744
Sekisui Chemical Co. Ltd.		102,000		1,269,039
Sekisui House Ltd.		131,700		1,768,351
Sharp Corp.*		364,000		867,725
Shimamura Co. Ltd.		5,300		443,322
Shimano, Inc.		18,700		2,536,073
Sony Corp.		248,700		5,446,826
Stanley Electric Co. Ltd.		33,900		736,454
Sumitomo Corp.		266,900		2,846,274
Sumitomo Electric Industries Ltd.		178,900		2,326,009
Sumitomo Rubber Industries Ltd.		40,600		618,328
Suzuki Motor Corp.		86,500		2,732,020
Takashimaya Co. Ltd.		63,000		527,499
Toho Co. Ltd.		26,900		599,565
Toray Industries, Inc.		349,000		2,742,846
Toyoda Gosei Co. Ltd.		15,100		295,602
Toyota Industries Corp.		38,700		1,933,126
Toyota Motor Corp.		648,400		39,947,754
Toyota Tsusho Corp.		49,600		1,174,039
USS Co. Ltd.		52,000		750,335


See Notes to Financial Statements.		94

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Consumer, Cyclical (Continued)
Yamada Denki Co. Ltd.		206,300	$	679,470
Yamaha Corp.		39,800		593,069
Yamaha Motor Co. Ltd.		62,300		1,324,036
Yokohama Rubber Co. Ltd. (The)		49,000		450,727

				172,311,565

Consumer, Non-cyclical — 13.0%
Ajinomoto Co., Inc.		134,000		2,500,755
Alfresa Holdings Corp.		41,800		482,382
Asahi Group Holdings Ltd.		91,800		2,863,072
Astellas Pharma, Inc.		509,100		7,320,336
Benesse Holdings, Inc.		16,100		490,262
Calbee, Inc.		17,000		588,552
Chugai Pharmaceutical Co. Ltd.		53,100		1,438,036
Dai Nippon Printing Co. Ltd.		133,000		1,168,504
Daiichi Sankyo Co. Ltd.		151,300		2,229,704
Eisai Co. Ltd.		59,800		2,143,360
Hisamitsu Pharmaceutical Co., Inc.		13,600		413,562
Japan Tobacco, Inc.		260,900		8,356,756
Kao Corp.		122,400		4,532,455
Kikkoman Corp.		35,000		832,582
Kirin Holdings Co. Ltd.		194,500		2,496,068
Kyowa Hakko Kirin Co. Ltd.		55,000		597,187
Medipal Holdings Corp.		31,200		346,652
MEIJI Holdings Co. Ltd.		14,500		1,300,805
Miraca Holdings, Inc.		13,100		497,119
Mitsubishi Tanabe Pharma Corp.		53,300		812,644
NH Foods Ltd.		41,600		835,049
Nisshin Seifun Group, Inc.		49,185		486,816
Nissin Foods Holdings Co. Ltd.		13,700		686,644
Olympus Corp.*		56,900		2,070,572
Ono Pharmaceutical Co. Ltd.		19,600		1,677,429
Otsuka Holdings Co. Ltd.		92,600		2,927,023
Park24 Co. Ltd.		22,700		344,377
Recruit Holdings Co. Ltd.*		34,100		1,120,246
Santen Pharmaceutical Co. Ltd.		17,700		990,001
Secom Co. Ltd.		49,800		2,879,393
Seven & I Holdings Co. Ltd.		178,700		6,664,654
Shimadzu Corp.		57,000		563,686
Shionogi & Co. Ltd.		70,800		1,761,129
Shiseido Co. Ltd.		85,400		1,275,083
Sumitomo Dainippon Pharma Co. Ltd.		36,000		372,084
Suntory Beverage & Food Ltd.		33,000		1,164,722
Suzuken Co. Ltd.		16,300		417,403
Sysmex Corp.		34,500		1,482,121
Taisho Pharmaceutical Holdings Co. Ltd.		7,500		464,347
Takeda Pharmaceutical Co. Ltd.		187,300		7,844,465
Terumo Corp.		72,100		1,639,810
Toppan Printing Co. Ltd.		133,000		857,053
Toyo Suisan Kaisha Ltd.		21,100		714,501
Unicharm Corp.		88,400		2,023,188
Yakult Honsha Co. Ltd.		20,900		1,109,127
Yamazaki Baking Co. Ltd.		26,400		333,127

				84,114,843


	Number of Shares		Value

Energy — 0.8%
Idemitsu Kosan Co. Ltd.		21,000	$	358,211
INPEX Corp.		208,100		2,204,319
JX Holdings, Inc.		532,600		1,981,183
Showa Shell Sekiyu KK		42,200		351,563
TonenGeneral Sekiyu KK		68,000		568,791

				5,464,067

Financial — 18.4%
Acom Co. Ltd.*		92,800		277,505
AEON Financial Service Co. Ltd.		26,800		578,373
AEON Mall Co. Ltd.		26,050		444,133
Aozora Bank Ltd.		268,000		871,398
Bank of Kyoto Ltd. (The)		81,000		680,942
Bank of Yokohama Ltd. (The)		276,000		1,555,355
Chiba Bank Ltd. (The)		177,000		1,176,372
Chugoku Bank Ltd. (The)		38,600		540,722
Credit Saison Co. Ltd.		35,200		658,842
Dai-ichi Life Insurance Co. Ltd. (The)		255,700		3,707,935
Daito Trust Construction Co. Ltd.		17,300		1,952,744
Daiwa Securities Group, Inc.		395,000		3,173,908
Fukuoka Financial Group, Inc.		183,000		997,355
Gunma Bank Ltd. (The)		90,000		535,231
Hachijuni Bank Ltd. (The)		97,000		593,202
Hiroshima Bank Ltd. (The)		119,100		575,862
Hokuhoku Financial Group, Inc.		289,000		584,256
Hulic Co. Ltd.		56,600		584,523
Iyo Bank Ltd. (The)		57,600		595,820
Japan Exchange Group, Inc.		61,920		1,588,227
Japan Prime Realty Investment Corp. REIT		181		656,366
Japan Real Estate Investment Corp. REIT		297		1,463,547
Japan Retail Fund Investment Corp. REIT		576		1,198,433
Joyo Bank Ltd. (The)		152,000		766,946
Mitsubishi Estate Co. Ltd.		296,900		6,681,281
Mitsubishi UFJ Financial Group, Inc.		3,023,400		17,481,041
Mitsubishi UFJ Lease & Finance Co. Ltd.		116,900		551,438
Mitsui Fudosan Co. Ltd.		223,900		6,470,024
Mizuho Financial Group, Inc.		5,471,540		9,425,346
MS&AD Insurance Group Holdings, Inc.		120,200		2,805,662
Nippon Building Fund, Inc. REIT		335		1,687,487
Nippon Prologis REIT, Inc.		348		758,351
Nomura Holdings, Inc.		861,000		5,178,403
Nomura Real Estate Holdings, Inc.		29,700		545,390
NTT Urban Development Corp.		26,300		270,499
ORIX Corp.		313,860		4,138,886
Resona Holdings, Inc.		523,500		2,825,749
Seibu Holdings, Inc.		27,700		524,297
Seven Bank Ltd.		136,400		591,720
Shinsei Bank Ltd.		392,000		736,352
Shizuoka Bank Ltd. (The)		127,000		1,221,699
Sompo Japan Nipponkoa Holdings, Inc.		78,850		1,954,396
Sony Financial Holdings, Inc.		41,300		626,554
Sumitomo Mitsui Financial Group, Inc.		301,800		11,376,448
Sumitomo Mitsui Trust Holdings, Inc.		786,900		3,270,492
Sumitomo Realty & Development Co. Ltd.		85,000		2,934,528


See Notes to Financial Statements.		95

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Financial (Continued)
Suruga Bank Ltd.		42,900	$	814,889
T&D Holdings, Inc.		137,400		1,664,332
Tokio Marine Holdings, Inc.		164,300		5,370,561
Tokyo Tatemono Co. Ltd.		98,000		781,755
Tokyu Fudosan Holdings Corp.		114,000		814,320
United Urban Investment Corp. REIT		587		942,938
Yamaguchi Financial Group, Inc.		50,500		506,212

				118,709,047

Industrial — 21.1%
Amada Co. Ltd.		81,500		735,261
Asahi Glass Co. Ltd.		237,000		1,143,925
Brother Industries Ltd.		56,000		1,046,270
Casio Computer Co. Ltd.		47,700		720,834
Central Japan Railway Co.		34,198		4,976,376
Chiyoda Corp.		38,000		335,459
Daikin Industries Ltd.		55,600		3,688,245
East Japan Railway Co.		79,400		5,950,569
FANUC Corp.		45,500		7,673,083
Fuji Electric Co. Ltd.		133,000		583,692
FUJIFILM Holdings Corp.		109,900		3,643,275
Hamamatsu Photonics KK		16,500		833,930
Hankyu Hanshin Holdings, Inc.		272,000		1,496,155
Hirose Electric Co. Ltd.		7,200		909,742
Hitachi Construction Machinery Co. Ltd.		25,600		552,476
Hitachi Ltd.		1,146,000		8,847,316
Hoya Corp.		101,000		3,590,279
IBIDEN Co. Ltd.		29,500		438,095
IHI Corp.		331,000		1,672,914
Japan Display, Inc.*		80,100		264,492
JGC Corp.		50,000		1,075,475
Kajima Corp.		201,000		794,078
Kamigumi Co. Ltd.		56,000		505,210
Kawasaki Heavy Industries Ltd.		337,000		1,481,818
Keihan Electric Railway Co. Ltd.		120,800		604,432
Keikyu Corp.		112,000		855,696
Keio Corp.		135,000		992,756
Keisei Electric Railway Co. Ltd.		66,000		758,876
Keyence Corp.		10,910		5,038,000
Kintetsu Corp.		430,000		1,452,470
Komatsu Ltd.		221,500		5,244,801
Konica Minolta, Inc.		109,200		1,273,072
Kubota Corp.		267,000		4,172,051
Kurita Water Industries Ltd.		23,200		481,530
Kyocera Corp.		76,200		3,729,926
LIXIL Group Corp.		63,100		1,341,569
Mabuchi Motor Co. Ltd.		5,900		470,151
Makita Corp.		28,300		1,420,781
Maruichi Steel Tube Ltd.		11,200		245,859
Minebea Co. Ltd.		75,800		949,455
Mitsubishi Electric Corp.		459,000		5,515,423
Mitsubishi Heavy Industries Ltd.		720,000		4,200,581
Mitsui OSK Lines Ltd.		258,000		817,150
Murata Manufacturing Co. Ltd.		48,100		5,196,332
Nabtesco Corp.		27,400		657,563
Nagoya Railroad Co. Ltd.		202,600		785,040


	Number of Shares		Value

Industrial (Continued)
NEC Corp.		618,000	$	1,941,743
Nidec Corp.		51,600		3,421,600
Nikon Corp.		80,800		1,151,612
Nippon Electric Glass Co. Ltd.		95,000		434,528
Nippon Express Co. Ltd.		202,000		969,886
Nippon Yusen KK		384,000		1,083,604
NSK Ltd.		112,000		1,410,437
Obayashi Corp.		151,000		941,246
Odakyu Electric Railway Co. Ltd.		149,000		1,364,301
Omron Corp.		48,500		2,255,149
Rinnai Corp.		8,700		646,372
Shimizu Corp.		137,700		939,536
SMC Corp.		13,100		3,598,458
Sumitomo Heavy Industries Ltd.		132,000		723,851
Taiheiyo Cement Corp.		279,000		874,262
Taisei Corp.		244,000		1,274,312
THK Co. Ltd.		27,000		653,877
Tobu Railway Co. Ltd.		243,000		1,095,102
Tokyu Corp.		270,000		1,630,712
Toshiba Corp.		955,000		4,243,461
TOTO Ltd.		67,700		808,077
Toyo Seikan Group Holdings Ltd.		38,800		468,679
West Japan Railway Co.		39,100		1,866,155
Yamato Holdings Co. Ltd.		86,300		1,946,412
Yaskawa Electric Corp.		52,700		683,637
Yokogawa Electric Corp.		51,000		641,823

				136,231,315

Technology — 3.9%
Advantest Corp.		36,100		430,895
Canon, Inc.		268,800		8,607,533
COLOPL, Inc.*		11,100		276,764
Fujitsu Ltd.		442,000		2,524,704
GungHo Online Entertainment, Inc.		90,300		340,769
Itochu Techno-Solutions Corp.		5,700		222,786
Konami Corp.		23,000		434,562
Nexon Co. Ltd.		29,300		277,414
Nomura Research Institute Ltd.		26,700		832,161
NTT Data Corp.		30,000		1,144,758
Oracle Corp. Japan		9,100		343,411
OTSUKA Corp.		11,300		388,835
Ricoh Co. Ltd.		167,800		1,817,015
ROHM Co. Ltd.		22,900		1,481,464
Seiko Epson Corp.		30,800		1,486,619
TDK Corp.		29,200		1,758,666
Tokyo Electron Ltd.		40,700		2,772,530

				25,140,886

Utilities — 2.3%
Chubu Electric Power Co., Inc.*		152,800		1,786,517
Chugoku Electric Power Co., (The), Inc.		70,400		908,502
Electric Power Development Co. Ltd.		27,700		958,994
Hokuriku Electric Power Co.		39,900		510,534
Kansai Electric Power Co., (The), Inc.*		167,000		1,675,416
Kyushu Electric Power Co., Inc.*		101,200		1,036,594
Osaka Gas Co. Ltd.		445,000		1,701,432


See Notes to Financial Statements.		96

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Utilities (Continued)
Shikoku Electric Power Co., Inc.*		42,400	$	529,665
Toho Gas Co. Ltd.		98,000		514,291
Tohoku Electric Power Co., Inc.		107,400		1,243,946
Tokyo Electric Power Co., Inc.*		343,000		1,253,944
Tokyo Gas Co. Ltd.		552,000		3,009,345

				15,129,180

TOTAL COMMON STOCKS (Cost $647,709,245)				635,961,531


TOTAL INVESTMENTS — 98.4% (Cost $647,709,245)			$	635,961,531
Other assets less liabilities — 1.6%				10,424,894

NET ASSETS — 100.0%			$	646,386,425

As of November 30, 2014, the Fund had the following futures contracts open:


Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Appreciation
TOPIX Index Futures		17	$	2,019,837		12/11/2014	$	178,511

As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/3/2014	JPY	14,857,350,000	USD	132,560,343	$	7,401,269
Barclays Bank PLC	12/3/2014	JPY	650,294,000	USD	5,667,624		189,514
Barclays Bank PLC	12/3/2014	JPY	1,017,197,500	USD	8,785,987		217,063
Barclays Bank PLC	12/3/2014	JPY	227,900,000	USD	1,960,005		40,164
Barclays Bank PLC	12/3/2014	JPY	113,948,000	USD	967,906		8,002
Barclays Bank PLC	12/3/2014	JPY	683,786,500	USD	5,782,007		21,755
JP Morgan & Chase Co.	12/3/2014	JPY	14,857,350,000	USD	132,553,129		7,394,055
JP Morgan & Chase Co.	12/3/2014	JPY	650,294,000	USD	5,667,855		189,745
JP Morgan & Chase Co.	12/3/2014	JPY	1,017,197,500	USD	8,785,963		217,039
JP Morgan & Chase Co.	12/3/2014	JPY	227,900,000	USD	1,960,004		40,162
JP Morgan & Chase Co.	12/3/2014	JPY	113,948,000	USD	967,946		8,043
JP Morgan & Chase Co.	12/3/2014	JPY	683,786,500	USD	5,781,997		21,745
State Street Bank & Trust Co.	12/3/2014	JPY	14,857,350,000	USD	132,558,214		7,399,140
The Bank of New York Mellon	12/3/2014	JPY	54,000,000	USD	471,060		16,161
The Bank of New York Mellon	12/3/2014	JPY	55,001,839	USD	463,452		114
The Bank of Nova Scotia	12/3/2014	JPY	14,857,350,000	USD	132,555,494		7,396,420
Barclays Bank PLC	12/3/2014	USD	947,010	JPY	106,351,500		(51,100	)
Barclays Bank PLC	12/3/2014	USD	1,310,273	JPY	150,000,000		(46,665	)
Barclays Bank PLC	12/3/2014	USD	1,689,336	JPY	200,000,000		(4,526	)
Barclays Bank PLC	12/3/2014	USD	972,545	JPY	114,714,000		(6,188	)
JP Morgan & Chase Co.	12/3/2014	USD	947,011	JPY	947,011		(51,100	)
JP Morgan & Chase Co.	12/3/2014	USD	522,951	JPY	60,000,000		(17,507	)
JP Morgan & Chase Co.	12/3/2014	USD	1,727,514	JPY	200,000,000		(42,704	)
JP Morgan & Chase Co.	12/3/2014	USD	858,488	JPY	100,000,000		(16,083	)
JP Morgan & Chase Co.	12/3/2014	USD	972,545	JPY	114,714,000		(6,188	)
JP Morgan & Chase Co.	12/3/2014	USD	150,688,386	JPY	18,045,687,668		(29,887	)
State Street Bank & Trust Co.	12/3/2014	USD	132,558,214	JPY	15,732,605,376		(25,944	)
The Bank of New York Mellon	12/3/2014	USD	934,513	JPY	110,000,000		(7,867	)
The Bank of New York Mellon	12/3/2014	USD	150,804,708	JPY	17,895,994,733		(47,936	)
The Bank of Nova Scotia	12/3/2014	USD	132,555,494	JPY	15,732,216,261		(26,502	)
Barclays Bank PLC	1/7/2015	JPY	18,879,498,000	USD	159,178,271		38,659


See Notes to Financial Statements.		97

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	1/7/2015	JPY	18,879,498,000	USD	159,159,484	$	19,872
State Street Bank & Trust Co.	1/7/2015	JPY	18,879,498,000	USD	159,172,903		33,291
The Bank of Nova Scotia	1/7/2015	JPY	18,879,498,000	USD	159,169,548		29,936

Total net unrealized appreciation						$	30,301,952

Currency Abbreviations

JPY – Japanese Yen

USD – U.S. Dollar

* Non-income producing security.

REIT – Real Estate Investment Trust


See Notes to Financial Statements.		98

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Mexico Hedged Equity ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 99.9%
Basic Materials — 8.8%
Bio Pappel SAB de CV*		4,900	$	9,030
Grupo Mexico SAB de CV, Series B		70,023		229,291
Grupo Simec SAB de CV, Series B*		3,900		14,335
Industrias Penoles SAB de CV		3,574		78,107
Mexichem SAB de CV*		23,847		86,914
Minera Frisco SAB de CV, Class A1*		19,289		32,635

				450,312

Communications — 25.5%
America Movil SAB de CV, Series L		750,866		885,054
Axtel SAB de CV*		37,200		10,214
Grupo Televisa SAB, Series CPO		54,337		395,572
TV Azteca SAB de CV		35,900		17,700

				1,308,540

Consumer, Cyclical — 9.4%
Alsea SAB de CV*		14,000		43,267
Consorcio ARA SAB de CV*		30,900		14,125
Controladora Comercial Mexicana SAB de CV		12,574		46,180
Controladora Vuela Cia de Aviacion SAB de CV, Class A*		16,900		14,151
El Puerto de Liverpool SAB de CV, Series C1		5,015		54,491
Grupo Aeromexico SAB de CV*		13,900		21,459
Grupo Comercial Chedraui SA de CV		10,526		34,642
Grupo Famsa SAB de CV, Class A*		10,400		9,605
Hoteles City Express SAB de CV*		10,500		18,678
Wal-Mart de Mexico SAB de CV, Series V		106,668		228,079

				484,677

Consumer, Non-cyclical — 18.6%
Arca Continental SAB de CV		10,596		68,099
Coca-Cola Femsa SAB de CV, Series L		5,876		58,272
Fomento Economico Mexicano SAB de CV		41,080		391,978
Genomma Lab Internacional SAB de CV, Class B*		21,812		47,313
Gruma SAB de CV, Class B		4,700		51,792
Grupo Bimbo SAB de CV, Series A*		40,847		114,818
Grupo Herdez SAB de CV		7,400		19,136
Grupo Lala SAB de CV		17,100		35,089
Industrias Bachoco SAB de CV, Series B		4,000		18,687
Kimberly-Clark de Mexico SAB de CV, Class A		38,820		87,860
OHL Mexico SAB de CV*		21,539		49,414
Organizacion Cultiba SAB de CV		9,400		14,329

				956,787

Diversified — 5.5%
Alfa SAB de CV, Class A		68,400		181,846
Grupo Carso SAB de CV, Series A1		14,788		83,126
Grupo Financiero Interacciones SA de CV, Class O		2,000		14,991

				279,963


	Number of Shares		Value

Financial — 20.3%
Banregio Grupo Financiero SAB de CV		5,400	$	27,964
Bolsa Mexicana de Valores SAB de CV		12,800		26,376
Compartamos SAB de CV		28,850		61,563
Concentradora Fibra Hotelera Mexicana SA de CV REIT		13,600		22,550
Corp. Inmobiliaria Vesta SAB de CV		11,800		23,942
Credito Real SAB de CV		5,300		13,736
Fibra Shop Portafolios Inmobiliarios SAPI de CV REIT		11,100		14,432
Fibra Uno Administracion SA de CV REIT		55,992		188,256
Grupo Financiero Banorte SAB de CV, Class O		51,012		288,910
Grupo Financiero Inbursa SAB de CV, Class O		57,002		153,756
Grupo Financiero Santander Mexico SAB de CV, Class B		45,600		103,041
Mexico Real Estate Management SA de CV REIT*		23,800		41,960
PLA Administradora Industrial S de RL de CV REIT*		16,600		35,721
Prologis Property Mexico SA de CV REIT*		10,100		21,487
Qualitas Controladora SAB de CV		6,800		16,114

				1,039,808

Industrial — 11.8%
Cemex SAB de CV*		249,219		309,341
Empresas ICA SAB de CV*		17,800		26,201
Grupo Aeroportuario del Centro Norte SAB de CV*		6,800		31,059
Grupo Aeroportuario del Pacifico SAB de CV, Class B		8,559		58,360
Grupo Aeroportuario del Sureste SAB de CV, Class B		5,515		73,496
Industrias CH SAB de CV, Series B*		4,738		24,450
Promotora y Operadora de Infraestructura SAB de CV*		6,815		84,297

				607,204

TOTAL COMMON STOCKS (Cost $5,152,919)				5,127,291


TOTAL INVESTMENTS — 99.9% (Cost $5,152,919)			$	5,127,291
Other assets less liabilities — 0.1%				7,361

NET ASSETS — 100.0%			$	5,134,652


See Notes to Financial Statements.		99

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Mexico Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)

As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/3/2014	MXN	34,853,000	USD	2,580,072	$	75,585
JP Morgan & Chase Co.	12/3/2014	MXN	34,853,000	USD	2,580,251		75,763
The Bank of New York Mellon	12/3/2014	MXN	192,365	USD	13,839		16
Barclays Bank PLC	12/3/2014	USD	2,580,072	MXN	35,870,857		(2,443	)
JP Morgan & Chase Co.	12/3/2014	USD	2,580,251	MXN	35,867,813		(2,840	)
The Bank of New York Mellon	12/3/2014	USD	13,839	MXN	190,000		(186	)
Barclays Bank PLC	1/6/2015	MXN	35,475,000	USD	2,545,343		1,680
JP Morgan & Chase Co.	1/6/2015	MXN	35,475,000	USD	2,546,598		2,935

Total net unrealized appreciation						$	150,510

Currency Abbreviations

MXN – Mexican Peso

USD – U.S. Dollar

* Non-income producing security.

REIT – Real Estate Investment Trust.


See Notes to Financial Statements.		100

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI South Korea Hedged Equity ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 96.1%
Basic Materials — 7.7%
Hanwha Chemical Corp.		956	$	10,872
Hyundai Steel Co.		609		35,178
KCC Corp.		51		25,363
Korea Zinc Co. Ltd.		75		28,939
Kumho Petrochemical Co. Ltd.		128		9,127
LG Chem Ltd.		400		74,552
Lotte Chemical Corp.		137		21,763
OCI Co. Ltd.*		148		11,354
POSCO		561		153,168

				370,316

Communications — 6.7%
Cheil Worldwide, Inc.*		731		12,305
Daum Kakao Corp.		61		8,077
KT Corp.		553		16,246
LG Uplus Corp.		1,916		18,763
NAVER Corp.		241		164,444
NCSoft Corp.		138		19,867
Samsung SDI Co. Ltd.		476		57,569
SK Telecom Co. Ltd.		86		21,773

				319,044

Consumer, Cyclical — 17.8%
Daewoo International Corp.		414		12,779
E-Mart Co. Ltd.		183		36,337
Halla Visteon Climate Control Corp.		336		12,813
Hankook Tire Co. Ltd.		652		32,248
Hanwha Corp.		414		11,098
Hotel Shilla Co. Ltd.		283		22,861
Hyundai Department Store Co. Ltd.		135		15,657
Hyundai Development Co.-Engineering & Construction		505		16,181
Hyundai Mobis Co. Ltd.		585		130,417
Hyundai Motor Co.		1,321		213,420
Hyundai Wia Corp.		136		21,665
Kangwon Land, Inc.		997		29,425
Kia Motors Corp.		2,265		113,868
Korean Air Lines Co. Ltd.*		276		10,463
LG Corp.		824		48,416
Lotte Shopping Co. Ltd.		97		26,265
Paradise Co. Ltd.		308		7,756
Samsung C&T Corp.		1,080		70,086
Shinsegae Co. Ltd.		62		11,052
SK Networks Co. Ltd.*		1,043		8,868

				851,675

Consumer, Non-cyclical — 6.8%
Amorepacific Corp.		28		63,180
AMOREPACIFIC Group		25		26,220
Celltrion, Inc.*		553		19,890
CJ CheilJedang Corp.		69		21,984
Hite Jinro Co. Ltd.		278		6,335
KT&G Corp.		947		82,823
LG Household & Health Care Ltd.		82		46,109
Lotte Confectionery Co. Ltd.		6		10,777
Orion Corp.		31		27,364


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
S-1 Corp.		174	$	11,904
Yuhan Corp.		72		11,307

				327,893

Diversified — 0.6%
CJ Corp.		129		18,862
LS Corp.		164		8,970

				27,832

Energy — 2.2%
GS Holdings		458		17,196
SK Holdings Co. Ltd.		226		34,677
SK Innovation Co. Ltd.		523		40,454
S-Oil Corp.		404		15,351

				107,678

Financial — 15.1%
BS Financial Group, Inc.		1,697		24,047
Daewoo Securities Co. Ltd.*		1,617		15,908
DGB Financial Group, Inc.		1,198		12,651
Dongbu Insurance Co. Ltd.		377		18,953
Hana Financial Group, Inc.		2,456		74,925
Hanwha Life Insurance Co. Ltd.		1,988		15,108
Hyundai Marine & Fire Insurance Co. Ltd.		564		13,566
Industrial Bank of Korea		1,873		25,442
KB Financial Group, Inc.		3,321		116,600
Korea Investment Holdings Co. Ltd.		352		18,236
Mirae Asset Securities Co. Ltd.		217		9,744
Samsung Card Co. Ltd.		316		13,676
Samsung Fire & Marine Insurance Co. Ltd.		287		80,301
Samsung Life Insurance Co. Ltd.		521		57,369
Samsung Securities Co. Ltd.		541		24,122
Shinhan Financial Group Co. Ltd.		3,661		163,893
Woori Bank*		2,666		25,747
Woori Investment & Securities Co. Ltd.		1,104		11,858

				722,146

Industrial — 9.6%
CJ Korea Express Co. Ltd.*		26		4,611
Coway Co. Ltd.		471		36,730
Daelim Industrial Co. Ltd.		248		15,109
Daewoo Engineering & Construction Co. Ltd.*		1,000		5,677
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		892		15,538
Doosan Corp.		70		7,297
Doosan Heavy Industries & Construction Co. Ltd.		495		11,661
Doosan Infracore Co. Ltd.*		1,231		11,611
GS Engineering & Construction Corp.*		442		10,672
Hyosung Corp.		207		12,947
Hyundai Engineering & Construction Co. Ltd.		633		25,595
Hyundai Glovis Co. Ltd.		115		28,855
Hyundai Heavy Industries Co. Ltd.		364		40,574
Hyundai Merchant Marine Co. Ltd.*		654		5,732
Hyundai Mipo Dockyard Co. Ltd.		102		7,080


See Notes to Financial Statements.		101

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI South Korea Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Industrial (Continued)
KEPCO Plant Service & Engineering Co. Ltd.		50	$	4,084
Korea Aerospace Industries Ltd.		400		14,513
LG Display Co. Ltd.*		2,013		61,683
LG Electronics, Inc.		921		52,868
LG Innotek Co. Ltd.*		115		10,369
LS Industrial Systems Co. Ltd.		143		8,312
Samsung Electro-Mechanics Co. Ltd.		527		28,920
Samsung Engineering Co. Ltd.*		254		11,233
Samsung Heavy Industries Co. Ltd.		1,416		27,606

				459,277

Technology — 27.4%
Samsung Electronics Co. Ltd.		873		1,014,081
Samsung SDS Co. Ltd.*		170		53,242
SK C&C Co. Ltd.		175		35,223
SK Hynix, Inc.*		4,814		208,775

				1,311,321

Utilities — 2.2%
Korea Electric Power Corp.		2,214		91,921
Korea Gas Corp.*		253		13,130

				105,051

TOTAL COMMON STOCKS (Cost $4,887,676)				4,602,233


	Number of Shares		Value

PREFERRED STOCKS — 3.8%
Basic Materials — 0.2%
LG Chem Ltd.		70	$	10,551

Consumer, Cyclical — 1.3%
Hyundai Motor Co.		210		24,356
Hyundai Motor Co. — 2nd Preferred		327		39,253

				63,609

Technology — 2.3%
Samsung Electronics Co. Ltd.		114		107,935

TOTAL PREFERRED STOCKS (Cost $180,612)				182,095

RIGHTS — 0.0%
Financial — 0.0%
DGB Financial Group, Inc.*, expires 2/13/15 (Cost $0)		242		339


TOTAL INVESTMENTS — 99.9% (Cost $5,068,288)			$	4,784,667
Other assets less liabilities — 0.1%				5,302

NET ASSETS — 100.0%			$	4,789,969

As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/3/2014	KRW	2,486,805,000	USD	2,314,814	$	70,627
JP Morgan & Chase Co.	12/3/2014	KRW	2,486,805,000	USD	2,324,030		79,842
Barclays Bank PLC	12/3/2014	USD	2,236,537	KRW	2,486,805,000		7,651
JP Morgan & Chase Co.	12/3/2014	USD	5,000	KRW	5,435,050		(95	)
JP Morgan & Chase Co.	12/3/2014	USD	2,239,605	KRW	2,481,369,950		(322	)
Barclays Bank PLC	1/6/2015	KRW	2,598,728,000	USD	2,331,074		(10,409	)
JP Morgan & Chase Co.	1/6/2015	KRW	2,598,728,000	USD	2,341,365		(117	)

Total net unrealized appreciation						$	147,177

Currency Abbreviations

KRW – South Korean Won

USD – U.S. Dollar

* Non-income producing security.


