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)

Freddi Klassen

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, 2017

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, 450 Fifth Street, NW, Washington, DC 20549-0609. 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, 2017

Semi-Annual Report

DBX ETF Trust

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)

Xtrackers MSCI Brazil Hedged Equity ETF (DBBR)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

Xtrackers MSCI Mexico Hedged Equity ETF (DBMX)

Xtrackers MSCI South Korea Hedged Equity ETF (DBKO)

Xtrackers MSCI United Kingdom Hedged Equity ETF (DBUK)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers MSCI All World ex US Hedged Equity ETF		2
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF		3
Xtrackers MSCI Brazil Hedged Equity ETF		4
Xtrackers MSCI Emerging Markets Hedged Equity ETF		5
Xtrackers MSCI Europe Hedged Equity ETF		6
Xtrackers MSCI Eurozone Hedged Equity ETF		7
Xtrackers MSCI Germany Hedged Equity ETF		8
Xtrackers MSCI Japan Hedged Equity ETF		9
Xtrackers MSCI Mexico Hedged Equity ETF		10
Xtrackers MSCI South Korea Hedged Equity ETF		11
Xtrackers MSCI United Kingdom Hedged Equity ETF		12
Fees and Expenses		13
Schedule of Investments
Xtrackers MSCI All World ex US Hedged Equity ETF		15
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF		40
Xtrackers MSCI Brazil Hedged Equity ETF		49
Xtrackers MSCI Emerging Markets Hedged Equity ETF		52
Xtrackers MSCI Europe Hedged Equity ETF		67
Xtrackers MSCI Eurozone Hedged Equity ETF		75
Xtrackers MSCI Germany Hedged Equity ETF		84
Xtrackers MSCI Japan Hedged Equity ETF		87
Xtrackers MSCI Mexico Hedged Equity ETF		93
Xtrackers MSCI South Korea Hedged Equity ETF		95
Xtrackers MSCI United Kingdom Hedged Equity ETF		98
Statements of Assets and Liabilities		102
Statements of Operations		105
Statements of Changes in Net Assets		108
Financial Highlights		114
Notes to Financial Statements		120
Additional Information		134
Privacy Policy Notice		135

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for 11 of our currency-hedged equity ETFs for the period ended November 30, 2017.

Global economies witnessed synchronized momentum in growth, amidst strong business investment and consumer confidence. Overall, equity markets, with support from positive economic sentiments, remained unfazed by geo-political risks and reached record highs on increased investment and trade. Owing to a pickup in economic activity and a stable future outlook, major central banks, such as the U.S. Federal Reserve Board (FRB), Bank of England (BoE) and the European Central Bank (ECB) continued to engineer a gradual path towards normalization. Elsewhere, a recovery in commodity prices, coupled with strong fundamentals and supportive external environment, continued to buoy emerging markets ahead of their developed market counterparts.

As the political scenario stabilized, the European economy entered a rapid growth trajectory, specifically uplifted by improving economic conditions and strong corporate earnings. Running hand in glove with Europe’s positive progression was Germany, which experienced rising production and falling unemployment rates. In France, economic growth beat expectations as business activity got a boost from labor market and tax reforms. Meanwhile, European equity markets performed moderately vis-a-vis global equities. With global central banks moving towards normalization, the ECB decided to reduce its bond purchases from January 2018, but extended the program until September in the same year. Elsewhere, the BoE took a bold step to increase its interest rates, despite the concurrent Brexit¹ proceedings. This move came after inflation comfortably stayed above its target rate.

In Asia, equity markets rallied after Japanese and Chinese administrative and political outcomes fell in line with the equity investor’s view on the likely continuation of stable policies. Chinese equity markets reached new highs, following strong economic data, with expanding industrial production and a reduction in reserve requirement by banks. Among other policies, China’s focus on deleveraging, efficient allocation of resources and transition to a consumption-led economy were in line with investor expectations. Australia’s economy was supported by growing public infrastructure, despite disappointment from domestic demand.

Global economic conditions remain strong, with major economies worldwide expected to steadily move toward their target growth rates. Against this supportive economic backdrop, emerging markets are likely to experience a sustained pickup in activity. Meanwhile, with the U.S. and Eurozone recovering strongly, monetary policies are expected to tighten in these regions, but at a cautious pace. Furthermore, as Donald Trump’s proposed tax reforms continue to gain support, business confidence in the U.S. could improve. In view of an appreciating U.S. dollar, our currency-hedged strategy plays a significant role in managing investments in international equities.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

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)

Xtrackers MSCI All World ex US Hedged Equity ETF (DBAW)

The Xtrackers MSCI All World ex US Hedged Equity ETF (the “Fund”) 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 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 11/30/17 (9.8% of Net Assets)

Description	% of Net Assets
Tencent Holdings Ltd. (China)		1.4%
Nestle SA (Switzerland)		1.3%
Samsung Electronics Co. Ltd. (South Korea)		1.1%
Alibaba Group Holding Ltd. (China)		1.0%
HSBC Holdings PLC (United Kingdom)		0.9%
Novartis AG (Switzerland)		0.9%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		0.9%
Roche Holding AG (Switzerland)		0.8%
Toyota Motor Corp. (Japan)		0.8%
British American Tobacco PLC (United Kingdom)		0.7%

Country Diversification* as of 11/30/17

Japan	16.8%
United Kingdom	10.7%
France	7.5%
Germany	7.0%
China	6.7%
Canada	6.6%
Switzerland	6.1%
Australia	4.8%
South Korea	3.9%
Hong Kong	3.3%
Netherlands	3.3%
Taiwan	2.9%
Spain	2.3%
Other	18.1%
Total	100.0%

Sector Diversification* as of 11/30/17

Financials	23.2%
Industrials	11.9%
Information Technology	11.7%
Consumer Discretionary	11.2%
Consumer Staples	9.5%
Materials	7.8%
Health Care	7.7%
Energy	6.5%
Telecommunication Services	4.2%
Real Estate	3.2%
Utilities	3.1%
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 15.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (DBAP)

The Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF (the “Fund”) 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 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 11/30/17 (25.2% of Net Assets)

Description	% of Net Assets
Tencent Holdings Ltd. (China)		5.2%
Samsung Electronics Co. Ltd. (South Korea)		4.1%
Alibaba Group Holding Ltd. (China)		3.7%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		3.3%
Commonwealth Bank of Australia (Australia)		1.9%
AIA Group Ltd. (Hong Kong)		1.8%
Westpac Banking Corp. (Australia)		1.5%
China Construction Bank Corp. (China)		1.3%
BHP Billiton Ltd. (Australia)		1.2%
Baidu, Inc. (China)		1.2%

Country Diversification* as of 11/30/17

China	27.2%
Australia	19.0%
South Korea	16.0%
Hong Kong	13.0%
Taiwan	11.6%
Singapore	3.8%
Malaysia	2.3%
Thailand	2.3%
Indonesia	2.2%
Other	2.6%
Total	100.0%

Sector Diversification* as of 11/30/17

Information Technology	27.8%
Financials	26.6%
Consumer Discretionary	7.5%
Real Estate	6.9%
Industrials	6.8%
Materials	6.5%
Consumer Staples	4.7%
Telecommunication Services	3.8%
Energy	3.5%
Health Care	3.2%
Utilities	2.7%
Total	100.0%

* As a percent of total investments excluding exchange-traded funds and securities lending collateral.

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

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Brazil Hedged Equity ETF (DBBR)

The Xtrackers MSCI Brazil Hedged Equity ETF (the “Fund”) 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 11/30/17 (56.1% of Net Assets)

Description	% of Net Assets
Itau Unibanco Holding SA		10.2%
Vale SA		8.4%
Banco Bradesco SA		7.7%
Ambev SA		7.2%
iShares MSCI Brazil Capped ETF		4.6%
Petroleo Brasileiro SA		4.5%
B3 SA — Brasil Bolsa Balcao		4.0%
Petroleo Brasileiro SA		3.8%
Itausa — Investimentos Itau SA		3.4%
Cielo SA		2.3%

Sector Diversification* as of 11/30/17

Financials	35.3%
Consumer Staples	14.1%
Materials	13.8%
Energy	11.8%
Industrials	6.0%
Consumer Discretionary	5.4%
Utilities	4.8%
Telecommunication Services	2.8%
Information Technology	2.5%
Health Care	2.0%
Real Estate	1.5%
Total	100.0%

* As a percent of total investments excluding exchange-traded funds and securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 49.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Emerging Markets Hedged Equity ETF (DBEM)

The Xtrackers MSCI Emerging Markets Hedged Equity ETF (the “Fund”) 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 the currencies of the countries included in the Underlying Index. The Underlying Index includes securities from the following 24 countries: Brazil, Chile, China, Columbia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Philippines, Poland, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and United Arab Emirates. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 11/30/17 (25.0% of Net Assets)

Description	% of Net Assets
Tencent Holdings Ltd. (China)		5.4%
Samsung Electronics Co. Ltd. (South Korea)		4.2%
Alibaba Group Holding Ltd. (China)		3.8%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		3.5%
Naspers Ltd. (South Africa)		2.2%
China Construction Bank Corp. (China)		1.4%
Baidu, Inc. (China)		1.2%
China Mobile Ltd. (Hong Kong)		1.2%
Industrial & Commercial Bank of China Ltd. (China)		1.1%
Hon Hai Precision Industry Co. Ltd. (Taiwan)		1.0%

Country Diversification* as of 11/30/17

China	26.5%
South Korea	15.5%
Taiwan	11.5%
India	8.6%
Brazil	6.8%
South Africa	6.6%
Hong Kong	3.6%
Russia	3.4%
Mexico	3.0%
Malaysia	2.3%
Thailand	2.3%
Indonesia	2.2%
Other	7.7%
Total	100.0%

Sector Diversification* as of 11/30/17

Information Technology	28.4%
Financials	23.1%
Consumer Discretionary	10.4%
Materials	7.3%
Energy	6.7%
Consumer Staples	6.4%
Industrials	5.2%
Telecommunication Services	4.8%
Real Estate	2.8%
Health Care	2.5%
Utilities	2.4%
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 52.

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Europe Hedged Equity ETF (DBEU)

The Xtrackers MSCI Europe Hedged Equity ETF (the “Fund”) 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 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 11/30/17 (18.2% of Net Assets)

Description	% of Net Assets
Nestle SA (Switzerland)		2.8%
Royal Dutch Shell PLC (Netherlands)		2.8%
HSBC Holdings PLC (United Kingdom)		2.1%
Novartis AG (Switzerland)		2.0%
Roche Holding AG (Switzerland)		1.9%
British American Tobacco PLC (United Kingdom)		1.5%
TOTAL SA (France)		1.4%
BP PLC (United Kingdom)		1.4%
SAP SE (Germany)		1.2%
Banco Santander SA (Spain)		1.1%

Country Diversification* as of 11/30/17

United Kingdom	23.6%
France	16.6%
Germany	15.6%
Switzerland	13.7%
Netherlands	7.2%
Spain	5.2%
Sweden	4.3%
Italy	3.3%
Denmark	2.8%
Other	7.7%
Total	100.0%

Sector Diversification* as of 11/30/17

Financials	21.0%
Consumer Staples	13.8%
Industrials	13.3%
Health Care	12.3%
Consumer Discretionary	10.4%
Materials	8.0%
Energy	7.3%
Information Technology	5.1%
Telecommunication Services	3.8%
Utilities	3.7%
Real Estate	1.3%
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 67.

