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)

345 Park Avenue

                             New York, New York 10154                            

(Address of principal executive offices) (Zip code)

Alex Depetris

DBX ETF Trust

345 Park Avenue

                             New York, New York 10154                            

(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, 2015

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.

November 30, 2015

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 Emerging Markets Hedged Equity ETF (DBEM)

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

Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ)

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)

DBX ETF Trust

Table of contents

	Page
Shareholder Letter		1
Portfolio Summary
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF		2
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		3
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		4
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		5
Deutsche X-trackers MSCI Europe Hedged Equity ETF		6
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF		7
Deutsche X-trackers MSCI Germany Hedged Equity ETF		8
Deutsche X-trackers MSCI Japan Hedged Equity ETF		9
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		10
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		11
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		12
Fees and Expenses		13
Schedules of Investments
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF		15
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		41
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		51
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		53
Deutsche X-trackers MSCI Europe Hedged Equity ETF		67
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF		77
Deutsche X-trackers MSCI Germany Hedged Equity ETF		85
Deutsche X-trackers MSCI Japan Hedged Equity ETF		88
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		94
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		97
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		100
Statements of Assets and Liabilities		104
Statements of Operations		108
Statements of Changes in Net Assets		112
Financial Highlights		118
Notes to Financial Statements		126
Additional Information		140
Privacy Policy Notice		141

To our shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for eleven of our currency-hedged equity ETFs for the period ended November 30, 2015.

The world economy continues to grow at a moderate rate; however, decelerating emerging market growth has become a concern. Global equities have been unsettled by developments in China, but fundamentals in developed markets remain sound. The US economy is on stable ground, having shrugged off the winter blues in the initial part of the year. The continued recovery of the housing sector, improved labor markets, and consumer spending have bolstered the economy. However, inflation continues to remain below target in the current environment of low energy prices and a strong US dollar.

The Federal Reserve (Fed) was poised to raise interest rates in September, but delayed it citing global economic concerns. However, current strong payroll growth and a steady unemployment rate sets the stage for a Fed rate hike in December. Our economists believe the overall trajectory of subsequent moves is still expected to be “low and slow”, as the Fed would like to assess the economy’s reaction to these changes.

Across the Atlantic, the European economy is also staging a recovery, though at a very slow pace. The interim resolution of the Greek crisis, lower commodity prices, rising trend in the credit cycle, increasing exports helped by a weak euro, and an ultra-loose monetary policy have strengthened its recovery. The positive sentiment is noticeable in various European equity markets that have performed well in the last two months. However, inflation remains a concern for the European Central Bank (ECB), which has stepped up its quantitative easing program by extending it until March 2017, and reduced deposit rates by 10 basis points (100 basis points equals one percentage point).

Economic growth in emerging markets has come under pressure, with increasing debt and the prospects of Fed tightening. Investor sentiment was dominated by fears of a hard landing in China, which is facing its slowest pace of growth in 25 years. With declining demand from China, commodity prices have continued their downward slide and slowed down resource-rich countries like Russia and Brazil. However, some bright spots remain in the emerging market space, with countries like India and South Korea gaining from their economic reforms.

Global equity markets have recovered from their September lows. Further modest gains are possible, although periods of volatility are likely. Even if the Fed starts tightening this year, the central banks of Europe, Japan, and China would continue with their monetary easing. In this environment, hedging currency exposure plays a significant role in managing investments in international equities. In the backdrop of a strengthening dollar, our currency-hedged strategy has made a significant positive contribution to the funds’ overall performance, except for Deutsche X-trackers Japan Hedged Equity ETF as the yen strengthened against the dollar.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Alex Depetris

Alex Depetris

Chairman, President and Chief Executive Officer

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

1

DBX ETF Trust

Portfolio 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. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Nestle SA		1.5%
Novartis AG		1.1%
Roche Holding AG		1.1%
Toyota Motor Corp.		1.1%
HSBC Holdings PLC		0.9%
Taiwan Semiconductor Manufacturing Co. Ltd.		0.7%
Samsung Electronics Co. Ltd.		0.7%
Bayer AG		0.6%
Tencent Holdings Ltd.		0.6%
British American Tobacco PLC		0.6%

Sector Diversification* as of 11/30/15

Financials	26.9%
Consumer Discretionary	12.2%
Industrials	10.8%
Consumer Staples	10.7%
Health Care	9.1%
Information Technology	8.9%
Materials	6.6%
Energy	6.2%
Telecommunication Services	5.3%
Utilities	3.3%
Total	100.0%

Country Diversification* as of 11/30/15

Japan	16.7%
United Kingdom	13.3%
France	7.1%
Switzerland	7.1%
Germany	6.6%
Canada	6.0%
China	5.0%
Australia	5.0%
South Korea	3.4%
Hong Kong	3.3%
Netherlands	2.5%
Spain	2.4%
Taiwan	2.3%
Sweden	2.0%
Italy	1.7%
Denmark	1.4%
Brazil	1.2%
India	1.2%
South Africa	1.1%
Belgium	1.1%
Mexico	0.9%
Singapore	0.9%
Malaysia	0.8%
Finland	0.7%
Russia	0.6%
Israel	0.6%
Ireland	0.6%
Indonesia	0.5%
Thailand	0.4%
Norway	0.4%
Turkey	0.4%
Poland	0.3%
Philippines	0.3%
Chile	0.3%
United States	0.3%
New Zealand	0.2%
United Arab Emirates	0.2%
Qatar	0.2%
Luxembourg	0.2%
Other	0.8%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.

2

DBX ETF Trust

Portfolio 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. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Samsung Electronics Co. Ltd.		3.2%
Taiwan Semiconductor Manufacturing Co. Ltd.		2.8%
Tencent Holdings Ltd.		2.7%
Commonwealth Bank of Australia		2.5%
China Mobile Ltd.		2.0%
Alibaba Group Holding Ltd., ADR		2.0%
AIA Group Ltd.		1.9%
Westpac Banking Corp.		1.7%
Australia & New Zealand Banking Group Ltd.		1.5%
National Australia Bank Ltd.		1.5%

Sector Diversification* as of 11/30/15

Financials	35.7%
Information Technology	20.5%
Industrials	8.4%
Consumer Discretionary	7.1%
Materials	6.0%
Consumer Staples	5.6%
Telecommunication Services	5.4%
Energy	4.2%
Utilities	4.0%
Health Care	3.1%
Total	100.0%

Country Diversification* as of 11/30/15

China	20.9%
Australia	20.1%
Hong Kong	14.8%
South Korea	14.0%
Taiwan	10.4%
India	5.2%
Singapore	3.8%
Malaysia	3.1%
Indonesia	2.3%
Philippines	1.7%
Thailand	1.6%
New Zealand	0.7%
United States	0.6%
United Kingdom	0.4%
Macau	0.3%
Ireland	0.1%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 41.

3

DBX ETF Trust

Portfolio 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. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Ambev SA		11.3%
Itau Unibanco Holding SA		10.9%
Banco Bradesco SA		9.2%
Petroleo Brasileiro SA		7.5%
Vale SA		4.8%
BRF SA		4.6%
Cielo SA		3.8%
Itausa — Investimentos Itau SA		3.3%
Ultrapar Participacoes SA		2.9%
Embraer SA		2.6%

Sector Diversification* as of 11/30/15

Financials	33.8%
Consumer Staples	20.9%
Materials	11.1%
Energy	10.7%
Industrials	5.6%
Consumer Discretionary	5.1%
Utilities	5.0%
Information Technology	4.3%
Telecommunication Services	2.7%
Health Care	0.8%
Total	100.0%

* As a percentage of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 51.

4

DBX ETF Trust

Portfolio 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. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Samsung Electronics Co. Ltd.		3.3%
Taiwan Semiconductor Manufacturing Co. Ltd.		3.2%
Tencent Holdings Ltd.		3.0%
China Mobile Ltd.		2.1%
Alibaba Group Holding Ltd., ADR		2.0%
Naspers Ltd., Class N		1.7%
China Construction Bank Corp., Class H		1.5%
Baidu, Inc., ADR		1.5%
Reliance Industries Ltd., GDR, 144A		1.3%
Hon Hai Precision Industry Co. Ltd.		1.2%

Sector Diversification* as of 11/30/15

Financials	27.1%
Information Technology	22.4%
Consumer Discretionary	9.7%
Consumer Staples	8.3%
Energy	7.5%
Telecommunication Services	7.1%
Industrials	6.8%
Materials	5.7%
Utilities	3.1%
Health Care	2.3%
Total	100.0%

Country Diversification* as of 11/30/15

China	22.7%
South Korea	15.8%
Taiwan	12.0%
South Africa	6.9%
Hong Kong	5.9%
India	5.4%
Brazil	5.4%
Mexico	5.1%
Malaysia	3.4%
Russia	3.4%
Indonesia	2.7%
Thailand	1.8%
Turkey	1.8%
Philippines	1.8%
Chile	1.6%
Poland	1.5%
United Arab Emirates	0.9%
Qatar	0.6%
Hungary	0.5%
Egypt	0.4%
Malta	0.2%
Other	0.2%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 53.

5

DBX ETF Trust

Portfolio 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 the euro. It is not possible to invest directly into an index.

Ten Largest Holdings as of 11/30/15

Description	% of Net Assets
Nestle SA		2.9%
Novartis AG		2.4%
Roche Holding AG		2.3%
HSBC Holdings PLC		1.9%
Bayer AG		1.4%
British American Tobacco PLC		1.3%
Novo Nordisk A/S, Class B		1.3%
Total SA		1.3%
BP PLC		1.3%
Sanofi		1.3%

Sector Diversification* as of 11/30/15

Financials	22.5%
Consumer Staples	14.6%
Health Care	13.6%
Consumer Discretionary	11.7%
Industrials	11.3%
Materials	6.7%
Energy	6.6%
Telecommunication Services	5.1%
Information Technology	4.1%
Utilities	3.8%
Total	100.0%

Country Diversification* as of 11/30/15

United Kingdom	27.9%
France	15.0%
Switzerland	14.6%
Germany	14.1%
Netherlands	5.5%
Spain	5.0%
Sweden	4.4%
Italy	3.4%
Denmark	2.8%
Belgium	2.2%
Finland	1.4%
Ireland	1.3%
Norway	0.9%
Luxembourg	0.3%
Australia	0.3%
Austria	0.3%
Portugal	0.2%
South Africa	0.2%
Other	0.2%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 67.

6

DBX ETF Trust

Portfolio summary (Unaudited)

Deutsche X-trackers MSCI Eurozone Hedged Equity ETF (DBEZ)

The Deutsche X-trackers MSCI Eurozone Hedged Equity ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU IMI US Dollar Hedged Index (the “Underlying Index”). Underlying Index is composed of equities from countries in the EMU, or the “Eurozone,” that have adopted the euro as their common currency and sole legal tender, while at the same time mitigating fluctuation between the value of the U.S. Dollar and the euro. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

	% of Net Assets
Bayer AG		2.5%
Total SA		2.5%
Sanofi		2.4%
Anheuser-Busch InBev NV		2.4%
Daimler AG		2.0%
Siemens AG		1.9%
Allianz SE		1.9%
Banco Santander SA		1.8%
SAP SE		1.8%
BASF SE		1.8%

Sector Diversification* as of 11/30/15

Financials	22.7%
Industrials	14.5%
Consumer Discretionary	14.5%
Consumer Staples	10.7%
Health Care	8.7%
Materials	7.6%
Information Technology	6.6%
Utilities	5.0%
Telecommunication Services	5.0%
Energy	4.7%
Total	100.0%

Country Diversification* as of 11/30/15

France	30.1%
Germany	28.9%
Spain	10.6%
Italy	8.3%
Netherlands	7.3%
Belgium	4.9%
Finland	3.2%
United Kingdom	2.8%
Ireland	1.7%
Austria	0.9%
Luxembourg	0.7%
Portugal	0.5%
Other	0.1%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 77.

7

DBX ETF Trust

Portfolio 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 the euro. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Bayer AG		9.5%
Daimler AG		7.4%
Siemens AG		7.1%
Allianz SE		7.0%
SAP SE		6.7%
BASF SE		6.6%
Deutsche Telekom AG		5.1%
Bayerische Motoren Werke AG		3.1%
Deutsche Bank AG		3.1%
Muenchener Rueckversicherungs-Gesellschaft AG		2.9%

Sector Diversification* as of 11/30/15

Consumer Discretionary	20.9%
Financials	18.1%
Health Care	15.2%
Materials	13.4%
Industrials	12.1%
Information Technology	8.7%
Telecommunication Services	5.5%
Consumer Staples	4.0%
Utilities	2.1%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 85.

8

DBX ETF Trust

Portfolio 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. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Toyota Motor Corp.		5.9%
Mitsubishi UFJ Financial Group, Inc.		2.8%
Honda Motor Co. Ltd.		1.8%
SoftBank Group Corp.		1.8%
Sumitomo Mitsui Financial Group, Inc.		1.7%
Mizuho Financial Group, Inc.		1.6%
KDDI Corp.		1.5%
Japan Tobacco, Inc.		1.3%
Takeda Pharmaceutical Co. Ltd.		1.3%
FANUC Corp.		1.2%

Sector Diversification* as of 11/30/15

Consumer Discretionary	22.0%
Financials	19.2%
Industrials	18.9%
Information Technology	10.5%
Health Care	7.9%
Consumer Staples	7.6%
Materials	5.5%
Telecommunication Services	5.1%
Utilities	2.4%
Energy	0.9%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 88.

9

DBX ETF Trust

Portfolio 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. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
America Movil SAB de CV, Series L		13.8%
Fomento Economico Mexicano SAB de CV		9.1%
Wal-Mart de Mexico SAB de CV		6.9%
Grupo Televisa SAB, Series CPO		6.9%
Grupo Financiero Banorte SAB de CV, Class O		6.7%
Cemex SAB de CV		4.1%
Grupo Mexico SAB de CV, Series B		4.0%
Alfa SAB de CV, Class A		3.3%
Fibra Uno Administracion SA de CV REIT		3.1%
Grupo Bimbo SAB de CV, Series A		2.6%

Sector Diversification* as of 11/30/15

Consumer Staples	29.0%
Financials	21.2%
Telecommunication Services	14.0%
Industrials	13.1%
Materials	11.7%
Consumer Discretionary	10.5%
Health Care	0.5%
Total	100.0%

* As a percent of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 94.

10

DBX ETF Trust

Portfolio 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. It is not possible to invest directly into an index.

Ten Largest Holdings as of 11/30/15

Description	% of Net Assets
Samsung Electronics Co. Ltd.		20.5%
Hyundai Motor Co.		3.6%
SK Hynix, Inc.		2.9%
NAVER Corp.		2.8%
Shinhan Financial Group Co. Ltd.		2.8%
Hyundai Mobis Co. Ltd.		2.7%
LG Chem Ltd.		2.4%
Kia Motors Corp.		2.2%
KB Financial Group, Inc.		2.2%
Amorepacific Corp.		2.1%

Sector Diversification* as of 11/30/15

Information Technology	33.7%
Consumer Discretionary	16.1%
Financials	13.9%
Industrials	11.1%
Consumer Staples	9.7%
Materials	7.8%
Energy	2.3%
Utilities	2.2%
Health Care	2.2%
Telecommunication Services	1.0%
Total	100.0%

* As a percentage of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 97.

11

DBX ETF Trust

Portfolio 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. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
HSBC Holdings PLC		6.2%
British American Tobacco PLC		4.3%
BP PLC		4.2%
GlaxoSmithKline PLC		4.0%
Royal Dutch Shell PLC, Class A		3.9%
Vodafone Group PLC		3.6%
AstraZeneca PLC		3.4%
Diageo PLC		2.9%
Lloyds Banking Group PLC		2.5%
BT Group PLC		2.5%

Sector Diversification* as of 11/30/15

Financials	23.5%
Consumer Staples	18.7%
Energy	12.9%
Consumer Discretionary	10.7%
Health Care	9.7%
Industrials	6.9%
Telecommunication Services	6.4%
Materials	5.4%
Utilities	4.3%
Information Technology	1.5%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 100.

12

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 in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2015 to November 30, 2015).

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 purposeqs

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, 2015		Ending Account Value November 30, 2015		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	927.86		0.40	%	$	1.93
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.00		0.40	%	$	2.02
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
Actual	$	1,000.00	$	870.16		0.60	%	$	2.81
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.00		0.60	%	$	3.03
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
Actual	$	1,000.00	$	812.89		0.60	%	$	2.72
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.00		0.60	%	$	3.03
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	864.64		0.65	%	$	3.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
Deutsche X-trackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	963.43		0.45	%	$	2.21
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28

13

DBX ETF Trust

Fees and expenses (Unaudited)(Continued)

	Beginning Account Value June 1, 2015		Ending Account Value November 30, 2015		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	990.77		0.45	%	$	2.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Deutsche X-trackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	989.76		0.45	%	$	2.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Deutsche X-trackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	934.39		0.45	%	$	2.18
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
Actual	$	1,000.00	$	980.35		0.50	%	$	2.48
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.50		0.50	%	$	2.53
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
Actual	$	1,000.00	$	940.38		0.58	%	$	2.81
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.10		0.58	%	$	2.93
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
Actual	$	1,000.00	$	919.73		0.45	%	$	2.16
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28

(1) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six month period), then divided by 366.

14

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.7%
Australia — 4.9%
AGL Energy Ltd.		1,081	$	12,938
Alumina Ltd.		16,598		13,504
Amcor Ltd.		5,923		57,913
AMP Ltd.		10,151		42,653
APA Group (a)		5,463		35,163
Aristocrat Leisure Ltd.		2,171		14,900
Asciano Ltd.		4,033		24,938
ASX Ltd.		745		22,300
Aurizon Holdings Ltd.		8,373		33,728
AusNet Services		19,148		20,841
Australia & New Zealand Banking Group Ltd.		9,943		195,230
Bank of Queensland Ltd.		1,701		16,804
Bendigo and Adelaide Bank Ltd.		1,435		11,582
BHP Billiton Ltd.		12,094		158,222
BHP Billiton PLC		7,777		93,340
Boral Ltd.		3,026		12,408
Brambles Ltd.		8,086		63,683
Caltex Australia Ltd.		1,173		29,114
Challenger Ltd.		25		153
CIMIC Group Ltd.		835		15,127
Coca-Cola Amatil Ltd.		3,082		20,127
Cochlear Ltd.		476		32,486
Commonwealth Bank of Australia		6,466		371,432
Computershare Ltd.		3,232		27,231
Crown Resorts Ltd.		1,701		14,319
CSL Ltd.		1,930		139,731
Dexus Property Group REIT		4,511		25,055
Flight Centre Travel Group Ltd. (b)		265		6,896
Fortescue Metals Group Ltd. (b)		957		1,357
Goodman Group REIT		9,727		43,052
GPT Group REIT		8,505		28,417
Harvey Norman Holdings Ltd. (b)		4,193		12,372
Healthscope Ltd.		2,658		5,171
Iluka Resources Ltd.		2,067		8,595
Incitec Pivot Ltd.		7,022		19,196
Insurance Australia Group Ltd.		7,768		31,123
LendLease Group (a)		3,704		34,154
Macquarie Group Ltd.		833		49,044
Medibank Pvt Ltd.		6,081		10,203
Mirvac Group REIT		22,710		30,631
National Australia Bank Ltd.		7,426		157,839
Newcrest Mining Ltd.*		3,504		27,647
Oil Search Ltd.		3,500		20,756
Orica Ltd.		1,543		17,631
Origin Energy Ltd.		4,034		16,337
Platinum Asset Management Ltd.		635		3,706
Qantas Airways Ltd.*		7,982		21,012
QBE Insurance Group Ltd.		4,564		41,160
Ramsay Health Care Ltd.		851		41,266
REA Group Ltd.		157		5,700
Santos Ltd. (b)		2,455		7,120
Scentre Group REIT		21,743		62,898
Seek Ltd.		1,475		14,806
Sonic Healthcare Ltd.		2,235		32,861
South32 Ltd.*		14,966		12,880

	Number of Shares		Value
Australia (Continued)
Stockland REIT		12,301	$	35,584
Suncorp Group Ltd.		4,785		46,336
Sydney Airport (a)		8,470		40,428
Tabcorp Holdings Ltd.		4,348		14,370
Tatts Group Ltd.		7,050		21,210
Telstra Corp. Ltd.		15,638		60,619
TPG Telecom Ltd.		1,860		13,895
Transurban Group (a)		8,782		65,862
Treasury Wine Estates Ltd.		3,768		20,628
Vicinity Centres REIT		10,047		19,691
Wesfarmers Ltd.		3,969		109,333
Westfield Corp. REIT		9,778		67,886
Westpac Banking Corp.		11,147		259,178
Woodside Petroleum Ltd.		1,999		43,529
Woolworths Ltd.		4,879		83,520
				3,170,821
Austria — 0.1%
ANDRITZ AG		315		16,529
Erste Group Bank AG*		1,103		33,842
OMV AG		504		14,386
Raiffeisen Bank International AG*		463		7,245
Voestalpine AG		477		15,522
				87,524
Belgium — 1.1%
Ageas		935		40,903
Anheuser-Busch InBev NV		2,985		384,605
Colruyt SA (b)		98		4,856
Delhaize Group		375		37,572
Groupe Bruxelles Lambert SA		435		35,743
KBC Groep NV		1,009		60,232
Proximus SA		797		26,327
Solvay SA		257		29,611
Telenet Group Holding NV*		211		11,523
UCB SA		460		41,078
Umicore SA		475		19,645
				692,095
Brazil — 0.8%
Ambev SA		20,594		99,217
B2W Cia Digital*		450		1,717
Banco Bradesco SA		3,384		21,009
Banco do Brasil SA		2,950		12,421
Banco Santander Brasil SA		2,736		10,466
BB Seguridade Participacoes SA		3,734		25,064
BM&F Bovespa SA		7,310		21,482
BR Malls Participacoes SA		2,123		7,035
BRF SA		2,756		39,207
CCR SA		2,384		7,893
CETIP SA — Mercados Organizados		1,161		11,043
Cia de Saneamento Basico do Estado de Sao Paulo		1,332		6,514
Cia Siderurgica Nacional SA		4,085		5,807
Cielo SA		2,625		23,821
Cosan SA Industria e Comercio		373		2,323
Duratex SA		1,567		2,714
Embraer SA		1,023		8,038

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Brazil (Continued)
Estacio Participacoes SA		1,057	$	3,663
Fibria Celulose SA		1,168		17,277
Hypermarcas SA*		1,332		7,712
JBS SA		2,756		8,847
Klabin SA		1,171		7,182
Kroton Educacional SA		4,941		11,813
Lojas Americanas SA		1,625		5,040
Lojas Renner SA		3,004		13,587
M Dias Branco SA		51		949
Natura Cosmeticos SA		787		4,308
Odontoprev SA		2,927		7,527
Petroleo Brasileiro SA*		10,927		26,576
Qualicorp SA		1,138		4,344
Raia Drogasil SA		906		9,285
Sul America SA		1,355		7,547
Tim Participacoes SA		2,788		5,513
Totvs SA		905		7,829
Ultrapar Participacoes SA		1,277		20,705
Vale SA		4,925		16,765
WEG SA		1,618		6,357
				498,597
Canada — 6.0%
Agnico Eagle Mines Ltd.		916		24,336
Agrium, Inc.		308		30,407
Alimentation Couche-Tard, Inc., Class B		2,123		96,783
AltaGas Ltd.		356		8,344
ARC Resources Ltd.		1,332		18,253
Bank of Montreal		2,758		159,249
Bank of Nova Scotia		4,921		224,374
Barrick Gold Corp.		4,403		32,410
BCE, Inc.		934		40,201
BlackBerry Ltd.*		2,409		19,157
Bombardier, Inc., Class B		10,283		10,010
Brookfield Asset Management, Inc., Class A		4,000		137,332
CAE, Inc.		2,577		29,254
Cameco Corp.		1,432		17,500
Canadian Imperial Bank of Commerce		1,848		138,768
Canadian National Railway Co.		3,177		189,628
Canadian Natural Resources Ltd.		3,988		96,576
Canadian Oil Sands Ltd.		1,906		12,217
Canadian Pacific Railway Ltd.		414		61,037
Canadian Tire Corp. Ltd., Class A		154		14,428
Canadian Utilities Ltd., Class A		959		23,425
CCL Industries, Inc., Class B		43		7,141
Cenovus Energy, Inc.		2,958		43,768
CGI Group, Inc., Class A*		1,332		57,980
CI Financial Corp.		1,630		38,741
Constellation Software, Inc.		100		42,918
Crescent Point Energy Corp.		1,738		22,736
Dollarama, Inc.		1,055		70,547
Eldorado Gold Corp.		2,999		9,185
Element Financial Corp.*		194		2,484
Enbridge, Inc.		3,093		109,851
Encana Corp.		2,953		24,589
Finning International, Inc.		1,067		15,676

	Number of Shares		Value
Canada (Continued)
First Capital Realty, Inc.		1,748	$	25,642
First Quantum Minerals Ltd.		3,827		13,927
Fortis, Inc.		1,332		36,785
Franco-Nevada Corp.		573		27,542
Gildan Activewear, Inc.		260		8,066
Goldcorp, Inc.		3,078		36,393
Great-West Lifeco, Inc.		1,332		36,196
H&R Real Estate Investment Trust REIT		1,332		21,405
Husky Energy, Inc.		1,332		17,983
Imperial Oil Ltd.		1,214		39,435
Inter Pipeline Ltd.		1,332		23,160
Keyera Corp.		462		13,779
Kinross Gold Corp.*		4,904		9,584
Linamar Corp.		66		3,724
Loblaw Cos. Ltd.		1,041		52,555
Magna International, Inc.		1,219		55,443
Manulife Financial Corp.		6,753		111,147
MEG Energy Corp.*		714		5,983
Methanex Corp.		154		6,050
Metro, Inc.		308		8,870
Open Text Corp.		154		7,482
Pembina Pipeline Corp.		1,332		30,571
Peyto Exploration & Development Corp. (b)		934		18,988
Potash Corp. of Saskatchewan, Inc.		3,382		68,453
Power Corp. of Canada		1,332		31,249
Power Financial Corp.		1,332		33,822
PrairieSky Royalty Ltd.		614		11,793
Restaurant Brands International, Inc.		949		34,664
Rogers Communications, Inc., Class B		1,332		51,377
Royal Bank of Canada		6,802		387,507
Saputo, Inc.		106		2,595
Seven Generations Energy Ltd., Class A*		700		8,214
Shaw Communications, Inc., Class B		1,752		36,366
Silver Wheaton Corp.		1,486		19,528
SNC-Lavalin Group, Inc.		684		21,727
Sun Life Financial, Inc.		2,509		82,741
Suncor Energy, Inc. (b)		5,269		145,588
Teck Resources Ltd., Class B		2,005		8,528
TELUS Corp.		1,067		33,909
Toronto-Dominion Bank (The)		6,634		270,934
Tourmaline Oil Corp.*		815		15,495
TransCanada Corp.		2,653		83,715
Turquoise Hill Resources Ltd.*		8,161		21,511
Veresen, Inc.		797		6,254
Vermilion Energy, Inc.		260		7,786
West Fraser Timber Co. Ltd.		200		8,210
Yamana Gold, Inc.		3,670		7,750
				3,839,731
Chile — 0.3%
AES Gener SA		2,173		946
Aguas Andinas SA, Class A		5,216		2,593
Antofagasta PLC (b)		1,436		10,976
Banco de Chile		357,002		35,602
Banco de Credito e Inversiones		216		8,015
Banco Santander Chile		542,459		24,198

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Chile (Continued)
Cencosud SA		6,059	$	12,775
Cia Cervecerias Unidas SA		1,010		11,284
Colbun SA		23,217		5,744
Corpbanca SA		962,136		8,146
Empresa Nacional de Electricidad SA		8,827		10,465
Empresa Nacional de Telecomunicaciones SA		311		2,781
Empresas CMPC SA		6,329		13,257
Empresas Copec SA		1,317		11,298
Enersis SA		58,751		14,309
LATAM Airlines Group SA*		385		2,070
SACI Falabella		3,503		21,129
				195,588
China — 5.0%
58.com, Inc., ADR*		200		12,042
AAC Technologies Holdings, Inc.		3,139		22,004
Agricultural Bank of China Ltd., Class H		94,135		36,059
Air China Ltd., Class H		21,124		17,028
Alibaba Group Holding Ltd., ADR*		3,700		311,096
Aluminum Corp. of China Ltd., Class H*(b)		21,845		6,959
Anhui Conch Cement Co. Ltd., Class H		7,081		19,316
Anta Sports Products Ltd.		3,314		10,023
AviChina Industry & Technology Co. Ltd., Class H		9,447		8,017
Baidu, Inc., ADR*		1,000		217,970
Bank of China Ltd., Class H		390,477		173,244
Bank of Communications Co. Ltd., Class H		39,658		27,620
Beijing Capital International Airport Co. Ltd., Class H		17,231		19,223
Belle International Holdings Ltd.		19,705		17,231
Byd Co. Ltd., Class H*		2,229		12,046
CAR, Inc.*		1,800		3,376
CGN Power Co. Ltd., Class H, 144A		21,969		8,500
China Cinda Asset Management Co. Ltd., Class H		28,519		10,557
China CITIC Bank Corp. Ltd., Class H*		33,534		21,149
China Communications Construction Co. Ltd., Class H		27,067		31,279
China Communications Services Corp. Ltd., Class H		23,588		9,096
China Conch Venture Holdings Ltd.		1,700		3,565
China Construction Bank Corp., Class H		253,270		174,107
China COSCO Holdings Co. Ltd., Class H*(b)		3,731		2,232
China Everbright Bank Co. Ltd., Class H		31,842		14,374
China Galaxy Securities Co. Ltd., Class H		10,665		9,711
China Huishan Dairy Holdings Co. Ltd. (b)		16,957		6,299
China International Marine Containers Group Co. Ltd., Class H		3,420		5,981
China Life Insurance Co. Ltd., Class H		21,199		73,138
China Longyuan Power Group Corp. Ltd., Class H		11,801		9,817
China Medical System Holdings Ltd.		3,103		4,282
China Mengniu Dairy Co. Ltd.		20,564		32,729
China Merchants Bank Co. Ltd., Class H		16,644		39,112
China Minsheng Banking Corp. Ltd., Class H		26,910		25,787

	Number of Shares		Value
China (Continued)
China National Building Material Co. Ltd., Class H		5,427	$	2,912
China Oilfield Services Ltd., Class H		1,184		1,177
China Pacific Insurance Group Co. Ltd., Class H		10,623		43,706
China Petroleum & Chemical Corp., Class H		90,172		55,242
China Railway Construction Corp. Ltd., Class H		8,970		11,916
China Railway Group Ltd., Class H		6,208		5,156
China Shenhua Energy Co. Ltd., Class H		10,559		16,478
China Shipping Container Lines Co. Ltd., Class H*		11,132		4,192
China Southern Airlines Co. Ltd., Class H		6,000		4,388
China Telecom Corp. Ltd., Class H		47,190		23,128
China Vanke Co. Ltd., Class H		5,833		14,535
Chongqing Rural Commercial Bank Co. Ltd., Class H		11,928		7,031
CITIC Securities Co. Ltd., Class H		4,797		11,000
CNOOC Ltd.		53,688		59,411
Country Garden Holdings Co. Ltd.		43,230		16,225
CRRC Corp. Ltd., Class H		12,393		15,856
CSPC Pharmaceutical Group Ltd.		13,966		13,131
Ctrip.com International, Ltd., ADR*		600		64,206
Dalian Wanda Commercial Properties Co. Ltd., Class H, 144A(b)		519		3,082
Datang International Power Generation Co. Ltd., Class H		23,588		7,606
Dongfeng Motor Group Co. Ltd., Class H		6,171		8,389
ENN Energy Holdings Ltd.		1,743		8,835
Evergrande Real Estate Group Ltd.		8,927		7,035
Fosun International Ltd.		16,043		28,637
Geely Automobile Holdings Ltd.		10,782		5,660
GF Securities Co. Ltd., Class H*		2,220		5,377
GOME Electrical Appliances Holding Ltd.		44,358		7,609
Great Wall Motor Co. Ltd., Class H		10,434		12,798
Guangzhou Automobile Group Co. Ltd., Class H		21,321		20,404
Guangzhou R&F Properties Co. Ltd., Class H		14,710		16,563
Haitong Securities Co. Ltd., Class H		6,149		10,611
Hengan International Group Co. Ltd.		3,543		35,597
Huadian Power International Corp. Ltd., Class H		12,695		8,023
Huaneng Power International, Inc., Class H		23,600		20,576
Huatai Securities Co. Ltd., Class H, 144A*		2,469		5,974
Industrial & Commercial Bank of China Ltd., Class H		240,113		145,242
JD.com, Inc., ADR*		1,200		36,816
Jiangsu Expressway Co. Ltd., Class H		3,965		5,134
Kingsoft Corp. Ltd.		2,374		6,307
Lenovo Group Ltd.		27,954		29,564
Longfor Properties Co. Ltd.		11,263		15,427
Luye Pharma Group Ltd.*		2,743		2,388
NetEase, Inc., ADR		300		49,998
New China Life Insurance Co. Ltd., Class H		3,689		15,273
New Oriental Education & Technology Group, Inc., ADR		500		14,510

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
China (Continued)
People’s Insurance Co. (Group) of China Ltd., Class H		23,588	$	12,169
PetroChina Co. Ltd., Class H		67,868		48,231
PICC Property & Casualty Co. Ltd., Class H		20,609		44,708
Ping An Insurance Group Co. of China Ltd., Class H		15,868		86,877
Qihoo 360 Technology Co. Ltd., ADR*		300		20,370
Qunar Cayman Islands Ltd., ADR*		200		9,006
Semiconductor Manufacturing International Corp.*		70,324		7,347
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		14,537		10,312
Shanghai Electric Group Co. Ltd., Class H (b)		20,912		12,680
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (b)		1,083		3,506
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,634		7,977
Shenzhou International Group Holdings Ltd.		2,050		10,761
Sihuan Pharmaceutical Holdings Group Ltd.		6,973		3,514
Sino-Ocean Land Holdings Ltd.		9,354		5,248
Sinopec Engineering Group Co. Ltd., Class H		13,575		10,505
Sinopec Shanghai Petrochemical Co. Ltd., Class H*		37,938		13,554
Sinopharm Group Co. Ltd., Class H		4,017		16,864
Soho China Ltd.		30,049		12,247
SouFun Holdings Ltd., ADR		800		5,360
Sunac China Holdings Ltd.		2,147		1,432
TAL Education Group, ADR*		100		4,404
Tencent Holdings Ltd.		20,381		405,599
Tingyi Cayman Islands Holding Corp.		1,418		2,052
TravelSky Technology Ltd., Class H		3,300		5,644
Tsingtao Brewery Co. Ltd., Class H		2,364		10,595
Vipshop Holdings Ltd., ADR*		1,300		21,489
Want Want China Holdings Ltd.		35,398		27,804
Weichai Power Co. Ltd., Class H		5,390		5,561
Yanzhou Coal Mining Co. Ltd., Class H		2,168		990
Youku Tudou, Inc., ADR*		300		8,061
YY, Inc., ADR*		100		6,058
Zhejiang Expressway Co. Ltd., Class H		14,899		18,101
Zhuzhou CSR Times Electric Co. Ltd., Class H		2,643		17,453
Zijin Mining Group Co. Ltd., Class H		50,676		12,680
ZTE Corp., Class H		4,242		9,531
				3,196,784
Colombia — 0.0%
Cementos Argos SA		615		1,831
Corp. Financiera Colombiana SA — CD		579		6,555
Corp. Financiera Colombiana SA — ND*		5		61
Grupo Argos SA		533		2,651
Grupo de Inversiones Suramericana SA		899		9,251
				20,349

	Number of Shares		Value
Czech Republic — 0.1%
CEZ AS		530	$	9,631
Komercni Banka AS		156		31,701
O2 Czech Republic AS		100		1,007
				42,339
Denmark — 1.3%
A.P. Moeller — Maersk A/S, Class A		24		35,995
A.P. Moeller — Maersk A/S, Class B		37		56,487
Carlsberg A/S, Class B		370		31,466
Chr Hansen Holding A/S		205		12,864
Coloplast A/S, Class B (b)		422		34,245
Danske Bank A/S		2,525		67,764
DSV A/S		692		26,912
ISS A/S		455		15,871
Novo Nordisk A/S, Class B		7,132		392,909
Novozymes A/S, Class B		852		40,965
Pandora A/S		495		58,676
TDC A/S		2,922		15,349
Tryg A/S		265		5,160
Vestas Wind Systems A/S		893		58,264
William Demant Holding A/S*(b)		105		10,082
				863,009
Egypt — 0.1%
Commercial International Bank Egypt SAE		10,762		59,156
Talaat Moustafa Group		19,000		14,293
				73,449
Finland — 0.7%
Elisa OYJ		633		23,582
Fortum OYJ		1,705		24,896
Kone OYJ, Class B		1,168		49,843
Metso OYJ		631		15,667
Neste OYJ		527		15,189
Nokia OYJ		14,431		104,213
Nokian Renkaat OYJ		530		20,803
Orion OYJ, Class B		368		12,290
Sampo OYJ, Class A		1,464		72,575
Stora Enso OYJ, Class R		2,072		20,469
UPM-Kymmene OYJ		1,967		37,554
Wartsila OYJ Abp		582		26,158
				423,239
France — 7.1%
Accor SA		582		24,560
Aeroports de Paris		156		17,669
Air Liquide SA		1,260		153,759
Airbus Group SE		2,232		161,396
Alcatel-Lucent*		11,141		43,882
Alstom SA*(b)		857		26,634
Arkema SA		297		21,398
Atos SE		318		26,035
AXA SA		10,013		270,933
BNP Paribas SA		3,986		236,301
Bollore SA		2,160		9,943
Bouygues SA		633		23,829
Bureau Veritas SA		852		17,549
Cap Gemini SA		581		53,602

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
France (Continued)
Carrefour SA		1,947	$	60,026
Casino Guichard-Perrachon SA		158		9,034
Christian Dior SE		211		38,612
Cie de Saint-Gobain		1,648		72,834
Cie Generale des Etablissements Michelin		707		70,888
CNP Assurances		586		8,160
Credit Agricole SA		3,417		41,229
Danone SA		1,896		132,873
Dassault Systemes SA		516		41,068
Edenred		728		15,087
Electricite de France		957		14,262
Engie		4,924		85,788
Essilor International SA		695		90,723
Eurazeo SA		161		10,824
Eutelsat Communications SA		634		18,923
Fonciere des Regions REIT		104		9,224
Gecina SA REIT		156		18,839
Groupe Eurotunnel SE		1,758		22,465
Hermes International		54		19,013
ICADE REIT		159		11,218
Iliad SA		106		23,642
Imerys SA		158		10,709
Ingenico Group		200		25,178
JCDecaux SA		317		11,753
Kering		264		45,619
Klepierre REIT		502		22,785
Lagardere SCA		640		18,886
Legrand SA		957		56,299
L’Oreal SA		830		146,974
LVMH Moet Hennessy Louis Vuitton SE (b)		1,041		174,604
Natixis SA		3,525		21,378
Numericable-SFR SAS*		454		19,439
Orange SA (b)		7,014		121,238
Pernod Ricard SA		693		78,857
Peugeot SA*		1,658		29,622
Publicis Groupe SA		696		43,915
Remy Cointreau SA (b)		90		6,384
Renault SA		727		73,362
Rexel SA		1,063		14,561
Safran SA		909		67,113
Sanofi		4,412		393,336
Schneider Electric SE		1,920		121,714
SCOR SE		520		20,394
Societe BIC SA		94		15,463
Societe Generale SA		4,258		203,255
Sodexo SA		264		26,097
Suez Environnement Co.		1,168		22,145
Technip SA		370		19,394
Thales SA		363		27,027
Total SA (b)		7,814		388,025
Unibail-Rodamco SE REIT		450		115,581
Valeo SA		317		49,083
Veolia Environnement SA		1,489		35,696
Vinci SA		1,705		110,895
Vivendi SA		4,729		99,578
Wendel SA		156		18,592
Zodiac Aerospace		633		17,141
				4,574,314

	Number of Shares		Value
Germany — 6.2%
adidas AG		757	$	73,254
Allianz SE		1,692		299,704
Axel Springer SE		209		11,668
BASF SE		3,506		290,191
Bayer AG		3,076		410,467
Bayerische Motoren Werke AG		1,308		142,757
Beiersdorf AG		315		29,334
Brenntag AG		529		28,901
Commerzbank AG*		3,607		39,710
Continental AG		413		99,794
Daimler AG		3,807		340,807
Deutsche Bank AG (c)		4,926		126,497
Deutsche Boerse AG		692		59,360
Deutsche Lufthansa AG*		906		12,985
Deutsche Post AG		3,727		108,938
Deutsche Telekom AG		11,701		215,790
Deutsche Wohnen AG		957		26,334
E.ON SE		7,170		68,149
Fraport AG Frankfurt Airport Services Worldwide		158		9,664
Fresenius Medical Care AG & Co. KGaA		721		59,570
Fresenius SE & Co. KGaA		1,310		96,179
GEA Group AG		686		28,470
Hannover Rueck SE		209		24,456
HeidelbergCement AG		527		41,960
Henkel AG & Co. KGaA		316		30,332
Hugo Boss AG		156		13,512
Infineon Technologies AG		3,799		56,314
K+S AG (b)		641		18,245
Kabel Deutschland Holding AG		105		12,847
LANXESS AG		421		21,440
Linde AG		720		125,708
MAN SE		52		5,161
Merck KGaA		424		43,427
Metro AG		453		15,105
Muenchener Rueckversicherungs-Gesellschaft AG		621		125,154
OSRAM Licht AG		368		15,537
ProSiebenSat.1 Media SE		904		47,469
RWE AG		1,701		19,571
SAP SE		3,660		288,436
Siemens AG		3,004		311,483
Symrise AG		475		32,149
Telefonica Deutschland Holding AG		1,010		5,678
ThyssenKrupp AG		1,597		33,991
TUI AG		2,172		36,049
United Internet AG		475		25,319
Volkswagen AG (b)		147		21,946
Vonovia SE		1,014		31,428
Zalando SE, 144A*		200		6,783
				3,988,023
Hong Kong — 3.3%
AIA Group Ltd.		36,815		219,842
Alibaba Health Information Technology Ltd.*		8,897		6,805
Alibaba Pictures Group Ltd.*		29,996		7,312
ASM Pacific Technology Ltd.		1,186		9,032

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
Bank of East Asia Ltd. (The)		3,543	$	12,658
Beijing Enterprises Holdings Ltd.		3,543		22,094
Beijing Enterprises Water Group Ltd.*		17,677		13,816
BOC Hong Kong (Holdings) Ltd.		10,623		32,540
Brilliance China Automotive Holdings Ltd.		17,219		21,897
Cathay Pacific Airways Ltd.		4,290		7,569
Cheung Kong Infrastructure Holdings Ltd.		364		3,188
Cheung Kong Property Holdings Ltd.		9,530		62,133
China Everbright International Ltd.		11,801		17,869
China Everbright Ltd.		1,305		3,006
China Gas Holdings Ltd.		4,035		5,735
China Jinmao Holdings Group Ltd.		34,065		10,325
China Merchants Holdings International Co. Ltd.		1,967		6,393
China Mobile Ltd.		30,394		345,357
China Overseas Land & Investment Ltd.		20,556		68,136
China Resources Beer (Holdings) Co. Ltd.		3,064		5,959
China Resources Gas Group Ltd.		4,663		13,020
China Resources Land Ltd.		1,784		4,797
China Resources Power Holdings Co. Ltd.		11,139		20,975
China State Construction International Holdings Ltd.		4,137		6,243
China Taiping Insurance Holdings Co. Ltd.*		6,096		18,358
China Unicom (Hong Kong) Ltd.		23,609		29,232
CITIC Ltd.		2,904		5,094
CK Hutchison Holdings Ltd.		11,225		147,235
CLP Holdings Ltd.		5,895		49,268
Far East Horizon Ltd.		11,801		10,243
First Pacific Co. Ltd.		6,244		3,882
Galaxy Entertainment Group Ltd.		8,823		25,945
GCL-Poly Energy Holdings Ltd.*(b)		58,792		11,147
Goldin Properties Holdings Ltd.*		4,621		3,636
Guangdong Investment Ltd.		23,600		32,203
Haier Electronics Group Co. Ltd.		1,418		2,542
Hanergy Thin Film Power Group Ltd.*		36,104		16,094
Hang Lung Properties Ltd.		11,191		26,211
Hang Seng Bank Ltd.		2,365		42,856
Henderson Land Development Co. Ltd.		7,354		45,290
HKT Trust and HKT Ltd. (a)		6,309		7,991
Hong Kong and China Gas Co. Ltd.		27,490		53,963
Hong Kong Exchanges & Clearing Ltd.		4,174		108,745
Hongkong Land Holdings Ltd.		3,400		23,766
Hysan Development Co. Ltd.		1,745		7,371
Imperial Pacific International Holdings Ltd.*		123,500		3,966
Kerry Properties Ltd.		2,365		6,665
Kunlun Energy Co. Ltd.		23,600		20,667
Li & Fung Ltd.		25,034		17,242
Link REIT (The)		8,609		52,353
Melco Crown Entertainment Ltd., ADR		200		3,250
MTR Corp. Ltd.		3,615		16,785
New World China Land Ltd.		19,438		13,337
New World Development Co. Ltd.		23,402		23,301
Nine Dragons Paper Holdings Ltd.		8,252		4,800
Noble Group Ltd.		46,200		13,920
NWS Holdings Ltd.		9,638		13,524
PCCW Ltd.		16,637		10,064
Power Assets Holdings Ltd.		4,714		42,103

	Number of Shares		Value
Hong Kong (Continued)
Shangri-La Asia Ltd.		1,915	$	1,781
Shimao Property Holdings Ltd.		7,394		12,340
Sino Biopharmaceutical Ltd.		21,241		20,026
Sino Land Co. Ltd.		19,188		28,460
SJM Holdings Ltd.		11,801		8,660
Sun Art Retail Group Ltd.		17,298		13,587
Sun Hung Kai Properties Ltd.		6,939		85,289
Swire Pacific Ltd., Class A		2,957		32,265
Swire Properties Ltd.		3,451		10,015
Techtronic Industries Co. Ltd.		5,139		20,845
WH Group Ltd., 144A*		14,389		7,423
Wharf Holdings Ltd. (The)		4,891		28,071
Wheelock & Co. Ltd.		892		3,854
Yue Yuen Industrial (Holdings) Ltd.		2,413		8,761
Yuexiu Property Co. Ltd.		67,937		11,391
				2,132,518
Hungary — 0.1%
MOL Hungarian Oil and Gas PLC		311		14,269
OTP Bank PLC		991		20,444
Richter Gedeon Nyrt		1,519		28,858
				63,571
India — 1.2%
Dr. Reddy’s Laboratories Ltd., ADR		1,149		53,819
ICICI Bank Ltd., ADR		19,139		159,045
Infosys Ltd., ADR		6,028		100,547
Larsen & Toubro Ltd., GDR		4,716		96,678
Reliance Industries Ltd., GDR, 144A		5,764		164,562
Tata Motors Ltd., ADR*		3,484		109,990
Wipro Ltd., ADR		5,184		65,060
				749,701
Indonesia — 0.5%
PT Adaro Energy Tbk		87,819		3,491
PT Astra Agro Lestari Tbk		5,323		6,521
PT Astra International Tbk		72,814		31,183
PT Bank Central Asia Tbk		47,909		42,853
PT Bank Danamon Indonesia Tbk		32,815		6,701
PT Bank Mandiri Persero Tbk		29,197		17,938
PT Bank Negara Indonesia Persero Tbk		23,948		8,257
PT Bank Rakyat Indonesia Persero Tbk		38,594		30,058
PT Bumi Serpong Damai Tbk		48,916		5,958
PT Charoen Pokphand Indonesia Tbk		33,692		7,708
PT Global Mediacom Tbk		33,284		2,009
PT Gudang Garam Tbk		2,658		9,395
PT Indocement Tunggal Prakarsa Tbk		6,653		8,992
PT Indofood CBP Sukses Makmur Tbk		6,653		6,071
PT Indofood Sukses Makmur Tbk		13,308		4,689
PT Jasa Marga Persero Tbk		13,897		4,520
PT Kalbe Farma Tbk		103,838		10,020
PT Lippo Karawaci Tbk		119,721		11,120
PT Matahari Department Store Tbk		10,899		12,329
PT Media Nusantara Citra Tbk		22,613		2,656
PT Perusahaan Gas Negara Persero Tbk		43,923		8,429
PT Semen Indonesia Persero Tbk		13,308		10,220
PT Summarecon Agung Tbk		27,983		3,135
PT Surya Citra Media Tbk		27,956		6,123

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Indonesia (Continued)
PT Telekomunikasi Indonesia Persero Tbk		180,997	$	38,332
PT Tower Bersama Infrastructure Tbk*		14,643		6,430
PT Unilever Indonesia Tbk		10,650		28,290
PT United Tractors Tbk		5,632		6,635
PT XL Axiata Tbk*		22,613		5,655
				345,718
Ireland — 0.6%
Bank of Ireland*		84,733		31,602
CRH PLC		2,519		74,121
Experian PLC		3,452		64,000
James Hardie Industries PLC CDI (d)		1,912		22,622
Kerry Group PLC, Class A		416		33,575
Shire PLC		2,167		151,632
				377,552
Israel — 0.6%
Azrieli Group		296		11,400
Bank Hapoalim BM		5,212		26,952
Bank Leumi Le-Israel BM*		8,192		29,602
Bezeq The Israeli Telecommunication Corp. Ltd.		9,827		21,169
Check Point Software Technologies Ltd.*		400		34,916
Delek Group Ltd.		46		10,365
Israel Chemicals Ltd.		3,717		18,693
Mizrahi Tefahot Bank Ltd.		959		11,347
NICE Systems Ltd.		400		24,300
Teva Pharmaceutical Industries Ltd.		3,329		203,873
				392,617
Italy — 1.7%
Assicurazioni Generali SpA		4,083		77,650
Atlantia SpA		1,648		43,530
Banco Popolare SC*		674		9,720
Enel Green Power SpA		7,394		15,616
Enel SpA		25,211		111,181
Eni SpA		9,067		147,719
EXOR SpA		315		14,118
Finmeccanica SpA*		1,940		28,101
Intesa Sanpaolo SpA		75,783		260,062
Intesa Sanpaolo SpA-RSP		3,830		12,035
Luxottica Group SpA		528		35,312
Mediobanca SpA		4,341		41,599
Prysmian SpA		745		16,294
Saipem SpA*(b)		994		8,591
Snam SpA		7,710		39,182
Telecom Italia SpA*(b)		36,745		47,519
Telecom Italia SpA-RSP		22,817		26,277
Terna Rete Elettrica Nazionale SpA		6,169		30,373
UniCredit SpA		15,656		91,887
Unione di Banche Italiane SpA		1,945		13,234
UnipolSai SpA		3,717		9,590
				1,079,590
Japan — 16.6%
Acom Co. Ltd.*		4,500		22,336
Aeon Co. Ltd.		5,000		77,579
AEON Financial Service Co. Ltd.		200		4,608

	Number of Shares		Value
Japan (Continued)
AISIN SEIKI Co. Ltd.		300	$	12,015
Ajinomoto Co., Inc.		1,000		22,929
Alfresa Holdings Corp.		100		1,982
Alps Electric Co. Ltd.		500		15,719
Amada Holdings Co. Ltd.		1,100		10,830
ANA Holdings, Inc.		1,000		2,815
Asahi Glass Co. Ltd.		1,000		5,881
Asahi Group Holdings Ltd.		3,800		119,155
Asahi Kasei Corp.		2,000		13,682
ASICS Corp.		200		4,569
Astellas Pharma, Inc.		10,600		149,270
Bandai Namco Holdings, Inc.		200		4,453
Bridgestone Corp.		3,600		128,091
Brother Industries Ltd.		300		3,590
Calbee, Inc.		100		4,135
Canon, Inc.		5,300		159,990
Casio Computer Co. Ltd.		500		11,028
Central Japan Railway Co.		300		53,578
Chubu Electric Power Co., Inc.		4,900		67,609
Chugai Pharmaceutical Co. Ltd.		200		6,986
Chugoku Electric Power Co., (The), Inc.		100		1,281
Citizen Holdings Co. Ltd.		5,100		37,701
Credit Saison Co. Ltd.		100		1,888
Daicel Corp.		300		4,392
Daihatsu Motor Co. Ltd.		100		1,298
Dai-ichi Life Insurance Co. Ltd. (The)		5,100		88,245
Daiichi Sankyo Co. Ltd.		4,300		88,620
Daikin Industries Ltd.		500		35,134
Daito Trust Construction Co. Ltd.		300		31,170
Daiwa House Industry Co. Ltd.		100		2,786
Daiwa Securities Group, Inc.		1,000		6,469
DENSO Corp.		900		42,938
Dentsu, Inc.		400		22,453
Don Quijote Holdings Co. Ltd.		200		7,920
East Japan Railway Co.		800		75,516
Eisai Co. Ltd.		700		45,474
FANUC Corp.		500		89,033
Fast Retailing Co. Ltd.		100		40,439
Fuji Electric Co. Ltd.		1,000		4,606
Fuji Heavy Industries Ltd.		3,200		132,263
FUJIFILM Holdings Corp.		600		24,302
Fujitsu Ltd.		5,000		25,248
GungHo Online Entertainment, Inc.		100		309
Hakuhodo DY Holdings, Inc.		200		2,148
Hamamatsu Photonics KK		300		7,518
Hankyu Hanshin Holdings, Inc.		1,000		6,401
Hino Motors Ltd.		300		3,643
Hirose Electric Co. Ltd.		100		12,169
Hitachi Ltd.		35,200		207,769
Hokuhoku Financial Group, Inc.		52,500		111,312
Hokuriku Electric Power Co.		100		1,367
Honda Motor Co. Ltd.		5,400		175,555
Hoshizaki Electric Co. Ltd.		200		14,054
Hoya Corp.		2,400		97,287
Hulic Co. Ltd.		3,800		34,882
Idemitsu Kosan Co. Ltd.		200		3,311
IHI Corp.		2,000		5,232

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Iida Group Holdings Co. Ltd.		200	$	3,890
INPEX Corp.		4,700		46,675
Isetan Mitsukoshi Holdings Ltd.		4,300		65,565
Isuzu Motors Ltd.		1,000		11,251
ITOCHU Corp.		5,000		61,007
Itochu Techno-Solutions Corp.		100		2,066
Iyo Bank Ltd. (The)		5,000		49,838
J. Front Retailing Co. Ltd.		200		3,300
Japan Airlines Co. Ltd.		100		3,420
Japan Airport Terminal Co. Ltd.		100		5,045
Japan Exchange Group, Inc.		1,200		18,814
Japan Prime Realty Investment Corp. REIT		1		3,452
Japan Real Estate Investment Corp. REIT		2		9,521
Japan Retail Fund Investment Corp. REIT		3		5,739
Japan Tobacco, Inc.		5,300		189,870
JFE Holdings, Inc.		3,800		59,948
JGC Corp.		1,000		16,994
JSR Corp.		100		1,574
JTEKT Corp.		2,600		48,072
JX Holdings, Inc.		10,400		42,183
Kajima Corp.		2,000		10,983
Kakaku.com, Inc.		400		7,630
Kaneka Corp.		1,000		9,862
Kansai Electric Power Co., (The), Inc.*		5,200		58,294
Kansai Paint Co. Ltd.		400		6,310
Kao Corp.		2,700		138,422
Kawasaki Heavy Industries Ltd.		3,000		11,917
KDDI Corp.		8,200		203,701
Keihan Electric Railway Co. Ltd.		3,000		20,008
Keikyu Corp.		1,000		8,099
Keio Corp.		1,000		8,213
Keisei Electric Railway Co. Ltd.		1,000		12,007
Keyence Corp.		100		54,200
Kikkoman Corp.		1,000		32,941
Kintetsu Group Holdings Co. Ltd.		5,000		19,171
Kirin Holdings Co. Ltd.		500		7,033
Kobe Steel Ltd.		1,000		1,170
Koito Manufacturing Co. Ltd.		200		8,123
Komatsu Ltd.		5,300		87,659
Konami Holdings Corp.		300		7,021
Konica Minolta, Inc.		5,100		53,610
KOSE Corp.		100		10,463
Kubota Corp.		2,000		33,363
Kuraray Co. Ltd.		4,900		62,374
Kurita Water Industries Ltd.		400		8,634
Kyocera Corp.		500		23,180
Kyowa Hakko Kirin Co. Ltd.		1,000		17,620
Kyushu Electric Power Co., Inc.*		4,300		45,096
Lawson, Inc.		100		7,595
LIXIL Group Corp.		400		9,352
M3, Inc.		200		4,400
Mabuchi Motor Co. Ltd.		100		5,760
Makita Corp.		100		5,678
Marubeni Corp.		15,300		84,765
Marui Group Co. Ltd.		2,900		43,017
Mazda Motor Corp.		3,300		68,560
McDonald’s Holdings Co. Japan Ltd.		100		2,429

	Number of Shares		Value
Japan (Continued)
Medipal Holdings Corp.		100	$	1,752
MEIJI Holdings Co. Ltd.		200		16,003
Minebea Co. Ltd.		1,100		12,072
Mitsubishi Chemical Holdings Corp.		10,000		65,532
Mitsubishi Corp.		5,400		90,892
Mitsubishi Electric Corp.		3,000		33,217
Mitsubishi Estate Co. Ltd.		2,000		42,071
Mitsubishi Heavy Industries Ltd.		4,000		20,474
Mitsubishi Materials Corp.		1,000		3,534
Mitsubishi Motors Corp.		4,600		40,955
Mitsubishi Tanabe Pharma Corp.		100		1,747
Mitsubishi UFJ Financial Group, Inc.		53,700		344,622
Mitsubishi UFJ Lease & Finance Co. Ltd.		8,900		46,777
Mitsui & Co. Ltd.		10,500		128,798
Mitsui Chemicals, Inc.		2,000		8,335
Mixi, Inc.		300		12,283
Mizuho Financial Group, Inc.		98,800		199,446
MS&AD Insurance Group Holdings, Inc.		4,300		121,280
Murata Manufacturing Co. Ltd.		600		93,095
Nabtesco Corp.		300		6,280
Nagoya Railroad Co. Ltd.		3,000		12,088
NEC Corp.		4,000		13,387
Nexon Co. Ltd.		2,100		33,317
NGK Insulators Ltd.		1,000		23,193
NGK Spark Plug Co. Ltd.		300		8,176
NHK Spring Co. Ltd.		200		2,055
Nidec Corp.		700		54,123
Nikon Corp.		100		1,342
Nintendo Co. Ltd.		500		76,787
Nippon Building Fund, Inc. REIT		2		9,439
Nippon Express Co. Ltd.		1,000		4,517
Nippon Paint Holdings Co. Ltd.		600		15,037
Nippon Prologis REIT, Inc.		2		3,508
Nippon Steel & Sumitomo Metal Corp.		5,410		108,661
Nippon Telegraph & Telephone Corp.		900		33,375
Nippon Yusen KK		1,000		2,600
Nissan Motor Co. Ltd.		10,800		115,326
Nisshin Seifun Group, Inc.		3,550		55,773
Nitori Holdings Co. Ltd.		100		8,237
Nitto Denko Corp.		400		26,957
NOK Corp.		100		2,697
Nomura Holdings, Inc.		15,200		90,163
Nomura Real Estate Master Fund, Inc. REIT*		2		2,413
Nomura Research Institute Ltd.		820		31,008
NSK Ltd.		2,700		33,975
NTT Data Corp.		500		24,370
NTT DOCOMO, Inc.		5,200		98,340
NTT Urban Development Corp.		5,200		50,691
Obayashi Corp.		1,000		9,236
Odakyu Electric Railway Co. Ltd.		1,000		10,171
Oji Holdings Corp.		1,000		4,338
Olympus Corp.		200		7,977
Omron Corp.		200		7,352
Ono Pharmaceutical Co. Ltd.		200		32,023
Oracle Corp. Japan		100		4,874
Oriental Land Co. Ltd.		300		17,052
ORIX Corp.		5,100		73,600

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Osaka Gas Co. Ltd.		1,000	$	3,713
OTSUKA Corp.		100		5,012
Otsuka Holdings Co. Ltd.		400		13,251
Panasonic Corp.		10,700		121,472
Park24 Co. Ltd.		300		6,093
Rakuten, Inc.		4,500		56,734
Recruit Holdings Co. Ltd.		200		6,247
Resona Holdings, Inc.		10,600		51,734
Ricoh Co. Ltd.		5,100		52,284
Rinnai Corp.		100		8,952
ROHM Co. Ltd.		200		10,755
Ryohin Keikaku Co. Ltd.		100		21,576
Santen Pharmaceutical Co. Ltd.		500		7,929
SBI Holdings, Inc.		300		3,400
Secom Co. Ltd.		300		20,561
Sega Sammy Holdings, Inc.		100		1,080
Seibu Holdings, Inc.		200		4,221
Seiko Epson Corp.		400		6,301
Sekisui Chemical Co. Ltd.		400		4,767
Sekisui House Ltd.		4,900		82,854
Seven & i Holdings Co. Ltd.		4,400		197,303
Seven Bank Ltd.		10,300		45,099
Shikoku Electric Power Co., Inc.		100		1,432
Shimadzu Corp.		1,000		16,182
Shimano, Inc.		100		14,842
Shimizu Corp.		1,000		8,392
Shin-Etsu Chemical Co. Ltd.		3,300		186,660
Shinsei Bank Ltd.		1,000		1,901
Shionogi & Co. Ltd.		1,700		74,933
Shiseido Co. Ltd.		2,500		59,819
Showa Shell Sekiyu KK		800		7,051
SMC Corp.		100		26,499
SoftBank Group Corp.		4,300		228,344
Sohgo Security Services Co. Ltd.		200		9,618
Sompo Japan Nipponkoa Holdings, Inc.		100		3,083
Sony Corp.		5,200		134,203
Stanley Electric Co. Ltd.		100		2,214
Sumitomo Chemical Co. Ltd.		3,000		17,206
Sumitomo Corp.		4,900		52,045
Sumitomo Dainippon Pharma Co. Ltd.		100		1,203
Sumitomo Electric Industries Ltd.		4,800		68,315
Sumitomo Heavy Industries Ltd.		1,000		4,744
Sumitomo Mitsui Financial Group, Inc.		5,400		206,042
Sumitomo Mitsui Trust Holdings, Inc.		33,100		126,377
Sumitomo Rubber Industries Ltd.		100		1,350
Suntory Beverage & Food Ltd.		100		3,903
Suzuki Motor Corp.		600		18,448
Sysmex Corp.		200		12,494
T&D Holdings, Inc.		4,900		68,664
Taiheiyo Cement Corp.		1,000		3,087
Taisei Corp.		2,000		12,331
Taiyo Nippon Sanso Corp.		100		956
Takeda Pharmaceutical Co. Ltd.		4,200		204,132
TDK Corp.		200		14,379
Teijin Ltd.		1,000		3,558
Terumo Corp.		2,800		89,391
THK Co. Ltd.		200		3,987

	Number of Shares		Value
Japan (Continued)
Tobu Railway Co. Ltd.		1,000	$	4,874
Toho Co. Ltd.		100		2,660
Tohoku Electric Power Co., Inc.		4,900		57,558
Tokio Marine Holdings, Inc.		5,200		191,779
Tokyo Electric Power Co., Inc.*		7,800		47,776
Tokyo Electron Ltd.		500		33,298
Tokyo Gas Co. Ltd.		2,000		9,555
Tokyu Corp.		3,000		23,323
Tokyu Fudosan Holdings Corp.		10,000		67,344
TonenGeneral Sekiyu KK		1,000		9,651
Toray Industries, Inc.		2,000		18,180
Toshiba Corp.*		46,100		112,685
TOTO Ltd.		500		17,262
Toyo Seikan Group Holdings Ltd.		100		1,968
Toyota Industries Corp.		100		5,305
Toyota Motor Corp.		10,800		671,776
Toyota Tsusho Corp.		300		7,038
Trend Micro, Inc.		200		8,156
Unicharm Corp.		300		6,327
United Urban Investment Corp. REIT		49		65,280
USS Co. Ltd.		3,900		62,001
West Japan Railway Co.		400		25,264
Yahoo Japan Corp.		5,300		21,829
Yakult Honsha Co. Ltd.		100		4,939
Yamada Denki Co. Ltd.		5,300		23,852
Yamaha Corp.		100		2,518
Yamaha Motor Co. Ltd.		400		9,764
Yamato Holdings Co. Ltd.		4,600		87,964
Yaskawa Electric Corp.		200		2,640
Yokogawa Electric Corp.		200		2,388
				10,663,267
Jersey Island — 0.0%
Randgold Resources Ltd.		368		22,402
Luxembourg — 0.2%
ArcelorMittal (b)		3,352		16,440
Millicom International Cellular SA SDR		212		12,469
RTL Group SA		159		13,910
SES SA FDR		1,120		31,086
Tenaris SA		1,595		20,947
				94,852
Macau — 0.1%
MGM China Holdings Ltd.		5,463		7,187
Sands China Ltd.		8,746		29,554
Wynn Macau Ltd.		7,242		9,013
				45,754
Malaysia — 0.8%
Alliance Financial Group Bhd		10,600		8,900
AMMB Holdings Bhd		10,500		11,303
Astro Malaysia Holdings Bhd		15,600		10,427
Axiata Group Bhd		100		144
Berjaya Sports Toto Bhd		15,025		10,888
British American Tobacco Malaysia Bhd		100		1,357
Bumi Armada Bhd		5,050		1,232
Dialog Group Bhd		21,010		8,031

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Malaysia (Continued)
DiGi.Com Bhd		21,000	$	24,625
Felda Global Ventures Holdings Bhd		15,800		6,559
Genting Malaysia Bhd		20,900		21,566
Genting Plantations Bhd		5,100		12,271
Hartalega Holdings Bhd		800		1,013
Hong Leong Bank Bhd		5,300		16,854
Hong Leong Financial Group Bhd		3,400		11,163
IHH Healthcare Bhd		15,700		23,344
IJM Corp. Bhd		10,400		8,293
IOI Corp. Bhd		15,600		15,915
Kuala Lumpur Kepong Bhd		5,100		27,438
Lafarge Malaysia Bhd		5,300		11,311
Malayan Banking Bhd		22,100		43,122
Malaysia Airports Holdings Bhd		5,200		6,610
Maxis Bhd		15,700		24,154
MISC Bhd		5,100		11,051
Petronas Chemicals Group Bhd		10,500		16,597
Petronas Dagangan Bhd		3,300		19,348
Petronas Gas Bhd		5,200		27,951
PPB Group Bhd		100		370
Public Bank Bhd		10,400		44,829
Sime Darby Bhd		10,400		19,293
Telekom Malaysia Bhd		10,400		15,878
Tenaga Nasional Bhd		5,700		17,859
UMW Holdings Bhd		5,300		9,919
YTL Corp. Bhd		12,400		4,595
YTL Power International Bhd		15,265		5,549
				499,759
Malta — 0.0%
Brait SE*		1,225		13,585
Mexico — 0.9%
Alfa SAB de CV, Class A		10,098		20,424
America Movil SAB de CV, Series L (b)		125,817		101,924
Arca Continental SAB de CV		1,332		8,384
Cemex SAB de CV*		41,905		26,566
Coca-Cola Femsa SAB de CV, Series L		1,332		10,291
Controladora Comercial Mexicana SAB de CV		1,332		4,218
El Puerto de Liverpool SAB de CV, Class C1		1,332		17,611
Fibra Uno Administracion SA de CV REIT		7,980		18,537
Fomento Economico Mexicano SAB de CV		7,526		72,830
Fresnillo PLC (e)		1,005		10,822
Gentera SAB de CV		3,988		7,808
Grupo Aeroportuario del Sureste SAB de CV, Class B		423		6,405
Grupo Bimbo SAB de CV, Series A*		5,323		14,731
Grupo Carso SAB de CV, Series A1		1,329		5,885
Grupo Comercial Chedraui SA de CV		1,332		3,618
Grupo Financiero Banorte SAB de CV, Class O		9,770		52,739
Grupo Financiero Inbursa SAB de CV, Class O		11,983		22,921
Grupo Financiero Santander Mexico SAB de CV, Class B		7,125		13,843
Grupo Mexico SAB de CV, Series B		14,643		32,054

	Number of Shares		Value
Mexico (Continued)
Grupo Televisa SAB, Series CPO		10,042	$	56,545
Industrias Penoles SAB de CV		1,011		12,649
Kimberly-Clark de Mexico SAB de CV, Class A		5,323		12,577
Mexichem SAB de CV		3,988		9,872
OHL Mexico SAB de CV*		2,234		2,667
Promotora y Operadora de Infraestructura SAB de CV*		293		3,563
Wal-Mart de Mexico SAB de CV		19,958		52,826
				602,310
Netherlands — 2.5%
Aegon NV		6,702		41,041
Akzo Nobel NV		862		61,311
Altice NV, Class A*		1,113		17,098
Altice NV, Class B*		371		5,768
ASML Holding NV		1,341		123,930
Gemalto NV		315		19,875
Heineken Holding NV		350		27,535
Heineken NV		782		69,535
ING Groep NV		13,969		191,792
Koninklijke Ahold NV		2,788		60,651
Koninklijke Boskalis Westminster NV		400		17,801
Koninklijke DSM NV		633		32,206
Koninklijke KPN NV		11,802		44,902
Koninklijke Philips NV		3,483		95,237
Koninklijke Vopak NV		254		11,022
NN Group NV		866		29,581
NXP Semiconductors NV*		800		74,768
OCI NV*(b)		409		10,326
QIAGEN NV*		822		21,829
Randstad Holding NV		507		31,706
Royal Dutch Shell PLC, Class A		14,448		357,517
Royal Dutch Shell PLC, Class B		8,922		221,985
TNT Express NV		2,023		16,479
Wolters Kluwer NV		1,226		42,364
				1,626,259
New Zealand — 0.2%
Auckland International Airport Ltd.		11,209		38,957
Contact Energy Ltd.		7,799		25,566
Fletcher Building Ltd.		3,134		15,039
Meridian Energy Ltd.		9,828		15,009
Ryman Healthcare Ltd.		4,299		22,214
Spark New Zealand Ltd.		7,971		17,498
				134,283
Norway — 0.4%
DNB ASA		3,655		48,113
Gjensidige Forsikring ASA		957		15,450
Norsk Hydro ASA		5,058		19,556
Orkla ASA		3,105		25,224
Schibsted ASA, Class B*		63		2,197
Statoil ASA		3,804		58,829
Telenor ASA		2,911		50,747
Yara International ASA		718		33,237
				253,353

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Peru — 0.1%
Cia de Minas Buenaventura SAA, ADR*		1,244	$	5,896
Southern Copper Corp. (b)		1,452		37,360
				43,256
Philippines — 0.3%
Aboitiz Equity Ventures, Inc.		13,820		16,593
Aboitiz Power Corp.		15,700		13,988
Alliance Global Group, Inc.		10,300		3,868
Ayala Corp.		1,060		16,707
Ayala Land, Inc.		26,400		18,957
Bank of the Philippine Islands		6,860		12,151
BDO Unibank, Inc.		6,340		13,584
DMCI Holdings Inc.		9,800		2,802
Energy Development Corp.		26,500		3,485
International Container Terminal Services, Inc.		5,290		8,248
JG Summit Holdings, Inc.		2,650		3,977
Jollibee Foods Corp.		2,640		11,257
Megaworld Corp.		48,100		4,531
Metro Pacific Investments Corp.		45,600		5,069
Metropolitan Bank & Trust Company		4,240		7,241
Philippine Long Distance Telephone Co.		190		8,263
SM Investments Corp.		1,030		18,463
SM Prime Holdings, Inc.		42,200		19,247
Universal Robina Corp.		5,280		22,625
				211,056
Poland — 0.4%
Alior Bank SA*		692		12,521
Bank Handlowy w Warszawie SA		159		2,824
Bank Pekao SA		799		27,098
Bank Zachodni WBK SA*		421		27,150
CCC SA		385		15,148
Cyfrowy Polsat SA*		5,198		30,948
LPP SA		13		21,901
Orange Polska SA		2,545		4,258
PGE Polska Grupa Energetyczna SA		5,948		19,517
Polski Koncern Naftowy Orlen SA		1,027		17,264
Polskie Gornictwo Naftowe i Gazownictwo SA		8,578		11,442
Powszechny Zaklad Ubezpieczen SA		3,160		30,184
				220,255
Portugal — 0.1%
Banco Comercial Portugues SA, Class R*(b)		139,826		7,475
Banco Espirito Santo SA*		587		0
EDP — Energias de Portugal SA		9,166		30,554
Galp Energia SGPS SA		1,354		14,406
Jeronimo Martins SGPS SA		2,441		33,876
				86,311
Qatar — 0.2%
Barwa Real Estate Co.		852		8,890
Ezdan Holding Group QSC		2,275		9,988
Gulf International Services QSC		210		2,710
Industries Qatar QSC		367		10,127
Masraf Al Rayan		1,332		13,057

	Number of Shares		Value
Qatar (Continued)
Qatar Electricity & Water Co.		243	$	13,011
Qatar Insurance Co. SAQ		296		6,754
Qatar Islamic Bank SAQ		103		3,295
Qatar National Bank SAQ		582		25,569
Vodafone Qatar QSC		756		2,541
				95,942
Romania — 0.0%
New Europe Property Investments PLC		300		3,455
Russia — 0.7%
Gazprom PAO, ADR		8,823		36,448
Lukoil PJSC, ADR		1,332		51,322
Magnit PJSC, GDR		1,523		73,439
MegaFon PJSC, GDR		1,382		20,937
Mobile TeleSystems PJSC, ADR		3,206		22,602
NovaTek OAO, GDR		672		62,899
Rosneft Oil Co. OJSC, GDR		8,780		35,296
Severstal PAO, GDR		2,759		29,521
Sistema JSFC, GDR		1,768		11,846
Surgutneftegas OJSC, ADR		6,958		34,790
VTB Bank PJSC, GDR		16,083		34,289
				413,389
Singapore — 0.9%
Ascendas Real Estate Investment Trust REIT		15,500		26,263
CapitaLand Commercial Trust REIT		27,300		25,354
CapitaLand Ltd.		12,400		26,549
CapitaLand Mall Trust REIT		15,300		20,663
ComfortDelGro Corp. Ltd.		20,300		42,167
DBS Group Holdings Ltd.		9,900		115,806
Genting Singapore PLC		24,200		13,039
Global Logistic Properties Ltd.		10,400		14,525
Golden Agri-Resources Ltd.		10,400		2,654
Hutchison Port Holdings Trust, Class U		26,500		14,310
Keppel Corp. Ltd.		5,400		25,075
Oversea-Chinese Banking Corp. Ltd.		10,000		61,465
Sembcorp Marine Ltd.		1,100		1,607
Singapore Exchange Ltd.		600		3,207
Singapore Press Holdings Ltd.		1,300		3,705
Singapore Technologies Engineering Ltd.		14,900		30,211
Singapore Telecommunications Ltd.		37,200		101,007
United Overseas Bank Ltd.		1,200		16,496
Wilmar International Ltd.		10,400		21,087
				565,190
South Africa — 1.1%
Anglo American Platinum Ltd.*		106		1,467
AngloGold Ashanti Ltd.*		1,711		10,809
Aspen Pharmacare Holdings Ltd.*		840		18,165
Barclays Africa Group Ltd.		748		8,221
Bidvest Group Ltd. (The)		788		18,372
Capitec Bank Holdings Ltd.		110		4,566
Discovery Ltd.		35		349
Exxaro Resources Ltd.		1,272		3,960
FirstRand Ltd.		10,435		33,941
Fortress Income Fund Ltd.		2,779		7,759

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
South Africa (Continued)
Foschini Group Ltd. (The)		338	$	3,028
Gold Fields Ltd.		3,118		7,933
Growthpoint Properties Ltd. REIT		298		497
Impala Platinum Holdings Ltd.*		2,035		4,451
Imperial Holdings Ltd.		47		494
Investec Ltd.		225		1,883
Investec PLC		2,014		17,138
Life Healthcare Group Holdings Ltd.		248		612
Mediclinic International Ltd.		1,216		9,673
Mondi Ltd.		442		10,049
Mondi PLC		1,270		29,533
Mr Price Group Ltd.		513		7,133
MTN Group Ltd.		5,571		55,941
Naspers Ltd., Class N		1,421		211,817
Nedbank Group Ltd.		127		1,853
Netcare Ltd.		907		2,259
PSG Group Ltd.		282		5,269
Remgro Ltd.		1,452		26,074
RMB Holdings Ltd.		1,044		4,413
Sanlam Ltd.		4,402		18,758
Sappi Ltd.*		1,725		7,470
Sasol Ltd.		2,157		60,067
Shoprite Holdings Ltd.		1,057		10,381
SPAR Group Ltd. (The)		259		3,253
Standard Bank Group Ltd.		3,910		35,119
Steinhoff International Holdings Ltd.		7,438		41,677
Telkom SA SOC Ltd.		187		800
Tiger Brands Ltd.		250		5,762
Truworths International Ltd.		833		5,446
Vodacom Group Ltd.		1,001		10,110
Woolworths Holdings Ltd.		3,046		21,492
				727,994
South Korea — 3.2%
Amorepacific Corp.		106		36,934
AMOREPACIFIC Group		96		12,725
BGF Retail Co. Ltd.		26		4,030
BNK Financial Group, Inc.		943		7,923
Celltrion, Inc.*		386		28,765
Cheil Worldwide, Inc.*		530		9,359
CJ CheilJedang Corp.		51		15,876
CJ Corp.		60		13,108
CJ E&M Corp.*		100		7,288
Coway Co. Ltd.		316		23,058
Daelim Industrial Co. Ltd.		105		6,546
Daewoo International Corp.		157		2,596
Daewoo Securities Co. Ltd.		157		1,403
DGB Financial Group, Inc.		1,010		9,070
Dongbu Insurance Co. Ltd.		353		18,929
Dongsuh Cos., Inc.		14		446
Doosan Corp.		1		90
Doosan Heavy Industries & Construction Co. Ltd.		105		2,140
E-MART, Inc.		106		19,588
GS Engineering & Construction Corp.*		262		4,955
GS Holdings		106		4,622
GS Retail Co. Ltd.		100		4,767

	Number of Shares		Value
South Korea (Continued)
Hana Financial Group, Inc.		1,046	$	23,033
Hankook Tire Co. Ltd.		371		14,785
Hanmi Pharm. Co. Ltd.*		31		21,255
Hanmi Science Co. Ltd.*		45		5,790
Hanon Systems		317		12,496
Hanssem Co. Ltd.		25		5,106
Hanwha Chemical Corp.		745		16,019
Hanwha Corp.		371		11,661
Hanwha Life Insurance Co. Ltd.		2,129		14,046
Hotel Shilla Co. Ltd.		51		3,986
Hyosung Corp.		141		14,063
Hyundai Department Store Co. Ltd.		104		11,360
Hyundai Development Co.-Engineering & Construction		213		7,541
Hyundai Engineering & Construction Co. Ltd.		210		5,794
Hyundai Glovis Co. Ltd.		104		17,153
Hyundai Heavy Industries Co. Ltd.*		106		8,293
Hyundai Marine & Fire Insurance Co. Ltd.		551		16,130
Hyundai Mobis Co. Ltd.		265		57,094
Hyundai Motor Co.		514		65,468
Hyundai Steel Co.		304		13,335
Hyundai Wia Corp.		105		10,971
Industrial Bank of Korea		265		3,043
Kakao Corp.		51		5,311
Kangwon Land, Inc.		530		17,483
KB Financial Group, Inc.		1,183		36,009
KCC Corp.		37		14,681
KEPCO Plant Service & Engineering Co. Ltd.		18		1,570
Kia Motors Corp.		906		41,073
Korea Aerospace Industries Ltd.		353		25,575
Korea Electric Power Corp.		679		28,701
Korea Gas Corp.		85		2,815
Korea Investment Holdings Co. Ltd.		258		12,186
Korea Zinc Co. Ltd.		53		20,824
KT Corp.*		157		4,060
KT&G Corp.		581		53,682
Kumho Petrochemical Co. Ltd.		146		7,413
LG Chem Ltd.		202		55,469
LG Corp.		232		14,745
LG Display Co. Ltd.		692		15,178
LG Electronics, Inc.		368		17,223
LG Household & Health Care Ltd.		53		46,133
LG Innotek Co. Ltd.		52		4,472
LG Uplus Corp.		1,594		14,659
Lotte Chemical Corp.		87		18,068
Lotte Shopping Co. Ltd.		53		10,755
Mirae Asset Securities Co. Ltd.		204		3,497
NAVER Corp.		102		55,578
NCSoft Corp.		94		18,061
NH Investment & Securities Co. Ltd.		106		938
OCI Co. Ltd.		139		9,134
Orion Corp.		34		33,499
Paradise Co. Ltd.		104		1,805
POSCO		314		45,824
S-1 Corp.		157		12,771

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, 2015 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
Samsung C&T Corp.*		270	$	34,040
Samsung Card Co. Ltd.		336		9,125
Samsung Electro-Mechanics Co. Ltd.		212		12,668
Samsung Electronics Co. Ltd.		380		421,329
Samsung Fire & Marine Insurance Co. Ltd.		179		47,376
Samsung Heavy Industries Co. Ltd.		422		4,209
Samsung Life Insurance Co. Ltd.		370		32,909
Samsung SDI Co. Ltd.		232		24,040
Samsung SDS Co. Ltd.		94		21,186
Samsung Securities Co. Ltd.		265		10,126
Shinhan Financial Group Co. Ltd.		1,489		53,296
Shinsegae Co. Ltd.		53		11,465
SK Holdings Co. Ltd.		142		33,107
SK Hynix, Inc.		1,962		53,538
SK Innovation Co. Ltd.*		127		13,983
SK Telecom Co. Ltd.		53		10,709
S-Oil Corp.		105		6,728
Woori Bank		97		795
Yuhan Corp.		52		12,438
				2,054,899
Spain — 2.3%
Abertis Infraestructuras SA		1,650		25,548
ACS Actividades de Construccion y Servicios SA		995		32,453
Aena SA, 144A*		265		30,056
Amadeus IT Holding SA, Class A		1,462		58,643
Banco Bilbao Vizcaya Argentaria SA		23,312		193,495
Banco de Sabadell SA		15,945		29,431
Banco Popular Espanol SA		6,841		24,105
Banco Santander SA		51,359		280,432
Bankia SA		19,664		24,640
Bankinter SA		3,395		24,574
CaixaBank SA		8,163		29,901
Distribuidora Internacional de Alimentacion SA*		1,754		11,088
Enagas SA		906		27,003
Endesa SA		105		2,172
Ferrovial SA		1,490		35,295
Gas Natural SDG SA		1,384		29,940
Grifols SA		527		25,011
Iberdrola SA		19,393		135,867
Industria de Diseno Textil SA		4,143		149,090
Mapfre SA		5,969		16,378
Red Electrica Corp. SA		476		40,837
Repsol SA		3,727		48,612
Telefonica SA (b)		17,825		219,875
Zardoya Otis SA		421		5,093
				1,499,539
Sweden — 2.0%
Alfa Laval AB		1,009		18,660
Assa Abloy AB, Class B		3,546		75,418
Atlas Copco AB, Class A		2,615		70,099
Atlas Copco AB, Class B		1,497		37,040
Boliden AB		1,257		23,103
Electrolux AB, Series B		1,219		35,780

	Number of Shares		Value
Sweden (Continued)
Getinge AB, Class B		703	$	17,797
Hennes & Mauritz AB, Class B		3,466		128,557
Hexagon AB, Class B		1,220		44,272
Husqvarna AB, Class B		1,615		10,527
ICA Gruppen AB (b)		213		7,502
Industrivarden AB, Class C		789		14,130
Investment AB Kinnevik, Class B		843		25,932
Investor AB, Class B		1,398		53,280
Lundin Petroleum AB*(b)		792		12,668
Nordea Bank AB		10,092		111,834
Sandvik AB (b)		3,951		40,929
Securitas AB, Class B		1,103		16,832
Skandinaviska Enskilda Banken AB, Class A		5,380		57,212
Skanska AB, Class B		1,173		23,348
SKF AB, Class B		1,399		24,397
Svenska Cellulosa AB SCA, Class B		1,821		52,531
Svenska Handelsbanken AB, Class A		4,545		61,178
Swedbank AB, Class A		3,150		69,777
Swedish Match AB		577		19,906
Tele2 AB, Class B		1,011		10,293
Telefonaktiebolaget LM Ericsson, Class B		11,415		111,182
TeliaSonera AB		7,918		38,865
Volvo AB, Class B		5,968		61,720
				1,274,769
Switzerland — 7.1%
ABB Ltd.*		8,008		151,855
Actelion Ltd.*		370		51,966
Adecco SA*		612		41,877
Aryzta AG*		315		14,797
Baloise Holding AG		212		25,757
Barry Callebaut AG*(b)		16		16,640
Cie Financiere Richemont SA		1,967		147,212
Coca-Cola HBC AG CDI*		852		20,672
Credit Suisse Group AG*		5,151		110,745
Dufry AG*(b)		77		9,213
EMS-Chemie Holding AG		52		21,202
Galenica AG		7		10,233
Geberit AG		158		52,843
Givaudan SA*		50		90,246
Glencore PLC*		42,152		61,396
Julius Baer Group Ltd.*		692		33,119
Kuehne + Nagel International AG		317		42,858
LafargeHolcim Ltd.*		1,545		82,592
Lonza Group AG*		158		24,970
Nestle SA		12,624		936,815
Novartis AG		8,483		725,159
Pargesa Holding SA		156		9,803
Partners Group Holding AG		104		37,553
Roche Holding AG		2,609		698,624
Schindler Holding AG		106		17,381
Schindler Holding AG Participation Certificates		211		34,721
SGS SA		30		57,384
Sika AG		5		16,936
Sonova Holding AG		254		32,045

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, 2015 (Unaudited)

	Number of Shares		Value
Switzerland (Continued)
STMicroelectronics NV		2,453	$	17,826
Sulzer AG		105		10,961
Swatch Group AG (The) — Bearer (b)		123		43,254
Swatch Group AG (The) — Registered		159		10,478
Swiss Life Holding AG*		91		22,952
Swiss Prime Site AG*		475		35,526
Swiss Re AG		1,330		126,750
Swisscom AG		152		74,903
Syngenta AG		366		134,931
Transocean Ltd. (b)		1,265		18,258
UBS Group AG		14,494		278,230
Wolseley PLC		957		55,549
Zurich Insurance Group AG*		603		158,772
				4,565,004
Taiwan — 2.3%
Acer, Inc.*		30,306		11,234
Advanced Semiconductor Engineering, Inc.		26,922		28,331
Advantech Co. Ltd.		1,474		9,686
Asustek Computer, Inc.		2,207		18,255
AU Optronics Corp.		60,793		16,278
Casetek Holdings Ltd.		1,055		5,204
Catcher Technology Co. Ltd.		2,851		27,600
Cathay Financial Holding Co. Ltd.		39,594		55,372
Chailease Holding Co. Ltd.		1,587		2,684
Chang Hwa Commercial Bank Ltd.		7,014		3,438
Cheng Shin Rubber Industry Co. Ltd.		2,488		4,169
Chicony Electronics Co. Ltd.		1,668		3,848
China Airlines Ltd.*		455		151
China Development Financial Holding Corp.		43,383		11,177
China Life Insurance Co. Ltd.		9,658		7,841
China Steel Corp.		11,644		6,474
Chunghwa Telecom Co. Ltd.		10,104		30,892
Compal Electronics, Inc.		16,243		9,007
CTBC Financial Holding Co. Ltd.		59,854		31,355
Delta Electronics, Inc.		8,526		40,877
E.Sun Financial Holding Co. Ltd.		18,128		10,913
Eclat Textile Co. Ltd.		884		11,889
EVA Airways Corp.*		919		462
Evergreen Marine Corp. (Taiwan) Ltd.		3,144		1,247
Far Eastern New Century Corp.		2,300		1,860
Far EasTone Telecommunications Co. Ltd.		3,356		7,063
Feng Tay Enterprise Co. Ltd.		2,036		11,196
First Financial Holding Co. Ltd.		12,798		5,960
Formosa Chemicals & Fibre Corp.		6,434		13,916
Formosa Petrochemical Corp.		609		1,440
Formosa Plastics Corp.		6,506		14,689
Foxconn Technology Co. Ltd.		4,870		10,921
Fubon Financial Holding Co. Ltd.		28,722		45,755
Giant Manufacturing Co. Ltd.		648		4,377
Hermes Microvision, Inc.		162		5,782
Hiwin Technologies Corp.		641		2,995
Hon Hai Precision Industry Co. Ltd.		68,744		176,904
Hotai Motor Co. Ltd.		830		8,976
HTC Corp.		1,556		3,866

	Number of Shares		Value
Taiwan (Continued)
Hua Nan Financial Holdings Co. Ltd.		8,191	$	3,827
Innolux Corp.		81,899		25,065
Inotera Memories, Inc.*		15,254		10,328
Inventec Corp.		10,528		6,128
Largan Precision Co. Ltd.		487		37,522
Lite-On Technology Corp.		4,477		4,595
MediaTek, Inc.		5,833		46,550
Mega Financial Holding Co. Ltd.		25,969		17,900
Merida Industry Co. Ltd.		402		2,235
Nan Ya Plastics Corp.		22,511		40,412
Novatek Microelectronics Corp.		1,959		7,112
OBI Pharma, Inc.*		400		8,284
Pegatron Corp.		7,296		19,245
Phison Electronics Corp.		574		4,379
Pou Chen Corp.		6,910		9,198
Powertech Technology, Inc.		2,983		6,443
President Chain Store Corp.		1,857		11,890
Quanta Computer, Inc.		8,999		14,060
Radiant Opto-Electronics Corp.		1,285		3,362
Realtek Semiconductor Corp.		1,223		2,525
Siliconware Precision Industries Co. Ltd.		11,529		15,187
Simplo Technology Co. Ltd.		746		2,560
Standard Foods Corp.		1,000		2,350
Synnex Technology International Corp.		2,984		2,893
Taiwan Mobile Co. Ltd.		3,809		11,506
Taiwan Semiconductor Manufacturing Co. Ltd.		101,007		430,120
Transcend Information, Inc.		347		907
Uni-President Enterprises Corp.		14,549		23,979
United Microelectronics Corp.		52,225		18,959
Vanguard International Semiconductor Corp.		3,661		4,430
Wistron Corp.		6,177		3,226
WPG Holdings Ltd.		5,041		4,880
Yuanta Financial Holding Co. Ltd.		42,738		16,170
Zhen Ding Technology Holding Ltd.		1,624		4,612
				1,486,923
Thailand — 0.4%
Bangkok Bank PCL, NVDR		8,500		39,725
Indorama Ventures PCL, NVDR		30,700		19,530
IRPC PCL, NVDR		137,004		16,055
Kasikornbank PCL, NVDR		9,000		42,941
Krung Thai Bank PCL, NVDR		53,000		25,140
PTT Exploration & Production PCL, NVDR		22,000		40,053
PTT PCL, NVDR		5,900		42,143
Siam Commercial Bank PCL, NVDR		10,400		38,158
Thai Oil PCL, NVDR		4,900		7,998
				271,743
Turkey — 0.4%
Akbank TAS		6,968		16,575
Anadolu Efes Biracilik Ve Malt Sanayii AS		472		3,231
Arcelik AS		1,512		8,200
BIM Birlesik Magazalar AS		798		14,929
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		10,847		10,351

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, 2015 (Unaudited)

	Number of Shares		Value
Turkey (Continued)
Enka Insaat ve Sanayi AS		4,374	$	7,192
Eregli Demir ve Celik Fabrikalari TAS		13,107		16,917
Ford Otomotiv Sanayi AS		1,351		15,164
Haci Omer Sabanci Holding AS		4,240		11,862
KOC Holding AS		4,515		18,582
TAV Havalimanlari Holding AS		2,332		16,842
Tofas Turk Otomobil Fabrikasi AS		1,258		8,304
Tupras Turkiye Petrol Rafinerileri AS*		588		14,522
Turk Hava Yollari Anonim Ortakligi*		2,545		6,692
Turk Telekomunikasyon AS		3,452		7,110
Turkcell Iletisim Hizmetleri AS		3,344		12,741
Turkiye Garanti Bankasi AS		9,511		23,898
Turkiye Halk Bankasi AS		2,120		7,932
Turkiye Is Bankasi, Class C		6,011		9,759
Turkiye Sise ve Cam Fabrikalari AS		10,401		10,532
Turkiye Vakiflar Bankasi TAO, Class D		1,755		2,398
Ulker Biskuvi Sanayi AS		318		2,053
Yapi ve Kredi Bankasi AS		1,541		1,777
				247,563
United Arab Emirates — 0.2%
Abu Dhabi Commercial Bank PJSC		5,323		9,059
Aldar Properties PJSC		11,983		7,635
Arabtec Holding PJSC*		3,499		1,048
DP World Ltd.		1,332		24,908
Dubai Financial Market PJSC		6,586		2,134
Dubai Islamic Bank PJSC		2,667		4,648
Emaar Malls Group PJSC*		17,404		13,553
Emaar Properties PJSC		12,973		20,382
Emirates Telecommunications Group Co. PJSC		2,400		10,783
First Gulf Bank PJSC		8,534		27,884
National Bank of Abu Dhabi PJSC		4,031		8,396
				130,430
United Kingdom — 13.3%
3i Group PLC		3,664		27,730
Aberdeen Asset Management PLC		3,451		16,601
Admiral Group PLC		797		19,458
Aggreko PLC		1,010		15,288
Amec Foster Wheeler PLC		2,062		13,522
Anglo American PLC		9,717		59,805
ARM Holdings PLC		5,170		87,520
Ashtead Group PLC		1,512		24,936
Associated British Foods PLC		1,329		70,977
AstraZeneca PLC		4,744		321,699
Auto Trader Group PLC, 144A*		2,700		16,522
Aviva PLC		14,137		108,907
Babcock International Group PLC		1,014		16,356
BAE Systems PLC		10,622		82,628
Barclays PLC		58,359		196,180
Barratt Developments PLC		3,535		31,997
BG Group PLC		12,700		197,299
BP PLC		67,769		393,211
British American Tobacco PLC		6,902		402,081
British Land Co. PLC REIT		3,715		46,663
BT Group PLC		30,219		225,947
Bunzl PLC		1,224		35,394

	Number of Shares		Value
United Kingdom (Continued)
Burberry Group PLC		1,597	$	29,945
Capita PLC		2,455		47,032
Centrica PLC		18,181		59,721
CNH Industrial NV		3,397		24,998
Cobham PLC		3,875		17,707
Compass Group PLC		5,370		93,332
Croda International PLC		580		25,053
Diageo PLC		9,289		267,211
Direct Line Insurance Group PLC		4,682		29,038
Dixons Carphone PLC		3,400		24,820
easyJet PLC		686		17,078
Fiat Chrysler Automobiles NV*		3,689		52,696
G4S PLC		5,534		18,912
GKN PLC		6,598		29,861
GlaxoSmithKline PLC		18,461		376,883
Hammerson PLC REIT		2,537		23,327
Hargreaves Lansdown PLC		906		20,413
HSBC Holdings PLC		71,673		571,575
ICAP PLC		2,125		16,290
IMI PLC		1,009		14,497
Imperial Tobacco Group PLC		3,586		193,782
Inmarsat PLC		1,700		28,548
InterContinental Hotels Group PLC		808		31,105
International Consolidated Airlines Group SA*		3,821		32,567
Intertek Group PLC		641		27,292
Intu Properties PLC REIT		3,080		15,006
ITV PLC		15,438		63,010
J Sainsbury PLC		4,447		16,999
Johnson Matthey PLC		797		33,970
Kingfisher PLC		8,949		47,631
Land Securities Group PLC REIT		3,026		56,102
Legal & General Group PLC		20,853		85,269
Lloyds Banking Group PLC		207,327		227,820
London Stock Exchange Group PLC		800		31,929
Marks & Spencer Group PLC		6,169		46,688
Meggitt PLC		2,814		16,431
Melrose Industries PLC		3,453		15,092
Merlin Entertainments PLC, 144A		1,854		11,426
National Grid PLC		14,354		200,144
Next PLC		560		66,798
Old Mutual PLC		17,532		55,186
Pearson PLC		3,184		39,610
Persimmon PLC*		1,119		32,274
Petrofac Ltd.		1,078		13,394
Provident Financial PLC		271		14,579
Prudential PLC		9,398		217,905
Reckitt Benckiser Group PLC		2,502		234,762
RELX NV		4,078		70,596
RELX PLC		4,127		74,463
Rexam PLC		2,598		22,675
Rio Tinto Ltd.		1,576		52,327
Rio Tinto PLC		4,657		154,901
Rolls-Royce Holdings PLC — Entitlement*		6,619		60,461
Rolls-Royce Holdings PLC*		613,581		924
Royal Bank of Scotland Group PLC*		8,609		39,209
Royal Mail PLC		2,491		18,237

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, 2015 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
RSA Insurance Group PLC		3,293	$	21,817
SABMiller PLC		4,824		292,904
Sage Group PLC (The)		4,199		37,091
Schroders PLC		475		21,433
Segro PLC REIT		2,235		14,851
Severn Trent PLC		1,063		36,054
Sky PLC		3,864		64,364
Smith & Nephew PLC		3,493		59,184
Smiths Group PLC		1,436		22,341
Sports Direct International PLC*		1,010		11,120
SSE PLC		3,672		79,306
St James’s Place PLC		1,200		18,362
Standard Chartered PLC		9,376		78,683
Standard Life PLC		6,919		43,402
Tate & Lyle PLC		2,019		17,941
Taylor Wimpey PLC		11,863		34,769
Tesco PLC*		29,843		75,150
Travis Perkins PLC		904		27,679
Unilever NV		5,781		253,630
Unilever PLC		4,881		208,334
United Utilities Group PLC		2,756		40,117
Vodafone Group PLC		102,433		345,958
Weir Group PLC (The)		798		14,446
Whitbread PLC		633		43,359
William Hill PLC		3,026		16,297
Wm Morrison Supermarkets PLC (b)		8,189		18,808
WPP PLC		5,301		122,551
				8,540,173
United States — 0.3%
Carnival PLC		647		33,764
Thomson Reuters Corp.		1,332		53,871
Valeant Pharmaceuticals International, Inc.*		1,299		117,065
				204,700
TOTAL COMMON STOCKS (Cost $68,348,740)				63,405,544
PREFERRED STOCKS — 1.0%
Brazil — 0.4%
Banco Bradesco SA		9,846		53,747
Braskem SA, Class A		780		5,286
Centrais Eletricas Brasileiras SA, Class B		1,197		3,212
Cia Brasileira de Distribuicao		519		6,573
Cia Energetica de Minas Gerais		2,387		4,072
Cia Paranaense de Energia, Class B		104		772
Gerdau SA		5,926		9,343
Itau Unibanco Holding SA		11,536		82,860
Itausa — Investimentos Itau SA		14,089		26,401
Lojas Americanas SA		2,138		9,527
Petroleo Brasileiro SA*		14,546		28,836
Suzano Papel e Celulose SA, Class A		1,332		6,541
Telefonica Brasil SA		1,067		10,204
Vale SA		8,783		24,131
				271,505

	Number of Shares		Value
Chile — 0.0%
Embotelladora Andina SA, Class B		2,226	$	6,813
Sociedad Quimica y Minera de Chile SA, Class B		422		7,032
				13,845
Colombia — 0.1%
Bancolombia SA		1,890		13,463
Grupo Aval Acciones y Valores SA		14,134		4,899
Grupo de Inversiones Suramericana SA		213		2,127
				20,489
Germany — 0.3%
Bayerische Motoren Werke AG		210		17,606
FUCHS PETROLUB SE		265		12,550
Henkel AG & Co. KGaA		562		63,831
Porsche Automobil Holding SE		550		28,869
Volkswagen AG		631		87,702
				210,558
South Korea — 0.2%
Amorepacific Corp.		24		4,901
Hyundai Motor Co.		158		15,144
Hyundai Motor Co. — 2nd Preferred		211		20,316
LG Chem Ltd.		52		10,081
Samsung Electronics Co. Ltd.		81		76,660
				127,102
TOTAL PREFERRED STOCKS (Cost $886,247)				643,499
RIGHTS — 0.0%
Australia — 0.0%
Transurban Group*, expires 12/31/15		487		212
Italy — 0.0%
Unione di Banche Italiane SpA*, expires 1/30/16		1,945		0
Malaysia — 0.0%
Hong Leong Bank Bhd*, expires 12/31/15		848		527
Spain — 0.0%
Telefonica SA*(b), expires 12/31/15		11,778		4,268
Switzerland — 0.0%
Credit Suisse Group AG*, expires 12/31/15		5,151		3,154
Taiwan — 0.0%
Delta Electronics, Inc.*, expires 12/31/15		447		89
Mega Financial Holding Co. Ltd.*, expires 12/31/15		2,108		96
Taiwan Glass Industry Corp.*, expires 12/31/15		182		0
				185
United Kingdom — 0.0%
Standard Chartered PLC*, expires 12/31/15		2,624		3,596
TOTAL RIGHTS (Cost $4,328)				11,942

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, 2015 (Unaudited)

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 1.7%
Daily Assets Fund, 0.20% (f)(g) (Cost $1,112,028)		1,112,028	$	1,112,028
TOTAL INVESTMENTS — 101.4%
(Cost $70,351,343)†			$	65,173,013
Other assets and liabilities, net — (1.4%)				(888,979	)
NET ASSETS — 100.0%			$	64,284,034

* Non-income producing security.

† The cost for federal income tax purposes was $70,573,778. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $5,400,765. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,666,517 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,067,282.

(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) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $1,047,227, which is 1.6% of net assets.

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

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

(e) Listed on London Stock Exchange

(f) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(g) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

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.

OJSC: Open Joint Stock Company.

PJSC: Private Joint Stock Company.

REIT: Real Estate Investment Trust.

RSP: Risparmio (Convertible Savings Shares).

SDR: Swedish Depositary Receipt.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/2/2015	CHF	132,500	USD	134,531	$	5,746
JP Morgan & Chase Co.	12/2/2015	CHF	2,000	USD	1,946		2
State Street Bank & Trust Co.	12/2/2015	CHF	351,000	USD	356,258		15,100
State Street Bank & Trust Co.	12/2/2015	CHF	1,445,000	USD	1,467,154		62,673
State Street Bank & Trust Co.	12/2/2015	CHF	28,000	USD	28,394		1,179
The Bank of New York Mellon	12/2/2015	CHF	45,600	USD	46,298		1,977
The Bank of Nova Scotia	12/2/2015	CHF	2,523,596	USD	2,562,261		109,428
Bank of Montreal	12/2/2015	CZK	8,900	USD	348		0
Bank of Montreal	12/2/2015	CZK	32,000	USD	1,305		55
JP Morgan & Chase Co.	12/2/2015	CZK	682,000	USD	27,820		1,167
State Street Bank & Trust Co.	12/2/2015	CZK	451,000	USD	18,394		769
The Bank of New York Mellon	12/2/2015	CZK	13,100	USD	534		22
Bank of Montreal	12/2/2015	DKK	184,000	USD	27,272		1,213
JP Morgan & Chase Co.	12/2/2015	DKK	68,000	USD	9,627		(3	)

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, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	12/2/2015	DKK	1,260,000	USD	186,757	$	8,313
State Street Bank & Trust Co.	12/2/2015	DKK	163,000	USD	24,154		1,070
State Street Bank & Trust Co.	12/2/2015	DKK	45,000	USD	6,651		278
The Bank of New York Mellon	12/2/2015	DKK	41,100	USD	6,092		271
The Bank of Nova Scotia	12/2/2015	DKK	4,003,400	USD	593,369		26,399
Bank of Montreal	12/2/2015	EUR	367,500	USD	406,095		17,814
JP Morgan & Chase Co.	12/2/2015	EUR	184,000	USD	194,332		(73	)
State Street Bank & Trust Co.	12/2/2015	EUR	3,546,843	USD	3,919,411		172,005
State Street Bank & Trust Co.	12/2/2015	EUR	1,447,000	USD	1,598,785		69,962
State Street Bank & Trust Co.	12/2/2015	EUR	102,000	USD	112,414		4,646
The Bank of New York Mellon	12/2/2015	EUR	811,800	USD	897,055		39,351
The Bank of Nova Scotia	12/2/2015	EUR	7,541,626	USD	8,333,685		365,607
Bank of Montreal	12/2/2015	GBP	175,500	USD	270,992		6,673
JP Morgan & Chase Co.	12/2/2015	GBP	3,670,736	USD	5,667,818		139,351
State Street Bank & Trust Co.	12/2/2015	GBP	1,912,285	USD	2,952,807		72,730
State Street Bank & Trust Co.	12/2/2015	GBP	472,000	USD	728,734		17,859
State Street Bank & Trust Co.	12/2/2015	GBP	60,000	USD	92,750		2,384
The Bank of New York Mellon	12/2/2015	GBP	89,900	USD	138,564		3,166
Bank of Montreal	12/2/2015	HKD	1,020,000	USD	131,604		50
JP Morgan & Chase Co.	12/2/2015	HKD	22,141,796	USD	2,857,153		1,419
State Street Bank & Trust Co.	12/2/2015	HKD	7,042,000	USD	908,713		472
State Street Bank & Trust Co.	12/2/2015	HKD	3,622,000	USD	467,377		231
The Bank of New York Mellon	12/2/2015	HKD	2,404,400	USD	310,262		154
Bank of Montreal	12/2/2015	HUF	583,500	USD	2,071		88
JP Morgan & Chase Co.	12/2/2015	HUF	10,222,000	USD	36,290		1,550
State Street Bank & Trust Co.	12/2/2015	HUF	8,035,500	USD	28,527		1,218
The Bank of Nova Scotia	12/2/2015	HUF	1,851,000	USD	6,571		280
Bank of Montreal	12/2/2015	ILS	45,500	USD	11,782		29
JP Morgan & Chase Co.	12/2/2015	ILS	738,698	USD	191,283		482
State Street Bank & Trust Co.	12/2/2015	ILS	73,000	USD	18,888		33
State Street Bank & Trust Co.	12/2/2015	ILS	569,500	USD	147,460		361
The Bank of New York Mellon	12/2/2015	ILS	27,200	USD	7,043		17
The Bank of Nova Scotia	12/2/2015	ILS	5,000	USD	1,295		3
Bank of Montreal	12/2/2015	NOK	5,000	USD	576		1
Bank of Montreal	12/2/2015	NOK	65,500	USD	7,745		208
JP Morgan & Chase Co.	12/2/2015	NOK	1,468,000	USD	173,393		4,474
State Street Bank & Trust Co.	12/2/2015	NOK	175,000	USD	20,664		527
State Street Bank & Trust Co.	12/2/2015	NOK	584,500	USD	69,041		1,784
Bank of Montreal	12/2/2015	PLN	7,800	USD	1,929		(1	)
Bank of Montreal	12/2/2015	PLN	31,000	USD	8,040		368
JP Morgan & Chase Co.	12/2/2015	PLN	864,392	USD	224,181		10,278
State Street Bank & Trust Co.	12/2/2015	PLN	19,000	USD	4,926		224
State Street Bank & Trust Co.	12/2/2015	PLN	285,300	USD	73,993		3,393
The Bank of New York Mellon	12/2/2015	PLN	6,500	USD	1,686		77
Bank of Montreal	12/2/2015	SEK	317,500	USD	37,416		1,013
JP Morgan & Chase Co.	12/2/2015	SEK	6,362,000	USD	749,732		20,295
State Street Bank & Trust Co.	12/2/2015	SEK	836,000	USD	98,489		2,638
State Street Bank & Trust Co.	12/2/2015	SEK	89,000	USD	10,470		265
State Street Bank & Trust Co.	12/2/2015	SEK	3,284,100	USD	387,016		10,477
The Bank of New York Mellon	12/2/2015	SEK	54,800	USD	6,458		175
Bank of Montreal	12/2/2015	USD	128,897	CHF	132,500		(113	)
Bank of Montreal	12/2/2015	USD	1,250	CZK	32,000		1
Bank of Montreal	12/2/2015	USD	26,049	DKK	184,000		9
Bank of Montreal	12/2/2015	USD	388,135	EUR	367,500		146
Bank of Montreal	12/2/2015	USD	135,628	GBP	90,100		71
Bank of Montreal	12/2/2015	USD	131,867	GBP	85,400		(3,247	)
Bank of Montreal	12/2/2015	USD	131,580	HKD	1,020,000		(25	)

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, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/2/2015	USD	1,983	HUF	583,500	$	1
Bank of Montreal	12/2/2015	USD	11,759	ILS	45,500		(7	)
Bank of Montreal	12/2/2015	USD	7,544	NOK	65,500		(7	)
Bank of Montreal	12/2/2015	USD	7,666	PLN	31,000		5
Bank of Montreal	12/2/2015	USD	36,406	SEK	317,500		(3	)
JP Morgan & Chase Co.	12/2/2015	USD	2,031	CHF	2,000		(87	)
JP Morgan & Chase Co.	12/2/2015	USD	26,635	CZK	682,000		17
JP Morgan & Chase Co.	12/2/2015	USD	10,079	DKK	68,000		(448	)
JP Morgan & Chase Co.	12/2/2015	USD	203,315	EUR	184,000		(8,910	)
JP Morgan & Chase Co.	12/2/2015	USD	5,525,559	GBP	3,670,736		2,908
JP Morgan & Chase Co.	12/2/2015	USD	2,856,287	HKD	22,141,796		(553	)
JP Morgan & Chase Co.	12/2/2015	USD	34,730	HUF	10,222,000		10
JP Morgan & Chase Co.	12/2/2015	USD	190,913	ILS	738,698		(111	)
JP Morgan & Chase Co.	12/2/2015	USD	169,085	NOK	1,468,000		(166	)
JP Morgan & Chase Co.	12/2/2015	USD	213,760	PLN	864,392		143
JP Morgan & Chase Co.	12/2/2015	USD	729,495	SEK	6,362,000		(59	)
State Street Bank & Trust Co.	12/2/2015	USD	1,774,405	CHF	1,824,000		(1,552	)
State Street Bank & Trust Co.	12/2/2015	USD	4,083	CZK	100,000		(175	)
State Street Bank & Trust Co.	12/2/2015	USD	13,708	CZK	351,000		9
State Street Bank & Trust Co.	12/2/2015	USD	207,826	DKK	1,468,000		75
State Street Bank & Trust Co.	12/2/2015	USD	5,381,975	EUR	5,095,843		2,020
State Street Bank & Trust Co.	12/2/2015	USD	3,679,382	GBP	2,444,285		1,936
State Street Bank & Trust Co.	12/2/2015	USD	1,375,654	HKD	10,664,000		(266	)
State Street Bank & Trust Co.	12/2/2015	USD	27,302	HUF	8,035,500		8
State Street Bank & Trust Co.	12/2/2015	USD	166,051	ILS	642,500		(97	)
State Street Bank & Trust Co.	12/2/2015	USD	87,480	NOK	759,500		(86	)
State Street Bank & Trust Co.	12/2/2015	USD	75,252	PLN	304,300		50
State Street Bank & Trust Co.	12/2/2015	USD	482,634	SEK	4,209,100		(39	)
The Bank of New York Mellon	12/2/2015	USD	44,360	CHF	45,600		(39	)
The Bank of New York Mellon	12/2/2015	USD	874	CZK	22,000		(15	)
The Bank of New York Mellon	12/2/2015	USD	5,819	DKK	41,100		2
The Bank of New York Mellon	12/2/2015	USD	2,823	EUR	2,600		(76	)
The Bank of New York Mellon	12/2/2015	USD	27,340	EUR	24,800		(1,138	)
The Bank of New York Mellon	12/2/2015	USD	429	EUR	400		(7	)
The Bank of New York Mellon	12/2/2015	USD	538,108	EUR	509,500		202
The Bank of New York Mellon	12/2/2015	USD	300,727	EUR	274,500		(10,704	)
The Bank of New York Mellon	12/2/2015	USD	2,105	GBP	1,400		4
The Bank of New York Mellon	12/2/2015	USD	133,219	GBP	88,500		70
The Bank of New York Mellon	12/2/2015	USD	813	HKD	6,300		0
The Bank of New York Mellon	12/2/2015	USD	296,454	HKD	2,298,100		(57	)
The Bank of New York Mellon	12/2/2015	USD	12,904	HKD	100,000		(7	)
The Bank of New York Mellon	12/2/2015	USD	1,571	ILS	6,100		4
The Bank of New York Mellon	12/2/2015	USD	5,453	ILS	21,100		(3	)
The Bank of New York Mellon	12/2/2015	USD	577	NOK	5,000		(2	)
The Bank of New York Mellon	12/2/2015	USD	3,700	PLN	14,300		(162	)
The Bank of New York Mellon	12/2/2015	USD	1,391	SEK	12,000		(15	)
The Bank of New York Mellon	12/2/2015	USD	4,908	SEK	42,800		0
The Bank of Nova Scotia	12/2/2015	USD	2,454,980	CHF	2,523,596		(2,148	)
The Bank of Nova Scotia	12/2/2015	USD	566,765	DKK	4,003,400		205
The Bank of Nova Scotia	12/2/2015	USD	7,965,088	EUR	7,541,626		2,989
The Bank of Nova Scotia	12/2/2015	USD	6,289	HUF	1,851,000		2
The Bank of Nova Scotia	12/2/2015	USD	1,292	ILS	5,000		(1	)
Bank of Montreal	12/3/2015	AUD	127,000	USD	90,466		(1,365	)
Bank of Montreal	12/3/2015	AUD	12,000	USD	8,695		18
JP Morgan & Chase Co.	12/3/2015	AUD	2,592,807	USD	1,846,955		(27,844	)
State Street Bank & Trust Co.	12/3/2015	AUD	33,000	USD	23,525		(336	)
State Street Bank & Trust Co.	12/3/2015	AUD	290,000	USD	206,535		(3,157	)

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, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	12/3/2015	AUD	869,000	USD	619,015	$	(9,339	)
The Bank of Nova Scotia	12/3/2015	AUD	562,000	USD	400,352		(6,017	)
JP Morgan & Chase Co.	12/3/2015	BRL	651,530	USD	167,877		(361	)
State Street Bank & Trust Co.	12/3/2015	BRL	26,000	USD	6,635		(79	)
State Street Bank & Trust Co.	12/3/2015	BRL	43,000	USD	11,047		(57	)
The Bank of New York Mellon	12/3/2015	BRL	47,922	USD	12,589		215
The Bank of New York Mellon	12/3/2015	BRL	2,582,023	USD	665,016		(1,713	)
Bank of Montreal	12/3/2015	CAD	154,000	USD	117,684		2,368
JP Morgan & Chase Co.	12/3/2015	CAD	95,000	USD	72,600		1,463
State Street Bank & Trust Co.	12/3/2015	CAD	888,200	USD	678,748		13,655
State Street Bank & Trust Co.	12/3/2015	CAD	36,000	USD	27,545		588
State Street Bank & Trust Co.	12/3/2015	CAD	329,000	USD	251,382		5,023
The Bank of New York Mellon	12/3/2015	CAD	173,900	USD	132,895		2,677
The Bank of Nova Scotia	12/3/2015	CAD	3,855,888	USD	2,946,654		59,326
Bank of Montreal	12/3/2015	CLP	4,126,000	USD	5,952		147
JP Morgan & Chase Co.	12/3/2015	CLP	95,944,000	USD	138,423		3,458
State Street Bank & Trust Co.	12/3/2015	CLP	5,901,000	USD	8,515		214
State Street Bank & Trust Co.	12/3/2015	CLP	44,265,280	USD	63,875		1,606
Bank of Montreal	12/3/2015	COP	4,457,000	USD	1,534		117
JP Morgan & Chase Co.	12/3/2015	COP	124,064,000	USD	42,735		3,287
State Street Bank & Trust Co.	12/3/2015	COP	23,072,780	USD	7,951		615
JP Morgan & Chase Co.	12/3/2015	EGP	484,000	USD	58,881		(2,632	)
The Bank of Nova Scotia	12/3/2015	EGP	205,000	USD	25,293		(761	)
Bank of Montreal	12/3/2015	IDR	137,191,500	USD	9,908		(1	)
JP Morgan & Chase Co.	12/3/2015	IDR	2,917,359,000	USD	210,716		1
State Street Bank & Trust Co.	12/3/2015	IDR	1,423,583,500	USD	102,564		(259	)
State Street Bank & Trust Co.	12/3/2015	IDR	428,112,000	USD	30,844		(78	)
Bank of Montreal	12/3/2015	INR	1,292,500	USD	19,701		321
JP Morgan & Chase Co.	12/3/2015	INR	23,679,246	USD	360,086		5,034
State Street Bank & Trust Co.	12/3/2015	INR	3,009,000	USD	45,729		612
State Street Bank & Trust Co.	12/3/2015	INR	20,218,671	USD	307,275		4,111
Bank of Montreal	12/3/2015	JPY	36,114,500	USD	299,344		5,931
JP Morgan & Chase Co.	12/3/2015	JPY	700,391,722	USD	5,805,009		114,654
State Street Bank & Trust Co.	12/3/2015	JPY	283,585,500	USD	2,350,568		46,569
State Street Bank & Trust Co.	12/3/2015	JPY	153,471,000	USD	1,271,925		25,045
State Street Bank & Trust Co.	12/3/2015	JPY	4,911,000	USD	40,686		786
The Bank of New York Mellon	12/3/2015	JPY	81,831,400	USD	678,254		13,413
The Bank of Nova Scotia	12/3/2015	JPY	60,474,000	USD	501,243		9,920
Bank of Montreal	12/3/2015	KRW	68,934,500	USD	60,343		823
JP Morgan & Chase Co.	12/3/2015	KRW	1,553,631,000	USD	1,360,507		19,048
State Street Bank & Trust Co.	12/3/2015	KRW	4,608,000	USD	4,028		49
State Street Bank & Trust Co.	12/3/2015	KRW	171,931,000	USD	150,500		2,049
State Street Bank & Trust Co.	12/3/2015	KRW	744,202,011	USD	651,437		8,867
Bank of Montreal	12/3/2015	MXN	212,500	USD	12,829		14
Bank of Montreal	12/3/2015	MXN	55,900	USD	3,366		(5	)
JP Morgan & Chase Co.	12/3/2015	MXN	5,615,493	USD	338,982		330
State Street Bank & Trust Co.	12/3/2015	MXN	3,731,500	USD	225,251		216
State Street Bank & Trust Co.	12/3/2015	MXN	561,000	USD	33,861		29
Bank of Montreal	12/3/2015	MYR	59,000	USD	13,701		(133	)
JP Morgan & Chase Co.	12/3/2015	MYR	1,419,000	USD	330,115		(2,597	)
State Street Bank & Trust Co.	12/3/2015	MYR	61,000	USD	14,186		(117	)
State Street Bank & Trust Co.	12/3/2015	MYR	585,423	USD	136,145		(1,119	)
Bank of Montreal	12/3/2015	NZD	4,500	USD	2,965		4
Bank of Montreal	12/3/2015	NZD	6,000	USD	4,050		102
JP Morgan & Chase Co.	12/3/2015	NZD	93,116	USD	62,861		1,580
State Street Bank & Trust Co.	12/3/2015	NZD	82,700	USD	55,829		1,404
State Street Bank & Trust Co.	12/3/2015	NZD	15,000	USD	10,123		252

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, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of Nova Scotia	12/3/2015	NZD	13,500	USD	9,114	$	230
Bank of Montreal	12/3/2015	PHP	303,500	USD	6,483		46
JP Morgan & Chase Co.	12/3/2015	PHP	5,613,000	USD	119,770		723
State Street Bank & Trust Co.	12/3/2015	PHP	428,000	USD	9,132		54
State Street Bank & Trust Co.	12/3/2015	PHP	3,923,500	USD	83,692		479
JP Morgan & Chase Co.	12/3/2015	QAR	32,000	USD	8,786		1
The Bank of New York Mellon	12/3/2015	QAR	429,500	USD	117,870		(52	)
JP Morgan & Chase Co.	12/3/2015	RUB	6,778,000	USD	105,244		3,137
State Street Bank & Trust Co.	12/3/2015	RUB	783,000	USD	12,147		352
State Street Bank & Trust Co.	12/3/2015	RUB	8,880,756	USD	137,772		3,987
Bank of Montreal	12/3/2015	SGD	23,200	USD	16,549		103
Bank of Montreal	12/3/2015	SGD	5,000	USD	3,549		4
JP Morgan & Chase Co.	12/3/2015	SGD	511,707	USD	364,984		2,251
State Street Bank & Trust Co.	12/3/2015	SGD	69,000	USD	49,204		292
State Street Bank & Trust Co.	12/3/2015	SGD	71,000	USD	50,641		311
The Bank of Nova Scotia	12/3/2015	SGD	145,000	USD	103,419		633
Bank of Montreal	12/3/2015	THB	293,000	USD	8,215		40
JP Morgan & Chase Co.	12/3/2015	THB	7,352,000	USD	205,823		713
State Street Bank & Trust Co.	12/3/2015	THB	1,371,931	USD	38,429		154
State Street Bank & Trust Co.	12/3/2015	THB	346,000	USD	9,684		32
Bank of Montreal	12/3/2015	TRY	23,000	USD	7,827		(61	)
JP Morgan & Chase Co.	12/3/2015	TRY	460,846	USD	156,836		(1,200	)
State Street Bank & Trust Co.	12/3/2015	TRY	62,000	USD	21,094		(168	)
State Street Bank & Trust Co.	12/3/2015	TRY	301,000	USD	102,432		(789	)
The Bank of New York Mellon	12/3/2015	TRY	30,600	USD	10,414		(79	)
The Bank of Nova Scotia	12/3/2015	TRY	23,700	USD	8,068		(60	)
Bank of Montreal	12/3/2015	TWD	1,310,500	USD	39,988		(160	)
JP Morgan & Chase Co.	12/3/2015	TWD	22,001,297	USD	677,046		3,020
State Street Bank & Trust Co.	12/3/2015	TWD	2,111,000	USD	64,974		302
State Street Bank & Trust Co.	12/3/2015	TWD	23,576,650	USD	725,659		3,370
Bank of Montreal	12/3/2015	USD	7,978	AUD	11,200		120
Bank of Montreal	12/3/2015	USD	83,904	AUD	115,800		(172	)
Bank of Montreal	12/3/2015	USD	115,645	CAD	154,000		(328	)
Bank of Montreal	12/3/2015	USD	5,771	CLP	4,126,000		33
Bank of Montreal	12/3/2015	USD	1,415	COP	4,457,000		2
Bank of Montreal	12/3/2015	USD	9,914	IDR	137,191,500		(5	)
Bank of Montreal	12/3/2015	USD	19,349	INR	1,292,500		31
Bank of Montreal	12/3/2015	USD	292,950	JPY	36,114,500		463
Bank of Montreal	12/3/2015	USD	59,542	KRW	68,934,500		(21	)
Bank of Montreal	12/3/2015	USD	12,796	MXN	212,500		19
Bank of Montreal	12/3/2015	USD	13,882	MYR	59,000		(49	)
Bank of Montreal	12/3/2015	USD	3,953	NZD	6,000		(5	)
Bank of Montreal	12/3/2015	USD	6,444	PHP	303,500		(7	)
Bank of Montreal	12/3/2015	USD	16,466	SGD	23,200		(20	)
Bank of Montreal	12/3/2015	USD	8,176	THB	293,000		(1	)
Bank of Montreal	12/3/2015	USD	7,909	TRY	23,000		(22	)
Bank of Montreal	12/3/2015	USD	40,138	TWD	1,310,500		10
JP Morgan & Chase Co.	12/3/2015	USD	1,878,748	AUD	2,592,807		(3,948	)
JP Morgan & Chase Co.	12/3/2015	USD	166,313	BRL	651,530		1,925
JP Morgan & Chase Co.	12/3/2015	USD	71,339	CAD	95,000		(202	)
JP Morgan & Chase Co.	12/3/2015	USD	134,984	CLP	95,944,000		(18	)
JP Morgan & Chase Co.	12/3/2015	USD	39,404	COP	124,064,000		44
JP Morgan & Chase Co.	12/3/2015	USD	62,613	EGP	484,000		(1,100	)
JP Morgan & Chase Co.	12/3/2015	USD	210,899	IDR	2,917,359,000		(183	)
JP Morgan & Chase Co.	12/3/2015	USD	356,138	INR	23,679,246		(1,086	)
JP Morgan & Chase Co.	12/3/2015	USD	5,681,309	JPY	700,391,722		9,046
JP Morgan & Chase Co.	12/3/2015	USD	1,343,971	KRW	1,553,631,000		(2,512	)

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, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	12/3/2015	USD	338,161	MXN	5,615,493	$	492
JP Morgan & Chase Co.	12/3/2015	USD	333,914	MYR	1,419,000		(1,202	)
JP Morgan & Chase Co.	12/3/2015	USD	61,355	NZD	93,116		(75	)
JP Morgan & Chase Co.	12/3/2015	USD	119,010	PHP	5,613,000		36
JP Morgan & Chase Co.	12/3/2015	USD	8,782	QAR	32,000		4
JP Morgan & Chase Co.	12/3/2015	USD	102,526	RUB	6,778,000		(419	)
JP Morgan & Chase Co.	12/3/2015	USD	363,184	SGD	511,707		(451	)
JP Morgan & Chase Co.	12/3/2015	USD	205,383	THB	7,352,000		(273	)
JP Morgan & Chase Co.	12/3/2015	USD	158,557	TRY	460,846		(521	)
JP Morgan & Chase Co.	12/3/2015	USD	674,328	TWD	22,001,297		(302	)
JP Morgan & Chase Co.	12/3/2015	USD	112,672	ZAR	1,624,732		(349	)
State Street Bank & Trust Co.	12/3/2015	USD	863,723	AUD	1,192,000		(1,815	)
State Street Bank & Trust Co.	12/3/2015	USD	17,683	BRL	69,000		134
State Street Bank & Trust Co.	12/3/2015	USD	941,088	CAD	1,253,200		(2,679	)
State Street Bank & Trust Co.	12/3/2015	USD	70,624	CLP	50,166,280		(54	)
State Street Bank & Trust Co.	12/3/2015	USD	7,325	COP	23,072,780		11
State Street Bank & Trust Co.	12/3/2015	USD	133,677	IDR	1,851,695,500		67
State Street Bank & Trust Co.	12/3/2015	USD	349,262	INR	23,227,671		(981	)
State Street Bank & Trust Co.	12/3/2015	USD	3,585,071	JPY	441,967,500		5,708
State Street Bank & Trust Co.	12/3/2015	USD	795,745	KRW	920,741,011		(745	)
State Street Bank & Trust Co.	12/3/2015	USD	258,491	MXN	4,292,500		376
State Street Bank & Trust Co.	12/3/2015	USD	152,082	MYR	646,423		(515	)
State Street Bank & Trust Co.	12/3/2015	USD	64,379	NZD	97,700		(83	)
State Street Bank & Trust Co.	12/3/2015	USD	92,338	PHP	4,351,500		(47	)
State Street Bank & Trust Co.	12/3/2015	USD	146,274	RUB	9,663,756		(694	)
State Street Bank & Trust Co.	12/3/2015	USD	99,365	SGD	140,000		(123	)
State Street Bank & Trust Co.	12/3/2015	USD	47,933	THB	1,717,931		(5	)
State Street Bank & Trust Co.	12/3/2015	USD	124,892	TRY	363,000		(410	)
State Street Bank & Trust Co.	12/3/2015	USD	788,013	TWD	25,687,650		(1,053	)
State Street Bank & Trust Co.	12/3/2015	USD	120,074	ZAR	1,666,460		(4,867	)
State Street Bank & Trust Co.	12/3/2015	USD	9,580	ZAR	133,000		(385	)
The Bank of New York Mellon	12/3/2015	USD	1,356	AUD	1,900		18
The Bank of New York Mellon	12/3/2015	USD	7,196	AUD	10,100		107
The Bank of New York Mellon	12/3/2015	USD	670,939	BRL	2,629,945		8,165
The Bank of New York Mellon	12/3/2015	USD	9,083	CAD	11,900		(172	)
The Bank of New York Mellon	12/3/2015	USD	120,526	CAD	160,500		(342	)
The Bank of New York Mellon	12/3/2015	USD	1,140	CAD	1,500		(16	)
The Bank of New York Mellon	12/3/2015	USD	587,715	JPY	72,452,800		930
The Bank of New York Mellon	12/3/2015	USD	77,079	JPY	9,378,600		(882	)
The Bank of New York Mellon	12/3/2015	USD	2,688	MXN	44,300		(17	)
The Bank of New York Mellon	12/3/2015	USD	688	MXN	11,600		11
The Bank of New York Mellon	12/3/2015	USD	3,023	NZD	4,500		(61	)
The Bank of New York Mellon	12/3/2015	USD	117,931	QAR	429,500		(10	)
The Bank of New York Mellon	12/3/2015	USD	3,569	SGD	5,000		(25	)
The Bank of New York Mellon	12/3/2015	USD	10,523	TRY	30,600		(29	)
The Bank of Nova Scotia	12/3/2015	USD	407,225	AUD	562,000		(856	)
The Bank of Nova Scotia	12/3/2015	USD	2,895,572	CAD	3,855,888		(8,243	)
The Bank of Nova Scotia	12/3/2015	USD	26,448	EGP	205,000		(394	)
The Bank of Nova Scotia	12/3/2015	USD	490,542	JPY	60,474,000		781
The Bank of Nova Scotia	12/3/2015	USD	8,896	NZD	13,500		(11	)
The Bank of Nova Scotia	12/3/2015	USD	102,914	SGD	145,000		(128	)
The Bank of Nova Scotia	12/3/2015	USD	8,154	TRY	23,700		(27	)
JP Morgan & Chase Co.	12/3/2015	ZAR	1,624,732	USD	117,067		4,744
State Street Bank & Trust Co.	12/3/2015	ZAR	1,624,160	USD	112,632		349
State Street Bank & Trust Co.	12/3/2015	ZAR	175,300	USD	12,631		512
JP Morgan & Chase Co.	12/7/2015	AED	50,000	USD	13,606		(7	)
The Bank of New York Mellon	12/7/2015	AED	22,000	USD	5,990		0

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, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon	12/7/2015	AED	350,800	USD	95,477	$	(36	)
JP Morgan & Chase Co.	12/7/2015	USD	13,613	AED	50,000		1
State Street Bank & Trust Co.	12/7/2015	USD	5,990	AED	22,000		0
The Bank of New York Mellon	12/7/2015	USD	95,506	AED	350,800		7
JP Morgan & Chase Co.	1/5/2016	AED	50,000	USD	13,606		(5	)
The Bank of New York Mellon	1/5/2016	AED	350,800	USD	95,482		(10	)
Bank of Montreal	1/5/2016	CHF	132,500	USD	129,245		72
State Street Bank & Trust Co.	1/5/2016	CHF	8,000	USD	7,811		11
State Street Bank & Trust Co.	1/5/2016	CHF	7,000	USD	6,825		1
State Street Bank & Trust Co.	1/5/2016	CHF	1,824,000	USD	1,779,122		920
The Bank of New York Mellon	1/5/2016	CHF	45,600	USD	44,479		24
The Bank of Nova Scotia	1/5/2016	CHF	2,523,596	USD	2,461,649		1,418
Bank of Montreal	1/5/2016	CZK	32,000	USD	1,250		(3	)
JP Morgan & Chase Co.	1/5/2016	CZK	682,000	USD	26,635		(74	)
State Street Bank & Trust Co.	1/5/2016	CZK	351,000	USD	13,731		(16	)
Bank of Montreal	1/5/2016	DKK	184,000	USD	26,089		(15	)
State Street Bank & Trust Co.	1/5/2016	DKK	1,468,000	USD	208,143		(118	)
State Street Bank & Trust Co.	1/5/2016	DKK	292,000	USD	41,394		(31	)
The Bank of New York Mellon	1/5/2016	DKK	41,100	USD	5,828		(3	)
The Bank of Nova Scotia	1/5/2016	DKK	4,003,400	USD	567,625		(325	)
Bank of Montreal	1/5/2016	EUR	367,500	USD	388,558		(212	)
State Street Bank & Trust Co.	1/5/2016	EUR	5,095,843	USD	5,388,039		(2,734	)
State Street Bank & Trust Co.	1/5/2016	EUR	246,000	USD	260,068		(169	)
The Bank of New York Mellon	1/5/2016	EUR	509,500	USD	538,707		(281	)
The Bank of Nova Scotia	1/5/2016	EUR	7,541,626	USD	7,973,837		(4,273	)
Bank of Montreal	1/5/2016	GBP	90,100	USD	135,649		(74	)
JP Morgan & Chase Co.	1/5/2016	GBP	3,670,736	USD	5,526,329		(3,136	)
State Street Bank & Trust Co.	1/5/2016	GBP	2,444,285	USD	3,680,005		(1,978	)
The Bank of New York Mellon	1/5/2016	GBP	88,500	USD	133,241		(72	)
Bank of Montreal	1/5/2016	HKD	1,020,000	USD	131,596		18
JP Morgan & Chase Co.	1/5/2016	HKD	22,141,796	USD	2,856,656		414
State Street Bank & Trust Co.	1/5/2016	HKD	10,664,000	USD	1,375,849		217
The Bank of New York Mellon	1/5/2016	HKD	2,298,100	USD	296,497		47
Bank of Montreal	1/5/2016	HUF	583,500	USD	1,982		(1	)
JP Morgan & Chase Co.	1/5/2016	HUF	10,222,000	USD	34,722		(17	)
State Street Bank & Trust Co.	1/5/2016	HUF	8,035,500	USD	27,297		(11	)
State Street Bank & Trust Co.	1/5/2016	HUF	2,314,000	USD	7,856		(8	)
The Bank of Nova Scotia	1/5/2016	HUF	1,851,000	USD	6,288		(2	)
Bank of Montreal	1/5/2016	ILS	45,500	USD	11,764		5
JP Morgan & Chase Co.	1/5/2016	ILS	738,698	USD	191,012		96
State Street Bank & Trust Co.	1/5/2016	ILS	642,500	USD	166,086		32
The Bank of New York Mellon	1/5/2016	ILS	21,100	USD	5,455		2
The Bank of Nova Scotia	1/5/2016	ILS	5,000	USD	1,293		1
Bank of Montreal	1/5/2016	NOK	65,500	USD	7,541		8
JP Morgan & Chase Co.	1/5/2016	NOK	1,468,000	USD	169,009		173
State Street Bank & Trust Co.	1/5/2016	NOK	759,500	USD	87,441		90
Bank of Montreal	1/5/2016	PLN	31,000	USD	7,661		(4	)
JP Morgan & Chase Co.	1/5/2016	PLN	864,392	USD	213,607		(117	)
State Street Bank & Trust Co.	1/5/2016	PLN	304,300	USD	75,202		(37	)
Bank of Montreal	1/5/2016	SEK	317,500	USD	36,455		(3	)
JP Morgan & Chase Co.	1/5/2016	SEK	6,362,000	USD	730,458		(89	)
State Street Bank & Trust Co.	1/5/2016	SEK	129,000	USD	14,807		(6	)
State Street Bank & Trust Co.	1/5/2016	SEK	4,209,100	USD	483,296		(34	)
The Bank of New York Mellon	1/5/2016	SEK	42,800	USD	4,914		0
Bank of Montreal	1/5/2016	TRY	23,000	USD	7,838		32
JP Morgan & Chase Co.	1/5/2016	TRY	460,846	USD	157,050		637
State Street Bank & Trust Co.	1/5/2016	TRY	363,000	USD	123,702		498

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, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon	1/5/2016	TRY	30,600	USD	10,429	$	44
The Bank of Nova Scotia	1/5/2016	TRY	23,700	USD	8,076		32
Bank of Montreal	1/5/2016	USD	348	CZK	8,900		1
Bank of Montreal	1/5/2016	USD	576	NOK	5,000		(1	)
Bank of Montreal	1/5/2016	USD	1,928	PLN	7,800		1
JP Morgan & Chase Co.	1/5/2016	USD	9,641	DKK	68,000		6
JP Morgan & Chase Co.	1/5/2016	USD	194,540	EUR	184,000		110
State Street Bank & Trust Co.	1/5/2016	USD	6,534	AED	24,000		(1	)
State Street Bank & Trust Co.	1/5/2016	USD	45,481	EUR	43,000		8
State Street Bank & Trust Co.	1/5/2016	USD	105,404	GBP	70,000		41
State Street Bank & Trust Co.	1/5/2016	USD	174,064	HKD	1,349,000		(46	)
State Street Bank & Trust Co.	1/5/2016	USD	15,328	PLN	62,000		2
State Street Bank & Trust Co.	1/5/2016	USD	10,221	TRY	30,000		(39	)
The Bank of New York Mellon	1/5/2016	USD	5,988	AED	22,000		1
Bank of Montreal	1/6/2016	AUD	115,800	USD	83,755		180
JP Morgan & Chase Co.	1/6/2016	AUD	2,592,807	USD	1,875,312		4,048
State Street Bank & Trust Co.	1/6/2016	AUD	31,000	USD	22,385		12
State Street Bank & Trust Co.	1/6/2016	AUD	1,192,000	USD	862,203		1,921
The Bank of Nova Scotia	1/6/2016	AUD	562,000	USD	406,500		897
JP Morgan & Chase Co.	1/6/2016	BRL	651,530	USD	164,702		(1,709	)
The Bank of New York Mellon	1/6/2016	BRL	2,629,945	USD	664,161		(7,567	)
Bank of Montreal	1/6/2016	CAD	154,000	USD	115,644		329
JP Morgan & Chase Co.	1/6/2016	CAD	95,000	USD	71,341		205
State Street Bank & Trust Co.	1/6/2016	CAD	20,000	USD	14,980		4
State Street Bank & Trust Co.	1/6/2016	CAD	1,253,200	USD	941,070		2,674
The Bank of New York Mellon	1/6/2016	CAD	160,500	USD	120,525		343
The Bank of Nova Scotia	1/6/2016	CAD	3,855,888	USD	2,895,529		8,239
Bank of Montreal	1/6/2016	CLP	4,126,000	USD	5,752		(31	)
JP Morgan & Chase Co.	1/6/2016	CLP	95,944,000	USD	134,494		17
State Street Bank & Trust Co.	1/6/2016	CLP	50,166,280	USD	70,384		70
Bank of Montreal	1/6/2016	COP	4,457,000	USD	1,412		(3	)
JP Morgan & Chase Co.	1/6/2016	COP	124,064,000	USD	39,304		(76	)
State Street Bank & Trust Co.	1/6/2016	COP	23,072,780	USD	7,315		(8	)
JP Morgan & Chase Co.	1/6/2016	EGP	484,000	USD	58,881		662
The Bank of Nova Scotia	1/6/2016	EGP	205,000	USD	25,573		915
Bank of Montreal	1/6/2016	IDR	137,191,500	USD	9,883		55
JP Morgan & Chase Co.	1/6/2016	IDR	2,917,359,000	USD	209,415		424
State Street Bank & Trust Co.	1/6/2016	IDR	162,805,000	USD	11,673		10
State Street Bank & Trust Co.	1/6/2016	IDR	1,851,695,500	USD	132,767		117
Bank of Montreal	1/6/2016	INR	1,292,500	USD	19,257		(4	)
JP Morgan & Chase Co.	1/6/2016	INR	23,679,246	USD	353,976		1,120
State Street Bank & Trust Co.	1/6/2016	INR	23,227,671	USD	347,408		1,280
Bank of Montreal	1/6/2016	JPY	36,114,500	USD	293,334		(462	)
JP Morgan & Chase Co.	1/6/2016	JPY	700,391,722	USD	5,688,184		(9,579	)
State Street Bank & Trust Co.	1/6/2016	JPY	441,967,500	USD	3,589,677		(5,777	)
State Street Bank & Trust Co.	1/6/2016	JPY	23,341,000	USD	189,547		(334	)
The Bank of New York Mellon	1/6/2016	JPY	72,452,800	USD	588,433		(979	)
The Bank of Nova Scotia	1/6/2016	JPY	60,474,000	USD	491,181		(781	)
Bank of Montreal	1/6/2016	KRW	68,934,500	USD	59,488		32
JP Morgan & Chase Co.	1/6/2016	KRW	1,553,631,000	USD	1,342,172		2,167
State Street Bank & Trust Co.	1/6/2016	KRW	20,620,000	USD	17,799		14
State Street Bank & Trust Co.	1/6/2016	KRW	920,741,011	USD	794,770		632
Bank of Montreal	1/6/2016	MXN	212,500	USD	12,768		(17	)
JP Morgan & Chase Co.	1/6/2016	MXN	5,615,493	USD	337,389		(452	)
State Street Bank & Trust Co.	1/6/2016	MXN	4,292,500	USD	257,927		(319	)
Bank of Montreal	1/6/2016	MYR	59,000	USD	13,910		109
JP Morgan & Chase Co.	1/6/2016	MYR	1,419,000	USD	333,992		2,062

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, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	1/6/2016	MYR	646,423	USD	152,207	$	997
Bank of Montreal	1/6/2016	PHP	303,500	USD	6,433		11
JP Morgan & Chase Co.	1/6/2016	PHP	5,613,000	USD	118,693		(83	)
State Street Bank & Trust Co.	1/6/2016	PHP	4,351,500	USD	92,084		2
The Bank of New York Mellon	1/6/2016	QAR	429,500	USD	117,812		(8	)
Bank of Montreal	1/6/2016	SGD	23,200	USD	16,445		19
JP Morgan & Chase Co.	1/6/2016	SGD	511,707	USD	362,759		463
State Street Bank & Trust Co.	1/6/2016	SGD	140,000	USD	99,246		125
The Bank of Nova Scotia	1/6/2016	SGD	145,000	USD	102,785		123
Bank of Montreal	1/6/2016	THB	293,000	USD	8,167		3
JP Morgan & Chase Co.	1/6/2016	THB	7,352,000	USD	205,118		256
State Street Bank & Trust Co.	1/6/2016	THB	483,000	USD	13,468		9
State Street Bank & Trust Co.	1/6/2016	THB	1,717,931	USD	47,909		39
Bank of Montreal	1/6/2016	TWD	1,310,500	USD	40,138		(18	)
JP Morgan & Chase Co.	1/6/2016	TWD	22,001,297	USD	673,750		(397	)
State Street Bank & Trust Co.	1/6/2016	TWD	25,687,650	USD	787,168		67
Bank of Montreal	1/6/2016	USD	8,679	AUD	12,000		(19	)
Bank of Montreal	1/6/2016	USD	3,359	MXN	55,900		4
Bank of Montreal	1/6/2016	USD	3,544	SGD	5,000		(4	)
JP Morgan & Chase Co.	1/6/2016	USD	8,773	QAR	32,000		5
State Street Bank & Trust Co.	1/6/2016	USD	34,005	AUD	47,000		(84	)
State Street Bank & Trust Co.	1/6/2016	USD	32,570	BRL	128,000		123
State Street Bank & Trust Co.	1/6/2016	USD	7,838	BRL	31,000		80
State Street Bank & Trust Co.	1/6/2016	USD	6,574	BRL	26,000		67
State Street Bank & Trust Co.	1/6/2016	USD	165,973	CAD	221,000		(488	)
State Street Bank & Trust Co.	1/6/2016	USD	7,954	CLP	5,669,000		(8	)
State Street Bank & Trust Co.	1/6/2016	USD	5,092	COP	16,061,000		6
State Street Bank & Trust Co.	1/6/2016	USD	25,591	INR	1,711,000		(94	)
State Street Bank & Trust Co.	1/6/2016	USD	45,512	JPY	5,597,000		20
State Street Bank & Trust Co.	1/6/2016	USD	9,260	KRW	10,742,000		5
State Street Bank & Trust Co.	1/6/2016	USD	5,829	MXN	97,000		6
State Street Bank & Trust Co.	1/6/2016	USD	6,666	PHP	315,000		0
State Street Bank & Trust Co.	1/6/2016	USD	7,958	QAR	29,000		(3	)
State Street Bank & Trust Co.	1/6/2016	USD	33,328	SGD	47,000		(52	)
State Street Bank & Trust Co.	1/6/2016	USD	22,615	TWD	738,000		(2	)
State Street Bank & Trust Co.	1/6/2016	USD	6,041	ZAR	88,000		2
State Street Bank & Trust Co.	1/6/2016	USD	111,924	ZAR	1,624,160		(389	)
The Bank of Nova Scotia	1/6/2016	USD	13,597	EGP	109,000		(486	)
JP Morgan & Chase Co.	1/6/2016	ZAR	1,624,732	USD	111,962		388
The Bank of New York Mellon	1/6/2016	ZAR	722,000	USD	50,204		622
Bank of Montreal	1/7/2016	NZD	6,000	USD	3,944		5
JP Morgan & Chase Co.	1/7/2016	NZD	93,116	USD	61,206		81
State Street Bank & Trust Co.	1/7/2016	NZD	97,700	USD	64,223		90
The Bank of Nova Scotia	1/7/2016	NZD	13,500	USD	8,874		12
Bank of Montreal	1/7/2016	USD	2,958	NZD	4,500		(4	)
JP Morgan & Chase Co.	1/13/2016	RUB	6,778,000	USD	101,268		567
State Street Bank & Trust Co.	1/13/2016	RUB	9,663,756	USD	144,451		876
State Street Bank & Trust Co.	1/13/2016	USD	40,538	RUB	2,712,000		(246	)
Total net unrealized appreciation						$	1,495,223

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, 2015 (Unaudited)

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 Kronua
DKK	Danish Krone
EGP	Egyptian Pound
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli New Sheqel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Phillippine 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

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Investment in Securities	Level 1		Level 2			Level 3		Total
Common Stocks**	$	63,308,370	$	—		$	97,174	$	63,405,544
Preferred Stocks**		643,499		—			—		643,499
Rights**		11,942		—			—		11,942
Securities Lending Collateral		1,112,028		—			—		1,112,028
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		1,669,575			—		1,669,575
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(174,352	)		—		(174,352	)
TOTAL	$	65,075,839	$	1,495,223		$	97,174	$	66,668,236

During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $27,415 and between Level 3 and Level 1 was $10,895.

Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.

Transfers between price levels are recognized at the beginning of the reporting period.

** See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.6%
Australia — 20.3%
AGL Energy Ltd.		2,011	$	24,070
Alumina Ltd.		7,512		6,112
Amcor Ltd.		3,192		31,210
AMP Ltd.		7,181		30,173
APA Group (a)		3,205		20,629
Aristocrat Leisure Ltd.		1,094		7,508
Asciano Ltd.		2,089		12,917
ASX Ltd.		473		14,159
Aurizon Holdings Ltd.		5,760		23,203
AusNet Services		9,102		9,907
Australia & New Zealand Banking Group Ltd.		7,077		138,956
Bank of Queensland Ltd.		722		7,133
Bendigo and Adelaide Bank Ltd.		1,006		8,119
BHP Billiton Ltd.		8,151		106,637
Boral Ltd.		1,699		6,967
Brambles Ltd.		4,360		34,338
Caltex Australia Ltd.		504		12,509
CIMIC Group Ltd.		329		5,960
Coca-Cola Amatil Ltd.		1,954		12,761
Cochlear Ltd.		170		11,602
Commonwealth Bank of Australia		4,155		238,680
Computershare Ltd.		1,171		9,866
Crown Resorts Ltd.		719		6,053
CSL Ltd.		1,134		82,101
Dexus Property Group REIT		2,321		12,891
Flight Centre Travel Group Ltd. (b)		98		2,550
Fortescue Metals Group Ltd. (b)		4,322		6,126
Goodman Group REIT		3,992		17,669
GPT Group REIT		4,597		15,359
Harvey Norman Holdings Ltd. (b)		1,997		5,893
Healthscope Ltd.		4,549		8,850
Iluka Resources Ltd.		1,056		4,391
Incitec Pivot Ltd.		3,740		10,224
Insurance Australia Group Ltd.		5,816		23,302
LendLease Group (a)		1,290		11,895
Macquarie Group Ltd.		717		42,214
Medibank Pvt Ltd.		8,345		14,002
Mirvac Group REIT		8,101		10,926
National Australia Bank Ltd.		6,509		138,348
Newcrest Mining Ltd.*		2,199		17,350
Orica Ltd.		949		10,844
Origin Energy Ltd.		3,677		14,892
Platinum Asset Management Ltd.		129		753
Qantas Airways Ltd.*		1,664		4,380
QBE Insurance Group Ltd.		3,772		34,017
Ramsay Health Care Ltd.		399		19,348
REA Group Ltd.		75		2,723
Santos Ltd. (b)		1,800		5,220
Scentre Group REIT		13,795		39,906
Seek Ltd.		886		8,894
Sonic Healthcare Ltd.		1,118		16,438
South32 Ltd.*		12,923		11,122
Stockland REIT		5,812		16,813
Suncorp Group Ltd.		3,137		30,378
Sydney Airport (a)		2,976		14,205

	Number of Shares		Value
Australia (Continued)
Tabcorp Holdings Ltd.		1,258	$	4,158
Tatts Group Ltd.		3,089		9,293
Telstra Corp. Ltd.		10,236		39,678
TPG Telecom Ltd.		850		6,350
Transurban Group (a)		5,165		38,735
Treasury Wine Estates Ltd.		2,205		12,072
Vicinity Centres REIT		9,010		17,659
Wesfarmers Ltd.		2,702		74,431
Westfield Corp. REIT		5,390		37,421
Westpac Banking Corp.		6,827		158,734
Woodside Petroleum Ltd.		1,527		33,251
Woolworths Ltd.		3,049		52,193
				1,917,468
China — 21.0%
58.com, Inc., ADR*		100		6,021
AAC Technologies Holdings, Inc.		1,902		13,333
Agricultural Bank of China Ltd., Class H		69,195		26,506
Air China Ltd., Class H		2,000		1,612
Alibaba Group Holding Ltd., ADR*		2,200		184,976
Aluminum Corp. of China Ltd., Class H*(b)		13,369		4,259
Anhui Conch Cement Co. Ltd., Class H		3,680		10,038
Anta Sports Products Ltd.		5,359		16,208
AviChina Industry & Technology Co. Ltd., Class H		8,585		7,286
Baidu, Inc., ADR*		600		130,782
Bank of China Ltd., Class H		156,616		69,486
Bank of Communications Co. Ltd., Class H		11,000		7,661
Beijing Capital International Airport Co. Ltd., Class H		9,382		10,467
Belle International Holdings Ltd.		19,826		17,337
Byd Co. Ltd., Class H*		1,367		7,387
CGN Power Co. Ltd., Class H, 144A		19,705		7,624
China Cinda Asset Management Co. Ltd., Class H		17,211		6,371
China CITIC Bank Corp. Ltd., Class H*		10,000		6,307
China Communications Construction Co. Ltd., Class H		11,984		13,849
China Communications Services Corp. Ltd., Class H		3,196		1,232
China Conch Venture Holdings Ltd.		2,300		4,823
China Construction Bank Corp., Class H		172,068		118,286
China COSCO Holdings Co. Ltd., Class H*(b)		5,370		3,212
China Everbright Bank Co. Ltd., Class H		20,106		9,076
China Galaxy Securities Co. Ltd., Class H		6,990		6,365
China Huishan Dairy Holdings Co. Ltd. (b)		36,452		13,540
China International Marine Containers Group Co. Ltd., Class H		1,997		3,493
China Life Insurance Co. Ltd., Class H		14,748		50,882
China Longyuan Power Group Corp. Ltd., Class H		11,984		9,969
China Medical System Holdings Ltd.		1,362		1,880
China Mengniu Dairy Co. Ltd.		7,986		12,710
China Merchants Bank Co. Ltd., Class H		8,704		20,454
China Minsheng Banking Corp. Ltd., Class H		20,126		19,286

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
China (Continued)
China National Building Material Co. Ltd., Class H		1,462	$	784
China Oilfield Services Ltd., Class H		7,422		7,380
China Pacific Insurance Group Co. Ltd., Class H		8,228		33,852
China Petroleum & Chemical Corp., Class H		67,907		41,602
China Railway Construction Corp. Ltd., Class H		5,791		7,693
China Railway Group Ltd., Class H		5,997		4,981
China Shenhua Energy Co. Ltd., Class H		7,980		12,454
China Shipping Container Lines Co. Ltd., Class H*		591		223
China Southern Airlines Co. Ltd., Class H		3,200		2,340
China Telecom Corp. Ltd., Class H		23,974		11,750
China Vanke Co. Ltd., Class H		4,127		10,284
Chongqing Rural Commercial Bank Co. Ltd., Class H		2,309		1,361
CITIC Securities Co. Ltd., Class H		2,237		5,130
CNOOC Ltd.		29,960		33,154
Country Garden Holdings Co. Ltd.		27,896		10,470
CRRC Corp. Ltd., Class H		8,256		10,563
CSPC Pharmaceutical Group Ltd.		6,933		6,519
Ctrip.com International, Ltd., ADR*		300		32,103
Dalian Wanda Commercial Properties Co. Ltd., Class H, 144A (b)		900		5,345
Datang International Power Generation Co. Ltd., Class H		5,217		1,682
Dongfeng Motor Group Co. Ltd., Class H		7,989		10,860
ENN Energy Holdings Ltd.		3,293		16,691
Evergrande Real Estate Group Ltd.		15,377		12,118
Fosun International Ltd.		9,225		16,467
Geely Automobile Holdings Ltd.		15,976		8,386
GF Securities Co. Ltd., Class H*		2,400		5,813
GOME Electrical Appliances Holding Ltd.		12,249		2,101
Great Wall Motor Co. Ltd., Class H		11,152		13,678
Guangzhou Automobile Group Co. Ltd., Class H		7,989		7,645
Guangzhou R&F Properties Co. Ltd., Class H		7,711		8,682
Haitian International Holdings Ltd.		1,598		2,481
Haitong Securities Co. Ltd., Class H		3,993		6,891
Hengan International Group Co. Ltd.		3,041		30,553
Huadian Power International Corp. Ltd., Class H		6,397		4,043
Huaneng Power International, Inc., Class H		10,390		9,059
Huaneng Renewables Corp. Ltd., Class H		2,000		598
Huatai Securities Co. Ltd., Class H, 144A*		624		1,510
Industrial & Commercial Bank of China Ltd., Class H		176,130		106,540
JD.com, Inc., ADR*		300		9,204
Jiangsu Expressway Co. Ltd., Class H		6,565		8,501
Kingsoft Corp. Ltd.		1,747		4,642
Lenovo Group Ltd.		18,265		19,317
Longfor Properties Co. Ltd.		9,118		12,489
Luye Pharma Group Ltd.*		1,104		961
NetEase, Inc., ADR		100		16,666
New China Life Insurance Co. Ltd., Class H		1,807		7,481

	Number of Shares		Value
China (Continued)
New Oriental Education & Technology Group, Inc., ADR		200	$	5,804
People’s Insurance Co. (Group) of China Ltd., Class H		25,926		13,375
PetroChina Co. Ltd., Class H		46,507		33,050
PICC Property & Casualty Co. Ltd., Class H		7,989		17,331
Ping An Insurance Group Co. of China Ltd., Class H		11,650		63,784
Qihoo 360 Technology Co. Ltd., ADR*		100		6,790
Semiconductor Manufacturing International Corp.*		37,712		3,940
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		8,377		5,942
Shanghai Electric Group Co. Ltd., Class H (b)		12,567		7,620
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (b)		504		1,632
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,595		5,696
Shenzhou International Group Holdings Ltd.		3,237		16,992
Sihuan Pharmaceutical Holdings Group Ltd.		5,410		2,726
Sino-Ocean Land Holdings Ltd.		4,313		2,420
Sinopec Engineering Group Co. Ltd., Class H		8,232		6,370
Sinopec Shanghai Petrochemical Co. Ltd., Class H*		17,377		6,208
Sinopharm Group Co. Ltd., Class H		2,795		11,734
Sinotrans Ltd., Class H		4,671		2,711
Soho China Ltd.		22,098		9,006
SouFun Holdings Ltd., ADR		300		2,010
Sunac China Holdings Ltd.		6,299		4,200
Tencent Holdings Ltd.		12,894		256,601
Tingyi Cayman Islands Holding Corp.		3,993		5,778
TravelSky Technology Ltd., Class H		400		684
Tsingtao Brewery Co. Ltd., Class H		3,297		14,777
Vipshop Holdings Ltd., ADR*		500		8,265
Want Want China Holdings Ltd.		27,964		21,965
Weichai Power Co. Ltd., Class H		3,994		4,121
Yangzijiang Shipbuilding Holdings Ltd.		6,402		4,993
Yanzhou Coal Mining Co. Ltd., Class H		631		288
Zhejiang Expressway Co. Ltd., Class H		8,037		9,765
Zhuzhou CSR Times Electric Co. Ltd., Class H		1,904		12,573
Zijin Mining Group Co. Ltd., Class H		31,903		7,982
ZTE Corp., Class H		2,260		5,078
				1,987,976
Hong Kong — 14.9%
AIA Group Ltd.		29,584		176,662
Alibaba Health Information Technology Ltd.*		6,862		5,248
Alibaba Pictures Group Ltd.*		19,854		4,840
ASM Pacific Technology Ltd.		857		6,527
Bank of East Asia Ltd. (The)		1,622		5,795
Beijing Enterprises Holdings Ltd.		2,704		16,862
Beijing Enterprises Water Group Ltd.*		16,341		12,772

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
BOC Hong Kong (Holdings) Ltd.		7,981	$	24,447
Brilliance China Automotive Holdings Ltd.		7,989		10,160
Cathay Pacific Airways Ltd.		2,090		3,688
Cheung Kong Infrastructure Holdings Ltd.		993		8,696
Cheung Kong Property Holdings Ltd.		6,980		45,507
China Everbright International Ltd.		10,027		15,183
China Everbright Ltd.		2,266		5,220
China Gas Holdings Ltd.		9,141		12,992
China Jinmao Holdings Group Ltd.		26,731		8,102
China Merchants Holdings International Co. Ltd.		5,339		17,353
China Mobile Ltd.		16,342		185,689
China Overseas Land & Investment Ltd.		9,984		33,093
China Power International Development Ltd.		4,000		2,131
China Resources Beer (Holdings) Co. Ltd.		1,625		3,161
China Resources Gas Group Ltd.		4,885		13,640
China Resources Land Ltd.		3,993		10,738
China Resources Power Holdings Co. Ltd.		7,194		13,547
China State Construction International Holdings Ltd.		7,973		12,031
China Taiping Insurance Holdings Co. Ltd.*		2,975		8,959
China Unicom (Hong Kong) Ltd.		9,836		12,179
CITIC Ltd.		8,000		14,032
CK Hutchison Holdings Ltd.		6,610		86,702
CLP Holdings Ltd.		4,138		34,584
Far East Horizon Ltd.		5,991		5,200
First Pacific Co. Ltd.		3,993		2,482
Galaxy Entertainment Group Ltd.		5,918		17,403
GCL-Poly Energy Holdings Ltd.*(b)		13,980		2,650
Goldin Properties Holdings Ltd.*		4,200		3,304
Guangdong Investment Ltd.		13,833		18,876
Haier Electronics Group Co. Ltd.		2,853		5,115
Hanergy Thin Film Power Group Ltd.*		36,273		16,169
Hang Lung Properties Ltd.		5,991		14,032
Hang Seng Bank Ltd.		1,984		35,952
Henderson Land Development Co. Ltd.		3,015		18,568
HKT Trust and HKT Ltd. (a)		5,653		7,160
Hong Kong and China Gas Co. Ltd.		14,909		29,266
Hong Kong Exchanges & Clearing Ltd.		2,746		71,541
Hysan Development Co. Ltd.		1,733		7,320
Kerry Properties Ltd.		1,837		5,177
Kunlun Energy Co. Ltd.		14,572		12,761
Li & Fung Ltd.		14,143		9,741
Link REIT (The)		5,412		32,911
MTR Corp. Ltd.		3,180		14,765
New World China Land Ltd.		17,692		12,139
New World Development Co. Ltd.		13,736		13,677
Nine Dragons Paper Holdings Ltd.		2,754		1,602
Noble Group Ltd.		14,052		4,234
NWS Holdings Ltd.		2,421		3,397
PCCW Ltd.		6,045		3,657
Power Assets Holdings Ltd.		3,372		30,117
Shangri-La Asia Ltd.		3,336		3,102
Shimao Property Holdings Ltd.		2,817		4,701
Sino Biopharmaceutical Ltd.		22,099		20,835
Sino Land Co. Ltd.		7,989		11,849

	Number of Shares		Value
Hong Kong (Continued)
SJM Holdings Ltd.		11,838	$	8,687
Sun Art Retail Group Ltd.		11,185		8,785
Sun Hung Kai Properties Ltd.		4,309		52,963
Swire Pacific Ltd., Class A		1,198		13,072
Swire Properties Ltd.		2,477		7,188
Techtronic Industries Co. Ltd.		3,285		13,325
WH Group Ltd., 144A*		15,701		8,100
Wharf Holdings Ltd. (The)		3,668		21,052
Wheelock & Co. Ltd.		2,673		11,549
Yue Yuen Industrial (Holdings) Ltd.		1,829		6,640
Yuexiu Property Co. Ltd.		57,315		9,610
				1,411,214
India — 5.2%
Dr. Reddy’s Laboratories Ltd., ADR		639		29,931
ICICI Bank Ltd., ADR		12,269		101,955
Infosys Ltd., ADR		2,916		48,639
Larsen & Toubro Ltd., GDR		2,929		60,044
Reliance Industries Ltd., GDR, 144A		4,356		124,364
Tata Motors Ltd., ADR*		2,338		73,811
Wipro Ltd., ADR		4,052		50,853
				489,597
Indonesia — 2.3%
PT Astra Agro Lestari Tbk		2,996		3,671
PT Astra International Tbk		48,957		20,966
PT Bank Central Asia Tbk		29,954		26,793
PT Bank Danamon Indonesia Tbk		9,519		1,944
PT Bank Mandiri Persero Tbk		19,375		11,904
PT Bank Negara Indonesia Persero Tbk		17,112		5,900
PT Bank Rakyat Indonesia Persero Tbk		24,518		19,095
PT Bumi Serpong Damai Tbk		18,946		2,307
PT Charoen Pokphand Indonesia Tbk		12,091		2,766
PT Global Mediacom Tbk		27,964		1,688
PT Gudang Garam Tbk		1,198		4,234
PT Indocement Tunggal Prakarsa Tbk		6,950		9,394
PT Indofood CBP Sukses Makmur Tbk		5,536		5,052
PT Indofood Sukses Makmur Tbk		8,051		2,837
PT Jasa Marga Persero Tbk		14,715		4,786
PT Kalbe Farma Tbk		31,342		3,024
PT Lippo Karawaci Tbk		74,685		6,937
PT Matahari Department Store Tbk		7,401		8,372
PT Media Nusantara Citra Tbk		4,490		527
PT Perusahaan Gas Negara Persero Tbk		36,797		7,062
PT Semen Indonesia Persero Tbk		12,899		9,906
PT Summarecon Agung Tbk		14,100		1,580
PT Surya Citra Media Tbk		3,698		810
PT Telekomunikasi Indonesia Persero Tbk		135,110		28,614
PT Tower Bersama Infrastructure Tbk*		11,584		5,087
PT Unilever Indonesia Tbk		6,759		17,954
PT United Tractors Tbk		2,377		2,800
PT XL Axiata Tbk*		16,155		4,040
				220,050
Ireland — 0.1%
James Hardie Industries PLC CDI(c)		1,046		12,376

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Macau — 0.3%
MGM China Holdings Ltd.		2,514	$	3,307
Sands China Ltd.		6,107		20,636
Wynn Macau Ltd.		3,993		4,970
				28,913
Malaysia — 3.2%
Alliance Financial Group Bhd		6,176		5,185
AMMB Holdings Bhd		6,300		6,782
Axiata Group Bhd		100		144
Berjaya Sports Toto Bhd		6,795		4,924
British American Tobacco Malaysia Bhd		850		11,534
CIMB Group Holdings Bhd		1,850		1,952
Dialog Group Bhd		900		344
DiGi.Com Bhd		13,702		16,067
Felda Global Ventures Holdings Bhd		9,227		3,830
Gamuda Bhd		800		852
Genting Malaysia Bhd		18,353		18,938
Hong Leong Bank Bhd		4,351		13,837
Hong Leong Financial Group Bhd		3,125		10,260
IHH Healthcare Bhd		9,476		14,090
IOI Properties Group Bhd		6,100		3,147
Kuala Lumpur Kepong Bhd		1,600		8,608
Lafarge Malaysia Bhd		2,400		5,122
Malayan Banking Bhd		14,927		29,126
Malaysia Airports Holdings Bhd		4,925		6,260
Maxis Bhd		9,701		14,925
MISC Bhd		3,325		7,205
Petronas Dagangan Bhd		1,200		7,036
Petronas Gas Bhd		3,275		17,604
Public Bank Bhd		8,026		34,596
Sime Darby Bhd		12,028		22,313
Telekom Malaysia Bhd		7,151		10,918
Tenaga Nasional Bhd		900		2,820
UMW Holdings Bhd		5,376		10,061
Westports Holdings Bhd		2,900		2,924
YTL Power International Bhd		16,031		5,827
				297,231
New Zealand — 0.7%
Auckland International Airport Ltd.		3,715		12,912
Contact Energy Ltd.		4,806		15,755
Fletcher Building Ltd.		2,269		10,888
Meridian Energy Ltd.		2,122		3,241
Mighty River Power Ltd.		4,303		8,214
Ryman Healthcare Ltd.		2,183		11,280
Spark New Zealand Ltd.		3,505		7,694
				69,984
Philippines — 1.7%
Aboitiz Equity Ventures, Inc.		17,137		20,576
Aboitiz Power Corp.		5,950		5,301
Ayala Corp.		515		8,117
Ayala Land, Inc.		10,826		7,774
Bank of the Philippine Islands		5,738		10,164
BDO Unibank, Inc.		2,690		5,763
DMCI Holdings Inc.		10,900		3,117
Energy Development Corp.		23,300		3,064
Globe Telecom, Inc.		300		12,728

	Number of Shares		Value
Philippines (Continued)
GT Capital Holdings, Inc.		200	$	5,367
International Container Terminal Services, Inc.		4,653		7,255
JG Summit Holdings, Inc.		1,260		1,891
Jollibee Foods Corp.		3,038		12,954
Metropolitan Bank & Trust Company		630		1,076
Philippine Long Distance Telephone Co.		300		13,046
SM Investments Corp.		105		1,882
SM Prime Holdings, Inc.		48,457		22,101
Universal Robina Corp.		4,250		18,212
				160,388
Singapore — 3.8%
Ascendas Real Estate Investment Trust REIT		5,550		9,404
CapitaLand Commercial Trust REIT		5,950		5,526
CapitaLand Ltd.		8,451		18,094
CapitaLand Mall Trust REIT		5,701		7,699
City Developments Ltd.		1,950		10,147
ComfortDelGro Corp. Ltd.		3,400		7,063
DBS Group Holdings Ltd.		4,000		46,790
Genting Singapore PLC		12,303		6,629
Global Logistic Properties Ltd.		10,201		14,247
Golden Agri-Resources Ltd.		28,603		7,300
Hutchison Port Holdings Trust, Class U		14,052		7,588
Jardine Cycle & Carriage Ltd.		200		4,530
Keppel Corp. Ltd.		4,000		18,574
Oversea-Chinese Banking Corp. Ltd.		6,050		37,187
Sembcorp Industries Ltd.		2,150		4,954
Sembcorp Marine Ltd.		2,150		3,140
Singapore Airlines Ltd.		600		4,322
Singapore Exchange Ltd.		1,850		9,889
Singapore Press Holdings Ltd.		1,850		5,272
Singapore Technologies Engineering Ltd.		5,650		11,456
Singapore Telecommunications Ltd.		17,803		48,340
StarHub Ltd.		1,000		2,573
Suntec Real Estate Investment Trust REIT		1,600		1,741
United Overseas Bank Ltd.		3,500		48,112
UOL Group Ltd.		1,650		7,147
Wilmar International Ltd.		6,050		12,267
				359,991
South Korea — 13.5%
Amorepacific Corp.		90		31,359
AMOREPACIFIC Group		118		15,641
BGF Retail Co. Ltd.		26		4,030
BNK Financial Group, Inc.		688		5,781
Celltrion, Inc.*		229		17,065
Cheil Worldwide, Inc.*		358		6,322
CJ CheilJedang Corp.		12		3,736
CJ Corp.		40		8,739
CJ Korea Express Co. Ltd.*		5		831
Coway Co. Ltd.		141		10,288
Daelim Industrial Co. Ltd.		1		62
Daewoo Securities Co. Ltd.		799		7,141
DGB Financial Group, Inc.		671		6,026
Dongbu Insurance Co. Ltd.		205		10,993
Dongsuh Cos., Inc.		100		3,186

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
E-MART, Inc.		80	$	14,783
GS Engineering & Construction Corp.*		183		3,461
Hana Financial Group, Inc.		858		18,893
Hankook Tire Co. Ltd.		138		5,500
Hanmi Pharm. Co. Ltd.*		17		11,656
Hanmi Science Co. Ltd.*		49		6,305
Hanon Systems		72		2,838
Hanssem Co. Ltd.		23		4,697
Hanwha Chemical Corp.		499		10,729
Hanwha Corp.		267		8,392
Hanwha Life Insurance Co. Ltd.		520		3,431
Hotel Shilla Co. Ltd.		70		5,470
Hyosung Corp.		68		6,782
Hyundai Department Store Co. Ltd.		25		2,731
Hyundai Development Co.-Engineering & Construction		85		3,009
Hyundai Engineering & Construction Co. Ltd.		39		1,076
Hyundai Glovis Co. Ltd.		47		7,752
Hyundai Marine & Fire Insurance Co. Ltd.		298		8,723
Hyundai Mobis Co. Ltd.		145		31,240
Hyundai Motor Co.		301		38,338
Hyundai Steel Co.		332		14,564
Hyundai Wia Corp.		34		3,553
Industrial Bank of Korea		928		10,658
Kakao Corp.		64		6,665
Kangwon Land, Inc.		248		8,181
KB Financial Group, Inc.		952		28,978
KCC Corp.		4		1,587
KEPCO Plant Service & Engineering Co. Ltd.		66		5,756
Kia Motors Corp.		632		28,652
Korea Aerospace Industries Ltd.		171		12,389
Korea Electric Power Corp.		670		28,320
Korea Investment Holdings Co. Ltd.		88		4,157
Korea Zinc Co. Ltd.		39		15,323
KT Corp.*		160		4,138
KT&G Corp.		301		27,811
Kumho Petrochemical Co. Ltd.		56		2,843
LG Chem Ltd.		133		36,522
LG Corp.		114		7,245
LG Display Co. Ltd.		371		8,137
LG Electronics, Inc.		64		2,995
LG Household & Health Care Ltd.		26		22,631
LG Uplus Corp.		1,108		10,190
Lotte Chemical Corp.		64		13,291
Mirae Asset Securities Co. Ltd.		148		2,537
NAVER Corp.		69		37,597
NCSoft Corp.		62		11,912
NH Investment & Securities Co. Ltd.		538		4,762
OCI Co. Ltd.		33		2,169
Orion Corp.		14		13,794
Paradise Co. Ltd.		193		3,350
POSCO		211		30,792
S-1 Corp.		65		5,287
Samsung C&T Corp.*		210		26,476
Samsung Card Co. Ltd.		131		3,558

	Number of Shares		Value
South Korea (Continued)
Samsung Electro-Mechanics Co. Ltd.		102	$	6,095
Samsung Electronics Co. Ltd.		269		298,257
Samsung Fire & Marine Insurance Co. Ltd.		98		25,938
Samsung Heavy Industries Co. Ltd.		31		309
Samsung Life Insurance Co. Ltd.		264		23,481
Samsung SDI Co. Ltd.		87		9,015
Samsung SDS Co. Ltd.		67		15,100
Samsung Securities Co. Ltd.		207		7,910
Shinhan Financial Group Co. Ltd.		1,083		38,764
Shinsegae Co. Ltd.		7		1,514
SK Holdings Co. Ltd.		56		13,056
SK Hynix, Inc.		1,350		36,838
SK Innovation Co. Ltd.*		63		6,936
SK Telecom Co. Ltd.		47		9,497
S-Oil Corp.		9		577
Woori Bank		1,093		8,957
Yuhan Corp.		15		3,588
				1,279,658
Taiwan — 10.5%
Acer, Inc.*		11,893		4,409
Advanced Semiconductor Engineering, Inc.		18,358		19,319
Advantech Co. Ltd.		933		6,131
Asia Cement Corp.		3,869		3,277
Asia Pacific Telecom Co. Ltd.*		9,136		2,883
Asustek Computer, Inc.		1,787		14,781
AU Optronics Corp.		34,695		9,290
Catcher Technology Co. Ltd.		2,048		19,826
Cathay Financial Holding Co. Ltd.		18,101		25,314
Cheng Shin Rubber Industry Co. Ltd.		3,080		5,161
Chicony Electronics Co. Ltd.		1,346		3,105
China Life Insurance Co. Ltd./Taiwan		4,044		3,283
China Steel Corp.		21,935		12,197
Chunghwa Telecom Co. Ltd.		9,206		28,147
Compal Electronics, Inc.		13,440		7,453
CTBC Financial Holding Co. Ltd.		34,783		18,222
Delta Electronics, Inc.		5,467		26,211
E.Sun Financial Holding Co. Ltd.		8,966		5,397
Eclat Textile Co. Ltd.		503		6,765
EVA Airways Corp.*		428		215
Far Eastern New Century Corp.		4,622		3,738
Far EasTone Telecommunications Co. Ltd.		3,761		7,916
Feng Tay Enterprise Co. Ltd.		978		5,378
First Financial Holding Co. Ltd.		4,180		1,946
Formosa Chemicals & Fibre Corp.		9,355		20,234
Formosa Petrochemical Corp.		142		336
Formosa Plastics Corp.		11,004		24,845
Formosa Taffeta Co. Ltd.		1,000		933
Foxconn Technology Co. Ltd.		3,756		8,423
Fubon Financial Holding Co. Ltd.		16,519		26,315
Giant Manufacturing Co. Ltd.		412		2,783
Hermes Microvision, Inc.		112		3,997
Hiwin Technologies Corp.		23		107
Hon Hai Precision Industry Co. Ltd.		40,837		105,089
Hotai Motor Co. Ltd.		482		5,213
HTC Corp.		4,317		10,726
Innolux Corp.		43,977		13,459

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, 2015 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Inotera Memories, Inc.*		7,171	$	4,855
Inventec Corp.		7,616		4,433
Largan Precision Co. Ltd.		316		24,347
Lite-On Technology Corp.		4,425		4,541
MediaTek, Inc.		3,775		30,126
Mega Financial Holding Co. Ltd.		15,013		10,348
Merida Industry Co. Ltd.		139		773
Nan Ya Plastics Corp.		15,174		27,241
Novatek Microelectronics Corp.		1,292		4,690
Pegatron Corp.		5,397		14,236
Phison Electronics Corp.		287		2,189
Pou Chen Corp.		6,272		8,349
Powertech Technology, Inc.		1,832		3,957
President Chain Store Corp.		1,193		7,639
Quanta Computer, Inc.		7,270		11,359
Radiant Opto-Electronics Corp.		1,266		3,312
Realtek Semiconductor Corp.		937		1,935
Ruentex Industries Ltd.		1,074		2,083
Siliconware Precision Industries Co. Ltd.		7,825		10,308
Simplo Technology Co. Ltd.		784		2,690
SinoPac Financial Holdings Co. Ltd.		2,372		734
Standard Foods Corp.		342		804
Synnex Technology International Corp.		3,017		2,925
Taishin Financial Holding Co. Ltd.		3,863		1,373
Taiwan Cement Corp.		6,234		5,624
Taiwan Fertilizer Co. Ltd.		1,388		1,709
Taiwan Mobile Co. Ltd.		3,921		11,844
Taiwan Semiconductor Manufacturing Co. Ltd.		63,055		268,508
Transcend Information, Inc.		534		1,396
Uni-President Enterprises Corp.		10,977		18,092
United Microelectronics Corp.		44,413		16,123
Vanguard International Semiconductor Corp.		2,147		2,598
Wistron Corp.		9,083		4,744
WPG Holdings Ltd.		4,766		4,614
Yuanta Financial Holding Co. Ltd.		8,781		3,322
Yulon Motor Co. Ltd.		2,030		2,027
Zhen Ding Technology Holding Ltd.		998		2,834
				991,506
Thailand — 1.7%
Bangkok Bank PCL, NVDR		4,625		21,615
Indorama Ventures PCL, NVDR		13,326		8,477
IRPC PCL, NVDR		44,423		5,206
Kasikornbank PCL, NVDR		4,800		22,902
Krung Thai Bank PCL, NVDR		73,204		34,723
PTT Exploration & Production PCL, NVDR		7,200		13,108
PTT PCL, NVDR		2,825		20,179
Siam Commercial Bank PCL, NVDR		5,000		18,345
Thai Oil PCL, NVDR		6,651		10,856
				155,411
United Kingdom — 0.4%
Rio Tinto Ltd.		1,003		33,302
TOTAL COMMON STOCKS (Cost $10,583,829)				9,415,065

	Number of Shares		Value
PREFERRED STOCKS — 0.6%
South Korea — 0.6%
Amorepacific Corp.		15	$	3,063
Hyundai Motor Co.		6		575
Hyundai Motor Co. — 2nd Preferred		33		3,177
LG Chem Ltd.		33		6,398
Samsung Electronics Co. Ltd.		46		43,535
				56,748
TOTAL PREFERRED STOCKS (Cost $55,563)				56,748
RIGHTS — 0.0%
Australia — 0.0%
Transurban Group*, expires 12/31/15		287		124
Malaysia — 0.0%
Hong Leong Bank Bhd*, expires 12/31/15		920		572
Taiwan — 0.0%
Delta Electronics, Inc.*, expires 12/31/15		287		57
Mega Financial Holding Co. Ltd.*, expires 12/31/15		1,218		56
				113
TOTAL RIGHTS (Cost $ 0)				809
SECURITIES LENDING COLLATERAL — 0.6%
Daily Assets Fund, 0.20% (d)(e) (Cost $56,466)		56,466		56,466
TOTAL INVESTMENTS — 100.8% (Cost $10,695,858)†			$	9,529,088
Other assets and liabilities, net — (0.8%)				(71,995	)
NET ASSETS — 100.0%			$	9,457,093

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, 2015 (Unaudited)

* Non-income producing security.

† The cost for federal income tax purposes was $10,760,709. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $1,231,621. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $417,499 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,649,120.

(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) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $52,741, which is 0.6% of net assets.

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

(d) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven day yield at period end.

(e) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

ADR: American Depositary Receipt.

CDI: Chess Depositary Interest.

GDR: Global Depositary Receipt.

NVDR: Non Voting Depositary Receipt

REIT: Real Estate Investment Trust.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/2/2015	HKD	3,601,700	USD	464,706	$	177
JP Morgan & Chase Co.	12/2/2015	HKD	19,275,703	USD	2,487,316		1,235
State Street Bank & Trust Co.	12/2/2015	HKD	2,583,000	USD	333,306		164
The Bank of New York Mellon	12/2/2015	HKD	596,900	USD	77,023		38
Bank of Montreal	12/2/2015	USD	110,444	HKD	856,000		(42	)
Bank of Montreal	12/2/2015	USD	354,195	HKD	2,745,700		(69	)
JP Morgan & Chase Co.	12/2/2015	USD	2,486,562	HKD	19,275,703		(481	)
State Street Bank & Trust Co.	12/2/2015	USD	333,206	HKD	2,583,000		(64	)
The Bank of New York Mellon	12/2/2015	USD	30,109	HKD	233,400		(6	)
The Bank of New York Mellon	12/2/2015	USD	46,208	HKD	358,100		(22	)
The Bank of New York Mellon	12/2/2015	USD	697	HKD	5,400		0
JP Morgan & Chase Co.	12/3/2015	AUD	2,182,801	USD	1,554,892		(23,443	)
State Street Bank & Trust Co.	12/3/2015	AUD	436,903	USD	311,219		(4,697	)
State Street Bank & Trust Co.	12/3/2015	AUD	10,000	USD	7,246		15
State Street Bank & Trust Co.	12/3/2015	AUD	22,000	USD	15,683		(224	)
State Street Bank & Trust Co.	12/3/2015	AUD	194,000	USD	138,165		(2,112	)
The Bank of New York Mellon	12/3/2015	AUD	83,200	USD	59,268		(892	)
JP Morgan & Chase Co.	12/3/2015	IDR	2,543,408,000	USD	183,706		1
State Street Bank & Trust Co.	12/3/2015	IDR	416,090,000	USD	29,978		(76	)
State Street Bank & Trust Co.	12/3/2015	IDR	480,092,000	USD	34,589		(87	)
JP Morgan & Chase Co.	12/3/2015	INR	27,675,572	USD	420,857		5,883
State Street Bank & Trust Co.	12/3/2015	INR	2,067,000	USD	31,413		420
State Street Bank & Trust Co.	12/3/2015	INR	4,958,128	USD	75,351		1,008
JP Morgan & Chase Co.	12/3/2015	KRW	1,272,775,880	USD	1,114,564		15,604
State Street Bank & Trust Co.	12/3/2015	KRW	121,333,000	USD	106,209		1,446
State Street Bank & Trust Co.	12/3/2015	KRW	328,315,410	USD	287,391		3,912
JP Morgan & Chase Co.	12/3/2015	MYR	1,185,000	USD	275,678		(2,169	)
State Street Bank & Trust Co.	12/3/2015	MYR	164,732	USD	38,310		(315	)
State Street Bank & Trust Co.	12/3/2015	MYR	41,000	USD	9,535		(78	)
JP Morgan & Chase Co.	12/3/2015	NZD	89,782	USD	60,609		1,524
State Street Bank & Trust Co.	12/3/2015	NZD	10,000	USD	6,749		168
State Street Bank & Trust Co.	12/3/2015	NZD	6,400	USD	4,217		5
State Street Bank & Trust Co.	12/3/2015	NZD	41,250	USD	27,847		700
JP Morgan & Chase Co.	12/3/2015	PHP	5,459,000	USD	116,484		704
State Street Bank & Trust Co.	12/3/2015	PHP	415,000	USD	8,854		53

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, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	12/3/2015	PHP	2,006,051	USD	42,791	$	245
JP Morgan & Chase Co.	12/3/2015	SGD	714,437	USD	509,584		3,143
State Street Bank & Trust Co.	12/3/2015	SGD	126,000	USD	89,428		111
State Street Bank & Trust Co.	12/3/2015	SGD	50,000	USD	35,655		211
The Bank of New York Mellon	12/3/2015	SGD	800	USD	568		1
JP Morgan & Chase Co.	12/3/2015	THB	4,918,000	USD	137,682		477
State Street Bank & Trust Co.	12/3/2015	THB	686,688	USD	19,235		77
State Street Bank & Trust Co.	12/3/2015	THB	260,000	USD	7,277		24
Bank of Montreal	12/3/2015	TWD	386,160	USD	11,783		(47	)
JP Morgan & Chase Co.	12/3/2015	TWD	22,260,983	USD	685,038		3,056
State Street Bank & Trust Co.	12/3/2015	TWD	10,345,095	USD	318,409		1,479
State Street Bank & Trust Co.	12/3/2015	TWD	1,948,000	USD	59,957		278
Bank of Montreal	12/3/2015	USD	7,176	AUD	10,000		55
Bank of Montreal	12/3/2015	USD	11,827	TWD	386,160		3
JP Morgan & Chase Co.	12/3/2015	USD	1,581,658	AUD	2,182,801		(3,324	)
JP Morgan & Chase Co.	12/3/2015	USD	183,865	IDR	2,543,408,000		(160	)
JP Morgan & Chase Co.	12/3/2015	USD	416,243	INR	27,675,572		(1,269	)
JP Morgan & Chase Co.	12/3/2015	USD	1,101,017	KRW	1,272,775,880		(2,058	)
JP Morgan & Chase Co.	12/3/2015	USD	278,850	MYR	1,185,000		(1,004	)
JP Morgan & Chase Co.	12/3/2015	USD	59,158	NZD	89,782		(72	)
JP Morgan & Chase Co.	12/3/2015	USD	115,745	PHP	5,459,000		35
JP Morgan & Chase Co.	12/3/2015	USD	507,071	SGD	714,437		(629	)
JP Morgan & Chase Co.	12/3/2015	USD	137,388	THB	4,918,000		(182	)
JP Morgan & Chase Co.	12/3/2015	USD	682,287	TWD	22,260,983		(305	)
State Street Bank & Trust Co.	12/3/2015	USD	473,093	AUD	652,903		(994	)
State Street Bank & Trust Co.	12/3/2015	USD	64,697	IDR	896,182,000		32
State Street Bank & Trust Co.	12/3/2015	USD	75,996	INR	5,054,128		(213	)
State Street Bank & Trust Co.	12/3/2015	USD	30,000	INR	1,971,000		(446	)
State Street Bank & Trust Co.	12/3/2015	USD	357,305	KRW	413,430,810		(335	)
State Street Bank & Trust Co.	12/3/2015	USD	32,000	KRW	36,217,600		(728	)
State Street Bank & Trust Co.	12/3/2015	USD	48,402	MYR	205,732		(164	)
State Street Bank & Trust Co.	12/3/2015	USD	33,771	NZD	51,250		(43	)
State Street Bank & Trust Co.	12/3/2015	USD	51,374	PHP	2,421,051		(26	)
State Street Bank & Trust Co.	12/3/2015	USD	125,532	SGD	176,000		(771	)
State Street Bank & Trust Co.	12/3/2015	USD	26,414	THB	946,688		(3	)
State Street Bank & Trust Co.	12/3/2015	USD	377,112	TWD	12,293,095		(504	)
The Bank of New York Mellon	12/3/2015	USD	33,982	AUD	46,900		(69	)
The Bank of New York Mellon	12/3/2015	USD	25,400	AUD	35,600		342
The Bank of New York Mellon	12/3/2015	USD	492	AUD	700		14
The Bank of New York Mellon	12/3/2015	USD	4,199	NZD	6,400		13
The Bank of New York Mellon	12/3/2015	USD	285	SGD	400		(2	)
The Bank of New York Mellon	12/3/2015	USD	282	SGD	400		2
The Bank of New York Mellon	1/5/2016	HKD	233,400	USD	30,113		5
Bank of Montreal	1/5/2016	HKD	2,745,700	USD	354,238		49
JP Morgan & Chase Co.	1/5/2016	HKD	19,275,703	USD	2,486,883		361
State Street Bank & Trust Co.	1/5/2016	HKD	2,583,000	USD	333,254		53
State Street Bank & Trust Co.	1/5/2016	USD	108,645	HKD	842,000		(29	)
JP Morgan & Chase Co.	1/6/2016	AUD	2,182,801	USD	1,578,765		3,408
State Street Bank & Trust Co.	1/6/2016	AUD	652,903	USD	472,261		1,052
State Street Bank & Trust Co.	1/6/2016	AUD	21,000	USD	15,164		8
The Bank of New York Mellon	1/6/2016	AUD	46,900	USD	33,922		73
State Street Bank & Trust Co.	1/6/2016	IDR	896,182,000	USD	64,256		56
JP Morgan & Chase Co.	1/6/2016	IDR	2,543,408,000	USD	182,572		370
State Street Bank & Trust Co.	1/6/2016	IDR	92,402,000	USD	6,625		6
JP Morgan & Chase Co.	1/6/2016	INR	27,675,572	USD	413,717		1,309
State Street Bank & Trust Co.	1/6/2016	INR	5,054,128	USD	75,593		279
JP Morgan & Chase Co.	1/6/2016	KRW	1,272,775,880	USD	1,099,543		1,775

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, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	1/6/2016	KRW	413,430,810	USD	356,867	$	284
JP Morgan & Chase Co.	1/6/2016	MYR	1,185,000	USD	278,915		1,722
State Street Bank & Trust Co.	1/6/2016	MYR	205,732	USD	48,442		317
JP Morgan & Chase Co.	1/6/2016	PHP	5,459,000	USD	115,437		(80	)
State Street Bank & Trust Co.	1/6/2016	PHP	2,421,051	USD	51,233		1
JP Morgan & Chase Co.	1/6/2016	SGD	714,437	USD	506,478		646
JP Morgan & Chase Co.	1/6/2016	THB	4,918,000	USD	137,211		171
State Street Bank & Trust Co.	1/6/2016	THB	946,688	USD	26,401		22
State Street Bank & Trust Co.	1/6/2016	TWD	12,293,095	USD	376,707		32
Bank of Montreal	1/6/2016	TWD	386,160	USD	11,827		(5	)
JP Morgan & Chase Co.	1/6/2016	TWD	22,260,983	USD	681,702		(401	)
State Street Bank & Trust Co.	1/6/2016	USD	6,581	PHP	311,000		0
State Street Bank & Trust Co.	1/6/2016	USD	7,233	AUD	10,000		(16	)
State Street Bank & Trust Co.	1/6/2016	USD	20,258	AUD	28,000		(50	)
State Street Bank & Trust Co.	1/6/2016	USD	13,506	INR	903,000		(50	)
State Street Bank & Trust Co.	1/6/2016	USD	6,165	KRW	7,152,000		3
State Street Bank & Trust Co.	1/6/2016	USD	7,535	MYR	32,000		(49	)
State Street Bank & Trust Co.	1/6/2016	USD	22,692	SGD	32,000		(35	)
State Street Bank & Trust Co.	1/6/2016	USD	89,322	SGD	126,000		(112	)
State Street Bank & Trust Co.	1/6/2016	USD	18,723	TWD	611,000		(2	)
The Bank of New York Mellon	1/6/2016	USD	567	SGD	800		(1	)
JP Morgan & Chase Co.	1/7/2016	NZD	89,782	USD	59,014		78
State Street Bank & Trust Co.	1/7/2016	NZD	51,250	USD	33,689		47
State Street Bank & Trust Co.	1/7/2016	USD	4,207	NZD	6,400		(6	)
Total net unrealized appreciation						$	5,821

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

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, 2015 (Unaudited)

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Investment in Securities	Level 1		Level 2			Level 3		Total
Common Stocks**	$	9,370,350	$	—		$	44,715	$	9,415,065
Preferred Stocks**		56,748		—			—		56,748
Rights		809		—			—		809
Securities Lending Collateral		56,466		—			—		56,466
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		54,782			—		54,782
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(48,961	)		—		(48,961	)
TOTAL	$	9,484,373	$	5,821		$	44,715	$	9,534,909

During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $26,791 and between Level 3 and Level 1 was $19,632.

Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of a resumption in trading.

Transfers between price levels are recognized at the beginning of the reporting period.

** See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Brazil Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 65.4%
Consumer Discretionary — 4.1%
B2W Cia Digital*		2,015	$	7,687
Estacio Participacoes SA		5,051		17,507
Kroton Educacional SA		24,122		57,671
Lojas Americanas SA		2,711		8,408
Lojas Renner SA		11,096		50,189
				141,462
Consumer Staples — 20.1%
Ambev SA		82,423		397,096
BRF SA		11,441		162,759
Hypermarcas SA*		6,059		35,079
JBS SA		12,798		41,083
M Dias Branco SA		563		10,477
Natura Cosmeticos SA		3,079		16,855
Raia Drogasil SA		3,749		38,420
				701,769
Energy — 6.9%
Cosan SA Industria e Comercio		2,134		13,293
Petroleo Brasileiro SA*		52,044		126,579
Ultrapar Participacoes SA		6,308		102,275
				242,147
Financials — 13.0%
Banco Bradesco SA		13,177		81,807
Banco do Brasil SA		14,969		63,025
Banco Santander Brasil SA		7,478		28,606
BB Seguridade Participacoes SA		12,215		81,991
BM&F Bovespa SA		30,135		88,559
BR Malls Participacoes SA		7,808		25,872
CETIP SA — Mercados Organizados		3,801		36,153
Multiplan Empreendimentos Imobiliarios SA		1,326		14,600
Porto Seguro SA		1,983		16,678
Sul America SA		3,151		17,551
				454,842
Health Care — 0.8%
Odontoprev SA		4,735		12,177
Qualicorp SA		3,854		14,713
				26,890
Industrials — 5.7%
CCR SA		15,423		51,064
Embraer SA		11,560		90,831
Localiza Rent a Car SA		2,566		17,622
WEG SA		9,941		39,055
				198,572
Information Technology — 4.3%
Cielo SA		14,793		134,242
Totvs SA		2,140		18,513
				152,755
Materials — 6.4%
Cia Siderurgica Nacional SA		11,123		15,812
Duratex SA		5,295		9,169
Fibria Celulose SA		4,335		64,123
Klabin SA		9,677		59,353

	Number of Shares		Value
Materials (Continued)
Vale SA		22,475	$	76,504
			224,961
Telecommunication Services — 0.8%
Tim Participacoes SA		14,821		29,305
Utilities — 3.3%
Cia de Saneamento Basico do Estado de Sao Paulo		5,761		28,172
CPFL Energia SA*		3,512		14,288
EDP — Energias do Brasil SA		4,167		12,784
Equatorial Energia SA		3,180		28,849
Tractebel Energia SA		2,925		25,296
Transmissora Alianca de Energia Eletrica SA		1,688		7,688
			117,077
TOTAL COMMON STOCKS (Cost $2,911,710)				2,289,780
PREFERRED STOCKS — 35.3%
Consumer Discretionary — 1.1%
Lojas Americanas SA		8,471		37,746
Consumer Staples — 1.0%
Cia Brasileira de Distribuicao		2,837		35,930
Energy — 3.9%
Petroleo Brasileiro SA*		68,542		135,879
Financials — 21.1%
Banco Bradesco SA		44,133		240,912
Banco do Estado do Rio Grande do Sul SA, Class B		11		16
Itau Unibanco Holding SA		53,049		381,037
Itausa — Investimentos Itau SA		61,896		115,985
			737,950
Materials — 4.7%
Braskem SA, Class A		2,682		18,176
Gerdau SA		15,349		24,200
Suzano Papel e Celulose SA, Class A		6,454		31,695
Vale SA		33,679		92,532
			166,603
Telecommunication Services — 1.9%
Telefonica Brasil SA		6,806		65,087
Utilities — 1.6%
AES Tiete SA		86		292
Centrais Eletricas Brasileiras SA, Class B		3,961		10,627
Cia Energetica de Minas Gerais		12,689		21,645
Cia Energetica de Sao Paulo, Class B		3,366		11,710
Cia Paranaense de Energia, Class B		1,811		13,434
			57,708
TOTAL PREFERRED STOCKS (Cost $1,921,831)				1,236,903
TOTAL INVESTMENTS — 100.7% (Cost $4,833,541)†			$	3,526,683
Other assets and liabilities, net — (0.7%)				(25,693	)
NET ASSETS — 100.0%			$	3,500,990

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

* Non-income producing security.

† The cost for federal income tax purposes was $5,682,816. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $2,156,133. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $54,720 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,210,853.

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	12/3/2015	BRL	9,301,086	USD	2,396,569	$	(5,153	)
State Street Bank & Trust Co.	12/3/2015	BRL	4,559,410	USD	1,168,480		(8,849	)
State Street Bank & Trust Co.	12/3/2015	BRL	167,000	USD	42,903		(220	)
The Bank of New York Mellon	12/3/2015	BRL	1,797,068	USD	479,295		15,257
The Bank of New York Mellon	12/3/2015	BRL	107,302	USD	27,374		(333	)
JP Morgan & Chase Co.	12/3/2015	USD	2,374,240	BRL	9,301,086		27,482
State Street Bank & Trust Co.	12/3/2015	USD	6,665	BRL	26,000		49
State Street Bank & Trust Co.	12/3/2015	USD	1,199,482	BRL	4,700,410		14,256
The Bank of New York Mellon	12/3/2015	USD	22,482	BRL	84,000		(791	)
The Bank of New York Mellon	12/3/2015	USD	143,753	BRL	550,000		(1,733	)
The Bank of New York Mellon	12/3/2015	USD	4,985	BRL	19,000		(79	)
The Bank of New York Mellon	12/3/2015	USD	322,298	BRL	1,251,370		830
JP Morgan & Chase Co.	1/6/2016	BRL	9,301,086	USD	2,351,253		(24,391	)
State Street Bank & Trust Co.	1/6/2016	BRL	4,700,410	USD	1,188,473		(12,086	)
State Street Bank & Trust Co.	1/6/2016	USD	22,250	BRL	88,000		226
State Street Bank & Trust Co.	1/6/2016	USD	147,837	BRL	581,000		559
The Bank of New York Mellon	1/6/2016	USD	27,098	BRL	107,302		309
Total net unrealized appreciation						$	5,333

Currency Abbreviations

BRL	Brazilian Real
USD	U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Investment in Securities	Level 1		Level 2			Level 3		Total
Common Stocks**	$	2,289,780	$	—		$	—	$	2,289,780
Preferred Stocks**		1,236,903		—			—		1,236,903
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		58,968			—		58,968
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(53,635	)		—		(53,635	)
TOTAL	$	3,526,683	$	5,333		$	—	$	3,532,016

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

** See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.1%
Brazil — 3.4%
Ambev SA		160,952	$	775,432
B2W Cia Digital*		4,551		17,362
Banco Bradesco SA		29,920		185,753
Banco do Brasil SA		36,359		153,085
Banco Santander Brasil SA		25,200		96,397
BB Seguridade Participacoes SA		24,883		167,023
BM&F Bovespa SA		83,897		246,552
BR Malls Participacoes SA		29,838		98,869
BRF SA		29,745		423,149
CCR SA		37,920		125,550
CETIP SA — Mercados Organizados		4,667		44,390
Cia de Saneamento Basico do Estado de Sao Paulo		18,714		91,514
Cia Siderurgica Nacional SA		39,619		56,321
Cielo SA		30,042		272,622
Cosan SA Industria e Comercio		7,238		45,085
CPFL Energia SA*		13,130		53,416
Duratex SA		11,275		19,525
EDP — Energias do Brasil SA		12,186		37,386
Embraer SA		35,030		275,242
Estacio Participacoes SA		7,824		27,118
Fibria Celulose SA		6,294		93,100
Hypermarcas SA*		10,751		62,244
JBS SA		36,728		117,902
Klabin SA		26,749		164,061
Kroton Educacional SA		46,005		109,989
Localiza Rent a Car SA		8,530		58,579
Lojas Renner SA		20,245		91,571
M Dias Branco SA		322		5,992
Multiplan Empreendimentos Imobiliarios SA		4,033		44,406
Natura Cosmeticos SA		12,467		68,248
Odontoprev SA		17,844		45,890
Petroleo Brasileiro SA*		134,244		326,502
Porto Seguro SA		2,516		21,161
Qualicorp SA		12,375		47,242
Raia Drogasil SA		5,058		51,835
Sul America SA		4,704		26,201
Tim Participacoes SA		40,680		80,435
Totvs SA		10,141		87,728
Tractebel Energia SA		8,205		70,959
Transmissora Alianca de Energia Eletrica SA		252		1,148
Ultrapar Participacoes SA		20,662		335,003
Vale SA		49,399		168,153
WEG SA		1,001		3,933
				5,294,073
Chile — 1.5%
AES Gener SA		282,058		122,829
Banco de Chile		2,825,138		281,739
Banco de Credito e Inversiones		4,439		164,724
Banco Santander Chile		6,341,507		282,876
Cencosud SA		69,628		146,800
Cia Cervecerias Unidas SA		11,283		126,054
Colbun SA		428,804		106,089

	Number of Shares		Value
Chile (Continued)
Corpbanca SA		11,465,422	$	97,077
Empresa Nacional de Electricidad SA		186,908		221,594
Empresa Nacional de Telecomunicaciones SA		8,206		73,371
Empresas CMPC SA		71,993		150,804
Empresas Copec SA		20,812		178,532
Enersis SA		936,455		228,075
LATAM Airlines Group SA*		14,052		75,556
				2,256,120
China — 22.7%
58.com, Inc., ADR*		600		36,126
AAC Technologies Holdings, Inc.		40,175		281,618
Agricultural Bank of China Ltd., Class H		813,414		311,583
Air China Ltd., Class H		232,471		187,393
Alibaba Group Holding Ltd., ADR*		36,700		3,085,736
Aluminum Corp. of China Ltd., Class H*(a)		197,030		62,767
Anhui Conch Cement Co. Ltd., Class H		101,080		275,728
Anta Sports Products Ltd.		111,112		336,054
AviChina Industry & Technology Co. Ltd., Class H		61,518		52,208
Baidu, Inc., ADR*		10,300		2,245,091
Bank of China Ltd., Class H		4,132,792		1,833,610
Bank of Communications Co. Ltd., Class H		447,225		311,476
Beijing Capital International Airport Co. Ltd., Class H (a)		32,874		36,675
Belle International Holdings Ltd.		204,903		179,177
Byd Co. Ltd., Class H*		37,999		205,348
CGN Power Co. Ltd., Class H, 144A		315,582		122,106
China Cinda Asset Management Co. Ltd., Class H		219,337		81,189
China CITIC Bank Corp. Ltd., Class H*		409,793		258,451
China Communications Construction Co. Ltd., Class H		245,859		284,118
China Communications Services Corp. Ltd., Class H		327,099		126,141
China Conch Venture Holdings Ltd.		30,916		64,835
China Construction Bank Corp., Class H		3,314,051		2,278,198
China COSCO Holdings Co. Ltd., Class H*		78,036		46,680
China Everbright Bank Co. Ltd., Class H		144,836		65,381
China Galaxy Securities Co. Ltd., Class H		77,484		70,554
China Huishan Dairy Holdings Co. Ltd. (a)		199,571		74,130
China International Marine Containers Group Co. Ltd., Class H		24,556		42,946
China Life Insurance Co. Ltd., Class H		241,265		832,383
China Longyuan Power Group Corp. Ltd., Class H		314,873		261,939
China Medical System Holdings Ltd.		46,621		64,338
China Mengniu Dairy Co. Ltd.		213,045		339,072
China Merchants Bank Co. Ltd., Class H		181,465		426,429
China Minsheng Banking Corp. Ltd., Class H		423,144		405,492
China National Building Material Co. Ltd., Class H		144,498		77,528

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
China (Continued)
China Oilfield Services Ltd., Class H		84,614	$	84,140
China Pacific Insurance Group Co. Ltd., Class H		101,550		417,807
China Petroleum & Chemical Corp., Class H		1,288,060		789,105
China Railway Construction Corp. Ltd., Class H		43,869		58,277
China Railway Group Ltd., Class H		134,301		111,550
China Shenhua Energy Co. Ltd., Class H		168,426		262,845
China Shipping Container Lines Co. Ltd., Class H*		233,198		87,821
China Southern Airlines Co. Ltd., Class H		90,555		66,222
China Telecom Corp. Ltd., Class H		763,597		374,242
China Vanke Co. Ltd., Class H		98,023		244,253
Chongqing Rural Commercial Bank Co. Ltd., Class H		46,994		27,699
CITIC Securities Co. Ltd., Class H		55,163		126,498
CNOOC Ltd.		778,185		861,143
Country Garden Holdings Co. Ltd.		599,486		224,997
CRRC Corp. Ltd., Class H		153,321		196,164
CSPC Pharmaceutical Group Ltd.		166,991		157,009
Ctrip.com International, Ltd., ADR*		5,100		545,751
Dalian Wanda Commercial Properties Co. Ltd., Class H, 144A (a)		21,182		125,806
Dongfeng Motor Group Co. Ltd., Class H		230,390		313,191
ENN Energy Holdings Ltd.		31,822		161,297
Evergrande Real Estate Group Ltd.		171,878		135,446
Fosun International Ltd.		198,134		353,672
Geely Automobile Holdings Ltd.		139,222		73,081
GF Securities Co. Ltd., Class H*		26,501		64,189
GOME Electrical Appliances Holding Ltd.		363,107		62,286
Great Wall Motor Co. Ltd., Class H		224,022		274,774
Guangzhou Automobile Group Co. Ltd., Class H		26,108		24,985
Guangzhou R&F Properties Co. Ltd., Class H		141,261		159,053
Haitian International Holdings Ltd.		7,764		12,056
Haitong Securities Co. Ltd., Class H		87,459		150,927
Hengan International Group Co. Ltd.		27,425		275,543
Huadian Power International Corp. Ltd., Class H		40,030		25,298
Huaneng Power International, Inc., Class H		94,411		82,314
Huaneng Renewables Corp. Ltd., Class H		52,212		15,623
Huatai Securities Co. Ltd., Class H, 144A*		22,365		54,114
Industrial & Commercial Bank of China Ltd., Class H		2,887,769		1,746,788
Jiangsu Expressway Co. Ltd., Class H		33,062		42,812
Kingsoft Corp. Ltd.		36,031		95,730
Lenovo Group Ltd.		328,168		347,068
Longfor Properties Co. Ltd.		132,573		181,587
Luye Pharma Group Ltd.*		49,195		42,828
NetEase, Inc., ADR		1,700		283,322

	Number of Shares		Value
China (Continued)
New China Life Insurance Co. Ltd., Class H		16,932	$	70,100
New Oriental Education & Technology Group, Inc., ADR		2,500		72,550
People’s Insurance Co. (Group) of China Ltd., Class H		111,058		57,295
PetroChina Co. Ltd., Class H		1,081,911		768,862
PICC Property & Casualty Co. Ltd., Class H		240,873		522,539
Ping An Insurance Group Co. of China Ltd., Class H		207,061		1,133,655
Qihoo 360 Technology Co. Ltd., ADR*		300		20,370
Qunar Cayman Islands Ltd., ADR*		800		36,024
Semiconductor Manufacturing International Corp.*		801,406		83,723
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		89,333		63,369
Shanghai Electric Group Co. Ltd., Class H (a)		124,986		75,787
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (a)		17,337		56,125
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		25,613		56,224
Shenzhou International Group Holdings Ltd.		22,080		115,904
Sihuan Pharmaceutical Holdings Group Ltd.		77,906		39,255
Sinopec Engineering Group Co. Ltd., Class H		185,409		143,479
Sinopec Shanghai Petrochemical Co. Ltd., Class H*		393,460		140,568
Sinopharm Group Co. Ltd., Class H		49,602		208,236
Sinotrans Ltd., Class H		41,575		24,130
Soho China Ltd.		414,092		168,768
SouFun Holdings Ltd., ADR		9,200		61,640
Sunac China Holdings Ltd.		79,049		52,710
Tencent Holdings Ltd.		231,067		4,598,422
Tingyi Cayman Islands Holding Corp.		163,930		237,223
TravelSky Technology Ltd., Class H		8,500		14,537
Tsingtao Brewery Co. Ltd., Class H		25,874		115,964
Vipshop Holdings Ltd., ADR*		6,400		105,792
Want Want China Holdings Ltd.		460,113		361,399
Weichai Power Co. Ltd., Class H (a)		24,180		24,949
Yanzhou Coal Mining Co. Ltd., Class H		60,215		27,492
YY, Inc., ADR*		100		6,058
Zhejiang Expressway Co. Ltd., Class H		26,767		32,520
Zhuzhou CSR Times Electric Co. Ltd., Class H		19,791		130,690
Zijin Mining Group Co. Ltd., Class H		577,719		144,552
ZTE Corp., Class H		25,845		58,067
				34,930,791
Colombia — 0.0%
Grupo de Inversiones Suramericana SA		384		3,952
Czech Republic — 0.0%
CEZ AS		2,752		50,009

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Egypt — 0.4%
Commercial International Bank Egypt SAE		90,191	$	495,759
Global Telecom Holding SAE*		32,670		6,676
Talaat Moustafa Group		150,784		113,424
				615,859
Hong Kong — 5.9%
Alibaba Health Information Technology Ltd.*		119,985		91,767
Alibaba Pictures Group Ltd.*		337,076		82,167
Beijing Enterprises Holdings Ltd.		32,812		204,613
Beijing Enterprises Water Group Ltd.*		356,209		278,409
Brilliance China Automotive Holdings Ltd.		81,077		103,105
China Everbright International Ltd.		186,662		282,637
China Everbright Ltd. (a)		14,933		34,398
China Gas Holdings Ltd.		170,448		242,258
China Merchants Holdings International Co. Ltd.		33,360		108,426
China Mobile Ltd.		278,358		3,162,894
China Overseas Land & Investment Ltd.		237,866		788,443
China Power International Development Ltd.		62,652		33,373
China Resources Beer (Holdings) Co. Ltd. (a)		70,136		136,410
China Resources Gas Group Ltd.		51,991		145,175
China Resources Land Ltd.		73,178		196,785
China Resources Power Holdings Co. Ltd.		121,679		229,126
China State Construction International Holdings Ltd.		121,675		183,608
China Taiping Insurance Holdings Co. Ltd.*		46,029		138,619
China Unicom (Hong Kong) Ltd.		191,233		236,777
CITIC Ltd.		73,292		128,558
Far East Horizon Ltd.		12,182		10,574
GCL-Poly Energy Holdings Ltd.*(a)		408,857		77,516
Goldin Properties Holdings Ltd.*(a)		77,201		60,738
Guangdong Investment Ltd.		245,534		335,044
Haier Electronics Group Co. Ltd.		26,687		47,843
Hanergy Thin Film Power Group Ltd.*		792,724		353,367
Kunlun Energy Co. Ltd.		219,820		192,505
New World China Land Ltd.		362,917		249,014
Nine Dragons Paper Holdings Ltd.		241,109		140,247
Shanghai Industrial Holdings Ltd.		75,568		197,364
Shimao Property Holdings Ltd.		62,657		104,570
Sino Biopharmaceutical Ltd.		471,577		444,606
Sun Art Retail Group Ltd.		16,710		13,125
Yuexiu Property Co. Ltd.		263,963		44,258
				9,078,319
Hungary — 0.5%
MOL Hungarian Oil and Gas PLC		3,885		178,247
OTP Bank PLC		16,388		338,074
Richter Gedeon Nyrt		13,359		253,795
				770,116
India — 5.4%
Dr. Reddy’s Laboratories Ltd., ADR		11,208		524,983
ICICI Bank Ltd., ADR		203,885		1,694,284

	Number of Shares		Value
India (Continued)
Infosys Ltd., ADR		53,338	$	889,678
Larsen & Toubro Ltd., GDR		45,642		935,661
Reliance Industries Ltd., GDR, 144A		70,169		2,003,325
Tata Motors Ltd., ADR*		42,044		1,327,329
Wipro Ltd., ADR		73,878		927,169
				8,302,429
Indonesia — 2.7%
PT Astra Agro Lestari Tbk		69,820		85,540
PT Astra International Tbk		1,033,311		442,527
PT Bank Central Asia Tbk		596,257		533,334
PT Bank Danamon Indonesia Tbk		370,798		75,714
PT Bank Mandiri Persero Tbk		343,939		211,311
PT Bank Negara Indonesia Persero Tbk		386,649		133,308
PT Bank Rakyat Indonesia Persero Tbk		409,498		318,926
PT Bumi Serpong Damai Tbk		298,812		36,393
PT Charoen Pokphand Indonesia Tbk		136,857		31,308
PT Gudang Garam Tbk		35,979		127,168
PT Indocement Tunggal Prakarsa Tbk		120,724		163,176
PT Indofood CBP Sukses Makmur Tbk		16,092		14,685
PT Indofood Sukses Makmur Tbk		66,115		23,297
PT Kalbe Farma Tbk		892,440		86,115
PT Lippo Karawaci Tbk		1,555,865		144,509
PT Matahari Department Store Tbk		153,898		174,088
PT Media Nusantara Citra Tbk		902		106
PT Perusahaan Gas Negara Persero Tbk		865,211		166,038
PT Semen Indonesia Persero Tbk		163,048		125,218
PT Summarecon Agung Tbk		357,591		40,063
PT Surya Citra Media Tbk		129,141		28,283
PT Telekomunikasi Indonesia Persero Tbk		2,518,681		533,411
PT Tower Bersama Infrastructure Tbk*		166,658		73,180
PT Unilever Indonesia Tbk		133,780		355,361
PT United Tractors Tbk		140,282		165,276
PT XL Axiata Tbk*		265,901		66,499
				4,154,834
Malaysia — 3.4%
AirAsia Bhd		100,000		31,895
Alliance Financial Group Bhd		48,600		40,804
AMMB Holdings Bhd		88,200		94,943
Axiata Group Bhd		16,900		24,296
Berjaya Sports Toto Bhd		15,016		10,882
British American Tobacco Malaysia Bhd		19,800		268,674
CIMB Group Holdings Bhd		103,100		108,806
Dialog Group Bhd		800		306
DiGi.Com Bhd		226,100		265,127
Genting Bhd		13,900		23,471
Genting Malaysia Bhd		160,900		166,032
Hong Leong Bank Bhd		81,000		257,589
IHH Healthcare Bhd		49,000		72,856
IOI Corp. Bhd		199,700		203,728
IOI Properties Group Bhd		88,466		45,644
Kuala Lumpur Kepong Bhd		32,000		172,158
Lafarge Malaysia Bhd		96,800		206,585
Malayan Banking Bhd		195,800		382,049
Malaysia Airports Holdings Bhd		1,700		2,161

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Malaysia (Continued)
Maxis Bhd		192,200	$	295,692
Petronas Chemicals Group Bhd		177,500		280,570
Petronas Dagangan Bhd		28,700		168,269
Petronas Gas Bhd		33,200		178,458
Public Bank Bhd		158,400		682,784
RHB Capital Bhd		21,700		28,296
Sime Darby Bhd		130,000		241,159
Telekom Malaysia Bhd		145,700		222,445
Tenaga Nasional Bhd		118,400		370,972
UMW Holdings Bhd		112,900		211,290
Westports Holdings Bhd		5,700		5,748
YTL Corp. Bhd		258,793		95,894
YTL Power International Bhd		179,870		65,384
				5,224,967
Malta — 0.2%
Brait SE*(a)		24,761		274,605
Mexico — 5.1%
Alfa SAB de CV, Class A		154,882		313,253
America Movil SAB de CV, Series L (a)		1,531,009		1,240,267
Arca Continental SAB de CV		40,709		256,238
Cemex SAB de CV*		722,952		458,325
Coca-Cola Femsa SAB de CV, Series L		19,678		152,028
Controladora Comercial Mexicana SAB de CV		15,943		50,488
El Puerto de Liverpool SAB de CV, Class C1		1,793		23,706
Fibra Uno Administracion SA de CV REIT		86,744		201,500
Fomento Economico Mexicano SAB de CV		97,168		940,308
Gentera SAB de CV		44,904		87,922
Gruma SAB de CV, Class B		6,244		90,879
Grupo Aeroportuario del Pacifico SAB de CV, Class B		3,489		31,737
Grupo Aeroportuario del Sureste SAB de CV, Class B		4,387		66,423
Grupo Bimbo SAB de CV, Series A*		89,737		248,346
Grupo Carso SAB de CV, Series A1		30,806		136,412
Grupo Comercial Chedraui SA de CV		12,074		32,796
Grupo Financiero Banorte SAB de CV, Class O		123,477		666,533
Grupo Financiero Inbursa SAB de CV, Class O		169,825		324,832
Grupo Financiero Santander Mexico SAB de CV, Class B		101,818		197,823
Grupo Lala SAB de CV		10,252		24,884
Grupo Mexico SAB de CV, Series B		204,405		447,445
Grupo Televisa SAB, Series CPO		102,444		576,849
Industrias Penoles SAB de CV		6,788		84,929
Kimberly-Clark de Mexico SAB de CV, Class A		63,003		148,859
Mexichem SAB de CV		32,944		81,554
OHL Mexico SAB de CV*		34,832		41,580
Promotora y Operadora de Infraestructura SAB de CV*		8,430		102,508
Wal-Mart de Mexico SAB de CV		317,869		841,349
			7,869,773

	Number of Shares		Value
Peru — 0.1%
Cia de Minas Buenaventura SAA, ADR*		6,412	$	30,393
Credicorp Ltd.		1,486		156,936
			187,329
Philippines — 1.8%
Aboitiz Equity Ventures, Inc.		81,990		98,444
Aboitiz Power Corp.		193,600		172,490
Ayala Corp.		4,040		63,677
Ayala Land, Inc.		465,100		333,976
Bank of the Philippine Islands		100,330		177,716
BDO Unibank, Inc.		98,759		211,597
Energy Development Corp.		824,700		108,467
Globe Telecom, Inc.		2,990		126,856
GT Capital Holdings, Inc.		2,575		69,100
International Container Terminal Services, Inc.		860		1,341
JG Summit Holdings, Inc.		66,360		99,596
Jollibee Foods Corp.		13,690		58,373
Megaworld Corp.		300,000		28,256
Metro Pacific Investments Corp.		286,700		31,869
Metropolitan Bank & Trust Company		101,489		173,311
Philippine Long Distance Telephone Co.		5,475		238,094
SM Investments Corp.		9,760		174,951
SM Prime Holdings, Inc.		180,800		82,461
Universal Robina Corp.		110,660		474,190
				2,724,765
Poland — 1.5%
Bank Pekao SA		9,485		321,679
Bank Zachodni WBK SA*		2,577		166,186
CCC SA		2,448		96,319
Cyfrowy Polsat SA*		38,879		231,482
Grupa Azoty SA*		397		10,605
LPP SA		121		203,850
Orange Polska SA		28,568		47,789
PGE Polska Grupa Energetyczna SA		92,593		303,828
Polski Koncern Naftowy Orlen SA		8,478		142,515
Polskie Gornictwo Naftowe i Gazownictwo SA		59,754		79,701
Powszechna Kasa Oszczednosci Bank Polski SA*		41,431		276,306
Powszechny Zaklad Ubezpieczen SA		45,669		436,229
				2,316,489
Qatar — 0.6%
Ezdan Holding Group QSC		35,670		156,609
Gulf International Services QSC		2,361		30,469
Industries Qatar QSC		7,080		195,373
Masraf Al Rayan		10,511		103,034
Qatar Islamic Bank SAQ		484		15,482
Qatar National Bank SAQ		10,058		441,873
Vodafone Qatar QSC		6,819		22,918
				965,758
Russia — 3.4%
Gazprom PAO, ADR		117,916		487,111
Lukoil PJSC, ADR		14,736		567,778
Magnit PJSC, GDR		19,696		949,741

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Russia (Continued)
MegaFon PJSC, GDR		21,446	$	324,907
Mobile TeleSystems PJSC, ADR		49,050		345,803
NovaTek OAO, GDR		8,445		790,452
Rosneft Oil Co. OJSC, GDR		129,013		518,632
Severstal PAO, GDR		26,253		280,907
Sistema JSFC, GDR		26,193		175,493
Surgutneftegas OJSC, ADR		74,070		370,350
VTB Bank PJSC, GDR		155,315		331,132
				5,142,306
South Africa — 6.9%
Anglo American Platinum Ltd.*		3,401		47,053
AngloGold Ashanti Ltd.*		25,455		160,802
Aspen Pharmacare Holdings Ltd.*		13,610		294,315
Barclays Africa Group Ltd.		13,460		147,943
Barloworld Ltd.		3,766		19,914
Bidvest Group Ltd. (The)		11,648		271,572
Capitec Bank Holdings Ltd.		4,133		171,541
Coronation Fund Managers Ltd.		5,796		24,365
Discovery Ltd.		12,276		122,488
Exxaro Resources Ltd.		14,749		45,912
FirstRand Ltd.		146,285		475,811
Foschini Group Ltd. (The)		7,954		71,259
Gold Fields Ltd.		52,004		132,312
Growthpoint Properties Ltd. REIT		85,857		143,313
Hyprop Investments Ltd. REIT		8,894		74,113
Impala Platinum Holdings Ltd.*(a)		31,087		67,997
Imperial Holdings Ltd.		5,304		55,751
Investec Ltd.		8,112		67,899
Liberty Holdings Ltd.		2,940		26,388
Life Healthcare Group Holdings Ltd. (a)		31,904		78,789
Massmart Holdings Ltd.		2,021		16,147
Mediclinic International Ltd.		19,925		158,507
MMI Holdings Ltd.		39,913		65,325
Mondi Ltd.		7,043		160,129
Mr Price Group Ltd. (a)		8,533		118,651
MTN Group Ltd.		72,590		728,913
Naspers Ltd., Class N		17,563		2,617,976
Nedbank Group Ltd.		6,707		97,872
Netcare Ltd.		47,203		117,550
Pick N Pay Stores Ltd.		2,282		10,324
Pioneer Foods Group Ltd.		1,794		20,911
PSG Group Ltd.		6,840		127,805
Rand Merchant Insurance Holdings Ltd.		20,300		59,274
Redefine Properties Ltd. REIT		149,260		108,930
Remgro Ltd.		19,669		353,201
Resilient REIT Ltd. REIT		12,284		105,794
RMB Holdings Ltd.		26,706		112,895
Sanlam Ltd.		70,195		299,115
Sappi Ltd.*		34,409		149,004
Sasol Ltd.		27,895		776,799
Shoprite Holdings Ltd.		16,848		165,462
SPAR Group Ltd. (The)		4,417		55,485
Standard Bank Group Ltd.		52,498		471,523
Steinhoff International Holdings Ltd. (a)		97,889		548,493
Telkom SA SOC Ltd.		8,375		35,809
Tiger Brands Ltd.		4,759		109,685

	Number of Shares		Value
South Africa (Continued)
Truworths International Ltd.		15,356	$	100,394
Vodacom Group Ltd. (a)		19,622		198,175
Woolworths Holdings Ltd.		40,139		283,217
				10,672,902
South Korea — 15.1%
Amorepacific Corp.		1,447		504,179
AMOREPACIFIC Group		752		99,678
BGF Retail Co. Ltd.		713		110,516
BNK Financial Group, Inc.		4,516		37,944
Celltrion, Inc.*		4,348		324,021
Cheil Worldwide, Inc.*		1,592		28,113
CJ CheilJedang Corp.		152		47,317
CJ Corp.		429		93,724
Coway Co. Ltd.		4,744		346,158
Daelim Industrial Co. Ltd.		54		3,367
Daewoo Engineering & Construction Co. Ltd.*		12,550		67,299
Daewoo International Corp.		3,706		61,284
Daewoo Securities Co. Ltd.		271		2,422
DGB Financial Group, Inc.		8,396		75,401
Dongbu Insurance Co. Ltd.		2,567		137,654
Dongsuh Cos., Inc.		672		21,413
Doosan Corp.		1,125		101,032
Doosan Heavy Industries & Construction Co. Ltd.		3,706		75,525
E-MART, Inc.		1,997		369,032
GS Engineering & Construction Corp.*		1,923		36,366
Hana Financial Group, Inc.		11,316		249,176
Hankook Tire Co. Ltd.		1,617		64,440
Hanmi Pharm. Co. Ltd.*		341		233,802
Hanmi Science Co. Ltd.*		725		93,282
Hanon Systems		317		12,496
Hanssem Co. Ltd.		612		124,984
Hanwha Chemical Corp.		6,139		131,999
Hanwha Corp.		4,486		141,005
Hanwha Life Insurance Co. Ltd.		32,908		217,104
Hotel Shilla Co. Ltd.		1,075		84,010
Hyosung Corp.		785		78,293
Hyundai Department Store Co. Ltd.		663		72,423
Hyundai Development Co.-Engineering & Construction		1,569		55,549
Hyundai Engineering & Construction Co. Ltd.		5,314		146,610
Hyundai Glovis Co. Ltd.		417		68,777
Hyundai Heavy Industries Co. Ltd.*		1,176		92,004
Hyundai Marine & Fire Insurance Co. Ltd.		4,483		131,232
Hyundai Mobis Co. Ltd.		3,302		711,411
Hyundai Motor Co.		6,857		873,371
Hyundai Steel Co.		3,301		144,804
Hyundai Wia Corp.		970		101,351
Industrial Bank of Korea		2,163		24,842
Kakao Corp.		957		99,663
Kangwon Land, Inc.		3,728		122,974
KB Financial Group, Inc.		9,993		304,178
KCC Corp.		16		6,349
KEPCO Plant Service & Engineering Co. Ltd.		550		47,969

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
Kia Motors Corp.		15,337	$	695,300
Korea Aerospace Industries Ltd.		2,569		186,122
Korea Electric Power Corp.		4,737		200,230
Korea Investment Holdings Co. Ltd.		730		34,481
Korea Zinc Co. Ltd.		345		135,551
Korean Air Lines Co. Ltd.*		1,599		39,076
KT&G Corp.		7,398		683,551
Kumho Petrochemical Co. Ltd.		1,273		64,637
LG Chem Ltd.		2,417		663,707
LG Corp.		5,476		348,028
LG Display Co. Ltd.		6,482		142,172
LG Electronics, Inc.		4,813		225,262
LG Household & Health Care Ltd.		652		567,520
LG Innotek Co. Ltd.		109		9,375
LG Uplus Corp.		25,710		236,442
Lotte Chemical Corp.		1,271		263,957
Lotte Shopping Co. Ltd.		964		195,622
Mirae Asset Securities Co. Ltd.		421		7,216
NAVER Corp.		1,122		611,357
NCSoft Corp.		824		158,318
Neo Holdings Co. Ltd.*		26		0
OCI Co. Ltd.		1,125		73,928
Orion Corp.		81		79,807
Paradise Co. Ltd.		459		7,967
POSCO		2,061		300,772
S-1 Corp.		788		64,099
Samsung C&T Corp.*		4,277		539,218
Samsung Card Co. Ltd.		3,735		101,434
Samsung Electro-Mechanics Co. Ltd.		2,174		129,909
Samsung Electronics Co. Ltd.		4,647		5,152,410
Samsung Fire & Marine Insurance Co. Ltd.		2,295		607,415
Samsung Heavy Industries Co. Ltd.		9,662		96,366
Samsung Life Insurance Co. Ltd.		6,283		558,826
Samsung SDI Co. Ltd.		3,154		326,825
Samsung SDS Co. Ltd.		1,280		288,485
Samsung Securities Co. Ltd.		709		27,091
Shinhan Financial Group Co. Ltd.		17,982		643,628
Shinsegae Co. Ltd.		97		20,982
SK Holdings Co. Ltd.		2,328		542,774
SK Hynix, Inc.		23,890		651,892
SK Innovation Co. Ltd.*		1,463		161,075
SK Networks Co. Ltd.		12,550		66,107
SK Telecom Co. Ltd.		62		12,528
S-Oil Corp.		1,773		113,602
Woori Bank		10,023		82,137
Yuhan Corp.		321		76,782
				23,170,526
Taiwan — 12.0%
Acer, Inc.*		218,604		81,034
Advanced Semiconductor Engineering, Inc.		329,333		346,565
Advantech Co. Ltd.		22,633		148,728
Asia Cement Corp.		61,772		52,325
Asia Pacific Telecom Co. Ltd.*		100,173		31,609
Asustek Computer, Inc.		36,114		298,719

	Number of Shares		Value
Taiwan (Continued)
AU Optronics Corp.		550,320	$	147,350
Catcher Technology Co. Ltd.		37,034		358,518
Cathay Financial Holding Co. Ltd.		338,593		473,524
Chailease Holding Co. Ltd.		53,104		89,803
Chang Hwa Commercial Bank Ltd.		7,833		3,839
Cheng Shin Rubber Industry Co. Ltd.		62,936		105,465
Chicony Electronics Co. Ltd.		30,679		70,772
China Airlines Ltd.*		154,727		51,193
China Life Insurance Co. Ltd./Taiwan		161,231		130,893
China Steel Corp.		397,690		221,128
Chunghwa Telecom Co. Ltd.		185,932		568,471
Compal Electronics, Inc.		210,484		116,713
CTBC Financial Holding Co. Ltd.		676,696		354,497
Delta Electronics, Inc.		98,779		473,590
E.Sun Financial Holding Co. Ltd.		287,405		173,014
Eclat Textile Co. Ltd.		10,401		139,882
EVA Airways Corp.*		126,061		63,336
Evergreen Marine Corp. (Taiwan) Ltd.		99,735		39,568
Far Eastern New Century Corp.		90,152		72,913
Far EasTone Telecommunications Co. Ltd.		85,625		180,211
Feng Tay Enterprise Co. Ltd.		23,141		127,254
First Financial Holding Co. Ltd.		244,906		114,042
Formosa Chemicals & Fibre Corp.		98,787		213,662
Formosa Plastics Corp.		147,678		333,431
Formosa Taffeta Co. Ltd.		9,077		8,467
Foxconn Technology Co. Ltd.		73,050		163,815
Fubon Financial Holding Co. Ltd.		309,105		492,417
Giant Manufacturing Co. Ltd.		11,448		77,332
Hermes Microvision, Inc.		2,591		92,473
Highwealth Construction Corp.		60,410		73,935
Hiwin Technologies Corp.		14,698		68,668
Hon Hai Precision Industry Co. Ltd.		743,728		1,913,889
Hotai Motor Co. Ltd.		10,801		116,805
HTC Corp.		47,685		118,475
Hua Nan Financial Holdings Co. Ltd.		142,117		66,396
Innolux Corp.		200,301		61,302
Inotera Memories, Inc.*		149,651		101,320
Inventec Corp.		123,791		72,055
Largan Precision Co. Ltd.		5,019		386,704
Lite-On Technology Corp.		95,455		97,964
MediaTek, Inc.		64,557		515,198
Mega Financial Holding Co. Ltd.		339,444		233,977
Merida Industry Co. Ltd.		9,507		52,862
Nan Ya Plastics Corp.		202,520		363,571
Novatek Microelectronics Corp.		28,641		103,975
Pegatron Corp.		106,291		280,364
Phison Electronics Corp.		8,451		64,466
Pou Chen Corp.		117,029		155,778
Powertech Technology, Inc.		39,496		85,303
President Chain Store Corp.		14,100		90,279
Quanta Computer, Inc.		131,586		205,591
Radiant Opto-Electronics Corp.		25,135		65,760
Realtek Semiconductor Corp.		26,909		55,562
Ruentex Development Co. Ltd.		7,142		9,485
Ruentex Industries Ltd.		1,143		2,217
Siliconware Precision Industries Co. Ltd.		147,684		194,547

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Simplo Technology Co. Ltd.		16,518	$	56,676
SinoPac Financial Holdings Co. Ltd.		324,276		100,337
Standard Foods Corp.		6,088		14,305
Synnex Technology International Corp.		71,138		68,976
Taishin Financial Holding Co. Ltd.		179,933		63,943
Taiwan Business Bank*		82,898		20,876
Taiwan Cement Corp.		89,972		81,174
Taiwan Cooperative Financial Holding Co. Ltd.		185,553		79,014
Taiwan Fertilizer Co. Ltd.		2,888		3,557
Taiwan Mobile Co. Ltd.		83,625		252,602
Taiwan Semiconductor Manufacturing Co. Ltd.		1,143,551		4,869,603
Teco Electric & Machinery Co. Ltd.		44,836		34,957
Transcend Information, Inc.		18,181		47,511
Uni-President Enterprises Corp.		183,801		302,938
United Microelectronics Corp.		617,452		224,153
Vanguard International Semiconductor Corp.		58,577		70,884
Wistron Corp.		103,812		54,224
WPG Holdings Ltd.		86,521		83,759
Zhen Ding Technology Holding Ltd.		22,735		64,565
				18,467,055
Thailand — 1.8%
Bangkok Bank PCL, NVDR		80,500		376,221
Indorama Ventures PCL, NVDR		562,300		357,713
IRPC PCL, NVDR		1,809,979		212,107
Kasikornbank PCL, NVDR		96,800		461,852
Krung Thai Bank PCL, NVDR		995,700		472,291
PTT Exploration & Production PCL, NVDR		65,600		119,431
PTT PCL, NVDR		22,400		160,000
Siam Commercial Bank PCL, NVDR		113,700		417,175
Thai Oil PCL, NVDR		152,300		248,592
				2,825,382
Turkey — 1.8%
Akbank TAS		88,939		211,567
Anadolu Efes Biracilik Ve Malt Sanayii AS		8,299		56,803
Arcelik AS		11,467		62,191
BIM Birlesik Magazalar AS		15,928		297,975
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		69,099		65,938
Enka Insaat ve Sanayi AS		61,029		100,345
Eregli Demir ve Celik Fabrikalari TAS		140,586		181,448
Ford Otomotiv Sanayi AS		8,238		92,468
Haci Omer Sabanci Holding AS		47,625		133,234
KOC Holding AS		22,413		92,245
Petkim Petrokimya Holding As*		9,422		14,392
TAV Havalimanlari Holding AS		8,478		61,230
Tofas Turk Otomobil Fabrikasi AS		8,264		54,550
Tupras Turkiye Petrol Rafinerileri AS*		7,313		180,613
Turk Hava Yollari Anonim Ortakligi*		36,182		95,136
Turk Telekomunikasyon AS		62,778		129,295
Turkcell Iletisim Hizmetleri AS		74,354		283,302
Turkiye Garanti Bankasi AS		106,263		267,003
Turkiye Halk Bankasi AS		20,687		77,401

	Number of Shares		Value
Turkey (Continued)
Turkiye Is Bankasi, Class C		100,836	$	163,719
Turkiye Vakiflar Bankasi TAO, Class D		47,064		64,297
Ulker Biskuvi Sanayi AS		6,184		39,928
Yapi ve Kredi Bankasi AS		1,790		2,064
				2,727,144
United Arab Emirates — 0.9%
Abu Dhabi Commercial Bank PJSC		44,647		75,980
Aldar Properties PJSC		132,963		84,717
Arabtec Holding PJSC*		102,486		30,696
DP World Ltd.		9,700		181,390
Dubai Financial Market PJSC		114,665		37,154
Dubai Islamic Bank PJSC		74,218		129,335
Emaar Malls Group PJSC*		25,155		19,589
Emaar Properties PJSC		181,154		284,610
First Gulf Bank PJSC		122,385		399,886
National Bank of Abu Dhabi PJSC		53,755		111,971
				1,355,328
TOTAL COMMON STOCKS (Cost $174,500,947)				149,380,831
PREFERRED STOCKS — 2.8%
Brazil — 1.9%
Banco Bradesco SA		105,680		576,883
Braskem SA, Class A		12,353		83,716
Centrais Eletricas Brasileiras SA, Class B		9,143		24,529
Cia Brasileira de Distribuicao		7,941		100,571
Cia Energetica de Minas Gerais		45,436		77,508
Cia Energetica de Sao Paulo, Class B		3,572		12,427
Cia Paranaense de Energia, Class B		1,067		7,915
Gerdau SA		42,354		66,777
Itau Unibanco Holding SA		126,206		906,504
Itausa — Investimentos Itau SA		155,069		290,579
Lojas Americanas SA		7,910		35,246
Petroleo Brasileiro SA*		177,804		352,483
Suzano Papel e Celulose SA, Class A		7,478		36,723
Telefonica Brasil SA		18,235		174,385
Vale SA		79,919		219,576
				2,965,822
Chile — 0.1%
Embotelladora Andina SA, Class B		17,651		54,025
Sociedad Quimica y Minera de Chile SA, Class B		7,118		118,601
				172,626
South Korea — 0.7%
Amorepacific Corp.		200		40,845
Hyundai Motor Co. — 2nd Preferred		394		37,935
LG Chem Ltd.		502		97,318
Samsung Electronics Co. Ltd.		968		916,133
				1,092,231
Colombia — 0.1%
Bancolombia SA		15,860		112,976
TOTAL PREFERRED STOCKS (Cost $6,479,645)				4,343,655

See Notes to Financial Statements. 59

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
RIGHTS — 0.0%
Malaysia — 0.0%
Hong Leong Bank Bhd*, expires 12/31/15		12,960	$	8,054
RHB Capital Bhd*, expires 12/31/15		4,340		0
				8,054
Taiwan — 0.0%
Delta Electronics, Inc.*, expires 12/31/15		5,187		1,033
Mega Financial Holding Co. Ltd.*, expires 12/31/15		27,558		1,258
Taiwan Glass Industry Corp.*, expires 12/31/15		464		0
				2,291
TOTAL RIGHTS (Cost $0)				10,345

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 1.7%
Daily Assets Fund, 0.20% (b)(c) (Cost $2,599,528)		2,599,528	$	2,599,528
TOTAL INVESTMENTS — 101.6% (Cost $183,580,120)†			$	156,334,359
Other assets and liabilities, net — (1.6%)				(2,463,632	)
NET ASSETS — 100.0%			$	153,870,727

* Non-income producing security.

† The cost for federal income tax purposes was $184,992,689. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $28,658,330. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $3,608,917 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $32,267,247.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $2,327,449, which is 1.5% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

ADR: American Depositary Receipt.

CPO: Ordinary Participation Certificates.

GDR: Global Depositary Receipt.

NVDR: Non Voting Depositary Receipt

OJSC: Open Joint Stock Company.

PJSC: Private Joint Stock Company.

REIT: Real Estate Investment Trust.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

At November 30, 2015, open future(s) contract(s) purchased was as follows:

Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Appreciation
E-mini MSCI Emerging Markets Index Futures		4	$	164,000		12/18/2015	$	3,360

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	12/2/2015	CZK	1,582,500	USD	64,552	$	2,709
State Street Bank & Trust Co.	12/2/2015	CZK	229,800	USD	8,975		(6	)
State Street Bank & Trust Co.	12/2/2015	EUR	76	USD	84		4
JP Morgan & Chase Co.	12/2/2015	HKD	289,039,563	USD	37,297,353		18,520
State Street Bank & Trust Co.	12/2/2015	HKD	14,994,600	USD	1,934,300		374
State Street Bank & Trust Co.	12/2/2015	HKD	30,136,000	USD	3,888,704		1,918
The Bank of New York Mellon	12/2/2015	HKD	859,000	USD	110,841		52
The Bank of New York Mellon	12/2/2015	HKD	5,998,400	USD	774,028		385
Bank of Montreal	12/2/2015	HUF	47,160,500	USD	167,398		7,119
JP Morgan & Chase Co.	12/2/2015	HUF	190,696,500	USD	677,017		28,920
State Street Bank & Trust Co.	12/2/2015	HUF	7,216,700	USD	24,520		(7	)

See Notes to Financial Statements. 60

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	12/2/2015	HUF	13,895,000	USD	49,297	$	2,074
JP Morgan & Chase Co.	12/2/2015	PLN	17,992,000	USD	4,666,247		213,939
State Street Bank & Trust Co.	12/2/2015	PLN	139,000	USD	36,036		1,639
State Street Bank & Trust Co.	12/2/2015	PLN	7,822,500	USD	1,934,467		(1,293	)
State Street Bank & Trust Co.	12/2/2015	PLN	122,000	USD	31,622		1,432
The Bank of New York Mellon	12/2/2015	PLN	151,500	USD	37,832		341
Bank of Montreal	12/2/2015	USD	46,128	HUF	12,995,500		(1,962	)
Bank of Montreal	12/2/2015	USD	116,080	HUF	34,165,000		33
JP Morgan & Chase Co.	12/2/2015	USD	61,804	CZK	1,582,500		39
JP Morgan & Chase Co.	12/2/2015	USD	37,286,046	HKD	289,039,563		(7,213	)
JP Morgan & Chase Co.	12/2/2015	USD	647,914	HUF	190,696,500		183
JP Morgan & Chase Co.	12/2/2015	USD	4,449,335	PLN	17,992,000		2,973
State Street Bank & Trust Co.	12/2/2015	USD	9,372	CZK	229,800		(392	)
State Street Bank & Trust Co.	12/2/2015	USD	81	EUR	76		—
State Street Bank & Trust Co.	12/2/2015	USD	3,887,538	HKD	30,136,000		(752	)
State Street Bank & Trust Co.	12/2/2015	USD	47,210	HUF	13,895,000		13
State Street Bank & Trust Co.	12/2/2015	USD	64,544	PLN	261,000		43
The Bank of New York Mellon	12/2/2015	USD	743,920	HKD	5,765,200		(354	)
The Bank of New York Mellon	12/2/2015	USD	2,075,826	HKD	16,086,800		(1,033	)
The Bank of New York Mellon	12/2/2015	USD	25,224	HUF	7,216,700		(698	)
The Bank of New York Mellon	12/2/2015	USD	52,417	PLN	202,100		(2,406	)
The Bank of New York Mellon	12/2/2015	USD	1,982,189	PLN	7,642,500		(90,974	)
The Bank of New York Mellon	12/2/2015	USD	33,354	PLN	129,400		(1,332	)
JP Morgan & Chase Co.	12/3/2015	BRL	18,292,797	USD	4,713,424		(10,134	)
State Street Bank & Trust Co.	12/3/2015	BRL	2,554,375	USD	654,632		(4,957	)
State Street Bank & Trust Co.	12/3/2015	BRL	827,000	USD	211,997		(1,551	)
State Street Bank & Trust Co.	12/3/2015	BRL	517,000	USD	132,820		(680	)
The Bank of New York Mellon	12/3/2015	BRL	14,988,050	USD	3,860,263		(9,945	)
Bank of Montreal	12/3/2015	CLP	34,469,500	USD	48,209		(280	)
JP Morgan & Chase Co.	12/3/2015	CLP	1,993,592,800	USD	2,876,259		71,844
State Street Bank & Trust Co.	12/3/2015	CLP	91,591,000	USD	132,166		3,324
State Street Bank & Trust Co.	12/3/2015	CLP	23,608,500	USD	33,236		26
Bank of Montreal	12/3/2015	COP	27,485,000	USD	8,725		(14	)
JP Morgan & Chase Co.	12/3/2015	COP	1,932,085,100	USD	665,525		51,186
State Street Bank & Trust Co.	12/3/2015	COP	26,502,000	USD	9,110		684
State Street Bank & Trust Co.	12/3/2015	COP	27,521,000	USD	9,484		733
State Street Bank & Trust Co.	12/3/2015	COP	326,924,500	USD	103,789		(162	)
JP Morgan & Chase Co.	12/3/2015	EGP	10,659,002	USD	1,296,716		(57,962	)
The Bank of Nova Scotia	12/3/2015	EGP	4,252,000	USD	548,560		8,163
Bank of Montreal	12/3/2015	IDR	1,031,227,000	USD	74,521		38
JP Morgan & Chase Co.	12/3/2015	IDR	56,621,179,500	USD	4,089,648		14
State Street Bank & Trust Co.	12/3/2015	IDR	7,089,581,000	USD	510,777		(1,290	)
Bank of Montreal	12/3/2015	INR	9,949,500	USD	148,945		(241	)
JP Morgan & Chase Co.	12/3/2015	INR	644,676,144	USD	9,803,469		137,046
State Street Bank & Trust Co.	12/3/2015	INR	65,960,946	USD	991,819		2,786
State Street Bank & Trust Co.	12/3/2015	INR	36,322,000	USD	552,006		7,386
Bank of Montreal	12/3/2015	KRW	495,908,500	USD	428,338		153
JP Morgan & Chase Co.	12/3/2015	KRW	26,112,304,000	USD	22,866,416		320,139
State Street Bank & Trust Co.	12/3/2015	KRW	55,359,000	USD	48,391		592
State Street Bank & Trust Co.	12/3/2015	KRW	2,271,334,000	USD	1,988,213		27,063
State Street Bank & Trust Co.	12/3/2015	KRW	3,367,404,900	USD	2,947,658		40,123
JP Morgan & Chase Co.	12/3/2015	MXN	119,015,000	USD	7,184,397		6,990
State Street Bank & Trust Co.	12/3/2015	MXN	685,000	USD	41,358		48
State Street Bank & Trust Co.	12/3/2015	MXN	7,265,000	USD	438,509		380
The Bank of New York Mellon	12/3/2015	MXN	29,190,262	USD	1,761,764		1,394
Bank of Montreal	12/3/2015	MYR	418,000	USD	98,353		345
JP Morgan & Chase Co.	12/3/2015	MYR	22,826,332	USD	5,310,302		(41,769	)

See Notes to Financial Statements. 61

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	12/3/2015	MYR	132,260	USD	30,758	$	(253	)
State Street Bank & Trust Co.	12/3/2015	MYR	738,000	USD	171,628		(1,410	)
Bank of Montreal	12/3/2015	PHP	2,179,000	USD	46,263		49
JP Morgan & Chase Co.	12/3/2015	PHP	93,717,000	USD	1,999,723		12,078
State Street Bank & Trust Co.	12/3/2015	PHP	4,634,000	USD	98,869		587
State Street Bank & Trust Co.	12/3/2015	PHP	198,000	USD	4,223		23
State Street Bank & Trust Co.	12/3/2015	PHP	37,313,216	USD	795,930		4,554
JP Morgan & Chase Co.	12/3/2015	QAR	1,199,000	USD	329,034		(158	)
State Street Bank & Trust Co.	12/3/2015	QAR	101,000	USD	27,718		(13	)
The Bank of New York Mellon	12/3/2015	QAR	3,225,080	USD	885,075		(389	)
JP Morgan & Chase Co.	12/3/2015	RUB	97,878,155	USD	1,519,788		45,301
State Street Bank & Trust Co.	12/3/2015	RUB	1,956,000	USD	30,444		977
State Street Bank & Trust Co.	12/3/2015	RUB	78,075,198	USD	1,211,219		35,054
State Street Bank & Trust Co.	12/3/2015	RUB	17,651,000	USD	273,829		7,925
Bank of Montreal	12/3/2015	THB	1,901,000	USD	53,044		8
JP Morgan & Chase Co.	12/3/2015	THB	119,770,000	USD	3,353,024		11,608
State Street Bank & Trust Co.	12/3/2015	THB	169,000	USD	4,729		14
State Street Bank & Trust Co.	12/3/2015	THB	3,060,000	USD	85,648		279
State Street Bank & Trust Co.	12/3/2015	THB	10,614,960	USD	296,176		34
JP Morgan & Chase Co.	12/3/2015	TRY	9,388,172	USD	3,195,001		(24,456	)
State Street Bank & Trust Co.	12/3/2015	TRY	582,000	USD	198,011		(1,572	)
State Street Bank & Trust Co.	12/3/2015	TRY	66,000	USD	22,419		(214	)
State Street Bank & Trust Co.	12/3/2015	TRY	722,000	USD	248,409		816
The Bank of New York Mellon	12/3/2015	TRY	369,300	USD	125,686		(957	)
Bank of Montreal	12/3/2015	TWD	10,494,000	USD	321,409		(83	)
JP Morgan & Chase Co.	12/3/2015	TWD	487,572,884	USD	15,004,089		66,927
State Street Bank & Trust Co.	12/3/2015	TWD	31,575,000	USD	971,837		4,514
State Street Bank & Trust Co.	12/3/2015	TWD	1,221,000	USD	37,569		163
State Street Bank & Trust Co.	12/3/2015	TWD	140,127,406	USD	4,312,940		20,031
Bank of Montreal	12/3/2015	USD	49,721	CLP	34,469,500		(1,232	)
Bank of Montreal	12/3/2015	USD	9,460	COP	27,485,000		(721	)
Bank of Montreal	12/3/2015	USD	74,478	IDR	1,031,227,000		5
Bank of Montreal	12/3/2015	USD	151,654	INR	9,949,500		(2,469	)
Bank of Montreal	12/3/2015	USD	434,105	KRW	495,908,500		(5,920	)
Bank of Montreal	12/3/2015	USD	97,069	MYR	418,000		939
Bank of Montreal	12/3/2015	USD	46,545	PHP	2,179,000		(330	)
Bank of Montreal	12/3/2015	USD	53,298	THB	1,901,000		(263	)
Bank of Montreal	12/3/2015	USD	320,212	TWD	10,494,000		1,279
Bank of Montreal	12/3/2015	USD	2,436,783	ZAR	35,144,500		(7,130	)
JP Morgan & Chase Co.	12/3/2015	USD	4,669,508	BRL	18,292,797		54,050
JP Morgan & Chase Co.	12/3/2015	USD	2,804,796	CLP	1,993,592,800		(381	)
JP Morgan & Chase Co.	12/3/2015	USD	613,656	COP	1,932,085,100		683
JP Morgan & Chase Co.	12/3/2015	USD	1,378,914	EGP	10,659,002		(24,236	)
JP Morgan & Chase Co.	12/3/2015	USD	4,093,196	IDR	56,621,179,500		(3,561	)
JP Morgan & Chase Co.	12/3/2015	USD	9,695,982	INR	644,676,144		(29,558	)
JP Morgan & Chase Co.	12/3/2015	USD	22,588,498	KRW	26,112,304,000		(42,221	)
JP Morgan & Chase Co.	12/3/2015	USD	7,166,990	MXN	119,015,000		10,418
JP Morgan & Chase Co.	12/3/2015	USD	5,371,407	MYR	22,826,332		(19,336	)
JP Morgan & Chase Co.	12/3/2015	USD	1,987,045	PHP	93,717,000		599
JP Morgan & Chase Co.	12/3/2015	USD	329,219	QAR	1,199,000		(26	)
JP Morgan & Chase Co.	12/3/2015	USD	1,480,535	RUB	97,878,155		(6,048	)
JP Morgan & Chase Co.	12/3/2015	USD	3,345,858	THB	119,770,000		(4,443	)
JP Morgan & Chase Co.	12/3/2015	USD	3,230,061	TRY	9,388,172		(10,604	)
JP Morgan & Chase Co.	12/3/2015	USD	14,943,847	TWD	487,572,884		(6,684	)
JP Morgan & Chase Co.	12/3/2015	USD	8,809,058	ZAR	127,026,616		(27,296	)
State Street Bank & Trust Co.	12/3/2015	USD	994,813	BRL	3,898,375		11,823
State Street Bank & Trust Co.	12/3/2015	USD	161,946	CLP	112,228,500		(4,072	)

See Notes to Financial Statements. 62

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	12/3/2015	USD	4,281	CLP	2,971,000	$	(102	)
State Street Bank & Trust Co.	12/3/2015	USD	131,280	COP	380,947,500		(10,151	)
State Street Bank & Trust Co.	12/3/2015	USD	371,041	IDR	5,139,661,500		186
State Street Bank & Trust Co.	12/3/2015	USD	12,240	IDR	169,519,000		4
State Street Bank & Trust Co.	12/3/2015	USD	128,271	IDR	1,780,400,500		324
State Street Bank & Trust Co.	12/3/2015	USD	1,164,634	INR	76,632,946		(15,582	)
State Street Bank & Trust Co.	12/3/2015	USD	370,000	INR	24,309,000		(5,505	)
State Street Bank & Trust Co.	12/3/2015	USD	20,399	INR	1,341,000		(291	)
State Street Bank & Trust Co.	12/3/2015	USD	1,000,000	KRW	1,131,800,000		(22,764	)
State Street Bank & Trust Co.	12/3/2015	USD	3,942,941	KRW	4,562,297,900		(3,693	)
State Street Bank & Trust Co.	12/3/2015	USD	478,743	MXN	7,950,000		696
State Street Bank & Trust Co.	12/3/2015	USD	204,743	MYR	870,260		(694	)
State Street Bank & Trust Co.	12/3/2015	USD	894,309	PHP	42,145,216		(451	)
State Street Bank & Trust Co.	12/3/2015	USD	27,732	QAR	101,000		(2	)
State Street Bank & Trust Co.	12/3/2015	USD	1,478,555	RUB	97,682,198		(7,020	)
State Street Bank & Trust Co.	12/3/2015	USD	387,786	THB	13,843,960		(1,559	)
State Street Bank & Trust Co.	12/3/2015	USD	222,949	TRY	648,000		(732	)
State Street Bank & Trust Co.	12/3/2015	USD	5,304,724	TWD	172,923,406		(7,086	)
State Street Bank & Trust Co.	12/3/2015	USD	940,361	ZAR	13,560,000		(2,914	)
The Bank of New York Mellon	12/3/2015	USD	3,572,389	BRL	14,003,050		43,473
The Bank of New York Mellon	12/3/2015	USD	257,887	BRL	985,000		(3,541	)
The Bank of New York Mellon	12/3/2015	USD	2,712	MXN	45,700		44
The Bank of New York Mellon	12/3/2015	USD	2,844	MXN	46,700		(27	)
The Bank of New York Mellon	12/3/2015	USD	21,492	MXN	354,000		(143	)
The Bank of New York Mellon	12/3/2015	USD	5,806	MXN	96,200		(4	)
The Bank of New York Mellon	12/3/2015	USD	771,457	MXN	12,811,662		1,173
The Bank of New York Mellon	12/3/2015	USD	955,774	MXN	15,836,000		(756	)
The Bank of New York Mellon	12/3/2015	USD	97,424	QAR	355,000		43
The Bank of New York Mellon	12/3/2015	USD	788,061	QAR	2,870,080		(65	)
The Bank of New York Mellon	12/3/2015	USD	361,778	TRY	1,063,000		2,754
The Bank of New York Mellon	12/3/2015	USD	9,936	TRY	28,300		(232	)
The Bank of New York Mellon	12/3/2015	USD	12,896	ZAR	180,600		(410	)
The Bank of New York Mellon	12/3/2015	USD	133,138	ZAR	1,862,600		(4,370	)
The Bank of New York Mellon	12/3/2015	USD	29,648	ZAR	421,900		(481	)
The Bank of New York Mellon	12/3/2015	USD	1,522,885	ZAR	21,137,000		(61,617	)
The Bank of Nova Scotia	12/3/2015	USD	171,107	EGP	1,368,000		2,755
The Bank of Nova Scotia	12/3/2015	USD	355,828	EGP	2,884,000		10,707
Bank of Montreal	12/3/2015	ZAR	35,144,500	USD	2,532,253		102,599
JP Morgan & Chase Co.	12/3/2015	ZAR	127,026,616	USD	9,152,664		370,901
State Street Bank & Trust Co.	12/3/2015	ZAR	478,000	USD	34,425		1,379
State Street Bank & Trust Co.	12/3/2015	ZAR	8,222,169	USD	570,192		1,767
State Street Bank & Trust Co.	12/3/2015	ZAR	13,082,000	USD	942,263		37,862
The Bank of New York Mellon	12/3/2015	ZAR	15,379,931	USD	1,108,098		44,834
Bank of Montreal	12/7/2015	AED	1,520,000	USD	413,718		(137	)
JP Morgan & Chase Co.	12/7/2015	AED	2,137,000	USD	581,528		(319	)
The Bank of New York Mellon	12/7/2015	AED	1,889,239	USD	514,195		(194	)
The Bank of New York Mellon	12/7/2015	AED	263,000	USD	71,603		(5	)
Bank of Montreal	12/7/2015	USD	413,825	AED	1,520,000		30
JP Morgan & Chase Co.	12/7/2015	USD	581,813	AED	2,137,000		34
State Street Bank & Trust Co.	12/7/2015	USD	71,607	AED	263,000		—
The Bank of New York Mellon	12/7/2015	USD	164,119	AED	603,000		62
The Bank of New York Mellon	12/7/2015	USD	350,183	AED	1,286,239		25
Bank of Montreal	1/5/2016	AED	1,520,000	USD	413,718		(47	)
JP Morgan & Chase Co.	1/5/2016	AED	2,137,000	USD	581,513		(208	)
The Bank of New York Mellon	1/5/2016	AED	1,286,239	USD	350,094		(38	)
JP Morgan & Chase Co.	1/5/2016	CZK	1,582,500	USD	61,804		(171	)
State Street Bank & Trust Co.	1/5/2016	EUR	76	USD	81		—

See Notes to Financial Statements. 63

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	1/5/2016	HKD	289,039,563	USD	37,290,856	$	5,407
State Street Bank & Trust Co.	1/5/2016	HKD	30,136,000	USD	3,888,090		614
Bank of Montreal	1/5/2016	HUF	34,165,000	USD	116,060		(46	)
JP Morgan & Chase Co.	1/5/2016	HUF	190,696,500	USD	647,748		(310	)
State Street Bank & Trust Co.	1/5/2016	HUF	21,074,000	USD	71,544		(73	)
State Street Bank & Trust Co.	1/5/2016	HUF	13,895,000	USD	47,202		(19	)
JP Morgan & Chase Co.	1/5/2016	PLN	17,992,000	USD	4,446,147		(2,430	)
State Street Bank & Trust Co.	1/5/2016	PLN	261,000	USD	64,501		(32	)
JP Morgan & Chase Co.	1/5/2016	TRY	9,388,172	USD	3,199,350		12,975
State Street Bank & Trust Co.	1/5/2016	TRY	648,000	USD	220,823		890
State Street Bank & Trust Co.	1/5/2016	TRY	29,000	USD	9,850		7
State Street Bank & Trust Co.	1/5/2016	USD	73,506	AED	270,000		(8	)
State Street Bank & Trust Co.	1/5/2016	USD	8,989	CZK	229,800		10
State Street Bank & Trust Co.	1/5/2016	USD	1,934,575	HKD	14,994,600		(305	)
State Street Bank & Trust Co.	1/5/2016	USD	5,290	HKD	41,000		(1	)
State Street Bank & Trust Co.	1/5/2016	USD	1,444,252	HKD	11,193,000		(380	)
State Street Bank & Trust Co.	1/5/2016	USD	24,515	HUF	7,216,700		10
State Street Bank & Trust Co.	1/5/2016	USD	142,155	PLN	575,000		16
State Street Bank & Trust Co.	1/5/2016	USD	1,933,180	PLN	7,822,500		957
State Street Bank & Trust Co.	1/5/2016	USD	6,931	PLN	28,000		(7	)
State Street Bank & Trust Co.	1/5/2016	USD	167,284	TRY	491,000		(637	)
State Street Bank & Trust Co.	1/5/2016	USD	246,040	TRY	722,000		(991	)
The Bank of New York Mellon	1/5/2016	USD	71,584	AED	263,000		8
JP Morgan & Chase Co.	1/6/2016	BRL	18,292,797	USD	4,624,298		(47,972	)
State Street Bank & Trust Co.	1/6/2016	BRL	3,898,375	USD	985,683		(10,024	)
The Bank of New York Mellon	1/6/2016	BRL	14,003,050	USD	3,536,302		(40,298	)
JP Morgan & Chase Co.	1/6/2016	CLP	1,993,592,800	USD	2,794,613		361
State Street Bank & Trust Co.	1/6/2016	CLP	2,911,000	USD	4,077		(3	)
JP Morgan & Chase Co.	1/6/2016	COP	1,932,085,100	USD	612,099		(1,185	)
JP Morgan & Chase Co.	1/6/2016	EGP	10,659,002	USD	1,296,716		14,585
JP Morgan & Chase Co.	1/6/2016	IDR	56,621,179,500	USD	4,064,402		8,230
State Street Bank & Trust Co.	1/6/2016	IDR	5,139,661,500	USD	368,514		324
State Street Bank & Trust Co.	1/6/2016	IDR	2,086,505,000	USD	149,602		131
JP Morgan & Chase Co.	1/6/2016	INR	644,676,144	USD	9,637,135		30,486
State Street Bank & Trust Co.	1/6/2016	INR	1,067,000	USD	15,943		43
JP Morgan & Chase Co.	1/6/2016	KRW	26,112,304,000	USD	22,558,251		36,415
State Street Bank & Trust Co.	1/6/2016	KRW	202,805,000	USD	175,058		139
State Street Bank & Trust Co.	1/6/2016	KRW	4,562,297,900	USD	3,938,108		3,130
JP Morgan & Chase Co.	1/6/2016	MXN	119,015,000	USD	7,150,627		(9,574	)
State Street Bank & Trust Co.	1/6/2016	MXN	7,950,000	USD	477,698		(591	)
The Bank of New York Mellon	1/6/2016	MXN	12,811,662	USD	769,635		(1,142	)
JP Morgan & Chase Co.	1/6/2016	MYR	22,826,332	USD	5,372,671		33,172
State Street Bank & Trust Co.	1/6/2016	MYR	870,260	USD	204,912		1,342
JP Morgan & Chase Co.	1/6/2016	PHP	93,717,000	USD	1,981,751		(1,379	)
State Street Bank & Trust Co.	1/6/2016	PHP	42,145,216	USD	891,849		21
JP Morgan & Chase Co.	1/6/2016	QAR	1,199,000	USD	328,717		(189	)
State Street Bank & Trust Co.	1/6/2016	QAR	101,000	USD	27,706		—
The Bank of New York Mellon	1/6/2016	QAR	2,870,080	USD	787,262		(50	)
JP Morgan & Chase Co.	1/6/2016	THB	119,770,000	USD	3,341,545		4,174
JP Morgan & Chase Co.	1/6/2016	TWD	487,572,884	USD	14,931,033		(8,792	)
State Street Bank & Trust Co.	1/6/2016	TWD	172,923,406	USD	5,299,035		452
Bank of Montreal	1/6/2016	USD	48,055	CLP	34,469,500		258
Bank of Montreal	1/6/2016	USD	8,709	COP	27,485,000		16
Bank of Montreal	1/6/2016	USD	74,291	IDR	1,031,227,000		(417	)
Bank of Montreal	1/6/2016	USD	148,235	INR	9,949,500		28
Bank of Montreal	1/6/2016	USD	427,950	KRW	495,908,500		(229	)
Bank of Montreal	1/6/2016	USD	98,550	MYR	418,000		(772	)

See Notes to Financial Statements. 64

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	1/6/2016	USD	46,185	PHP	2,179,000	$	(75	)
Bank of Montreal	1/6/2016	USD	52,991	THB	1,901,000		(20	)
Bank of Montreal	1/6/2016	USD	321,407	TWD	10,494,000		142
State Street Bank & Trust Co.	1/6/2016	USD	81,163	BRL	321,000		825
State Street Bank & Trust Co.	1/6/2016	USD	382,697	BRL	1,504,000		1,448
State Street Bank & Trust Co.	1/6/2016	USD	33,123	CLP	23,608,500		(33	)
State Street Bank & Trust Co.	1/6/2016	USD	99,832	CLP	71,155,000		(100	)
State Street Bank & Trust Co.	1/6/2016	USD	103,654	COP	326,924,500		119
State Street Bank & Trust Co.	1/6/2016	USD	137,516	COP	433,727,000		158
State Street Bank & Trust Co.	1/6/2016	USD	13,758	COP	43,254,000		(28	)
State Street Bank & Trust Co.	1/6/2016	USD	14,882	IDR	207,331,000		(29	)
State Street Bank & Trust Co.	1/6/2016	USD	986,553	INR	65,960,946		(3,635	)
State Street Bank & Trust Co.	1/6/2016	USD	288,887	INR	19,315,000		(1,065	)
State Street Bank & Trust Co.	1/6/2016	USD	109,402	KRW	126,914,000		61
State Street Bank & Trust Co.	1/6/2016	USD	27,862	MXN	463,000		(7	)
State Street Bank & Trust Co.	1/6/2016	USD	109,854	MXN	1,828,000		122
State Street Bank & Trust Co.	1/6/2016	USD	23,546	MYR	100,000		(154	)
State Street Bank & Trust Co.	1/6/2016	USD	4,471	MYR	19,000		(27	)
State Street Bank & Trust Co.	1/6/2016	USD	106,166	PHP	5,017,000		(2	)
State Street Bank & Trust Co.	1/6/2016	USD	132,537	QAR	483,000		(42	)
State Street Bank & Trust Co.	1/6/2016	USD	296,028	THB	10,614,960		(244	)
State Street Bank & Trust Co.	1/6/2016	USD	6,887	THB	247,000		(5	)
State Street Bank & Trust Co.	1/6/2016	USD	13,817	TWD	451,000		2
State Street Bank & Trust Co.	1/6/2016	USD	453,222	TWD	14,790,000		(39	)
State Street Bank & Trust Co.	1/6/2016	USD	71,193	ZAR	1,037,000		21
State Street Bank & Trust Co.	1/6/2016	USD	228,838	ZAR	3,320,000		(845	)
State Street Bank & Trust Co.	1/6/2016	USD	566,606	ZAR	8,222,169		(1,971	)
The Bank of Nova Scotia	1/6/2016	USD	530,426	EGP	4,252,000		(18,969	)
The Bank of Nova Scotia	1/6/2016	USD	126,491	EGP	1,014,000		(4,521	)
Bank of Montreal	1/6/2016	ZAR	35,144,500	USD	2,421,421		7,965
JP Morgan & Chase Co.	1/6/2016	ZAR	127,026,616	USD	8,753,514		30,296
State Street Bank & Trust Co.	1/6/2016	ZAR	13,560,000	USD	934,447		3,250
JP Morgan & Chase Co.	1/13/2016	RUB	97,878,155	USD	1,462,363		8,182
State Street Bank & Trust Co.	1/13/2016	RUB	97,682,198	USD	1,460,123		8,853
State Street Bank & Trust Co.	1/13/2016	USD	344,425	RUB	23,042,000		(2,088	)
Total net unrealized appreciation						$	1,314,693

See Notes to Financial Statements. 65

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

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	Phillippine Peso
PLN	Polish Zloty
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

For information on the Fund’s policy and additional disclosures regarding futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Investment in Securities	Level 1		Level 2			Level 3		Total
Common Stocks**	$	148,229,428	$	—		$	1,151,403	$	149,380,831
Preferred Stocks**		4,343,655		—			—		4,343,655
Rights**		10,345		—			—		10,345
Securities Lending Collateral		2,599,528		—			—		2,599,528
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		2,091,202			—		2,091,202
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(776,509	)		—		(776,509	)
Unrealized Appreciation on Futures Contracts		3,360		—			—		3,360
TOTAL	$	155,186,316	$	1,314,693		$	1,151,403	$	157,652,412

During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $903,571 and between Level 3 and Level 1 was $305,399. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of of the resumption of trading on a securities exchange.

Transfers between price levels are recognized at the beginning of the reporting period.