See Notes to Financial Statements.		102

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 98.4%
Basic Materials — 8.1%
Anglo American PLC		2,767	$	57,116
Antofagasta PLC		748		8,611
BHP Billiton PLC		4,106		97,295
Croda International PLC		257		9,851
Fresnillo PLC (Mexico)		419		4,660
Glencore PLC (Switzerland)*		20,621		103,202
Johnson Matthey PLC		389		20,210
Randgold Resources Ltd. (Channel Islands)		167		11,094
Rio Tinto PLC		2,467		115,316

				427,355

Communications — 9.0%
BT Group PLC		15,836		101,468
Inmarsat PLC		808		10,027
ITV PLC		7,267		24,314
Pearson PLC		1,555		29,900
Reed Elsevier PLC		2,167		37,674
Sky PLC		1,958		28,504
Vodafone Group PLC		50,979		186,294
WPP PLC		2,499		52,307

				470,488

Consumer, Cyclical — 6.3%
Burberry Group PLC		842		21,701
Carnival PLC		348		15,329
Compass Group PLC		3,182		54,177
Dixons Carphone PLC		1,855		12,265
easyJet PLC		301		7,772
GKN PLC		3,114		16,796
InterContinental Hotels Group PLC		448		18,964
Kingfisher PLC		4,493		21,897
Marks & Spencer Group PLC		3,102		23,670
Merlin Entertainments PLC		1,000		5,920
Next PLC		290		30,689
Persimmon PLC*		580		13,888
Sports Direct International PLC*		510		5,262
Travis Perkins PLC		468		13,210
TUI Travel PLC		965		6,703
Whitbread PLC		344		24,647
William Hill PLC		1,660		8,686
Wolseley PLC (Switzerland)		505		28,318

				329,894

Consumer, Non-cyclical — 28.9%
Aggreko PLC		485		11,614
Ashtead Group PLC		1,000		16,464
Associated British Foods PLC		676		33,821
AstraZeneca PLC		2,429		181,359
Babcock International Group PLC		476		8,454
British American Tobacco PLC		3,584		212,425
Bunzl PLC		634		17,686
Capita PLC		1,254		20,958
Coca-Cola HBC AG CDI (Switzerland)*		380		8,619
Diageo PLC		4,850		150,076
Experian PLC (Ireland)		1,879		29,732


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
G4S PLC		2,943	$	12,706
GlaxoSmithKline PLC		9,322		216,232
Imperial Tobacco Group PLC		1,871		86,507
Intertek Group PLC		306		11,161
J Sainsbury PLC		2,359		8,600
Reckitt Benckiser Group PLC		1,263		103,672
SABMiller PLC		1,879		104,604
Shire PLC (Ireland)		1,154		82,143
Smith & Nephew PLC		1,694		29,371
Tate & Lyle PLC		886		8,352
Tesco PLC		15,411		44,882
Unilever PLC		2,496		105,501
WM Morrison Supermarkets PLC		3,987		11,117

				1,516,056

Energy — 14.6%
Amec Foster Wheeler PLC		735		10,729
BG Group PLC		6,622		93,113
BP PLC		35,413		232,436
Petrofac Ltd.		492		6,340
Royal Dutch Shell PLC, Class A (Netherlands)		7,579		252,456
Royal Dutch Shell PLC, Class B (Netherlands)		4,697		163,096
Tullow Oil PLC		1,727		11,492

				769,662

Financial — 22.8%
3i Group PLC		1,844		12,788
Aberdeen Asset Management PLC		1,745		12,263
Admiral Group PLC		367		7,108
Aviva PLC		5,592		44,373
Barclays PLC		31,822		121,855
British Land Co. PLC REIT		1,832		21,977
Direct Line Insurance Group PLC		2,845		13,087
Friends Life Group Ltd. (Channel Islands)		2,690		15,513
Hammerson PLC REIT		1,487		14,470
Hargreaves Lansdown PLC		449		6,842
HSBC Holdings PLC		36,810		366,259
ICAP PLC		1,045		6,803
Intu Properties PLC REIT		1,742		9,711
Investec PLC		1,047		9,682
Land Securities Group PLC REIT		1,499		27,817
Legal & General Group PLC		11,265		43,410
Lloyds Banking Group PLC*		110,322		138,463
London Stock Exchange Group PLC		428		15,076
Old Mutual PLC		9,307		29,119
Prudential PLC		4,974		120,271
Royal Bank of Scotland Group PLC*		4,797		29,620
RSA Insurance Group PLC*		1,924		14,071
Schroders PLC		236		9,935
Segro PLC REIT		1,408		8,628
Standard Chartered PLC		4,856		71,080
Standard Life PLC		4,537		30,048

				1,200,269


See Notes to Financial Statements.		103

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Industrial — 3.3%
BAE Systems PLC		5,988	$	44,999
Cobham PLC		2,160		10,176
IMI PLC		514		9,482
Meggitt PLC		1,528		12,005
Melrose Industries PLC		2,033		8,215
Rexam PLC		1,335		9,434
Rolls-Royce Holdings PLC*		3,578		47,086
Royal Mail PLC		1,233		8,047
Smiths Group PLC		748		13,518
Weir Group PLC (The)		404		11,839

				174,801

Technology — 1.0%
ARM Holdings PLC		2,664		38,054
Sage Group PLC (The)		2,058		13,087

				51,141

Utilities — 4.4%
Centrica PLC		9,521		42,325
National Grid PLC		7,323		106,380


	Number of Shares		Value

Utilities (Continued)
Severn Trent PLC		454	$	14,488
SSE PLC		1,849		47,366
United Utilities Group PLC		1,294		18,302

				228,861

TOTAL COMMON STOCKS (Cost $5,346,332)				5,168,527

PREFERRED STOCKS — 0.0%
Industrial — 0.0%
Rolls-Royce Holdings PLC, Class C* (Cost $512)		319,320		499


TOTAL INVESTMENTS — 98.4% (Cost $5,346,844)			$	5,169,026
Other assets less liabilities — 1.6%				82,022

NET ASSETS — 100.0%			$	5,251,048

As of November 30, 2014, the Fund had the following forward foreign currency contracts outstanding:


Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Barclays Bank PLC	12/2/2014	GBP	1,573,000	USD	2,516,200	$	59,155
JP Morgan & Chase Co.	12/2/2014	GBP	1,573,000	USD	2,515,966		58,922
JP Morgan & Chase Co.	12/2/2014	GBP	2,000	USD	3,181		57
The Bank of New York Mellon	12/2/2014	GBP	2,700	USD	4,320		102
The Bank of New York Mellon	12/2/2014	GBP	772	USD	1,208		3
Barclays Bank PLC	12/2/2014	USD	2,516,200	GBP	1,606,717		(6,488	)
JP Morgan & Chase Co.	12/2/2014	USD	2,519,148	GBP	1,608,600		(6,496	)
The Bank of New York Mellon	12/2/2014	USD	5,528	GBP	3,500		(61	)
Barclays Bank PLC	1/5/2015	GBP	1,671,000	USD	2,616,352		6,801
JP Morgan & Chase Co.	1/5/2015	GBP	1,671,000	USD	2,616,357		6,805

Total net unrealized appreciation						$	118,800

Currency Abbreviations

GBP – Pound Sterling

USD – U.S. Dollar

* Non-income producing security.

CDI – Chess Depositary Interest.

REIT – Real Estate Investment Trust.


See Notes to Financial Statements.		104

This Page is Intentionally Left Blank

105

DBX ETF Trust

Statements of assets and liabilities

November 30, 2014 (Unaudited)


	Deutsche X-trackers MSCI All World ex US Hedged Equity ETF			Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		Deutsche X-trackers MSCI Brazil Hedged Equity ETF
Assets
Investments in non-affiliated securities at fair value	$	5,236,420		$	6,797,611	$	12,413,240
Investment in affiliated securities at fair value (See Note 5)		12,518			—		—
Cash		—			—		20
Foreign currency at value		12,296			2,874		5,833
Unrealized appreciation on forward foreign currency contracts		117,741			117,811		464,331
Receivable for variation margin on futures contracts		—			—		—
Receivables:
Dividends		11,200			16,345		15,553
Investment securities sold		39,050			130,006		—
Capital shares		—			—		—
Foreign tax reclaim		1,672			—		—

Total Assets	$	5,430,897		$	7,064,647	$	12,898,977


Liabilities
Unrealized depreciation on forward foreign currency contracts	$	10,125		$	12,408	$	3,676
Payable for variation margin on futures contracts		—			—		—
Payables:
Investment securities purchased		110,820			196,255		483,745
Investment advisory fees		1,713			3,359		6,020
Due to custodian		1,395			2,321		—
Capital shares		—			—		—
Due to foreign custodian		—			—		—

Total Liabilities		124,053			214,343		493,441


Net Assets	$	5,306,844		$	6,850,304	$	12,405,536


Net Assets Consist of
Paid-in capital	$	5,009,449		$	6,268,352	$	15,478,686
Undistributed net investment income (loss)		26,789			114,395		(14,659	)
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions		313,703			95,947		(2,784,066	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(43,097	)		371,610		(274,425	)


Net Assets	$	5,306,844		$	6,850,304	$	12,405,536


Number of Common Shares outstanding		200,001			250,001		850,800


Net Assets Value	$	26.53		$	27.40	$	14.58


Investments in non-affiliated securities at cost	$	5,381,365		$	6,531,226	$	13,147,850

Investments in affiliated securities at cost	$	17,691		$	—	$	—

Foreign currency at cost	$	12,358		$	2,863	$	5,867


See Notes to Financial Statements.		106

DBX ETF Trust

Statements of assets and liabilities (Continued)

November 30, 2014 (Unaudited)


	Deutsche X-trackers MSCI EAFE Hedged Equity ETF		Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF			Deutsche X-trackers MSCI Europe Hedged Equity ETF
Assets
Investments in non-affiliated securities at fair value	$	1,186,699,678	$	33,271,434		$	616,329,887
Investment in affiliated securities at fair value (See Note 5)		3,860,565		—			3,269,013
Cash		4,997,183		100,368			1,492,091
Foreign currency at value		471,949		—			132,137
Deposit with broker for futures contracts		133,049		18,796			—
Unrealized appreciation on forward foreign currency contracts		25,056,960		687,401			8,083,669
Receivable for variation margin on futures contracts		—		—			—
Receivables:
Dividends		2,369,818		20,043			855,295
Investment securities sold		1,423,218		983,306			1,341,528
Capital shares		20,296,527		1,159,061			9,082,027
Foreign tax reclaim		676,136		1,234			151,546

Total Assets	$	1,245,985,083	$	36,241,643		$	640,737,193


Liabilities
Unrealized depreciation on forward foreign currency contracts	$	2,512,012	$	65,095		$	1,612,000
Payable for variation margin on futures contracts		54,600		11,080			—
Payables:
Investment securities purchased		37,139,837		2,238,811			11,558,683
Investment advisory fees		293,125		16,441			199,647
Due to custodian		—		—			—
Capital shares		1,424,724		728			1,377,924
Due to foreign custodian		—		150,951			—

Total Liabilities		41,424,298		2,483,106			14,748,254


Net Assets	$	1,204,560,785	$	33,758,537		$	625,988,939


Net Assets Consist of
Paid-in capital	$	1,132,072,135	$	32,671,620		$	606,809,600
Undistributed net investment income (loss)		1,347,746		162,063			880,763
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions		47,151,249		(492,417	)		20,671,530
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		23,989,655		1,417,271			(2,372,954	)


Net Assets	$	1,204,560,785	$	33,758,537		$	625,988,939


Number of Common Shares outstanding		42,200,800		1,500,800			22,650,001


Net Assets Value	$	28.54	$	22.49		$	27.64


Investments in non-affiliated securities at cost	$	1,184,472,664	$	32,468,724		$	624,931,870

Investments in affiliated securities at cost	$	4,458,493	$	—		$	3,492,018

Foreign currency at cost	$	472,048	$	(150,975	)	$	132,193


See Notes to Financial Statements.		107

DBX ETF Trust

Statements of assets and liabilities (Continued)

November 30, 2014 (Unaudited)


	Deutsche X-trackers MSCI Germany Hedged Equity ETF			Deutsche X-trackers MSCI Japan Hedged Equity ETF		Deutsche X-trackers MSCI Mexico Hedged Equity ETF
Assets
Investments in non-affiliated securities at fair value	$	41,158,225		$	635,961,531	$	5,127,291
Investment in affiliated securities at fair value (See Note 5)		1,620,224			—		—
Cash		180,289			5,311,853		14,125
Foreign currency at value		299,155			—		2,429
Deposit with broker for futures contracts		14,890			—		—
Unrealized appreciation on forward foreign currency contracts		405,144			30,682,149		155,979
Receivable for variation margin on futures contracts		10,632			172,986		—
Receivables:
Dividends		—			2,306,583		—
Investment securities sold		—			2,087,737		—
Capital shares		—			1,113,037		—
Foreign tax reclaim		102,463			446,016		—

Total Assets	$	43,791,022		$	678,081,892	$	5,299,824


Liabilities
Unrealized depreciation on forward foreign currency contracts	$	95,797		$	380,197	$	5,469
Payable for variation margin on futures contracts		—			—		—
Due to broker for futures contracts		—			57,224		—
Payables:
Investment securities purchased		284,082			28,947,351		157,584
Investment advisory fees		15,216			225,096		2,119
Due to custodian		—			—		—
Capital shares		—			2,053,685		—
Due to foreign custodian		—			31,914		—

Total Liabilities		395,095			31,695,467		165,172


Net Assets	$	43,395,927		$	646,386,425	$	5,134,652


Net Assets Consist of
Paid-in capital	$	41,035,551		$	575,889,366	$	5,003,920
Undistributed net investment income		(740,095	)		5,300,267		(79,792	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		3,648,610			46,753,954		85,643
Net unrealized appreciation (depreciation) on investments and foreign currency translations		(548,139	)		18,442,838		124,881


Net Assets	$	43,395,927		$	646,386,425	$	5,134,652


Number of Common Shares outstanding		1,650,800			15,750,800		200,001


Net Assets Value	$	26.29		$	41.04	$	25.67


Investments in non-affiliated securities at cost	$	41,418,499		$	647,709,245	$	5,152,919

Investments in affiliated securities at cost	$	2,213,713		$	—	$	—

Foreign currency at cost	$	3,898		$	6,189	$	2,430


See Notes to Financial Statements.		108

DBX ETF Trust

Statements of assets and liabilities (Continued)

November 30, 2014 (Unaudited)


	Deutsche X-trackers MSCI South Korea Hedged Equity ETF			Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
Assets
Investments in non-affiliated securities at fair value	$	4,784,667		$	5,169,026
Investment in affiliated securities at fair value (See Note 5)		—			—
Cash		25,605			6,397
Foreign currency at value		—			696
Unrealized appreciation on forward foreign currency contracts		158,120			131,845
Receivable for variation margin on futures contracts		—			—
Receivables:
Dividends		—			24,783
Investment securities sold		22,283			—
Capital shares		—			—
Foreign tax reclaim		—			—

Total Assets	$	4,990,675		$	5,332,747


Liabilities
Unrealized depreciation on forward foreign currency contracts	$	10,943		$	13,045
Payable for variation margin on futures contracts		—			—
Payables:
Investment securities purchased		187,513			66,739
Investment advisory fees		2,250			1,915
Due to custodian		—			—
Capital shares		—			—
Due to foreign custodian		—			—

Total Liabilities		200,706			81,699


Net Assets	$	4,789,969		$	5,251,048


Net Assets Consist of
Paid-in capital	$	5,045,847		$	5,025,321
Undistributed net investment (loss)		(221,907	)		38,037
Accumulated net realized gain on investments and foreign currency transactions		102,473			246,995
Net unrealized appreciation (depreciation) on investments and foreign currency translations		(136,444	)		(59,305	)


Net Assets	$	4,789,969		$	5,251,048


Number of Common Shares outstanding		200,001			200,001


Net Assets Value	$	23.95		$	26.26


Investments in non-affiliated securities at cost	$	5,068,288		$	5,346,844

Investments in affiliated securities at cost	$	—		$	—

Foreign currency at cost	$	—		$	703


See Notes to Financial Statements.		109

DBX ETF Trust

Statements of operations

For the Six Months Ended November 30, 2014 (Unaudited)


	Deutsche X-trackers MSCI All World ex US Hedged Equity ETF			Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF			Deutsche X-trackers MSCI Brazil Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	57,628		$	107,733		$	129,437

Total Investment Income		57,628			107,733			129,437


Expenses
Advisory fees		10,363			20,409			22,516

Total Expenses		10,363			20,409			22,516


Net Investment Income		47,265			87,324			106,921


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(3,082	)		24,652			(159,574	)
In-kind redemptions		—			—			—
Futures contracts		—			—			—
Foreign currency transactions		322,060			109,183			91,099

Net realized gain (loss)		318,978			133,835			(68,475	)
Net change in unrealized appreciation (depreciation) on:
Investments		(265,269	)		(128,868	)		(564,520	)
Futures contracts		—			—			—
Foreign currency translations		89,975			144,241			485,209

Net change in unrealized appreciation (depreciation)		(175,294	)		15,373			(79,311	)

Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		143,684			149,208			(147,786	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	190,949		$	236,532		$	(40,865	)

* Unaffiliated foreign tax withheld	$	6,928		$	7,348		$	9,506


See Notes to Financial Statements.		110

DBX ETF Trust

Statements of operations (Continued)

For the Six Months Ended November 30, 2014 (Unaudited)


	Deutsche X-trackers MSCI EAFE Hedged Equity ETF			Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF			Deutsche X-trackers MSCI Europe Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	7,394,573		$	420,316		$	2,867,887

Total Investment Income		7,394,573			420,316			2,867,887


Expenses
Advisory fees		1,214,690			99,075			674,906

Total Expenses		1,214,690			99,075			674,906


Net Investment Income (Loss)		6,179,883			321,241			2,192,981


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(1,463,362	)		(25,000	)		(847,304	)
In-kind redemptions		173,477			—			170,558
Futures contracts		25,500			23,500			—
Foreign currency transactions		50,718,941			640,676			21,416,022

Net realized gain (loss)		49,454,556			639,176			20,739,276
Net change in unrealized appreciation (depreciation) on:
Investments		(28,487,769	)		(756,924	)		(11,091,775	)
Futures contracts		(135,600	)		(26,900	)		—
Foreign currency translations		17,735,381			879,408			5,250,047

Net change in unrealized appreciation (depreciation)		(10,887,988	)		95,584			(5,841,728	)

Net realized and unrealized gain on investments, futures, and foreign currency transactions		38,566,568			734,760			14,897,548


Net Increase in Net Assets Resulting from Operations	$	44,746,451		$	1,056,001		$	17,090,529

* Unaffiliated foreign tax withheld	$	390,514		$	53,156		$	141,318


See Notes to Financial Statements.		111

DBX ETF Trust

Statements of operations (Continued)

For the Six Months Ended November 30, 2014 (Unaudited)


	Deutsche X-trackers MSCI Germany Hedged Equity ETF			Deutsche X-trackers MSCI Japan Hedged Equity ETF			Deutsche X-trackers MSCI Mexico Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	28,828		$	4,187,204		$	31,986

Total Investment Income		28,828			4,187,204			31,986


Expenses
Advisory fees		95,704			1,178,921			12,977

Total Expenses		95,704			1,178,921			12,977


Net Investment Income		(66,876	)		3,008,283			19,009


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(105,972	)		(1,867,477	)		16,106
In-kind redemptions		39,283			3,708,400			—
Futures contracts		12,269			125,353			—
Foreign currency transactions		4,245,321			49,964,300			83,574

Net realized gain (loss)		4,190,901			51,930,576			99,680
Net change in unrealized appreciation (depreciation) on:
Investments		(3,625,345	)		(2,406,344	)		(90,733	)
Futures contracts		(12,841	)		212,644
Foreign currency translations		(422,668	)		31,423,875			248,969

Net change in unrealized appreciation (depreciation)		(4,060,854	)		29,230,175			158,236

Net realized and unrealized gain (loss) on investments and foreign currency transactions		130,047			81,160,751			257,916


Net increase (decrease) in Net Assets Resulting from Operations	$	63,171		$	84,169,034		$	276,925

* Unaffiliated foreign tax withheld	$	3,950		$	474,033		$	669


See Notes to Financial Statements.		112

DBX ETF Trust

Statements of operations (Continued)

For the Six Months Ended November 30, 2014 (Unaudited)


	Deutsche X-trackers MSCI South Korea Hedged Equity ETF			Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	1,557		$	95,777

Total Investment Income		1,557			95,777


Expenses
Advisory fees		14,306			11,739

Total Expenses		14,306			11,739


Net Investment Income (Loss)		(12,749	)		84,038


Realized and Unrealized Gain (Loss)
Net realized gain from:
Investments		3,674			(13,863	)
In-kind redemptions		—			—
Futures contracts		—			—
Foreign currency transactions		123,802			268,557

Net realized gain		127,476			254,694
Net change in unrealized appreciation (depreciation) on:
Investments		(558,082	)		(465,545	)
Futures contracts		—			—
Foreign currency translations		217,987			81,423

Net change in unrealized appreciation (depreciation)		(340,095	)		(384,122	)

Net realized and unrealized gain (loss) on investments and foreign currency transactions		(212,619	)		(129,428	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(225,368	)	$	(45,390	)

* Unaffiliated foreign tax withheld	$	444		$	1,655


See Notes to Financial Statements.		113

DBX ETF Trust

Statements of changes in net assets


	Deutsche X-trackers MSCI All World ex US Hedged Equity ETF						Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period January 23, 2014⁽¹⁾ to May 31, 2014			For the Six Months Ended November 30, 2014 (Unaudited)			For the Period October 1, 2013⁽¹⁾ to May 31, 2014
Increase (Decrease) in Net Assets from Operations
Net investment income	$	47,265		$	90,710		$	87,324		$	92,286
Net realized gain (loss) on investments, futures and foreign currency related transactions		318,978			(110,799	)		133,835			(112,323	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(175,294	)		132,197			15,373			356,237

Net increase (decrease) in net assets resulting from operations		190,949			112,108			236,532			336,200


Distributions to Shareholders from
Net investment income		(5,662	)		—			(2,525	)		(2,908	)
Return of capital		—			—			—			—

Total distributions		(5,662	)		—			(2,525	)		(2,908	)


Fund Shares Transactions
Proceeds from shares sold		—			5,009,449			—			6,283,005
Value of shares redeemed		—			—			—			—

Net increase (decrease) in net assets resulting from fund share transactions		—			5,009,449			—			6,283,005

Total increase (decrease) in Net Assets		185,287			5,121,557			234,007			6,616,297

Net Assets
Beginning of period		5,121,557			—			6,616,297			—

End of period	$	5,306,844		$	5,121,557		$	6,850,304		$	6,616,297

Undistributed net investment income (loss)	$	26,789		$	(14,814	)	$	114,395		$	29,596


Changes in Shares Outstanding
Shares outstanding, beginning of period		200,001			1			250,001			1
Shares sold		—			200,000			—			250,000
Shares redeemed		—			—			—			—

Shares outstanding, end of period		200,001			200,001			250,001			250,001

(1)	Commencement of operations.


See Notes to Financial Statements.		114

DBX ETF Trust

Statements of changes in net assets (Continued)


	Deutsche X-trackers MSCI Brazil Hedged Equity ETF						Deutsche X-trackers MSCI EAFE Hedged Equity ETF
	For the Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	106,921		$	138,006		$	6,179,883		$	11,633,240
Net realized gain (loss) on investments, futures and foreign currency related transactions		(68,475	)		(1,447,182	)		49,454,556			(9,926,016	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(79,311	)		457,583			(10,887,988	)		33,271,282

Net increase in net assets resulting from operations		(40,865	)		(851,593	)		44,746,451			34,978,506


Distributions to Shareholders from
Net investment income		—			(913,085	)		(7,624,876	)		(1,788,671	)
Return of capital		—			(10,791	)		—			—

Total distributions		—			(923,876	)		(7,624,876	)		(1,788,671	)


Fund Shares Transactions
Proceeds from shares sold		8,202,279			3,145,520			605,732,448			454,643,464
Value of shares redeemed		(1,549,644	)		(3,303,982	)		(1,426,724	)		—

Net increase (decrease) in net assets resulting from fund share transactions		6,652,635			(158,462	)		604,305,724			454,643,464

Total increase (decrease) in Net Assets		6,611,770			(1,933,931	)		641,427,299			487,833,299

Net Assets
Beginning of period		5,793,766			7,727,697			563,133,486			75,300,187

End of period	$	12,405,536		$	5,793,766		$	1,204,560,785		$	563,133,486

Undistributed net investment income (loss)	$	(14,659	)	$	(121,580	)	$	1,347,746		$	2,792,739


Changes in Shares Outstanding
Shares outstanding, beginning of period		400,800			400,800			20,250,800			3,000,800
Shares sold		550,000			200,000			22,000,000			17,250,000
Shares redeemed		(100,000	)		(200,000	)		(50,000	)		—

Shares outstanding, end of period		850,800			400,800			42,200,800			20,250,800


See Notes to Financial Statements.		115

DBX ETF Trust

Statements of changes in net assets (Continued)


	Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF					Deutsche X-trackers MSCI Europe Hedged Equity ETF
	For the Six Months Ended November 30, 2014 (Unaudited)		Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (Unaudited)			For the Period October 1, 2013⁽¹⁾ to May 31, 2014
Increase (Decrease) in Net Assets from Operations
Net investment income	$	321,241	$	369,001		$	2,192,981		$	1,265,258
Net realized gain (loss) on investments, futures and foreign currency related transactions		639,176		(799,456	)		20,739,276			(608,214	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation		95,584		1,367,286			(5,841,728	)		3,468,774

Net increase (decrease) in net assets resulting from operations		1,056,001		936,831			17,090,529			4,125,818


Distributions to Shareholders from
Net investment income		—		(283,194	)		(1,964,375	)		(72,633	)
Return of capital		—		—			—			—

Total distributions		—		(283,194	)		(1,964,375	)		(72,633	)


Fund Shares Transactions
Proceeds from shares sold		3,329,690		19,919,058			448,510,162			159,677,733
Value of shares redeemed		—		—			(1,378,295	)		—

Net increase in net assets resulting from fund share transactions		3,329,690		19,919,058			447,131,867			159,677,733

Total increase in Net Assets		4,385,691		20,572,695			462,258,021			163,730,918

Net Assets
Beginning of period		29,372,846		8,800,151			163,730,918			—

End of period	$	33,758,537	$	29,372,846		$	625,988,939		$	163,730,918

Undistributed net investment income	$	162,063	$	(159,178	)	$	880,763		$	652,157


Changes in Shares Outstanding
Shares outstanding, beginning of period		1,350,800		400,800			5,900,001			1
Shares sold		150,000		950,000			16,800,000			5,900,000
Shares redeemed		—		—			(50,000	)		—

Shares outstanding, end of period		1,500,800		1,350,800			22,650,001			5,900,001

(1)	Commencement of operations.


See Notes to Financial Statements.		116

DBX ETF Trust

Statements of changes in net assets (Continued)


	Deutsche X-trackers MSCI Germany Hedged Equity ETF						Deutsche X-trackers MSCI Japan Hedged Equity ETF
	For the Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014			For the Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014
Increase (Decrease) in Net Assets from Operations
Net investment income	$	(66,876	)	$	863,270		$	3,008,283		$	4,427,355
Net realized gain (loss) on investments, futures and foreign currency related transactions		4,190,901			(794,670	)		51,930,576			2,444,775
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation		(4,060,854	)		3,389,180			29,230,175			(8,122,951	)

Net increase (decrease) in net assets resulting from operations		63,171			3,457,780			84,169,034			(1,250,821	)


Distributions to Shareholders from
Net investment income		(631,983	)		(170,600	)		(5,720,597	)		(2,980,876	)
Return of capital		—			—			—			—

Total distributions		(631,983	)		(170,600	)		(5,720,597	)		(2,980,876	)


Fund Shares Transactions
Proceeds from shares sold		—			37,145,009			154,656,476			362,208,513
Value of shares redeemed		(1,130,264	)		—			(27,872,988	)		(25,894,201	)

Net increase in net assets resulting from fund share transactions		(1,130,264	)		37,145,009			126,783,488			336,314,312

Total increase (decrease) in Net Assets		(1,699,076	)		40,432,189			205,231,925			332,082,615

Net Assets
Beginning of period		45,095,003			4,662,814			441,154,500			109,071,885

End of period	$	43,395,927		$	45,095,003		$	646,386,425		$	441,154,500

Undistributed net investment income (loss)	$	(740,095	)	$	(41,236	)	$	5,300,267		$	8,012,581


Changes in Shares Outstanding
Shares outstanding, beginning of period		1,700,800			200,800			12,450,800			3,200,800
Shares sold		—			1,500,000			4,050,000			10,000,000
Shares redeemed		(50,000	)		—			(750,000	)		(750,000	)

Shares outstanding, end of period		1,650,800			1,700,800			15,750,800			12,450,800


See Notes to Financial Statements.		117

DBX ETF Trust

Statements of changes in net assets (Continued)


	Deutsche X-trackers MSCI Mexico Hedged Equity ETF						Deutsche X-trackers MSCI South Korea Hedged Equity ETF
	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period January 23, 2014⁽¹⁾ to May 31, 2014			For the Six Months Ended November 30, 2014 (Unaudited)			For the Period January 23, 2014⁽¹⁾ to May 31, 2014
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	19,009		$	13,290		$	(12,749	)	$	(4,513	)
Net realized gain (loss) on investments, futures and foreign currency related transactions		99,680			(126,128	)		127,476			(231,799	)
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation		158,236			(33,355	)		(340,095	)		203,651

Net increase (decrease) in net assets resulting from operations		276,925			(146,193	)		(225,368	)		(32,661	)


Distributions to Shareholders from
Net investment income		—			—			—			—
Return of capital		—			—			—			—

Total distributions to shareholders		—			—			—			—


Fund Shares Transactions
Proceeds from shares sold		—			5,003,920			—			5,047,998
Value of shares redeemed		—			—			—			—

Net increase in net assets resulting from fund share transactions		—			5,003,920			—			5,047,998

Total increase (decrease) in Net Assets		276,925			4,857,727			(225,368	)		5,015,337

Net Assets
Beginning of period		4,857,727			—			5,015,337			—

End of period	$	5,134,652		$	4,857,727		$	4,789,969		$	5,015,337

Undistributed net investment income (loss)	$	(79,792	)	$	(98,801	)	$	(221,907	)	$	(209,158	)


Changes in Shares Outstanding
Shares outstanding, beginning of period		200,001			1			200,001			1
Shares sold		—			200,000			—			200,000
Shares redeemed		—			—			—			—

Shares outstanding, end of period		200,001			200,001			200,001			200,001

(1)	Commencement of operations.


See Notes to Financial Statements.		118

DBX ETF Trust

Statements of changes in net assets (Continued)


	Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period October 1, 2013⁽¹⁾ to May 31, 2014
Increase (Decrease) in Net Assets from Operations
Net investment income	$	84,038		$	263,296
Net realized gain (loss) on investments, futures and foreign currency related transactions		254,694			(224,457	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation		(384,122	)		324,817

Net increase (decrease) in net assets resulting from operations		(45,390	)		363,656


Distributions to Shareholders from
Net investment income		(8,776	)		(84,384	)
Return of capital		—			—

Total distributions		(8,776	)		(84,384	)


Fund Shares Transactions
Proceeds from shares sold		—			5,025,942
Value of shares redeemed		—			—

Net increase in net assets resulting from fund share transactions		—			5,025,942

Total increase in Net Assets		(54,166	)		5,305,214

Net Assets
Beginning of period		5,305,214			—

End of period	$	5,251,048		$	5,305,214

Undistributed net investment (loss)	$	38,037		$	(37,225	)


Changes in Shares Outstanding
Shares outstanding, beginning of period		200,001			1
Shares sold		—			200,000
Shares redeemed		—			—

Shares outstanding, end of period		200,001			200,001

(1)	Commencement of operations.