6

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Eurozone Hedged Equity ETF (DBEZ)

The Xtrackers MSCI Eurozone Hedged Equity ETF (the “Fund”) 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”). The Underlying Index is designed to provide exposure to equities in 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 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 11/30/17 (19.1% of Net Assets)

Description	% of Net Assets
TOTAL SA (France)		2.4%
SAP SE (Germany)		2.0%
Banco Santander SA (Spain)		2.0%
Allianz SE (Germany)		1.9%
Bayer AG (Germany)		1.9%
Siemens AG (Germany)		1.9%
Sanofi (France)		1.9%
BASF SE (Germany)		1.8%
Unilever NV (United Kingdom)		1.7%
Anheuser-Busch InBev SA/NV (Belgium)		1.6%

Country Diversification* as of 11/30/17

France	29.9%
Germany	29.1%
Spain	9.9%
Netherlands	8.7%
Italy	7.5%
Belgium	3.9%
Finland	3.2%
United Kingdom	3.0%
Other	4.8%
Total	100.0%

Sector Diversification* as of 11/30/17

Financials	19.6%
Industrials	15.8%
Consumer Discretionary	13.6%
Consumer Staples	9.5%
Materials	8.6%
Information Technology	8.5%
Health Care	7.8%
Utilities	5.2%
Energy	4.8%
Telecommunication Services	3.8%
Real Estate	2.8%
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 75.

7

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Germany Hedged Equity ETF (DBGR)

The Xtrackers MSCI Germany Hedged Equity ETF (the “Fund”) 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 Germany’s equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and euro. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 11/30/17 (53.0% of Net Assets)

Description	% of Net Assets
SAP SE		7.3%
Allianz SE		7.0%
Bayer AG		7.0%
Siemens AG		6.9%
BASF SE		6.8%
Daimler AG		5.3%
Deutsche Telekom AG		3.9%
Deutsche Post AG		3.0%
Volkswagen AG		3.0%
Linde AG		2.8%

Sector Diversification* as of 11/30/17

Consumer Discretionary	18.5%
Financials	15.2%
Materials	14.9%
Industrials	14.3%
Health Care	12.0%
Information Technology	11.0%
Telecommunication Services	4.6%
Consumer Staples	3.5%
Utilities	3.4%
Real Estate	2.6%
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 84.

8

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Japan Hedged Equity ETF (DBJP)

The Xtrackers MSCI Japan Hedged Equity ETF (the “Fund”) 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 11/30/17 (18.5% of Net Assets)

Description	% of Net Assets
Toyota Motor Corp.		4.4%
Mitsubishi UFJ Financial Group, Inc.		2.2%
SoftBank Group Corp.		1.9%
Sony Corp.		1.6%
Honda Motor Co. Ltd.		1.5%
Keyence Corp.		1.5%
Sumitomo Mitsui Financial Group, Inc.		1.5%
KDDI Corp.		1.4%
FANUC Corp.		1.3%
Nintendo Co. Ltd.		1.2%

Sector Diversification* as of 11/30/17

Industrials	21.0%
Consumer Discretionary	20.1%
Information Technology	13.1%
Financials	12.5%
Consumer Staples	7.7%
Health Care	7.0%
Materials	6.6%
Telecommunication Services	5.4%
Real Estate	3.9%
Utilities	1.7%
Energy	1.0%
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 87.

9

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Mexico Hedged Equity ETF (DBMX)

The Xtrackers MSCI Mexico Hedged Equity ETF (the “Fund”) 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 11/30/17 (59.6% of Net Assets)

Description	% of Net Assets
America Movil SAB de CV		15.2%
Fomento Economico Mexicano SAB de CV		9.0%
Grupo Financiero Banorte SAB de CV		7.4%
Wal-Mart de Mexico SAB de CV		6.2%
Grupo Mexico SAB de CV		5.3%
Grupo Televisa SAB		4.6%
Cemex SAB de CV		4.4%
Fibra Uno Administracion SA de CV		2.7%
Grupo Financiero Inbursa SAB de CV		2.5%
Grupo Bimbo SAB de CV		2.3%

Sector Diversification* as of 11/30/17

Consumer Staples	26.5%
Telecommunication Services	16.4%
Financials	15.5%
Materials	14.1%
Industrials	10.9%
Consumer Discretionary	7.7%
Real Estate	6.5%
Utilities	1.7%
Health Care	0.7%
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 93.

10

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI South Korea Hedged Equity ETF (DBKO)

The Xtrackers MSCI South Korea Hedged Equity ETF (the “Fund”) 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 Equity Holdings
as of 11/30/17 (43.6% of Net Assets)

Description	% of Net Assets
Samsung Electronics Co. Ltd.		19.8%
SK Hynix, Inc.		4.9%
Hyundai Motor Co.		2.8%
POSCO		2.7%
KB Financial Group, Inc.		2.6%
NAVER Corp.		2.5%
Shinhan Financial Group Co. Ltd.		2.3%
LG Chem Ltd.		2.1%
Hyundai Mobis Co. Ltd.		2.1%
Celltrion, Inc.		1.8%

Sector Diversification* as of 11/30/17

Information Technology	35.9%
Financials	14.3%
Consumer Discretionary	12.8%
Industrials	10.6%
Materials	8.8%
Consumer Staples	8.1%
Health Care	4.5%
Energy	2.7%
Utilities	1.4%
Telecommunication Services	0.9%
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 95.

11

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI United Kingdom Hedged Equity ETF (DBUK)

The Xtrackers MSCI United Kingdom Hedged Equity ETF (the “Fund”) 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 11/30/17 (46.0% of Net Assets)

Description	% of Net Assets
Royal Dutch Shell PLC		10.1%
HSBC Holdings PLC		7.6%
British American Tobacco PLC		5.6%
BP PLC		4.6%
Diageo PLC		3.4%
GlaxoSmithKline PLC		3.3%
AstraZeneca PLC		3.1%
Vodafone Group PLC		3.1%
Unilever PLC		2.7%
Prudential PLC		2.5%

Sector Diversification* as of 11/30/17

Financials	22.4%
Consumer Staples	17.9%
Energy	15.3%
Health Care	9.2%
Materials	8.6%
Consumer Discretionary	8.0%
Industrials	8.0%
Telecommunication Services	4.4%
Utilities	3.3%
Information Technology	1.7%
Real Estate	1.2%
Total	100.0%

* As a percent of total investments excluding exchange-traded funds and securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 98.

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 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, 2017 to November 30, 2017).

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, 2017		Ending Account Value November 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers MSCI All World ex US Hedged Equity ETF
Actual	$	1,000.00	$	1,068.80		0.40	%	$	2.07
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06		0.40	%	$	2.03
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF
Actual	$	1,000.00	$	1,111.70		0.60	%	$	3.18
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06		0.60	%	$	3.04
Xtrackers MSCI Brazil Hedged Equity ETF
Actual	$	1,000.00	$	1,104.20		0.60	%	$	3.16
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06		0.60	%	$	3.04
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Actual	$	1,000.00	$	1,113.40		0.65	%	$	3.44
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers MSCI Europe Hedged Equity ETF
Actual	$	1,000.00	$	1,019.00		0.45	%	$	2.28
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Xtrackers MSCI Eurozone Hedged Equity ETF
Actual	$	1,000.00	$	1,029.50		0.45	%	$	2.29
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28

13

DBX ETF Trust

Fees and Expenses (Unaudited) (Continued)

	Beginning Account Value June 1, 2017		Ending Account Value November 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers MSCI Germany Hedged Equity ETF
Actual	$	1,000.00	$	1,036.50		0.45	%	$	2.30
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Xtrackers MSCI Japan Hedged Equity ETF
Actual	$	1,000.00	$	1,149.90		0.45	%	$	2.43
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Xtrackers MSCI Mexico Hedged Equity ETF
Actual	$	1,000.00	$	957.40		0.50	%	$	2.45
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.56		0.50	%	$	2.54
Xtrackers MSCI South Korea Hedged Equity ETF
Actual	$	1,000.00	$	1,076.90		0.58	%	$	3.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.16		0.58	%	$	2.94
Xtrackers MSCI United Kingdom Hedged Equity ETF
Actual	$	1,000.00	$	993.80		0.45	%	$	2.25
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		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 365.

14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 95.5%
Australia — 4.7%
AGL Energy Ltd.		4,172	$	78,861
Alumina Ltd.		16,246		27,280
Amcor Ltd.		6,687		77,995
AMP Ltd.		16,474		63,676
APA Group (a)		6,479		45,773
Aristocrat Leisure Ltd.		3,247		54,008
ASX Ltd.		1,206		52,124
Aurizon Holdings Ltd.		13,806		55,034
AusNet Services		13,115		18,600
Australia & New Zealand Banking Group Ltd.		17,560		378,017
Bank of Queensland Ltd.		2,564		25,561
Bendigo & Adelaide Bank Ltd.		2,452		21,589
BHP Billiton Ltd.		19,140		395,236
BHP Billiton PLC		12,632		229,772
BlueScope Steel Ltd.		3,440		35,414
Boral Ltd.		6,561		37,320
Brambles Ltd.		9,856		76,191
Caltex Australia Ltd.		1,517		39,083
Challenger Ltd.		3,987		42,191
CIMIC Group Ltd.		618		23,854
Coca-Cola Amatil Ltd.		3,568		21,429
Cochlear Ltd.		362		49,484
Commonwealth Bank of Australia		10,307		619,254
Computershare Ltd.		2,888		35,979
Crown Resorts Ltd.		2,417		22,579
CSL Ltd.		2,729		295,885
Dexus REIT		6,015		47,135
Domino’s Pizza Enterprises Ltd.		445		15,820
Flight Centre Travel Group Ltd. (b)		386		13,069
Fortescue Metals Group Ltd.		9,781		34,032
Goodman Group REIT		11,114		73,054
GPT Group REIT		11,150		45,627
Harvey Norman Holdings Ltd. (b)		3,456		10,483
Healthscope Ltd.		8,008		12,024
Incitec Pivot Ltd.		10,681		32,236
Insurance Australia Group Ltd.		13,575		73,623
LendLease Group (a)		3,441		41,384
Macquarie Group Ltd.		1,877		139,464
Medibank Pvt Ltd.		17,099		42,293
Mirvac Group REIT		22,972		42,398
National Australia Bank Ltd.		15,984		357,752
Newcrest Mining Ltd.		4,869		85,849
Oil Search Ltd.		6,960		36,957
Orica Ltd.		2,703		34,757
Origin Energy Ltd.*		9,782		66,074
QBE Insurance Group Ltd.		8,543		68,626
Ramsay Health Care Ltd.		891		47,029
REA Group Ltd.		277		16,508
Santos Ltd.*		8,630		33,161
Scentre Group REIT		31,695		101,411
SEEK Ltd.		1,976		27,621
Sonic Healthcare Ltd.		2,516		42,401
South32 Ltd.		33,327		82,180
Stockland REIT		14,411		51,232
Suncorp Group Ltd.		7,601		82,389