** See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 66

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Europe Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.0%
Australia — 0.3%
BHP Billiton PLC		1,010,363	$	12,126,425
Austria — 0.3%
ANDRITZ AG		37,313		1,957,939
Erste Group Bank AG*		133,643		4,100,449
OMV AG		70,451		2,010,855
Raiffeisen Bank International AG*		54,883		858,779
Voestalpine AG		54,399		1,770,232
				10,698,254
Belgium — 2.2%
Ageas		96,345		4,214,737
Anheuser-Busch InBev NV		384,671		49,563,254
Colruyt SA		33,718		1,670,795
Delhaize Group		49,639		4,973,445
Groupe Bruxelles Lambert SA		38,594		3,171,177
KBC Groep NV		119,913		7,158,191
Proximus SA		72,766		2,403,674
Solvay SA		28,363		3,267,882
Telenet Group Holding NV*		25,174		1,374,825
UCB SA		60,480		5,400,821
Umicore SA		45,541		1,883,508
				85,082,309
Chile — 0.0%
Antofagasta PLC (a)		184,731		1,411,976
Denmark — 2.8%
A.P. Moeller — Maersk A/S, Class A		1,825		2,737,093
A.P. Moeller — Maersk A/S, Class B		3,298		5,035,008
Carlsberg A/S, Class B		51,172		4,351,872
Chr Hansen Holding A/S		47,300		2,968,203
Coloplast A/S, Class B (a)		53,147		4,312,848
Danske Bank A/S		337,749		9,064,294
DSV A/S		92,087		3,581,208
ISS A/S		71,055		2,478,505
Novo Nordisk A/S, Class B		937,346		51,639,288
Novozymes A/S, Class B		111,619		5,366,716
Pandora A/S		52,653		6,241,361
TDC A/S		388,441		2,040,387
Tryg A/S		56,000		1,090,489
Vestas Wind Systems A/S		107,191		6,993,704
William Demant Holding A/S* (a)		11,474		1,101,730
				109,002,706
Finland — 1.3%
Elisa OYJ		68,041		2,534,787
Fortum OYJ (a)		212,486		3,102,608
Kone OYJ, Class B (a)		161,161		6,877,370
Metso OYJ (a)		52,816		1,311,360
Neste OYJ		61,328		1,767,631
Nokia OYJ		1,759,623		12,707,108
Nokian Renkaat OYJ (a)		54,768		2,149,682
Orion OYJ, Class B		48,713		1,626,889
Sampo OYJ, Class A		213,853		10,601,368
Stora Enso OYJ, Class R		263,498		2,603,020
UPM-Kymmene OYJ		255,326		4,874,631

	Number of Shares		Value
Finland (Continued)
Wartsila OYJ Abp (a)		70,766	$	3,180,612
				53,337,066
France — 15.0%
Accor SA		100,506		4,241,199
Aeroports de Paris		14,202		1,608,544
Air Liquide SA		164,572		20,082,903
Airbus Group SE		282,572		20,432,791
Alcatel-Lucent*		1,351,252		5,322,318
Alstom SA* (a)		103,780		3,225,307
Arkema SA		31,968		2,303,163
Atos SE		41,833		3,424,942
AXA SA		935,700		25,318,313
BNP Paribas SA		506,723		30,039,967
Bollore SA		415,150		1,911,090
Bouygues SA		96,956		3,649,884
Bureau Veritas SA		126,865		2,613,085
Cap Gemini SA		78,246		7,218,790
Carrefour SA		264,949		8,168,384
Casino Guichard-Perrachon SA		27,070		1,547,870
Christian Dior SE		26,080		4,772,479
Cie de Saint-Gobain		233,227		10,307,545
Cie Generale des Etablissements Michelin		89,242		8,947,961
CNP Assurances		80,412		1,119,760
Credit Agricole SA		504,924		6,092,291
Danone SA		281,981		19,761,432
Dassault Systemes SA		61,092		4,862,290
Edenred		99,375		2,059,463
Electricite de France (a)		115,671		1,723,797
Engie		698,988		12,178,083
Essilor International SA		98,223		12,821,667
Eurazeo SA		19,105		1,284,392
Eutelsat Communications SA (a)		81,433		2,430,566
Fonciere des Regions REIT		14,055		1,246,637
Gecina SA REIT		16,616		2,006,602
Groupe Eurotunnel SE		223,640		2,857,879
Hermes International		12,625		4,445,188
ICADE REIT		15,665		1,105,262
Iliad SA		12,583		2,806,474
Imerys SA		16,867		1,143,202
Ingenico Group		26,258		3,305,554
JCDecaux SA		34,772		1,289,144
Kering		36,242		6,262,551
Klepierre REIT		105,266		4,777,943
Lagardere SCA		56,457		1,666,009
Legrand SA		127,227		7,484,574
L’Oreal SA		120,489		21,335,851
LVMH Moet Hennessy Louis Vuitton SE (a)		133,661		22,418,523
Natixis SA		448,926		2,722,546
Numericable-SFR SAS*		52,411		2,244,058
Orange SA (a)		950,371		16,427,256
Pernod Ricard SA (a)		101,576		11,558,337
Peugeot SA*		211,858		3,785,097
Publicis Groupe SA		90,377		5,702,513
Remy Cointreau SA (a)		11,413		809,598
Renault SA		91,953		9,279,046

See Notes to Financial Statements. 67

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
France (Continued)
Rexel SA		144,394	$	1,977,927
Safran SA (a)		139,647		10,310,342
Sanofi		564,966		50,367,500
Schneider Electric SE		267,038		16,928,282
SCOR SE		73,471		2,881,459
Societe BIC SA		13,758		2,263,250
Societe Generale SA		347,056		16,566,636
Sodexo SA		45,100		4,458,157
Suez Environnement Co.		142,374		2,699,372
Technip SA		50,173		2,629,831
Thales SA		50,061		3,727,283
Total SA (a)		1,039,472		51,617,767
Unibail-Rodamco SE REIT		47,176		12,116,987
Valeo SA		38,012		5,885,659
Veolia Environnement SA		215,193		5,158,830
Vinci SA		228,882		14,886,713
Vivendi SA		556,123		11,710,265
Wendel SA		13,758		1,639,657
Zodiac Aerospace		96,492		2,612,934
				586,588,971
Germany — 13.3%
adidas AG		100,083		9,684,940
Allianz SE		218,617		38,723,629
Axel Springer SE		20,821		1,162,393
BASF SE		439,377		36,367,165
Bayer AG		395,591		52,788,377
Bayerische Motoren Werke AG		158,388		17,286,663
Beiersdorf AG		48,220		4,490,439
Brenntag AG		73,909		4,037,945
Commerzbank AG*		509,232		5,606,244
Continental AG		52,622		12,715,167
Daimler AG		460,605		41,233,900
Deutsche Bank AG (b)		659,810		16,943,498
Deutsche Boerse AG		92,326		7,919,816
Deutsche Lufthansa AG*		110,689		1,586,400
Deutsche Post AG		463,521		13,548,420
Deutsche Telekom AG		1,542,597		28,448,600
Deutsche Wohnen AG		161,384		4,440,924
E.ON SE		957,229		9,098,166
Evonik Industries AG		66,876		2,285,067
Fraport AG Frankfurt Airport Services Worldwide		19,527		1,194,339
Fresenius Medical Care AG & Co. KGaA		104,543		8,637,544
Fresenius SE & Co. KGaA		182,480		13,397,573
GEA Group AG		87,480		3,630,520
Hannover Rueck SE		28,845		3,375,226
HeidelbergCement AG		67,421		5,368,150
Henkel AG & Co. KGaA		49,712		4,771,717
Hugo Boss AG		31,993		2,771,095
Infineon Technologies AG		540,214		8,007,779
K+S AG (a)		91,561		2,606,134
Kabel Deutschland Holding AG		10,343		1,265,446
LANXESS AG		43,782		2,229,622
Linde AG		88,850		15,512,702
MAN SE		16,859		1,673,111

	Number of Shares		Value
Germany (Continued)
Merck KGaA		61,826	$	6,332,318
Metro AG		85,275		2,843,461
Muenchener Rueckversicherungs-Gesellschaft AG		79,814		16,085,412
OSRAM Licht AG		42,568		1,797,204
ProSiebensat.1 Media SE		104,667		5,496,101
RWE AG		234,109		2,693,609
SAP SE		470,149		37,051,405
Siemens AG		379,304		39,329,827
Symrise AG		58,994		3,992,853
Telefonica Deutschland Holding AG		284,590		1,599,932
ThyssenKrupp AG		175,975		3,745,474
TUI AG		238,524		3,958,815
United Internet AG		58,840		3,136,335
Volkswagen AG (a)		16,939		2,528,823
Vonovia SE		222,923		6,909,228
Zalando SE, 144A*		41,300		1,400,695
				521,710,203
Ireland — 1.3%
Bank of Ireland*		13,159,533		4,907,991
CRH PLC		393,322		11,573,427
Experian PLC		465,457		8,629,570
Kerry Group PLC, Class A		75,721		6,111,410
Shire PLC		283,210		19,817,065
				51,039,463
Italy — 3.4%
Assicurazioni Generali SpA		558,577		10,622,925
Atlantia SpA		197,517		5,217,147
Banca Monte dei Paschi di Siena SpA*		1,262,372		1,981,959
Banco Popolare SC*		173,257		2,498,688
Enel Green Power SpA		837,157		1,768,106
Enel SpA		3,373,753		14,878,333
Eni SpA		1,216,954		19,826,547
EXOR SpA		47,116		2,111,678
Finmeccanica SpA*		193,601		2,804,359
Intesa Sanpaolo SpA		6,068,001		20,823,332
Intesa Sanpaolo SpA-RSP		436,853		1,372,666
Luxottica Group SpA		80,926		5,412,281
Mediobanca SpA		269,704		2,584,540
Prysmian SpA		93,306		2,040,650
Saipem SpA*(a)		124,057		1,072,169
Snam SpA		1,004,772		5,106,239
Telecom Italia SpA*(a)		5,489,325		7,098,865
Telecom Italia SpA-RSP		2,882,749		3,319,876
Terna Rete Elettrica Nazionale SpA (a)		721,148		3,550,576
UniCredit SpA		2,283,642		13,402,958
Unione di Banche Italiane SpA		431,374		2,935,137
UnipolSai SpA (a)		520,996		1,344,215
				131,773,246
Jersey Island — 0.1%
Randgold Resources Ltd.		44,620		2,716,298

See Notes to Financial Statements. 68

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Luxembourg — 0.3%
ArcelorMittal (a)		478,009	$	2,344,389
Millicom International Cellular SA SDR		30,684		1,804,776
RTL Group SA		18,511		1,619,380
SES SA FDR		156,151		4,334,045
Tenaris SA		225,896		2,966,663
				13,069,253
Mexico — 0.0%
Fresnillo PLC (c)		103,551		1,115,095
Netherlands — 5.5%
Aegon NV		866,692		5,307,399
AerCap Holdings NV*		85,000		3,862,400
Akzo Nobel NV		118,452		8,425,100
Altice NV, Class A*		176,407		2,709,997
Altice NV, Class B*		51,203		796,057
ASML Holding NV		165,836		15,325,918
Gemalto NV		38,321		2,417,938
Heineken Holding NV		48,225		3,793,882
Heineken NV		110,218		9,800,468
ING Groep NV		1,851,083		25,415,036
Koninklijke Ahold NV		415,664		9,042,475
Koninklijke Boskalis Westminster NV		42,067		1,872,054
Koninklijke DSM NV		86,789		4,415,650
Koninklijke KPN NV		1,532,089		5,829,022
Koninklijke Philips NV		455,648		12,458,975
Koninklijke Vopak NV		33,634		1,459,459
NN Group NV		114,264		3,903,046
NXP Semiconductors NV*		114,400		10,691,824
OCI NV* (a)		39,518		997,678
QIAGEN NV*		105,776		2,809,018
Randstad Holding NV		61,286		3,832,641
Royal Dutch Shell PLC, Class A		1,874,283		46,379,309
Royal Dutch Shell PLC, Class B		1,167,433		29,046,483
TNT Express NV		236,321		1,925,064
Wolters Kluwer NV		144,420		4,990,339
				217,507,232
Norway — 0.9%
DNB ASA		467,506		6,154,120
Gjensidige Forsikring ASA		93,740		1,513,336
Norsk Hydro ASA		643,343		2,487,337
Orkla ASA		389,945		3,167,822
Schibsted ASA, Class A		36,100		1,310,567
Schibsted ASA, Class B*		42,600		1,485,268
Statoil ASA (a)		533,879		8,256,479
Telenor ASA		359,130		6,260,616
Yara International ASA		85,535		3,959,557
				34,595,102
Portugal — 0.2%
Banco Comercial Portugues SA, Class R* (a)		19,769,983		1,056,928
Banco Espirito Santo SA*		56,984		0
EDP — Energias de Portugal SA		1,107,824		3,692,825
Galp Energia SGPS SA		184,454		1,962,484
Jeronimo Martins SGPS SA		120,415		1,671,087
				8,383,324

	Number of Shares		Value
South Africa — 0.2%
Investec PLC		265,822	$	2,261,991
Mondi PLC		175,679		4,085,251
				6,347,242
Spain — 5.0%
Abertis Infraestructuras SA		248,167		3,842,540
ACS Actividades de Construccion y Servicios SA		89,869		2,931,130
Aena SA, 144A*		32,290		3,662,340
Amadeus IT Holding SA, Class A		209,922		8,420,346
Banco Bilbao Vizcaya Argentaria SA		3,049,058		25,307,877
Banco de Sabadell SA		2,416,836		4,460,963
Banco Popular Espanol SA		815,549		2,873,654
Banco Santander SA		6,915,221		37,758,708
Bankia SA		2,203,844		2,761,558
Bankinter SA		322,496		2,334,355
CaixaBank SA (a)		1,254,804		4,596,405
Distribuidora Internacional de Alimentacion SA*		295,883		1,870,370
Enagas SA		102,784		3,063,495
Endesa SA		151,944		3,143,293
Ferrovial SA		215,452		5,103,577
Gas Natural SDG SA		167,546		3,624,487
Grifols SA		71,347		3,386,133
Iberdrola SA		2,576,693		18,052,205
Industria de Diseno Textil SA		521,825		18,778,378
Mapfre SA		504,894		1,385,354
Red Electrica Corp. SA		51,767		4,441,172
Repsol SA		502,424		6,553,149
Telefonica SA (a)		2,155,881		26,593,178
Zardoya Otis SA		84,830		1,026,227
				195,970,894
Sweden — 4.4%
Alfa Laval AB		140,460		2,597,652
Assa Abloy AB, Class B		479,474		10,197,715
Atlas Copco AB, Class A		321,236		8,611,178
Atlas Copco AB, Class B		186,671		4,618,726
Boliden AB		130,841		2,404,757
Electrolux AB, Series B		115,088		3,378,033
Getinge AB, Class B (a)		95,744		2,423,843
Hennes & Mauritz AB, Class B		454,187		16,846,235
Hexagon AB, Class B		123,504		4,481,760
Husqvarna AB, Class B		199,187		1,298,331
ICA Gruppen AB (a)		36,310		1,278,914
Industrivarden AB, Class C		76,929		1,377,733
Investment AB Kinnevik, Class B		112,609		3,464,078
Investor AB, Class B		217,892		8,304,169
Lundin Petroleum AB* (a)		104,165		1,666,057
Nordea Bank AB		1,453,049		16,101,858
Sandvik AB (a)		510,057		5,283,732
Securitas AB, Class B		149,791		2,285,902
Skandinaviska Enskilda Banken AB, Class A		726,659		7,727,490
Skanska AB, Class B		181,790		3,618,375
SKF AB, Class B		190,441		3,321,112
Svenska Cellulosa AB SCA, Class B		281,830		8,130,022

See Notes to Financial Statements. 69

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
Svenska Handelsbanken AB, Class A		716,335	$	9,642,245
Swedbank AB, Class A		433,219		9,596,403
Swedish Match AB		94,000		3,242,977
Tele2 AB, Class B		152,670		1,554,392
Telefonaktiebolaget LM Ericsson, Class B		1,455,838		14,179,807
TeliaSonera AB		1,242,844		6,100,364
Volvo AB, Class B		737,486		7,627,008
				171,360,868
Switzerland — 14.5%
ABB Ltd.*		1,051,951		19,948,062
Actelion Ltd.*		49,136		6,901,057
Adecco SA*		79,137		5,415,021
Aryzta AG*		41,723		1,959,929
Baloise Holding AG		23,918		2,905,914
Barry Callebaut AG*		1,050		1,091,996
Chocoladefabriken Lindt & Spruengli AG		48		3,466,161
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		464		2,798,387
Cie Financiere Richemont SA		249,712		18,688,656
Coca-Cola HBC AG CDI* (a)		95,643		2,320,600
Credit Suisse Group AG*		859,130		18,471,065
Dufry AG* (a)		19,328		2,312,560
EMS-Chemie Holding AG		3,916		1,596,697
Galenica AG		1,800		2,631,287
Geberit AG		18,081		6,047,210
Givaudan SA*		4,417		7,972,366
Glencore PLC*		5,853,180		8,525,401
Julius Baer Group Ltd.*		107,064		5,124,004
Kuehne + Nagel International AG		25,832		3,492,473
LafargeHolcim Ltd.*		203,019		10,852,938
Lonza Group AG*		25,315		4,000,796
Nestle SA		1,525,253		113,187,604
Novartis AG		1,088,517		93,050,562
Pargesa Holding SA		14,464		908,877
Partners Group Holding AG		7,663		2,766,977
Roche Holding AG		336,089		89,996,131
Schindler Holding AG		9,767		1,601,490
Schindler Holding AG Participation Certificates		21,161		3,482,099
SGS SA		2,619		5,009,663
Sika AG		1,028		3,482,121
Sonova Holding AG		25,707		3,243,202
STMicroelectronics NV		304,912		2,215,773
Sulzer AG		11,473		1,197,648
Swatch Group AG (The) — Bearer (a)		14,753		5,187,963
Swatch Group AG (The) — Registered		23,736		1,564,174
Swiss Life Holding AG*		15,346		3,870,620
Swiss Prime Site AG*		31,653		2,367,399
Swiss Re AG		168,470		16,055,288
Swisscom AG		12,390		6,105,584
Syngenta AG		44,462		16,391,541
Transocean Ltd. (a)		173,915		2,510,218
UBS Group AG		1,749,046		33,575,019

	Number of Shares		Value
Switzerland (Continued)
Wolseley PLC		124,134	$	7,205,332
Zurich Insurance Group AG*		71,946		18,943,647
				570,441,512
United Arab Emirates — 0.0%
Orascom Construction Ltd.*		7,720		47,980
United Kingdom — 27.9%
3i Group PLC		465,257		3,521,118
Aberdeen Asset Management PLC		441,320		2,122,951
Admiral Group PLC		100,329		2,449,407
Aggreko PLC		122,525		1,854,566
Amec Foster Wheeler PLC		182,376		1,195,935
Anglo American PLC		670,607		4,127,348
ARM Holdings PLC		671,839		11,373,210
Ashtead Group PLC		240,787		3,970,989
Associated British Foods PLC		170,422		9,101,562
AstraZeneca PLC		604,565		40,996,640
Auto Trader Group PLC, 144A*		359,100		2,197,424
Aviva PLC		1,935,412		14,909,759
Babcock International Group PLC		120,597		1,945,259
BAE Systems PLC		1,513,587		11,774,142
Barclays PLC		8,026,320		26,981,259
Barratt Developments PLC		476,396		4,312,153
BG Group PLC		1,633,983		25,384,482
BP PLC		8,748,868		50,762,857
British American Tobacco PLC		891,788		51,951,684
British Land Co. PLC REIT		465,668		5,849,167
BT Group PLC		4,004,161		29,939,090
Bunzl PLC		160,296		4,635,274
Burberry Group PLC		212,797		3,990,124
Capita PLC		317,900		6,090,167
Centrica PLC		2,417,054		7,939,507
CNH Industrial NV		453,850		3,339,812
Cobham PLC		544,667		2,488,847
Compass Group PLC		788,236		13,699,781
Croda International PLC		64,954		2,805,670
Diageo PLC		1,203,341		34,615,740
Direct Line Insurance Group PLC		657,766		4,079,522
Dixons Carphone PLC		468,206		3,417,917
easyJet PLC		76,005		1,892,198
Fiat Chrysler Automobiles NV*		430,271		6,146,209
G4S PLC		742,245		2,536,491
GKN PLC		819,781		3,710,170
GlaxoSmithKline PLC		2,328,080		47,527,937
Hammerson PLC REIT		375,246		3,450,272
Hargreaves Lansdown PLC		124,796		2,811,796
HSBC Holdings PLC		9,357,881		74,626,835
ICAP PLC		264,667		2,028,940
IMI PLC		130,082		1,869,034
Imperial Tobacco Group PLC		457,849		24,741,513
Inmarsat PLC		215,067		3,611,604
InterContinental Hotels Group PLC		112,952		4,348,168
International Consolidated Airlines Group SA*		388,776		3,313,600
Intertek Group PLC		77,191		3,286,579
Intu Properties PLC REIT		448,454		2,184,961
ITV PLC		1,832,329		7,478,669

See Notes to Financial Statements. 70

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
J Sainsbury PLC (a)		644,102	$	2,462,055
Johnson Matthey PLC		98,027		4,178,147
Kingfisher PLC		1,103,183		5,871,724
Land Securities Group PLC REIT		378,219		7,012,178
Legal & General Group PLC		2,844,444		11,631,046
Lloyds Banking Group PLC		27,314,768		30,014,691
London Stock Exchange Group PLC		149,987		5,986,197
Marks & Spencer Group PLC		786,526		5,952,518
Meggitt PLC		365,251		2,132,744
Melrose Industries PLC		476,082		2,080,802
Merlin Entertainments PLC, 144A		339,466		2,092,105
National Grid PLC		1,790,788		24,969,675
Next PLC		69,474		8,287,032
Old Mutual PLC		2,357,596		7,421,082
Pearson PLC		392,740		4,885,812
Persimmon PLC*		146,645		4,229,486
Petrofac Ltd.		121,535		1,510,104
Provident Financial PLC		70,300		3,781,972
Prudential PLC		1,229,938		28,517,697
Reckitt Benckiser Group PLC		306,092		28,720,472
RELX NV		475,907		8,238,670
RELX PLC		534,363		9,641,503
Rexam PLC		337,302		2,943,906
Rio Tinto PLC		599,670		19,946,250
Rolls-Royce Holdings PLC — Entitlement*		75,008,575		112,970
Rolls-Royce Holdings PLC*		879,564		8,034,332
Royal Bank of Scotland Group PLC*		1,660,997		7,564,882
Royal Mail PLC		430,538		3,152,018
RSA Insurance Group PLC		486,498		3,223,195
SABMiller PLC		464,330		28,193,238
Sage Group PLC (The)		515,994		4,557,894
Schroders PLC		59,467		2,683,301
Segro PLC REIT		357,587		2,376,122
Severn Trent PLC		113,279		3,842,106
Sky PLC		493,920		8,227,413
Smith & Nephew PLC		428,248		7,256,036
Smiths Group PLC		188,965		2,939,905
Sports Direct International PLC*		126,167		1,389,040
SSE PLC		475,089		10,260,669
St James’s Place PLC		250,564		3,834,104
Standard Chartered PLC		1,566,417		13,145,286
Standard Life PLC		942,078		5,909,536
Tate & Lyle PLC		223,125		1,982,676
Taylor Wimpey PLC		1,556,376		4,561,513
Tesco PLC*		3,892,502		9,802,044
Travis Perkins PLC		119,051		3,645,205
Unilever NV		779,269		34,188,937
Unilever PLC		613,975		26,206,081
United Utilities Group PLC		326,198		4,748,262
Vodafone Group PLC		12,699,676		42,892,033

	Number of Shares		Value
United Kingdom (Continued)
Weir Group PLC (The)		102,360	$	1,853,046
Whitbread PLC		87,289		5,979,041
William Hill PLC		422,803		2,277,126
Wm Morrison Supermarkets PLC (a)		1,061,222		2,437,405
WPP PLC		619,638		14,325,110
				1,093,496,733
United States — 0.1%
Carnival PLC		88,111		4,598,169
TOTAL COMMON STOCKS (Cost $4,027,408,932)				3,882,420,321
PREFERRED STOCKS — 0.8%
Germany — 0.8%
Bayerische Motoren Werke AG		26,071		2,185,713
FUCHS PETROLUB SE		33,247		1,574,568
Henkel AG & Co. KGaA		85,228		9,680,088
Porsche Automobil Holding SE		73,251		3,844,888
Volkswagen AG		88,779		12,339,276
				29,624,533
TOTAL PREFERRED STOCKS (Cost $36,456,231)				29,624,533
RIGHTS — 0.0%
Italy — 0.0%
Unione di Banche Italiane SpA*, expires 1/30/16		416,281		0
Spain — 0.0%
Telefonica SA* (a), expires 12/31/15		1,983,143		718,682
Switzerland — 0.0%
Credit Suisse Group AG*, expires 12/31/15		718,431		439,920
United Kingdom — 0.0%
Standard Chartered PLC*, expires 12/31/15		335,766		460,182
TOTAL RIGHTS (Cost $728,763)				1,618,784
SECURITIES LENDING COLLATERAL — 3.1%
Daily Assets Fund, 0.20% (d)(e) (Cost $120,222,183)		120,222,183		120,222,183
TOTAL INVESTMENTS — 102.9% (Cost $4,184,816,109)†			$	4,033,885,821
Other assets and liabilities, net — (2.9%)				(112,989,091	)
NET ASSETS — 100.0%			$	3,920,896,730

* Non-income producing security.

† The cost for federal income tax purposes was $4,197,828,840. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $163,943,019. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $108,159,719 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $272,102,738.

See Notes to Financial Statements. 71

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $95,843,583, which is 2.4% of net assets.

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

(c) Listed on London Stock Exchange.

(d) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(e) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

CDI: Chess Depositary Interest.

FDR: Fiduciary Depositary Receipt.

REIT: Real Estate Investment Trust.

RSP: Risparmio (Convertible Savings Shares).

SDR: Swedish Depositary Receipt.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/2/2015	CHF	1,864,000	USD	1,824,071	$	12,340
Bank of Montreal	12/2/2015	CHF	83,988,240	USD	85,275,387		3,642,262
Bank of Montreal	12/2/2015	CHF	2,309,500	USD	2,299,703		54,964
Bank of Montreal	12/2/2015	CHF	1,869,500	USD	1,892,360		75,282
Canadian Imperial Bank of Commerce	12/2/2015	CHF	95,434,000	USD	96,894,687		4,136,754
Canadian Imperial Bank of Commerce	12/2/2015	CHF	1,864,000	USD	1,824,250		12,518
Canadian Imperial Bank of Commerce	12/2/2015	CHF	2,207,500	USD	2,194,334		48,735
JP Morgan & Chase Co.	12/2/2015	CHF	82,512,377	USD	83,772,568		3,573,922
RBC Capital Markets	12/2/2015	CHF	87,099,500	USD	88,434,956		3,777,815
RBC Capital Markets	12/2/2015	CHF	4,304,000	USD	4,348,705		165,393
RBC Capital Markets	12/2/2015	CHF	1,869,500	USD	1,892,894		75,817
RBC Capital Markets	12/2/2015	CHF	2,207,500	USD	2,194,454		48,855
State Street Bank & Trust Co.	12/2/2015	CHF	90,017,000	USD	91,397,096		3,904,264
State Street Bank & Trust Co.	12/2/2015	CHF	4,304,000	USD	4,347,822		164,510
State Street Bank & Trust Co.	12/2/2015	CHF	2,309,500	USD	2,299,534		54,795
The Bank of New York Mellon	12/2/2015	CHF	21,000	USD	20,511		100
The Bank of New York Mellon	12/2/2015	CHF	1,460,600	USD	1,436,849		17,206
The Bank of New York Mellon	12/2/2015	CHF	88,336,400	USD	89,679,803		3,820,446
The Bank of New York Mellon	12/2/2015	CHF	9,221,800	USD	9,362,994		399,783
The Bank of Nova Scotia	12/2/2015	CHF	37,728,000	USD	38,304,315		1,634,247
The Bank of Nova Scotia	12/2/2015	CHF	30,060,994	USD	30,521,565		1,303,511
The Bank of Nova Scotia	12/2/2015	CHF	186,000	USD	188,086		7,302
The Bank of Nova Scotia	12/2/2015	CHF	3,283,000	USD	3,329,260		138,319
Bank of Montreal	12/2/2015	DKK	3,092,000	USD	445,359		7,463
Bank of Montreal	12/2/2015	DKK	92,514,000	USD	13,712,014		609,997
Bank of Montreal	12/2/2015	DKK	2,387,000	USD	352,153		14,101
Bank of Montreal	12/2/2015	DKK	2,497,000	USD	355,455		1,825
Canadian Imperial Bank of Commerce	12/2/2015	DKK	2,932,000	USD	421,313		6,077
Canadian Imperial Bank of Commerce	12/2/2015	DKK	118,741,500	USD	17,599,129		782,721
Canadian Imperial Bank of Commerce	12/2/2015	DKK	2,497,000	USD	355,475		1,845
JP Morgan & Chase Co.	12/2/2015	DKK	129,648,031	USD	19,215,656		854,643
RBC Capital Markets	12/2/2015	DKK	42,497,000	USD	6,298,588		280,078
RBC Capital Markets	12/2/2015	DKK	2,932,000	USD	421,349		6,113
RBC Capital Markets	12/2/2015	DKK	2,387,000	USD	352,157		14,106
RBC Capital Markets	12/2/2015	DKK	5,601,000	USD	823,729		30,504
State Street Bank & Trust Co.	12/2/2015	DKK	111,608,000	USD	16,542,483		736,336
State Street Bank & Trust Co.	12/2/2015	DKK	3,092,000	USD	445,298		7,403
State Street Bank & Trust Co.	12/2/2015	DKK	5,601,000	USD	823,655		30,430
The Bank of New York Mellon	12/2/2015	DKK	13,337,800	USD	1,976,870		87,944
The Bank of New York Mellon	12/2/2015	DKK	6,008,700	USD	888,742		37,778
The Bank of Nova Scotia	12/2/2015	DKK	237,000	USD	34,898		1,334
The Bank of Nova Scotia	12/2/2015	DKK	5,309,000	USD	785,076		33,205

See Notes to Financial Statements. 72

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of Nova Scotia	12/2/2015	DKK	20,652,000	USD	3,060,808	$	136,031
The Bank of Nova Scotia	12/2/2015	DKK	116,152,500	USD	17,215,684		765,935
Bank of Montreal	12/2/2015	EUR	5,740,500	USD	6,314,148		249,044
Bank of Montreal	12/2/2015	EUR	249,428,471	USD	275,623,449		12,090,706
Bank of Montreal	12/2/2015	EUR	7,187,000	USD	7,721,835		128,436
Bank of Montreal	12/2/2015	EUR	5,767,000	USD	6,124,220		31,117
Canadian Imperial Bank of Commerce	12/2/2015	EUR	291,029,970	USD	321,596,848		14,110,192
Canadian Imperial Bank of Commerce	12/2/2015	EUR	6,850,000	USD	7,341,899		104,556
Canadian Imperial Bank of Commerce	12/2/2015	EUR	5,767,000	USD	6,124,496		31,393
JP Morgan & Chase Co.	12/2/2015	EUR	248,356,997	USD	274,427,776		12,027,095
RBC Capital Markets	12/2/2015	EUR	13,299,500	USD	14,585,881		534,343
RBC Capital Markets	12/2/2015	EUR	6,850,000	USD	7,342,234		104,892
RBC Capital Markets	12/2/2015	EUR	270,184,358	USD	298,563,172		13,100,872
RBC Capital Markets	12/2/2015	EUR	5,740,500	USD	6,314,470		249,365
State Street Bank & Trust Co.	12/2/2015	EUR	7,187,000	USD	7,721,289		127,890
State Street Bank & Trust Co.	12/2/2015	EUR	283,072,500	USD	312,807,002		13,727,783
State Street Bank & Trust Co.	12/2/2015	EUR	13,299,500	USD	14,585,336		533,797
The Bank of New York Mellon	12/2/2015	EUR	21,400,300	USD	23,647,760		1,037,350
The Bank of New York Mellon	12/2/2015	EUR	13,886,200	USD	15,308,425		637,011
The Bank of Nova Scotia	12/2/2015	EUR	567,000	USD	622,518		23,456
The Bank of Nova Scotia	12/2/2015	EUR	170,009,000	USD	187,855,661		8,233,270
The Bank of Nova Scotia	12/2/2015	EUR	12,117,000	USD	13,353,903		551,731
The Bank of Nova Scotia	12/2/2015	EUR	21,564,000	USD	23,828,759		1,045,393
Bank of Montreal	12/2/2015	GBP	2,648,500	USD	4,005,700		16,815
Bank of Montreal	12/2/2015	GBP	2,677,500	USD	4,126,627		94,066
Bank of Montreal	12/2/2015	GBP	120,870,808	USD	186,638,307		4,595,733
Bank of Montreal	12/2/2015	GBP	3,286,000	USD	4,998,318		49,299
Canadian Imperial Bank of Commerce	12/2/2015	GBP	2,648,500	USD	4,005,922		17,037
Canadian Imperial Bank of Commerce	12/2/2015	GBP	150,007,500	USD	231,628,831		5,703,714
Canadian Imperial Bank of Commerce	12/2/2015	GBP	3,144,000	USD	4,751,842		16,688
JP Morgan & Chase Co.	12/2/2015	GBP	115,685,825	USD	178,625,277		4,391,764
RBC Capital Markets	12/2/2015	GBP	3,144,000	USD	4,751,999		16,845
RBC Capital Markets	12/2/2015	GBP	133,013,396	USD	205,388,912		5,058,480
RBC Capital Markets	12/2/2015	GBP	6,184,000	USD	9,537,225		223,551
RBC Capital Markets	12/2/2015	GBP	2,677,500	USD	4,126,686		94,124
State Street Bank & Trust Co.	12/2/2015	GBP	3,286,000	USD	4,997,855		48,836
State Street Bank & Trust Co.	12/2/2015	GBP	143,736,500	USD	221,947,123		5,466,710
State Street Bank & Trust Co.	12/2/2015	GBP	6,184,000	USD	9,536,476		222,802
The Bank of New York Mellon	12/2/2015	GBP	486,000	USD	732,193		232
The Bank of New York Mellon	12/2/2015	GBP	8,950,800	USD	13,821,020		340,290
The Bank of New York Mellon	12/2/2015	GBP	6,951,000	USD	10,713,646		244,799
The Bank of Nova Scotia	12/2/2015	GBP	56,324,000	USD	86,966,385		2,137,251
The Bank of Nova Scotia	12/2/2015	GBP	4,711,429	USD	7,274,989		179,142
The Bank of Nova Scotia	12/2/2015	GBP	267,000	USD	408,701		6,574
The Bank of Nova Scotia	12/2/2015	GBP	7,074,000	USD	10,937,571		283,475
Bank of Montreal	12/2/2015	NOK	39,842,000	USD	4,710,807		126,287
Bank of Montreal	12/2/2015	NOK	992,000	USD	116,685		2,538
Bank of Montreal	12/2/2015	NOK	1,246,000	USD	144,557		1,182
Bank of Montreal	12/2/2015	NOK	990,000	USD	114,403		486
Canadian Imperial Bank of Commerce	12/2/2015	NOK	55,282,000	USD	6,529,769		168,606
Canadian Imperial Bank of Commerce	12/2/2015	NOK	990,000	USD	114,408		491
Canadian Imperial Bank of Commerce	12/2/2015	NOK	1,198,500	USD	138,826		918
JP Morgan & Chase Co.	12/2/2015	NOK	47,789,092	USD	5,644,625		145,653
RBC Capital Markets	12/2/2015	NOK	992,000	USD	116,693		2,546
RBC Capital Markets	12/2/2015	NOK	2,317,000	USD	272,506		5,894
RBC Capital Markets	12/2/2015	NOK	17,006,500	USD	2,008,794		51,898
RBC Capital Markets	12/2/2015	NOK	1,198,500	USD	138,840		931
State Street Bank & Trust Co.	12/2/2015	NOK	52,587,500	USD	6,211,611		160,498
State Street Bank & Trust Co.	12/2/2015	NOK	2,317,000	USD	272,422		5,810

See Notes to Financial Statements. 73

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	12/2/2015	NOK	1,246,000	USD	144,494	$	1,120
The Bank of New York Mellon	12/2/2015	NOK	2,417,600	USD	284,874		6,687
The Bank of New York Mellon	12/2/2015	NOK	3,452,600	USD	407,820		10,538
The Bank of Nova Scotia	12/2/2015	NOK	19,857,000	USD	2,345,355		60,459
The Bank of Nova Scotia	12/2/2015	NOK	99,000	USD	11,528		136
The Bank of Nova Scotia	12/2/2015	NOK	34,361,500	USD	4,058,717		104,824
The Bank of Nova Scotia	12/2/2015	NOK	3,603,000	USD	424,987		10,399
Bank of Montreal	12/2/2015	SEK	6,266,000	USD	722,048		3,619
Bank of Montreal	12/2/2015	SEK	232,290,000	USD	27,374,127		740,863
Bank of Montreal	12/2/2015	SEK	5,000,500	USD	572,557		(776	)
Canadian Imperial Bank of Commerce	12/2/2015	SEK	280,975,000	USD	33,111,080		895,827
Canadian Imperial Bank of Commerce	12/2/2015	SEK	5,000,500	USD	572,589		(744	)
Canadian Imperial Bank of Commerce	12/2/2015	SEK	5,969,000	USD	686,565		2,188
JP Morgan & Chase Co.	12/2/2015	SEK	221,079,146	USD	26,053,142		705,261
RBC Capital Markets	12/2/2015	SEK	246,502,000	USD	29,048,682		785,938
RBC Capital Markets	12/2/2015	SEK	11,508,500	USD	1,348,295		28,785
RBC Capital Markets	12/2/2015	SEK	5,969,000	USD	686,647		2,270
State Street Bank & Trust Co.	12/2/2015	SEK	11,508,500	USD	1,347,728		28,218
State Street Bank & Trust Co.	12/2/2015	SEK	266,381,500	USD	31,391,849		849,816
State Street Bank & Trust Co.	12/2/2015	SEK	6,266,000	USD	721,675		3,245
The Bank of New York Mellon	12/2/2015	SEK	12,121,400	USD	1,428,437		38,655
The Bank of New York Mellon	12/2/2015	SEK	198,200	USD	22,733		8
The Bank of New York Mellon	12/2/2015	SEK	10,011,000	USD	1,171,811		23,997
The Bank of New York Mellon	12/2/2015	SEK	12,083,200	USD	1,419,025		33,623
The Bank of Nova Scotia	12/2/2015	SEK	10,529,000	USD	1,238,109		30,904
The Bank of Nova Scotia	12/2/2015	SEK	7,415,000	USD	873,813		23,644
The Bank of Nova Scotia	12/2/2015	SEK	91,256,000	USD	10,753,491		290,513
The Bank of Nova Scotia	12/2/2015	SEK	495,000	USD	58,033		1,278
Bank of Montreal	12/2/2015	USD	87,583,287	CHF	90,031,240		(76,615	)
Bank of Montreal	12/2/2015	USD	14,226,457	DKK	100,490,000		5,138
Bank of Montreal	12/2/2015	USD	283,178,076	EUR	268,122,971		106,274
Bank of Montreal	12/2/2015	USD	194,910,471	GBP	129,482,808		102,569
Bank of Montreal	12/2/2015	USD	4,960,839	NOK	43,070,000		(4,881	)
Bank of Montreal	12/2/2015	USD	27,927,268	SEK	243,556,500		(2,241	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	96,799,942	CHF	99,505,500		(84,677	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	17,578,926	DKK	124,170,500		6,348
Canadian Imperial Bank of Commerce	12/2/2015	USD	320,696,748	EUR	303,646,970		120,354
Canadian Imperial Bank of Commerce	12/2/2015	USD	234,525,740	GBP	155,800,000		123,416
Canadian Imperial Bank of Commerce	12/2/2015	USD	6,619,500	NOK	57,470,500		(6,512	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	33,475,651	SEK	291,944,500		(2,687	)
JP Morgan & Chase Co.	12/2/2015	USD	80,268,862	CHF	82,512,377		(70,216	)
JP Morgan & Chase Co.	12/2/2015	USD	18,354,385	DKK	129,648,031		6,628
JP Morgan & Chase Co.	12/2/2015	USD	262,302,242	EUR	248,356,997		98,439
JP Morgan & Chase Co.	12/2/2015	USD	174,141,873	GBP	115,685,825		91,640
JP Morgan & Chase Co.	12/2/2015	USD	5,504,387	NOK	47,789,092		(5,415	)
JP Morgan & Chase Co.	12/2/2015	USD	25,349,915	SEK	221,079,146		(2,035	)
RBC Capital Markets	12/2/2015	USD	92,884,382	CHF	95,480,500		(81,252	)
RBC Capital Markets	12/2/2015	USD	7,562,291	DKK	53,417,000		2,731
RBC Capital Markets	12/2/2015	USD	312,698,933	EUR	296,074,358		117,352
RBC Capital Markets	12/2/2015	USD	218,296,945	GBP	145,018,896		114,876
RBC Capital Markets	12/2/2015	USD	2,478,000	NOK	21,514,000		(2,438	)
RBC Capital Markets	12/2/2015	USD	30,269,060	SEK	263,979,500		(2,429	)
State Street Bank & Trust Co.	12/2/2015	USD	94,003,113	CHF	96,630,500		(82,230	)
State Street Bank & Trust Co.	12/2/2015	USD	17,031,117	DKK	120,301,000		6,151
State Street Bank & Trust Co.	12/2/2015	USD	320,603,838	EUR	303,559,000		120,319
State Street Bank & Trust Co.	12/2/2015	USD	230,621,744	GBP	153,206,500		121,361
State Street Bank & Trust Co.	12/2/2015	USD	6,467,461	NOK	56,150,500		(6,363	)
State Street Bank & Trust Co.	12/2/2015	USD	32,582,587	SEK	284,156,000		(2,615	)
The Bank of New York Mellon	12/2/2015	USD	87,751,559	CHF	86,889,400		(3,298,625	)

See Notes to Financial Statements. 74

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon	12/2/2015	USD	11,820,030	CHF	12,150,400	$	(10,340	)
The Bank of New York Mellon	12/2/2015	USD	1,839,317	DKK	12,992,200		664
The Bank of New York Mellon	12/2/2015	USD	933,854	DKK	6,354,300		(33,945	)
The Bank of New York Mellon	12/2/2015	USD	112,138	EUR	105,000		(1,201	)
The Bank of New York Mellon	12/2/2015	USD	23,748,906	EUR	22,486,300		8,913
The Bank of New York Mellon	12/2/2015	USD	1,300,469	EUR	1,197,700		(35,043	)
The Bank of New York Mellon	12/2/2015	USD	9,425,850	EUR	8,603,800		(335,536	)
The Bank of New York Mellon	12/2/2015	USD	3,017,469	EUR	2,836,500		(20,575	)
The Bank of New York Mellon	12/2/2015	USD	62,172	EUR	57,200		(1,738	)
The Bank of New York Mellon	12/2/2015	USD	16,066,518	GBP	10,673,300		8,455
The Bank of New York Mellon	12/2/2015	USD	147,490	GBP	98,100		258
The Bank of New York Mellon	12/2/2015	USD	83,078	GBP	54,500		(996	)
The Bank of New York Mellon	12/2/2015	USD	8,551,794	GBP	5,546,900		(197,652	)
The Bank of New York Mellon	12/2/2015	USD	22,632	GBP	15,000		(41	)
The Bank of New York Mellon	12/2/2015	USD	356,393	NOK	3,094,200		(351	)
The Bank of New York Mellon	12/2/2015	USD	102,286	NOK	886,200		(313	)
The Bank of New York Mellon	12/2/2015	USD	222,001	NOK	1,889,800		(4,547	)
The Bank of New York Mellon	12/2/2015	USD	1,346,326	SEK	11,502,700		(27,481	)
The Bank of New York Mellon	12/2/2015	USD	2,627,088	SEK	22,911,100		(211	)
The Bank of Nova Scotia	12/2/2015	USD	69,320,487	CHF	71,257,994		(60,639	)
The Bank of Nova Scotia	12/2/2015	USD	20,152,684	DKK	142,350,500		7,278
The Bank of Nova Scotia	12/2/2015	USD	215,726,031	EUR	204,257,000		80,960
The Bank of Nova Scotia	12/2/2015	USD	102,927,039	GBP	68,376,429		54,164
The Bank of Nova Scotia	12/2/2015	USD	6,671,331	NOK	57,920,500		(6,563	)
The Bank of Nova Scotia	12/2/2015	USD	12,578,115	SEK	109,695,000		(1,010	)
Bank of Montreal	1/5/2016	CHF	90,031,240	USD	87,819,506		48,859
Canadian Imperial Bank of Commerce	1/5/2016	CHF	99,505,500	USD	97,061,965		54,947
JP Morgan & Chase Co.	1/5/2016	CHF	82,512,377	USD	80,474,756		34,181
RBC Capital Markets	1/5/2016	CHF	95,480,500	USD	93,131,264		48,182
State Street Bank & Trust Co.	1/5/2016	CHF	96,630,500	USD	94,252,969		48,763
The Bank of New York Mellon	1/5/2016	CHF	12,150,400	USD	11,851,736		6,420
The Bank of Nova Scotia	1/5/2016	CHF	773,000	USD	753,983		393
The Bank of Nova Scotia	1/5/2016	CHF	71,257,994	USD	69,508,805		40,027
The Bank of Nova Scotia	1/5/2016	CHF	1,064,000	USD	1,038,525		1,241
Bank of Montreal	1/5/2016	DKK	100,490,000	USD	14,248,040		(8,169	)
Canadian Imperial Bank of Commerce	1/5/2016	DKK	124,170,500	USD	17,605,345		(10,343	)
JP Morgan & Chase Co.	1/5/2016	DKK	129,648,031	USD	18,381,448		(11,321	)
RBC Capital Markets	1/5/2016	DKK	53,417,000	USD	7,573,227		(4,879	)
State Street Bank & Trust Co.	1/5/2016	DKK	120,301,000	USD	17,057,076		(9,658	)
The Bank of New York Mellon	1/5/2016	DKK	12,992,200	USD	1,842,147		(1,017	)
The Bank of Nova Scotia	1/5/2016	DKK	34,678,000	USD	4,916,597		(3,065	)
The Bank of Nova Scotia	1/5/2016	DKK	142,350,500	USD	20,183,258		(11,571	)
Bank of Montreal	1/5/2016	EUR	268,122,971	USD	283,486,417		(154,580	)
Canadian Imperial Bank of Commerce	1/5/2016	EUR	303,646,970	USD	321,052,015		(168,987	)
JP Morgan & Chase Co.	1/5/2016	EUR	248,356,997	USD	262,582,885		(148,151	)
RBC Capital Markets	1/5/2016	EUR	296,074,358	USD	313,042,379		(167,734	)
State Street Bank & Trust Co.	1/5/2016	EUR	303,559,000	USD	320,965,073		(162,867	)
The Bank of New York Mellon	1/5/2016	EUR	22,486,300	USD	23,775,327		(12,402	)
The Bank of Nova Scotia	1/5/2016	EUR	204,257,000	USD	215,962,969		(115,717	)
The Bank of Nova Scotia	1/5/2016	EUR	29,812,000	USD	31,519,548		(17,867	)
Bank of Montreal	1/5/2016	GBP	129,482,808	USD	194,941,547		(106,744	)
Canadian Imperial Bank of Commerce	1/5/2016	GBP	155,800,000	USD	234,563,132		(128,440	)
JP Morgan & Chase Co.	1/5/2016	GBP	115,685,825	USD	174,166,167		(98,841	)
RBC Capital Markets	1/5/2016	GBP	145,018,896	USD	218,328,849		(122,452	)
State Street Bank & Trust Co.	1/5/2016	GBP	153,206,500	USD	230,660,812		(124,004	)
The Bank of New York Mellon	1/5/2016	GBP	10,673,300	USD	16,069,187		(8,692	)
The Bank of Nova Scotia	1/5/2016	GBP	68,376,429	USD	102,943,791		(56,027	)
Bank of Montreal	1/5/2016	NOK	43,070,000	USD	4,958,611		5,110
Canadian Imperial Bank of Commerce	1/5/2016	NOK	57,470,500	USD	6,616,376		6,666

See Notes to Financial Statements. 75

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	1/5/2016	NOK	47,789,092	USD	5,501,886	$	5,640
RBC Capital Markets	1/5/2016	NOK	21,514,000	USD	2,476,767		2,431
State Street Bank & Trust Co.	1/5/2016	NOK	56,150,500	USD	6,464,565		6,669
The Bank of New York Mellon	1/5/2016	NOK	3,094,200	USD	356,226		361
The Bank of Nova Scotia	1/5/2016	NOK	57,920,500	USD	6,668,298		6,833
The Bank of Nova Scotia	1/5/2016	NOK	249,000	USD	28,611		(27	)
Bank of Montreal	1/5/2016	SEK	243,556,500	USD	27,965,106		(2,450	)
Canadian Imperial Bank of Commerce	1/5/2016	SEK	291,944,500	USD	33,520,929		(3,014	)
JP Morgan & Chase Co.	1/5/2016	SEK	221,079,146	USD	25,383,387		(3,098	)
RBC Capital Markets	1/5/2016	SEK	263,979,500	USD	30,307,496		(5,231	)
State Street Bank & Trust Co.	1/5/2016	SEK	284,156,000	USD	32,627,294		(2,297	)
The Bank of New York Mellon	1/5/2016	SEK	22,911,100	USD	2,630,663		(215	)
The Bank of Nova Scotia	1/5/2016	SEK	109,695,000	USD	12,595,157		(1,104	)
The Bank of Nova Scotia	1/5/2016	SEK	18,231,000	USD	2,093,175		(288	)
The Bank of Nova Scotia	1/5/2016	SEK	1,243,000	USD	142,608		(125	)
The Bank of Nova Scotia	1/5/2016	USD	311,777	DKK	2,198,000		46
The Bank of Nova Scotia	1/5/2016	USD	5,750,255	EUR	5,436,000		362
The Bank of Nova Scotia	1/5/2016	USD	239,281	GBP	159,000		231
The Bank of Nova Scotia	1/5/2016	USD	10,544,174	GBP	7,003,000		4,896
The Bank of Nova Scotia	1/5/2016	USD	90,958	NOK	790,000		(100	)
Total net unrealized appreciation						$	140,243,617

Currency Abbreviations

CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
NOK	Norwegian Krone
SEK	Swedish Krona
USD	U.S. Dollar

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks**	$	3,882,420,321	$	—		$	0	$	3,882,420,321
Preferred Stocks**		29,624,533		—			—		29,624,533
Rights**		1,618,784		—			—		1,618,784
Securities Lending Collateral		120,222,183		—			—		120,222,183
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		146,386,027			—		146,386,027
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(6,142,410	)		—		(6,142,410	)
Total	$	4,033,885,821	$	140,243,617		$	—	$	4,174,129,438

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

** See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 76

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Eurozone Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.3%
Austria — 0.9%
ANDRITZ AG		1,177	$	61,761
BUWOG AG*		881		17,597
CA Immobilien Anlagen AG*		1,083		19,744
Conwert Immobilien Invest SE*		1,067		14,993
DO & CO AG		120		11,625
Erste Group Bank AG*		4,031		123,680
EVN AG		600		6,371
FACC AG*		584		4,614
Immofinanz AG*		13,594		33,637
Lenzing AG		129		10,086
Oesterreichische Post AG		614		22,017
OMV AG		2,124		60,624
Palfinger AG		300		8,490
Raiffeisen Bank International AG*		1,784		27,915
RHI AG		446		8,951
S IMMO AG*		1,095		9,037
Semperit AG Holding		219		7,462
UNIQA Insurance Group AG		1,761		15,633
Voestalpine AG		1,551		50,472
Wienerberger AG		1,666		29,246
Zumtobel Group AG		520		11,340
				555,295
Belgium — 4.9%
Ablynx NV*		876		13,045
Ackermans & van Haaren NV		355		49,303
Ageas		2,835		124,021
Agfa Gevaert NV*		3,446		17,112
Anheuser-Busch InBev NV		11,532		1,485,850
Befimmo SA REIT		318		19,433
Bekaert SA		542		15,356
BHF Kleinwort Benson Group*		1,012		6,138
bpost SA		1,682		40,874
Cofinimmo SA/NV REIT		301		31,436
Colruyt SA		1,025		50,791
Compagnie d’Entreprises CFE SA		133		15,598
Delhaize Group		1,518		152,092
D’ieteren SA		546		18,731
Econocom Group SA*		1,233		10,857
Elia System Operator SA		439		19,680
Euronav NV		1,839		23,500
EVS Broadcast Equipment SA		306		10,076
Exmar NV		594		6,524
Fagron		611		6,462
Galapagos NV*		531		26,486
Groupe Bruxelles Lambert SA		1,126		92,521
Intervest Offices & Warehouses NV REIT		306		7,457
Ion Beam Applications		445		14,204
KBC Ancora		535		21,160
KBC Groep NV		3,666		218,841
Melexis NV		755		38,010
Nyrstar NV* (a)		4,521		7,108
Ontex Group NV		1,038		36,920
Proximus SA		2,376		78,486
Solvay SA		860		99,086
Telenet Group Holding NV*		709		38,721

	Number of Shares		Value
Belgium (Continued)
Tessenderlo Chemie NV*		496	$	14,710
UCB SA		1,836		163,953
Umicore SA		1,405		58,109
Warehouses De Pauw Comm. VA REIT		241		19,288
				3,051,939
Finland — 3.2%
Amer Sports OYJ		1,744		50,801
Cargotec OYJ, Class B (a)		561		20,627
Caverion Corp.		1,547		14,400
Citycon OYJ*		5,730		14,627
Cramo OYJ		576		11,654
Elisa OYJ		2,198		81,884
Fortum OYJ		6,363		92,909
F-Secure OYJ		1,975		6,135
Huhtamaki OYJ		1,342		48,633
Kemira OYJ (a)		1,475		17,719
Kesko OYJ, Class B (a)		976		32,410
Kone OYJ, Class B		4,831		206,158
Konecranes OYJ		791		21,946
Metsa Board OYJ (a)		2,866		20,621
Metso OYJ		1,690		41,961
Neste OYJ		1,875		54,042
Nokia OYJ		53,701		387,801
Nokian Renkaat OYJ		1,695		66,530
Orion OYJ, Class B		1,526		50,964
Outokumpu OYJ*		4,348		13,497
Outotec OYJ		2,646		11,361
PKC Group OYJ		420		7,859
Ramirent OYJ		1,158		8,051
Sampo OYJ, Class A		6,279		311,270
Sanoma OYJ		1,284		6,091
Sponda OYJ (a)		3,209		13,019
Stora Enso OYJ, Class R		7,992		78,951
Technopolis OYJ		1,405		5,478
Tieto OYJ		803		20,481
UPM-Kymmene OYJ		7,720		147,389
Uponor OYJ (a)		936		14,092
Valmet OYJ		1,786		17,077
Wartsila OYJ Abp		2,144		96,363
YIT OYJ (a)		1,876		10,346
				2,003,147
France — 30.0%
Accor SA		3,160		133,347
Aeroports de Paris		470		53,233
Air France-KLM*		2,387		15,914
Air Liquide SA		4,957		604,908
Airbus Group SE		8,598		621,722
Albioma SA		493		7,798
Alcatel-Lucent*		42,137		165,969
Alstom SA* (a)		3,223		100,165
Alten SA		453		24,797
Altran Technologies SA		2,189		28,655
ANF Immobilier REIT		175		3,994
Arkema SA		989		71,253
Atos SE		1,293		105,860

See Notes to Financial Statements. 77

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
France (Continued)
AXA SA		27,845	$	753,434
BNP Paribas SA		15,009		889,776
Bollore SA		13,247		60,981
Bonduelle SCA		293		7,717
Bouygues SA		2,956		111,278
Bureau Veritas SA		3,916		80,659
Cap Gemini SA		2,394		220,865
Carrefour SA		8,050		248,182
Casino Guichard-Perrachon SA		830		47,460
CGG*(a)		2,642		8,882
Christian Dior SE		786		143,833
Cie de Saint-Gobain		7,009		309,765
Cie Generale des Etablissements Michelin		2,710		271,722
CNP Assurances		2,367		32,961
Coface SA		1,575		15,411
Credit Agricole SA		15,412		185,957
Danone SA		8,485		594,635
Dassault Systemes SA		1,875		149,231
DBV Technologies SA*(a)		328		22,855
Edenred		3,114		64,535
Eiffage SA		667		41,966
Electricite de France		3,523		52,502
Elior, 144A		1,448		27,997
Elis SA		1,062		16,674
Engie		21,090		367,439
Essilor International SA		3,034		396,047
Etablissements Maurel et Prom*		1,472		4,750
Euler Hermes Group		211		18,916
Eurazeo SA		624		41,950
Eutelsat Communications SA (a)		2,391		71,365
Faiveley Transport SA		137		13,747
Faurecia		970		36,413
FFP		133		9,555
Fonciere des Regions REIT		456		40,446
GameLoft SE*		1,545		9,435
Gaztransport Et Technigaz SA		371		17,896
Gecina SA REIT		502		60,623
Genfit*		336		13,492
Groupe Eurotunnel SE		7,209		92,123
Guerbet		138		8,893
Havas SA		2,515		21,205
Hermes International		383		134,852
ICADE REIT		512		36,125
Iliad SA		397		88,546
Imerys SA		522		35,380
Ingenico Group		842		105,997
Innate Pharma SA*		741		10,859
Interparfums SA		243		6,100
Ipsen SA		577		37,047
Ipsos		578		12,095
Jacquet Metal Service		371		5,684
JCDecaux SA		1,089		40,374
Kering		1,100		190,078
Klepierre REIT		3,245		147,288
Korian SA		656		22,532
Lagardere SCA		1,769		52,202
Legrand SA		3,877		228,078
LISI		353		9,436

	Number of Shares		Value
France (Continued)
L’Oreal SA		3,620	$	641,019
LVMH Moet Hennessy Louis Vuitton SE (a)		4,030		675,939
Mercialys SA REIT (a)		923		19,865
Mersen		286		5,146
Metropole Television SA		938		17,422
MGI Coutier		241		4,764
MPI		1,587		3,773
Natixis SA		14,269		86,535
Neopost SA		621		16,206
Nexans SA*		460		17,594
Nexity SA		505		21,553
NextRadioTV		195		7,571
Numericable-SFR SAS*		1,632		69,877
Orange SA (a)		29,017		501,562
Orpea		662		52,129
Pernod Ricard SA		3,083		350,815
Peugeot SA*		6,517		116,434
Plastic Omnium SA		978		28,597
Publicis Groupe SA		2,696		170,109
Rallye SA		404		7,598
Remy Cointreau SA (a)		393		27,878
Renault SA		2,802		282,752
Rexel SA		4,487		61,463
Rubis SCA		618		49,134
Safran SA		4,233		312,529
Saft Groupe SA		497		15,191
Sanofi		17,080		1,522,706
Schneider Electric SE		8,086		512,594
SCOR SE		2,206		86,517
SEB SA		352		36,045
Societe BIC SA		423		69,585
Societe Generale SA		10,476		500,069
Societe Television Francaise 1		1,817		22,154
Sodexo SA		1,406		138,984
Solocal Group*		835		6,667
Sopra Steria Group		247		28,184
Suez Environnement Co.		4,496		85,243
Technicolor SA		5,168		38,757
Technip SA		1,546		81,034
Teleperformance		852		70,826
Thales SA		1,511		112,501
Total SA (a)		31,452		1,561,833
Trigano SA		178		10,344
Ubisoft Entertainment SA*		1,550		43,398
Unibail-Rodamco SE REIT		1,421		364,979
Valeo SA		1,168		180,849
Vallourec SA		1,777		18,275
Valneva SE*		1,184		4,566
Veolia Environnement SA		6,583		157,814
Vicat		271		16,601
Vilmorin & Cie SA		114		8,473
Vinci SA		6,863		446,376
Virbac SA		72		14,636
Vivendi SA		15,181		319,666
Wendel SA		454		54,107
Zodiac Aerospace		3,021		81,806
				18,842,905

See Notes to Financial Statements. 78

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Germany — 27.3%
Aareal Bank AG		983	$	33,126
adidas AG		3,058		295,920
AIXTRON SE*		350		2,794
Allianz SE		6,574		1,164,453
alstria office REIT-AG*		1,791		23,682
AURELIUS SE & Co. KGaA		422		18,684
Aurubis AG		489		30,467
Axel Springer SE		662		36,958
BASF SE		13,283		1,099,432
Bayer AG		11,981		1,598,766
Bayerische Motoren Werke AG		4,799		523,769
Bechtle AG		251		23,769
Beiersdorf AG		1,472		137,078
Bilfinger SE		533		25,220
Biotest AG		205		3,403
Borussia Dortmund GmbH & Co. KGaA		1,723		7,355
Brenntag AG		2,292		125,221
CANCOM SE		292		12,604
comdirect bank AG		1,129		13,109
Commerzbank AG*		15,570		171,413
Continental AG		1,601		386,853
CTS Eventim AG & Co. KGaA		725		25,653
Daimler AG		13,962		1,249,895
Deutsche Bank AG (b)		20,006		513,741
Deutsche Beteiligungs AG		263		8,172
Deutsche Boerse AG		2,866		245,848
Deutsche Euroshop AG		703		29,825
Deutsche Lufthansa AG*		3,557		50,979
Deutsche Post AG		14,237		416,138
Deutsche Telekom AG		47,056		867,808
Deutsche Wohnen AG		4,929		135,635
Deutz AG		1,840		6,983
DIC Asset AG		873		8,191
DMG Mori AG		667		27,304
Drillisch AG		844		37,765
Duerr AG		418		36,121
E.ON SE		29,082		276,415
ElringKlinger AG (a)		560		14,090
Evonik Industries AG		1,997		68,235
Evotec AG*		2,160		9,608
Fraport AG Frankfurt Airport Services Worldwide		673		41,163
Freenet AG		1,992		67,054
Fresenius Medical Care AG & Co. KGaA		3,250		268,521
Fresenius SE & Co. KGaA		5,633		413,571
GEA Group AG		2,728		113,215
Gerresheimer AG		489		38,180
Gerry Weber International AG		498		7,403
Hannover Rueck SE		874		102,269
HeidelbergCement AG		2,034		161,950
Heidelberger Druckmaschinen AG*		4,649		11,543
Henkel AG & Co. KGaA		1,511		145,037
Hugo Boss AG		1,006		87,135
Indus Holding AG		401		19,057
Infineon Technologies AG		18,698		277,167
K+S AG (a)		2,820		80,267
Kabel Deutschland Holding AG		263		32,178

	Number of Shares		Value
Germany (Continued)
KION Group AG*		987	$	48,856
Kloeckner & Co. SE		1,614		13,823
Krones AG		237		28,846
KUKA AG		384		33,877
LANXESS AG		1,359		69,208
LEG Immobilien AG*		925		73,298
Leoni AG		528		20,328
Linde AG		2,682		468,262
MAN SE		479		47,537
Merck KGaA		1,896		194,191
Metro AG		2,656		88,563
MLP AG		1,574		6,403
MorphoSys AG*		383		22,673
MTU Aero Engines AG		788		78,252
Muenchener Rueckversicherungs-Gesellschaft AG		2,385		480,664
Nordex SE*		1,044		35,076
Norma Group SE		547		29,896
OSRAM Licht AG		1,360		57,419
PATRIZIA Immobilien AG*		804		20,001
ProSiebenSat.1 Media SE		3,226		169,398
Rational AG		58		24,307
Rheinmetall AG		622		39,476
Rhoen-Klinikum AG		794		22,952
RIB Software AG		739		7,691
RWE AG		7,298		83,969
Salzgitter AG		599		14,733
SAP SE		14,263		1,124,036
SGL Carbon SE*		823		12,721
Siemens AG		11,456		1,187,866
SLM Solutions Group AG*		332		6,212
SMA Solar Technology AG*		365		18,212
Software AG		848		22,677
STADA Arzneimittel AG		972		37,114
STRATEC Biomedical AG		167		9,523
Stroeer SE		328		19,490
Suedzucker AG (a)		1,269		23,986
Symrise AG		1,802		121,964
TAG Immobilien AG		1,710		20,235
Telefonica Deutschland Holding AG		9,257		52,042
ThyssenKrupp AG		5,416		115,275
United Internet AG		1,849		98,557
Volkswagen AG (a)		531		79,273
Vonovia SE		6,778		210,076
VTG AG		307		9,423
Wacker Chemie AG		246		22,116
Wacker Neuson SE		552		7,923
Wincor Nixdorf AG		508		25,712
Wirecard AG (a)		1,762		86,315
zooplus AG*		113		16,738
				17,135,377
Ireland — 1.7%
Bank of Ireland*		404,848		150,992
C&C Group PLC		5,360		20,784
CRH PLC		11,923		350,832
FBD Holdings PLC		569		4,119

See Notes to Financial Statements. 79

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Ireland (Continued)
Glanbia PLC		2,674	$	49,074
Hibernia REIT PLC		11,133		16,362
Irish Continental Group PLC		3,029		17,122
Kerry Group PLC, Class A		2,302		185,793
Kingspan Group PLC		2,252		59,020
Origin Enterprises PLC*		2,151		17,056
Paddy Power PLC		600		76,103
Ryanair Holdings PLC		2,385		35,719
Smurfit Kappa Group PLC		3,450		94,262
				1,077,238
Italy — 8.3%
A2A SpA		24,590		34,554
ACEA SpA		1,176		17,445
Amplifon SpA		2,243		17,169
Anima Holding SpA, 144A		3,103		28,523
Ansaldo STS SpA		2,391		24,694
Ascopiave SpA		3,133		7,408
Assicurazioni Generali SpA		16,248		309,002
Astaldi SpA (a)		1,146		6,883
Atlantia SpA		6,205		163,897
Autogrill SpA*		2,401		21,309
Azimut Holding SpA		1,865		47,626
Banca Carige SpA*(a)		9,622		15,574
Banca Generali SpA		1,062		32,349
Banca IFIS SpA		483		12,809
Banca Monte dei Paschi di Siena SpA*		39,512		62,035
Banca Popolare dell’Emilia Romagna SC (a)		7,585		58,301
Banca Popolare di Milano Scarl		67,405		65,306
Banca Popolare di Sondrio Scarl		7,714		35,127
Banco Popolare SC*		5,467		78,844
Beni Stabili SpA SIIQ REIT (a)		18,364		13,844
Brembo SpA		499		22,934
Brunello Cucinelli SpA (a)		562		9,791
Buzzi Unicem SpA (a)		1,035		18,601
Cairo Communication SpA		1,044		4,853
Cementir Holding SpA		957		5,945
Cerved Information Solutions SpA* (a)		3,142		23,736
Compagnie Industriali Riunite SpA* (a)		7,098		7,799
Credito Emiliano SpA		2,278		16,210
Credito Valtellinese SC*		19,239		22,990
Danieli & C Officine Meccaniche SpA (a)		317		6,196
Datalogic SpA		686		12,749
Davide Campari-Milano SpA		4,503		39,560
De’ Longhi (a)		870		23,908
DeA Capital SpA*		2,787		4,270
DiaSorin SpA		494		25,387
Ei Towers SpA		374		22,840
Enel Green Power SpA		26,114		55,154
Enel SpA		95,432		420,857
Eni SpA		36,698		597,882
ERG SpA		867		10,837
EXOR SpA		1,484		66,511
Falck Renewables SpA		4,701		5,548
Fincantieri SpA*		11,618		5,401
FinecoBank Banca Fineco SpA		4,444		34,698

	Number of Shares		Value
Italy (Continued)
Finmeccanica SpA*		6,109	$	88,490
Hera SpA		11,356		28,796
Immobiliare Grande Distribuzione SIIQ SpA REIT (a)		7,836		8,180
Interpump Group SpA (a)		1,271		19,727
Intesa Sanpaolo SpA		175,397		601,903
Intesa Sanpaolo SpA-RSP		17,613		55,343
Iren SpA		11,481		17,953
Italcementi SpA (a)		2,940		31,870
Italmobiliare SpA		137		5,898
Italmobiliare SpA-RSP		286		9,141
Luxottica Group SpA		2,390		159,842
Maire Tecnimont SpA*		2,964		8,242
MARR SpA		687		14,081
Mediaset SpA		11,615		51,075
Mediobanca SpA		8,484		81,301
Mediolanum SpA		3,583		29,490
Moncler SpA		2,212		33,701
Piaggio & C SpA		3,337		8,151
Prysmian SpA		2,991		65,415
RCS MediaGroup SpA*		7,541		4,577
Recordati SpA		1,475		36,669
Saipem SpA* (a)		4,017		34,717
Salini Impregilo SpA		3,920		17,006
Salvatore Ferragamo SpA (a)		852		20,272
Saras SpA* (a)		4,632		9,274
Snam SpA		28,966		147,205
Societa Cattolica DI Assicurazioni Scrl		2,403		18,737
Societa Iniziative Autostradali e Servizi SpA		1,537		16,564
Sogefi SpA*		1,811		4,049
Telecom Italia SpA* (a)		170,862		220,961
Telecom Italia SpA-RSP		93,059		107,170
Terna Rete Elettrica Nazionale SpA		22,062		108,622
Tod’s SpA (a)		212		16,889
Trevi Finanziaria Industriale SpA		2,621		3,378
UniCredit SpA		62,274		365,493
Unione di Banche Italiane SpA		13,412		91,257
Unipol Gruppo Finanziario SpA		6,580		32,800
UnipolSai SpA (a)		16,882		43,557
Vittoria Assicurazioni SpA		603		6,530
Yoox Net-A-Porter Group SpA, Class A*		901		30,881
Zignago Vetro SpA		739		4,474
				5,177,037
Luxembourg — 0.7%
APERAM SA*		726		24,691
ArcelorMittal (a)		14,511		71,169
BRAAS Monier Building Group SA		353		8,830
Eurofins Scientific SE		138		51,935
Grand City Properties SA		1,616		33,294
RTL Group SA		560		48,990
SES SA FDR		4,651		129,091
Tenaris SA		6,884		90,407
				458,407

See Notes to Financial Statements. 80

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Netherlands — 7.3%
Aalberts Industries NV		1,737	$	57,351
Aegon NV		27,106		165,990
Akzo Nobel NV		3,687		262,244
Altice NV, Class A*		5,664		87,012
Altice NV, Class B*		1,900		29,540
Arcadis NV		1,194		28,819
ASM International NV		1,139		45,543
ASML Holding NV		5,504		508,658
BinckBank NV		1,368		11,969
Brunel International NV		550		10,076
Corbion NV		1,043		24,877
Delta Lloyd NV		3,643		26,227
Eurocommercial Properties NV		789		33,432
Euronext NV, 144A		1,018		50,643
Fugro NV*		1,118		20,736
Gemalto NV		1,213		76,537
Heineken Holding NV		1,580		124,299
Heineken NV		3,441		305,970
IMCD Group NV		744		27,198
ING Groep NV		57,106		784,055
Koninklijke Ahold NV		12,481		271,515
Koninklijke BAM Groep NV*		4,251		22,143
Koninklijke Boskalis Westminster NV		1,390		61,858
Koninklijke DSM NV		2,683		136,506
Koninklijke KPN NV		48,438		184,288
Koninklijke Philips NV		14,172		387,511
Koninklijke Vopak NV		1,073		46,560
NN Group NV		3,486		119,075
NSI NV REIT (a)		3,004		12,121
OCI NV* (a)		1,350		34,082
PostNL NV*		8,056		26,922
QIAGEN NV*		3,261		86,600
Randstad Holding NV		1,986		124,199
SBM Offshore NV*		2,807		39,444
TKH Group NV		746		27,807
TNT Express NV		7,784		63,408
TomTom NV*		1,922		24,003
USG People NV		1,247		19,177
Wereldhave NV REIT		634		35,455
Wessanen NV		1,637		16,000
Wolters Kluwer NV		4,712		162,820
				4,582,670
Portugal — 0.5%
Altri SGPS SA		1,102		6,059
Banco BPI SA*		5,274		6,219
Banco Comercial Portugues SA, Class R* (a)		598,055		31,973
CTT-Correios de Portugal SA		2,430		22,485
EDP — Energias de Portugal SA		31,088		103,629
Galp Energia SGPS SA		5,530		58,836
Jeronimo Martins SGPS SA		3,674		50,987
Mota-Engil SGPS SA		1,412		3,081
NOS SGPS SA		2,050		15,826
Pharol SGPS SA*		9,864		3,512
Portucel SA		2,829		11,298
REN — Redes Energeticas Nacionais SGPS SA		1,773		5,017

	Number of Shares		Value
Portugal (Continued)
Semapa-Sociedade de Investimento e Gestao		320	$	4,493
Sonae SGPS SA		10,152		11,981
				335,396
Spain — 10.6%
Abengoa SA, Class B		14,571		5,388
Abertis Infraestructuras SA		7,797		120,726
Acciona SA		408		33,964
Acerinox SA		2,270		24,415
ACS Actividades de Construccion y Servicios SA		2,807		91,552
Aena SA, 144A*		1,010		114,554
Almirall SA		989		18,161
Amadeus IT Holding SA, Class A		6,409		257,076
Applus Services SA		1,755		16,280
Atresmedia Corp. de Medios de Comunicacion SA		1,181		14,312
Banco Bilbao Vizcaya Argentaria SA		92,408		767,008
Banco de Sabadell SA		74,920		138,286
Banco Popular Espanol SA		25,531		89,961
Banco Santander SA		209,263		1,142,624
Bankia SA		69,785		87,445
Bankinter SA		10,598		76,713
Bolsas y Mercados Espanoles SHMSF SA		1,219		42,701
CaixaBank SA		38,744		141,921
CIE Automotive SA		886		14,369
Deoleo SA*		11,677		3,825
Distribuidora Internacional de Alimentacion SA*		9,425		59,578
Duro Felguera SA		2,218		4,757
Ebro Foods SA		1,062		20,343
Enagas SA		3,226		96,151
Ence Energia y Celulosa S.A		2,495		9,793
Endesa SA		4,599		95,140
Faes Farma SA		4,612		12,353
Ferrovial SA		6,366		150,796
Fomento de Construcciones y Contratas SA*(a)		2,291		15,850
Gamesa Corp. Tecnologica SA		3,611		63,218
Gas Natural SDG SA		5,097		110,262
Grifols SA		2,201		104,460
Grupo Catalana Occidente SA		668		20,891
Hispania Activos Inmobiliarios SA*		1,459		21,196
Iberdrola SA		76,373		535,066
Indra Sistemas SA*		1,915		19,678
Industria de Diseno Textil SA		16,586		596,863
Inmobiliaria Colonial SA*		31,717		22,184
Laboratorios Farmaceuticos Rovi SA		389		5,935
Liberbank SA*		22,780		13,406
Mapfre SA		15,740		43,188
Mediaset Espana Comunicacion SA		2,442		28,046
Melia Hotels International SA		1,694		21,549
Merlin Properties Socimi SA REIT		4,643		57,836
NH Hotel Group SA*		3,560		19,051
Pharma Mar SA*		3,694		13,504
Promotora de Informaciones SA, Class A*		1,090		6,507
Prosegur Compania de Seguridad SA		4,381		19,580

See Notes to Financial Statements. 81

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Spain (Continued)
Red Electrica Corp. SA		1,588	$	136,237
Repsol SA		15,236		198,724
Sacyr SA		5,759		14,646
Tecnicas Reunidas SA		528		21,148
Telefonica SA (a)		65,725		810,730
Tubacex SA		2,390		4,773
Viscofan SA		683		41,739
Zardoya Otis SA		2,870		34,720
				6,651,179
Switzerland — 0.1%
STMicroelectronics NV		11,687		84,929
United Arab Emirates — 0.0%
Orascom Construction Ltd.*		48		298
United Kingdom — 2.8%
CNH Industrial NV		14,358		105,658
Dialog Semiconductor PLC*		1,360		50,780
Fiat Chrysler Automobiles NV*		13,184		188,327
International Consolidated Airlines Group SA*		12,271		104,588
RELX NV		15,178		262,754
Stallergenes Greer PLC*		88		3,511
Unilever NV		23,724		1,040,845
				1,756,463
TOTAL COMMON STOCKS (Cost $62,126,809)				61,712,280
PREFERRED STOCKS — 1.5%
Germany — 1.5%
Bayerische Motoren Werke AG		811		67,992
FUCHS PETROLUB SE		1,050		49,728

	Number of Shares		Value
Germany (Continued)
Henkel AG & Co. KGaA		2,595	$	294,737
Jungheinrich AG		292		22,660
Porsche Automobil Holding SE		2,243		117,733
Sartorius AG		157		36,949
Volkswagen AG		2,698		374,992
				964,791
TOTAL PREFERRED STOCKS (Cost $1,070,854)				964,791
RIGHTS — 0.0%
Italy — 0.0%
Unione di Banche Italiane SpA*, expires 01/30/16		11,866		0
Spain — 0.0%
Telefonica SA* (a), expires 12/31/15		55,435		20,089
TOTAL RIGHTS (Cost $20,371)				20,089
SECURITIES LENDING COLLATERAL — 4.9%
Daily Assets Fund, 0.20% (c)(d) (Cost $3,081,428)		3,081,428		3,081,428
TOTAL INVESTMENTS — 104.7% (Cost $66,299,462)†			$	65,778,588
Other assets and liabilities, net — (4.7%)				(2,962,333	)
NET ASSETS — 100.0%			$	62,816,255

* Non-income producing security.

† The cost for federal income tax purposes was $66,314,754. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $536,166. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,855,049 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $2,391,215.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $2,931,340, which is 4.7% of net assets.

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

(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

FDR: Fiduciary Depositary Receipt.

REIT: Real Estate Investment Trust.

RSP: Risparmio (Convertible Savings Shares).

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See Notes to Financial Statements. 82

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/2/2015	EUR	3,035,500	USD	3,243,905	$	36,759
Bank of Montreal	12/2/2015	EUR	7,229,570	USD	7,988,819		350,444
Canadian Imperial Bank of Commerce	12/2/2015	EUR	3,035,500	USD	3,243,796		36,650
Canadian Imperial Bank of Commerce	12/2/2015	EUR	11,738,243	USD	12,971,110		569,112
JP Morgan & Chase Co.	12/2/2015	EUR	7,503,239	USD	8,290,876		363,356
RBC Capital Markets	12/2/2015	EUR	385,000	USD	424,382		17,612
RBC Capital Markets	12/2/2015	EUR	17,435,394	USD	19,266,721		845,418
RBC Capital Markets	12/2/2015	EUR	5,294,000	USD	5,849,796		256,439
The Bank of New York Mellon	12/2/2015	EUR	290,900	USD	320,694		13,345
Bank of Montreal	12/2/2015	USD	11,232,725	EUR	10,635,539		4,216
Canadian Imperial Bank of Commerce	12/2/2015	USD	15,983,338	EUR	15,133,587		5,998
Canadian Imperial Bank of Commerce	12/2/2015	USD	231,568	EUR	209,558		(10,160	)
JP Morgan & Chase Co.	12/2/2015	USD	8,290,876	EUR	7,850,094		3,111
RBC Capital Markets	12/2/2015	USD	25,540,898	EUR	24,183,022		9,585
The Bank of New York Mellon	12/2/2015	USD	55,892	EUR	52,920		21
The Bank of New York Mellon	12/2/2015	USD	222,177	EUR	202,800		(7,909	)
The Bank of New York Mellon	12/2/2015	USD	38,003	EUR	35,000		(1,024	)
The Bank of New York Mellon	12/2/2015	USD	2,884	EUR	2,700		(31	)
The Bank of New York Mellon	12/2/2015	USD	1,739	EUR	1,600		(49	)
Bank of Montreal	1/5/2016	EUR	10,623,971	USD	11,232,725		(6,125	)
Canadian Imperial Bank of Commerce	1/5/2016	EUR	15,116,841	USD	15,983,338		(8,413	)
JP Morgan & Chase Co.	1/5/2016	EUR	7,841,704	USD	8,290,876		(4,678	)
RBC Capital Markets	1/5/2016	EUR	1,117,000	USD	1,180,962		(686	)
RBC Capital Markets	1/5/2016	EUR	24,156,490	USD	25,540,898		(13,685	)
The Bank of New York Mellon	1/5/2016	EUR	52,861	USD	55,892		(29	)
RBC Capital Markets	1/5/2016	USD	194,618	EUR	184,000		32
Total net unrealized appreciation						$	2,459,309

Currency Abbreviations

EUR	Euro
USD	U.S. Dollar

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

See Notes to Financial Statements. 83

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Investment in Securities	Level 1		Level 2			Level 3		Total
Common Stocks**	$	61,712,280	$	—		$	—	$	61,712,280
Preferred Stocks**		964,791		—			—		964,791
Rights**		20,089		—			—		20,089
Securities Lending Collateral		3,081,428		—			—		3,081,428
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		2,512,098			—		2,512,098
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(52,789	)		—		(52,789	)
TOTAL	$	65,778,588	$	2,459,309		$	—	$	68,237,897

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

** See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 84

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Germany Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 94.1%
Consumer Discretionary — 17.5%
adidas AG		28,378	$	2,746,113
Axel Springer SE		6,039		337,145
Bayerische Motoren Werke AG		44,910		4,901,533
Continental AG		14,921		3,605,393
Daimler AG		130,602		11,691,644
Hugo Boss AG		9,071		785,691
Kabel Deutschland Holding AG		3,001		367,167
ProSiebenSat.1 Media SE		29,677		1,558,350
RTL Group SA (Luxembourg)		5,248		459,106
Volkswagen AG		4,803		717,040
Zalando SE, 144A*		11,700		396,807
				27,565,989
Consumer Staples — 2.2%
Beiersdorf AG		13,672		1,273,191
Henkel AG & Co. KGaA		14,095		1,352,940
Metro AG		24,179		806,239
				3,432,370
Financials — 18.0%
Allianz SE		61,988		10,979,934
Commerzbank AG*		144,389		1,589,609
Deutsche Bank AG (a)		187,084		4,804,197
Deutsche Boerse AG		26,178		2,245,575
Deutsche Wohnen AG		45,759		1,259,185
Hannover Rueck SE		8,178		956,929
Muenchener Rueckversicherungs-Gesellschaft AG		22,631		4,560,966
Vonovia SE		63,208		1,959,055
				28,355,450
Health Care — 15.1%
Bayer AG		112,167		14,967,767
Fresenius Medical Care AG & Co. KGaA		29,642		2,449,079
Fresenius SE & Co. KGaA		51,741		3,798,794
Merck KGaA		17,530		1,795,451
QIAGEN NV (Netherlands)*		29,992		796,476
				23,807,567
Industrials — 12.0%
Brenntag AG		20,956		1,144,910
Deutsche Lufthansa AG*		31,385		449,811
Deutsche Post AG		131,428		3,841,556
Fraport AG Frankfurt Airport Services Worldwide		5,638		344,840
GEA Group AG		24,804		1,029,394
MAN SE		4,780		474,374
OSRAM Licht AG		12,070		509,591
Siemens AG		107,549		11,151,698
				18,946,174

	Number of Shares		Value
Information Technology — 8.7%
Infineon Technologies AG		153,173	$	2,270,536
SAP SE		133,308		10,505,709
United Internet AG		16,683		889,250
				13,665,495
Materials — 13.1%
BASF SE		124,583		10,311,715
Evonik Industries AG		18,962		647,907
HeidelbergCement AG		19,116		1,522,041
K+S AG (b)		25,961		738,937
LANXESS AG		12,414		632,190
Linde AG		25,193		4,398,554
Symrise AG		16,727		1,132,123
ThyssenKrupp AG		49,896		1,061,993
				20,445,460
Telecommunication Services — 5.4%
Deutsche Telekom AG		437,392		8,066,390
Telefonica Deutschland Holding AG (b)		80,693		453,647
				8,520,037
Utilities — 2.1%
E.ON SE		271,415		2,579,716
RWE AG		66,379		763,743
				3,343,459
TOTAL COMMON STOCKS (Cost $157,265,704)				148,082,001
PREFERRED STOCKS — 5.3%
Consumer Discretionary — 3.3%
Bayerische Motoren Werke AG		7,392		619,723
Porsche Automobil Holding SE		20,769		1,090,148
Volkswagen AG		25,173		3,498,762
				5,208,633
Consumer Staples — 1.7%
Henkel AG & Co. KGaA		24,166		2,744,744
Materials — 0.3%
FUCHS PETROLUB SE		9,426		446,412
TOTAL PREFERRED STOCKS (Cost $11,803,334)				8,399,789
SECURITIES LENDING COLLATERAL — 0.5%
Daily Assets Fund, 0.20% (c)(d) (Cost $713,337)		713,337		713,337
TOTAL INVESTMENTS — 99.9% (Cost $169,782,375)†			$	157,195,127
Other assets and liabilities, net — 0.1%				167,847
NET ASSETS — 100.0%			$	157,362,974

* Non-income producing security.

† The cost for federal income tax purposes was $171,067,045. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $13,871,918. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value

See Notes to Financial Statements. 85

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

over tax cost of $4,066,873 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $17,938,791.

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

(b) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $690,237, which is 0.4% of net assets.

(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

At November 30, 2015, open futures contracts purchased were as follows:

Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Appreciation
DAX Index Future		1	$	300,548		12/18/2015	$	31,710

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/2/2015	EUR	24,263,160	USD	26,811,277	$	1,176,124
Canadian Imperial Bank of Commerce	12/2/2015	EUR	36,219,854	USD	40,024,025		1,756,071
JP Morgan & Chase Co.	12/2/2015	EUR	32,750,454	USD	36,188,367		1,585,994
RBC Capital Markets	12/2/2015	EUR	1,084,000	USD	1,194,883		49,587
RBC Capital Markets	12/2/2015	EUR	17,433,000	USD	19,263,221		844,448
State Street Bank & Trust Co.	12/2/2015	EUR	31,158,884	USD	34,431,876		1,511,070
The Bank of New York Mellon	12/2/2015	EUR	810,000	USD	892,960		37,158
The Bank of New York Mellon	12/2/2015	EUR	355,641	USD	392,990		17,239
Bank of Montreal	12/2/2015	USD	22,248,789	EUR	21,065,936		8,350
Bank of Montreal	12/2/2015	USD	4,562,488	EUR	4,128,874		(200,141	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	40,024,025	EUR	37,896,156		15,021
JP Morgan & Chase Co.	12/2/2015	USD	36,188,367	EUR	34,264,420		13,581
RBC Capital Markets	12/2/2015	USD	2,382,743	EUR	2,223,000		(34,040	)
RBC Capital Markets	12/2/2015	USD	18,075,362	EUR	17,114,389		6,783
State Street Bank & Trust Co.	12/2/2015	USD	34,431,876	EUR	32,601,312		12,922
The Bank of New York Mellon	12/2/2015	USD	1,056,215	EUR	964,100		(37,599	)
The Bank of New York Mellon	12/2/2015	USD	229,736	EUR	217,522		86
Bank of Montreal	1/5/2016	EUR	21,043,023	USD	22,248,789		(12,132	)
Canadian Imperial Bank of Commerce	1/5/2016	EUR	37,854,221	USD	40,024,025		(21,067	)
JP Morgan & Chase Co.	1/5/2016	EUR	34,227,799	USD	36,188,367		(20,418	)
RBC Capital Markets	1/5/2016	EUR	17,095,612	USD	18,075,362		(9,685	)
RBC Capital Markets	1/5/2016	EUR	4,575,000	USD	4,836,974		(2,811	)
State Street Bank & Trust Co.	1/5/2016	EUR	32,564,620	USD	34,431,876		(17,472	)
The Bank of New York Mellon	1/5/2016	EUR	217,280	USD	229,736		(120	)
RBC Capital Markets	1/5/2016	USD	487,602	EUR	461,000		79
Total net unrealized appreciation						$	6,679,028

Currency Abbreviations

EUR	Euro
USD	U.S. Dollar

See Notes to Financial Statements. 86

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Investment in Securities	Level 1		Level 2			Level 3		Total
Common Stocks**	$	148,082,001	$	—		$	—	$	148,082,001
Preferred Stocks**		8,399,789		—			—		8,399,789
Securities Lending Collateral		713,337		—			—		713,337
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		7,034,513			—		7,034,513
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(355,485	)		—		(355,485	)
Unrealized Appreciation on Futures Contracts		31,710		—			—		31,710
TOTAL	$	157,226,837	$	6,679,028		$	—	$	163,905,865

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

** See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 87

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Japan Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.2%
Consumer Discretionary — 21.8%
ABC-Mart, Inc.		11,900	$	647,685
AISIN SEIKI Co. Ltd.		115,900		4,641,649
ASICS Corp.		99,000		2,261,478
Bandai Namco Holdings, Inc.		109,900		2,447,083
Benesse Holdings, Inc.		54,300		1,376,247
Bridgestone Corp.		428,500		15,246,385
Casio Computer Co. Ltd.		121,800		2,686,328
Daihatsu Motor Co. Ltd. (a)		116,900		1,517,516
DENSO Corp.		316,400		15,095,184
Dentsu, Inc.		149,700		8,403,144
Don Quijote Holdings Co. Ltd.		79,800		3,160,236
Fast Retailing Co. Ltd.		34,500		13,951,340
Fuji Heavy Industries Ltd.		377,100		15,586,392
Hakuhodo DY Holdings, Inc.		161,200		1,731,165
Hikari Tsushin, Inc. (a)		8,700		626,174
Honda Motor Co. Ltd.		1,061,000		34,493,274
Iida Group Holdings Co. Ltd.		98,700		1,919,479
Isetan Mitsukoshi Holdings Ltd.		244,600		3,729,604
Isuzu Motors Ltd.		384,900		4,330,516
J. Front Retailing Co. Ltd.		164,900		2,720,649
Koito Manufacturing Co. Ltd.		72,900		2,961,007
Marui Group Co. Ltd.		156,600		2,322,921
Mazda Motor Corp.		355,900		7,394,104
McDonald’s Holdings Co. Japan Ltd. (a)		54,200		1,316,474
Mitsubishi Motors Corp.		406,700		3,620,985
NGK Spark Plug Co. Ltd.		110,900		3,022,498
NHK Spring Co. Ltd.		99,400		1,021,454
Nikon Corp. (a)		207,500		2,784,647
Nissan Motor Co. Ltd.		1,587,600		16,952,885
Nitori Holdings Co. Ltd.		48,200		3,970,333
NOK Corp.		68,200		1,839,350
Oriental Land Co. Ltd.		130,200		7,400,564
Panasonic Corp.		1,407,700		15,980,997
Rakuten, Inc.		589,900		7,437,244
Rinnai Corp.		23,800		2,130,593
Ryohin Keikaku Co. Ltd.		14,600		3,150,089
Sankyo Co. Ltd.		23,100		913,867
Sanrio Co. Ltd.		22,100		527,815
Sega Sammy Holdings, Inc.		104,300		1,126,880
Sekisui Chemical Co. Ltd.		252,200		3,005,503
Sekisui House Ltd.		384,200		6,496,444
Shimamura Co. Ltd.		14,400		1,755,841
Shimano, Inc.		53,000		7,866,044
Sony Corp.		814,000		21,007,945
Stanley Electric Co. Ltd.		94,900		2,100,752
Sumitomo Electric Industries Ltd.		480,700		6,841,482
Sumitomo Rubber Industries Ltd.		100,800		1,360,923
Suzuki Motor Corp.		244,100		7,505,430
Takashimaya Co. Ltd.		185,000		1,686,190
Toho Co. Ltd.		79,300		2,109,728
Toyoda Gosei Co. Ltd.		53,400		1,269,714
Toyota Industries Corp.		101,600		5,389,505
Toyota Motor Corp.		1,779,600		110,693,722
USS Co. Ltd.		151,000		2,400,544
Yamada Denki Co. Ltd. (a)		384,200		1,729,056

	Number of Shares		Value
Yamaha Corp.		100,000	$	2,518,278
Yamaha Motor Co. Ltd.		174,600		4,262,169
Yokohama Rubber Co. Ltd. (The)		72,900		1,253,690
				413,699,195
Consumer Staples — 7.6%
Aeon Co. Ltd.		435,300		6,754,045
Ajinomoto Co., Inc.		367,000		8,414,764
Asahi Group Holdings Ltd.		254,600		7,983,395
Calbee, Inc.		57,500		2,377,538
FamilyMart Co. Ltd.		45,000		2,006,905
Japan Tobacco, Inc.		714,900		25,610,959
Kao Corp.		323,000		16,559,326
Kikkoman Corp.		96,000		3,162,307
Kirin Holdings Co. Ltd.		539,600		7,589,906
Kose Corp.		19,700		2,061,218
Lawson, Inc.		42,500		3,228,067
MEIJI Holdings Co. Ltd. (a)		81,700		6,537,327
NH Foods Ltd.		112,600		2,176,080
Nisshin Seifun Group, Inc.		152,285		2,392,520
Nissin Foods Holdings Co. Ltd.		42,000		2,132,413
Seven & i Holdings Co. Ltd.		490,400		21,990,317
Shiseido Co. Ltd.		241,400		5,776,147
Suntory Beverage & Food Ltd.		90,900		3,548,128
Toyo Suisan Kaisha Ltd.		65,000		2,323,314
Unicharm Corp.		252,300		5,320,640
Yakult Honsha Co. Ltd.		64,800		3,200,520
Yamazaki Baking Co. Ltd.		71,400		1,342,738
				142,488,574
Energy — 0.8%
Idemitsu Kosan Co. Ltd.		69,700		1,153,929
INPEX Corp. (a)		625,400		6,210,816
JX Holdings, Inc.		1,461,900		5,929,542
Showa Shell Sekiyu KK		107,100		943,976
TonenGeneral Sekiyu KK		184,000		1,775,727
				16,013,990
Financials — 19.1%
Acom Co. Ltd.* (a)		279,500		1,387,282
AEON Financial Service Co. Ltd.		76,900		1,771,636
AEON Mall Co. Ltd.		79,550		1,366,761
Aozora Bank Ltd.		782,500		2,758,773
Bank of Kyoto Ltd. (The)		222,000		2,068,513
Bank of Yokohama Ltd. (The)		769,500		4,528,861
Chiba Bank Ltd. (The)		454,600		3,135,300
Chugoku Bank Ltd. (The)		98,800		1,370,037
Credit Saison Co. Ltd.		95,500		1,802,941
Dai-ichi Life Insurance Co. Ltd. (The)		684,900		11,850,829
Daito Trust Construction Co. Ltd.		48,500		5,039,115
Daiwa House Industry Co. Ltd.		382,900		10,665,833
Daiwa Securities Group, Inc.		1,031,000		6,669,255
Fukuoka Financial Group, Inc.		596,000		2,890,430
Gunma Bank Ltd. (The)		245,000		1,470,796
Hachijuni Bank Ltd. (The)		266,000		1,609,829
Hiroshima Bank Ltd. (The)		325,100		1,848,660
Hokuhoku Financial Group, Inc.		830,000		1,759,789
Hulic Co. Ltd.		193,500		1,776,239
Iyo Bank Ltd. (The)		165,700		1,651,616

See Notes to Financial Statements. 88

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Japan Exchange Group, Inc.		355,840	$	5,578,970
Japan Post Bank Co. Ltd.*		259,125		3,662,693
Japan Post Holdings Co. Ltd.*		287,642		4,455,998
Japan Prime Realty Investment Corp. REIT		622		2,147,441
Japan Real Estate Investment Corp. REIT		872		4,151,032
Japan Retail Fund Investment Corp. REIT		1,658		3,171,885
Joyo Bank Ltd. (The)		516,000		2,393,469
Kyushu Financial Group, Inc.*		211,400		1,607,395
Mitsubishi Estate Co. Ltd.		802,000		16,870,666
Mitsubishi UFJ Financial Group, Inc.		8,299,200		53,260,504
Mitsubishi UFJ Lease & Finance Co. Ltd.		331,300		1,741,276
Mitsui Fudosan Co. Ltd.		622,900		15,706,593
Mizuho Financial Group, Inc.		15,328,240		30,942,873
MS&AD Insurance Group Holdings, Inc.		335,600		9,465,501
Nippon Building Fund, Inc. REIT		935		4,412,957
Nippon Prologis REIT, Inc.		958		1,680,197
Nomura Holdings, Inc.		2,301,900		13,654,325
Nomura Real Estate Holdings, Inc.		84,200		1,649,116
Nomura Real Estate Master Fund, Inc. REIT*		2,104		2,538,132
NTT Urban Development Corp.		87,900		856,864
ORIX Corp.		849,760		12,263,190
Resona Holdings, Inc.		1,419,300		6,927,014
SBI Holdings, Inc.		152,428		1,727,352
Seven Bank Ltd. (a)		385,200		1,686,619
Shinsei Bank Ltd.		1,107,000		2,104,289
Shizuoka Bank Ltd. (The)		324,000		3,166,304
Sompo Japan Nipponkoa Holdings, Inc.		206,150		6,355,315
Sony Financial Holdings, Inc. (a)		107,400		1,978,742
Sumitomo Mitsui Financial Group, Inc.		821,600		31,348,946
Sumitomo Mitsui Trust Holdings, Inc.		2,058,900		7,860,950
Sumitomo Realty & Development Co. Ltd.		232,000		7,052,348
Suruga Bank Ltd.		111,700		2,261,222
T&D Holdings, Inc.		373,700		5,236,657
Tokio Marine Holdings, Inc.		443,900		16,371,292
Tokyo Tatemono Co. Ltd.		114,900		1,380,480
Tokyu Fudosan Holdings Corp.		343,600		2,313,927
United Urban Investment Corp. REIT (a)		1,755		2,338,099
Yamaguchi Financial Group, Inc.		128,500		1,490,642
				361,233,770
Health Care — 7.8%
Alfresa Holdings Corp.		108,500		2,150,609
Astellas Pharma, Inc.		1,373,700		19,344,508
Chugai Pharmaceutical Co. Ltd.		152,900		5,340,942
Daiichi Sankyo Co. Ltd.		402,300		8,291,106
Eisai Co. Ltd. (a)		167,300		10,868,384
Hisamitsu Pharmaceutical Co., Inc.		37,100		1,582,250
Hoya Corp.		276,400		11,204,192

	Number of Shares		Value
Health Care (Continued)
Kyowa Hakko Kirin Co. Ltd.		150,000	$	2,642,973
M3, Inc.		117,500		2,584,809
Medipal Holdings Corp.		92,400		1,619,064
Miraca Holdings, Inc.		35,400		1,573,014
Mitsubishi Tanabe Pharma Corp. (a)		153,300		2,678,703
Olympus Corp.		178,600		7,123,688
Ono Pharmaceutical Co. Ltd.		55,200		8,838,278
Otsuka Holdings Co. Ltd.		256,400		8,493,901
Santen Pharmaceutical Co. Ltd.		252,000		3,995,971
Shionogi & Co. Ltd.		191,100		8,423,303
Sumitomo Dainippon Pharma Co. Ltd.		98,000		1,179,025
Suzuken Co. Ltd.		59,650		2,328,337
Sysmex Corp.		93,800		5,859,642
Taisho Pharmaceutical Holdings Co. Ltd.		20,500		1,388,871
Takeda Pharmaceutical Co. Ltd.		514,200		24,991,540
Terumo Corp.		194,100		6,196,694
				148,699,804
Industrials — 18.8%
Amada Holdings Co. Ltd.		224,100		2,206,411
ANA Holdings, Inc. (a)		805,000		2,265,902
Asahi Glass Co. Ltd.		683,000		4,016,994
Central Japan Railway Co.		92,298		16,483,928
Dai Nippon Printing Co. Ltd. (a)		332,000		3,244,484
Daikin Industries Ltd.		158,700		11,151,544
East Japan Railway Co.		217,100		20,493,111
FANUC Corp.		129,700		23,095,240
Fuji Electric Co. Ltd.		364,000		1,676,588
Hankyu Hanshin Holdings, Inc.		777,200		4,975,090
Hino Motors Ltd.		172,800		2,098,587
Hitachi Construction Machinery Co. Ltd. (a)		76,600		1,202,203
Hoshizaki Electric Co. Ltd.		25,900		1,819,943
IHI Corp.		930,000		2,432,656
ITOCHU Corp.		1,021,600		12,465,014
Japan Airlines Co. Ltd.		81,978		2,803,634
Japan Airport Terminal Co. Ltd. (a)		19,800		998,846
JGC Corp.		135,000		2,294,232
JTEKT Corp.		136,400		2,521,904
Kajima Corp.		632,000		3,470,609
Kamigumi Co. Ltd.		106,000		934,281
Kawasaki Heavy Industries Ltd.		937,000		3,722,120
Keihan Electric Railway Co. Ltd.		331,800		2,212,898
Keikyu Corp.		305,000		2,470,228
Keio Corp.		377,000		3,096,239
Keisei Electric Railway Co. Ltd.		180,000		2,161,170
Kintetsu Group Holdings Co. Ltd.		1,117,000		4,282,892
Komatsu Ltd.		587,000		9,708,627
Kubota Corp.		720,200		12,014,060
Kurita Water Industries Ltd.		76,500		1,651,182
LIXIL Group Corp.		176,100		4,117,106
Mabuchi Motor Co. Ltd.		32,300		1,860,333
Makita Corp.		81,800		4,644,858
Marubeni Corp.		1,064,600		5,898,109
Minebea Co. Ltd.		207,500		2,277,275
Mitsubishi Corp.		877,200		14,764,894

See Notes to Financial Statements. 89

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Mitsubishi Electric Corp.		1,229,000	$	13,607,855
Mitsubishi Heavy Industries Ltd.		1,932,100		9,889,652
Mitsubishi Logistics Corp. (a)		56,000		782,908
Mitsui & Co. Ltd.		1,096,800		13,453,842
Mitsui OSK Lines Ltd.		798,000		2,080,894
Nabtesco Corp.		83,100		1,739,632
Nagoya Railroad Co. Ltd.		644,600		2,597,251
NGK Insulators Ltd.		160,000		3,710,804
Nidec Corp.		142,000		10,979,334
Nippon Express Co. Ltd.		624,000		2,818,392
Nippon Yusen KK		994,000		2,583,915
NSK Ltd.		294,900		3,710,805
Obayashi Corp.		473,000		4,368,814
Odakyu Electric Railway Co. Ltd.		432,000		4,393,696
Park24 Co. Ltd.		70,600		1,433,794
Recruit Holdings Co. Ltd.		91,900		2,870,475
Secom Co. Ltd.		135,000		9,252,600
Seibu Holdings, Inc.		82,100		1,732,704
Shimizu Corp.		410,700		3,446,410
SMC Corp.		35,100		9,301,072
Sohgo Security Services Co. Ltd.		39,900		1,918,830
Sumitomo Corp.		732,400		7,779,147
Sumitomo Heavy Industries Ltd.		360,000		1,707,880
Taisei Corp.		735,000		4,531,804
THK Co. Ltd.		82,500		1,644,639
Tobu Railway Co. Ltd.		742,000		3,616,572
Tokyu Corp.		769,000		5,978,335
Toppan Printing Co. Ltd.		320,000		2,807,474
Toshiba Corp.*		2,659,000		6,499,538
TOTO Ltd.		85,750		2,960,500
Toyota Tsusho Corp.		152,000		3,566,011
West Japan Railway Co.		102,300		6,461,271
Yamato Holdings Co. Ltd.		216,000		4,130,496
				355,890,538
Information Technology — 10.5%
Alps Electric Co. Ltd.		116,600		3,665,654
Brother Industries Ltd.		162,600		1,945,652
Canon, Inc.		694,400		20,961,742
Citizen Holdings Co. Ltd.		183,700		1,357,977
FUJIFILM Holdings Corp.		293,100		11,871,621
Fujitsu Ltd.		1,138,000		5,746,392
GungHo Online Entertainment, Inc. (a)		277,100		855,386
Hamamatsu Photonics KK		92,400		2,315,629
Hirose Electric Co. Ltd.		19,510		2,374,166
Hitachi High-Technologies Corp.		55,300		1,525,130
Hitachi Ltd.		3,146,000		18,569,322
Itochu Techno-Solutions Corp. (a)		21,700		448,279
Kakaku.com, Inc. (a)		94,900		1,810,115
Keyence Corp. (a)		29,710		16,102,772
Konami Holdings Corp.		72,000		1,685,069
Konica Minolta, Inc.		292,300		3,072,593
Kyocera Corp.		200,900		9,313,861
Mixi, Inc.		27,400		1,121,820
Murata Manufacturing Co. Ltd.		130,700		20,279,204
NEC Corp.		1,585,000		5,304,793
Nexon Co. Ltd.		91,000		1,443,729

	Number of Shares		Value
Information Technology (Continued)
Nintendo Co. Ltd.		68,300	$	10,489,127
Nippon Electric Glass Co. Ltd.		259,000		1,437,019
Nomura Research Institute Ltd.		82,520		3,120,476
NTT Data Corp.		85,100		4,147,847
Obic Co. Ltd.		42,200		2,245,410
Omron Corp.		127,300		4,679,387
Oracle Corp. Japan		17,300		843,217
OTSUKA Corp.		34,000		1,704,143
Ricoh Co. Ltd.		459,700		4,712,765
ROHM Co. Ltd.		68,800		3,699,886
Seiko Epson Corp.		181,400		2,857,308
Shimadzu Corp.		164,000		2,653,842
TDK Corp.		83,700		6,017,425
Tokyo Electron Ltd.		105,500		7,025,906
Trend Micro, Inc.		74,900		3,054,411
Yahoo Japan Corp.		925,100		3,810,119
Yaskawa Electric Corp.		162,600		2,146,425
Yokogawa Electric Corp.		159,200		1,901,089
				198,316,708
Materials — 5.3%
AIR WATER, Inc.		103,500		1,679,878
Asahi Kasei Corp.		835,300		5,714,103
Daicel Corp.		186,300		2,727,154
Hitachi Chemical Co. Ltd.		75,100		1,250,650
Hitachi Metals Ltd.		133,200		1,726,947
JFE Holdings, Inc.		308,100		4,860,521
JSR Corp.		115,900		1,824,648
Kaneka Corp.		182,000		1,794,866
Kansai Paint Co. Ltd.		147,800		2,331,662
Kobe Steel Ltd.		1,955,000		2,286,921
Kuraray Co. Ltd.		213,600		2,719,019
Maruichi Steel Tube Ltd. (a)		21,200		587,262
Mitsubishi Chemical Holdings Corp.		866,400		5,677,700
Mitsubishi Gas Chemical Co., Inc.		181,000		980,723
Mitsubishi Materials Corp.		784,000		2,770,431
Mitsui Chemicals, Inc.		618,000		2,575,418
Nippon Paint Holdings Co. Ltd. (a)		95,200		2,385,800
Nippon Steel & Sumitomo Metal Corp.		483,414		9,709,514
Nitto Denko Corp.		102,600		6,914,457
Oji Holdings Corp.		608,000		2,637,465
Shin-Etsu Chemical Co. Ltd.		266,700		15,085,557
Sumitomo Chemical Co. Ltd.		964,000		5,528,708
Sumitomo Metal Mining Co. Ltd.		301,000		3,393,891
Taiheiyo Cement Corp.		812,000		2,506,580
Taiyo Nippon Sanso Corp.		92,300		882,511
Teijin Ltd.		676,000		2,405,264
Toray Industries, Inc. (a)		949,000		8,626,572
Toyo Seikan Group Holdings Ltd.		99,000		1,948,635
				103,532,857
Telecommunication Services — 5.1%
KDDI Corp. (a)		1,138,352		28,278,476
Nippon Telegraph & Telephone Corp.		478,800		17,755,662
NTT DOCOMO, Inc.		919,700		17,392,864
SoftBank Group Corp.		624,500		33,162,929
				96,589,931

See Notes to Financial Statements. 90

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Utilities — 2.4%
Chubu Electric Power Co., Inc.		431,100	$	5,948,200
Chugoku Electric Power Co., (The), Inc.		192,400		2,464,783
Electric Power Development Co. Ltd.		95,200		3,043,152
Hokuriku Electric Power Co.		100,100		1,368,548
Kansai Electric Power Co., (The), Inc.*		457,900		5,133,241
Kyushu Electric Power Co., Inc.*		276,800		2,902,915
Osaka Gas Co. Ltd.		1,127,000		4,184,823
Shikoku Electric Power Co., Inc.		109,500		1,568,225
Toho Gas Co. Ltd.		264,000		1,640,617
Tohoku Electric Power Co., Inc.		290,400		3,411,197
Tokyo Electric Power Co., Inc.*		925,900		5,671,232
Tokyo Gas Co. Ltd.		1,576,000		7,529,209
				44,866,142
TOTAL COMMON STOCKS (Cost $1,844,751,987)				1,881,331,509
SECURITIES LENDING COLLATERAL — 1.0%
Daily Assets Fund, 0.20% (b)(c) (Cost $19,323,530)		19,323,530		19,323,530
TOTAL INVESTMENTS — 100.2% (Cost $1,864,075,517)†			$	1,900,655,039
Other assets and liabilities, net — (0.2%)				(4,716,544	)
NET ASSETS — 100.0%			$	1,895,938,495

* Non-income producing security.

† The cost for federal income tax purposes was $1,882,072,884. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $18,582,155. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $102,382,018 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $83,799,863.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $18,320,901, which is 1.0% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

REIT: Real Estate Investment Trust.

As of November 30, 2015, the Fund had the following futures contracts open:

Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Appreciation
TOPIX Index Futures		17	$	2,184,728		12/10/2015	$	195,461

See Notes to Financial Statements. 91

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/3/2015	JPY	732,519,500	USD	5,971,179	$	19,801
Bank of Montreal	12/3/2015	JPY	486,462,000	USD	3,966,516		14,241
Bank of Montreal	12/3/2015	JPY	52,415,869,859	USD	434,461,873		8,607,513
Bank of Montreal	12/3/2015	JPY	475,838,000	USD	3,908,478		42,517
Canadian Imperial Bank of Commerce	12/3/2015	JPY	970,084,500	USD	7,877,195		(4,286	)
Canadian Imperial Bank of Commerce	12/3/2015	JPY	2,392,194,500	USD	19,827,062		391,604
Canadian Imperial Bank of Commerce	12/3/2015	JPY	847,897,500	USD	6,870,629		(18,140	)
Canadian Imperial Bank of Commerce	12/3/2015	JPY	732,519,500	USD	5,969,284		17,907
Canadian Imperial Bank of Commerce	12/3/2015	JPY	817,197,000	USD	6,769,779		130,437
Canadian Imperial Bank of Commerce	12/3/2015	JPY	942,054,000	USD	7,750,437		96,690
Canadian Imperial Bank of Commerce	12/3/2015	JPY	23,849,782,000	USD	197,676,448		3,908,154
Canadian Imperial Bank of Commerce	12/3/2015	JPY	12,650,660,110	USD	104,856,380		2,075,700
JP Morgan & Chase Co.	12/3/2015	JPY	39,386,025,508	USD	326,440,499		6,447,514
State Street Bank & Trust Co.	12/3/2015	JPY	43,110,264,557	USD	357,330,067		7,079,386
State Street Bank & Trust Co.	12/3/2015	JPY	2,392,194,500	USD	19,825,747		390,289
State Street Bank & Trust Co.	12/3/2015	JPY	942,054,000	USD	7,750,035		96,288
The Bank of New York Mellon	12/3/2015	JPY	591,662,322	USD	4,903,956		96,977
The Bank of New York Mellon	12/3/2015	JPY	997,060,100	USD	8,201,180		100,534
The Bank of Nova Scotia	12/3/2015	JPY	970,084,500	USD	7,877,132		(4,350	)
The Bank of Nova Scotia	12/3/2015	JPY	39,653,652,643	USD	328,672,275		6,504,945
The Bank of Nova Scotia	12/3/2015	JPY	847,897,500	USD	6,870,128		(18,641	)
Bank of Montreal	12/3/2015	USD	448,308,045	JPY	55,266,833,034		709,053
Canadian Imperial Bank of Commerce	12/3/2015	USD	357,597,215	JPY	44,084,584,649		569,360
JP Morgan & Chase Co.	12/3/2015	USD	326,440,499	JPY	40,243,584,699		519,753
State Street Bank & Trust Co.	12/3/2015	USD	384,905,849	JPY	47,451,193,110		612,840
The Bank of New York Mellon	12/3/2015	USD	6,492,365	JPY	800,370,260		10,268
The Bank of New York Mellon	12/3/2015	USD	6,612,772	JPY	804,609,000		(75,701	)
The Bank of Nova Scotia	12/3/2015	USD	343,419,535	JPY	42,336,760,265		546,786
Bank of Montreal	1/6/2016	JPY	55,194,565,777	USD	448,308,045		(705,763	)
Canadian Imperial Bank of Commerce	1/6/2016	JPY	5,438,127,000	USD	44,167,493		(72,263	)
Canadian Imperial Bank of Commerce	1/6/2016	JPY	44,028,084,289	USD	357,597,215		(576,050	)
JP Morgan & Chase Co.	1/6/2016	JPY	40,194,945,065	USD	326,440,499		(549,760	)
State Street Bank & Trust Co.	1/6/2016	JPY	47,390,301,005	USD	384,905,849		(619,415	)
The Bank of New York Mellon	1/6/2016	JPY	799,394,458	USD	6,492,365		(10,797	)
The Bank of Nova Scotia	1/6/2016	JPY	42,281,641,430	USD	343,419,535		(546,227	)
Canadian Imperial Bank of Commerce	1/6/2016	USD	8,021,232	JPY	986,395,000		3,199
Total net unrealized appreciation						$	35,790,363

Currency Abbreviations

JPY – Japanese Yen

USD – U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

See Notes to Financial Statements. 92

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Deutsche X-trackers MSCI Japan Hedged Equity ETF
Investment in Securities
Common Stocks**	$	1,881,331,509	$	—		$	—	$	1,881,331,509
Securities Lending Collateral		19,323,530		—			—		19,323,530
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		38,991,756			—		38,991,756
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(3,201,393	)		—		(3,201,393	)
Unrealized Appreciation on Futures Contracts		195,461		—			—		195,461
Total Investment	$	1,900,850,500	$	35,790,363		$	—	$	1,936,640,863

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

** See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 93

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Mexico Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 100.1%
Consumer Discretionary — 10.5%
Alsea SAB de CV		13,860	$	49,376
Consorcio ARA SAB de CV		31,502		11,762
El Puerto de Liverpool SAB de CV, Class C1		4,981		65,857
Grupo Famsa SAB de CV, Class A*		11,720		9,904
Grupo Televisa SAB, Series CPO		54,563		307,237
Hoteles City Express SAB de CV*		10,600		14,552
TV Azteca SAB de CV		53,401		9,374
				468,062
Consumer Staples — 29.1%
Arca Continental SAB de CV		10,732		67,551
Coca-Cola Femsa SAB de CV, Series L		7,970		61,574
Controladora Comercial Mexicana SAB de CV		12,957		41,032
Fomento Economico Mexicano SAB de CV		41,820		404,698
Gruma SAB de CV, Class B		5,113		74,418
Grupo Bimbo SAB de CV, Series A*		42,286		117,026
Grupo Comercial Chedraui SA de CV		10,186		27,667
Grupo Herdez SAB de CV		7,900		21,363
Grupo Lala SAB de CV		17,249		41,868
Industrias Bachoco SAB de CV, Series B		5,720		23,862
Kimberly-Clark de Mexico SAB de CV, Class A		39,559		93,467
Organizacion Cultiba SAB de CV		9,140		12,350
Wal-Mart de Mexico SAB de CV		116,738		308,987
				1,295,863
Financials — 21.0%
Banregio Grupo Financiero SAB de CV(a)		6,640		35,202
Bolsa Mexicana de Valores SAB de CV		12,840		18,511
Concentradora Fibra Hotelera Mexicana SA de CV REIT		15,840		14,399
Corp. Inmobiliaria Vesta SAB de CV		16,920		25,679
Credito Real SAB de CV, SOFOM, ER		6,852		15,727
Fibra Shop Portafolios Inmobiliarios SAPI de CV REIT		13,840		14,042
Fibra Uno Administracion SA de CV REIT		60,153		139,731
Gentera SAB de CV		28,747		56,286
Grupo Financiero Banorte SAB de CV, Class O		55,279		298,398
Grupo Financiero Inbursa SAB de CV, Class O		59,647		114,090
Grupo Financiero Interacciones SA de CV, Class O		2,800		17,366
Grupo Financiero Santander Mexico SAB de CV, Class B		47,583		92,449
Grupo GICSA SA de CV*		4,700		4,814
Mexico Real Estate Management SA de CV REIT*		23,821		31,482
PLA Administradora Industrial S de RL de CV REIT*		17,940		31,328
Prologis Property Mexico SA de CV REIT*		11,740		19,042
Qualitas Controladora SAB de CV*		8,960		10,696
Unifin Financiera SAPI de CV SOFOM ENR*		1,500		4,855
				944,097

	Number of Shares		Value
Health Care — 0.5%
Genomma Lab Internacional SAB de CV, Class B*		26,152	$	20,365
Industrials — 13.2%
Alfa SAB de CV, Class A		71,910		145,440
Controladora Vuela Cia de Aviacion SAB de CV, Class A*		13,680		24,120
Elementia SAB de CV, 144A*		4,000		4,821
Empresas ICA SAB de CV*		26,341		8,453
Grupo Aeromexico SAB de CV*		11,820		27,279
Grupo Aeroportuario del Centro Norte SAB de CV*		6,380		32,354
Grupo Aeroportuario del Pacifico SAB de CV, Class B		8,170		74,316
Grupo Aeroportuario del Sureste SAB de CV, Class B		5,440		82,367
Grupo Carso SAB de CV, Series A1		15,127		66,984
Grupo Rotoplas SAB de CV*		7,180		12,174
OHL Mexico SAB de CV*		22,732		27,136
Promotora y Operadora de Infraestructura SAB de CV*		6,491		78,930
				584,374
Materials — 11.7%
Cemex SAB de CV*		289,515		183,542
Grupo Mexico SAB de CV, Series B		82,396		180,366
Grupo Simec SAB de CV, Series B*		4,540		10,828
Industrias CH SAB de CV, Series B*		5,238		18,256
Industrias Penoles SAB de CV		3,790		47,419
Mexichem SAB de CV		27,893		69,050
Minera Frisco SAB de CV, Class A1*		25,649		12,594
				522,055
Telecommunication Services — 14.1%
America Movil SAB de CV, Series L (a)		756,203		612,598
Axtel SAB de CV *		28,261		13,876
				626,474
TOTAL COMMON STOCKS (Cost $5,237,589)				4,461,290
SECURITIES LENDING COLLATERAL — 14.6%
Daily Assets Fund, 0.20% (b)(c) (Cost $649,477)		649,477		649,477
TOTAL INVESTMENTS — 114.7% (Cost $5,887,066)†			$	5,110,767
Other assets and liabilities, net — (14.7%)				(654,435	)
NET ASSETS — 100.0%			$	4,456,332

See Notes to Financial Statements. 94

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

* Non-income producing security.

† The cost for federal income tax purposes was $5,917,115. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $806,348. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $170,985 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $977,333.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $598,270, which is 13.4% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

REIT: Real Estate Investment Trust.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/3/2015	MXN	3,454,000	USD	208,483	$	183
Bank of Montreal	12/3/2015	MXN	90,682	USD	5,460		(8	)
Bank of Montreal	12/3/2015	MXN	412,000	USD	24,877		31
Bank of Montreal	12/3/2015	MXN	28,727,976	USD	1,734,362		1,871
JP Morgan & Chase Co.	12/3/2015	MXN	43,567,080	USD	2,629,948		2,559
The Bank of New York Mellon	12/3/2015	MXN	75,100	USD	4,547		18
Bank of Montreal	12/3/2015	USD	7,983	MXN	132,227		(9	)
Bank of Montreal	12/3/2015	USD	1,947,571	MXN	32,343,315		2,949
Bank of Montreal	12/3/2015	USD	12,168	MXN	200,000		(107	)
JP Morgan & Chase Co.	12/3/2015	USD	2,629,948	MXN	43,672,896		3,823
The Bank of New York Mellon	12/3/2015	USD	10,007	MXN	166,500		34
Bank of Montreal	1/6/2016	MXN	32,414,206	USD	1,947,571		(2,538	)
JP Morgan & Chase Co.	1/6/2016	MXN	43,772,834	USD	2,629,948		(3,521	)
Bank of Montreal	1/6/2016	USD	32,332	MXN	538,000		35
Bank of Montreal	1/6/2016	USD	17,033	MXN	283,000		(7	)
Bank of Montreal	1/6/2016	USD	5,460	MXN	90,881		7
Total net unrealized appreciation						$	5,320

Currency Abbreviations

MXN	Mexican Peso
USD	U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

See Notes to Financial Statements. 95

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Investment in Securities	Level 1		Level 2			Level 3		Total
Common Stocks**	$	4,461,290	$	—		$	—	$	4,461,290
Securities Lending Collateral		649,477		—			—		649,477
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		11,510			—		11,510
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(6,190	)		—		(6,190	)
TOTAL	$	5,110,767	$	5,320		$	—	$	5,116,087

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

** See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 96

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI South Korea Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 95.9%
Consumer Discretionary — 14.7%
Cheil Worldwide, Inc.*		19,936	$	352,050
CJ E&M Corp.*		4,000		291,524
Coway Co. Ltd.		12,218		891,517
Hankook Tire Co. Ltd.		17,331		690,666
Hanon Systems		9,273		365,539
Hanssem Co. Ltd.		1,981		404,565
Hotel Shilla Co. Ltd.		7,610		594,711
Hyundai Department Store Co. Ltd.		3,605		393,793
Hyundai Mobis Co. Ltd.		14,995		3,230,649
Hyundai Motor Co.		33,732		4,296,420
Hyundai Wia Corp.		3,881		405,510
Kangwon Land, Inc.		26,576		876,649
Kia Motors Corp.		58,050		2,631,687
LG Electronics, Inc.		24,127		1,129,211
Lotte Shopping Co. Ltd.		2,577		522,944
Paradise Co. Ltd.		11,987		208,055
Shinsegae Co. Ltd.		1,684		364,269
				17,649,759
Consumer Staples — 9.4%
Amorepacific Corp.		7,099		2,473,508
AMOREPACIFIC Group		6,326		838,514
BGF Retail Co. Ltd.		1,789		277,298
CJ CheilJedang Corp.		1,825		568,121
Dongsuh Cos., Inc.		7,216		229,930
E-MART, Inc.		4,727		873,518
GS Retail Co. Ltd.		5,600		266,932
KT&G Corp.		24,234		2,239,142
LG Household & Health Care Ltd.		2,089		1,818,326
Lotte Chilsung Beverage Co. Ltd.		100		193,256
Lotte Confectionery Co. Ltd.		177		299,573
Orion Corp.		826		813,839
Ottogi Corp.		300		269,677
				11,161,634
Energy — 2.3%
GS Holdings		12,067		526,215
SK Innovation Co. Ltd.*		13,954		1,536,320
S-Oil Corp.		10,541		675,396
				2,737,931
Financials — 13.9%
BNK Financial Group, Inc.		50,358		423,111
Daewoo Securities Co. Ltd.		42,373		378,706
DGB Financial Group, Inc.		40,162		360,679
Dongbu Insurance Co. Ltd.		10,049		538,874
Hana Financial Group, Inc.		65,387		1,439,807
Hanwha Life Insurance Co. Ltd.		52,564		346,780
Hyundai Marine & Fire Insurance Co. Ltd.		15,173		444,164
Industrial Bank of Korea		59,029		677,938
KB Financial Group, Inc.		85,026		2,588,115
Korea Investment Holdings Co. Ltd.		9,125		431,016
Mirae Asset Securities Co. Ltd.		15,360		263,284
NH Investment & Securities Co. Ltd.		34,942		309,275
Samsung Card Co. Ltd.		8,797		238,906
Samsung Fire & Marine Insurance Co. Ltd.		7,639		2,021,807

	Number of Shares		Value
Financials (Continued)
Samsung Life Insurance Co. Ltd.		17,805	$	1,583,624
Samsung Securities Co. Ltd.		13,409		512,368
Shinhan Financial Group Co. Ltd.		93,628		3,351,220
Woori Bank		72,085		590,723
				16,500,397
Health Care — 2.2%
Celltrion, Inc.*		14,395		1,072,742
Hanmi Pharm. Co. Ltd.*		1,087		745,285
Hanmi Science Co. Ltd.*		2,392		307,766
Yuhan Corp.		1,877		448,969
				2,574,762
Industrials — 11.2%
CJ Corp.		3,317		724,667
CJ Korea Express Co. Ltd.*		1,743		289,735
Daelim Industrial Co. Ltd.		6,731		419,652
Daewoo Engineering & Construction Co. Ltd.*		29,456		157,957
Daewoo International Corp.		11,637		192,434
Doosan Corp.		2,075		186,348
Doosan Heavy Industries & Construction Co. Ltd.		12,672		258,244
GS Engineering & Construction Corp.*		12,679		239,774
Hanwha Corp.		10,820		340,096
Hyundai Development Co.-Engineering & Construction		13,040		461,673
Hyundai Engineering & Construction Co. Ltd.		17,143		472,966
Hyundai Glovis Co. Ltd.		3,977		655,936
Hyundai Heavy Industries Co. Ltd.*		9,563		748,161
KCC Corp.		1,371		543,996
KEPCO Plant Service & Engineering Co. Ltd.		5,093		444,189
Korea Aerospace Industries Ltd.		9,991		723,842
Korean Air Lines Co. Ltd.*		8,952		218,766
LG Corp.		21,352		1,357,029
S-1 Corp.		4,636		377,109
Samsung C&T Corp.*		16,232		2,046,433
Samsung Heavy Industries Co. Ltd.		36,191		360,957
SK Holdings Co. Ltd.		7,814		1,821,839
SK Networks Co. Ltd.		30,243		159,304
				13,201,107
Information Technology — 31.7%
Kakao Corp.		6,349		661,189
LG Display Co. Ltd.		52,454		1,150,496
LG Innotek Co. Ltd.		3,315		285,112
NAVER Corp.		6,164		3,358,649
NCSoft Corp.		3,721		714,928
Samsung Electro-Mechanics Co. Ltd.		13,759		822,177
Samsung Electronics Co. Ltd.		22,001		24,393,838
Samsung SDI Co. Ltd.		12,491		1,294,348
Samsung SDS Co. Ltd.		6,610		1,489,754
SK Hynix, Inc.		127,592		3,481,635
				37,652,126

See Notes to Financial Statements. 97

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Materials — 7.3%
Hanwha Chemical Corp.		25,379	$	545,691
Hyosung Corp.		5,297		528,305
Hyundai Steel Co.		18,205		798,596
Korea Zinc Co. Ltd.		1,931		758,693
Kumho Petrochemical Co. Ltd.		3,645		185,075
LG Chem Ltd.		10,257		2,816,567
Lotte Chemical Corp.		3,540		735,176
OCI Co. Ltd.		4,167		273,830
POSCO		14,964		2,183,771
				8,825,704
Telecommunication Services — 1.0%
KT Corp.*		8,313		214,995
LG Uplus Corp.		50,364		463,172
SK Telecom Co. Ltd.		2,282		461,110
				1,139,277
Utilities — 2.2%
Korea Electric Power Corp.		56,597		2,392,317
Korea Gas Corp.		7,118		235,720
				2,628,037
TOTAL COMMON STOCKS (Cost $106,658,553)				114,070,734

	Number of Shares		Value
PREFERRED STOCKS — 3.7%
Consumer Discretionary — 1.2%
Hyundai Motor Co.		5,614	$	538,106
Hyundai Motor Co. — 2nd Preferred		8,579		826,008
				1,364,114
Consumer Staples — 0.3%
Amorepacific Corp.		1,887		385,368
Information Technology — 1.9%
Samsung Electronics Co. Ltd.		2,440		2,309,261
Materials — 0.3%
LG Chem Ltd.		1,930		374,151
TOTAL PREFERRED STOCKS (Cost $3,776,131)				4,432,894
TOTAL INVESTMENTS — 99.6% (Cost $110,434,684)†			$	118,503,628
Other assets and liabilities, net — 0.4%				433,972
NET ASSETS — 100.0%			$	118,937,600

* Non-income producing security.

† The cost for federal income tax purposes was $113,874,378. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $4,629,250. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $10,947,561 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $6,318,311.

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/3/2015	KRW	33,081,316,000	USD	28,573,799	$	10,233
JP Morgan & Chase Co.	12/3/2015	KRW	84,407,896,340	USD	73,915,580		1,034,848
RBC Capital Markets	12/3/2015	KRW	8,227,044,000	USD	7,205,644		102,126
State Street Bank & Trust Co.	12/3/2015	KRW	272,037,000	USD	237,795		2,908
State Street Bank & Trust Co.	12/3/2015	KRW	69,659,093,000	USD	60,976,097		829,998
State Street Bank & Trust Co.	12/3/2015	KRW	8,865,098,000	USD	7,760,065		105,629
Bank of Montreal	12/3/2015	USD	4,586,832	KRW	5,190,000,000		(105,604	)
Bank of Montreal	12/3/2015	USD	24,415,309	KRW	27,891,316,000		(332,970	)
JP Morgan & Chase Co.	12/3/2015	USD	73,017,211	KRW	84,407,896,340		(136,479	)
RBC Capital Markets	12/3/2015	USD	7,106,738	KRW	8,227,044,000		(3,220	)
State Street Bank & Trust Co.	12/3/2015	USD	68,099,205	KRW	78,796,228,000		(63,784	)
JP Morgan & Chase Co.	1/6/2016	KRW	84,407,896,340	USD	72,919,439		117,713
RBC Capital Markets	1/6/2016	KRW	8,227,044,000	USD	7,097,786		1,969
State Street Bank & Trust Co.	1/6/2016	KRW	78,796,228,000	USD	68,015,734		54,066
State Street Bank & Trust Co.	1/6/2016	KRW	455,493,000	USD	393,175		312
Bank of Montreal	1/6/2016	USD	28,547,908	KRW	33,081,316,000		(15,306	)
State Street Bank & Trust Co.	1/6/2016	USD	528,662	KRW	613,285,000		296
Total net unrealized appreciation						$	1,602,735

Currency Abbreviations

KRW	South Korean Won
USD	U.S. Dollar

See Notes to Financial Statements. 98

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Investment in Securities	Level 1		Level 2			Level 3		Total
Common Stocks**	$	114,070,734	$	—		$	—	$	114,070,734
Preferred Stocks**		4,432,894		—			—		4,432,894
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		2,260,098			—		2,260,098
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(657,363	)		—		(657,363	)
TOTAL	$	118,503,628	$	1,602,735		$	—	$	120,106,363

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

** See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 99

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.1%
Consumer Discretionary — 10.6%
Barratt Developments PLC		1,780	$	16,112
Burberry Group PLC		789		14,794
Carnival PLC (United States)		327		17,065
Compass Group PLC		2,945		51,185
Dixons Carphone PLC		1,737		12,680
GKN PLC		3,063		13,863
InterContinental Hotels Group PLC		419		16,130
ITV PLC		6,846		27,942
Kingfisher PLC		4,129		21,977
Marks & Spencer Group PLC		2,927		22,152
Merlin Entertainments PLC, 144A		1,272		7,839
Next PLC		260		31,013
Pearson PLC		1,468		18,262
Persimmon PLC*		544		15,690
RELX PLC		1,993		35,960
Sky PLC		1,846		30,750
Sports Direct International PLC*		483		5,318
Taylor Wimpey PLC		5,776		16,928
TUI AG (Germany)		885		14,688
Whitbread PLC		327		22,399
William Hill PLC		1,581		8,515
WPP PLC		2,315		53,519
				474,781
Consumer Staples — 18.5%
Associated British Foods PLC		637		34,019
British American Tobacco PLC		3,332		194,108
Coca-Cola HBC AG CDI (Switzerland)*		359		8,710
Diageo PLC		4,496		129,334
Imperial Tobacco Group PLC		1,711		92,460
J Sainsbury PLC		2,387		9,124
Reckitt Benckiser Group PLC		1,144		107,341
SABMiller PLC		1,735		105,346
Tate & Lyle PLC		836		7,429
Tesco PLC*		14,542		36,619
Unilever PLC		2,294		97,914
Wm Morrison Supermarkets PLC (a)		3,938		9,045
				831,449
Energy — 12.8%
Amec Foster Wheeler PLC		698		4,577
BG Group PLC		6,105		94,843
BP PLC		32,684		189,640
Petrofac Ltd.		465		5,778
Royal Dutch Shell PLC, Class A (Netherlands)		7,002		173,265
Royal Dutch Shell PLC, Class B (Netherlands)		4,362		108,530
				576,633
Financials — 23.4%
3i Group PLC		1,726		13,063
Aberdeen Asset Management PLC		1,654		7,956
Admiral Group PLC		371		9,057
Aviva PLC		7,231		55,705
Barclays PLC		29,985		100,797

	Number of Shares		Value
Financials (Continued)
British Land Co. PLC REIT		1,740	$	21,856
Direct Line Insurance Group PLC		2,441		15,139
Hammerson PLC REIT		1,392		12,799
Hargreaves Lansdown PLC		463		10,432
HSBC Holdings PLC		34,959		278,790
ICAP PLC		990		7,589
Intu Properties PLC REIT		1,664		8,107
Investec PLC (South Africa)		980		8,339
Land Securities Group PLC REIT		1,413		26,197
Legal & General Group PLC		10,627		43,454
Lloyds Banking Group PLC		102,042		112,128
London Stock Exchange Group PLC		561		22,390
Old Mutual PLC		8,808		27,725
Provident Financial PLC		263		14,149
Prudential PLC		4,595		106,541
Royal Bank of Scotland Group PLC*		6,206		28,265
RSA Insurance Group PLC		1,805		11,959
Schroders PLC		220		9,927
Segro PLC REIT		1,326		8,811
St James’s Place PLC		929		14,215
Standard Chartered PLC		5,852		49,110
Standard Life PLC		3,520		22,081
				1,046,581
Health Care — 9.6%
AstraZeneca PLC		2,259		153,187
GlaxoSmithKline PLC		8,698		177,570
Shire PLC (Ireland)		1,059		74,102
Smith & Nephew PLC		1,600		27,110
				431,969
Industrials — 6.8%
Aggreko PLC		459		6,947
Ashtead Group PLC		893		14,727
Babcock International Group PLC		450		7,259
BAE Systems PLC		5,655		43,990
Bunzl PLC		594		17,177
Capita PLC		1,188		22,759
Cobham PLC		2,021		9,235
easyJet PLC		285		7,095
Experian PLC (Ireland)		1,751		32,464
G4S PLC		2,754		9,411
IMI PLC		488		7,012
Intertek Group PLC		286		12,177
Meggitt PLC		1,409		8,227
Melrose Industries PLC		1,783		7,793
Rolls-Royce Holdings PLC*		3,286		30,016
Rolls-Royce Holdings PLC — Entitlement*		305,353		460
Royal Mail PLC		1,609		11,780
Smiths Group PLC		700		10,891
Travis Perkins PLC		441		13,503
Weir Group PLC (The)		383		6,933
Wolseley PLC (Switzerland)		462		26,817
				306,673
Information Technology — 1.5%
ARM Holdings PLC		2,510		42,490
Auto Trader Group PLC, 144A*		1,400		8,567

See Notes to Financial Statements. 100

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Information Technology — (Continued)
Sage Group PLC (The)		1,913	$	16,898
				67,955
Materials — 5.2%
Anglo American PLC		2,488		15,313
Antofagasta PLC (Chile) (a)		707		5,404
BHP Billiton PLC (Australia)		3,775		45,308
Croda International PLC		241		10,410
Fresnillo PLC (Mexico) (b)		397		4,275
Glencore PLC (Switzerland)*		21,867		31,850
Johnson Matthey PLC		363		15,472
Mondi PLC (South Africa)		652		15,162
Randgold Resources Ltd. (Jersey Island)		165		10,045
Rexam PLC		1,251		10,919
Rio Tinto PLC		2,241		74,540
				238,698
Telecommunication Services — 6.4%
BT Group PLC		14,959		111,848
Inmarsat PLC		798		13,401
Vodafone Group PLC		47,443		160,235
				285,484

	Number of Shares		Value
Utilities — 4.3%
Centrica PLC		9,030	$	29,662
National Grid PLC		6,690		93,281
Severn Trent PLC		421		14,279
SSE PLC		1,775		38,335
United Utilities Group PLC		1,210		17,613
				193,170
TOTAL COMMON STOCKS (Cost $4,918,060)				4,453,393
RIGHTS — 0.0%
Financials — 0.0%
Standard Chartered PLC*, expires 12/31/15 (Cost $0)		1,291		1,769
SECURITIES LENDING COLLATERAL — 0.3%
Daily Assets Fund 0.20% (c)(d) (Cost $14,525)		14,525		14,525
TOTAL INVESTMENTS — 99.4% (Cost $4,932,585)†			$	4,469,687
Other assets and liabilities, net — 0.6%				24,961
NET ASSETS — 100.0%			$	4,494,648

* Non-income producing security.