See Notes to Financial Statements.		119

DBX ETF Trust

Financial highlights

For a Share outstanding throughout each period


Deutsche X-trackers MSCI All World ex US Hedged Equity ETF	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period January 23, 2014* to May 31, 2014
Net Asset Value, beginning of period	$	25.61		$	25.00

Income from Investment Operations:
Net investment income**		0.24			0.45
Net realized and unrealized gain on investment and foreign currency transactions		0.71			0.16

Net increase in net asset value from operations		0.95			0.61

Distributions paid to shareholders from:
Net investment income		(0.03	)		—

Net Asset Value, end of period	$	26.53		$	25.61

Total Return***		3.78	%		2.44	%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	5,307		$	5,122
Ratios to average net assets:
Expenses		0.40	%†		0.40	%†
Net investment income		1.82	%†		5.18	%†
Portfolio turnover rate		2	%††		3	%††

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period October 1, 2013* to May 31, 2014
Net Asset Value, beginning of period	$	26.47		$	25.00

Income from Investment Operations:
Net investment income**		0.35			0.40
Net realized and unrealized gain on investment and foreign currency transactions		0.59			1.08

Net increase (decrease) in net asset value from operations		0.94			1.48

Distributions paid to shareholders from:
Net investment income		(0.01	)		(0.01	)

Net Asset Value, end of period	$	27.40		$	26.47

Total Return***		3.55	%		5.94	%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	6,850		$	6,616
Ratios to average net assets:
Expenses		0.60	%†		0.60	%†
Net investment income		2.57	%†		2.33	%†
Portfolio turnover rate		6	%††		20	%††

*	Commencement of Operations.

**	Based on average shares outstanding.

***

Total Return is calculated assuming an initial investment made at the Net Asset Value at the beginning of the period, reinvestment of all dividend distributions at Net Asset Value during the period, and redemption at Net Asset Value on the last day of the period. Total Return calculated for a period of less than one year is not annualized.

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.


See Notes to Financial Statements.		120

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period


Deutsche X-trackers MSCI Brazil Hedged Equity ETF	For the Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014			Year Ended May 31, 2013			For the Period June 9, 2011* to May 31, 2012
Net Asset Value, beginning of period	$	14.46		$	19.28		$	20.74		$	25.00

Income from Investment Operations:
Net investment income**		0.21			0.47			0.54			0.64
Net realized and unrealized loss on investment and foreign currency transactions		(0.09	)		(2.30	)		(0.15	)		(4.18	)

Net increase (decrease) in net asset value from operations		0.12			(1.83	)		0.39			(3.54	)

Distributions paid to shareholders from:
Net investment income		—			(2.95	)		(0.54	)		(0.29	)
Net realized capital gains		—			—			(1.31	)		(0.43	)
Return of capital		—			(0.04	)		—			—

Total distributions		—			(2.99	)		(1.85	)		(0.72	)

Net Asset Value, end of period	$	14.58		$	14.46		$	19.28		$	20.74

Total Return***		0.83	%		(9.83	)%†††		1.43	%†††		(14.28	)%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	12,406		$	5,794		$	7,728		$	4,165
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.60	%†		0.60	%		0.68	%		1.13	%†
Expenses, prior to fee waiver and expense reimbursements		0.60	%†		0.63	%		0.92	%		—
Net investment income		2.85	%†		2.93	%		2.66	%		2.89	%†
Portfolio turnover rate		28	%††		89	%		25	%		34	%††

Deutsche X-trackers MSCI EAFE Hedged Equity ETF	For the Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014			Year Ended May 31, 2013			For the Period June 9, 2011* to May 31, 2012
Net Asset Value, beginning of period	$	27.81		$	25.09		$	22.12		$	25.00

Income from Investment Operations:
Net investment income**		0.24			1.18			0.79			0.70
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		0.86			1.95			6.26			(3.48	)

Net increase (decrease) in net asset value from operations		1.10			3.13			7.05			(2.78	)

Distributions paid to shareholders from:
Net investment income		(0.37	)		(0.41	)		(1.68	)		(0.10	)
Net realized capital gains		—			—			(2.40	)		—

Total distributions		(0.37	)		(0.41	)		(4.08	)		(0.10	)

Net Asset Value, end of period	$	28.54		$	27.81		$	25.09		$	22.12

Total Return***		4.09	%		12.74	%†††		35.60	%†††		(11.14	)%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	1,204,561		$	563,133		$	75,300		$	30,979
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.35	%†		0.35	%		0.48	%		0.57	%†
Expenses, prior to fee waiver and expense reimbursements		0.35	%†		0.36	%		0.64	%		—
Net investment income		1.78	%†		4.48	%		3.35	%		3.04	%†
Portfolio turnover rate		3	%††		10	%		14	%		14	%††

*	Commencement of Operations.

**	Based on average shares outstanding.

***

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.

†††	The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.


See Notes to Financial Statements.		121

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period


Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF	For the Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014			Year Ended May 31, 2013			For the Period June 9, 2011* to May 31, 2012
Net Asset Value, beginning of period	$	21.74		$	21.96		$	21.22		$	25.00

Income from Investment Operations:
Net investment income**		0.24			0.38			0.38			0.21
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.51			(0.17	)(a)		1.01			(3.34	)

Net increase (decrease) in net asset value from operations		0.75			0.21			1.39			(3.13	)

Distributions paid to shareholders from:
Net investment income		—			(0.43	)		(0.40	)		(0.06	)
Net realized capital gains		—			—			(0.25	)		(0.59	)

Total distributions		—			(0.43	)		(0.65	)		(0.65	)

Net Asset Value, end of period	$	22.49		$	21.74		$	21.96		$	21.22

Total Return***		3.45	%		1.17	%†††		6.54	%†††		(12.52	)%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	33,759		$	29,373		$	8,800		$	4,261
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.65	%†		0.65	%		0.72	%		1.19	%†
Expenses, prior to fee waiver and expense reimbursements		0.65	%†		0.66	%		0.94	%		—
Net investment income		2.11	%†		1.81	%		1.72	%		0.97	%†
Portfolio turnover rate		5	%††		16	%		15	%		19	%††

Deutsche X-trackers MSCI Europe Hedged Equity ETF	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period October 1, 2013* to May 31, 2014
Net Asset Value, beginning of period	$	27.75		$	25.00

Income from Investment Operations:
Net investment income**		0.19			1.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.01	)(a)		1.72

Net increase in net asset value from operations		0.18			2.99

Distributions paid to shareholders from:
Net investment income		(0.29	)		(0.24	)

Net Asset Value, end of period	$	27.64		$	27.75

Total Return***		0.65	%		12.05	%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	625,989		$	163,731
Ratios to average net assets:
Expenses		0.45	%†		0.45	%†
Net investment income		1.46	%†		7.30	%†
Portfolio turnover rate		3	%††		4	%††

*	Commencement of Operations.

**	Based on average shares outstanding.

***

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.

†††	The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

(a)	Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses.


See Notes to Financial Statements.		122

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period


Deutsche X-trackers MSCI Germany Hedged Equity ETF	For the Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014			Year Ended May 31, 2013			For the Period June 9, 2011* to May 31, 2012
Net Asset Value, beginning of period	$	26.51		$	23.22		$	21.57		$	25.00

Income from Investment Operations:
Net investment income (loss)**		(0.04	)		1.03			0.44			0.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.19			3.11			2.08			(3.30	)

Net increase (decrease) in net asset value from operations		0.15			4.14			2.52			(3.03	)

Distributions paid to shareholders from:
Net investment income		(0.37	)		(0.85	)		(0.44	)		(0.12	)
Net realized capital gains		—			—			(0.43	)		(0.28	)

Total distributions		(0.37	)		(0.85	)		(0.87	)		(0.40	)

Net Asset Value, end of period	$	26.29		$	26.51		$	23.22		$	21.57

Total Return***		0.60	%		18.70	%†††		11.86	%†††		(12.14	)%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	43,396		$	45,095		$	4,663		$	4,331
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.45	%†		0.47	%		0.58	%		1.04	%†
Expenses, prior to fee waiver and expense reimbursements		0.45	%†		0.47	%		0.82	%		—
Net investment income (loss)		(0.31	)%†		4.15	%		1.93	%		1.20	%†
Portfolio turnover rate		6	%††		12	%		108	%		17	%††

Deutsche X-trackers MSCI Japan Hedged Equity ETF	For the Six Months Ended November 30, 2014 (Unaudited)			Year Ended May 31, 2014			Year Ended May 31, 2013			For the Period June 9, 2011* to May 31, 2012
Net Asset Value, beginning of period	$	35.43		$	34.08		$	21.79		$	25.00

Income from Investment Operations:
Net investment income**		0.22			0.55			0.39			0.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.86			1.51	(a)		12.31			(3.31	)

Net increase (decrease) in net asset value from operations		6.08			2.06			12.70			(3.04	)

Distributions paid to shareholders from:
Net investment income		(0.47	)		(0.71	)		(0.41	)		(0.17	)

Total distributions		(0.47	)		(0.71	)		(0.41	)		(0.17	)

Net Asset Value, end of period	$	41.04		$	35.43		$	34.08		$	21.79

Total Return***		17.56	%		6.21	%†††		59.04	%†††		(12.16	)%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	646,386		$	441,155		$	109,072		$	4,376
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.45	%†		0.48	%		0.52	%		1.03	%†
Expenses, prior to fee waiver and expense reimbursements		0.45	%†		0.48	%		0.66	%		—
Net investment income		1.15	%†		1.56	%		1.27	%		1.15	%†
Portfolio turnover rate		3	%††		13	%		12	%		16	%††

*	Commencement of Operations.

**	Based on average shares outstanding.

***

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.

†††	The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

(a)	Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses.


See Notes to Financial Statements.		123

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period


Deutsche X-trackers MSCI Mexico Hedged Equity ETF	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period January 23, 2014* to May 31, 2014
Net Asset Value, beginning of period	$	24.29		$	25.00

Income from Investment Operations:
Net investment income**		0.10			0.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.28			(0.78	)

Net increase (decrease) in net asset value from operations		1.38			(0.71	)

Net Asset Value, end of period	$	25.67		$	24.29

Total Return***		5.68	%		(2.84	)%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	5,135		$	4,858
Ratios to average net assets:
Expenses		0.50	%†		0.50	%†
Net investment income		0.73	%†		0.79	%†
Portfolio turnover rate		13	%††		7	%††

Deutsche X-trackers MSCI South Korea Hedged Equity ETF	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period January 23, 2014* to May 31, 2014
Net Asset Value, beginning of period	$	25.08		$	25.00

Income from Investment Operations:
Net investment loss**		(0.06	)		(0.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.07	)		0.10	(a)

Net increase (decrease) in net asset value from operations		(1.13	)		0.08

Net Asset Value, end of period	$	23.95		$	25.08

Total Return***		(4.54	)%		0.32	%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	4,790		$	5,015
Ratios to average net assets:
Expenses		0.58	%†		0.58	%†
Net investment loss		(0.52	)%†		(0.26	)%†
Portfolio turnover rate		10	%††		8	%††

*	Commencement of Operations.

**	Based on average shares outstanding.

***

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.

(a)	Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses.


See Notes to Financial Statements.		124

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period


Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period October 1, 2013* to May 31, 2014
Net Asset Value, beginning of period	$	26.53		$	25.00

Income from Investment Operations:
Net investment income**		0.42			1.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.65	)		0.63

Net increase (decrease) in net asset value from operations		(0.23	)		1.95

Distributions paid to shareholders from:
Net investment income		(0.04	)		(0.42	)

Net Asset Value, end of period	$	26.26		$	26.53

Total Return***		(0.85	)%		7.90	%

Ratios/Supplemental Data:
Net Assets, end of period (000’s omitted)	$	5,251		$	5,305
Ratios to average net assets:
Expenses		0.45	%†		0.45	%†
Net investment income		3.22	%†		7.70	%†
Portfolio turnover rate		4	%††		11	%††

*	Commencement of Operations.

**	Based on average shares outstanding.

***

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.


See Notes to Financial Statements.		125

DBX ETF Trust

Notes to financial statements (Unaudited)

1. Organization

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open end registered management investment company organized as a Delaware statutory trust.

As of November 30, 2014, the Trust consists of seventeen non-diversified series of exchange-traded funds (“ETF”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:


New Fund Name:		Former Fund Name:
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF		db X-trackers MSCI All World ex US Hedged Equity Fund
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		db X-trackers MSCI Asia Pacific ex Japan Hedged Equity Fund
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		db X-trackers MSCI Brazil Hedged Equity Fund
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		db X-trackers MSCI EAFE Hedged Equity Fund
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		db X-trackers MSCI Emerging Markets Hedged Equity Fund
Deutsche X-trackers MSCI Europe Hedged Equity ETF		db X-trackers MSCI Europe Hedged Equity Fund
Deutsche X-trackers MSCI Germany Hedged Equity ETF		db X-trackers MSCI Germany Hedged Equity Fund
Deutsche X-trackers MSCI Japan Hedged Equity ETF		db X-trackers MSCI Japan Hedged Equity Fund
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		db X-trackers MSCI Mexico Hedged Equity Fund
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		db X-trackers MSCI South Korea Hedged Equity Fund
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		db X-trackers MSCI United Kingdom Hedged Equity Fund

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees.

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 50,000 shares each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Funds.

The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:


Fund		Underlying Index
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF		MSCI ACWI ex USA US Dollar Hedged Index
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		MSCI Asia Pacific ex Japan US Dollar Hedged Index
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		MSCI Brazil US Dollar Hedged Index
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		MSCI EAFE US Dollar Hedged Index
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		MSCI EM US Dollar Hedged Index
Deutsche X-trackers MSCI Europe Hedged Equity ETF		MSCI Europe US Dollar Hedged Index
Deutsche X-trackers MSCI Germany Hedged Equity ETF		MSCI Germany US Dollar Hedged Index
Deutsche X-trackers MSCI Japan Hedged Equity ETF		MSCI Japan US Dollar Hedged Index
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		MSCI Mexico IMI 25/50 US Dollar Hedged Index
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		MSCI Korea 25/50 US Dollar Hedged Index
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		MSCI United Kingdom US Dollar Hedged Index

MSCI, Inc. (“MSCI”) is the creator of each MSCI Hedged Underlying Index. Each MSCI Hedged Underlying Index is comprised of securities listed in countries in the MSCI Global Index Series. All listed equity securities and listed securities that exhibit characteristics of equity securities, except mutual funds, exchange traded funds, equity derivatives, limited partnerships and most investment trusts, are eligible for inclusion in the equity universe. REITs in some countries and certain income trusts in Canada are also eligible for inclusion. Each company and its securities (i.e., share classes) are classified in only one country, which allows for a distinctive sorting of each company by its respective country.

The MSCI Hedged Indices are rebalanced monthly on the last trading day of the month, when the index will take into account the effect of rolling into new 1-month forward contracts based on the newly determined weights of currency to be sold for the next month’s index calculation. The currency weights are determined as of the close of two business days before the first calendar day of following month and remain constant intra month. This means

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that no changes in the weights are made during the month to account for changes in the indexes due to price movement of securities, corporate events, additions, deletions or any other changes. The daily calculation of MSCI Hedged Indices marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between MSCI and DBX. There is no charge to the Funds in connection with these licensing agreements.

Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.

The funds invest in securities of non-U.S. issuers that trade in non-U.S. Markets, this involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets and the risk of war.

Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds.

Security Valuation The Net Asset Value (“NAV”), of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s underlying index.

The following table summarizes the valuation of each Fund’s investments by the above fair value hierarchy levels as of November 30, 2014 (see the Schedule of Investments for security categories).


	Level 1		Level 2			Level 3		Fair Value at 11/30/2014
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
Investment in Securities*
Common Stocks	$	5,166,414	$	—		$	860	$	5,167,274
Preferred Stocks		81,371		74			—		81,445
Rights		17		21			—		38
Warrants		181		—			—		181
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		117,741			—		117,741
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(10,125	)		—		(10,125	)

Total Investments	$	5,247,983	$	107,711		$	860	$	5,356,554

During the period ended November 30, 2014, the amount of transfers between Level 1 and Level 3 was $1,312. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Transfers between price levels are recognized at the beginning of the reporting period.

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	Level 1		Level 2			Level 3		Fair Value at 11/30/2014
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
Investment in Securities*
Common Stocks	$	6,757,156	$	—		$	11,776	$	6,768,932
Preferred Stocks		28,056		—			—		28,056
Rights		85		86			—		171
Warrants		452		—			—		452
Other Financial Securities
Unrealized Appreciation on Forward Foreign Currency Contracts		—		117,811			—		117,811
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(12,408	)		—		(12,408	)

Total Investments	$	6,785,749	$	105,489		$	11,776	$	6,903,014

During the period ended November 30, 2014, the amount of transfers between Level 1 and Level 3 was $7,586. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Transfers between price levels are recognized at the beginning of the reporting period.


	Level 1		Level 2			Level 3		Fair Value at 11/30/2014
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
Investment in Securities*
Common Stocks	$	7,240,809	$	—		$	—	$	7,240,809
Preferred Stocks		5,172,431		—			—		5,172,431
Other Financial Securities
Unrealized Appreciation on Forward Foreign Currency Contracts		—		464,331			—		464,331
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(3,676	)		—		(3,676	)

Total Investments	$	12,413,240	$	460,655		$	—	$	12,873,895

There have been no transfers between fair value measurement levels during the period ended November 30, 2014.


	Level 1			Level 2			Level 3		Fair Value at 11/30/2014
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
Investment in Securities*
Common Stocks	$	1,184,152,939		$	—		$	0	$	1,184,152,939
Preferred Stocks		6,361,417			17,988			—		6,379,405
Rights		10,809			6,537			—		17,346
Warrants		10,553			—			—		10,553
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—			25,056,960			—		25,056,960
Unrealized Depreciation on Forward Foreign Currency Contracts		—			(2,512,012	)		—		(2,512,012	)
Futures Contracts		(54,600	)		—			—		(54,600	)

Total Investments	$	1,190,481,118		$	22,569,473		$	—	$	1,213,050,591

During the period ended November 30, 2014, the amount of transfers between Level 1 and Level 3 was $209,759. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Transfers between price levels are recognized at the beginning of the reporting period.

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	Level 1			Level 2			Level 3		Fair Value at 11/30/2014
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
Investment in Securities*
Common Stocks	$	31,441,315		$	—		$	14,361	$	31,455,676
Preferred Stocks		1,815,320			—			—		1,815,320
Rights		438			—			—		438
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—			687,401			—		687,401
Unrealized Depreciation on Forward Foreign Currency Contracts		—			(65,095	)		—		(65,095	)
Futures Contracts		(11,080	)		—			—		(11,080	)

Total Investments	$	33,245,993		$	622,306		$	14,361	$	33,882,660

During the period ended November 30, 2014, the amount of transfer between Level 1 and Level 3 was $6,117. Investment was transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Transfers between price levels are recognized at the beginning of the reporting period.


	Level 1		Level 2			Level 3		Fair Value at 11/30/2014
Deutsche X-trackers MSCI Europe Hedged Equity ETF
Investment in Securities*
Common Stocks	$	613,902,326	$	—		$	0	$	613,902,326
Preferred Stocks		5,673,582		14,309			—		5,687,891
Rights		8,683		—			—		8,683
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		8,083,669			—		8,083,669
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(1,612,000	)		—		(1,612,000	)

Total Investments	$	619,584,591	$	6,485,978		$	—	$	626,070,569

During the period ended November 30, 2014, the amount of transfer between Level 1 and Level 3 was $74,039. Investment was transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Transfers between price levels are recognized at the beginning of the reporting period.


	Level 1		Level 2			Level 3		Fair Value at 11/30/2014
Deutsche X-trackers MSCI Germany Hedged Equity ETF
Investment in Securities*
Common Stocks	$	39,974,622	$	—		$	—	$	39,974,622
Preferred Stocks		2,803,827		—			—		2,803,827
Other Financial Securities
Unrealized Appreciation on Forward Foreign Currency Contracts		—		405,144			—		405,144
Unrealized Appreciation on Forward Foreign Currency Contracts		—		(95,797	)		—		(95,797	)
Futures Contracts		10,637		—			—		10,637

Total Investments	$	42,789,086	$	309,347		$	—	$	43,098,433

There have been no transfers between fair value measurement levels during the period ended November 30, 2014.

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	Level 1		Level 2			Level 3		Fair Value at 11/30/2014
Deutsche X-trackers MSCI Japan Hedged Equity ETF
Investment in Securities*
Common Stocks	$	635,961,531	$	—		$	—	$	635,961,531
Other Financial Securities
Unrealized Appreciation on Forward Foreign Currency Contracts		—		30,682,149			—		30,682,149
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(380,197	)		—		(380,197	)
Futures Contracts		178,511		—			—		178,511

Total Investments	$	636,140,042	$	30,301,952		$	—	$	666,441,994

There have been no transfers between fair value measurement levels during the period ended November 30, 2014.


	Level 1		Level 2			Level 3		Fair Value at 11/30/2014
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
Investment in Securities*
Common Stocks	$	5,127,291	$	—		$	—	$	5,127,291
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		155,979			—		155,979
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(5,469	)		—		(5,469	)

Total Investments	$	5,127,291	$	150,510		$	—	$	5,277,801

There have been no transfers between fair value measurement levels during the period ended November 30, 2014.


	Level 1		Level 2			Level 3		Fair Value at 11/30/2014
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
Investment in Securities*
Common Stocks	$	4,602,233	$	—		$	—	$	4,602,233
Preferred Stocks		182,095		—			—		182,095
Rights		339		—			—		339
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		158,120			—		158,120
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(10,943	)		—		(10,943	)

Total Investments	$	4,784,667	$	147,177		$	—	$	4,931,844

There have been no transfers between fair value measurement levels during the period ended November 30, 2014.

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	Level 1		Level 2			Level 3		Fair Value at 11/30/2014
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
Investment in Securities*
Common Stocks	$	5,168,527	$	—		$	—	$	5,168,527
Preferred Stocks		—		499			—		499
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		131,845			—		131,845
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(13,045	)		—		(13,045	)

Total Investments	$	5,168,527	$	119,299		$	—	$	5,287,826

There have been no transfers between fair value measurement levels during the period ended November 30, 2014.

*	See Schedule of Investments for Industry or Country Classification.

Cash Cash consists of cash held at banks and are on deposits with major financial institutions.

Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis.

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors semi-annually sufficient to relieve it from all, or substantially all, Federal income and excise taxes. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.

The Funds’ recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the six months ended November 30, 2014, the Funds did not incur any interest or penalties.

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Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2014, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Derivatives

Forward Currency Contracts Each Fund may enter into forward currency contracts designed to offset a Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into foreign currency forward and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.

The Deutsche X-trackers MSCI EAFE Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers Asia Pacific ex Japan ETF, Deutsche X-trackers Europe ETF, and Deutsche X-trackers MSCI All World ex US Hedged Equity ETF invest in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Deutsche X-trackers MSCI Brazil Hedged Equity ETF, Deutsche X-trackers MSCI Germany Hedged Equity ETF, Deutsche X-trackers MSCI Japan Hedged Equity ETF, Deutsche X-trackers MSCI South Korea Hedged Equity ETF Deutsche X-trackers United Kingdom ETF, and Deutsche X-trackers MSCI Mexico Hedged Equity ETF each invest in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against the Brazilian real, Euro, the Japanese yen, the South Korean won, the British Pound sterling and the Mexican peso respectively.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the respective Fund has in that particular currency contract.

A summary of the open forward currency exchange contracts as of November 30, 2014 is included in a table following the Funds’ Schedule of Investments. The investment in forward foreign currency exchange contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S currencies during the six months ended November 30, 2014.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. Each Fund may enter into futures contracts in seeking performance that corresponds to its Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange- traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

A summary of the open futures contracts as of November 30, 2014 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2014 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:


		Asset Derivatives			Liability Derivatives
	Risk Type	Statement of Asset and Liabilities Location	Fair Value		Statement of Asset and Liabilities Location	Fair Value
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	117,741	Unrealized depreciation on forward foreign currency contracts	$	10,125

	Total		$	117,741	Total	$	10,125

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	117,811	Unrealized depreciation on forward foreign currency contracts	$	12,408

	Total		$	117,811	Total	$	12,408

Deutsche X-trackers MSCI Brazil Hedged Equity ETF

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	464,331	Unrealized depreciation on forward foreign currency contracts	$	3,676

	Total		$	464,331	Total	$	3,676

Deutsche X-trackers MSCI EAFE Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts(a)	$	—	Unrealized depreciation on futures contracts(a)	$	54,600
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		25,056,960	Unrealized depreciation on forward foreign currency contracts		2,512,012

	Total		$	25,056,960	Total	$	2,566,612

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		Asset Derivatives			Liability Derivatives
	Risk Type	Statement of Asset and Liabilities Location	Fair Value		Statement of Asset and Liabilities Location	Fair Value
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts(a)	$	—	Unrealized depreciation on futures contracts(a)	$	11,080
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		687,401	Unrealized depreciation on forward foreign currency contracts		65,095

	Total		$	687,401	Total	$	76,175

Deutsche X-trackers MSCI Europe Hedged Equity ETF

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	8,083,669	Unrealized depreciation on forward foreign currency contracts	$	1,612,000

	Total		$	8,083,669	Total	$	1,612,000

Deutsche X-trackers MSCI Germany Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts(a)	$	10,637	Unrealized depreciation on futures contracts(a)	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		405,144	Unrealized depreciation on forward foreign currency contracts		95,797

	Total		$	415,781	Total	$	95,797

Deutsche X-trackers MSCI Japan Hedged Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts	$	178,511	Unrealized depreciation on futures contracts	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		30,682,149	Unrealized depreciation on forward foreign currency contracts		380,197

	Total		$	30,860,660	Total	$	380,197

Deutsche X-trackers MSCI Mexico Hedged Equity ETF

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	155,979	Unrealized depreciation on forward foreign currency contracts	$	5,469

	Total		$	155,979	Total	$	5,469

Deutsche X-trackers MSCI South Korea Hedged Equity ETF

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	158,120	Unrealized depreciation on forward foreign currency contracts	$	10,943

	Total		$	158,120	Total	$	10,943

Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF

	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	131,845	Unrealized depreciation on forward foreign currency contracts	$	13,045

	Total		$	131,845	Total	$	13,045

(a)	Includes cumulative appreciation (depreciation) of futures contracts as disclosed in the Investment Portfolio. Unsettled Variation Margin is disclosed separately, within the Statement of Assets and Liabilities.

135

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Notes to financial statements (Unaudited) (Continued)

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Funds’ earnings during the six-months ended November 30, 2014 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:


Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income

	Equity Futures Contracts			Forward Foreign Currency Contracts			Total
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF	$	—		$	324,210		$	324,210
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		—			110,493			110,493
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		—			241,544			241,544
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		25,500			50,633,828			50,659,328
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		23,500			646,815			670,315
Deutsche X-trackers MSCI Europe Hedged Equity ETF		—			21,477,940			21,477,940
Deutsche X-trackers MSCI Germany Hedged Equity ETF		12,269			4,276,021			4,288,290
Deutsche X-trackers MSCI Japan Hedged Equity ETF		125,353			49,905,744			50,031,097
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		—			83,475			83,475
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		—			122,955			122,955
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		—			266,175			266,175

Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income

	Equity Futures Contracts			Forward Foreign Currency Contracts			Total
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF	$	—		$	90,526		$	90,526
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		—			144,439			144,439
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		—			485,600			485,600
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		(135,600	)		17,859,797			17,724,197
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		(26,900	)		876,019			849,119
Deutsche X-trackers MSCI Europe Hedged Equity ETF		—			5,268,363			5,268,363
Deutsche X-trackers MSCI Germany Hedged Equity ETF		(12,841	)		(410,160	)		(423,001	)
Deutsche X-trackers MSCI Japan Hedged Equity ETF		212,644			31,728,678			31,941,322
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		—			248,970			248,970
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		—			217,987			217,987
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		—			81,576			81,576

136

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Notes to financial statements (Unaudited) (Continued)

For the six months ended November 30, 2014 the average monthly volume of derivatives was as follows:


	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Market Value)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF	$	—	$	(5,105,412	)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		—		(6,728,211	)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		—		(7,220,292	)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		1,896,529		(715,632,636	)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		206,294		(30,395,604	)
Deutsche X-trackers MSCI Europe Hedged Equity ETF		—		(317,013,106	)
Deutsche X-trackers MSCI Germany Hedged Equity ETF		314,717		(42,391,162	)
Deutsche X-trackers MSCI Japan Hedged Equity ETF		2,063,631		(511,967,350	)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		—		(6,669,010	)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		—		(4,949,064	)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		—		(5,219,669	)

As of November 30, 2014, the Fund has transactions subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is included in the following tables:


Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged		Net Amount of Derivatives Liabilities
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
Barclays Bank PLC		58,204	$	(5,008	)	$	—	$	53,196	$	5,008	$	(5,008	)		$ —	$	—
JP Morgan & Chase Co.		58,851		(5,009	)		—		53,842		5,009		(5,009	)		—		—
The Bank of New York Mellon		686		(108	)		—		578		108		(108	)		—		—

	$	117,741	$	(10,125	)		—	$	107,616	$	10,125	$	(10,125	)		—	$	—

Deutsche X-trackers MSCI Asia Pacific ex Japan ETF
Barclays Bank PLC	$	58,778	$	(7,731	)	$	—	$	51,047	$	7,731	$	(7,731	)	$	—	$	—
JP Morgan & Chase Co.		59,007		(4,633	)		—		54,374		4,633		(4,633	)		—		—
The Bank of New York Mellon		26		(26	)		—		—		44		(26	)		—		18

	$	117,811	$	(12,390	)	$	—	$	105,421	$	12,408	$	(12,390	)	$	—	$	18

Deutsche X-trackers MSCI Brazil Hedged Equity ETF
Barclays Bank PLC	$	230,327	$	(107	)	$	—	$	230,220	$	107	$	(107	)	$	—	$	—
JP Morgan & Chase Co.		234,004		(2,252	)		—		231,752		2,252		(2,252	)		—		—
The Bank of New York Mellon		—		—			—		—		1,317		—			—		1,317

	$	464,331	$	(2,359	)	$	—	$	461,972	$	3,676	$	(2,359	)	$	—	$	1,317

Deutsche X-trackers MSCI EAFE Hedged Equity ETF
Barclays Bank PLC	$	6,700,881	$	(742,563	)	$	—	$	5,958,318	$	742,563	$	(742,563	)	$	—	$	—
Canadian Imperial Bank of Commerce		5,577,373		(436,982	)		—		5,140,391		436,982		(436,982	)		—		—
JP Morgan & Chase Co.		6,823,534		(883,815	)		—		5,939,719		883,815		(883,815	)		—		—
State Street Bank & Trust Co.		5,579,352		(435,978	)		—		5,143,374		435,978		(435,978	)		—		—
The Bank of New York Mellon		375,820		(12,674	)		—		363,146		12,674		(12,674	)		—		—

	$	25,056,960	$	(2,512,012	)	$	—	$	22,544,948	$	2,512,012	$	(2,512,012	)	$	—	$	—

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
Barclays Bank PLC	$	334,933	$	(39,430	)	$	—	$	295,503	$	39,430	$	(39,430	)	$	—	$	—
JP Morgan & Chase Co.		345,940		(22,983	)		—		322,957		22,983		(22,983	)		—		—
The Bank of New York Mellon		6,528		(2,682	)		—		3,846		2,682		(2,682	)		—		—

	$	687,401	$	(65,095	)	$	—	$	622,306	$	65,095	$	(65,095	)	$	—	$	—

137

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Notes to financial statements (Unaudited) (Continued)


Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received		Net Amount of Derivatives Assets			Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged		Net Amount of Derivatives Liabilities
Deutsche X-trackers MSCI Europe Hedged Equity ETF
Barclays Bank PLC	$	2,116,641	$	(452,241	)	$	—	$	1,664,400		$	452,241	$	(452,241	)	$	—	$	—
Canadian Imperial Bank of Commerce		1,865,586		(296,590	)		—		1,568,996			296,590		(296,590	)		—		—
JP Morgan & Chase Co.		2,169,084		(551,290	)		—		1,617,794			551,290		(551,290	)		—		—
State Street Bank & Trust Co.		1,869,036		(296,590	)		—		1,572,446			296,590		(296,590	)		—		—
The Bank of New York Mellon		63,322		(15,289	)		—		48,033			15,289		(15,289	)		—		—

	$	8,083,669	$	(1,612,000	)	$	—	$	6,471,669		$	1,612,000	$	(1,612,000	)	$	—	$	—

Deutsche X-trackers MSCI Germany Hedged Equity ETF
Barclays Bank PLC	$	97,034	$	(20,043	)	$	—	$	76,991		$	20,043	$	(20,043	)	$	—	$	—
Canadian Imperial Bank of Commerce		102,577		(25,152	)		—		77,425			25,152		(25,152	)		—		—
JP Morgan & Chase Co.		102,583		(25,419	)		—		77,164			25,419		(25,419	)		—		—
State Street Bank & Trust Co.		102,937		(25,153	)		—		77,784			25,153		(25,153	)		—		—
The Bank of New York Mellon		13		(13	)		—		—			30		(13	)		—		17

	$	405,144	$	(95,780	)	$	—	$	309,364		$	95,797	$	(95,780	)	$	—	$	17

Deutsche X-trackers MSCI Japan Hedged Equity ETF
Barclays Bank PLC	$	7,916,426	$	(108,479	)	$	—	$	7,807,947		$	108,479	$	(108,479	)	$	—	$	—
JP Morgan & Chase Co.		7,890,661		(163,469	)		—		7,727,192			163,469		(163,469	)		—		—
State Street Bank & Trust Co.		7,432,431		(25,944	)		—		7,406,487			25,944		(25,944	)		—		—
The Bank of New York Mellon		16,275		(16,275	)		—		—			55,803		(16,275	)		—		39,528
The Bank of Nova Scotia		7,426,356		(26,502	)		—		7,399,854			26,502		(26,502	)		—		—

	$	30,682,149	$	(340,669	)	$	—	$	30,341,480		$	380,197	$	(340,669	)	$	—	$	39,528

Deutsche X-trackers MSCI Mexico ETF
Barclays Bank PLC	$	77,265	$	(2,443	)	$	—	$	74,822		$	2,443	$	(2,443	)	$	—	$	—
JP Morgan & Chase Co.		78,698		(2,840	)		—		75,858			2,840		(2,840	)		—		—
The Bank of New York Mellon		16		(186	)		—		(170	)		186		(186	)		—		—

	$	155,979	$	(5,469	)	$	—	$	150,510		$	5,469	$	(5,469	)	$	—	$	—

Deutsche X-trackers MSCI South Korea Hedged Equity ETF
Barclays Bank PLC	$	78,278	$	(10,409	)	$	—	$	67,869		$	10,409	$	(10,409	)	$	—	$	—
JP Morgan & Chase Co.		79,842		(534	)		—		79,308			534		(534	)		—		—

	$	158,120	$	(10,943	)	$	—	$	147,177		$	10,943	$	(10,943	)	$	—	$	—

Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
Barclays Bank PLC	$	65,956	$	(6,488	)	$	—	$	59,468		$	6,488	$	(6,488	)	$	—	$	—
JP Morgan & Chase Co.		65,784		(6,496	)		—		59,288			6,496		(6,496	)		—		—
The Bank of New York Mellon		105		(61	)		—		44			61		(61	)		—		—

	$	131,845	$	(13,045	)	$	—	$	118,800		$	13,045	$	(13,045	)	$	—	$	—

3. Investment Advisory and Other Agreements

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate. The Advisor is also responsible for employing any sampling strategy for the Funds.