	Number of Shares		Value
Australia (Continued)
Sydney Airport (a)		6,598	$	36,981
Tabcorp Holdings Ltd.		5,171		18,970
Tatts Group Ltd.		9,074		29,582
Telstra Corp. Ltd.		24,603		63,831
TPG Telecom Ltd. (b)		2,186		9,838
Transurban Group (a)		12,257		116,354
Treasury Wine Estates Ltd.		4,567		54,339
Vicinity Centres REIT		21,347		45,211
Wesfarmers Ltd.		6,749		224,209
Westfield Corp. REIT		11,916		75,531
Westpac Banking Corp.		20,033		476,864
Woodside Petroleum Ltd.		4,359		102,212
Woolworths Ltd.		7,913		161,067
				5,993,767
Austria — 0.2%
ANDRITZ AG		332		18,595
Erste Group Bank AG*		1,804		78,695
OMV AG		904		56,231
Raiffeisen Bank International AG*		907		32,117
voestalpine AG		554		32,185
				217,823
Belgium — 0.8%
Ageas		984		48,353
Anheuser-Busch InBev SA/NV		4,697		540,611
Colruyt SA		362		19,170
Groupe Bruxelles Lambert SA		505		54,307
KBC Group NV		1,572		128,599
Proximus SADP		450		15,423
Solvay SA		450		63,309
Telenet Group Holding NV*		371		25,917
UCB SA		802		59,890
Umicore SA		1,124		52,457
				1,008,036
Brazil — 1.1%
Ambev SA		28,294		177,710
Atacadao Distribuicao Comercio e Industria Ltda*		2,300		10,673
B3 SA — Brasil Bolsa Balcao		12,620		89,596
Banco Bradesco SA		5,467		50,738
Banco do Brasil SA		5,378		49,172
Banco Santander Brasil SA		3,145		27,766
BB Seguridade Participacoes SA		4,618		37,921
BR Malls Participacoes SA		4,900		18,097
BRF SA*		2,663		31,304
CCR SA		7,454		36,047
Centrais Eletricas Brasileiras SA*		470		2,689
Cia de Saneamento Basico do Estado de Sao Paulo		2,332		23,295
Cia Energetica de Minas Gerais*		719		1,443
Cia Siderurgica Nacional SA*		3,911		8,794
Cielo SA		6,963		48,711
Cosan SA Industria e Comercio		815		8,921
EDP — Energias do Brasil SA		1,828		7,706
Embraer SA		3,041		14,539

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Brazil (Continued)
Equatorial Energia SA		1,292	$	25,240
Fibria Celulose SA		1,441		19,884
Hypermarcas SA		2,332		23,402
JBS SA		4,527		10,939
Klabin SA		3,591		19,582
Kroton Educacional SA		8,410		46,553
Localiza Rent a Car SA		3,084		18,871
Lojas Renner SA		4,465		46,281
M Dias Branco SA		702		10,036
Natura Cosmeticos SA		1,387		12,355
Odontoprev SA		1,671		7,785
Petroleo Brasileiro SA*		17,725		86,366
Porto Seguro SA		447		4,893
Qualicorp SA		2,524		23,648
Raia Drogasil SA		1,586		42,636
Rumo SA*		4,440		17,660
Sul America SA		753		4,115
Suzano Papel e Celulose SA		2,413		12,907
TIM Participacoes SA		4,449		16,038
Transmissora Alianca de Energia Eletrica SA		1,110		7,216
Ultrapar Participacoes SA		2,172		46,579
Vale SA		17,898		192,134
WEG SA		3,311		23,143
				1,363,385
Canada — 6.4%
Agnico Eagle Mines Ltd.		1,124		49,267
Agrium, Inc.		816		89,661
Alimentation Couche-Tard, Inc., Class B		2,604		132,789
AltaGas Ltd. (b)		717		16,300
ARC Resources Ltd.		2,332		28,577
Atco Ltd., Class I		457		16,323
Bank of Montreal		3,920		301,623
Bank of Nova Scotia		7,304		461,457
Barrick Gold Corp.		7,312		100,996
BCE, Inc.		704		33,690
BlackBerry Ltd.*		3,363		36,285
Bombardier, Inc., Class B*		12,499		29,064
Brookfield Asset Management, Inc., Class A		5,074		210,881
CAE, Inc.		1,682		29,699
Cameco Corp.		2,047		19,198
Canadian Imperial Bank of Commerce		2,626		240,465
Canadian National Railway Co.		4,616		360,328
Canadian Natural Resources Ltd.		6,921		234,750
Canadian Pacific Railway Ltd.		908		158,917
Canadian Tire Corp. Ltd., Class A		440		55,601
Canadian Utilities Ltd., Class A		804		24,329
CCL Industries, Inc., Class B		916		42,451
Cenovus Energy, Inc.		5,335		50,863
CGI Group, Inc., Class A*		1,317		69,507
CI Financial Corp.		1,626		36,738
Constellation Software, Inc.		131		76,731
Crescent Point Energy Corp.		3,354		24,463
Dollarama, Inc.		645		78,846
Element Fleet Management Corp.		2,963		22,346

	Number of Shares		Value
Canada (Continued)
Emera, Inc.		323	$	12,157
Empire Co. Ltd., Class A		782		15,044
Enbridge, Inc.		9,844		371,205
Encana Corp.		6,247		73,938
Fairfax Financial Holdings Ltd.		155		85,179
Finning International, Inc.		1,222		29,277
First Capital Realty, Inc.		834		13,601
First Quantum Minerals Ltd.		4,405		50,634
Fortis, Inc.		2,470		90,939
Franco-Nevada Corp.		829		67,540
George Weston Ltd.		269		22,917
Gildan Activewear, Inc.		916		29,067
Goldcorp, Inc.		5,269		66,610
Great-West Lifeco, Inc.		1,814		49,366
H&R Real Estate Investment Trust REIT		3		49
Husky Energy, Inc.*		2,081		25,211
Hydro One Ltd., 144A		1,669		29,418
IGM Financial, Inc.		613		21,182
Imperial Oil Ltd.		1,942		59,909
Industrial Alliance Insurance & Financial Services, Inc.		645		30,081
Intact Financial Corp.		684		57,386
Inter Pipeline Ltd.		2,143		45,014
Jean Coutu Group PJC, Inc., Class A		126		2,401
Keyera Corp.		826		23,279
Kinross Gold Corp.*		8,345		34,864
Linamar Corp.		105		5,677
Loblaw Cos. Ltd.		1,376		72,450
Lundin Mining Corp.		3,807		22,190
Magna International, Inc.		2,120		118,920
Manulife Financial Corp.		12,130		254,888
Methanex Corp.		570		30,379
Metro, Inc.		1,392		43,600
National Bank of Canada		2,139		105,396
Onex Corp.		469		33,913
Open Text Corp.		1,211		39,498
Pembina Pipeline Corp.		3,119		108,620
Potash Corp. of Saskatchewan, Inc.		5,285		103,721
Power Corp. of Canada		2,332		59,089
Power Financial Corp.		1,486		40,716
PrairieSky Royalty Ltd.		1,097		28,706
Restaurant Brands International, Inc.		1,503		93,350
Rogers Communications, Inc., Class B		2,296		119,165
Royal Bank of Canada		8,824		689,765
Saputo, Inc.		1,295		43,945
Seven Generations Energy Ltd., Class A*		1,534		20,974
Shaw Communications, Inc., Class B		2,796		62,307
Shopify, Inc., Class A*		476		49,867
SNC-Lavalin Group, Inc.		1,012		44,138
Sun Life Financial, Inc.		3,697		146,086
Suncor Energy, Inc.		9,984		346,304
Teck Resources Ltd., Class B		3,682		84,591
TELUS Corp.		1,033		38,176
Thomson Reuters Corp.		1,743		76,764
Toronto-Dominion Bank		11,124		631,494
Tourmaline Oil Corp.*		1,217		21,866
TransCanada Corp.		5,599		268,547

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Canada (Continued)
Turquoise Hill Resources Ltd.*		3,868	$	11,453
Vermilion Energy, Inc.		607		21,407
West Fraser Timber Co. Ltd.		360		22,753
Wheaton Precious Metals Corp.		2,796		58,492
				8,257,620
Chile — 0.3%
Aguas Andinas SA, Class A		9,121		5,246
Antofagasta PLC		2,516		30,947
Banco de Chile		147,982		20,494
Banco de Credito e Inversiones		228		13,653
Banco Santander Chile		392,625		26,868
Cencosud SA		10,593		25,954
Cia Cervecerias Unidas SA		884		11,201
Colbun SA		40,553		8,249
Empresas CMPC SA		5,893		16,722
Empresas COPEC SA		2,707		36,324
Enel Americas SA		173,584		33,534
Enel Chile SA		102,572		11,011
Enel Generacion Chile SA		15,415		12,581
Itau CorpBanca		1,679,537		13,307
Latam Airlines Group SA		1,848		23,204
SACI Falabella		3,760		31,496
				320,791
China — 6.4%
3SBio, Inc., 144A*		4,732		9,209
58.com, Inc., ADR*		526		37,735
AAC Technologies Holdings, Inc.		5,188		103,824
Agile Group Holdings Ltd.		10,000		14,417
Agricultural Bank of China Ltd., Class H		148,094		68,831
Air China Ltd., Class H		17,267		18,527
Alibaba Group Holding Ltd., ADR*		6,846		1,212,290
Aluminum Corp. of China Ltd., Class H*		12,558		8,329
Anhui Conch Cement Co. Ltd., Class H		7,340		35,243
ANTA Sports Products Ltd.		6,459		28,945
Autohome, Inc., ADR*		322		17,829
AviChina Industry & Technology Co. Ltd., Class H		16,514		8,648
Baidu, Inc., ADR*		1,569		374,332
Bank of China Ltd., Class H		473,111		229,585
Bank of Communications Co. Ltd., Class H		50,720		37,536
Beijing Capital International Airport Co. Ltd., Class H		8,955		13,232
BYD Co. Ltd., Class H (b)		3,899		34,571
BYD Electronic International Co. Ltd.		4,000		9,577
CGN Power Co. Ltd., Class H, 144A		52,597		14,344
China Cinda Asset Management Co. Ltd., Class H		49,800		18,491
China CITIC Bank Corp. Ltd., Class H		58,540		37,852
China Communications Construction Co. Ltd., Class H		30,560		34,120
China Communications Services Corp. Ltd., Class H		19,597		12,446
China Conch Venture Holdings Ltd.		7,292		16,059
China Construction Bank Corp., Class H		501,312		437,115

	Number of Shares		Value
China (Continued)
China Everbright Bank Co. Ltd., Class H		18,576	$	8,610
China Evergrande Group*		19,877		65,662
China Galaxy Securities Co. Ltd., Class H		14,138		11,097
China Huarong Asset Management Co. Ltd., Class H, 144A		37,200		17,052
China Huishan Dairy Holdings Co. Ltd.*(c)		38,883		5
China Life Insurance Co. Ltd., Class H		44,168		143,359
China Longyuan Power Group Corp. Ltd., Class H		20,614		13,883
China Medical System Holdings Ltd.		2,426		5,069
China Mengniu Dairy Co. Ltd.*		15,125		38,422
China Merchants Bank Co. Ltd., Class H		23,642		92,629
China Minsheng Banking Corp. Ltd., Class H		34,934		35,202
China Molybdenum Co. Ltd., Class H		21,000		13,095
China National Building Material Co. Ltd., Class H (b)		16,275		14,962
China Oilfield Services Ltd., Class H		11,625		10,717
China Pacific Insurance Group Co. Ltd., Class H		15,901		75,839
China Petroleum & Chemical Corp., Class H		149,400		106,740
China Railway Construction Corp. Ltd., Class H		13,487		15,956
China Railway Group Ltd., Class H		16,985		12,679
China Resources Pharmaceutical Group Ltd., 144A		11,000		14,591
China Shenhua Energy Co. Ltd., Class H		22,308		54,898
China Southern Airlines Co. Ltd., Class H		10,473		9,360
China Telecom Corp. Ltd., Class H		89,233		43,302
China Vanke Co. Ltd., Class H		7,157		26,071
Chongqing Changan Automobile Co. Ltd., Class B		5,000		4,712
Chongqing Rural Commercial Bank Co. Ltd., Class H		20,820		14,742
CITIC Securities Co. Ltd., Class H		13,274		28,723
CNOOC Ltd.		99,588		134,907
Country Garden Holdings Co. Ltd.		32,278		50,834
CRRC Corp. Ltd., Class H		22,680		20,676
CSPC Pharmaceutical Group Ltd.		21,347		42,365
Ctrip.com International Ltd., ADR*		2,267		104,463
Dongfeng Motor Group Co. Ltd., Class H		17,457		21,949
ENN Energy Holdings Ltd.		4,783		34,877
Fosun International Ltd.		19,001		39,412
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,255		12,503
Geely Automobile Holdings Ltd.		28,520		99,325
GF Securities Co. Ltd., Class H		5,555		11,138
GOME Retail Holdings Ltd. (b)		77,446		8,726
Great Wall Motor Co. Ltd., Class H		17,341		20,294
Guangzhou Automobile Group Co. Ltd., Class H		12,674		31,806
Guangzhou R&F Properties Co. Ltd., Class H		9,092		19,441
Haitian International Holdings Ltd.		3,701		10,828
Haitong Securities Co. Ltd., Class H		19,570		29,167