† The cost for federal income tax purposes was $5,011,689. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $542,002. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $388,984 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $930,986.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $8,673, which is 0.2% of net assets.

(b) Listed on London Stock Exchange.

(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

CDI: Chess Depositary Interest.

REIT: Real Estate Investment Trust.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See Notes to Financial Statements. 101

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/2/2015	GBP	28,000	USD	43,285	$	1,115
Bank of Montreal	12/2/2015	GBP	229,000	USD	353,584		8,689
Bank of Montreal	12/2/2015	GBP	972,538	USD	1,501,710		36,978
JP Morgan & Chase Co.	12/2/2015	GBP	1,715,170	USD	2,648,316		65,113
The Bank of New York Mellon	12/2/2015	GBP	3,849	USD	5,943		146
The Bank of New York Mellon	12/2/2015	GBP	25,300	USD	38,995		891
Bank of Montreal	12/2/2015	USD	1,898,579	GBP	1,261,263		999
JP Morgan & Chase Co.	12/2/2015	USD	2,648,316	GBP	1,759,328		1,394
The Bank of New York Mellon	12/2/2015	USD	2,387	GBP	1,585		1
The Bank of New York Mellon	12/2/2015	USD	42,552	GBP	27,600		(983	)
Bank of Montreal	1/5/2016	GBP	1,261,062	USD	1,898,579		(1,040	)
JP Morgan & Chase Co.	1/5/2016	GBP	1,759,083	USD	2,648,316		(1,503	)
The Bank of New York Mellon	1/5/2016	GBP	1,585	USD	2,387		(1	)
Bank of Montreal	1/5/2016	USD	45,170	GBP	30,000		21
Total net unrealized appreciation						$	111,820

Currency Abbreviations

GBP	Pound Sterling
USD	U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Investment in Securities	Level 1		Level 2			Level 3		Total
Common Stocks**	$	4,453,393	$	—		$	—	$	4,453,393
Rights**		1,769		—			—		1,769
Securities Lending Collateral		14,525		—			—		14,525
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		115,347			—		115,347
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(3,527	)		—		(3,527	)
TOTAL INVESTMENTS	$	4,469,687	$	111,820		$	—	$	4,581,507

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

** See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 102

This Page is Intentionally Left Blank

103

DBX ETF Trust

Statements of assets and liabilities

November 30, 2015 (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	$	63,934,488		$	9,472,622		$	3,526,683
Investment in affiliated securities at fair value (See Note 5)		126,497			—			—
Investment in Daily Assets Fund*		1,112,028			56,466			—
Cash		3,328			1,081			—
Foreign currency at value		112,438			6,386			1,060
Unrealized appreciation on forward foreign currency contracts		1,669,575			54,782			58,968
Receivables:
Investment securities sold		878,099			365,867			32,515
Dividends		138,032			21,264			10,603
Interest		3,048			308			—
Foreign tax reclaim		29,734			—			—
Total Assets	$	68,007,267		$	9,978,776		$	3,629,829
Liabilities
Due to custodian	$	—		$	—		$	12,540
Payable upon return of securities loaned		1,112,028			56,466			—
Unrealized depreciation on forward foreign currency contracts		174,352			48,961			53,635
Payables:
Investment securities purchased		2,415,807			411,520			61,027
Investment advisory fees		21,046			4,736			1,637
Total Liabilities		3,723,233			521,683			128,839
Net Assets	$	64,284,034		$	9,457,093		$	3,500,990
Net Assets Consist of
Paid-in capital	$	67,510,090		$	10,388,860		$	9,849,689
Undistributed net investment income		502,307			146,859			30,928
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions		(43,163	)		81,980			(5,075,656	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(3,685,200	)		(1,160,606	)		(1,303,971	)
Net Assets	$	64,284,034		$	9,457,093		$	3,500,990
Number of Common Shares outstanding		2,650,001			400,001			400,800
Net Assets Value	$	24.26		$	23.64		$	8.74
Investments in non-affiliated securities at cost	$	69,091,612		$	10,639,392		$	4,833,541
Investments in affiliated securities at cost	$	147,703		$	—		$	—
Value of securities loaned	$	1,047,227		$	52,741		$	—
Investment in Daily Assets Fund at cost	$	1,112,028		$	56,466		$	—
Foreign currency at cost	$	112,576		$	6,361		$	1,030

* Represents collateral on securities loaned.

See Notes to Financial Statements. 104

DBX ETF Trust

Statements of assets and liabilities (Continued)

November 30, 2015 (Unaudited)

	Deutsche X-trackers MSCI Emerging Markets Hedged Equity  ETF			Deutsche X-trackers MSCI Europe Hedged Equity ETF			Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
Assets
Investments in non-affiliated securities at fair value	$	153,734,831		$	3,896,720,140		$	62,183,419
Investment in affiliated securities at fair value (See Note 5)		—			16,943,498			513,741
Investment in Daily Assets Fund*		2,599,528			120,222,183			3,081,428
Cash		—			3,192,781			228,671
Foreign currency at value		85,064			1,505,696			28,555
Unrealized appreciation on forward foreign currency contracts		2,091,202			146,386,027			2,512,098
Unrealized appreciation on future contracts		3,360			—			—
Deposit with broker for futures contracts		8,045			—			—
Receivables:
Investment securities sold		5,449,932			4,018,877			305,324
Capital shares		41,191			593,604			—
Dividends		81,994			6,155,818			10,214
Interest		2,726			340,962			5,157
Foreign tax reclaim		4,777			2,893,595			24,171
Total Assets	$	164,102,650		$	4,198,973,181		$	68,892,778
Liabilities
Due to custodian	$	256,477		$	—		$	—
Payable upon return of securities loaned		2,599,528			120,222,183			3,081,428
Unrealized depreciation on forward foreign currency contracts		776,509			6,142,410			52,789
Payables:
Investment securities purchased		6,512,362			150,312,255			2,921,069
Capital shares		2,988			15			—
Investment advisory fees		84,059			1,399,588			21,237
Total Liabilities		10,231,923			278,076,451			6,076,523
Net Assets	$	153,870,727		$	3,920,896,730		$	62,816,255
Net Assets Consist of
Paid-in capital	$	183,322,648		$	3,956,138,738		$	61,077,006
Undistributed net investment income		2,314,004			12,414,824			113,049
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions		(5,832,761	)		(36,683,522	)		(310,380	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(25,933,164	)		(10,973,310	)		1,936,580
Net Assets	$	153,870,727		$	3,920,896,730		$	62,816,255
Number of Common Shares outstanding		8,050,800			144,150,001			2,250,001
Net Assets Value	$	19.11		$	27.20		$	27.92
Investments in non-affiliated securities at cost	$	180,980,592		$	4,044,151,283		$	62,615,891
Investments in affiliated securities at cost	$	—		$	20,442,643		$	602,143
Value of securities loaned	$	2,327,449		$	95,843,583		$	2,931,340
Investment in Daily Assets Fund at cost	$	2,599,528		$	120,222,183		$	3,081,428
Foreign currency at cost	$	83,536		$	1,510,906		$	28,739

* Represents collateral on securities loaned.

See Notes to Financial Statements. 105

DBX ETF Trust

Statements of assets and liabilities (Continued)

November 30, 2015 (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	$	151,677,593		$	1,881,331,509		$	4,461,290
Investment in affiliated securities at fair value (See Note 5)		4,804,197			—			—
Investment in Daily Assets Fund*		713,337			19,323,530			649,477
Cash		—			4,033,415			3,593
Foreign currency at value		94			3,445,439			4,521
Unrealized appreciation on forward foreign currency contracts		7,034,513			38,991,756			11,510
Unrealized appreciation on future contracts		30,838			193,477			—
Deposit with broker for futures contracts		3,357			—			—
Receivables:
Investment securities sold		—			3,320,629			43,045
Dividends		—			6,254,008			883
Interest		227			13,550			71
Foreign tax reclaim		502,226			1,532,902			—
Total Assets	$	164,766,382		$	1,958,440,215		$	5,174,390
Liabilities
Due to custodian	$	208,268		$	—		$	—
Payable upon return of securities loaned		713,337			19,323,530			649,477
Unrealized depreciation on forward foreign currency contracts		355,485			3,201,393			6,190
Due to broker for future contracts		—			135,467			—
Payables:
Investment securities purchased		6,070,013			39,152,523			60,523
Investment advisory fees		56,305			688,807			1,868
Total Liabilities		7,403,408			62,501,720			718,058
Net Assets	$	157,362,974		$	1,895,938,495		$	4,456,332
Net Assets Consist of
Paid-in capital	$	171,888,137		$	1,842,996,928		$	5,033,131
Undistributed net investment income (loss)		(770,522	)		7,823,859			42,960
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions		(7,826,968	)		(27,209,744	)		151,228
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(5,927,673	)		72,327,452			(770,987	)
Net Assets	$	157,362,974		$	1,895,938,495		$	4,456,332
Number of Common Shares outstanding		6,100,800			47,000,800			200,001
Net Assets Value	$	25.79		$	40.34		$	22.28
Investments in non-affiliated securities at cost	$	162,839,977		$	1,844,751,987		$	5,237,589
Investments in affiliated securities at cost	$	6,229,061		$	—		$	—
Value of securities loaned	$	690,237		$	18,320,901		$	598,270
Investment in Daily Assets Fund at cost	$	713,337		$	19,323,530		$	649,477
Foreign currency at cost	$	96		$	3,451,371		$	4,529

* Represents collateral on securities loaned.

See Notes to Financial Statements. 106

DBX ETF Trust

Statements of assets and liabilities (Continued)

November 30, 2015 (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	$	118,503,628		$	4,455,162
Investment in Daily Assets Fund*		—			14,525
Cash		11,924			3,545
Foreign currency at value		22			5,612
Unrealized appreciation on forward foreign currency contracts		2,260,098			115,347
Receivables:
Investment securities sold		2,330,554			4,830
Dividends		—			22,277
Interest		—			443
Foreign tax reclaim		—			6
Total Assets	$	123,106,226		$	4,621,747
Liabilities
Payable upon return of securities loaned	$	—		$	14,525
Unrealized depreciation on forward foreign currency contracts		657,363			3,527
Payables:
Investment securities purchased		3,453,896			107,404
Investment advisory fees		57,367			1,643
Total Liabilities		4,168,626			127,099
Net Assets	$	118,937,600		$	4,494,648
Net Assets Consist of
Paid-in capital	$	130,461,713		$	5,025,321
Undistributed net investment income (loss)		(1,082,314	)		41,586
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions		(20,113,477	)		(220,848	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		9,671,678			(351,411	)
Net Assets	$	118,937,600		$	4,494,648
Number of Common Shares outstanding		5,200,001			200,001
Net Assets Value	$	22.87		$	22.47
Investments in non-affiliated securities at cost	$	110,434,684		$	4,918,060
Value of securities loaned	$	—		$	8,673
Investment in Daily Assets Fund at cost	$	—		$	14,525
Foreign currency at cost	$	22		$	5,631

* Represents collateral on securities loaned.

See Notes to Financial Statements. 107

DBX ETF Trust

Statements of operations

For the Six Months Ended November 30, 2015 (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*	$	708,710		$	179,871		$	46,465
Securities lending income, including income from Daily Assets Fund, net of borrower rebates		18,538			1,566			—
Total investment income		727,248			181,437			46,465
Expenses
Investment advisory fees		120,567			29,636			11,782
Total Expenses		120,567			29,636			11,782
Net Investment Income		606,681			151,801			34,683
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(549,044	)		(124,545	)		(1,369,448	)
Investments in affiliates		(15,154	)		—			—
Foreign currency transactions		1,664,000			464,046			742,417
Net realized gain (loss)		1,099,802			339,501			(627,031	)
Net change in unrealized appreciation (depreciation) on:
Investments		(6,805,874	)		(1,744,909	)		3,964
Foreign currency translations		624,528			(160,739	)		(301,661	)
Net change in unrealized appreciation (depreciation)		(6,181,346	)		(1,905,648	)		(297,697	)
Net realized and unrealized loss on investments, futures, and foreign currency transactions		(5,081,544	)		(1,566,147	)		(924,728	)
Net Decrease in Net Assets Resulting from Operations	$	(4,474,863	)	$	(1,414,346	)	$	(890,045	)
*       Unaffiliated foreign tax withheld	$	64,459		$	14,091		$	3,206

See Notes to Financial Statements. 108

DBX ETF Trust

Statements of operations (Continued)

For the Six Months Ended November 30, 2015 (Unaudited)

	Deutsche X-trackers MSCI Emerging Markets Hedged Equity  ETF			Deutsche X-trackers MSCI Europe Hedged Equity ETF			Deutsche X-trackers MSCI Eurozone Hedged Equity  ETF
Investment Income
Unaffiliated dividend income*	$	3,210,925		$	29,002,199		$	212,320
Securities lending income, including income from Daily Assets Fund, net of borrower rebates		31,384			1,020,850			14,227
Total investment income		3,242,309			30,023,049			226,547
Expenses
Investment advisory fees		618,189			6,865,684			76,151
Total Expenses		618,189			6,865,684			76,151
Net Investment Income		2,624,120			23,157,365			150,396
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(12,864,449	)		(26,840,037	)		(173,911	)
Investments in affiliates		—			(184,492	)		(2,430	)
In-kind redemptions		877,671			—			—
Futures contracts		(24,560	)		—			—
Foreign currency transactions		11,593,395			45,718,748			758,933
Net realized gain (loss)		(417,943	)		18,694,219			582,592
Net change in unrealized appreciation (depreciation) on:
Investments		(30,713,759	)		(197,008,643	)		(602,014	)
Futures contracts		(8,500	)		—			—
Foreign currency translations		(2,195,745	)		106,590,448			2,018,924
Net change in unrealized appreciation (depreciation)		(32,918,004	)		(90,418,195	)		1,416,910
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		(33,335,947	)		(71,723,976	)		1,999,502
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(30,711,827	)	$	(48,566,611	)	$	2,149,898
*       Unaffiliated foreign tax withheld	$	439,931		$	1,748,524		$	30,352

See Notes to Financial Statements. 109

DBX ETF Trust

Statements of operations (Continued)

For the Six Months Ended November 30, 2015 (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*	$	(17,521	)	$	11,535,759		$	56,278
Securities lending income, including income from Daily Assets Fund, net of borrower rebates		3,160			83,140			204
Total Investment Income		(14,361	)		11,618,899			56,482
Expenses
Investment advisory fees		398,079			3,273,489			12,204
Total Expenses		398,079			3,273,489			12,204
Net Investment Income (Loss)		(412,440	)		8,345,410			44,278
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(1,834,851	)		(13,791,518	)		(153,384	)
Investments in affiliates		(345,305	)		—			—
In-kind redemptions		(440,170	)		927,606			(49,927	)
Futures contracts		(50,512	)		(107,479	)		—
Foreign currency transactions		2,466,115			4,253,768			341,898
Net realized gain (loss)		(204,723	)		(8,717,623	)		138,587
Net change in unrealized appreciation (depreciation) on:
Investments		(6,272,589	)		(58,547,326	)		(299,415	)
Futures contracts		48,061			(12,602	)		—
Foreign currency translations		1,939,553			(5,368,917	)		2,659
Net change in unrealized appreciation (depreciation)		(4,284,975	)		(63,928,845	)		(296,756	)
Net realized and unrealized loss on investments, futures, and foreign currency transactions		(4,489,698	)		(72,646,468	)		(158,169	)
Net decrease in Net Assets Resulting from Operations	$	(4,902,138	)	$	(64,301,058	)	$	(113,891	)
*       Unaffiliated foreign tax withheld	$	105,032		$	1,283,377		$	572

See Notes to Financial Statements. 110

DBX ETF Trust

Statements of operations (Continued)

For the Six Months Ended November 30, 2015 (Unaudited)

	Deutsche X-trackers MSCI South Korea Hedged Equity  ETF			Deutsche X-trackers MSCI United Kingdom Hedged Equity  ETF
Investment Income
Unaffiliated dividend income*	$	93,628		$	88,341
Securities lending income, including income from Daily Assets Fund, net of borrower rebates		—			1,047
Total Investment Income		93,628			89,388
Expenses
Investment advisory fees		386,141			10,264
Total Expenses		386,141			10,264
Net Investment Income (Loss)		(292,513	)		79,124
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(19,351,034	)		(96,358	)
Foreign currency transactions		9,285,160			(41,584	)
Net realized (loss)		(10,065,874	)		(137,942	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,298,450			(424,583	)
Foreign currency translations		(3,586,495	)		85,420
Net change in unrealized appreciation (depreciation)		(2,288,045	)		(339,163	)
Net realized and unrealized loss on investments and foreign currency transactions		(12,353,919	)		(477,105	)
Net decrease in Net Assets Resulting from Operations	$	(12,646,432	)	$	(397,981	)
*       Unaffiliated foreign tax withheld	$	29,437		$	1,168

See Notes to Financial Statements. 111

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, 2015 (Unaudited)			Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	606,681		$	614,758		$	151,801		$	189,378
Net realized gain (loss)		1,099,802			(31,374	)		339,501			169,540
Net change in unrealized appreciation (depreciation)		(6,181,346	)		2,363,949			(1,905,648	)		388,805
Net increase (decrease) in net assets resulting from operations.		(4,474,863	)		2,947,333			(1,414,346	)		747,723
Distributions to Shareholders from
Net investment income		(1,439,100	)		(363,724	)		(289,973	)		(323,116	)
Net realized gains		—			(7,810	)		—			—
Total distributions		(1,439,100	)		(371,534	)		(289,973	)		(323,116	)
Fund Shares Transactions
Proceeds from shares sold		23,167,348			39,333,293			—			4,120,508
Value of shares redeemed		—			—			—			—
Net increase in net assets resulting from fund share transactions		23,167,348			39,333,293			—			4,120,508
Total increase (decrease) in Net Assets		17,253,385			41,909,092			(1,704,319	)		4,545,115
Net Assets
Beginning of period		47,030,649			5,121,557			11,161,412			6,616,297
End of period	$	64,284,034		$	47,030,649		$	9,457,093		$	11,161,412
Undistributed net investment income	$	502,307		$	1,334,726		$	146,859		$	285,031
Changes in Shares Outstanding
Shares outstanding, beginning of period		1,750,001			200,001			400,001			250,001
Shares sold		900,000			1,550,000			—			150,000
Shares redeemed		—			—			—			—
Shares outstanding, end of period		2,650,001			1,750,001			400,001			400,001

See Notes to Financial Statements. 112

DBX ETF Trust

Statements of changes in net assets (Continued)

	Deutsche X-trackers MSCI Brazil Hedged Equity ETF						Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	34,683		$	202,521		$	2,624,120		$	1,374,039
Net realized gain (loss)		(627,031	)		(532,624	)		(417,943	)		(1,307,463	)
Net change in unrealized appreciation (depreciation)		(297,697	)		(811,160	)		(32,918,004	)		5,663,153
Net increase (decrease) in net assets resulting from operations.		(890,045	)		(1,141,263	)		(30,711,827	)		5,729,729
Distributions to Shareholders from
Net investment income		(1,041,199	)		(243,907	)		(3,543,741	)		(956,998	)
Total distributions		(1,041,199	)		(243,907	)		(3,543,741	)		(956,998	)
Fund Shares Transactions
Proceeds from shares sold		1,580,238			10,339,307			—			210,396,502
Value of shares redeemed		(2,674,488	)		(8,221,419	)		(56,415,784	)		—
Net increase (decrease) in net assets resulting from fund share transactions		(1,094,250	)		2,117,888			(56,415,784	)		210,396,502
Total Net increase (decrease) in Net Assets		(3,025,494	)		732,718			(90,671,352	)		215,169,233
Net Assets
Beginning of period		6,526,484			5,793,766			244,542,079			29,372,846
End of period	$	3,500,990		$	6,526,484		$	153,870,727		$	244,542,079
Undistributed net investment income	$	30,928		$	1,037,444		$	2,314,004		$	3,233,625
Changes in Shares Outstanding
Shares outstanding, beginning of period		500,800			400,800			10,900,800			1,350,800
Shares sold		150,000			700,000			—			9,550,000
Shares redeemed		(250,000	)		(600,000	)		(2,850,000	)		—
Shares outstanding, end of period		400,800			500,800			8,050,800			10,900,800

See Notes to Financial Statements. 113

DBX ETF Trust

Statements of changes in net assets (Continued)

	Deutsche X-trackers MSCI Europe  Hedged Equity ETF						Deutsche X-trackers MSCI Eurozone  Hedged Equity ETF
	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Period December 10, 2014(1) to May 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	23,157,365		$	43,275,210		$	150,396		$	318,178
Net realized gain (loss)		18,694,219			28,985,989			582,592			(291,227	)
Net change in unrealized appreciation (depreciation)		(90,418,195	)		75,976,111			1,416,910			519,670
Net increase (decrease) in net assets resulting from operations.		(48,566,611	)		148,237,310			2,149,898			546,621
Distributions to Shareholders from
Net investment income		(113,603,486	)		(24,329,020	)		(957,602	)		—
Net realized gains		—			(65,401	)		—			—
Total distributions		(113,603,486	)		(24,394,421	)		(957,602	)		—
Fund Shares Transactions
Proceeds from shares sold		1,414,815,388			2,387,879,956			39,647,237			21,430,076
Value of shares redeemed		—			(7,202,324	)		—			—
Net increase in net assets resulting from fund share transactions		1,414,815,388			2,380,677,632			39,647,237			21,430,076
Total increase in Net Assets		1,252,645,291			2,504,520,521			40,839,533			21,976,697
Net Assets
Beginning of period		2,668,251,439			163,730,918			21,976,722			25
End of period	$	3,920,896,730		$	2,668,251,439		$	62,816,255		$	21,976,722
Undistributed net investment income	$	12,414,824		$	102,860,945		$	113,049		$	920,255
Changes in Shares Outstanding
Shares outstanding, beginning of period		90,550,001			5,900,001			750,001			1
Shares sold		53,600,000			84,900,000			1,500,000			750,000
Shares redeemed		—			(250,000	)		—			—
Shares outstanding, end of period		144,150,001			90,550,001			2,250,001			750,001

(1) Commencement of operations.

See Notes to Financial Statements. 114

DBX ETF Trust

Statements of changes in net assets (Continued)

	Deutsche X-trackers MSCI Germany  Hedged Equity ETF						Deutsche X-trackers MSCI Japan Hedged Equity ETF
	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	(412,440	)	$	4,266,017		$	8,345,410		$	8,953,553
Net realized gain (loss)		(204,723	)		2,718,383			(8,717,623	)		80,877,064
Net change in unrealized appreciation (depreciation)		(4,284,975	)		(5,155,413	)		(63,928,845	)		147,043,634
Net increase (decrease) in net assets resulting from operations.		(4,902,138	)		1,828,987			(64,301,058	)		236,874,251
Distributions to Shareholders from
Net investment income		(10,235,065	)		(4,112,744	)		(43,147,928	)		(62,464,849	)
Net realized gains		—			—			—			—
Total distributions		(10,235,065	)		(4,112,744	)		(43,147,928	)		(62,464,849	)
Fund Shares Transactions
Proceeds from shares sold		9,797,088			192,112,959			744,827,504			697,274,666
Value of shares redeemed		(71,090,851	)		(1,130,265	)		(4,308,582	)		(49,970,009	)
Net increase (decrease) in net assets resulting from fund share transactions		(61,293,763	)		190,982,694			740,518,922			647,304,657
Total Net increase (decrease) in Net Assets		(76,430,966	)		188,698,937			633,069,936			821,714,059
Net Assets
Beginning of period		233,793,940			45,095,003			1,262,868,559			441,154,500
End of period	$	157,362,974		$	233,793,940		$	1,895,938,495		$	1,262,868,559
Undistributed net investment income	$	—		$	9,876,983		$	7,823,859		$	42,626,377
Net investment loss	$	(770,522	)	$	—		$	—		$	—
Changes in Shares Outstanding
Shares outstanding, beginning of period		8,550,800			1,700,800			28,350,800			12,450,800
Shares sold		400,000			6,900,000			18,750,000			17,200,000
Shares redeemed		(2,850,000	)		(50,000	)		(100,000	)		(1,300,000	)
Shares outstanding, end of period		6,100,800			8,550,800			47,000,800			28,350,800

See Notes to Financial Statements. 115

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, 2015 (Unaudited)			Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	44,278		$	52,836		$	(292,513	)	$	(190,237	)
Net realized gain (loss)		138,587			628,796			(10,065,874	)		(10,413,006	)
Net change in unrealized appreciation (depreciation)		(296,756	)		(440,876	)		(2,288,045	)		11,756,072
Net increase (decrease) in net assets resulting from operations		(113,891	)		240,756			(12,646,432	)		1,152,829
Distributions to Shareholders from
Net investment income		(506,949	)		(36,482	)		—			—
Net realized gains		—			(14,040	)		—			—
Total distributions		(506,949	)		(50,522	)		—			—
Fund Shares Transactions
Proceeds from shares sold		1,145,870			—			89,248,048			249,685,690
Value of shares redeemed		(1,116,659	)		—			(95,061,917	)		(118,455,955	)
Net increase (decrease) in net assets resulting from fund share transactions		29,211			—			(5,813,869	)		131,229,735
Total Net increase (decrease) in Net Assets		(591,629	)		190,234			(18,460,301	)		132,382,564
Net Assets
Beginning of period		5,047,961			4,857,727			137,397,901			5,015,337
End of period	$	4,456,332		$	5,047,961		$	118,937,600		$	137,397,901
Undistributed net investment income	$	42,960		$	505,631		$	—		$	—
Net investment loss	$	—		$	—		$	(1,082,314)		$	(789,801	)
Changes in Shares Outstanding
Shares outstanding, beginning of period		200,001			200,001			5,650,001			200,001
Shares sold		50,000			—			3,950,000			10,350,000
Shares redeemed		(50,000	)		—			(4,400,000	)		(4,900,000	)
Shares outstanding, end of period		200,001			200,001			5,200,001			5,650,001

See Notes to Financial Statements. 116

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, 2015 (Unaudited)			Year Ended May 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	79,124		$	183,195
Net realized gain (loss)		(137,942	)		356,306
Net change in unrealized appreciation (depreciation)		(339,163	)		(337,065	)
Net increase (decrease) in net assets resulting from operations.		(397,981	)		202,436
Distributions to Shareholders from
Net investment income		(293,977	)		(316,148	)
Net realized gains		—			(4,896	)
Total distributions		(293,977	)		(321,044	)
Fund Shares Transactions
Net increase in net assets resulting from fund share transactions		—			—
Total Decrease in Net Assets		(691,958	)		(118,608	)
Net Assets
Beginning of period		5,186,606			5,305,214
End of period	$	4,494,648		$	5,186,606
Undistributed net investment income	$	41,586		$	256,438
Changes in Shares Outstanding
Shares outstanding, beginning of period		200,001			200,001
Shares sold		—			—
Shares redeemed		—			—
Shares outstanding, end of period		200,001			200,001

See Notes to Financial Statements. 117

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, 2015 (Unaudited)			Year Ended May 31, 2015			For the Period January 23, 2014* to May 31, 2014
Net Asset Value, beginning of period	$	26.87		$	25.61		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.25			0.96			0.45
Net realized and unrealized gain (loss)		(2.14	)		2.16			0.16
Net increase (decrease) in net asset value from investment operations		(1.89	)		3.12			0.61
Distributions paid to shareholders from:
Net investment income		(0.72	)		(1.82	)		—
Net realized gains		—			(0.04	)		—
Total distributions		(0.72	)		(1.86	)		—
Net Asset Value, end of period	$	24.26		$	26.87		$	25.61
Total Return***		(7.21	)%		13.01	%		2.44	%
Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	64,284		$	47,031		$	5,122
Ratios to average net assets:
Expenses		0.40	%†		0.40	%		0.40	%†
Net investment income		2.01	%†		3.70	%		5.18	%†
Portfolio turnover rate††		8	%†††		24	%		3	%†††
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			For the Period October 1, 2013* to May 31, 2014
Net Asset Value, beginning of period	$	27.90		$	26.47		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.38			0.68			0.40
Net realized and unrealized gain (loss)		(3.92	)		2.04			1.08
Net increase (decrease) in net asset value from investment operations		(3.54	)		2.72			1.48
Distributions paid to shareholders from:
Net investment income		(0.72	)		(1.29	)		(0.01	)
Total distributions		(0.72	)		(1.29	)		(0.01	)
Net Asset Value, end of period	$	23.64		$	27.90		$	26.47
Total Return***		(12.98	)%		10.78	%		5.94	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,457		$	11,161		$	6,616
Ratios to average net assets:
Expenses		0.60	%†		0.60	%		0.60	%†
Net investment income		3.07	%†		2.51	%		2.33	%†
Portfolio turnover rate††		20	%†††		19	%		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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† Not Annualized.

See Notes to Financial Statements. 118

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, 2015 (Unaudited)			Year Ended May 31, 2015			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	$	13.03		$	14.46		$	19.28		$	20.74		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.09			0.42			0.47			0.54			0.64
Net realized and unrealized loss		(2.07	)		(1.44	)		(2.30	)		(0.15	)		(4.18	)
Net increase (decrease) in net asset value from investment operations		(1.98	)		(1.02	)		(1.83	)		0.39			(3.54	)
Distributions paid to shareholders from:
Net investment income		(2.31	)		(0.41	)		(2.95	)		(0.54	)		(0.29	)
Net realized gains		—			—			—			(1.31	)		(0.43	)
Return of capital		—			—			(0.04	)		—			—
Total distributions		(2.31	)		(0.41	)		(2.99	)		(1.85	)		(0.72	)
Net Asset Value, end of period	$	8.74		$	13.03		$	14.46		$	19.28		$	20.74
Total Return***		(18.71	)%		(6.96	)%		(9.83	)%†††		1.43	%†††		(14.28	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,501		$	6,526		$	5,794		$	7,728		$	4,165
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.60	%†		0.60	%		0.60	%		0.68	%		1.13	%†
Expenses, prior to fee waiver and expense reimbursements		0.60	%†		0.60	%		0.63	%		0.92	%		1.13	%†
Net investment income		1.77	%†		2.97	%		2.93	%		2.66	%		2.89	%†
Portfolio turnover rate††		47	%††††		141	%		89	%		25	%		34	%††††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate 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.

†††† Not annualized.

See Notes to Financial Statements. 119

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, 2015 (Unaudited)			Year Ended May 31, 2015			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	$	22.43		$	21.74		$	21.96		$	21.22		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.28			0.36			0.38			0.38			0.21
Net realized and unrealized gain (loss)		(3.27	)		0.77			(0.17	)		1.01			(3.34	)
Net increase (decrease) in net asset value from investment operations		(2.99	)		1.13			0.21			1.39			(3.13	)
Distributions paid to shareholders from:
Net investment income		(0.33	)		(0.44	)		(0.43	)		(0.40	)		(0.06	)
Net realized gains		—			—			—			(0.25	)		(0.59	)
Total distributions		(0.33	)		(0.44	)		(0.43	)		(0.65	)		(0.65	)
Net Asset Value, end of period	$	19.11		$	22.43		$	21.74		$	21.96		$	21.22
Total Return***		(13.54	)%		5.35	%		1.17	%†††		6.54	%†††		(12.52	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	153,871		$	244,542		$	29,373		$	8,800		$	4,261
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.65	%†		0.65	%		0.65	%		0.72	%		1.19	%†
Expenses, prior to fee waiver and expense reimbursements		0.65	%†		0.65	%		0.66	%		0.94	%		1.19	%†
Net investment income		2.76	%†		1.64	%		1.81	%		1.72	%		0.97	%†
Portfolio turnover rate††		14	%††††		58	%		16	%		15	%		19	%††††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate 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.

†††† Not annualized.

See Notes to Financial Statements. 120

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period

Deutsche X-trackers MSCI Europe Hedged Equity ETF	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			For the Period October 1, 2013* to May 31, 2014
Net Asset Value, beginning of period	$	29.47		$	27.75		$	25.00
Income from Investment Operations:
Net investment income**		0.20			1.33			1.27
Net realized and unrealized gain (loss)		(1.24	)		1.54			1.72
Net increase (decrease) in net asset value from operations		(1.04	)		2.87			2.99
Distributions paid to shareholders from:
Net investment income		(1.23	)		(1.15	)		(0.24	)
Net realized gains		—			(0.00	)(a)		—
Total distributions		(1.23	)		(1.15	)		(0.24	)
Net Asset Value, end of period	$	27.20		$	29.47		$	27.75
Total Return***		(3.66	)%		10.88	%		12.05	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,920,897		$	2,668,251		$	163,731
Ratios to average net assets:
Expenses		0.45	%†		0.45	%		0.45	%†
Net investment income		1.52	%†		4.74	%		7.30	%†
Portfolio turnover rate††		8	%†††		13	%		4	%†††
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF	For the Six Months Ended November 30, 2015 (Unaudited)			For the Period December 10, 2014* to May 31, 2015
Net Asset Value, beginning of period	$	29.30		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.12			0.81
Net realized and unrealized gain (loss)		(0.37	)(b)		3.49
Net increase (decrease) in net asset value from investment operations		(0.25	)		4.30
Distributions paid to shareholders from:
Net investment income		(1.13	)		—
Net Asset Value, end of period	$	27.92		$	29.30
Total Return***		(0.92	)%		17.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	62,816		$	21,977
Ratios to average net assets:
Expenses		0.45	%†		0.45	%†
Net investment income		0.89	%†		6.04	%†
Portfolio turnover rate††		8	%†††		8	%†††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† Not Annualized.

(a) Less than $0.005.

(b) Because of the timing of Fund share transactions 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. 121

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, 2015 (Unaudited)			Year Ended May 31, 2015			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	$	27.34		$	26.51		$	23.22		$	21.57		$	25.00
Income (loss) from Investment Operations:
Net investment income (loss)**		(0.06	)		1.38			1.03			0.44			0.27
Net realized and unrealized gain (loss)		(0.20	)		1.93	(a)		3.11			2.08			(3.30	)
Net increase (decrease) in net asset value from investment operations		(0.26	)		3.31			4.14			2.52			(3.03	)
Distributions paid to shareholders from:
Net investment income		(1.29	)		(2.48	)		(0.85	)		(0.44	)		(0.12	)
Net realized gains		—			—			—			(0.43	)		(0.28	)
Total distributions		(1.29	)		(2.48	)		(0.85	)		(0.87	)		(0.40	)
Net Asset Value, end of period	$	25.79		$	27.34		$	26.51		$	23.22		$	21.57
Total Return***		(1.02	)%		13.92	%		18.70	%†††		11.86	%†††		(12.14	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	157,363		$	233,794		$	45,095		$	4,663		$	4,331
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.45	%†		0.45	%		0.47	%		0.58	%		1.04	%†
Expenses, prior to fee waiver and expense reimbursements		0.45	%†		0.45	%		0.47	%		0.82	%		1.04	%†
Net investment income (loss)		(0.47	)%†		5.14	%		4.15	%		1.93	%		1.20	%†
Portfolio turnover rate††		7	%††††		20	%		12	%		108	%		17	%††††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† The Total Return would have been lower if certain fees has not been reimbursed by the Advisor.

†††† Not Annualized.

(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 Japan Hedged Equity ETF	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			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	$	44.54		$	35.43		$	34.08		$	21.79		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.23			0.52			0.55			0.39			0.27
Net realized and unrealized gain (loss)		(3.06	)		12.49			1.51			12.31			(3.31	)
Net increase (decrease) in net asset value from investment operations		(2.83	)		13.01			2.06			12.70			(3.04	)
Distributions paid to shareholders from:
Net investment income		(1.37	)		(3.90	)		(0.71	)		(0.41	)		(0.17	)
Total distributions		(1.37	)		(3.90	)		(0.71	)		(0.41	)		(0.17	)
Net Asset Value, end of period	$	40.34		$	44.54		$	35.43		$	34.08		$	21.79
Total Return***		(6.56	)%		39.00	%		6.21	%†††		59.04	%†††		(12.16	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,895,938		$	1,262,869		$	441,155		$	109,072		$	4,376
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.45	%†		0.45	%		0.48	%		0.52	%		1.03	%†
Expenses, prior to fee waiver and expense reimbursements		0.45	%†		0.45	%		0.48	%		0.66	%		1.03	%†
Net investment income		1.15	%†		1.32	%		1.56	%		1.27	%		1.15	%†
Portfolio turnover rate††		8	%††††		14	%		13	%		12	%		16	%††††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† The Total Return would have been lower if certain fees has not been reimbursed by the Advisor.

†††† Not Annualized.

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, 2015 (Unaudited)			Year Ended May 31, 2015			For the Period January 23, 2014* to May 31, 2014
Net Asset Value, beginning of period	$	25.24		$	24.29		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.21			0.26			0.07
Net realized and unrealized gain (loss)		(0.64	)		0.94			(0.78	)
Net increase (decrease) in net asset value from investment operations		(0.43	)		1.20			(0.71	)
Distributions paid to shareholders from:
Net investment income		(2.53	)		(0.18	)		—
Net realized gains		—			(0.07	)		—
Total distributions		(2.53	)		(0.25	)		—
Net Asset Value, end of period	$	22.28		$	25.24		$	24.29
Total Return***		(1.97	)%		4.99	%		(2.84	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,456		$	5,048		$	4,858
Ratios to average net assets:
Expenses		0.50	%†		0.50	%		0.50	%†
Net investment income		1.81	%†		1.04	%		0.79	%†
Portfolio turnover rate††		17	%†††		22	%		7	%†††
Deutsche X-trackers MSCI South Korea Hedged Equity ETF	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			For the Period January 23, 2014* to May 31, 2014
Net Asset Value, beginning of period	$	24.32		$	25.08		$	25.00
Income from Investment Operations:
Net investment loss**		(0.05	)		(0.11	)		(0.02	)
Net realized and unrealized gain (loss)		(1.40	)		(0.65	)(a)		0.10
Net increase (decrease) in net asset value from operations		(1.45	)		(0.76	)		0.08
Net Asset Value, end of period	$	22.87		$	24.32		$	25.08
Total Return***		(5.96	)%		(3.07	)%		0.32	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	118,938		$	137,398		$	5,015
Ratios to average net assets:
Expenses		0.58	%†		0.58	%		0.58	%†
Net investment loss		(0.44	)%†		(0.47	)%		(0.26	)%†
Portfolio turnover rate††		80	%†††		287	%		8	%†††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† Not annualized.

(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, 2015 (Unaudited)			Year Ended May 31, 2015			For the Period October 1, 2013* to May 31, 2014
Net Asset Value, beginning of period	$	25.93		$	26.53		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.40			0.92			1.32
Net realized and unrealized gain (loss)		(2.39	)		0.08			0.63
Net increase (decrease) in net asset value from investment operations		(1.99	)		1.00			1.95
Distributions paid to shareholders from:
Net investment income		(1.47	)		(1.58	)		(0.42	)
Net realized gains		—			(0.02	)		—
Total distributions		(1.47	)		(1.60	)		(0.42	)
Net Asset Value, end of period	$	22.47		$	25.93		$	26.53
Total Return***		(8.03	)%		4.27	%		7.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,495		$	5,187		$	5,305
Ratios to average net assets:
Expenses		0.45	%†		0.45	%		0.45	%†
Net investment income		3.47	%†		3.57	%		7.70	%†
Portfolio turnover rate††		11	%†††		19	%		11	%†††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† Not Annualized.

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, 2015, the Trust consists of thirty-five investment 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:

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 Emerging Markets Hedged Equity ETF

Deutsche X-trackers MSCI Europe Hedged Equity ETF

Deutsche X-trackers MSCI Eurozone Hedged Equity ETF

Deutsche X-trackers MSCI Germany Hedged Equity ETF

Deutsche X-trackers MSCI Japan Hedged Equity ETF

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

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 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 Eurozone Hedged Equity ETF	MSCI EMU IMI 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.

126

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Notes to financial statements (Unaudited) (Continued)

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 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, except Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF and Deutsche X-trackers MSCI Japan Hedged Equity ETF, 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.

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.

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

127

DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

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.

Disclosure about classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

Cash    Cash consists of cash held at banks and is on deposit 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 period ended November 30, 2015, 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

128

DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

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, 2015, 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. The 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.

Securities Lending    The Funds may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Funds retain benefits of owning the securities they have loaned and continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. As of period end, any securities on loan were collateralized by cash. The Funds may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015 the Funds invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral Invested in Daily Assets Fund. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2015, the funds listed below had securities on loan all of which were classified as common stocks and rights in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.

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 Emerging Markets Hedged Equity ETF

Deutsche X-trackers MSCI Europe Hedged Equity ETF

Deutsche X-trackers MSCI Eurozone Hedged Equity ETF

Deutsche X-trackers MSCI Germany Hedged Equity ETF

Deutsche X-trackers MSCI Japan Hedged Equity ETF

Deutsche X-trackers MSCI Mexico Hedged Equity ETF

Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF

As of November 30, 2015, the funds listed below had no securities on loan.

Deutsche X-trackers MSCI Brazil Hedged Equity ETF

Deutsche X-trackers MSCI South Korea Hedged Equity ETF

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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 forward currency contracts and foreign currency futures contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a

negotiated forward rate. For the period ended November 30, 2015, The Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF, Deutsche X-trackers Asia Pacific ex Japan ETF, Deutsche X-trackers Europe ETF, Deutsche X-trackers MSCI Eurozone Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US Hedged Equity ETF invested 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 invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against the Brazilian real, the Euro, the Japanese yen, the South Korean won, the British Pound sterling and the Mexican peso, respectively.

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, 2015 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 period ended November 30, 2015.

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.

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, 2015 is included in a table following the Funds’ Schedule of Investments.

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The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2015 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	$	1,669,575	Unrealized depreciation on forward foreign currency contracts	$	174,352
	Total		$	1,669,575	Total	$	174,352
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	54,782	Unrealized depreciation on forward foreign currency contracts	$	48,961
	Total		$	54,782	Total	$	48,961
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	58,968	Unrealized depreciation on forward foreign currency contracts	$	53,635
	Total		$	58,968	Total	$	53,635
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts	$	3,360	Unrealized depreciation on futures contracts	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		2,091,202	Unrealized depreciation on forward foreign currency contracts		776,509
	Total		$	2,094,562	Total	$	776,509
Deutsche X-trackers MSCI Europe Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	146,386,027	Unrealized depreciation on forward foreign currency contracts	$	6,142,410
	Total		$	146,386,027	Total	$	6,142,410
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	2,512,098	Unrealized depreciation on forward foreign currency contracts	$	52,789
	Total		$	2,512,098	Total	$	52,789
Deutsche X-trackers MSCI Germany Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts	$	30,838	Unrealized depreciation on futures contracts	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		7,034,513	Unrealized depreciation on forward foreign currency contracts		355,485
	Total		$	7,065,351	Total	$	355,485

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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 Japan Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts	$	193,477	Unrealized depreciation on futures contracts	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		38,991,756	Unrealized depreciation on forward foreign currency contracts		3,201,393
	Total		$	39,185,233	Total	$	3,201,393
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	11,510	Unrealized depreciation on forward foreign currency contracts	$	6,190
	Total		$	11,510	Total	$	6,190
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	2,260,098	Unrealized depreciation on forward foreign currency contracts	$	657,363
	Total		$	2,260,098	Total	$	657,363
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	115,347	Unrealized depreciation on forward foreign currency contracts	$	3,527
	Total		$	115,347	Total	$	3,527

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, 2015 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	$	—		$	1,760,284	$	1,760,284
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		—			478,343		478,343
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		—			833,223		833,223
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		(24,560	)		11,562,178		11,537,618
Deutsche X-trackers MSCI Europe Hedged Equity ETF		—			51,830,813		51,830,813
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF		—			605,706		605,706
Deutsche X-trackers MSCI Germany Hedged Equity ETF		(50,512	)		2,485,697		2,435,185
Deutsche X-trackers MSCI Japan Hedged Equity ETF		(107,479	)		5,703,308		5,595,829

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Amount of Net Realized Gain or (Loss) on Derivatives Recognized in Income
	Equity Futures Contracts			Forward Foreign Currency Contracts			Total
Deutsche X-trackers MSCI Mexico Hedged Equity ETF	$	—		$	346,449		$	346,449
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		—			9,717,873			9,717,873
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		—			(41,399	)		(41,399	)
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	$	—		$	622,298		$	622,298
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		—			(162,169	)		(162,169	)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		—			(301,395	)		(301,395	)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		(8,500	)		(2,194,086	)		(2,202,586	)
Deutsche X-trackers MSCI Europe Hedged Equity ETF		—			106,783,719			106,783,719
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF		—			2,020,242			2,020,242
Deutsche X-trackers MSCI Germany Hedged Equity ETF		48,061			1,952,576			2,000,637
Deutsche X-trackers MSCI Japan Hedged Equity ETF		(12,602	)		(5,525,413	)		(5,538,015	)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		—			2,646			2,646
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		—			(3,586,494	)		(3,586,494	)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		—			85,374			85,374

For the six months ended November 30, 2015 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	$	—	$	(58,834,479	)
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		—		(9,857,618	)
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		—		(3,933,451	)
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		175,103		(182,256,502	)
Deutsche X-trackers MSCI Europe Hedged Equity ETF		—		(3,042,697,744	)
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF		—		(34,426,306	)
Deutsche X-trackers MSCI Germany Hedged Equity ETF		297,961		(177,817,981	)
Deutsche X-trackers MSCI Japan Hedged Equity ETF		2,194,501		(1,449,750,550	)
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		—		(4,653,618	)
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		—		(133,155,997	)
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		—		(4,694,019	)

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As of November 30, 2015, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, 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
Bank of Montreal	$	45,091	$	(6,633	)	$	—	$	38,458	$	6,633	$	(6,633	)	$	—	$	—
JP Morgan & Chase Co.		370,989		(73,426	)		—		297,563		73,426		(73,426	)		—		—
State Street Bank & Trust Co.		593,937		(45,201	)		—		548,736		45,201		(45,201	)		—		—
The Bank of New York Mellon		72,118		(24,579	)		—		47,539		24,579		(24,579	)		—		—
The Bank of Nova Scotia		587,440		(24,513	)		—		562,927		24,513		(24,513	)		—		—
	$	1,669,575	$	(174,352	)	$	—	$	1,495,223	$	174,352	$	(174,352	)	$	—	$	—
Deutsche X-trackers MSCI Asia Pacific ex Japan ETF
Bank of Montreal	$	284	$	(163	)	$	—	$	121	$	163	$	(163	)	$	—	$	—
JP Morgan & Chase Co.		41,502		(35,577	)		—		5,925		35,577		(35,577	)		—		—
State Street Bank & Trust Co.		12,508		(12,229	)		—		279		12,229		(12,229	)		—		—
The Bank of New York Mellon		488		(488	)		—		—		992		(488	)		—		504
	$	54,782	$	(48,457	)	$	—	$	6,325	$	48,961	$	(48,457	)	$	—	$	504
Deutsche X-trackers MSCI Brazil Hedged Equity ETF
JP Morgan & Chase Co.	$	27,482	$	(27,482	)	$	—	$	—	$	29,544	$	(27,482	)	$	—	$	2,062
State Street Bank & Trust Co.		15,090		(15,090	)		—		—		21,155		(15,090	)		—		6,065
The Bank of New York Mellon		16,396		(2,936	)		—		13,460		2,936		(2,936	)		—		—
	$	58,968	$	(45,508	)	$	—	$	13,460	$	53,635	$	(45,508	)	$	—	$	8,127
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
Bank of Montreal	$	121,006	$	(22,388	)	$	—	$	98,618	$	22,388	$	(22,388	)	$	—	$	—
JP Morgan & Chase Co.		1,611,384		(388,615	)		—		1,222,769		388,615		(388,615	)		—		—
State Street Bank & Trust Co.		242,599		(120,555	)		—		122,044		120,555		(120,555	)		—		—
The Bank of New York Mellon		94,588		(94,588	)		—		—		221,461		(94,588	)		—		126,873
The Bank of Nova Scotia		21,625		(21,625	)		—		—		23,490		(21,625	)		—		1,865
	$	2,091,202	$	(647,771	)	$	—	$	1,443,431	$	776,509	$	(647,771	)	$	—	$	128,738

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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
Bank of Montreal	$	22,816,375	$	(356,456	)	$	—	$	22,459,919	$	356,456	$	(356,456	)	$	—	$	—
Canadian Imperial Bank of Commerce		26,351,991		(405,404	)		—		25,946,587		405,404		(405,404	)		—		—
JP Morgan & Chase Co.		21,934,866		(339,077	)		—		21,595,789		339,077		(339,077	)		—		—
RBC Capital Markets		24,944,987		(386,415	)		—		24,558,572		386,415		(386,415	)		—		—
State Street Bank & Trust Co.		26,377,526		(390,034	)		—		25,987,492		390,034		(390,034	)		—		—
The Bank of New York Mellon		6,761,518		(3,990,921	)		—		2,770,597		3,990,921		(3,990,921	)		—		—
The Bank of Nova Scotia		17,198,764		(274,103	)		—		16,924,661		274,103		(274,103	)		—		—
	$	146,386,027	$	(6,142,410	)	$	—	$	140,243,617	$	6,142,410	$	(6,142,410	)	$	—	$	—
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
Bank of Montreal	$	391,419	$	(6,125	)	$	—	$	385,294	$	6,125	$	(6,125	)	$	—	$	—
Canadian Imperial Bank of Commerce		611,760		(18,573	)		—		593,187		18,573		(18,573	)		—		—
JP Morgan & Chase Co.		366,467		(4,678	)		—		361,789		4,678		(4,678	)		—		—
RBC Capital Markets		1,129,086		(14,371	)		—		1,114,715		14,371		(14,371	)		—		—
The Bank of New York Mellon		13,366		(9,042	)				4,324		9,042		(9,042	)		—		—
	$	2,512,098	$	(52,789	)	$	—	$	2,459,309	$	52,789	$	(52,789	)	$	—	$	—
Deutsche X-trackers MSCI Germany Hedged Equity ETF
Bank of Montreal	$	1,184,474	$	(212,273	)	$	—	$	972,201	$	212,273	$	(212,273	)	$	—	$	—
Canadian Imperial Bank of Commerce		1,771,092		(21,067	)		—		1,750,025		21,067		(21,067	)		—		—
JP Morgan & Chase Co.		1,599,575		(20,418	)		—		1,579,157		20,418		(20,418	)		—		—
RBC Capital Markets		900,897		(46,536	)		—		854,361		46,536		(46,536	)		—		—
State Street Bank & Trust Co.		1,523,992		(17,472	)		—		1,506,520		17,472		(17,472	)		—		—
The Bank of New York Mellon		54,483		(37,719	)		—		16,764		37,719		(37,719	)		—		—
	$	7,034,513	$	(355,485	)	$	—	$	6,679,028	$	355,485	$	(355,485	)	$	—	$	—
Deutsche X-trackers MSCI Japan Hedged Equity ETF
JP Morgan & Chase Co.	$	6,967,267	$	(549,760	)	$	—	$	6,417,507	$	549,760	$	(549,760	)	$	—	$	—
State Street Bank & Trust Co.		8,178,803		(619,415	)		—		7,559,388		619,415		(619,415	)		—		—
The Bank of New York Mellon		207,779		(86,498	)		—		121,281		86,498		(86,498	)		—		—
The Bank of Nova Scotia		7,051,731		(569,218	)		—		6,482,513		569,218		(569,218	)		—		—
Bank of Montreal		9,393,125		(705,763	)		—		8,687,362		705,763		(705,763	)		—		—
Canadian Imperial Bank of Commerce		7,193,051		(670,739	)		—		6,522,312		670,739		(670,739	)		—		—
	$	38,991,756	$	(3,201,393	)	$	—	$	35,790,363	$	3,201,393	$	(3,201,393	)	$	—	$	—
Deutsche X-trackers MSCI Mexico Hedged Equity ETF
Bank of Montreal	$	5,076	$	(2,669	)	$	—	$	2,407	$	2,669	$	(2,669	)	$	—	$	—
JP Morgan & Chase Co.		6,382		(3,521	)		—		2,861		3,521		(3,521	)		—		—
The Bank of New York Mellon		52		—			—		52		—		—			—		—
	$	11,510	$	(6,190	)	$	—	$	5,320	$	6,190	$	(6,190	)	$	—	$	—

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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 South Korea Hedged Equity ETF
JP Morgan & Chase Co.	$	1,152,561	$	(136,479	)	$	—	$	1,016,082	$	136,479	$	(136,479	)	$	—	$	—
State Street Bank & Trust Co.		993,209		(63,784	)		—		929,425		63,784		(63,784	)		—		—
Bank of Montreal		10,233		(10,233	)		—		—		453,880		(10,233	)		—		443,647
RBC Capital Markets		104,095		(3,220	)		—		100,875		3,220		(3,220	)		—		—
	$	2,260,098	$	(213,716	)	$	—	$	2,046,382	$	657,363	$	(213,716	)	$	—	$	443,647
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF
Bank of Montreal	$	47,802	$	(1,040	)	$	—	$	46,762	$	1,040	$	(1,040	)	$	—	$	—
JP Morgan & Chase Co.		66,507		(1,503	)		—		65,004		1,503		(1,503	)		—		—
The Bank of New York Mellon		1,038		(984	)		—		54		984		(984	)		—		—
	$	115,347	$	(3,527	)	$	—	$	111,820	$	3,527	$	(3,527	)	$	—	$	—

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 subadvisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

TDAM USA Inc. (“TDAM”) serves 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.

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets 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 Emerging Markets Hedged Equity ETF		0.65	%
Deutsche X-trackers MSCI Europe Hedged Equity ETF		0.45	%
Deutsche X-trackers MSCI Eurozone 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 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.

136

DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

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, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

4. Federal Income Taxes

At May 31, 2015 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 for an unlimited period. 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.

	Short-term		Long-term		Total Amount
Deutsche X-trackers MSCI Brazil Hedged Equity ETF	$	865,903	$	1,434,243	$	2,300,146
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		81,895		—		81,895
Deutsche X-trackers MSCI Germany Hedged Equity ETF		—		429,896		429,896

Capital losses incurred after October 31 (“post-October losses”) within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

During the fiscal year ended May 31, 2015, the Fund incurred and elected to defer net capital losses as follows:

	Late Year Ordinary Losses		Post-October Losses on Capital
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF	$	—	$	77,909
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		—		53,183
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		—		995,906
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		—		985,660
Deutsche X-trackers MSCI Europe Hedged Equity ETF		—		8,611,085
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF		—		435,970
Deutsche X-trackers MSCI Germany Hedged Equity ETF		—		1,177,135
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		789,801		1,423,429

The tax character of current year distributions will be determined at the end of the fiscal year.

5. Transactions with Affiliates

The Advisor is an indirect 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, 2015.

	Value at 05/31/15 ($)		Purchases at Cost ($)		Sales Proceeds ($)			Realized Gain/(Loss) ($)			Value at 11/30/15 ($)
Deutsche X-trackers MSCI All World ex US Hedged Equity ETF Deutsche Bank AG (Common Stock)		98,068		106,503		(48,545	)		(15,154	)		126,497
Deutsche X-trackers MSCI Europe Hedged Equity ETF Deutsche Bank AG (Common Stock)		12,693,883		8,124,633		(1,125,008	)		(184,492	)		16,943,498
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF Deutsche Bank AG (Common Stock)		205,048		394,733		(14,707	)		(2,430	)		513,741
Deutsche X-trackers MSCI Germany Hedged Equity ETF Deutsche Bank AG (Common Stock)		8,184,755		725,088		(3,383,934	)		(345,305	)		4,804,197

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DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

6. Investment Portfolio Transactions

For the six months ended November 30, 2015, 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	$	8,504,625	$	4,788,208
Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF		2,192,083		1,975,391
Deutsche X-trackers MSCI Brazil Hedged Equity ETF		1,849,481		3,465,140
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		27,189,843		47,534,778
Deutsche X-trackers MSCI Europe Hedged Equity ETF		290,372,894		237,851,405
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF		4,618,876		2,744,554
Deutsche X-trackers MSCI Germany Hedged Equity ETF		13,251,005		20,653,554
Deutsche X-trackers MSCI Japan Hedged Equity ETF		110,618,756		138,933,855
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		787,735		873,472
Deutsche X-trackers MSCI South Korea Hedged Equity ETF		107,395,158		107,409,251
Deutsche X-trackers MSCI United Kingdom Hedged Equity ETF		485,220		648,476

For the six months ended November 30, 2015, 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	$	20,709,129	$	—
Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF		—		25,859,508
Deutsche X-trackers MSCI Europe Hedged Equity ETF		1,409,983,445		—
Deutsche X-trackers MSCI Eurozone Hedged Equity ETF		39,523,830		—
Deutsche X-trackers MSCI Germany Hedged Equity ETF		9,771,836		71,198,390
Deutsche X-trackers MSCI Japan Hedged Equity ETF		734,797,983		4,222,845
Deutsche X-trackers MSCI Mexico Hedged Equity ETF		1,143,226		1,119,565

7. Fund Share Transactions

As of November 30, 2015, 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 and Deutsche X-trackers South Korea 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.

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.

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DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

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

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the 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 Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $130 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 as permitted by the Act. The Funds had no outstanding loans at November 30, 2015.

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, 2015, there was one affiliated shareholder account for fund 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		37	%

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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.

140

DBX ETF Trust

Privacy policy notice (Unaudited)

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.

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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. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. 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. Non-diversified Funds can take larger positions in fewer issues, increasing potential risk. Performance of the Funds 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 these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. 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 is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.

Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers^® is a registered trademark 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 345 Park Ave. New York, NY 10154	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

R-036924-2 (1/16) DBX 001744 (1/17)

November 30, 2015

Semi-Annual Report

DBX ETF Trust

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

DBX ETF Trust

Table of contents

	Page
Shareholder Letter		1
Portfolio Summary		2
Fees and Expenses		3
Schedule of Investments		4
Statement of Assets and Liabilities		22
Statement of Operations		23
Statement of Changes in Net Assets		24
Financial Highlights		25
Notes to Financial Statements		26
Additional Information		33
Privacy Policy Notice		34

To our shareholders:

Dear Shareholder,

We are pleased to provide this semi-annual report for our currency-hedged Deutsche X-trackers MSCI EAFE Hedged Equity ETF for the period ended November 30, 2015.

Over the last six months, the global macroeconomic environment has been unsettled by developments in China, the Greek debt crisis and timing of the impending U.S. Federal Reserve rate hike. Equity markets reacted with increased volatility and performed negatively during the period. The US economy grew steadily as strong payroll growth and a steady unemployment rate set the stage for a Fed rate hike in December. While the slowdown in the Chinese economy negatively impacted commodity prices, markets were also impacted by the devaluation of the yuan and the Chinese equity market crash. In Europe, volatility arising from the Greek debt crisis abated as Greece eventually accepted the terms of its third bailout.

The recovery of the Eurozone has continued despite headwinds on the global macroeconomic front. A combination of low crude oil prices, a weak euro, and an ultra-loose monetary policy seem to be working to sustain economic growth. The German economy continued to show steady positive growth driven by low interest rates and a strong labor market, which in turn helped boost private consumption. France expanded modestly in the third quarter compared to a previously flat quarter, as growth was supported by strong domestic demand. However, the service industry was severely affected by the recent terror attacks in Paris. In the UK, equity markets fell during the reporting period as slower global growth negatively impacted the economy; however, fundamentals remained strong and a robust labor market helped sustain growth. In an effort to boost growth in the Eurozone and meet its inflation target, the European Central Bank announced a reduction in deposit rates by 10 basis points (100 basis points equals one percentage point) and also extended its EUR 60bn Bond purchase until March 2017. Excess liquidity from the quantitative easing program resulted in the euro weakening further against the dollar.

Japanese markets were aided by strong corporate earnings and falling energy prices. However, market sentiment was dampened by a faltering Chinese market, an impending Fed rate hike, and weak economic data. The Bank of Japan held off expanding its JPY 80tn asset purchase program despite experiencing deflationary pressures, which were driven by weak exports and slumping energy costs. The Australian economy grew moderately over the last two quarters, despite the slowdown in China, Australia’s biggest trade partner. Growth in the third quarter was supported by healthy consumption expenditure, along with a sharp increase in mining activity, which helped boost net exports.

Global equities have recovered from their September-end lows and future modest gains are possible, although periods of volatility are likely. While Japanese and European equities are likely to be supported by further monetary policy initiatives, US equities could face headwinds from a strong dollar. In 2016, earnings growth should be similar in Europe, Japan, and the US and less influenced by currency fluctuations. In the current market environment, hedging currency exposure plays a significant role in managing investments in international equities. In the backdrop of a strengthening dollar, our currency-hedged strategy has made a positive contribution to fund performance.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Alex Depetris

Alex Depetris

Chairman, President and Chief Executive Officer

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

1

DBX ETF Trust

Portfolio 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 to 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. As of November 30, 2015, the Index included 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. It is not possible to invest directly into an index.

Ten Largest Holdings as of 11/30/15

Description	% of Net Assets
Nestle SA		1.9%
Novartis AG		1.5%
Roche Holding AG		1.5%
Toyota Motor Corp.		1.4%
HSBC Holdings PLC		1.2%
Bayer AG		0.9%
British American Tobacco PLC		0.9%
Novo Nordisk A/S, Class B		0.9%
Total SA		0.9%
BP PLC		0.8%

Sector Diversification* as of 11/30/15

Financials	25.3%
Consumer Discretionary	13.2%
Industrials	12.8%
Consumer Staples	11.7%
Health Care	11.6%
Materials	6.5%
Information Technology	5.4%
Telecommunication Services	5.0%
Energy	4.8%
Utilities	3.7%
Total	100.0%

Country Diversification* as of 11/30/15

Japan	23.0%
United Kingdom	18.3%
France	9.8%
Switzerland	9.5%
Germany	9.1%
Australia	6.6%
Netherlands	3.7%
Spain	3.3%
Sweden	3.0%
Hong Kong	2.9%
Italy	2.2%
Denmark	1.8%
Belgium	1.5%
Singapore	1.2%
Finland	0.9%
Ireland	0.9%
Israel	0.7%
Norway	0.6%
Luxembourg	0.2%
Austria	0.2%
New Zealand	0.2%
Other	0.4%
Total	100.0%

* As a percent of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 4.

2

DBX ETF Trust

Fees and expenses (Unaudited)

As a shareholder of the fund, 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 example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2015 to November 30, 2015).

Actual expenses

The first line in the following table 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 table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Fund’s 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 table 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, 2015		Ending Account Value November 30, 2015		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	947.17		0.35	%	$	1.70
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.25		0.35	%	$	1.77

(1) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

3

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.2%
Australia — 6.6%
AGL Energy Ltd.		741,833	$	8,878,991
Alumina Ltd.		3,346,231		2,722,500
Amcor Ltd.		1,296,003		12,671,913
AMP Ltd.		3,618,421		15,203,889
APA Group (a)		1,251,016		8,052,159
Aristocrat Leisure Ltd.		583,347		4,003,618
Asciano Ltd.		862,743		5,334,664
ASX Ltd.		188,093		5,630,248
Aurizon Holdings Ltd.		2,251,305		9,068,783
AusNet Services		1,875,945		2,041,814
Australia & New Zealand Banking Group Ltd.		3,186,680		62,570,232
Bank of Queensland Ltd.		454,784		4,492,782
Bendigo and Adelaide Bank Ltd.		800,305		6,459,207
BHP Billiton Ltd.		3,561,463		46,593,623
BHP Billiton PLC		2,300,690		27,612,992
Boral Ltd.		857,554		3,516,446
Brambles Ltd.		1,625,947		12,805,417
Caltex Australia Ltd.		348,645		8,653,468
Challenger Ltd.		633,400		3,866,161
CIMIC Group Ltd.		112,325		2,034,903
Coca-Cola Amatil Ltd.		637,453		4,162,894
Cochlear Ltd.		51,324		3,502,789
Commonwealth Bank of Australia		1,862,379		106,982,342
Computershare Ltd.		662,038		5,577,869
Crown Resorts Ltd.		443,804		3,735,972
CSL Ltd.		545,737		39,511,210
Dexus Property Group REIT		827,182		4,594,326
DUET Group (a)		2,580,500		4,385,622
Flight Centre Travel Group Ltd. (b)		61,046		1,588,466
Fortescue Metals Group Ltd. (b)		1,496,922		2,121,850
Goodman Group REIT		2,272,929		10,059,972
GPT Group REIT		1,934,022		6,461,939
Harvey Norman Holdings Ltd. (b)		1,142,240		3,370,366
Healthscope Ltd.		1,928,692		3,752,102
Iluka Resources Ltd.		534,612		2,223,136
Incitec Pivot Ltd.		1,527,799		4,176,548
Insurance Australia Group Ltd.		2,461,459		9,861,928
LendLease Group (a)		593,607		5,473,545
Macquarie Group Ltd.		326,111		19,200,064
Medibank Pvt Ltd.		3,048,572		5,114,980
Mirvac Group REIT		3,701,193		4,992,063
National Australia Bank Ltd.		2,935,284		62,389,167
Newcrest Mining Ltd.*		983,478		7,759,770
Oil Search Ltd.		1,523,500		9,034,743
Orica Ltd. (b)		423,075		4,834,304
Origin Energy Ltd.		1,933,582		7,830,871
Platinum Asset Management Ltd.		7,096		41,414
Qantas Airways Ltd.*		1,359,094		3,577,753
QBE Insurance Group Ltd.		1,358,436		12,250,819
Ramsay Health Care Ltd.		145,998		7,079,542
REA Group Ltd. (b)		50,501		1,833,425
Santos Ltd. (b)		1,349,877		3,914,696
Scentre Group REIT		6,143,477		17,771,893
Seek Ltd.		290,835		2,919,413
Sonic Healthcare Ltd.		392,567		5,771,792

	Number of Shares		Value
Australia (Continued)
South32 Ltd.*		5,837,906	$	5,024,161
Stockland REIT		2,386,392		6,903,372
Suncorp Group Ltd.		1,347,641		13,050,113
Sydney Airport (a)		1,172,564		5,596,802
Tabcorp Holdings Ltd.		903,465		2,985,981
Tatts Group Ltd.		1,771,698		5,330,188
Telstra Corp. Ltd.		5,291,157		20,510,437
TPG Telecom Ltd.		261,005		1,949,883
Transurban Group (a)		2,010,796		15,080,170
Treasury Wine Estates Ltd.		819,285		4,485,288
Vicinity Centres REIT		3,647,834		7,149,305
Wesfarmers Ltd.		1,193,167		32,867,879
Westfield Corp. REIT		2,150,488		14,930,272
Westpac Banking Corp.		3,681,922		85,608,135
Woodside Petroleum Ltd.		827,898		18,027,980
Woolworths Ltd.		1,403,845		24,031,279
				913,604,640
Austria — 0.2%
ANDRITZ AG		86,574		4,542,830
Erste Group Bank AG*		355,904		10,919,884
OMV AG		125,464		3,581,069
Raiffeisen Bank International AG*		142,462		2,229,167
Voestalpine AG		120,820		3,931,680
				25,204,630
Belgium — 1.5%
Ageas		240,306		10,512,499
Anheuser-Busch InBev NV		891,074		114,811,168
Colruyt SA		91,575		4,537,727
Delhaize Group		114,441		11,466,106
Groupe Bruxelles Lambert SA		92,025		7,561,474
KBC Groep NV		270,830		16,167,161
Proximus SA		174,011		5,748,092
Solvay SA		71,876		8,281,293
Telenet Group Holding NV*		58,429		3,190,976
UCB SA		162,246		14,488,454
Umicore SA		153,846		6,362,841
				203,127,791
Chile — 0.0%
Antofagasta PLC (b)		292,015		2,231,993
China — 0.0%
Yangzijiang Shipbuilding Holdings Ltd.		944,600		736,635
Denmark — 1.8%
A.P. Moeller — Maersk A/S, Class A		4,307		6,459,539
A.P. Moeller — Maersk A/S, Class B		7,783		11,882,190
Carlsberg A/S, Class B (b)		115,438		9,817,310
Chr Hansen Holding A/S		110,000		6,902,798
Coloplast A/S, Class B (b)		123,211		9,998,499
Danske Bank A/S		739,313		19,841,215
DSV A/S (b)		190,621		7,413,136
ISS A/S		160,799		5,608,910
Novo Nordisk A/S, Class B		2,171,302		119,619,105
Novozymes A/S, Class B (b)		272,666		13,109,963
Pandora A/S		119,200		14,129,683

See Notes to Financial Statements. 4

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Denmark (Continued)
TDC A/S		818,989	$	4,301,953
Tryg A/S (b)		51,413		1,001,167
Vestas Wind Systems A/S		239,836		15,648,161
William Demant Holding A/S*(b)		10,171		976,617
				246,710,246
Finland — 0.9%
Elisa OYJ (b)		157,790		5,878,281
Fortum OYJ (b)		479,438		7,000,500
Kone OYJ, Class B (b)		361,488		15,426,105
Metso OYJ (b)		124,505		3,091,315
Neste OYJ		151,713		4,372,761
Nokia OYJ (b)		4,377,706		31,613,579
Nokian Renkaat OYJ		88,896		3,489,230
Orion OYJ, Class B		65,174		2,176,644
Sampo OYJ, Class A		482,266		23,907,447
Stora Enso OYJ, Class R (b)		816,572		8,066,677
UPM-Kymmene OYJ		707,461		13,506,699
Wartsila OYJ Abp		188,131		8,455,639
				126,984,877
France — 9.7%
Accor SA		232,954		9,830,300
Aeroports de Paris		30,871		3,496,504
Air Liquide SA		370,884		45,259,384
Airbus Group SE		675,384		48,837,039
Alcatel-Lucent*		3,076,423		12,117,430
Alstom SA*(b)		297,283		9,239,054
Arkema SA		79,268		5,710,934
Atos SE		91,443		7,486,601
AXA SA		2,151,924		58,227,087
BNP Paribas SA		1,179,405		69,918,450
Bollore SA		665,781		3,064,838
Bouygues SA		232,839		8,765,165
Bureau Veritas SA		248,137		5,110,970
Cap Gemini SA		181,344		16,730,367
Carrefour SA		677,813		20,896,990
Casino Guichard-Perrachon SA (b)		61,345		3,507,725
Christian Dior SE		67,650		12,379,533
Cie de Saint-Gobain		502,797		22,221,281
Cie Generale des Etablissements Michelin		199,651		20,018,257
CNP Assurances		344,309		4,794,600
Credit Agricole SA		1,115,341		13,457,436
Danone SA		653,231		45,778,899
Dassault Systemes SA		137,655		10,955,912
Edenred		230,104		4,768,711
Electricite de France (b)		264,146		3,936,459
Engie		1,611,934		28,083,839
Essilor International SA		239,232		31,228,461
Eurazeo SA		40,866		2,747,341
Eutelsat Communications SA (b)		196,802		5,874,035
Fonciere des Regions REIT		37,208		3,300,240
Gecina SA REIT		36,842		4,449,160
Groupe Eurotunnel SE		525,491		6,715,212
Hermes International		28,744		10,120,592
ICADE REIT		49,629		3,501,632
Iliad SA		29,569		6,594,979

	Number of Shares		Value
France (Continued)
Imerys SA		40,890	$	2,771,420
Ingenico Group		59,120		7,442,469
JCDecaux SA		151,310		5,609,699
Kering		82,519		14,259,131
Klepierre REIT		259,075		11,759,215
Lagardere SCA		222,309		6,560,192
Legrand SA		276,772		16,282,082
L’Oreal SA		284,825		50,436,005
LVMH Moet Hennessy Louis Vuitton SE (b)		300,115		50,337,309
Natixis SA		1,019,465		6,182,623
Numericable-SFR SAS*		112,068		4,798,364
Orange SA (b)		2,201,883		38,059,764
Pernod Ricard SA		253,428		28,837,583
Peugeot SA*		411,767		7,356,711
Publicis Groupe SA		191,673		12,093,981
Remy Cointreau SA (b)		10,100		716,459
Renault SA		223,752		22,578,981
Rexel SA		301,444		4,129,217
Safran SA (b)		304,896		22,510,917
Sanofi		1,308,728		116,674,910
Schneider Electric SE		618,643		39,217,501
SCOR SE		175,022		6,864,188
Societe BIC SA		31,051		5,108,022
Societe Generale SA		776,665		37,073,921
Sodexo SA		111,186		10,990,789
Suez Environnement Co.		351,845		6,670,884
Technip SA		114,530		6,003,120
Thales SA		102,474		7,629,683
Total SA		2,407,858		119,568,640
Unibail-Rodamco SE REIT		111,981		28,761,919
Valeo SA		81,487		12,617,192
Veolia Environnement SA		493,282		11,825,468
Vinci SA		515,430		33,524,080
Vivendi SA		1,236,689		26,040,922
Wendel SA		19,518		2,326,125
Zodiac Aerospace		211,858		5,736,963
				1,358,481,866
Germany — 8.6%
adidas AG		227,896		22,053,287
Allianz SE		505,043		89,458,265
Axel Springer SE		49,463		2,761,416
BASF SE		1,003,424		83,053,246
Bayer AG		910,339		121,477,280
Bayerische Motoren Werke AG		366,934		40,047,631
Beiersdorf AG		120,511		11,222,466
Brenntag AG		172,508		9,424,804
Commerzbank AG*		1,063,200		11,704,995
Continental AG		124,483		30,079,095
Daimler AG		1,067,004		95,519,450
Deutsche Bank AG (d)		1,487,755		38,204,595
Deutsche Boerse AG		211,055		18,104,509
Deutsche Lufthansa AG*		420,417		6,025,438
Deutsche Post AG		1,047,320		30,612,488
Deutsche Telekom AG		3,504,218		64,624,847
Deutsche Wohnen AG		327,302		9,006,615
E.ON SE		2,221,350		21,113,246

See Notes to Financial Statements. 5

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Germany (Continued)
Evonik Industries AG		151,005	$	5,159,646
Fraport AG Frankfurt Airport Services Worldwide		44,872		2,744,527
Fresenius Medical Care AG & Co. KGaA		246,076		20,331,273
Fresenius SE & Co. KGaA		423,141		31,066,761
GEA Group AG		193,080		8,013,040
Hannover Rueck SE		70,882		8,294,081
HeidelbergCement AG		174,029		13,856,421
Henkel AG & Co. KGaA		113,069		10,853,181
Hugo Boss AG		75,692		6,556,113
Infineon Technologies AG		1,277,037		18,929,961
K+S AG (b)		197,287		5,615,451
Kabel Deutschland Holding AG		36,632		4,481,854
LANXESS AG		102,085		5,198,733
Linde AG		199,609		34,850,591
MAN SE		38,716		3,842,230
Merck KGaA		145,429		14,895,072
Metro AG		184,105		6,138,908
Muenchener Rueckversicherungs-Gesellschaft AG		193,159		38,928,534
OSRAM Licht AG		101,539		4,286,935
ProSiebenSat.1 Media SE		250,099		13,132,787
RWE AG		535,808		6,164,894
SAP SE		1,089,077		85,827,755
Siemens AG		878,656		91,107,366
Symrise AG		130,311		8,819,756
Telefonica Deutschland Holding AG		517,622		2,910,010
ThyssenKrupp AG		396,971		8,449,181
TUI AG		537,474		8,920,529
United Internet AG		142,049		7,571,604
Volkswagen AG		30,905		4,613,808
Vonovia SE		475,737		14,744,892
Zalando SE, 144A*		96,100		3,259,245
				1,204,058,812
Hong Kong — 2.9%
AIA Group Ltd.		13,190,834		78,769,530
ASM Pacific Technology Ltd.		186,927		1,423,629
Bank of East Asia Ltd. (The)		1,322,300		4,724,053
BOC Hong Kong (Holdings) Ltd.		3,695,726		11,320,572
Cathay Pacific Airways Ltd.		1,216,211		2,145,853
Cheung Kong Infrastructure Holdings Ltd.		672,050		5,885,405
Cheung Kong Property Holdings Ltd.		3,003,702		19,583,171
CK Hutchison Holdings Ltd.		2,974,019		39,009,439
CLP Holdings Ltd.		2,017,079		16,857,879
First Pacific Co. Ltd.		354,033		220,088
Galaxy Entertainment Group Ltd.		2,132,287		6,270,260
Hang Lung Properties Ltd.		2,297,448		5,381,044
Hang Seng Bank Ltd.		887,038		16,073,985
Henderson Land Development Co. Ltd.		1,294,122		7,969,913
HK Electric Investments & HK Electric Investments Ltd., 144A (a)		2,946,900		2,348,870
HKT Trust and HKT Ltd. (a)		2,946,239		3,731,509
Hong Kong and China Gas Co. Ltd.		7,402,409		14,530,908

	Number of Shares		Value
Hong Kong (Continued)
Hong Kong Exchanges & Clearing Ltd.		1,238,411	$	32,264,221
Hongkong Land Holdings Ltd.		1,307,800		9,141,522
Hysan Development Co. Ltd.		354,291		1,496,499
Kerry Properties Ltd.		1,231,259		3,469,811
Li & Fung Ltd.		8,872,368		6,110,628
Link REIT (The)		2,413,826		14,678,871
Melco Crown Entertainment Ltd., ADR		211,600		3,438,500
MTR Corp. Ltd.		1,600,601		7,431,742
New World Development Co. Ltd.		5,378,201		5,354,998
Noble Group Ltd.		1,998,800		602,240
NWS Holdings Ltd.		1,154,997		1,620,745
PCCW Ltd.		3,228,660		1,952,991
Power Assets Holdings Ltd.		1,542,470		13,776,583
Shangri-La Asia Ltd.		2,423,131		2,253,290
Sino Land Co. Ltd.		5,070,644		7,520,833
SJM Holdings Ltd.		1,255,764		921,564
Sun Hung Kai Properties Ltd.		1,919,254		23,590,132
Swire Pacific Ltd., Class A		781,629		8,528,566
Swire Properties Ltd.		1,275,905		3,702,592
Techtronic Industries Co. Ltd.		1,527,727		6,196,856
WH Group Ltd., 144A*		6,467,120		3,336,383
Wharf Holdings Ltd. (The)		1,516,864		8,705,860
Wheelock & Co. Ltd.		1,002,400		4,331,027
Yue Yuen Industrial (Holdings) Ltd.		825,144		2,995,802
				409,668,364
Ireland — 0.9%
Bank of Ireland*		26,329,419		9,819,843
CRH PLC		879,194		25,870,122
Experian PLC		1,160,313		21,512,196
James Hardie Industries PLC CDI (c)		384,086		4,544,344
Kerry Group PLC, Class A		171,420		13,835,236
Shire PLC		679,297		47,532,477
				123,114,218
Israel — 0.7%
Azrieli Group		1,431		55,110
Bank Hapoalim BM		1,203,146		6,221,535
Bank Leumi Le-Israel BM*		1,467,807		5,303,979
Bezeq The Israeli Telecommunication Corp. Ltd.		2,112,062		4,549,753
Check Point Software Technologies Ltd.*		150,800		13,163,332
Delek Group Ltd.		10		2,253
Israel Chemicals Ltd.		566,313		2,847,985
Mizrahi Tefahot Bank Ltd.		34,870		412,598
Mobileye NV*		180,700		7,878,520
NICE Systems Ltd.		38,885		2,362,297
Taro Pharmaceutical Industries Ltd.*		16,700		2,418,661
Teva Pharmaceutical Industries Ltd.		965,422		59,124,009
				104,340,032
Italy — 2.2%
Assicurazioni Generali SpA		1,408,058		26,778,214
Atlantia SpA		443,752		11,721,114

See Notes to Financial Statements. 6

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Italy (Continued)
Banca Monte dei Paschi di Siena SpA*		1,988,033	$	3,121,267
Banco Popolare SC*		414,502		5,977,889
Enel Green Power SpA		1,894,936		4,002,173
Enel SpA		7,917,000		34,914,164
Eni SpA		2,771,115		45,146,853
EXOR SpA		109,299		4,898,639
Finmeccanica SpA*(b)		446,607		6,469,214
Intesa Sanpaolo SpA		14,250,837		48,904,064
Intesa Sanpaolo SpA-RSP		1,308,859		4,112,656
Luxottica Group SpA		183,807		12,292,899
Mediobanca SpA		749,182		7,179,318
Prysmian SpA		228,395		4,995,115
Saipem SpA*(b)		371,306		3,209,031
Snam SpA (b)		2,176,226		11,059,555
Telecom Italia SpA*(b)		12,720,777		16,450,671
Telecom Italia SpA-RSP		5,917,862		6,815,220
Terna Rete Elettrica Nazionale SpA		1,603,143		7,893,084
UniCredit SpA		5,290,582		31,051,034
Unione di Banche Italiane SpA		1,026,521		6,984,612
UnipolSai SpA (b)		1,055,616		2,723,580
				306,700,366
Japan — 23.0%
ABC-Mart, Inc.		2,700		146,954
Acom Co. Ltd.*(b)		443,700		2,202,280
Aeon Co. Ltd.		705,400		10,944,874
AEON Financial Service Co. Ltd.		113,500		2,614,833
AEON Mall Co. Ltd.		126,700		2,176,852
AIR WATER, Inc.		134,000		2,174,915
AISIN SEIKI Co. Ltd.		220,800		8,842,762
Ajinomoto Co., Inc.		570,000		13,069,253
Alfresa Holdings Corp.		190,500		3,775,955
Alps Electric Co. Ltd.		185,400		5,828,578
Amada Holdings Co. Ltd.		282,900		2,785,335
ANA Holdings, Inc.		1,242,000		3,495,963
Aozora Bank Ltd.		1,326,000		4,674,931
Asahi Glass Co. Ltd.		1,037,000		6,099,009
Asahi Group Holdings Ltd.		437,400		13,715,386
Asahi Kasei Corp.		1,368,800		9,363,659
ASICS Corp.		177,400		4,052,387
Astellas Pharma, Inc.		2,360,700		33,243,489
Bandai Namco Holdings, Inc.		195,200		4,346,411
Bank of Kyoto Ltd. (The)		345,000		3,214,582
Bank of Yokohama Ltd. (The)		1,491,000		8,775,219
Benesse Holdings, Inc.		74,100		1,878,083
Bridgestone Corp.		714,400		25,418,944
Brother Industries Ltd.		255,600		3,058,479
Calbee, Inc.		81,200		3,357,498
Canon, Inc.		1,150,200		34,720,903
Casio Computer Co. Ltd.		219,600		4,843,331
Central Japan Railway Co. (b)		154,904		27,665,024
Chiba Bank Ltd. (The)		638,000		4,400,179
Chubu Electric Power Co., Inc.		701,600		9,680,484
Chugai Pharmaceutical Co. Ltd.		245,100		8,561,576
Chugoku Bank Ltd. (The)		178,200		2,471,059
Chugoku Electric Power Co., (The), Inc. (b)		314,400		4,027,691

	Number of Shares		Value
Japan (Continued)
Citizen Holdings Co. Ltd.		286,300	$	2,116,434
Credit Saison Co. Ltd.		180,700		3,411,428
Dai Nippon Printing Co. Ltd.		511,000		4,993,769
Daicel Corp.		301,800		4,417,901
Daihatsu Motor Co. Ltd.		210,600		2,733,865
Dai-ichi Life Insurance Co. Ltd. (The)		1,182,104		20,453,952
Daiichi Sankyo Co. Ltd.		693,200		14,286,340
Daikin Industries Ltd. (b)		254,000		17,848,091
Daito Trust Construction Co. Ltd.		66,100		6,867,742
Daiwa House Industry Co. Ltd.		661,600		18,429,134
Daiwa Securities Group, Inc.		1,840,000		11,902,453
DENSO Corp.		538,000		25,667,539
Dentsu, Inc.		275,800		15,481,543
Don Quijote Holdings Co. Ltd.		135,300		5,358,144
East Japan Railway Co.		359,900		33,972,689
Eisai Co. Ltd. (b)		279,500		18,157,283
Electric Power Development Co. Ltd.		177,200		5,664,354
FamilyMart Co. Ltd.		65,800		2,934,541
FANUC Corp.		231,700		41,258,034
Fast Retailing Co. Ltd.		59,000		23,858,814
Fuji Electric Co. Ltd.		487,000		2,243,128
Fuji Heavy Industries Ltd.		663,000		27,403,282
FUJIFILM Holdings Corp.		518,800		21,013,297
Fujitsu Ltd.		2,063,600		10,420,258
Fukuoka Financial Group, Inc.		781,000		3,787,628
GungHo Online Entertainment, Inc. (b)		11,000		33,956
Gunma Bank Ltd. (The)		419,000		2,515,361
Hachijuni Bank Ltd. (The)		458,000		2,771,812
Hakuhodo DY Holdings, Inc.		255,800		2,747,097
Hamamatsu Photonics KK		158,400		3,969,651
Hankyu Hanshin Holdings, Inc.		1,315,700		8,422,190
Hikari Tsushin, Inc. (b)		1,300		93,566
Hino Motors Ltd.		282,700		3,433,278
Hirose Electric Co. Ltd.		30,320		3,689,631
Hiroshima Bank Ltd. (The)		561,000		3,190,089
Hisamitsu Pharmaceutical Co., Inc.		63,500		2,708,164
Hitachi Chemical Co. Ltd.		115,900		1,930,097
Hitachi Construction Machinery Co. Ltd. (b)		119,600		1,877,069
Hitachi High-Technologies Corp.		76,600		2,112,567
Hitachi Ltd.		5,356,000		31,613,888
Hitachi Metals Ltd.		235,100		3,048,088
Hokuhoku Financial Group, Inc.		1,288,000		2,730,853
Hokuriku Electric Power Co.		196,600		2,687,878
Honda Motor Co. Ltd.		1,806,800		58,739,347
Hoshizaki Electric Co. Ltd.		44,300		3,112,876
Hoya Corp. (b)		462,700		18,756,076
Hulic Co. Ltd.		309,100		2,837,392
Idemitsu Kosan Co. Ltd.		1,600		26,489
IHI Corp.		1,731,000		4,527,880
Iida Group Holdings Co. Ltd.		160,900		3,129,119
INPEX Corp. (b)		1,011,404		10,044,203
Isetan Mitsukoshi Holdings Ltd.		403,200		6,147,899
Isuzu Motors Ltd.		646,300		7,271,531
ITOCHU Corp.		1,720,800		20,996,276
Itochu Techno-Solutions Corp.		3,200		66,106

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Iyo Bank Ltd. (The)		264,500	$	2,636,405
J. Front Retailing Co. Ltd.		259,500		4,281,434
Japan Airlines Co. Ltd.		136,800		4,678,538
Japan Airport Terminal Co. Ltd.		47,000		2,370,999
Japan Exchange Group, Inc.		551,800		8,651,292
Japan Post Bank Co. Ltd.*		440,158		6,221,567
Japan Post Holdings Co. Ltd.*		489,398		7,581,495
Japan Prime Realty Investment Corp. REIT		922		3,183,184
Japan Real Estate Investment Corp. REIT		1,603		7,630,853
Japan Retail Fund Investment Corp. REIT		2,649		5,067,746
Japan Tobacco, Inc.		1,233,300		44,182,396
JFE Holdings, Inc.		531,200		8,380,101
JGC Corp.		232,700		3,954,577
Joyo Bank Ltd. (The)		619,000		2,871,235
JSR Corp.		205,900		3,241,545
JTEKT Corp.		215,000		3,975,142
JX Holdings, Inc.		3,001,900		12,175,862
Kajima Corp.		853,000		4,684,224
Kakaku.com, Inc. (b)		157,600		3,006,050
Kamigumi Co. Ltd.		260,000		2,291,633
Kaneka Corp.		312,000		3,076,913
Kansai Electric Power Co., (The), Inc.*		993,800		11,140,894
Kansai Paint Co. Ltd.		245,500		3,872,957
Kao Corp.		574,400		29,447,916
Kawasaki Heavy Industries Ltd.		1,758,000		6,983,444
KDDI Corp.		1,957,530		48,628,162
Keihan Electric Railway Co. Ltd.		563,000		3,754,858
Keikyu Corp.		521,500		4,223,684
Keio Corp.		583,800		4,794,653
Keisei Electric Railway Co. Ltd.		309,000		3,710,008
Keyence Corp.		49,810		26,996,939
Kikkoman Corp.		149,000		4,908,164
Kintetsu Group Holdings Co. Ltd.		1,987,400		7,620,250
Kirin Holdings Co. Ltd.		992,800		13,964,526
Kobe Steel Ltd.		3,261,000		3,814,655
Koito Manufacturing Co. Ltd.		121,500		4,935,012
Komatsu Ltd.		1,011,500		16,729,602
Konami Holdings Corp.		103,700		2,426,968
Konica Minolta, Inc.		495,500		5,208,587
KOSE Corp.		33,000		3,452,803
Kubota Corp.		1,201,800		20,047,898
Kuraray Co. Ltd.		393,000		5,002,689
Kurita Water Industries Ltd.		116,800		2,521,020
Kyocera Corp.		400,100		18,548,909
Kyowa Hakko Kirin Co. Ltd.		233,000		4,105,418
Kyushu Electric Power Co., Inc.*		464,200		4,868,255
Kyushu Financial Group, Inc.*		374,900		2,850,580
Lawson, Inc.		65,800		4,997,807
LIXIL Group Corp.		285,100		6,665,457
M3, Inc.		219,610		4,831,063
Mabuchi Motor Co. Ltd.		55,200		3,179,269
Makita Corp.		154,700		8,784,346
Marubeni Corp.		2,009,100		11,130,838
Marui Group Co. Ltd.		242,200		3,592,666

	Number of Shares		Value
Japan (Continued)
Maruichi Steel Tube Ltd. (b)		2,900	$	80,333
Mazda Motor Corp.		577,100		11,989,710
McDonald’s Holdings Co. Japan Ltd. (b)		62,200		1,510,788
Medipal Holdings Corp.		149,600		2,621,342
MEIJI Holdings Co. Ltd.		125,300		10,026,036
Minebea Co. Ltd.		291,000		3,193,672
Miraca Holdings, Inc.		60,500		2,688,343
Mitsubishi Chemical Holdings Corp.		1,481,900		9,711,200
Mitsubishi Corp.		1,503,500		25,306,677
Mitsubishi Electric Corp.		2,196,000		24,314,768
Mitsubishi Estate Co. Ltd.		1,330,000		27,977,539
Mitsubishi Gas Chemical Co., Inc.		430,000		2,329,894
Mitsubishi Heavy Industries Ltd.		3,830,200		19,605,272
Mitsubishi Logistics Corp.		128,000		1,789,504
Mitsubishi Materials Corp.		1,288,000		4,551,422
Mitsubishi Motors Corp.		990,800		8,821,420
Mitsubishi Tanabe Pharma Corp.		246,400		4,305,495
Mitsubishi UFJ Financial Group, Inc.		14,131,200		90,687,636
Mitsubishi UFJ Lease & Finance Co. Ltd.		540,700		2,841,859
Mitsui & Co. Ltd.		2,022,300		24,806,442
Mitsui Chemicals, Inc.		916,000		3,817,287
Mitsui Fudosan Co. Ltd.		1,048,000		26,425,605
Mitsui OSK Lines Ltd.		1,231,000		3,210,000
Mixi, Inc.		18,600		761,527
Mizuho Financial Group, Inc.		25,404,500		51,283,658
MS&AD Insurance Group Holdings, Inc.		545,400		15,382,850
Murata Manufacturing Co. Ltd.		229,400		35,593,339
Nabtesco Corp.		135,500		2,836,584
Nagoya Railroad Co. Ltd.		954,700		3,846,720
NEC Corp.		2,622,000		8,775,500
Nexon Co. Ltd.		143,500		2,276,649
NGK Insulators Ltd.		239,000		5,543,014
NGK Spark Plug Co. Ltd.		209,200		5,701,592
NH Foods Ltd.		175,000		3,382,006
NHK Spring Co. Ltd.		176,400		1,812,721
Nidec Corp.		239,900		18,548,889
Nikon Corp.		384,400		5,158,642
Nintendo Co. Ltd.		114,800		17,630,333
Nippon Building Fund, Inc. REIT		1,585		7,480,788
Nippon Electric Glass Co. Ltd.		443,000		2,457,912
Nippon Express Co. Ltd.		774,000		3,495,890
Nippon Paint Holdings Co. Ltd.		154,900		3,881,937
Nippon Prologis REIT, Inc.		1,577		2,765,835
Nippon Steel & Sumitomo Metal Corp.		828,700		16,644,685
Nippon Telegraph & Telephone Corp.		814,800		30,215,776
Nippon Yusen KK		1,935,000		5,030,057
Nissan Motor Co. Ltd.		2,708,400		28,921,136
Nisshin Seifun Group, Inc.		231,200		3,632,338
Nissin Foods Holdings Co. Ltd.		72,400		3,675,873
Nitori Holdings Co. Ltd.		67,800		5,584,825
Nitto Denko Corp.		182,800		12,319,324
NOK Corp.		105,900		2,856,117
Nomura Holdings, Inc.		4,086,600		24,240,742

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Nomura Real Estate Holdings, Inc.		135,600	$	2,655,821
Nomura Real Estate Master Fund, Inc. REIT*		3,760		4,535,825
Nomura Research Institute Ltd.		143,310		5,419,237
NSK Ltd.		519,400		6,535,748
NTT Data Corp.		161,300		7,861,901
NTT DOCOMO, Inc.		1,652,792		31,256,700
NTT Urban Development Corp.		1,800		17,547
Obayashi Corp.		655,000		6,049,838
OBIC Co. Ltd.		72,000		3,831,032
Odakyu Electric Railway Co. Ltd.		570,500		5,802,323
Oji Holdings Corp.		871,600		3,780,946
Olympus Corp.		296,400		11,822,291
Omron Corp.		224,500		8,252,335
Ono Pharmaceutical Co. Ltd.		91,800		14,698,440
Oracle Corp. Japan		42,500		2,071,487
Oriental Land Co. Ltd.		213,100		12,112,597
ORIX Corp.		1,450,100		20,926,910
Osaka Gas Co. Ltd.		2,052,000		7,619,571
OTSUKA Corp.		57,700		2,892,031
Otsuka Holdings Co. Ltd.		441,300		14,619,183
Panasonic Corp. (b)		2,418,000		27,450,487
Park24 Co. Ltd. (b)		122,500		2,487,815
Rakuten, Inc.		1,007,300		12,699,672
Recruit Holdings Co. Ltd.		158,700		4,956,958
Resona Holdings, Inc.		2,448,100		11,948,160
Ricoh Co. Ltd.		1,003,100		10,283,608
Rinnai Corp.		41,100		3,679,301
ROHM Co. Ltd.		134,100		7,211,552
Ryohin Keikaku Co. Ltd.		26,000		5,609,748
Sankyo Co. Ltd.		54,800		2,167,961
Sanrio Co. Ltd. (b)		2,900		69,261
Santen Pharmaceutical Co. Ltd.		431,300		6,839,136
SBI Holdings, Inc.		233,900		2,650,613
Secom Co. Ltd.		233,500		16,003,570
Sega Sammy Holdings, Inc.		210,500		2,274,289
Seibu Holdings, Inc.		133,200		2,811,158
Seiko Epson Corp.		301,100		4,742,753
Sekisui Chemical Co. Ltd.		365,000		4,349,756
Sekisui House Ltd.		653,100		11,043,279
Seven & i Holdings Co. Ltd.		811,600		36,393,436
Seven Bank Ltd.		1,003,100		4,392,128
Shikoku Electric Power Co., Inc.		203,100		2,908,735
Shimadzu Corp.		254,000		4,110,219
Shimamura Co. Ltd.		24,500		2,987,368
Shimano, Inc.		87,700		13,016,076
Shimizu Corp.		597,000		5,009,756
Shin-Etsu Chemical Co. Ltd.		474,800		26,856,478
Shinsei Bank Ltd.		1,964,000		3,733,355
Shionogi & Co. Ltd.		310,000		13,664,175
Shiseido Co. Ltd.		413,900		9,903,675
Shizuoka Bank Ltd. (The)		485,000		4,739,683
Showa Shell Sekiyu KK		209,500		1,846,527
SMC Corp.		59,500		15,766,775
SoftBank Group Corp.		1,064,600		56,533,633
Sohgo Security Services Co. Ltd.		68,100		3,274,996
Sompo Japan Nipponkoa Holdings, Inc.		409,500		12,624,310

	Number of Shares		Value
Japan (Continued)
Sony Corp.		1,378,100	$	35,566,399
Sony Financial Holdings, Inc.		188,000		3,463,721
Stanley Electric Co. Ltd.		151,100		3,344,821
Sumitomo Chemical Co. Ltd.		1,820,000		10,438,018
Sumitomo Corp.		1,230,100		13,065,441
Sumitomo Dainippon Pharma Co. Ltd.		177,000		2,129,464
Sumitomo Electric Industries Ltd.		996,100		14,176,825
Sumitomo Heavy Industries Ltd.		611,000		2,898,651
Sumitomo Metal Mining Co. Ltd.		550,000		6,201,462
Sumitomo Mitsui Financial Group, Inc.		1,443,200		55,066,697
Sumitomo Mitsui Trust Holdings, Inc.		4,091,000		15,619,578
Sumitomo Realty & Development Co. Ltd.		397,100		12,071,066
Sumitomo Rubber Industries Ltd.		187,200		2,527,428
Suntory Beverage & Food Ltd.		173,000		6,752,762
Suruga Bank Ltd.		198,300		4,014,327
Suzuken Co. Ltd.		74,210		2,896,662
Suzuki Motor Corp.		436,500		13,421,223
Sysmex Corp.		162,800		10,170,041
T&D Holdings, Inc.		638,700		8,950,102
Taiheiyo Cement Corp.		1,347,000		4,158,083
Taisei Corp.		1,398,000		8,619,675
Taisho Pharmaceutical Holdings Co. Ltd.		35,134		2,380,321
Taiyo Nippon Sanso Corp.		13,600		130,034
Takashimaya Co. Ltd.		314,000		2,861,966
Takeda Pharmaceutical Co. Ltd.		876,000		42,576,020
TDK Corp.		158,500		11,395,004
Teijin Ltd.		1,048,000		3,728,871
Terumo Corp.		319,200		10,190,544
THK Co. Ltd.		134,000		2,671,292
Tobu Railway Co. Ltd.		1,109,000		5,405,361
Toho Co. Ltd.		119,800		3,187,206
Toho Gas Co. Ltd.		452,000		2,808,936
Tohoku Electric Power Co., Inc.		488,100		5,733,490
Tokio Marine Holdings, Inc.		754,000		27,807,961
Tokyo Electric Power Co., Inc.*(b)		2,011,500		12,320,642
Tokyo Electron Ltd.		202,600		13,492,403
Tokyo Gas Co. Ltd.		2,530,400		12,088,775
Tokyo Tatemono Co. Ltd.		226,000		2,715,305
Tokyu Corp.		1,414,600		10,997,337
Tokyu Fudosan Holdings Corp.		555,600		3,741,612
TonenGeneral Sekiyu KK		318,000		3,068,920
Toppan Printing Co. Ltd. (b)		529,000		4,641,105
Toray Industries, Inc.		1,497,200		13,609,803
Toshiba Corp.*(b)		4,682,000		11,444,466
TOTO Ltd.		121,500		4,194,760
Toyo Seikan Group Holdings Ltd.		151,500		2,982,002
Toyo Suisan Kaisha Ltd.		96,900		3,463,526
Toyoda Gosei Co. Ltd.		72,300		1,719,107
Toyota Industries Corp.		194,700		10,328,115
Toyota Motor Corp.		3,030,200		188,482,871
Toyota Tsusho Corp.		239,800		5,625,852
Trend Micro, Inc.		106,900		4,359,366
Unicharm Corp.		426,700		8,998,483

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Japan (Continued)
United Urban Investment Corp. REIT (b)		2,839	$	3,782,258
USS Co. Ltd.		242,900		3,861,538
West Japan Railway Co.		192,900		12,183,570
Yahoo Japan Corp.		2,013,100		8,291,159
Yakult Honsha Co. Ltd.		80,100		3,956,198
Yamada Denki Co. Ltd.		736,900		3,316,349
Yamaguchi Financial Group, Inc. (b)		221,400		2,568,312
Yamaha Corp.		195,700		4,928,270
Yamaha Motor Co. Ltd.		280,300		6,842,417
Yamato Holdings Co. Ltd.		402,800		7,702,609
Yamazaki Baking Co. Ltd.		123,000		2,313,119
Yaskawa Electric Corp.		258,800		3,416,328
Yokogawa Electric Corp.		250,500		2,991,349
Yokohama Rubber Co. Ltd. (The)		113,500		1,951,905
				3,204,383,389
Jersey Island — 0.0%
Randgold Resources Ltd.		101,086		6,153,736
Luxembourg — 0.2%
ArcelorMittal (b)		1,316,578		6,457,141
Millicom International Cellular SA SDR (b)		88,682		5,216,110
RTL Group SA		42,947		3,757,091
SES SA FDR		361,894		10,044,539
Tenaris SA		534,129		7,014,648
				32,489,529
Macau — 0.1%
MGM China Holdings Ltd.		365,030		480,213
Sands China Ltd.		2,280,528		7,706,225
Wynn Macau Ltd. (b)		1,607,544		2,000,761
				10,187,199
Mexico — 0.0%
Fresnillo PLC (e)		351,708		3,787,388
Netherlands — 3.6%
Aegon NV		2,347,701		14,376,717
AerCap Holdings NV*		197,600		8,978,944
Akzo Nobel NV		267,352		19,015,866
Altice NV, Class A*(b)		404,371		6,212,022
Altice NV, Class B*		82,960		1,289,786
ASML Holding NV		376,898		34,831,447
Gemalto NV		93,649		5,908,966
Heineken Holding NV		109,683		8,628,810
Heineken NV		250,599		22,282,998
ING Groep NV		4,325,421		59,387,252
Koninklijke Ahold NV		1,031,815		22,446,402
Koninklijke Boskalis Westminster NV		101,448		4,514,612
Koninklijke DSM NV		227,076		11,553,170
Koninklijke KPN NV		3,654,322		13,903,319
Koninklijke Philips NV		1,083,466		29,625,666
Koninklijke Vopak NV		70,294		3,050,223
NN Group NV		261,921		8,946,735
NXP Semiconductors NV*		265,900		24,851,014
OCI NV*(b)		109,345		2,760,543
QIAGEN NV*		260,550		6,919,242

	Number of Shares		Value
Netherlands (Continued)
Randstad Holding NV		137,909	$	8,624,412
Royal Dutch Shell PLC, Class A		4,341,915		107,441,094
Royal Dutch Shell PLC, Class B		2,738,245		68,129,294
TNT Express NV		476,088		3,878,200
Wolters Kluwer NV		327,905		11,330,544
				508,887,278
New Zealand — 0.2%
Auckland International Airport Ltd.		1,297,057		4,507,998
Contact Energy Ltd.		1,275,127		4,179,974
Fletcher Building Ltd.		729,779		3,501,948
Meridian Energy Ltd.		1,347,568		2,057,925
Mighty River Power Ltd.		36,583		69,834
Ryman Healthcare Ltd.		311,360		1,608,878
Spark New Zealand Ltd.		2,290,602		5,028,474
				20,955,031
Norway — 0.6%
DNB ASA		1,055,639		13,896,140
Gjensidige Forsikring ASA		121,037		1,954,018
Norsk Hydro ASA		1,429,033		5,525,025
Orkla ASA		819,993		6,661,432
Schibsted ASA, Class A		84,100		3,053,150
Schibsted ASA, Class B*		99,100		3,455,167
Statoil ASA		1,248,118		19,302,237
Telenor ASA		962,790		16,784,057
Yara International ASA		213,165		9,867,762
				80,498,988
Portugal — 0.1%
Banco Comercial Portugues SA, Class R*(b)		38,804,277		2,074,525
Banco Espirito Santo SA*		163,078		0
EDP — Energias de Portugal SA		2,440,625		8,135,588
Galp Energia SGPS SA		363,316		3,865,472
Jeronimo Martins SGPS SA		311,069		4,316,934
				18,392,519
Singapore — 1.2%
Ascendas Real Estate Investment Trust REIT		2,272,000		3,849,619
CapitaLand Commercial Trust REIT		933,600		867,049
CapitaLand Ltd.		3,915,100		8,382,264
CapitaLand Mall Trust REIT		2,693,200		3,637,266
City Developments Ltd.		745,500		3,879,317
ComfortDelGro Corp. Ltd.		2,912,000		6,048,818
DBS Group Holdings Ltd.		1,952,600		22,840,665
Genting Singapore PLC		9,153,500		4,931,878
Global Logistic Properties Ltd.		3,443,500		4,809,255
Golden Agri-Resources Ltd.		7,845,900		2,002,427
Hutchison Port Holdings Trust, Class U.		6,118,709		3,304,103
Jardine Cycle & Carriage Ltd.		129,300		2,928,741
Keppel Corp. Ltd.		1,577,800		7,326,638
Oversea-Chinese Banking Corp. Ltd.		3,231,100		19,860,081
Sembcorp Industries Ltd.		911,900		2,101,078
Sembcorp Marine Ltd. (b)		947,800		1,384,189
Singapore Airlines Ltd.		581,500		4,188,465

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Singapore (Continued)
Singapore Exchange Ltd.		917,200	$	4,902,831
Singapore Press Holdings Ltd.		1,776,200		5,062,085
Singapore Technologies Engineering Ltd.		1,007,200		2,042,176
Singapore Telecommunications Ltd.		8,599,700		23,350,360
StarHub Ltd.		771,300		1,984,913
Suntec Real Estate Investment Trust REIT		2,649,000		2,882,716
United Overseas Bank Ltd.		1,420,000		19,519,904
UOL Group Ltd.		531,100		2,300,536
Wilmar International Ltd.		2,105,900		4,269,876
				168,657,250
South Africa — 0.1%
Investec PLC		738,788		6,286,658
Mondi PLC		412,383		9,589,580
				15,876,238
Spain — 3.3%
Abertis Infraestructuras SA		575,285		8,907,533
ACS Actividades de Construccion y Servicios SA		198,034		6,458,995
Aena SA, 144A*		74,846		8,489,052
Amadeus IT Holding SA, Class A		522,888		20,973,970
Banco Bilbao Vizcaya Argentaria SA		6,876,522		57,076,702
Banco de Sabadell SA		5,602,296		10,340,642
Banco Popular Espanol SA		2,079,928		7,328,797
Banco Santander SA		16,019,540		87,470,398
Bankia SA		5,154,707		6,459,178
Bankinter SA		695,099		5,031,404
CaixaBank SA		2,721,850		9,970,262
Distribuidora Internacional de Alimentacion SA*		647,847		4,095,246
Enagas SA		234,053		6,975,990
Endesa SA		348,705		7,213,722
Ferrovial SA		470,312		11,140,642
Gas Natural SDG SA		381,363		8,249,945
Grifols SA		164,902		7,826,259
Iberdrola SA		6,096,089		42,708,949
Industria de Diseno Textil SA		1,172,845		42,205,964
Mapfre SA		1,460,709		4,007,968
Red Electrica Corp. SA		116,787		10,019,340
Repsol SA		1,277,533		16,662,946
Telefonica SA (b)		4,906,072		60,517,275
Zardoya Otis SA (b)		269,793		3,263,809
				453,394,988
Sweden — 3.0%
Alfa Laval AB		445,206		8,233,590
Assa Abloy AB, Class B		1,081,287		22,997,402
Atlas Copco AB, Class A		722,243		19,360,730
Atlas Copco AB, Class B		495,195		12,252,411
Boliden AB		402,208		7,392,275
Electrolux AB, Series B		323,564		9,497,166
Getinge AB, Class B (b)		227,389		5,756,552
Hennes & Mauritz AB, Class B		1,020,825		37,863,387
Hexagon AB, Class B		332,978		12,083,233
Husqvarna AB, Class B		780,769		5,089,169

	Number of Shares		Value
Sweden (Continued)
ICA Gruppen AB (b)		61,696	$	2,173,062
Industrivarden AB, Class C		127,388		2,281,410
Investment AB Kinnevik, Class B		274,322		8,438,693
Investor AB, Class B		517,910		19,738,275
Lundin Petroleum AB*(b)		319,624		5,112,196
Nordea Bank AB		3,474,563		38,503,120
Sandvik AB (b)		1,435,366		14,869,100
Securitas AB, Class B		291,930		4,455,030
Skandinaviska Enskilda Banken AB, Class A		1,652,118		17,569,073
Skanska AB, Class B		462,128		9,198,264
SKF AB, Class B		505,437		8,814,347
Svenska Cellulosa AB SCA, Class B		628,126		18,119,712
Svenska Handelsbanken AB, Class A		1,621,455		21,825,634
Swedbank AB, Class A		1,009,001		22,350,775
Swedish Match AB		212,102		7,317,468
Tele2 AB, Class B		472,198		4,807,629
Telefonaktiebolaget LM Ericsson, Class B		3,285,213		31,997,850
TeliaSonera AB		3,225,486		15,831,945
Volvo AB, Class B		1,674,682		17,319,397
				411,248,895
Switzerland — 9.5%
ABB Ltd.*		2,476,276		46,957,423
Actelion Ltd.*		111,884		15,713,892
Adecco SA*		183,764		12,574,219
Aryzta AG*		83,751		3,934,185
Baloise Holding AG		51,200		6,220,537
Barry Callebaut AG*		2,408		2,504,311
Chocoladefabriken Lindt & Spruengli AG		93		6,715,687
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		1,337		8,063,454
Cie Financiere Richemont SA		579,302		43,355,449
Coca-Cola HBC AG CDI*		160,295		3,889,261
Credit Suisse Group AG*		1,951,464		41,955,954
Dufry AG*(b)		43,737		5,233,051
EMS-Chemie Holding AG		9,413		3,838,026
Galenica AG		4,400		6,432,036
Geberit AG		41,041		13,726,207
Givaudan SA*		10,060		18,157,574
Glencore PLC*		12,928,902		18,831,485
Julius Baer Group Ltd.*		227,243		10,875,682
Kuehne + Nagel International AG		61,318		8,290,163
LafargeHolcim Ltd.*		476,261		25,459,839
Lonza Group AG*		61,254		9,680,615
Nestle SA		3,522,579		261,407,306
Novartis AG		2,521,406		215,539,348
Pargesa Holding SA		33,385		2,097,818
Partners Group Holding AG		20,217		7,300,010
Roche Holding AG		778,511		208,465,549
Schindler Holding AG		22,430		3,677,835
Schindler Holding AG Participation Certificates		51,210		8,426,742
SGS SA		6,170		11,802,070
Sika AG		2,384		8,075,269
Sonova Holding AG		61,250		7,727,317

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Switzerland (Continued)
STMicroelectronics NV		703,547	$	5,112,624
Sulzer AG (b)		20,380		2,127,435
Swatch Group AG (The) — Bearer (b)		40,946		14,398,856
Swatch Group AG (The) — Registered		48,057		3,166,900
Swiss Life Holding AG*		35,023		8,833,619
Swiss Prime Site AG*		61,251		4,581,100
Swiss Re AG		381,371		36,344,877
Swisscom AG		30,441		15,000,814
Syngenta AG		103,959		38,325,945
Transocean Ltd. (b)		394,571		5,695,076
UBS Group AG		4,051,702		77,777,241
Wolseley PLC		291,332		16,910,305
Zurich Insurance Group AG*		167,806		44,183,939
				1,319,387,045
United Arab Emirates — 0.0%
Orascom Construction Ltd.*		12,739		79,173
United Kingdom — 18.2%
3i Group PLC		1,254,531		9,494,432
Aberdeen Asset Management PLC		958,694		4,611,758
Admiral Group PLC		232,644		5,679,713
Aggreko PLC		284,451		4,305,515
Amec Foster Wheeler PLC		388,580		2,548,123
Anglo American PLC		1,531,646		9,426,738
ARM Holdings PLC		1,602,571		27,129,084
Ashtead Group PLC		567,830		9,364,487
Associated British Foods PLC		385,056		20,564,311
AstraZeneca PLC		1,396,948		94,729,557
Auto Trader Group PLC, 144A*		834,700		5,107,740
Aviva PLC		4,743,194		36,539,960
Babcock International Group PLC		334,243		5,391,422
BAE Systems PLC		3,447,359		26,816,888
Barclays PLC		18,420,248		61,921,463
Barratt Developments PLC		1,113,697		10,080,755
BG Group PLC		3,710,720		57,647,299
BP PLC		20,266,024		117,587,929
British American Tobacco PLC		2,065,768		120,342,645
British Land Co. PLC REIT		1,134,969		14,256,128
BT Group PLC		9,066,482		67,790,036
Bunzl PLC		364,603		10,543,214
Burberry Group PLC		514,297		9,643,504
Capita PLC		699,886		13,408,060
Centrica PLC		5,343,983		17,553,846
CNH Industrial NV		1,005,064		7,396,111
Cobham PLC		1,167,093		5,333,012
Compass Group PLC		1,836,383		31,916,894
Croda International PLC		152,041		6,567,369
Diageo PLC		2,759,709		79,386,782
Direct Line Insurance Group PLC		1,351,977		8,385,080
Dixons Carphone PLC		898,574		6,559,616
easyJet PLC		176,290		4,388,864
Fiat Chrysler Automobiles NV*		921,713		13,166,216
G4S PLC		1,654,143		5,652,741
GKN PLC		1,816,117		8,219,395
GlaxoSmithKline PLC		5,406,303		110,370,103
Hammerson PLC REIT		754,316		6,935,704
Hargreaves Lansdown PLC		259,552		5,848,002

	Number of Shares		Value
United Kingdom (Continued)
HSBC Holdings PLC		21,677,346	$	172,871,586
ICAP PLC		558,589		4,282,148
IMI PLC		284,612		4,089,339
Imperial Tobacco Group PLC		1,060,686		57,317,972
Inmarsat PLC		466,782		7,838,636
InterContinental Hotels Group PLC		274,274		10,558,374
International Consolidated Airlines Group SA*		1,133,391		9,660,072
Intertek Group PLC		180,000		7,663,900
Intu Properties PLC REIT		972,806		4,739,713
ITV PLC		3,873,614		15,810,193
J Sainsbury PLC (b)		1,308,931		5,003,339
Johnson Matthey PLC		248,697		10,600,065
Kingfisher PLC		2,549,789		13,571,328
Land Securities Group PLC REIT		852,970		15,814,059
Legal & General Group PLC		6,634,793		27,129,935
Lloyds Banking Group PLC		64,044,424		70,374,884
London Stock Exchange Group PLC		347,610		13,873,616
Marks & Spencer Group PLC		1,785,975		13,516,461
Meggitt PLC		854,382		4,988,838
Melrose Industries PLC		1,104,162		4,825,938
Merlin Entertainments PLC, 144A		766,770		4,725,549
National Grid PLC		4,235,899		59,062,839
Next PLC		172,624		20,591,022
Old Mutual PLC		5,480,550		17,251,306
Pearson PLC		1,060,283		13,190,261
Persimmon PLC*		349,259		10,073,211
Petrofac Ltd.		292,833		3,638,526
Provident Financial PLC		163,400		8,790,530
Prudential PLC		2,849,181		66,061,933
Reckitt Benckiser Group PLC		692,966		65,020,681
RELX NV		1,138,853		19,715,268
RELX PLC		1,239,979		22,372,921
Rexam PLC		758,478		6,619,847
Rio Tinto Ltd.		504,801		16,760,500
Rio Tinto PLC		1,389,480		46,216,946
Rolls-Royce Holdings PLC*		2,129,130		19,448,429
Rolls-Royce Holdings PLC — Entitlement*		198,656,285		299,195
Royal Bank of Scotland Group PLC*		3,516,275		16,014,602
Royal Mail PLC		998,684		7,311,479
RSA Insurance Group PLC		1,107,435		7,337,088
SABMiller PLC		1,054,243		64,011,637
Sage Group PLC (The)		1,114,816		9,847,427
Schroders PLC		122,167		5,512,483
Segro PLC REIT		780,882		5,188,866
Severn Trent PLC		272,692		9,248,948
Sky PLC		1,124,698		18,734,521
Smith & Nephew PLC		992,324		16,813,478
Smiths Group PLC		418,016		6,503,464
Sports Direct International PLC*		272,842		3,003,863
SSE PLC		1,104,777		23,860,268
St James’s Place PLC		563,695		8,625,602
Standard Chartered PLC		3,556,837		29,848,782
Standard Life PLC		2,159,088		13,543,686
Tate & Lyle PLC		660,719		5,871,112
Taylor Wimpey PLC		3,652,365		10,704,553

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Tesco PLC*		9,012,090	$	22,694,119
Travis Perkins PLC		271,626		8,316,877
Unilever NV		1,805,230		79,201,014
Unilever PLC		1,389,894		59,324,361
United Utilities Group PLC		712,264		10,367,986
Vodafone Group PLC		29,507,761		99,659,855
Weir Group PLC (The)		282,597		5,115,918
Whitbread PLC		197,967		13,560,160
William Hill PLC		939,467		5,059,768
Wm Morrison Supermarkets PLC (b)		2,349,865		5,397,148
WPP PLC		1,436,302		33,205,168
				2,540,864,089
United States — 0.1%
Carnival PLC		204,213		10,657,079
TOTAL COMMON STOCKS (Cost $14,780,823,056)				13,830,864,284
PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		59,076		4,952,752
FUCHS PETROLUB SE		78,748		3,729,481
Henkel AG & Co. KGaA		193,207		21,944,206
Porsche Automobil Holding SE		160,059		8,401,373
Volkswagen AG		205,701		28,590,109
				67,617,921
TOTAL PREFERRED STOCKS (Cost $92,706,136)				67,617,921
RIGHTS — 0.0%
Australia — 0.0%
Transurban Group*, expires 12/31/15		112,073		48,631
Italy — 0.0%
Unione di Banche Italiane SpA*, expires 01/30/16		1,033,209		0
Spain — 0.0%
Telefonica SA*(b), expires 12/31/15		4,938,024		1,789,517
Switzerland — 0.0%
Credit Suisse Group AG*, expires 12/31/15		1,682,698		1,030,373
United Kingdom — 0.0%
Standard Chartered PLC*, expires 12/31/15		779,497		1,068,335
TOTAL RIGHTS (Cost $1,814,619)				3,936,856

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 2.3%
Daily Assets Fund, 0.20% (f)(g) (Cost $324,932,268)		324,932,268	$	324,932,268
TOTAL INVESTMENTS — 102.0% (Cost $15,200,276,079)†			$	14,227,351,329
Other assets and liabilities, net — (2.0%)				(277,879,413	)
NET ASSETS — 100.0%			$	13,949,471,916

* Non-income producing security.

† The cost for federal income tax purposes was $15,226,830,458. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $999,479,129. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $329,986,171 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,329,465,300.

(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) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $276,474,946, which is 2.0% of net assets.

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

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

(e) Listed on London Stock Exchange.