TDAM USA Inc. (“TDAM”) acts as investment sub-advisor to each Fund. TDAM is responsible for day-to-day management of the Funds, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and TDAM from time to time.

138

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Notes to financial statements (Unaudited) (Continued)

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund at an annual rate equal to:


Fund	Management Fee
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF		0.40	%
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		0.60	%
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		0.60	%
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		0.35	%
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		0.65	%
Deutsche X-trackers MSCI Europe Hedged Equity ETF		0.45	%
Deutsche X-trackers MSCI Germany Hedged Equity ETF		0.45	%
Deutsche X-trackers MSCI Japan Hedged Equity ETF		0.45	%
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		0.50	%
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		0.58	%
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		0.45	%

Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisor, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of, interest expense, taxes, brokerage expenses.

The Advisor pays TDAM a fee based on a percentage of daily net assets for each of the Funds listed below:

Fund

Deutsche X-trackers MSCI All World ex US Hedged Equity ETF

—

0.15% on the first $100 million in daily net assets

—

0.08% on the next $400 million in daily net assets

—

0.04% in excess of $500 million in daily net assets

Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF

—

0.15% on the first $100 million in daily net assets

—

0.07% on the next $400 million in daily net assets

—

0.04% in excess of $500 million in daily net assets

Deutsche X-trackers MSCI Brazil Hedged Equity ETF

—

0.20% on the first $100 million in daily net assets

—

0.12% on the next $400 million in daily net assets

—

0.06% in excess of $500 million in daily net assets

Deutsche X-trackers MSCI EAFE Hedged Equity ETF

—

0.12% on the first $100 million in daily net assets

—

0.08% on the next $400 million in daily net assets

—

0.04% in excess of $500 million in daily net assets

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF

—

0.20% on the first $100 million in daily net assets

—

0.15% on the next $400 million in daily net assets

—

0.06% in excess of $500 million in daily net assets

Deutsche X-trackers MSCI Europe Hedged Equity ETF

—

0.15% on the first $100 million in daily net assets

—

0.07% on the next $400 million in daily net assets

—

0.04% in excess of $500 million in daily net assets

139

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Notes to financial statements (Unaudited) (Continued)

Fund

Deutsche X-trackers MSCI Germany Hedged Equity ETF

—

0.15% on the first $100 million in daily net assets

—

0.07% on the next $400 million in daily net assets

—

0.04% in excess of $500 million in daily net assets

Deutsche X-trackers MSCI Japan Hedged Equity ETF

—

0.15% on the first $100 million in daily net assets

—

0.07% on the next $400 million in daily net assets

—

0.04% in excess of $500 million in daily net assets

Deutsche X-trackers MSCI Mexico Hedged Equity ETF

—

0.20% on the first $100 million in daily net assets

—

0.12% on the next $400 million in daily net assets

—

0.06% in excess of $500 million in daily net assets

Deutsche X-trackers MSCI South Korea Hedged Equity ETF

—

0.20% on the first $100 million in daily net assets

—

0.12% on the next $400 million in daily net assets

—

0.06% in excess of $500 million in daily net assets

Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF

—

0.15% on the first $100 million in daily net assets

—

0.07% on the next $400 million in daily net assets

—

0.04% in excess of $500 million in daily net assets

The total aggregate fees paid by the Advisor to TDAM will be at least $650,000 per year.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.

The Board of Trustees is currently comprised of four Trustees, of whom three are Independent Trustees. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus a specified amount to the Audit Committee.

4. Federal Income Taxes

As of November 30, 2014, the cost of investments for Federal income tax purposes and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:


	Cost		Net Unrealized Appreciation (Depreciation)			Gross Unrealized Appreciation		Gross Unrealized (Depreciation)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF	$	5,403,249	$	(157,476	)	$	279,582	$	(437,058	)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		6,542,086		255,525			640,488		(384,963	)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		13,558,377		(1,145,137	)		572,822		(1,717,959	)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		1,191,025,763		(498,076	)		42,835,377		(43,333,453	)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		33,651,325		480,110			3,172,579		(2,692,469	)

140

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Notes to financial statements (Unaudited) (Continued)


	Cost		Net Unrealized Appreciation (Depreciation)			Gross Unrealized Appreciation		Gross Unrealized (Depreciation)
Deutsche X-trackers MSCI Europe Hedged Equity ETF		628,622,376		(8,905,415	)		13,595,450		(22,500,865	)
Deutsche X-trackers MSCI Germany Hedged Equity ETF		43,678,094		(899,645	)		1,477,282		(2,376,927	)
Deutsche X-trackers MSCI Japan Hedged Equity ETF		651,623,783		(15,662,252	)		25,466,547		(41,128,799	)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		5,160,208		(32,917	)		202,112		(235,029	)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		5,093,291		(308,624	)		257,960		(566,584	)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		5,354,543		(185,517	)		333,021		(518,538	)

At May 31, 2014 for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, as provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Funds will be permitted to carry forward capital losses for an unlimited period.


	Short-term		Long-term		Total Amount
Deutsche X-trackers MSCI Brazil Hedged Equity ETF	$	847,129	$	1,385,419	$	2,232,548
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		—		6,337		6,337
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		252,765		495,350		748,115
Deutsche X-trackers MSCI Germany Hedged Equity ETF		20,778		474,496		495,274
Deutsche X-trackers MSCI Japan Hedged Equity ETF		—		10,110		10,110

The tax character of current year distributions will be determined at the end of the fiscal year.

5. Investments in Affiliates

The Advisor is a wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Funds. The table below shows the transactions in and earnings from investments in Deutsche Bank AG securities for the six months ended November 30, 2014.


	Fair Value 5/31/14		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain (Loss)			Fair Value 11/30/14		Dividend Income
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
Deutsche Bank AG (Common Stock)	$	11,180	$	3,692	$	—		$	(2,354	)	$	—		$	12,518	$	—
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
Deutsche Bank AG (Common Stock)	$	1,688,545	$	2,527,649	$	—		$	(355,629	)	$	—		$	3,860,565	$	—
Deutsche X-trackers MSCI Europe Hedged Equity ETF
Deutsche Bank AG (Common Stock)	$	728,748	$	2,771,137	$	(38,620	)	$	(172,666	)	$	(19,586	)	$	3,269,013	$	—
Deutsche X-trackers MSCI Germany Hedged Equity ETF
Deutsche Bank AG (Common Stock)	$	1,459,644	$	634,642	$	(114,136	)	$	(320,894	)	$	(39,032	)	$	1,620,224	$	—

141

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Notes to financial statements (Unaudited) (Continued)

6. Investment Portfolio Transactions

For the six months ended November 30, 2014, the cost of investments purchased and proceeds from sale of investments (excluding in- kind transactions and short-term investments) were as follows:


	Purchases		Sales
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF	$	557,720	$	120,997
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		690,735		384,583
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		9,372,714		2,024,461
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		90,556,369		21,526,583
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		4,682,888		1,648,926
Deutsche X-trackers MSCI Europe Hedged Equity ETF		50,940,208		8,097,591
Deutsche X-trackers MSCI Germany Hedged Equity ETF		5,317,717		2,382,597
Deutsche X-trackers MSCI Japan Hedged Equity ETF		95,252,802		17,709,034
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		1,001,715		664,400
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		802,865		494,265
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		585,191		189,319

For the six months ended November 30, 2014, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF	$	—	$	—
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		—		—
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		—		—
Deutsche X-trackers MSCI EAFE Hedged Equity ETF		594,785,080		1,419,767
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		2,107,240		—
Deutsche X-trackers MSCI Europe Hedged Equity ETF		427,420,164		1,321,768
Deutsche X-trackers MSCI Germany Hedged Equity ETF		—		1,138,690
Deutsche X-trackers MSCI Japan Hedged Equity ETF		150,330,846		27,431,866
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		—		—
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		—		—
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		—		—

7. Fund Share Transactions

As of November 30, 2014, there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Deutsche X-trackers Brazil Hedged Equity ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

8. Investing in Emerging Markets

Investment in emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, (i) greater market volatility, (ii) lower trading volume, (iii) political and economic instability, (iv) high levels of inflations, deflation or currency devaluation, (v) greater risk of market shut down, (vi) more governmental limitations on foreign investments and limitations on repatriation of invested capital than those typically found in a developed market, and (vii) the risk that companies may be held to lower disclosure, corporate governance, auditing and financial reporting standards than companies in more developed markets.

142

DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

The financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in a Fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a “failed settlement.” Failed settlements can result in losses to a Fund. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that are not subject to independent evaluation. Local agents are held only to the standards of care of their local markets.

9. Line of Credit

Trust entered into a senior unsecured credit facility with a commercial bank which allows the Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, and certain other funds managed by the Advisor, to borrow up to $100 million.

The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no loans outstanding at November 30, 2014.

10. Concentration of Ownership

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2014, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:


Fund Name	Approximate Percent of Outstanding Shares Held
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		88	%
Deutsche X-trackers MSCI Asia Pacific ex-Japan Hedged Equity ETF		52	%
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF		50	%
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		50	%
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		50	%

143

DBX ETF Trust

Additional information (Unaudited)

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — www.deutsche-etfs.com (click on “proxy voting” at the bottom of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.

Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Company at 855-329-3837. You can also obtain copies of Form N-Q by (i) visiting the SEC’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330); (ii) sending your request and a duplicating fee to the SEC’s Public Reference Room, Washington, DC 20549-0102; or (iii) sending your request electronically to publicinfo@sec.gov.

Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.

Discount & Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.

144

DBX ETF Trust

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.deutsche-etfs.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

145

DBX ETF Trust

This report is intended for the shareholders of the DBX ETF Trust.

Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at WWW.DEUTSCHE-ETFS.COM. Read the prospectus carefully before investing.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile than the markets or more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. See the prospectus for details.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a fund will develop or be maintained.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

Deutsche Asset & Wealth Management is the brand name for the asset and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.

MSCI and MSCI Index are servicemarks of MSCI Inc. and have been licensed for use by Deutsche Bank AG. DBX ETF Trust Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. Nor does this company make any representation regarding the advisability of investing in Deutsche-X ETFs. Index data source: MSCI Inc.

Copyright © 2014 Deutsche Bank AG. All rights reserved. db-X^® and Deutsche X-trackers^® are registered trademarks of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 60 Wall Street New York, NY 10005	Investment sub-advisor TDAM USA Inc. 161 Bay Street, 35th Floor TD Canada Trust Tower Toronto, Ontario Canada M5J 2T2	Administrator, custodian, fund accountant & transfer agent The Bank of New York Mellon 101 Barclay Street New York, NY 10286

Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203	Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

MSCI – R-36924-1 (1/15) DBX 1188 (1/16)

LOGO

November 30, 2014

Semi-Annual Report

DBX ETF Trust

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR)

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

Deutsche X-trackers Harvest MSCI All China Equity ETF (CN)

LOGO

DBX ETF Trust

Table of contents


	Page
Shareholder Letter		1
Performance Summary
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		2
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		4
Deutsche X-trackers Harvest MSCI All China Equity ETF		6
Fees and Expenses		8
Schedules of Investments
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		9
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		14
Deutsche X-trackers Harvest MSCI All China Equity ETF		22
Statements of Assets and Liabilities		26
Statements of Operations		27
Statements of Changes in Net Assets		28
Financial Highlights		30
Notes to Financial Statements		32
Additional Information		40
Privacy Policy Notice		41

To our shareholders:

Dear Shareholder,

In conjunction with your fund’s name change, please note the new Web address for the Deutsche X-trackers exchange-traded funds. The former dbxus.com is now deutsche-etfs.com.

Thanks for your continued support. We appreciate your trust and the opportunity to put our capabilities to work for you.

Best regards,

s/ Alex Depetris

Alex Depetris

Chairman, President and Chief Executive Officer

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR)

The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Underlying Index.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 33.85%, compared to an increase of 35.14% for the Underlying Index.

Performance as of 11/30/14


Average Annual Total Returns
	Net Asset Value	Market Price	CSI 300 Index
One Year	15.42%	17.01%	17.03%
Since Inception¹	16.46%	19.57%	18.43%

Cumulative Total Returns
	Net Asset Value	Market Price	CSI 300 Index
Six Months	33.85%	36.55%	35.14%
One Year	15.42%	17.01%	17.03%
Since Inception¹	17.68%	21.04%	19.81%

¹Total returns are calculated based on the commencement of operations, 11/06/13 (“Inception”).

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) (Continued)

Growth of a $10,000 Investment in ASHR² as of 11/30/14

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² Based on Net Asset Value from commencement of trading 11/06/13.

Sector Breakdown* as of 11/30/14


Financial			41.3%
Industrial			14.5%
Consumer, Cyclical			12.3%
Consumer, Non-cyclical			11.4%
Basic Materials			6.2%
Energy			3.8%
Communications			3.7%
Utilities			3.4%
Technology			2.6%
Diversified			0.8%

Total			100.0%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
Ping An Insurance Group Co. of China Ltd., Class A		3.7%
China Merchants Bank Co. Ltd., Class A		3.1%
China Minsheng Banking Corp. Ltd., Class A		3.1%
Shanghai Pudong Development Bank, Class A		2.2%
Industrial Bank Co. Ltd., Class A		2.1%
CITIC Securities Co. Ltd., Class A		2.1%
Haitong Securities Co. Ltd., Class A		1.8%
China Vanke Co. Ltd., Class A		1.6%
Bank of Communications Co. Ltd., Class A		1.3%
China Pacific Insurance Group Co. Ltd., Class A		1.2%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 9.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

The Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index. The Underlying Index is designed to reflect the price fluctuation and performance of small cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Underlying Index.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 38.13%, compared to an increase of 40.03% for the Underlying Index.

Performance as of 11/30/14


Cumulative Total Returns
	Net Asset Value	Market Price	CSI 500 Index
Six Months	38.13%	39.50%	40.03%
Since Inception¹	42.00%	42.68%	44.35%

¹Total returns are calculated based on the commencement of operations, 5/21/14 (“Inception”).

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) (Continued)

Growth of a $10,000 Investment in ASHS² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of trading 5/21/14.

Sector Breakdown* as of 11/30/14


Industrial			28.7%
Consumer, Non-cyclical			16.9%
Consumer, Cyclical			15.3%
Basic Materials			10.5%
Financial			9.6%
Technology			8.1%
Communications			4.0%
Utilities			2.8%
Energy			2.3%
Diversified			1.8%

Total			100.0%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³as of 11/30/14



Description	% of Net Assets
Hundsun Technologies, Inc., Class A		1.1%
Pacific Securities Co. Ltd., Class A		0.8%
Beijing Teamsun Technology Co. Ltd., Class A		0.6%
Yuan Longping High-tech Agriculture Co. Ltd., Class A		0.5%
Wanxiang Qianchao Co. Ltd., Class A		0.5%
Pengxin International Mining Co. Ltd., Class A		0.5%
Xiamen ITG Group Corp. Ltd., Class A		0.5%
Jilin Yatai Group Co. Ltd., Class A		0.5%
Guangdong Golden Dragon Development, Inc., Class A		0.5%
China Aerospace Times Electronics Co. Ltd., Class A		0.5%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 14.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers Harvest MSCI All China Equity ETF (CN)

The Deutsche X-trackers Harvest MSCI All China Equity ETF (CN) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI All China Index (the “Underlying Index”). The Underlying Index is designed to capture large and mid cap representation across all China securities listed in China and Hong Kong as well as in the U.S. and Singapore. The Underlying Index includes: A-shares, H-shares, B-shares, Red chips, and P chips along with China securities (including American Depository Receipts) that are listed on the NYSE Euronext (New York), the NASDAQ, the New York AMEX and the Singapore exchanges. The fund, using a passive approach or indexing approach, attempts to approximate the performance of the Underlying Index. CN expects to gain exposure to the China A-share components of the Index by investing in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR) and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS), affiliated funds subadvised by Harvest Global Investments Limited.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 23.13%, compared to an increase of 23.91% for the Underlying Index.

Performance as of 11/30/14


Cumulative Total Returns
	Net Asset Value	Market Price	MSCI All China Index
Six Months	23.13%	25.31%	23.91%
Since Inception¹	25.64%	27.72%	26.69%

¹Total returns are calculated based on the commencement of operations, 4/30/14 (“Inception”).

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers Harvest MSCI All China Equity ETF (CN) (Continued)

Growth of a $10,000 Investment in CN² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of trading 4/30/14.

Sector Breakdown* as of 11/30/14


Exchange - Traded Funds			54.1%
Communications			15.4%
Financial			14.8%
Energy			4.6%
Consumer, Non-cyclical			2.7%
Consumer, Cyclical			2.4%
Industrial			2.2%
Utilities			1.6%
Technology			1.2%
Basic Materials			0.8%
Diversified			0.2%

Total			100.0%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name.

Top Ten Holdings³as of 11/30/14



Description	% of Net Assets
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		45.3%
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		8.8%
Tencent Holdings Ltd.		3.9%
China Mobile Ltd.		3.6%
Baidu, Inc., ADR		3.2%
China Construction Bank Corp., Class H		2.6%
Industrial & Commercial Bank of China Ltd., Class H		2.4%
Bank of China Ltd., Class H		1.9%
Alibaba Group Holding Ltd., ADR		1.7%
CNOOC Ltd.		1.2%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 22.

DBX ETF Trust

Fees and expenses (Unaudited)

The examples are based on an investment of $1,000 made at the beginning of the period and held through the six-month period ended November 30, 2014 (June 1, 2014 to November 30, 2014).

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value		Ending Account Value November 30, 2014		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	1,338.49		0.81	%	$	4.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.01		0.81	%	$	4.10
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	1,381.32		0.80	%	$	4.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06		0.80	%	$	4.05
Deutsche X-trackers Harvest MSCI All China Equity ETF
Actual	$	1,000.00	$	1,231.28		0.30	%	$	1.68
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.56		0.30	%	$	1.52

(1) Expenses are calculated using the Fund’s annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period June 01, 2014 to November 30, 2014. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period; then multiplying the result by 183 days and then dividing the result by 365.

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 99.7%
Basic Materials — 6.2%
Aluminum Corp. of China Ltd., Class A*		1,739,860	$	1,231,634
Baoshan Iron & Steel Co. Ltd., Class A		3,001,867		2,462,068
China Hainan Rubber Industry Group Co. Ltd., Class A		718,600		1,074,684
China Minmetals Rare Earth Co. Ltd., Class A*		346,525		1,370,310
China Molybdenum Co. Ltd., Class A		129,335		189,004
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A		352,257		698,782
Hebei Iron & Steel Co. Ltd., Class A		2,586,000		1,186,740
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. Ltd., Class A		872,919		3,196,206
Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd., Class A		398,940		677,776
Inner Mongolia Yili Energy Co. Ltd., Class A		256,910		350,769
Inner Mongolian Baotou Steel Union Co. Ltd., Class A		4,816,000		2,476,577
Jiangxi Copper Co. Ltd., Class A		513,326		1,278,094
Jinduicheng Molybdenum Co. Ltd., Class A		597,200		906,733
Kingenta Ecological Engineering Group Co. Ltd., Class A		128,733		604,385
Kingfa Sci & Tech Co. Ltd., Class A		950,857		977,936
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A		2,583,500		1,311,720
Qinghai Salt Lake Industry Co. Ltd., Class A		417,534		1,474,449
Rising Nonferrous Metals Share Co. Ltd., Class A*		82,399		631,837
Shandong Gold Mining Co. Ltd., Class A		235,760		698,648
Shandong Nanshan Aluminum Co. Ltd., Class A		699,059		893,021
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		873,689		1,167,288
Sinopec Shanghai Petrochemical Co. Ltd., Class A		1,339,403		845,709
Tongling Nonferrous Metals Group Co. Ltd., Class A		442,044		832,294
Wanhua Chemical Group Co. Ltd., Class A		654,399		1,897,704
Western Mining Co. Ltd., Class A		1,166,600		1,404,856
Xiamen Tungsten Co. Ltd., Class A		209,624		1,077,287
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		598,763		1,109,831
Yunnan Copper Industry Co. Ltd., Class A*		381,852		738,226
Yunnan Tin Co. Ltd., Class A*		276,900		734,945
Yunnan Yuntianhua Co. Ltd., Class A		265,203		422,944
Zhejiang Longsheng Group Co. Ltd., Class A		643,509		1,545,678
Zhongjin Gold Co. Ltd., Class A		903,433		1,446,669
Zijin Mining Group Co. Ltd., Class A		4,811,700		2,192,475

				39,107,279


	Number of Shares		Value

Communications — 3.7%
Chengdu B-Ray Media Co. Ltd., Class A		332,352	$	642,529
China South Publishing & Media Group Co. Ltd., Class A		430,548		1,011,735
China Spacesat Co. Ltd., Class A		352,646		1,250,473
China United Network Communications Ltd., Class A		5,149,801		3,293,526
CITIC Guoan Information Industry Co. Ltd., Class A		567,085		858,241
Dr Peng Telcom & Media Group Co. Ltd., Class A		679,747		1,942,450
Fiberhome Telecommunication Technologies Co. Ltd., Class A		307,372		808,821
Guangdong Advertising Co. Ltd., Class A		274,191		1,044,112
Guangzhou Haige Communication Group, Inc. Co., Class A		413,400		1,264,755
Huawen Media Investment Group Corp., Class A		667,244		1,269,338
Hunan TV & Broadcast Intermediary Co. Ltd., Class A		429,792		1,268,044
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		447,160		772,070
Jishi Media Co. Ltd., Class A		523,783		974,262
People.cn Co. Ltd., Class A		170,907		1,212,619
Searainbow Holding Corp., Class A*		433,200		1,992,227
Shenzhen Aisidi Co. Ltd., Class A		126,501		289,851
Wasu Media Holding Co. Ltd., Class A*		44,800		202,821
Zhe Jiang Daily Media Group Co. Ltd., Class A		134,700		389,523
ZTE Corp., Class A		1,198,678		3,058,628

				23,546,025

Consumer, Cyclical — 12.3%
Air China Ltd., Class A		1,037,773		949,111
Beiqi Foton Motor Co. Ltd., Class A		984,000		983,199
BesTV New Media Co. Ltd., Class A		391,232		2,579,139
Byd Co. Ltd., Class A		289,031		2,036,622
China Avic Electronics Co. Ltd., Class A		306,168		1,306,881
China Eastern Airlines Corp. Ltd., Class A*		1,552,900		1,331,779
China International Travel Service Corp. Ltd., Class A		182,876		1,251,711
China Southern Airlines Co. Ltd., Class A		2,124,400		1,431,248
Chongqing Changan Automobile Co. Ltd., Class A		1,133,773		2,712,199
FAW CAR Co. Ltd., Class A		483,900		996,149
Fuyao Glass Industry Group Co. Ltd., Class A		860,230		1,588,871
Great Wall Motor Co. Ltd., Class A		254,222		1,507,129
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,453,913		7,166,644
Guangdong Alpha Animation and Culture Co. Ltd., Class A		123,281		599,252
Guangzhou Automobile Group Co. Ltd., Class A		518,148		688,053
Hainan Airlines Co. Ltd., Class A*		3,591,000		1,671,319


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Consumer, Cyclical (Continued)
Haining China Leather Market Co. Ltd., Class A		341,722	$	774,644
Hisense Electric Co. Ltd., Class A		477,740		884,733
Huayu Automotive Systems Co. Ltd., Class A		618,302		1,519,343
Hubei Energy Group Co. Ltd., Class A		1,163,800		1,217,776
Liaoning Cheng Da Co. Ltd., Class A*		812,403		2,486,786
Midea Group Co. Ltd., Class A		1,028,637		3,701,084
Minmetals Development Co. Ltd., Class A		252,200		588,535
Pang Da Automobile Trade Co. Ltd., Class A*		485,401		481,056
Qingdao Haier Co. Ltd., Class A		946,943		2,636,647
SAIC Motor Corp. Ltd., Class A		1,983,855		6,385,786
Shanghai Bailian Group Co. Ltd., Class A		474,286		1,256,530
Shanghai Jahwa United Co. Ltd., Class A		295,218		1,690,117
Shanghai Metersbonwe Fashion & Accessories Co. Ltd., Class A		157,160		289,000
Shanghai Oriental Pearl Group Co. Ltd., Class A		956,500		2,291,242
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		570,974		1,385,390
Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd., Class A		175,466		914,022
Shanghai Yuyuan Tourist Mart Co. Ltd., Class A		609,751		1,195,687
Shenzhen MTC Co. Ltd., Class A*		388,588		516,009
Shenzhen Overseas Chinese Town Co. Ltd., Class A		2,210,140		2,298,258
Sichuan Changhong Electric Co. Ltd., Class A		2,707,500		2,163,356
Suning Commerce Group Co. Ltd., Class A*		2,689,986		3,646,475
TCL Corp., Class A		4,478,000		2,375,635
Weichai Power Co. Ltd., Class A		648,709		2,303,471
Weifu High-Technology Group Co. Ltd., Class A		353,780		1,517,022
Xiamen C & D, Inc., Class A		1,039,711		1,407,714
Youngor Group Co. Ltd., Class A		954,300		1,497,063
Zhengzhou Yutong Bus Co. Ltd., Class A		501,170		1,522,676

				77,745,363

Consumer, Non-cyclical — 11.3%
Beijing Dabeinong Technology Group Co. Ltd., Class A		473,134		1,137,985
Beijing SL Pharmaceutical Co. Ltd., Class A		170,548		1,149,846
Beijing Tongrentang Co. Ltd., Class A		403,725		1,311,367
Beijing Yanjing Brewery Co. Ltd., Class A		861,117		1,050,997
Beingmate Baby & Child Food Co. Ltd., Class A		372,572		1,004,641
Bright Dairy & Food Co. Ltd., Class A		382,741		990,331
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		215,578		735,667


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		226,500	$	783,996
Gansu Yasheng Industrial Group Co., Class A		931,900		1,348,184
Guangxi Wuzhou Zhongheng Group Co. Ltd., Class A		526,629		1,308,645
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		320,239		1,373,718
Harbin Pharmaceutical Group Co. Ltd., Class A		575,600		735,307
Henan Shuanghui Investment & Development Co. Ltd., Class A		395,540		1,907,861
Huadong Medicine Co. Ltd., Class A		131,417		1,116,777
Hualan Biological Engineering, Inc., Class A		172,500		1,047,071
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,502,350		5,997,176
Jiangsu Hengrui Medicine Co. Ltd., Class A		451,201		2,619,095
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		201,379		1,974,137
Jilin Aodong Medicine Industry Groups Co. Ltd., Class A		434,625		2,033,437
Jointown Pharmaceutical Group Co. Ltd., Class A		205,285		582,615
Kangmei Pharmaceutical Co. Ltd., Class A		937,187		2,379,189
Kweichow Moutai Co. Ltd., Class A		274,941		6,972,630
Luzhou Laojiao Co. Ltd., Class A		430,824		1,255,664
MeiHua Holdings Group Co., Class A		939,685		1,003,146
New Hope Liuhe Co. Ltd., Class A		418,232		993,684
Shandong Dong-E E-Jiao, Class A		309,933		1,753,681
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		695,054		2,298,372
Shanghai International Port Group Co. Ltd., Class A		2,771,300		2,593,161
Shanghai RAAS Blood Products Co. Ltd., Class A		28,200		208,987
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		166,850		516,162
Shenzhen Agricultural Products Co. Ltd., Class A		816,519		1,526,737
Shenzhen Hepalink Pharmaceutical Co. Ltd., Class A		136,202		589,359
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		116,067		657,115
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		69,400		362,190
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		215,267		1,140,267
Tasly Pharmaceutical Group Co. Ltd., Class A		387,890		2,542,589
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		432,897		1,440,642
Tsingtao Brewery Co. Ltd., Class A		215,655		1,373,945
Wuliangye Yibin Co. Ltd., Class A		1,159,185		3,414,361