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
China (Continued)
Hengan International Group Co. Ltd.		4,356	$	42,472
Huaneng Power International, Inc., Class H		23,226		14,869
Huaneng Renewables Corp. Ltd., Class H		23,491		7,489
Huatai Securities Co. Ltd., Class H, 144A		8,870		17,944
Industrial & Commercial Bank of China Ltd., Class H		454,931		353,570
JD.com, Inc., ADR*		3,971		148,714
Jiangsu Expressway Co. Ltd., Class H		7,274		9,965
Jiangxi Copper Co. Ltd., Class H		7,073		11,012
Kingsoft Corp. Ltd.		4,159		11,822
Lenovo Group Ltd.		46,909		26,667
Longfor Properties Co. Ltd.		15,348		36,041
Meitu, Inc., 144A*		7,500		10,870
Minth Group Ltd.		4,650		25,959
Momo, Inc., ADR*		531		12,744
NetEase, Inc., ADR		480		157,781
New China Life Insurance Co. Ltd., Class H		4,528		28,872
New Oriental Education & Technology Group, Inc., ADR		813		68,991
People’s Insurance Co. Group of China Ltd., Class H		41,191		21,202
PetroChina Co. Ltd., Class H		119,991		80,658
PICC Property & Casualty Co. Ltd., Class H		26,665		50,529
Ping An Insurance Group Co. of China Ltd., Class H		31,434		309,907
Semiconductor Manufacturing International Corp.*(b)		15,981		22,303
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		11,437		7,834
Shanghai Electric Group Co. Ltd., Class H*		18,292		7,167
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,202		5,802
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		5,400		8,008
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		6,416		16,118
Shenzhou International Group Holdings Ltd.		4,639		41,875
Sihuan Pharmaceutical Holdings Group Ltd.		23,250		8,186
SINA Corp.*		356		34,806
Sino-Ocean Group Holding Ltd.		16,342		10,232
Sinopec Shanghai Petrochemical Co. Ltd., Class H		20,387		12,086
Sinopharm Group Co. Ltd., Class H		7,599		29,870
SOHO China Ltd.		12,723		7,200
Sunac China Holdings Ltd.		11,210		51,671
Sunny Optical Technology Group Co. Ltd.		4,407		73,355
TAL Education Group, ADR		1,638		45,667
Tencent Holdings Ltd.		34,485		1,757,332
Tingyi Cayman Islands Holding Corp.		14,230		22,374
TravelSky Technology Ltd., Class H		5,989		16,372

	Number of Shares		Value
China (Continued)
Tsingtao Brewery Co. Ltd., Class H		1,296	$	5,260
Vipshop Holdings Ltd., ADR*		1,936		15,933
Want Want China Holdings Ltd.		37,388		29,297
Weibo Corp., ADR*		197		21,386
Weichai Power Co. Ltd., Class H		2,613		2,914
Yangzijiang Shipbuilding Holdings Ltd.		14,500		16,880
Yanzhou Coal Mining Co. Ltd., Class H		11,625		10,851
Yum China Holdings, Inc.		2,286		93,337
YY, Inc., ADR*(b)		180		18,574
Zhejiang Expressway Co. Ltd., Class H		8,007		9,596
Zhuzhou CRRC Times Electric Co. Ltd., Class H		4,058		23,303
Zijin Mining Group Co. Ltd., Class H		31,613		10,969
ZTE Corp., Class H*		929		3,229
				8,291,040
Colombia — 0.1%
Bancolombia SA		1,380		13,267
Ecopetrol SA		41,949		24,337
Grupo Argos SA		1,798		12,207
Grupo de Inversiones Suramericana SA		1,449		18,734
Interconexion Electrica SA ESP		2,328		10,650
				79,195
Czech Republic — 0.0%
CEZ AS		1,004		22,969
Komercni banka AS		454		19,029
Moneta Money Bank AS, 144A		2,925		10,548
O2 Czech Republic AS		1		13
				52,559
Denmark — 1.3%
A.P. Moller — Maersk A/S, Class A		16		27,404
A.P. Moller — Maersk A/S, Class B		39		69,978
Carlsberg A/S, Class B		660		78,158
Chr Hansen Holding A/S		656		59,535
Coloplast A/S, Class B		742		58,156
Danske Bank A/S		4,358		162,804
DSV A/S		1,130		86,958
Genmab A/S*		345		67,862
H Lundbeck A/S		422		21,278
ISS A/S		1,355		51,226
Novo Nordisk A/S, Class B		11,094		572,699
Novozymes A/S, Class B		1,345		72,788
Orsted A/S, 144A		886		51,547
Pandora A/S		810		81,154
TDC A/S		5,098		31,029
Tryg A/S		661		16,068
Vestas Wind Systems A/S		1,323		84,672
William Demant Holding A/S*		925		25,429
				1,618,745
Egypt — 0.0%
Commercial International Bank Egypt SAE		6,249		26,625
Egyptian Financial Group-Hermes Holding Co.		2,888		3,969

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Egypt (Continued)
Global Telecom Holding SAE*		12,321	$	5,233
				35,827
Finland — 0.7%
Elisa OYJ		873		35,516
Fortum OYJ		2,742		57,702
Kone OYJ, Class B		2,127		109,469
Metso OYJ		675		23,821
Neste OYJ		1,036		64,368
Nokia OYJ		34,904		175,151
Nokian Renkaat OYJ		833		36,358
Orion OYJ, Class B		714		26,370
Sampo OYJ, Class A		2,623		138,649
Stora Enso OYJ, Class R		3,169		48,507
UPM-Kymmene OYJ		3,197		96,234
Wartsila OYJ Abp		898		59,321
				871,466
France — 7.2%
Accor SA		1,126		56,477
Aeroports de Paris		276		52,644
Air Liquide SA		2,575		322,273
Airbus SE		3,505		364,159
Alstom SA		1,126		46,479
Amundi SA, 144A		351		31,325
Arkema SA		434		53,103
Atos SE		558		82,522
AXA SA		11,715		353,475
BioMerieux		241		20,105
BNP Paribas SA		6,660		504,003
Bollore SA		4,095		21,748
Bouygues SA		1,113		57,574
Bureau Veritas SA		1,492		39,557
Capgemini SE		966		111,391
Carrefour SA		3,395		71,342
Casino Guichard Perrachon SA		293		17,831
Cie de Saint-Gobain		3,017		171,882
Cie Generale des Etablissements Michelin		1,021		148,078
CNP Assurances		909		20,459
Credit Agricole SA		6,749		113,707
Danone SA		3,526		297,638
Dassault Aviation SA		13		19,987
Dassault Systemes SE		745		80,081
Edenred		1,288		36,854
Eiffage SA		260		28,530
Electricite de France SA		2,283		29,918
Engie SA		10,609		185,685
Essilor International SA		1,208		155,357
Eurazeo SA		316		27,810
Eutelsat Communications SA		1,114		25,219
Faurecia		441		33,741
Fonciere Des Regions REIT		184		19,686
Gecina SA REIT		319		53,157
Groupe Eurotunnel SE		3,072		40,842
Hermes International		184		96,987
ICADE REIT		198		18,392

	Number of Shares		Value
France (Continued)
Iliad SA		157	$	36,729
Imerys SA		272		24,938
Ingenico Group SA		367		38,458
Ipsen SA		239		29,130
JCDecaux SA		557		23,211
Kering		460		204,086
Klepierre SA REIT		1,574		65,009
Lagardere SCA		709		23,236
Legrand SA		1,593		119,376
L’Oreal SA		1,502		332,165
LVMH Moet Hennessy Louis Vuitton SE (b)		1,668		485,415
Natixis SA		6,248		50,644
Orange SA (b)		11,937		205,732
Pernod Ricard SA		1,272		198,409
Peugeot SA		3,034		62,745
Publicis Groupe SA		1,216		80,762
Remy Cointreau SA		134		17,831
Renault SA		1,067		108,432
Rexel SA		1,867		34,433
Safran SA		1,815		193,412
Sanofi		6,943		633,015
Schneider Electric SE*		3,357		288,527
SCOR SE		923		37,638
SEB SA		53		9,765
Societe BIC SA		174		20,201
Societe Generale SA		4,594		231,351
Sodexo SA		566		73,936
Suez		2,194		40,451
Teleperformance		336		49,731
Thales SA		635		64,183
TOTAL SA		13,859		781,977
Ubisoft Entertainment SA*		367		28,144
Unibail-Rodamco SE REIT		610		156,065
Valeo SA		1,559		113,173
Veolia Environnement SA		2,888		73,063
Vinci SA		3,070		313,665
Vivendi SA		6,156		163,872
Wendel SA		168		28,275
Zodiac Aerospace		1,346		39,571
				9,290,774
Germany — 6.4%
adidas AG		1,118		233,138
Allianz SE		2,669		629,478
Axel Springer SE		273		21,547
BASF SE		5,492		614,464
Bayer AG		4,944		630,534
Bayerische Motoren Werke AG		1,986		200,170
Beiersdorf AG		600		71,408
Brenntag AG		929		57,830
Commerzbank AG*		6,530		94,473
Continental AG		667		177,634
Covestro AG, 144A		552		57,489
Daimler AG		5,748		475,625
Deutsche Bank AG (d)		12,372		233,551
Deutsche Boerse AG		1,102		124,935

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Germany (Continued)
Deutsche Lufthansa AG		1,306	$	44,877
Deutsche Post AG		5,965		283,212
Deutsche Telekom AG		19,545		349,184
Deutsche Wohnen SE		2,103		92,965
Drillisch AG		308		23,503
E.ON SE		13,167		152,285
Evonik Industries AG		739		27,566
Fraport AG Frankfurt Airport Services Worldwide		278		27,689
Fresenius Medical Care AG & Co. KGaA		1,305		129,652
Fresenius SE & Co. KGaA		2,483		179,126
GEA Group AG		1,063		51,286
Hannover Rueck SE		431		56,635
HeidelbergCement AG		821		87,332
Henkel AG & Co. KGaA		646		78,735
HOCHTIEF AG		116		20,386
HUGO BOSS AG		384		31,578
Infineon Technologies AG		6,782		187,277
Innogy SE, 144A		813		37,580
K+S AG		1,251		29,296
KION Group AG		426		34,672
LANXESS AG		565		42,918
Linde AG		1,007		221,018
Linde AG*		108		25,214
MAN SE		92		10,333
Merck KGaA		790		84,091
METRO AG*		1,114		21,745
MTU Aero Engines AG		302		54,296
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		968		215,397
OSRAM Licht AG		589		50,469
ProSiebenSat.1 Media SE		1,584		50,377
RWE AG*		3,104		71,120
SAP SE		5,876		661,973
Siemens AG		4,573		621,592
Symrise AG		737		62,642
Telefonica Deutschland Holding AG		3,907		18,583
thyssenkrupp AG		2,559		70,024
TUI AG		2,609		48,127
Uniper SE		1,170		34,808
United Internet AG		735		49,516
Volkswagen AG		193		39,959
Vonovia SE		2,836		133,486
Wirecard AG		683		72,807
Zalando SE, 144A*		660		33,752
				8,241,359
Greece — 0.1%
Alpha Bank AE*		7,212		13,992
Eurobank Ergasias SA*		8,827		7,144
FF Group*		199		3,678
Hellenic Telecommunications Organization SA		1,023		12,359
JUMBO SA		574		8,677
National Bank of Greece SA*		32,350		10,011
OPAP SA		945		11,529
Piraeus Bank SA*		1,855		5,211