(f) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(g) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

ADR:	American Depositary Receipt.
CDI:	Chess Depositary Interest.
FDR:	Fiduciary Depositary Receipt.
REIT:	Real Estate Investment Trust.
RSP:	Risparmio (Convertible Savings Shares).
SDR:	Swedish Depositary Receipt.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

As of November 30, 2015, the Fund had the following open futures contracts purchased:

Contract Description	Number of Contracts	Contract Value	Expiration Date		Unrealized Appreciation
E-mini MSCI EAFE Index	20	$1,744,000		12/18/2015	$	46,900

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/2/2015	CHF	8,185,000	USD	8,300,678	$	345,194
Bank of Montreal	12/2/2015	CHF	100,453,000	USD	101,987,297		4,351,101
Bank of Montreal	12/2/2015	CHF	207,523,600	USD	210,703,966		8,999,538
Canadian Imperial Bank of Commerce	12/2/2015	CHF	195,363,600	USD	198,353,783		8,468,377
Canadian Imperial Bank of Commerce	12/2/2015	CHF	520,000	USD	510,079		4,660
JP Morgan & Chase Co.	12/2/2015	CHF	264,376,881	USD	268,414,643		11,451,158
RBC Capital Markets	12/2/2015	CHF	100,233,400	USD	101,770,232		4,347,479
RBC Capital Markets	12/2/2015	CHF	520,000	USD	510,101		4,682
State Street Bank & Trust Co.	12/2/2015	CHF	303,897,500	USD	308,556,706		13,180,801
The Bank of New York Mellon	12/2/2015	CHF	1,100	USD	1,117		48
The Bank of New York Mellon	12/2/2015	CHF	6,093,400	USD	5,994,314		71,779
The Bank of New York Mellon	12/2/2015	CHF	6,465,900	USD	6,564,232		279,643
The Bank of Nova Scotia	12/2/2015	CHF	108,205,100	USD	109,862,932		4,692,013
Bank of Montreal	12/2/2015	DKK	264,827,900	USD	39,251,615		1,746,159
Bank of Montreal	12/2/2015	DKK	13,242,000	USD	1,957,222		81,864
Bank of Montreal	12/2/2015	DKK	57,352,000	USD	8,500,030		377,726
Canadian Imperial Bank of Commerce	12/2/2015	DKK	244,732,300	USD	36,272,705		1,613,228
Canadian Imperial Bank of Commerce	12/2/2015	DKK	657,000	USD	93,822		776
JP Morgan & Chase Co.	12/2/2015	DKK	406,823,500	USD	60,296,947		2,681,790
RBC Capital Markets	12/2/2015	DKK	657,000	USD	93,831		785
RBC Capital Markets	12/2/2015	DKK	130,303,600	USD	19,312,626		858,770
State Street Bank & Trust Co.	12/2/2015	DKK	327,936,000	USD	48,606,514		2,163,563
The Bank of New York Mellon	12/2/2015	DKK	19,465,900	USD	2,885,150		128,350
The Bank of New York Mellon	12/2/2015	DKK	2,100	USD	302		5
The Bank of Nova Scotia	12/2/2015	DKK	25,112,100	USD	3,555,142		(1,284	)
The Bank of Nova Scotia	12/2/2015	DKK	149,931,700	USD	22,222,310		988,683
Bank of Montreal	12/2/2015	EUR	604,141,682	USD	667,588,641		29,284,946
Bank of Montreal	12/2/2015	EUR	30,208,000	USD	33,289,216		1,373,064
Canadian Imperial Bank of Commerce	12/2/2015	EUR	433,480,000	USD	478,995,400		21,003,683
Canadian Imperial Bank of Commerce	12/2/2015	EUR	1,576,500	USD	1,679,280		13,635
Canadian Imperial Bank of Commerce	12/2/2015	EUR	665,874,504	USD	735,811,303		32,284,020
JP Morgan & Chase Co.	12/2/2015	EUR	802,191,041	USD	886,399,441		38,847,417
RBC Capital Markets	12/2/2015	EUR	1,576,500	USD	1,679,360		13,715
RBC Capital Markets	12/2/2015	EUR	96,469,016	USD	106,601,639		4,677,651
State Street Bank & Trust Co.	12/2/2015	EUR	988,362,000	USD	1,092,181,521		47,931,248
The Bank of New York Mellon	12/2/2015	EUR	3,014,900	USD	3,323,686		138,304
The Bank of Nova Scotia	12/2/2015	EUR	337,810,300	USD	373,288,827		16,376,584
The Bank of Nova Scotia	12/2/2015	EUR	39,743,000	USD	41,974,569		(15,753	)
Bank of Montreal	12/2/2015	GBP	180,373,500	USD	278,517,246		6,858,135
Bank of Montreal	12/2/2015	GBP	17,621,000	USD	27,240,462		701,613
Canadian Imperial Bank of Commerce	12/2/2015	GBP	355,516,500	USD	548,958,360		13,517,753
Canadian Imperial Bank of Commerce	12/2/2015	GBP	686,500	USD	1,045,639		11,707
JP Morgan & Chase Co.	12/2/2015	GBP	379,042,312	USD	585,262,177		14,389,529
RBC Capital Markets	12/2/2015	GBP	143,463,000	USD	221,524,374		5,455,877
RBC Capital Markets	12/2/2015	GBP	686,500	USD	1,045,702		11,770
State Street Bank & Trust Co.	12/2/2015	GBP	280,097,000	USD	432,504,780		10,652,889
State Street Bank & Trust Co.	12/2/2015	GBP	144,765,000	USD	223,506,882		5,477,453
The Bank of Nova Scotia	12/2/2015	GBP	363,445,500	USD	561,201,648		13,819,236
The Bank of Nova Scotia	12/2/2015	GBP	9,978,300	USD	15,020,335		(7,904	)
Bank of Montreal	12/2/2015	HKD	315,944,000	USD	40,767,020		18,192
Canadian Imperial Bank of Commerce	12/2/2015	HKD	912,808,948	USD	117,790,159		60,768
JP Morgan & Chase Co.	12/2/2015	HKD	697,213,000	USD	89,967,611		44,674
RBC Capital Markets	12/2/2015	HKD	27,524,000	USD	3,551,715		1,811
State Street Bank & Trust Co.	12/2/2015	HKD	861,854,000	USD	111,215,219		57,734
The Bank of New York Mellon	12/2/2015	HKD	388,663,900	USD	50,152,834		24,968
The Bank of New York Mellon	12/2/2015	HKD	20,231,900	USD	2,610,802		1,396

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of Nova Scotia	12/2/2015	HKD	100,168,500	USD	12,925,602	$	6,385
Bank of Montreal	12/2/2015	ILS	15,460,000	USD	4,002,734		9,501
Bank of Montreal	12/2/2015	ILS	930,000	USD	240,678		464
Bank of Montreal	12/2/2015	ILS	58,149,000	USD	15,056,823		37,258
Canadian Imperial Bank of Commerce	12/2/2015	ILS	126,500	USD	32,438		(236	)
Canadian Imperial Bank of Commerce	12/2/2015	ILS	51,017,800	USD	13,210,031		32,415
JP Morgan & Chase Co.	12/2/2015	ILS	63,411,000	USD	16,420,080		41,369
RBC Capital Markets	12/2/2015	ILS	126,500	USD	32,439		(235	)
RBC Capital Markets	12/2/2015	ILS	25,311,700	USD	6,553,927		16,055
State Street Bank & Trust Co.	12/2/2015	ILS	67,482,800	USD	17,473,220		42,785
The Bank of New York Mellon	12/2/2015	ILS	10,925,600	USD	2,829,044		7,022
The Bank of Nova Scotia	12/2/2015	ILS	28,274,800	USD	7,321,398		18,173
Bank of Montreal	12/2/2015	NOK	55,641,000	USD	6,571,936		169,464
Bank of Montreal	12/2/2015	NOK	9,069,000	USD	1,069,785		26,238
Canadian Imperial Bank of Commerce	12/2/2015	NOK	281,000	USD	32,367		33
Canadian Imperial Bank of Commerce	12/2/2015	NOK	117,630,700	USD	13,894,238		358,765
JP Morgan & Chase Co.	12/2/2015	NOK	150,672,500	USD	17,796,735		459,225
RBC Capital Markets	12/2/2015	NOK	132,571,300	USD	15,659,214		404,564
RBC Capital Markets	12/2/2015	NOK	281,000	USD	32,370		36
State Street Bank & Trust Co.	12/2/2015	NOK	185,971,000	USD	21,966,808		567,587
The Bank of Nova Scotia	12/2/2015	NOK	2,543,800	USD	292,997		288
The Bank of Nova Scotia	12/2/2015	NOK	63,076,900	USD	7,450,526		192,424
Bank of Montreal	12/2/2015	SEK	262,585,000	USD	30,942,699		835,955
Bank of Montreal	12/2/2015	SEK	26,233,000	USD	3,085,736		77,986
Canadian Imperial Bank of Commerce	12/2/2015	SEK	1,455,000	USD	166,722		(102	)
Canadian Imperial Bank of Commerce	12/2/2015	SEK	729,960,200	USD	86,021,073		2,327,317
JP Morgan & Chase Co.	12/2/2015	SEK	745,107,500	USD	87,807,429		2,376,956
RBC Capital Markets	12/2/2015	SEK	295,632,800	USD	34,838,432		942,585
RBC Capital Markets	12/2/2015	SEK	1,455,000	USD	166,727		(96	)
State Street Bank & Trust Co.	12/2/2015	SEK	932,920,000	USD	109,940,382		2,976,223
The Bank of Nova Scotia	12/2/2015	SEK	689,958,800	USD	81,307,455		2,200,069
The Bank of Nova Scotia	12/2/2015	SEK	60,615,200	USD	6,950,408		558
Bank of Montreal	12/2/2015	USD	2,563,387	CHF	2,619,500		(17,341	)
Bank of Montreal	12/2/2015	USD	305,016,878	CHF	313,542,100		(266,818	)
Bank of Montreal	12/2/2015	USD	47,016,804	DKK	332,107,900		16,979
Bank of Montreal	12/2/2015	USD	471,757	DKK	3,314,000		(2,422	)
Bank of Montreal	12/2/2015	USD	8,472,173	EUR	7,978,000		(43,046	)
Bank of Montreal	12/2/2015	USD	661,542,452	EUR	626,371,682		248,269
Bank of Montreal	12/2/2015	USD	292,542,260	GBP	194,341,500		153,946
Bank of Montreal	12/2/2015	USD	5,524,947	GBP	3,653,000		(23,192	)
Bank of Montreal	12/2/2015	USD	40,756,713	HKD	315,944,000		(7,885	)
Bank of Montreal	12/2/2015	USD	167,894	ILS	651,000		256
Bank of Montreal	12/2/2015	USD	19,095,961	ILS	73,888,000		(11,098	)
Bank of Montreal	12/2/2015	USD	160,568	NOK	1,389,500		(682	)
Bank of Montreal	12/2/2015	USD	7,293,308	NOK	63,320,500		(7,175	)
Bank of Montreal	12/2/2015	USD	829,724	SEK	7,246,500		1,125
Bank of Montreal	12/2/2015	USD	32,286,237	SEK	281,571,500		(2,591	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	2,563,638	CHF	2,619,500		(17,592	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	188,009,242	CHF	193,264,100		(164,464	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	471,783	DKK	3,314,000		(2,448	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	34,270,811	DKK	242,075,300		12,376
Canadian Imperial Bank of Commerce	12/2/2015	USD	4,645,215	EUR	4,203,700		(203,811	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	1,149,882,578	EUR	1,088,749,304		431,538
Canadian Imperial Bank of Commerce	12/2/2015	USD	8,472,556	EUR	7,978,000		(43,429	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	517,315,161	GBP	343,662,500		272,230
Canadian Imperial Bank of Commerce	12/2/2015	USD	13,723,322	GBP	8,887,500		(337,928	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	5,525,254	GBP	3,653,000		(23,499	)

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Canadian Imperial Bank of Commerce	12/2/2015	USD	14,556,581	HKD	112,805,500	$	(7,510	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	103,200,285	HKD	800,003,448		(19,965	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	167,893	ILS	651,000		256
Canadian Imperial Bank of Commerce	12/2/2015	USD	13,049,725	ILS	50,493,300		(7,584	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	2,096,762	NOK	17,751,500		(54,141	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	160,576	NOK	1,389,500		(690	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	11,376,492	NOK	98,770,700		(11,193	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	5,682,237	SEK	48,218,500		(153,734	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	77,507,447	SEK	675,950,200		(6,221	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	829,770	SEK	7,246,500		1,079
JP Morgan & Chase Co.	12/2/2015	USD	257,188,464	CHF	264,376,881		(224,979	)
JP Morgan & Chase Co.	12/2/2015	USD	57,594,357	DKK	406,823,500		20,799
JP Morgan & Chase Co.	12/2/2015	USD	847,234,067	EUR	802,191,041		317,957
JP Morgan & Chase Co.	12/2/2015	USD	570,572,392	GBP	379,042,312		300,256
JP Morgan & Chase Co.	12/2/2015	USD	89,940,338	HKD	697,213,000		(17,400	)
JP Morgan & Chase Co.	12/2/2015	USD	16,388,236	ILS	63,411,000		(9,524	)
JP Morgan & Chase Co.	12/2/2015	USD	17,354,584	NOK	150,672,500		(17,074	)
JP Morgan & Chase Co.	12/2/2015	USD	85,437,330	SEK	745,107,500		(6,857	)
RBC Capital Markets	12/2/2015	USD	98,013,911	CHF	100,753,400		(85,739	)
RBC Capital Markets	12/2/2015	USD	18,540,206	DKK	130,960,600		6,696
RBC Capital Markets	12/2/2015	USD	103,550,772	EUR	98,045,516		38,861
RBC Capital Markets	12/2/2015	USD	216,988,242	GBP	144,149,500		114,187
RBC Capital Markets	12/2/2015	USD	3,550,591	HKD	27,524,000		(687	)
RBC Capital Markets	12/2/2015	USD	6,574,367	ILS	25,438,200		(3,821	)
RBC Capital Markets	12/2/2015	USD	15,302,039	NOK	132,852,300		(15,055	)
RBC Capital Markets	12/2/2015	USD	34,065,405	SEK	297,087,800		(2,734	)
State Street Bank & Trust Co.	12/2/2015	USD	295,634,515	CHF	303,897,500		(258,610	)
State Street Bank & Trust Co.	12/2/2015	USD	46,426,185	DKK	327,936,000		16,766
State Street Bank & Trust Co.	12/2/2015	USD	1,043,858,526	EUR	988,362,000		391,748
State Street Bank & Trust Co.	12/2/2015	USD	639,544,769	GBP	424,862,000		336,551
State Street Bank & Trust Co.	12/2/2015	USD	111,178,994	HKD	861,854,000		(21,509	)
State Street Bank & Trust Co.	12/2/2015	USD	17,440,571	ILS	67,482,800		(10,136	)
State Street Bank & Trust Co.	12/2/2015	USD	21,420,295	NOK	185,971,000		(21,074	)
State Street Bank & Trust Co.	12/2/2015	USD	106,972,744	SEK	932,920,000		(8,585	)
The Bank of New York Mellon	12/2/2015	USD	12,218,882	CHF	12,560,400		(10,689	)
The Bank of New York Mellon	12/2/2015	USD	6,493,369	DKK	44,580,100		(179,846	)
The Bank of New York Mellon	12/2/2015	USD	30,552,669	EUR	27,888,100		(1,087,598	)
The Bank of New York Mellon	12/2/2015	USD	102,686	EUR	97,000		(201	)
The Bank of New York Mellon	12/2/2015	USD	1,008,556	EUR	927,900		(28,186	)
The Bank of New York Mellon	12/2/2015	USD	9,730,310	EUR	9,080,000		(136,869	)
The Bank of New York Mellon	12/2/2015	USD	28,010	EUR	26,000		(540	)
The Bank of New York Mellon	12/2/2015	USD	3,289,881	EUR	3,029,900		(88,651	)
The Bank of New York Mellon	12/2/2015	USD	436,052	EUR	409,900		(2,973	)
The Bank of New York Mellon	12/2/2015	USD	261,762	EUR	245,100		(2,802	)
The Bank of New York Mellon	12/2/2015	USD	1,130,682	EUR	1,054,000		(17,082	)
The Bank of New York Mellon	12/2/2015	USD	101,734	GBP	66,900		(977	)
The Bank of New York Mellon	12/2/2015	USD	248,623	GBP	163,100		(2,979	)
The Bank of New York Mellon	12/2/2015	USD	9,962,018	GBP	6,480,900		(201,186	)
The Bank of New York Mellon	12/2/2015	USD	2,866,400	GBP	1,902,600		(909	)
The Bank of New York Mellon	12/2/2015	USD	62,164	GBP	41,200		(113	)
The Bank of New York Mellon	12/2/2015	USD	408,041	GBP	271,400		713
The Bank of New York Mellon	12/2/2015	USD	1,621,766	GBP	1,052,200		(37,056	)
The Bank of New York Mellon	12/2/2015	USD	596,823	HKD	4,625,400		(263	)
The Bank of New York Mellon	12/2/2015	USD	4,217,318	HKD	32,683,600		(1,956	)
The Bank of New York Mellon	12/2/2015	USD	712,928	HKD	5,526,100		(200	)
The Bank of New York Mellon	12/2/2015	USD	427,262	HKD	3,311,100		(213	)
The Bank of New York Mellon	12/2/2015	USD	46,389,128	HKD	359,606,200		(8,975	)

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon	12/2/2015	USD	405,575	HKD	3,143,400	$	(156	)
The Bank of New York Mellon	12/2/2015	USD	2,682,320	ILS	10,378,700		(1,559	)
The Bank of New York Mellon	12/2/2015	USD	140,960	ILS	546,900		301
The Bank of New York Mellon	12/2/2015	USD	293,607	NOK	2,543,800		(898	)
The Bank of New York Mellon	12/2/2015	USD	3,810,012	SEK	32,870,000		(41,294	)
The Bank of New York Mellon	12/2/2015	USD	3,111,816	SEK	27,010,500		(14,921	)
The Bank of New York Mellon	12/2/2015	USD	86,282	SEK	734,700		(2,044	)
The Bank of Nova Scotia	12/2/2015	USD	105,262,999	CHF	108,205,100		(92,080	)
The Bank of Nova Scotia	12/2/2015	USD	21,225,961	DKK	149,931,700		7,665
The Bank of Nova Scotia	12/2/2015	USD	356,778,348	EUR	337,810,300		133,895
The Bank of Nova Scotia	12/2/2015	USD	547,094,511	GBP	363,445,500		287,901
The Bank of Nova Scotia	12/2/2015	USD	12,921,716	HKD	100,168,500		(2,500	)
The Bank of Nova Scotia	12/2/2015	USD	7,307,472	ILS	28,274,800		(4,247	)
The Bank of Nova Scotia	12/2/2015	USD	7,265,250	NOK	63,076,900		(7,148	)
The Bank of Nova Scotia	12/2/2015	USD	79,113,736	SEK	689,958,800		(6,350	)
Bank of Montreal	12/3/2015	AUD	2,864,500	USD	2,040,469		(30,786	)
Bank of Montreal	12/3/2015	AUD	9,691,000	USD	6,909,470		(97,874	)
Bank of Montreal	12/3/2015	AUD	85,286,000	USD	60,748,365		(920,022	)
Canadian Imperial Bank of Commerce	12/3/2015	AUD	203,846,300	USD	145,211,950		(2,184,721	)
Canadian Imperial Bank of Commerce	12/3/2015	AUD	489,500	USD	347,660		(6,286	)
JP Morgan & Chase Co.	12/3/2015	AUD	253,320,500	USD	180,449,818		(2,720,533	)
RBC Capital Markets	12/3/2015	AUD	489,500	USD	347,669		(6,277	)
RBC Capital Markets	12/3/2015	AUD	100,504,500	USD	71,593,275		(1,079,267	)
State Street Bank & Trust Co.	12/3/2015	AUD	340,874,000	USD	242,814,776		(3,663,540	)
The Bank of Nova Scotia	12/3/2015	AUD	280,454,500	USD	199,787,372		(3,002,964	)
The Bank of Nova Scotia	12/3/2015	AUD	2,700,600	USD	1,956,855		4,112
Bank of Montreal	12/3/2015	JPY	33,549,320,200	USD	278,081,820		5,509,328
Bank of Montreal	12/3/2015	JPY	621,067,000	USD	5,037,910		(7,968	)
Bank of Montreal	12/3/2015	JPY	1,450,971,000	USD	12,020,265		231,806
Canadian Imperial Bank of Commerce	12/3/2015	JPY	154,678,000	USD	1,251,866		(4,821	)
JP Morgan & Chase Co.	12/3/2015	JPY	86,705,473,427	USD	718,635,040		14,193,733
RBC Capital Markets	12/3/2015	JPY	43,243,364,000	USD	358,413,895		7,081,844
RBC Capital Markets	12/3/2015	JPY	69,527,314,300	USD	576,291,914		11,415,094
RBC Capital Markets	12/3/2015	JPY	154,678,000	USD	1,251,934		(4,752	)
State Street Bank & Trust Co.	12/3/2015	JPY	87,861,470,700	USD	728,261,483		14,428,240
The Bank of New York Mellon	12/3/2015	JPY	34,189,561,100	USD	283,378,045		5,603,896
The Bank of New York Mellon	12/3/2015	JPY	8,976,636,600	USD	73,836,083		905,121
The Bank of New York Mellon	12/3/2015	JPY	1,599,993,600	USD	13,019,669		20,471
The Bank of Nova Scotia	12/3/2015	JPY	28,705,291,667	USD	237,925,964		4,708,932
Bank of Montreal	12/3/2015	NZD	7,539,300	USD	5,089,555		127,927
Bank of Montreal	12/3/2015	NZD	376,000	USD	254,051		6,605
Bank of Montreal	12/3/2015	NZD	2,437,000	USD	1,645,072		41,278
Canadian Imperial Bank of Commerce	12/3/2015	NZD	12,500	USD	8,063		(163	)
Canadian Imperial Bank of Commerce	12/3/2015	NZD	4,932,300	USD	3,329,796		83,839
JP Morgan & Chase Co.	12/3/2015	NZD	4,454,000	USD	3,006,784		75,598
RBC Capital Markets	12/3/2015	NZD	12,500	USD	8,066		(161	)
RBC Capital Markets	12/3/2015	NZD	2,405,000	USD	1,623,555		40,820
State Street Bank & Trust Co.	12/3/2015	NZD	7,635,500	USD	5,154,535		129,597
The Bank of Nova Scotia	12/3/2015	NZD	819,000	USD	539,680		695
The Bank of Nova Scotia	12/3/2015	NZD	3,822,800	USD	2,580,811		65,018
Bank of Montreal	12/3/2015	SGD	15,505,000	USD	11,057,663		66,672
Bank of Montreal	12/3/2015	SGD	687,000	USD	489,722		2,730
Bank of Montreal	12/3/2015	SGD	24,831,200	USD	17,712,343		110,313
Canadian Imperial Bank of Commerce	12/3/2015	SGD	91,000	USD	63,934		(573	)
Canadian Imperial Bank of Commerce	12/3/2015	SGD	40,984,900	USD	29,231,499		178,635
JP Morgan & Chase Co.	12/3/2015	SGD	45,958,848	USD	32,780,918		202,185
RBC Capital Markets	12/3/2015	SGD	18,942,400	USD	13,510,522		82,870

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
RBC Capital Markets	12/3/2015	SGD	91,000	USD	63,940	$	(566	)
State Street Bank & Trust Co.	12/3/2015	SGD	66,077,000	USD	47,129,250		289,412
The Bank of New York Mellon	12/3/2015	SGD	7,486,600	USD	5,357,349		50,341
The Bank of New York Mellon	12/3/2015	SGD	2,549,400	USD	1,818,286		11,099
The Bank of Nova Scotia	12/3/2015	SGD	7,993,700	USD	5,701,356		34,882
Bank of Montreal	12/3/2015	USD	1,763,620	AUD	2,431,000		(5,819	)
Bank of Montreal	12/3/2015	USD	69,130,632	AUD	95,410,500		(141,447	)
Bank of Montreal	12/3/2015	USD	277,619,298	JPY	34,224,546,200		439,088
Bank of Montreal	12/3/2015	USD	6,323,534	JPY	775,745,000		(20,970	)
Bank of Montreal	12/3/2015	USD	6,778,745	NZD	10,287,800		(8,323	)
Bank of Montreal	12/3/2015	USD	42,432	NZD	64,500		15
Bank of Montreal	12/3/2015	USD	28,791,741	SGD	40,566,700		(35,326	)
Bank of Montreal	12/3/2015	USD	325,066	SGD	456,500		(1,468	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	10,602,837	AUD	14,884,100		159,520
Canadian Imperial Bank of Commerce	12/3/2015	USD	1,763,678	AUD	2,431,000		(5,877	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	135,515,199	AUD	187,020,700		(284,740	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	6,321,528	JPY	775,745,000		(18,963	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	42,426	NZD	64,500		21
Canadian Imperial Bank of Commerce	12/3/2015	USD	3,215,874	NZD	4,880,300		(4,139	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	324,990	SGD	456,500		(1,392	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	28,829,554	SGD	40,619,400		(35,781	)
JP Morgan & Chase Co.	12/3/2015	USD	183,556,034	AUD	253,320,500		(385,682	)
JP Morgan & Chase Co.	12/3/2015	USD	703,321,491	JPY	86,705,473,427		1,119,816
JP Morgan & Chase Co.	12/3/2015	USD	2,934,781	NZD	4,454,000		(3,594	)
JP Morgan & Chase Co.	12/3/2015	USD	32,619,218	SGD	45,958,848		(40,485	)
RBC Capital Markets	12/3/2015	USD	73,176,011	AUD	100,994,000		(149,522	)
RBC Capital Markets	12/3/2015	USD	806,243,012	JPY	99,392,429,100		1,273,860
RBC Capital Markets	12/3/2015	USD	112,170,542	JPY	13,532,927,200		(2,221,854	)
RBC Capital Markets	12/3/2015	USD	1,592,905	NZD	2,417,500		(1,944	)
RBC Capital Markets	12/3/2015	USD	13,508,772	SGD	19,033,400		(16,613	)
State Street Bank & Trust Co.	12/3/2015	USD	246,997,300	AUD	340,874,000		(518,983	)
State Street Bank & Trust Co.	12/3/2015	USD	712,698,497	JPY	87,861,470,700		1,134,745
State Street Bank & Trust Co.	12/3/2015	USD	5,031,413	NZD	7,635,500		(6,475	)
State Street Bank & Trust Co.	12/3/2015	USD	46,898,045	SGD	66,077,000		(58,206	)
The Bank of New York Mellon	12/3/2015	USD	778,690	AUD	1,091,400		10,477
The Bank of New York Mellon	12/3/2015	USD	239,087	AUD	335,100		3,216
The Bank of New York Mellon	12/3/2015	USD	920,282	AUD	1,274,100		991
The Bank of New York Mellon	12/3/2015	USD	64,499	JPY	7,958,500		160
The Bank of New York Mellon	12/3/2015	USD	21,101,855	JPY	2,567,568,200		(241,568	)
The Bank of New York Mellon	12/3/2015	USD	341,941,922	JPY	42,154,155,600		540,822
The Bank of New York Mellon	12/3/2015	USD	80,009	JPY	9,881,500		274
The Bank of New York Mellon	12/3/2015	USD	216,847	JPY	26,627,500		(511	)
The Bank of New York Mellon	12/3/2015	USD	550,121	NZD	819,000		(11,136	)
The Bank of New York Mellon	12/3/2015	USD	7,090,114	SGD	9,989,800		(8,669	)
The Bank of New York Mellon	12/3/2015	USD	32,528	SGD	46,200		221
The Bank of Nova Scotia	12/3/2015	USD	203,217,331	AUD	280,454,500		(426,994	)
The Bank of Nova Scotia	12/3/2015	USD	232,846,298	JPY	28,705,291,667		370,734
The Bank of Nova Scotia	12/3/2015	USD	2,519,034	NZD	3,822,800		(3,242	)
The Bank of Nova Scotia	12/3/2015	USD	5,673,516	SGD	7,993,700		(7,042	)
Bank of Montreal	1/5/2016	CHF	2,499,000	USD	2,439,472		3,219
Bank of Montreal	1/5/2016	CHF	1,388,000	USD	1,353,782		633
Bank of Montreal	1/5/2016	CHF	313,542,100	USD	305,839,531		170,156
Canadian Imperial Bank of Commerce	1/5/2016	CHF	193,264,100	USD	188,518,155		106,721
JP Morgan & Chase Co.	1/5/2016	CHF	264,376,881	USD	257,848,166		109,520
RBC Capital Markets	1/5/2016	CHF	100,753,400	USD	98,274,428		50,843
State Street Bank & Trust Co.	1/5/2016	CHF	303,897,500	USD	296,420,298		153,356
The Bank of New York Mellon	1/5/2016	CHF	12,560,400	USD	12,251,658		6,637

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of Nova Scotia	1/5/2016	CHF	108,205,100	USD	105,548,960	$	60,781
Bank of Montreal	1/5/2016	DKK	77,973,000	USD	11,054,899		(6,892	)
Bank of Montreal	1/5/2016	DKK	332,107,900	USD	47,088,134		(26,997	)
Canadian Imperial Bank of Commerce	1/5/2016	DKK	242,075,300	USD	34,322,317		(20,165	)
JP Morgan & Chase Co.	1/5/2016	DKK	406,823,500	USD	57,679,280		(35,524	)
RBC Capital Markets	1/5/2016	DKK	130,960,600	USD	18,567,017		(11,962	)
State Street Bank & Trust Co.	1/5/2016	DKK	327,936,000	USD	46,496,948		(26,328	)
The Bank of Nova Scotia	1/5/2016	DKK	149,931,700	USD	21,258,163		(12,188	)
Bank of Montreal	1/5/2016	EUR	626,371,682	USD	662,262,779		(361,119	)
Canadian Imperial Bank of Commerce	1/5/2016	EUR	1,088,749,304	USD	1,151,156,414		(605,916	)
JP Morgan & Chase Co.	1/5/2016	EUR	802,191,041	USD	848,140,543		(478,527	)
RBC Capital Markets	1/5/2016	EUR	98,045,516	USD	103,664,505		(55,545	)
RBC Capital Markets	1/5/2016	EUR	71,909,000	USD	76,026,653		(44,190	)
State Street Bank & Trust Co.	1/5/2016	EUR	988,362,000	USD	1,045,034,677		(530,281	)
The Bank of Nova Scotia	1/5/2016	EUR	337,810,300	USD	357,170,208		(191,378	)
Bank of Montreal	1/5/2016	GBP	194,341,500	USD	292,588,902		(160,213	)
Canadian Imperial Bank of Commerce	1/5/2016	GBP	343,662,500	USD	517,397,640		(283,312	)
JP Morgan & Chase Co.	1/5/2016	GBP	379,042,312	USD	570,651,991		(323,850	)
RBC Capital Markets	1/5/2016	GBP	144,149,500	USD	217,019,955		(121,718	)
State Street Bank & Trust Co.	1/5/2016	GBP	424,862,000	USD	639,653,108		(343,879	)
The Bank of Nova Scotia	1/5/2016	GBP	363,445,500	USD	547,183,555		(297,803	)
Bank of Montreal	1/5/2016	HKD	315,944,000	USD	40,761,656		5,594
Canadian Imperial Bank of Commerce	1/5/2016	HKD	800,003,448	USD	103,212,934		14,298
JP Morgan & Chase Co.	1/5/2016	HKD	697,213,000	USD	89,951,941		13,041
RBC Capital Markets	1/5/2016	HKD	27,524,000	USD	3,551,083		549
State Street Bank & Trust Co.	1/5/2016	HKD	861,854,000	USD	111,194,772		17,556
The Bank of New York Mellon	1/5/2016	HKD	359,606,200	USD	46,395,711		7,325
The Bank of Nova Scotia	1/5/2016	HKD	100,168,500	USD	12,923,217		1,707
Bank of Montreal	1/5/2016	ILS	6,192,000	USD	1,600,822		496
Bank of Montreal	1/5/2016	ILS	73,888,000	USD	19,103,860		7,454
Bank of Montreal	1/5/2016	ILS	1,290,000	USD	332,967		(434	)
Canadian Imperial Bank of Commerce	1/5/2016	ILS	50,493,300	USD	13,055,393		5,364
JP Morgan & Chase Co.	1/5/2016	ILS	63,411,000	USD	16,396,817		8,199
RBC Capital Markets	1/5/2016	ILS	25,438,200	USD	6,577,228		2,708
State Street Bank & Trust Co.	1/5/2016	ILS	67,482,800	USD	17,444,295		3,317
The Bank of New York Mellon	1/5/2016	ILS	10,378,700	USD	2,683,371		989
The Bank of Nova Scotia	1/5/2016	ILS	28,274,800	USD	7,310,646		3,004
Bank of Montreal	1/5/2016	NOK	63,320,500	USD	7,290,033		7,512
Bank of Montreal	1/5/2016	NOK	583,000	USD	66,968		(84	)
Canadian Imperial Bank of Commerce	1/5/2016	NOK	98,770,700	USD	11,371,122		11,456
JP Morgan & Chase Co.	1/5/2016	NOK	150,672,500	USD	17,346,698		17,782
RBC Capital Markets	1/5/2016	NOK	132,852,300	USD	15,294,420		15,013
State Street Bank & Trust Co.	1/5/2016	NOK	185,971,000	USD	21,410,702		22,088
The Bank of Nova Scotia	1/5/2016	NOK	63,076,900	USD	7,261,946		7,442
Bank of Montreal	1/5/2016	SEK	2,917,000	USD	334,757		(202	)
Bank of Montreal	1/5/2016	SEK	281,571,500	USD	32,329,981		(2,833	)
Bank of Montreal	1/5/2016	SEK	48,438,000	USD	5,561,363		(766	)
Canadian Imperial Bank of Commerce	1/5/2016	SEK	675,950,200	USD	77,612,282		(6,978	)
JP Morgan & Chase Co.	1/5/2016	SEK	745,107,500	USD	85,550,140		(10,442	)
RBC Capital Markets	1/5/2016	SEK	297,087,800	USD	34,108,661		(5,887	)
State Street Bank & Trust Co.	1/5/2016	SEK	932,920,000	USD	107,119,524		(7,540	)
The Bank of Nova Scotia	1/5/2016	SEK	689,958,800	USD	79,220,925		(6,941	)
Bank of Montreal	1/5/2016	USD	730,018	DKK	5,148,000		313
Bank of Montreal	1/5/2016	USD	13,508,723	EUR	12,768,000		(1,755	)
Bank of Montreal	1/5/2016	USD	562,759	GBP	374,000		622
Bank of Montreal	1/5/2016	USD	60,506	HKD	469,000		(6	)
Bank of Montreal	1/5/2016	USD	15,253,813	HKD	118,218,000		(3,959	)

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	1/5/2016	USD	487,029	NOK	4,230,000	$	(535	)
RBC Capital Markets	1/5/2016	USD	2,059,276	CHF	2,112,500		181
RBC Capital Markets	1/5/2016	USD	383,991	DKK	2,707,000		43
RBC Capital Markets	1/5/2016	USD	6,855,190	EUR	6,480,500		379
RBC Capital Markets	1/5/2016	USD	4,415,472	GBP	2,931,000		(318	)
RBC Capital Markets	1/5/2016	USD	137,013	ILS	530,000		(34	)
RBC Capital Markets	1/5/2016	USD	128,532	NOK	1,117,500		(8	)
RBC Capital Markets	1/5/2016	USD	679,362	SEK	5,917,000		86
State Street Bank & Trust Co.	1/5/2016	USD	2,059,718	CHF	2,112,500		(260	)
State Street Bank & Trust Co.	1/5/2016	USD	384,041	DKK	2,707,000		(7	)
State Street Bank & Trust Co.	1/5/2016	USD	6,855,714	EUR	6,480,500		(146	)
State Street Bank & Trust Co.	1/5/2016	USD	27,091,886	GBP	17,992,000		10,622
State Street Bank & Trust Co.	1/5/2016	USD	4,415,783	GBP	2,931,000		(629	)
State Street Bank & Trust Co.	1/5/2016	USD	137,050	ILS	530,000		(72	)
State Street Bank & Trust Co.	1/5/2016	USD	128,592	NOK	1,117,500		(68	)
State Street Bank & Trust Co.	1/5/2016	USD	679,612	SEK	5,917,000		(164	)
The Bank of Nova Scotia	1/5/2016	USD	3,560,535	DKK	25,112,100		2,041
The Bank of Nova Scotia	1/5/2016	USD	42,020,671	EUR	39,743,000		22,515
The Bank of Nova Scotia	1/5/2016	USD	15,022,780	GBP	9,978,300		8,176
The Bank of Nova Scotia	1/5/2016	USD	292,864	NOK	2,543,800		(300	)
The Bank of Nova Scotia	1/5/2016	USD	6,959,825	SEK	60,615,200		610
Bank of Montreal	1/6/2016	AUD	95,410,500	USD	69,007,552		148,478
Bank of Montreal	1/6/2016	AUD	9,210,000	USD	6,646,553		(431	)
Canadian Imperial Bank of Commerce	1/6/2016	AUD	187,020,700	USD	135,270,202		294,783
JP Morgan & Chase Co.	1/6/2016	AUD	253,320,500	USD	183,220,385		395,485
RBC Capital Markets	1/6/2016	AUD	100,994,000	USD	73,043,204		154,441
State Street Bank & Trust Co.	1/6/2016	AUD	340,874,000	USD	246,562,686		549,218
The Bank of Nova Scotia	1/6/2016	AUD	280,454,500	USD	202,855,544		447,663
Bank of Montreal	1/6/2016	JPY	34,224,546,200	USD	277,982,790		(437,623	)
Canadian Imperial Bank of Commerce	1/6/2016	JPY	8,822,962,000	USD	71,658,516		(117,241	)
JP Morgan & Chase Co.	1/6/2016	JPY	86,705,473,427	USD	704,172,576		(1,185,900	)
RBC Capital Markets	1/6/2016	JPY	99,392,429,100	USD	807,274,381		(1,293,862	)
State Street Bank & Trust Co.	1/6/2016	JPY	87,861,470,700	USD	713,614,248		(1,148,392	)
The Bank of New York Mellon	1/6/2016	JPY	42,154,155,600	USD	342,359,322		(569,328	)
The Bank of Nova Scotia	1/6/2016	JPY	28,705,291,667	USD	233,149,840		(370,837	)
Bank of Montreal	1/6/2016	SGD	714,000	USD	505,349		(173	)
Bank of Montreal	1/6/2016	SGD	40,566,700	USD	28,755,312		33,546
Canadian Imperial Bank of Commerce	1/6/2016	SGD	40,619,400	USD	28,794,199		35,121
JP Morgan & Chase Co.	1/6/2016	SGD	45,958,848	USD	32,581,063		41,585
RBC Capital Markets	1/6/2016	SGD	19,033,400	USD	13,492,024		16,122
State Street Bank & Trust Co.	1/6/2016	SGD	66,077,000	USD	46,842,158		58,759
The Bank of New York Mellon	1/6/2016	SGD	9,989,800	USD	7,081,148		8,236
The Bank of Nova Scotia	1/6/2016	SGD	7,993,700	USD	5,666,437		6,791
Bank of Montreal	1/6/2016	USD	13,404,325	AUD	18,531,000		(30,246	)
Bank of Montreal	1/6/2016	USD	5,044,506	JPY	621,067,000		7,941
Bank of Montreal	1/6/2016	USD	13,501,680	JPY	1,659,933,000		2,056
Bank of Montreal	1/6/2016	USD	8,235,492	SGD	11,615,000		(11,917	)
RBC Capital Markets	1/6/2016	USD	1,420,778	AUD	1,968,000		(445	)
RBC Capital Markets	1/6/2016	USD	4,972,682	JPY	611,245,500		(133	)
RBC Capital Markets	1/6/2016	USD	257,100	SGD	363,000		(92	)
State Street Bank & Trust Co.	1/6/2016	USD	1,421,097	AUD	1,968,000		(764	)
State Street Bank & Trust Co.	1/6/2016	USD	4,973,013	JPY	611,245,500		(465	)
State Street Bank & Trust Co.	1/6/2016	USD	257,116	SGD	363,000		(108	)
The Bank of Nova Scotia	1/6/2016	USD	1,953,371	AUD	2,700,600		(4,311	)
Bank of Montreal	1/7/2016	NZD	10,287,800	USD	6,762,171		8,876
Bank of Montreal	1/7/2016	NZD	311,000	USD	204,187		35
Canadian Imperial Bank of Commerce	1/7/2016	NZD	4,880,300	USD	3,208,065		4,455
JP Morgan & Chase Co.	1/7/2016	NZD	4,454,000	USD	2,927,632		3,861
RBC Capital Markets	1/7/2016	NZD	2,417,500	USD	1,589,057		2,120

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	1/7/2016	NZD	7,635,500	USD	5,019,226	$	7,000
The Bank of Nova Scotia	1/7/2016	NZD	3,822,800	USD	2,512,879		3,451
Bank of Montreal	1/7/2016	USD	427,956	NZD	651,000		(616	)
RBC Capital Markets	1/7/2016	USD	34,149	NZD	52,000		(14	)
State Street Bank & Trust Co.	1/7/2016	USD	34,161	NZD	52,000		(26	)
The Bank of Nova Scotia	1/7/2016	USD	538,361	NZD	819,000		(739	)
Total net unrealized appreciation						$	389,286,247

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

For information on the Fund’s policy and additional disclosures regarding futures contracts and forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	13,823,432,542	$	—		$	7,431,742	$	13,830,864,284
Preferred Stocks*		67,617,921		—			—		67,617,921
Rights*		3,936,856		—			—		3,936,856
Securities Lending Collateral		324,932,268		—			—		324,932,268
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		420,995,418			—		420,995,418
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(31,709,171	)		—		(31,709,171	)
Unrealized Appreciation on Futures Contracts		46,900		—			—		46,900
Total	$	14,219,966,487	$	389,286,247		$	7,431,742	$	14,616,684,476

During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $7,668,947.

Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on the securities exchanges. Transfers between price levels are recognized at the beginning of the reporting period.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 21

DBX ETF Trust

Statement of assets and liabilities

November 30, 2015 (Unaudited)

	Deutsche X-trackers MSCI EAFE Hedged Equity ETF
Assets
Investments in non-affiliated securities at value	$	13,864,214,466
Investment in affiliated securities at value (See Note 4)		38,204,595
Investment in Daily Assets Fund		324,932,268
Cash		107,688
Foreign currency at value		16,568,586
Unrealized appreciation on forward foreign currency contracts		420,995,418
Unrealized appreciation on future contracts		46,900
Deposit with broker for futures contracts		33,989
Receivables:
Investment securities sold		56,114,517
Capital shares		9,107
Dividends		37,153,621
Interest		901,424
Foreign tax reclaim		11,499,811
Total Assets	$	14,770,782,390
Liabilities
Payable upon return of securities loaned	$	324,932,268
Unrealized depreciation on forward foreign currency contracts		31,709,171
Payables:
Investment securities purchased		411,983,280
Capital shares		48,693,555
Investment advisory fees		3,992,200
Total Liabilities		821,310,474
Net Assets	$	13,949,471,916
Net Assets Consist of
Paid-in capital	$	14,484,979,522
Undistributed net investment income		102,697,591
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions		(53,562,634	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(584,642,563	)
Net Assets	$	13,949,471,916
Number of Common Shares outstanding		491,550,800
Net Assets Value	$	28.38
Investments in non-affiliated securities at cost	$	14,826,402,111
Investments in affiliated securities at cost	$	48,941,700
Value of securities loaned	$	276,474,946
Investment in Daily Assets Fund at cost	$	324,932,268
Foreign currency at cost	$	16,599,324

See Notes to Financial Statements. 22

DBX ETF Trust

Statement of operations

For the Six Months Ended November 30, 2015 (Unaudited)

	Deutsche X-trackers MSCI EAFE Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	144,892,124
Securities lending income, including income from Daily Assets Fund, net of borrower rebates		3,130,260
Total investment income		148,022,384
Expenses
Investment advisory fees		23,338,825
Total Expenses		23,338,825
Net Investment Income		124,683,559
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(70,678,191	)
Investments in affiliates		(1,178,962	)
In-kind redemptions		45,314,516
Futures contracts		(112,800	)
Foreign currency transactions		205,367,387
Net realized gain (loss)		178,711,950
Net change in unrealized appreciation (depreciation) on:
Investments		(1,225,136,071	)
Futures contracts		(33,400	)
Foreign currency translations		161,521,210
Net change in unrealized appreciation (depreciation)		(1,063,648,261	)
Net realized and unrealized loss on investments, futures, and foreign currency transactions		(884,936,311	)
Net Decrease in Net Assets Resulting from Operations	$	(760,252,752	)
*       Unaffiliated foreign tax withheld	$	8,278,772

See Notes to Financial Statements. 23

DBX ETF Trust

Statement of changes in net assets

	Deutsche X-trackers MSCI EAFE Hedged Equity ETF
	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	124,683,559		$	156,253,508
Net realized gain (loss)		178,711,950			10,994,476
Net change in unrealized appreciation (depreciation)		(1,063,648,261	)		444,128,055
Net increase (decrease) in net assets resulting from operations		(760,252,752	)		611,376,039
Distributions to Shareholders from
Net investment income		(331,524,748	)		(60,786,308	)
Net realized gains		—			(18,620	)
Total distributions		(331,524,748	)		(60,804,928	)
Fund Shares Transactions
Proceeds from shares sold		3,462,240,353			11,584,742,012
Value of shares redeemed		(689,021,735	)		(430,415,811	)
Net increase in net assets resulting from fund share transactions		2,773,218,618			11,154,326,201
Total increase in Net Assets		1,681,441,118			11,704,897,312
Net Assets
Beginning of period		12,268,030,798			563,133,486
End of period	$	13,949,471,916		$	12,268,030,798
Undistributed net investment income	$	102,697,591		$	309,538,780
Changes in Shares Outstanding
Shares outstanding, beginning of period		398,950,800			20,250,800
Shares sold		118,200,000			392,850,000
Shares redeemed		(25,600,000	)		(14,150,000	)
Shares outstanding, end of period		491,550,800			398,950,800

See Notes to Financial Statements. 24

DBX ETF Trust

Financial highlights

For a Share outstanding throughout each period

Deutsche X-trackers MSCI EAFE Hedged Equity ETF	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			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	$	30.75		$	27.81		$	25.09		$	22.12		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.26			1.41			1.18			0.79			0.70
Net realized and unrealized gain (loss)		(1.85	)		2.90			1.95			6.26			(3.48	)
Net increase (decrease) in net asset value from investment operations		(1.59	)		4.31			3.13			7.05			(2.78	)
Distributions paid to shareholders from:
Net investment income		(0.78	)		(1.37	)		(0.41	)		(1.68	)		(0.10	)
Net realized gains		—			(0.00	)††††		—			(2.40	)		—
Total distributions		(0.78	)		(1.37	)		(0.41	)		(4.08	)		(0.10	)
Net Asset Value, end of period	$	28.38		$	30.75		$	27.81		$	25.09		$	22.12
Total Return***		(5.28	)%		16.22	%		12.74	%†††		35.60	%†††		(11.14	)%
Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	13,949,472		$	12,268,031		$	563,133		$	75,300		$	30,979
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.35	%†		0.35	%		0.35	%		0.48	%		0.57	%†
Expenses, prior to fee waiver and expense reimbursements		0.35	%†		0.35	%		0.36	%		0.64	%		0.57	%†
Net investment income		1.87	%†		4.81	%		4.48	%		3.35	%		3.04	%†
Portfolio turnover rate††		6	%		12	%		10	%		14	%		14	%†††††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate 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.

††††† Not annualized

See Notes to Financial Statements. 25

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, 2015, the Trust consists of thirty-five investment series of exchange-traded funds (“ETF”) in operation and trading. These financial statements report on Deutsche X-trackers MSCI EAFE Hedged Equity ETF (the “Fund”), a diversified series of the Trust.

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect wholly owned subsidiary of Deutsche Bank AG, serves as investment advisor to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees.

The Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, the Fund issues and redeems shares on a continuous basis, at net asset value, only in large specified lots consisting of 200,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Fund’s distributor. Except when aggregated in Creation Units, shares are not individually redeemable securities of the Fund.

The investment objective of the Fund is to track the performance, before fees and expenses, of the MSCI EAFE US Dollar Hedged Index (the “Underlying Index”).

MSCI, Inc. (“MSCI”) is the creator of the Underlying Index. The 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, ETFs, 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 Underlying Index is 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 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 the Underlying Index marks to market the one-month forward contracts on a daily basis by using an equal and offsetting forward position.

The Fund is entitled to use its Underlying Index pursuant to a licensing agreement between MSCI and DBX. There is no charge to the Fund in connection with these licensing agreements.

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 Fund. 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 Fund 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 Fund.

Security Valuation    The Net Asset Value (“NAV”), of the 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.

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Notes to financial statements (Unaudited) (Continued)

Various inputs are used in determining the value of the Fund’s 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.

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.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

Cash    Cash consists of cash held at banks and is on deposit 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 the Fund’s policy to comply with all

requirements of the Internal Revenue Code of 1986, as amended (“the Code”). The 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 the 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 Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of the 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-

27

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Notes to financial statements (Unaudited) (Continued)

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 Fund’s 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 Fund’s financial statements. The Advisor does not believe that the unrecognized tax benefits will change significantly in the next 12 months.

The Fund recognizes interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statement of Operations. For the period ended November 30, 2015, the Fund did not incur any interest or penalties. The tax character of current year distributions will be determined at the end of the current fiscal year.

Foreign Taxes    The Fund 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 Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in their Statement 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, 2015, if any, are disclosed in the Fund’s

Statement of Assets and Liabilities.

Foreign Currency Translations    The books and records of the Fund is 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. The 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.

Securities Lending    The Fund may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Fund retains benefits of owning the securities it has loaned and continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. As of period end, any securities on loan were collateralized by cash. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015 the Fund invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral Invested in Daily Assets Fund. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If

28

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Notes to financial statements (Unaudited) (Continued)

the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2015, the Fund had securities on loan, which were classified as common stock and rights in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.

Derivatives

Forward Currency Contracts    The Fund may enter into forward currency contracts designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Fund may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2015, the Fund invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.

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 Fund has in that particular currency contract.

A summary of the open forward currency exchange contracts as of November 30, 2015 is included in a table following the Fund’s 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 Fund had to the value of non U.S currencies during the period ended November 30, 2015.

Futures Contracts    The 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. The Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. The Fund will not 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. The 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.

At the time the Fund enters into a futures contract, the 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, the 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 the 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 the 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 the 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, 2015 is included in a table following the Fund’s Schedule of Investments.

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Notes to financial statements (Unaudited) (Continued)

The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2015 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 EAFE Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts	$	46,900	Unrealized depreciation on futures contracts	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		420,995,418	Unrealized depreciation on forward foreign currency contracts		31,709,171
	Total		$	421,042,318	Total	$	31,709,171

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Fund’s earnings during the six months ended November 30, 2015 and the related location in the accompanying Statement of Operations is summarized in the following table 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 EAFE Hedged Equity ETF	$	(112,800	)	$	222,381,794	$	222,268,994
Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Equity Futures Contracts			Forward Foreign Currency Contracts		Total
Deutsche X-trackers MSCI EAFE Hedged Equity ETF	$	(33,400	)	$	161,426,751	$	161,393,351

For the six months ended November 30, 2015 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Market Value)
Deutsche X-trackers MSCI EAFE Hedged Equity ETF	$	1,784,186	$	(13,094,887,990	)

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Notes to financial statements (Unaudited) (Continued)

As of November 30, 2015, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, 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 EAFE Hedged Equity ETF
Canadian Imperial Bank of Commerce	$	81,308,829	$	(4,635,615	)	$	—	$	76,673,214	$	4,635,615	$	(4,635,615	)		$            —	$	—
JP Morgan & Chase Co.		87,111,935	$	(5,460,371	)		—		81,651,564		5,460,371	$	(5,460,371	)		—		—
The Bank of New York Mellon		7,822,805	$	(2,702,348	)		—		5,120,457		2,702,348	$	(2,702,348	)		—		—
Bank of Montreal		62,647,666	$	(2,699,054	)		—		59,948,612		2,699,054	$	(2,699,054	)		—		—
State Street Bank & Trust Co.		100,599,258	$	(6,626,247	)		—		93,973,011		6,626,247	$	(6,626,247	)		—		—
The Bank of Nova Scotia		44,472,428	$	(4,462,005	)		—		40,010,423		4,462,005	$	(4,462,005	)		—		—
RBC Capital Markets		37,032,497	$	(5,123,531	)		—		31,908,966		5,123,531	$	(5,123,531	)		—		—
	$	420,995,418	$	(31,709,171	)	$	—	$	389,286,247	$	31,709,171	$	(31,709,171	)	$	—	$	—

3. Investment Advisory and Other Agreements

The Advisor has overall responsibility for the general management and administration of the Fund, subject to the supervision of the Fund’s Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Fund, 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 Fund to operate.

TDAM USA Inc. (“TDAM”) serves as investment sub-advisor to the Fund. TDAM is responsible for day-to-day management of the Fund, subject to the replication strategy for the 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.

For its investment advisory services to the Fund below, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s daily average net assets at an annual rate equal to 0.35%.

Out of the unitary management fee, the Advisor pays substantially all expenses of the 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. The Fund is responsible for the payment of interest expense, taxes, and brokerage expenses.

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 the Fund.

ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund.

The Board of Trustees is currently comprised of four Trustees, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee and attendance fees to each member of the Audit Committee (which is comprised of all of the Fund’s Independent Trustees).

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Notes to financial statements (Unaudited) (Continued)

4. Transactions with Affiliates

The Advisor is an indirect wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Fund. Deutsche Bank AG is owned by the Fund in proportion with Deutsche Bank AG’s representation in the DBEF index. A summary of the Funds’ transactions with Deutsche Bank AG securities during the six months ended November 30, 2015 is as follows:

	Value ($) 5/31/2015		Purchases Cost ($)		Sales Proceeds ($)			Realized Gain/ (Loss)($)			Value ($) at 11/30/2015
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
Deutsche Bank AG (Common Stock)		39,601,472		12,584,821		(6,258,204	)		(1,178,962	)		38,204,595

5. Investment Portfolio Transactions

For the six months ended November 30, 2015, 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 EAFE Hedged Equity ETF	$	1,043,614,665	$	808,087,112

For the six months ended November 30, 2015, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Deutsche X-trackers MSCI EAFE Hedged Equity ETF	$	3,346,378,102	$	674,734,720

6. Fund Share Transactions

As of November 30, 2015, there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by the Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement 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 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.

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DBX ETF Trust

Additional information (Unaudited)

Proxy Voting Policies and Procedures

The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the 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 Fund’s policies and procedures without charge, upon request, call us toll free at (855) 329-3837.

Quarterly Portfolio Disclosure

The Fund is required to file its complete schedule of portfolio holdings with the SEC for its 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 the Fund’s portfolio holdings is available daily at www.deutsche-etfs.com.

Discount & Premium Information

Information regarding how often shares of the 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.

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DBX ETF Trust

Privacy policy notice (Unaudited)

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.

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DBX ETF Trust

This report is intended for the shareholders of the DBX ETF Trust.

Carefully consider the 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. The Fund’s use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. 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 the 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 Fund 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 Fund is 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 is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.

Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers^® is a registered trademark 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 345 Park Avenue New York, NY 10154	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

R-040497-1 (1/16) DBX 001745 (1/17)

November 30, 2015

Semi-Annual Report

DBX ETF Trust

Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)

Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)

Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)

Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)

Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)

Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)

Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)

DBX ETF Trust

Table of contents

	Page
Shareholder Letter		1
Portfolio Summary
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF		2
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF		3
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF		4
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF		5
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		6
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF		7
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		8
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		9
Fees and Expenses		10
Schedules of Investments
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF		12
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF		15
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF		19
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF		23
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		25
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF		35
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		40
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		45
Statements of Assets and Liabilities		48
Statements of Operations		51
Statements of Changes in Net Assets		54
Financial Highlights		58
Notes to Financial Statements		62
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts		74
Additional Information		77
Privacy Policy Notice		78

To our shareholders:

Dear Shareholder,

We are pleased to provide this semi-annual report for our eight ETFs tracking the fixed income and equity dividend markets for the period ended November 30, 2015.

Global markets have witnessed an increasing growth differential between the US and the rest of the world. Macroeconomic concerns were mainly around the timing of a rate hike by the US Federal Reserve (Fed) and slowing growth in China, with its spillover effects on emerging markets (EM) and commodities. The Fed rate hike was deferred twice in the period, mainly due to developments in Europe and China. Low commodity prices have pushed EM countries, such as Brazil and Russia, into recession and dampened Eurozone inflation. This pushed the European Central Bank (ECB) to extend its quantitative easing (QE) program until March 2017.

Equity markets witnessed the most volatility in the reporting period. As China tried to counter slowing economic growth with its devaluation of the yuan in mid-August, market anxiety about the implications of an impending Fed rate hike and central banks’ inaction came to the fore. Global equities were down in August and September; however, positive corporate earnings, aided by accommodative monetary policy in the Eurozone and Japan, helped markets recover in October and November.

Although the Barclays Global Aggregate Bond Index (Hedged)¹ has remained flat over the past six months, it has not been without periods of volatility. The September bond rally — as evidenced by the Treasury 10-year rate, which rose to 2.3% — was a reaction to unchanged rates by the Fed, while the brief October sell-off appeared to be a reaction to surety over a rate hike and global growth concerns. As investors continued to prepare for an eventual rate hike, the Treasury yield curve flattened. Corporate bond issuances surged, as loose monetary policy made bonds a low-cost funding option. While Investment Grade bonds were mostly flat, the High Yield bond market — with about a fifth of the issues linked to commodities — saw spreads widen against Treasuries.

The Municipal Bond market has been one of most stable markets in this reporting period, gaining about 2.58%, as measured by the Barclays Municipal Bond Index². Markets have seen year-to-date net inflows of USD 9 billion with favorable demand-supply, as a majority of the new issuance has been for refunding. Despite the overall market stability, Pennsylvania and Illinois were downgraded, and Puerto Rico’s financial crisis continued.

Despite concerns over debt levels, we still believe EM economies will continue to grow, though the momentum has been slowing in some countries. While the US appears to be leading the recovery in developed markets, the interest rate divergence between Europe and the US is likely to strengthen the dollar further, thereby possibly creating headwinds for US equities. European and Japanese markets will likely remain well supported by the ECB and Bank of Japan’s accommodative monetary policy, while a strong labor market sets the stage for a Fed rate hike in December.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Alex Depetris

Alex Depetris

Chairman, President and Chief Executive Officer

¹ Barclays Global Aggregate Bond Index (Hedged) is an unmanaged, broad-based, global investment-grade fixed-income measure comprised of three component indices, the U.S. Aggregate Index, the Pan-European Aggregate Index and the Asian-Pacific Aggregate Index.

² The Barclays Municipal Bond Index is an unmanaged, market-value-weighted measure of municipal bonds issued across the United States. Index issues have a credit rating of at least Baa and a maturity of at least two years.

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

1

DBX ETF Trust

Portfolio summary (Unaudited)

Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)

The Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Emerging Markets Bond — Interest Rate Hedged Index (name changed from DBIQ USD Emerging Markets Bond — Interest Rate Hedged Index effective August 10, 2015) (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated emerging markets bonds and is comprised of (a) long positions in U.S. dollar-denominated emerging markets bonds and (b) short positions in U.S. Treasury Securities of, in aggregate, approximate equivalent duration to the emerging markets bonds. It is not possible to invest directly into an index.

Quality* as of 11/30/15

AAA	5.3%
AA	4.7%
A	18.3%
BBB	41.6%
BB	16.5%
B	6.9%
CCC	6.7%
Total	100.0%

The quality ratings represent 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.

Country Diversification* as of 11/30/15

Hungary	7.3%
Peru	7.1%
Russia	6.3%
Poland	6.2%
Brazil	5.9%
Uruguay	5.8%
Colombia	5.7%
Qatar	4.9%
Romania	4.1%
Indonesia	4.1%
Ukraine	4.1%
Mexico	4.0%
Panama	4.0%
Croatia	3.9%
South Africa	3.7%
Philippines	3.7%
Turkey	3.6%
Kazakhstan	3.4%
Ecuador	3.0%
Venezuela	2.7%
Lithuania	2.1%
Sri Lanka	1.8%
Egypt	1.7%
Lebanon	0.9%
Total	100.0%

Modified duration as of 11/30/15: 0.0 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12.

2

DBX ETF Trust

Portfolio summary (Unaudited)

Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)

The Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive High Yield Corporate Bond — Interest Rate Hedged Index (name changed from DBIQ USD High Yield Corporate Bond — Interest Rate Hedged Index effective August 10, 2015) (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds and is comprised of (a) long positions in U.S. dollar denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds (“Treasury Securities”) of, in aggregate, approximate equivalent duration to the high yield bonds. It is not possible to invest directly into an index.

Quality* as of 11/30/15

AAA	5.1%
BBB	9.3%
BB	46.9%
B	32.5%
CCC	6.2%
Total	100.0%

The quality ratings represent 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.

Sector Diversification* as of 11/30/15

Communications	24.8%
Consumer, Cyclical	15.7%
Consumer, Non-cyclical	14.1%
Financial	12.7%
Energy	11.6%
Industrial	6.6%
Technology	6.1%
Basic Materials	5.7%
Utilities	2.7%
Total	100.0%

Modified duration as of 11/30/15: -0.1 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

Country Diversification* as of 11/30/15

United States	91.3%
Luxembourg	3.5%
United Kingdom	2.0%
Canada	2.0%
New Zealand	1.2%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.

3

DBX ETF Trust

Portfolio summary (Unaudited)

Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)

The Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Investment Grade Bond — Interest Rate Hedged Index (name changed from DBIQ USD Investment Grade Bond — Interest Rate Hedged Index effective August 10, 2015) (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury Securities of, in aggregate, approximate equivalent duration to the investment-grade corporate bonds. It is not possible to invest directly into an index.

Quality* as of 11/30/15

AAA	8.4%
AA	20.1%
A	42.5%
BBB	29.0%
Total	100.0%

The quality ratings represent 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.

Sector Diversification* as of 11/30/15

Financial	35.6%
Consumer, Non-cyclical	17.0%
Communications	13.8%
Energy	11.5%
Technology	6.3%
Consumer, Cyclical	6.0%
Basic Materials	4.4%
Industrial	4.2%
Utilities	1.2%
Total	100.0%

Modified duration as of 11/30/15: 0.1 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

Country Diversification* as of 11/30/15

United States	80.5%
United Kingdom	7.1%
France	3.7%
Canada	3.4%
Netherlands	3.2%
Luxembourg	1.2%
Australia	0.9%
Total	100.0%

* As a percentage of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.

4

DBX ETF Trust

Portfolio 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 Solactive Municipal Infrastructure Revenue Bond Index (name changed from DBIQ Municipal Infrastructure Revenue Bond Index effective August 10, 2015) (the “Underlying Index”). The Underlying 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 not possible to invest directly into an index.

Quality* as of 11/30/15

AAA	9.4%
AA	46.0%
A	42.5%
BBB	2.1%
Total	100.0%

The quality ratings represent 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.

Sector Diversification* as of 11/30/15

Transportation	30.6%
General	23.4%
Airport	15.6%
Water	10.1%
Power	9.9%
Development	4.9%
Utilities	3.6%
Education	1.9%
	100.0%

Modified duration as of 11/30/15: 6.5 years

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current rate environment.

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 23.

5

DBX ETF Trust

Portfolio summary (Unaudited)

Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)

The Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex US High Dividend Yield 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) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
HSBC Holdings PLC		4.5%
British American Tobacco PLC		3.1%
Total SA		3.1%
Sanofi		3.0%
GlaxoSmithKline PLC		2.9%
Royal Dutch Shell PLC, Class A		2.8%
Vodafone Group PLC		2.6%
Royal Bank of Canada		2.5%
AstraZeneca PLC		2.5%
Allianz SE		2.4%

Sector Diversification* as of 11/30/15

Financials	33.6%
Energy	14.9%
Telecommunication Services	9.6%
Health Care	8.9%
Materials	8.6%
Consumer Staples	8.0%
Utilities	5.7%
Consumer Discretionary	4.9%
Industrials	3.8%
Information Technology	2.0%
Total	100.0%

Country Diversification* as of 11/30/15

United Kingdom	27.5%
Canada	10.2%
France	9.8%
China	6.8%
Germany	6.5%
Australia	6.4%
Netherlands	5.0%
Switzerland	2.9%
South Africa	2.8%
Hong Kong	2.4%
Taiwan	2.2%
Sweden	1.8%
Japan	1.7%
Finland	1.7%
Russia	1.6%
Singapore	1.5%
Norway	1.5%
Brazil	1.4%
Spain	1.3%
Malaysia	1.1%
Thailand	0.6%
Italy	0.6%
United Arab Emirates	0.4%
Macau	0.3%
Chile	0.3%
Luxembourg	0.3%
Portugal	0.2%
Denmark	0.2%
Hungary	0.2%
Mexico	0.2%
New Zealand	0.2%
Austria	0.2%
Indonesia	0.1%
Colombia	0.1%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 25.

6

DBX ETF Trust

Portfolio summary (Unaudited)

Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)

The Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in developed international stock markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
British American Tobacco PLC		4.8%
Total SA		4.8%
Sanofi		4.7%
GlaxoSmithKline PLC		4.4%
Vodafone Group PLC		4.0%
AstraZeneca PLC		3.8%
Allianz SE		3.6%
BASF SE		3.4%
Royal Dutch Shell PLC, Class A		3.0%
Australia & New Zealand Banking Group Ltd.		2.5%

Sector Diversification* as of 11/30/15

Financials	22.5%
Health Care	13.3%
Energy	12.8%
Materials	10.8%
Consumer Staples	10.1%
Utilities	8.5%
Telecommunication Services	8.2%
Industrials	6.2%
Consumer Discretionary	4.8%
Information Technology	2.8%
Total	100.0%

Country Diversification* as of 11/30/15

United Kingdom	34.1%
France	13.8%
Australia	12.2%
Germany	9.4%
Netherlands	4.9%
Switzerland	4.3%
Hong Kong	3.8%
Singapore	2.9%
Sweden	2.8%
Finland	2.4%
Norway	2.2%
Spain	2.1%
Japan	1.5%
Italy	1.4%
Luxembourg	0.4%
Macau	0.4%
Portugal	0.3%
New Zealand	0.3%
Denmark	0.3%
Ireland	0.2%
Austria	0.2%
China	0.1%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 35.

7

DBX ETF Trust

Portfolio summary (Unaudited)

Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)

The Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to equity securities in the global emerging markets in its parent index, the MSCI Emerging Markets Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected emerging market currencies. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Hon Hai Precision Industry Co. Ltd.		5.0%
China Construction Bank Corp., Class H		5.0%
Bank of China Ltd., Class H		4.9%
Industrial & Commercial Bank of China Ltd., Class H		4.8%
Ambev SA		3.5%
CNOOC Ltd.		3.2%
Sasol Ltd.		2.8%
China Petroleum & Chemical Corp., Class H		2.6%
MTN Group Ltd.		2.4%
Lukoil PJSC, ADR		2.4%

Sector Diversification* as of 11/30/15

Financials	38.9%
Energy	18.0%
Information Technology	14.2%
Telecommunication Services	11.7%
Consumer Staples	6.9%
Consumer Discretionary	3.6%
Industrials	3.0%
Materials	2.4%
Utilities	0.9%
Health Care	0.4%
Total	100.0%

Country Diversification* as of 11/30/15

China	25.6%
Taiwan	23.3%
South Africa	14.5%
Russia	8.6%
Brazil	6.0%
Malaysia	5.3%
Thailand	4.0%
United Arab Emirates	2.7%
South Korea	2.2%
Poland	1.8%
Turkey	1.3%
Czech Republic	1.1%
Mexico	0.9%
Indonesia	0.8%
Hungary	0.8%
Chile	0.7%
Hong Kong	0.4%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.

8

DBX ETF Trust

Portfolio summary (Unaudited)

Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)

The Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EMU High Dividend Yield US Dollar Hedged Index (the “Underlying Index”). Underlying Index is designed to provide exposure to equity securities from countries in the European Monetary Union (the “EMU”), or the “Eurozone”, in its parent index, the MSCI EMU Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Volkswagen AG		5.7%
Allianz SE		5.0%
Muenchener Rueckversicherungs-Gesellschaft AG		5.0%
AXA SA		4.9%
Sampo OYJ, Class A		4.9%
Repsol SA		4.9%
Total SA		4.8%
ProSiebenSat.1 Media SE		4.0%
Atlantia SpA		3.9%
Snam SpA		3.8%

Sector Diversification* as of 11/30/15

Financial	24.9%
Consumer Discretionary	22.1%
Utilities	19.7%
Industrials	13.4%
Energy	13.2%
Materials	3.6%
Telecommunication Services	1.9%
Health Care	1.2%
Total	100.0%

Country Diversification* as of 11/30/15

Germany	25.5%
France	22.2%
Spain	17.0%
Finland	16.5%
Italy	11.3%
Luxembourg	3.2%
Portugal	2.8%
Austria	1.5%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 45.

9

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 in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2015 to November 30, 2015).

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, 2015		Ending Account Value November 30, 2015		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF
Actual	$	1,000.00	$	994.50		0.50	%	$	2.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.50		0.50	%	$	2.53
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF
Actual	$	1,000.00	$	935.32		0.45	%	$	2.18
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF
Actual	$	1,000.00	$	989.61		0.25	%	$	1.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.75		0.25	%	$	1.26
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	1,036.22		0.30	%	$	1.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.50		0.30	%	$	1.52
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
Actual (2)	$	1,000.00	$	948.01		0.45	%	$	1.33
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28

10

DBX ETF Trust

Fees and expenses (Unaudited)(Continued)

	Beginning Account Value June 1, 2015		Ending Account Value November 30, 2015		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF
Actual (2)	$	1,000.00	$	961.22		0.45	%	$	1.34
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
Actual (2)	$	1,000.00	$	900.95		0.65	%	$	1.87
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.75		0.65	%	$	3.29
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
Actual (2)	$	1,000.00	$	1,022.80		0.45	%	$	1.38
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

(2) For the period from August 12, 2015 (commencement of operations) to November 30, 2015.

11

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF

November 30, 2015 (Unaudited)

	Principal Amount		Value
SOVEREIGN BONDS — 93.3%
Brazil — 5.5%
Brazilian Government International Bond
4.875%, 1/22/21 (a)	$	110,000	$	106,755
10.125%, 5/15/27		30,000		39,150
8.25%, 1/20/34		35,000		37,537
5.00%, 1/27/45		200,000		148,000
				331,442
Colombia — 5.4%
Colombia Government International Bond
7.375%, 3/18/19		100,000		113,350
2.625%, 3/15/23		200,000		180,500
8.125%, 5/21/24		25,000		30,725
				324,575
Croatia — 3.6%
Croatia Government International Bond, 144A
6.75%, 11/05/19		100,000		108,750
6.625%, 7/14/20		100,000		108,837
				217,587
Ecuador — 2.8%
Ecuador Government International Bond, 144A
10.50%, 3/24/20		200,000		169,000
Egypt — 1.6%
Egypt Government International Bond, 144A
5.75%, 4/29/20		100,000		97,395
Hungary — 6.8%
Hungary Government International Bond
6.375%, 3/29/21		110,000		126,225
5.75%, 11/22/23		90,000		101,587
5.375%, 3/25/24		106,000		116,998
7.625%, 3/29/41		50,000		68,707
				413,517
Indonesia — 3.9%
Indonesia Government International Bond, 144A
8.50%, 10/12/35		100,000		127,190
6.625%, 2/17/37		100,000		106,650
				233,840
Kazakhstan — 3.1%
Kazakhstan Government International Bond, 144A
3.875%, 10/14/24		200,000		190,297
Lebanon — 0.8%
Lebanon Government International Bond
GMTN, 6.375%, 3/09/20		50,000		50,250
Lithuania — 2.0%
Lithuania Government International Bond, 144A
7.375%, 2/11/20		100,000		119,283

	Principal Amount		Value
Mexico — 3.7%
Mexico Government International Bond
3.625%, 3/15/22	$	100,000	$	101,250
Series A, MTN, 6.75%, 9/27/34		10,000		12,375
MTN, 4.75%, 3/08/44		60,000		56,550
5.55%, 1/21/45		35,000		36,881
5.75%, 10/12/2110		20,000		19,350
				226,406
Panama — 3.7%
Panama Government International Bond
5.20%, 1/30/20		100,000		108,625
6.70%, 1/26/36		95,000		115,662
				224,287
Peru — 6.6%
Peruvian Government International Bond
7.35%, 7/21/25		100,000		127,650
8.75%, 11/21/33		75,000		107,813
6.55%, 3/14/37		70,000		83,300
5.625%, 11/18/50		75,000		79,313
				398,076
Philippines — 3.4%
Philippine Government International Bond
10.625%, 3/16/25		75,000		118,747
9.50%, 2/02/30		55,000		87,493
				206,240
Poland — 5.8%
Poland Government International Bond
6.375%, 7/15/19		90,000		103,725
5.125%, 4/21/21		70,000		78,442
5.00%, 3/23/22		50,000		55,794
3.00%, 3/17/23		40,000		39,999
4.00%, 1/22/24		70,000		74,149
				352,109
Qatar — 4.6%
Qatar Government International Bond, 144A
9.75%, 6/15/30		90,000		145,976
6.40%, 1/20/40		100,000		131,635
				277,611
Romania — 3.9%
Romanian Government International Bond, 144A
6.75%, 2/07/22		40,000		47,500
4.375%, 8/22/23		10,000		10,534
4.875%, 1/22/24		86,000		93,417
6.125%, 1/22/44		70,000		82,786
				234,237
Russia — 5.9%
Russian Foreign Bond — Eurobond, 144A
4.875%, 9/16/23		200,000		208,930
12.75%, 6/24/28		90,000		147,005
				355,935

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)

November 30, 2015 (Unaudited)

	Principal Amount		Value
South Africa — 3.5%
South Africa Government International Bond
5.50%, 3/09/20	$	100,000	$	106,533
4.665%, 1/17/24		100,000		100,830
				207,363
Sri Lanka — 1.7%
Sri Lanka Government International Bond, 144A
6.25%, 10/04/20		100,000		99,770
Turkey — 3.3%
Turkey Government International Bond
7.00%, 6/05/20		20,000		22,499
7.375%, 2/05/25		30,000		35,446
11.875%, 1/15/30		20,000		32,875
8.00%, 2/14/34		80,000		100,460
7.25%, 3/05/38		10,000		11,753
				203,033
Ukraine — 3.8%
Ukraine Government International Bond, 144A
7.75%, 9/01/20		120,000		116,424
7.75%, 9/01/24		120,000		113,400
				229,824

	Principal Amount		Value
Uruguay — 5.4%
Uruguay Government International Bond
4.50%, 8/14/24 (a)	$	65,000	$	66,950
7.625%, 3/21/36		90,000		113,625
5.10%, 6/18/50		165,000		147,263
				327,838
Venezuela — 2.5%
Venezuela Government International Bond
7.65%, 4/21/25		155,000		62,000
9.25%, 9/15/27		200,000		88,800
				150,800
TOTAL SOVEREIGN BONDS (Cost $5,847,154)				5,640,715
	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 1.7%
Daily Assets Fund, 0.20% (b)(c) (Cost $104,833)		104,833		104,833
TOTAL INVESTMENTS — 95.0%
(Cost $5,951,987)†			$	5,745,548
Other assets and liabilities, net — 5.0%				301,300
NET ASSETS — 100.0%			$	6,046,848

† The cost for federal income tax purposes was $5,967,137. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $221,589. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $61,585 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $283,174.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $100,482, which is 1.7% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

GMTN: Global Medium Term Note

MTN: Medium Term Note

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

At November 30, 2015, open futures contracts sold were as follows:

Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
5-Year U.S. Treasury Note		20	$	2,373,594		3/31/2016	$	1,016
10-Year U.S. Treasury Note		16		2,023,000		3/21/2016		875
U.S. Treasury Long Bond		9		1,386,000		3/21/2016		(2,531	)
			$	5,782,594			$	(640	)

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)

November 30, 2015 (Unaudited)

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1			Level 2		Level 3		Total
Investment in Securities
Sovereign Bonds*	$	—		$	5,640,715	$	—	$	5,640,715
Securities Lending Collateral		104,833			—		—		104,833
Other Financial Instruments
Unrealized Depreciation on Futures Contracts		(640	)		—		—		(640	)
Total	$	104,193		$	5,640,715	$	—	$	5,744,908

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of investments

Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF

November 30, 2015 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 93.3%
Basic Materials — 5.4%
Chemicals — 2.1%
Hexion, Inc. 8.875%, 2/01/18	$	129,000	$	85,463
Huntsman International LLC 4.875%, 11/15/20 (a)		106,000		100,170
				185,633
Iron/Steel — 2.3%
ArcelorMittal (Luxembourg) 6.125%, 6/01/18		209,000		203,775
Mining — 1.0%
Alcoa, Inc. 5.125%, 10/01/24		93,000		88,466
Communications — 23.1%
Advertising — 0.6%
Lamar Media Corp. 5.875%, 2/01/22		50,000		52,625
Internet — 0.9%
Netflix, Inc., 144A 5.875%, 2/15/25		80,000		83,100
Media — 9.4%
Cablevision Systems Corp. 7.75%, 4/15/18		133,000		138,652
CCO Holdings LLC / CCO Holdings Capital Corp., 144A 5.375%, 5/01/25		80,000		79,600
CSC Holdings LLC 6.75%, 11/15/21		111,000		105,172
DISH DBS Corp. 5.00%, 3/15/23		155,000		134,463
iHeartCommunications, Inc. 9.00%, 12/15/19		97,000		70,689
Nexstar Broadcasting, Inc. 6.875%, 11/15/20		164,000		167,690
Nielsen Finance LLC / Nielsen Finance Co., 144A 5.00%, 4/15/22		21,000		20,947
Sirius XM Radio, Inc., 144A 6.00%, 7/15/24		35,000		36,269
Univision Communications, Inc., 144A 8.50%, 5/15/21		84,000		87,675
				841,157
Telecommunications — 12.2%
Avaya, Inc., 144A 7.00%, 4/01/19		222,000		175,935
CenturyLink, Inc. 6.75%, 12/01/23		65,000		61,955
CommScope Technologies Finance LLC, 144A 6.00%, 6/15/25		26,000		24,960
Frontier Communications Corp. 7.125%, 1/15/23		23,000		19,492
Level 3 Communications, Inc. 5.75%, 12/01/22		151,000		152,887

	Principal Amount		Value
Telecommunications (Continued)
Sprint Communications, Inc. 7.00%, 8/15/20	$	231,000	$	192,308
T-Mobile USA, Inc. 6.633%, 4/28/21		244,000		252,845
Windstream Services LLC 7.875%, 11/01/17		199,000		208,204
				1,088,586
Consumer, Cyclical — 14.6%
Airlines — 1.1%
American Airlines Group, Inc., 144A 5.50%, 10/01/19		95,000		95,831
Auto Manufacturers — 2.6%
General Motors Co. 4.875%, 10/02/23		133,000		138,278
General Motors Financial Co., Inc. 4.00%, 1/15/25		88,000		85,092
				223,370
Auto Parts & Equipment — 1.6%
ZF North America Capital, Inc., 144A 4.75%, 4/29/25		150,000		145,454
Distribution/Wholesale — 0.3%
HD Supply, Inc. 7.50%, 7/15/20		28,000		29,680
Entertainment — 2.4%
GLP Capital LP / GLP Financing II, Inc. 4.875%, 11/01/20		124,000		127,720
Regal Entertainment Group 5.75%, 3/15/22		88,000		89,650
				217,370
Lodging — 2.8%
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 5.625%, 10/15/21		151,000		157,976
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A 5.50%, 3/01/25		99,000		88,976
				246,952
Retail — 3.8%
1011778 BC ULC / New Red Finance, Inc., 144A (Canada) 6.00%, 4/01/22		21,000		21,840
Dollar Tree, Inc., 144A 5.75%, 3/01/23		98,000		102,165
L Brands, Inc. 5.625%, 2/15/22		111,000		118,182
Rite Aid Corp., 144A 6.125%, 4/01/23		99,000		105,311
				347,498
Consumer, Non-cyclical — 13.2%
Commercial Services — 1.0%
ADT (The) Corp. 3.50%, 7/15/22		21,000		19,294

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of investments

Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)

November 30, 2015 (Unaudited)

	Principal Amount		Value
Commercial Services (Continued)
United Rentals North America, Inc. 5.50%, 7/15/25	$	71,000	$	71,266
				90,560
Cosmetics/Personal Care — 0.2%
Edgewell Personal Care Co. 4.70%, 5/19/21		18,000		18,427
Food — 2.0%
Post Holdings, Inc. 7.375%, 2/15/22		83,000		86,709
Smithfield Foods, Inc. 7.75%, 7/01/17		80,000		86,100
				172,809
Healthcare-Products — 1.2%
Hologic, Inc., 144A 5.25%, 7/15/22		20,000		20,875
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A (Luxembourg) 5.50%, 4/15/25		105,000		89,513
				110,388
Healthcare-Services — 5.8%
CHS/Community Health Systems, Inc. 6.875%, 2/01/22		87,000		84,608
Fresenius Medical Care US Finance II, Inc., 144A 5.875%, 1/31/22		155,000		168,562
HCA, Inc. 7.50%, 2/15/22		133,000		149,293
Tenet Healthcare Corp. 8.125%, 4/01/22		80,000		80,150
6.75%, 6/15/23		35,000		32,856
				515,469
Pharmaceuticals — 3.0%
Endo Finance LLC, 144A 5.75%, 1/15/22		83,000		79,680
Valeant Pharmaceuticals International, 144A 6.375%, 10/15/20		204,000		187,935
				267,615
Energy — 10.8%
Energy-Alternate Sources — 0.4%
TerraForm Power Operating LLC, 144A 5.875%, 2/01/23		44,000		33,000
Oil & Gas — 7.8%
Antero Resources Corp. 5.375%, 11/01/21		102,000		94,350
California Resources Corp. 5.50%, 9/15/21		111,000		67,155
Chesapeake Energy Corp. 6.625%, 8/15/20 (a)		111,000		53,002
Concho Resources, Inc. 5.50%, 4/01/23		106,000		103,880
Denbury Resources, Inc. 5.50%, 5/01/22		93,000		58,125

	Principal Amount		Value
Oil & Gas (Continued)
Energy XXI Gulf Coast, Inc. 7.50%, 12/15/21	$	173,000	$	29,410
EP Energy LLC / Everest Acquisition Finance, Inc. 9.375%, 5/01/20		88,000		75,240
Linn Energy LLC / Linn Energy Finance Corp. 7.75%, 2/01/21		119,000		25,585
Range Resources Corp. 5.00%, 3/15/23 (a)		89,000		79,210
SandRidge Energy, Inc. 7.50%, 3/15/21		124,000		20,770
Whiting Petroleum Corp. 5.75%, 3/15/21		91,000		83,265
				689,992
Pipelines — 2.6%
Energy Transfer Equity LP 5.875%, 1/15/24		21,000		19,530
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. 4.50%, 7/15/23		44,000		39,270
Sabine Pass Liquefaction LLC 5.75%, 5/15/24		100,000		92,750
144A, 5.625%, 3/01/25		26,000		23,952
Williams (The) Cos., Inc. 4.55%, 6/24/24		80,000		65,733
				241,235
Financial — 11.8%
Banks — 2.3%
CIT Group, Inc. 5.00%, 8/15/22		39,000		39,926
Royal Bank of Scotland Group PLC (United Kingdom) 6.125%, 12/15/22		155,000		170,738
				210,664
Diversified Financial Services — 4.6%
Aircastle Ltd. 6.75%, 4/15/17		111,000		116,550
E*TRADE Financial Corp. 5.375%, 11/15/22		119,000		126,140
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 3.50%, 3/15/17		88,000		88,220
Navient Corp. 5.875%, 10/25/24		94,000		80,488
				411,398
Real Estate — 1.4%
Howard Hughes (The) Corp., 144A 6.875%, 10/01/21		119,000		122,273
REITS — 3.5%
DuPont Fabros Technology LP 5.875%, 9/15/21		137,000		142,309
Equinix, Inc. 5.375%, 4/01/23		82,000		83,947

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of investments

Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)

November 30, 2015 (Unaudited)

	Principal Amount		Value
REITS (Continued)
Iron Mountain, Inc. 5.75%, 8/15/24	$	88,000	$	87,670
				313,926
Industrial — 6.2%
Aerospace/Defense — 0.2%
TransDigm, Inc. 6.00%, 7/15/22		20,000		19,750
Building Materials — 0.2%
Building Materials Corp. of America, 144A 5.375%, 11/15/24		18,000		18,225
Engineering & Construction — 1.4%
AECOM 5.75%, 10/15/22		119,000		123,239
Miscellaneous Manufacturing — 0.9%
Gates Global LLC / Gates Global Co., 144A 6.00%, 7/15/22		105,000		77,700
Packaging & Containers — 3.5%
Berry Plastics Corp. 5.125%, 7/15/23		62,000		60,450
Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Issuer, 144A (New Zealand) 5.625%, 12/15/16		99,000		98,752
Crown Americas LLC / Crown Americas Capital Corp. IV 4.50%, 1/15/23		18,000		17,888
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.75%, 10/15/20		133,000		136,658
				313,748
Technology — 5.6%
Computers — 0.9%
NCR Corp. 6.375%, 12/15/23		84,000		84,105

	Principal Amount		Value
Semiconductors — 0.2%
Micron Technology, Inc. 5.50%, 2/01/25	$	20,000	$	18,600
Software — 4.5%
BMC Software Finance, Inc., 144A 8.125%, 7/15/21		110,000		85,662
First Data Corp., 144A 6.75%, 11/01/20		82,000		86,407
8.25%, 1/15/21		84,000		87,885
Open Text Corp., 144A (Canada) 5.625%, 1/15/23		142,000		141,290
				401,244
Utilities — 2.6%
Electric — 2.6%
AES Corp. 7.375%, 7/01/21		119,000		123,165
FirstEnergy Corp. 4.25%, 3/15/23		102,000		103,598
				226,763
TOTAL CORPORATE BONDS (Cost $9,193,256)				8,330,627
	Number of Shares
SECURITIES LENDING COLLATERAL — 2.6%
Daily Assets Fund, 0.20% (b)(c) (Cost $228,237)		228,237		228,237
TOTAL INVESTMENTS — 95.9% (Cost $9,421,493) †			$	8,558,864
Other assets and liabilities, net — 4.1%				367,152
NET ASSETS — 100.0%			$	8,926,016

† The cost for federal income tax purposes was $9,442,753. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $883,889. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $31,050 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $914,939.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $220,763, which is 2.5% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of investments

Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)

November 30, 2015 (Unaudited)

At November 30, 2015, open futures contracts sold were as follows:

Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Appreciation
2-Year U.S. Treasury Note		4	$	870,188		3/31/2016	$	250
5-Year U.S. Treasury Note		38		4,509,827		3/31/2016		2,437
10-Year U.S. Treasury Note		23		2,908,063		3/21/2016		1,258
			$	8,288,078			$	3,945

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2		Level 3		Total
Investment in Securities
Corporate Bonds*	$	—	$	8,330,627	$	—	$	8,330,627
Securities Lending Collateral		228,237		—		—		228,237
Other Financial Instruments
Unrealized Appreciation on Futures Contracts		3,945		—		—		3,945
Total	$	232,182	$	8,330,627	$	—	$	8,562,809

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF

November 30, 2015 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 93.5%
Basic Materials — 4.1%
Chemicals — 0.9%
CF Industries, Inc. 3.45%, 6/01/23	$	45,000	$	42,569
Mining — 3.2%
Barrick Gold Corp. (Canada) 4.10%, 5/01/23		45,000		39,659
Freeport-McMoRan, Inc. 3.10%, 3/15/20		45,000		34,847
3.875%, 3/15/23		45,000		30,487
Rio Tinto Finance USA PLC (United Kingdom) 3.50%, 3/22/22		50,000		49,390
				154,383
Communications — 13.0%
Internet — 2.3%
Amazon.com, Inc. 4.80%, 12/05/34		45,000		47,445
eBay, Inc. 2.20%, 8/01/19		65,000		64,456
				111,901
Media — 4.5%
Comcast Corp. 4.20%, 8/15/34		95,000		94,356
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 5.15%, 3/15/42		40,000		38,367
Time Warner Cable, Inc. 5.50%, 9/01/41		45,000		41,484
Walt Disney (The) Co. MTN, 2.35%, 12/01/22		40,000		39,682
				213,889
Telecommunications — 6.2%
AT&T, Inc. 4.80%, 6/15/44		45,000		42,278
Cisco Systems, Inc. 5.50%, 1/15/40		40,000		47,133
Motorola Solutions, Inc. 3.75%, 5/15/22		40,000		37,066
Verizon Communications, Inc. 4.50%, 9/15/20		40,000		43,475
4.40%, 11/01/34		75,000		71,257
Vodafone Group PLC (United Kingdom) 2.95%, 2/19/23		55,000		52,851
				294,060
Consumer, Cyclical — 5.6%
Auto Manufacturers — 1.5%
Ford Motor Co. 4.75%, 1/15/43		50,000		48,066
Toyota Motor Credit Corp. 2.15%, 3/12/20		25,000		25,089
				73,155

	Principal Amount		Value
Retail — 4.1%
CVS Health Corp. 3.875%, 7/20/25	$	45,000	$	46,231
Target Corp. 4.00%, 7/01/42		75,000		73,025
Wal-Mart Stores, Inc. 6.20%, 4/15/38		59,000		74,900
				194,156
Consumer, Non-cyclical — 15.8%
Agriculture — 1.4%
Altria Group, Inc.
4.00%, 1/31/24		65,000		67,999
Beverages — 1.7%
Anheuser-Busch InBev Finance, Inc.
2.15%, 2/01/19		40,000		40,167
4.625%, 2/01/44		40,000		40,541
				80,708
Biotechnology — 0.9%
Amgen, Inc.
5.375%, 5/15/43		40,000		42,255
Food — 0.9%
Kraft Foods Group, Inc.
6.50%, 2/09/40		35,000		41,452
Healthcare-Products — 1.1%
Medtronic, Inc.
3.625%, 3/15/24		50,000		51,812
Healthcare-Services — 3.2%
Anthem, Inc.
2.25%, 8/15/19		90,000		90,091
Laboratory Corp. of America Holdings 3.60%, 2/01/25		65,000		63,348
				153,439
Pharmaceuticals — 6.6%
AbbVie, Inc.
4.70%, 5/14/45		75,000		73,992
Express Scripts Holding Co.
2.25%, 6/15/19		50,000		49,796
GlaxoSmithKline Capital PLC (United Kingdom) 2.85%, 5/08/22		40,000		40,370
GlaxoSmithKline Capital, Inc.
2.80%, 3/18/23		60,000		60,183
Johnson & Johnson
5.95%, 8/15/37		45,000		58,301
Pfizer, Inc.
2.10%, 5/15/19		40,000		40,537
				323,179
Energy — 10.7%
Oil & Gas — 6.8%
Apache Corp. 5.10%, 9/01/40		40,000		38,921

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2015 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
BP Capital Markets PLC (United Kingdom)
3.814%, 2/10/24	$	40,000	$	41,118
Continental Resources, Inc.
3.80%, 6/01/24		50,000		41,569
Phillips 66
4.30%, 4/01/22		60,000		63,154
Shell International Finance BV (Netherlands)
4.55%, 8/12/43		65,000		66,188
Total Capital International SA (France)
3.70%, 1/15/24		70,000		72,576
				323,526
Oil & Gas Services — 1.1%
Schlumberger Investment SA (Luxembourg)
3.65%, 12/01/23		50,000		51,802
Pipelines — 2.8%
Enbridge, Inc. (Canada)
4.00%, 10/01/23		55,000		50,388
Enterprise Products Operating LLC
5.10%, 2/15/45		45,000		41,034
Williams Partners LP / ACMP Finance Corp.
4.875%, 3/15/24		55,000		48,078
				139,500
Financial — 33.3%
Banks — 27.2%
Bank of America Corp.
MTN, 3.30%, 1/11/23		140,000		140,110
Bank of Montreal (Canada)
MTN, 2.375%, 1/25/19		60,000		60,787
Bank of New York Mellon (The) Corp.
MTN, 2.30%, 9/11/19		72,000		72,721
BNP Paribas SA (France)
MTN, 2.40%, 12/12/18		55,000		55,662
3.25%, 3/03/23		40,000		40,212
Citigroup, Inc.
2.40%, 2/18/20		40,000		39,919
5.30%, 5/06/44		40,000		42,151
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands)
4.50%, 1/11/21		70,000		76,591
Deutsche Bank AG
2.50%, 2/13/19 (a)		8,000		8,081
Goldman Sachs Group, (The), Inc.
2.625%, 1/31/19		85,000		86,569
3.50%, 1/23/25		50,000		49,838
5.95%, 1/15/27		35,000		39,477
MTN, 4.80%, 7/08/44		40,000		40,526
HSBC Holdings PLC (United Kingdom)
5.10%, 4/05/21		75,000		84,036
4.00%, 3/30/22		40,000		42,225
JPMorgan Chase & Co.
2.25%, 1/23/20		45,000		44,874
5.60%, 7/15/41		45,000		52,882
Morgan Stanley 2.50%, 1/24/19		45,000		45,736

	Principal Amount		Value
Banks (Continued)
GMTN, 3.70%, 10/23/24	$	45,000	$	45,815
GMTN, 4.35%, 9/08/26		40,000		40,750
4.30%, 1/27/45		40,000		38,917
Wells Fargo & Co.
2.15%, 1/30/20		40,000		39,844
4.125%, 8/15/23		40,000		41,746
Wells Fargo & Co.
5.606%, 1/15/44		35,000		39,179
Westpac Banking Corp. (Australia)
2.25%, 1/17/19		40,000		40,354
				1,309,002
Diversified Financial Services — 1.7%
General Electric Capital Corp.
MTN, 5.875%, 1/14/38		65,000		79,875
Insurance — 2.2%
American International Group, Inc.
4.50%, 7/16/44		50,000		47,472
Berkshire Hathaway, Inc.
2.10%, 8/14/19		55,000		55,664
				103,136
REITS — 2.2%
American Tower Corp.
5.00%, 2/15/24		40,000		42,596
HCP, Inc.
5.375%, 2/01/21		55,000		60,376
				102,972
Industrial — 4.0%
Aerospace/Defense — 1.4%
United Technologies Corp.
3.10%, 6/01/22		65,000		66,478
Miscellaneous Manufacturing — 0.8%
General Electric Co.
2.70%, 10/09/22		40,000		40,159
Transportation — 1.8%
United Parcel Service, Inc. 3.125%, 1/15/21		80,000		83,934
Technology — 5.9%
Computers — 1.5%
Hewlett-Packard Co. 4.30%, 6/01/21		70,000		69,938
Semiconductors — 0.9%
Intel Corp. 3.70%, 7/29/25		40,000		41,711
Software — 3.5%
Microsoft Corp. 3.50%, 2/12/35		85,000		78,344
Oracle Corp. 4.30%, 7/08/34		90,000		90,602
				168,946

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2015 (Unaudited)

	Principal Amount		Value
Utilities — 1.1%
Electric — 1.1%
Pacific Gas & Electric Co. 6.05%, 3/01/34	$	45,000	$	54,138
TOTAL CORPORATE BONDS (Cost $4,672,418)				4,480,074
TOTAL INVESTMENTS — 93.5% (Cost $4,672,418)†			$	4,480,074
Other assets and liabilities, net — 6.5%				311,956
NET ASSETS — 100.0%			$	4,792,030

† The cost for federal income tax purposes was $4,677,602. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $197,528. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $1,905 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $199,433.

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

GMTN: Global Medium Term Note

MTN: Medium Term Note

At November 30, 2015, open futures contracts sold were as follows:

Contract Description	Number of Contracts		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		13	$	1,643,688		3/21/2016	$	711
5-Year U.S. Treasury Note		12		1,424,156		3/31/2016		688
Ultra Long U.S. Treasury Bond		2		316,875		3/21/2016		(719	)
U.S. Treasury Long Bond		7		1,078,000		3/21/2016		(1,969	)
				$4,462,719			$	(1,289	)

For information on the Fund’s policy and additional disclosures regarding futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2015 (Unaudited)

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1			Level 2		Level 3		Total
Investment in Securities
Corporate Bonds*	$	—			4,480,074	$	—	$	4,480,074
Other Financial Instruments
Unrealized Depreciation on Futures Contracts		(1,289	)		—		—		(1,289	)
Total	$	(1,289	)	$	4,480,074	$	—	$	4,478,785

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF

November 30, 2015 (Unaudited)

	Principal Amount		Value
MUNICIPAL BONDS — 98.1%
Arizona — 0.5%
Arizona Department of Transportation State Highway Fund, Fuel Sales Tax Revenue, Sub-Series A, 5.00%, 7/01/26	$	100,000	$	117,952
California — 12.7%
Bay Area Toll Authority, 5.00%, 10/01/54		1,100,000		1,225,235
City of San Francisco Public Utilities Commission, Water Revenue, 5.00%, 11/01/35		100,000		113,345
M-S-R Energy Authority, Natural Gas Revenue, Series B, 6.125%, 11/01/29		100,000		129,111
Series A, 6.50%, 11/01/39		500,000		676,180
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/01/43		600,000		659,070
Southern California Public Power Authority, Natural Gas Revenue, Project No. 1, Series A, 5.00%, 11/01/33		300,000		347,748
				3,150,689
Colorado — 0.7%
City & County of Denver Airport System, Private Airport & Marina Revenue, Series B, 5.00%, 11/15/32		100,000		116,542
Regional Transportation District, Sales Tax Revenue, Fastracks Project, Series A, 5.00%, 11/01/26		50,000		59,570
				176,112
Florida — 12.1%
County of Miami-Dade Aviation, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/01/30		50,000		55,736
5.00%, 10/01/36		700,000		772,464
County of Miami-Dade FL Transit System, Sales Tax Revenue, 5.00%, 7/01/42		1,200,000		1,327,320
County of Miami-Dade Transit System, Sales Tax Revenue, 5.00%, 7/01/37		50,000		55,682
County of Miami-Dade Water & Sewer System, Water Revenue, 5.00%, 10/01/39 INS: AGM		500,000		566,025
Orlando-Orange County Expressway Authority, Highway Tolls Revenue, 5.00%, 7/01/35		200,000		226,664
				3,003,891

	Principal Amount		Value
Georgia — 1.9%
County of DeKalb Water & Sewerage, Water Revenue, Series A, 5.25%, 10/01/41	$	110,000	$	128,228
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Revenue, 3rd Series, 5.00%, 7/01/39		300,000		334,134
				462,362
Indiana — 3.2%
Indiana Finance Authority, Sewer Revenue, Series A, 5.00%, 10/01/41		700,000		789,733
Louisiana — 5.3%
New Orleans Aviation Board, Series A, 5.00%, 1/01/45		1,200,000		1,304,928
Massachusetts — 10.3%
Massachusetts Bay Transportation Authority, Sales Tax Revenue, Series A, 5.00%, 7/01/25		750,000		936,487
Massachusetts School Building Authority, Sales Tax Revenue, Series A, 5.00%, 8/15/25		750,000		899,445
Series A, 5.00%, 8/15/26		200,000		238,666
Series B, 5.00%, 8/15/28		400,000		473,460
				2,548,058
New Jersey — 3.1%
New Jersey State Turnpike Authority, Highway Tolls Revenue, Series A, 5.00%, 1/01/43		700,000		774,270
New York — 29.6%
Hudson Yards Infrastructure Corp., Miscellaneous Tax Revenue, Series A, 5.25%, 2/15/47		200,000		219,806
Series A, 5.75%, 2/15/47		55,000		62,819
Long Island Power Authority, 5.00%, 9/01/44		700,000		780,773
Metropolitan Transportation Authority, New York Transit Revenue, Series A, 5.00%, 11/15/38		100,000		112,635
5.00%, 11/15/45		1,300,000		1,463,657
New York City Transitional Finance Authority, Future Tax Secured Revenue, Series F-1, 5.00%, 5/01/39		350,000		399,252
New York City Water & Sewer System, Water Revenue,
Series GG, 5.00%, 6/15/43		100,000		113,984
Series FF, 5.00%, 6/15/45		300,000		333,606
Series BB, 5.00%, 6/15/47		450,000		503,258
New York Liberty Development Corp., Class 1, 5.00%, 9/15/40		530,000		609,007
New York State Thruway Authority, 5.00%, 1/01/31		1,000,000		1,177,590

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2015 (Unaudited)

	Principal Amount		Value
New York (Continued)
Triborough Bridge & Tunnel Authority, New York Highway Tolls Revenue, Series B, 5.00%, 11/15/25	$	200,000	$	239,872
Utility Debt Securitization Authority, New York Restructuring, Series TE, 5.00%, 12/15/41		1,100,000		1,263,768
				7,280,027
Pennsylvania — 2.3%
Pennsylvania Turnpike Commission, Highway Tolls Revenue, Series C, 5.00%, 12/01/44		520,000		577,247
South Carolina — 4.4%
South Carolina State Public Service Authority, Series E, 5.00%, 12/01/48		1,000,000		1,095,200
Texas — 7.8%
Dallas/Fort Worth International Airport, Private Airport & Marina Revenue, Series E, AMT, 5.00%, 11/01/35		200,000		222,212
Series H, AMT, 5.00%, 11/01/37		300,000		326,706

	Principal Amount		Value
Texas (Continued)
Series C, 5.00%, 11/01/45	$	350,000	$	383,918
Texas Transportation Commission, Highway Tolls Revenue, Series A, 5.00%, 8/15/41		900,000		985,113
				1,917,949
Virginia — 2.3%
Virginia Small Business Financing Authority, Highway Tolls Revenue, Elizabeth River Crossings, AMT, 6.00%, 1/01/37		500,000		575,160
Washington — 1.9%
Port of Seattle, Private Airport & Marina Revenue, Series A, 5.00%, 8/01/31		400,000		464,004
TOTAL MUNICIPAL BONDS (Cost $23,418,926)				24,237,582
TOTAL INVESTMENTS — 98.1% (Cost $23,418,926)†			$	24,237,582
Other assets and liabilities, net — 1.9%				461,076
NET ASSETS — 100.0%			$	24,698,658

† The cost for federal income tax purposes was $23,418,926. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $818,656. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $841,773 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $23,117.

AGM: Assured Guaranty Municipal Corp.

AMT: Alternative Minimum Tax

INS: Insured

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2		Level 3		Total
Investment in Securities
Municipal Bonds*	$	—	$	24,237,582	$	—	$	24,237,582
Total	$	—	$	24,237,582	$	—	$	24,237,582

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

*  See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.2%
Australia — 6.3%
Amcor Ltd.		3,689	$	36,070
ASX Ltd.		620		18,559
Bendigo and Adelaide Bank Ltd.		1,314		10,605
BHP Billiton Ltd.		9,783		127,988
BHP Billiton PLC		6,375		76,513
Insurance Australia Group Ltd.		8,081		32,377
LendLease Group (a)		1,916		17,667
Orica Ltd.		1,214		13,872
Sonic Healthcare Ltd.		1,255		18,452
Suncorp Group Ltd.		4,176		40,439
Tatts Group Ltd.		4,301		12,940
Telstra Corp. Ltd.		13,139		50,931
Wesfarmers Ltd.		3,438		94,706
Woodside Petroleum Ltd.		2,222		48,385
Woolworths Ltd.		3,881		66,436
				665,940
Austria — 0.1%
OMV AG		525		14,985
Brazil — 1.3%
Ambev SA		14,727		70,951
BB Seguridade Participacoes SA		2,114		14,190
CCR SA		3,757		12,439
CETIP SA — Mercados Organizados		919		8,741
Cielo SA		2,811		25,509
Tractebel Energia SA		774		6,694
				138,524
Canada — 9.9%
ARC Resources Ltd.		1,100		15,074
Bank of Montreal		1,800		103,933
Bank of Nova Scotia		3,700		168,702
BCE, Inc.		450		19,369
Canadian Imperial Bank of Commerce		1,250		93,863
Cenovus Energy, Inc.		2,700		39,951
CI Financial Corp.		900		21,391
Great-West Lifeco, Inc.		900		24,457
Husky Energy, Inc.		1,100		14,851
IGM Financial, Inc.		450		12,828
Potash Corp. of Saskatchewan, Inc.		2,700		54,649
Power Corp. of Canada		900		21,114
Power Financial Corp.		900		22,853
PrairieSky Royalty Ltd.		550		10,564
Rogers Communications, Inc., Class B		1,250		48,214
Royal Bank of Canada		4,750		270,605
Shaw Communications, Inc., Class B		900		18,681
TELUS Corp. (b)		450		14,301
TransCanada Corp.		2,169		68,443
Vermilion Energy, Inc.		350		10,481
				1,054,324
Chile — 0.3%
Banco de Chile		125,652		12,531
Banco Santander Chile		358,821		16,006
				28,537

	Number of Shares		Value
China — 6.6%
Agricultural Bank of China Ltd., Class H		71,847	$	27,521
Bank of China Ltd., Class H		242,203		107,459
China Construction Bank Corp., Class H		251,129		172,635
China Merchants Bank Co. Ltd., Class H		14,487		34,043
China Oilfield Services Ltd., Class H		7,119		7,079
China Petroleum & Chemical Corp., Class H		84,248		51,613
CNOOC Ltd.		58,064		64,254
Country Garden Holdings Co. Ltd.		18,064		6,780
Industrial & Commercial Bank of China Ltd., Class H		224,474		135,783
Jiangsu Expressway Co. Ltd., Class H		5,310		6,876
Jiangxi Copper Co. Ltd., Class H		5,022		6,004
PetroChina Co. Ltd., Class H		68,832		48,916
PICC Property & Casualty Co. Ltd., Class H		10,971		23,800
Sino-Ocean Land Holdings Ltd.		10,381		5,824
Yangzijiang Shipbuilding Holdings Ltd.		7,300		5,693
				704,280
Colombia — 0.1%
Ecopetrol SA		18,103		7,513
Denmark — 0.2%
TDC A/S		2,634		13,836
Tryg A/S		422		8,217
				22,053
Finland — 1.7%
Elisa OYJ		468		17,435
Fortum OYJ		1,403		20,486
Metso OYJ (b)		390		9,683
Nokian Renkaat OYJ		422		16,564
Orion OYJ, Class B		346		11,555
Sampo OYJ, Class A		1,389		68,857
UPM-Kymmene OYJ		1,629		31,101
				175,681
France — 9.5%
AXA SA		6,023		162,971
Bouygues SA		621		23,377
Casino Guichard-Perrachon SA		152		8,691
CNP Assurances		553		7,701
Edenred		658		13,637
Eutelsat Communications SA		503		15,013
Rexel SA		894		12,246
Sanofi		3,622		322,906
SCOR SE		491		19,257
Total SA		6,672		331,316
Vinci SA		1,431		93,074
				1,010,189
Germany — 6.3%
Allianz SE		1,444		255,776
Axel Springer SE		179		9,993
BASF SE		2,824		233,742
Hannover Rueck SE		207		24,221
Muenchener Rueckversicherungs-Gesellschaft AG		519		104,597

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Germany (Continued)
ProSiebenSat.1 Media SE		783	$	41,116
				669,445
Hong Kong — 2.4%
BOC Hong Kong (Holdings) Ltd.		11,267		34,513
CLP Holdings Ltd.		5,403		45,156
Hang Seng Bank Ltd.		2,268		41,098
HKT Trust and HKT Ltd. (a)		7,613		9,642
Li & Fung Ltd.		18,342		12,633
NWS Holdings Ltd.		5,652		7,931
PCCW Ltd.		12,330		7,458
Power Assets Holdings Ltd.		4,072		36,369
Shimao Property Holdings Ltd.		4,099		6,841
Sino Land Co. Ltd.		10,148		15,052
Sun Art Retail Group Ltd.		9,206		7,231
Swire Pacific Ltd., Class A		1,836		20,033
Yue Yuen Industrial (Holdings) Ltd.		2,331		8,463
				252,420
Hungary — 0.2%
MOL Hungarian Oil and Gas PLC		458		21,013
Indonesia — 0.1%
PT Indocement Tunggal Prakarsa Tbk		5,216		7,050
PT Perusahaan Gas Negara Persero Tbk		40,513		7,775
				14,825
Italy — 0.6%
Snam SpA		6,848		34,802
Terna Rete Elettrica Nazionale SpA		5,241		25,804
				60,606
Japan — 1.7%
Canon, Inc.		3,300		99,617
NTT DOCOMO, Inc.		4,300		81,319
				180,936
Luxembourg — 0.3%
SES SA FDR		995		27,617
Macau — 0.3%
Sands China Ltd.		7,695		26,003
Wynn Macau Ltd.		5,389		6,707
				32,710
Malaysia — 1.1%
AMMB Holdings Bhd		7,500		8,073
British American Tobacco Malaysia Bhd		700		9,499
DiGi.Com Bhd		13,500		15,830
IOI Corp. Bhd		13,400		13,670
Lafarge Malaysia Bhd		2,900		6,189
Malayan Banking Bhd		16,100		31,415
Maxis Bhd		8,900		13,692
Telekom Malaysia Bhd		6,200		9,466
UMW Holdings Bhd		3,600		6,737
				114,571

	Number of Shares		Value
Mexico — 0.2%
Kimberly-Clark de Mexico SAB de CV, Class A		8,688	$	20,527
Netherlands — 4.9%
Aegon NV		5,775		35,365
Royal Dutch Shell PLC, Class A		11,980		296,446
Royal Dutch Shell PLC, Class B		7,538		187,550
				519,361
New Zealand — 0.1%
Fletcher Building Ltd.		3,141		15,072
Norway — 1.4%
Gjensidige Forsikring ASA		728		11,753
Orkla ASA		2,645		21,487
Statoil ASA		3,481		53,834
Telenor ASA		2,358		41,106
Yara International ASA		541		25,044
				153,224
Portugal — 0.2%
EDP — Energias de Portugal SA		7,232		24,107
Russia — 1.5%
Gazprom PAO, ADR		11,750		48,539
Lukoil PJSC, ADR		1,550		59,722
MegaFon PJSC, GDR		1,736		26,300
Mobile TeleSystems PJSC, ADR		4,212		29,695
				164,256
Singapore — 1.5%
Keppel Corp. Ltd.		5,800		26,933
Sembcorp Industries Ltd.		5,300		12,211
Sembcorp Marine Ltd.		6,200		9,054
Singapore Exchange Ltd.		2,700		14,433
Singapore Press Holdings Ltd.		4,500		12,825
Singapore Technologies Engineering Ltd.		6,300		12,774
Singapore Telecommunications Ltd.		24,200		65,709
StarHub Ltd.		2,000		5,147
				159,086
South Africa — 2.7%
Barclays Africa Group Ltd.		1,208		13,277
Coronation Fund Managers Ltd.		891		3,746
FirstRand Ltd.		11,291		36,725
Foschini Group Ltd. (The)		624		5,590
Imperial Holdings Ltd.		528		5,550
Investec Ltd.		752		6,294
Investec PLC		1,578		13,428
Liberty Holdings Ltd.		567		5,089
MMI Holdings Ltd.		3,908		6,396
MTN Group Ltd.		5,135		51,563
Nampak Ltd. (b)		2,384		4,184
Nedbank Group Ltd.		793		11,572
RMB Holdings Ltd.		2,455		10,378
Sasol Ltd.		2,020		56,252
Standard Bank Group Ltd.		4,030		36,196
Truworths International Ltd.		1,314		8,591

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
South Africa (Continued)
Vodacom Group Ltd. (b)		1,421	$	14,352
				289,183
Spain — 1.2%
Enagas SA		717		21,370
Gas Natural SDG SA		1,141		24,683
Mapfre SA		3,146		8,632
Red Electrica Corp. SA		359		30,799
Repsol SA		3,375		44,021
				129,505
Sweden — 1.8%
Hennes & Mauritz AB, Class B		3,109		115,316
Industrivarden AB, Class C		378		6,769
Skanska AB, Class B		1,283		25,537
TeliaSonera AB		8,756		42,978
				190,600
Switzerland — 2.9%
SGS SA		17		32,518
Swiss Prime Site AG		218		16,305
Swiss Re AG		1,005		95,777
Swisscom AG		84		41,394
Zurich Insurance Group AG		452		119,013
				305,007
Taiwan — 2.1%
Asia Cement Corp.		14,920		12,638
Asustek Computer, Inc.		2,636		21,804
Cheng Shin Rubber Industry Co. Ltd.		7,262		12,169
Chicony Electronics Co. Ltd.		3,151		7,269
Chunghwa Telecom Co. Ltd.		13,877		42,428
Far Eastern New Century Corp.		18,929		15,309
Far EasTone Telecommunications Co. Ltd.		6,657		14,011
Lite-On Technology Corp.		10,260		10,530
Novatek Microelectronics Corp.		2,653		9,631
Quanta Computer, Inc.		10,535		16,460
Synnex Technology International Corp.		7,407		7,182
Taiwan Cement Corp.		15,924		14,367
Taiwan Fertilizer Co. Ltd.		6,448		7,941
Taiwan Mobile Co. Ltd.		6,507		19,655
Teco Electric & Machinery Co. Ltd.		9,583		7,472
WPG Holdings Ltd.		8,227		7,964
				226,830
Thailand — 0.6%
Krung Thai Bank PCL, NVDR		44,900		21,298
PTT PCL, NVDR		3,500		25,000
Siam Commercial Bank PCL, NVDR		5,300		19,446
				65,744
United Arab Emirates — 0.4%
Dubai Islamic Bank PJSC		6,362		11,087
First Gulf Bank PJSC		10,863		35,494
				46,581

	Number of Shares		Value
United Kingdom — 26.7%
Aberdeen Asset Management PLC		2,950	$	14,191
Admiral Group PLC		643		15,698
Amec Foster Wheeler PLC		1,289		8,453
Anglo American PLC		4,293		26,422
AstraZeneca PLC		3,879		263,042
BAE Systems PLC		9,260		72,033
British American Tobacco PLC		5,738		334,271
Centrica PLC		15,552		51,085
Direct Line Insurance Group PLC		4,173		25,881
GlaxoSmithKline PLC		14,891		304,001
HSBC Holdings PLC		60,460		482,154
ICAP PLC		1,715		13,147
Imperial Tobacco Group PLC		2,928		158,225
Inmarsat PLC		1,398		23,477
ITV PLC		11,291		46,084
J Sainsbury PLC		3,797		14,514
Legal & General Group PLC		18,289		74,784
Marks & Spencer Group PLC		5,140		38,900
National Grid PLC		11,446		159,596
Old Mutual PLC		15,223		47,918
Pearson PLC		2,445		30,417
Persimmon PLC		936		26,996
Petrofac Ltd.		892		11,083
Rexam PLC		2,096		18,293
Rio Tinto Ltd.		1,295		42,997
Rio Tinto PLC		3,838		127,660
Severn Trent PLC		774		26,252
SSE PLC		3,068		66,261
Standard Life PLC		6,073		38,095
Tate & Lyle PLC		1,528		13,578
Vodafone Group PLC		80,971		273,472
				2,848,980
TOTAL COMMON STOCKS (Cost $10,426,155)				10,354,232
PREFERRED STOCK — 0.0%
Brazil — 0.0%
Cia Energetica de Minas Gerais (Cost $6,235)		3,005		5,126
SECURITIES LENDING COLLATERAL — 0.3%
Daily Assets Fund, 0.20% (c)(d) (Cost $29,008)		29,008		29,008
TOTAL INVESTMENTS — 97.5% (Cost $10,461,398)†			$	10,388,366
Other assets and liabilities, net — 2.5%				264,461
NET ASSETS — 100.0%			$	10,652,827

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

†   The cost for federal income tax purposes was $10,461,398. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $73,032. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $334,951 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $407,983.

(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) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $26,958, which is 0.3% of net assets.

(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

ADR: American Depositary Receipt

FDR: Fiduciary Depositary Receipt

GDR: Global Depositary Receipt

NVDR: Non Voting Depositary Receipt

PJSC: Private Joint Stock Company

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	10/2/2015	CAD	17,000	USD	12,766	$	36
Bank of Montreal	10/2/2015	GBP	1,257,561	USD	1,893,308		(1,037	)
Bank of Montreal	10/2/2015	ZAR	37,200	USD	2,579		8
Bank of Montreal	10/6/2015	HUF	3,530,500	USD	11,993		(5	)
State Street Bank & Trust Co.	12/2/2015	BRL	8,000	USD	2,054		(11	)
Bank of Montreal	12/2/2015	CHF	174,500	USD	177,174		7,567
RBC Capital Markets	12/2/2015	CHF	29,000	USD	29,445		1,258
State Street Bank & Trust Co.	12/2/2015	CHF	110,500	USD	112,194		4,793
The Bank of New York Mellon	12/2/2015	CHF	5,900	USD	5,990		256
Bank of Montreal	12/2/2015	DKK	97,000	USD	14,377		640
State Street Bank & Trust Co.	12/2/2015	DKK	59,000	USD	8,745		389
The Bank of New York Mellon	12/2/2015	DKK	9,700	USD	1,438		64
Bank of Montreal	12/2/2015	EUR	1,144,229	USD	1,264,396		55,465
RBC Capital Markets	12/2/2015	EUR	213,000	USD	235,362		10,318
RBC Capital Markets	12/2/2015	EUR	15,000	USD	16,534		686
State Street Bank & Trust Co.	12/2/2015	EUR	706,000	USD	780,160		34,238
The Bank of New York Mellon	12/2/2015	EUR	25,000	USD	27,626		1,212
The Bank of New York Mellon	12/2/2015	GBP	18,300	USD	28,257		696
Bank of Montreal	12/2/2015	GBP	1,386,561	USD	2,141,008		52,720
RBC Capital Markets	12/2/2015	GBP	22,000	USD	34,017		883
RBC Capital Markets	12/2/2015	GBP	166,000	USD	256,325		6,314
State Street Bank & Trust Co.	12/2/2015	GBP	831,500	USD	1,283,940		31,624
RBC Capital Markets	12/2/2015	HKD	906,000	USD	116,911		60
Bank of Montreal	12/2/2015	HKD	1,698,000	USD	219,083		83
JP Morgan & Chase Co.	12/2/2015	HKD	906,000	USD	116,890		18
The Bank of New York Mellon	12/2/2015	HKD	5,830,900	USD	752,414		375
Bank of Montreal	12/2/2015	HUF	3,530,500	USD	12,532		533
State Street Bank & Trust Co.	12/2/2015	HUF	2,197,500	USD	7,801		333
The Bank of New York Mellon	12/2/2015	HUF	271,400	USD	963		41
The Bank of New York Mellon	12/2/2015	HUF	289,400	USD	986		3
Bank of Montreal	12/2/2015	NOK	782,600	USD	92,532		2,481
RBC Capital Markets	12/2/2015	NOK	137,000	USD	16,182		418
State Street Bank & Trust Co.	12/2/2015	NOK	484,000	USD	57,170		1,477
The Bank of New York Mellon	12/2/2015	NOK	3,200	USD	378		10
Bank of Montreal	12/2/2015	SEK	1,027,500	USD	121,085		3,277
RBC Capital Markets	12/2/2015	SEK	110,000	USD	12,963		351
State Street Bank & Trust Co.	12/2/2015	SEK	630,500	USD	74,302		2,011

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon	12/2/2015	SEK	34,600	USD	4,077	$	110
Bank of Montreal	12/2/2015	USD	16,245	CHF	16,000		(694	)
Bank of Montreal	12/2/2015	USD	154,190	CHF	158,500		(135	)
Bank of Montreal	12/2/2015	USD	13,732	DKK	97,000		5
Bank of Montreal	12/2/2015	USD	100,557	EUR	91,000		(4,412	)
Bank of Montreal	12/2/2015	USD	1,112,368	EUR	1,053,229		417
Bank of Montreal	12/2/2015	USD	191,470	GBP	124,000		(4,716	)
Bank of Montreal	12/2/2015	USD	1,893,007	GBP	1,257,561		996
Bank of Montreal	12/2/2015	USD	7,708	GBP	5,000		(178	)
Bank of Montreal	12/2/2015	USD	192,468	HKD	1,492,000		(37	)
Bank of Montreal	12/2/2015	USD	26,579	HKD	206,000		(10	)
Bank of Montreal	12/2/2015	USD	11,995	HUF	3,530,500		3
Bank of Montreal	12/2/2015	USD	84,727	NOK	735,600		(83	)
Bank of Montreal	12/2/2015	USD	5,557	NOK	47,000		(149	)
Bank of Montreal	12/2/2015	USD	105,090	SEK	916,500		(8	)
Bank of Montreal	12/2/2015	USD	13,081	SEK	111,000		(354	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	55,748	NOK	484,000		(55	)
JP Morgan & Chase Co.	12/2/2015	USD	240,802	EUR	228,000		90
JP Morgan & Chase Co.	12/2/2015	USD	1,251,657	GBP	831,500		659
JP Morgan & Chase Co.	12/2/2015	USD	116,874	HKD	906,000		(23	)
RBC Capital Markets	12/2/2015	USD	28,211	CHF	29,000		(25	)
State Street Bank & Trust Co.	12/2/2015	USD	107,496	CHF	110,500		(94	)
State Street Bank & Trust Co.	12/2/2015	USD	8,353	DKK	59,000		3
State Street Bank & Trust Co.	12/2/2015	USD	745,642	EUR	706,000		280
State Street Bank & Trust Co.	12/2/2015	USD	282,996	GBP	188,000		149
State Street Bank & Trust Co.	12/2/2015	USD	7,466	HUF	2,197,500		2
State Street Bank & Trust Co.	12/2/2015	USD	15,780	NOK	137,000		(16	)
State Street Bank & Trust Co.	12/2/2015	USD	12,613	SEK	110,000		(1	)
State Street Bank & Trust Co.	12/2/2015	USD	72,296	SEK	630,500		(6	)
The Bank of New York Mellon	12/2/2015	USD	2,020	CHF	2,000		(76	)
The Bank of New York Mellon	12/2/2015	USD	3,794	CHF	3,900		(3	)
The Bank of New York Mellon	12/2/2015	USD	1,373	DKK	9,700		0
The Bank of New York Mellon	12/2/2015	USD	7,921	EUR	7,500		3
The Bank of New York Mellon	12/2/2015	USD	17,310	EUR	15,800		(616	)
The Bank of New York Mellon	12/2/2015	USD	1,848	EUR	1,700		(52	)
The Bank of New York Mellon	12/2/2015	USD	9,182	GBP	6,100		5
The Bank of New York Mellon	12/2/2015	USD	18,809	GBP	12,200		(435	)
The Bank of New York Mellon	12/2/2015	USD	745,309	HKD	5,777,600		(144	)
The Bank of New York Mellon	12/2/2015	USD	2,465	HKD	19,100		(1	)
The Bank of New York Mellon	12/2/2015	USD	4,413	HKD	34,200		(2	)
The Bank of New York Mellon	12/2/2015	USD	1,905	HUF	560,800		1
The Bank of New York Mellon	12/2/2015	USD	369	NOK	3,200		0
The Bank of New York Mellon	12/2/2015	USD	3,967	SEK	34,600		0
Bank of Montreal	12/3/2015	AUD	610,597	USD	434,947		(6,563	)
State Street Bank & Trust Co.	12/3/2015	AUD	365,000	USD	260,000		(3,924	)
Bank of Montreal	12/3/2015	AUD	7,200	USD	5,217		11
RBC Capital Markets	12/3/2015	AUD	7,000	USD	4,992		(69	)
RBC Capital Markets	12/3/2015	AUD	67,000	USD	47,727		(719	)
The Bank of New York Mellon	12/3/2015	AUD	2,800	USD	1,995		(30	)
The Bank of New York Mellon	12/3/2015	BRL	600,152	USD	154,573		(398	)
Bank of Montreal	12/3/2015	CAD	858,329	USD	655,921		13,196
RBC Capital Markets	12/3/2015	CAD	9,000	USD	6,888		149
RBC Capital Markets	12/3/2015	CAD	102,000	USD	77,951		1,572
State Street Bank & Trust Co.	12/3/2015	CAD	530,000	USD	405,018		8,148
The Bank of New York Mellon	12/3/2015	CAD	18,700	USD	14,291		288
RBC Capital Markets	12/3/2015	CHF	13,000	USD	12,680		7

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/3/2015	CLP	6,871,500	USD	9,912	$	246
RBC Capital Markets	12/3/2015	CLP	3,457,000	USD	4,987		124
RBC Capital Markets	12/3/2015	CLP	3,907,000	USD	5,638		142
State Street Bank & Trust Co.	12/3/2015	CLP	6,871,500	USD	9,916		249
Bank of Montreal	12/3/2015	COP	9,138,000	USD	3,145		240
RBC Capital Markets	12/3/2015	COP	5,243,000	USD	1,806		139
State Street Bank & Trust Co.	12/3/2015	COP	9,138,000	USD	3,149		244
RBC Capital Markets	12/3/2015	EUR	32,000	USD	33,832		(20	)
Bank of Montreal	12/3/2015	IDR	89,246,000	USD	6,446		0
RBC Capital Markets	12/3/2015	IDR	57,515,000	USD	4,153		(1	)
State Street Bank & Trust Co.	12/3/2015	IDR	89,246,000	USD	6,430		(16	)
State Street Bank & Trust Co.	12/3/2015	IDR	89,246,000	USD	6,399		6
Bank of Montreal	12/3/2015	JPY	14,974,000	USD	124,116		2,459
Bank of Montreal	12/3/2015	JPY	599,500	USD	4,863		(8	)
RBC Capital Markets	12/3/2015	JPY	2,438,000	USD	20,207		399
RBC Capital Markets	12/3/2015	JPY	2,438,000	USD	19,802		(32	)
State Street Bank & Trust Co.	12/3/2015	JPY	9,403,000	USD	77,939		1,544
Bank of Montreal	12/3/2015	MXN	189,000	USD	11,410		12
State Street Bank & Trust Co.	12/3/2015	MXN	123,000	USD	7,425		7
The Bank of New York Mellon	12/3/2015	MXN	8,400	USD	507		0
The Bank of New York Mellon	12/3/2015	MXN	14,500	USD	877		2
Bank of Montreal	12/3/2015	MYR	195,000	USD	45,284		(438	)
RBC Capital Markets	12/3/2015	MYR	103,000	USD	23,945		(205	)
State Street Bank & Trust Co.	12/3/2015	MYR	195,000	USD	45,349		(373	)
The Bank of New York Mellon	12/3/2015	NZD	400	USD	263		0
Bank of Montreal	12/3/2015	NZD	13,500	USD	9,113		229
State Street Bank & Trust Co.	12/3/2015	NZD	8,500	USD	5,738		144
The Bank of New York Mellon	12/3/2015	NZD	400	USD	270		7
State Street Bank & Trust Co.	12/3/2015	RUB	8,953,001	USD	138,892		4,020
The Bank of New York Mellon	12/3/2015	RUB	297,590	USD	4,508		25
The Bank of New York Mellon	12/3/2015	RUB	426,000	USD	6,623		205
Bank of Montreal	12/3/2015	SGD	148,500	USD	105,927		660
Bank of Montreal	12/3/2015	SGD	6,100	USD	4,329		5
RBC Capital Markets	12/3/2015	SGD	18,000	USD	12,838		79
State Street Bank & Trust Co.	12/3/2015	SGD	92,500	USD	65,975		405
Bank of Montreal	12/3/2015	THB	962,500	USD	26,985		133
State Street Bank & Trust Co.	12/3/2015	THB	962,500	USD	26,961		108
The Bank of New York Mellon	12/3/2015	THB	393,000	USD	11,022		57
Bank of Montreal	12/3/2015	TWD	3,089,300	USD	94,266		(377	)
RBC Capital Markets	12/3/2015	TWD	1,458,000	USD	44,901		234
RBC Capital Markets	12/3/2015	TWD	447,000	USD	13,767		72
State Street Bank & Trust Co.	12/3/2015	TWD	2,894,000	USD	89,074		414
Bank of Montreal	12/3/2015	USD	65,534	AUD	92,000		989
Bank of Montreal	12/3/2015	USD	375,755	AUD	518,597		(769	)
Bank of Montreal	12/3/2015	USD	32,096	CAD	42,000		(646	)
Bank of Montreal	12/3/2015	USD	613,014	CAD	816,329		(1,738	)
Bank of Montreal	12/3/2015	USD	9,610	CLP	6,871,500		56
Bank of Montreal	12/3/2015	USD	2,901	COP	9,138,000		5
Bank of Montreal	12/3/2015	USD	6,449	IDR	89,246,000		(3	)
Bank of Montreal	12/3/2015	USD	28,596	JPY	3,450,000		(567	)
Bank of Montreal	12/3/2015	USD	4,846	JPY	584,600		(96	)
Bank of Montreal	12/3/2015	USD	88,737	JPY	10,939,400		140
Bank of Montreal	12/3/2015	USD	11,381	MXN	189,000		17
Bank of Montreal	12/3/2015	USD	45,882	MYR	195,000		(161	)
Bank of Montreal	12/3/2015	USD	8,895	NZD	13,500		(11	)
Bank of Montreal	12/3/2015	USD	100,428	SGD	141,500		(123	)

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/3/2015	USD	4,993	SGD	7,000	$	(31	)
Bank of Montreal	12/3/2015	USD	26,857	THB	962,500		(4	)
Bank of Montreal	12/3/2015	USD	94,619	TWD	3,089,300		24
Bank of Montreal	12/3/2015	USD	169,873	ZAR	2,450,000		(497	)
Bank of Montreal	12/3/2015	USD	19,022	ZAR	264,000		(771	)
RBC Capital Markets	12/3/2015	USD	53,617	AUD	74,000		(110	)
RBC Capital Markets	12/3/2015	USD	2,053	BRL	8,000		13
RBC Capital Markets	12/3/2015	USD	83,354	CAD	111,000		(236	)
RBC Capital Markets	12/3/2015	USD	10,360	CLP	7,364,000		(1	)
RBC Capital Markets	12/3/2015	USD	1,670	COP	5,243,000		(3	)
RBC Capital Markets	12/3/2015	USD	4,152	IDR	57,515,000		2
RBC Capital Markets	12/3/2015	USD	19,776	JPY	2,438,000		31
RBC Capital Markets	12/3/2015	USD	24,250	MYR	103,000		(99	)
RBC Capital Markets	12/3/2015	USD	58,382	TWD	1,905,000		(21	)
RBC Capital Markets	12/3/2015	USD	12,897	ZAR	186,000		(38	)
State Street Bank & Trust Co.	12/3/2015	USD	264,479	AUD	365,000		(556	)
State Street Bank & Trust Co.	12/3/2015	USD	398,002	CAD	530,000		(1,133	)
State Street Bank & Trust Co.	12/3/2015	USD	9,674	CLP	6,871,500		(7	)
State Street Bank & Trust Co.	12/3/2015	USD	2,901	COP	9,138,000		5
State Street Bank & Trust Co.	12/3/2015	USD	6,443	IDR	89,246,000		3
State Street Bank & Trust Co.	12/3/2015	USD	76,274	JPY	9,403,000		121
State Street Bank & Trust Co.	12/3/2015	USD	7,407	MXN	123,000		11
State Street Bank & Trust Co.	12/3/2015	USD	45,877	MYR	195,000		(155	)
State Street Bank & Trust Co.	12/3/2015	USD	5,601	NZD	8,500		(7	)
State Street Bank & Trust Co.	12/3/2015	USD	135,516	RUB	8,953,001		(643	)
State Street Bank & Trust Co.	12/3/2015	USD	65,652	SGD	92,500		(81	)
State Street Bank & Trust Co.	12/3/2015	USD	26,855	THB	962,500		(3	)
State Street Bank & Trust Co.	12/3/2015	USD	88,778	TWD	2,894,000		(119	)
State Street Bank & Trust Co.	12/3/2015	USD	116,990	ZAR	1,687,000		(363	)
The Bank of New York Mellon	12/3/2015	USD	7,124	AUD	10,000		106
The Bank of New York Mellon	12/3/2015	USD	153,108	BRL	600,152		1,863
The Bank of New York Mellon	12/3/2015	USD	10,419	CAD	13,600		(235	)
The Bank of New York Mellon	12/3/2015	USD	16,775	CAD	22,100		(226	)
The Bank of New York Mellon	12/3/2015	USD	4,931	JPY	599,500		(60	)
The Bank of New York Mellon	12/3/2015	USD	1,379	MXN	22,900		2
The Bank of New York Mellon	12/3/2015	USD	264	NZD	400		0
The Bank of New York Mellon	12/3/2015	USD	11,229	RUB	723,590		(329	)
The Bank of New York Mellon	12/3/2015	USD	4,342	SGD	6,100		(18	)
The Bank of New York Mellon	12/3/2015	USD	10,965	THB	393,000		(1	)
The Bank of New York Mellon	12/3/2015	USD	5,242	ZAR	74,600		(85	)
The Bank of New York Mellon	12/3/2015	USD	2,515	ZAR	35,300		(74	)
The Bank of New York Mellon	12/3/2015	ZAR	72,700	USD	5,238		212
Bank of Montreal	12/3/2015	ZAR	2,714,000	USD	195,551		7,923
RBC Capital Markets	12/3/2015	ZAR	186,000	USD	13,402		543
State Street Bank & Trust Co.	12/3/2015	ZAR	1,687,000	USD	121,554		4,927
The Bank of New York Mellon	12/7/2015	AED	22,000	USD	5,990		0
The Bank of New York Mellon	12/7/2015	AED	198,200	USD	53,944		(20	)
RBC Capital Markets	12/7/2015	USD	5,989	AED	22,000		1
The Bank of New York Mellon	12/7/2015	USD	53,961	AED	198,200		4
The Bank of New York Mellon	1/5/2016	AED	198,200	USD	53,947		(6	)
State Street Bank & Trust Co.	1/5/2016	AUD	365,000	USD	264,014		588
Bank of Montreal	1/5/2016	CHF	158,500	USD	154,606		86
RBC Capital Markets	1/5/2016	CHF	29,000	USD	28,286		15
State Street Bank & Trust Co.	1/5/2016	CHF	110,500	USD	107,781		56
The Bank of New York Mellon	1/5/2016	CHF	3,900	USD	3,804		2
Bank of Montreal	1/5/2016	DKK	97,000	USD	13,753		(8	)

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	1/5/2016	DKK	59,000	USD	8,365	$	(5	)
The Bank of New York Mellon	1/5/2016	DKK	9,700	USD	1,375		(1	)
Bank of Montreal	1/5/2016	EUR	1,053,229	USD	1,113,580		(607	)
RBC Capital Markets	1/5/2016	EUR	228,000	USD	241,067		(129	)
State Street Bank & Trust Co.	1/5/2016	EUR	706,000	USD	746,482		(379	)
The Bank of New York Mellon	1/5/2016	EUR	7,500	USD	7,930		(4	)
RBC Capital Markets	1/5/2016	GBP	188,000	USD	283,038		(159	)
State Street Bank & Trust Co.	1/5/2016	GBP	831,500	USD	1,251,869		(673	)
The Bank of New York Mellon	1/5/2016	HKD	5,777,600	USD	745,415		118
Bank of Montreal	1/5/2016	HKD	1,492,000	USD	192,491		26
State Street Bank & Trust Co.	1/5/2016	HUF	2,197,500	USD	7,465		(3	)
The Bank of New York Mellon	1/5/2016	HUF	560,800	USD	1,905		(1	)
RBC Capital Markets	1/5/2016	IDR	57,515,000	USD	4,123		3
The Bank of New York Mellon	1/5/2016	MXN	22,900	USD	1,376		(2	)
State Street Bank & Trust Co.	1/5/2016	MYR	195,000	USD	45,915		301
Bank of Montreal	1/5/2016	NOK	735,600	USD	84,689		87
RBC Capital Markets	1/5/2016	NOK	137,000	USD	15,772		15
State Street Bank & Trust Co.	1/5/2016	NOK	484,000	USD	55,723		57
The Bank of New York Mellon	1/5/2016	NOK	3,200	USD	368		0
Bank of Montreal	1/5/2016	SEK	916,500	USD	105,232		(9	)
State Street Bank & Trust Co.	1/5/2016	SEK	630,500	USD	72,395		(5	)
The Bank of New York Mellon	1/5/2016	SEK	34,600	USD	3,973		0
RBC Capital Markets	1/5/2016	USD	6,346	EUR	6,000		1
RBC Capital Markets	1/5/2016	USD	6,022	GBP	4,000		3
RBC Capital Markets	1/5/2016	USD	67,349	HKD	522,000		(12	)
RBC Capital Markets	1/5/2016	USD	5,052	SEK	44,000		1
The Bank of New York Mellon	1/5/2016	USD	5,988	AED	22,000		1
Bank of Montreal	1/6/2016	AUD	518,597	USD	375,086		807
RBC Capital Markets	1/6/2016	AUD	7,000	USD	5,054		2
RBC Capital Markets	1/6/2016	AUD	74,000	USD	53,520		113
The Bank of New York Mellon	1/6/2016	BRL	600,152	USD	151,561		(1,727	)
State Street Bank & Trust Co.	1/6/2016	CAD	530,000	USD	397,995		1,131
Bank of Montreal	1/6/2016	CAD	816,329	USD	613,009		1,742
RBC Capital Markets	1/6/2016	CAD	111,000	USD	83,354		237
Bank of Montreal	1/6/2016	CLP	6,871,500	USD	9,580		(52	)
RBC Capital Markets	1/6/2016	CLP	7,364,000	USD	10,325		3
State Street Bank & Trust Co.	1/6/2016	CLP	6,871,500	USD	9,641		10
Bank of Montreal	1/6/2016	COP	9,138,000	USD	2,895		(5	)
RBC Capital Markets	1/6/2016	COP	5,243,000	USD	1,667		2
State Street Bank & Trust Co.	1/6/2016	COP	9,138,000	USD	2,897		(3	)
The Bank of New York Mellon	1/6/2016	GBP	6,100	USD	9,184		(5	)
Bank of Montreal	1/6/2016	IDR	89,246,000	USD	6,429		36
Bank of Montreal	1/6/2016	JPY	10,939,400	USD	88,853		(140	)
State Street Bank & Trust Co.	1/6/2016	JPY	9,403,000	USD	76,372		(123	)
State Street Bank & Trust Co.	1/6/2016	MXN	123,000	USD	7,391		(9	)
Bank of Montreal	1/6/2016	MXN	189,000	USD	11,356		(15	)
Bank of Montreal	1/6/2016	MYR	195,000	USD	45,974		360
RBC Capital Markets	1/6/2016	MYR	103,000	USD	24,261		167
RBC Capital Markets	1/6/2016	SEK	110,000	USD	12,629		(2	)
Bank of Montreal	1/6/2016	SGD	141,500	USD	100,301		117
RBC Capital Markets	1/6/2016	SGD	18,000	USD	12,759		15
State Street Bank & Trust Co.	1/6/2016	SGD	92,500	USD	65,573		82
Bank of Montreal	1/6/2016	THB	962,500	USD	26,830		10
State Street Bank & Trust Co.	1/6/2016	THB	962,500	USD	26,842		22
The Bank of New York Mellon	1/6/2016	THB	393,000	USD	10,954		3
Bank of Montreal	1/6/2016	TWD	3,089,300	USD	94,618		(42	)

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
RBC Capital Markets	1/6/2016	TWD	1,905,000	USD	58,376	$	5
State Street Bank & Trust Co.	1/6/2016	TWD	2,894,000	USD	88,683		8
Bank of Montreal	1/6/2016	USD	5,208	AUD	7,200		(11	)
Bank of Montreal	1/6/2016	USD	12,766	CAD	17,000		(36	)
Bank of Montreal	1/6/2016	USD	4,869	JPY	599,500		8
Bank of Montreal	1/6/2016	USD	4,324	SGD	6,100		(5	)
Bank of Montreal	1/6/2016	USD	2,563	ZAR	37,200		(8	)
RBC Capital Markets	1/6/2016	USD	46,291	AUD	64,000		(101	)
RBC Capital Markets	1/6/2016	USD	6,355	BRL	25,000		31
RBC Capital Markets	1/6/2016	USD	2,036	BRL	8,000		8
RBC Capital Markets	1/6/2016	USD	30,788	CAD	41,000		(88	)
RBC Capital Markets	1/6/2016	USD	9,217	SGD	13,000		(12	)
RBC Capital Markets	1/6/2016	USD	12,775	SGD	18,000		(16	)
RBC Capital Markets	1/6/2016	USD	11,121	TWD	363,000		1
RBC Capital Markets	1/6/2016	USD	16,951	ZAR	246,000		(57	)
Bank of Montreal	1/6/2016	ZAR	2,450,000	USD	168,803		555
RBC Capital Markets	1/6/2016	ZAR	186,000	USD	12,815		42
State Street Bank & Trust Co.	1/6/2016	ZAR	1,687,000	USD	116,255		404
Bank of Montreal	1/7/2016	NZD	13,500	USD	8,874		12
State Street Bank & Trust Co.	1/7/2016	NZD	8,500	USD	5,588		8
State Street Bank & Trust Co.	1/13/2016	RUB	8,953,001	USD	133,827		811
The Bank of New York Mellon	1/13/2016	USD	20,929	RUB	1,398,000		(159	)
The Bank of New York Mellon	1/13/2016	USD	4,443	RUB	297,590		(22	)
Total net unrealized appreciation						$	243,220

Currency Abbreviations

AED	Arab Emirates Dirham
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Colombian Peso
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
JPY	Japanese Yen
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TWD	New Taiwan Dollar
USD	U.S. Dollar
ZAR	South African Rand

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	10,354,232	$	—		$	—	$	10,354,232
Preferred Stocks		5,126		—			—		5,126
Securities Lending Collateral		29,008		—			—		29,008
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		284,452			—		284,452
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(41,232	)		—		(41,232	)
Total	$	10,388,366	$	243,220		$	—	$	10,631,586

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

*  See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.6%
Australia — 12.1%
Amcor Ltd.		2,514	$	24,581
ASX Ltd.		413		12,362
Aurizon Holdings Ltd.		4,524		18,224
Australia & New Zealand Banking Group Ltd.		6,130		120,362
Bendigo and Adelaide Bank Ltd.		968		7,813
BHP Billiton Ltd.		6,846		89,564
BHP Billiton PLC		4,517		54,213
Flight Centre Travel Group Ltd.		119		3,096
Harvey Norman Holdings Ltd.		1,185		3,497
Insurance Australia Group Ltd.		5,183		20,766
LendLease Group (a)		1,175		10,834
Orica Ltd.		768		8,776
Platinum Asset Management Ltd.		476		2,778
Sonic Healthcare Ltd.		814		11,968
Tatts Group Ltd.		3,114		9,369
Telstra Corp. Ltd.		9,121		35,356
Wesfarmers Ltd.		2,408		66,333
Woodside Petroleum Ltd.		1,581		34,427
Woolworths Ltd.		2,732		46,767
				581,086
Austria — 0.2%
OMV AG		314		8,962
China — 0.1%
Yangzijiang Shipbuilding Holdings Ltd.		4,000		3,119
Denmark — 0.3%
TDC A/S		1,730		9,087
Tryg A/S		244		4,752
				13,839
Finland — 2.4%
Elisa OYJ		303		11,288
Fortum OYJ		947		13,828
Metso OYJ (b)		232		5,760
Nokian Renkaat OYJ		244		9,577
Orion OYJ, Class B		217		7,247
Sampo OYJ, Class A		953		47,243
UPM-Kymmene OYJ		1,138		21,727
				116,670
France — 13.8%
AXA SA		4,170		112,832
Bouygues SA		432		16,262
Casino Guichard-Perrachon SA		120		6,862
CNP Assurances		352		4,902
Edenred		443		9,181
Eutelsat Communications SA		363		10,835
Rexel SA		643		8,808
Sanofi		2,518		224,483
SCOR SE		327		12,825
Suez Environnement Co.		634		12,020
Technip SA		224		11,741
Total SA (b)		4,632		230,014
				660,765

	Number of Shares		Value
Germany — 9.4%
Allianz SE		975	$	172,702
Axel Springer SE		92		5,136
BASF SE		1,958		162,064
Hugo Boss AG		143		12,386
Muenchener Rueckversicherungs-Gesellschaft AG		356		71,747
ProSiebenSat.1 Media SE		467		24,522
				448,557
Hong Kong — 3.8%
BOC Hong Kong (Holdings) Ltd.		7,888		24,162
CLP Holdings Ltd.		4,039		33,756
Hang Lung Properties Ltd.		4,781		11,198
Hang Seng Bank Ltd.		1,630		29,537
HKT Trust and HKT Ltd. (a)		5,463		6,919
New World Development Co. Ltd.		11,507		11,457
NWS Holdings Ltd.		3,096		4,345
PCCW Ltd.		8,448		5,110
Power Assets Holdings Ltd.		2,957		26,411
Sino Land Co. Ltd.		6,484		9,617
Swire Pacific Ltd., Class A		1,255		13,694
Yue Yuen Industrial (Holdings) Ltd.		1,528		5,548
				181,754
Ireland — 0.2%
James Hardie Industries PLC CDI		959		11,346
Italy — 1.4%
Atlantia SpA		880		23,244
Snam SpA		4,477		22,752
Terna Rete Elettrica Nazionale SpA		3,213		15,819
UnipolSai SpA		2,371		6,118
				67,933
Japan — 1.4%
Canon, Inc.		2,300		69,430
Luxembourg — 0.4%
SES SA FDR		696		19,318
Macau — 0.4%
Sands China Ltd.		5,160		17,436
Netherlands — 4.9%
Royal Dutch Shell PLC, Class A		5,847		144,685
Royal Dutch Shell PLC, Class B		3,642		90,615
				235,300
New Zealand — 0.3%
Contact Energy Ltd.		1,507		4,940
Fletcher Building Ltd.		1,468		7,044
Mighty River Power Ltd.		1,431		2,732
				14,716
Norway — 2.2%
Gjensidige Forsikring ASA		412		6,651
Orkla ASA		1,738		14,119
Statoil ASA		2,379		36,792
Telenor ASA		1,600		27,892
Yara International ASA		381		17,637
				103,091

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Portugal — 0.3%
EDP—Energias de Portugal SA		4,936	$	16,454
Singapore — 2.8%
Keppel Corp. Ltd.		3,100		14,395
Sembcorp Industries Ltd.		2,000		4,608
Sembcorp Marine Ltd.		1,900		2,775
Singapore Exchange Ltd.		1,900		10,157
Singapore Press Holdings Ltd.		3,500		9,975
Singapore Technologies Engineering Ltd.		3,200		6,488
Singapore Telecommunications Ltd.		17,000		46,159
StarHub Ltd.		1,200		3,088
United Overseas Bank Ltd.		2,800		38,490
				136,135
Spain — 2.1%
Abertis Infraestructuras SA		1,106		17,125
Enagas SA		458		13,651
Gas Natural SDG SA		747		16,160
Mapfre SA		2,220		6,091
Red Electrica Corp. SA		231		19,818
Repsol SA		2,239		29,203
				102,048
Sweden — 2.8%
Industrivarden AB, Class C		339		6,071
Sandvik AB		2,273		23,546
Skanska AB, Class B		810		16,122
Telefonaktiebolaget LM Ericsson, Class B		6,488		63,193
TeliaSonera AB		5,538		27,183
				136,115
Switzerland — 4.3%
Swiss Prime Site AG		141		10,546
Swiss Re AG		751		71,571
Swisscom AG		55		27,103
Transocean Ltd.		775		11,186
Zurich Insurance Group AG		321		84,520
				204,926
United Kingdom — 34.0%
Aberdeen Asset Management PLC		1,920		9,236
Admiral Group PLC		447		10,913

	Number of Shares		Value
United Kingdom (Continued)
Amec Foster Wheeler PLC		800	$	5,246
AstraZeneca PLC		2,694		182,685
BAE Systems PLC		6,745		52,469
British American Tobacco PLC		3,974		231,508
Centrica PLC		10,771		35,380
Direct Line Insurance Group PLC		2,931		18,178
G4S PLC		3,308		11,304
GlaxoSmithKline PLC		10,374		211,786
ICAP PLC		1,179		9,038
IMI PLC		580		8,334
Imperial Tobacco Group PLC		2,040		110,239
ITV PLC		8,165		33,326
Legal & General Group PLC		12,675		51,829
Marks & Spencer Group PLC		3,505		26,526
National Grid PLC		7,980		111,268
Old Mutual PLC		10,506		33,070
Pearson PLC		1,750		21,771
Persimmon PLC		654		18,862
Petrofac Ltd.		535		6,648
Rio Tinto Ltd.		899		29,849
Rio Tinto PLC		2,672		88,876
Rolls-Royce Holdings PLC		3,920		35,807
Severn Trent PLC		504		17,094
Smiths Group PLC		843		13,115
SSE PLC		2,117		45,722
Tate & Lyle PLC		994		8,833
Vodafone Group PLC		56,590		191,128
				1,630,040
TOTAL COMMON STOCKS (Cost $4,963,709)				4,779,040
SECURITIES LENDING COLLATERAL — 2.5%
Daily Assets Fund, 0.20% (c)(d) (Cost $118,020)		118,020		118,020
TOTAL INVESTMENTS — 102.1% (Cost $5,081,729)†			$	4,897,060
Other assets and liabilities, net — (2.1%)				(101,533	)
NET ASSETS — 100.0%			$	4,795,527

CDI – Chess Depositary Interest

FDR – Fiduciary Depositary Receipt

†   The cost for federal income tax purposes was $5,081,729. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $184,669. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $78,853 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $263,522.