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Consumer, Non-cyclical (Continued)
Xizang Haisco Pharmaceutical Group Co. Ltd., Class A		131,044	$	409,233
Yantai Changyu Pioneer Wine Co. Ltd., Class A		86,291		414,815
Yonghui Superstores Co. Ltd., Class A		992,270		1,261,128
Yunnan Baiyao Group Co. Ltd., Class A		312,012		2,842,889
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		45,921		660,904
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A		305,173		833,328
Zhejiang Medicine Co. Ltd., Class A		393,850		689,638
Zhejiang NHU Co. Ltd., Class A		338,064		824,667
Zhejiang Yasha Decoration Co. Ltd., Class A		226,964		724,290

				71,891,626

Diversified — 0.8%
AVIC Capital Co. Ltd., Class A		264,325		809,966
China Baoan Group Co. Ltd., Class A		910,000		1,972,531
Humanwell Healthcare Group Co. Ltd., Class A		259,599		1,072,615
Zhejiang China Commodities City Group Co. Ltd., Class A		825,509		1,441,450

				5,296,562

Energy — 3.8%
China Coal Energy Co. Ltd., Class A		1,120,000		925,891
China Oilfield Services Ltd., Class A		352,339		982,192
China Petroleum & Chemical Corp., Class A		3,390,615		2,974,030
China Shenhua Energy Co. Ltd., Class A		1,999,327		5,202,480
Guizhou Panjiang Refined Coal Co. Ltd., Class A		303,270		495,991
Henan Dayou Energy Co. Ltd., Class A		301,792		327,576
Jizhong Energy Resources Co. Ltd., Class A		487,909		629,637
Offshore Oil Engineering Co. Ltd., Class A		1,080,400		1,399,509
PetroChina Co. Ltd., Class A		2,353,106		3,128,540
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		721,996		606,265
SDIC Xinji Energy Co. Ltd., Class A		604,059		529,842
Shaanxi Coal Industry Co. Ltd., Class A		302,500		324,406
Shanxi Coal International Energy Group Co. Ltd., Class A		604,900		527,626
Shanxi Lanhua Sci-Tech Venture Co. Ltd., Class A		429,300		667,179
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A*		562,961		941,780
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		958,479		1,091,839
Wintime Energy Co. Ltd., Class A		1,237,440		932,359
Yang Quan Coal Industry Group Co. Ltd., Class A		735,609		902,602
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		220,923		1,194,314
Yanzhou Coal Mining Co. Ltd., Class A		352,230		606,443

				24,390,501


	Number of Shares		Value

Financial — 41.2%
Agricultural Bank of China Ltd., Class A		15,750,170	$	7,304,798
Bank of Beijing Co. Ltd., Class A		3,847,282		5,747,445
Bank of China Ltd., Class A		3,944,300		2,137,432
Bank of Communications Co. Ltd., Class A		9,503,532		8,258,562
Bank of Nanjing Co. Ltd., Class A		1,262,715		2,739,136
Bank of Ningbo Co. Ltd., Class A		700,749		1,552,025
Beijing Capital Development Co. Ltd., Class A		688,955		820,692
Changjiang Securities Co. Ltd., Class A		2,019,092		3,249,605
China CITIC Bank Corp. Ltd., Class A		1,790,400		1,780,202
China Construction Bank Corp., Class A		5,804,300		4,439,416
China Everbright Bank Co. Ltd., Class A		11,951,100		7,390,428
China Fortune Land Development Co. Ltd., Class A		311,939		1,799,550
China Life Insurance Co. Ltd., Class A		912,245		3,355,043
China Merchants Bank Co. Ltd., Class A		9,915,037		19,604,183
China Merchants Property Development Co. Ltd., Class A		618,966		1,710,341
China Merchants Securities Co. Ltd., Class A		1,417,757		4,185,209
China Minsheng Banking Corp. Ltd., Class A		16,411,549		19,576,347
China Pacific Insurance Group Co. Ltd., Class A		1,907,011		7,485,290
China Vanke Co. Ltd., Class A		5,821,206		10,325,654
CITIC Securities Co. Ltd., Class A		4,735,794		13,301,841
Financial Street Holdings Co. Ltd., Class A		1,468,328		1,768,206
Founder Securities Co. Ltd., Class A*		2,325,600		3,742,910
Gemdale Corp., Class A		2,667,900		3,881,371
GF Securities Co. Ltd., Class A		1,587,370		4,626,493
Guanghui Energy Co. Ltd., Class A*		1,909,989		2,464,803
Guoyuan Securities Co. Ltd., Class A		603,801		2,153,835
Haitong Securities Co. Ltd., Class A		4,905,800		11,543,998
Hong Yuan Securities Co. Ltd., Class A		938,400		2,681,579
Huatai Securities Co. Ltd., Class A		1,485,837		4,074,264
Huaxia Bank Co. Ltd., Class A		2,696,600		4,467,272
Industrial & Commercial Bank of China Ltd., Class A		10,206,603		6,710,281
Industrial Bank Co. Ltd., Class A		6,870,359		13,573,012
Industrial Securities Co. Ltd., Class A		1,905,712		3,532,312
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		215,640		390,222
Jinke Properties Group Co. Ltd., Class A		239,403		555,166
Luxin Venture Capital Group Co. Ltd., Class A		129,307		490,293
New China Life Insurance Co. Ltd., Class A		515,712		3,515,570
Northeast Securities Co. Ltd., Class A		602,972		1,425,742
Ping An Bank Co. Ltd., Class A		3,442,252		6,968,530
Ping An Insurance Group Co. of China Ltd., Class A		2,875,337		23,222,615
Poly Real Estate Group Co. Ltd., Class A		3,903,175		4,573,289
RiseSun Real Estate Development Co. Ltd., Class A		342,470		701,102
Sealand Securities Co. Ltd., Class A		429,193		1,039,283


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Financial (Continued)
Shanghai Chengtou Holding Co. Ltd., Class A		671,284	$	789,810
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		255,415		1,374,960
Shanghai Pudong Development Bank, Class A		6,783,547		13,688,524
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		475,030		847,246
Shanxi Securities Co. Ltd., Class A		606,500		1,221,883
Sinolink Securities Co. Ltd., Class A		940,288		2,611,996
SooChow Securities Co. Ltd., Class A		659,002		1,768,420
Southwest Securities Co. Ltd., Class A		662,900		1,137,016
Suning Universal Co. Ltd., Class A		504,900		487,235
Western Securities Co. Ltd., Class A		215,604		734,703
Xinhu Zhongbao Co. Ltd., Class A		1,478,300		1,467,474

				260,994,614

Industrial — 14.4%
Anhui Conch Cement Co. Ltd., Class A		1,218,198		3,608,007
AVIC Aircraft Co. Ltd., Class A		814,795		2,006,159
BBMG Corp., Class A		652,400		943,830
Beijing Capital Co. Ltd., Class A		656,200		830,795
Beijing Orient Landscape Co. Ltd., Class A		244,744		687,036
Beijing Zhongke Sanhuan High-Tech Co. Ltd., Class A		519,968		1,386,863
China CAMC Engineering Co. Ltd., Class A		187,034		791,356
China CNR Corp. Ltd., Class A		1,810,607		1,900,474
China Communications Construction Co. Ltd., Class A		1,430,800		1,764,925
China CSSC Holdings Ltd., Class A		421,872		2,573,111
China Gezhouba Group Co. Ltd., Class A		1,221,753		1,163,101
China International Marine Containers Group Co. Ltd., Class A		522,648		1,542,003
China National Chemical Engineering Co. Ltd., Class A		1,206,680		1,396,175
China Railway Construction Corp. Ltd., Class A		1,869,100		2,652,327
China Railway Group Ltd., Class A		3,777,800		3,129,211
China Shipbuilding Industry Co. Ltd., Class A		4,225,700		4,346,042
China Shipping Container Lines Co. Ltd., Class A*		1,899,100		1,094,030
China State Construction Engineering Corp. Ltd., Class A		9,089,300		6,182,794
China XD Electric Co. Ltd., Class A		1,136,390		1,015,261
CPT Technology Group Co. Ltd., Class A*		184,475		570,687
CSG Holding Co. Ltd., Class A		786,699		1,051,066
CSR Corp. Ltd., Class A		2,083,601		1,966,621
Daqin Railway Co. Ltd., Class A		3,568,132		5,562,686
Dongfang Electric Corp. Ltd., Class A		398,661		1,058,771
Dongxu Optoelectronic Technology Co. Ltd., Class A*		431,000		537,961
Fangda Carbon New Material Co. Ltd., Class A		521,200		918,567


	Number of Shares		Value

Industrial (Continued)
GoerTek, Inc., Class A		476,820	$	2,074,109
Guangshen Railway Co. Ltd., Class A		1,976,600		1,116,160
Hangzhou Hikvision Digital Technology Co.Ltd., Class A		736,441		2,316,584
Han’s Laser Technology Industry Group Co. Ltd., Class A		527,659		1,489,810
Jiangsu Kangde Xin Composite Material Co. Ltd., Class A		501,015		2,693,007
Jiangxi Hongdu Aviation Industry Corp. Ltd., Class A		261,173		1,140,746
Luxshare Precision Industry Co. Ltd., Class A		141,800		690,886
Metallurgical Corp. of China Ltd., Class A		2,959,100		1,401,299
NARI Technology Development Co. Ltd., Class A		872,067		2,240,836
Neway Valve Suzhou Co. Ltd., Class A		87,948		310,144
Ningbo Port Co. Ltd., Class A		2,340,100		1,519,447
Power Construction Corp. of China Ltd., Class A		2,320,500		1,593,574
Sany Heavy Industry Co. Ltd., Class A		1,860,623		1,989,307
Shanghai Construction Group Co. Ltd., Class A		682,792		708,904
Shanghai International Airport Co. Ltd., Class A		584,710		1,653,744
Shenzhen Laibao Hi-tech Co. Ltd., Class A		286,409		615,232
Shenzhen O-film Tech Co. Ltd., Class A		384,068		1,405,645
Sound Environmental Resources Co. Ltd., Class A		304,317		1,198,944
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		527,024		1,536,046
Tangshan Jidong Cement Co. Ltd., Class A		342,847		552,349
TBEA Co. Ltd., Class A		1,916,554		3,228,044
Tianjin Zhonghuan Semiconductor Joint-Stock Co. Ltd., Class A*		218,519		773,796
XCMG Construction Machinery Co. Ltd., Class A		742,224		1,233,215
Xi’ An Aero-Engine PLC, Class A		350,257		1,584,564
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		747,494		1,468,227
Xinxing Ductile Iron Pipes, Class A		1,275,700		1,027,618
XJ Electric Co. Ltd., Class A		365,393		1,183,291
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,681,800		2,251,926

				91,677,313

Technology — 2.6%
Aisino Co. Ltd., Class A		345,107		1,551,156
BOE Technology Group Co. Ltd., Class A*		6,092,000		2,696,540
DHC Software Co. Ltd., Class A		444,331		1,281,293
Glodon Software Co. Ltd., Class A		220,774		845,372
Iflytek Co. Ltd., Class A		342,105		1,711,917
Neusoft Corp., Class A		522,080		1,355,114
Sanan Optoelectronics Co. Ltd., Class A		727,830		1,672,410


See Notes to Financial Statements.		12

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Technology (Continued)
Tsinghua Tongfang Co. Ltd., Class A		898,600	$	1,819,135
Universal Scientific Industrial Shanghai Co. Ltd., Class A		126,703		652,381
Yonyou Software Co. Ltd., Class A		326,874		1,308,028
Zhejiang Dahua Technology Co. Ltd., Class A		347,913		1,372,402

				16,265,748

Utilities — 3.4%
Chengdu Xingrong Investment Co. Ltd., Class A		1,090,500		1,070,092
China Yangtze Power Co. Ltd., Class A		3,001,721		4,283,985
Chongqing Water Group Co. Ltd., Class A		571,700		637,290
Datang International Power Generation Co. Ltd., Class A		1,808,227		1,350,653
GD Power Development Co. Ltd., Class A		5,238,100		2,531,677
Huadian Power International Corp. Ltd., Class A		1,278,876		980,229
Huaneng Power International, Inc., Class A		2,554,545		2,768,636
Inner Mongolia MengDian HuaNeng Thermal Power Co. Ltd., Class A		1,775,450		933,231
SDIC Power Holdings Co. Ltd., Class A		2,028,912		2,410,262
Shenergy Co. Ltd., Class A		1,387,822		1,212,792
Shenzhen Energy Group Co. Ltd., Class A		476,900		676,740
Shenzhen Gas Corp. Ltd., Class A		257,379		338,006
Sichuan Chuantou Energy Co. Ltd., Class A		617,275		1,689,596
Zhejiang Zheneng Electric Power Co. Ltd., Class A		476,490		469,899

				21,353,088

TOTAL COMMON STOCKS (Cost $531,388,863)				632,268,119


TOTAL INVESTMENTS — 99.7% (Cost $531,388,863)			$	632,268,119
Other assets less liabilities — 0.3%				1,730,520

NET ASSETS — 100.0%			$	633,998,639

* Non-income producing security.


See Notes to Financial Statements.		13

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 97.9%
Basic Materials — 10.3%
Baoji Titanium Industry Co. Ltd., Class A		13,200	$	38,730
Befar Group Co. Ltd., Class A		20,200		31,459
CEFC Anhui International Holding Co. Ltd.		27,302		62,157
ChenZhou Mining Group Co. Ltd., Class A		42,500		69,923
Chongyi Zhangyuan Tungsten Co. Ltd., Class A		5,608		19,995
Cofco Biochemical Co. Ltd., Class A		46,885		51,272
Danhua Chemical Technology Co. Ltd., Class A*		28,600		36,349
FSPG Hi-Tech Co. Ltd., Class A		40,600		46,711
Goldleaf Jewelry Co. Ltd., Class A		20,200		36,554
Guangdong Hec Technology Holding Co. Ltd., Class A		20,602		56,391
Guangdong Highsun Group Co. Ltd., Class A		22,600		32,512
Hebei Veyong Bio-Chemical Co. Ltd., Class A*		12,000		26,656
Henan Billions Chemicals Co. Ltd., Class A		6,400		23,538
Hengyi Petrochemical Co. Ltd., Class A		21,000		26,109
Hubei Biocause Pharmaceutical Co. Ltd., Class A*		47,600		31,759
Hubei Fuxing Science And Technology Co. Ltd., Class A		34,900		52,591
Hubei Xingfa Chemicals Group Co. Ltd., Class A		20,800		49,047
Hubei Yihua Chemical Industry Co. Ltd., Class A		55,200		59,467
Ingenious Ene-Carbon New Materials Co. Ltd., Class A*		69,300		95,858
Inner Mongolia Xingye Mining Co. Ltd., Class A		16,900		31,820
Jiangsu Chengxing Phosph-Chemicals Co. Ltd., Class A		24,400		36,650
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A*		36,300		56,946
Jilin Ji En Nickel Industry Co. Ltd., Class A		27,900		71,464
Juli Sling Co. Ltd., Class A		27,000		30,669
Lianhe Chemical Technology Co. Ltd., Class A		33,559		83,447
Luxi Chemical Group Co. Ltd., Class A*		62,200		47,169
Nanjing Redsun Co. Ltd., Class A		11,700		30,311
Nantong Jiangshan Agrochemical & Chemicals Co. Ltd., Class A		5,800		28,976
Ningxia Orient Tantalum Industry Co. Ltd., Class A		16,000		32,469
Pengxin International Mining Co. Ltd., Class A*		53,000		122,475
PetroChina Jinhong Energy Investment Co. Ltd., Class A		10,800		40,968
Shaanxi Ligeance Mineral Resources Co. Ltd., Class A		16,800		53,038
Shandong Chenming Paper Holdings Ltd., Class A		53,800		46,139
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		40,600		61,775


	Number of Shares		Value
Basic Materials (Continued)
Shandong Humon Smelting Co. Ltd., Class A*		14,000	$	39,004
Shandong Jinling Mining Co. Ltd., Class A		18,200		26,567
Shandong Sun Paper Industry JSC Ltd., Class A		42,000		27,408
Shanghai 3F New Materials Co., Class A		16,700		40,221
Shanghai Chlor-Alkali Chemical Co. Ltd., Class A		14,000		20,049
Shanxi Coking Co. Ltd., Class A*		36,600		38,953
Shengda Mining Co. Ltd., Class A*		5,600		13,806
Sichuan EM Technology Co. Ltd., Class A		15,400		25,211
Sichuan Hebang Corp. Ltd., Class A		18,600		35,172
Sichuan Jinlu Group Co. Ltd., Class A*		37,000		45,098
Sichuan Western Resources Holding Co. Ltd., Class A*		13,700		33,642
Stanley Fertilizer Co. Ltd., Class A		7,000		39,426
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		56,600		59,870
Tibet Mineral Development Co. Ltd., Class A		22,400		53,476
Xinjiang Joinworld Co. Ltd., Class A		23,800		28,351
Xinjiang Zhongtai Chemical Co. Ltd., Class A		59,000		71,338
Yueyang Forest & Paper Co. Ltd., Class A		44,200		41,071
Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd., Class A		23,800		55,191
Zhejiang Juhua Co. Ltd., Class A		55,600		62,250
Zhejiang Runtu Co. Ltd., Class A		23,700		65,835
Zhejiang Satellite Petrochemical Co. Ltd., Class A		14,100		31,206
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A		32,800		54,338
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		14,000		39,596

				2,568,473

Communications — 3.9%
Anhui Xinhua Media Co. Ltd., Class A		11,200		30,000
Beijing Gehua CATV Network Co. Ltd., Class A		38,200		95,050
Central China Land Media Co. Ltd.		8,200		21,004
Changjiang Publishing & Media Co. Ltd., Class A*		25,600		38,535
Chengdu Huaze Cobalt & Nickel Material Co. Ltd., Class A*		6,900		29,397
Dalian Daxian Enterprises Holdings Co. Ltd., Class A*		61,800		66,476
Datang Telecom Technology Co. Ltd., Class A*		21,000		58,950
Eastern Communications Co. Ltd., Class A		23,262		37,969
Focus Technology Co. Ltd., Class A		2,800		29,777
Fujian Star-net Communication Co. Ltd., Class A		8,000		35,554
Guangdong Guangzhou Daily Media Co. Ltd., Class A		16,800		46,477
Guomai Technologies, Inc., Class A		21,000		24,332
Hengtong Optic-electric Co. Ltd., Class A		11,700		36,081


See Notes to Financial Statements.		14

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value
Communications (Continued)
Insigma Technology Co. Ltd., Class A		51,000	$	73,366
Jiangsu Zhongtian Technologies Co. Ltd., Class A		35,800		91,174
Northern United Publishing & Media Group Co. Ltd., Class A		13,600		27,753
Shaanxi Broadcast & TV Network Intermediary Co. Ltd., Class A		23,800		37,336
Shanghai Xinhua Media Co. Ltd., Class A		31,800		64,376
Shenzhen Coship Electronics Co. Ltd., Class A*		29,200		46,901
Shenzhen Topway Video Communication Co. Ltd., Class A		8,300		20,193
Time Publishing and Media Co. Ltd., Class A		12,600		37,380
Wuhan Fingu Electronic Technology Co. Ltd., Class A		9,800		19,903

				967,984

Consumer, Cyclical — 15.0%
Anhui Huamao Textile Co., Class A		34,200		37,122
Anhui Jianghuai Automobile Co. Ltd., Class A		52,000		97,908
Beijing Capital Retailing Group Co. Ltd., Class A		20,200		24,260
Beijing Wangfujing Department Store (Group) Co. Ltd., Class A		14,200		43,651
Beijing WKW Automotive Parts Co. Ltd., Class A		11,000		27,138
Besttone Holdings Co. Ltd., Class A		12,600		39,676
Better Life Commercial Chain Share Co. Ltd., Class A		11,100		29,606
Bros Eastern Co. Ltd., Class A		14,000		24,970
China Automotive Engineering Research Institute Co. Ltd., Class A		11,200		23,566
China CYTS Tours Holding Co. Ltd., Class A		31,100		86,746
China Meheco Co. Ltd., Class A		24,300		54,690
China Television Media Ltd., Class A		9,800		33,028
Chongqing Department Store, Class A		9,800		36,282
CMST Development Co. Ltd., Class A		57,200		83,403
CNHTC Jinan Truck Co. Ltd., Class A		9,800		25,086
Dashang Group Co. Ltd., Class A		18,200		100,967
Dongfeng Automobile Co. Ltd., Class A		48,400		43,950
Dongguan Souyute Fashion Co. Ltd., Class A		9,920		25,555
Eastern Gold Jade Co. Ltd., Class A*		12,600		52,779
Elec-Tech International Co. Ltd., Class A*		58,900		78,981
Fangda Special Steel Technology Co. Ltd., Class A		32,200		23,737
FAWER Automotive Parts Ltd. Co., Class A		19,400		25,825
Fengfan Stock Ltd. Co., Class A		19,600		46,759
Fujian Septwolves Industry Co. Ltd., Class A		27,900		48,672
Guangdong Chj Industry Co. Ltd., Class A		20,500		29,657
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		5,500		15,448


	Number of Shares		Value
Consumer, Cyclical (Continued)
Guangdong Yihua Timber Industry Co. Ltd., Class A		70,500	$	65,280
Guangzhou Friendship Group Co. Ltd., Class A		3,200		4,859
Guangzhou Pearl River Piano Group Co. Ltd., Class A		11,300		22,618
Guirenniao Co. Ltd., Class A		7,300		16,548
Haima Automobile Group Co. Ltd., Class A*		60,400		52,389
Hangzhou Robam Appliances Co. Ltd., Class A		9,277		50,408
Hefei Department Store Group Co. Ltd., Class A		33,500		37,234
Hefei Rongshida Sanyo Electric Co. Ltd., Class A		13,000		27,290
Heilan Home Co. Ltd., Class A		55,044		94,591
Hisense Kelon Electrical Holdings Co. Ltd., Class A*		21,999		31,110
Huangshan Tourism Development Co. Ltd., Class A		7,600		18,032
Hunan Friendship & Apollo Cmmericial Co. Ltd., Class A		20,900		48,194
Jiangling Motors Corp. Ltd., Class A		12,600		61,924
Jiangsu Guotai International Group Guomao Co. Ltd., Class A		11,200		30,930
Jiangsu Sunshine Co. Ltd., Class A*		86,800		57,066
Jiangsu Yueda Investment Co. Ltd., Class A		41,200		74,958
Joeone Co. Ltd., Class A		10,500		22,657
Joyoung Co. Ltd., Class A		18,500		33,538
Lancy Co. Ltd., Class A		3,500		14,125
Lao Feng Xiang Co. Ltd., Class A		7,200		37,435
Lifan Industry Group Co. Ltd., Class A		18,200		30,299
Loncin Motor Co. Ltd., Class A		16,400		43,982
Luolai Home Textile Co. Ltd., Class A		7,082		28,466
Luthai Textile Co. Ltd., Class A		27,200		47,982
Markor International Home Furnishings Co. Ltd., Class A		22,100		34,885
MeiDu Energy Corp., Class A		64,790		61,047
Nanjing Central Emporium, Class A		10,400		19,785
Ningbo Huaxiang Electronic Co. Ltd., Class A		25,800		63,188
Ningbo Joyson Electronic Corp., Class A*		10,400		37,166
Ningbo Shanshan Co. Ltd., Class A		17,400		49,666
Ningbo Yunsheng Group Co. Ltd., Class A		22,300		61,838
Ningxia Zhongyin Cashmere Co. Ltd., Class A		15,840		11,961
Rainbow Department Store Co. Ltd., Class A		9,800		20,381
Shanghai Haixin Group Co., Class A*		35,600		50,634
Shanghai Jinjiang International Hotels Development Co. Ltd., Class A		10,400		42,497
Shanghai Lansheng Corp., Class A		12,600		40,783
Shanghai New World Co. Ltd., Class A		25,800		44,337
Shunfa Hengye Corp., Class A		19,500		21,705
Sichuan Chengfei Integration Technology Co. Ltd., Class A		9,200		81,280


See Notes to Financial Statements.		15

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value
Consumer, Cyclical (Continued)
Sinochem International Corp., Class A		51,000	$	71,624
Sinomach Automobile Co. Ltd., Class A		10,800		36,064
Sunny Loan Top Co. Ltd., Class A		19,600		35,404
Sunvim Group Co. Ltd., Class A		44,600		38,032
Suofeiya Home Collection Co. Ltd., Class A		8,400		30,962
Tianjin Faw Xiali Automobile Co. Ltd., Class A*		29,400		29,711
TongKun Group Co. Ltd., Class A		17,200		22,560
Vtron Technologies Ltd., Class A		25,200		36,211
Wanxiang Qianchao Co. Ltd., Class A		56,900		125,653
Wenfeng Great World Chain Development Corp., Class A		14,000		19,456
Wuhan Department Store Group Co. Ltd., Class A*		15,461		35,828
Wuxi Little Swan Co. Ltd., Class A		13,905		27,086
Xiamen ITG Group Corp. Ltd., Class A		72,248		122,275
Yantai Tayho Advanced Materials Co. Ltd., Class A*		21,600		37,998
Yotrio Group Co. Ltd., Class A		10,000		24,248
Zhejiang Aokang Shoes Co. Ltd., Class A		7,000		19,365
Zhejiang Baoxiniao Garment Co. Ltd., Class A		19,800		29,321
Zhejiang Haiyue Co. Ltd., Class A		18,800		43,566
Zhejiang Huafeng Spandex Co. Ltd., Class A		26,200		43,361
Zhejiang Material Industrial Zhongda Yuantong Group Co. Ltd., Class A		25,200		42,568
Zhejiang Ming Jewelry Co. Ltd., Class A		12,569		22,336
Zhejiang Orient Holdings Co., Class A		18,200		54,112
Zhejiang Supor Cookware Co. Ltd., Class A		7,400		21,363

				3,721,634

Consumer, Non-cyclical — 16.5%
Angel Yeast Co. Ltd., Class A		12,500		40,521
Anhui Golden Seed Winery Co. Ltd., Class A		23,800		37,220
Anhui Gujing Distillery Co. Ltd., Class A		7,000		30,404
Anhui Wanjiang Logistics Group Co. Ltd., Class A*		14,700		9,832
Beijing Sanyuan Foods Co. Ltd., Class A*		21,600		31,776
Beijing Shunxin Agriculture Co. Ltd., Class A		14,000		40,075
Beijing Tiantan Biological Products Co., Class A*		15,400		69,645
Chacha Food Co. Ltd., Class A		8,500		29,643
China Animal Husbandry Industry Co. Ltd., Class A		10,400		26,960
China National Accord Medicines Corp. Ltd., Class A		7,000		50,828
China National Medicines Corp. Ltd., Class A		17,000		79,703
Chongqing Brewery Co., Class A		14,200		37,528
Chuying Agro-pastoral Group Co. Ltd., Class A		28,300		48,310
COFCO Tunhe Co. Ltd., Class A		25,200		29,814


	Number of Shares		Value
Consumer, Non-cyclical (Continued)
Dalian Port PDA Co. Ltd., Class A		61,700	$	46,187
Dalian Yi Qiao Marine Seeds Co. Ltd., Class A		11,100		28,396
Eternal Asia Supply Chain Management Ltd., Class A		27,000		58,789
Gansu Ronghua Industry Group Co. Ltd., Class A*		40,600		41,162
Guangdong Haid Group Co. Ltd., Class A		19,600		34,894
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A		14,600		48,492
Guangzhou Zhujiang Brewery Co. Ltd., Class A		12,600		33,914
Guilin Sanjin Pharmaceutical Co. Ltd., Class A		11,279		36,085
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A		7,000		50,076
Hainan Haiyao Co. Ltd., Class A		24,400		67,184
Harbin Gloria Pharmaceuticals Co. Ltd., Class A		15,550		60,100
Hebei Chengde Lolo Co., Class A		18,100		65,596
Henan Rebecca Hair Products Co. Ltd., Class A		40,000		31,766
Hengkang Medical Group Co. Ltd., Class A		18,305		65,922
Huapont-Nutrichem Co. Ltd., Class A		19,500		58,643
Inner Mongolia Jinyu Group Ltd., Class A		16,900		100,712
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A		21,240		89,351
Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A		9,920		43,910
Jiangsu Sihuan Bioengineering Co. Ltd., Class A*		62,200		60,226
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		12,600		55,321
Jiangzhong Pharmaceutical Co. Ltd., Class A		11,200		38,239
Jianxin Mining Co. Ltd., Class A*		21,000		26,656
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A*		15,400		38,594
Jinling Pharmaceutical Co. Ltd., Class A		15,400		36,338
Jiugui Liquor Co. Ltd., Class A*		14,000		32,010
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		38,000		46,874
Kunming Pharmaceutical Corp., Class A		15,496		68,515
Livzon Pharmaceutical Group, Inc., Class A		6,600		52,800
Luoniushan Co. Ltd., Class A		53,800		70,566
Mayinglong Pharmaceutical Group Co. Ltd., Class A		12,600		46,156
Muyuan Foodstuff Co. Ltd., Class A		4,300		40,446
North China Pharmaceutical Co. Ltd., Class A*		49,600		53,676
PKU HealthCare Corp. Ltd., Class A		22,700		65,643
Pubang Landscape Architecture Co. Ltd., Class A		16,800		38,603
Qinghai Huzhu Barley Wine Co. Ltd., Class A		11,200		33,354
Renhe Pharmacy Co. Ltd., Class A		36,400		47,507


See Notes to Financial Statements.		16

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value
Consumer, Non-cyclical (Continued)
Rizhao Port Co. Ltd., Class A		93,600	$	63,822
Sanquan Food Co. Ltd., Class A		9,700		36,685
Shandong Denghai Seeds Co. Ltd., Class A		8,400		47,557
Shandong Homey Aquatic Development Co. Ltd., Class A		26,646		27,101
Shanghai Jinfeng Wine Co. Ltd., Class A		18,800		28,361
Shanghai Kehua Bio-Engineering Co. Ltd., Class A		23,800		88,616
Shanghai Maling Aquarius Co. Ltd., Class A		30,000		44,426
Shantou Dongfeng Printing Co. Ltd., Class A*		14,000		27,590
Shenzhen Fuanna Bedding and Furnishing Co. Ltd., Class A		9,800		22,646
Shenzhen Glory Medical Co. Ltd., Class A		12,500		55,879
Shenzhen Grandland Decoration Group Co. Ltd., Class A		12,800		33,474
Shenzhen Jinjia Color Printing Group Co. Ltd., Class A		26,900		61,986
Shenzhen Neptunus Bioengineering Co. Ltd., Class A*		33,800		55,994
Shinva Medical Instrument Co. Ltd., Class A		16,829		93,908
Sichuan Tuopai Shede Wine Co. Ltd., Class A		16,800		41,282
TangShan Port Group Co. Ltd., Class A		49,600		57,551
Tianjin Lisheng Pharmaceutical Co. Ltd., Class A		5,600		31,249
Tianjin Tianyao Pharmaceutical Co. Ltd., Class A		29,400		28,658
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A		12,600		32,048
Tieling Newcity Investment Holding Ltd., Class A*		22,600		56,711
Tongwei Co. Ltd., Class A		19,600		31,609
V V Food & Beverage Co. Ltd., Class A		47,400		43,350
Xiandai Investment Co. Ltd., Class A		43,120		47,365
Xinjiang Guannong Fruit & Antler Group Co. Ltd., Class A		14,200		44,622
Xinjiang Yilite Industry Co. Ltd., Class A		13,600		24,766
Yabao Pharmaceutical Group Co. Ltd., Class A		33,680		54,151
Yuan Longping High-tech Agriculture Co. Ltd., Class A		42,600		135,252
Zhangzidao Group Co. Ltd., Class A		11,800		29,687
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		24,400		68,614
Zhejiang Guyuelongshan Shaoxing Wine Co. Ltd., Class A		30,060		42,509
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		28,600		67,812
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A*		18,200		30,091
Zhongbai Holdings Group Co. Ltd., Class A		33,000		45,163