	Number of Shares		Value
Greece (Continued)
Titan Cement Co. SA		171	$	4,217
				76,818
Hong Kong — 3.2%
AIA Group Ltd.		71,815		582,049
Alibaba Health Information Technology Ltd.*		23,752		11,709
Alibaba Pictures Group Ltd.*(b)		63,309		8,511
ASM Pacific Technology Ltd.		1,475		21,190
Bank of East Asia Ltd.		6,985		30,900
Beijing Enterprises Holdings Ltd.		3,297		18,996
Beijing Enterprises Water Group Ltd.*		30,872		24,112
BOC Hong Kong Holdings Ltd.		22,611		114,356
Brilliance China Automotive Holdings Ltd.		16,816		44,138
China Everbright International Ltd.		14,795		19,853
China Gas Holdings Ltd.		11,431		35,127
China Jinmao Holdings Group Ltd.		24,060		10,875
China Merchants Port Holdings Co. Ltd.		8,148		21,022
China Mobile Ltd.		36,568		371,057
China Overseas Land & Investment Ltd.		22,192		70,468
China Resources Beer Holdings Co. Ltd.		10,360		28,453
China Resources Gas Group Ltd.		6,142		23,710
China Resources Land Ltd.		17,417		50,065
China Resources Power Holdings Co. Ltd.		10,679		20,100
China State Construction International Holdings Ltd.		11,756		15,263
China Taiping Insurance Holdings Co. Ltd.		9,575		36,166
China Unicom Hong Kong Ltd.*		33,981		49,252
CITIC Ltd.		24,033		34,033
CK Asset Holdings Ltd.		15,101		127,128
CK Hutchison Holdings Ltd.		16,053		202,046
CK Infrastructure Holdings Ltd.		4,315		36,630
CLP Holdings Ltd.		9,824		100,188
COSCO SHIPPING Ports Ltd.		10,481		10,561
Far East Horizon Ltd.		11,614		10,588
First Pacific Co. Ltd.		10,916		8,162
Fullshare Holdings Ltd.*		40,691		17,037
Galaxy Entertainment Group Ltd.		14,289		102,729
GCL-Poly Energy Holdings Ltd.*(b)		97,590		15,744
Guangdong Investment Ltd.		16,656		22,392
Haier Electronics Group Co. Ltd.*		6,729		18,007
Hanergy Thin Film Power Group Ltd.*(c)		36,104		0
Hang Lung Group Ltd.		5,457		19,634
Hang Lung Properties Ltd.		12,103		28,483
Hang Seng Bank Ltd.		4,264		105,370
Henderson Land Development Co. Ltd.		7,385		48,224
HK Electric Investments & HK Electric Investments Ltd., 144A (a)		15,697		14,410
HKT Trust & HKT Ltd. (a)		23,305		29,272
Hong Kong & China Gas Co. Ltd.		49,573		96,732
Hong Kong Exchanges & Clearing Ltd.		7,042		212,067
Hongkong Land Holdings Ltd.		9,100		66,430
Hysan Development Co. Ltd.		6,337		33,956
Jardine Matheson Holdings Ltd.		1,000		62,480
Jardine Strategic Holdings Ltd.		946		39,259

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
Kerry Properties Ltd.		5,057	$	22,338
Kingboard Chemical Holdings Ltd.		3,500		20,076
Kingston Financial Group Ltd.		24,000		29,562
Kunlun Energy Co. Ltd.		20,390		17,622
Lee & Man Paper Manufacturing Ltd.		9,000		10,544
Li & Fung Ltd.		27,005		11,894
Link REIT		13,293		118,545
Melco Resorts & Entertainment Ltd., ADR		1,311		34,230
MTR Corp. Ltd.		8,830		51,950
New World Development Co. Ltd.		34,474		49,967
Nine Dragons Paper Holdings Ltd.		8,250		13,690
NWS Holdings Ltd.		12,540		22,767
PCCW Ltd.		21,930		13,029
Power Assets Holdings Ltd.		8,233		70,311
Shanghai Industrial Holdings Ltd.		3,494		9,864
Shimao Property Holdings Ltd.		10,565		20,643
Sino Biopharmaceutical Ltd.		26,886		35,182
Sino Land Co. Ltd.		18,918		34,250
SJM Holdings Ltd.		15,979		12,848
Sun Art Retail Group Ltd.		14,880		14,556
Sun Hung Kai Properties Ltd.		8,452		138,086
Swire Pacific Ltd., Class A		3,500		33,655
Swire Properties Ltd.		10,309		34,913
Techtronic Industries Co. Ltd.		8,978		51,901
WH Group Ltd., 144A		46,783		49,657
Wharf Holdings Ltd.		9,120		28,726
Wharf Real Estate Investment Co. Ltd.*		8,826		53,339
Wheelock & Co. Ltd.		4,692		32,201
Yue Yuen Industrial Holdings Ltd.		4,230		15,111
				4,120,391
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		1,864		21,611
OTP Bank PLC		1,476		56,414
Richter Gedeon Nyrt		854		22,068
				100,093
India — 0.1%
Dr. Reddy’s Laboratories Ltd., ADR (b)		425		14,884
ICICI Bank Ltd., ADR		2,406		22,953
Infosys Ltd., ADR		1,058		16,462
Tata Motors Ltd., ADR*		345		10,761
Wipro Ltd., ADR		3,874		20,881
				85,941
Indonesia — 0.5%
PT Adaro Energy Tbk		59,348		7,459
PT Astra International Tbk		115,074		67,848
PT Bank Central Asia Tbk		75,858		114,129
PT Bank Danamon Indonesia Tbk		25,211		9,366
PT Bank Mandiri Persero Tbk		78,731		43,073
PT Bank Negara Indonesia Persero Tbk		41,810		25,038
PT Bank Rakyat Indonesia Persero Tbk		341,306		80,999
PT Bank Tabungan Negara Persero Tbk		24,600		5,820
PT Bumi Serpong Damai Tbk		65,887		8,037
PT Charoen Pokphand Indonesia Tbk		46,490		10,036
PT Gudang Garam Tbk		929		5,256

	Number of Shares		Value
Indonesia (Continued)
PT Hanjaya Mandala Sampoerna Tbk		43,228	$	13,103
PT Indocement Tunggal Prakarsa Tbk		11,627		15,838
PT Indofood CBP Sukses Makmur Tbk		9,980		6,235
PT Indofood Sukses Makmur Tbk		20,630		11,172
PT Jasa Marga Persero Tbk		25,913		12,213
PT Kalbe Farma Tbk		1,369		162
PT Lippo Karawaci Tbk		202,597		8,613
PT Matahari Department Store Tbk		19,040		14,921
PT Media Nusantara Citra Tbk		39,478		3,794
PT Pakuwon Jati Tbk		130,204		5,968
PT Perusahaan Gas Negara Persero Tbk		52,657		6,618
PT Semen Indonesia Persero Tbk		23,241		16,152
PT Surya Citra Media Tbk		35,560		5,784
PT Telekomunikasi Indonesia Persero Tbk		315,956		96,941
PT Tower Bersama Infrastructure Tbk		25,573		10,777
PT Unilever Indonesia Tbk		7,454		27,169
PT United Tractors Tbk		11,314		28,021
PT Waskita Karya Persero Tbk		28,604		4,462
PT XL Axiata Tbk*		39,478		8,990
				673,994
Ireland — 0.4%
AerCap Holdings NV*		1,095		56,907
Allied Irish Banks PLC		4,735		30,715
Bank of Ireland Group PLC*		4,800		37,444
CRH PLC		4,733		163,089
DCC PLC		523		50,608
James Hardie Industries PLC CDI		2,624		42,673
Kerry Group PLC, Class A		832		87,145
Paddy Power Betfair PLC		477		53,192
Ryanair Holdings PLC, ADR*		170		20,730
				542,503
Israel — 0.3%
Azrieli Group Ltd.		252		13,511
Bank Hapoalim BM		6,311		43,064
Bank Leumi Le-Israel BM		7,908		43,893
Bezeq The Israeli Telecommunication Corp. Ltd.		6,827		10,235
Check Point Software Technologies Ltd.*		784		81,763
Elbit Systems Ltd.		147		20,364
Frutarom Industries Ltd.		238		20,973
Israel Chemicals Ltd.		3,408		13,885
Mizrahi Tefahot Bank Ltd.		1,085		19,784
Nice Ltd.		430		37,203
Teva Pharmaceutical Industries Ltd., ADR (b)		5,170		76,620
				381,295
Italy — 1.4%
Assicurazioni Generali SpA		6,924		126,751
Atlantia SpA		2,888		95,939
Davide Campari-Milano SpA		3,377		26,287
Enel SpA		48,367		314,038
Eni SpA		15,413		253,349
Ferrari NV		727		78,916

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Italy (Continued)
Intesa Sanpaolo SpA		75,875	$	254,855
Intesa Sanpaolo SpA-RSP		3,229		10,315
Leonardo SpA		2,511		30,007
Luxottica Group SpA		928		53,957
Mediobanca SpA		3,266		37,688
Poste Italiane SpA, 144A		2,156		15,743
Prysmian SpA		1,305		43,461
Recordati SpA		631		28,390
Snam SpA		15,766		79,491
Telecom Italia SpA*		64,146		53,674
Telecom Italia SpA-RSP		39,836		26,979
Terna Rete Elettrica Nazionale SpA		10,783		66,675
UniCredit SpA*		11,235		225,994
UnipolSai Assicurazioni SpA		6,855		16,074
				1,838,583
Japan — 16.3%
ABC-Mart, Inc.		100		5,473
Acom Co. Ltd.*		2,400		9,959
Aeon Co. Ltd.		6,400		103,724
AEON Financial Service Co. Ltd.		400		8,853
Aeon Mall Co. Ltd.		500		9,125
Air Water, Inc.		1,000		21,396
Aisin Seiki Co. Ltd.		800		42,721
Ajinomoto Co., Inc.		3,800		69,689
Alfresa Holdings Corp.		600		12,859
Alps Electric Co. Ltd.		600		19,059
Amada Holdings Co. Ltd.		1,100		14,573
ANA Holdings, Inc.		300		11,942
Aozora Bank Ltd.		400		15,478
Asahi Glass Co. Ltd.		800		33,267
Asahi Group Holdings Ltd.		2,100		106,488
Asahi Kasei Corp.		7,800		97,374
Asics Corp.		600		8,828
Astellas Pharma, Inc.		15,700		198,927
Bandai Namco Holdings, Inc.		700		22,702
Bank of Kyoto Ltd.		200		10,165
Benesse Holdings, Inc.		200		7,037
Bridgestone Corp.		4,300		194,664
Brother Industries Ltd.		700		17,266
Calbee, Inc.		300		10,462
Canon, Inc.		6,600		252,048
Casio Computer Co. Ltd.		700		10,213
Central Japan Railway Co.		800		147,674
Chiba Bank Ltd.		3,000		22,897
Chubu Electric Power Co., Inc.		4,300		54,216
Chugai Pharmaceutical Co. Ltd.		1,000		51,624
Chugoku Electric Power Co., Inc.		1,200		13,221
Coca-Cola Bottlers Japan, Inc.		600		22,738
Concordia Financial Group Ltd.		8,200		44,809
Credit Saison Co. Ltd.		500		9,592
CYBERDYNE, Inc.*		400		5,285
Dai Nippon Printing Co. Ltd.		1,000		21,813
Daicel Corp.		1,000		11,826
Daifuku Co. Ltd.		600		32,627
Dai-ichi Life Holdings, Inc.		7,900		161,166
Daiichi Sankyo Co. Ltd.		6,200		149,181