(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) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $112,922, which is 2.4% of net assets.

(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	10/2/2015	EUR	141,000	USD	155,803	$	6,830
Bank of Montreal	10/2/2015	SEK	70,000	USD	8,249		223
JP Morgan & Chase Co.	10/5/2015	AUD	495,000	USD	352,608		(5,316	)
Bank of Montreal	10/5/2015	CHF	18,000	USD	18,276		781
JP Morgan & Chase Co.	10/5/2015	HKD	2,600	USD	336		0
Bank of Montreal	10/5/2015	JPY	627,500	USD	5,201		103
RBC Capital Markets	12/2/2015	CHF	120,000	USD	121,840		5,205
Bank of Montreal	12/2/2015	CHF	48,000	USD	48,736		2,082
The Bank of New York Mellon	12/2/2015	CHF	5,900	USD	5,990		256
RBC Capital Markets	12/2/2015	DKK	75,800	USD	11,235		500
Bank of Montreal	12/2/2015	DKK	29,000	USD	4,298		191
Bank of Montreal	12/2/2015	EUR	322,315	USD	356,165		15,623
RBC Capital Markets	12/2/2015	EUR	10,000	USD	11,023		457
RBC Capital Markets	12/2/2015	EUR	850,000	USD	939,280		41,214
The Bank of New York Mellon	12/2/2015	EUR	18,700	USD	20,664		906
RBC Capital Markets	12/2/2015	GBP	97,000	USD	149,780		3,689
Bank of Montreal	12/2/2015	GBP	330,343	USD	510,087		12,560
RBC Capital Markets	12/2/2015	GBP	806,440	USD	1,245,242		30,668
RBC Capital Markets	12/2/2015	GBP	12,000	USD	18,555		482
The Bank of New York Mellon	12/2/2015	GBP	2,500	USD	3,853		88
The Bank of New York Mellon	12/2/2015	GBP	7,199	USD	11,116		274
Bank of Montreal	12/2/2015	HKD	382,000	USD	49,287		19
RBC Capital Markets	12/2/2015	HKD	91,000	USD	11,743		6
RBC Capital Markets	12/2/2015	HKD	990,000	USD	127,750		65
RBC Capital Markets	12/2/2015	NOK	572,800	USD	67,659		1,748
Bank of Montreal	12/2/2015	NOK	225,000	USD	26,603		713
RBC Capital Markets	12/2/2015	NOK	89,000	USD	10,513		272
Bank of Montreal	12/2/2015	SEK	287,000	USD	33,821		915
The Bank of New York Mellon	12/2/2015	SEK	5,600	USD	660		18
Bank of Montreal	12/2/2015	USD	46,695	CHF	48,000		(41	)
Bank of Montreal	12/2/2015	USD	4,106	DKK	29,000		1
Bank of Montreal	12/2/2015	USD	340,413	EUR	322,315		128
Bank of Montreal	12/2/2015	USD	15,000	GBP	9,932		(42	)
Bank of Montreal	12/2/2015	USD	482,315	GBP	320,411		254
Bank of Montreal	12/2/2015	USD	49,278	HKD	382,000		(10	)
Bank of Montreal	12/2/2015	USD	25,916	NOK	225,000		(26	)
Bank of Montreal	12/2/2015	USD	32,909	SEK	287,000		(3	)
RBC Capital Markets	12/2/2015	USD	134,248	CHF	138,000		(117	)
RBC Capital Markets	12/2/2015	USD	10,731	DKK	75,800		4
RBC Capital Markets	12/2/2015	USD	1,057,206	EUR	1,001,000		397
RBC Capital Markets	12/2/2015	USD	1,378,012	GBP	915,440		725
RBC Capital Markets	12/2/2015	USD	139,449	HKD	1,081,000		(27	)
RBC Capital Markets	12/2/2015	USD	76,227	NOK	661,800		(75	)
RBC Capital Markets	12/2/2015	USD	89,324	SEK	779,000		(7	)
The Bank of New York Mellon	12/2/2015	USD	5,151	CHF	5,100		(194	)
The Bank of New York Mellon	12/2/2015	USD	778	CHF	800		(1	)
The Bank of New York Mellon	12/2/2015	USD	17,857	EUR	16,300		(636	)
The Bank of New York Mellon	12/2/2015	USD	2,535	EUR	2,400		1
The Bank of New York Mellon	12/2/2015	USD	7,224	GBP	4,799		4
The Bank of New York Mellon	12/2/2015	USD	7,554	GBP	4,900		(175	)
The Bank of New York Mellon	12/2/2015	USD	335	HKD	2,600		0
The Bank of New York Mellon	12/2/2015	USD	2,493	SEK	21,300		(51	)
The Bank of New York Mellon	12/2/2015	USD	642	SEK	5,600		0
Bank of Montreal	12/3/2015	AUD	222,235	USD	158,304		(2,388	)
RBC Capital Markets	12/3/2015	AUD	6,000	USD	4,279		(59	)
RBC Capital Markets	12/3/2015	AUD	49,000	USD	34,905		(526	)

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon	12/3/2015	AUD	4,000	USD	2,849	$	(43	)
The Bank of New York Mellon	12/3/2015	AUD	4,900	USD	3,496		(47	)
RBC Capital Markets	12/3/2015	JPY	11,658,000	USD	96,630		1,914
Bank of Montreal	12/3/2015	JPY	4,376,749	USD	36,278		719
RBC Capital Markets	12/3/2015	JPY	1,802,000	USD	14,936		295
RBC Capital Markets	12/3/2015	JPY	307,500	USD	2,494		(4	)
Bank of Montreal	12/3/2015	NZD	5,000	USD	3,375		85
RBC Capital Markets	12/3/2015	NZD	16,000	USD	10,801		272
The Bank of New York Mellon	12/3/2015	NZD	1,400	USD	945		24
RBC Capital Markets	12/3/2015	SEK	709,000	USD	83,551		2,261
The Bank of New York Mellon	12/3/2015	SEK	21,300	USD	2,501		59
Bank of Montreal	12/3/2015	SGD	37,000	USD	26,392		164
RBC Capital Markets	12/3/2015	SGD	11,000	USD	7,846		48
RBC Capital Markets	12/3/2015	SGD	100,000	USD	71,324		437
Bank of Montreal	12/3/2015	USD	161,022	AUD	222,235		(329	)
Bank of Montreal	12/3/2015	USD	35,503	JPY	4,376,749		56
Bank of Montreal	12/3/2015	USD	3,295	NZD	5,000		(4	)
Bank of Montreal	12/3/2015	USD	26,260	SGD	37,000		(32	)
RBC Capital Markets	12/3/2015	USD	398,507	AUD	550,000		(814	)
RBC Capital Markets	12/3/2015	USD	109,184	JPY	13,460,000		173
RBC Capital Markets	12/3/2015	USD	10,543	NZD	16,000		(13	)
RBC Capital Markets	12/3/2015	USD	78,781	SGD	111,000		(97	)
The Bank of New York Mellon	12/3/2015	USD	6,449	AUD	8,900		(13	)
The Bank of New York Mellon	12/3/2015	USD	7,684	JPY	935,000		(88	)
The Bank of New York Mellon	12/3/2015	USD	922	NZD	1,400		(1	)
Bank of Montreal	1/5/2016	CHF	48,000	USD	46,821		26
RBC Capital Markets	1/5/2016	CHF	138,000	USD	134,605		70
RBC Capital Markets	1/5/2016	CHF	9,000	USD	8,779		5
The Bank of New York Mellon	1/5/2016	CHF	800	USD	780		0
Bank of Montreal	1/5/2016	DKK	29,000	USD	4,112		(2	)
RBC Capital Markets	1/5/2016	DKK	75,800	USD	10,747		(7	)
JP Morgan & Chase Co.	1/5/2016	EUR	1,001,000	USD	1,058,367		(567	)
Bank of Montreal	1/5/2016	EUR	322,315	USD	340,784		(186	)
RBC Capital Markets	1/5/2016	EUR	18,000	USD	19,031		(11	)
The Bank of New York Mellon	1/5/2016	EUR	2,400	USD	2,538		(1	)
JP Morgan & Chase Co.	1/5/2016	GBP	915,440	USD	1,378,213		(773	)
Bank of Montreal	1/5/2016	GBP	320,411	USD	482,392		(264	)
The Bank of New York Mellon	1/5/2016	GBP	4,799	USD	7,225		(4	)
JP Morgan & Chase Co.	1/5/2016	HKD	1,081,000	USD	139,468		22
Bank of Montreal	1/5/2016	HKD	382,000	USD	49,284		7
The Bank of New York Mellon	1/5/2016	HKD	2,600	USD	335		0
Bank of Montreal	1/5/2016	NOK	225,000	USD	25,904		27
RBC Capital Markets	1/5/2016	NOK	661,800	USD	76,189		75
Bank of Montreal	1/5/2016	SEK	287,000	USD	32,953		(3	)
RBC Capital Markets	1/5/2016	SEK	779,000	USD	89,437		(15	)
The Bank of New York Mellon	1/5/2016	SEK	5,600	USD	643		0
RBC Capital Markets	1/5/2016	USD	4,231	EUR	4,000		1
RBC Capital Markets	1/5/2016	USD	9,677	HKD	75,000		(2	)
Bank of Montreal	1/6/2016	AUD	222,235	USD	160,736		346
RBC Capital Markets	1/6/2016	AUD	550,000	USD	397,784		841
RBC Capital Markets	1/6/2016	AUD	6,000	USD	4,332		2
The Bank of New York Mellon	1/6/2016	AUD	8,900	USD	6,437		14
Bank of Montreal	1/6/2016	JPY	4,376,749	USD	35,549		(56	)
RBC Capital Markets	1/6/2016	JPY	704,000	USD	5,718		(9	)
RBC Capital Markets	1/6/2016	JPY	13,460,000	USD	109,323		(175	)
Bank of Montreal	1/6/2016	SGD	37,000	USD	26,227		31
RBC Capital Markets	1/6/2016	SGD	111,000	USD	78,684		94

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
RBC Capital Markets	1/6/2016	USD	32,548	AUD	45,000	$	(71	)
RBC Capital Markets	1/6/2016	USD	2,498	JPY	307,500		4
Bank of Montreal	1/7/2016	NZD	5,000	USD	3,287		4
RBC Capital Markets	1/7/2016	NZD	16,000	USD	10,517		14
The Bank of New York Mellon	1/7/2016	NZD	1,400	USD	920		1
Total net unrealized appreciation						$	122,168

Currency Abbreviations

AUD	Australian Dollar
CHF	Swiss Franc
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
SGD	Singapore Dollar
USD	U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	4,779,040	$	—		$	—	$	4,779,040
Securities Lending Collateral		118,020		—			—		118,020
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		135,493			—		135,493
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(13,325	)		—		(13,325	)
Total	$	4,897,060	$	122,168		$	—	$	5,019,228

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

*  See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.0%
Brazil — 5.6%
Ambev SA		16,365	$	78,843
BB Seguridade Participacoes SA		2,332		15,653
CCR SA		3,390		11,224
CETIP SA - Mercados Organizados		796		7,571
Odontoprev SA		251		646
Porto Seguro SA		444		3,734
Tractebel Energia SA		634		5,483
Transmissora Alianca de Energia Eletrica SA		482		2,195
				125,349
Chile — 0.7%
Banco de Chile		153,808		15,339
China — 25.2%
Agricultural Bank of China Ltd., Class H		79,376		30,406
Bank of China Ltd., Class H		248,590		110,293
Belle International Holdings Ltd.		17,233		15,069
China Construction Bank Corp., Class H		162,525		111,726
China Oilfield Services Ltd., Class H		6,923		6,884
China Petroleum & Chemical Corp., Class H		95,162		58,299
China Vanke Co. Ltd., Class H		5,043		12,566
CNOOC Ltd.		65,872		72,894
Country Garden Holdings Co. Ltd.		18,308		6,871
Great Wall Motor Co. Ltd., Class H		9,408		11,540
Industrial & Commercial Bank of China Ltd., Class H		177,870		107,592
Jiangsu Expressway Co. Ltd., Class H		5,378		6,964
Sino-Ocean Land Holdings Ltd.		10,678		5,991
Sinopec Engineering Group Co. Ltd., Class H		4,730		3,660
Zhejiang Expressway Co. Ltd., Class H		3,839		4,664
				565,419
Czech Republic — 1.1%
Komercni Banka AS		117		23,776
Hong Kong — 0.4%
Shimao Property Holdings Ltd.		3,984		6,649
Yuexiu Property Co. Ltd.		18,395		3,084
				9,733
Hungary — 0.8%
MOL Hungarian Oil and Gas PLC		399		18,306
Indonesia — 0.8%
PT Indocement Tunggal Prakarsa Tbk		5,958		8,053
PT Indofood Sukses Makmur Tbk		6,759		2,382
PT Media Nusantara Citra Tbk		6,385		750
PT United Tractors Tbk		6,327		7,454
				18,639
Malaysia — 5.2%
Alliance Financial Group Bhd		3,300		2,771
AMMB Holdings Bhd		5,000		5,382
Axiata Group Bhd		11,700		16,820

	Number of Shares		Value
Malaysia (Continued)
British American Tobacco Malaysia Bhd		500	$	6,785
DiGi.Com Bhd		14,300		16,768
Lafarge Malaysia Bhd		2,600		5,549
Malayan Banking Bhd		17,100		33,366
Sime Darby Bhd		8,300		15,397
Telekom Malaysia Bhd		5,700		8,702
UMW Holdings Bhd		2,500		4,679
				116,219
Mexico — 0.9%
Kimberly-Clark de Mexico SAB de CV, Class A		8,497		20,076
Poland — 1.7%
Bank Pekao SA		450		15,261
Enea SA		1,059		3,019
Energa SA		359		1,213
Powszechny Zaklad Ubezpieczen SA		1,940		18,531
Synthos SA		918		825
				38,849
Russia — 8.4%
Gazprom PAO, ADR		10,700		44,202
Lukoil PJSC, ADR		1,400		53,942
MegaFon PJSC, GDR		1,432		21,695
Mobile TeleSystems PJSC, ADR		2,511		17,702
Rosneft Oil Co. OJSC, GDR		12,900		51,858
				189,399
South Africa — 14.3%
Barclays Africa Group Ltd.		1,247		13,706
Barloworld Ltd.		584		3,088
FirstRand Ltd.		12,432		40,437
Foschini Group Ltd. (The)		699		6,262
Imperial Holdings Ltd.		517		5,434
Liberty Holdings Ltd.		388		3,482
Life Healthcare Group Holdings Ltd. (a)		3,395		8,384
MMI Holdings Ltd.		2,624		4,295
MTN Group Ltd.		5,405		54,274
Nedbank Group Ltd.		735		10,726
RMB Holdings Ltd.		2,458		10,391
Sanlam Ltd.		5,639		24,029
Sasol Ltd.		2,297		63,965
SPAR Group Ltd. (The)		554		6,959
Standard Bank Group Ltd.		4,470		40,148
Truworths International Ltd.		1,438		9,401
Tsogo Sun Holdings Ltd.		962		1,531
Vodacom Group Ltd. (a)		1,442		14,564
				321,076
South Korea — 2.2%
KT&G Corp.		417		38,530
SK Telecom Co. Ltd.		51		10,305
			48,835
Taiwan — 22.9%
Advanced Semiconductor Engineering, Inc.		24,313		25,585
Asia Cement Corp.		12,227		10,357

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Asustek Computer, Inc.		2,710	$	22,416
Cathay Financial Holding Co. Ltd.		24,243		33,904
Cheng Shin Rubber Industry Co. Ltd.		6,256		10,484
Chicony Electronics Co. Ltd.		2,223		5,128
Chunghwa Telecom Co. Ltd.		15,120		46,228
Delta Electronics, Inc.		7,058		33,839
Far EasTone Telecommunications Co. Ltd.		7,044		14,825
Fubon Financial Holding Co. Ltd.		19,293		30,735
Hon Hai Precision Industry Co. Ltd.		43,449		111,810
Inventec Corp.		9,691		5,641
MediaTek, Inc.		4,918		39,248
Merida Industry Co. Ltd.		300		1,668
Novatek Microelectronics Corp.		2,323		8,433
Phison Electronics Corp.		669		5,103
Quanta Computer, Inc.		10,159		15,873
Radiant Opto-Electronics Corp.		1,767		4,623
Realtek Semiconductor Corp.		1,795		3,706
Ruentex Development Co. Ltd.		363		482
Ruentex Industries Ltd.		2,014		3,906
Siliconware Precision Industries Co. Ltd.		6,197		8,163
Simplo Technology Co. Ltd.		1,155		3,963
Synnex Technology International Corp.		5,842		5,665
Taiwan Cement Corp.		13,434		12,120
Taiwan Fertilizer Co. Ltd.		3,678		4,530
Taiwan Mobile Co. Ltd.		6,994		21,126
Teco Electric & Machinery Co. Ltd.		6,667		5,198
Transcend Information, Inc.		1,016		2,655
Vanguard International Semiconductor Corp.		3,621		4,382
WPG Holdings Ltd.		6,435		6,230
Yuanta Financial Holding Co. Ltd.		13,338		5,046
Zhen Ding Technology Holding Ltd.		737		2,093
			515,165
Thailand — 4.0%
Bangkok Bank PCL, NVDR		4,700		21,966
Krung Thai Bank PCL, NVDR		45,000		21,345
PTT PCL, NVDR		3,700		26,428

	Number of Shares		Value
Thailand (Continued)
Siam Commercial Bank PCL, NVDR		5,200	$	19,079
			88,818
Turkey — 1.2%
Arcelik AS		848		4,599
Eregli Demir ve Celik Fabrikalari TAS		8,718		11,252
TAV Havalimanlari Holding AS		1,112		8,031
Tofas Turk Otomobil Fabrikasi AS		629		4,152
			28,034
United Arab Emirates — 2.6%
Dubai Islamic Bank PJSC		6,930		12,077
Emirates Telecommunications Group Co. PJSC		3,700		16,623
First Gulf Bank PJSC		9,390		30,681
			59,381
TOTAL COMMON STOCKS (Cost $2,481,664)				2,202,413
PREFERRED STOCKS — 0.3%
Brazil — 0.3%
Cia Energetica de Minas Gerais		2,922		4,985
Cia Paranaense de Energia, Class B		345		2,559
			7,544
TOTAL PREFERRED STOCKS (Cost $10,722)				7,544
RIGHTS — 0.0%
Taiwan — 0.0%
Delta Electronics, Inc., expires 12/31/15* (Cost $0)		355		71
SECURITIES LENDING COLLATERAL — 1.1%
Daily Assets Fund, 0.20% (b)(c) (Cost $23,903)		23,903		23,903
TOTAL INVESTMENTS — 99.4% (Cost $2,516,289)†			$	2,233,931
Other assets and liabilities, net — 0.6%				13,566
NET ASSETS — 100.0%			$	2,247,497

†   The cost for federal income tax purposes was $2,516,289. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $282,358. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $11,411 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $293,769.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $21,791, which is 1.0% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

ADR: American Depositary Receipt

GDR: Global Depositary Receipt

NVDR: Non Voting Depositary Receipt

OJSC: Open Joint Stock Company

PJSC: Private Joint Stock Company

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
RBC Capital Markets	12/2/2015	CZK	503,000	USD	20,515	$	858
The Bank of New York Mellon	12/2/2015	CZK	130,900	USD	5,337		222
RBC Capital Markets	12/2/2015	HKD	599,000	USD	77,295		39
RBC Capital Markets	12/2/2015	HKD	4,758,000	USD	613,975		313
The Bank of New York Mellon	12/2/2015	HKD	363,806	USD	46,945		23
JP Morgan & Chase Co.	12/2/2015	HUF	4,508,600	USD	16,004		682
The Bank of New York Mellon	12/2/2015	HUF	1,185,000	USD	4,038		11
RBC Capital Markets	12/2/2015	PLN	226,000	USD	58,611		2,685
The Bank of New York Mellon	12/2/2015	PLN	7,100	USD	1,841		85
RBC Capital Markets	12/2/2015	USD	19,644	CZK	503,000		13
RBC Capital Markets	12/2/2015	USD	691,052	HKD	5,357,000		(134	)
RBC Capital Markets	12/2/2015	USD	15,319	HUF	4,508,600		4
RBC Capital Markets	12/2/2015	USD	55,889	PLN	226,000		37
The Bank of New York Mellon	12/2/2015	USD	5,112	CZK	130,900		3
The Bank of New York Mellon	12/2/2015	USD	35,540	HKD	275,506		(7	)
The Bank of New York Mellon	12/2/2015	USD	11,394	HKD	88,300		(5	)
The Bank of New York Mellon	12/2/2015	USD	4,026	HUF	1,185,000		1
The Bank of New York Mellon	12/2/2015	USD	1,256	PLN	4,900		(43	)
The Bank of New York Mellon	12/2/2015	USD	544	PLN	2,200		0
RBC Capital Markets	12/3/2015	BRL	36,000	USD	9,245		(51	)
State Street Bank & Trust Co.	12/3/2015	BRL	11,925	USD	3,043		(36	)
The Bank of New York Mellon	12/3/2015	BRL	738,339	USD	190,164		(490	)
Bank of Montreal	12/3/2015	CLP	9,448,000	USD	13,628		338
Bank of Montreal	12/3/2015	COP	38,317,000	USD	13,188		1,005
Bank of Montreal	12/3/2015	IDR	371,966,000	USD	26,865		(2	)
Bank of Montreal	12/3/2015	KRW	55,591,000	USD	48,663		664
RBC Capital Markets	12/3/2015	MXN	302,000	USD	18,231		18
The Bank of New York Mellon	12/3/2015	MXN	22,900	USD	1,382		1
Bank of Montreal	12/3/2015	MYR	508,000	USD	117,969		(1,141	)
RBC Capital Markets	12/3/2015	MYR	20,000	USD	4,709		19
State Street Bank & Trust Co.	12/3/2015	RUB	1,010,450	USD	15,676		454
The Bank of New York Mellon	12/3/2015	RUB	9,335,119	USD	144,872		4,243
Bank of Montreal	12/3/2015	THB	3,316,000	USD	92,970		458
The Bank of New York Mellon	12/3/2015	THB	287,000	USD	8,049		42
The Bank of New York Mellon	12/3/2015	THB	37,000	USD	1,032		0
RBC Capital Markets	12/3/2015	TRY	85,000	USD	28,928		(221	)
State Street Bank & Trust Co.	12/3/2015	TWD	295,335	USD	9,090		42
Bank of Montreal	12/3/2015	TWD	10,604,880	USD	323,596		(1,293	)
RBC Capital Markets	12/3/2015	TWD	52,000	USD	1,594		1
RBC Capital Markets	12/3/2015	TWD	328,000	USD	10,102		53
Bank of Montreal	12/3/2015	USD	13,214	CLP	9,448,000		77
Bank of Montreal	12/3/2015	USD	12,164	COP	38,317,000		19
Bank of Montreal	12/3/2015	USD	26,880	IDR	371,966,000		(14	)
Bank of Montreal	12/3/2015	USD	48,016	KRW	55,591,000		(17	)
Bank of Montreal	12/3/2015	USD	119,529	MYR	508,000		(419	)
Bank of Montreal	12/3/2015	USD	92,526	THB	3,316,000		(14	)
Bank of Montreal	12/3/2015	USD	324,805	TWD	10,604,880		84
RBC Capital Markets	12/3/2015	USD	9,237	BRL	36,000		59
RBC Capital Markets	12/3/2015	USD	18,185	MXN	302,000		27
RBC Capital Markets	12/3/2015	USD	4,650	MYR	20,000		40
RBC Capital Markets	12/3/2015	USD	29,228	TRY	85,000		(79	)
RBC Capital Markets	12/3/2015	USD	11,703	TWD	380,000		(61	)
RBC Capital Markets	12/3/2015	USD	382,430	ZAR	5,515,588		(1,119	)
State Street Bank & Trust Co.	12/3/2015	USD	3,056	BRL	11,925		23

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	12/3/2015	USD	15,295	RUB	1,010,450	$	(73	)
State Street Bank & Trust Co.	12/3/2015	USD	9,060	TWD	295,335		(12	)
The Bank of New York Mellon	12/3/2015	USD	3,804	BRL	14,500		(60	)
The Bank of New York Mellon	12/3/2015	USD	184,662	BRL	723,839		2,247
The Bank of New York Mellon	12/3/2015	USD	1,379	MXN	22,900		2
The Bank of New York Mellon	12/3/2015	USD	141,406	RUB	9,335,119		(777	)
The Bank of New York Mellon	12/3/2015	USD	9,086	THB	324,000		(47	)
The Bank of New York Mellon	12/3/2015	USD	3,252	ZAR	45,500		(107	)
The Bank of New York Mellon	12/3/2015	USD	7,648	ZAR	110,303		(22	)
The Bank of New York Mellon	12/3/2015	USD	1,602	ZAR	22,800		(26	)
RBC Capital Markets	12/3/2015	ZAR	297,000	USD	21,400		867
RBC Capital Markets	12/3/2015	ZAR	5,218,588	USD	376,011		15,231
The Bank of New York Mellon	12/3/2015	ZAR	178,603	USD	12,868		521
The Bank of New York Mellon	12/7/2015	AED	214,500	USD	58,381		(22	)
The Bank of New York Mellon	12/7/2015	AED	24,000	USD	6,534		0
RBC Capital Markets	12/7/2015	USD	6,534	AED	24,000		1
The Bank of New York Mellon	12/7/2015	USD	58,398	AED	214,500		4
The Bank of New York Mellon	1/5/2016	AED	214,500	USD	58,384		(6	)
RBC Capital Markets	1/5/2016	CZK	503,000	USD	19,676		(23	)
The Bank of New York Mellon	1/5/2016	CZK	130,900	USD	5,113		(13	)
RBC Capital Markets	1/5/2016	HKD	5,357,000	USD	691,148		107
The Bank of New York Mellon	1/5/2016	HKD	275,506	USD	35,545		6
RBC Capital Markets	1/5/2016	HUF	4,508,600	USD	15,315		(7	)
The Bank of New York Mellon	1/5/2016	HUF	1,185,000	USD	4,025		(2	)
RBC Capital Markets	1/5/2016	PLN	226,000	USD	55,845		(34	)
The Bank of New York Mellon	1/5/2016	PLN	2,200	USD	544		0
RBC Capital Markets	1/5/2016	TRY	85,000	USD	28,950		101
RBC Capital Markets	1/5/2016	USD	48,254	HKD	374,000		(9	)
The Bank of New York Mellon	1/5/2016	USD	6,532	AED	24,000		1
The Bank of New York Mellon	1/6/2016	BRL	723,839	USD	182,797		(2,085	)
Bank of Montreal	1/6/2016	CLP	9,448,000	USD	13,172		(71	)
Bank of Montreal	1/6/2016	COP	38,317,000	USD	12,141		(22	)
Bank of Montreal	1/6/2016	IDR	371,966,000	USD	26,797		150
Bank of Montreal	1/6/2016	KRW	55,591,000	USD	47,973		26
RBC Capital Markets	1/6/2016	MXN	302,000	USD	18,146		(23	)
The Bank of New York Mellon	1/6/2016	MXN	22,900	USD	1,376		(2	)
Bank of Montreal	1/6/2016	MYR	508,000	USD	119,769		938
Bank of Montreal	1/6/2016	THB	3,316,000	USD	92,435		35
Bank of Montreal	1/6/2016	TWD	10,604,880	USD	324,803		(143	)
State Street Bank & Trust Co.	1/6/2016	TWD	295,335	USD	9,050		1
RBC Capital Markets	1/6/2016	USD	6,863	BRL	27,000		33
RBC Capital Markets	1/6/2016	USD	9,160	BRL	36,000		35
RBC Capital Markets	1/6/2016	USD	4,711	MYR	20,000		(33	)
RBC Capital Markets	1/6/2016	USD	1,593	TWD	52,000		0
RBC Capital Markets	1/6/2016	USD	16,850	TWD	550,000		2
RBC Capital Markets	1/6/2016	USD	19,569	ZAR	284,000		(66	)
State Street Bank & Trust Co.	1/6/2016	USD	3,015	BRL	11,925		31
The Bank of New York Mellon	1/6/2016	USD	1,031	THB	37,000		0
RBC Capital Markets	1/6/2016	ZAR	5,515,588	USD	380,015		1,247
The Bank of New York Mellon	1/6/2016	ZAR	110,303	USD	7,600		25
State Street Bank & Trust Co.	1/13/2016	RUB	1,010,450	USD	15,104		92
The Bank of New York Mellon	1/13/2016	RUB	9,335,119	USD	139,386		694
Total net unrealized appreciation						$	26,209

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Currency Abbreviations

AED	Arab Emirates Dirham
BRL	Brazilian Real
CLP	Chilean Peso
COP	Colombian Peso
CZK	Czech Kronua
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
PLN	Polish Zloty
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish New Lira
TWD	New Taiwan Dollar
USD	U.S. Dollar
ZAR	South African Rand

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	2,202,413	$	—		$	—	$	2,202,413
Preferred Stocks		7,544		—			—		7,544
Rights		71		—			—		71
Securities Lending Collateral		23,903		—			—		23,903
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		35,040			—		35,040
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(8,831	)		—		(8,831	)
Total	$	2,233,931	$	26,209		$	—	$	2,260,140

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

*  See Schedule of Investments for additional detailed categorizations

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 92.6%
Austria — 1.5%
OMV AG		1,335	$	38,105
Finland — 16.5%
Elisa OYJ		1,290		48,058
Fortum OYJ		4,027		58,800
Metso OYJ (a)		1,022		25,375
Nokian Renkaat OYJ		1,038		40,742
Orion OYJ, Class B		923		30,826
Sampo OYJ, Class A		2,532		125,519
UPM-Kymmene OYJ		4,839		92,385
				421,705
France — 22.2%
AXA SA		4,669		126,334
Bouygues SA		1,837		69,153
CNP Assurances		1,556		21,668
Edenred		1,884		39,044
Eutelsat Communications SA		1,543		46,055
Rexel SA		2,737		37,492
SCOR SE		1,393		54,632
Technip SA		951		49,847
Total SA (a)		2,492		123,747
				567,972
Germany — 18.2%
Allianz SE		724		128,242
Axel Springer SE		403		22,499
Hugo Boss AG		607		52,576
Muenchener Rueckversicherungs-Gesellschaft AG		636		128,177
ProSiebenSat.1 Media SE		1,984		104,180
Volkswagen AG		199		29,709
				465,383
Italy — 11.3%
Atlantia SpA		3,744		98,893
Snam SpA		19,043		96,776

	Number of Shares		Value
Italy (Continued)
Terna Rete Elettrica Nazionale SpA		13,668	$	67,294
UnipolSai SpA		10,084		26,018
				288,981
Luxembourg — 3.2%
SES SA FDR		2,960		82,156
Portugal — 2.7%
EDP — Energias de Portugal SA		20,996		69,988
Spain — 17.0%
Abertis Infraestructuras SA		4,704		72,835
Enagas SA		1,948		58,060
Gas Natural SDG SA		3,176		68,706
Mapfre SA		9,772		26,813
Red Electrica Corp. SA		981		84,162
Repsol SA		9,523		124,209
				434,785
TOTAL COMMON STOCKS (Cost $2,413,764)				2,369,075
PREFERRED STOCKS — 7.3%
Germany — 7.3%
Bayerische Motoren Werke AG		495		41,500
Volkswagen AG		1,041		144,687
				186,187
TOTAL PREFERRED STOCKS (Cost $186,187)				186,187
SECURITIES LENDING COLLATERAL — 5.6%
Daily Assets Fund, 0.20% (b)(c) (Cost $143,010)		143,010		143,010
TOTAL INVESTMENTS — 105.5% (Cost $2,742,961)†			$	2,698,272
Other assets and liabilities, net — (5.5%)				(141,240	)
NET ASSETS — 100.0%			$	2,557,032

†   The cost for federal income tax purposes was $2,742,961. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $44,689. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $50,703 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $95,392.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $136,832, which is 5.4% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

FDR: Fiduciary Depositary Receipt

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2015 (Unaudited)

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/2/2015	EUR	627,295	USD	693,174	$	30,407
RBC Capital Markets	12/2/2015	EUR	18,000	USD	19,841		823
RBC Capital Markets	12/2/2015	EUR	1,388,892	USD	1,534,774		67,346
RBC Capital Markets	12/2/2015	EUR	230,000	USD	254,147		11,141
The Bank of New York Mellon	12/2/2015	EUR	14,078	USD	15,000		126
The Bank of New York Mellon	12/2/2015	EUR	975	USD	1,077		47
Bank of Montreal	12/2/2015	USD	4,385	EUR	4,000		(159	)
Bank of Montreal	12/2/2015	USD	688,789	EUR	652,169		259
RBC Capital Markets	12/2/2015	USD	16,122	EUR	15,000		(274	)
RBC Capital Markets	12/2/2015	USD	1,792,640	EUR	1,697,335		673
The Bank of New York Mellon	12/2/2015	USD	16,077	EUR	15,222		6
Bank of Montreal	1/5/2016	EUR	651,460	USD	688,789		(376	)
RBC Capital Markets	1/5/2016	EUR	1,695,473	USD	1,792,640		(961	)
RBC Capital Markets	1/5/2016	EUR	51,000	USD	53,920		(31	)
The Bank of New York Mellon	1/5/2016	EUR	15,206	USD	16,077		(8	)
RBC Capital Markets	1/5/2016	USD	8,462	EUR	8,000		1
Total net unrealized appreciation						$	109,020

Currency Abbreviations

EUR	Euro
USD	U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	2,369,075	$	—		$	—	$	2,369,075
Preferred Stocks		186,187		—			—		186,187
Securities Lending Collateral		143,010		—			—		143,010
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		110,829			—		110,829
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(1,809	)		—		(1,809	)
Total	$	2,698,272	$	109,020		$	—	$	2,807,292

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

*  See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 46

This Page is Intentionally Left Blank

47

DBX ETF Trust

Statements of assets and liabilities

November 30, 2015 (Unaudited)

	Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF			Deutsche X-trackers High Yield Corporate Bond —  Interest Rate Hedged ETF			Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF
Assets
Investments in non-affiliated securities at fair value	$	5,640,715		$	8,330,627		$	4,471,993
Investment in affiliated securities at fair value (See Note 5)		—			—			8,081
Investment in Daily Assets Fund*		104,833			228,237			—
Cash		210,557			568,717			193,758
Unrealized appreciation on futures contracts		—			3,945			—
Deposit with broker for futures contracts		80,948			75,073			70,871
Receivables:
Investment securities sold		289,995			—			40,991
Interest		86,516			138,358			50,839
Total Assets	$	6,413,564		$	9,344,957		$	4,836,533
Liabilities
Payable upon return of securities loaned	$	104,833		$	228,237		$	—
Unrealized depreciation on futures contracts		640			—			1,289
Payables:
Investment securities purchased		258,755			115,478			42,232
Capital shares		—			71,499			—
Investment advisory fees		2,488			3,727			982
Total Liabilities		366,716			418,941			44,503
Net Assets	$	6,046,848		$	8,926,016		$	4,792,030
Net Assets Consist of
Paid-in capital	$	6,236,855		$	10,026,720		$	5,036,435
Distributions in excess of net investment income		(7,510	)		(620	)		—
Undistributed net investment income		—			—			4,639
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions		24,582			(241,400	)		(55,411	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(207,079	)		(858,684	)		(193,633	)
Net Assets	$	6,046,848		$	8,926,016		$	4,792,030
Number of Common Shares outstanding		250,001			400,001			200,001
Net Assets Value	$	24.19		$	22.31		$	23.96
Investments in non-affiliated securities at cost	$	5,847,153		$	9,193,256		$	4,664,304
Investments in affiliated securities at cost	$	—		$	—		$	8,114
Value of securities loaned	$	100,482		$	220,763		$	—
Investment in Daily Assets Fund at cost	$	104,833		$	228,237		$	—
Foreign currency at cost	$	—		$	—		$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 48

DBX ETF Trust

Statements of assets and liabilities (Continued)

November 30, 2015 (Unaudited)

	Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF			Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF			Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF
Assets
Investments in non-affiliated securities at fair value	$	24,237,582		$	10,359,358		$	4,779,040
Investment in Daily Assets Fund*		—			29,008			118,020
Cash		146,037			—			3,508
Foreign currency at value		—			12,561			5,410
Unrealized appreciation on forward foreign currency contracts		—			284,452			135,493
Receivables:
Investment securities sold		—			28,579			308,824
Dividends		—			32,648			20,367
Interest		320,509			997			544
Foreign tax reclaim		—			996			66
Total Assets	$	24,704,128		$	10,748,599		$	5,371,272
Liabilities
Due to custodian	$	—		$	21,592		$	—
Payable upon return of securities loaned		—			29,008			118,020
Unrealized depreciation on forward foreign currency contracts		—			41,232			13,325
Payables:
Investment securities purchased		—			—			442,638
Investment advisory fees		5,470			3,940			1,762
Total Liabilities		5,470			95,772			575,745
Net Assets	$	24,698,658		$	10,652,827		$	4,795,527
Net Assets Consist of
Paid-in capital	$	23,916,100		$	10,470,837		$	4,824,394
Undistributed net investment income		57,950			70,590			31,345
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions		(94,048	)		(58,169	)		2,414
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		818,656			169,569			(62,626	)
Net Assets	$	24,698,658		$	10,652,827		$	4,795,527
Number of Common Shares outstanding		950,001			450,001			200,001
Net Assets Value	$	26.00		$	23.67		$	23.98
Investments in non-affiliated securities at cost	$	23,418,926		$	10,432,390		$	4,963,709
Value of securities loaned	$	—		$	26,958		$	112,922
Investment in Daily Assets Fund at cost	$	—		$	29,008		$	118,020
Foreign currency at cost	$	—		$	12,681		$	5,427

* Represents collateral on securities loaned.

See Notes to Financial Statements. 49

DBX ETF Trust

Statements of assets and liabilities (Continued)

November 30, 2015 (Unaudited)

	Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF			Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
Assets
Investments in non-affiliated securities at fair value	$	2,210,028		$	2,555,262
Investment in Daily Assets Fund*		23,903			143,010
Cash		2,166			222
Foreign currency at value		1,417			2,814
Unrealized appreciation on forward foreign currency contracts		35,040			110,829
Receivables:
Investment securities sold		307,349			367,147
Dividends		1,135			1,713
Interest		29			491
Total Assets	$	2,581,067		$	3,181,488
Liabilities
Payable upon return of securities loaned	$	23,903		$	143,010
Unrealized depreciation on forward foreign currency contracts		8,831			1,809
Payables:
Investment securities purchased		299,598			478,713
Investment advisory fees		1,238			924
Total Liabilities		333,570			624,456
Net Assets	$	2,247,497		$	2,557,032
Net Assets Consist of
Paid-in capital	$	2,507,967		$	2,535,950
Undistributed net investment income		12,443			7,428
Accumulated net realized gain (loss) on investments, futures and foreign currency transactions		(16,757	)		(50,637	)
Net unrealized appreciation (depreciation) on investments, futures and foreign currency translations		(256,156	)		64,291
Net Assets	$	2,247,497		$	2,557,032
Number of Common Shares outstanding		100,001			100,001
Net Assets Value	$	22.47		$	25.57
Investments in non-affiliated securities at cost	$	2,492,386		$	2,599,951
Value of securities loaned	$	21,791		$	136,832
Investment in Daily Assets Fund at cost	$	23,903		$	143,010
Foreign currency at cost	$	1,419		$	2,826

* Represents collateral on securities loaned.

See Notes to Financial Statements. 50

DBX ETF Trust

Statements of operations

For the Six Months Ended November 30, 2015 (Unaudited)

	Deutsche X-trackers Emerging Markets Bond —  Interest Rate Hedged ETF			Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF			Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF
Investment Income
Interest income	$	150,778		$	256,509		$	78,417
Affiliated interest income		—			—			102
Securities lending income, including income from Daily Assets Fund, net of borrower rebates		186			332			370
Total Investment Income		150,964			256,841			78,889
Expenses
Investment advisory fees		15,217			21,984			6,132
Total Expenses		15,217			21,984			6,132
Net Investment Income		135,747			234,857			72,757
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		48,668			(33,465	)		(73,515	)
Investments in affiliates		—			—			(19	)
In-kind redemptions		—			(99,279	)		—
Futures contracts		(22,406	)		7,430			5,033
Net realized gain (loss)		26,262			(125,314	)		(68,501	)
Net change in unrealized appreciation (depreciation) on:
Investments		(219,030	)		(753,988	)		(78,178	)
Futures contracts		21,123			32,598			22,295
Net change in unrealized appreciation (depreciation)		(197,907	)		(721,390	)		(55,883	)
Net realized and unrealized loss on investments, futures, and foreign currency transactions		(171,645	)		(846,704	)		(124,384	)
Net decrease in Net Assets Resulting from Operations	$	(35,898	)	$	(611,847	)	$	(51,627	)

See Notes to Financial Statements. 51

DBX ETF Trust

Statements of operations (Continued)

For the Six Months Ended November 30, 2015 (Unaudited)

	Deutsche X-trackers Municipal Infrastructure Revenue  Bond ETF			Deutsche X-trackers MSCI All World ex US High  Dividend Yield Hedged Equity ETF(1)			Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF(1)
Investment Income
Interest income	$	376,565		$	—		$	—
Dividend income*		—			93,658			45,594
Securities lending income, including income from Daily Assets Fund, net of borrower rebates		—			1,778			908
Total Investment Income		376,565			95,436			46,502
Expenses
Investment advisory fees		32,651			11,589			5,475
Total Expenses		32,651			11,589			5,475
Net Investment Income		343,914			83,847			41,027
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(17,995	)		(4,035	)		(24,447	)
Foreign currency transactions		—			(54,134	)		26,861
Net realized gain (loss)		(17,995	)		(58,169	)		2,414
Net change in unrealized appreciation (depreciation) on:
Investments		448,501			(73,032	)		(184,669	)
Foreign currency translations		—			242,601			122,043
Net change in unrealized appreciation (depreciation)		448,501			169,569			(62,626	)
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		430,506			111,400			(60,212	)
Net increase (decrease) in Net Assets Resulting from Operations	$	774,420		$	195,247		$	(19,185	)
*       Foreign tax withheld	$	—		$	6,710		$	2,126

(1) For the period August 12, 2015 (commencement of operations) through November 30, 2015.

See Notes to Financial Statements. 52

DBX ETF Trust

Statements of operations (Continued)

For the Six Months Ended November 30, 2015 (Unaudited)

	Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF(1)			Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF(1)
Investment Income
Dividend income*	$	22,521		$	10,059
Securities lending income, including income from Daily Assets Fund, net of borrower rebates		120			995
Total Investment Income		22,641			11,054
Expenses
Investment advisory fees		4,620			3,626
Total Expenses		4,620			3,626
Net Investment Income		18,021			7,428
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(63,942	)		(14,396	)
In-kind redemptions		—			(38,071	)
Foreign currency transactions		47,185			1,830
Net realized gain (loss)		(16,757	)		(50,637	)
Net change in unrealized appreciation (depreciation) on:
Investments		(282,358	)		(44,689	)
Foreign currency translations		26,202			108,980
Net change in unrealized appreciation (depreciation)		(256,156	)		64,291
Net realized and unrealized gain (loss) on investments, futures, and foreign currency transactions		(272,913	)		13,654
Net increase (decrease) in Net Assets Resulting from Operations	$	(254,892	)	$	21,082
*       Foreign tax withheld	$	2,720		$	1,887

(1) For the period August 12, 2015 (commencement of operations) through November 30, 2015

See Notes to Financial Statements. 53

DBX ETF Trust

Statements of changes in net assets

	Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF						Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF
	For the Six Months Ended November 30, 2015 (Unaudited)			For the Period March 3, 2015(1) to May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			For the Period March 3, 2015(1) to May 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	135,747		$	64,757		$	234,857		$	128,299
Net realized gain (loss)		26,262			13,674			(125,314	)		(94,169	)
Net change in unrealized appreciation (depreciation)		(197,907	)		(9,172	)		(721,390	)		(137,294	)
Net increase (decrease) in net assets resulting from operations.		(35,898	)		69,259			(611,847	)		(103,164	)
Distributions to Shareholders from
Net investment income		(174,530	)		(48,838	)		(289,919	)		(95,774	)
Total distributions		(174,530	)		(48,838	)		(289,919	)		(95,774	)
Fund Shares Transactions
Proceeds from shares sold		—			6,236,830			1,110,857			11,254,996
Value of shares redeemed		—			—			(2,339,158	)		—
Net increase (decrease) in net assets resulting from fund share transactions		—			6,236,830			(1,228,301	)		11,254,996
Total Net increase (decrease) in Net Assets		(210,428	)		6,257,251			(2,130,067	)		11,056,058
Net Assets
Beginning of period		6,257,276			25			11,056,083			25
End of period	$	6,046,848		$	6,257,276		$	8,926,016		$	11,056,083
Distributions in excess of net investment income		(7,510	)		—			(620	)		—
Undistributed net investment income	$	—		$	31,273		$	—		$	54,442
Changes in Shares Outstanding
Shares outstanding, beginning of period		250,001			1			450,001			1
Shares sold		—			250,000			50,000			450,000
Shares redeemed		—			—			(100,000	)		—
Shares outstanding, end of period		250,001			250,001			400,001			450,001

(1) Commencement of Operations.

See Notes to Financial Statements. 54

DBX ETF Trust

Statements of changes in net assets (Continued)

	Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF						Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF
	For the Six Months Ended November 30, 2015 (Unaudited)			For the Period March 3, 2015(1) to May 31,  2015			For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	72,757		$	40,754		$	343,914		$	584,119
Net realized gain (loss) on investments, futures and foreign currency related transactions		(68,501	)		18,716			(17,995	)		106,699
Net change in unrealized appreciation (depreciation) on investments, futures and foreign currency translation		(55,883	)		(137,750	)		448,501			44,797
Net increase (decrease) in net assets resulting from operations.		(51,627	)		(78,280	)		774,420			735,615
Distributions to Shareholders from
Net investment income		(86,185	)		(28,313	)		(342,381	)		(573,756	)
Total distributions		(86,185	)		(28,313	)		(342,381	)		(573,756	)
Fund Shares Transactions
Proceeds from shares sold		—			6,263,110			2,601,132			10,360,410
Value of shares redeemed		(1,226,700	)		—			—			(5,152,537	)
Net increase (decrease) in net assets resulting from fund share transactions		(1,226,700	)		6,263,110			2,601,132			5,207,873
Total Net increase (decrease) in Net Assets		(1,364,512	)		6,156,517			3,033,171			5,369,732
Net Assets
Beginning of period		6,156,542			25			21,665,487			16,295,755
End of period	$	4,792,030		$	6,156,542		$	24,698,658		$	21,665,487
Undistributed net investment income	$	4,639		$	18,067		$	57,950		$	56,417
Changes in Shares Outstanding
Shares outstanding, beginning of period		250,001			1			850,001			650,001
Shares sold		—			250,000			100,000			400,000
Shares redeemed		(50,000	)		—			—			(200,000	)
Shares outstanding, end of period		200,001			250,001			950,001			850,001

(1) Commencement of Operations.

See Notes to Financial Statements. 55

DBX ETF Trust

Statements of changes in net assets (Continued)

	Deutsche X-trackers MSCI All World ex US  High Dividend Yield Hedged Equity ETF			Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF
	For the Period August 12, 2015(1) to November 30, 2015			For the Period August 12, 2015(1) to November 30, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	83,847		$	41,027
Net realized gain (loss)		(58,169	)		2,414
Net change in unrealized appreciation (depreciation)		169,569			(62,626	)
Net increase (decrease) in net assets resulting from operations.		195,247			(19,185	)
Distributions to Shareholders from
Net investment income		(13,257	)		(9,682	)
Total distributions		(13,257	)		(9,682	)
Fund Shares Transactions
Proceeds from shares sold		10,470,812			4,824,369
Value of shares redeemed		—			—
Net increase in net assets resulting from fund share transactions		10,470,812			4,824,369
Total Increase in Net Assets		10,652,802			4,795,502
Net Assets
Beginning of period		25			25
End of period	$	10,652,827		$	4,795,527
Undistributed net investment income	$	70,590		$	31,345
Changes in Shares Outstanding
Shares outstanding, beginning of period		1			1
Shares sold		450,000			200,000
Shares redeemed		—			—
Shares outstanding, end of period		450,001			200,001

(1) Commencement of Operations.

See Notes to Financial Statements. 56

DBX ETF Trust

Statements of changes in net assets (Continued)

	Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF			Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
	For the Period August 12, 2015(1) to November 30, 2015			For the Period August 12, 2015(1) to November 30, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	18,021		$	7,428
Net realized gain (loss)		(16,757	)		(50,637	)
Net change in unrealized appreciation (depreciation)		(256,156	)		64,291
Net increase (decrease) in net assets resulting from operations.		(254,892	)		21,082
Distributions to Shareholders from
Net investment income		(5,578	)		—
Total distributions		(5,578	)		—
Fund Shares Transactions
Proceeds from shares sold		2,507,942			3,670,465
Value of shares redeemed		—			(1,134,540	)
Net increase in net assets resulting from fund share transactions		2,507,942			2,535,925
Total Increase in Net Assets		2,247,472			2,557,007
Net Assets
Beginning of period		25			25
End of period	$	2,247,497		$	2,557,032
Undistributed net investment income	$	12,443		$	7,428
Changes in Shares Outstanding
Shares outstanding, beginning of period		1			1
Shares sold		100,000			150,000
Shares redeemed		—			(50,000	)
Shares outstanding, end of period		100,001			100,001

(1) Commencement of Operations.

See Notes to Financial Statements. 57

DBX ETF Trust

Financial highlights

For a Share outstanding throughout each period

Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF	For the Six Months Ended November 30, 2015 (Unaudited)			For the Period March 3, 2015* to May 31, 2015
Net Asset Value, beginning of period	$	25.03		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.54			0.27
Net realized and unrealized gain (loss)		(0.68	)		(0.04	)(a)
Net increase (decrease) in net asset value from investment operations		(0.14	)		0.23
Distributions paid to shareholders from:
Net investment income		(0.70	)		(0.20	)
Total distributions		(0.70	)		(0.20	)
Net Asset Value, end of period	$	24.19		$	25.03
Total Return***		(0.55	)%		0.90	%
Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	6,047		$	6,257
Ratios to average net assets:
Expenses		0.50	%†		0.50	%†
Net investment income		4.46	%†		4.35	%†
Portfolio turnover rate††		8	%†††		1	%†††
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF	For the Six Months Ended November 30, 2015 (Unaudited)			For the Period March 3, 2015* to May 31, 2015
Net Asset Value, beginning of period	$	24.57		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.56			0.29
Net realized and unrealized loss		(2.14	)		(0.51	)
Net (decrease) in net asset value from investment operations		(1.58	)		(0.22	)
Distributions paid to shareholders from:
Net investment income		(0.68	)		(0.21	)
Total distributions		(0.68	)		(0.21	)
Net Asset Value, end of period	$	22.31		$	24.57
Total Return***		(6.47	)%		(0.87	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	8,926		$	11,056
Ratios to average net assets:
Expenses		0.45	%†		0.45	%†
Net investment income		4.81	%†		4.75	%†
Portfolio turnover rate††		20	%†††		13	%†††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† Not annualized.

(a) Because of the timing of Fund share transactions 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. 58

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period

Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF	For the Six Months Ended November 30, 2015 (Unaudited)			For the Period March 3, 2015* to May 31, 2015
Net Asset Value, beginning of period	$	24.63		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.36			0.17
Net realized and unrealized gain (loss)		(0.62	)		(0.43	)
Net (decrease) in net asset value from investment operations		(0.26	)		(0.26	)
Distributions paid to shareholders from:
Net investment income		(0.41	)		(0.11	)
Total distributions		(0.41	)		(0.11	)
Net Asset Value, end of period	$	23.96		$	24.63
Total Return***		(1.04	)%		(1.03	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,792		$	6,157
Ratios to average net assets:
Expenses		0.25	%†		0.25	%†
Net investment income		2.97	%†		2.72	%†
Portfolio turnover rate††		3	%††††		7	%††††

Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			For the Period June 4, 2013* to May 31, 2014
Net Asset Value, beginning of period	$	25.49		$	25.07		$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.40			0.81			0.81
Net realized and unrealized gain		0.51			0.40			0.00	‡
Net increase in net asset value from investment operations		0.91			1.21			0.81
Distributions paid to shareholders from:
Net investment income		(0.40	)		(0.79	)		(0.74	)
Total distributions		(0.40	)		(0.79	)		(0.74	)
Net Asset Value, end of period	$	26.00		$	25.49		$	25.07
Total Return***		3.62	%		4.88	%		3.46	%†††
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	24,699		$	21,665		$	16,296
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.30	%†		0.30	%		0.30	%†
Expenses, prior to fee waiver and expense reimbursements		0.30	%†		0.30	%		0.32	%†
Net investment income		3.16	%†		3.16	%		3.48	%†
Portfolio turnover rate††		15	%††††		4	%		5	%††††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate 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.

†††† Not annualized.

‡ Less than 0.005.

See Notes to Financial Statements. 59

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period

Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF	For the Period August 12, 2015* to November 30, 2015
Net Asset Value, beginning of period	$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.23
Net realized and unrealized gain (loss)		(1.53	)(a)
Net (decrease) in net asset value from investment operations		(1.30	)
Distributions paid to shareholders from:
Net investment income		(0.03	)
Total distributions		(0.03	)
Net Asset Value, end of period	$	23.67
Total Return***		(5.20	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	10,653
Ratios to average net assets:
Expenses		0.45	%†
Net investment income		3.26	%†
Portfolio turnover rate††		2	%†††
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF	For the Period August 12, 2015* to November 30, 2015
Net Asset Value, beginning of period	$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.24
Net realized and unrealized loss		(1.21	)
Net (decrease) in net asset value from investment operations		(0.97	)
Distributions paid to shareholders from:
Net investment income		(0.05	)
Total distributions		(0.05	)
Net Asset Value, end of period	$	23.98
Total Return***		(3.88	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,796
Ratios to average net assets:
Expenses		0.45	%†
Net investment income		3.37	%†
Portfolio turnover rate††		9	%†††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† Not annualized.

(a) Because of the timing of Fund share transactions 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. 60

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period

Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF	For the Period August 12, 2015* to November 30, 2015
Net Asset Value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income**		0.18
Net realized and unrealized loss		(2.65	)
Net (decrease) in net asset value from investment operations		(2.47	)
Distributions paid to shareholders from:
Net investment income		(0.06	)
Total distributions		(0.06	)
Net Asset Value, end of period	$	22.47
Total Return***		(9.90	)%
Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	2,247
Ratios to average net assets:
Expenses		0.65	%†
Net investment income		2.54	%†
Portfolio turnover rate††		17	%†††
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF	For the Period August 12, 2015* to November 30, 2015
Net Asset Value, beginning of period	$	25.00
Income (loss) from Investment Operations:
Net investment income**		0.07
Net realized and unrealized gain		0.50
Net increase in net asset value from investment operations		0.57
Net Asset Value, end of period	$	25.57
Total Return***		2.28	%
Ratios/Supplemental Data
Net Assets, end of period (000’s omitted)	$	2,557
Ratios to average net assets:
Expenses		0.45	%†
Net investment income		0.92	%†
Portfolio turnover rate††		16	%†††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† Not annualized.

See Notes to Financial Statements. 61

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, 2015, the Trust consists of thirty-five investment 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:

Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF

Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF

Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF

Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF

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

Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF

Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF

Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF

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 Emerging Markets Bond — Interest Rate Hedged ETF	Solactive Emerging Markets Bond — Interest Rate Hedged Index
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF	Solactive High Yield Corporate Bond — Interest Rate Hedged Index
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF	Solactive Investment Grade Bond — Interest Rate Hedged Index
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF	Solactive Municipal Infrastructure Revenue Bond Index
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF	MSCI ACWI ex-USA High Dividend Yield U.S. Dollar Hedged Index
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF	MSCI EAFE High Dividend Yield U.S. Dollar Hedged Index
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF	MSCI EM (Emerging Markets) High Dividend Yield U.S. Dollar Hedged Index
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF	MSCI EMU High Dividend Yield U.S. Dollar Hedged Index

The Solactive USD Emerging Markets Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated emerging markets bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar denominated emerging markets bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets bonds. The Solactive USD High Yield Corporate Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated high yield corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the high yield bonds. The Solactive USD Investment Grade Bond-Interest Rate Hedged Index is designed to track the performance of a basket of U.S. dollar-denominated investment grade liquid corporate bonds. The Underlying Index is comprised of (a) long positions in U.S. dollar-denominated investment-grade corporate bonds and (b) short positions in U.S. Treasury notes or bonds of, in

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Notes to financial statements (Unaudited) (Continued)

aggregate, approximate equivalent duration to the investment-grade corporate bonds. The Solactive 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 nd 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 Solactive Indexes are rebalanced monthly on the last business day of each month.

The MSCI ACWI ex US High Dividend Yield U.S. Dollar Hedged Index is designed to track the performance of equity securities in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EAFE High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities in developed international stock markets (excluding the U.S. and Canada) in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities in global emerging markets in its parent index, the MSCI Emerging Markets Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The MSCI EMU High Dividend Yield US Dollar Hedged Index is designed to provide exposure to equity securities from countries in the European Monetary Union (the “EMU”) in its parent index, the MSCI EMU Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent, while seeking to mitigate exposure to fluctuations between the value of the U.S. dollar and the euro.

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 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 or Solactive and DBX, as applicable. 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.

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.

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Notes to financial statements (Unaudited) (Continued)

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.

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. 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 and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. 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 and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from brokerdealers. These securities are generally categorized as Level 2.

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.

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.

Disclosure about the classification of the fair value measurements is included in a table following each Fund’s Schedule of Investments.

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Notes to financial statements (Unaudited) (Continued)

Cash    Cash consists of cash held at banks and is on deposit 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. All premiums and discounts are amortized/accreted over the lives of the respective security 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 Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF and Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from net investment income monthly and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF to pay out dividends from net investment income quarterly; 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 period ended November 30, 2015, 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, 2015, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations    The books and records of the Fund is 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.

65

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Notes to financial statements (Unaudited) (Continued)

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. The 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.

Securities Lending    The Funds, except the Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Funds retain the benefits of owning securities it has loaned and continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. As of period end, any securities on loan were collateralized by cash. The Funds may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015, the Funds invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral invested in Daily Assets Fund. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2015, the Funds listed below had securities on loan, all of which were classified as bonds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.

Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF

Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF

As of November 30, 2015, the Funds listed below had securities on loan, all of which were classified as common stock in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.

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

Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF

Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF

Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF

As of November 30, 2015, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF had no securities on loan.

Derivatives

Forward Currency Contracts    Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF enter into forward currency contracts designed to offset the Fund’s exposure to non-U.S. currencies. In addition, the Funds may enter into forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.

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Notes to financial statements (Unaudited) (Continued)

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2015, the Funds invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.

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 Fund has in that particular currency contract.

A summary of the open forward currency exchange contracts as of November 30, 2015 is included in a table following the Fund’s 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 Funds had to the value of non U.S currencies during the period ended November 30, 2015.

Futures Contracts    Each Fund may enter into futures contracts. 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. Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF and Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF enter into short U.S. Treasury futures contracts to seek to mitigate the potential negative impact of rising Treasury interest rates on the performance of each Fund’s long bond investments. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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, 2015 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, 2015 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 Emerging Markets Bond — Interest Rate Hedged ETF
	Interest Rate Contracts	Unrealized appreciation on Future Contracts	$	—	Unrealized depreciation on Future Contracts	$	640
	Total		$	—	Total	$	640
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF
	Interest Rate Contracts	Unrealized appreciation on Future Contracts	$	3,945	Unrealized depreciation on Future Contracts	$	—
	Total		$	3,945	Total	$	—

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Notes to financial statements (Unaudited) (Continued)

			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 Investment Grade Bond — Interest Rate Hedged ETF
		Interest Rate Contracts	Unrealized appreciation on Future Contracts	$	—	Unrealized depreciation on Future Contracts	$	1,289
		Total		$	—	Total	$	1,289
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
		Foreign exchange Contracts	Unrealized appreciation on Forward Foreign Currency Contracts	$	284,452	Unrealized depreciation on Forward Foreign Currency Contracts	$	41,232
		Total		$	284,452	Total	$	41,232
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF
		Foreign exchange Contracts	Unrealized appreciation on Forward Foreign Currency Contracts	$	135,493	Unrealized depreciation on Forward Foreign Currency Contracts	$	13,325
		Total		$	135,493	Total	$	13,325
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
		Foreign exchange Contracts	Unrealized appreciation on Forward Foreign Currency Contracts	$	35,040	Unrealized depreciation on Forward Foreign Currency Contracts	$	8,831
		Total		$	35,040	Total	$	8,831
	Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
		Foreign exchange Contracts	Unrealized appreciation on Forward Foreign Currency Contracts	$	110,829	Unrealized depreciation on Forward Foreign Currency Contracts	$	1,809
		Total		$	110,829	Total	$	1,809

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, 2015 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
	Interest Rate Contracts			Forward Foreign Currency Contracts			Total
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF	$	(22,406	)	$	—		$	(22,406	)
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF		7,430			—			7,430
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF		5,033			—			5,033
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		—			(34,255	)		(34,255	)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF		—			32,177			32,177
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		—			42,573			42,573
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		—			17,224			17,224

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Notes to financial statements (Unaudited) (Continued)

Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Interest Rate Contracts		Forward Foreign Currency Contracts		Total
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF	$	21,123	$	—	$	21,123
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF		32,598		—		32,598
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF		22,295		—		22,295
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		—		243,220		243,220
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF		—		122,168		122,168
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		—		26,209		26,209
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		—		109,020		109,020

For the six months ended November 30, 2015 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)			Forward Foreign Currency Contracts (Market Value)
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF	$	(5,630,797	)	$	—
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF		(9,106,804	)		—
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF		(4,556,463	)		—
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		—			(8,262,402	)
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF		—			(4,029,357	)
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		—			(2,233,781	)
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		—			(2,634,394	)

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Notes to financial statements (Unaudited) (Continued)

As of November 30, 2015, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, 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 High Dividend Yield Hedged Equity ETF
Bank of Montreal	$	154,422	$	(25,559	)	$	—	$	128,863	$	25,559	$	(25,559	)	$	—	$	—
Canadian Imperial Bank of Commerce		—		—			—		—		55		—			—		55
JP Morgan & Chase Co.		767		(23	)		—		744		23		(23	)		—		—
RBC Capital Markets		24,459		(2,155	)		—		22,304		2,155		(2,155	)		—		—
State Street Bank & Trust Co		99,133		(8,708	)		—		90,425		8,708		(8,708	)		—		—
The Bank of New York Mellon		5,671		(4,732	)		—		939		4,732		(4,732	)		—		—
	$	284,452	$	(41,177	)	$	—	$	243,275	$	41,232	$	(41,177	)	$	—	$	55
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF
Bank of Montreal	$	41,888	$	(3,386	)	$	—	$	38,502	$	3,386	$	(3,386	)	$	—	$	—
JP Morgan & Chase Co.		22		(22	)		—		—		6,656		(22	)		—		6,634
RBC Capital Markets		91,938		(2,029	)		—		89,909		2,029		(2,029	)		—		—
The Bank of New York Mellon		1,645		(1,254	)		—		391		1,254		(1,254	)		—		—
	$	135,493	$	(6,691	)	$	—	$	128,802	$	13,325	$	(6,691	)	$	—	$	6,634
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
Bank of Montreal	$	3,794	$	(3,136	)	$	—	$	658	$	3,136	$	(3,136	)	$	—	$	—
JP Morgan & Chase Co.		682		—					682		—		—			—		—
RBC Capital Markets		21,790		(1,860	)		—		19,930		1,860		(1,860	)		—		—
State Street Bank & Trust Co		643		(121	)		—		522		121		(121	)		—		—
The Bank of New York Mellon		8,131		(3,714	)		—		4,417		3,714		(3,714	)		—		—
	$	35,040	$	(8,831	)	$	—	$	26,209	$	8,831	$	(8,831	)	$	—	$	—
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
Bank of Montreal	$	30,666	$	(535	)	$	—	$	30,131	$	535	$	(535	)	$	—	$	—
RBC Capital Markets		79,984		(1,266	)		—		78,718		1,266		(1,266	)		—		—
The Bank of New York Mellon		179		(8	)		—		171		8		(8	)		—		—
	$	110,829	$	(1,809	)	$	—	$	109,020	$	1,809	$	(1,809	)	$	—	$	—

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Notes to financial statements (Unaudited) (Continued)

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.

TDAM USA Inc. (“TDAM”) serves as investment sub-advisor to Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF, Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF, Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF, Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF pursuant to a Sub-Advisory Agreement. Deutsche Investment Management Americas Inc. (“DIMA”) serves as investment sub-advisor to Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF pursuant to a Sub-Advisory Agreement.

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets at an annual rate equal to:

Fund	Unitary Management Fee
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF		0.50	%
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF		0.45	%
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF		0.25	%
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		0.45	%
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF		0.45	%
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		0.65	%
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		0.45	%
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF		0.30	%

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 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, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each independent Trustee and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

4. Federal Income Taxes

At May 31, 2015, 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 for an unlimited period. 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.

	Short-Term		Long-Term		Total Amount**
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF	$	62,094	$	—	$	62,094

** Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

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Notes to financial statements (Unaudited) (Continued)

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 year ended May 31, 2015, the Funds incurred and elected to defer net capital losses as follows:

	Post-October Loss on Capital
Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF	$	8,293
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF		123,479
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF		5,310
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF		13,959

The tax character of current year distributions will be determined at the end of the fiscal year.

5. Transactions with Affiliates

The Advisor is an indirect wholly-owned subsidiary of Deutsche Bank AG. Therefore, Deutsche Bank AG is considered to be affiliated with the Funds. A summary of the Funds’ transactions with Deutsche Bank AG securities during the six months ended November 30, 2015 is as follows:

	Value ($) 5/31/15		Purchases Cost ($)		Sales Proceeds ($)			Realized Gain/ (Loss)($)			Income ($)		Value ($) at 11/30/15
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF
Deutsche Bank AG 2.5% 2/13/19		10,156		—		(2,010	)		(19	)		102		8,081

6. Investment Portfolio Transactions

For the six months ended November 30, 2015, 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 Emerging Markets Bond — Interest Rate Hedged ETF	$	482,548	$	540,787
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF		1,790,911		1,947,594
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF		154,352		1,282,774
Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF		5,894,558		3,241,878
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF(1)		3,910,604		159,760
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF(1)		3,025,757		352,461
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF(1)		2,938,273		381,945
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF(1)		3,054,160		442,004

For the six months ended November 30, 2015, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF	$	—	$	1,025,776
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF(1)		6,685,581		—
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF(1)		2,314,860		—
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF(1)		1,170,986		1,130,724

⁽¹⁾  For the period from August 12, 2015 (commencement of operations) to November 30, 2015.

7. Fund Share Transactions

As of November 30, 2015, 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

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Notes to financial statements (Unaudited) (Continued)

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.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $130 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 as permitted by the Act. The Funds had no outstanding loans at November 30, 2015.

9. 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, 2015, 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 Emerging Markets Bond — Interest Rate Hedged ETF		80	%
Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF		92	%
Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF		59	%
Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		19	%
Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF		39	%
Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		97	%
Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		95	%

10. 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.

11. Investing in High-Yield Securities

A Fund’s performance could be hurt if a security declines in credit quality or goes into default, or if an issuer does not make timely payments of interest or principal. Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth-highest category) may be in uncertain financial health, the risk of loss from default by the issuer is significantly greater. Prices and yields of high-yield securities will fluctuate over time and, during periods of economic uncertainty, volatility of high-yield securities may adversely affect a fund’s net asset value.

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Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited)

Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF

At a meeting held on May 21, 2015, the Board of Trustees (“Board” or “Trustees”), including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement and the Investment Sub-Advisory Agreement with respect to Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF, Deutsche X-trackers MSCI Eurozone High Dividend Yield Hedged Equity ETF and Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (the “Funds”).

In reaching this decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) DBX Advisors LLC’s (“DBX” or “Adviser”) financial resources and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services to be provided by and the profits that could be realized by the Adviser from its relationship with the Funds; and (5) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.

In reaching this decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) the performance of TDAM USA Inc. (“TDAM” or “Sub-Adviser”) with respect to its management of other funds of the Trust, as well as TDAM’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services to be provided by and the profits that could be realized by TDAM from its relationship with the Funds; and (4) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.

The Board reached a determination, with the assistance of K&L Gates LLP (“Independent Trustees’ Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement and the compensation to be received thereunder is consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services.    The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role to be played by the Adviser in working with TDAM to manage the Funds’ portfolio, noting that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal and regulatory requirements applicable to the Funds.

The Board evaluated these factors in consultation with Independent Trustees’ Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the

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Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)

Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and custodian. The Board further considered the compliance program of the Adviser which supports the Funds’ compliance program.

Adviser’s Financial Resources.    In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee.    The Board compared each Fund’s proposed advisory fee to that of other exchange-traded funds (“ETFs”), and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board noted that the proposed fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs. The Board also noted that the Funds’ portfolio would be managed on a day-to-day basis by the Sub-Adviser, which will receive a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered the expenses of the Adviser in developing and rendering services to be provided to the Funds, and the likelihood and level of profits in the early years of the Funds’ operations. The Board noted that since each Fund was new, it was difficult to estimate the profitability of each Fund to the Adviser at this time, and noted that since the fee paid by the Adviser to the Sub-Adviser under the Investment Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Funds’ assets increased. The Board also noted that the Adviser recently had provided extensive information about its current lack of profitability with respect to its management of other funds of the Trust. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds, and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.

Economies of Scale.    The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:

Nature, Extent and Quality of Services.    In considering the nature, extent and quality of services that TDAM proposes to provide to the Funds, the Board reviewed in detail the nature, extent and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.

The Board also considered TDAM’s operational capabilities and resources, and its experience in serving as investment sub-adviser to other funds, (including certain other index-based ETFs advised by the Adviser). The Board considered the professional experience and qualifications of TDAM’s senior management and key professional personnel, as well as TDAM’s depth and breadth of experience in managing investment portfolios consisting of non-U.S. equity securities. The Board gave special consideration to TDAM’s experience and capabilities in implementing currency hedging strategies, and their techniques for implementing such strategies

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Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)

while minimizing index tracking error. In addition, the Board considered TDAM’s operational capabilities and resources, and TDAM’s experience in managing index funds covering various asset classes.

The Board evaluated these factors in consultation with Independent Trustees’ Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to TDAM, taking special consideration of the fact that the fees to be paid to TDAM are payable by the Adviser and not the Funds.

Performance of TDAM; TDAM’s Financial Resources.    The Board noted that the Funds have not commenced operations and have no performance history, but the Board considered TDAM’s performance in managing other currency-hedged equity based portfolios of the Trust and its ability to minimize tracking error. The Board concluded that, given TDAM’s capabilities and experience in managing other portfolios of the Trust, TDAM should be able to keep the Funds’ tracking error within acceptable ranges.

The Board also considered TDAM’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that TDAM had the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.

Reasonableness of Sub-Advisory Fee.    The Board noted that the fee to be paid to TDAM in respect of the Funds would be paid by the Adviser and not the Funds. The Board further noted that the proposed fee for the Funds was a unitary fee pursuant to which the Adviser would pay all of the Funds’ costs, and thus was not directly affected by the amount of the sub-advisory fee paid to TDAM. Based on its review, the Board concluded that the sub-advisory fee was reasonable in light of the services provided.

Costs of Services and Profitability.    The Board noted that since the Funds were new, it was difficult to estimate the profitability of the Funds to the Sub-Adviser at this time, and further noted that the fees to be paid by the Adviser to TDAM under the Investment Sub-Advisory Agreement contain breakpoints. The Board further noted that specific information about TDAM’s profitability with respect to its services provided to the Funds was not available because TDAM does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also noted that the overall fees paid by each Fund remained reasonable.

The Board also considered whether TDAM would benefit in other ways from its relationship with the Funds. The Board discussed TDAM’s practices regarding the selection and compensation of brokers and dealers that would execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to TDAM. The Board discussed the possible potential benefits TDAM might derive from the Funds’ soft dollar arrangements, whereby brokers provide brokerage services to the Funds or TDAM in return for allocating fund brokerage.

Economies of Scale.    The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.

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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 “Resources” “proxy voting” and at the top 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 1-855-329-3837.

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 during the past calendar year, when available can be found at www.deutsche-etfs.com.

77

DBX ETF Trust

Privacy policy notice (Unaudited)

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.

78

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. 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. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. 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. EMIH, HYIH and IGIH seek to mitigate the potential negative impact of rising Treasury interest rates by taking short positions in U.S. Treasury notes or bonds, or futures relating to those instruments. These short positions are not intended to mitigate credit risk or other factors that may have a greater impact on performance than rising or falling interest rates. The short positions may limit the potential positive impact of falling interest rates and there is no guarantee that the short positions will completely eliminate the interest rate risk of the long positions. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Stocks may decline in value. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. These Funds are non-diversified and can take larger positions in fewer issuers, increasing potential risk. Performance of the Funds 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 these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. 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 is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.

EMIH, HYIH, IGIH and RVNU are not sponsored, promoted, sold or supported in any other manner by Solactive AG (the “Licensor”) nor does the trade mark or the Index Price at any time or in any other respect.

Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers^® is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks is a the property of their respective owners.

Not FDIC Insured  |  No Bank Guarantee  |  May Lose Value

DBX ETF Trust

Investment advisor DBX Advisors LLC 345 Park Ave New York, New York 10154	Investment sub-advisors 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

R-036922-2 (1/16) DBX001742 (1/17)

November 30, 2015

Semi-Annual Report

DBX ETF Trust

Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)

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 MSCI All China Equity ETF (CN)

DBX ETF Trust

Table of contents

	Page
Shareholder Letter		1
Portfolio Summary
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF		2
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		3
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		4
Deutsche X-trackers MSCI All China Equity ETF		5
Fees and Expenses		6
Schedules of Investments
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF		7
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		9
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		15
Deutsche X-trackers MSCI All China Equity ETF		24
Statements of Assets and Liabilities		28
Statements of Operations		29
Statement of Cash Flows		30
Statements of Changes in Net Assets		31
Financial Highlights		33
Notes to Financial Statements		35
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts		43
Additional Information		45
Privacy Policy Notice		46

To our shareholders:

Dear Shareholder,

We are pleased to provide this semi-annual report for our four flagship ETFs tracking China’s equity market for the period ended November 30, 2015.

The global economy is growing at a moderate rate; however, decelerating emerging market growth has led to widespread questions about potentially slower global growth and its impact on inflation. Growth momentum in China continues to wane as the traditional sources of growth, investment, and manufacturing are faltering mainly due to overcapacity in certain sectors and insufficient global demand. On the upside, the fall in commodity prices is bolstering China’s already massive trade surplus. The upward trend in retail sales suggests the transformation toward a more domestic-consumption-based economic model is continuing.

China, the economic heavyweight of Asia, experienced two major shocks in the last six months. The first was China’s unexpected decision to moderately devalue the Renminbi versus the US dollar in August, which led to a huge sell-off in international equity markets. This was driven primarily by weaker exports and Renminbi appreciation. The second was the sharp downward trajectory in equity markets, with the Shanghai Composite Index¹ tumbling nearly 9% intra-day in July and August. This fall was attributable to soft economic data, speculation about the Chinese government’s continued support to restore its markets, and the unwinding of margin financing that powered the market rally earlier this year. However, the equity market has staged a modest recovery since then.

“Hard landing” fears dominated investor sentiment and, it seems, persuaded the Federal Reserve to not raise rates in September. The shift from “Made in China” to “Consumed in China” has also been reflected in reduced demand for raw materials, which in turn partly explains the significant decline in commodity prices. Gross Domestic Product (GDP) growth in the third quarter stood at 6.9%, the slowest since 2009. In response, the People’s Bank of China (PBOC) continued to inject new liquidity into the banking system by reducing interest rates for the sixth time in a year in October. The Chinese government has taken unprecedented steps to stabilize markets, including deleveraging of margin financing, tightening trading rules to curb speculation and volatility, and extending liquidity (via China Securities Finance Corp) during the equity market sell-off.

The slowdown has deep roots, wedded in both cyclical and structural forces; however, we believe China will continue to be one of the fastest growing among the world’s major economies. Meanwhile, the Chinese government is facing the challenge of rebalancing the economy while trying to avoid a hard landing.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Alex Depetris

Alex Depetris

Chairman, President and Chief Executive Officer

¹ The Shanghai Composite Index is a capitalization-weighted index which tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange.

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

1

DBX ETF Trust

Portfolio summary (Unaudited)

Sector Diversification* as of 11/30/15

Financials	39.7%
Industrials	17.7%
Consumer Discretionary	10.5%
Information Technology	7.2%
Materials	6.4%
Health Care	5.5%
Consumer Staples	5.4%
Utilities	4.1%
Energy	2.7%
Telecommunication Services	0.8%
Total	100.0%

Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)

The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 USD Hedged 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, while mitigating exposure to fluctuations between the value of the renmimbi (“RMB”) and the U.S. dollar. The Fund, using a “passive” or indexing approach, attempts to approximate the investment performance of the Underlying Index. ASHX expects to gain exposure to the China A-share market of the Underlying Index by investing in Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (ASHR), an affiliated fund subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.

2

DBX ETF Trust

Portfolio 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 approach, attempts to approximate the investment performance of the Underlying Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Ping An Insurance Group Co. of China Ltd., Class A		4.0%
China Merchants Bank Co. Ltd., Class A		3.1%
China Minsheng Banking Corp. Ltd., Class A		2.8%
Shanghai Pudong Development Bank Co. Ltd., Class A		2.3%
Industrial Bank Co. Ltd., Class A		1.9%
China Vanke Co. Ltd., Class A		1.6%
CITIC Securities Co. Ltd., Class A		1.5%
Bank of Communications Co. Ltd., Class A		1.3%
CRRC Corp. Ltd., Class A		1.3%
Haitong Securities Co. Ltd., Class A		1.3%

Sector Diversification* as of 11/30/15

Financials	39.7%
Industrials	17.7%
Consumer Discretionary	10.5%
Information Technology	7.2%
Materials	6.4%
Health Care	5.5%
Consumer Staples	5.4%
Utilities	4.1%
Energy	2.7%
Telecommunication Services	0.8%
Total	100.0%

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.

3

DBX ETF Trust

Portfolio 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”). 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. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Guangdong Yihua Timber Industry Co. Ltd., Class A		0.8%
Greatwall Information Industry Co. Ltd., Class A		0.7%
Eternal Asia Supply Chain Management Ltd., Class A		0.7%
Shanghai AJ Corp., Class A		0.6%
CEFC Anhui International Holding Co. Ltd., Class A		0.6%
NavInfo Co. Ltd., Class A		0.6%
Sichuan Tianqi Lithium Industries, Inc., Class A		0.6%
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A		0.6%
China-Kinwa High Technology Co. Ltd., Class A		0.5%
China Security & Fire Co. Ltd., Class A		0.5%

Sector Diversification* as of 11/30/15

Industrials	24.0%
Consumer Discretionary	16.0%
Information Technology	14.8%
Materials	14.3%
Health Care	12.4%
Financials	9.5%
Consumer Staples	4.4%
Utilities	2.8%
Energy	1.8%
Total	100.0%

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.

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DBX ETF Trust

Portfolio summary (Unaudited)

Deutsche X-trackers MSCI All China Equity ETF (CN)

The Deutsche X-trackers MSCI All China Equity ETF (CN) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index. The MSCI China All Shares Index is intended to give investors a means of tracking the overall performance of equity securities that are a representative sample of the entire Chinese investment universe and is compose of A-shares, H-shares, B-shares, Red chips, and P chips share classes. On November 30, 2015 the MSCI China All Shares Index replaced the MSCI All China Index as the comparative broad-based securities market index because the Advisor believes the MSCI China All Shares Index more closely reflects the Fund’s investment strategy. The MSCI All China 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 MSCI All China 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 MSCI China All Shares Index. The Fund 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 and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, affiliated funds subadvised by Harvest Global Investments Limited. It is not possible to invest directly into an index.

Ten Largest Equity and ETF Holdings as of 11/30/15

Description	% of Net Assets
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		35.2%
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		12.3%
Tencent Holdings Ltd.		5.0%
Alibaba Group Holding Ltd., ADR		4.2%
China Mobile Ltd.		3.4%
Baidu, Inc., ADR		3.0%
China Construction Bank Corp., Class H		2.8%
Industrial & Commercial Bank of China Ltd., Class H		2.2%
Bank of China Ltd., Class H		1.7%
Ping An Insurance Group Co. of China Ltd., Class H		1.4%

Sector Diversification* as of 11/30/15

Financials	32.0%
Information Technology	19.8%
Industrials	12.8%
Consumer Discretionary	9.8%
Materials	4.7%
Health Care	4.5%
Telecommunication Services	4.5%
Energy	4.3%
Consumer Staples	4.0%
Utilities	3.6%
Total	100.0%

* As a percent of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 24.

5

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. In addition to the ongoing expenses which each Fund bears directly, the Deutsche X-trackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Deutsche X-trackers MSCI All China Equity ETF invests. The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF shareholders indirectly bear the expenses of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (the Underlying Fund) in which the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF invests. These expenses are not included in Deutsche X-trackers MSCI All China Equity ETF’s and Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. In the most recent six-month period Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. 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 in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2015 to November 30, 2015).

Actual expenses

The first line in the following table 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 table 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, 2015		Ending Account Value November 30, 2015		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF*
Actual (2)	$	1,000.00	$	1,014.80		0.06	%	$	0.07
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.70		0.06	%	$	0.30
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	713.60		0.80	%	$	3.43
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.00		0.80	%	$	4.04
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	685.42		0.80	%	$	3.37
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.00		0.80	%	$	4.04
Deutsche X-trackers MSCI All China Equity ETF*
Actual	$	1,000.00	$	769.67		0.22	%	$	0.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.90		0.22	%	$	1.11

(1) Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

(2) For the period from October 20, 2015 (commencement of operations) to November 30, 2015.

* The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

6

DBX ETF Trust

Schedule of investments

Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
EXCHANGE-TRADED FUND — 99.7%
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (a)(b) (Cost $2,508,714)		70,438	$	2,530,133
SECURITIES LENDING COLLATERAL — 52.6%
Daily Assets Fund, 0.20% (c)(d) (Cost $1,334,736)		1,334,736		1,334,736
TOTAL INVESTMENTS —152.3% (Cost $3,843,450)†			$	3,864,869
Other assets and liabilities, net — (52.3%)				(1,327,737	)
NET ASSETS — 100.0%			$	2,537,132

† The cost for federal income tax purposes was $3,843,450. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $21,419. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $21,419 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $0.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $1,331,770, which is 52.5% of net assets.

(b) Affiliated fund advised by DBX Advisors LLC.

(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation
State Street Bank & Trust Co.	12/2/2015	CNH	15,756,000	USD	2,483,576	$	31,012
State Street Bank & Trust Co.	12/2/2015	USD	2,452,086	CNH	15,756,000		477
State Street Bank & Trust Co.	1/6/2016	CNH	16,034,427	USD	2,484,572		1,214
State Street Bank & Trust Co.	1/6/2016	CNH	171,000	USD	26,614		130
Total net unrealized appreciation						$	32,833

Currency Abbreviations

CNH    Chinese Offshore Yuan

USD    U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of investments

Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (Continued)

November 30, 2015 (Unaudited)

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2		Level 3		Total
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF
Investment in Securities
Exchange-Traded Fund	$	2,530,133	$	—	$	—	$	2,530,133
Securities Lending Collateral		1,334,736		—		—		1,334,736
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		32,833		—		32,833
Total	$	3,864,869	$	32,833	$	—	$	3,897,702

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.1%
Consumer Discretionary — 10.4%
Beijing Enlight Media Co. Ltd., Class A		138,150	$	640,183
Beiqi Foton Motor Co. Ltd., Class A		487,400		472,660
Byd Co. Ltd., Class A*		146,231		1,426,733
China International Travel Service Corp. Ltd., Class A		121,293		943,828
China South Publishing & Media Group Co. Ltd., Class A		223,329		813,805
Chinese Universe Publishing and Media Co. Ltd., Class A		169,144		712,720
Chongqing Changan Automobile Co. Ltd., Class A		698,415		1,581,801
CITIC Guoan Information Industry Co. Ltd., Class A		537,585		1,563,417
FAW CAR Co. Ltd., Class A		244,600		571,494
Fuyao Glass Industry Group Co. Ltd., Class A		429,017		935,594
Great Wall Motor Co. Ltd., Class A		374,856		712,449
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,490,411		4,252,474
Guangdong Alpha Animation and Culture Co. Ltd., Class A		154,962		832,182
Haining China Leather Market Co. Ltd., Class A		173,222		477,793
Heilan Home Co. Ltd., Class A		418,241		953,761
Hisense Electric Co. Ltd., Class A		243,748		616,549
Huawen Media Investment Corp., Class A		480,144		1,095,249
Huayi Brothers Media Corp., Class A		302,100		1,789,756
Huayu Automotive Systems Co. Ltd., Class A		315,583		783,520
Hunan TV & Broadcast Intermediary Co. Ltd., Class A		358,592		1,461,315
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		231,543		585,319
Jishi Media Co. Ltd., Class A		576,526		573,444
Liaoning Cheng Da Co. Ltd., Class A		619,977		1,444,171
Midea Group Co. Ltd., Class A		653,799		2,730,483
Pang Da Automobile Trade Co. Ltd., Class A*		1,012,402		620,897
Qingdao Haier Co. Ltd., Class A		1,179,160		1,798,679
SAIC Motor Corp. Ltd., Class A		1,034,192		3,079,575
Shanghai Oriental Pearl Media Co. Ltd., Class A		410,054		2,196,344
Shenzhen Overseas Chinese Town Co. Ltd., Class A		1,135,050		1,441,711
Sichuan Changhong Electric Co. Ltd., Class A*		1,191,311		1,120,053
Suning Commerce Group Co. Ltd., Class A		1,390,555		2,971,890
TCL Corp., Class A		2,649,800		1,596,233
Wanxiang Qianchao Co. Ltd., Class A		339,724		1,157,040
Wasu Media Holding Co. Ltd., Class A*		37,201		186,170
Weifu High-Technology Group Co. Ltd., Class A		186,628		678,615
Youngor Group Co. Ltd., Class A		483,800		1,152,210
Zhe Jiang Daily Media Group Co. Ltd., Class A		248,700		616,131

	Number of Shares		Value
Consumer Discretionary (Continued)
Zhejiang Huace Film & TV Co. Ltd., Class A		121,558	$	596,030
Zhejiang Yasha Decoration Co. Ltd., Class A		207,745		501,230
				47,683,508
Consumer Staples — 5.4%
Beijing Dabeinong Technology Group Co. Ltd., Class A		452,653		852,563
Beijing Yanjing Brewery Co. Ltd., Class A		431,917		525,077
Beingmate Baby & Child Food Co. Ltd., Class A*		160,844		349,263
Bright Dairy & Food Co. Ltd., Class A		186,710		436,818
By-health Co. Ltd., Class A		87,100		439,818
Foshan Haitian Flavouring & Food Co. Ltd., Class A		84,802		450,390
Gansu Yasheng Industrial Group Co. Ltd., Class A		471,863		520,022
Henan Shuanghui Investment & Development Co. Ltd., Class A		300,054		898,160
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,906,450		4,377,139
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		136,580		1,339,375
Jointown Pharmaceutical Group Co. Ltd., Class A*		102,329		283,366
Kweichow Moutai Co. Ltd., Class A		158,196		5,277,304
Luzhou Laojiao Co. Ltd., Class A		216,028		780,140
MeiHua Holdings Group Co. Ltd., Class A		591,901		808,018
New Hope Liuhe Co. Ltd., Class A		442,767		1,176,415
Shanghai Bailian Group Co. Ltd., Class A		219,446		598,802
Shanghai Jahwa United Co. Ltd., Class A		165,475		1,036,231
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A*		81,850		211,367
Shenzhen Agricultural Products Co. Ltd., Class A		234,919		540,100
Tsingtao Brewery Co. Ltd., Class A		110,530		544,193
Wuliangye Yibin Co. Ltd., Class A		589,085		2,203,464
Yonghui Superstores Co. Ltd., Class A		636,932		960,709
				24,608,734
Energy — 2.7%
China Coal Energy Co. Ltd., Class A		536,400		503,477
China Oilfield Services Ltd., Class A		183,976		449,038
China Petroleum & Chemical Corp., Class A		3,271,015		2,500,002
China Shenhua Energy Co. Ltd., Class A		580,200		1,327,602
Guanghui Energy Co. Ltd., Class A		971,734		1,031,590
Jizhong Energy Resources Co. Ltd., Class A		316,955		250,137
Offshore Oil Engineering Co. Ltd., Class A		670,849		945,035
PetroChina Co. Ltd., Class A		1,547,321		2,023,166
Shaanxi Coal Industry Co. Ltd., Class A		592,403		444,462
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		350,716		340,109

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, 2015 (Unaudited)

	Number of Shares		Value
Energy (Continued)
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		460,404	$	427,130
Wintime Energy Co. Ltd., Class A		1,039,942		780,236
Yang Quan Coal Industry Group Co. Ltd., Class A*		355,803		367,748
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		150,323		578,427
Yanzhou Coal Mining Co. Ltd., Class A		110,038		160,152
				12,128,311
Financials — 39.3%
Agricultural Bank of China Ltd., Class A		8,432,070		4,134,523
AVIC Capital Co. Ltd., Class A		701,835		1,749,042
Bank of Beijing Co. Ltd., Class A		3,194,503		4,609,539
Bank of China Ltd., Class A		7,169,500		4,586,705
Bank of Communications Co. Ltd., Class A		6,074,141		6,041,673
Bank of Nanjing Co. Ltd., Class A		624,381		1,647,382
Bank of Ningbo Co. Ltd., Class A		600,502		1,336,673
Changjiang Securities Co. Ltd., Class A		1,018,902		1,828,676
China CITIC Bank Corp. Ltd., Class A*		1,055,976		1,193,343
China Construction Bank Corp., Class A		2,909,470		2,613,162
China Everbright Bank Co. Ltd., Class A		6,640,758		4,475,851
China Fortune Land Development Co. Ltd., Class A		330,495		1,323,153
China Life Insurance Co. Ltd., Class A		514,306		2,106,283
China Merchants Bank Co. Ltd., Class A		5,204,936		13,935,392
China Merchants Property Development Co. Ltd., Class A		326,759		1,859,040
China Merchants Securities Co. Ltd., Class A		718,008		2,263,228
China Minsheng Banking Corp. Ltd., Class A		9,353,976		12,565,535
China Pacific Insurance Group Co. Ltd., Class A		971,749		4,002,380
China Vanke Co. Ltd., Class A		3,114,501		7,305,917
CITIC Securities Co. Ltd., Class A		2,439,453		6,694,513
Everbright Securities Co. Ltd., Class A		370,169		1,287,813
Financial Street Holdings Co. Ltd., Class A		703,428		1,027,057
Founder Securities Co. Ltd., Class A*		1,286,963		1,899,095
Gemdale Corp., Class A		670,331		1,384,634
GF Securities Co. Ltd., Class A		909,240		2,490,949
Guosen Securities Co. Ltd., Class A		380,000		1,119,123
Guoyuan Securities Co. Ltd., Class A		364,301		1,281,570
Haitong Securities Co. Ltd., Class A		2,501,867		5,927,236
Huatai Securities Co. Ltd., Class A		1,002,300		2,912,844
Huaxia Bank Co. Ltd., Class A		1,642,940		2,831,035
Industrial & Commercial Bank of China Ltd., Class A		7,762,926		5,582,716
Industrial Bank Co. Ltd., Class A		3,638,357		8,863,282
Industrial Securities Co. Ltd., Class A		1,277,837		2,114,370
New China Life Insurance Co. Ltd., Class A		259,245		1,775,970
Northeast Securities Co. Ltd., Class A		356,703		963,897
Oceanwide Holdings Co. Ltd., Class A		406,198		692,348
Orient Securities Co. Ltd., Class A		325,236		1,144,653

	Number of Shares		Value
Financials (Continued)
Pacific Securities Co. Ltd., Class A		755,753	$	1,070,523
Ping An Bank Co. Ltd., Class A		1,761,867		3,219,694
Ping An Insurance Group Co. of China Ltd., Class A		3,434,486		18,069,795
Poly Real Estate Group Co. Ltd., Class A		1,974,561		2,950,623
RiseSun Real Estate Development Co. Ltd., Class A		474,120		729,154
Sealand Securities Co. Ltd., Class A		421,733		797,602
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		122,942		896,761
Shanghai Pudong Development Bank Co. Ltd., Class A		3,536,177		10,265,641
Shanghai SMI Holding Co. Ltd., Class A		482,020		1,222,254
Shanxi Securities Co. Ltd., Class A		383,300		893,767
Shenwan Hongyuan Group Co. Ltd., Class A*		1,390,386		2,252,985
Sinolink Securities Co. Ltd., Class A		559,968		1,341,452
SooChow Securities Co. Ltd., Class A		418,993		986,125
Southwest Securities Co. Ltd., Class A		863,342		1,236,362
Western Securities Co. Ltd., Class A		341,714		1,906,358
Xinhu Zhongbao Co. Ltd., Class A		765,257		621,800
Zhejiang China Commodities City Group Co. Ltd., Class A		845,383		1,201,435
				179,232,933
Health Care — 5.3%
Aier Eye Hospital Group Co. Ltd., Class A		124,572		617,208
Beijing SL Pharmaceutical Co. Ltd., Class A		127,076		679,856
Beijing Tongrentang Co. Ltd., Class A		210,250		870,221
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		121,664		482,921
Dong-E-E-Jiao Co. Ltd., Class A		165,319		1,191,198
Guangxi Wuzhou Zhongheng Group Co. Ltd., Class A		857,747		985,347
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		164,673		694,905
Huadong Medicine Co. Ltd., Class A		64,406		752,003
Hualan Biological Engineering, Inc., Class A		89,797		552,399
Jiangsu Hengrui Medicine Co. Ltd., Class A		361,738		2,786,108
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		218,535		954,175
Kangmei Pharmaceutical Co. Ltd., Class A		962,838		2,683,233
Lepu Medical Technology Beijing Co. Ltd., Class A		156,683		1,004,832
Searainbow Holding Corp., Class A*		216,298		1,103,998
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		356,464		1,338,898
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		294,559		855,575
Shanghai RAAS Blood Products Co. Ltd., Class A		158,630		1,000,774
Shenzhen Hepalink Pharmaceutical Co. Ltd., Class A		125,945		583,820

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, 2015 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		95,419	$	460,438
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		227,404		633,259
Tasly Pharmaceutical Group Co. Ltd., Class A		201,793		1,126,709
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		243,400		922,939
Xizang Haisco Pharmaceutical Group Co. Ltd., Class A		65,555		224,391
Yunnan Baiyao Group Co. Ltd., Class A		162,703		1,714,076
Zhejiang NHU Co. Ltd., Class A		168,980		412,962
				24,632,245
Industrials — 17.5%
Air China Ltd., Class A		786,349		987,788
AVIC Aero-Engine Controls Co. Ltd., Class A		142,246		721,824
AVIC Aircraft Co. Ltd., Class A		418,778		1,613,370
Avic Aviation Engine Corp. PLC, Class A		184,723		1,315,485
AVIC Helicopter Co. Ltd., Class A		68,661		596,802
Beijing Orient Landscape & Ecology Co. Ltd., Class A		298,344		1,059,622
Beijing Originwater Technology Co. Ltd., Class A		190,382		1,482,326
BlueFocus Communication Group Co. Ltd., Class A		464,845		1,045,565
China Avionics Systems Co. Ltd., Class A		153,986		596,355
China Baoan Group Co. Ltd., Class A		392,600		1,222,232
China CAMC Engineering Co. Ltd., Class A		109,831		382,954
China Communications Construction Co. Ltd., Class A		458,123		978,383
China COSCO Holdings Co. Ltd., Class A*		1,252,792		1,916,558
China CSSC Holdings Ltd., Class A		210,551		1,170,692
China Eastern Airlines Corp. Ltd., Class A*		1,048,815		1,173,825
China First Heavy Industries, Class A		789,692		1,026,399
China Gezhouba Group Co. Ltd., Class A		831,412		987,452
China International Marine Containers Group Co. Ltd., Class A		263,361		774,795
China National Chemical Engineering Co. Ltd., Class A		589,980		622,641
China Railway Construction Corp. Ltd., Class A		1,098,766		2,348,279
China Railway Group Ltd., Class A		1,808,871		3,147,918
China Shipbuilding Industry Co. Ltd., Class A		2,922,334		4,576,182
China Shipping Container Lines Co. Ltd., Class A*		1,317,900		1,513,440
China Southern Airlines Co. Ltd., Class A		1,035,620		1,247,710
China Spacesat Co. Ltd., Class A		184,132		1,264,844
China State Construction Engineering Corp. Ltd., Class A		4,669,924		4,506,866
China XD Electric Co. Ltd., Class A		623,190		633,446
CRRC Corp. Ltd., Class A*		2,931,148		6,022,640

	Number of Shares		Value
Industrials (Continued)
Daqin Railway Co. Ltd., Class A		1,829,160	$	2,471,414
Dongfang Electric Corp. Ltd., Class A		353,329		745,785
Fangda Carbon New Material Co. Ltd., Class A*		329,500		739,082
Guangshen Railway Co. Ltd., Class A		1,008,950		709,881
Hainan Airlines Co. Ltd., Class A		1,842,800		1,087,143
Han’s Laser Technology Industry Group Co. Ltd., Class A		260,677		967,350
Jiangxi Hongdu Aviation Industry Corp. Ltd., Class A		136,682		509,979
Luxshare Precision Industry Co. Ltd., Class A		191,716		955,817
Metallurgical Corp. of China Ltd., Class A		1,961,600		2,010,103
NARI Technology Co. Ltd., Class A		448,276		1,075,285
Ningbo Port Co. Ltd., Class A		1,573,000		1,797,637
Power Construction Corp. of China Ltd., Class A		1,312,425		1,634,331
Sany Heavy Industry Co. Ltd., Class A		1,139,944		1,139,178
Shanghai Construction Group Co. Ltd., Class A		534,602		600,821
Shanghai Electric Group Co. Ltd., Class A		907,700		1,697,123
Shanghai International Airport Co. Ltd., Class A		295,364		1,314,917
Shanghai International Port Group Co. Ltd., Class A		779,353		815,226
Shanghai Waigaoqiao Free Trade Zone Development Co. Ltd., Class A		88,474		350,630
Shenzhen Inovance Technology Co. Ltd., Class A		142,576		972,728
Siasun Robot & Automation Co. Ltd., Class A		156,597		1,800,879
Spring Airlines Co. Ltd., Class A		67,384		595,666
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		274,030		690,161
TBEA Co. Ltd., Class A		811,657		1,475,676
Tianjin Port Co. Ltd., Class A		258,212		440,515
Weichai Power Co. Ltd., Class A		722,609		1,055,063
XCMG Construction Machinery Co. Ltd., Class A		1,318,772		899,113
Xiamen C & D, Inc., Class A		958,812		1,954,924
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		458,469		1,165,387
XJ Electric Co. Ltd., Class A		187,893		549,847
Yingkou Port Liability Co. Ltd., Class A		578,400		426,760
Zhengzhou Yutong Bus Co. Ltd., Class A		397,292		1,303,629
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		1,303,122		1,034,497
				79,922,940
Information Technology — 7.2%
Aisino Co. Ltd., Class A		205,657		2,080,729
Beijing Shiji Information Technology Co. Ltd., Class A		36,244		699,007
Beijing Ultrapower Software Co. Ltd., Class A		369,964		704,881
Beijing Xinwei Telecom Technology Group Co. Ltd., Class A		50,476		187,705

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, 2015 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Beijing Zhongke Sanhuan High-Tech Co. Ltd., Class A		264,968	$	589,385
BOE Technology Group Co. Ltd., Class A		3,174,358		1,447,788
DHC Software Co. Ltd., Class A		235,933		802,443
Dongxu Optoelectronic Technology Co. Ltd., Class A		523,600		841,111
East Money Information Co. Ltd., Class A		358,635		3,165,821
Glodon Software Co. Ltd., Class A		202,111		604,356
GoerTek, Inc., Class A		242,984		1,198,221
Guangzhou Haige Communication Group, Inc. Co., Class A		485,140		1,314,741
Hangzhou Hikvision Digital Technology Co.Ltd., Class A		387,671		2,026,970
Hundsun Technologies, Inc., Class A		152,975		1,520,867
Iflytek Co. Ltd., Class A		281,579		1,534,938
Leshi Internet Information & Technology Corp. Beijing, Class A		296,827		2,240,884
Neusoft Corp., Class A		260,721		880,073
People.cn Co. Ltd., Class A		174,706		631,458
Sanan Optoelectronics Co. Ltd., Class A		444,836		1,746,298
Shenzhen O-film Tech Co. Ltd., Class A		188,668		755,047
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		289,027		596,115
Tsinghua Tongfang Co. Ltd., Class A		562,444		1,489,214
Universal Scientific Industrial Shanghai Co. Ltd., Class A		54,390		114,379
Wangsu Science & Technology Co., Ltd., Class A		152,509		1,471,841
Yonyou Network Technology Co. Ltd., Class A		215,551		949,535
Zhejiang Dahua Technology Co. Ltd., Class A		181,723		1,094,982
ZTE Corp., Class A		744,931		2,026,895
				32,715,684
Materials — 6.3%
Aluminum Corp. of China Ltd., Class A*		1,322,552		1,027,267
Angang Steel Co. Ltd., Class A		573,962		407,401
Anhui Conch Cement Co. Ltd., Class A		621,677		1,588,954
Baoshan Iron & Steel Co. Ltd., Class A		1,470,040		1,253,972
BBMG Corp., Class A		335,383		499,082
China Hainan Rubber Industry Group Co. Ltd., Class A		358,100		406,357
China Minmetals Rare Earth Co. Ltd., Class A*		185,825		587,184
China Molybdenum Co. Ltd., Class A		797,005		631,466
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		669,693		1,446,904
Hainan Mining Co. Ltd., Class A		49,600		110,560
Hebei Iron & Steel Co. Ltd., Class A*		1,290,800		624,872
Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd., Class A		342,314		630,355
Inner Mongolia Yili Energy Co. Ltd., Class A		327,826		485,798
Inner Mongolian Baotou Steel Union Co. Ltd., Class A*		3,045,448		1,777,689

	Number of Shares		Value
Materials (Continued)
Jiangsu Kangde Xin Composite Material Co. Ltd., Class A		445,465	$	2,451,189
Jiangxi Copper Co. Ltd., Class A		254,729		576,523
Jinduicheng Molybdenum Co. Ltd., Class A		289,204		359,687
Kingenta Ecological Engineering Group Co. Ltd., Class A		192,866		561,398
Luxin Venture Capital Group Co. Ltd., Class A		88,607		540,942
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		1,287,200		601,100
Qinghai Salt Lake Industry Co. Ltd., Class A		199,106		703,532
Shandong Gold Mining Co. Ltd., Class A		212,422		607,412
Shanxi Taigang Stainless Steel Co. Ltd., Class A*		706,700		441,112
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		422,138		804,940
Sinopec Shanghai Petrochemical Co. Ltd., Class A*		659,503		659,060
Tongling Nonferrous Metals Group Co. Ltd., Class A		1,187,820		702,600
Wanhua Chemical Group Co. Ltd., Class A		349,701		931,913
Western Mining Co. Ltd., Class A		561,420		614,349
Wuhan Iron & Steel Co. Ltd., Class A		1,206,700		646,153
Xiamen Tungsten Co. Ltd., Class A		137,318		404,839
Xinxing Ductile Iron Pipes, Class A		703,600		746,939
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		313,538		488,539
Yunnan Copper Co. Ltd., Class A*		226,152		390,748
Yunnan Tin Co. Ltd., Class A*		209,966		392,523
Zhejiang Longsheng Group Co. Ltd., Class A		684,188		1,428,164
Zhongjin Gold Co. Ltd., Class A		443,413		632,231
Zijin Mining Group Co. Ltd., Class A		2,823,951		1,520,929
				28,684,683
Telecommunication Services — 0.9%
China United Network Communications Ltd., Class A		2,626,841		2,543,291
Dr Peng Telcom & Media Group Co. Ltd., Class A		331,771		1,180,045
				3,723,336
Utilities — 4.1%
Beijing Capital Co. Ltd., Class A		295,620		485,007
Beijing Jingneng Power Co. Ltd., Class A		548,202		495,808
Chengdu Xingrong Investment Co. Ltd., Class A		540,200		619,717
China Yangtze Power Co. Ltd., Class A		1,563,643		3,273,652
Chongqing Water Group Co. Ltd., Class A		175,600		245,183
Datang International Power Generation Co. Ltd., Class A		896,700		738,371
GD Power Development Co. Ltd., Class A		3,061,000		1,924,936
Guangdong Electric Power Development Co. Ltd., Class A		274,700		312,573

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, 2015 (Unaudited)

	Number of Shares		Value
Utilities (Continued)
Guangdong Golden Dragon Development, Inc., Class A		186,200	$	800,531
Huadian Power International Corp. Ltd., Class A		763,944		807,430
Huaneng Power International, Inc., Class A		1,293,461		1,797,960
Hubei Energy Group Co. Ltd., Class A		652,868		640,235
Inner Mongolia MengDian HuaNeng Thermal Power Co. Ltd., Class A		864,250		649,771
SDIC Power Holdings Co. Ltd., Class A		1,089,575		1,480,628
Shenergy Co. Ltd., Class A		683,344		807,332
Shenzhen Energy Group Co. Ltd., Class A		349,500		565,790
Sichuan Chuantou Energy Co. Ltd., Class A		666,770		1,088,742

	Number of Shares		Value
Utilities (Continued)
Tus-Sound Environmental Resources Co. Ltd., Class A		157,817	$	927,845
Zhejiang Zheneng Electric Power Co. Ltd., Class A		837,890		1,025,135
				18,686,646
TOTAL COMMON STOCKS (Cost $382,406,183)				452,019,020
TOTAL INVESTMENTS — 99.1% (Cost $382,406,183)†			$	452,019,020
Other assets and liabilities, net — 0.9%				4,038,966
NET ASSETS — 100.0%			$	456,057,986

* Non-income producing security.

† The cost for federal income tax purposes was $393,525,002. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $58,494,018. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $107,053,379 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $48,559,361.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2		Level 3		Total
Investment in Securities
Common Stocks*	$	425,279,893	$	—	$	26,739,127	$	452,019,020
Total	$	425,279,893	$	—	$	26,739,127	$	452,019,020

* See Schedule of Investments for additional detailed categorizations.

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, 2015	$	82,552,492
Purchases		21,204,223
Sales		(46,535,157	)
Realized gain (loss)		14,266,151
Change in unrealized gain (loss)		(30,420,654	)
Transfers into Level 3 (a)		58,525,347
Transfers out of Level 3 (a)		(72,853,275	)
Balance at November 30, 2015		26,739,127
Change in unrealized gain (loss) related to Investments still held at November 30, 2015		(30,420,654	)

(a) During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $58,525,347 and between Level 3 and Level 1 was $72,853,275. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.

Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2015 (Unaudited)

Qualitative Disclosure About Unobservable Inputs

Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading adjusted for proxy (the movement in the applicable sector index) with a range of -41% to 16% with a weighted average range of approximately -5%. A significant change between last traded price, adjusted for proxy, 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

Asset Class	Fair Value at 11/30/2015		Valuation Technique	Unobservable Input
Common Stock: Consumer Discretionary	$	6,517,647	Market Approach	Last traded price adjusted for proxy.
Common Stock: Consumer Staples		1,176,415	Market Approach	Last traded price adjusted for proxy.
Common Stock: Health Care		2,683,233	Market Approach	Last traded price adjusted for proxy.
Common Stock: Industrials		12,905,223	Market Approach	Last traded price adjusted for proxy.
Common Stock: Information Technology		2,960,801	Market Approach	Last traded price adjusted for proxy.
Common Stock: Utilities		495,808	Market Approach	Last traded price adjusted for proxy.

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.7%
Consumer Discretionary — 15.6%
Anhui Huamao Textile Co., Class A		48,200	$	70,285
Anhui Jianghuai Automobile Co. Ltd., Class A		39,200		90,856
Anhui Xinhua Media Co. Ltd., Class A		10,900		53,954
Anhui Zhongding Sealing Parts Co. Ltd., Class A		31,400		107,333
AVIC Electromechanical Systems Co. Ltd., Class A		27,990		94,806
Beijing Gehua CATV Network Co. Ltd., Class A		37,610		134,123
Beijing HualuBaina Film & TV Co. Ltd., Class A		20,300		116,947
Beijing Wangfujing Department Store (Group) Co. Ltd., Class A		15,400		57,723
Beijing WKW Automotive Parts Co. Ltd., Class A		12,600		30,714
Besttone Holdings Co. Ltd., Class A		9,200		30,073
Central China Land Media Co. Ltd., Class A		5,800		18,959
Changjiang Publishing & Media Co. Ltd., Class A		33,800		57,822
Chengdu B-Ray Media Co. Ltd., Class A		39,600		54,823
China Automotive Engineering Research Institute Co. Ltd., Class A		12,100		16,989
China CYTS Tours Holding Co. Ltd., Class A		27,000		81,492
China Television Media Ltd., Class A		7,500		31,206
Chongqing Department Store, Class A		9,600		39,793
Chongqing Zongshen Power Machinery Co. Ltd., Class A		37,700		84,974
Dashang Group Co. Ltd., Class A		15,800		105,164
DMG Entertainment and Media Co. Ltd., Class A		13,200		75,202
Dongfeng Automobile Co. Ltd., Class A		47,800		65,774
Dongguan Souyute Fashion Co. Ltd., Class A		17,540		39,070
Eastern Gold Jade Co. Ltd., Class A*		36,300		73,116
Elec-Tech International Co. Ltd., Class A		56,000		83,595
Fangda Special Steel Technology Co. Ltd., Class A		22,600		21,776
FAWER Automotive Parts Co. Ltd., Class A		21,400		30,713
Fengfan Stock Ltd. Co., Class A		20,900		144,347
Fujian Septwolves Industry Co. Ltd., Class A		24,300		46,411
Goldleaf Jewelry Co. Ltd., Class A*		23,400		70,117
Guangdong Advertising Group Co. Ltd., Class A		43,900		156,759
Guangdong Chj Industry Co. Ltd., Class A		21,300		49,236
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		5,500		16,352
Guangdong Yihua Timber Industry Co. Ltd., Class A		126,700		287,999
Guangzhou Pearl River Piano Group Co. Ltd., Class A		8,500		19,225
Guirenniao Co. Ltd., Class A		7,100		38,129
Haima Automobile Group Co. Ltd., Class A*		69,100		65,611

	Number of Shares		Value
Consumer Discretionary (Continued)
Hang Zhou Great Star Industrial Co. Ltd., Class A		28,053	$	73,142
Hangzhou Robam Appliances Co. Ltd., Class A		12,865		78,801
Hefei Department Store Group Co. Ltd., Class A		28,700		40,743
Hisense Kelon Electrical Holdings Co. Ltd., Class A*		16,099		27,716
Hunan Friendship & Apollo Cmmericial Co. Ltd., Class A		22,200		46,997
Jiangling Motors Corp. Ltd., Class A		11,600		51,461
Jiangsu Hongtu High Technology Co. Ltd., Class A		49,000		131,952
Jiangsu Sunshine Co. Ltd., Class A*		78,200		65,610
Joyoung Co. Ltd., Class A		16,500		54,064
Lifan Industry Group Co. Ltd., Class A		18,000		51,218
Loncin Motor Co. Ltd., Class A		21,500		74,497
Luolai Home Textile Co. Ltd., Class A		12,955		33,979
Luthai Textile Co. Ltd., Class A		25,300		52,890
Markor International Home Furnishings Co. Ltd., Class A		19,000		44,984
Materials Industry Zhongda Group Co. Ltd., Class A		29,300		95,959
Nanjing Central Emporium, Class A		16,200		27,209
NavInfo Co. Ltd., Class A		33,100		210,214
Ningbo Huaxiang Electronic Co. Ltd., Class A		22,600		59,786
Ningbo Joyson Electronic Corp., Class A		16,800		83,057
Ningbo Shanshan Co. Ltd., Class A		14,300		76,772
Ningxia Zhongyin Cashmere Co. Ltd., Class A*		15,840		16,590
Northern United Publishing & Media Group Co. Ltd., Class A		10,000		18,757
Rainbow Department Store Co. Ltd., Class A		10,400		19,750
Rastar Group, Class A		28,100		65,829
Shaanxi Broadcast & TV Network Intermediary Co. Ltd., Class A		22,200		51,420
Shanghai Haixin Group Co., Class A		41,000		91,263
Shanghai Jinjiang International Hotels Development Co. Ltd., Class A		9,588		74,459
Shanghai Metersbonwe Fashion & Accessories Co. Ltd., Class A		56,650		54,848
Shanghai New World Co. Ltd., Class A		23,642		58,992
Shanghai Xinhua Media Co. Ltd., Class A		29,000		52,363
Shanghai Yuyuan Tourist Mart Co. Ltd., Class A		60,800		154,548
Shenzhen Fenda Technology Co. Ltd., Class A		10,200		67,558
Shenzhen Fuanna Bedding and Furnishing Co. Ltd., Class A		19,700		32,474
Shenzhen Grandland Decoration Group Co. Ltd., Class A		15,500		63,454
Shenzhen Topway Video Communication Co. Ltd., Class A		8,875		30,765
Sichuan Chengfei Integration Technology Corp., Class A		10,300		65,030

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, 2015 (Unaudited)

	Number of Shares		Value
Consumer Discretionary (Continued)
Sinomach Automobile Co. Ltd., Class A		10,600	$	29,452
Songcheng Performance Development Co. Ltd., Class A		34,526		153,489
Time Publishing and Media Co. Ltd., Class A		9,400		41,511
Visual China Group Co. Ltd., Class A*		14,400		80,918
Wenfeng Great World Chain Development Corp., Class A		31,950		37,648
Whirlpool China Co. Ltd., Class A		13,200		26,332
Wuhan Department Store Group Co. Ltd., Class A		11,161		31,445
Wuxi Little Swan Co. Ltd., Class A		10,105		33,519
Yantai Tayho Advanced Materials Co. Ltd., Class A		22,900		55,964
Yotrio Group Co. Ltd., Class A		59,140		110,283
Zhejiang Aokang Shoes Co. Ltd., Class A		4,600		23,006
Zhejiang Material Industrial Zhongda Yuantong Group Co. Ltd., Class A		8,600		28,166
Zhejiang Ming Jewelry Co. Ltd., Class A		14,669		41,557
Zhejiang Orient Holdings Co., Class A		18,200		60,236
				5,614,145
Consumer Staples — 4.4%
Angel Yeast Co. Ltd., Class A		11,100		49,070
Anhui Golden Seed Winery Co. Ltd., Class A		17,400		24,755
Anhui Gujing Distillery Co. Ltd., Class A		5,500		27,824
Beijing Sanyuan Foods Co. Ltd., Class A*		17,600		21,766
Beijing Shunxin Agriculture Co. Ltd., Class A		10,400		28,330
Better Life Commercial Chain Share Co. Ltd., Class A		17,930		44,823
Chacha Food Co. Ltd., Class A		11,200		29,986
China Animal Husbandry Industry Co. Ltd., Class A		10,200		28,403
Chongqing Brewery Co., Class A		10,400		24,315
Chuying Agro-pastoral Group Co. Ltd., Class A*		23,900		60,194
COFCO Tunhe Co. Ltd., Class A		61,700		145,214
Fujian Sunner Development Co. Ltd., Class A*		23,900		78,125
Guangdong Haid Group Co. Ltd., Class A		32,600		65,968
Guangzhou Zhujiang Brewery Co. Ltd., Class A		11,800		25,237
Hebei Chengde Lolo Co., Class A		25,001		53,977
Jiangsu King’s Luck Brewery JSC Ltd., Class A		3,200		17,893
Jonjee High-Tech Industrial and Commercial Holding Co. Ltd., Class A		48,000		124,403
Luoniushan Co. Ltd., Class A		49,000		54,916
Qinghai Huzhu Barley Wine Co. Ltd., Class A		7,400		25,203
Sanquan Food Co. Ltd., Class A		18,700		30,971
Shandong Denghai Seeds Co. Ltd., Class A		19,650		48,695
Shanghai Feilo Acoustics Co. Ltd., Class A		37,725		74,755
Shanghai Maling Aquarius Co. Ltd., Class A		31,400		60,950

	Number of Shares		Value
Consumer Staples (Continued)
Sichuan Tuopai Shede Wine Co. Ltd., Class A		15,000	$	40,207
V V Food & Beverage Co. Ltd., Class A		44,800		43,306
Xinjiang Guannong Fruit & Antler Group Co. Ltd., Class A		25,300		42,847
Yantai Changyu Pioneer Wine Co. Ltd., Class A		8,100		49,374
Yuan Longping High-tech Agriculture Co. Ltd., Class A		42,000		127,223
Yunnan Hongxiang Yixintang Pharmaceutical Co. Ltd., Class A		4,400		43,834
Zhangzidao Group Co. Ltd., Class A*		17,000		36,094
Zhejiang Guyuelongshan Shaoxing Wine Co. Ltd., Class A		21,260		33,126
				1,561,784
Energy — 1.8%
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A*		21,600		19,636
Anyuan Coal Industry Group Co. Ltd., Class A*		16,400		14,525
Beijing Haohua Energy Resource Co. Ltd., Class A		20,500		29,261
Changzheng Engineering Co. Ltd., Class A		4,300		23,380
Datong Coal Industry Co. Ltd., Class A		47,100		40,250
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A		11,000		15,102
Guizhou Panjiang Refined Coal Co. Ltd., Class A		27,600		30,804
Henan Dayou Energy Co. Ltd., Class A		15,000		15,130
Henan Shenhuo Coal & Power Co. Ltd., Class A*		61,100		41,752
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A		14,300		22,126
Inner Mongolia Pingzhuang Energy Co. Ltd., Class A		23,300		19,767
Kaidi Ecological and Environmental Technology Co. Ltd., Class A		43,600		94,471
Oriental Energy Co. Ltd., Class A		14,900		60,093
PetroChina Jinhong Energy Investment Co. Ltd., Class A		13,700		50,861
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		71,085		52,005
Shandong Molong Petroleum Machinery Co. Ltd., Class A*		11,800		18,900
Shanxi Guoxin Energy Corp. Ltd., Class A		11,600		27,717
Sinopec Oilfield Equipment Corp., Class A*		8,200		26,613
Zhejiang Haiyue Co. Ltd., Class A		17,600		48,025
				650,418
Financials — 9.3%
Anxin Trust Co. Ltd., Class A		51,053		140,421
Beijing Capital Development Co. Ltd., Class A		61,300		113,644
Beijing Centergate Technologies (Holding) Co. Ltd., Class A*		29,900		52,267

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, 2015 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Beijing Homyear Capital Holdings Co. Ltd., Class A		45,830	$	99,374
Bohai Leasing Co. Ltd., Class A		76,500		106,576
China Enterprise Co. Ltd., Class A*		70,060		85,281
China Sports Industry Group Co. Ltd., Class A		36,601		119,928
Cinda Real Estate Co. Ltd., Class A		26,300		27,306
COFCO Property Group Co. Ltd., Class A		54,200		120,899
Geo-Jade Petroleum Corp., Class A*		56,640		78,236
Guangdong Highsun Group Co. Ltd., Class A		37,970		52,780
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		59,100		68,444
HNA Investment Group Co. Ltd., Class A		76,700		94,319
Huafa Industrial Co. Ltd. Zhuhai, Class A		35,100		80,972
Huayuan Property Co. Ltd., Class A		24,400		26,434
Hubei Fuxing Science And Technology Co. Ltd., Class A		28,200		68,214
Ingenious Ene-Carbon New Materials Co. Ltd., Class A		69,000		89,180
Jinke Properties Group Co. Ltd., Class A		88,500		73,287
Macrolink Real Estate Co. Ltd., Class A*		30,500		47,998
Myhome Real Estate Development Group Co. Ltd., Class A*		95,900		73,892
Nanjing Gaoke Co. Ltd., Class A		29,025		82,454
Shaanxi International Trust Co. Ltd., Class A		21,300		36,935
Shanghai AJ Corp., Class A*		96,280		220,985
Shanghai Industrial Development Co. Ltd., Class A		19,000		39,187
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A		15,300		53,133
Shanghai Shimao Co. Ltd., Class A		31,700		57,634
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		43,200		175,979
Shenzhen Huaqiang Industry Co. Ltd., Class A		11,300		66,734
Shenzhen World Union Properties Consultancy, Inc., Class A		32,364		88,664
Shenzhen Zhenye Group Co. Ltd., Class A		50,500		87,255
Shunfa Hengye Corp., Class A		32,920		52,883
Suning Universal Co. Ltd., Class A		56,990		115,944
Sunshine City Group Co. Ltd., Class A		69,450		81,403
Suzhou New District Hi-Tech Industrial Co. Ltd., Class A		33,700		50,592
Thaihot Group Co. Ltd., Class A		24,200		96,622
Tianjin Jinbin Development Co. Ltd., Class A*		72,600		59,555
Tibet Urban Development and Investment Co. Ltd., Class A		16,000		51,604
Zhejiang China Light & Textile Industrial City Group Co. Ltd., Class A*		40,940		49,707
Zhonghong Holding Co. Ltd., Class A		109,180		81,065
Zhongtian Urban Development Group Co. Ltd., Class A		96,102		151,536
				3,319,323

	Number of Shares		Value
Health Care — 12.1%
Beijing Tiantan Biological Products Corp. Ltd., Class A*		13,900	$	60,409
Changchun High & New Technology Industries, Inc., Class A		5,800		103,617
China National Accord Medicines Corp. Ltd., Class A		8,500		88,003
China National Medicines Corp. Ltd., Class A		15,800		81,087
China Resources Double Crane Pharmaceutical Co. Ltd., Class A*		19,400		65,227
Da An Gene Co. Ltd. Sun Yat-Sen University, Class A		26,920		173,187
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A		23,800		46,308
Guilin Sanjin Pharmaceutical Co. Ltd., Class A		7,079		23,052
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A		30,700		128,070
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A		26,850		56,339
Guizhou Yibai Pharmaceutical Co. Ltd., Class A		34,000		100,820
Hainan Haiyao Co. Ltd., Class A		30,200		177,741
Harbin Gloria Pharmaceuticals Co. Ltd., Class A		16,250		77,806
Harbin Pharmaceutical Group Co. Ltd., Class A		68,800		121,123
Hengkang Medical Group Co. Ltd., Class A*		55,762		130,688
Huapont Life Sciences Co. Ltd., Class A		60,650		126,506
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		12,600		47,307
Humanwell Healthcare Group Co. Ltd., Class A		54,000		157,269
Hunan Er-Kang Pharmaceutical Co. Ltd., Class A		19,600		89,758
Hybio Pharmaceutical Co. Ltd., Class A		23,900		101,600
Inner Mongolia Jinyu Group Co. Ltd., Class A		30,934		154,519
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A		19,340		70,415
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A*		15,690		97,203
Jiangzhong Pharmaceutical Co. Ltd., Class A		10,806		58,047
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A		13,800		39,783
Jinling Pharmaceutical Co. Ltd., Class A		13,400		34,270
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		34,500		72,875
KPC Pharmaceuticals, Inc., Class A		16,399		82,425
Livzon Pharmaceutical Group, Inc., Class A		6,940		49,185
Mayinglong Pharmaceutical Group Co. Ltd., Class A		17,100		54,274
North China Pharmaceutical Co. Ltd., Class A*		45,200		52,487
PKU HealthCare Corp. Ltd., Class A*		20,500		48,376

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, 2015 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Renhe Pharmacy Co. Ltd., Class A		52,425	$	84,950
Shanghai Dingli Technology Development Group Co. Ltd., Class A		38,800		63,053
Shanghai Kaibao Pharmaceutical Co. Ltd., Class A		28,080		57,827
Shanghai Kehua Bio-Engineering Co. Ltd., Class A		22,000		95,851
Shanghai Kingstar Winning Software Co. Ltd., Class A		17,650		120,143
Shenzhen Neptunus Bioengineering Co. Ltd., Class A*		31,400		86,903
Shinva Medical Instrument Co. Ltd., Class A		16,229		93,393
Tianjin Lisheng Pharmaceutical Co. Ltd., Class A		4,700		39,162
Tianjin Tianyao Pharmaceutical Co. Ltd., Class A		30,900		32,370
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A		11,962		35,825
Xiangxue Pharmaceutical Co. Ltd., Class A		24,910		88,716
Yabao Pharmaceutical Group Co. Ltd., Class A		31,080		59,893
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		12,000		102,623
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		35,760		69,524
Zhejiang Dian Diagnostics Co. Ltd., Class A		8,600		99,865
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A		26,900		58,077
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		25,300		90,420
Zhejiang Medicine Co. Ltd., Class A		36,330		57,456
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A		20,100		42,019
Zhongyuan Union Cell & Gene Engineering Corp. Ltd., Class A*		15,200		118,064
Zhuhai Hokai Medical Instruments Co. Ltd., Class A		25,140		84,292
				4,350,202
Industrials — 23.4%
Anhui Heli Co. Ltd., Class A		23,880		53,713
Anhui Wanjiang Logistics Group Co. Ltd., Class A*		42,200		39,807
Avic Heavy Machinery Co. Ltd., Class A		26,200		83,074
Baotou Beifang Chuangye Co. Ltd., Class A		37,900		110,143
Beibuwan Port Co. Ltd., Class A		4,700		14,581
Beijing New Building Materials PLC, Class A		31,600		59,665
Beijing Shouhang Resources Saving Co. Ltd., Class A		19,650		95,095
Beijing Sifang Automation Co. Ltd., Class A		22,000		49,313
Beijing SPC Environmental Protection Tech Co. Ltd., Class A		34,300		119,970

	Number of Shares		Value
Industrials (Continued)
Black Peony Group Co. Ltd., Class A		13,500	$	23,935
Camel Group Co. Ltd., Class A		22,800		78,895
CCS Supply Chain Management Co. Ltd., Class A*		16,973		72,469
Changjiang & Jinggong Steel Building Group Co. Ltd., Class A		48,600		43,801
Changyuan Group Ltd., Class A		60,400		182,865
Chengdu Huaze Cobalt & Nickel Material Co. Ltd., Class A*		12,300		43,079
Chengdu Xinzhu Road&Bridge Machinery Co. Ltd., Class A*		22,200		48,932
China Aerospace Times Electronics Co. Ltd., Class A*		50,200		139,560
China Meheco Co. Ltd., Class A		27,900		65,925
China Railway Erju Co. Ltd., Class A		41,000		79,561
China Railway Tielong Container Logistics Co. Ltd., Class A		49,000		69,179
China Shipping Development Co. Ltd., Class A		82,000		118,294
China-Kinwa High Technology Co. Ltd., Class A*		132,700		193,959
CITIC Heavy Industries Co. Ltd., Class A		66,100		75,728
Citic Offshore Helicopter Co. Ltd., Class A		25,401		60,099
Citychamp Dartong Co. Ltd., Class A		56,700		75,019
CMST Development Co. Ltd., Class A		51,500		87,459
CNHTC Jinan Truck Co. Ltd., Class A		7,700		18,686
COSCO Shipping Co. Ltd., Class A		40,100		74,400
CSSC Offshore and Marine Engineering Group Co. Ltd., Class A*		13,300		76,517
Dalian Huarui Heavy Industry Group Co. Ltd., Class A		17,476		30,386
Dalian Port PDA Co. Ltd., Class A		60,400		59,889
Dazhong Transportation Group Co. Ltd., Class A		40,700		89,328
Dongjiang Environmental Co. Ltd., Class A		21,600		68,119
East China Engineering Science and Technology Co. Ltd., Class A		10,300		32,034
Eternal Asia Supply Chain Management Ltd., Class A*		34,800		238,670
Far East Smarter Energy Co. Ltd., Class A*		33,600		51,621
Foshan Electrical and Lighting Co. Ltd., Class A		41,140		87,668
Gem-Year Industrial Co. Ltd., Class A		26,700		48,584
Guangdong Guangzhou Daily Media Co. Ltd., Class A		24,880		52,244
Guangxi Liugong Machinery Co. Ltd., Class A		42,200		52,945
Guangzhou Baiyun International Airport Co. Ltd., Class A		27,533		56,829
Guangzhou Guangri Stock Co. Ltd., Class A		19,500		56,276
Guizhou Changzheng Tiacheng Holding Co. Ltd., Class A		22,900		77,922
Guizhou Space Appliance Co. Ltd., Class A		15,370		62,156
Hangzhou Hangyang Co. Ltd., Class A		11,400		18,686
Harbin Boshi Automation Co. Ltd., Class A		11,070		51,057
Henan Pinggao Electric Co. Ltd., Class A		39,400		112,785

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, 2015 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Henan Senyuan Electric Co. Ltd., Class A		19,200	$	53,108
Hongfa Technology Co. Ltd., Class A		14,880		67,610
Huadian Heavy Industries Co. Ltd., Class A		13,800		26,486
Hunan Corun New Energy Co. Ltd., Class A*		39,198		128,071
Hunan Jiangnan Red Arrow Co. Ltd., Class A		55,300		95,086
Jangho Group Co. Ltd., Class A		25,900		56,966
Jiangsu Guotai International Group Guomao Co. Ltd., Class A		19,700		52,564
Jiangsu Nonghua Intelligent Agricultural Technology Co. Ltd., Class A		47,700		60,514
Jiangsu Sunrain Solar Energy Co. Ltd., Class A		13,700		21,965
Jiangsu Yueda Investment Co. Ltd., Class A		36,500		77,610
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		18,800		45,505
Jiangsu Zhongtian Technology Co. Ltd., Class A		32,400		120,536
Jiangsu Zongyi Co. Ltd., Class A*		41,700		95,742
Jianxin Mining Co. Ltd., Class A*		43,300		68,594
Jihua Group Corp. Ltd., Class A		86,220		164,406
Keda Clean Energy Co. Ltd., Class A		31,900		106,411
Lanzhou LS Heavy Equipment Co. Ltd., Class A		8,200		23,039
MeiDu Energy Corp., Class A		65,871		59,469
Mesnac Co. Ltd., Class A		35,100		95,177
Minmetals Development Co. Ltd., Class A		25,500		119,805
Neway Valve Suzhou Co. Ltd., Class A		10,500		33,882
North Navigation Control Technology Co. Ltd., Class A		26,200		123,816
Orient Group, Inc., Class A		80,184		102,348
Palm Landscape Architecture Co. Ltd., Class A		17,200		65,755
Pubang Landscape Architecture Co. Ltd., Class A		35,419		43,775
Rizhao Port Co. Ltd., Class A		92,050		104,025
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		25,700		89,610
Shanghai Lansheng Corp., Class A		11,500		62,349
Shanghai M&G Stationery, Inc., Class A		3,400		20,365
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		17,300		77,124
Shanghai Pudong Road & Bridge Construction Co. Ltd., Class A		32,746		66,519
Shanghai Zhenhua Heavy Industries Co. Ltd., Class A*		89,000		82,291
Shanghai Zhixin Electric Co. Ltd., Class A		40,060		87,549
Shantui Construction Machinery Co. Ltd., Class A*		59,300		58,891
Shanxi Coal International Energy Group Co. Ltd., Class A*		54,400		37,512
Shenzhen Desay Battery Technology Co., Class A		6,800		59,275
Shenzhen Glory Medical Co. Ltd., Class A		12,518		56,858
Shenzhen Hifuture Electric Co. Ltd., Class A*		34,000		55,358

	Number of Shares		Value
Industrials (Continued)
Shenzhen Hongtao Decoration Co. Ltd., Class A		30,050	$	73,765
Shenzhen Tagen Group Co. Ltd., Class A		20,800		61,160
Shenzhen Yantian Port Holding Co. Ltd., Class A		43,800		54,338
Shuangliang Eco-Energy Systems Co. Ltd., Class A		49,300		78,352
Sichuan Road & Bridge Co. Ltd., Class A		90,600		68,821
Sieyuan Electric Co. Ltd., Class A		20,700		47,784
Sinochem International Corp., Class A		55,900		97,455
Sinoma International Engineering Co. Ltd., Class A		32,900		61,761
Sinotrans Air Transportation Development Co. Ltd., Class A		19,500		75,581
SUFA Technology Industry Co. Ltd. CNNC, Class A		15,020		73,530
Sungrow Power Supply Co. Ltd., Class A		21,300		92,172
Suzhou Anjie Technology Co. Ltd., Class A		8,300		33,075
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A*		24,600		72,944
Taiyuan Heavy Industry Co. Ltd., Class A*		91,000		83,857
TangShan Port Group Co. Ltd., Class A		63,500		79,412
Tianjin Benefo Tejing Electric Co. Ltd., Class A		10,400		25,707
Tianjin Capital Environmental Protection Group Co. Ltd., Class A		19,200		33,144
Tianjin TEDA Co. Ltd., Class A		58,500		56,731
Tianma Bearing Group Co. Ltd., Class A		31,300		38,490
Wolong Electric Group Co. Ltd., Class A		29,865		66,013
Xiamen ITG Group Corp. Ltd., Class A		69,948		91,241
Xi’an Shaangu Power Co. Ltd., Class A		29,050		38,979
Xiandai Investment Co. Ltd., Class A		39,600		49,436
Xiangtan Electric Manufacturing Co. Ltd., Class A		25,300		77,149
Xinjiang Urban Construction Group Co. Ltd., Class A		32,500		59,493
Zhefu Holding Group Co. Ltd., Class A		74,200		98,290
Zhejiang Dun’an Artificial Environment Co. Ltd., Class A*		28,400		62,730
Zhejiang Sanhua Co. Ltd., Class A		44,980		68,475
Zhejiang Wanma Co. Ltd., Class A		25,262		112,463
Zhejiang Yankon Group Co. Ltd., Class A		48,335		59,964
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		52,900		56,076
Zhongli Science and Technology Group Co. Ltd., Class A		13,100		38,372
Zhongshan Broad Ocean Motor Co. Ltd., Class A		30,900		55,987
				8,409,635
Information Technology — 14.4%
Accelink Technologies Co. Ltd., Class A		4,100		41,840
Addsino Co. Ltd., Class A*		38,600		127,439
Beijing Jingyuntong Technology Co. Ltd., Class A		42,300		52,873
Beijing Sevenstar Electronics Co. Ltd., Class A*		7,600		29,468

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, 2015 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Beijing Teamsun Technology Co. Ltd., Class A		34,500	$	121,690
Bright Oceans Inter-Telecom Corp., Class A		27,300		79,847
China Aviation Optical-Electrical Technology Co. Ltd., Class A		16,210		102,191
China Greatwall Computer Shenzhen Co. Ltd., Class A*		70,800		155,014
China National Software & Service Co. Ltd., Class A		15,900		82,144
China Security & Fire Co. Ltd., Class A		37,109		185,536
China TransInfo Technology Co. Ltd., Class A		9,100		67,709
China Wafer Level CSP Co. Ltd., Class A		3,400		23,159
Dalian Daxian Enterprises Holdings Co. Ltd., Class A*		54,800		46,745
Datang Telecom Technology Co. Ltd., Class A*		23,700		82,784
Dawning Information Industry Co. Ltd., Class A		5,300		75,116
Eastern Communications Co. Ltd., Class A		20,992		37,348
EGing Photovoltaic Technology Co. Ltd., Class A		16,960		42,768
Fiberhome Telecommunication Technologies Co. Ltd., Class A		31,200		129,913
Focus Technology Co. Ltd., Class A		2,800		46,086
Founder Technology Group Corp., Class A		117,700		114,324
Fujian Newland Computer Co. Ltd., Class A*		39,340		140,843
Fujian Star-net Communication Co. Ltd., Class A		14,100		48,615
Greatwall Information Industry Co. Ltd., Class A		69,700		247,117
Guangdong Ellington Electronics Technology Co. Ltd., Class A		3,600		18,016
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		30,700		48,934
Guangdong Goworld Co. Ltd., Class A		16,100		30,148
Guomai Technologies, Inc., Class A		23,200		49,077
Hangzhou Silan Microelectronics Co. Ltd., Class A		41,680		58,001
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		10,900		43,486
Hengtong Optic-electric Co. Ltd., Class A		46,400		93,172
Hithink RoyalFlush Information Network Co. Ltd., Class A		11,600		146,239
Huagong Tech Co. Ltd., Class A		33,400		83,964
Insigma Technology Co. Ltd., Class A*		44,100		91,504
Invengo Information Technology Co. Ltd., Class A		31,700		118,919
Jiangsu Changjiang Electronics Technology Co. Ltd., Class A		42,200		145,691
Julong Co. Ltd., Class A		12,495		70,369
Ningbo Yunsheng Group Co. Ltd., Class A		25,700		82,250
North Electro-Optic Co. Ltd., Class A*		7,600		35,112
Shanghai 2345 Network Holding Group Co. Ltd., Class A		14,400		77,825

	Number of Shares		Value
Information Technology (Continued)
Shanghai Aerospace Automobile Electromechanical Co., Class A*		50,100	$	96,000
Shanghai Belling Co. Ltd., Class A		28,900		93,434
Shanghai East-China Computer Co. Ltd., Class A		5,300		43,411
Shengyi Technology Co. Ltd., Class A		59,600		85,258
Shenzhen Everwin Precision Technology Co. Ltd., Class A		15,000		76,818
Shenzhen Kaifa Technology Co. Ltd., Class A		39,400		90,461
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A		27,700		202,221
Shenzhen Laibao Hi-tech Co. Ltd., Class A		28,300		58,720
Shenzhen Tat Fook Technology Co. Ltd., Class A		22,340		74,557
Taiji Computer Corp. Ltd., Class A		13,800		108,415
Telling Telecommunication Holding Co. Ltd., Class A*		46,900		87,466
Tongfang Guoxin Electronics Co. Ltd., Class A		13,800		130,969
United Electronics Co. Ltd., Class A		8,600		68,714
Vtron Technologies Ltd., Class A		25,400		82,633
Wuhan Fingu Electronic Technology Co. Ltd., Class A		9,600		23,625
Wuhan Guide Infrared Co. Ltd., Class A		14,600		69,815
Wuhu Token Science Co. Ltd., Class A		37,100		83,333
WUS Printed Circuit Kunshan Co. Ltd., Class A*		36,740		37,687
Xiamen Faratronic Co. Ltd., Class A		5,900		37,287
Xi’an LONGi Silicon Materials Co. Ltd., Class A		57,000		121,998
YGSOFT, Inc., Class A		25,807		106,172
Youzu Interactive Co. Ltd., Class A		3,400		41,707
Zhejiang Crystal-Optech Co. Ltd., Class A		14,400		80,425
				5,174,402
Materials — 14.0%
Advanced Technology & Materials Co. Ltd., Class A*		28,604		62,112
Baoji Titanium Industry Co. Ltd., Class A		9,400		29,396
Befar Group Co. Ltd., Class A		38,600		45,544
Beijing Lier High-temperature Materials Co. Ltd., Class A		28,800		34,922
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		22,408		64,458
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A		21,200		116,588
CEFC Anhui International Holding Co. Ltd., Class A		51,202		211,067
China Jushi Co. Ltd., Class A		23,400		86,471
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A		31,700		71,894
Chongqing Iron & Steel Co. Ltd., Class A*		70,400		33,751
Cofco Biochemical Co. Ltd., Class A		41,385		100,752
CSG Holding Co. Ltd., Class A		70,400		109,036
ENN Energy Chemicals Co. Ltd., Class A		12,800		26,101

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, 2015 (Unaudited)

	Number of Shares		Value
Materials (Continued)
FSPG Hi-Tech Co. Ltd., Class A*		41,550	$	81,298
Gansu Qilianshan Cement Group Co. Ltd., Class A		26,900		34,796
GEM Co. Ltd., Class A		46,751		116,144
Guangdong Guanhao High-Tech Co. Ltd., Class A		42,445		84,305
Guangdong Hec Technology Holding Co. Ltd., Class A		66,205		96,562
Guangdong Tapai Group Co. Ltd., Class A		20,200		36,631
Guangdong Weihua Corp., Class A*		21,000		39,945
Hengyi Petrochemical Co. Ltd., Class A*		22,400		36,402
Huaxin Cement Co. Ltd., Class A		8,980		10,540
Hubei Kaile Science & Technology Co. Ltd., Class A*		26,200		63,172
Hubei Xingfa Chemicals Group Co. Ltd., Class A		14,600		29,066
Hubei Yihua Chemical Industry Co. Ltd., Class A		53,900		61,499
Hunan Gold Corp. Ltd., Class A*		38,000		47,616
Inner Mongolia Xingye Mining Co. Ltd., Class A		52,400		58,345
Jiangsu Wuzhong Industrial Co., Class A		31,000		127,595
Jiangsu Yabang Dyestuff Co. Ltd., Class A		8,100		26,982
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A*		40,600		41,900
Jilin Yatai Group Co. Ltd., Class A*		99,253		111,392
Juli Sling Co. Ltd., Class A		36,000		40,179
Kailuan Energy Chemical Co. Ltd., Class A		26,400		22,191
Kingfa Sci & Tech Co. Ltd., Class A		82,400		104,150
Lianhe Chemical Technology Co. Ltd., Class A		31,359		89,962
Luxi Chemical Group Co. Ltd., Class A		54,800		56,981
Maanshan Iron & Steel Co. Ltd., Class A*		142,800		72,908
Nanjing Redsun Co. Ltd., Class A		11,400		29,191
Nantong Jiangshan Agrochemical & Chemicals Co. Ltd., Class A		4,000		14,601
Ningxia Orient Tantalum Industry Co. Ltd., Class A*		11,100		25,313
ORG Packaging Co. Ltd., Class A		35,254		150,141
Puyang Refractories Group Co. Ltd., Class A		15,600		17,678
Rising Nonferrous Metals Share Co. Ltd., Class A*		5,900		36,874
Shaanxi Ligeance Mineral Resources Co. Ltd., Class A		19,300		75,376
Shandong Chenming Paper Holdings Ltd., Class A		50,000		68,101
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		37,200		78,114
Shandong Humon Smelting Co. Ltd., Class A		38,200		55,953
Shandong Jinjing Science & Technology Co. Ltd., Class A*		43,100		34,148
Shandong Nanshan Aluminum Co. Ltd., Class A		99,000		115,626
Shandong Sun Paper Industry JSC Ltd., Class A		58,000		49,655

	Number of Shares		Value
Materials (Continued)
Shanghai 3F New Materials Co., Class A		11,500	$	28,140
Shanghai Chlor-Alkali Chemical Co. Ltd., Class A*		10,500		19,630
Shantou Dongfeng Printing Co. Ltd., Class A		12,000		28,224
Shengda Mining Co. Ltd., Class A*		10,700		30,102
Shenghe Resources, Class A		25,000		57,088
Shenzhen Jinjia Color Printing Group Co. Ltd., Class A		98,500		182,421
Sichuan EM Technology Co. Ltd., Class A		15,300		20,148
Sichuan Hebang Biotechnology Co. Ltd., Class A		68,400		77,617
Sichuan Tianqi Lithium Industries, Inc., Class A*		8,500		206,007
Stanley Fertilizer Co. Ltd., Class A		13,100		63,519
Tangshan Jidong Cement Co. Ltd., Class A		28,900		46,110
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		51,500		61,085
Tibet Mineral Development Co. Ltd., Class A*		21,100		85,197
TongKun Group Co. Ltd., Class A		17,300		39,020
Xinjiang Qingsong Building Materials and Chemicals Group Co. Ltd., Class A		24,600		20,946
Xinjiang Tianshan Cement Co. Ltd., Class A		37,000		44,865
Xinjiang Zhongtai Chemical Co. Ltd., Class A		45,900		83,736
Yintai Resources Co. Ltd., Class A		23,300		43,232
Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd., Class A		25,800		67,710
Zhejiang Hailiang Co. Ltd., Class A		28,700		47,578
Zhejiang Huafeng Spandex Co. Ltd., Class A		45,900		45,726
Zhejiang Juhua Co. Ltd., Class A		48,600		136,624
Zhejiang Runtu Co. Ltd., Class A		21,600		63,244
Zhejiang Satellite Petrochemical Co. Ltd., Class A*		13,000		19,548
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A		29,100		52,408
Zhongfu Straits Pingtan Development Co. Ltd., Class A*		31,800		100,732
Zhuzhou Times New Material Technology Co. Ltd., Class A		21,200		59,630
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		21,125		41,071
				5,004,782
Utilities — 2.7%
An Hui Wenergy Co. Ltd., Class A		57,630		80,197
Chongqing Gas Group Corp. Ltd., Class A		8,000		17,322
CPI Yuanda Environmental-Protection Group Co. Ltd., Class A		16,882		63,094
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		64,800		113,677
Harbin Hatou Investment Co. Ltd., Class A		14,500		27,140
Heilongjiang Interchina Water Treatment Co. Ltd., Class A*		83,900		74,441

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2015 (Unaudited)

	Number of Shares		Value
Utilities (Continued)
Jointo Energy Investment Co. Ltd. Hebei, Class A		30,600	$	48,346
Shaan Xi Provincial Natural Gas Co. Ltd., Class A		15,100		29,028
Shanghai Dazhong Public Utilities Group Co. Ltd., Class A		118,450		177,002
Shanghai Electric Power Co. Ltd., Class A		45,900		111,958
Shenzhen Gas Corp. Ltd., Class A		39,400		54,093
Top Energy Co. Ltd., Class A		20,100		22,245
Xinjiang Tianfu Energy Co. Ltd., Class A		24,059		36,514
Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd., Class A		21,100		52,518

	Number of Shares		Value
Utilities (Continued)
Zhongshan Public Utilities Group Co. Ltd., Class A		31,360	$	69,268
				976,843
TOTAL COMMON STOCKS (Cost $30,244,758)				35,061,534
TOTAL INVESTMENTS — 97.7% (Cost $30,244,758)†			$	35,061,534
Other assets and liabilities, net — 2.3%				807,051
NET ASSETS — 100.0%			$	35,868,585

* Non-income producing security.