	Number of Shares		Value
Consumer, Non-cyclical (Continued)
Zhongyuan Union Cell & Gene Engineering Corp. Ltd., Class A*		16,800	$	100,062
Zhuzhou Qianjin Pharmaceutical Co. Ltd., Class A		12,600		33,668

				4,109,227

Diversified — 1.8%
Anyuan Coal Industry Group Co. Ltd., Class A		23,800		21,224
Jilin Yatai Group Co. Ltd., Class A		107,700		120,231
Metro Land Corp. Ltd., Class A		22,400		26,282
Nanjing Gaoke Co. Ltd., Class A		22,400		63,136
Orient Group, Inc., Class A		81,100		107,957
Silver Plaza Group Co. Ltd., Class A		22,400		30,656
Tianjin TEDA Co. Ltd., Class A		63,100		70,237

				439,723

Energy — 2.2%
Anhui Hengyuan Coal Industry and Electric Power Co. Ltd., Class A		30,700		36,770
Beijing Haohua Energy Resource Co. Ltd., Class A		29,500		35,813
Changchun Gas Co. Ltd., Class A		16,000		21,611
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A		13,200		22,190
Hareon Solar Technology Co. Ltd., Class A*		28,344		39,714
Henan Shenhuo Coal & Power Co. Ltd., Class A		69,400		57,033
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A		24,100		34,395
Inner Mongolia Pingzhuang Energy Co. Ltd., Class A		24,700		21,866
Jiangsu Zongyi Co. Ltd., Class A*		47,600		77,616
Kailuan Energy Chemical Co. Ltd., Class A		38,000		37,722
Kingdream PLC, Class A		9,600		33,994
Oriental Energy Co. Ltd., Class A		16,000		38,275
Qitaihe Baotailong Coal & Coal Chemicals PCL, Class A*		9,800		19,233
Shaan Xi Provincial Natural Gas Co. Ltd., Class A		13,000		24,985
Shanghai Datun Energy Resources Co. Ltd., Class A*		17,200		28,718
Wuhan Kaidi Electric Power Co. Ltd., Class A*		13,200		21,459

				551,394

Financial — 9.4%
Anxin Trust Co. Ltd., Class A		19,641		94,385
Beijing Centergate Technologies (Holding) Co. Ltd., Class A*		32,800		43,929
Beijing Huaye Realestate Co. Ltd., Class A*		37,600		43,994
Beijing Urban Construction Investment & Development Co. Ltd., Class A		36,500		83,216
Black Peony Group Co. Ltd., Class A		18,200		20,999
Bohai Leasing Co. Ltd., Class A		21,300		43,813
China Enterprise Co. Ltd., Class A		78,560		81,053


See Notes to Financial Statements.		17

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value
Financial (Continued)
China Sports Industry Group Co. Ltd., Class A		38,800	$	98,878
Cinda Real Estate Co. Ltd., Class A		37,000		30,889
COFCO Property Group Co. Ltd., Class A		55,200		55,335
Deluxe Family Co. Ltd., Class A		61,400		63,348
Geo-Jade Petroleum Corp., Class A		41,400		74,042
Greattown Holdings Ltd., Class A*		19,000		24,395
Hainan Expressway Co. Ltd., Class A		48,200		37,807
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		24,500		30,301
Huafa Industrial Co. Ltd. Zhuhai, Class A		39,800		79,535
Huayuan Property Co. Ltd., Class A		33,100		22,354
Macrolink Real Estate Co. Ltd., Class A		19,600		22,646
Myhome Real Estate Development Group Co. Ltd., Class A*		119,100		56,013
Ningbo Fuda Co. Ltd., Class A		26,600		24,847
Pacific Securities Co. Ltd., Class A		127,633		197,318
Shaanxi International Trust Co. Ltd., Class A		29,200		53,078
Shanghai AJ Corp., Class A		46,800		110,813
Shanghai Dingli Technology Development Group Co. Ltd., Class A		14,000		27,089
Shanghai DZH Ltd., Class A*		8,800		8,564
Shanghai Industrial Development Co. Ltd., Class A		26,600		49,304
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A		16,000		42,129
Shanghai Shimao Co. Ltd., Class A		21,300		42,323
Shenzhen Heungkong Holding Co. Ltd., Class A		21,300		24,194
Shenzhen World Union Properties Consultancy, Inc., Class A		22,940		65,740
Shenzhen Zhenye Group Co. Ltd., Class A		58,000		65,504
Sunshine City Group Co. Ltd., Class A		31,500		72,073
Suzhou New District Hi-Tech Industrial Co. Ltd., Class A		38,400		34,057
Thaihot Group Co. Ltd., Class A*		18,200		38,532
Tianjin Jinbin Development Co., Class A*		79,000		88,835
Tianjin Realty Development Group Co. Ltd., Class A		53,800		39,398
Tibet Urban Development and Investment Co. Ltd., Class A		13,900		27,845
Wuhan Langold Real Estate Co. Ltd., Class A		17,400		20,387
Yeland Investment Group Co. Ltd., Class A		87,300		67,766
YunNan Metropolitan Real Estate Development Co. Ltd., Class A		30,000		31,928
Zhejiang China Light & Textile Industrial City Group Co. Ltd., Class A		29,400		40,763
Zhonghong Holding Co. Ltd., Class A*		70,100		53,958
Zhongrun Resources Investment Corp., Class A		26,400		29,944
Zhongtian Urban Development Group Co. Ltd., Class A		46,800		63,365

				2,326,686


	Number of Shares		Value
Industrial — 28.1%
Advanced Technology & Materials Co. Ltd., Class A		31,504	$	51,216
Anhui Heli Co. Ltd., Class A		26,680		52,361
Anhui Jiangnan Chemical Industry Co. Ltd., Class A		8,400		15,857
Anhui Zhongding Sealing Parts Co. Ltd., Class A		32,800		101,736
AVIC Electromechanical Systems Co. Ltd., Class A		12,900		46,226
Avic Heavy Machinery Co. Ltd., Class A		26,000		99,133
Baotou Beifang Chuangye Co. Ltd., Class A		39,100		94,044
Beijing Jingyuntong Technology Co. Ltd., Class A		14,300		30,648
Beijing Lier High-temperature Materials Co. Ltd.		14,600		28,250
Beijing New Building Material PLC, Class A		17,400		61,756
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		12,000		59,092
Beijing Sevenstar Electronics Co. Ltd., Class A		8,400		35,883
Beijing Sifang Automation Co. Ltd., Class A		8,600		25,835
Camel Group Co. Ltd., Class A		21,000		49,860
CCS Supply Chain Management Co. Ltd., Class A		15,800		32,963
Changjiang & Jingong Steel Building Group Co. Ltd., Class A		25,200		39,205
Changyuan Group Ltd., Class A		30,200		61,235
Chengdu Xinzhu Road&Bridge Machinery Co. Ltd., Class A*		20,000		39,382
China Aerospace Times Electronics Co. Ltd., Class A*		50,300		117,871
China Aviation Optical-Electrical Technology Co. Ltd., Class A		11,200		46,112
China Fiberglass Co. Ltd., Class A		21,000		45,452
China Railway Erju Co. Ltd., Class A		44,100		58,489
China Railway Tielong Container Logistics Co. Ltd., Class A*		55,200		68,271
China Shipping Development Co. Ltd., Class A*		38,400		41,056
China-Kinwa High Technology Co. Ltd., Class A*		70,200		78,597
Chongqing Zongshen Power Machinery Co. Ltd., Class A		42,000		68,690
CITIC Heavy Industries Co. Ltd., Class A		49,400		42,044
Citic Offshore Helicopter Co. Ltd., Class A		22,801		56,659
Citychamp Dartong Co. Ltd., Class A*		51,000		65,731
COSCO Shipping Co. Ltd., Class A*		50,900		45,805
CPI Yuanda Environmental-Protection Group Co. Ltd., Class A		11,600		43,682
Dalian Huarui Heavy Industry Group Co. Ltd., Class A		23,376		45,040
Dazhong Transportation Group Co. Ltd., Class A		41,600		64,312
Dongjiang Environmental Co. Ltd., Class A		6,800		35,732


See Notes to Financial Statements.		18

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value
Industrial (Continued)
East China Engineering Science and Technology Co. Ltd., Class A		11,200	$	33,700
Far East Smarter Energy Co. Ltd., Class A		12,500		21,155
Feilo Acoustics Co. Ltd., Class A		45,400		68,857
Fenghua Advanced Technology Holding Co. Ltd., Class A*		32,800		49,854
Foshan Electrical and Lighting Co. Ltd., Class A		32,200		54,916
Gansu Qilianshan Cement Group Co. Ltd., Class A		37,800		53,578
Gem-Year Industrial Co. Ltd., Class A		22,000		72,176
Guangdong Goworld Co. Ltd., Class A		19,600		37,828
Guangdong Tapai Group Co. Ltd., Class A		21,600		29,702
Guangxi Liugong Machinery Co. Ltd., Class A		48,100		64,890
Guangzhou Baiyun International Airport Co. Ltd., Class A		28,000		45,930
Guangzhou Guangri Stock Co. Ltd., Class A*		20,400		47,373
Guangzhou Shipyard International Co. Ltd., Class A		13,100		59,563
Guizhou Changzheng Tiacheng Holding Co. Ltd., Class A		6,000		15,710
Guizhou Space Appliance Co. Ltd., Class A		12,600		41,522
Guodian Nanjing Automation Co. Ltd., Class A		19,600		22,168
Hafei Aviation Industry Co. Ltd., Class A		11,200		66,963
Hainan Strait Shipping Co. Ltd., Class A		10,400		21,579
Hang Zhou Great Star Industrial Co. Ltd., Class A		24,400		57,536
Hangzhou Boiler Group Co. Ltd., Class A		4,500		13,914
Hangzhou Hangyang Co. Ltd., Class A		15,400		20,575
Harbin Boshi Automation Co. Ltd., Class A		7,000		32,636
Hefei Meiya Optoelectronic Technology, Inc., Class A		8,400		56,729
Heilongjiang Interchina Water Treatment Co. Ltd., Class A*		53,500		58,158
Henan Pinggao Electric Co. Ltd., Class A		41,200		99,295
Henan Senyuan Electric Co. Ltd., Class A		7,400		44,882
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		12,600		43,818
Hongfa Technology Co. Ltd., Class A*		9,800		35,341
Huagong Tech Co. Ltd., Class A		38,400		84,736
Huaxin Cement Co. Ltd., Class A		17,980		25,046
Hubei Hongcheng General Machinery Co. Ltd., Class A*		8,900		31,414
Hunan Corun New Energy Co. Ltd., Class A*		22,519		91,395
Jangho Group Co. Ltd., Class A		24,900		33,146
Jiangsu Hengli Highpressure Oil Cylinder Co. Ltd., Class A		11,200		22,291
Jiangsu Jianghuai Engine Co. Ltd., Class A		52,400		62,846
Jiangsu Shagang Co. Ltd., Class A*		28,600		25,738
Jiangsu Sunrain Solar Energy Co. Ltd., Class A		9,800		28,642
Jiangsu Wuzhong Industrial Co., Class A		35,700		76,048


	Number of Shares		Value
Industrial (Continued)
Jihua Group Corp. Ltd., Class A		93,800	$	75,406
Jonjee High-Tech Industrial and Commercial Holding Co. Ltd., Class A		48,200		81,183
Kaile Science & Technology Co. Ltd. Hubei, Class A		25,500		41,414
Long Yuan Construction Group Co. Ltd., Class A		34,500		24,591
Ningxia Building Materials Group Co. Ltd., Class A		17,400		30,298
North Electro-Optic Co. Ltd., Class A*		4,200		20,327
North Navigation Control Technology Co. Ltd., Class A		22,400		95,906
ORG Packaging Co. Ltd., Class A		18,400		67,342
Palm Landscape Architecture Co. Ltd., Class A		12,900		39,991
Puyang Refractories Group Co. Ltd., Class A		14,200		17,470
Qingdao Hanhe Cable Co. Ltd., Class A		12,600		18,659
Rongxin Power Electronic Co. Ltd., Class A		23,200		34,545
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		12,600		53,722
Shandong Jinjing Science & Technology Co. Ltd., Class A*		60,800		38,686
Shandong Molong Petroleum Machinery Co. Ltd., Class A*		11,400		18,960
Shanghai Aerospace Automobile Electromechanical Co., Class A		45,400		73,512
Shanghai Feilo Co. Ltd., Class A		45,809		83,045
Shanghai Guangdian Electric Group Co. Ltd., Class A		37,400		31,588
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		19,600		60,443
Shanghai Pudong Road & Bridge Construction Co. Ltd., Class A		30,099		55,300
Shanghai Tunnel Engineering Co. Ltd., Class A		82,300		90,804
Shanghai Zhenhua Heavy Industries Co. Ltd., Class A*		101,000		92,042
Shanghai Zhixin Electric Co. Ltd., Class A		12,960		26,257
Shantui Construction Machinery Co. Ltd., Class A*		60,800		46,998
Shengyi Technology Co. Ltd., Class A		52,400		60,458
Shenzhen Desay Battery Technology Co., Class A		7,000		41,351
Shenzhen Green Eco-manufacture Hi-Tech Co. Ltd., Class A*		33,000		70,404
Shenzhen Hifuture Electric Co. Ltd., Class A*		32,200		53,082
Shenzhen Hongtao Decoration Co. Ltd., Class A		23,100		43,418
Shenzhen Tagen Group Co. Ltd., Class A		23,200		51,233
Shenzhen Yantian Port Holding Co. Ltd., Class A		47,000		64,706
Shuangliang Eco-Energy Systems Co. Ltd., Class A		24,200		44,777
Sichuan Road & Bridge Co. Ltd., Class A		55,500		48,410


See Notes to Financial Statements.		19

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value
Industrial (Continued)
Sichuan Shuangma Cement Co. Ltd., Class A*		11,468	$	13,064
Sieyuan Electric Co. Ltd., Class A		22,400		44,764
Sinoma International Engineering Co. Ltd., Class A		26,800		44,921
Sinotrans Air Transportation Development Co. Ltd., Class A		22,400		58,762
SUFA Technology Industry Co. Ltd. CNNC, Class A		13,320		63,988
Suzhou Anjie Technology Co. Ltd., Class A		4,200		22,247
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		18,800		39,007
Taiyuan Heavy Industry Co. Ltd., Class A		103,400		110,719
Telling Telecommunication Holding Co. Ltd., Class A*		34,400		53,741
Tian Di Science & Technology Co. Ltd., Class A		27,505		48,072
Tianjin Benefo Tejing Electric Co. Ltd., Class A		11,200		26,647
Tianjin Capital Environmental Protection Group Co. Ltd., Class A		26,600		37,876
Tianma Bearing Group Co. Ltd., Class A		36,400		52,601
Tianma Microelectronics Co. Ltd., Class A		19,400		72,454
Tongfang Guoxin Electronics Co. Ltd., Class A		14,000		66,275
Wolong Electric Group Co. Ltd., Class A		34,200		55,544
WUS Printed Circuit Kunshan Co. Ltd., Class A		41,240		38,858
Xiamen Faratronic Co. Ltd., Class A		7,000		34,778
Xiamen XGMA Machinery Co. Ltd., Class A*		32,500		30,570
Xi’an Shaangu Power Co. Ltd., Class A		39,800		49,159
Xiangtan Electric Manufacturing Co. Ltd., Class A		25,800		47,024
Xinjiang Qingsong Building Materials and Chemicals Group Co. Ltd., Class A		33,600		34,612
Xinjiang Tianshan Cement Co. Ltd., Class A		37,700		49,755
Xinjiang Urban Construction Group Co. Ltd., Class A		32,800		53,270
Yechiu Metal Recycling China Ltd., Class A		12,640		22,297
Yintai Resources Co. Ltd., Class A		26,600		58,265
Zhejiang Crystal-Optech Co. Ltd., Class A		15,900		52,138
Zhejiang Dun’an Artificial Environment Co. Ltd., Class A		25,800		43,875
Zhejiang Hailiang Co. Ltd., Class A		10,000		17,087
Zhejiang Sanhua Co. Ltd., Class A		16,940		37,409
Zhejiang Wanma Co. Ltd., Class A		26,200		39,652
Zhejiang Yankon Group Co. Ltd., Class A		34,890		53,201
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		50,700		57,094
Zhongli Science and Technology Group Co. Ltd., Class A		17,400		57,849
Zhongshan Broad Ocean Motor Co. Ltd., Class A		16,400		36,910
Zhuzhou Kibing Group Co. Ltd., Class A		15,400		20,450


	Number of Shares		Value
Industrial (Continued)
Zhuzhou Times New Material Technology Co. Ltd., Class A		18,800	$	37,263

				6,978,401

Technology — 8.0%
Accelink Technologies Co. Ltd., Class A		4,600		29,689
Beijing Shiji Information Technology Co. Ltd., Class A		7,300		82,444
Beijing Teamsun Technology Co. Ltd., Class A		30,600		136,692
Bright Oceans Inter-Telecom Corp., Class A		28,000		52,947
China Greatwall Computer Shenzhen Co. Ltd., Class A*		40,200		43,307
China National Software & Service Co. Ltd., Class A		12,400		57,651
EGing Photovoltaic Technology Co. Ltd., Class A		14,600		39,654
Founder Technology Group Corp., Class A		133,800		115,184
Fujian Newland Computer Co. Ltd., Class A		20,100		93,451
GRG Banking Equipment Co. Ltd., Class A		26,740		86,377
Hangzhou Silan Microelectronics Co. Ltd., Class A*		37,980		39,741
Hundsun Technologies, Inc., Class A		29,500		266,485
Inspur Electronic Information Industry Co. Ltd., Class A		14,000		90,721
Invengo Information Technology Co. Ltd., Class A		31,400		46,244
Jiangsu Changjiang Electronics Technology Co. Ltd., Class A		47,200		85,489
Jiangsu Hongtu High Technology Co. Ltd., Class A		55,200		63,330
Mesnac Co. Ltd., Class A		36,400		86,306
NavInfo Co. Ltd., Class A		29,200		112,143
Shangdong Geo-Mineral Co. Ltd., Class A*		11,200		19,830
Shanghai Belling Co. Ltd., Class A		32,800		58,181
Shanghai East-China Computer Co. Ltd., Class A		5,600		36,689
Shenghe Resources, Class A*		9,300		31,570
Shenzhen Kaifa Technology Co. Ltd., Class A		35,600		46,694
Taiji Computer Corp. Ltd., Class A		8,400		72,394
Wuhan Guide Infrared Co. Ltd., Class A		14,200		51,739
Xi’an LONGi Silicon Materials Co. Ltd., Class A		19,800		57,580
YGSOFT, Inc., Class A		22,300		82,341

				1,984,873

Utilities — 2.7%
An Hui Wenergy Co. Ltd., Class A		26,800		41,127
Beijing SPC Environmental Protection Tech Co. Ltd., Class A		16,100		59,972
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		73,400		61,873
Guangdong Golden Dragon Development, Inc., Class A		27,200		119,733


See Notes to Financial Statements.		20

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value
Utilities (Continued)
Harbin Hatou Investment Co. Ltd., Class A		19,500	$	34,208
Shanghai Dazhong Public Utilities Group Co. Ltd., Class A		80,400		98,390
Shanghai Electric Power Co. Ltd., Class A		39,200		45,994
Top Energy Co. Ltd., Class A		28,000		27,430
Xinjiang Tianfu Energy Co. Ltd., Class A		28,000		45,748
Zhefu Holding Group Co. Ltd., Class A		50,800		64,482
Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd., Class A*		15,600		24,600
Zhongshan Public Utilities Group Co. Ltd., Class A		18,800		59,261

				682,818

TOTAL COMMON STOCKS (Cost $21,370,465)				24,331,213


TOTAL INVESTMENTS — 97.9% (Cost $21,370,465)			$	24,331,213
Other assets less liabilities — 2.1%				517,807

NET ASSETS — 100.0%			$	24,849,020

* Non-income producing security.


See Notes to Financial Statements.		21

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest MSCI All China Equity ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value

COMMON STOCKS — 45.9%
Basic Materials — 0.8%
Aluminum Corp. of China Ltd., Class H*		14,626	$	6,356
CITIC Ltd.		8,312		14,491
Fosun International Ltd.		6,418		7,837
Jiangxi Copper Co. Ltd., Class H		4,888		8,773
Kingboard Chemical Holdings Ltd.		2,472		4,622
Lee & Man Paper Manufacturing Ltd.		5,201		2,897
Nine Dragons Paper Holdings Ltd.		6,057		5,171
Sinopec Shanghai Petrochemical Co. Ltd., Class H		12,961		4,028
Zijin Mining Group Co. Ltd., Class H		21,665		5,783

				59,958

Communications — 15.4%
Alibaba Group Holding Ltd., ADR*		1,188		132,628
Baidu, Inc., ADR*		1,020		250,011
Bitauto Holdings Ltd., ADR*		73		6,728
China Communications Services Corp. Ltd., Class H		8,869		4,323
China Mobile Ltd.		22,663		279,223
China Telecom Corp. Ltd., Class H		51,465		31,190
China Unicom (Hong Kong) Ltd.		22,145		33,695
Ctrip.com International, Ltd., ADR*		502		27,148
JD.com, Inc., ADR*		2,772		65,197
Qihoo 360 Technology Co. Ltd., ADR*		281		20,887
SINA Corp.*		244		9,260
Sohu.com, Inc.*		114		5,770
Tencent Holdings Ltd.		19,099		305,376
Vipshop Holdings Ltd., ADS*		1,044		23,866
Youku Tudou, Inc., ADR*		490		9,065
ZTE Corp., Class H		2,335		5,588

				1,209,955

Consumer, Cyclical — 2.4%
Air China Ltd., Class H		6,768		5,193
Alibaba Pictures Group Ltd.*		16,896		3,508
Anta Sports Products Ltd.		3,702		7,666
Belle International Holdings Ltd.		17,203		19,543
Brilliance China Automotive Holdings Ltd.		11,183		19,063
Byd Co. Ltd., Class H		2,375		14,409
China Resources Enterprise Ltd.		4,473		9,332
Dongfeng Motor Group Co. Ltd., Class H		10,061		15,308
Geely Automobile Holdings Ltd.		19,584		8,510
GOME Electrical Appliances Holding Ltd.		37,737		5,547
Great Wall Motor Co. Ltd., Class H		3,832		19,320
Guangzhou Automobile Group Co. Ltd., Class H		8,208		7,769
Haier Electronics Group Co. Ltd.		3,978		11,105
Intime Retail Group Co. Ltd.		4,555		3,606
Jumei International Holding Ltd., ADR*		295		5,458
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,556		6,091
Shenzhou International Group Holdings Ltd.		2,075		6,903
Sun Art Retail Group Ltd.		8,845		10,048
Weichai Power Co. Ltd., Class H		1,801		6,828

				185,207


	Number of Shares		Value

Consumer, Non-cyclical — 2.7%
China Agri-Industries Holdings Ltd.		7,788	$	3,023
China Huishan Dairy Holdings Co. Ltd.		21,373		4,492
China Medical System Holdings Ltd.		4,030		6,849
China Mengniu Dairy Co. Ltd.		5,084		20,617
COSCO Pacific Ltd.		6,539		8,887
CSPC Pharmaceutical Group Ltd.		10,955		9,747
Hengan International Group Co. Ltd.		2,730		29,587
Jiangsu Expressway Co. Ltd., Class H		4,532		5,137
New Oriental Education & Technology Group, Inc., ADR*		494		10,927
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		6,986		6,189
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,496		5,363
Sihuan Pharmaceutical Holdings Group Ltd.		15,374		11,498
Sino Biopharmaceutical Ltd.		10,995		10,874
Sinopharm Group Co. Ltd., Class H		3,686		13,736
Tingyi Cayman Islands Holding Corp.		7,269		17,284
Tsingtao Brewery Co. Ltd., Class H		1,336		9,380
Uni-President China Holdings Ltd.		4,805		4,232
Want Want China Holdings Ltd.		22,022		28,907
Zhejiang Expressway Co. Ltd., Class H		5,317		5,951

				212,680

Diversified — 0.2%
China Merchants Holdings International Co. Ltd.		4,250		14,550

Energy — 4.6%
China Coal Energy Co. Ltd., Class H		15,230		9,505
China Longyuan Power Group Corp., Class H		11,148		11,989
China Oilfield Services Ltd., Class H		6,717		11,831
China Petroleum & Chemical Corp., Class H		94,618		77,473
China Shenhua Energy Co. Ltd., Class H		12,604		35,836
CNOOC Ltd.		66,231		96,846
GCL-Poly Energy Holdings Ltd.*		37,332		10,157
Kunlun Energy Co. Ltd.		11,975		12,955
PetroChina Co. Ltd., Class H		78,246		84,852
Sinopec Engineering Group Co. Ltd., Class H		4,334		3,800
Yanzhou Coal Mining Co. Ltd., Class H		8,756		7,463

				362,707

Financial — 14.8%
Agricultural Bank of China Ltd., Class H		79,797		37,865
Bank of China Ltd., Class H		294,609		151,953
Bank of Communications Co. Ltd., Class H		32,461		26,914
China Cinda Asset Management Co. Ltd., Class H*		19,459		10,388
China CITIC Bank Corp. Ltd., Class H		30,355		22,584
China Construction Bank Corp., Class H		267,478		202,802
China Everbright Bank Co. Ltd., Class H		10,189		5,203
China Everbright Ltd.		3,125		7,245
China Galaxy Securities Co., Class H		5,957		6,122
China Life Insurance Co. Ltd., Class H		27,596		95,898
China Merchants Bank Co. Ltd., Class H		17,025		35,256


See Notes to Financial Statements.		22

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest MSCI All China Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

Financial (Continued)
China Minsheng Banking Corp. Ltd., Class H		23,142	$	25,424
China Overseas Land & Investment Ltd.		15,157		45,538
China Pacific Insurance Group Co. Ltd., Class H		9,778		40,977
China Resources Land Ltd.		7,569		19,129
China South City Holdings Ltd.		8,908		4,583
China Taiping Insurance Holdings Co. Ltd.*		4,034		10,403
China Vanke Co. Ltd., Class H*		4,877		9,986
Chongqing Rural Commercial Bank Co. Ltd., Class H		9,321		5,276
CITIC Securities Co. Ltd., Class H		3,933		11,537
Country Garden Holdings Co. Ltd.		18,869		7,883
Evergrande Real Estate Group Ltd.		21,872		8,884
Far East Horizon Ltd.		4,884		4,547
Franshion Properties China Ltd.		13,591		3,838
Guangzhou R&F Properties Co. Ltd., Class H		3,765		4,651
Haitong Securities Co. Ltd., Class H		4,982		10,600
Industrial & Commercial Bank of China Ltd., Class H		273,596		185,567
Longfor Properties Co. Ltd.		5,045		6,792
New China Life Insurance Co. Ltd., Class H		2,685		12,170
New World China Land Ltd.		9,662		5,980
People’s Insurance Co. (Group) of China Ltd., Class H		24,271		11,767
PICC Property & Casualty Co. Ltd., Class H		11,668		23,501
Ping An Insurance Group Co. of China Ltd., Class H		7,545		63,286
Shanghai Industrial Holdings Ltd.		1,807		5,569
Shimao Property Holdings Ltd.		5,151		12,328
Shui On Land Ltd.		13,354		3,323
Sino-Ocean Land Holdings Ltd.		12,449		7,464
Soho China Ltd.		6,749		5,108
Yuexiu Property Co. Ltd.		25,295		5,056

				1,163,397

Industrial — 2.2%
AAC Technologies Holdings, Inc.		2,733		16,088
Anhui Conch Cement Co. Ltd., Class H		4,579		15,498
AviChina Industry & Technology Co. Ltd., Class H		7,865		5,547
BBMG Corp., Class H		4,337		3,585
Beijing Capital International Airport Co. Ltd., Class H		5,576		4,357
China Communications Construction Co. Ltd., Class H		16,419		16,429
China COSCO Holdings Co. Ltd., Class H*		9,570		4,701
China Everbright International Ltd.		9,145		14,080
China International Marine Containers Group Co. Ltd., Class H		1,857		4,229
China National Building Material Co. Ltd., Class H		10,678		10,437
China Railway Construction Corp. Ltd., Class H		7,315		8,404
China Railway Group Ltd., Class H		14,823		10,742
China Resources Cement Holdings Ltd.		7,268		4,986


	Number of Shares		Value

Industrial (Continued)
China Shipping Container Lines Co. Ltd., Class H*		13,911	$	4,090
China State Construction International Holdings Ltd.		6,496		9,867
CSR Corp. Ltd., Class H		6,349		6,459
Haitian International Holdings Ltd.		2,368		5,038
Shanghai Electric Group Co. Ltd., Class H		10,474		6,280
Sinotrans Ltd., Class H		6,761		5,100
Yangzijiang Shipbuilding Holdings Ltd.		7,115		6,683
Zhuzhou CSR Times Electric Co. Ltd., Class H		1,630		7,010

				169,610

Technology — 1.2%
Alibaba Health Information Technology Ltd.*		9,093		6,402
Hanergy Thin Film Power Group Ltd.*		46,299		11,642
Kingsoft Corp. Ltd.		2,415		5,786
Lenovo Group Ltd.		24,718		34,677
NetEase, Inc., ADR		289		30,539
Semiconductor Manufacturing International Corp.*		90,553		9,341

				98,387

Utilities — 1.6%
Beijing Enterprises Holdings Ltd.		1,905		15,205
Beijing Enterprises Water Group Ltd.*		16,068		11,043
China Gas Holdings Ltd.		7,448		13,906
China Resources Gas Group Ltd.		3,299		9,273
China Resources Power Holdings Co. Ltd.		7,113		20,728
Datang International Power Generation Co. Ltd., Class H		9,837		5,530
ENN Energy Holdings Ltd.		2,812		17,187
Guangdong Investment Ltd.		9,257		12,772
Huadian Power International Corp. Ltd., Class H		6,050		4,946
Huaneng Power International, Inc., Class H		13,085		15,337

				125,927

TOTAL COMMON STOCKS (Cost $3,376,227)				3,602,378

EXCHANGE-TRADED FUNDS — 54.0%
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF* (a)		120,844		3,555,206
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF* (a)		19,369		687,570

TOTAL EXCHANGE-TRADED FUNDS (Cost $3,500,553)				4,242,776


See Notes to Financial Statements.		23

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest MSCI All China Equity ETF (Continued)

November 30, 2014 (Unaudited)


	Number of Shares		Value

RIGHTS — 0.0%
Financial — 0.0%
PICC Property & Casualty Co. Ltd.*, expires 1/02/2015 (Cost $0)		1,125	$	1,184


TOTAL INVESTMENTS — 99.9% (Cost $6,876,780)			$	7,846,338
Other assets less liabilities — 0.1%				6,673

NET ASSETS — 100.0%			$	7,853,011

ADR – American Depositary Receipt.

ADS – American Depositary Share.

* Non-income producing security.

(a) Affiliated fund advised by DBX Advisors LLC.