	Number of Shares		Value
Japan (Continued)
Daikin Industries Ltd.		1,500	$	172,198
Daito Trust Construction Co. Ltd.		300		54,765
Daiwa House Industry Co. Ltd.		3,900		142,562
Daiwa House REIT Investment Corp. REIT		6		14,362
Daiwa Securities Group, Inc.		7,000		43,414
DeNA Co. Ltd.		300		6,784
Denso Corp.		2,800		156,862
Dentsu, Inc.		900		40,624
Disco Corp.		100		22,089
Don Quijote Holdings Co. Ltd.		500		23,857
East Japan Railway Co.		1,900		183,424
Eisai Co. Ltd.		1,400		79,252
Electric Power Development Co. Ltd.		400		11,089
FamilyMart UNY Holdings Co. Ltd.		200		13,452
FANUC Corp.		1,100		273,131
Fast Retailing Co. Ltd.		300		115,980
Fuji Electric Co. Ltd.		2,000		14,074
FUJIFILM Holdings Corp.		4,200		170,993
Fujitsu Ltd.		10,000		74,184
Fukuoka Financial Group, Inc.		2,000		10,343
Hachijuni Bank Ltd.		600		3,412
Hakuhodo DY Holdings, Inc.		1,200		16,090
Hamamatsu Photonics KK		500		17,104
Hankyu Hanshin Holdings, Inc.		1,400		54,112
Hikari Tsushin, Inc.		100		14,376
Hino Motors Ltd.		1,000		12,208
Hirose Electric Co. Ltd.		100		14,874
Hisamitsu Pharmaceutical Co., Inc.		300		16,847
Hitachi Chemical Co. Ltd.		400		10,495
Hitachi Construction Machinery Co. Ltd.		500		16,504
Hitachi High-Technologies Corp.		200		8,254
Hitachi Ltd.		38,200		283,144
Hitachi Metals Ltd.		700		9,236
Honda Motor Co. Ltd.		10,100		335,994
Hoshizaki Corp.		200		18,997
Hoya Corp.		2,000		96,815
Hulic Co. Ltd.		1,300		14,219
Idemitsu Kosan Co. Ltd.		600		20,099
IHI Corp.		600		18,473
Iida Group Holdings Co. Ltd.		500		9,196
Inpex Corp.		7,200		80,928
Isetan Mitsukoshi Holdings Ltd.		1,400		16,159
Isuzu Motors Ltd.		6,100		95,989
ITOCHU Corp.		9,000		155,618
J. Front Retailing Co. Ltd.		1,000		16,838
Japan Airlines Co. Ltd.		300		10,972
Japan Airport Terminal Co. Ltd.		200		7,446
Japan Exchange Group, Inc.		3,600		65,958
Japan Post Bank Co. Ltd.		1,100		13,947
Japan Post Holdings Co. Ltd.		9,200		105,615
Japan Prime Realty Investment Corp. REIT		4		13,417
Japan Real Estate Investment Corp. REIT		5		24,257
Japan Retail Fund Investment Corp. REIT		10		17,708
Japan Tobacco, Inc.		7,900		261,122
JFE Holdings, Inc.		6,000		140,850
JGC Corp.		1,000		17,335

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Japan (Continued)
JSR Corp.		600	$	11,467
JTEKT Corp.		1,300		22,282
JXTG Holdings, Inc.		18,850		105,518
Kajima Corp.		4,000		41,903
Kakaku.com, Inc.		400		6,305
Kaneka Corp.		1,000		8,814
Kansai Electric Power Co., Inc.		6,700		88,345
Kansai Paint Co. Ltd.		800		20,962
Kao Corp.		2,900		191,658
Kawasaki Heavy Industries Ltd.		600		19,779
KDDI Corp.		10,700		305,660
Keihan Holdings Co. Ltd.		600		17,726
Keikyu Corp.		500		9,627
Keio Corp.		400		17,628
Keisei Electric Railway Co. Ltd.		500		15,994
Keyence Corp.		600		346,048
Kikkoman Corp.		1,000		39,095
Kintetsu Group Holdings Co. Ltd.		700		27,336
Kirin Holdings Co. Ltd.		7,100		165,884
Kobe Steel Ltd.*		1,100		10,292
Koito Manufacturing Co. Ltd.		600		41,317
Komatsu Ltd.		6,800		210,263
Konami Holdings Corp.		400		21,076
Konica Minolta, Inc.		5,200		50,639
Kose Corp.		100		15,301
Kubota Corp.		7,600		143,160
Kuraray Co. Ltd.		1,500		28,802
Kurita Water Industries Ltd.		400		12,493
Kyocera Corp.		1,784		125,242
Kyowa Hakko Kirin Co. Ltd.		1,000		18,917
Kyushu Electric Power Co., Inc.		5,000		56,999
Kyushu Financial Group, Inc.		900		5,310
Kyushu Railway Co.		800		24,666
Lawson, Inc.		300		20,632
LINE Corp.*		200		8,512
Lion Corp.		1,032		19,201
LIXIL Group Corp.		900		23,631
M3, Inc.		800		26,230
Mabuchi Motor Co. Ltd.		200		10,627
Makita Corp.		1,300		53,596
Marubeni Corp.		9,900		65,604
Marui Group Co. Ltd.		900		15,882
Maruichi Steel Tube Ltd.		200		5,633
Mazda Motor Corp.		5,600		74,786
McDonald’s Holdings Co. Japan Ltd.		300		13,075
Mebuki Financial Group, Inc.		7,670		32,099
Medipal Holdings Corp.		400		7,744
MEIJI Holdings Co. Ltd.		500		43,449
MINEBEA MITSUMI, Inc.		2,300		45,266
MISUMI Group, Inc.		1,500		43,649
Mitsubishi Chemical Holdings Corp.		9,200		99,402
Mitsubishi Corp.		9,300		232,448
Mitsubishi Electric Corp.		13,300		218,919
Mitsubishi Estate Co. Ltd.		7,000		124,550
Mitsubishi Gas Chemical Co., Inc.		600		16,740
Mitsubishi Heavy Industries Ltd.		1,900		70,061
Mitsubishi Materials Corp.		300		9,996

	Number of Shares		Value
Japan (Continued)
Mitsubishi Motors Corp.		6,000	$	41,850
Mitsubishi Tanabe Pharma Corp.		1,100		23,721
Mitsubishi UFJ Financial Group, Inc.		72,100		507,445
Mitsubishi UFJ Lease & Finance Co. Ltd.		3,000		17,033
Mitsui & Co. Ltd.		10,300		156,040
Mitsui Chemicals, Inc.		800		25,767
Mitsui Fudosan Co. Ltd.		6,000		135,199
Mitsui OSK Lines Ltd.		600		19,192
Mixi, Inc.		300		13,914
Mizuho Financial Group, Inc.		151,600		274,657
MS&AD Insurance Group Holdings, Inc.		4,600		149,389
Murata Manufacturing Co. Ltd.		1,100		148,221
Nabtesco Corp.		700		27,274
Nagoya Railroad Co. Ltd.		800		19,484
NEC Corp.		1,000		26,656
Nexon Co. Ltd.*		700		20,028
NGK Insulators Ltd.		1,000		19,059
NGK Spark Plug Co. Ltd.		800		18,382
NH Foods Ltd.		1,000		24,497
Nidec Corp.		1,400		189,951
Nikon Corp.		1,100		21,766
Nintendo Co. Ltd.		689		276,714
Nippon Building Fund, Inc. REIT		6		30,015
Nippon Electric Glass Co. Ltd.		400		15,496
Nippon Express Co. Ltd.		300		19,006
Nippon Paint Holdings Co. Ltd.		700		21,458
Nippon Prologis REIT, Inc. REIT		7		14,996
Nippon Steel & Sumitomo Metal Corp.		6,610		159,810
Nippon Telegraph & Telephone Corp.		4,900		255,961
Nippon Yusen KK*		800		18,609
Nissan Chemical Industries Ltd.		200		7,997
Nissan Motor Co. Ltd.		16,700		161,443
Nisshin Seifun Group, Inc.		1,350		26,341
Nissin Foods Holdings Co. Ltd.		300		21,618
Nitori Holdings Co. Ltd.		300		48,874
Nitto Denko Corp.		900		88,205
NOK Corp.		200		4,855
Nomura Holdings, Inc.		24,500		145,962
Nomura Real Estate Holdings, Inc.		600		13,797
Nomura Real Estate Master Fund, Inc. REIT		30		37,772
Nomura Research Institute Ltd.		752		33,943
NSK Ltd.		4,700		70,618
NTT Data Corp.		3,800		44,603
NTT DOCOMO, Inc.		8,400		217,007
Obayashi Corp.		5,600		72,248
Obic Co. Ltd.		200		13,843
Odakyu Electric Railway Co. Ltd.		1,100		23,311
Oji Holdings Corp.		3,000		18,206
Olympus Corp.		1,700		69,634
Omron Corp.		700		41,237
Ono Pharmaceutical Co. Ltd.		5,300		120,509
Oracle Corp.		100		8,868
Oriental Land Co. Ltd.		1,100		97,651
ORIX Corp.		9,000		154,658
Osaka Gas Co. Ltd.		1,600		30,665
Otsuka Corp.		100		7,464

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Otsuka Holdings Co. Ltd.		2,283	$	100,899
Panasonic Corp.		15,700		232,686
Park24 Co. Ltd.		400		9,838
Persol Holdings Co. Ltd.		1,000		23,351
Pola Orbis Holdings, Inc.		400		14,572
Rakuten, Inc.		5,900		60,156
Recruit Holdings Co. Ltd.		6,100		143,469
Renesas Electronics Corp.*		3,400		41,479
Resona Holdings, Inc.		15,800		83,657
Ricoh Co. Ltd.		5,800		51,329
Rinnai Corp.		100		8,948
Rohm Co. Ltd.		400		40,873
Ryohin Keikaku Co. Ltd.		100		31,143
Santen Pharmaceutical Co. Ltd.		1,400		21,296
SBI Holdings, Inc.		400		7,090
Secom Co. Ltd.		1,300		97,190
Sega Sammy Holdings, Inc.		700		8,446
Seibu Holdings, Inc.		500		9,014
Seiko Epson Corp.		900		21,751
Sekisui Chemical Co. Ltd.		1,400		27,006
Sekisui House Ltd.		5,700		106,079
Seven & i Holdings Co. Ltd.		5,600		229,135
Seven Bank Ltd.		5,200		17,373
Sharp Corp.*(b)		600		18,846
Shimadzu Corp.		1,000		23,786
Shimamura Co. Ltd.		100		12,022
Shimano, Inc.		300		41,370
Shimizu Corp.		2,300		25,484
Shin-Etsu Chemical Co. Ltd.		2,000		209,072
Shinsei Bank Ltd.		500		7,966
Shionogi & Co. Ltd.		1,600		88,981
Shiseido Co. Ltd.		3,351		162,927
Shizuoka Bank Ltd.		2,000		19,690
Showa Shell Sekiyu KK		800		10,179
SMC Corp.		300		121,205
SoftBank Group Corp.		5,400		455,098
Sohgo Security Services Co. Ltd.		400		22,142
Sompo Holdings, Inc.		1,400		56,376
Sony Corp.		8,400		388,186
Sony Financial Holdings, Inc.		300		5,059
Stanley Electric Co. Ltd.		800		31,881
Start Today Co. Ltd.		600		18,259
Subaru Corp.		3,700		120,621
SUMCO Corp.		1,400		35,117
Sumitomo Chemical Co. Ltd.		6,000		41,690
Sumitomo Corp.		8,300		128,580
Sumitomo Dainippon Pharma Co. Ltd.		700		10,126
Sumitomo Electric Industries Ltd.		6,100		106,152
Sumitomo Heavy Industries Ltd.		400		16,225
Sumitomo Metal Mining Co. Ltd.		1,000		38,696
Sumitomo Mitsui Financial Group, Inc.		8,800		355,534
Sumitomo Mitsui Trust Holdings, Inc.		1,310		48,468
Sumitomo Realty & Development Co. Ltd.		1,539		50,541
Sumitomo Rubber Industries Ltd.		400		7,250
Sundrug Co. Ltd.		400		18,375
Suntory Beverage & Food Ltd.		500		21,591