† The cost for federal income tax purposes was $31,084,007. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $3,977,527. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $7,112,112 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,134,585.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2		Level 3		Total
Investment in Securities
Common Stocks*	$	30,759,380	$	—	$	4,302,154	$	35,061,534
Total	$	30,759,380	$	—	$	4,302,154	$	35,061,534

* See Schedule of Investments for additional detailed categorizations.

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, 2015	$	8,929,221
Purchases		4,672,298
Sales		(5,964,729	)
Realized gain (loss)		(507,164	)
Change in unrealized gain (loss)		(2,712,600	)
Transfers into Level 3 (a)		7,382,314
Transfers out of Level 3 (a)		(7,497,186	)
Balance at November 30, 2015		4,302,154
Change in unrealized gain (loss) related to Investments still held at November 30, 2015		(2,712,600	)

(a) During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $7,382,314 and between Level 3 and Level 1 was $7,497,186. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.

Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2015 (Unaudited)

Qualitative Disclosure About Unobservable Inputs

Significant unobservable inputs developed by the Pricing Committee and used in the fair value measurement of the Fund’s equity investments include the last traded price on the Exchange for securities suspended from trading adjusted for proxy (the movement in the applicable sector index) with a range of -60% to 44% with a weighted average range of approximately -11%. A significant change between last traded price, adjusted for proxy, 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

Asset Class	Fair Value at		Valuation Technique	Unobservable Input
Common Stock: Consumer Discretionary	$	752,856	Market Approach	Last traded price adjusted for proxy.
Common Stock: Consumer Staples	$	124,924	Market Approach	Last traded price adjusted for proxy.
Common Stock: Energy	$	27,140	Market Approach	Last traded price adjusted for proxy.
Common Stock: Financials	$	438,992	Market Approach	Last traded price adjusted for proxy.
Common Stock: Health Care	$	218,691	Market Approach	Last traded price adjusted for proxy.
Common Stock: Industrials	$	1,088,086	Market Approach	Last traded price adjusted for proxy.
Common Stock: Information Technology	$	889,435	Market Approach	Last traded price adjusted for proxy.
Common Stock: Materials	$	762,030	Market Approach	Last traded price adjusted for proxy.

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All China Equity ETF

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 52.0%
Consumer Discretionary — 4.1%
Alibaba Pictures Group Ltd.*		69,790	$	17,012
Anta Sports Products Ltd.		6,914		20,911
Belle International Holdings Ltd.		32,073		28,046
Brilliance China Automotive Holdings Ltd.		20,849		26,513
Byd Co. Ltd., Class H*		4,428		23,929
China Travel International Investment Hong Kong Ltd.		18,000		7,359
Ctrip.com International, Ltd., ADR*		1,013		108,401
Dongfeng Motor Group Co. Ltd., Class H		18,758		25,500
Fuyao Glass Industry Group Co. Ltd., Class H, 144A*		3,600		8,098
Geely Automobile Holdings Ltd.		36,514		19,167
GOME Electrical Appliances Holding Ltd.		82,092		14,082
Great Wall Motor Co. Ltd., Class H		21,431		26,286
Guangzhou Automobile Group Co. Ltd., Class H		15,303		14,645
Haier Electronics Group Co. Ltd.		2,222		3,983
Haier Electronics Group Co. Ltd.		6,470		11,599
Intime Retail Group Co. Ltd.		7,500		7,264
JD.com, Inc., ADR*		2,420		74,246
Minth Group Ltd.		4,000		8,027
New Oriental Education & Technology Group, Inc., ADR		939		27,250
Qunar Cayman Islands Ltd., ADR*		377		16,976
Shenzhou International Group Holdings Ltd.		3,910		20,525
Skyworth Digital Holdings Ltd.		12,000		7,909
TAL Education Group, ADR*		296		13,036
Vipshop Holdings Ltd., ADR*		2,808		46,416
				577,180
Consumer Staples — 1.5%
China Agri-Industries Holdings Ltd.*		16,334		5,709
China Huishan Dairy Holdings Co. Ltd. (a)		43,444		16,137
China Mengniu Dairy Co. Ltd.		18,984		30,214
China Modern Dairy Holdings Ltd.		15,000		4,160
China Resources Beer Holdings Co. Ltd.		8,411		16,359
Hengan International Group Co. Ltd.		5,079		51,029
Imperial Pacific International Holdings Ltd.*		380,000		12,204
Sun Art Retail Group Ltd.		16,490		12,952
Tingyi Cayman Islands Holding Corp.		13,560		19,623
Tsingtao Brewery Co. Ltd., Class H		1,923		8,619
Uni-President China Holdings Ltd.		9,000		7,429
Want Want China Holdings Ltd.		40,857		32,091
				216,526
Energy — 3.1%
China Coal Energy Co. Ltd., Class H		18,456		7,427
China Oilfield Services Ltd., Class H		12,522		12,452
China Petroleum & Chemical Corp., Class H		176,402		108,069
China Shenhua Energy Co. Ltd., Class H		23,498		36,671
CNOOC Ltd.		123,479		136,642
Kunlun Energy Co. Ltd.		22,325		19,551

	Number of Shares		Value
Energy (Continued)
PetroChina Co. Ltd., Class H		145,880	$	103,670
Sinopec Oilfield Service Corp., Class H*		14,000		3,990
Yanzhou Coal Mining Co. Ltd., Class H (a)		12,864		5,873
				434,345
Financials — 16.5%
Agile Property Holdings Ltd.		10,000		5,353
Agricultural Bank of China Ltd., Class H		159,398		61,058
Bank of China Ltd., Class H		549,264		243,694
Bank of Communications Co. Ltd., Class H		60,519		42,149
China Cinda Asset Management Co. Ltd., Class H		60,463		22,381
China CITIC Bank Corp. Ltd., Class H*		56,593		35,693
China Construction Bank Corp., Class H		581,794		399,946
China Everbright Bank Co. Ltd., Class H		23,746		10,719
China Everbright Ltd.		6,947		16,002
China Galaxy Securities Co. Ltd., Class H		22,968		20,914
China Jinmao Holdings Group Ltd.		25,824		7,827
China Life Insurance Co. Ltd., Class H		51,449		177,503
China Merchants Bank Co. Ltd., Class H		31,742		74,591
China Minsheng Banking Corp. Ltd., Class H		40,749		39,049
China Overseas Land & Investment Ltd.		27,271		90,394
China Pacific Insurance Group Co. Ltd., Class H		18,229		75,000
China Resources Land Ltd.		19,168		51,545
China Taiping Insurance Holdings Co. Ltd.*		11,182		33,675
China Vanke Co. Ltd., Class H		9,092		22,655
Chongqing Rural Commercial Bank Co. Ltd., Class H		17,377		10,242
CITIC Securities Co. Ltd., Class H		14,965		34,317
Country Garden Holdings Co. Ltd.		39,044		14,654
Dalian Wanda Commercial Properties Co. Ltd., Class H, 144A		4,061		24,120
Evergrande Real Estate Group Ltd.		30,097		23,718
Far East Horizon Ltd.		12,291		10,669
GF Securities Co. Ltd., Class H*		9,413		22,799
Goldin Properties Holdings Ltd.*(a)		9,867		7,763
Guangzhou R&F Properties Co. Ltd., Class H		7,020		7,904
Haitong Securities Co. Ltd., Class H		22,395		38,647
Huatai Securities Co. Ltd., Class H, 144A*		7,131		17,254
Industrial & Commercial Bank of China Ltd., Class H		510,087		308,548
KWG Property Holding Ltd.		8,500		6,073
Longfor Properties Co. Ltd.		10,072		13,796
New China Life Insurance Co. Ltd., Class H		5,362		22,199
New World China Land Ltd.		18,023		12,366
People’s Insurance Co. (Group) of China Ltd., Class H		45,251		23,345
PICC Property & Casualty Co. Ltd., Class H		23,851		51,741
Ping An Insurance Group Co. of China Ltd., Class H		36,045		197,346

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All China Equity ETF (Continued)

November 30, 2015 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Shenzhen Investment Ltd.		20,000	$	8,641
Shimao Property Holdings Ltd.		9,604		16,028
Shui On Land Ltd.		24,974		6,893
Sino-Ocean Land Holdings Ltd.		23,423		13,141
Soho China Ltd.		14,380		5,861
Sunac China Holdings Ltd.		12,926		8,619
Yuexiu Property Co. Ltd.		47,159		7,907
				2,344,739
Health Care — 1.1%
China Medical System Holdings Ltd.		7,739		10,680
China Traditional Chinese Medicine Co. Ltd.*		12,000		8,389
CSPC Pharmaceutical Group Ltd.		28,594		26,885
Luye Pharma Group Ltd.*		9,185		7,996
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		14,055		9,970
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		2,788		9,025
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,766		10,462
Sihuan Pharmaceutical Holdings Group Ltd.		15,224		7,671
Sino Biopharmaceutical Ltd.		30,749		28,990
Sinopharm Group Co. Ltd., Class H		8,247		34,622
Tong Ren Tang Technologies Co. Ltd., Class H		4,000		6,150
				160,840
Industrials — 3.6%
Air China Ltd., Class H		12,619		10,172
AviChina Industry & Technology Co. Ltd., Class H		14,663		12,444
Beijing Capital International Airport Co. Ltd., Class H		10,395		11,597
Beijing Enterprises Holdings Ltd.		3,552		22,150
CAR, Inc.*		5,745		10,774
China Communications Construction Co. Ltd., Class H		30,612		35,376
China Conch Venture Holdings Ltd.		9,359		19,627
China COSCO Holdings Co. Ltd., Class H*(a)		13,775		8,240
China Eastern Airlines Corp. Ltd., Class H*		12,000		6,345
China Everbright International Ltd.		17,050		25,816
China International Marine Containers Group Co. Ltd., Class H		3,462		6,055
China Merchants Holdings International Co. Ltd.		8,049		26,161
China Railway Construction Corp. Ltd., Class H		13,638		18,117
China Railway Group Ltd., Class H		27,636		22,954
China Shipping Container Lines Co. Ltd., Class H*		20,023		7,541
China Southern Airlines Co. Ltd., Class H		12,561		9,186
China State Construction International Holdings Ltd.		12,487		18,843
CITIC Ltd.		30,170		52,920

	Number of Shares		Value
Industrials (Continued)
COSCO Pacific Ltd.		9,418	$	11,435
CRRC Corp. Ltd., Class H		30,222		38,667
Fosun International Ltd.		14,882		26,565
Haitian International Holdings Ltd.		4,414		6,854
Jiangsu Expressway Co. Ltd., Class H		8,523		11,036
Shanghai Electric Group Co. Ltd., Class H (a)		15,076		9,142
Shanghai Industrial Holdings Ltd.		3,601		9,405
Sinopec Engineering Group Co. Ltd., Class H		8,585		6,643
Sinotrans Ltd., Class H		12,605		7,316
Weichai Power Co. Ltd., Class H		6,717		6,931
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		3,200		5,423
Zhejiang Expressway Co. Ltd., Class H		9,914		12,045
Zhuzhou CSR Times Electric Co. Ltd., Class H		3,595		23,740
				499,520
Information Technology — 15.4%
58.com, Inc., ADR*		520		31,309
AAC Technologies Holdings, Inc.		5,094		35,708
Alibaba Group Holding Ltd., ADR*		7,092		596,295
Autohome, Inc., ADR*		244		7,393
Baidu, Inc., ADR*		1,952		425,477
Bitauto Holdings Ltd., ADR*		223		5,988
GCL-Poly Energy Holdings Ltd.*(a)		74,967		14,213
Hanergy Thin Film Power Group Ltd.*		56,247		25,073
Kingboard Chemical Holdings Ltd.		4,500		6,477
Kingsoft Corp. Ltd.		5,853		15,551
Lenovo Group Ltd.		46,084		48,738
NetEase, Inc., ADR		557		92,830
Qihoo 360 Technology Co. Ltd., ADR*		659		44,746
Semiconductor Manufacturing International Corp.*		183,148		19,133
SINA Corp.*		370		18,711
SouFun Holdings Ltd., ADR		1,758		11,779
Sunny Optical Technology Group Co. Ltd.		5,000		11,376
Tencent Holdings Ltd.		35,746		711,375
TravelSky Technology Ltd., Class H		6,000		10,261
Xinyi Solar Holdings Ltd.		18,000		7,290
Youku Tudou, Inc., ADR*		843		22,651
YY, Inc., ADR*		206		12,480
ZTE Corp., Class H		5,224		11,737
				2,186,591
Materials — 0.7%
Aluminum Corp. of China Ltd., Class H*		27,269		8,687
Anhui Conch Cement Co. Ltd., Class H		8,536		23,284
BBMG Corp., Class H		8,085		5,287
China Hongqiao Group Ltd.		9,000		4,411
China National Building Material Co. Ltd., Class H		19,907		10,681
China Resources Cement Holdings Ltd.		13,551		4,422
China Zhongwang Holdings Ltd.		11,200		5,605
Jiangxi Copper Co. Ltd., Class H		9,114		10,897
Lee & Man Paper Manufacturing Ltd.		10,000		5,752

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All China Equity ETF (Continued)

November 30, 2015 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Nine Dragons Paper Holdings Ltd.		11,292	$	6,568
Sinopec Shanghai Petrochemical Co. Ltd., Class H*		24,165		8,633
Zijin Mining Group Co. Ltd., Class H		39,887		9,980
				104,207
Telecommunication Services — 4.2%
Alibaba Health Information Technology Ltd.*		16,952		12,965
China Communications Services Corp. Ltd., Class H		16,535		6,376
China Mobile Ltd.		42,470		482,573
China Telecom Corp. Ltd., Class H		95,950		47,026
China Unicom (Hong Kong) Ltd.		41,393		51,251
				600,191
Utilities — 1.8%
Beijing Enterprises Water Group Ltd.*		30,141		23,558
CGN Power Co. Ltd., Class H, 144A		61,749		23,892
China Gas Holdings Ltd.		12,037		17,108
China Longyuan Power Group Corp. Ltd., Class H		21,939		18,251
China Power International Development Ltd.		22,802		12,146
China Resources Gas Group Ltd.		6,626		18,502
China Resources Power Holdings Co. Ltd.		13,274		24,996
Datang International Power Generation Co. Ltd., Class H		19,486		6,283
ENN Energy Holdings Ltd.		5,942		30,119
Guangdong Investment Ltd.		19,462		26,557
Huadian Fuxin Energy Corp. Ltd., Class H		18,000		5,154

	Number of Shares		Value
Utilities (Continued)
Huadian Power International Corp. Ltd., Class H		11,279	$	7,128
Huaneng Power International, Inc., Class H		24,395		21,269
Huaneng Renewables Corp. Ltd., Class H		27,539		8,240
Towngas China Co. Ltd.		7,000		4,225
				247,428
TOTAL COMMON STOCKS (Cost $8,105,671)				7,371,567
EXCHANGE-TRADED FUNDS — 47.5%
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (a)(b)		138,886		4,988,785
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF (a)(b)		38,683		1,740,735
TOTAL EXCHANGE-TRADED FUNDS (Cost $6,897,697)				6,729,520
SECURITIES LENDING COLLATERAL — 52.1%
Daily Assets Fund, 0.20% (c)(d) (Cost $7,385,020)		7,385,020		7,385,020
TOTAL INVESTMENTS — 151.6% (Cost $22,388,388)†			$	21,486,107
Other assets and liabilities, net (a) — (51.6%)				(7,315,506	)
NET ASSETS — 100.0%			$	14,170,601

* Non-income producing security.

† The cost for federal income tax purposes was $22,492,650. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $1,006,543. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $322,425 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,328,968.

(a) All or a portion of these securities were on loan amounting to $6,709,674. In addition, included in “Other Assets and Liabilities Net” are pending sales amounting to $635,661 that are also on loan (see Notes to Financial Statements). The value of securities loaned at November 30, 2015 amounted to $7,345,335, which is 51.8% of net assets.

(b) Affiliated fund advised by DBX Advisor LLC.

(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

ADR: American Depositary Receipt.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI All China Equity ETF (Continued)

November 30, 2015 (Unaudited)

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2		Level 3		Total
Investment in Securities
Common Stocks*	$	7,302,466	$	—	$	69,101	$	7,371,567
Exchange-Traded Funds		6,729,520		—		—		6,729,520
Securities Lending Collateral		7,385,020		—		—		7,385,020
Total	$	21,417,006	$	—	$	69,101	$	21,486,107

* See Schedule of Investments for additional detailed categorizations.

During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $48,973 and between Level 3 and Level 1 was $57,389. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange. Investments were transferred from Level 3 to Level 1 as a result of the resumption of trading on a securities exchange.

Transfers between price levels are recognized at the beginning of the reporting period.

See Notes to Financial Statements. 27

DBX ETF Trust

Statements of assets and liabilities

November 30, 2015 (Unaudited)

	Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF			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 MSCI All China Equity ETF
Assets
Investments in non-affiliated securities at fair value	$	—		$	452,019,020		$	35,061,534		$	7,371,567
Investment in affiliated securities at fair value (See Note 5)		2,530,133			—			—			6,729,520
Investment in Daily Assets Fund*		1,334,736			—			—			7,385,020
Cash		920			22,100,085			28,924			14,581
Foreign currency at value		—			3,068,784	†		820,470	†		4,083
Unrealized appreciation on forward foreign currency contracts		32,833			—			—			—
Receivables:
Investment securities sold		—			—			—			2,143,035
Capital shares		—			87,917			—			—
Dividends		—			55			22			1,590
Interest		4,916			—			—			39,026
Total Assets	$	3,903,538		$	477,275,861		$	35,910,950		$	23,688,422
Liabilities
Payable upon return of securities loaned	$	1,334,736		$	—		$	—		$	7,385,020
Payables:
Investment securities purchased		31,546			178,915			16,086			2,130,137
Capital shares		—			20,664,965			—			—
Investment advisory fees		124			373,995			26,279			2,664
Total Liabilities		1,366,406			21,217,875			42,365			9,517,821
Net Assets	$	2,537,132		$	456,057,986		$	35,868,585		$	14,170,601
Net Assets Consist of
Paid-in capital	$	2,497,306		$	100,807,040		$	35,642,581		$	15,706,721
Undistributed net investment income		6,589			7,206,695			253,305			540,821
Accumulated net realized gain (loss) on investments and foreign currency transactions		(21,015	)		278,529,013			(4,838,214	)		(1,174,582	)
Net unrealized appreciation on investments and foreign currency translations		54,252			69,515,238			4,810,913			(902,359	)
Net Assets	$	2,537,132		$	456,057,986		$	35,868,585		$	14,170,601
Number of Common Shares outstanding		100,001			12,800,001			800,001			400,001
Net Assets Value	$	25.37		$	35.63		$	44.84		$	35.43
Investments in non-affiliated securities at cost	$	—		$	382,406,183		$	30,244,758		$	8,105,671
Investments in affiliated securities at cost	$	2,508,714		$	—		$	—		$	6,897,697
Market value of securities loaned	$	1,331,770		$	—		$	—		$	6,709,674
Investment in Daily Assets Fund at cost*	$	1,334,736		$	—		$	—		$	7,385,020
Foreign currency at cost	$	—		$	3,072,555		$	824,240		$	4,100

* Represents collateral on securities loaned.

† Included in foreign currency at value is $43,736 and $8,530 respectively which represents foreign investor minimum settlement reserve funds required by China Securities Depository and Clearing Corporation Limited.

See Notes to Financial Statements. 28

DBX ETF Trust

Statements of operations

For the Six Months Ended November 30, 2015 (Unaudited)

	Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF(1)			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 MSCI All China Equity ETF
Investment Income
Unaffiliated interest income	$	—		$	51,965		$	5,299		$	—
Unaffiliated dividend income*		—			9,929,821			206,794			126,657
Securities lending income, including income from Daily Assets Fund, net of borrower rebates		6,755			—			—			402,548
Total Investment Income		6,755			9,981,786			212,093			529,205
Expenses
Investment advisory fees		2,519			2,770,844			194,855			44,627
Interest Expense		—			4,247			291			—
Total Expenses		2,519			2,775,091			195,146			44,627
Less fees waived (See Note 3):
Waiver		(2,353	)		—			—			(27,986	)
Net Expenses		166			2,775,091			195,146			16,641
Net Investment Income		6,589			7,206,695			16,947			512,564
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		—			262,539,069			(6,941,014	)		(72,561	)
Investments in affiliates		(65	)		—			—			(1,005,961	)
Foreign currency transactions		(20,950	)		(4,176,755	)		(181,794	)		868
Net realized gain (loss)		(21,015	)		258,362,314			(7,122,808	)		(1,077,654	)
Net change in unrealized appreciation (depreciation) on:
Investments		21,419			(522,875,534	)		(20,919,261	)		(3,668,969	)
Foreign currency translations		32,833			(54,674	)		(8,054	)		(552	)
Net change in unrealized appreciation (depreciation)		54,252			(522,930,208	)		(20,927,315	)		(3,669,521	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		33,237			(264,567,894	)		(28,050,123	)		(4,747,175	)
Net increase (decrease) in Net Assets Resulting from Operations	$	39,826		$	(257,361,199	)	$	(28,033,176	)	$	(4,234,611	)
*       Unaffiliated foreign tax withheld	$	—		$	1,165,994		$	26,496		$	10,811

(1) For the period October 20, 2015 (commencement of operations) through November 30, 2015.

See Notes to Financial Statements. 29

DBX ETF Trust

Statement of cash flows

For the Six Months Ended November 30, 2015

	Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF
Increase (Decrease) in Cash:
Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$	(28,033,176	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided (used) by operating activities:
Purchases of long-term investments		(63,227,492	)
Proceeds from sales and maturities of long-term investments		78,835,788
(Increase) decrease in dividends receivable		1,435
Increase (decrease) in investment advisory fees		(13,276	)
(Increase) decrease in deferred foreign taxes		28,872
Change in unrealized (appreciation) depreciation on investments		20,888,449
Net realized (gain) loss from investments		6,941,014
Cash provided (used) by operating activities		15,421,614
Cash Flows from Financing Activities
Proceeds from shares sold		49,987,986
Value of shares redeemed		(67,859,176	)
Distributions paid		—
Cash provided (used) by financing activities		(17,871,190	)
Increase (decrease) in cash		(2,449,576	)
Cash at beginning of period (including foreign currency)		3,298,970
Cash at end of period (including foreign currency)	$	849,394

See Notes to Financial Statements. 30

DBX ETF Trust

Statements of changes in net assets

	Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF			Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
	For the Period October 20, 2015(1) to November 30, 2015 (Unaudited)			For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	6,589		$	7,206,695		$	1,868,446
Net realized gain (loss)		(21,015	)		258,362,314			29,264,178
Net change in unrealized appreciation (depreciation)		54,252			(522,930,208	)		609,959,020
Net increase (decrease) in net assets resulting from operations		39,826			(257,361,199	)		641,091,644
Distributions to Shareholders from
Net investment income		—			—			(2,530,476	)
Total distributions		—			—			(2,530,476	)
Fund Shares Transactions
Proceeds from shares sold		2,497,281			548,169,515			969,607,417
Value of shares redeemed		—			(1,245,147,463	)		(350,563,989	)
Net increase (decrease) in net assets resulting from fund share transactions		2,497,281			(696,977,948	)		619,043,428
Total Net increase (decrease) in Net Assets		2,537,107			(954,339,147	)		1,257,604,596
Net Assets
Beginning of period		25			1,410,397,133			152,792,537
End of period	$	2,537,132		$	456,057,986		$	1,410,397,133
Undistributed net investment income	$	6,589		$	7,206,695		$	—
Changes in Shares Outstanding
Shares outstanding, beginning of period		1			28,250,001			6,950,001
Shares sold		100,000			14,600,000			31,350,000
Shares redeemed		—			(30,050,000	)		(10,050,000	)
Shares outstanding, end of period		100,001			12,800,001			28,250,001

(1) Commencement of Operations.

See Notes to Financial Statements. 31

DBX ETF Trust

Statements of changes in net assets (Continued)

	Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF						Deutsche X-trackers MSCI All China Equity ETF
	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	16,947		$	(73,420	)	$	512,564		$	68,609
Net realized gain (loss)		(7,122,808	)		2,754,980			(1,077,654	)		1,928,813
Net change in unrealized appreciation (depreciation)		(20,927,315	)		25,545,008			(3,669,521	)		2,689,959
Net increase (decrease) in net assets resulting from operations		(28,033,176	)		28,226,568			(4,234,611	)		4,687,381
Distributions to Shareholders from
Net investment income		—			(30,280	)		—			(70,374	)
Net realized gains		—			(134,976	)		—			(9,598	)
Total distributions		—			(165,256	)		—			(79,972	)
Fund Shares Transactions
Proceeds from shares sold		49,987,986			77,518,004			—			16,983,988
Value of shares redeemed		(67,859,176	)		(31,516,705	)		—			(8,288,839	)
Net increase (decrease) in net assets resulting from fund share transactions		(17,871,190	)		46,001,299			—			8,695,149
Total Net increase (decrease) in Net Assets		(45,904,366	)		74,062,611			(4,234,611	)		13,302,558
Net Assets
Beginning of period		81,772,951			7,710,340			18,405,212			5,102,654
End of period	$	35,868,585		$	81,772,951		$	14,170,601		$	18,405,212
Undistributed net investment income	$	253,305		$	236,358		$	540,821		$	28,257
Changes in Shares Outstanding
Shares outstanding, beginning of period		1,250,001			300,001			400,001			200,001
Shares sold		850,000			1,650,000			—			450,000
Shares redeemed		(1,300,000	)		(700,000	)		—			(250,000	)
Shares outstanding, end of period		800,001			1,250,001			400,001			400,001

(1) Commencement of Operations.

See Notes to Financial Statements. 32

DBX ETF Trust

Financial highlights

For a Share outstanding throughout each period

Deutsche X-trackers CSI 300 China A-Shares Hedged Equity  ETF	For the Period October 20, 2015* to November 30, 2015 (Unaudited)
Net Asset Value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income**		0.07
Net realized and unrealized gain		0.30
Net increase in net asset value from investment operations		0.37
Net Asset Value, end of period	$	25.37
Total Return***		1.48	%†††
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,537
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements (a)		0.06	%†
Expenses, prior to fee waiver and expense reimbursements (a)		0.85	%†
Net investment income		2.22	%†
Portfolio turnover rate††		1	%††††
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			For the Period November 6, 2013* to May 31, 2014
Net Asset Value, beginning of period	$	49.93		$	21.98		$	25.00
Income (loss) from Investment Operations:
Net investment income (loss)**		0.43			0.09			(0.05	)
Net realized and unrealized gain (loss)		(14.73	)		27.96			(2.97	)
Net increase (decrease) in net asset value from investment operations.		(14.30	)		28.05			(3.02	)
Distributions paid to shareholders from:
Net investment income		—			(0.10	)		—
Total distributions		—			(0.10	)		—
Net Asset Value, end of period	$	35.63		$	49.93		$	21.98
Total Return***		(28.64	)%		127.82	%		(12.08	)%†††
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	456,058		$	1,410,397		$	152,793
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements		0.80	%†		0.80	%		0.92	%†
Expenses, prior to fee waiver and expense reimbursements		0.80	%†		0.80	%		0.96	%†
Net investment income (loss)		2.08	%†		0.26	%		(0.38	)%†
Portfolio turnover rate††		89	%††††		58	%		42	%††††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate 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.

†††† Not annualized.

(a) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

See Notes to Financial Statements. 33

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period

Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			For the Period May 21, 2014* to May 31, 2014
Net Asset Value, beginning of period	$	65.42		$	25.70		$	25.00
Income (loss) from Investment Operations:
Net investment income (loss)**		0.02			(0.12	)		0.02
Net realized and unrealized gain (loss)		(20.60	)		40.05			0.68
Net increase (decrease) in net asset value from investment operations		(20.58	)		39.93			0.70
Distributions paid to shareholders from:
Net investment income		—			(0.04	)		—
Net realized and unrealized gain (loss)		—			(0.17	)		—
Total distributions		—			(0.21	)		—
Net Asset Value, end of period	$	44.84		$	65.42		$	25.70
Total Return***		(31.46	)%		155.99	%		2.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	35,869		$	81,773		$	7,710
Ratios to average net assets:
Expenses		0.80	%†		0.80	%		0.80	%†
Net investment income (loss)		0.07	%†		(0.30	)%		2.57	%†
Portfolio turnover rate††		134	%††††		131	%		0	%††††
Deutsche X-trackers MSCI All China Equity ETF	For the Six Months Ended November 30, 2015 (Unaudited)			Year Ended May 31, 2015			For the Period April 30, 2014* to May 31, 2014
Net Asset Value, beginning of period	$	46.01		$	25.51		$	25.00
Income (loss) from Investment Operations:
Net investment income**		1.28			0.32			0.06
Net realized and unrealized gain (loss)		(11.86	)		20.58			0.45
Net increase (decrease) in net asset value from investment operations.		(10.58	)		20.90			0.51
Distributions paid to shareholders from:
Net investment income		—			(0.35	)		—
Net realized gains		—			(0.05	)		—
Total distributions		—			(0.40	)		—
Net Asset Value, end of period	$	35.43		$	46.01		$	25.51
Total Return***		(23.00	)%†††		82.48	%†††		2.04	%†††
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	14,171		$	18,405		$	5,103
Ratios to average net assets:
Expenses, net of fee waiver and expense reimbursements (a)		0.22	%†		0.26	%		0.30	%†
Expenses, prior to fee waiver and expense reimbursements (a)		0.60	%†		0.60	%		0.60	%†
Net investment income		6.89	%†		0.94	%		2.73	%†
Portfolio turnover rate††		17	%††††		20	%		2	%††††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate 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.

†††† Not annualized.

(a) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

See Notes to Financial Statements. 34

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, 2015, the Trust consists of thirty-five investment 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:

Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)

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 MSCI All China Equity ETF (CN)

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 Index for each Fund is:

Fund	Underlying Index
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF	CSI 300 USD Hedged 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 MSCI All China Equity ETF	MSCI China All Shares Index

CSI 300 USD Hedged 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. The Underlying Index hedges the currency exposure of the securities in the CSI 300 Index by taking long positions in foreign currency forwards. 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 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 China All Shares Index. The MSCI All China Index captures large and mid-cap representation across all China securities listed in China and Hong Kong. The Underlying Index includes: A shares, B shares, H shares, Red chips and P chips share classes. With over 600 constituents, the Underlying index is comprehensive, aiming to cover the global large and mid-cap China equity opportunity set. The MSCI China All Shares Index is rebalanced on a quarterly basis.

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between MSCI or CSI and DBX, as applicable. There is no charge to the Funds in connection with these licensing agreements.

35

DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

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.

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 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.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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; length of time of a halt in trading of the security; movement in the security’s proxy index; 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.

36

DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

Cash    Cash consists of cash held at banks and is on deposit 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. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date. 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 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 period ended November 30, 2015, the Funds did not incur any interest or penalties.

The tax character of current year distributions will be determined at the end of the current fiscal year.

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, 2015, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

The Funds’ direct investments in China A-Shares 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’ direct investments in A-Shares include withholding income tax (WHT) on dividends, WHT on bank interest, WHT on capital gains realized from the disposal of equity investments prior to 17 November 2014 and stamp tax. China imposes WHT at a rate of 10% on dividends on shares and interest income derived by non PRC enterprises including Qualified Foreign Institutional Investors (“QFII”) and Renminbi Qualified Foreign Institutional Investors (“RQFII”) from PRC resident issuers, subject to any lower rate provided by an applicable tax treaty.

37

DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

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 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 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. Land-rich enterprises are companies whose value of immovable property in the PRC is greater than 50% of their value of total assets. The WHT relating to the realized gains from shares in land-rich companies prior to November 17, 2014 has been paid by the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF and Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF, respectively; while realized gains from shares in non land-rich companies prior to November 17, 2014 were granted treaty relief pursuant to the PRC-US Double Taxation Arrangement.

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, as well as the practices adopted by the local PRC authorities, may apply retroactively which may adversely affect the Fund and its shareholders.

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. The 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.

Securities Lending    The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF and the Deutsche X-trackers MSCI All China Equity ETF may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Funds retain benefits of owning securities they have loaned and continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. As of period end, any securities on loan were collateralized by cash. The Funds may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015 the Funds invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral invested in Daily Assets Fund. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

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DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

As of November 30, 2015, Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF had securities on loan, all of which were classified as Exchanged Traded Funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.

As of November 30, 2015, the Deutsche X-trackers MSCI All China Equity ETF had securities on loan, all of which were classified as Common Stock and Exchange Traded Funds in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.

Remaining Contractual Maturity of the Agreements As of November 30, 2015
	Overnight and Continuous		<30 days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	50,301	$	—	$	—	$	—	$	50,301
Exchange Traded Funds		7,295,034		—		—		—		7,295,034
Total	$	7,345,335	$	—	$	—	$	—	$	7,345,335
Total Borrowings	$	7,345,335	$	—	$	—	$	—	$	7,345,335
Gross amount of recognized liabilities for securities lending transactions									$	7,385,020

Derivatives

Forward Currency Contracts    The Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF may enter into forward currency contracts designed to offset the Fund’s exposure to non-U.S. currencies. A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2015, the Fund invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S. dollar against the renminbi.

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 Fund has in that particular currency contract.

A summary of the open forward currency exchange contracts as of November 30, 2015 is included in a table following the Fund’s 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 Fund had to the value of non U.S currencies during the period ended November 30, 2015.

The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2015 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 CSI 300 China A-Shares Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	32,833	Unrealized depreciation on forward foreign currency contracts	$	—
	Total		$	32,833	Total	$	—

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2015 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
	Forward Foreign Currency Contracts			Total
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF	$	(20,950	)	$	(20,950	)

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DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Forward Foreign Currency Contracts		Total
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF	$	32,833	$	32,833

For the period ended November 30, 2015 the average monthly volume of derivatives was as follows:

	Forward Foreign Currency Contracts (Market Value)
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF	$	(2,417,000	)

As of November 30, 2015, the Fund has transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow the Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following table:

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 CSI 300 China A-Shares Hedged Equity ETF
State Street Bank & Trust Co.	$	32,833	$	—	$	—	$	32,833	$	—	$	—	$	—	$	—
	$	32,833	$	—	$	—	$	32,833	$	—	$	—	$	—	$	—

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.

Harvest Global Investments Ltd. serves 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 supervision of the Advisor.

For its investment advisory services to the Funds below, the Advisor is entitled to receive a unitary management fee from each Fund based on each Fund’s average daily net assets at an annual rate equal to:

Fund	Unitary Management Fee
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF	0.85%
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 MSCI All China Equity ETF	0.60%

Out of the unitary management fee, the Advisor is responsible for 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 except for interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses and other extraordinary expenses.

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DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

The Advisor for the Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF has contractually agreed to waive a portion of its management fees in 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 period from October 20, 2015 (commencement of operations) to November 30, 2015, the Advisor waived $2,353 of expenses to the Fund. The Expense Limit will remain in effect until at least October 1, 2018.

The Advisor for the Deutsche X-trackers MSCI All China Equity ETF has contractually agreed to waive a portion of its management fees in 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, 2015, the Advisor waived $27,986 of expenses to the Fund. The Expense Limit will remain in effect until at least October 1, 2018.

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, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

4. Transactions with 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 CSI 300 China A-Shares Hedged Equity ETF and the Deutsche X-trackers MSCI All China Equity ETF invest are considered to be affiliated investments. The table below shows the transactions in and earnings from each 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 period ended November 30, 2015.

	Value ($) at 5/31/15		Purchases Cost ($)		Sales Proceeds ($)			Realized Gain/(Loss) ($)			Value ($) at 11/30/15
Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		—		2,529,724		(20,945	)		(65	)		2,530,133
Deutsche X-trackers MSCI All China Equity ETF
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		8,759,229		305,534		(1,620,095	)		(670,266	)		4,988,785
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		3,073,688		333,787		(728,664	)		(335,695	)		1,740,735
		11,832,917		639,321		(2,348,759	)		(1,005,961	)		6,729,520

5. Investment Portfolio Transactions

For the six months ended November 30, 2015, 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 CSI 300 China A-Shares Hedged Equity ETF1	$	2,529,724	$	20,945
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF		639,066,421		1,321,668,493
Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF		63,243,577		78,830,204
Deutsche X-trackers MSCI All China Equity ETF		3,011,937		2,515,816

For the six months ended November 30, 2015, there were no in-kind purchases and sales.

¹  For the period from October 20, 2015 (commencement of operations) to November 30, 2015.

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DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

6. Fund Share Transactions

As of November 30, 2015 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 CSI 300 China A-Shares Hedged Equity ETF and Deutsche X-trackers 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 Harvest 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.

7. Investing in China

Investing in securities of Chinese issuers involves certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others; the small size of the market for Chinese securities and the low volume of trading, resulting in lack of liquidity and in price volatility; currency devaluations and other currency exchange rate fluctuations or blockage; the nature and extent of intervention by the Chinese government in the Chinese securities markets, whether such intervention will continue and the impact of such intervention or its discontinuation; the risk of nationalization or expropriation of assets; the risk that the Chinese government may decide not to continue to support economic reform programs; limitations on the use of brokers; higher rates of inflation; greater political, economic and social uncertainty; market volatility caused by any potential regional territorial conflicts or natural disasters; the risk of increased trade tariffs, embargoes and other trade limitations; and custody risks associated with investing through a RQFII.

8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks 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 $130 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 as permitted by the Act. The Funds had no outstanding loans at November 30, 2015.

Under the Credit Facility, during the six months ended November 30, 2015, the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF had an average loan balanced of approximately $52,600,000, with a average interest rate of 1.453%, with a loan outstanding for 2 days. The Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF had an average loan balance of approximately $3,600,000 with a average interest rate of 1.453%, with a loan outstanding for 2 days. The Funds had no outstanding loans at November 30, 2015.

9. Developments in the China Market

In response to the volatility that occurred in the China Stock Market, the Chinese Securities Regulatory Commission (CSRC) employed measures in an effort to stabilize the market and enhance liquidity. These measures included cutting interest rates, suspending new issuances and restricting certain sales for insiders and significant shareholders. The result of these measures are uncertain. Please refer to Note 7, which further discusses the risks and considerations around investing in China.

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DBX ETF Trust

Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited)

Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF

At a meeting held on July 23, 2015, the Board of Trustees (“Board” or “Trustees”), including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement with respect to Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF (the “Fund”).

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its shareholders; (2) DBX Advisors LLC’s (“DBX” or “Adviser”) financial resources and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services to be provided by and the profits that could be realized by the Adviser from its relationship with the Fund; and (5) the extent to which economies of scale would be realized as the Fund grows, and if the Fund’s shareholders would benefit from those economies.

The Board reached a determination, with the assistance of K&L Gates LLP (“Independent Trustees’ Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services.    The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operation. The Board also considered the role to be played by the Adviser, noting that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal and regulatory requirements applicable to the Fund.

The Board evaluated these factors in consultation with Independent Trustees’ Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Adviser in supervising third party service providers to the Fund, such as the administrator and custodian. The Board further considered the compliance program of the Adviser which supports the Fund’s compliance program.

Adviser’s Financial Resources.    In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

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DBX ETF Trust

Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)

Reasonableness of Advisory Fee.    The Board compared the Fund’s proposed advisory fee to that of other exchange-traded funds (“ETFs”), and noted that the Fund’s fee is competitive with the fees of its respective peer group. The Board noted that the proposed fee for the Fund is a unitary fee pursuant to which the Adviser pays all of the Fund’s costs. The Board also noted that the Fund’s portfolio would be managed on a day-to-day basis by the Adviser, and that the Adviser also would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered the expenses of the Adviser in developing and rendering services to be provided to the Fund, and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that since the Fund was new, it was difficult to estimate the profitability of the Fund to the Adviser at this time. The Board also noted that the Adviser recently had provided extensive information about its current lack of profitability with respect to its management of other funds of the Trust. The Board considered whether the Adviser would benefit in other ways from its relationships with the Fund, and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Fund.

Economies of Scale.    The Board noted that since the Fund was new, it was difficult to estimate whether the Fund would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

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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.

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DBX ETF Trust

Privacy policy notice (Unaudited)

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.

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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 Funds 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 Funds to achieve its investment objective. These Funds are non-diversified and can take larger positions in fewer issues, increasing potential risk. Performance of the Funds 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 these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. 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.

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Not FDIC Insured  |  No Bank Guarantee  |  May Lose Value

DBX ETF Trust

Investment advisor DBX Advisors LLC 345 Park Ave. New York, NY 10154	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-036923-2 (1/16) DBX 001743 (1/17)

November 30, 2015

Semi-Annual Report

DBX ETF Trust

Deutsche  X-trackers Dow Jones Hedged International Real Estate ETF (DBRE)

Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)

Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH)

Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU)

Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)

Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)

Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)

Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP)

Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF)

DBX ETF Trust

Table of contents

	Page
Shareholder Letter		1
Portfolio Summary
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF		2
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF		3
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF		4
Deutsche X-trackers MSCI Australia Hedged Equity ETF		5
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF		6
Deutsche X-trackers MSCI Italy Hedged Equity ETF		7
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF		8
Deutsche X-trackers MSCI Spain Hedged Equity ETF		9
Deutsche X-trackers S&P Hedged Global Infrastructure ETF		10
Fees and Expenses		11
Schedules of Investments
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF		13
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF		19
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF		23
Deutsche X-trackers MSCI Australia Hedged Equity ETF		27
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF		30
Deutsche X-trackers MSCI Italy Hedged Equity ETF		41
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF		43
Deutsche X-trackers MSCI Spain Hedged Equity ETF		45
Deutsche X-trackers S&P Hedged Global Infrastructure ETF		47
Statements of Assets and Liabilities		52
Statements of Operations		55
Statements of Changes in Net Assets		58
Financial Highlights		61
Notes to Financial Statements		66
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts		77
Additional Information		83
Privacy Policy Notice		84

To our shareholders:

Dear Shareholder,

We are pleased to provide this semi-annual report for the period ended November 30, 2015.

Global markets remained volatile on the back of the Chinese market crash, Greek debt crisis and uncertainty on the impending US Federal Reserve rate hike. The US economy is on stable ground, with the continued recovery of the housing industry, improved labor markets, and consumer spending boosting the economy. However, inflation continues to remain below target in the current environment of low energy prices and a strong US dollar. The US equity market, as measured by the Standard & Poor’s 500 Index¹, remained almost flat for the reporting period.

Global real estate markets were spurred in the second half of 2015, primarily in Asian markets, by strong interest from cross-border Asian investors and global funds. The US real estate sector performed well, driven by economic growth and increased commercial real estate investment. Japan’s real estate market remained active owing to a rise in inbound tourists and increased activity by Asia-focused private equity real estate funds and Japan’s real estate investment trusts. The global financial crisis reinforced the belief that infrastructure is a strong asset class, with increased appetite for investment in developed markets. The US announced a USD 275bn spending plan via private investment, while Japan collaborated with the Asian Development Bank to propose an additional USD 16bn investment fund for sustainable infrastructure development.

The recovery of the Eurozone continued despite global macroeconomic headwinds. Economic growth was sustained due to a combination of low crude oil prices, a weak euro and ultra-loose monetary policy. Growth in Italy and Spain continues to be underpinned by robust domestic demand, renewed consumer confidence, and rising employment rates. Japan experienced deflationary pressure due to weak exports and slumping energy costs; however, the Bank of Japan held off expanding its JPY 80tn asset purchase program. Meanwhile, Australia witnessed a growth in Gross Domestic Product levels driven by the mining industry and a sharp increase in exports.

Budget constraints of governments are likely to create opportunities for private investment in infrastructure development across the globe. The real estate sector is expected to grow, with a favorable pro-cyclical investment strategy targeted at commercial real estate and logistics. While Japanese and European equities are likely to be supported by further monetary policy initiatives, US equities could face headwinds from a strong dollar. In this environment, hedging currency exposure plays a significant role in managing investments in international equities. In the backdrop of a strengthening dollar, our currency-hedged strategy has made a positive contribution to the fund’s overall performance.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Alex Depetris

Alex Depetris

Chairman, President and Chief Executive Officer

¹ The Standard & Poor’s 500 (S&P 500) Index is an unmanaged, capitalization weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE)

The Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged (the “Underlying Index”). The Underlying Index is constructed to track the performance of publicly traded real estate securities in countries other than the United States, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Brookfield Asset Management, Inc., Class A (Canada)		7.3%
Unibail-Rodamco SE REIT (France)		6.2%
Mitsui Fudosan Co. Ltd. (Japan)		6.2%
Scentre Group REIT (Australia)		3.8%
Land Securities Group PLC REIT (United Kingdom)		3.7%
Link REIT (The) (Hong Kong)		3.4%
Westfield Corp. REIT (Australia)		3.3%
British Land Co. PLC REIT (United Kingdom)		3.1%
Klepierre REIT (France)		2.1%
Hongkong Land Holdings Ltd. (Hong Kong)		2.0%

Sector Diversification* as of 11/30/05

Diversified	37.8%
Real Estate Operations/ Development	26.8%
Shopping Centers	15.6%
Office Property	10.2%
Real Estate Management/Services	7.4%
Apartments	1.0%
Hotels	0.4%
Storage	0.4%
Warehouse/Industry	0.3%
Property Trust	0.1%
	100.0%

Country Diversification* as of 11/30/15

Japan	21.8%
United Kingdom	16.7%
Australia	12.3%
France	10.5%
Canada	10.4%
Hong Kong	8.6%
Singapore	6.2%
Philippines	2.5%
Switzerland	2.1%
South Africa	1.9%
Sweden	1.4%
Netherlands	1.4%
Austria	1.2%
Belgium	0.8%
New Zealand	0.8%
Thailand	0.4%
Brazil	0.4%
Italy	0.2%
Poland	0.2%
Malaysia	0.2%
Total	100.0%

* As percent of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 13.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)

The Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Mitsui Fudosan Co. Ltd.		1.7%
KDDI Corp.		1.6%
SMC Corp.		1.6%
Nippon Telegraph & Telephone Corp.		1.6%
Toyota Motor Corp.		1.6%
Mizuho Financial Group, Inc.		1.5%
Japan Tobacco, Inc.		1.5%
FANUC Corp.		1.5%
Mitsubishi UFJ Financial Group, Inc.		1.5%
Mitsubishi Estate Co. Ltd.		1.4%

Sector Diversification* as of 11/30/15

Industrials	20.3%
Financials	19.3%
Consumer Discretionary	18.6%
Information Technology	10.1%
Health Care	9.5%
Consumer Staples	8.3%
Materials	6.7%
Telecommunication Services	5.7%
Utilities	1.0%
Energy	0.5%
Total	100.0%

* As percent of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH)

The Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the JPX-Nikkei 400 Net Total Return USD Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks) while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Central Japan Railway Co.		2.0%
FANUC Corp.		2.0%
Nippon Telegraph & Telephone Corp.		1.8%
KDDI Corp.		1.8%
Japan Tobacco, Inc.		1.8%
Toyota Motor Corp.		1.7%
Mitsubishi UFJ Financial Group, Inc.		1.7%
Takeda Pharmaceutical Co. Ltd.		1.6%
Mizuho Financial Group, Inc.		1.6%
Honda Motor Co. Ltd.		1.5%

Sector Diversification* as of 11/30/15

Industrials	21.1%
Consumer Discretionary	18.5%
Financials	18.5%
Information Technology	10.5%
Health Care	9.3%
Consumer Staples	8.8%
Materials	6.1%
Telecommunication Services	5.9%
Utilities	0.9%
Energy	0.4%
Total	100.0%

* As a percent of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 23.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU)

The Deutsche X-trackers MSCI Australia Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Australia US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Australian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the Australian dollar. It is not possible to invest directly into an index.

Ten Largest Holdings as of 11/30/15

Description	% of Net Assets
Commonwealth Bank of Australia		11.9%
Westpac Banking Corp.		9.4%
Australia & New Zealand Banking Group Ltd.		6.8%
National Australia Bank Ltd.		6.8%
BHP Billiton Ltd.		5.1%
CSL Ltd.		4.1%
Wesfarmers Ltd.		3.8%
Woolworths Ltd.		2.6%
Macquarie Group Ltd.		2.2%
Telstra Corp. Ltd.		2.0%

Sector Diversification* as of 11/30/15

Financials	54.5%
Materials	12.4%
Consumer Staples	7.4%
Health Care	6.5%
Industrials	6.3%
Energy	5.2%
Utilities	2.6%
Consumer Discretionary	2.3%
Telecommunication Services	2.3%
Information Technology	0.5%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 27.

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)

The Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE Small Cap US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Nippon Kayaku Co. Ltd. (Japan)		0.6%
Smurfit Kappa Group PLC (Ireland)		0.6%
Berkeley Group Holdings PLC (United Kingdom)		0.4%
DCC PLC (Ireland)		0.4%
Genmab A/S (Denmark)		0.4%
Calsonic Kansei Corp. (Japan)		0.3%
Tsubakimoto Chain Co. (Japan)		0.3%
Rightmove PLC (United Kingdom)		0.3%
Wirecard AG (Germany)		0.3%
Marine Harvest ASA (Norway)		0.3%

Sector Diversification* as of 11/30/15

Industrials	23.6%
Financials	22.6%
Consumer Discretionary	16.3%
Information Technology	9.7%
Materials	8.2%
Health Care	7.7%
Consumer Staples	6.3%
Energy	2.6%
Utilities	1.7%
Telecommunication Services	1.3%
Total	100.0%

Country Diversification* as of 11/30/15

Japan	30.3%
United Kingdom	19.3%
Germany	5.5%
Australia	5.1%
Sweden	4.5%
Italy	4.2%
Switzerland	4.1%
France	3.6%
Spain	2.5%
Hong Kong	2.4%
Ireland	2.2%
Netherlands	2.0%
Denmark	2.0%
Singapore	1.8%
Belgium	1.8%
Finland	1.5%
Norway	1.2%
New Zealand	1.1%
Israel	1.0%
Austria	0.9%
Luxembourg	0.6%
Portugal	0.4%
Isle of Man	0.3%
Bermuda	0.3%
Jordan	0.3%
Jersey Island	0.3%
Malta	0.2%
Other	0.6%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 30.

6

DBX ETF Trust

Portfolio Summary (Unaudited)

Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)

The Deutsche X-trackers MSCI Italy Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Italy 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Intesa Sanpaolo SpA		13.1%
Eni SpA		12.4%
Enel SpA		9.0%
UniCredit SpA		8.0%
Assicurazioni Generali SpA		4.5%
Fiat Chrysler Automobiles NV		4.5%
Luxottica Group SpA		4.5%
Atlantia SpA		4.4%
Snam SpA		4.3%
Telecom Italia SpA		3.6%

Sector Diversification* as of 11/30/15

Financials	40.4%
Utilities	17.4%
Energy	16.0%
Industrials	12.6%
Consumer Discretionary	9.0%
Telecommunication Services	4.6%
Total	100.0%

* As a percent of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 41.

7

DBX ETF Trust

Portfolio Summary (Unaudited)

Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)

The Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Southern Europe US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Banco Santander SA (Spain)		10.7%
Telefonica SA (Spain)		7.5%
Banco Bilbao Vizcaya Argentaria SA (Spain)		7.2%
Intesa Sanpaolo SpA (Italy)		5.9%
Eni SpA (Italy)		5.6%
Industria de Diseno Textil SA (Spain)		5.3%
Iberdrola SA (Spain)		5.1%
Enel SpA (Italy)		4.2%
UniCredit SpA (Italy)		3.8%
Assicurazioni Generali SpA (Italy)		3.0%

Sector Diversification* as of 11/30/15

Financials	40.3%
Utilities	17.5%
Telecommunication Services	10.6%
Industrials	9.4%
Energy	9.2%
Consumer Discretionary	8.6%
Information Technology	2.4%
Consumer Staples	1.0%
Health Care	1.0%
Total	100.0%

Country Diversification* as of 11/30/15

Spain	55.7%
Italy	37.4%
United Kingdom	3.7%
Portugal	2.4%
Luxembourg	0.8%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 43.

8

DBX ETF Trust

Portfolio Summary (Unaudited)

Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP)

The Deutsche X-trackers MSCI Spain Hedged Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Spain 25/50 US Dollar Hedged Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the Spanish equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Banco Santander SA		15.4%
Telefonica SA		9.7%
Banco Bilbao Vizcaya Argentaria SA		9.1%
Iberdrola SA		5.4%
Industria de Diseno Textil SA		5.1%
Amadeus IT Holding SA, Class A		4.5%
Repsol SA		4.2%
Ferrovial SA		3.5%
CaixaBank SA		3.2%
Red Electrica Corp. SA		3.2%

Sector Diversification* as of 11/30/15

Financials	39.4%
Utilities	16.4%
Industrials	15.8%
Telecommunication Services	10.0%
Consumer Discretionary	5.1%
Information Technology	4.5%
Energy	4.2%
Health Care	2.7%
Consumer Staples	1.9%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 45.

9

DBX ETF Trust

Portfolio Summary (Unaudited)

Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF)

The Deutsche X-trackers S&P Hedged Global Infrastructure ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the S&P Global Infrastructure Index (USD)(Hedged)(Net TR) (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of infrastructure issuers in developed markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries in the Underlying Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/15

Description	% of Net Assets
Transurban Group (Australia)		5.6%
Atlantia SpA (Italy)		4.4%
Kinder Morgan, Inc. (United States)		3.9%
National Grid PLC (United Kingdom)		3.6%
Aena SA, 144A (Spain)		3.4%
Duke Energy Corp. (United States)		3.1%
NextEra Energy, Inc. (United States)		3.0%
Abertis Infraestructuras SA (Spain)		3.0%
Groupe Eurotunnel SE (France)		2.9%
Enbridge, Inc. (Canada)		2.8%

Sector Diversification* as of 11/30/15

Industrials	41.7%
Utilities	41.0%
Energy	17.3%
Total	100.0%

Country Diversification* as of 11/30/15

United States	34.6%
Spain	9.2%
Australia	8.9%
Italy	7.3%
Canada	6.9%
United Kingdom	6.8%
France	6.3%
Hong Kong	4.4%
Japan	3.7%
Mexico	2.5%
Germany	2.3%
Singapore	2.2%
New Zealand	1.3%
Switzerland	1.1%
Brazil	0.8%
China	0.6%
Chile	0.6%
Netherlands	0.3%
Bermuda	0.2%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 47.

10

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 in the table are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2015 to November 30, 2015).

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, 2015		Ending Account Value November 30, 2015		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF
Actual	$	1,000.00	$	967.25		0.48	%	$	2.36
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.60		0.48	%	$	2.43
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF
Actual(2)	$	1,000.00	$	952.80		0.40	%	$	1.71
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.00		0.40	%	$	2.02
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF
Actual(3)	$	1,000.00	$	951.20		0.45	%	$	1.25
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Deutsche X-trackers MSCI Australia Hedged Equity ETF
Actual(3)	$	1,000.00	$	982.40		0.45	%	$	1.27
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28

11

DBX ETF Trust

Fees and expenses (Unaudited)(Continued)

	Beginning Account Value June 1, 2015		Ending Account Value November 30, 2015		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF
Actual(3)	$	1,000.00	$	998.00		0.45	%	$	1.28
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Deutsche X-trackers MSCI Italy Hedged Equity ETF
Actual(3)	$	1,000.00	$	972.40		0.45	%	$	1.26
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF
Actual(3)	$	1,000.00	$	959.60		0.45	%	$	1.25
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Deutsche X-trackers MSCI Spain Hedged Equity ETF
Actual(3)	$	1,000.00	$	953.20		0.45	%	$	1.25
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28
Deutsche X-trackers S&P Hedged Global Infrastructure ETF
Actual	$	1,000.00	$	905.67		0.45	%	$	2.14
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.75		0.45	%	$	2.28

(1) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 366.

(2) For the period from June 24, 2015 (commencement of operations) to November 30, 2015.

(3) For the period from August 19, 2015 (commencement of operations) to November 30, 2015.

12

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE)

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.7%
Australia — 12.3%
Astro Japan Property Group REIT		301	$	1,121
BWP Trust REIT		2,651		6,097
Charter Hall Retail REIT		1,667		4,907
Dexus Property Group REIT		5,334		29,626
Goodman Group REIT		8,747		38,714
GPT Group REIT		9,853		32,921
Investa Office Fund REIT		3,343		9,332
Scentre Group REIT		30,703		88,818
Westfield Corp. REIT		10,962		76,106
				287,642
Austria — 1.2%
BUWOG AG*		277		5,533
CA Immobilien Anlagen AG*		442		8,058
Immofinanz AG*		5,491		13,587
				27,178
Belgium — 0.8%
Befimmo SA REIT		109		6,661
Cofinimmo SA/NV REIT		112		11,697
				18,358
Brazil — 0.4%
BR Malls Participacoes SA		2,583		8,559
Canada — 10.4%
Artis Real Estate Investment Trust REIT		366		3,686
Boardwalk Real Estate Investment Trust REIT		139		4,935
Brookfield Asset Management, Inc., Class A		4,982		171,047
Canadian Apartment Properties REIT		316		6,283
Canadian Real Estate Investment Trust REIT		195		6,166
Crombie Real Estate Investment Trust REIT		349		3,405
First Capital Realty, Inc.		648		9,506
H&R Real Estate Investment Trust REIT		737		11,843
RioCan Real Estate Investment Trust REIT		846		16,186
Smart Real Estate Investment Trust REIT		388		9,297
				242,354
France — 10.4%
Fonciere des Regions REIT		244		21,642
Gecina SA REIT		208		25,119
Klepierre REIT		1,088		49,384
Mercialys SA REIT (a)		104		2,238
Unibail-Rodamco SE REIT		566		145,375
				243,758
Hong Kong — 8.5%
Champion REIT		14,108		7,187
Hang Lung Properties Ltd.		11,867		27,795
Hongkong Land Holdings Ltd.		6,800		47,532
Hysan Development Co. Ltd.		3,823		16,148
Link REIT (The)		13,025		79,207
Prosperity REIT		6,842		2,497
Wheelock & Co. Ltd.		4,425		19,119
				199,485

	Number of Shares		Value
Italy — 0.2%
Beni Stabili SpA SIIQ REIT (a)		5,308	$	4,002
Immobiliare Grande Distribuzione SIIQ SpA REIT		1,689		1,763
				5,765
Japan — 21.8%
Activia Properties, Inc. REIT (a)		3		12,331
AEON Mall Co. Ltd.		700		12,027
Daibiru Corp.		400		3,298
Daiwa Office Investment Corp. REIT (a)		2		9,862
Frontier Real Estate Investment Corp. REIT		3		12,149
Fukuoka REIT Corp.		4		6,538
Global One Real Estate Investment Corp. REIT		1		3,692
Hankyu REIT, Inc.		3		3,119
Heiwa Real Estate Co. Ltd.		200		2,456
Hoshino Resorts REIT, Inc.		1		9,854
Hulic Co. Ltd.		2,600		23,867
Hulic REIT, Inc.		4		5,355
Japan Excellent, Inc. REIT		8		8,864
Japan Prime Realty Investment Corp. REIT		5		17,262
Japan Real Estate Investment Corp. REIT		8		38,083
Japan Rental Housing Investments, Inc. REIT		10		7,043
Japan Retail Fund Investment Corp. REIT		14		26,783
Kenedix Office Investment Corp. REIT		3		13,209
Kenedix Residential Investment Corp. REIT		2		5,045
MCUBS MidCity Investment Corp. REIT		2		6,149
Mitsui Fudosan Co. Ltd.		5,721		144,257
Mori Hills REIT Investment Corp.		8		10,262
MORI TRUST Sogo Reit, Inc. REIT		6		10,065
Nippon Building Fund, Inc. REIT		8		37,758
NTT Urban Development Corp.		600		5,849
Orix JREIT, Inc. REIT (a)		13		16,992
Premier Investment Corp. REIT		7		6,892
Tokyu Fudosan Holdings Corp.		2,800		18,856
TOKYU REIT, Inc.		6		7,301
Top REIT, Inc.		1		3,672
United Urban Investment Corp. REIT		15		19,984
				508,874
Malaysia — 0.2%
KLCC Property Holdings Bhd		2,500		4,104
Netherlands — 1.4%
Atrium European Real Estate Ltd.*		948		3,861
Eurocommercial Properties NV		264		11,186
Vastned Retail NV REIT		104		4,673
Wereldhave NV REIT		223		12,471
				32,191
New Zealand — 0.8%
Argosy Property Ltd.		4,214		3,190
Goodman Property Trust REIT		5,448		4,501
Kiwi Property Group Ltd.		6,889		6,280
Precinct Properties New Zealand Ltd.		5,282		4,311
				18,282

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)

November 30, 2015 (Unaudited)

	Number of Shares		Value
Philippines — 2.5%
Ayala Land, Inc.		33,100	$	23,768
Robinsons Land Corp.		8,800		5,628
SM Prime Holdings, Inc.		64,985		29,639
				59,035
Poland — 0.2%
Echo Investment SA*		1,235		2,142
Globe Trade Centre SA*		1,339		2,379
				4,521
Singapore — 6.2%
Ascendas Real Estate Investment Trust REIT		11,200		18,977
Cambridge Industrial Trust REIT		6,500		2,696
CapitaLand Commercial Trust REIT		11,400		10,587
CapitaLand Ltd.		14,200		30,402
CapitaLand Mall Trust REIT		14,200		19,178
Frasers Commercial Trust REIT		2,800		2,551
Global Logistic Properties Ltd.		17,900		24,999
GuocoLand Ltd.		1,700		2,230
Keppel REIT		9,400		6,198
Mapletree Logistics Trust REIT		8,100		5,771
Starhill Global REIT		7,600		4,068
Suntec Real Estate Investment Trust REIT		13,700		14,909
United Industrial Corp. Ltd.		1,100		2,332
				144,898
South Africa — 1.9%
Fortress Income Fund Ltd.		3,026		8,450
Fortress Income Fund Ltd., Class A		3,026		3,553
Growthpoint Properties Ltd. REIT		12,334		20,588
Hyprop Investments Ltd. REIT		1,176		9,799
SA Corporate Real Estate Fund Nominees Pty Ltd. REIT		8,110		2,637
				45,027
Sweden — 1.4%
Castellum AB		961		13,520
Fabege AB		805		12,829
Kungsleden AB		862		6,177
				32,526
Switzerland — 2.0%
PSP Swiss Property AG*		227		18,831
Swiss Prime Site AG*		389		29,094
				47,925
Thailand — 0.4%
Central Pattana PCL		7,400		9,549
Turkey — 0.1%
Is Gayrimenkul Yatirim Ortakligi AS REIT		2,291		1,243
United Kingdom — 16.6%
Big Yellow Group PLC REIT		816		9,795
British Land Co. PLC REIT		5,868		73,707
Capital & Counties Properties PLC		4,122		27,353
Derwent London PLC REIT		640		36,339

	Number of Shares		Value
United Kingdom (Continued)
Grainger PLC		2,267	$	8,365
Great Portland Estates PLC REIT		1,909		25,201
Hammerson PLC REIT		4,399		40,447
Intu Properties PLC REIT		4,582		22,324
Land Securities Group PLC REIT		4,620		85,655
Segro PLC REIT		4,279		28,433
Shaftesbury PLC REIT		1,542		21,668
Workspace Group PLC REIT		646		9,287
				388,574
TOTAL COMMON STOCKS (Cost $2,555,074)				2,329,848
RIGHTS — 0.0%
South Africa — 0.0%
SA Corporate Real Estate Fund Nominees Pty Ltd.*, expires 12/31/15 (Cost $0)		1,054		7
SECURITIES LENDING COLLATERAL — 1.6%
Daily Assets Fund, 0.20% (b)(c) (Cost $36,610)		36,610		36,610
TOTAL INVESTMENTS — 101.3%
(Cost $2,591,684)†			$	2,366,465
Other assets and liabilities, net — (1.3%)				(30,196	)
NET ASSETS — 100.0%			$	2,336,269

* Non-income producing security.

† The cost for federal income tax purposes was $2,601,371. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $234,906. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $16,120 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $251,026.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $34,747, which is 1.5% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

REIT: Real Estate Investment Trust.

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)

November 30, 2015 (Unaudited)

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	12/2/2015	CHF	2,000	USD	2,031	$	87
State Street Bank & Trust Co.	12/2/2015	CHF	44,733	USD	45,419		1,940
The Bank of New York Mellon	12/2/2015	CHF	700	USD	711		30
JP Morgan & Chase Co.	12/2/2015	EUR	3,000	USD	3,168		(1	)
State Street Bank & Trust Co.	12/2/2015	EUR	282,996	USD	312,722		13,732
State Street Bank & Trust Co.	12/2/2015	EUR	32,000	USD	35,357		1,547
The Bank of New York Mellon	12/2/2015	EUR	8,000	USD	8,840		388
JP Morgan & Chase Co.	12/2/2015	GBP	4,000	USD	6,021		(3	)
State Street Bank & Trust Co.	12/2/2015	GBP	18,000	USD	27,791		681
State Street Bank & Trust Co.	12/2/2015	GBP	250,857	USD	387,354		9,541
The Bank of New York Mellon	12/2/2015	GBP	3,100	USD	4,787		118
JP Morgan & Chase Co.	12/2/2015	HKD	139,000	USD	17,936		9
State Street Bank & Trust Co.	12/2/2015	HKD	124,000	USD	16,001		8
State Street Bank & Trust Co.	12/2/2015	HKD	960,209	USD	123,907		64
State Street Bank & Trust Co.	12/2/2015	HKD	18,700	USD	2,412		0
Canadian Imperial Bank of Commerce	12/2/2015	PLN	16,000	USD	4,150		190
JP Morgan & Chase Co.	12/2/2015	SEK	7,000	USD	803		0
State Street Bank & Trust Co.	12/2/2015	SEK	20,000	USD	2,340		47
State Street Bank & Trust Co.	12/2/2015	SEK	261,355	USD	30,799		834
The Bank of New York Mellon	12/2/2015	SEK	7,800	USD	919		25
Canadian Imperial Bank of Commerce	12/2/2015	USD	3,957	PLN	16,000		3
JP Morgan & Chase Co.	12/2/2015	USD	1,946	CHF	2,000		(2	)
JP Morgan & Chase Co.	12/2/2015	USD	3,315	EUR	3,000		(145	)
JP Morgan & Chase Co.	12/2/2015	USD	6,176	GBP	4,000		(152	)
JP Morgan & Chase Co.	12/2/2015	USD	17,931	HKD	139,000		(3	)
JP Morgan & Chase Co.	12/2/2015	USD	825	SEK	7,000		(22	)
State Street Bank & Trust Co.	12/2/2015	USD	43,517	CHF	44,733		(38	)
State Street Bank & Trust Co.	12/2/2015	USD	332,683	EUR	314,996		125
State Street Bank & Trust Co.	12/2/2015	USD	404,710	GBP	268,857		213
State Street Bank & Trust Co.	12/2/2015	USD	139,863	HKD	1,084,209		(27	)
State Street Bank & Trust Co.	12/2/2015	USD	32,261	SEK	281,355		(3	)
The Bank of New York Mellon	12/2/2015	USD	681	CHF	700		(1	)
The Bank of New York Mellon	12/2/2015	USD	3,274	EUR	3,100		1
The Bank of New York Mellon	12/2/2015	USD	5,368	EUR	4,900		(191	)
The Bank of New York Mellon	12/2/2015	USD	2,258	GBP	1,500		1
The Bank of New York Mellon	12/2/2015	USD	610	GBP	400		(7	)
The Bank of New York Mellon	12/2/2015	USD	1,850	GBP	1,200		(43	)
The Bank of New York Mellon	12/2/2015	USD	2,413	HKD	18,700		(1	)
The Bank of New York Mellon	12/2/2015	USD	894	SEK	7,800		0
Canadian Imperial Bank of Commerce	12/3/2015	AUD	371,160	USD	264,400		(3,976	)
JP Morgan & Chase Co.	12/3/2015	AUD	10,000	USD	7,246		15
State Street Bank & Trust Co.	12/3/2015	AUD	25,000	USD	17,805		(272	)
State Street Bank & Trust Co.	12/3/2015	AUD	16,085	USD	11,458		(173	)
The Bank of New York Mellon	12/3/2015	AUD	8,300	USD	5,913		(89	)
The Bank of New York Mellon	12/3/2015	BRL	38,810	USD	9,996		(26	)
Canadian Imperial Bank of Commerce	12/3/2015	CAD	306,969	USD	234,580		4,718
RBC Capital Markets	12/3/2015	CAD	9,000	USD	6,758		19
State Street Bank & Trust Co.	12/3/2015	CAD	31,000	USD	23,686		473
The Bank of New York Mellon	12/3/2015	CAD	6,100	USD	4,662		94
Canadian Imperial Bank of Commerce	12/3/2015	JPY	57,425,500	USD	475,978		9,422
RBC Capital Markets	12/3/2015	JPY	148,000	USD	1,201		(2	)
State Street Bank & Trust Co.	12/3/2015	JPY	500,000	USD	4,131		69
State Street Bank & Trust Co.	12/3/2015	JPY	2,791,000	USD	23,131		455
The Bank of New York Mellon	12/3/2015	JPY	392,435	USD	3,253		64
The Bank of New York Mellon	12/3/2015	JPY	514,300	USD	4,230		52
State Street Bank & Trust Co.	12/3/2015	MYR	17,106	USD	3,978		(33	)

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	12/3/2015	NZD	24,479	USD	16,525	$	415
State Street Bank & Trust Co.	12/3/2015	PHP	100,000	USD	2,129		8
State Street Bank & Trust Co.	12/3/2015	PHP	2,739,104	USD	58,428		334
State Street Bank & Trust Co.	12/3/2015	PHP	61,000	USD	1,293		0
RBC Capital Markets	12/3/2015	SGD	2,000	USD	1,420		2
State Street Bank & Trust Co.	12/3/2015	SGD	193,378	USD	137,926		847
State Street Bank & Trust Co.	12/3/2015	SGD	31,000	USD	22,106		131
The Bank of New York Mellon	12/3/2015	SGD	100	USD	71		0
State Street Bank & Trust Co.	12/3/2015	THB	323,037	USD	9,049		36
Canadian Imperial Bank of Commerce	12/3/2015	TRY	3,402	USD	1,158		(9	)
The Bank of New York Mellon	12/3/2015	TRY	100	USD	34		0
Canadian Imperial Bank of Commerce	12/3/2015	USD	268,943	AUD	371,160		(565	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	223,008	CAD	296,969		(635	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	7,642	CAD	10,000		(154	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	465,814	JPY	57,425,500		742
Canadian Imperial Bank of Commerce	12/3/2015	USD	1,170	TRY	3,402		(4	)
JP Morgan & Chase Co.	12/3/2015	USD	7,123	AUD	10,000		107
JP Morgan & Chase Co.	12/3/2015	USD	6,878	CAD	9,000		(139	)
JP Morgan & Chase Co.	12/3/2015	USD	1,227	JPY	148,000		(24	)
JP Morgan & Chase Co.	12/3/2015	USD	1,302	PHP	61,000		(8	)
JP Morgan & Chase Co.	12/3/2015	USD	1,427	SGD	2,000		(9	)
JP Morgan & Chase Co.	12/3/2015	USD	648	ZAR	9,000		(26	)
State Street Bank & Trust Co.	12/3/2015	USD	29,771	AUD	41,085		(63	)
State Street Bank & Trust Co.	12/3/2015	USD	23,279	CAD	31,000		(66	)
State Street Bank & Trust Co.	12/3/2015	USD	26,695	JPY	3,291,000		43
State Street Bank & Trust Co.	12/3/2015	USD	4,024	MYR	17,106		(14	)
State Street Bank & Trust Co.	12/3/2015	USD	16,130	NZD	24,479		(21	)
State Street Bank & Trust Co.	12/3/2015	USD	60,245	PHP	2,839,104		(30	)
State Street Bank & Trust Co.	12/3/2015	USD	155,220	SGD	218,697		(193	)
State Street Bank & Trust Co.	12/3/2015	USD	4,052	SGD	5,681		(25	)
State Street Bank & Trust Co.	12/3/2015	USD	9,013	THB	323,037		(1	)
State Street Bank & Trust Co.	12/3/2015	USD	367	ZAR	5,100		(15	)
State Street Bank & Trust Co.	12/3/2015	USD	44,930	ZAR	647,894		(139	)
The Bank of New York Mellon	12/3/2015	USD	4,347	AUD	6,000		(9	)
The Bank of New York Mellon	12/3/2015	USD	1,641	AUD	2,300		22
The Bank of New York Mellon	12/3/2015	USD	9,901	BRL	38,810		120
The Bank of New York Mellon	12/3/2015	USD	2,353	CAD	3,100		(32	)
The Bank of New York Mellon	12/3/2015	USD	2,253	CAD	3,000		(6	)
The Bank of New York Mellon	12/3/2015	USD	4,553	JPY	561,335		7
The Bank of New York Mellon	12/3/2015	USD	2,839	JPY	345,400		(33	)
The Bank of New York Mellon	12/3/2015	USD	71	SGD	100		0
The Bank of New York Mellon	12/3/2015	USD	34	TRY	100		0
JP Morgan & Chase Co.	12/3/2015	ZAR	9,000	USD	624		2
State Street Bank & Trust Co.	12/3/2015	ZAR	602,994	USD	43,448		1,761
State Street Bank & Trust Co.	12/3/2015	ZAR	50,000	USD	3,611		154
RBC Capital Markets	1/5/2016	CHF	2,000	USD	1,951		1
State Street Bank & Trust Co.	1/5/2016	CHF	44,733	USD	43,633		23
The Bank of New York Mellon	1/5/2016	CHF	700	USD	683		0
State Street Bank & Trust Co.	1/5/2016	EUR	314,996	USD	333,057		(169	)
The Bank of New York Mellon	1/5/2016	EUR	3,100	USD	3,278		(2	)
State Street Bank & Trust Co.	1/5/2016	GBP	268,857	USD	404,778		(218	)
The Bank of New York Mellon	1/5/2016	GBP	1,500	USD	2,258		(1	)
State Street Bank & Trust Co.	1/5/2016	HKD	1,084,209	USD	139,883		22
State Street Bank & Trust Co.	1/5/2016	HKD	139,000	USD	17,933		3
Canadian Imperial Bank of Commerce	1/5/2016	PLN	16,000	USD	3,954		(2	)
State Street Bank & Trust Co.	1/5/2016	SEK	281,355	USD	32,306		(2	)
The Bank of New York Mellon	1/5/2016	SEK	7,800	USD	896		0

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Canadian Imperial Bank of Commerce	1/5/2016	TRY	3,402	USD	1,159	$	4
The Bank of New York Mellon	1/5/2016	TRY	100	USD	34		0
JP Morgan & Chase Co.	1/5/2016	USD	3,172	EUR	3,000		2
JP Morgan & Chase Co.	1/5/2016	USD	6,022	GBP	4,000		3
JP Morgan & Chase Co.	1/5/2016	USD	804	SEK	7,000		0
State Street Bank & Trust Co.	1/5/2016	USD	10,572	EUR	10,000		7
State Street Bank & Trust Co.	1/5/2016	USD	18,069	GBP	12,000		7
State Street Bank & Trust Co.	1/5/2016	USD	2,413	HKD	18,700		0
RBC Capital Markets	1/6/2016	AUD	41,085	USD	29,718		66
State Street Bank & Trust Co.	1/6/2016	AUD	371,160	USD	268,457		585
The Bank of New York Mellon	1/6/2016	AUD	6,000	USD	4,340		9
Bank of Montreal	1/6/2016	BRL	38,810	USD	9,801		(112	)
Canadian Imperial Bank of Commerce	1/6/2016	CAD	296,969	USD	222,998		628
RBC Capital Markets	1/6/2016	CAD	31,000	USD	23,279		66
The Bank of New York Mellon	1/6/2016	CAD	3,000	USD	2,253		6
Canadian Imperial Bank of Commerce	1/6/2016	JPY	57,425,500	USD	466,411		(751	)
State Street Bank & Trust Co.	1/6/2016	JPY	3,291,000	USD	26,730		(43	)
The Bank of New York Mellon	1/6/2016	JPY	561,335	USD	4,559		(8	)
State Street Bank & Trust Co.	1/6/2016	MYR	17,106	USD	4,028		26
RBC Capital Markets	1/6/2016	PHP	2,839,104	USD	60,079		1
State Street Bank & Trust Co.	1/6/2016	SGD	218,697	USD	155,035		194
The Bank of New York Mellon	1/6/2016	SGD	100	USD	71		0
State Street Bank & Trust Co.	1/6/2016	THB	323,037	USD	9,009		7
JP Morgan & Chase Co.	1/6/2016	USD	7,233	AUD	10,000		(16	)
JP Morgan & Chase Co.	1/6/2016	USD	6,759	CAD	9,000		(19	)
JP Morgan & Chase Co.	1/6/2016	USD	1,202	JPY	148,000		2
JP Morgan & Chase Co.	1/6/2016	USD	1,290	PHP	61,000		1
JP Morgan & Chase Co.	1/6/2016	USD	620	ZAR	9,000		(2	)
RBC Capital Markets	1/6/2016	USD	1,418	SGD	2,000		(2	)
State Street Bank & Trust Co.	1/6/2016	USD	7,959	AUD	11,000		(20	)
State Street Bank & Trust Co.	1/6/2016	USD	8,509	SGD	12,000		(13	)
State Street Bank & Trust Co.	1/6/2016	ZAR	647,894	USD	44,648		155
State Street Bank & Trust Co.	1/7/2016	NZD	24,479	USD	16,091		22
Total net unrealized appreciation						$	42,726

Currency Abbreviations

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
PHP	Phillippine Peso
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish New Lira
USD	U.S. Dollar
ZAR	South African Rand

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Dow Jones Hedged International Real Estate ETF (DBRE) (Continued)

November 30, 2015 (Unaudited)

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	2,329,848	$	—		$	—	$	2,329,848
Rights		7		—			—		7
Securities Lending Collateral		36,610		—			—		36,610
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		51,536			—		51,536
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(8,810	)		—		(8,810	)
Total	$	2,366,465	$	42,726		$	—	$	2,409,191

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN)

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.6%
Consumer Discretionary — 18.6%
AISIN SEIKI Co. Ltd.		1,100	$	44,054
AOKI Holdings, Inc.		100		1,302
ASICS Corp.		1,100		25,128
Bandai Namco Holdings, Inc.		1,100		24,493
Benesse Holdings, Inc.		900		22,811
Bridgestone Corp.		3,300		117,417
Casio Computer Co. Ltd.		1,100		24,261
CyberAgent, Inc.		100		4,216
Daihatsu Motor Co. Ltd.		1,100		14,280
DAIICHIKOSHO Co. Ltd.		100		3,278
DENSO Corp.		2,200		104,960
Dentsu, Inc.		1,100		61,747
Don Quijote Holdings Co. Ltd.		900		35,642
Eagle Industry Co. Ltd.		100		2,013
EXEDY Corp.		200		4,812
Fast Retailing Co. Ltd.		100		40,439
Fuji Heavy Industries Ltd.		3,300		136,396
Fuji Media Holdings, Inc.		1,100		13,109
Geo Holdings Corp.		100		1,588
Hakuhodo DY Holdings, Inc.		1,200		12,887
Haseko Corp.		1,100		12,296
Heiwa Corp.		100		1,875
Hikari Tsushin, Inc.		100		7,197
HIS Co. Ltd.		100		3,245
Honda Motor Co. Ltd.		5,500		178,806
Iida Group Holdings Co. Ltd.		400		7,779
Isetan Mitsukoshi Holdings Ltd.		1,200		18,297
Isuzu Motors Ltd.		3,300		37,128
Izumi Co. Ltd.		100		3,907
J. Front Retailing Co. Ltd.		1,100		18,149
Koito Manufacturing Co. Ltd.		900		36,556
K’S HOLDINGS Corp. (a)		100		3,643
Mazda Motor Corp.		2,300		47,784
Misawa Homes Co. Ltd.		100		764
MITSUBA Corp.		100		1,738
Mitsubishi Motors Corp.		3,400		30,271
NGK Spark Plug Co. Ltd.		1,100		29,980
NHK Spring Co. Ltd.		1,100		11,304
Nifco, Inc.		100		4,257
Nikon Corp.		1,200		16,104
Nippon Television Holdings, Inc.		1,100		20,275
Nissan Motor Co. Ltd.		13,300		142,022
Nitori Holdings Co. Ltd.		800		65,898
NOK Corp.		100		2,697
Oriental Land Co. Ltd.		1,100		62,524
Panasonic Corp.		12,100		137,366
Pressance Corp.		100		3,452
Rakuten, Inc.		4,400		55,474
Resorttrust, Inc.		100		2,669
Rinnai Corp.		100		8,952
Ryohin Keikaku Co. Ltd.		100		21,576
Sanrio Co. Ltd.		100		2,388
Sega Sammy Holdings, Inc.		1,100		11,884
Sekisui Chemical Co. Ltd.		1,300		15,492
Sekisui House Ltd.		3,300		55,800
Seria Co. Ltd.		100		4,167

	Number of Shares		Value
Consumer Discretionary (Continued)
Shimano, Inc.		800	$	118,733
Stanley Electric Co. Ltd.		200		4,427
Start Today Co. Ltd.		800		27,782
Sumitomo Electric Industries Ltd.		3,400		48,390
Sumitomo Forestry Co. Ltd.		800		10,775
Sumitomo Rubber Industries Ltd.		800		10,801
Suzuki Motor Corp.		2,200		67,644
Toho Co. Ltd.		100		2,660
TOKAI RIKA Co. Ltd.		100		2,309
Toyo Tire & Rubber Co. Ltd.		200		4,325
Toyoda Gosei Co. Ltd.		200		4,755
Toyota Boshoku Corp.		100		2,152
Toyota Industries Corp.		1,100		58,351
Toyota Motor Corp.		3,300		205,265
TS TECH Co. Ltd.		200		5,613
Unipres Corp.		100		2,383
United Arrows Ltd.		100		4,411
USEN Corp.*		100		290
USS Co. Ltd.		1,100		17,488
VT HOLDINGS Co. Ltd.		100		605
Yamaha Corp.		300		7,555
Yamaha Motor Co. Ltd.		1,200		29,293
Yokohama Rubber Co. Ltd. (The)		800		13,758
				2,428,314
Consumer Staples — 8.3%
Aeon Co. Ltd.		3,400		52,754
Ain Holdings, Inc.		100		4,704
Ajinomoto Co., Inc.		1,000		22,928
Asahi Group Holdings Ltd.		2,200		68,985
Calbee, Inc.		100		4,135
Ci:z Holdings Co. Ltd.		1,000		19,910
FamilyMart Co. Ltd.		900		40,138
ITO EN Ltd.		100		2,286
Japan Tobacco, Inc.		5,500		197,035
Kao Corp.		2,300		117,915
Kewpie Corp.		200		4,798
Kirin Holdings Co. Ltd.		4,400		61,889
Kobayashi Pharmaceutical Co. Ltd.		100		8,148
KOSE Corp.		100		10,463
Lawson, Inc.		100		7,595
Matsumotokiyoshi Holdings Co. Ltd.		100		5,134
MEIJI Holdings Co. Ltd.		1,200		96,019
Nissin Foods Holdings Co. Ltd.		100		5,077
Pigeon Corp.		1,000		28,676
Seven & i Holdings Co. Ltd.		3,400		152,461
Shiseido Co. Ltd.		1,400		33,499
Sugi Holdings Co. Ltd.		100		5,280
Sundrug Co. Ltd.		100		6,442
Toyo Suisan Kaisha Ltd.		800		28,595
TSURUHA HOLDINGS, Inc.		100		8,936
Unicharm Corp.		2,200		46,395
Valor Holdings Co. Ltd.		100		2,347
Welcia Holdings Co. Ltd.		100		5,516
Yakult Honsha Co. Ltd.		800		39,513
				1,087,573

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)

November 30, 2015 (Unaudited)

	Number of Shares		Value
Energy — 0.5%
INPEX Corp.		5,600	$	55,613
NIPPON GAS Co. Ltd.		100		2,579
Showa Shell Sekiyu KK		1,100		9,695
				67,887
Financials — 19.3%
Acom Co. Ltd.*		2,100		10,423
AEON Financial Service Co. Ltd.		100		2,304
AEON Mall Co. Ltd.		100		1,718
Aozora Bank Ltd.		10,000		35,256
Bank of Yokohama Ltd. (The)		1,000		5,886
Chiba Bank Ltd. (The)		9,000		62,072
Chugoku Bank Ltd. (The)		1,100		15,254
Credit Saison Co. Ltd.		1,000		18,879
Dai-ichi Life Insurance Co. Ltd. (The)		5,600		96,897
Daikyo, Inc.		1,000		1,641
Daito Trust Construction Co. Ltd.		800		83,119
Daiwa House Industry Co. Ltd.		3,300		91,923
Daiwa Securities Group, Inc.		11,000		71,156
Fukuoka Financial Group, Inc.		10,000		48,497
Hiroshima Bank Ltd. (The)		1,000		5,686
Hitachi Capital Corp.		100		2,799
Hokuhoku Financial Group, Inc.		1,000		2,120
Hulic Co. Ltd.		1,200		11,015
Iyo Bank Ltd. (The)		1,200		11,961
Japan Exchange Group, Inc.		2,400		37,628
Joyo Bank Ltd. (The)		10,000		46,385
Leopalace21 Corp.*		1,100		6,434
Matsui Securities Co. Ltd.		100		922
Mitsubishi Estate Co. Ltd.		9,000		189,322
Mitsubishi UFJ Financial Group, Inc.		29,600		189,960
Mitsubishi UFJ Lease & Finance Co. Ltd.		2,200		11,563
Mitsui Fudosan Co. Ltd.		9,000		226,937
Mizuho Financial Group, Inc.		100,100		202,070
MS&AD Insurance Group Holdings, Inc.		2,300		64,871
Nishi-Nippon City Bank Ltd. (The)		1,000		2,648
Nomura Holdings, Inc.		17,400		103,213
Nomura Real Estate Holdings, Inc.		1,000		19,586
NTT Urban Development Corp.		100		975
Okasan Securities Group, Inc.		1,000		6,060
ORIX Corp.		6,600		95,247
Relo Holdings, Inc.		100		10,829
Resona Holdings, Inc.		11,100		54,175
SBI Holdings, Inc.		200		2,266
Seven Bank Ltd.		3,300		14,449
Shinsei Bank Ltd.		11,000		20,910
Shizuoka Bank Ltd. (The)		8,000		78,180
Sompo Japan Nipponkoa Holdings, Inc.		2,000		61,657
Sony Financial Holdings, Inc.		1,100		20,266
Sumitomo Mitsui Financial Group, Inc.		4,400		167,886
Sumitomo Mitsui Trust Holdings, Inc.		22,000		83,997
Sumitomo Real Estate Sales Co. Ltd.		100		2,366
Suruga Bank Ltd.		1,100		22,268
T&D Holdings, Inc.		3,300		46,243
Takara Leben Co. Ltd.		1,100		6,085
Tokai Tokyo Financial Holdings, Inc.		1,100		6,639
Tokio Marine Holdings, Inc.		3,400		125,394

	Number of Shares		Value
Financials (Continued)
Tokyu Fudosan Holdings Corp.		2,300	$	15,489
				2,521,526
Health Care — 9.4%
Alfresa Holdings Corp.		1,100		21,803
Astellas Pharma, Inc.		11,100		156,311
Chugai Pharmaceutical Co. Ltd.		1,100		38,424
Daiichi Sankyo Co. Ltd.		3,300		68,010
Eisai Co. Ltd.		1,100		71,460
Hisamitsu Pharmaceutical Co., Inc.		1,000		42,648
Hoya Corp.		2,200		89,179
Kaken Pharmaceutical Co. Ltd.		100		7,051
KYORIN Holdings, Inc.		200		3,776
Kyowa Hakko Kirin Co. Ltd.		1,000		17,620
M3, Inc.		1,100		24,198
Medipal Holdings Corp.		1,100		19,275
Miraca Holdings, Inc.		100		4,444
Mitsubishi Tanabe Pharma Corp.		1,100		19,221
Nihon Kohden Corp.		100		2,082
Olympus Corp.		1,100		43,875
Ono Pharmaceutical Co. Ltd.		800		128,091
Otsuka Holdings Co. Ltd.		2,200		72,881
Rohto Pharmaceutical Co. Ltd.		600		11,566
Santen Pharmaceutical Co. Ltd.		1,200		19,028
Sawai Pharmaceutical Co. Ltd.		100		5,735
Shionogi & Co. Ltd.		1,200		52,894
Ship Healthcare Holdings, Inc.		900		21,151
Sysmex Corp.		1,000		62,470
Taisho Pharmaceutical Holdings Co. Ltd.		100		6,775
Takeda Pharmaceutical Co. Ltd.		3,400		165,249
Terumo Corp.		1,200		38,310
Toho Holdings Co. Ltd. (a)		800		19,854
Tsumura & Co.		200		5,500
				1,238,881
Industrials — 20.2%
Aeon Delight Co. Ltd.		100		3,099
Aica Kogyo Co. Ltd.		1,000		20,057
ANA Holdings, Inc.		22,000		61,925
Asahi Glass Co. Ltd.		1,000		5,882
Central Japan Railway Co.		1,000		178,595
COMSYS Holdings Corp.		100		1,344
Daikin Industries Ltd.		1,200		84,322
East Japan Railway Co.		1,200		113,274
EBARA Corp.		1,000		4,931
FANUC Corp.		1,100		195,873
Fuji Electric Co. Ltd.		1,000		4,606
Hankyu Hanshin Holdings, Inc.		2,000		12,802
Hazama Ando Corp.		1,100		6,175
Hino Motors Ltd.		1,200		14,574
Hitachi Construction Machinery Co. Ltd.		100		1,570
Hoshizaki Electric Co. Ltd.		100		7,027
IHI Corp.		8,000		20,926
ITOCHU Corp.		7,800		95,171
JTEKT Corp.		1,100		20,338
Kajima Corp.		1,000		5,492
Kanamoto Co. Ltd.		100		2,312

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)

November 30, 2015 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Kanematsu Corp.		1,000	$	1,674
Kawasaki Heavy Industries Ltd.		10,000		39,724
Keihan Electric Railway Co. Ltd.		1,000		6,669
Keio Corp.		1,000		8,213
Keisei Electric Railway Co. Ltd.		1,000		12,006
Kintetsu Group Holdings Co. Ltd.		11,000		42,177
Kintetsu World Express, Inc.		1,200		22,908
Komatsu Ltd.		4,500		74,427
Kubota Corp.		9,000		150,134
KYOWA EXEO Corp.		100		1,009
Makita Corp.		100		5,678
Marubeni Corp.		7,800		43,214
Minebea Co. Ltd.		1,000		10,975
MISUMI Group, Inc.		1,200		16,289
Mitsubishi Corp.		6,700		112,773
Mitsubishi Electric Corp.		11,000		121,795
Mitsubishi Heavy Industries Ltd.		12,000		61,423
Mitsui & Co. Ltd.		7,800		95,678
Mitsui Engineering & Shipbuilding Co. Ltd.		3,000		4,923
MonotaRO Co. Ltd.		200		5,735
Nabtesco Corp.		100		2,094
Nagoya Railroad Co. Ltd.		1,000		4,029
Namura Shipbuilding Co. Ltd.		100		920
Nankai Electric Railway Co. Ltd.		1,000		5,191
NGK Insulators Ltd.		1,000		23,192
Nidec Corp.		1,100		85,051
Nihon M&A Center, Inc.		100		4,468
Nippon Express Co. Ltd.		9,000		40,650
Nippon Steel & Sumikin Bussan Corp.		1,000		3,436
Nippon Yusen KK		9,000		23,396
Nishi-Nippon Railroad Co. Ltd.		1,000		5,443
NSK Ltd.		2,200		27,683
Obayashi Corp.		1,000		9,236
Odakyu Electric Railway Co. Ltd.		8,000		81,365
OSG Corp.		100		1,976
Park24 Co. Ltd.		100		2,031
Pilot Corp.		100		4,492
Sankyo Tateyama, Inc.		100		1,401
Sanwa Holdings Corp.		100		838
Secom Co. Ltd.		1,100		75,392
Shimizu Corp.		1,000		8,392
SMC Corp.		800		211,990
Sohgo Security Services Co. Ltd.		100		4,809
Sojitz Corp.		6,600		14,476
Sotetsu Holdings, Inc.		1,000		5,589
Sumitomo Corp.		5,500		58,418
Sumitomo Heavy Industries Ltd.		1,000		4,744
Sumitomo Mitsui Construction Co. Ltd.		3,400		3,342
Taisei Corp.		10,000		61,657
Temp Holdings Co. Ltd.		400		6,460
THK Co. Ltd.		100		1,994
Tobu Railway Co. Ltd.		1,000		4,874
Tokyu Corp.		1,000		7,774
TOTO Ltd.		900		31,072
Toyota Tsusho Corp.		1,100		25,807
West Japan Railway Co.		1,100		69,476

	Number of Shares		Value
Industrials (Continued)
Yamato Holdings Co. Ltd.		1,200	$	22,947
				2,643,824
Information Technology — 10.0%
Alps Electric Co. Ltd.		800		25,150
Anritsu Corp.		1,100		7,372
Brother Industries Ltd.		1,100		13,163
Canon, Inc.		5,500		166,028
COOKPAD, Inc.		100		2,160
DeNA Co. Ltd.		200		3,149
DISCO Corp.		100		9,634
FUJIFILM Holdings Corp.		2,200		89,108
Fujitsu Ltd.		11,000		55,545
GMO Internet, Inc.		900		13,847
Gree, Inc.*		1,000		4,874
GungHo Online Entertainment, Inc.		2,500		7,717
Hamamatsu Photonics KK		1,100		27,567
Hirose Electric Co. Ltd.		100		12,169
Hitachi High-Technologies Corp.		100		2,758
Hitachi Ltd.		22,000		129,855
Horiba Ltd.		200		7,449
Itochu Techno-Solutions Corp.		100		2,066
Kakaku.com, Inc. (a)		200		3,815
Keyence Corp.		100		54,200
Konica Minolta, Inc.		2,300		24,177
Kyocera Corp.		1,200		55,633
Mixi, Inc.		100		4,094
Murata Manufacturing Co. Ltd.		1,100		170,674
NEC Corp.		9,000		30,122
Nexon Co. Ltd.		800		12,692
Nomura Research Institute Ltd.		620		23,445
NTT Data Corp.		700		34,119
OBIC Co. Ltd.		200		10,642
Oki Electric Industry Co. Ltd.		10,000		12,998
Omron Corp.		1,100		40,435
Oracle Corp. Japan		100		4,874
OTSUKA Corp.		100		5,012
Ricoh Co. Ltd.		2,300		23,579
SCSK Corp.		100		3,883
Seiko Epson Corp.		1,200		18,902
TDK Corp.		900		64,704
Tokyo Electron Ltd.		900		59,937
Topcon Corp.		100		1,759
Trend Micro, Inc.		200		8,156
Wacom Co. Ltd.		2,000		7,327
Yahoo Japan Corp.		6,700		27,595
Yaskawa Electric Corp.		1,200		15,841
Yokogawa Electric Corp.		1,100		13,136
				1,311,362
Materials — 6.8%
Asahi Kasei Corp.		10,000		68,408
Daicel Corp.		1,200		17,566
Denka Co. Ltd.		1,000		4,419
DIC Corp.		10,000		28,838
Hitachi Chemical Co. Ltd.		100		1,665
Hitachi Metals Ltd.		500		6,483

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (JPN) (Continued)

November 30, 2015 (Unaudited)

	Number of Shares		Value
Materials (Continued)
JFE Holdings, Inc.		2,300	$	36,284
JSR Corp.		1,100		17,318
Kobe Steel Ltd.		10,000		11,698
Kuraray Co. Ltd.		1,200		15,275
Mitsubishi Chemical Holdings Corp.		6,600		43,251
Mitsubishi Materials Corp.		10,000		35,337
Mitsui Mining & Smelting Co. Ltd.		1,000		1,925
Nihon Parkerizing Co. Ltd.		100		1,003
Nippon Paint Holdings Co. Ltd.		1,100		27,567
Nippon Steel & Sumitomo Metal Corp.		4,400		88,375
Nissan Chemical Industries Ltd.		1,000		23,997
Nitto Denko Corp.		1,000		67,392
Oji Holdings Corp.		9,000		39,041
Shin-Etsu Chemical Co. Ltd.		1,200		67,877
Sumitomo Chemical Co. Ltd.		8,000		45,882
Sumitomo Metal Mining Co. Ltd.		8,000		90,203
Taiheiyo Cement Corp.		10,000		30,869
Taiyo Nippon Sanso Corp.		1,100		10,517
Toray Industries, Inc.		10,000		90,902
Tosoh Corp.		1,000		5,605
Ube Industries Ltd.		1,000		2,128
				879,825
Telecommunication Services — 5.6%
KDDI Corp.		8,700		216,122
Nippon Telegraph & Telephone Corp.		5,700		211,377
NTT DOCOMO, Inc.		7,700		145,618
SoftBank Group Corp.		3,100		164,620
				737,737
Utilities — 0.9%
Electric Power Development Co. Ltd.		1,000		31,966
Osaka Gas Co. Ltd.		11,000		40,846

	Number of Shares		Value
Utilities (Continued)
Tokyo Gas Co. Ltd.		11,000	$	52,551
				125,363
TOTAL COMMON STOCKS (Cost $13,021,202)				13,042,292
SECURITIES LENDING COLLATERAL — 0.2%
Daily Assets Fund, 0.20% (b)(c) (Cost $28,242)		28,242		28,242
TOTAL INVESTMENTS — 99.8% (Cost $13,049,444)†			$	13,070,534
Other assets and liabilities, net — 0.2%				30,211
NET ASSETS — 100.0%			$	13,100,745

* Non-income producing security.

† The cost for federal income tax purposes was $13,049,444. At November 30, 2015, net unrealized appreciation for all securities based on tax cost was $21,090. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $365,477 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $344,387.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $23,589, which is 0.2% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2		Level 3		Total
Investment in Securities
Common Stocks*	$	13,042,292	$	—	$	—	$	13,042,292
Securities Lending Collateral		28,242		—		—		28,242
Total	$	13,070,534	$	—	$	—	$	13,070,534

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH)

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.1%
Consumer Discretionary — 18.3%
AISIN SEIKI Co. Ltd.		299	$	11,974
ASICS Corp.		299		6,830
Bandai Namco Holdings, Inc.		299		6,658
Benesse Holdings, Inc.		150		3,802
Bridgestone Corp.		897		31,916
Casio Computer Co. Ltd.		299		6,595
CyberAgent, Inc.		150		6,324
Daihatsu Motor Co. Ltd.		299		3,881
DENSO Corp.		598		28,530
Dentsu, Inc.		299		16,784
Don Quijote Holdings Co. Ltd.		150		5,940
Fuji Heavy Industries Ltd.		897		37,075
Fuji Media Holdings, Inc.		299		3,563
Hakuhodo DY Holdings, Inc.		449		4,822
Haseko Corp.		399		4,460
HIS Co. Ltd.		150		4,868
Honda Motor Co. Ltd.		1,595		51,854
Iida Group Holdings Co. Ltd.		150		2,917
Isetan Mitsukoshi Holdings Ltd.		549		8,371
Isuzu Motors Ltd.		897		10,092
J. Front Retailing Co. Ltd.		399		6,583
Koito Manufacturing Co. Ltd.		150		6,093
Mazda Motor Corp.		848		17,618
Mitsubishi Motors Corp.		897		7,986
NGK Spark Plug Co. Ltd.		299		8,149
NHK Spring Co. Ltd.		299		3,073
Nikon Corp.		449		6,026
Nippon Television Holdings, Inc.		299		5,511
Nissan Motor Co. Ltd.		3,738		39,916
Nitori Holdings Co. Ltd.		150		12,356
NOK Corp.		150		4,045
Oriental Land Co. Ltd.		299		16,995
Panasonic Corp.		3,140		35,647
Rakuten, Inc.		1,346		16,970
Resorttrust, Inc.		150		4,003
Sega Sammy Holdings, Inc.		299		3,231
Sekisui House Ltd.		897		15,168
Seria Co. Ltd.		150		6,251
Shimano, Inc.		150		22,262
Stanley Electric Co. Ltd.		150		3,320
Start Today Co. Ltd.		150		5,209
Sumitomo Electric Industries Ltd.		1,047		14,901
Sumitomo Forestry Co. Ltd.		150		2,020
Sumitomo Rubber Industries Ltd.		299		4,037
Suzuki Motor Corp.		598		18,387
Toho Co. Ltd.		150		3,991
Toyo Tire & Rubber Co. Ltd.		150		3,244
Toyoda Gosei Co. Ltd.		150		3,567
Toyota Industries Corp.		299		15,861
Toyota Motor Corp.		947		58,905
United Arrows Ltd.		150		6,617
USS Co. Ltd.		299		4,753
Yamaha Corp.		150		3,777
Yamaha Motor Co. Ltd.		299		7,299
Yokohama Rubber Co. Ltd. (The)		150		2,579
				653,606

	Number of Shares		Value
Consumer Staples — 8.8%
Aeon Co. Ltd.		1,047	$	16,245
Asahi Group Holdings Ltd.		598		18,751
Calbee, Inc.		150		6,202
Ci:z Holdings Co. Ltd.		150		2,987
FamilyMart Co. Ltd.		150		6,690
ITO EN Ltd.		150		3,429
Japan Tobacco, Inc.		1,745		62,514
Kao Corp.		748		38,348
Kewpie Corp.		150		3,598
Kirin Holdings Co. Ltd.		1,196		16,823
Lawson, Inc.		150		11,393
MEIJI Holdings Co. Ltd.		200		16,003
Nissin Foods Holdings Co. Ltd.		150		7,616
Pigeon Corp.		150		4,301
Seven & i Holdings Co. Ltd.		1,047		46,949
Shiseido Co. Ltd.		449		10,743
Toyo Suisan Kaisha Ltd.		150		5,362
Unicharm Corp.		598		12,611
Valor Holdings Co. Ltd.		150		3,520
Welcia Holdings Co. Ltd.		150		8,274
Yakult Honsha Co. Ltd.		150		7,409
				309,768
Energy — 0.4%
INPEX Corp.		1,196		11,877
Showa Shell Sekiyu KK		299		2,635
				14,512
Financials — 18.3%
Acom Co. Ltd.*		649		3,221
AEON Financial Service Co. Ltd.		150		3,456
AEON Mall Co. Ltd.		150		2,577
Aozora Bank Ltd.		1,495		5,271
Bank of Yokohama Ltd. (The)		1,495		8,799
Chiba Bank Ltd. (The)		1,495		10,311
Chugoku Bank Ltd. (The)		299		4,146
Credit Saison Co. Ltd.		150		2,832
Dai-ichi Life Insurance Co. Ltd. (The)		1,645		28,463
Daikyo, Inc.		1,495		2,453
Daito Trust Construction Co. Ltd.		150		15,585
Daiwa House Industry Co. Ltd.		897		24,986
Daiwa Securities Group, Inc.		2,990		19,342
Fukuoka Financial Group, Inc.		1,495		7,250
Hiroshima Bank Ltd. (The)		1,495		8,501
Hitachi Capital Corp.		150		4,198
Hokuhoku Financial Group, Inc.		1,495		3,170
Hulic Co. Ltd.		598		5,490
Iyo Bank Ltd. (The)		299		2,980
Japan Exchange Group, Inc.		898		14,079
Joyo Bank Ltd. (The)		1,495		6,935
Leopalace21 Corp.*		499		2,919
Matsui Securities Co. Ltd.		250		2,305
Mitsubishi Estate Co. Ltd.		1,495		31,448
Mitsubishi UFJ Financial Group, Inc.		9,171		58,855
Mitsubishi UFJ Lease & Finance Co. Ltd.		598		3,143
Mitsui Fudosan Co. Ltd.		1,495		37,697
Mizuho Financial Group, Inc.		27,961		56,444
MS&AD Insurance Group Holdings, Inc.		598		16,866

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH) (Continued)

November 30, 2015 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Nishi-Nippon City Bank Ltd. (The)		1,495	$	3,959
Nomura Holdings, Inc.		3,900		23,134
Nomura Real Estate Holdings, Inc.		150		2,938
NTT Urban Development Corp.		150		1,462
ORIX Corp.		1,794		25,890
Resona Holdings, Inc.		2,990		14,593
SBI Holdings, Inc.		350		3,966
Seven Bank Ltd.		897		3,927
Shinsei Bank Ltd.		2,990		5,684
Shizuoka Bank Ltd. (The)		1,495		14,610
Sompo Japan Nipponkoa Holdings, Inc.		449		13,842
Sony Financial Holdings, Inc.		299		5,509
Sumitomo Mitsui Financial Group, Inc.		1,196		45,635
Sumitomo Mitsui Trust Holdings, Inc.		5,981		22,836
Sumitomo Real Estate Sales Co. Ltd.		150		3,550
Suruga Bank Ltd.		299		6,053
T&D Holdings, Inc.		897		12,570
Takara Leben Co. Ltd.		549		3,037
Tokai Tokyo Financial Holdings, Inc.		399		2,408
Tokio Marine Holdings, Inc.		1,047		38,614
Tokyu Fudosan Holdings Corp.		748		5,037
				652,976
Health Care — 9.2%
Alfresa Holdings Corp.		299		5,926
Astellas Pharma, Inc.		2,990		42,105
Chugai Pharmaceutical Co. Ltd.		299		10,444
Daiichi Sankyo Co. Ltd.		897		18,486
Eisai Co. Ltd.		299		19,424
Hisamitsu Pharmaceutical Co., Inc.		150		6,397
Hoya Corp.		598		24,241
KYORIN Holdings, Inc.		150		2,832
M3, Inc.		299		6,578
Medipal Holdings Corp.		299		5,239
Mitsubishi Tanabe Pharma Corp.		299		5,225
Nihon Kohden Corp.		150		3,123
Olympus Corp.		299		11,926
Ono Pharmaceutical Co. Ltd.		150		24,017
Otsuka Holdings Co. Ltd.		598		19,810
Rohto Pharmaceutical Co. Ltd.		150		2,892
Santen Pharmaceutical Co. Ltd.		449		7,120
Shionogi & Co. Ltd.		449		19,791
Ship Healthcare Holdings, Inc.		150		3,525
Sysmex Corp.		150		9,370
Takeda Pharmaceutical Co. Ltd.		1,196		58,129
Terumo Corp.		449		14,335
Toho Holdings Co. Ltd. (a)		150		3,723
Tsumura & Co.		150		4,125
				328,783
Industrials — 20.8%
Aeon Delight Co. Ltd.		150		4,649
Aica Kogyo Co. Ltd.		150		3,009
ANA Holdings, Inc.		4,485		12,624
Asahi Glass Co. Ltd.		1,495		8,793
Central Japan Railway Co.		399		71,259
COMSYS Holdings Corp.		250		3,361
Daikin Industries Ltd.		449		31,550

	Number of Shares		Value
Industrials (Continued)
East Japan Railway Co.		449	$	42,383
FANUC Corp.		399		71,049
Hankyu Hanshin Holdings, Inc.		1,495		9,570
Hazama Ando Corp.		350		1,965
Hino Motors Ltd.		399		4,846
Hitachi Construction Machinery Co. Ltd.		250		3,924
Hoshizaki Electric Co. Ltd.		150		10,540
IHI Corp.		2,495		6,526
ITOCHU Corp.		2,093		25,537
JTEKT Corp.		299		5,528
Kajima Corp.		1,495		8,210
Kawasaki Heavy Industries Ltd.		1,495		5,939
Keihan Electric Railway Co. Ltd.		1,495		9,971
Kintetsu Group Holdings Co. Ltd.		2,990		11,465
Komatsu Ltd.		1,346		22,262
Kubota Corp.		1,495		24,939
Makita Corp.		150		8,517
Marubeni Corp.		2,243		12,427
MISUMI Group, Inc.		299		4,059
Mitsubishi Corp.		1,944		32,721
Mitsubishi Electric Corp.		2,990		33,106
Mitsubishi Heavy Industries Ltd.		4,485		22,957
Mitsui & Co. Ltd.		2,093		25,674
Nabtesco Corp.		250		5,234
Nagoya Railroad Co. Ltd.		1,495		6,024
Nidec Corp.		299		23,118
Nippon Express Co. Ltd.		1,495		6,752
NSK Ltd.		598		7,525
Odakyu Electric Railway Co. Ltd.		1,495		15,205
OSG Corp.		150		2,963
Park24 Co. Ltd.		150		3,046
Secom Co. Ltd.		299		20,493
SMC Corp.		50		13,249
Sohgo Security Services Co. Ltd.		150		7,213
Sojitz Corp.		1,794		3,935
Sumitomo Corp.		1,495		15,879
Sumitomo Heavy Industries Ltd.		1,495		7,092
Sumitomo Mitsui Construction Co. Ltd.		2,497		2,454
Taisei Corp.		1,495		9,218
THK Co. Ltd.		250		4,984
Tobu Railway Co. Ltd.		1,495		7,287
Tokyu Corp.		1,495		11,622
Toyota Tsusho Corp.		299		7,015
West Japan Railway Co.		299		18,885
Yamato Holdings Co. Ltd.		449		8,586
				747,139
Information Technology — 10.6%
Alps Electric Co. Ltd.		250		7,859
Brother Industries Ltd.		499		5,971
Canon, Inc.		1,346		40,632
DeNA Co. Ltd.		150		2,361
FUJIFILM Holdings Corp.		598		24,221
Fujitsu Ltd.		2,990		15,098
GMO Internet, Inc.		299		4,600
GungHo Online Entertainment, Inc.		598		1,846
Hamamatsu Photonics KK		250		6,265
Hitachi High-Technologies Corp.		150		4,137

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH) (Continued)

November 30, 2015 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Hitachi Ltd.		5,981	$	35,303
Horiba Ltd.		150		5,587
Itochu Techno-Solutions Corp.		150		3,099
Kakaku.com, Inc. (a)		150		2,861
Konica Minolta, Inc.		698		7,337
Kyocera Corp.		449		20,816
Murata Manufacturing Co. Ltd.		299		46,392
NEC Corp.		4,000		13,387
Nexon Co. Ltd.		150		2,380
Nomura Research Institute Ltd.		165		6,240
NTT Data Corp.		150		7,311
OBIC Co. Ltd.		150		7,981
Oki Electric Industry Co. Ltd.		3,095		4,023
Omron Corp.		399		14,667
Oracle Corp. Japan		150		7,311
Ricoh Co. Ltd.		748		7,668
Seiko Epson Corp.		499		7,860
TDK Corp.		150		10,784
Tokyo Electron Ltd.		299		19,912
Trend Micro, Inc.		150		6,117
Wacom Co. Ltd.		650		2,381
Yahoo Japan Corp.		1,794		7,389
Yaskawa Electric Corp.		499		6,587
Yokogawa Electric Corp.		399		4,765
				371,148
Materials — 6.0%
Asahi Kasei Corp.		1,495		10,227
Daicel Corp.		449		6,573
DIC Corp.		1,495		4,312
Hitachi Chemical Co. Ltd.		150		2,498
Hitachi Metals Ltd.		299		3,877
JFE Holdings, Inc.		748		11,800
JSR Corp.		299		4,707
Kobe Steel Ltd.		3,990		4,667
Kuraray Co. Ltd.		449		5,715
Mitsubishi Chemical Holdings Corp.		1,645		10,780
Mitsubishi Materials Corp.		1,495		5,283
Nihon Parkerizing Co. Ltd.		250		2,506
Nippon Paint Holdings Co. Ltd.		299		7,493
Nippon Steel & Sumitomo Metal Corp.		1,196		24,022
Nissan Chemical Industries Ltd.		150		3,600
Nitto Denko Corp.		250		16,848
Oji Holdings Corp.		1,495		6,485
Shin-Etsu Chemical Co. Ltd.		449		25,397
Sumitomo Chemical Co. Ltd.		1,495		8,574
Sumitomo Metal Mining Co. Ltd.		1,495		16,857
Taiheiyo Cement Corp.		1,495		4,615
Taiyo Nippon Sanso Corp.		399		3,815
Toray Industries, Inc.		1,495		13,590
Tosoh Corp.		1,495		8,380
Ube Industries Ltd.		1,495		3,182
				215,803
Telecommunication Services — 5.9%
KDDI Corp.		2,542		63,147
Nippon Telegraph & Telephone Corp.		1,745		64,711

	Number of Shares		Value
Telecommunication Services (Continued)
NTT DOCOMO, Inc.		1,944	$	36,764
SoftBank Group Corp.		848		45,032
				209,654
Utilities — 0.8%
Electric Power Development Co. Ltd.		150		4,795
Osaka Gas Co. Ltd.		2,990		11,103
Tokyo Gas Co. Ltd.		2,990		14,284
				30,182
TOTAL COMMON STOCKS (Cost $3,568,332)				3,533,571
SECURITIES LENDING COLLATERAL — 0.2%
Daily Assets Fund, 0.20% (b)(c) (Cost $8,872)		8,872		8,872
TOTAL INVESTMENTS — 99.3% (Cost $3,577,204)†			$	3,542,443
Other assets and liabilities, net — 0.7%				24,111
NET ASSETS — 100.0%			$	3,566,554

* Non-income producing security.

† The cost for federal income tax purposes was $3,577,204. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $34,761. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $101,265 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $136,026.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $6,059, which is 0.2% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of investments

Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (JPNH) (Continued)

November 30, 2015 (Unaudited)

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Canadian Imperial Bank of Commerce	12/3/2015	JPY	214,942,742	USD	1,781,576	$	35,267
RBC Capital Markets	12/3/2015	JPY	47,365,000	USD	392,575		7,757
RBC Capital Markets	12/3/2015	JPY	153,905,437	USD	1,275,678		25,268
RBC Capital Markets	12/3/2015	JPY	1,621,000	USD	13,430		260
The Bank of New York Mellon	12/3/2015	JPY	4,827,338	USD	40,011		791
Canadian Imperial Bank of Commerce	12/3/2015	USD	1,781,576	JPY	219,632,742		2,837
RBC Capital Markets	12/3/2015	USD	1,681,683	JPY	207,315,361		2,657
The Bank of New York Mellon	12/3/2015	USD	35,092	JPY	4,326,127		56
The Bank of New York Mellon	12/3/2015	USD	4,919	JPY	598,500		(56	)
Canadian Imperial Bank of Commerce	1/6/2016	JPY	219,351,253	USD	1,781,576		(2,870	)
RBC Capital Markets	1/6/2016	JPY	12,639,000	USD	102,657		(163	)
RBC Capital Markets	1/6/2016	JPY	207,050,496	USD	1,681,683		(2,695	)
The Bank of New York Mellon	1/6/2016	JPY	4,320,853	USD	35,092		(59	)
RBC Capital Markets	1/6/2016	USD	15,092	JPY	1,856,000		7
Total net unrealized appreciation						$	69,057

Currency Abbreviations

JPY	Japanese Yen
USD	U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	3,533,571	$	—		$	—	$	3,533,571
Securities Lending Collateral		8,872		—			—		8,872
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		74,900			—		74,900
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(5,843	)		—		(5,843	)
Total	$	3,542,443	$	69,057		$	—	$	3,611,500

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU)

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.7%
Consumer Discretionary — 2.3%
Aristocrat Leisure Ltd.		2,415	$	16,574
Crown Resorts Ltd.		1,634		13,755
Flight Centre Travel Group Ltd.		249		6,479
Harvey Norman Holdings Ltd.		2,492		7,353
REA Group Ltd.		237		8,604
Tabcorp Holdings Ltd.		3,720		12,295
Tatts Group Ltd.		6,551		19,709
				84,769
Consumer Staples — 7.4%
Coca-Cola Amatil Ltd.		2,569		16,777
Treasury Wine Estates Ltd.		3,309		18,116
Wesfarmers Ltd.		5,039		138,808
Woolworths Ltd.		5,679		97,214
				270,915
Energy — 5.3%
Caltex Australia Ltd.		1,210		30,032
Oil Search Ltd.		6,200		36,768
Origin Energy Ltd.		7,820		31,670
Santos Ltd. (a)		7,470		21,663
Woodside Petroleum Ltd.		3,326		72,425
				192,558
Financials — 54.3%
AMP Ltd.		13,264		55,733
ASX Ltd.		869		26,012
Australia & New Zealand Banking Group Ltd.		12,895		253,192
Bank of Queensland Ltd.		1,663		16,429
Bendigo and Adelaide Bank Ltd.		2,037		16,440
Challenger Ltd.		2,555		15,595
Commonwealth Bank of Australia		7,615		437,435
Dexus Property Group REIT		4,354		24,183
Goodman Group REIT		7,938		35,134
GPT Group REIT		7,972		26,636
Insurance Australia Group Ltd.		10,751		43,074
LendLease Group (b)		2,472		22,794
Macquarie Group Ltd.		1,347		79,306
Medibank Pvt Ltd.		12,350		20,721
Mirvac Group REIT		16,598		22,387
National Australia Bank Ltd.		11,773		250,234
Platinum Asset Management Ltd.		1,053		6,146
QBE Insurance Group Ltd.		6,139		55,364
Scentre Group REIT		23,875		69,066
Stockland REIT		10,662		30,843
Suncorp Group Ltd.		5,769		55,865
Vicinity Centres REIT		15,088		29,570
Westfield Corp. REIT		8,852		61,457
Westpac Banking Corp.		14,898		346,393
				2,000,009
Health Care — 6.5%
Cochlear Ltd.		257		17,540
CSL Ltd.		2,084		150,881
Healthscope Ltd.		7,781		15,137
Ramsay Health Care Ltd.		635		30,792

	Number of Shares		Value
Health Care (Continued)
Sonic Healthcare Ltd.		1,712	$	25,171
				239,521
Industrials — 6.2%
Asciano Ltd.		2,839		17,554
Aurizon Holdings Ltd.		9,515		38,329
Brambles Ltd.		7,026		55,334
CIMIC Group Ltd.		456		8,261
Qantas Airways Ltd.*		2,313		6,089
Seek Ltd.		1,468		14,736
Sydney Airport (b)		4,898		23,379
Transurban Group (b)		9,098		68,231
				231,913
Information Technology — 0.5%
Computershare Ltd.		2,121		17,870
Materials — 12.3%
Alumina Ltd.		11,326		9,215
Amcor Ltd.		5,291		51,734
BHP Billiton Ltd.		14,401		188,404
Boral Ltd.		3,428		14,057
Fortescue Metals Group Ltd.		6,982		9,897
Iluka Resources Ltd.		1,878		7,810
Incitec Pivot Ltd.		7,558		20,661
James Hardie Industries PLC CDI		2,018		23,876
Newcrest Mining Ltd.*		3,438		27,126
Orica Ltd.		1,659		18,957
Rio Tinto Ltd.		1,903		63,184
South32 Ltd.*		23,874		20,546
				455,467
Telecommunication Services — 2.3%
Telstra Corp. Ltd.		19,187		74,376
TPG Telecom Ltd.		1,289		9,629
				84,005
Utilities — 2.6%
AGL Energy Ltd.		3,025		36,207
APA Group (b)		4,996		32,157
AusNet Services		7,867		8,563
DUET Group (b)		10,409		17,690
				94,617
TOTAL COMMON STOCKS (Cost $3,740,233)				3,671,644
RIGHTS — 0.0%
Industrials — 0.0%
Transurban Group*, expires 12/31/15 (Cost $0)		498		216
SECURITIES LENDING COLLATERAL — 0.4%
Daily Assets Fund, 0.20% (c)(d) (Cost $13,957)		13,957		13,957
TOTAL INVESTMENTS — 100.1% (Cost $3,754,190)†			$	3,685,817
Other assets and liabilities, net — (0.1%)				(2,790	)
NET ASSETS — 100.0%			$	3,683,027

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU) (Continued)

November 30, 2015 (Unaudited)

CDI: Chess Depositary Interest.

REIT: Real Estate Investment Trust.

* Non-income producing security.

† The cost for federal income tax purposes was $3,754,190. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $68,373. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $105,069 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $173,442.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $13,271, which is 0.4% of net assets.