See Notes to Financial Statements.		24

This Page is Intentionally Left Blank

DBX ETF Trust

Statements of assets and liabilities

November 30, 2014 (Unaudited)


	Deutsche X-trackers Harvest CSI 300 China A-Shares ETF			Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF			Deutsche X-trackers Harvest MSCI All China Equity ETF
Assets
Investments in non-affiliated securities at fair value	$	632,268,119		$	24,331,213		$	3,603,562
Investment in affiliated securities at fair value (See Note 5)		—			—			4,242,776
Cash		—			—			100,344
Foreign currency at value		2,790,334	†		562,896	†		—
Receivables:
Capital shares		—			—			—
Dividends and interest		373			11			1,493
Investment securities sold		—			—			1,588,612

Total Assets	$	635,058,826		$	24,894,120		$	9,536,787


Liabilities
Deferred foreign taxes payable	$	597,209		$	29,123		$	—
Payables:
Due to custodian		132,789			1,190			7,604
Investment advisory fees		330,189			14,787			1,819
Shares repurchased		—			—			1,573,744
Investment securities purchased		—			—			100,609

Total Liabilities		1,060,187			45,100			1,683,776


Net Assets	$	633,998,639		$	24,849,020		$	7,853,011


Net Assets Consist of
Paid-in capital	$	545,983,614		$	21,766,174		$	6,544,905
Undistributed net investment income		2,274,196			1,698			56,215
Accumulated net realized gain (loss) on investments and foreign currency transactions		(14,642,855	)		147,792			282,370
Net unrealized appreciation on investments and foreign currency translations (net of deferred foreign taxes of $510,017, $27,298 and $0 respectively)		100,383,684			2,933,356			969,521


Net Assets	$	633,998,639		$	24,849,020		$	7,853,011


Number of Common Shares outstanding		21,550,001			700,001			250,001

Net Assets Value	$	29.42		$	35.50		$	31.41


Investments in non-affiliated securities at cost	$	531,388,863		$	21,370,465		$	3,376,227

Investments in affiliated securities at cost	$	—		$	—		$	3,500,553

Foreign currency at cost	$	2,777,059		$	562,965		$	(7,568	)

†	Included in foreign currency at value is $107,633 and $5,676 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.


See Notes to Financial Statements.		26

DBX ETF Trust

Statements of operations

For the Six Months Ended November 30, 2014 (Unaudited)


	Deutsche X-trackers Harvest CSI 300 China A-Shares ETF			Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF			Deutsche X-trackers Harvest MSCI All China Equity ETF
Investment Income
Unaffiliated interest income	$	9,277		$	427		$	—
Unaffiliated dividend income*		4,340,813			38,460			50,174

Total Investment Income		4,350,090			38,887			50,174


Expenses
Advisory fees		1,411,208			41,942			16,575
Interest expense		12,025			13			—

Total Expenses		1,423,233			41,955			16,575
Less fees waived (See Note 3):
Waiver		—			—			(8,311	)

Net Expenses		1,423,233			41,955			8,264

Net Investment Income (Loss)		2,926,857			(3,068	)		41,910


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(6,766,840	)**		135,148	**		(30,385	)
Investments in affiliates		—			—			9,159
In-kind redemptions		—			—			151,256
In-kind redemptions in affiliates		—			—			152,544
Foreign currency transactions		(5,945	)		14,563			186

Net realized gain (loss)		(6,772,785	)		149,711			282,760
Net change in unrealized appreciation (depreciation) on:
Investments		117,882,275	***		2,739,721	***		892,350
Foreign currency translations		14,983			415			(32	)

Net change in unrealized appreciation		117,897,258			2,740,136			892,318

Net realized and unrealized gain (loss) on investments and foreign currency transactions		111,124,473			2,889,847			1,175,078


Net Increase in Net Assets Resulting from Operations	$	114,051,330		$	2,886,779		$	1,216,988

* Foreign tax withheld	$	513,050		$	4,752		$	4,992
** Net of deferred foreign taxes	$	83,573		$	1,801		$	—
*** Net of deferred foreign taxes	$	453,261		$	24,876		$	—


See Notes to Financial Statements.		27

DBX ETF Trust

Statements of changes in net assets


	Deutsche X-trackers Harvest CSI 300 China A-Shares ETF						Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF
	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period November 6, 2013⁽¹⁾ to May 31, 2014			For the Six Months Ended November 30, 2014 (Unaudited)			For the Period May 21, 2014⁽¹⁾ to May 31, 2014
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	2,926,857		$	(370,444	)	$	(3,068	)	$	5,901
Net realized gain (loss) on investments and foreign currency related transactions		(6,772,785	)		(8,462,221	)		149,711			(3,054	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		117,897,258			(17,513,574	)		2,740,136			193,220

Net increase (decrease) in net assets resulting from operations		114,051,330			(26,346,239	)		2,886,779			196,067


Fund Shares Transactions
Proceeds from shares sold		490,026,983			237,857,414			16,882,325			7,514,273
Value of shares redeemed		(122,872,211	)		(58,718,638	)		(2,630,424	)		—

Net increase in net assets resulting from fund share transactions		367,154,772			179,138,776			14,251,901			7,514,273

Total Increase in Net Assets		481,206,102			152,792,537			17,138,680			7,710,340

Net Assets
Beginning of period		152,792,537			—			7,710,340			—

End of period	$	633,998,639		$	152,792,537		$	24,849,020		$	7,710,340

Undistributed net investment income (loss)	$	2,274,196		$	(652,661	)	$	1,698		$	4,766


Changes in Shares Outstanding
Shares outstanding, beginning of period		6,950,001			1			300,001			1
Shares sold		19,350,000			9,500,000			500,000			300,000
Shares redeemed		(4,750,000	)		(2,550,000	)		(100,000	)		—

Shares outstanding, end of period		21,550,001			6,950,001			700,001			300,001

(1)	Commencement of operations.


See Notes to Financial Statements.		28

DBX ETF Trust

Statements of changes in net assets (Continued)


	Deutsche X-trackers Harvest MSCI All China Equity ETF
	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period April 30, 2014⁽¹⁾ to May 31, 2014
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	41,910		$	14,167
Net realized gain (loss) on investments and foreign currency related transactions		282,760			47,763
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		892,318			77,203

Net increase (decrease) in net assets resulting from operations		1,216,988			139,133


Fund Shares Transactions
Proceeds from shares sold		4,338,673			7,493,477
Value of shares redeemed		(2,805,304	)		(2,529,956	)

Net increase in net assets resulting from fund share transactions		1,533,369			4,963,521

Total Increase in Net Assets		2,750,357			5,102,654

Net Assets
Beginning of period		5,102,654			—

End of period	$	7,853,011		$	5,102,654

Undistributed net investment income (loss)	$	56,215		$	14,305


Changes in Shares Outstanding
Shares outstanding, beginning of period		200,001			1
Shares sold		150,000			300,000
Shares redeemed		(100,000	)		(100,000	)

Shares outstanding, end of period		250,001			200,001

(1)	Commencement of operations.


See Notes to Financial Statements.		29

DBX ETF Trust

Financial highlights

For a Share outstanding throughout each period


Deutsche X-trackers Harvest CSI 300 China A-Shares ETF	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period November 6, 2013* to May 31, 2014
Net Asset Value, beginning of period	$	21.98		$	25.00

Income from Investment Operations:
Net investment income (loss)**		0.21			(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		7.23			(2.97	)

Net increase (decrease) in net asset value from operations		7.44			(3.02	)

Net Asset Value, end of period	$	29.42		$	21.98

Total Return***		33.85	%		(12.08	)%†

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	633,999		$	152,793
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.81	%††		0.92	%††
Expenses, prior to fee waiver and expense reimbursements		0.81	%††		0.96	%††
Net investment income (loss)		1.66	%††		(0.38	)%††
Portfolio turnover rate		34	%†††		42	%†††

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period May 21, 2014* to May 31, 2014
Net Asset Value, beginning of period	$	25.70		$	25.00

Income from Investment Operations:
Net investment income (loss)**		(0.01	)		0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		9.81			0.68

Net increase in net asset value from operations		9.80			0.70

Net Asset Value, end of period	$	35.50		$	25.70

Total Return***		38.13	%		2.80	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	24,849		$	7,710
Ratios to average net assets:
Expenses		0.80	%††		0.80	%††
Net investment income (loss)		(0.06	)%††		2.57	%††
Portfolio turnover rate		30	%†††		0	%†††

*	Commencement of Operations.

**	Based on average shares outstanding.

***

†	The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

††	Annualized.

†††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.


See Notes to Financial Statements.		30

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period


Deutsche X-trackers Harvest MSCI All China Equity ETF	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period April 30, 2014* to May 31, 2014
Net Asset Value, beginning of period	$	25.51		$	25.00

Income from Investment Operations:
Net investment income**		0.22			0.06
Net realized and unrealized gain on investments and foreign currency transactions		5.68			0.45

Net increase in net asset value from operations		5.90			0.51

Net Asset Value, end of period	$	31.41		$	25.51

Total Return***		23.13	%†		2.04	%†

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,853		$	5,103
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.30	%††		0.30	%††
Expenses, prior to fee waiver and expense reimbursements		0.60	%††		0.60	%††
Net investment income		1.52	%††		2.73	%††
Portfolio turnover rate		9	%†††		2	%†††

*	Commencement of Operations.

**	Based on average shares outstanding.

***

†	The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

††	Annualized.

†††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.


See Notes to Financial Statements.		31

DBX ETF Trust

Notes to financial statements

1. Organization


New Fund Name		Former Fund Name
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		db X-trackers Harvest CSI 300 China A-Shares Fund
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		db X-trackers Harvest CSI 500 China A-Shares Small Cap Fund
Deutsche X-trackers Harvest MSCI All China Equity ETF		db X-trackers Harvest MSCI All China Equity Fund

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees.

The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:


Fund		Underlying Index
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		CSI 300 Index
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		CSI 500 Index
Deutsche X-trackers Harvest MSCI All China Equity ETF		MSCI All China Index

CSI 300 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the largest and most liquid stocks in the Chinese A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is rebalanced every six-months.

CSI 500 Index is calculated and maintained by China Securities Index Co., Ltd. It is a modified free-float market capitalization weighted index composed of the 500 smallest and most liquid stocks in the Chinese A-Share market. Constituent stocks for the Underlying Index must have been listed on either the Shanghai Stock Exchange or the Shenzhen Stock Exchange. The composition of the Underlying Index is rebalanced every six-months.

MSCI is the creator of the MSCI All China Index. The MSCI All China Index captures large and mid-cap representation across all China securities listed in China and Hong Kong as well as in the U.S. and Singapore. The Underlying Index includes: A shares, B shares, H shares, Red chips and P chips share classes as well as securities of Chinese Companies listed in the U.S. and Singapore. With over 600 constituents, the Underlying index is comprehensive, aiming to cover the global large and mid-cap China equity opportunity set. The MSCI All China Index is rebalanced on a quarterly basis.

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between MSCI, CSI and DBX. There is no charge to the Funds in connection with these licensing agreements.

Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s Shares to greater price volatility than that experienced by more diversified investment companies.

The Funds invest in securities of non-U.S. issuers that trade in non-U.S. Markets, this involves certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not

DBX ETF Trust

Notes to financial statements (Continued)

limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets and the risk of war.

2. Significant Accounting Policies

Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

DBX ETF Trust

Notes to financial statements (Continued)

The following tables summarize the valuation of each Fund’s investments by the above fair value hierarchy levels as of November 30, 2014.


	Level 1		Level 2		Level 3		Fair Value at 11/30/2014
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
Investments in Securities*
Common Stocks	$	621,196,466	$	—	$	11,071,653	$	632,268,119

Total Investments	$	621,196,466	$	—	$	11,071,653	$	632,268,119

*	See Schedule of Investments for Industry Classification.

The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:


Balance at May 31, 2014	30,253
Purchases	7,675,708
Sales	(1,948,009	)
Realized gain (loss)	1,468
Change in unrealized gain (loss)	2,498,443
Transfers into Level 3 (a)	2,813,790
Transfers out of Level 3	—
Balance at November 30, 2014	11,071,653
Change in unrealized gain (loss) related to Investments still held at November 30, 2014	2,498,354

Transfers between price levels are recognized at the beginning of the reporting period.

(a)	During the period ended November 30, 2014, the amount of transfers between Level 1 and Level 3 was $2,813,790. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. These halted securities are valued at the last traded price.

A significant change between last traded price and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement.


	Level 1		Level 2		Level 3		Fair Value at 11/30/2014
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF
Investments in Securities*
Common Stocks	$	22,782,421	$	—	$	1,548,792	$	24,331,213

Total Investments	$	22,782,421	$	—	$	1,548,792	$	24,331,213

*	See Schedule of Investments for Industry Classification.

The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:


Balance at May 31, 2014	—
Purchases	1,178,532
Sales	(230,539	)
Realized gain (loss)	13,873
Change in unrealized gain (loss)	125,150
Transfers into Level 3 (a)	461,776
Transfers out of Level 3	—
Balance at November 30, 2014	1,548,792
Change in unrealized gain (loss) related to Investments still held at November 30, 2014	125,150

Transfers between price levels are recognized at the beginning of the reporting period.

DBX ETF Trust

Notes to financial statements (Continued)

(a)	During the period ended November 30, 2014, the amount of transfers between Level 1 and Level 3 was $461,776. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. These halted securities are valued at the last traded price.

A significant change between last traded price and the price of a security once it resumes trading on the securities exchange could result in a material change in the fair value measurement.


	Level 1		Level 2		Level 3			Fair Value at 11/30/2014
Deutsche X-trackers Harvest MSCI All China Equity ETF
Investments in Securities*
Common Stocks	$	3,585,402	$	—	$	16,976	^(a)	$	3,602,378
Exchange-Traded Funds		4,242,776		—		—			4,242,776
Rights		1,184		—		—			1,184

Total Investments	$	7,829,362	$	—	$	16,976		$	7,846,338

*	See Schedule of Investments for Industry Classification.

(a)	During the period ended November 30, 2014, the amount of transfers between Level 1 and Level 3 was $9,494. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. These halted securities are valued at the last traded price.

Transfers between price levels are recognized at the beginning of the reporting period.

Cash Cash consists of cash held at banks and are on deposit with major financial institutions.

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

DBX ETF Trust

Notes to financial statements (Continued)

The Funds’ recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the six-months ended November 30, 2014, the Funds did not incur any interest or penalties.

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2014, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

The Funds’ investments in China A-Shares (including the Deutsche X-trackers Harvest MSCI All China Equity ETF though its investments in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF) will be subject to a number of Chinese tax rules and the application of many of those rules is evolving. Chinese taxes that may apply to the Funds’ investments include withholding taxes on dividends and interest earned by the Funds.

China generally imposes withholding tax at a rate of 10% on dividends and interest derived by Qualified Foreign Institutional Investors (“QFII”) from issuers resident in China, subject to any lower rate provided by an applicable tax treaty. There is no direct authority on the application of this tax to an Renminbi Qualified Foreign Institutional Investor (“RQFII”), but it is expected that the authorities requiring such withholding with respect to QFIIs and nonresident enterprises generally would be followed in the case of an RQFII that is not a PRC resident for tax purposes and does not have a place of business, an establishment or a permanent establishment in the People’s Republic of China (“PRC”). It is generally expected that such taxes will be withheld by the payor.

With the approval from the PRC State Council, the PRC State Administration of Taxation, the PRC Ministry of Finance and the China Securities Regulatory Commission jointly issued Caishui [2014] 79 (Circular 79) on November 14, 2014. According to Circular 79, RQFIIs are temporarily exempt from PRC Withholding Income Tax (WHT) with respect to gains derived from the trading of equity investments (including shares in PRC enterprises) effective from November 17, 2014. With respect to gains derived from equity investments prior to November 17, 2014, RQFIIs are subject to WHT at a rate of 10% on such gains on a gross basis, subject to any lower rate provided by an applicable tax treaty. The above WHT treatment applies to RQFIIs which do not have a permanent establishment (“PE”) in the PRC. The Funds do not have PEs in the PRC, therefore, the Funds are only be subject to WHT at 10% with respect to gross realized gains derived from the disposal of land-rich A-Share companies and exempt from WHT with respect to gross realized gains derived from non land-rich A-Share companies prior to November 17, 2014. Thus, the Funds reserve a portion of realized gains from investments in A-Shares of “land-rich” enterprises disposed of, prior to November 17, 2014, at a rate of 10% to meet WHT liabilities. Land-rich enterprises are companies whose value of immovable property in the PRC is greater than 50% of their value of total assets. It should be noted that the above treaty relief on gross realized gains derived from the disposal of non land-rich A-Share companies is subject to the approval of the PRC tax authorities. The Funds’ withholding provision with respect to such investments may be excessive or inadequate to meet liabilities for those WHT. The Funds could be subject to WHT liability in excess of the amount reserved. The impact of any such WHT liability on the Funds’ return could be substantial.

The PRC rules for taxation of RQFIIs (and QFIIs) are evolving and the tax regulations to be issued by the PRC State Administration of Taxation and/or PRC Ministry of Finance to clarify the subject matter may adversely affect the Fund and its shareholders. The applicability of reduced treaty rates of withholding in the case of an RQFII acting for a foreign investor such as the Funds is also uncertain.

DBX ETF Trust

Notes to financial statements (Continued)

currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

3. Investment Advisory and Other Agreements

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the ETFs, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate. The Advisor is also responsible for employing any sampling strategy for the Funds.

Harvest Global Investments Ltd. acts as investment sub-advisor (the “Sub-Advisor”) to the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and the Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF. The Sub-Advisor is responsible for day-to-day management of each Fund, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and Sub-Advisor from time to time.

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund at an annual rate equal to:


Fund	Management Fee
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		0.80	%
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		0.80	%
Deutsche X-trackers Harvest MSCI All China Equity ETF		0.60	%

Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the Sub-Advisor, the cost of transfer agency, custody, fund administration, legal, audit and other services and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage expenses, and extraordinary expenses.

The Advisor for the Deutsche X-trackers Harvest MSCI All China Equity ETF has contractually agreed to waive fees and/or reimburse the Fund’s expenses in order to limit the Fund’s net annual operating expenses by an amount equal to the Fund’s management fee attributable to the Fund’s assets invested in an affiliated fund, if any (the “Expense Limit”). For the six-months ended November 30, 2014, the Advisor reimbursed $8,311 of expenses to the Fund. The Expense Limit will remain in effect until at least May 1, 2016.

The Advisor pays the Sub-Advisor a fee based on a percentage of the average daily net assets for each of the Funds listed below:


Fund	Sub-Advisor Fee
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		0.30	%
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		0.30	%

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

The Board of Trustees is currently comprised of four Trustees, of whom three are Independent Trustees. The Advisor pays retainer fees to each Trustee not affiliated with the Advisor, plus a specified amount to the Audit Committee.

DBX ETF Trust

Notes to financial statements (Continued)

4. Federal Income Taxes

As of November 30, 2014, the cost of investments for Federal income tax purposes and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:


	Cost		Net Unrealized Appreciation (Depreciation)		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF	$	532,309,187	$	99,958,932	$	102,600,130	$	(2,641,198	)
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		21,372,985		2,958,228		3,048,198		(89,970	)
Deutsche X-trackers Harvest MSCI All China Equity ETF		6,876,960		969,378		1,036,608		(67,230	)

Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the period ended May 31, 2014, the Funds incurred and elected to defer net capital losses as follows:


	Post-October Losses on Capital		Late Year Ordinary Losses
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF	$	6,941,534	$	652,661
Deutsche X-trackers Harvest MSCI All China Equity ETF		210		—

The tax character of current year distributions will be determined at the end of the current fiscal year.

5. Investments in Affiliates

The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF in which the Deutsche X-trackers Harvest MSCI All China Equity ETF invests are considered to be affiliate investments. The table below shows the transactions in and earnings from the Fund’s investments in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF for the six-months ended November 30, 2014.


	Fair Value 5/31/14		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Fair Value 11/30/14		Dividend Income
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF	$	2,508,528	$	1,848,471	$	(1,569,354	)	$	139,068	$	3,555,206	$	—
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		—		659,378		(104,293	)		22,635		687,570		—

	$	2,508,528	$	2,507,849	$	(1,673,647	)	$	161,703	$	4,242,776	$	—

6. Investment Portfolio Transactions

For the six-months ended November 30, 2014, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF	$	493,684,354	$	125,066,012
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		17,629,436		3,488,829
Deutsche X-trackers Harvest MSCI All China Equity ETF		592,229		536,796

For the six-months ended November 30, 2014, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Deutsche X-trackers Harvest MSCI All China Equity ETF	$	4,329,431	$	2,804,918

DBX ETF Trust

Notes to financial statements (Continued)

7. Fund Share Transactions

As of November 30, 2014 there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of Deutsche X-trackers Harvest MSCI All China Equity ETF generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. The purchase of Creation Units for Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers CSI 500 China A-Shares Small Cap ETF are generally issued in exchange for a specific amount of cash totaling the NAV of the Creation Units. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a commercial bank which allows the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF and certain other funds managed by the Advisor to borrow up to $100 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. Each Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Funds had no outstanding loans at November 30, 2014.

DBX ETF Trust

Additional information

Proxy Voting Policies and Procedures

Quarterly Portfolio Disclosure

Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.

Discount & Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the Net Asset Value of the Fund can be found at www.deutsche-etfs.com.

DBX ETF Trust

This Page is Intentionally Left Blank

DBX ETF Trust

This report is intended for the shareholders of DBX ETF Trust.

Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Emerging markets tend to be more volatile than the markets or more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Special risks associated with investments in Chinese companies include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards the nature and extent of intervention by the Chinese government in the Chinese securities markets, and the potential unavailability of A shares. Uncertainties in the Chinese tax rules governing taxation of income and gains from investments in A-shares could result in unexpected tax liabilities for the Fund which may reduce Fund returns. Any reduction or elimination of access to A-shares will have a material adverse effect on the ability of the fund to achieve its investment objective. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. See the prospectus for details.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

MSCI and MSCI Index are servicemarks of MSCI Inc. and have been licensed for use by Deutsche Bank AG. The Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc. nor does this company make any representation regarding the advisability of investing in the Funds. Index data source: MSCI Inc.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 60 Wall Street New York, NY 10005	Investment sub-advisor Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong	Administrator, custodian, fund accountant & transfer agent The Bank of New York Mellon 101 Barclay Street New York, NY 10286

Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203	Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-36923-1 (1/15) DBX 1187 (1/16)

LOGO

November 30, 2014

Semi-Annual Report

DBX ETF Trust

Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Deutsche X-trackers Regulated Utilities ETF (UTLT)

Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF (SUBD)

LOGO

DBX ETF Trust

Table of contents


	Page
Shareholder Letter		1
Performance Summary
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)		2
Deutsche X-trackers Regulated Utilities ETF (UTLT)		4
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF (SUBD)		6
Fees and Expenses		8
Schedules of Investments
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)		9
Deutsche X-trackers Regulated Utilities ETF (UTLT)		11
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF (SUBD)		12
Statements of Assets and Liabilities		14
Statements of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		18
Notes to Financial Statements		20
Additional Information		26
Privacy Policy Notice		27

To our shareholders:

Dear Shareholder:

I am very pleased to tell you that the db X-trackers exchange-traded funds were renamed Deutsche X-trackers exchange-traded funds effective August 11, 2014, aligning more closely with the Deutsche Asset & Wealth Management brand. We are proud to adopt the Deutsche name – a brand that fully represents the global access, discipline and intelligence that support all of our products and services.

In conjunction with your fund’s name change, please note the new Web address for the Deutsche X-trackers exchange-traded funds. The former dbxus.com is now deutsche-etfs.com.

Thanks for your continued support. We appreciate your trust and the opportunity to put our capabilities to work for you.

Best regards,

s/ Alex Depetris

Alex Depetris

Chairman, President and Chief Executive Officer

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)

The Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the DBIQ Municipal Infrastructure Revenue Bond Index (the “Index”). The Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 3.99%, compared to an increase of 3.92% for the Underlying Index.

Performance as of 11/30/14


Average Annual Total Returns
	Net Asset Value	Market Price	DBIQ Municipal Infrastructure Revenue Bond Index
One Year	13.40%	13.93%	14.06%
Since Inception¹	5.02%	5.13%	4.73%

Cumulative Total Returns
	Net Asset Value	Market Price	DBIQ Municipal Infrastructure Revenue Bond Index
Six Months	3.99%	4.43%	3.92%
One Year	13.40%	13.93%	14.06%
Since Inception¹	7.59%	7.75%	7.15%

¹ Total returns are calculated based on the commencement of trading, 6/04/13 (“Inception”).

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU) (Continued)

Growth of a $10,000 Investment in RVNU² as of 11/30/14

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² Based on Net Asset Value from commencement of operations 6/4/13.

Sector Breakdown* as of 11/30/14


Transportation / Toll Revenue			32.8%
Water And Sewer Revenue			18.9%
Sales And Special Tax			18.0%
Airport Revenue			16.3%
Prepaid Gas Revenue			5.7%
Electric Revenue			3.9%
Industrial Development Revenue			3.0%
Tax Increment			1.4%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on municipal bond classifications under the Bloomberg revenue category. For complete list of holdings go to page 9.

Modified duration as of 11/30/14: 6.5 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates base on the current interest rate environment.

Quality



	% of Municipal Bonds
AAA		9.6%
AA		34.0%
A		49.4%
BBB		7.0%

Total		100%

The quality ratings represents the higher of Moody’s Investor Services, Inc. (“Moody’s”) or Standard & Poor’s Corporation (S&P) credit ratings. The ratings of Moody’s and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers Regulated Utilities ETF (UTLT)

The Deutsche X-trackers Regulated Utilities ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the DBIQ Regulated Utilities Index (the “Index”). The Index is designed to track the price movements in shares of companies whose main business operations are in the regulated utilities sector. A company is considered to be in the regulated utilities sector if its ancillary, non-utility businesses are, or unregulated utilities business does not, represent more than 25% of the company’s earnings before interest, taxes, depreciation and amortization (“EBITDA”).

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 8.24%, compared to an increase of 8.07% for the Underlying Index.

Performance as of 11/30/14


Average Annual Total Returns
	Net Asset Value	Market Price	DBIQ Regulated Utilities Index
One Year	22.76%	13.93%	14.06%
Since Inception¹	5.02%	5.13%	4.73%

Cumulative Total Returns
	Net Asset Value	Market Price	DBIQ Regulated Utilities Index
Six Months	8.24%	8.09%	8.07%
One Year	22.76%	22.74%	22.33%
Since Inception¹	25.21%	24.54%	24.52%

¹ Total returns are calculated based on the commencement of trading, 6/04/13 (“Inception”).

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers Regulated Utilities ETF (UTLT) (Continued)

Growth of a $10,000 Investment in UTLT² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of operations 6/4/13.

Sector Breakdown* as of 11/30/14


Electric Utilities			44.2%
Multi-Utilities			35.5%
Gas Utilities			10.1%
Water Utilities			5.7%
Oil, Gas & Consumable Fuels			4.5%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The sector classifications used above are based on company classifications under Bloomberg industry name. For complete list of holdings go to page 11.

Top Ten Holdings³ as of 11/30/14



Description	% of Net Assets
Southern (The) Co.		5.0%
Duke Energy Corp.		5.0%
Dominion Resources, Inc.		4.9%
National Grid PLC (United Kingdom)		4.7%
American Electric Power Co., Inc.		4.7%
Sempra Energy		4.6%
Enbridge, Inc. (Canada)		4.5%
PG&E Corp.		4.0%
Edison International		3.5%
Consolidated Edison, Inc.		3.1%

³ Holdings are subject to change without notice and there is no guarantee that the Fund will remain invested in any particular security. For a complete list of holdings go to page 11.

Country Breakdown* as of 11/30/14


United States			74.5%
United Kingdom			7.6%
Canada			6.6%
Italy			4.6%
Spain			3.4%
Australia			2.5%
Belgium			0.5%
Portugal			0.3%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF (SUBD)

The Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF (SUBD) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Subordinated Bond Index (the “Index”). The Index is designed to track the subordinated corporate bond market denominated in U.S. dollars. The Index is comprised of corporate securities which are classified as subordinated or junior subordinated. Subordinated securities are subordinated or “junior” to more senior securities of the issuer and are entitled to payment after other, more senior holders of debt in that issuer. Junior subordinated securities generally rank slightly higher in terms of payment priority than both common and preferred stock of an issuer, but rank below other subordinated securities and debt securities. In order to be added to the index, a bond must have an amount outstanding of at least $500 million and a remaining maturity of at least one year. The index may include U.S. dollar-denominated bonds issued by issuers located outside the U.S. (including emerging markets). Additionally, the index may include a substantial number of bonds offered pursuant to Rule 144A under the Securities Act of 1933, as amended. As of November 30, 2014, the index was substantially comprised of issuers in the financial services sector.

For the six-month period ended November 30, 2014, the Fund’s net asset value increased 2.66%, compared to an increase of 2.97% for the Underlying Index.

Performance as of 11/30/14


Cumulative Total Returns
	Net Asset Value	Market Price	Solactive Subordinated Bond Index
Six Months	2.66%	2.67%	2.97%
Since Inception¹	4.63%	4.51%	4.89%

¹ Total returns are calculated based on the commencement of trading, 5/01/14 (“Inception”).

DBX ETF Trust

Performance summary (Unaudited)

Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF (SUBD) (Continued)

Growth of a $10,000 Investment in SUBD² as of 11/30/14

LOGO

² Based on Net Asset Value from commencement of operations 5/1/14.

Sector Breakdown* as of 11/30/14


Financial			97.5%
Utilities			2.5%

Total			100%

Modified duration as of 11/30/14: 9.4 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates base on the current interest rate environment.

Quality



	% of Market Value
AA		5.2%
A		44.2%
BBB		50.6%

Total		100%

Country Breakdown* as of 11/30/14


United States			58.8%
United Kingdom			15.6%
France			6.6%
Netherlands			5.6%
Brazil			4.7%
Sweden			3.5%
Switzerland			3.1%
Singapore			2.1%

Total			100%

* Weightings are expressed as a percentage of total investments and may change over time. The country classifications used above are based on company classifications under Bloomberg country name.

DBX ETF Trust

Fees and expenses

The examples are based on an investment of $1,000 made at the beginning of the period and held through the six-month period ended November 30, 2014 (June 1, 2014 to November 30, 2014).

Actual expenses

Hypothetical example for comparison purposes


	Beginning Account Value		Ending Account Value November 30, 2014		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	1,039.85		0.30	%	$	1.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.56		0.30	%	$	1.52
Deutsche X-trackers Regulated Utilities ETF
Actual	$	1,000.00	$	1,082.41		0.45	%	$	2.35
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF
Actual	$	1,000.00	$	1,026.71		0.45	%	$	2.29
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28

(1) Expenses are calculated using the annualized expense ratio, which represents the ongoing expenses as a percentage of net assets for the period June 01, 2014 to November 30, 2014. Expenses are calculated by multiplying the Fund’s annualized expense ratio by the average account value for the period; then multiplying the result by 183 days and then dividing the result by 365.