	Number of Shares		Value
Japan (Continued)
Suruga Bank Ltd.		600	$	12,854
Suzuken Co. Ltd.		400		15,780
Suzuki Motor Corp.		1,800		96,601
Sysmex Corp.		600		45,422
T&D Holdings, Inc.		6,000		98,387
Taiheiyo Cement Corp.		400		16,385
Taisei Corp.		1,200		62,908
Taisho Pharmaceutical Holdings Co. Ltd.		200		15,851
Taiyo Nippon Sanso Corp.		500		6,846
Takashimaya Co. Ltd.		1,000		9,836
Takeda Pharmaceutical Co. Ltd.		4,200		230,777
TDK Corp.		800		65,183
Teijin Ltd.		600		12,902
Terumo Corp.		1,500		71,705
THK Co. Ltd.		700		25,532
Tobu Railway Co. Ltd.		800		25,412
Toho Co. Ltd.		500		16,860
Toho Gas Co. Ltd.		200		5,669
Tohoku Electric Power Co., Inc.		5,500		72,424
Tokio Marine Holdings, Inc.		5,000		220,356
Tokyo Electric Power Co. Holdings, Inc.*		10,200		40,784
Tokyo Electron Ltd.		800		147,568
Tokyo Gas Co. Ltd.		1,600		37,461
Tokyo Tatemono Co. Ltd.		1,000		13,826
Tokyu Corp.		2,000		31,827
Tokyu Fudosan Holdings Corp.		5,800		41,743
Toppan Printing Co. Ltd.		3,000		27,882
Toray Industries, Inc.		8,000		75,134
Toshiba Corp.*		38,100		93,435
Tosoh Corp.		1,500		33,040
TOTO Ltd.		500		27,722
Toyo Seikan Group Holdings Ltd.		900		14,802
Toyo Suisan Kaisha Ltd.		500		21,236
Toyoda Gosei Co. Ltd.		100		2,494
Toyota Industries Corp.		700		43,352
Toyota Motor Corp.		16,000		1,001,413
Toyota Tsusho Corp.		1,300		48,745
Trend Micro, Inc.		400		22,569
Tsuruha Holdings, Inc.		200		27,580
Unicharm Corp.		1,400		36,609
United Urban Investment Corp. REIT		12		16,985
USS Co. Ltd.		1,100		23,115
West Japan Railway Co.		900		66,030
Yahoo Japan Corp.		8,000		36,465
Yakult Honsha Co. Ltd.		300		23,351
Yamada Denki Co. Ltd.		6,100		33,062
Yamaguchi Financial Group, Inc.		1,000		11,915
Yamaha Corp.		600		22,018
Yamaha Motor Co. Ltd.		1,300		40,659
Yamato Holdings Co. Ltd.		1,400		28,306
Yamazaki Baking Co. Ltd.		1,000		19,246
Yaskawa Electric Corp.		1,300		57,177
Yokogawa Electric Corp.		800		14,714
Yokohama Rubber Co. Ltd.		500		11,178
				20,927,575

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Jersey Island — 0.0%
Randgold Resources Ltd.		640	$	58,640
Luxembourg — 0.2%
ArcelorMittal*		3,894		117,562
Eurofins Scientific SE		71		42,989
Millicom International Cellular SA SDR		446		29,171
SES SA		1,188		19,619
Tenaris SA		2,795		40,620
				249,961
Macau — 0.1%
MGM China Holdings Ltd.		6,508		16,616
Sands China Ltd.		15,174		73,731
Wynn Macau Ltd.		10,625		30,405
				120,752
Malaysia — 0.6%
AirAsia Bhd		9,100		6,987
Alliance Bank Malaysia Bhd		14,300		12,903
AMMB Holdings Bhd		8,687		8,816
Astro Malaysia Holdings Bhd		7,000		4,861
Axiata Group Bhd		16,755		21,837
British American Tobacco Malaysia Bhd		700		6,398
CIMB Group Holdings Bhd		19,416		28,724
DiGi.Com Bhd		18,520		21,013
Gamuda Bhd		10,100		12,077
Genting Bhd		15,500		33,354
Genting Malaysia Bhd		18,418		22,924
Genting Plantations Bhd		1,000		2,568
HAP Seng Consolidated Bhd		4,500		10,641
Hartalega Holdings Bhd		4,700		10,987
Hong Leong Bank Bhd		1,200		4,443
Hong Leong Financial Group Bhd		700		2,749
IHH Healthcare Bhd		12,304		16,969
IJM Corp. Bhd		18,400		13,903
IOI Corp. Bhd		17,000		18,540
IOI Properties Group Bhd		9,900		4,575
Kuala Lumpur Kepong Bhd		1,500		8,942
Malayan Banking Bhd		25,759		58,264
Malaysia Airports Holdings Bhd		500		1,009
Maxis Bhd		19,100		27,696
MISC Bhd		9,100		15,688
Nestle Malaysia Bhd		300		7,138
Petronas Chemicals Group Bhd		14,657		26,522
Petronas Dagangan Bhd		5,200		30,771
Petronas Gas Bhd		5,700		22,134
PPB Group Bhd		3,800		15,481
Press Metal Aluminium Holdings Bhd		7,600		9,664
Public Bank Bhd		16,800		81,751
Sapura Energy Bhd		24,000		7,336
Sime Darby Bhd		18,711		10,752
Sime Darby Plantation Bhd*		18,711		22,923
Sime Darby Property Bhd*		18,711		5,490
SP Setia Bhd Group		6,100		5,206
Telekom Malaysia Bhd		15,600		23,002
Tenaga Nasional Bhd		19,800		74,852
UMW Holdings Bhd*		8,100		10,438
Westports Holdings Bhd		16,800		14,132

	Number of Shares		Value
Malaysia (Continued)
YTL Corp. Bhd		20,172	$	5,771
YTL Power International Bhd		27,774		7,810
				758,041
Malta — 0.0%
Brait SE*		2,731		9,198
Mexico — 0.7%
Alfa SAB de CV, Class A		18,251		20,342
America Movil SAB de CV, Series L		198,938		170,700
Arca Continental SAB de CV		2,332		15,969
Cemex SAB de CV, Series CPO*		86,699		66,344
Coca-Cola Femsa SAB de CV, Series L		2,986		20,505
El Puerto de Liverpool SAB de CV, Class C1		1,158		7,855
Fibra Uno Administracion SA de CV REIT		16,192		25,302
Fomento Economico Mexicano SAB de CV		11,685		105,506
Fresnillo PLC		1,537		26,835
Gentera SAB de CV		6,964		6,390
Gruma SAB de CV, Class B		797		9,881
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,278		22,675
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,217		21,802
Grupo Bimbo SAB de CV, Series A		9,317		21,724
Grupo Carso SAB de CV, Series A1		2,695		8,583
Grupo Financiero Banorte SAB de CV, Class O		14,257		83,621
Grupo Financiero Inbursa SAB de CV, Class O		12,931		22,843
Grupo Financiero Santander Mexico SAB de CV, Class B		10,973		17,801
Grupo Lala SAB de CV		5,058		7,673
Grupo Mexico SAB de CV, Series B		23,223		72,691
Grupo Televisa SAB, Series CPO		14,176		53,235
Industrias Penoles SAB de CV		829		17,391
Infraestructura Energetica Nova SAB de CV		3,230		17,650
Kimberly-Clark de Mexico SAB de CV, Class A		8,004		14,311
Mexichem SAB de CV		6,248		16,251
Promotora y Operadora de Infraestructura SAB de CV		1,479		14,874
Wal-Mart de Mexico SAB de CV		23,984		56,526
				945,280
Netherlands — 3.1%
ABN AMRO Group NV, 144A		2,483		73,663
Aegon NV		10,841		67,331
Akzo Nobel NV (b)		1,488		134,072
Altice NV, Class A*(b)		2,307		18,216
ASML Holding NV		2,228		391,417
Boskalis Westminster		558		20,639
EXOR NV		622		37,683
Heineken Holding NV		631		60,812
Heineken NV		1,414		144,049
ING Groep NV		23,872		430,609

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Netherlands (Continued)
Koninklijke Ahold Delhaize NV		7,878	$	168,735
Koninklijke DSM NV		1,137		106,614
Koninklijke KPN NV		20,537		75,337
Koninklijke Philips NV		5,561		215,944
Koninklijke Vopak NV		454		19,183
NN Group NV		1,802		79,155
NXP Semiconductors NV*		2,062		233,810
QIAGEN NV*		1,224		38,658
Randstad Holding NV		752		46,311
Royal Dutch Shell PLC, Class A		26,364		840,555
Royal Dutch Shell PLC, Class B		23,243		750,793
Wolters Kluwer NV		1,810		93,768
				4,047,354
New Zealand — 0.1%
Auckland International Airport Ltd.		6,995		30,503
Fisher & Paykel Healthcare Corp. Ltd.		3,318		29,709
Fletcher Building Ltd.		4,012		19,031
Mercury NZ Ltd.		4,350		9,782
Meridian Energy Ltd.		7,601		15,066
Ryman Healthcare Ltd.		2,759		19,782
Spark New Zealand Ltd.		10,847		26,838
				150,711
Norway — 0.5%
DNB ASA		5,749		104,829
Gjensidige Forsikring ASA		1,185		21,480
Marine Harvest ASA*		2,936		51,666
Norsk Hydro ASA		8,315		56,520
Orkla ASA		5,072		50,845
Schibsted ASA, Class B		443		11,022
Statoil ASA		7,791		156,205
Telenor ASA		4,438		99,435
Yara International ASA		1,099		48,864
				600,866
Peru — 0.1%
Cia de Minas Buenaventura SAA, ADR		1,208		16,900
Credicorp Ltd.		339		71,539
Southern Copper Corp.		467		19,637
				108,076
Philippines — 0.3%
Aboitiz Equity Ventures, Inc.		11,617		16,180
Aboitiz Power Corp.		24,400		19,055
Alliance Global Group, Inc.*		18,300		5,695
Ayala Corp.		1,920		38,965
Ayala Land, Inc.		46,400		39,513
Bank of the Philippine Islands		2,440		4,995
BDO Unibank, Inc.		13,010		37,793
DMCI Holdings, Inc.		18,200		5,446
GT Capital Holdings, Inc.		455		10,411
International Container Terminal Services, Inc.		5,330		11,231
JG Summit Holdings, Inc.		14,750		20,191
Jollibee Foods Corp.		5,260		25,494
Manila Electric Co.		1,310		8,210
Megaworld Corp.		69,400		7,374