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

(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Canadian Imperial Bank of Commerce	12/3/2015	AUD	1,732,505	USD	1,234,168	$	(18,568	)
RBC Capital Markets	12/3/2015	AUD	41,000	USD	29,241		(406	)
RBC Capital Markets	12/3/2015	AUD	344,000	USD	245,046		(3,692	)
RBC Capital Markets	12/3/2015	AUD	3,096,420	USD	2,205,700		(33,251	)
The Bank of New York Mellon	12/3/2015	AUD	80,831	USD	57,581		(866	)
The Bank of New York Mellon	12/3/2015	AUD	86,200	USD	61,884		(446	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	7,176	AUD	10,000		55
Canadian Imperial Bank of Commerce	12/3/2015	USD	1,226,992	AUD	1,693,337		(2,578	)
RBC Capital Markets	12/3/2015	USD	2,479,987	AUD	3,422,759		(5,068	)
The Bank of New York Mellon	12/3/2015	USD	62,857	AUD	88,100		846
The Bank of New York Mellon	12/3/2015	USD	56,186	AUD	77,545		(115	)
The Bank of New York Mellon	12/3/2015	USD	421	AUD	600		12
Canadian Imperial Bank of Commerce	1/6/2016	AUD	1,696,403	USD	1,226,992		2,674
RBC Capital Markets	1/6/2016	AUD	38,000	USD	27,435		9
RBC Capital Markets	1/6/2016	AUD	3,428,982	USD	2,479,987		5,244
The Bank of New York Mellon	1/6/2016	AUD	77,682	USD	56,186		122
RBC Capital Markets	1/6/2016	USD	52,078	AUD	72,000		(114	)
Total net unrealized depreciation						$	(56,142	)

Currency Abbreviations

AUD	Australian Dollar
USD	U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Australia Hedged Equity ETF (DBAU) (Continued)

November 30, 2015 (Unaudited)

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	3,671,644	$	—		$	—	$	3,671,644
Rights		216		—			—		216
Securities Lending Collateral		13,957		—			—		13,957
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		8,962			—		8,962
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(65,104	)		—		(65,104	)
Total	$	3,685,817	$	(56,142	)	$	—	$	3,629,675

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.3%
Australia — 5.1%
Adelaide Brighton Ltd.		988	$	3,101
ALS Ltd.		1,082		2,903
Ansell Ltd.		295		4,653
Australian Pharmaceutical Industries Ltd.		1,773		2,629
AWE Ltd.*		2,005		943
BlueScope Steel Ltd.		1,795		5,413
BWP Trust REIT		822		1,890
carsales.com Ltd.		533		3,959
Charter Hall Group REIT		337		1,089
Charter Hall Retail REIT		732		2,155
Cromwell Property Group REIT		1,556		1,148
CSR Ltd.		1,540		3,397
Domino’s Pizza Enterprises Ltd.		145		5,207
Downer EDI Ltd.		1,511		3,945
DuluxGroup Ltd.		820		3,712
Fairfax Media Ltd.		6,001		3,863
GrainCorp Ltd., Class A (a)		579		3,434
Investa Office Fund REIT		557		1,555
InvoCare Ltd.		372		3,172
IOOF Holdings Ltd.		337		2,306
IRESS Ltd. (a)		467		3,259
JB Hi-Fi Ltd.		287		4,008
Karoon Gas Australia Ltd.*		846		1,043
Liquefied Natural Gas Ltd.*		1,532		1,296
M2 Group Ltd.		343		2,758
Macquarie Atlas Roads Group (b)		1,105		3,380
Magellan Financial Group Ltd.		201		3,768
Orora Ltd.		2,264		3,668
Pacific Brands Ltd.*		4,008		1,942
Paladin Energy Ltd.*		6,638		1,056
Perpetual Ltd.		83		2,761
Primary Health Care Ltd.		1,718		3,988
Qube Holdings Ltd.		1,928		3,346
Recall Holdings Ltd.		713		3,579
Shopping Centres Australasia Property Group REIT		1,508		2,290
Sirtex Medical Ltd.		134		3,907
Spark Infrastructure Group (b)		2,626		3,608
Spotless Group Holdings Ltd.		2,233		3,488
Star Entertainment Group Ltd. (The)		1,309		4,563
Super Retail Group Ltd.		488		3,674
Veda Group Ltd.		2,084		4,160
Whitehaven Coal Ltd.*		1,771		1,159
				127,175
Austria — 0.9%
ams AG		118		4,496
BUWOG AG*		101		2,017
CA Immobilien Anlagen AG*		159		2,899
Immofinanz AG*		1,623		4,016
Oesterreichische Post AG		79		2,833
UNIQA Insurance Group AG		263		2,335
Wienerberger AG		253		4,441
				23,037

	Number of Shares		Value
Belgium — 1.8%
Ackermans & van Haaren NV		16	$	2,222
Befimmo SA REIT		51		3,116
Bekaert SA		90		2,550
bpost SA		140		3,402
Cofinimmo SA/NV REIT		34		3,551
Compagnie d’Entreprises CFE SA		17		1,994
D’ieteren SA		71		2,436
Elia System Operator SA/NV		98		4,393
Euronav NV		230		2,939
Galapagos NV*		69		3,442
KBC Ancora		58		2,294
Melexis NV		55		2,769
Ontex Group NV		137		4,873
Tessenderlo Chemie NV*		75		2,224
Warehouses De Pauw Comm. VA REIT		34		2,721
				44,926
Bermuda — 0.3%
Gulf Keystone Petroleum Ltd.*		4,006		1,297
Hiscox Ltd.		392		6,016
				7,313
Canada — 0.0%
Entertainment One Ltd.		197		638
China — 0.1%
FIH Mobile Ltd.		7,326		3,326
Denmark — 1.9%
Bavarian Nordic A/S*(a)		64		2,914
FlSmidth & Co. A/S (a)		98		3,563
Genmab A/S*(a)		70		9,021
GN Store Nord A/S (a)		246		4,512
Jyske Bank A/S*(a)		96		4,365
NKT Holding A/S (a)		64		3,162
Rockwool International A/S, Class B (a)		21		2,956
Royal Unibrew A/S		105		4,333
SimCorp A/S (a)		75		4,041
Spar Nord Bank A/S		309		2,823
Sydbank A/S (a)		115		3,774
Topdanmark A/S*(a)		112		3,114
				48,578
Faroe Islands — 0.1%
Bakkafrost P/F		130		3,538
Finland — 1.5%
Amer Sports OYJ		133		3,874
Cargotec OYJ, Class B (a)		81		2,978
Caverion Corp. (a)		248		2,309
Citycon OYJ*		810		2,068
Huhtamaki OYJ		123		4,458
Kemira OYJ		212		2,547
Kesko OYJ, Class B (a)		103		3,420
Konecranes OYJ		105		2,913
Metsa Board OYJ (a)		344		2,475
Outokumpu OYJ*		618		1,918
Outotec OYJ		491		2,108
Tieto OYJ		103		2,627
Valmet OYJ		280		2,677
				36,372

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
France — 3.6%
Alten SA		59	$	3,230
Altran Technologies SA		251		3,286
DBV Technologies SA*		43		2,996
Eiffage SA		61		3,838
Elior, 144A		111		2,146
Elis SA		155		2,434
Euler Hermes Group		9		807
Faurecia		96		3,604
Gaztransport Et Technigaz SA		77		3,714
Havas SA		211		1,779
Ipsen SA		50		3,210
Korian SA		72		2,473
Mercialys SA REIT (a)		120		2,583
Metropole Television SA		126		2,340
Neopost SA		96		2,505
Nexans SA*		73		2,792
Nexity SA		60		2,561
Orpea		38		2,992
Plastic Omnium SA		121		3,538
Rubis SCA		56		4,452
Saft Groupe SA		99		3,026
SEB SA		31		3,175
Societe Television Francaise 1		189		2,305
Sopra Steria Group		30		3,423
Technicolor SA		553		4,147
Teleperformance		80		6,650
Ubisoft Entertainment SA*		178		4,984
Vicat		32		1,960
Virbac SA		11		2,236
				89,186
Germany — 5.1%
Aareal Bank AG		124		4,179
alstria office REIT-AG REIT*		186		2,459
AURELIUS SE & Co. KGaA		62		2,745
Aurubis AG		43		2,679
Bechtle AG		31		2,936
Bilfinger SE		72		3,407
CTS Eventim AG & Co. KGaA		49		1,734
Deutsche Euroshop AG		63		2,673
DMG Mori AG		75		3,070
Drillisch AG		95		4,251
Duerr AG		46		3,975
Freenet AG		182		6,126
Gerresheimer AG		57		4,450
Indus Holding AG		72		3,422
KION Group AG*		93		4,603
Krones AG		19		2,313
KUKA AG		39		3,441
LEG Immobilien AG*		72		5,705
Leoni AG		62		2,387
MorphoSys AG*		47		2,782
MTU Aero Engines AG		58		5,760
Nordex SE*		124		4,166
Norma Group SE		75		4,099
Rational AG		4		1,676
Rheinmetall AG		71		4,506

	Number of Shares		Value
Germany (Continued)
Rhoen-Klinikum AG		121	$	3,498
Salzgitter AG		86		2,115
Software AG		106		2,835
STADA Arzneimittel AG		108		4,124
Stroeer SE		45		2,674
Suedzucker AG (a)		178		3,364
TAG Immobilien AG		237		2,805
TLG Immobilien AG		206		3,813
Wacker Chemie AG		23		2,068
Wincor Nixdorf AG		71		3,594
Wirecard AG (a)		155		7,593
				128,027
Gibraltar — 0.1%
Bwin Party Digital Entertainment PLC		1,407		2,191
Hong Kong — 2.4%
Brightoil Petroleum Holdings Ltd.		7,937		2,344
Cafe de Coral Holdings Ltd.		1,225		4,037
Champion REIT		3,952		2,013
Dah Sing Financial Holdings Ltd.		506		2,624
Esprit Holdings Ltd.		5,188		5,754
Global Brands Group Holding Ltd.*		14,445		2,795
Haier Healthwise Holdings Ltd.*		10,650		584
Hopewell Holdings Ltd.		1,196		4,234
Hybrid Kinetic Group Ltd.*		40,107		2,095
Johnson Electric Holdings Ltd.		1,027		3,722
Melco International Development Ltd.		2,176		2,981
NewOcean Energy Holdings Ltd.		3,762		1,596
Orient Overseas International Ltd.		643		2,969
Pacific Textiles Holdings Ltd.		1,975		3,067
Playmates Toys Ltd.		5,110		1,160
Sincere Watch Hong Kong Ltd.*		17,240		1,934
Suncorp Technologies Ltd.*		59,173		1,122
Television Broadcasts Ltd.		741		2,987
Town Health International Medical Group Ltd.		8,362		1,747
Trinity Ltd.		5,880		872
Value Partners Group Ltd.		2,010		2,372
VTech Holdings Ltd.		347		3,889
Xinyi Glass Holdings Ltd.		6,975		3,742
				60,640
Ireland — 2.2%
C&C Group PLC		752		2,916
DCC PLC		104		9,351
Glanbia PLC		220		4,037
Grafton Group PLC		292		3,001
Greencore Group PLC		759		3,860
Hibernia REIT PLC REIT		2,254		3,313
Kingspan Group PLC		152		3,984
Paddy Power PLC		53		6,722
Smurfit Kappa Group PLC		506		13,825
UDG Healthcare PLC		355		2,893
				53,902

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Isle of Man — 0.3%
Paysafe Group PLC*		758	$	4,110
Playtech PLC		317		3,860
				7,970
Israel — 1.0%
Cellcom Israel Ltd.*		304		2,167
Elbit Systems Ltd.		69		6,101
Frutarom Industries Ltd.		80		3,899
Gazit-Globe Ltd.		340		3,438
Israel Discount Bank Ltd., Class A*		3,122		5,756
Partner Communications Co. Ltd.*		440		1,994
Tower Semiconductor Ltd.*		152		2,407
				25,762
Italy — 4.2%
A2A SpA		2,734		3,842
Anima Holding SpA, 144A		442		4,063
Ansaldo STS SpA		359		3,708
Autogrill SpA*		303		2,689
Azimut Holding SpA		205		5,235
Banca Carige SpA*		1,589		2,572
Banca Generali SpA		76		2,315
Banca Popolare dell’Emilia Romagna SC (a)		717		5,511
Banca Popolare di Milano Scarl		6,772		6,561
Banca Popolare di Sondrio Scarl		851		3,875
Brembo SpA		64		2,941
Buzzi Unicem SpA (a)		135		2,426
Credito Valtellinese SC*		3,189		3,811
Davide Campari-Milano SpA		550		4,832
De’ Longhi (a)		91		2,501
DiaSorin SpA		35		1,799
Ei Towers SpA		57		3,481
Hera SpA		1,553		3,938
Interpump Group SpA (a)		211		3,275
Italcementi SpA (a)		349		3,783
Mediaset SpA		1,090		4,793
Mediolanum SpA		261		2,148
Moncler SpA		195		2,971
Recordati SpA		126		3,132
Salini Impregilo SpA		642		2,785
Salvatore Ferragamo SpA (a)		93		2,213
Societa Cattolica DI Assicurazioni Scrl		381		2,971
Tod’s SpA (a)		28		2,231
Unipol Gruppo Finanziario SpA		729		3,634
Yoox Net-A-Porter Group SpA*		111		3,804
				103,840
Japan — 30.1%
ADEKA Corp.		300		4,435
Aderans Co. Ltd. (a)		300		2,205
Advance Residence Investment Corp. REIT		1		2,132
AEON REIT Investment Corp. REIT		4		4,621
Aica Kogyo Co. Ltd.		200		4,011
AIFUL Corp.*		1,000		3,347
Anritsu Corp.		700		4,691
Aoyama Trading Co. Ltd.		100		3,712
Asahi Intecc Co. Ltd.		100		4,346
AUTOBACS SEVEN Co. Ltd.		200		3,623

	Number of Shares		Value
Japan (Continued)
Awa Bank Ltd. (The)		1,000	$	5,881
Azbil Corp.		200		5,045
Broadleaf Co. Ltd.		200		1,851
Calsonic Kansei Corp.		1,000		8,700
Capcom Co. Ltd.		200		4,405
Century Tokyo Leasing Corp.		100		3,444
Coca-Cola East Japan Co. Ltd.		200		2,947
Coca-Cola West Co. Ltd.		200		4,047
COMSYS Holdings Corp.		300		4,033
COOKPAD, Inc. (a)		200		4,320
CyberAgent, Inc.		100		4,216
Daido Steel Co. Ltd.		1,000		4,224
Daifuku Co. Ltd.		300		4,876
DAIICHIKOSHO Co. Ltd.		100		3,278
Daishi Bank Ltd. (The)		1,000		4,444
Daiwa House REIT Investment Corp. REIT		1		3,964
Daiwa House Residential Investment Corp. REIT		1		2,041
Daiwa Office Investment Corp. REIT		1		4,931
DeNA Co. Ltd.		200		3,149
Denka Co. Ltd.		1,000		4,419
DIC Corp.		2,000		5,768
DMG MORI Co. Ltd.		300		4,082
EBARA Corp.		1,000		4,931
EZAKI GLICO Co. Ltd.		100		5,028
Frontier Real Estate Investment Corp. REIT		1		4,050
Fujikura Ltd.		1,000		5,662
Fukuoka REIT Corp. REIT		2		3,269
Funai Electric Co. Ltd.		200		1,579
Furukawa Electric Co. Ltd.		3,000		6,507
GLORY Ltd.		200		5,638
GLP J-Reit REIT		1		976
GMO Internet, Inc.		200		3,077
GS Yuasa Corp.		1,000		3,786
H.I.S. Co. Ltd.		100		3,245
H2O RETAILING Corp.		200		4,179
Haseko Corp.		500		5,589
Hazama Ando Corp.		600		3,368
Heiwa Corp.		200		3,750
Hitachi Capital Corp.		100		2,799
Hokkaido Electric Power Co., Inc.*		400		3,604
Hokkoku Bank Ltd. (The)		1,000		3,314
Horiba Ltd.		100		3,725
Hosiden Corp.		300		1,696
House Foods Group, Inc.		100		1,762
Hyakugo Bank Ltd. (The)		1,000		4,898
Industrial & Infrastructure Fund Investment Corp. REIT		1		4,468
Ines Corp.		400		3,747
Invincible Investment Corp. REIT		7		4,214
IT Holdings Corp.		200		4,846
ITO EN Ltd.		100		2,286
Iwatani Corp.		1,000		5,540
Izumi Co. Ltd.		100		3,907
JAFCO Co. Ltd.		100		3,972
Japan Display, Inc.*		600		1,828
Japan Excellent, Inc. REIT		3		3,324

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Japan Hotel REIT Investment Corp. REIT (a)		3	$	2,186
Japan Logistics Fund, Inc. REIT		1		1,916
Japan Petroleum Exploration Co. Ltd.		200		5,548
Japan Rental Housing Investments, Inc. REIT		6		4,226
Japan Steel Works Ltd. (The)		1,000		3,834
Juroku Bank Ltd. (The)		1,000		4,005
JVC Kenwood Corp.		800		2,281
Kagome Co. Ltd.		200		3,379
Kaken Pharmaceutical Co. Ltd.		50		3,526
Kawasaki Kisen Kaisha Ltd. (a)		2,000		4,110
Keiyo Bank Ltd. (The)		1,000		4,785
Kenedix Office Investment Corp. REIT		1		4,403
Kewpie Corp.		200		4,798
KINDEN Corp.		300		4,080
Kiyo Bank Ltd. (The)		300		4,523
K’S HOLDINGS Corp.		100		3,643
Kumagai Gumi Co. Ltd.		1,000		2,803
Laox Co. Ltd.*		1,000		2,470
Leopalace21 Corp.*		900		5,264
LINTEC Corp.		100		2,162
Maeda Corp.		1,000		6,036
Matsui Securities Co. Ltd.		300		2,766
Matsumotokiyoshi Holdings Co. Ltd.		100		5,134
MEITEC Corp.		100		3,335
MISUMI Group, Inc.		400		5,430
Mitsui Engineering & Shipbuilding Co. Ltd.		4,000		6,564
Mitsui High-Tec, Inc.		500		2,949
Mitsui Mining & Smelting Co. Ltd.		2,000		3,851
Mitsumi Electric Co. Ltd.		300		1,638
MonotaRO Co. Ltd.		200		5,735
Mori Hills REIT Investment Corp. REIT		2		2,565
Mori Trust Sogo Reit, Inc. REIT		1		1,677
Musashino Bank Ltd. (The)		100		3,729
NAGASE & Co. Ltd.		300		3,814
Nankai Electric Railway Co. Ltd.		1,000		5,191
Nichi-iko Pharmaceutical Co. Ltd.		200		5,045
Nichirei Corp.		1,000		6,547
Nifco, Inc.		100		4,257
Nihon Kohden Corp.		300		6,246
Nihon M&A Center, Inc.		100		4,468
Nikkon Holdings Co. Ltd.		300		5,698
Nippon Accommodations Fund, Inc. REIT		1		3,416
Nippon Kayaku Co. Ltd.		1,300		14,035
Nippon Paper Industries Co. Ltd.		300		4,830
Nippon Yakin Kogyo Co. Ltd.*		1,100		1,448
Nipro Corp.		400		4,390
Nishimatsu Construction Co. Ltd.		1,000		3,940
Nishi-Nippon City Bank Ltd. (The)		1,000		2,648
Nishi-Nippon Railroad Co. Ltd.		1,000		5,443
Nissan Chemical Industries Ltd.		200		4,799
NISSAN SHATAI Co. Ltd.		300		3,424
Nisshinbo Holdings, Inc.		300		3,548
North Pacific Bank Ltd.		800		2,976
NTN Corp.		1,000		4,703
Ogaki Kyoritsu Bank Ltd. (The)		1,000		4,119
Okasan Securities Group, Inc.		1,000		6,060

	Number of Shares		Value
Japan (Continued)
Oki Electric Industry Co. Ltd.		3,000	$	3,899
OncoTherapy Science, Inc.*		600		1,657
Orix JREIT, Inc. REIT		3		3,921
OSG Corp.		200		3,951
Penta-Ocean Construction Co. Ltd.		1,100		4,370
Pigeon Corp.		200		5,735
Pilot Corp.		100		4,492
Premier Investment Corp. REIT		5		4,923
Resorttrust, Inc.		100		2,669
Rohto Pharmaceutical Co. Ltd.		200		3,855
Sangetsu Co. Ltd.		200		3,838
Sankyu, Inc.		1,000		4,988
Sanwa Holdings Corp.		500		4,192
SAPPORO HOLDINGS Ltd.		1,000		4,403
Sawai Pharmaceutical Co. Ltd.		100		5,735
SCREEN Holdings Co. Ltd.		1,000		7,506
SCSK Corp.		100		3,883
Seino Holdings Co. Ltd.		400		4,055
Sekisui House SI Residential Investment Corp. REIT		4		3,509
Senshu Ikeda Holdings, Inc.		1,300		5,354
Shiga Bank Ltd. (The) (a)		1,000		5,028
Shimachu Co. Ltd.		200		4,658
Ship Healthcare Holdings, Inc.		200		4,700
Showa Denko KK		4,000		5,264
Skylark Co. Ltd.		200		2,729
Sojitz Corp.		2,400		5,264
SQUARE ENIX HOLDINGS Co. Ltd.		200		4,547
Start Today Co. Ltd.		200		6,946
Sugi Holdings Co. Ltd.		100		5,280
Sumco Corp.		400		4,244
Sumitomo Forestry Co. Ltd.		500		6,734
Sumitomo Mitsui Construction Co. Ltd.		2,700		2,654
Sumitomo Osaka Cement Co. Ltd.		1,000		3,851
Sundrug Co. Ltd.		100		6,442
Taiyo Yuden Co. Ltd.		300		4,896
Takara Holdings, Inc.		500		3,826
Temp Holdings Co. Ltd.		300		4,845
Toda Corp.		1,000		5,670
Toho Holdings Co. Ltd.		200		4,963
TOKAI RIKA Co. Ltd.		200		4,619
Tokai Tokyo Financial Holdings, Inc.		500		3,018
TOKYO OHKA KOGYO Co. Ltd.		100		3,002
TOKYU REIT, Inc. REIT		4		4,868
Topcon Corp.		200		3,517
Tosoh Corp.		1,000		5,605
Toyo Corp./Chuo-Ku		400		3,376
Toyo Tire & Rubber Co. Ltd.		200		4,325
TOYOBO Co. Ltd.		3,000		4,387
Toyota Boshoku Corp.		100		2,152
TS TECH Co. Ltd.		200		5,613
Tsubakimoto Chain Co.		1,000		7,782
Tsumura & Co.		200		5,500
Ube Industries Ltd.		2,000		4,257
UNY Group Holdings Co. Ltd.		600		3,651
USHIO, Inc.		300		4,406
Valor Holdings Co. Ltd.		200		4,694

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Wacoal Holdings Corp.		100	$	1,221
Zenkoku Hosho Co. Ltd.		100		3,278
ZEON Corp.		200		1,604
				752,499
Jersey Island — 0.3%
Centamin PLC		2,567		2,391
Phoenix Group Holdings		299		4,121
				6,512
Jordan — 0.3%
Hikma Pharmaceuticals PLC		203		6,619
Luxembourg — 0.6%
APERAM SA*		85		2,891
Eurofins Scientific SE		13		4,892
Grand City Properties SA		162		3,338
Regus PLC		895		4,688
				15,809
Malta — 0.2%
Unibet Group PLC SDR		50		4,644
Netherlands — 2.0%
Aalberts Industries NV		129		4,259
Arcadis NV		143		3,452
ASM International NV		76		3,039
Corbion NV		155		3,697
Eurocommercial Properties NV		74		3,136
Euronext NV, 144A		94		4,676
Fugro NV*		169		3,135
IMCD Group NV		89		3,254
Koninklijke BAM Groep NV*		548		2,854
PostNL NV*		967		3,232
SBM Offshore NV*		332		4,665
TKH Group NV		71		2,646
TomTom NV*		181		2,260
USG People NV		152		2,337
Wereldhave NV REIT		55		3,076
				49,718
New Zealand — 1.1%
Air New Zealand Ltd.		2,460		4,404
Fisher & Paykel Healthcare Corp. Ltd.		1,026		5,680
Infratil Ltd.		1,737		3,510
Kiwi Property Group Ltd.		6,493		5,920
SKY Network Television Ltd. (a)		1,022		3,061
SKYCITY Entertainment Group Ltd.		1,820		5,032
				27,607
Norway — 1.2%
Aker Solutions ASA		435		1,877
Det Norske Oljeselskap ASA*		292		1,929
DNO ASA*(a)		1,853		1,838
Marine Harvest ASA*		559		7,558
Norwegian Air Shuttle ASA*		77		2,586
Petroleum Geo-Services ASA		506		2,376
Prosafe SE (a)		711		1,963
Storebrand ASA*		1,038		3,824

	Number of Shares		Value
Norway (Continued)
TGS Nopec Geophysical Co ASA		259	$	4,980
				28,931
Portugal — 0.4%
CTT-Correios de Portugal SA		482		4,460
NOS SGPS SA		322		2,486
Sonae SGPS SA		2,186		2,580
				9,526
Singapore — 1.8%
Ezra Holdings Ltd.*		17,800		1,325
Keppel REIT		10,000		6,593
KrisEnergy Ltd.*		3,800		849
Mapletree Commercial Trust REIT		5,700		5,233
Mapletree Greater China Commercial Trust REIT		9,700		6,327
Mapletree Industrial Trust REIT		4,800		5,155
Mapletree Logistics Trust REIT		6,500		4,631
Midas Holdings Ltd.		4,900		1,060
SATS Ltd.		1,400		3,920
Singapore Post Ltd.		2,900		3,660
Venture Corp. Ltd.		1,100		6,566
				45,319
South Africa — 0.1%
Petra Diamonds Ltd.		1,663		1,607
Spain — 2.5%
Acciona SA		46		3,829
Acerinox SA		250		2,689
Almirall SA		117		2,148
Applus Services SA		272		2,523
Atresmedia Corp. de Medios de Comunicacion SA		131		1,588
Bolsas y Mercados Espanoles SHMSF SA		111		3,888
Ebro Foods SA		166		3,180
Fomento de Construcciones y Contratas SA*		334		2,311
Gamesa Corp. Tecnologica SA		358		6,267
Grupo Catalana Occidente SA		39		1,220
Hispania Activos Inmobiliarios SA*		230		3,341
Indra Sistemas SA*		256		2,631
Inmobiliaria Colonial SA*		4,129		2,888
Mediaset Espana Comunicacion SA		253		2,906
Melia Hotels International SA		146		1,857
Merlin Properties Socimi SA REIT		281		3,500
NH Hotel Group SA*		386		2,066
Prosegur Compania de Seguridad SA		542		2,422
Sacyr SA		933		2,373
Tecnicas Reunidas SA		94		3,765
Viscofan SA		83		5,072
				62,464
Sweden — 4.5%
AAK AB		58		4,356
Axfood AB		117		2,125
Betsson AB*		196		3,317
BillerudKorsnas AB		229		4,377
Castellum AB		197		2,771

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
Com Hem Holding AB		331	$	2,916
Fabege AB		134		2,136
Fastighets AB Balder, Class B*		132		2,788
Fingerprint Cards AB, Class B*		95		6,753
Hemfosa Fastigheter AB		306		3,254
Hexpol AB		348		3,707
Holmen AB, Class B		91		2,878
Hufvudstaden AB, Class A		147		2,034
Indutrade AB		58		3,173
Intrum Justitia AB		123		4,204
JM AB		135		3,939
Kungsleden AB		444		3,182
L E Lundbergforetagen AB, Class B		37		1,977
Loomis AB, Class B		117		3,914
Meda AB, Class A		389		4,683
Modern Times Group MTG AB, Class B		126		3,718
NCC AB, Class B		117		3,613
NetEnt AB*		59		3,511
Nibe Industrier AB, Class B		140		4,714
Nobia AB		197		2,419
Peab AB		370		2,825
Ratos AB, Class B		472		2,695
Saab AB, Class B		131		4,060
SSAB AB, Class A*(a)		497		1,719
Swedish Orphan Biovitrum AB*		244		3,858
Trelleborg AB, Class B		274		5,366
Wallenstam AB, Class B		280		2,284
Wihlborgs Fastigheter AB		165		3,254
				112,520
Switzerland — 4.1%
Allreal Holding AG*		23		2,870
Basilea Pharmaceutica Ltd.*(a)		26		2,573
Bucher Industries AG		18		4,094
Burckhardt Compression Holding AG		9		2,876
Cembra Money Bank AG*		72		4,269
Clariant AG*		372		6,859
dorma+kaba Holding AG		5		3,212
Ferrexpo PLC		2,915		1,131
Flughafen Zuerich AG		7		5,014
Forbo Holding AG*		2		2,212
GAM Holding AG*		266		4,615
Georg Fischer AG		8		5,214
Helvetia Holding AG		4		2,129
Kuoni Reisen Holding AG*		12		2,711
Leonteq AG*		19		2,862
Logitech International SA		285		4,280
Mobimo Holding AG*		16		3,407
OC Oerlikon Corp. AG*		370		3,560
Panalpina Welttransport Holding AG (a)		29		3,256
PSP Swiss Property AG*		53		4,397
SFS Group AG*		42		2,790
Straumann Holding AG		16		4,735
Sunrise Communications Group AG, 144A*		65		3,854
Tecan Group AG		24		3,550
Temenos Group AG*		106		5,151
U-Blox AG*(a)		14		2,898

	Number of Shares		Value
Switzerland (Continued)
Valiant Holding AG		39	$	4,302
Vontobel Holding AG		64		2,877
				101,698
United Arab Emirates — 0.1%
Al Noor Hospitals Group PLC		171		2,923
United Kingdom — 19.3%
AA PLC		811		3,298
Abcam PLC		295		2,550
Allied Minds PLC*(a)		397		2,535
Amlin PLC		646		6,417
Ashmore Group PLC		762		2,898
ASOS PLC*		84		4,238
AVEVA Group PLC		109		3,600
Balfour Beatty PLC*		1,087		4,201
BBA Aviation PLC (a)		1,293		3,505
Beazley PLC		582		3,450
Bellway PLC		154		6,068
Berendsen PLC		246		3,927
Berkeley Group Holdings PLC		215		10,398
Betfair Group PLC		90		4,965
BGEO Group PLC		115		3,362
Big Yellow Group PLC REIT		218		2,617
Bodycote PLC		385		3,363
Booker Group PLC		2,179		5,920
Bovis Homes Group PLC		198		2,840
Brewin Dolphin Holdings PLC		640		2,516
Britvic PLC		426		4,603
BTG PLC*		543		5,042
Cable & Wireless Communications PLC		4,077		4,651
Cairn Energy PLC*		1,183		2,557
Capital & Counties Properties PLC		623		4,134
Card Factory PLC		580		3,223
Carillion PLC		686		3,257
Cineworld Group PLC		189		1,553
Clinigen Group PLC		198		2,001
Close Brothers Group PLC		189		4,051
Countrywide PLC		417		2,466
Crest Nicholson Holdings PLC		362		2,925
Daily Mail & General Trust PLC, Class A		384		4,135
Dairy Crest Group PLC		337		3,096
Debenhams PLC		2,441		3,073
Derwent London PLC REIT		133		7,552
Dialog Semiconductor PLC*		107		3,995
Dignity PLC		59		2,205
Diploma PLC		225		2,406
Domino’s Pizza Group PLC		207		3,277
Drax Group PLC		814		2,760
DS Smith PLC		1,134		7,088
Dunelm Group PLC		145		2,139
Electrocomponents PLC		928		3,380
Elementis PLC		887		3,395
Essentra PLC		362		4,735
esure Group PLC		623		2,375
Firstgroup PLC*		2,144		3,400
Galliford Try PLC		128		2,818
Genus PLC		115		2,499

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Go-Ahead Group PLC		82	$	3,246
Grainger PLC		828		3,055
Great Portland Estates PLC REIT		198		2,614
Greene King PLC		290		3,713
Greggs PLC		169		3,164
GW Pharmaceuticals PLC*		400		2,881
Halfords Group PLC		472		2,650
Halma PLC		384		4,988
Hansteen Holdings PLC REIT		1,269		2,242
Hays PLC		1,911		4,240
HellermannTyton Group PLC		430		3,070
Henderson Group PLC		1,585		7,372
Home Retail Group PLC		1,612		2,498
HomeServe PLC		447		2,846
Howden Joinery Group PLC		761		5,960
Hunting PLC		329		1,645
IG Group Holdings PLC		302		3,520
Imagination Technologies Group PLC*		613		1,745
Inchcape PLC		541		6,408
Indivior PLC		1,073		3,159
Informa PLC		637		5,982
Intermediate Capital Group PLC		442		4,081
International Personal Finance PLC		605		3,377
Interserve PLC		318		2,543
J D Wetherspoon PLC		178		1,917
John Wood Group PLC		640		5,383
Jupiter Fund Management PLC		575		4,075
Just Eat PLC*		628		4,167
Keller Group PLC		191		2,386
Kier Group PLC		152		3,100
Ladbrokes PLC		1,950		3,421
Laird PLC		534		2,871
Lancashire Holdings Ltd. (a)		242		2,475
LondonMetric Property PLC REIT		876		2,157
Man Group PLC		2,333		5,734
Marston’s PLC		604		1,565
Michael Page International PLC		431		3,301
Micro Focus International PLC		149		2,879
Mitchells & Butlers PLC*		395		1,967
Mitie Group PLC (a)		607		2,917
Moneysupermarket.com Group PLC		538		2,642
Morgan Advanced Materials PLC		622		2,351
National Express Group PLC		638		3,086
Northgate PLC		414		2,488
Ocado Group PLC*		745		4,152
Ophir Energy PLC*		1,002		1,486
Pace PLC		545		3,272
Paragon Group of Cos. PLC (The)		588		3,394
Pennon Group PLC		451		5,930
Pets at Home Group PLC		652		2,633
Poundland Group PLC		698		2,268
Premier Oil PLC*		1,380		1,477
QinetiQ Group PLC		962		3,809
Redrow PLC		349		2,387
Renishaw PLC		75		2,077
Rentokil Initial PLC		2,189		5,262
Restaurant Group PLC (The)		276		2,729

	Number of Shares		Value
United Kingdom (Continued)
Rightmove PLC		128	$	7,713
Rotork PLC		1,422		3,898
RPC Group PLC		325		3,745
Safestore Holdings PLC REIT		492		2,671
Savills PLC		159		2,150
Senior PLC		782		2,930
Serco Group PLC*		2,003		3,333
Shaftesbury PLC REIT		116		1,630
SIG PLC		1,189		2,502
Spectris PLC		168		4,501
Spirax-Sarco Engineering PLC		72		3,383
Spire Healthcare Group PLC, 144A		496		2,423
SSP Group PLC		471		2,230
St. Modwen Properties PLC		357		2,325
Stagecoach Group PLC		570		3,054
SuperGroup PLC*		101		2,495
SVG Capital PLC*		429		3,152
Synthomer PLC		486		2,354
TalkTalk Telecom Group PLC		754		2,725
Ted Baker PLC		43		2,123
Telecity Group PLC		250		4,597
Telecom Plus PLC		167		2,845
Thomas Cook Group PLC*		2,264		4,088
Tullett Prebon PLC		505		2,661
UBM PLC		511		3,894
Ultra Electronics Holdings PLC		109		3,262
UNITE Group PLC (The)		237		2,406
Vectura Group PLC*		892		2,303
Vesuvius PLC		506		2,596
Victrex PLC		129		3,759
Virgin Money Holdings (UK) PLC		330		1,769
WH Smith PLC		158		4,129
Workspace Group PLC REIT		79		1,136
WS Atkins PLC		148		3,522
				480,520
United States — 0.1%
Sims Metal Management Ltd. (a)		519		2,534
TOTAL COMMON STOCKS (Cost $2,553,179)				2,477,871
PREFERRED STOCKS — 0.3%
Germany — 0.3%
Jungheinrich AG		48		3,725
Sartorius AG		18		4,236
				7,961
TOTAL PREFERRED STOCKS (Cost $7,529)				7,961
RIGHTS — 0.0%
Australia — 0.0%
ALS Ltd.*, expires 12/31/15		257		67
Spark Infrastructure Group*, expires 12/31/15		386		5
				72
TOTAL RIGHTS (Cost $0)				72

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 5.1%
Daily Assets Fund, 0.20% (c)(d) (Cost $127,048)		127,048	$	127,048
TOTAL INVESTMENTS — 104.7% (Cost $2,687,756)†			$	2,612,952
Other assets and liabilities, net — (4.7%)				(117,459	)
NET ASSETS — 100.0%			$	2,495,493

* Non-income producing security.

† The cost for federal income tax purposes was $2,687,756. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $74,804. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $82,951 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $157,755.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $121,617, which is 4.9% of net assets.

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

(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

REIT: Real Estate Investment Trust.

SDR: Swedish Depositary Receipt.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Canadian Imperial Bank of Commerce	12/2/2015	CHF	54,200	USD	55,030	$	2,349
RBC Capital Markets	12/2/2015	CHF	8,000	USD	8,123		347
RBC Capital Markets	12/2/2015	CHF	47,000	USD	47,721		2,039
Canadian Imperial Bank of Commerce	12/2/2015	DKK	166,000	USD	24,603		1,094
RBC Capital Markets	12/2/2015	DKK	166,000	USD	24,603		1,094
The Bank of New York Mellon	12/2/2015	DKK	5,000	USD	741		33
The Bank of New York Mellon	12/2/2015	DKK	5,000	USD	709		0
Canadian Imperial Bank of Commerce	12/2/2015	EUR	264,000	USD	291,728		12,801
RBC Capital Markets	12/2/2015	EUR	214,336	USD	236,849		10,393
RBC Capital Markets	12/2/2015	EUR	4,000	USD	4,409		183
RBC Capital Markets	12/2/2015	EUR	46,000	USD	50,829		2,228
The Bank of New York Mellon	12/2/2015	EUR	2,400	USD	2,572		36
Canadian Imperial Bank of Commerce	12/2/2015	GBP	178,000	USD	274,852		6,768
RBC Capital Markets	12/2/2015	GBP	152,814	USD	235,963		5,811
RBC Capital Markets	12/2/2015	GBP	3,000	USD	4,639		120
RBC Capital Markets	12/2/2015	GBP	12,000	USD	18,530		456
The Bank of New York Mellon	12/2/2015	GBP	700	USD	1,056		2
The Bank of New York Mellon	12/2/2015	GBP	6,600	USD	10,191		251
Canadian Imperial Bank of Commerce	12/2/2015	HKD	218,000	USD	28,131		15
RBC Capital Markets	12/2/2015	HKD	183,000	USD	23,614		12
RBC Capital Markets	12/2/2015	HKD	35,000	USD	4,516		2
The Bank of New York Mellon	12/2/2015	HKD	33,100	USD	4,271		2
The Bank of New York Mellon	12/2/2015	HKD	10,600	USD	1,368		1
The Bank of New York Mellon	12/2/2015	HKD	5,100	USD	658		0
Canadian Imperial Bank of Commerce	12/2/2015	ILS	37,000	USD	9,580		24
RBC Capital Markets	12/2/2015	ILS	37,000	USD	9,580		23
The Bank of New York Mellon	12/2/2015	ILS	6,700	USD	1,735		4
The Bank of New York Mellon	12/2/2015	ILS	3,500	USD	902		(2	)

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
The Bank of New York Mellon	12/2/2015	JPY	266,700	USD	2,166	$	(4	)
Canadian Imperial Bank of Commerce	12/2/2015	NOK	131,000	USD	15,473		400
RBC Capital Markets	12/2/2015	NOK	131,000	USD	15,474		400
The Bank of New York Mellon	12/2/2015	NOK	22,300	USD	2,634		68
Canadian Imperial Bank of Commerce	12/2/2015	SEK	427,000	USD	50,319		1,361
RBC Capital Markets	12/2/2015	SEK	384,000	USD	45,252		1,224
RBC Capital Markets	12/2/2015	SEK	69,000	USD	8,131		220
The Bank of New York Mellon	12/2/2015	SEK	1,500	USD	177		5
The Bank of New York Mellon	12/2/2015	SGD	4,200	USD	2,977		3
Canadian Imperial Bank of Commerce	12/2/2015	USD	52,726	CHF	54,200		(46	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	23,501	DKK	166,000		8
Canadian Imperial Bank of Commerce	12/2/2015	USD	1,437	EUR	1,300		(63	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	277,451	EUR	262,700		104
Canadian Imperial Bank of Commerce	12/2/2015	USD	267,943	GBP	178,000		141
Canadian Imperial Bank of Commerce	12/2/2015	USD	28,122	HKD	218,000		(5	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	9,562	ILS	37,000		(6	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	15,089	NOK	131,000		(15	)
Canadian Imperial Bank of Commerce	12/2/2015	USD	48,962	SEK	427,000		(4	)
RBC Capital Markets	12/2/2015	USD	53,505	CHF	55,000		(47	)
RBC Capital Markets	12/2/2015	USD	23,501	DKK	166,000		8
RBC Capital Markets	12/2/2015	USD	279,179	EUR	264,336		105
RBC Capital Markets	12/2/2015	USD	252,610	GBP	167,814		133
RBC Capital Markets	12/2/2015	USD	28,122	HKD	218,000		(5	)
RBC Capital Markets	12/2/2015	USD	9,562	ILS	37,000		(6	)
RBC Capital Markets	12/2/2015	USD	15,089	NOK	131,000		(15	)
RBC Capital Markets	12/2/2015	USD	51,943	SEK	453,000		(4	)
The Bank of New York Mellon	12/2/2015	USD	708	DKK	5,000		0
The Bank of New York Mellon	12/2/2015	USD	2,629	EUR	2,400		(94	)
The Bank of New York Mellon	12/2/2015	USD	3,392	GBP	2,200		(78	)
The Bank of New York Mellon	12/2/2015	USD	3,462	GBP	2,300		2
The Bank of New York Mellon	12/2/2015	USD	1,223	GBP	800		(18	)
The Bank of New York Mellon	12/2/2015	USD	3,057	GBP	2,000		(45	)
The Bank of New York Mellon	12/2/2015	USD	6,295	HKD	48,800		(1	)
The Bank of New York Mellon	12/2/2015	USD	2,636	ILS	10,200		(2	)
The Bank of New York Mellon	12/2/2015	USD	2,569	NOK	22,300		(3	)
The Bank of New York Mellon	12/2/2015	USD	172	SEK	1,500		0
Canadian Imperial Bank of Commerce	12/3/2015	AUD	86,800	USD	62,782		137
Canadian Imperial Bank of Commerce	12/3/2015	AUD	86,800	USD	61,833		(928	)
RBC Capital Markets	12/3/2015	AUD	77,184	USD	54,981		(829	)
RBC Capital Markets	12/3/2015	AUD	14,000	USD	9,973		(150	)
The Bank of New York Mellon	12/3/2015	AUD	5,200	USD	3,704		(56	)
The Bank of New York Mellon	12/3/2015	AUD	1,700	USD	1,194		(35	)
The Bank of New York Mellon	12/3/2015	HKD	48,800	USD	6,296		1
Canadian Imperial Bank of Commerce	12/3/2015	JPY	47,590,900	USD	394,462		7,809
Canadian Imperial Bank of Commerce	12/3/2015	JPY	300,000	USD	2,478		41
RBC Capital Markets	12/3/2015	JPY	33,732,506	USD	279,599		5,538
RBC Capital Markets	12/3/2015	JPY	8,060,000	USD	66,804		1,320
The Bank of New York Mellon	12/3/2015	JPY	266,700	USD	2,204		37
Canadian Imperial Bank of Commerce	12/3/2015	NZD	19,000	USD	12,827		323
RBC Capital Markets	12/3/2015	NZD	19,000	USD	12,826		322
Canadian Imperial Bank of Commerce	12/3/2015	SGD	29,600	USD	21,111		129
RBC Capital Markets	12/3/2015	SGD	31,000	USD	22,111		136
The Bank of New York Mellon	12/3/2015	SGD	1,100	USD	774		(5	)
The Bank of New York Mellon	12/3/2015	SGD	3,100	USD	2,211		14
Canadian Imperial Bank of Commerce	12/3/2015	USD	62,895	AUD	86,800		(132	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	380,529	JPY	46,911,600		606
Canadian Imperial Bank of Commerce	12/3/2015	USD	8,117	JPY	979,300		(161	)

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Canadian Imperial Bank of Commerce	12/3/2015	USD	12,520	NZD	19,000	$	(16	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	21,009	SGD	29,600		(26	)
RBC Capital Markets	12/3/2015	USD	66,068	AUD	91,184		(135	)
RBC Capital Markets	12/3/2015	USD	339,009	JPY	41,792,506		536
RBC Capital Markets	12/3/2015	USD	12,519	NZD	19,000		(15	)
RBC Capital Markets	12/3/2015	USD	22,002	SGD	31,000		(27	)
The Bank of New York Mellon	12/3/2015	USD	4,999	AUD	6,900		(10	)
The Bank of New York Mellon	12/3/2015	USD	2,163	JPY	266,700		3
The Bank of New York Mellon	12/3/2015	USD	2,981	SGD	4,200		(4	)
Canadian Imperial Bank of Commerce	1/5/2016	CHF	54,200	USD	52,869		30
RBC Capital Markets	1/5/2016	CHF	55,000	USD	53,647		28
Canadian Imperial Bank of Commerce	1/5/2016	DKK	166,000	USD	23,536		(14	)
RBC Capital Markets	1/5/2016	DKK	166,000	USD	23,535		(15	)
Canadian Imperial Bank of Commerce	1/5/2016	EUR	262,700	USD	277,758		(146	)
RBC Capital Markets	1/5/2016	EUR	9,000	USD	9,515		(6	)
RBC Capital Markets	1/5/2016	EUR	264,336	USD	279,485		(150	)
Canadian Imperial Bank of Commerce	1/5/2016	GBP	178,000	USD	267,986		(147	)
RBC Capital Markets	1/5/2016	GBP	167,814	USD	252,647		(142	)
The Bank of New York Mellon	1/5/2016	GBP	2,300	USD	3,463		(2	)
Canadian Imperial Bank of Commerce	1/5/2016	HKD	218,000	USD	28,125		4
RBC Capital Markets	1/5/2016	HKD	218,000	USD	28,126		4
Canadian Imperial Bank of Commerce	1/5/2016	ILS	37,000	USD	9,567		4
RBC Capital Markets	1/5/2016	ILS	37,000	USD	9,567		4
The Bank of New York Mellon	1/5/2016	ILS	10,200	USD	2,637		1
Canadian Imperial Bank of Commerce	1/5/2016	NOK	131,000	USD	15,082		15
RBC Capital Markets	1/5/2016	NOK	131,000	USD	15,081		15
The Bank of New York Mellon	1/5/2016	NOK	22,300	USD	2,567		3
Canadian Imperial Bank of Commerce	1/5/2016	SEK	427,000	USD	49,028		(4	)
RBC Capital Markets	1/5/2016	SEK	453,000	USD	52,009		(9	)
RBC Capital Markets	1/5/2016	SEK	51,000	USD	5,856		(1	)
The Bank of New York Mellon	1/5/2016	SEK	1,500	USD	172		0
RBC Capital Markets	1/6/2016	AUD	91,184	USD	65,948		139
The Bank of New York Mellon	1/6/2016	AUD	6,900	USD	4,991		11
Canadian Imperial Bank of Commerce	1/6/2016	JPY	46,911,600	USD	381,017		(614	)
RBC Capital Markets	1/6/2016	JPY	41,792,506	USD	339,443		(544	)
RBC Capital Markets	1/6/2016	JPY	2,955,000	USD	24,001		(38	)
Canadian Imperial Bank of Commerce	1/6/2016	SGD	29,600	USD	20,983		26
RBC Capital Markets	1/6/2016	SGD	31,000	USD	21,975		26
Canadian Imperial Bank of Commerce	1/7/2016	NZD	19,000	USD	12,490		17
RBC Capital Markets	1/7/2016	NZD	19,000	USD	12,489		17
Total net unrealized appreciation						$	62,742

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

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	2,476,811	$	—		$	1,060	$	2,477,871
Preferred Stocks*		7,961		—			—		7,961
Rights		72		—			—		72
Securities Lending Collateral		127,048		—			—		127,048
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		67,566			—		67,566
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(4,824	)		—		(4,824	)
Total	$	2,611,892	$	62,742		$	1,060	$	2,675,694

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT)

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.5%
Consumer Discretionary — 9.0%
Fiat Chrysler Automobiles NV*		7,626	$	108,934
Luxottica Group SpA		1,626		108,746
				217,680
Energy — 15.9%
Eni SpA		18,502		301,434
Saipem SpA*(a)		1,997		17,259
Tenaris SA		5,259		69,066
				387,759
Financials — 40.3%
Assicurazioni Generali SpA		5,746		109,276
Banca Monte dei Paschi di Siena SpA*		33,384		52,414
Banco Popolare SC*		4,213		60,759
EXOR SpA		1,229		55,082
Intesa Sanpaolo SpA		92,527		317,521
Intesa Sanpaolo SpA-RSP		5,920		18,602
Mediobanca SpA		6,489		62,183
UniCredit SpA		32,981		193,569
Unione di Banche Italiane SpA		9,994		68,001
UnipolSai SpA		15,833		40,851
				978,258
Industrials — 12.5%
Atlantia SpA		4,052		107,028
CNH Industrial NV		10,460		76,973
Finmeccanica SpA*		4,592		66,516
Prysmian SpA		2,459		53,780
				304,297
Telecommunication Services — 4.6%
Telecom Italia SpA*(a)		67,804		87,685
Telecom Italia SpA-RSP		20,951		24,128
				111,813
Utilities — 17.2%
Enel Green Power SpA		8,530		18,016
Enel SpA		49,480		218,208
Snam SpA		20,585		104,613
Terna Rete Elettrica Nazionale SpA (a)		15,983		78,692
				419,529
TOTAL COMMON STOCKS (Cost $2,592,547)				2,419,336
RIGHTS — 0.0%
Financials — 0.0%
Unione di Banche Italiane SpA*, expires 1/30/16 (Cost $0)		9,096		0
SECURITIES LENDING COLLATERAL — 7.6%
Daily Assets Fund, 0.20% (b)(c) (Cost $184,771)		184,771		184,771
TOTAL INVESTMENTS — 107.1% (Cost $2,777,318)†			$	2,604,107
Other assets and liabilities, net — (7.1%)				(172,961	)
NET ASSETS — 100.0%			$	2,431,146

* Non-income producing security.

† The cost for federal income tax purposes was $2,777,318. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $173,211. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $11,553 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $184,764.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $174,200, which is 7.2% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

RSP: Risparmio (Convertible Savings Shares).

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Italy Hedged Equity ETF (DBIT) (Continued)

November 30, 2015 (Unaudited)

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Canadian Imperial Bank of Commerce	12/2/2015	EUR	1,120,193	USD	1,237,847	$	54,311
RBC Capital Markets	12/2/2015	EUR	850,222	USD	939,525		41,226
RBC Capital Markets	12/2/2015	EUR	17,000	USD	18,739		778
RBC Capital Markets	12/2/2015	EUR	178,000	USD	196,688		8,622
The Bank of New York Mellon	12/2/2015	EUR	15,600	USD	17,198		716
The Bank of New York Mellon	12/2/2015	EUR	21,847	USD	24,142		1,059
The Bank of New York Mellon	12/2/2015	EUR	2,400	USD	2,572		36
Canadian Imperial Bank of Commerce	12/2/2015	USD	1,237,847	EUR	1,172,037		465
RBC Capital Markets	12/2/2015	USD	1,154,952	EUR	1,093,549		433
The Bank of New York Mellon	12/2/2015	USD	23,972	EUR	22,698		9
The Bank of New York Mellon	12/2/2015	USD	19,939	EUR	18,200		(709	)
Canadian Imperial Bank of Commerce	1/5/2016	EUR	1,170,740	USD	1,237,847		(652	)
RBC Capital Markets	1/5/2016	EUR	1,092,349	USD	1,154,952		(619	)
The Bank of New York Mellon	1/5/2016	EUR	22,673	USD	23,972		(13	)
RBC Capital Markets	1/5/2016	USD	7,404	EUR	7,000		1
Total net unrealized appreciation						$	105,663

Currency Abbreviations

EUR	Euro
USD	U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	2,419,336	$	—		$	—	$	2,419,336
Rights		0		—			—		—
Securities Lending Collateral		184,771		—			—		184,771
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		107,656			—		107,656
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(1,993	)		—		(1,993	)
Total	$	2,604,107	$	105,663		$	—	$	2,709,770

There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (DBSE)

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.5%
Italy — 37.2%
Assicurazioni Generali SpA		3,806	$	72,382
Atlantia SpA		1,346		35,553
Banca Monte dei Paschi di Siena SpA*		8,600		13,502
Banco Popolare SC*		1,138		16,412
Enel Green Power SpA		5,703		12,045
Enel SpA		22,983		101,356
Eni SpA		8,290		135,060
EXOR SpA		310		13,894
Finmeccanica SpA*		1,272		18,425
Intesa Sanpaolo SpA		41,336		141,851
Intesa Sanpaolo SpA-RSP		2,841		8,927
Luxottica Group SpA		552		36,918
Mediobanca SpA		1,767		16,933
Prysmian SpA		611		13,363
Saipem SpA*(a)		807		6,975
Snam SpA		6,845		34,786
Telecom Italia SpA*(a)		37,394		48,358
Telecom Italia SpA-RSP		19,638		22,616
Terna Rete Elettrica Nazionale SpA (a)		4,913		24,189
UniCredit SpA		15,557		91,306
Unione di Banche Italiane SpA		2,939		19,997
UnipolSai SpA		3,388		8,741
				893,589
Luxembourg — 0.8%
Tenaris SA		1,484		19,489
Portugal — 2.4%
Banco Comercial Portugues SA, Class R*(a)		134,675		7,200
EDP — Energias de Portugal SA		7,547		25,157
Galp Energia SGPS SA		1,212		12,895
Jeronimo Martins SGPS SA		821		11,394
				56,646
Spain — 55.5%
Abertis Infraestructuras SA		1,691		26,183
ACS Actividades de Construccion y Servicios SA		608		19,830
Aena SA, 144A*		213		24,158
Amadeus IT Holding SA, Class A		1,431		57,400
Banco Bilbao Vizcaya Argentaria SA		20,771		172,404
Banco de Sabadell SA		16,464		30,389
Banco Popular Espanol SA		5,354		18,865
Banco Santander SA		47,107		257,215
Bankia SA		14,471		18,133
Bankinter SA		2,118		15,331
CaixaBank SA		8,548		31,312
Distribuidora Internacional de Alimentacion SA*		2,016		12,744
Enagas SA		701		20,893
Endesa SA		1,036		21,432
Ferrovial SA		1,468		34,774
Gas Natural SDG SA		1,142		24,705
Grifols SA		487		23,113
Iberdrola SA		17,553		122,976
Industria de Diseno Textil SA		3,555		127,930

	Number of Shares		Value
Spain (Continued)
Mapfre SA		3,284	$	9,011
Red Electrica Corp. SA		353		30,284
Repsol SA		3,423		44,646
Telefonica SA		14,687		181,167
Zardoya Otis SA		552		6,678
				1,331,573
United Kingdom — 3.6%
CNH Industrial NV		3,092		22,754
Fiat Chrysler Automobiles NV*		2,932		41,882
International Consolidated Airlines Group SA*		2,649		22,578
				87,214
TOTAL COMMON STOCKS (Cost $2,599,534)				2,388,511
RIGHTS — 0.0%
Italy — 0.0%
Unione di Banche Italiane SpA*, expires 01/30/16 (Cost $0)		2,833		0
SECURITIES LENDING COLLATERAL — 3.7%
Daily Assets Fund, 0.20% (b)(c) (Cost $87,464)		87,464		87,464
TOTAL INVESTMENTS — 103.2% (Cost $2,686,998)†			$	2,475,975
Other assets and liabilities, net — (3.2%)				(76,486	)
NET ASSETS — 100.0%			$	2,399,489

* Non-income producing security.

† The cost for federal income tax purposes was $2,686,998. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $211,023. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $15,081 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $226,104.

(a) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $82,003, which is 3.4% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

RSP: Risparmio (Convertible Savings Shares).

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of investments

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

November 30, 2015 (Unaudited)

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Canadian Imperial Bank of Commerce	12/2/2015	EUR	1,116,199	USD	1,233,434	$	54,116
RBC Capital Markets	12/2/2015	EUR	17,000	USD	18,739		778
RBC Capital Markets	12/2/2015	EUR	809,912	USD	894,981		39,272
RBC Capital Markets	12/2/2015	EUR	200,000	USD	220,997		9,688
The Bank of New York Mellon	12/2/2015	EUR	8,100	USD	8,874		316
The Bank of New York Mellon	12/2/2015	EUR	30,382	USD	33,573		1,473
Canadian Imperial Bank of Commerce	12/2/2015	USD	1,233,434	EUR	1,167,858		463
RBC Capital Markets	12/2/2015	USD	1,134,717	EUR	1,074,390		426
The Bank of New York Mellon	12/2/2015	USD	33,988	EUR	32,181		13
The Bank of New York Mellon	12/2/2015	USD	1,293	EUR	1,200		(25	)
The Bank of New York Mellon	12/2/2015	USD	7,166	EUR	6,600		(193	)
Canadian Imperial Bank of Commerce	1/5/2016	EUR	1,166,566	USD	1,233,434		(649	)
RBC Capital Markets	1/5/2016	EUR	1,073,211	USD	1,134,717		(608	)
The Bank of New York Mellon	1/5/2016	EUR	32,145	USD	33,988		(18	)
RBC Capital Markets	1/5/2016	USD	15,859	EUR	15,000		9
RBC Capital Markets	1/5/2016	USD	7,404	EUR	7,000		1
Total net unrealized appreciation						$	105,062

Currency Abbreviations

EUR	Euro
USD	U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	2,388,511	$	—		$	—	$	2,388,511
Rights		0		—			—		—
Securities Lending Collateral		87,464		—			—		87,464
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		106,555			—		106,555
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(1,493	)		—		(1,493	)
Total	$	2,475,975	$	105,062		$	—	$	2,581,037
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP)

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.6%
Consumer Discretionary — 5.1%
Industria de Diseno Textil SA		3,368	$	121,201
Consumer Staples — 1.9%
Distribuidora Internacional de Alimentacion SA*		7,086		44,793
Energy — 4.2%
Repsol SA		7,706		100,510
Financials — 39.4%
Banco Bilbao Vizcaya Argentaria SA		26,189		217,374
Banco de Sabadell SA		40,874		75,445
Banco Popular Espanol SA		15,963		56,247
Banco Santander SA		67,238		367,135
Bankia SA		44,051		55,199
Bankinter SA		6,963		50,401
CaixaBank SA		20,954		76,755
Mapfre SA		14,458		39,671
				938,227
Health Care — 2.7%
Grifols SA		1,338		63,502
Industrials — 15.7%
Abertis Infraestructuras SA		4,459		69,042
ACS Actividades de Construccion y Servicios SA		1,767		57,632
Aena SA, 144A*		589		66,804
Ferrovial SA		3,521		83,404
International Consolidated Airlines Group SA (United Kingdom)*		7,343		62,586
Zardoya Otis SA		2,971		35,941
				375,409
Information Technology — 4.5%
Amadeus IT Holding SA, Class A		2,676		107,339
Telecommunication Services — 9.7%
Telefonica SA (a)		18,833		232,308
Utilities — 16.4%
Enagas SA		1,993		59,402
Endesa SA		2,906		60,117
Gas Natural SDG SA		3,069		66,391
Iberdrola SA		18,374		128,728
Red Electrica Corp. SA		882		75,668
				390,306
TOTAL COMMON STOCKS (Cost $2,589,093)				2,373,595
RIGHTS — 0.3%
Telecommunication Services — 0.3%
Telefonica SA*(a), expires 12/31/15 (Cost $7,219)		19,644		7,119

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 10.5%
Daily Assets Fund, 0.20% (b)(c) (Cost $251,745)		251,745	$	251,745
TOTAL INVESTMENTS —110.4% (Cost $2,848,057)†			$	2,632,459
Other assets and liabilities, net — (10.4%)				(249,053	)
NET ASSETS — 100.0%			$	2,383,406

* Non-income producing security.

† The cost for federal income tax purposes was $2,848,057. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $215,598. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $20,049 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $235,647.

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $239,427, which is 10.0% of net assets.

(b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of investments

Deutsche X-trackers MSCI Spain Hedged Equity ETF (DBSP) (Continued)

November 30, 2015 (Unaudited)

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Canadian Imperial Bank of Commerce	12/2/2015	EUR	1,113,204	USD	1,230,124	$	53,971
Canadian Imperial Bank of Commerce	12/2/2015	EUR	1,000	USD	1,096		39
RBC Capital Markets	12/2/2015	EUR	788,739	USD	871,584		38,245
RBC Capital Markets	12/2/2015	EUR	17,000	USD	18,739		778
RBC Capital Markets	12/2/2015	EUR	207,000	USD	228,732		10,027
The Bank of New York Mellon	12/2/2015	EUR	34,489	USD	38,111		1,672
The Bank of New York Mellon	12/2/2015	EUR	19,100	USD	20,925		745
Canadian Imperial Bank of Commerce	12/2/2015	USD	1,231,220	EUR	1,165,762		462
RBC Capital Markets	12/2/2015	USD	1,119,055	EUR	1,059,561		420
The Bank of New York Mellon	12/2/2015	USD	39,193	EUR	37,109		15
The Bank of New York Mellon	12/2/2015	USD	644	EUR	600		(10	)
The Bank of New York Mellon	12/2/2015	USD	1,066	EUR	1,000		(10	)
The Bank of New York Mellon	12/2/2015	USD	18,133	EUR	16,700		(489	)
Canadian Imperial Bank of Commerce	1/5/2016	EUR	1,164,472	USD	1,231,220		(647	)
RBC Capital Markets	1/5/2016	EUR	1,058,398	USD	1,119,055		(600	)
The Bank of New York Mellon	1/5/2016	EUR	37,068	USD	39,193		(20	)
RBC Capital Markets	1/5/2016	USD	22,203	EUR	21,000		13
RBC Capital Markets	1/5/2016	USD	7,404	EUR	7,000		1
Total net unrealized appreciation						$	104,612

Currency Abbreviations

EUR	Euro
USD	U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	2,373,595	$	—		$	—	$	2,373,595
Rights		7,119		—			—		7,119
Securities Lending Collateral		251,745		—			—		251,745
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		106,388			—		106,388
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(1,776	)		—		(1,776	)
Total	$	2,632,459	$	104,612		$	—	$	2,737,071
There have been no transfers between fair value measurement levels during the period ended November 30, 2015.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of investments

Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF)

November 30, 2015 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.6%
Australia — 8.8%
Macquarie Atlas Roads Group (a)		5,482	$	16,770
Qube Holdings Ltd.		10,991		19,077
Sydney Airport (a)		15,010		71,645
Transurban Group (a)		25,305		189,777
				297,269
Bermuda — 0.2%
Golar Lng Ltd.		259		7,084
Brazil — 0.8%
CPFL Energia SA, ADR*		675		5,494
Ultrapar Participacoes SA, ADR		1,322		21,152
				26,646
Canada — 6.9%
AltaGas Ltd.		414		9,703
Enbridge, Inc.		2,656		94,331
Inter Pipeline Ltd.		1,023		17,787
Pembina Pipeline Corp.		1,045		23,984
TransCanada Corp.		2,198		69,358
Veresen, Inc.		889		6,977
Westshore Terminals Investment Corp.		806		11,274
				233,414
Chile — 0.6%
Empresa Nacional de Electricidad SA, ADR		240		8,583
Enersis SA, ADR		839		10,286
				18,869
China — 0.6%
CGN Power Co. Ltd., Class H, 144A		22,253		8,610
China Longyuan Power Group Corp. Ltd., Class H		6,805		5,661
Huaneng Power International, Inc., ADR (b)		189		6,721
				20,992
France — 6.3%
Aeroports de Paris		452		51,195
Engie		3,603		62,773
Groupe Eurotunnel SE		7,603		97,158
				211,126
Germany — 2.3%
E.ON SE		4,462		42,410
Fraport AG Frankfurt Airport Services Worldwide		511		31,254
Hamburger Hafen Und Logistik AG		324		4,738
				78,402
Hong Kong — 4.4%
Beijing Enterprises Water Group Ltd.*		10,692		8,356
China Gas Holdings Ltd.		4,685		6,659
China Merchants Holdings International Co. Ltd.		24,315		79,028
China Resources Power Holdings Co. Ltd.		3,890		7,325
COSCO Pacific Ltd.		26,176		31,782
Guangdong Investment Ltd.		6,166		8,414
Hopewell Highway Infrastructure Ltd.		13,810		6,590
				148,154

	Number of Shares		Value
Italy — 7.2%
Ansaldo STS SpA		1,629	$	16,824
Atlantia SpA		5,589		147,626
Enel SpA		15,725		69,348
Societa Iniziative Autostradali e Servizi SpA		944		10,173
				243,971
Japan — 3.7%
Japan Airport Terminal Co. Ltd.		1,000		50,447
Kamigumi Co. Ltd.		3,500		30,849
Mitsubishi Logistics Corp.		2,250		31,456
Sumitomo Warehouse Co. Ltd. (The)		2,500		13,302
				126,054
Mexico — 2.5%
Grupo Aeroportuario del Pacifico SAB de CV, ADR		449		40,787
Grupo Aeroportuario del Sureste SAB de CV, ADR		280		42,286
				83,073
Netherlands — 0.3%
Koninklijke Vopak NV		203		8,809
New Zealand — 1.3%
Auckland International Airport Ltd.		12,836		44,612
Singapore — 2.2%
Hutchison Port Holdings Trust, Class U		74,700		40,338
SATS Ltd.		8,800		24,643
SIA Engineering Co. Ltd.		3,600		9,213
				74,194
Spain — 9.2%
Abertis Infraestructuras SA		6,519		100,938
Aena SA, 144A*		1,016		115,235
Iberdrola SA		13,220		92,619
				308,792
Switzerland — 1.1%
Flughafen Zuerich AG		53		37,966
United Kingdom — 6.8%
BBA Aviation PLC (b)		7,782		21,097
Centrica PLC		11,360		37,315
National Grid PLC		8,742		121,893
SSE PLC		2,202		47,557
				227,862
United States — 34.4%
American Electric Power Co., Inc.		1,094		61,274
Cheniere Energy, Inc.*		734		34,902
Consolidated Edison, Inc.		653		40,584
Dominion Resources, Inc.		1,326		89,333
Duke Energy Corp.		1,535		104,012
Edison International		727		43,155
Exelon Corp.		1,922		52,490
Kinder Morgan, Inc.		5,571		131,309
NextEra Energy, Inc.		1,027		102,556
ONEOK, Inc.		637		18,779
PG&E Corp.		1,091		57,528

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of investments

Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF) (Continued)

November 30, 2015 (Unaudited)

	Number of Shares		Value
United States (Continued)
PPL Corp.		1,494	$	50,856
Public Service Enterprise Group, Inc.		1,128		44,105
Sempra Energy		526		52,195
Southern Co. (The)		2,026		90,238
Spectra Energy Corp.		2,081		54,522
Targa Resources Corp.		148		5,816
Wesco Aircraft Holdings, Inc.*		782		10,463
Williams Cos., Inc. (The)		2,115		77,324
Xcel Energy, Inc.		1,131		40,331
				1,161,772
TOTAL COMMON STOCKS (Cost $3,809,752)				3,359,061

	Number of Shares		Value
RIGHTS — 0.0%
Australia — 0.0%
Transurban Group*, expires 12/31/15 (Cost $0)		1,377	$	597
SECURITIES LENDING COLLATERAL — 0.8%
Daily Assets Fund, 0.20% (c)(d) (Cost $27,321)		27,321		27,321
TOTAL INVESTMENTS — 100.4% (Cost $3,837,073)†			$	3,386,979
Other assets and liabilities, net —(0.4%)				(13,017	)
NET ASSETS — 100.0%			$	3,373,962

* Non-income producing security.

† The cost for federal income tax purposes was $3,838,186. At November 30, 2015, net unrealized depreciation for all securities based on tax cost was $451,207. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $47,621 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $498,828.

(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) All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at November 30, 2015 amounted to $26,405, which is 0.8% of net assets.

(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

(d) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

ADR: American Depositary Receipt.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

As of November 30, 2015, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	12/2/2015	CHF	5,000	USD	5,076	$	217
JP Morgan & Chase Co.	12/2/2015	CHF	14,000	USD	14,214		606
RBC Capital Markets	12/2/2015	CHF	28,924	USD	29,368		1,255
Bank of Montreal	12/2/2015	EUR	56,000	USD	61,878		2,711
Bank of Montreal	12/2/2015	EUR	6,000	USD	6,612		273
JP Morgan & Chase Co.	12/2/2015	EUR	269,225	USD	297,486		13,038
RBC Capital Markets	12/2/2015	EUR	449,595	USD	496,818		21,803
The Bank of New York Mellon	12/2/2015	EUR	50,600	USD	55,914		2,453
The Bank of New York Mellon	12/2/2015	EUR	2,400	USD	2,572		36
JP Morgan & Chase Co.	12/2/2015	GBP	57,000	USD	88,011		2,164
RBC Capital Markets	12/2/2015	GBP	98,459	USD	152,033		3,744
RBC Capital Markets	12/2/2015	GBP	4,000	USD	6,021		(3	)
Bank of Montreal	12/2/2015	HKD	498,384	USD	64,304		24
Bank of Montreal	12/2/2015	HKD	109,000	USD	14,065		6
JP Morgan & Chase Co.	12/2/2015	HKD	741,000	USD	95,618		47
State Street Bank & Trust Co.	12/2/2015	HKD	15,000	USD	1,936		1
Bank of Montreal	12/2/2015	USD	4,864	CHF	5,000		(4	)
Bank of Montreal	12/2/2015	USD	65,481	EUR	62,000		25
Bank of Montreal	12/2/2015	USD	72,225	HKD	559,884		(14	)
Bank of Montreal	12/2/2015	USD	6,129	HKD	47,500		(2	)
JP Morgan & Chase Co.	12/2/2015	USD	13,619	CHF	14,000		(12	)
JP Morgan & Chase Co.	12/2/2015	USD	284,341	EUR	269,225		107

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of investments

Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF) (Continued)

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
JP Morgan & Chase Co.	12/2/2015	USD	85,802	GBP	57,000	$	45
JP Morgan & Chase Co.	12/2/2015	USD	95,589	HKD	741,000		(18	)
RBC Capital Markets	12/2/2015	USD	5,483	CHF	5,400		(234	)
RBC Capital Markets	12/2/2015	USD	18,993	CHF	19,524		(17	)
RBC Capital Markets	12/2/2015	USD	4,061	CHF	4,000		(173	)
RBC Capital Markets	12/2/2015	USD	37,571	EUR	34,000		(1,649	)
RBC Capital Markets	12/2/2015	USD	438,931	EUR	415,595		165
RBC Capital Markets	12/2/2015	USD	1,699	GBP	1,100		(42	)
RBC Capital Markets	12/2/2015	USD	146,555	GBP	97,359		77
State Street Bank & Trust Co.	12/2/2015	USD	1,935	HKD	15,000		0
The Bank of New York Mellon	12/2/2015	USD	2,606	EUR	2,400		(70	)
The Bank of New York Mellon	12/2/2015	USD	53,441	EUR	50,600		20
The Bank of New York Mellon	12/2/2015	USD	6,049	GBP	4,000		(24	)
Bank of Montreal	12/3/2015	AUD	23,000	USD	16,383		(248	)
Bank of Montreal	12/3/2015	AUD	15,000	USD	10,868		22
Bank of Montreal	12/3/2015	AUD	5,000	USD	3,588		(27	)
Bank of Montreal	12/3/2015	AUD	263,299	USD	187,556		(2,830	)
JP Morgan & Chase Co.	12/3/2015	AUD	122,000	USD	86,905		(1,310	)
RBC Capital Markets	12/3/2015	AUD	4,300	USD	3,063		(46	)
Bank of Montreal	12/3/2015	CAD	29,000	USD	22,163		447
Bank of Montreal	12/3/2015	CAD	168,119	USD	128,474		2,585
JP Morgan & Chase Co.	12/3/2015	CAD	120,000	USD	91,706		1,848
The Bank of New York Mellon	12/3/2015	CAD	31,200	USD	23,843		480
Bank of Montreal	12/3/2015	JPY	2,656,000	USD	22,014		435
Bank of Montreal	12/3/2015	JPY	102,000	USD	827		(1	)
JP Morgan & Chase Co.	12/3/2015	JPY	5,424,000	USD	44,955		888
RBC Capital Markets	12/3/2015	JPY	11,061,795	USD	91,688		1,816
The Bank of New York Mellon	12/3/2015	JPY	667,300	USD	5,431		10
The Bank of New York Mellon	12/3/2015	JPY	546,600	USD	4,496		55
Bank of Montreal	12/3/2015	NZD	10,159	USD	6,858		172
JP Morgan & Chase Co.	12/3/2015	NZD	21,000	USD	14,177		356
RBC Capital Markets	12/3/2015	NZD	43,451	USD	29,333		737
Bank of Montreal	12/3/2015	SGD	8,000	USD	5,706		36
JP Morgan & Chase Co.	12/3/2015	SGD	17,000	USD	12,126		75
RBC Capital Markets	12/3/2015	SGD	31,198	USD	22,252		136
Bank of Montreal	12/3/2015	USD	211,064	AUD	291,299		(432	)
Bank of Montreal	12/3/2015	USD	148,024	CAD	197,119		(420	)
Bank of Montreal	12/3/2015	USD	21,545	JPY	2,656,000		34
Bank of Montreal	12/3/2015	USD	6,694	NZD	10,159		(8	)
Bank of Montreal	12/3/2015	USD	5,678	SGD	8,000		(7	)
Canadian Imperial Bank of Commerce	12/3/2015	USD	10,685	AUD	15,000		161
JP Morgan & Chase Co.	12/3/2015	USD	88,401	AUD	122,000		(186	)
JP Morgan & Chase Co.	12/3/2015	USD	90,113	CAD	120,000		(255	)
JP Morgan & Chase Co.	12/3/2015	USD	43,997	JPY	5,424,000		70
JP Morgan & Chase Co.	12/3/2015	USD	13,837	NZD	21,000		(17	)
JP Morgan & Chase Co.	12/3/2015	USD	12,066	SGD	17,000		(15	)
RBC Capital Markets	12/3/2015	USD	3,116	AUD	4,300		(6	)
RBC Capital Markets	12/3/2015	USD	10,013	JPY	1,208,000		(198	)
RBC Capital Markets	12/3/2015	USD	61,574	JPY	7,590,795		97
RBC Capital Markets	12/3/2015	USD	18,757	JPY	2,263,000		(372	)
RBC Capital Markets	12/3/2015	USD	23,557	NZD	35,751		(29	)
RBC Capital Markets	12/3/2015	USD	5,198	NZD	7,700		(131	)
RBC Capital Markets	12/3/2015	USD	5,492	SGD	7,700		(34	)
RBC Capital Markets	12/3/2015	USD	16,677	SGD	23,498		(21	)
The Bank of New York Mellon	12/3/2015	USD	996	CAD	1,300		(23	)
The Bank of New York Mellon	12/3/2015	USD	22,453	CAD	29,900		(64	)
The Bank of New York Mellon	12/3/2015	USD	5,389	JPY	655,700		(62	)
The Bank of New York Mellon	12/3/2015	USD	5,451	JPY	660,200		(87	)

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of investments

Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF) (Continued)

November 30, 2015 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation (Depreciation)
Bank of Montreal	1/5/2016	CHF	5,000	USD	4,877	$	3
JP Morgan & Chase Co.	1/5/2016	CHF	14,000	USD	13,654		6
RBC Capital Markets	1/5/2016	CHF	19,524	USD	19,044		10
Bank of Montreal	1/5/2016	EUR	62,000	USD	65,553		(36	)
JP Morgan & Chase Co.	1/5/2016	EUR	269,225	USD	284,646		(161	)
RBC Capital Markets	1/5/2016	EUR	415,595	USD	439,413		(235	)
The Bank of New York Mellon	1/5/2016	EUR	50,600	USD	53,501		(28	)
JP Morgan & Chase Co.	1/5/2016	GBP	57,000	USD	85,814		(49	)
RBC Capital Markets	1/5/2016	GBP	97,359	USD	146,577		(82	)
Bank of Montreal	1/5/2016	HKD	559,884	USD	72,234		10
JP Morgan & Chase Co.	1/5/2016	HKD	741,000	USD	95,601		14
State Street Bank & Trust Co.	1/5/2016	HKD	15,000	USD	1,935		0
Bank of Montreal	1/5/2016	USD	11,631	EUR	11,000		5
Bank of Montreal	1/5/2016	USD	7,613	HKD	59,000		(2	)
RBC Capital Markets	1/5/2016	USD	6,022	GBP	4,000		3
Bank of Montreal	1/6/2016	AUD	291,299	USD	210,688		453
JP Morgan & Chase Co.	1/6/2016	AUD	122,000	USD	88,240		190
RBC Capital Markets	1/6/2016	AUD	4,300	USD	3,110		7
Bank of Montreal	1/6/2016	CAD	197,119	USD	148,023		421
JP Morgan & Chase Co.	1/6/2016	CAD	120,000	USD	90,115		259
The Bank of New York Mellon	1/6/2016	CAD	29,900	USD	22,453		64
Bank of Montreal	1/6/2016	JPY	2,656,000	USD	21,573		(34	)
JP Morgan & Chase Co.	1/6/2016	JPY	5,424,000	USD	44,051		(74	)
RBC Capital Markets	1/6/2016	JPY	7,590,795	USD	61,653		(99	)
Bank of Montreal	1/6/2016	SGD	8,000	USD	5,671		7
JP Morgan & Chase Co.	1/6/2016	SGD	17,000	USD	12,052		15
RBC Capital Markets	1/6/2016	SGD	23,498	USD	16,657		20
Bank of Montreal	1/6/2016	USD	10,849	AUD	15,000		(23	)
Bank of Montreal	1/6/2016	USD	29,288	CAD	39,000		(85	)
Bank of Montreal	1/6/2016	USD	828	JPY	102,000		1
Bank of Montreal	1/7/2016	NZD	10,159	USD	6,678		9
JP Morgan & Chase Co.	1/7/2016	NZD	21,000	USD	13,803		18
RBC Capital Markets	1/7/2016	NZD	35,751	USD	23,500		31
Total net unrealized appreciation						$	50,824

Currency Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
JPY	Japanese Yen
NZD	New Zealand Dollar
SGD	Singapore Dollar
USD	U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding forward foreign currency contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s 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 rate, 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.

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of investments

Deutsche X-trackers S&P Hedged Global Infrastructure ETF (DBIF) (Continued)

November 30, 2015 (Unaudited)

The following is a summary of the inputs used as of November 30, 2015 in valuing the Fund’s investments. For more information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

	Level 1		Level 2			Level 3		Total
Investment in Securities
Common Stocks*	$	3,327,279	$	—		$	31,782	$	3,359,061
Rights*		597		—			—		597
Securities Lending Collateral		27,321		—			—		27,321
Other Financial Instruments
Unrealized Appreciation on Forward Foreign Currency Contracts		—		60,823			—		60,823
Unrealized Depreciation on Forward Foreign Currency Contracts		—		(9,999	)		—		(9,999	)
Total	$	3,355,197	$	50,824		$	31,782	$	3,437,803

During the period ended November 30, 2015, the amount of transfers between Level 1 and Level 3 was $37,743. 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.

* See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 51

DBX ETF Trust

Statements of assets and liabilities

November 30, 2015 (Unaudited)

	Deutsche X-trackers Dow Jones Hedged International Real Estate ETF			Deutsche X-trackers Japan JPX-Nikkei  400 Equity ETF			Deutsche X-trackers Japan JPX-Nikkei  400 Hedged Equity ETF
Assets
Investments in non-affiliated securities at fair value	$	2,329,855		$	13,042,292		$	3,533,571
Investment in Daily Assets Fund*		36,610			28,242			8,872
Cash		131			5,842			3,682
Foreign currency at value		3,692			15,018			6,348
Unrealized appreciation on forward foreign currency contracts		51,536			—			74,900
Receivables:
Investment securities sold		—			—			—
Dividends		5,535			38,457			16,125
Interest		8			—			1
Foreign tax reclaim		1,024			3,171			1,353
Total Assets	$	2,428,391		$	13,133,022		$	3,644,852
Liabilities
Payable upon return of securities loaned	$	36,610		$	28,242		$	8,872
Unrealized depreciation on forward foreign currency contracts		8,810			—			5,843
Payables:
Investment securities purchased		45,782			—			62,267
Investment advisory fees		920			4,035			1,316
Total Liabilities		92,122			32,277			78,298
Net Assets	$	2,336,269		$	13,100,745		$	3,566,554
Net Assets Consist of
Paid-in capital	$	2,504,145		$	13,076,492		$	3,594,268
Undistributed net investment income		21,356			47,263			20,384
Accumulated net realized gain (loss) on investments and foreign currency transactions		(6,657	)		(43,036	)		(81,949	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		(182,575	)		20,026			33,851
Net Assets	$	2,336,269		$	13,100,745		$	3,566,554
Number of Common Shares outstanding		100,001			550,001			150,001
Net Assets Value	$	23.36		$	23.82		$	23.78
Investments in non-affiliated securities at cost	$	2,555,074		$	13,021,202		$	3,568,332
Value of securities loaned	$	34,747		$	23,589		$	6,059
Investment in Daily Assets Fund at cost	$	36,610		$	28,242		$	8,872
Foreign currency at cost	$	3,685		$	15,044		$	6,358

* Represents collateral on securities loaned.

See Notes to Financial Statements. 52

DBX ETF Trust

Statements of assets and liabilities (Continued)

November 30, 2015 (Unaudited)

	Deutsche X-trackers MSCI Australia Hedged Equity ETF			Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity  ETF			Deutsche X-trackers MSCI Italy Hedged Equity ETF
Assets
Investments in non-affiliated securities at fair value	$	3,671,860		$	2,485,904		$	2,419,336
Investment in Daily Assets Fund*		13,957			127,048			184,771
Cash		205			—			3,236
Foreign currency at value		4,687			3,041			2,378
Unrealized appreciation on forward foreign currency contracts		8,962			67,566			107,656
Receivables:
Investment securities sold		109,514			70,845			11,045
Dividends		31,125			4,184			1,353
Interest		15			93			191
Foreign tax reclaim		—			244			—
Total Assets	$	3,840,325		$	2,758,925		$	2,729,966
Liabilities
Payable upon return of securities loaned	$	13,957		$	127,048		$	184,771
Unrealized depreciation on forward foreign currency contracts		65,104			4,824			1,993
Payables:
Investment securities purchased		76,876			129,928			111,180
Investment advisory fees		1,361			905			876
Due to custodian		—			727			—
Total Liabilities		157,298			263,432			298,820
Net Assets	$	3,683,027		$	2,495,493		$	2,431,146
Net Assets Consist of
Paid-in capital	$	3,709,780		$	2,504,619		$	2,503,573
Undistributed net investment income		57,851			10,158			8,337
Accumulated net realized gain (loss) on investments and foreign currency transactions		39,254			(7,130	)		(13,198	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		(123,858	)		(12,154	)		(67,566	)
Net Assets	$	3,683,027		$	2,495,493		$	2,431,146
Number of Common Shares outstanding		150,001			100,001			100,001
Net Assets Value	$	24.55		$	24.95		$	24.31
Investments in non-affiliated securities at cost	$	3,740,233		$	2,560,708		$	2,592,547
Value of securities loaned	$	13,271		$	121,617		$	174,200
Investment in Daily Assets Fund at cost	$	13,957		$	127,048		$	184,771
Foreign currency at cost	$	4,649		$	3,046		$	2,390

* Represents collateral on securities loaned.

See Notes to Financial Statements. 53

DBX ETF Trust

Statements of assets and liabilities (Continued)

November 30, 2015 (Unaudited)

	Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF			Deutsche X-trackers MSCI Spain Hedged Equity ETF			Deutsche X-trackers S&P Hedged Global Infrastructure  ETF
Assets
Investments in non-affiliated securities at fair value	$	2,388,511		$	2,380,714		$	3,359,658
Investment in Daily Assets Fund*		87,464			251,745			27,321
Cash		128			349			3,798
Foreign currency at value		7,295			1,827			4,326
Unrealized appreciation on forward foreign currency contracts		106,555			106,388			60,823
Receivables:
Investment securities sold		—			34,430			—
Dividends		851			—			10,869
Interest		74			982			86
Foreign tax reclaim		—			—			981
Total Assets	$	2,590,878		$	2,776,435		$	3,467,862
Liabilities
Payable upon return of securities loaned	$	87,464		$	251,745		$	27,321
Unrealized depreciation on forward foreign currency contracts		1,493			1,776			9,999
Payables:
Investment securities purchased		101,559			138,637			55,327
Investment advisory fees		873			871			1,253
Total Liabilities		191,389			393,029			93,900
Net Assets	$	2,399,489		$	2,383,406		$	3,373,962
Net Assets Consist of
Paid-in capital	$	2,502,262		$	2,501,349		$	3,740,922
Undistributed net investment income		13,043			16,166			49,146
Accumulated net realized gain (loss) on investments and foreign currency transactions		(9,823	)		(23,113	)		(16,749	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		(105,993	)		(110,996	)		(399,357	)
Net Assets	$	2,399,489		$	2,383,406		$	3,373,962
Number of Common Shares outstanding		100,001			100,001			150,001
Net Assets Value	$	23.99		$	23.83		$	22.49
Investments in non-affiliated securities at cost	$	2,599,534		$	2,596,312		$	3,809,752
Value of securities loaned	$	82,003		$	239,427		$	26,405
Investment in Daily Assets Fund at cost	$	87,464		$	251,745		$	27,321
Foreign currency at cost	$	7,323		$	1,838		$	4,345

* Represents collateral on securities loaned.

See Notes to Financial Statements. 54

DBX ETF Trust

Statements of operations

For the Six Months Ended November 30, 2015 (Unaudited)

	Deutsche X-trackers Dow Jones Hedged International Real Estate ETF			Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF(1)			Deutsche X-trackers Japan JPX-Nikkei  400 Hedged Equity ETF(2)
Investment Income
Unaffiliated dividend income*	$	29,836		$	59,691		$	24,524
Securities lending income, including income from Daily Assets Fund, net of borrower rebates		33			5			1
Total Investment Income		29,869			59,696			24,525
Expenses
Investment advisory fees		5,612			12,433			4,141
Total Expenses		5,612			12,433			4,141
Net Investment Income		24,257			47,263			20,384
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(20,254	)		(42,860	)		(11,543	)
Foreign currency transactions		75,086			(176	)		(70,406	)
Net realized gain (loss)		54,832			(43,036	)		(81,949	)
Net change in unrealized appreciation (depreciation) on:
Investments		(153,320	)		21,090			(34,761	)
Foreign currency translations		(5,918	)		(1,064	)		68,612
Net change in unrealized appreciation (depreciation)		(159,238	)		20,026			33,851
Net realized and unrealized loss on investments and foreign currency transactions.		(104,406	)		(23,010	)		(48,098	)
Net decrease in Net Assets Resulting from Operations	$	(80,149	)	$	24,253		$	(27,714	)
*       Unaffiliated foreign tax withheld	$	3,138		$	6,957		$	2,798

(1) For the period June 24, 2015 (commencement of operations) through November 30, 2015.

(2) For the period August 19, 2015 (commencement of operations) through November 30, 2015.

See Notes to Financial Statements. 55

DBX ETF Trust

Statements of operations (Continued)

For the Six Months Ended November 30, 2015 (Unaudited)

	Deutsche X-trackers MSCI Australia Hedged Equity ETF(1)			Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF(1)			Deutsche X-trackers MSCI Italy Hedged Equity ETF(1)
Investment Income
Unaffiliated dividend income*	$	62,294		$	13,020		$	10,980
Securities lending income, including income from Daily Assets Fund, net of borrower rebates		41			185			363
Total Investment Income		62,335			13,205			11,343
Expenses
Investment advisory fees		4,484			3,047			3,006
Total Expenses		4,484			3,047			3,006
Net Investment Income		57,851			10,158			8,337
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(6,539	)		5,175			(8,316	)
Foreign currency transactions		45,793			(12,305	)		(4,882	)
Net realized gain (loss)		39,254			(7,130	)		(13,198	)
Net change in unrealized appreciation (depreciation) on:
Investments		(68,373	)		(74,804	)		(173,211	)
Foreign currency translations		(55,485	)		62,650			105,645
Net change in unrealized appreciation (depreciation)		(123,858	)		(12,154	)		(67,566	)
Net realized and unrealized loss on investments and foreign currency transactions		(84,604	)		(19,284	)		(80,764	)
Net decrease in Net Assets Resulting from Operations	$	(26,753	)	$	(9,126	)	$	(72,427	)
*       Unaffiliated foreign tax withheld	$	258		$	954		$	1,810

(1) For the period August 19, 2015 (commencement of operations) through November 30, 2015.

See Notes to Financial Statements. 56

DBX ETF Trust

Statements of operations (Continued)

For the Six Months Ended November 30, 2015 (Unaudited)

	Deutsche X-trackers MSCI Southern Europe Hedged Equity  ETF(1)			Deutsche X-trackers MSCI Spain Hedged Equity ETF(1)			Deutsche X-trackers S&P Hedged Global Infrastructure ETF
Investment Income
Unaffiliated dividend income*	$	15,879		$	18,148		$	65,283
Securities lending income, including income from Daily Assets Fund, net of borrower rebates		141			982			434
Total Investment Income		16,020			19,130			65,717
Expenses
Investment advisory fees		2,977			2,964			7,852
Total Expenses		2,977			2,964			7,852
Net Investment Income		13,043			16,166			57,865
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(5,078	)		(18,401	)		(45,995	)
Foreign currency transactions		(4,745	)		(4,712	)		71,450
Net realized gain (loss)		(9,823	)		(23,113	)		25,455
Net change in unrealized appreciation (depreciation) on:
Investments		(211,023	)		(215,598	)		(437,771	)
Foreign currency translations		105,030			104,602			2,636
Net change in unrealized appreciation (depreciation)		(105,993	)		(110,996	)		(435,135	)
Net realized and unrealized loss on investments and foreign currency transactions		(115,816	)		(134,109	)		(409,680	)
Net increase (decrease) in Net Assets Resulting from Operations	$	(102,773	)	$	(117,943	)	$	(351,815	)
*       Unaffiliated foreign tax withheld	$	1,566		$	618		$	3,981

(1) For the period August 19, 2015 (commencement of operations) through November 30, 2015.

See Notes to Financial Statements. 57

DBX ETF Trust

Statements of changes in net assets

	Deutsche X-trackers Dow Jones Hedged International Real Estate						Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF			Deutsche X-trackers Japan JPX-Nikkei  400 Hedged Equity ETF
	For the Six Months Ended November 30, 2015 (Unaudited)			For the Period April 9, 2015(1) to May 31, 2015			For the Period June 24, 2015(1) to November 30, 2015 (Unaudited)			For the Period August 19, 2015(1) to November 30, 2015 (Unaudited)
Increase (Decrease) in Net Assets from Operations
Net investment income	$	24,257		$	12,612		$	47,263		$	20,384
Net realized gain (loss)		54,832			(52,459	)		(43,036	)		(81,949	)
Net change in unrealized appreciation (depreciation)		(159,238	)		(23,337	)		20,026			33,851
Net increase (decrease) in net assets resulting from operations		(80,149	)		(63,184	)		24,253			(27,714	)
Distributions to Shareholders from
Net investment income		(24,543	)		—			—			—
Total distributions		(24,543	)		—			—			—
Fund Shares Transactions
Proceeds from shares sold		—			2,504,120			13,076,467			3,594,243
Value of shares redeemed		—			—			—			—
Net increase in net assets resulting from fund share transactions		—			2,504,120			13,076,467			3,594,243
Total Net increase (decrease) in Net Assets		(104,692	)		2,440,936			13,100,720			3,566,529
Net Assets
Beginning of period		2,440,961			25			25			25
End of period	$	2,336,269		$	2,440,961		$	13,100,745		$	3,566,554
Undistributed net investment income	$	21,356		$	21,642		$	47,263		$	20,384
Changes in Shares Outstanding
Shares outstanding, beginning of period		100,001			1			1			1
Shares sold		—			100,000			550,000			150,000
Shares redeemed		—			—			—			—
Shares outstanding, end of period		100,001			100,001			550,001			150,001

(1) Commencement of Operations.

See Notes to Financial Statements. 58

DBX ETF Trust

Statements of changes in net assets (Continued)

	Deutsche X-trackers MSCI Australia Hedged Equity ETF			Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF			Deutsche X-trackers MSCI Italy Hedged Equity ETF
	For the Period August 19, 2015(1) to November 30,  2015 (Unaudited)			For the Period August 19, 2015(1) to November 30,  2015 (Unaudited)			For the Period August 19, 2015(1) to November 30,  2015 (Unaudited)
Increase (Decrease) in Net Assets from Operations
Net investment income	$	57,851		$	10,158		$	8,337
Net realized gain (loss)		39,254			(7,130	)		(13,198	)
Net change in unrealized appreciation (depreciation)		(123,858	)		(12,154	)		(67,566	)
Net decrease in net assets resulting from operations		(26,753	)		(9,126	)		(72,427	)
Fund Shares Transactions
Proceeds from shares sold		3,709,755			2,504,594			2,503,548
Value of shares redeemed		—			—			—
Net increase in net assets resulting from fund share transactions		3,709,755			2,504,594			2,503,548
Total Increase in Net Assets		3,683,002			2,495,468			2,431,121
Net Assets
Beginning of period		25			25			25
End of period	$	3,683,027		$	2,495,493		$	2,431,146
Undistributed net investment income	$	57,851		$	10,158		$	8,337
Changes in Shares Outstanding
Shares outstanding, beginning of period		1			1			1
Shares sold		150,000			100,000			100,000
Shares redeemed		—			—			—
Shares outstanding, end of period		150,001			100,001			100,001

(1) Commencement of Operations.

See Notes to Financial Statements. 59

DBX ETF Trust

Statements of changes in net assets (Continued)

	Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF			Deutsche X-trackers MSCI Spain Hedged Equity ETF			Deutsche X-trackers S&P Hedged Global Infrastructure  ETF
	For the Period August 19, 2015(1) to November 30,  2015 (Unaudited)			For the Period August 19, 2015(1) to November 30, 2015 (Unaudited)			For the Six Months Ended November 30, 2015 (Unaudited)			For the Period April 9, 2015(1) to May 31, 2015
Increase (Decrease) in Net Assets from Operations
Net investment income	$	13,043		$	16,166		$	57,865		$	20,642
Net realized loss		(9,823	)		(23,113	)		25,455			(42,646	)
Net change in unrealized appreciation (depreciation)		(105,993	)		(110,996	)		(435,135	)		35,778
Net increase (decrease) in net assets resulting from operations		(102,773	)		(117,943	)		(351,815	)		13,774
Distributions to Shareholders from
Net investment income		—			—			(28,919	)		—
Total distributions		—			—			(28,919	)		—
Fund Shares Transactions
Proceeds from shares sold		2,502,237			2,501,324			—			3,740,897
Value of shares redeemed		—			—			—			—
Net increase in net assets resulting from fund share transactions		2,502,237			2,501,324			—			3,740,897
Total Increase in Net Assets		2,399,464			2,383,381			(380,734	)		3,754,671
Net Assets
Beginning of period		25			25			3,754,696			25
End of period	$	2,399,489		$	2,383,406		$	3,373,962		$	3,754,696
Undistributed net investment income	$	13,043		$	16,166		$	49,146		$	20,200
Changes in Shares Outstanding
Shares outstanding, beginning of period		1			1			150,001			1
Shares sold		100,000			100,000			—			150,000
Shares redeemed		—			—			—			—
Shares outstanding, end of period		100,001			100,001			150,001			150,001

(1) Commencement of Operations.

See Notes to Financial Statements. 60

DBX ETF Trust

Financial highlights

For a Share outstanding throughout each period

Deutsche X-trackers Dow Jones Hedged International Real Estate	For the Six Months Ended November 30, 2015 (Unaudited)			For the Period April 9, 2015* to May 31, 2015
Net Asset Value, beginning of period	$	24.41		$	25.00
Income from Investment Operations:
Net investment income**		0.24			0.13
Net realized and unrealized gain (loss)		(1.04	)		(0.72	)
Net increase (decrease) in net asset value from operations		(0.80	)		(0.59	)
Distributions paid to shareholders from:
Net investment income		(0.25	)		—
Total distributions		(0.25	)		—
Net Asset Value, end of period	$	23.36		$	24.41
Total Return***		(3.27	)%		(2.36	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,336		$	2,441
Ratios to average net assets:
Expenses		0.48	%†		0.48	%†
Net investment income		2.07	%†		3.53	%†
Portfolio turnover rate††		10	%†††		2	%†††
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF				For the Period June 24, 2015* to November 30, 2015
Net Asset Value, beginning of period				$	25.00
Income from Investment Operations:
Net investment income**					0.15
Net realized and unrealized gain (loss)					(1.33	)
Net increase (decrease) in net asset value from operations					(1.18	)
Distributions paid to shareholders from:
Net investment income					—
Net Asset Value, end of period				$	23.82
Total Return***					(4.72	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)				$	13,101
Ratios to average net assets:
Expenses					0.40	%†
Net investment income					1.52	%†
Portfolio turnover rate††					10	%†††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† Not annualized.

See Notes to Financial Statements. 61

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period

Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF	For the Period August 19, 2015* to November 30, 2015
Net Asset Value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income**		0.14
Net realized and unrealized gain (loss)		(1.36	)
Net increase (decrease) in net asset value from operations		(1.22	)
Distributions paid to shareholders from:
Net investment income		—
Net Asset Value, end of period	$	23.78
Total Return***		(4.88	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,567
Ratios to average net assets:
Expenses		0.45	%†
Net investment income		2.22	%†
Portfolio turnover rate††		8	%†††
Deutsche X-trackers MSCI Australia Hedged Equity ETF	For the Period August 19, 2015* to November 30, 2015
Net Asset Value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income**		0.40
Net realized and unrealized gain (loss)		(0.85	)
Net increase (decrease) in net asset value from operations		(0.45	)
Distributions paid to shareholders from:
Net investment income		—
Net Asset Value, end of period	$	24.55
Total Return***		(1.76	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,683
Ratios to average net assets:
Expenses		0.45	%†
Net investment income		5.80	%†
Portfolio turnover rate††		7	%†††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† Not annualized.

See Notes to Financial Statements. 62

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period

Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF	For the Period August 19, 2015* to November 30, 2015
Net Asset Value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income**		0.10
Net realized and unrealized gain (loss)		(0.15	)
Net increase (decrease) in net asset value from operations		(0.05	)
Distributions paid to shareholders from:
Net investment income		—
Net Asset Value, end of period	$	24.95
Total Return***		(0.20	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,495
Ratios to average net assets:
Expenses		0.45	%†
Net investment income		1.50	%†
Portfolio turnover rate††		7	%†††
Deutsche X-trackers MSCI Italy Hedged Equity ETF	For the Period August 19, 2015* to November 30, 2015
Net Asset Value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income**		0.08
Net realized and unrealized gain (loss)		(0.77	)
Net increase (decrease) in net asset value from operations		(0.69	)
Distributions paid to shareholders from:
Net investment income		—
Net Asset Value, end of period	$	24.31
Total Return***		(2.76	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,431
Ratios to average net assets:
Expenses		0.45	%†
Net investment income		1.25	%†
Portfolio turnover rate††		11	%†††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† Not annualized.

See Notes to Financial Statements. 63

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period

Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF	For the Period August 19, 2015* to November 30, 2015
Net Asset Value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income**		0.13
Net realized and unrealized gain (loss)		(1.14	)
Net increase (decrease) in net asset value from operations		(1.01	)
Distributions paid to shareholders from:
Net investment income		—
Net Asset Value, end of period	$	23.99
Total Return***		(4.04	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,399
Ratios to average net assets:
Expenses		0.45	%†
Net investment income		1.97	%†
Portfolio turnover rate††		4	%†††
Deutsche X-trackers MSCI Spain Hedged Equity ETF	For the Period August 19, 2015* to November 30, 2015
Net Asset Value, beginning of period	$	25.00
Income from Investment Operations:
Net investment income**		0.16
Net realized and unrealized gain (loss)		(1.33	)
Net increase (decrease) in net asset value from operations		(1.17	)
Distributions paid to shareholders from:
Net investment income		—
Net Asset Value, end of period	$	23.83
Total Return***		(4.68	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,383
Ratios to average net assets:
Expenses		0.45	%†
Net investment income		2.45	%†
Portfolio turnover rate††		9	%†††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† Not annualized.

See Notes to Financial Statements. 64

DBX ETF Trust

Financial highlights (Continued)

For a Share outstanding throughout each period

Deutsche X-trackers S&P Hedged Global Infrastructure ETF	For the Six Months Ended November 30, 2015 (Unaudited)			For the Period April 9, 2015* to May 31, 2015
Net Asset Value, beginning of period	$	25.03		$	25.00
Income from Investment Operations:
Net investment income**		0.39			0.18
Net realized and unrealized gain (loss)		(2.74	)		(0.15	)
Net increase (decrease) in net asset value from operations		(2.35	)		0.03
Distributions paid to shareholders from:
Net investment income		(0.19	)		—
Total distributions		(0.19	)		—
Net Asset Value, end of period	$	22.49		$	25.03
Total Return***		(9.43	)%		0.12	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,374		$	3,755
Ratios to average net assets:
Expenses		0.45	%†		0.45	%†
Net investment income		3.32	%†		4.84	%†
Portfolio turnover rate††		8	%†††		1	%†††

* 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 are not annualized.

† Annualized.

†† Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

††† Not annualized.

See Notes to Financial Statements. 65

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, 2015, the Trust consists of thirty-five investment 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:

Deutsche X-trackers Dow Jones Hedged International Real Estate ETF

Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF

Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF

Deutsche X-trackers MSCI Australia Hedged Equity ETF

Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF

Deutsche X-trackers MSCI Italy Hedged Equity ETF

Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF

Deutsche X-trackers MSCI Spain Hedged Equity ETF

Deutsche X-trackers S&P Hedged Global Infrastructure ETF

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 Dow Jones Hedged International Real Estate ETF	Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF	JPX-Nikkei 400 Net Total Return Index
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF	JPX-Nikkei 400 Net Total Return USD Hedged Index
Deutsche X-trackers MSCI Australia Hedged Equity ETF	MSCI Australia US Dollar Hedged Index
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF	MSCI EAFE Small Cap US Dollar Hedged Index
Deutsche X-trackers MSCI Italy Hedged Equity ETF	MSCI Italy 25/50 US Dollar Hedged Index
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF	MSCI Southern Europe US Dollar Hedged Index
Deutsche X-trackers MSCI Spain Hedged Equity ETF	MSCI Spain 25/50 US Dollar Hedged Index
Deutsche X-trackers S&P Hedged Global Infrastructure ETF	S&P Global Infrastructure Index (USD) (Hedged) (Net TR)

The Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged (the “Underlying Index”) is designed to track the performance of publicly traded real estate securities in countries other than the United States, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It is comprised of global real estate securities that represent the ownership and operation of commercial or residential real estate investment trusts (“REITs”) and real estate operating companies (“REOCs”) that meet the following criteria: (i) the company must be both an equity owner and operator of commercial and/or residential real estate; (ii) the company must have a minimum total market capitalization of at least $200 million at the time of its inclusion; (iii) at least 75% of the company’s total revenue must be derived from the ownership and operation of real estate assets; and (iv) the liquidity of the company’s stock must be commensurate with that of other institutionally held real estate securities. The Dow Jones Global ex-U.S. Select Real Estate Securities Total Return Net Index (USD) Hedged is rebalanced monthly on the last business day of each month.

66

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Notes to financial statements (Unaudited) (Continued)

The JPX-Nikkei Index 400 is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks). The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Underlying Index is comprised of the equity securities of the 400 highest scoring issuers listed on the JASDAQ and TSE, as measured in return on equity, cumulative operating profit and current market value. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The JPX-Nikkei Index 400 is rebalanced annually.

The JPX-Nikkei 400 Net Total Return USD Hedged Index is designed to track the performance of equity securities of issuers who are primarily listed on the JASDAQ Stock Exchange (“JASDAQ”) or the following sections of the Tokyo Stock Exchange (“TSE”): the first section (for large companies), the second section (for middle-sized companies) and the “Mothers” (for high-growth and emerging stocks) while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar. The Fund may achieve its investment objective by investing a substantial portion of its assets in the Underlying Fund, though the Fund may also invest directly in the stocks included in its Underlying Index. The Fund is subject to the principal risks noted below, any of which may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and ability to meet its investment objective, as well as numerous other risks. The JPX-Nikkei 400 Net Total Return USD Hedged Index is rebalanced monthly on the last trading day of the month, when the index will reflect the effect of rolling into new month.

The MSCI Australia US Dollar Hedged Index is designed to track the performance of the Australian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the Australian dollar. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI Australia US Dollar Hedged Index is rebalanced monthly on the last business day of each month.

The MSCI EAFE Small Cap US Dollar Hedged Index is designed to provide exposure to small cap equity securities in developed stock markets outside of the Americas, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI EAFE Small Cap US Dollar Hedged Index is rebalanced monthly on the last business day of each month.

The MSCI Italy 25/50 US Dollar Hedged Index is designed to track the performance of the Italian equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI Italy 25/50 US Dollar Hedged Index is rebalanced quarterly.

The MSCI Southern Europe US Dollar Hedged Index is designed to track the performance the Italian, Portuguese and Spanish equity markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at

67

DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI Southern Europe US Dollar Hedged Index is rebalanced monthly on the last business day of each month.

The MSCI Spain 25/50 US Dollar Hedged Index is designed to track the performance of the Spanish equity market, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro. The Fund uses a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities in the index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. The Fund will invest at least 80% of its total assets (but typically far more) in component securities (including depositary receipts in respect of such securities) of the Underlying Index. The MSCI Spain 25/50 US Dollar Hedged Index is rebalanced quarterly.

S&P Global Infrastructure Index (USD) (Hedged) (Net TR) (the “Underlying Index”) is designed to track the performance of equity securities of infrastructure issuers in developed markets, while mitigating exposure to fluctuations between the value of the U.S. dollar and the currencies of the countries included in the Underlying Index. It consists of companies involved in utilities, energy and transportation infrastructure. The Underlying Index is comprised of a minimum market capitalization of approximate $585 million from issuers in the following countries: Australia, Brazil, Canada, Chile, China, France, Germany, Hong Kong, Italy, Japan, Mexico, the Netherlands, New Zealand, Singapore, Spain, Switzerland, the United Kingdom and the United States. The S&P Global Infrastructure Index (USD) (Hedged) (Net TR) is rebalanced monthly on the last business day of each month.

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider 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.

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.

68

DBX ETF Trust

Notes to financial statements (Unaudited) (Continued)

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

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.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

Cash    Cash consists of cash held at banks and is on deposit 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. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

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, 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.

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The Funds’ recognize interest and penalties, if any, related to uncertain tax provisions as income tax expense on the Statements of Operations. For the period ended November 30, 2015, 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, 2015, 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.

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. The 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.

Securities Lending    The Funds may lend securities to certain financial institutions under the terms of the Security Lending Agreement. The Funds retain the benefits of owning securities it has loaned and continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. As of period end, any securities on loan were collateralized by cash. The Funds may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. During the period ended November 30, 2015, the Funds invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.10% annualized effective rate as of November 30, 2015) on the cash collateral invested in Daily Assets Fund. The Funds receive compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2015, each Fund had securities on loan, all of which were classified as common stock in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end.

Derivatives

Forward Currency Contracts    Each Fund, except Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF, 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 forward currency contracts to facilitate local securities settlements or to protect against currency exposure in connection with distributions to Shareholders.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. For the period ended November 30, 2015, the Deutsche X-trackers Dow Jones Hedged International Real Estate ETF, Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, and Deutsche X-trackers

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S&P Hedged Global Infrastructure ETF invested 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, Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF, Deutsche X-trackers MSCI Australia Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, and Deutsche X-trackers MSCI Spain Hedged Equity ETF each invested in forward foreign currency exchange contracts to hedge against changes in the value of the U.S dollar against the Japanese Yen, the Australian Dollar, the Euro, Euro and Euro, respectively.

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, 2015 is included in a table following each Fund’s 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 period ended November 30, 2015.

The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2015 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 Dow Jones Hedged International Real Estate ETF
	Foreign exchange Contracts	Unrealized appreciation on Forward Foreign Currency Contracts	$	51,536	Unrealized depreciation on Forward Foreign Currency Contracts	$	8,810
	Total		$	51,536	Total	$	8,810
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF
	Foreign exchange Contracts	Unrealized appreciation on Forward Foreign Currency Contracts	$	74,900	Unrealized depreciation on Forward Foreign Currency Contracts	$	5,843
	Total		$	74,900	Total	$	5,843
Deutsche X-trackers MSCI Australia Hedged Equity ETF
	Foreign exchange Contracts	Unrealized appreciation on Forward Foreign Currency Contracts	$	8,962	Unrealized depreciation on Forward Foreign Currency Contracts	$	65,104
	Total		$	8,962	Total	$	65,104
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF
	Foreign exchange Contracts	Unrealized appreciation on Forward Foreign Currency Contracts	$	67,566	Unrealized depreciation on Forward Foreign Currency Contracts	$	4,824
	Total		$	67,566	Total	$	4,824
Deutsche X-trackers MSCI Italy Hedged Equity ETF
	Foreign exchange Contracts	Unrealized appreciation on Forward Foreign Currency Contracts	$	107,656	Unrealized depreciation on Forward Foreign Currency Contracts	$	1,993
	Total		$	107,656	Total	$	1,993
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF
	Foreign exchange Contracts	Unrealized appreciation on Forward Foreign Currency Contracts	$	106,555	Unrealized depreciation on Forward Foreign Currency Contracts	$	1,493
	Total		$	106,555	Total	$	1,493

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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 Spain Hedged Equity ETF
	Foreign exchange Contracts	Unrealized appreciation on Forward Foreign Currency Contracts	$	106,388	Unrealized depreciation on Forward Foreign Currency Contracts	$	1,776
	Total		$	106,388	Total	$	1,776
Deutsche X-trackers S&P Hedged Global Infrastructure ETF
	Foreign exchange Contracts	Unrealized appreciation on Forward Foreign Currency Contracts	$	60,823	Unrealized depreciation on Forward Foreign Currency Contracts	$	9,999
	Total		$	60,823	Total	$	9,999

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2015 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
	Forward Foreign Currency Contracts			Total
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF	$	75,199		$	75,199
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF		(71,321	)		(71,321	)
Deutsche X-trackers MSCI Australia Hedged Equity ETF		44,409			44,409
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF		(12,571	)		(12,571	)
Deutsche X-trackers MSCI Italy Hedged Equity ETF		(4,985	)		(4,985	)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF		(4,832	)		(4,832	)
Deutsche X-trackers MSCI Spain Hedged Equity ETF		(4,663	)		(4,663	)
Deutsche X-trackers S&P Hedged Global Infrastructure ETF		72,156			72,156

Net Change in Unrealized Appreciation or (Depreciation) on Derivatives Recognized in Income
	Forward Foreign Currency Contracts			Total
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF	$	(5,899	)	$	(5,899	)
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF		69,057			69,057
Deutsche X-trackers MSCI Australia Hedged Equity ETF		(56,142	)		(56,142	)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF		62,742			62,742
Deutsche X-trackers MSCI Italy Hedged Equity ETF		105,663			105,663
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF		105,062			105,062
Deutsche X-trackers MSCI Spain Hedged Equity ETF		104,612			104,612
Deutsche X-trackers S&P Hedged Global Infrastructure ETF		2,634			2,634

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For the six months ended November 30, 2015 the average monthly volume of derivatives was as follows:

	Forward Foreign Currency Contracts (Market Value)
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF	$	(2,269,759	)
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF		(3,112,420	)
Deutsche X-trackers MSCI Australia Hedged Equity ETF		(3,347,283	)
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF		(2,360,722	)
Deutsche X-trackers MSCI Italy Hedged Equity ETF		(2,294,357	)
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF		(2,279,854	)
Deutsche X-trackers MSCI Spain Hedged Equity ETF		(2,274,403	)
Deutsche X-trackers S&P Hedged Global Infrastructure ETF		(2,087,919	)

As of November 30, 2015, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, 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 Dow Jones Hedged International Real Estate ETF
Bank of Montreal		—	$	—		$	—	$	—	$	112	$	—		$	—	$	112
Canadian Imperial Bank of Commerce		15,707		(6,096	)		—		9,611		6,096		(6,096	)		—		—
JP Morgan & Chase Co.		228		(228	)		—		—		571		(228	)		—		343
RBC Capital Markets		155		(4	)		—		151		4		(4	)
State Street Bank & Trust Co.		34,509		(1,578	)		—		32,931		1,578		(1,578	)
The Bank of New York Mellon		937		(449	)		—		488		449		(449	)		—		—
	$	51,536	$	(8,355	)	$	—	$	43,181	$	8,810	$	(8,355	)	$	—	$	455
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF
Canadian Imperial Bank of Commerce	$	38,104	$	(2,870	)	$	—	$	35,234	$	2,870	$	(2,870	)	$	—	$	—
RBC Capital Markets		35,949		(2,858	)		—		33,091		2,858		(2,858	)		—		—
The Bank of New York Mellon		847		(115	)		—		732		115		(115	)		—		—
	$	74,900	$	(5,843	)	$	—	$	69,057	$	5,843	$	(5,843	)	$	—	$	—
Deutsche X-trackers MSCI Australia Hedged Equity ETF
Canadian Imperial Bank of Commerce	$	2,729	$	(2,729	)	$	—	$	—	$	21,146	$	(2,729	)	$	—	$	18,417
RBC Capital Markets		5,253		(5,253	)		—		—		42,531		(5,253	)		—		37,278
The Bank of New York Mellon		980		(980	)		—		—		1,427		(980	)		—		447
	$	8,962	$	(8,962	)	$	—	$	—	$	65,104	$	(8,962	)	$	—	$	56,142

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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 EAFE Small Cap Hedged Equity ETF
Canadian Imperial Bank of Commerce	$	34,206	$	(2,327	)	$	—	$	31,879	$	2,327	$	(2,327	)	$	—	$	—
RBC Capital Markets		32,883		(2,138	)		—		30,745		2,138		(2,138	)		—		—
The Bank of New York Mellon		477		(359	)		—		118		359		(359	)		—		—
	$	67,566	$	(4,824	)	$	—	$	62,472	$	4,824	$	(4,824	)	$	—	$	—
Deutsche X-trackers MSCI Italy Hedged Equity ETF
Canadian Imperial Bank of Commerce	$	54,776	$	(652	)	$	—	$	54,124	$	652	$	(652	)	$	—	$	—
RBC Capital Markets		51,060		(619	)		—		50,441		619		(619	)		—		—
The Bank of New York Mellon		1,820		(722	)		—		1,098		722		(722	)		—		—
	$	107,656	$	(1,993	)	$	—	$	105,663	$	1,993	$	(1,993	)	$	—	$	—
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF
Canadian Imperial Bank of Commerce	$	54,579	$	(649	)	$	—	$	53,930	$	649	$	(649	)	$	—	$	—
RBC Capital Markets		50,174		(608	)		—		49,566		608		(608	)		—		—
The Bank of New York Mellon		1,802		(236	)		—		1,566		236		(236	)		—		—
	$	106,555	$	(1,493	)	$	—	$	105,062	$	1,493	$	(1,493	)	$	—	$	—
Deutsche X-trackers MSCI Spain Hedged Equity ETF
Canadian Imperial Bank of Commerce	$	54,472	$	(647	)	$	—	$	53,825	$	647	$	(647	)	$	—	$	—
RBC Capital Markets		49,484		(600	)		—		48,884		600		(600	)		—		—
The Bank of New York Mellon		2,432		(529	)		—		1,903		529		(529	)		—		—
	$	106,388	$	(1,776	)	$	—	$	104,612	$	1,776	$	(1,776	)	$	—	$	—
Deutsche X-trackers S&P Hedged Global Infrastructure ETF
Bank of Montreal	$	7,896	$	(4,173	)	$	—	$	3,723	$	4,173	$	(4,173	)	$	—	$	—
Canadian Imperial Bank of Commerce		161		—			—		161		—		—			—		—
JP Morgan & Chase Co.		19,746		(2,097	)		—		17,649		2,097		(2,097	)		—		—
RBC Capital Markets		29,901		(3,371	)		—		26,530		3,371		(3,371	)		—		—
State Street Bank & Trust Co.		1		—			—		1		—		—			—		—
The Bank of New York Mellon		3,118		(358	)		—		2,760		358		(358	)		—		—
	$	60,823	$	(9,999	)	$	—	$	50,824	$	9,999	$	(9,999	)	$	—	$	—

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.

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TDAM USA Inc. (“TDAM”) serves 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 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 based on each Fund’s daily average net assets at an annual rate equal to:

Fund	Unitary Management Fee
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF		0.48	%
Deutsche X-trackers JPX-Nikkei 400 Equity ETF		0.40	%
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF		0.45	%
Deutsche X-trackers MSCI Australia Hedged Equity ETF		0.45	%
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF		0.45	%
Deutsche X-trackers MSCI Italy Hedged Equity ETF		0.45	%
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF		0.45	%
Deutsche X-trackers MSCI Spain Hedged Equity ETF		0.45	%
Deutsche X-trackers S&P Hedged Global Infrastructure 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 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, including three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

4. Federal Income Taxes

At May 31, 2015 for the 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 capitals gains, it is probable that capital gains so offset will not be distributed to shareholders.

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 year ended May 31, 2015, the Funds incurred and elected to defer net capital losses as follows:

	Post-October Loss on Capital
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF	$	6,502

The tax character of current year distributions will be determined at the end of the fiscal year.

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5. Investment Portfolio Transactions

For the six months ended November 30, 2015, 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 Dow Jones Hedged International Real Estate ETF	$	303,129	$	236,038
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (1)		3,282,946		722,092
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (2)		2,755,326		246,629
Deutsche X-trackers MSCI Australia Hedged Equity ETF (2)		2,805,513		234,029
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF (2)		2,716,257		159,719
Deutsche X-trackers MSCI Italy Hedged Equity ETF (2)		2,855,199		254,336
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF (2)		2,690,707		86,477
Deutsche X-trackers MSCI Spain Hedged Equity ETF (2)		2,811,631		204,560
Deutsche X-trackers S&P Hedged Global Infrastructure ETF		395,169		287,555

For the six months ended November 30, 2015, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF (1)	$	10,503,207	$	—
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (2)		1,071,179		—
Deutsche X-trackers MSCI Australia Hedged Equity ETF (2)		1,180,006		—

(1) For the period from June 24, 2015 (commencement of operations) to November 30, 2015.

(2) For the period from August 19, 2015 (commencement of operations) to November 30, 2015.

6. Fund Share Transactions

As of November 30, 2015, there were unlimited Fund shares 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

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, 2015, there was one affiliated shareholder account for each fund listed below holding a significant percentage of the shares outstanding:

Fund Name	Approximate Percent of Outstanding Shares Held
Deutsche X-trackers Dow Jones Hedged International Real Estate ETF		80	%
Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF		67	%
Deutsche X-trackers MSCI Australia Hedged Equity ETF		67	%
Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF		95	%
Deutsche X-trackers MSCI Italy Hedged Equity ETF		95	%
Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF		95	%
Deutsche X-trackers MSCI Spain Hedged Equity ETF		95	%
Deutsche X-trackers S&P Hedged Global Infrastructure ETF		57	%

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Board considerations in approval of investment advisory and

sub-advisory contracts (Unaudited)

Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF and Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF

At a meeting held on February 19, 2015, the Board of Trustees (“Board” or “Trustees”), including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement and the Investment Sub-Advisory Agreement with respect to Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF and Deutsche X-trackers Japan JPX-Nikkei 400 Hedged Equity ETF (the “Funds”).

In reaching this decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) DBX Advisors LLC’s (“DBX” or “Adviser”) financial resources and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services to be provided by and the profits that could be realized by the Adviser from its relationship with the Funds; and (5) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.

In reaching this decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) the performance of TDAM USA Inc. (“TDAM” or “Sub-Adviser”) with respect to its management of other funds of the Trust, as well as TDAM’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services to be provided by and the profits that could be realized by TDAM from its relationship with the Funds; and (4) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.

The Board reached a determination, with the assistance of Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement and the compensation to be received thereunder is consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services.    The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role to be played by the Adviser in working with TDAM to manage the Funds’ portfolio, noting that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds.

The Board evaluated these factors in consultation with Trust Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary

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advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and custodian. The Board further considered the compliance program of the Adviser which supports the Funds’ compliance program.

Adviser’s Financial Resources.    In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee.    The Board compared each Fund’s proposed advisory fee to that of other exchange-traded funds (“ETFs”), and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board noted that the proposed fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs. The Board also noted that the Funds’ portfolio would be managed on a day-to-day basis by the Sub-Adviser, which will receive a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered the expenses of the Adviser in developing and rendering services to be provided to the Funds, and the likelihood and level of profits in the early years of the Funds’ operations. The Board noted that since the Funds were new, it was difficult to estimate the profitability of the Funds to the Adviser at this time, and noted that since the fee paid by the Adviser to the Sub-Adviser under the Investment Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Funds’ assets increased. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds, and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.

Economies of Scale.    The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:

Nature, Extent and Quality of Services.    In considering the nature, extent and quality of services that TDAM proposes to provide to the Funds, the Board reviewed in detail the nature, extent and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.

The Board also considered TDAM’s operational capabilities and resources, and its experience in serving as investment sub-adviser to other funds, (including certain other index-based ETFs advised by the Adviser). The Board considered the professional experience and qualifications of TDAM’s senior management and key professional personnel, as well as TDAM’s depth and breadth of experience in managing investment portfolios consisting of U.S. and non-U.S. equity securities. The Board gave special consideration to TDAM’s experience and capabilities in implementing currency hedging strategies, and their techniques for implementing such strategies while minimizing index tracking error. In addition, the Board considered TDAM’s operational capabilities and resources, and TDAM’s experience in managing index funds covering various asset classes. The Board noted that TDAM manages its index-based portfolios using both full replication and sampling techniques and maintains strict discipline in the implementation of its indexing strategies. To that end, the Board noted that when there are changes to a benchmark index, TDAM closely monitors any such changes to devise strategies to realign its

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Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)

portfolios at the lowest possible cost while tracking the respective benchmark index. The Board also noted TDAM’s processes to minimize the cost of trading.

The Board evaluated these factors in consultation with Trust Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to TDAM, taking special consideration of the fact that the fees to be paid to TDAM are payable by the Adviser and not the Funds.

Performance of TDAM; TDAM’s Financial Resources.    The Board noted that the Funds have not commenced operations and have no performance history, but the Board considered TDAM’s performance in managing other equity based portfolios of the Trust and its ability to minimize tracking error. The Board concluded that, given TDAM’s capabilities and experience in managing other portfolios of the Trust, TDAM should be able to keep the Funds’ tracking error within acceptable ranges.

The Board also considered TDAM’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that TDAM had the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.

Reasonableness of Sub-Advisory Fee.    The Board noted that the fee to be paid to TDAM in respect of the Funds would be paid by the Adviser and not the Funds. The Board further noted that the proposed fee for the Funds was a unitary fee pursuant to which the Adviser would pay all of the Funds’ costs, and thus was not directly affected by the amount of the sub-advisory fee paid to TDAM. Based on its review, the Board concluded that the sub-advisory fee was reasonable in light of the services provided.

Costs of Services and Profitability.    The Board noted that since the Funds were new, it was difficult to estimate the profitability of the Funds to the Sub-Adviser at this time, and further noted that the fees to be paid by the Adviser to TDAM under the Investment Sub-Advisory Agreement contain breakpoints. The Board noted that since the fee paid by the Adviser to the Sub-Adviser under the Investment Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Funds’ assets increased.

The Board also considered whether TDAM would benefit in other ways from its relationship with the Funds. The Board discussed TDAM’s practices regarding the selection and compensation of brokers and dealers that would execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to TDAM. The Board discussed the possible potential benefits TDAM might derive from the Funds’ soft dollar arrangements, whereby brokers provide brokerage services to the Funds or TDAM in return for allocating fund brokerage.

Economies of Scale.    The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.

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Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)

Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Australia Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF and Deutsche X-trackers MSCI Spain Hedged Equity ETF

At a meeting held on May 21, 2015, the Board of Trustees (“Board” or “Trustees”), including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement and the Investment Sub-Advisory Agreement with respect to Deutsche X-trackers MSCI EAFE Small Cap Hedged Equity ETF, Deutsche X-trackers MSCI Australia Hedged Equity ETF, Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF, Deutsche X-trackers MSCI Italy Hedged Equity ETF and Deutsche
X-trackers MSCI Spain Hedged Equity ETF (the “Funds”).

In reaching this decision with respect to the Investment Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) DBX Advisors LLC’s (“DBX” or “Adviser”) financial resources and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services to be provided by and the profits that could be realized by the Adviser from its relationship with the Funds; and (5) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.

In reaching this decision with respect to the Investment Sub-Advisory Agreement, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) the performance of TDAM USA Inc. (“TDAM” or “Sub-Adviser”) with respect to its management of other funds of the Trust, as well as TDAM’s financial resources and its resulting ability to perform its obligations under the Investment Sub-Advisory Agreement; (3) the total cost of the services to be provided by and the profits that could be realized by TDAM from its relationship with the Funds; and (4) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.

The Board reached a determination, with the assistance of K&L Gates LLP (“Independent Trustees’ Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement and the compensation to be received thereunder is consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services.    The Board reviewed in detail the nature, extent and quality of services to be provided by the Adviser under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser, including those individuals responsible for portfolio management. The Board considered that the Adviser provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Adviser pays for the compensation of officers of the Trust who are also officers or employees of the Adviser, except as may otherwise be determined by the Board. The Board also considered that the Adviser arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operation. The Board also considered the role to be played by the Adviser in working with TDAM to manage the Funds’ portfolio, noting that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal and regulatory requirements applicable to the Funds.

The Board evaluated these factors in consultation with Independent Trustees’ Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Adviser under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Adviser,

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Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)

taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Adviser, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Adviser in supervising third party service providers to the Funds, such as the administrator and custodian. The Board further considered the compliance program of the Adviser which supports the Funds’ compliance program.

Adviser’s Financial Resources.    In connection with the assessment of the ability of the Adviser to perform its duties under the Investment Advisory Agreement, the Board considered the Adviser’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that the Adviser had the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee.    The Board compared each Fund’s proposed advisory fee to that of other exchange-traded funds (“ETFs”), and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board noted that the proposed fee for the Funds is a unitary fee pursuant to which the Adviser pays all of the Funds’ costs. The Board also noted that the Funds’ portfolio would be managed on a day-to-day basis by the Sub-Adviser, which will receive a fee from the Adviser. The Board considered the allocation of responsibilities between the Adviser and Sub-Adviser and noted that the Adviser would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee is reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered the expenses of the Adviser in developing and rendering services to be provided to the Funds, and the likelihood and level of profits in the early years of the Funds’ operations. The Board noted that since each Fund was new, it was difficult to estimate the profitability of each Fund to the Adviser at this time, and noted that since the fee paid by the Adviser to the Sub-Adviser under the Investment Sub-Advisory Agreement contained breakpoints, the Adviser could experience increased profitability as the Funds’ assets increased. The Board also noted that the Adviser recently had provided extensive information about its current lack of profitability with respect to its management of other funds of the Trust. The Board considered whether the Adviser would benefit in other ways from its relationships with the Funds, and concluded that there were no material fall-out benefits likely to accrue to the Adviser related to the operation of the Funds.

Economies of Scale.    The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

The Board considered the following in determining whether to approve the Investment Sub-Advisory Agreement:

Nature, Extent and Quality of Services.    In considering the nature, extent and quality of services that TDAM proposes to provide to the Funds, the Board reviewed in detail the nature, extent and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities.

The Board also considered TDAM’s operational capabilities and resources, and its experience in serving as investment sub-adviser to other funds, (including certain other index-based ETFs advised by the Adviser). The Board considered the professional experience and qualifications of TDAM’s senior management and key professional personnel, as well as TDAM’s depth and breadth of experience in managing investment portfolios consisting of non-U.S. equity securities. The Board gave special consideration to TDAM’s experience and capabilities in implementing currency hedging strategies, and their techniques for implementing such strategies while minimizing index tracking error. In addition, the Board considered TDAM’s operational capabilities and resources, and TDAM’s experience in managing index funds covering various asset classes.

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Board considerations in approval of investment advisory and sub-advisory contracts (Unaudited) (Continued)

The Board evaluated these factors in consultation with Independent Trustees’ Counsel. Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by TDAM under the Investment Sub-Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to TDAM, taking special consideration of the fact that the fees to be paid to TDAM are payable by the Adviser and not the Funds.

Performance of TDAM; TDAM’s Financial Resources.    The Board noted that the Funds have not commenced operations and have no performance history, but the Board considered TDAM’s performance in managing other currency-hedged equity based portfolios of the Trust and its ability to minimize tracking error. The Board concluded that, given TDAM’s capabilities and experience in managing other portfolios of the Trust, TDAM should be able to keep the Funds’ tracking error within acceptable ranges.

The Board also considered TDAM’s financial condition and whether it had the resources necessary to carry out its functions. The Board concluded that TDAM had the financial resources necessary to perform its obligations under the Investment Sub-Advisory Agreement.

Reasonableness of Sub-Advisory Fee.    The Board noted that the fee to be paid to TDAM in respect of the Funds would be paid by the Adviser and not the Funds. The Board further noted that the proposed fee for the Funds was a unitary fee pursuant to which the Adviser would pay all of the Funds’ costs, and thus was not directly affected by the amount of the sub-advisory fee paid to TDAM. Based on its review, the Board concluded that the sub-advisory fee was reasonable in light of the services provided.

Costs of Services and Profitability.    The Board noted that since the Funds were new, it was difficult to estimate the profitability of the Funds to the Sub-Adviser at this time, and further noted that the fees to be paid by the Adviser to TDAM under the Investment Sub-Advisory Agreement contain breakpoints. The Board further noted that specific information about TDAM’s profitability with respect to its services provided to the Funds was not available because TDAM does not calculate the profitability of its sub-advisory services on a per-Fund level. The Board also noted that the overall fees paid by each Fund remained reasonable.

The Board also considered whether TDAM would benefit in other ways from its relationship with the Funds. The Board discussed TDAM’s practices regarding the selection and compensation of brokers and dealers that would execute portfolio transactions for the Funds and the brokers’ and dealers’ provision of brokerage services to TDAM. The Board discussed the possible potential benefits TDAM might derive from the Funds’ soft dollar arrangements, whereby brokers provide brokerage services to the Funds or TDAM in return for allocating fund brokerage.

Economies of Scale.    The Board noted that since the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Sub-Advisory Agreement was fair and reasonable and it was unanimously approved.

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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.

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DBX ETF Trust

Privacy policy notice (Unaudited)

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.

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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. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The European financial markets have recently experienced volatility and adverse trends in recent years due to concerns about economic downturns or rising government debt levels in several European countries, including Greece, Ireland, Italy, Portugal and Spain. A default or debt restructuring by any European country would adversely impact holders of that country’s debt, and sellers of credit default swaps linked to that country’s creditworthiness (which may be located in countries other than those listed in the previous sentence). These events have adversely affected the exchange rate of the euro, the common currency of certain EU countries, and may continue to significantly affect every country in Europe, including countries that do not use the euro. Italy, Portugal and Spain currently have high levels of debt and public spending, which may stifle economic growth, contribute to prolonged periods of recession or lower sovereign debt ratings and adversely impact investments in the Fund. Companies in the infrastructure, transportation, energy and utility industries may be affected by a variety of factors, including, but not limited to, high interest costs, energy prices, high degrees of leverage, environmental and other government regulations, the level of government spending on infrastructure projects, intense competition and other factors. There are special risks associated with an investment in real estate, including REITS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. These Funds are non-diversified and can take larger positions in fewer issues, increasing potential risk. Performance of the Funds 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 these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. 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.

MSCI is a servicemark of MSCI Inc. (MSCI) and has been licensed for use by DBX. The funds are not sponsored, endorsed, issued, sold or promoted by MSCI nor does MSCI make any representation regarding the advisability of investing in the funds.

“JPX-Nikkei 400 Currency Hedged Index” and “JPX-Nikkei Index 400” are servicemarks of Nikkei Inc. and the Tokyo Stock Exchange, Inc. (the “Index Vendor”) and has been licensed for use by Deutsche Bank AG. The corresponding funds are not sponsored, endorsed, issued, sold or promoted by the Index Vendor nor does the Index Vendor make any representation regarding the advisability of investing in the funds.

S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC. These trademarks have been licensed to S&P Dow Jones Indices LLC and sublicensed to DBRE and DBIF. The Indexes are products of S&PDow Jones Indices LLC, and have been licensed for use by the funds. The funds are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Standard & Poor’s Financial Services LLC, Dow Jones Trademark Holdings LLC, or their respective affiliates, or third party licensors, and none of such parties make any representation regarding the advisability of investing in the funds.

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.

Copyright © 2016 Deutsche Bank AG. All rights reserved. Deutsche X-trackers^® is a registered trademark 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 345 Park Ave. New York, NY 10154	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

R-040498-1 (1/16) DBX 001741 (1/17)

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    2/8/16                                                                                                                          

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    2/8/16                                                                                                                          

By (Signature and Title)*    /s/ Michael Gilligan
	Michael Gilligan
	Treasurer, Chief Financial Officer and Controller

Date    2/8/16                                                                                                                          

^*  Print the name and title of each signing officer under his or her signature.