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF

November 30, 2014 (Unaudited)


	Principal Amount		Value
MUNICIPAL BONDS — 98.0%
Arizona — 0.6%
Arizona Department of Transportation State Highway Fund, Fuel Sales Tax Revenue, Sub-Series A, 5.00%, 7/01/26	$	100,000	$	118,862

California — 11.1%
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/40		85,000		96,368
City of San Francisco Public Utilities Commission, Water Revenue, 5.00%, 11/01/35		100,000		113,400
M-S-R Energy Authority, Natural Gas Revenue, Series B, 6.125%, 11/01/29		100,000		127,218
Series A, 6.50%, 11/01/39		500,000		679,485
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/01/43		600,000		659,952
San Francisco City & County Airports Commission, Private Airport & Marina Revenue, San Francisco International Airport, Series E, 5.25%, 5/01/32		220,000		251,288
Southern California Public Power Authority, Natural Gas Revenue, Project No. 1, Series A, 5.00%, 11/01/33		300,000		344,304

				2,272,015

Colorado — 0.9%
City & County of Denver Airport System, Private Airport & Marina Revenue, Series B, 5.00%, 11/15/32		100,000		114,798
Regional Transportation District, Sales Tax Revenue, Fastracks Project, Series A, 5.00%, 11/01/26		50,000		59,463

				174,261

Florida — 10.2%
City of Cape Coral, Water & Sewer Revenue, 5.00%, 10/1/41 INS: AGM		80,000		87,114
County of Miami-Dade Aviation, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/01/24		250,000		288,853
Series A, AMT, 5.00%, 10/01/30		50,000		55,811
County of Miami-Dade Transit System, Sales Tax Revenue, 5.00%, 7/01/37		50,000		55,826
County of Miami-Dade Water & Sewer System, Water Revenue, 5.00%, 10/1/39 INS: AGM		500,000		565,355
Orlando-Orange County Expressway Authority, Highway Tolls Revenue, 5.00%, 7/01/35		200,000		226,770


	Principal Amount		Value
Florida (Continued)
Tampa-Hillsborough County Expressway Authority, Series B, 5.00%, 7/01/42	$	750,000	$	823,620

				2,103,349

Georgia — 2.3%
County of DeKalb Water & Sewerage, Water Revenue, Series A, 5.25%, 10/01/41		110,000		126,914
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Revenue, 3rd Series, 5.00%, 7/01/39		300,000		338,103

				465,017

Illinois — 3.0%
City of Chicago Waterworks, Water Revenue, 5.00%, 11/01/42		575,000		623,254

Indiana — 3.8%
Indiana Finance Authority, Sewer Revenue, Series A, 5.00%, 10/01/41		700,000		774,801

Massachusetts — 12.5%
Massachusetts Bay Transportation Authority, Sales Tax Revenue, Series A, 5.00%, 7/01/25		750,000		939,397
Massachusetts School Building Authority, Sales Tax Revenue, Series A, 5.00%, 8/15/25		750,000		904,807
Series A, 5.00%, 8/15/26		200,000		240,058
Series B, 5.00%, 8/15/28		400,000		474,452

				2,558,714

Nevada — 0.5%
County of Clark, Private Airport & Marina Revenue, Las Vegas-McCarran International Airport, Series A, 5.125%, 7/01/34		100,000		112,246

New Jersey — 5.1%
New Jersey State Turnpike Authority, Highway Tolls Revenue, Series A, 5.00%, 1/01/35		250,000		276,753
Series A, 5.00%, 1/01/43		700,000		769,692

				1,046,445

New York — 20.1%
Hudson Yards Infrastructure Corp., Miscellaneous Tax Revenue, Series A, 5.25%, 2/15/47		200,000		222,358
Series A, 5.75%, 2/15/47		55,000		63,320
Long Island Power Authority, Electric Power & Light Revenue, Series A, 6.00%, 5/01/33		200,000		234,320
Metropolitan Transportation Authority, New York Transit Revenue, Series D, 5.00%, 11/15/27		250,000		287,730
Series A, 5.00%, 11/15/38		100,000		111,564


See Notes to Financial Statements.		9

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2014 (Unaudited)


	Principal Amount		Value
New York (Continued)
New York City Transitional Finance Authority, Future Tax Secured Revenue, Series F-1, 5.00%, 5/01/39	$	350,000	$	392,686
New York City Water & Sewer System, Water Revenue, Series EE, 5.00%, 6/15/34		110,000		126,078
Series GG, 5.00%, 6/15/43		100,000		110,400
Series FF, 5.00%, 6/15/45		300,000		332,448
Series BB, 5.00%, 6/15/47		450,000		499,811
New York Liberty Development Corp., Class 1, 5.00%, 9/15/40		530,000		602,144
Triborough Bridge & Tunnel Authority, New York Highway Tolls Revenue, Series B, 5.00%, 11/15/25		200,000		238,710
Series A, 5.00%, 11/15/27		765,000		908,230

				4,129,799

Ohio — 2.1%
Ohio State Turnpike Commission, Series A-1, 5.00%, 2/15/48		400,000		437,104

Pennsylvania — 2.7%
Pennsylvania Turnpike Commission, Highway Tolls Revenue, Series A, 5.00%, 12/01/42		100,000		109,847
Westmoreland County Municipal Authority, Water Revenue, 5.00%, 8/15/37		400,000		441,072

				550,919

Texas — 17.0%
City Public Service Board of San Antonio, Electric Power & Light Revenue, 5.25%, 2/01/24		435,000		546,208
Dallas/Fort Worth International Airport, Private Airport & Marina Revenue, Series E, AMT, 5.00%, 11/01/35		200,000		215,202
Series H, AMT, 5.00%, 11/01/37		300,000		322,770
Series C, 5.00%, 11/01/45		650,000		705,946
Texas Private Activity Bond Surface Transportation Corp., Highway Tolls Revenue, LBJ Infrastructure, 7.00%, 6/30/40		700,000		844,466
Texas Transportation Commission, Highway Tolls Revenue, Series A, 5.00%, 8/15/41		800,000		863,895

				3,498,487

Utah — 1.1%
Utah Transit Authority, Sales Tax Revenue, 5.00%, 6/15/42		200,000		217,736

Virginia — 2.8%
Virginia Small Business Financing Authority, Highway Tolls Revenue, Elizabeth River Crossings, AMT, 6.00%, 1/01/37		500,000		568,930


	Principal Amount		Value
Washington — 2.2%
Port of Seattle, Private Airport & Marina Revenue, Series A, 5.00%, 8/01/31	$	400,000	$	459,636

TOTAL MUNICIPAL BONDS (Cost $19,397,320)				20,111,575


TOTAL INVESTMENTS — 98.0% (Cost $19,397,320)			$	20,111,575
Other assets less liabilities — 2.0%				417,904

NET ASSETS — 100.0%			$	20,529,479

AGC – Assured Guaranty Corp

AMT – Alternative Minimum Tax

INS – Insured


See Notes to Financial Statements.		10

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Regulated Utilities ETF

November 30, 2014 (Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.5%
Electric Utilities — 43.9%
ALLETE, Inc		632	$	32,213
American Electric Power Co., Inc		7,243		416,835
AusNet Services (Australia)		50,762		57,015
Cleco Corp		895		48,088
Duke Energy Corp		5,500		444,951
Edison International		4,829		306,931
El Paso Electric Co		598		22,622
Elia System Operator SA (Belgium)		898		45,039
Emera, Inc. (Canada)		2,106		72,563
Empire District Electric (The) Co		643		17,818
Entergy Corp		2,662		223,342
FirstEnergy Corp		6,230		229,762
Fortis, Inc. (Canada)		3,192		113,360
Great Plains Energy, Inc		2,284		59,772
IDACORP, Inc		745		46,272
ITC Holdings Corp		2,306		87,605
Northeast Utilities		4,689		237,451
Pepco Holdings, Inc		3,728		102,520
Pinnacle West Capital Corp		1,636		103,444
PNM Resources, Inc		1,181		34,202
Portland General Electric Co		1,159		42,732
Red Electrica Corp. SA (Spain)		2,006		183,760
Southern (The) Co		9,393		445,511
Spark Infrastructure Group (Australia)		21,723		36,044
Terna Rete Elettrica Nazionale SpA (Italy)		29,802		143,931
UIL Holdings Corp		838		33,352
Westar Energy, Inc		1,922		75,131
Xcel Energy, Inc		7,490		254,211

				3,916,477

Gas Utilities — 10.1%
AGL Resources, Inc		1,771		92,641
APA Group (Australia)		12,384		82,930
Atmos Energy Corp		1,487		79,852
Enagas SA (Spain)		3,539		118,508
Northwest Natural Gas Co		403		18,744
ONE Gas, Inc		771		29,930
Piedmont Natural Gas Co., Inc		1,161		43,514
Questar Corp		2,598		62,326
Snam SpA (Italy)		50,150		265,901
South Jersey Industries, Inc		491		28,026
Southwest Gas Corp		689		39,886
WGL Holdings, Inc		770		37,630

				899,888

Multi-Utilities — 35.3%
Alliant Energy Corp		1,644		103,358
Avista Corp		955		32,900
CenterPoint Energy, Inc		6,370		152,498
CMS Energy Corp		4,092		135,445
Consolidated Edison, Inc		4,341		274,134
Dominion Resources, Inc		5,980		433,849
DTE Energy Co		2,623		213,670
DUET Group (Australia)		19,665		40,996
Integrys Energy Group, Inc		1,185		86,315
National Grid PLC (United Kingdom)		28,902		419,851
NiSource, Inc		4,674		195,560


	Number of Shares		Value
Multi-Utilities (Continued)
NorthWestern Corp		580	$	30,873
PG&E Corp		6,987		352,844
REN — Redes Energeticas Nacionais SGPS SA (Portugal)		7,915		24,703
SCANA Corp		2,105		120,048
Sempra Energy		3,645		407,256
TECO Energy, Inc		3,460		68,612
Vectren Corp		1,223		54,069

				3,146,981

Oil, Gas & Consumable Fuels — 4.5%
Enbridge, Inc. (Canada)		8,730		401,405

Water Utilities — 5.7%
American States Water Co		574		20,027
American Water Works Co., Inc		2,655		140,848
Aqua America, Inc		2,626		69,799
California Water Service Group		709		17,775
Severn Trent PLC (United Kingdom)		3,552		113,351
United Utilities Group PLC (United Kingdom)		10,110		142,995

				504,795

TOTAL COMMON STOCKS (Cost $7,514,171)				8,869,546

RIGHTS — 0.0%
Multi-Utilities — 0.0%
DUET Group (Australia), expires 12/16/14* (Cost $0)		2,458		126


TOTAL INVESTMENTS — 99.5% (Cost $7,514,171)			$	8,869,672
Other assets less liabilities — 0.5%				45,721

NET ASSETS — 100.0%			$	8,915,393

* Non-income producing security.


See Notes to Financial Statements.		11

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF

November 30, 2014 (Unaudited)


	Principal Amount		Value
CORPORATE BONDS — 97.9%
Financial — 95.5%
Banks — 70.3%
Banco Bradesco SA, 144A (Brazil) 5.90%, 1/16/21	$	550,000	$	586,438
Bank of America Corp. 5.42%, 3/15/17		100,000		108,201
6.11%, 1/29/37		300,000		356,729
7.75%, 5/14/38		100,000		140,286
Barclays Bank PLC (United Kingdom) 5.14%, 10/14/20		500,000		549,320
BB&T Corp. 5.20%, 12/23/15		500,000		522,870
BPCE SA, 144A (France) 5.15%, 7/21/24		500,000		520,438
Citigroup, Inc. 6.125%, 8/25/36		125,000		148,436
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands) 3.95%, 11/09/22		300,000		306,378
Credit Suisse AG, 144A (Switzerland) 6.50%, 8/08/23		350,000		386,365
Fifth Third Bancorp 8.25%, 3/01/38		150,000		229,194
Goldman Sachs Group, (The), Inc. 6.45%, 5/01/36		125,000		150,441
6.75%, 10/01/37		550,000		682,394
HSBC Holdings PLC (United Kingdom) 6.50%, 9/15/37		200,000		255,156
5.25%, 3/14/44		250,000		277,984
ING Bank NV, 144A (Netherlands) 5.80%, 9/25/23		350,000		393,640
JPMorgan Chase & Co. 3.375%, 5/01/23		225,000		221,690
Morgan Stanley 4.875%, 11/01/22		300,000		324,109
MTN, 4.10%, 5/22/23		125,000		127,536
Nordea Bank AB, 144A (Sweden) 4.875%, 5/13/21		400,000		438,273
Oversea-Chinese Banking Corp. Ltd., 144A (Singapore) 4.25%, 6/19/24		250,000		257,559
Santander UK PLC, 144A (United Kingdom) 5.00%, 11/07/23		400,000		426,127
Standard Chartered PLC, 144A (United Kingdom) 3.95%, 1/11/23		450,000		441,942
US Bank NA 4.80%, 4/15/15		550,000		558,982
Wells Fargo & Co. 5.375%, 11/02/43		200,000		226,253
5.606%, 1/15/44		300,000		350,625

				8,987,366


	Principal Amount		Value
Diversified Financial Services — 7.3%
General Electric Capital Corp., Series A
7.125%, 12/29/49 (a)	$	250,000	$	292,813
Series G, MTN
6.375%, 11/15/67 (a)		150,000		162,075
HSBC Finance Corp. 6.676%, 1/15/21		400,000		475,231

				930,119

Insurance — 17.9%
Allstate (The) Corp. 5.75%, 8/15/53 (a)		400,000		422,750
Chubb (The) Corp. 6.375%, 3/29/67 (a)		400,000		435,999
MetLife, Inc. 6.40%, 12/15/36		300,000		335,063
Northwestern Mutual Life Insurance (The) Co., 144A 6.063%, 3/30/40		250,000		317,511
Prudential Financial, Inc. 5.625%, 6/15/43 (a)		425,000		440,938
Teachers Insurance & Annuity Association of America, 144A 6.85%, 12/16/39		250,000		335,688

				2,287,949

Utilities — 2.4%
Electric — 2.4%
Electricite de France SA, 144A (France) 5.25%, 1/29/49 (a)		300,000		311,625

TOTAL CORPORATE BONDS (Cost $12,287,783)				12,517,059


TOTAL INVESTMENTS — 97.9% (Cost $12,287,783)			$	12,517,059
Other assets less liabilities — 2.1%				272,076

NET ASSETS — 100.0%			$	12,789,135

MTN – Medium Term Note.

(a) Variable Rate Coupon. Stated interest rate was in effect at November 30, 2014.


See Notes to Financial Statements.		12

This Page is Intentionally Left Blank

DBX ETF Trust

Statements of assets and liabilities (Unaudited)

November 30, 2014


	Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF			Deutsche X-trackers Regulated Utilities ETF		Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF
Assets
Investments in non-affiliated securities at fair value	$	20,111,575		$	8,869,672	$	12,517,059
Cash		181,383			1,739		112,443
Receivables:
Dividends and Interest		241,541			44,484		164,322
Foreign tax reclaim		—			4,386		—

Total Assets	$	20,534,499		$	8,920,281	$	12,793,824


Liabilities
Payables:
Investment advisory fees	$	5,020		$	3,271	$	4,689
Due to foreign custodian		—			1,617		—

Total Liabilities		5,020			4,888		4,689


Net Assets	$	20,529,479		$	8,915,393	$	12,789,135


Net Assets Consist of
Paid-in capital	$	19,824,022		$	7,437,895	$	12,541,620
Undistributed net investment income		53,296			59,258		—
Distributions in excess of net investment income		—			—		(20,195	)
Accumulated net realized gain (loss) on investments and foreign currency transactions		(62,094	)		62,966		38,434
Net unrealized appreciation (depreciation) on investments and foreign currency translations		714,255			1,355,274		229,276


Net Assets	$	20,529,479		$	8,915,393	$	12,789,135


Number of Common Shares outstanding		800,001			300,001		500,000

Net Assets Value	$	25.66		$	29.72	$	25.58


Investments in non-affiliated securities at cost	$	19,397,320		$	7,514,171	$	12,287,783


See Notes to Financial Statements.		14

DBX ETF Trust

Statements of operations (Unaudited)

For the Six Months Ended November 30, 2014


	Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF		Deutsche X-trackers Regulated Utilities ETF			Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF
Investment Income
Interest income	$	312,488	$	—		$	234,373
Dividend income*		—		166,787			—

Total investment income		312,488		166,787			234,373


Expenses
Advisory fees		26,760		19,168			27,440

Total Expenses		26,760		19,168			27,440

Net Investment Income		285,728		147,619			206,933


Realized and Unrealized Gain (Loss)
Net realized gain from:
Investments		—		55,335			41,372
Foreign currency transactions		—		350			—

Net realized gain		—		55,685			41,372
Net change in unrealized appreciation (depreciation) on:
Investments		388,897		477,953			74,047
Foreign currency translations		—		(249	)		—

Net change in unrealized appreciation (depreciation)		388,897		477,704			74,047

Net realized and unrealized gain on investments and foreign currency transactions		388,897		533,389			115,419


Net Increase in Net Assets Resulting from Operations	$	674,625	$	681,008		$	322,352

* Foreign tax withheld	$	—	$	5,693		$	—


See Notes to Financial Statements.		15

DBX ETF Trust

Statements of changes in net assets


	Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF						Deutsche X-trackers Regulated Utilities ETF
	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period June 4, 2013⁽¹⁾ to May 31, 2014			For the Six Months Ended November 30, 2014 (Unaudited)			For the Period June 4, 2013⁽¹⁾ to May 31, 2014
Increase (Decrease) in Net Assets from Operations
Net investment income	$	285,728		$	535,867		$	147,619		$	405,867
Net realized gain (loss) on investments and foreign currency related transactions		—			(135,916	)		55,685			162,225
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		388,897			325,358			477,704			877,570

Net increase in net assets resulting from operations		674,625			725,309			681,008			1,445,662


Distributions to Shareholders from
Net investment income		(278,486	)		(489,813	)		(145,830	)		(349,668	)


Fund Shares Transactions
Proceeds from shares sold		3,837,585			17,235,994			—			16,232,245
Value of shares redeemed		—			(1,175,735	)		—			(8,948,024	)

Net increase in net assets resulting from fund share transactions		3,837,585			16,060,259			—			7,284,221

Total increase in Net Assets		4,233,724			16,295,755			535,178			8,380,215

Net Assets
Beginning of period		16,295,755			—			8,380,215			—

End of period	$	20,529,479		$	16,295,755		$	8,915,393		$	8,380,215

Undistributed net investment income	$	53,296		$	46,054		$	59,258		$	57,469


Changes in Shares Outstanding
Shares outstanding, beginning of period		650,001			1			300,001			1
Shares sold		150,000			700,000			—			650,000
Shares redeemed		—			(50,000	)		—			(350,000	)

Shares outstanding, end of period		800,001			650,001			300,001			300,001

(1)	Commencement of operations.


See Notes to Financial Statements.		16

DBX ETF Trust

Statements of changes in net assets (Continued)


	Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF
	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period May 1, 2014⁽¹⁾ to May 31, 2014
Increase (Decrease) in Net Assets from Operations
Net investment income	$	206,933		$	29,052
Net realized gain on investments and foreign currency related transactions		41,372			6,679
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		74,047			155,229

Net increase in net assets resulting from operations		322,352			190,960


Distributions to Shareholders from
Net investment income		(265,797	)		—


Fund Shares Transactions
Proceeds from shares sold		2,541,620			10,000,000
Value of shares redeemed		—			—

Net increase in net assets resulting from fund share transactions		2,541,620			10,000,000

Total increase in Net Assets		2,598,175			10,190,960

Net Assets
Beginning of period		10,190,960			—

End of period	$	12,789,135		$	10,190,960

Undistributed net investment income		—		$	38,669
Distributions in excess of net investment income	$	(20,195	)		—


Changes in Shares Outstanding
Shares outstanding, beginning of period		400,000			—
Shares sold		100,000			400,000
Shares redeemed		—			—

Shares outstanding, end of period		500,000			400,000

(1)	Commencement of operations.


See Notes to Financial Statements.		17

DBX ETF Trust

Financial highlights

For a Share outstanding throughout each period


Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period June 4, 2013* to May 31, 2014
Net Asset Value, beginning of period	$	25.07		$	25.00

Income from Investment Operations:
Net investment income**		0.41			0.81
Net realized and unrealized gain on investment and foreign currency transactions		0.58			0.00	‡

Net increase in net asset value from operations		0.99			0.81

Distributions paid to shareholders from:
Net investment income		(0.40	)		(0.74	)

Total distributions		(0.40	)		(0.74	)

Net Asset Value, end of period	$	25.66		$	25.07

Total Return***		3.99	%		3.46	%†††

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	20,529		$	16,296
Ratios to average net assets:
Expenses, net of fee waiver		0.30	%†		0.30	%†
Expenses, prior to fee waiver		0.30	%†		0.32	%†
Net investment income		3.20	%†		3.48	%†
Portfolio turnover rate		—	%††		5	%††

Deutsche X-trackers Regulated Utilities ETF	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period June 4, 2013* to May 31, 2014
Net Asset Value, beginning of period	$	27.93		$	25.00

Income from Investment Operations:
Net investment income**		0.49			0.88
Net realized and unrealized gain on investment and foreign currency transactions		1.79			2.81

Net increase in net asset value from operations		2.28			3.69

Distributions paid to shareholders from:
Net investment income		(0.49	)		(0.76	)

Total distributions		(0.49	)		(0.76	)

Net Asset Value, end of period	$	29.72		$	27.93

Total Return***		8.24	%		15.68	%†††

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	8,915		$	8,380
Ratios to average net assets:
Expenses, net of fee waiver		0.45	%†		0.45	%†
Expenses, prior to fee waiver		0.45	%†		0.47	%†
Net investment income		3.47	%†		3.51	%†
Portfolio turnover rate		8	%††		59	%††

*	Commencement of operations.

**	Based on average shares outstanding.

***

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.

†††	The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

‡	Less than 0.005.


See Notes to Financial Statements.		18

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period


Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF	For the Six Months Ended November 30, 2014 (Unaudited)			For the Period May 1, 2014* to May 31, 2014
Net Asset Value, beginning of period	$	25.48		$	25.00

Income from Investment Operations:
Net investment income**		0.43			0.07
Net realized and unrealized gain on investment and foreign currency transactions		0.24			0.41

Net increase in net asset value from operations		0.67			0.48

Distributions paid to shareholders from:
Net investment income		(0.57	)		—

Total distributions		(0.57	)		—

Net Asset Value, end of period	$	25.58		$	25.48

Total Return***		2.66	%		1.92	%

Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	12,789		$	10,191
Ratios to average net assets:
Expenses		0.45	%†		0.45	%†
Net investment income		3.39	%†		3.39	%†
Portfolio turnover rate		24	%††		4	%††

*	Commencement of operations.

**	Based on average shares outstanding.

***

†	Annualized.

††	Portfolio turnover rate is not annualized and does not include securities received or delivered from processing creations or redemptions.


See Notes to Financial Statements.		19

DBX ETF Trust

Notes to financial statements

1. Organization


New Fund Name		Former Fund Name
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF		db X-trackers Municipal Infrastructure Revenue Bond Fund
Deutsche X-trackers Regulated Utilities ETF		db X-trackers Regulated Utilities Fund
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF		db X-trackers Solactive Investment Grade Subordinated Debt Fund

The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:


Fund		Underlying Index
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF		DBIQ Municipal Infrastructure Revenue Bond Index
Deutsche X-trackers Regulated Utilities ETF		DBIQ Regulated Utilities Index
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF		Solactive Subordinated Bond Index

Deutsche Bank Securities Inc. is the creator of each DBIQ Underlying Index. The DBIQ Municipal Infrastructure Revenue Bond Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). The DBIQ Municipal Infrastructure Revenue Bond Index is rebalanced monthly on the last business day of each month. The DBIQ Regulated Utilities Index is designed to track the price movements in shares of companies whose main business operations are in the regulated utilities sector. It consists of issuers of large, medium or small market capitalization from the following seven developed market countries: Australia, Belguim, Canada, Italy, Spain, the United Kingdom and the United States. The Underlying Index is a total return index, which tracks capital gains and assumes that any cash distributions are reinvested back into the Underlying Index. The composition of the DBIQ Regulated Utilities Index is ordinarily adjusted annually on the fifth business day of October.

Solactive AG maintains and calculates the Solactive Subordinated Bond Index. It is designed to track the subordinated corporate bond market denominated in U.S. dollars. It is comprised of corporate securities which are classified as subordinated or junior subordinated. The Underlying Index is a total return index, which assumes that any cash distributions are reinvested. Financial instruments must meet certain requirements in order for it to be included in the Underlying Index. The Solactive Subordinated Bond Index is reconstituted on a monthly basis and the composition is determined five business days prior to the last business day of each month.

DBX ETF Trust

Notes to financial statements (Continued)

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between DBIQ, Solactive and DBX. There is no charge to the Funds in connection with these licensing agreements.

Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a fund and, consequently, the fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies.

The Deutsche X-trackers Regulated Utilities ETF and the Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF may invest in securities of non-U.S. issuers that may trade in non-U.S. Markets. This may involve certain considerations and risks not typically associated with securities of U.S. issuers. Such risks include, but are not limited to: generally less liquid and less efficient securities markets; generally greater price volatility; exchange rate fluctuations and exchange controls; imposition of restrictions on the expatriation of funds or other assets of the Fund; less publicly available information about issuers; the imposition of withholding or other taxes; higher transaction and custody costs; settlement delays and risk of loss attendant in settlement procedures; difficulties in enforcing contractual obligations; less regulation of securities markets; different accounting, disclosure and reporting requirements; more substantial governmental involvement in the economy; higher inflation rates; greater social, economic and political uncertainties; the risk of nationalization or expropriation of assets and the risk of war.

2. Significant Accounting Policies

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board, whose valuations are intended to reflect the mean between the bid and asked prices. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

DBX ETF Trust

Notes to financial statements (Continued)

Corporate debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board, whose valuations are intended to reflect the mean between the bid and asked prices. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

The following table summarizes the valuation of each Fund’s investments by the above fair value hierarchy levels as of November 30, 2014. For the six months ended November 30, 2014, there were no transfers between investment levels.


	Level 1		Level 2		Level 3		Fair Value at 11/30/2014
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF
Investments in Securities*
Municipal Bonds	$	—	$	20,111,575	$	—	$	20,111,575

Total Investments	$	—	$	20,111,575	$	—	$	20,111,575

Deutsche X-trackers Regulated Utilities ETF
Investments in Securities*
Common Stocks	$	8,869,546	$	—	$	—	$	8,869,546
Rights		126		—		—		126

Total Investments	$	8,869,672	$	—	$	—	$	8,869,672

Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF
Investments in Securities*
Corporate Bonds	$	—	$	12,517,059	$	—	$	12,517,059

Total Investments	$	—	$	12,517,059	$	—	$	12,517,059

*	See Schedule of Investments for additional detailed categorizations.

Cash Cash consists of cash held at banks and are on deposit with major financial institutions.

DBX ETF Trust

Notes to financial statements (Continued)

are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts for Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF and Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF are amortized/accreted for financial reporting purposes.

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from net investment income, monthly or quarterly, depending on the fund, sufficient to relieve it from all or substantially all Federal income and excise taxes. Deutsche X-trackers Regulated Utilities ETF pays out dividends from net investment income to investors quarterly, and Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF and Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF pay monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Differences for Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF primarily relate to premium amortization on debt securities. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

Foreign Taxes The Deutsche X-trackers Regulated Utilities ETF and the Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of November 30, 2014, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translation The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

DBX ETF Trust

Notes to financial statements (Continued)

actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

3. Investment Advisory and Other Agreements

The Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF and the Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF are sub-advised by Deutsche Investment Management Americas Inc. (“DIMA”). The sub-advisors are responsible for day-to-day management of the Funds, subject to the replication strategy for each Fund with regard to its underlying index and for general administration, compliance and management services as may be agreed between the Advisor and sub-advisor from time to time.

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund at an annual rate equal to:


Fund	Unitary Management Fee
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF		0.30	%
Deutsche X-trackers Regulated Utilities ETF		0.45	%
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF		0.45	%

Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including the payments to the sub-advisors, the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, taxes, brokerage expenses and extraordinary expenses.

The Advisor pays DIMA a fee based on a percentage of the average daily net assets for each of the Funds listed below:


Fund		Sub-Advisor Fee
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF		0.05% on the average daily net assets
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF		0.09% on the average daily net assets

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

The Board of Trustees is currently comprised of four Trustees, of whom three are Independent Trustees. The Trust paid retainer fees to each Trustee not affiliated with the Advisor, plus a specified amount to the audit committee.

4. Federal Income Taxes

As of November 30, 2014, the cost of investments for Federal income tax purposes and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:


	Cost		Net Unrealized Appreciation (Depreciation)		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF	$	19,397,320	$	714,255	$	714,829	$	(574	)
Deutsche X-trackers Regulated Utilities ETF		7,516,194		1,353,478		1,369,077		(15,599	)
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF		12,297,141		219,918		244,032		(24,114	)

DBX ETF Trust

Notes to financial statements (Continued)

At May 31, 2014, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Funds will be permitted to carry forward capital losses for an unlimited period.


	Short-term		Long-term		Total
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF	$	38,192	$	—	$	38,192

Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the period ended May 31, 2014, the Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF incurred and elected to defer net capital losses of $23,902.

The tax character of current year distributions will be determined at the end of the current fiscal year.

5. Investment Portfolio Transactions

For the six months ended November 30, 2014, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:


	Purchases		Sales
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF	$	3,852,744	$	—
Deutsche X-trackers Regulated Utilities ETF		646,424		642,390
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF		3,533,819		2,561,755

For the six months ended November 30, 2014, the cost of in-kind purchases and proceeds from in-kind sales were as follows:


	Purchases		Sales
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF	$	—	$	—
Deutsche X-trackers Regulated Utilities ETF		—		—
Deutsche X-trackers Solactive Investment Grade Subordinated Debt ETF		1,843,180		—

6. Fund Share Transactions

As of November 30, 2014, there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s underlying index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

7. Concentration of Ownership


Fund Name	Approximate Percent of Outstanding Shares Held
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF		29	%
Deutsche X-trackers Regulated Utilities ETF		67	%

DBX ETF Trust

Additional information

Proxy Voting Policies and Procedures

Quarterly Portfolio Disclosure

Information about each Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.

Discount & Premium Information

DBX ETF Trust

This Page is Intentionally Left Blank

DBX ETF Trust

This report is intended for the shareholders of DBX ETF Trust.

Carefully consider a Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-855-DBX-ETFS (1-855-329-3837), or by viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. The Fund may invest a significant portion of its assets in securities offered pursuant to Rule 144A under the 1933 Act, which are restricted securities. They may be less liquid and more difficult to value than other investments because such securities may not be readily marketable in broad public markets. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, any loss incurred by the subordinated securities is likely to be proportionately greater, and any recovery of interest or principal may take more time. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Stocks may decline in value. Companies in the utilities sector are subject to a variety of factors that may adversely affect their business or operations, including operating costs; increased competition; deregulation; effects of a national energy policy; costs and other problems associated with the design, construction, licensing, regulation and operation of nuclear facilities; and potential impact of terrorist activities on the utility industry and its customers and the impact of natural or man-made disasters. Issuers in the utilities sector also may be subject to regulation by various governmental authorities and may be affected by the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund. See the prospectus for details.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

Not FDIC Insured | No Bank Guarantee | May Lose Value

DBX ETF Trust


Investment advisor DBX Advisors LLC 60 Wall Street New York, NY 10005	Investment sub-advisors Deutsche Investment Management Americas Inc. 345 Park Avenue New York, NY 10154	Administrator, custodian, fund accountant & transfer agent The Bank of New York Mellon 101 Barclay Street New York, NY 10286

Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1100 Denver, CO 80203	Independent registered public accounting firm Ernst & Young LLP 5 Times Square New York, NY 10036	Legal counsel Dechert LLP 1095 Avenue of the Americas New York, NY 10036

R-36922-1 (1/15) DBX1186 (1/16)

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b)

There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

Item 12. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)				DBX ETF Trust



By (Signature and Title)*				/s/ Alex Depetris

				Alex Depetris
				President and Chief Executive Officer



Date		February 4, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By (Signature and Title)*				/s/ Alex Depetris

				Alex Depetris
				President and Chief Executive Officer



Date		February 4, 2015



By (Signature and Title)*				/s/ Michael Gilligan

				Michael Gilligan
				Treasurer, Chief Financial Officer and Controller



Date		February 4, 2015

^*	Print the name and title of each signing officer under his or her signature.