	Number of Shares		Value
Philippines (Continued)
Metro Pacific Investments Corp.		108,800	$	14,504
Metropolitan Bank & Trust Co.		1,010		1,925
PLDT, Inc.		870		25,636
Robinsons Land Corp.		9,800		4,465
Security Bank Corp.		710		3,532
SM Investments Corp.		1,625		31,362
SM Prime Holdings, Inc.		65,200		47,090
Universal Robina Corp.		6,190		16,380
				395,447
Poland — 0.3%
Alior Bank SA*		1,100		22,455
Bank Pekao SA		978		35,467
Bank Zachodni WBK SA		230		24,111
CD Projekt SA		391		11,244
Cyfrowy Polsat SA		1,191		8,412
Dino Polska SA, 144A*		285		5,882
Grupa Azoty SA		270		5,454
Grupa Lotos SA		556		8,870
KGHM Polska Miedz SA		785		23,753
LPP SA		3		6,948
mBank SA*		89		11,851
Orange Polska SA*		3,950		6,099
PGE Polska Grupa Energetyczna SA*		5,185		17,526
PLAY Communications SA, 144A*		664		6,795
Polski Koncern Naftowy ORLEN SA		1,781		55,909
Polskie Gornictwo Naftowe i Gazownictwo SA		15,825		27,036
Powszechna Kasa Oszczednosci Bank Polski SA*		5,387		64,561
Powszechny Zaklad Ubezpieczen SA		4,312		54,292
Synthos SA		3,177		4,276
Tauron Polska Energia SA*		6,318		5,549
				406,490
Portugal — 0.1%
EDP — Energias de Portugal SA		14,215		49,827
Galp Energia SGPS SA		3,315		62,559
Jeronimo Martins SGPS SA		1,389		27,279
				139,665
Qatar — 0.1%
Barwa Real Estate Co.		1,853		14,249
Commercial Bank QSC*		1,194		8,821
Doha Bank QPSC		915		6,461
Ezdan Holding Group QSC		6,211		13,646
Industries Qatar QSC		1,225		29,857
Masraf Al Rayan QSC		2,332		21,743
Qatar Electricity & Water Co. QSC		382		16,996
Qatar Gas Transport Co. Ltd.		1,637		6,227
Qatar Insurance Co. SAQ		811		8,263
Qatar Islamic Bank SAQ		357		8,925
Qatar National Bank QPSC		1,376		44,213
				179,401
Romania — 0.0%
NEPI Rockcastle PLC		2,636		41,007

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Russia — 0.7%
Alrosa PJSC		15,960	$	21,259
Gazprom PJSC		64,459		145,711
Inter RAO UES PJSC		89,451		5,639
LUKOIL PJSC		1,989		112,022
Magnit PJSC, GDR		2,073		54,769
Magnitogorsk Iron & Steel Works PJSC		12,994		9,764
MMC Norilsk Nickel PJSC		351		59,296
Mobile TeleSystems PJSC, ADR		3,015		31,266
Moscow Exchange MICEX-RTS PJSC		8,467		17,996
Novatek PJSC, GDR		561		63,561
Novolipetsk Steel PJSC		7,208		16,306
PhosAgro PJSC, GDR		658		9,870
Polyus PJSC		155		13,024
RusHydro PJSC		323,671		4,507
Sberbank of Russia PJSC		64,242		246,539
Severstal PJSC		1,301		20,563
Surgutneftegas OJSC		44,210		20,797
Tatneft PJSC		7,134		55,732
				908,621
Singapore — 0.9%
Ascendas Real Estate Investment Trust REIT		16,000		31,321
CapitaLand Commercial Trust REIT		17,107		23,975
CapitaLand Ltd.		14,857		38,889
CapitaLand Mall Trust REIT		16,291		24,764
ComfortDelGro Corp. Ltd.		14,900		22,097
DBS Group Holdings Ltd.		10,600		192,020
Genting Singapore PLC		44,200		43,590
Global Logistic Properties Ltd.		18,400		45,707
Golden Agri-Resources Ltd.		42,593		11,686
Jardine Cycle & Carriage Ltd.		400		11,829
Keppel Corp. Ltd.		8,900		50,354
Oversea-Chinese Banking Corp. Ltd.		18,600		171,711
Sembcorp Industries Ltd.		5,800		13,117
Singapore Airlines Ltd.		3,200		25,484
Singapore Exchange Ltd.		5,193		28,880
Singapore Press Holdings Ltd. (b)		15,300		31,312
Singapore Technologies Engineering Ltd.		9,530		23,037
Singapore Telecommunications Ltd.		48,400		133,866
StarHub Ltd.		4,400		9,299
Suntec Real Estate Investment Trust REIT		10,628		16,077
United Overseas Bank Ltd.		7,922		153,905
UOL Group Ltd.		3,800		25,078
Wilmar International Ltd.		9,500		21,978
				1,149,976
South Africa — 1.7%
Anglo American Platinum Ltd.*		541		14,364
AngloGold Ashanti Ltd.		3,041		31,663
Aspen Pharmacare Holdings Ltd.		2,190		48,782
Barclays Africa Group Ltd.		4,090		47,052
Bid Corp. Ltd.		1,840		39,581
Bidvest Group Ltd.		2,001		27,919
Capitec Bank Holdings Ltd.		292		20,967
Coronation Fund Managers Ltd. (b)		1,370		7,222
Discovery Ltd.		1,653		19,852

	Number of Shares		Value
South Africa (Continued)
Exxaro Resources Ltd.		1,673	$	17,985
FirstRand Ltd.		21,369		87,797
Fortress REIT Ltd., Class A REIT		4,078		5,129
Fortress REIT Ltd., Class B REIT		4,803		14,761
Foschini Group Ltd.		1,379		15,886
Gold Fields Ltd.		5,277		22,389
Growthpoint Properties Ltd. REIT		12,608		22,982
Hyprop Investments Ltd. REIT		1,401		10,956
Imperial Holdings Ltd.		935		15,494
Investec Ltd.		1,003		6,950
Investec PLC		4,005		28,002
Kumba Iron Ore Ltd.		375		8,894
Liberty Holdings Ltd.		506		4,285
Life Healthcare Group Holdings Ltd.		6,266		11,929
Mediclinic International PLC (b)		2,004		15,326
MMI Holdings Ltd.		5,675		8,309
Mondi Ltd.		760		18,014
Mondi PLC		2,231		53,284
Mr Price Group Ltd. (b)		1,333		20,217
MTN Group Ltd.		9,939		93,679
Naspers Ltd., Class N		2,619		704,201
Nedbank Group Ltd.		1,395		23,526
Netcare Ltd.		6,148		10,086
Pick n Pay Stores Ltd.		908		4,214
Pioneer Foods Group Ltd.		778		7,431
PSG Group Ltd.		477		10,083
Rand Merchant Investment Holdings Ltd.		3,024		9,353
Redefine Properties Ltd. REIT		30,629		22,600
Remgro Ltd.		3,146		49,088
Resilient REIT Ltd. REIT		1,730		18,457
RMB Holdings Ltd.		3,848		18,776
Sanlam Ltd.		7,890		45,022
Sappi Ltd.		4,072		28,885
Sasol Ltd.		3,783		118,607
Shoprite Holdings Ltd.		3,126		51,933
Sibanye Gold Ltd.		15,608		21,361
SPAR Group Ltd. (b)		936		12,953
Standard Bank Group Ltd.		8,440		106,462
Steinhoff International Holdings NV		19,785		81,160
Telkom SA SOC Ltd. (b)		1,010		3,650
Tiger Brands Ltd.		1,121		34,122
Truworths International Ltd.		2,391		13,950
Vodacom Group Ltd. (b)		3,474		36,744
Woolworths Holdings Ltd.		5,799		24,524
				2,196,858
South Korea — 3.6%
Amorepacific Corp.		199		56,504
AMOREPACIFIC Group		191		25,888
BGF retail Co. Ltd. (c)		168		12,211
BNK Financial Group, Inc.		1,663		14,533
Celltrion Healthcare Co. Ltd.*		199		15,946
Celltrion, Inc.*		478		87,891
Cheil Worldwide, Inc.		440		8,127
CJ CheilJedang Corp.		47		17,319
CJ Corp.		100		17,965
CJ E&M Corp.		180		14,225

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
CJ Logistics Corp.*		54	$	7,542
Coway Co. Ltd.		345		30,402
Daelim Industrial Co. Ltd.		185		14,059
Daewoo Engineering & Construction Co. Ltd.*		748		3,856
DB Insurance Co. Ltd.		264		16,618
DGB Financial Group, Inc.		1,034		9,482
Dongsuh Cos., Inc.		85		2,331
Doosan Bobcat, Inc.		220		7,187
Doosan Heavy Industries & Construction Co. Ltd.		327		4,928
E-MART, Inc.		125		31,415
GS Engineering & Construction Corp.*		462		11,569
GS Holdings Corp.		256		14,373
GS Retail Co. Ltd.		248		9,002
Hana Financial Group, Inc.		1,846		80,489
Hankook Tire Co. Ltd.		465		22,903
Hanmi Pharm. Co. Ltd.*		37		19,346
Hanmi Science Co. Ltd.*		84		8,799
Hanon Systems		1,119		13,573
Hanssem Co. Ltd.		89		15,007
Hanwha Chemical Corp.		645		17,336
Hanwha Corp.		276		10,525
Hanwha Life Insurance Co. Ltd.		1,637		11,222
Hanwha Techwin Co. Ltd.*		231		7,482
Hotel Shilla Co. Ltd.		264		20,547
Hyosung Corp.		144		17,864
Hyundai Department Store Co. Ltd.		93		8,358
Hyundai Development Co.-Engineering & Construction		373		14,190
Hyundai Engineering & Construction Co. Ltd.		370		11,917
Hyundai Glovis Co. Ltd.		112		15,077
Hyundai Heavy Industries Co. Ltd.*		205		27,880
Hyundai Marine & Fire Insurance Co. Ltd.		375		14,955
Hyundai Mobis Co. Ltd.		405		101,785
Hyundai Motor Co.		908		137,253
Hyundai Robotics Co. Ltd.*		65		23,832
Hyundai Steel Co.		544		29,993
Hyundai Wia Corp.		172		10,700
ING Life Insurance Korea Ltd., 144A		191		9,513
Kakao Corp.		200		25,086
Kangwon Land, Inc.		705		24,067
KB Financial Group, Inc.		2,476		136,285
KCC Corp.		35		12,398
KEPCO Plant Service & Engineering Co. Ltd.		195		6,755
Kia Motors Corp.		1,586		49,041
Korea Aerospace Industries Ltd.		457		21,039
Korea Electric Power Corp.		1,373		47,312
Korea Gas Corp.*		165		6,709
Korea Investment Holdings Co. Ltd.		278		17,422
Korea Zinc Co. Ltd.		51		22,799
Korean Air Lines Co. Ltd.*		272		7,836
KT Corp.		166		4,645
KT&G Corp.		670		75,111
Kumho Petrochemical Co. Ltd.		193		15,855

	Number of Shares		Value
South Korea (Continued)
LG Chem Ltd.		275	$	105,502
LG Corp.		432		36,124
LG Display Co. Ltd.		1,345		38,190
LG Electronics, Inc.		648		53,591
LG Household & Health Care Ltd.		56		60,361
LG Innotek Co. Ltd.		161		23,819
Lotte Chemical Corp.		95		31,252
Lotte Corp.		176		9,946
Lotte Shopping Co. Ltd.		78		15,052
Medy-Tox, Inc.		35		14,987
Mirae Asset Daewoo Co. Ltd.		1,031		9,711
NAVER Corp.		172		126,442
NCSoft Corp.		104		41,715
Netmarble Games Corp., 144A*		101		15,685
NH Investment & Securities Co. Ltd.		844		10,548
OCI Co. Ltd.		100		11,165
Orion Corp.*		158		16,624
Ottogi Corp.		8		5,837
Pan Ocean Co. Ltd.*		1,287		6,504
POSCO		470		144,682
Posco Daewoo Corp.		277		4,722
S-1 Corp.		101		9,281
Samsung Biologics Co. Ltd., 144A*		98		30,843
Samsung C&T Corp.		470		57,009
Samsung Card Co. Ltd.		285		10,004
Samsung Electro-Mechanics Co. Ltd.		372		34,183
Samsung Electronics Co. Ltd.		583		1,360,735
Samsung Fire & Marine Insurance Co. Ltd.		187		44,677
Samsung Heavy Industries Co. Ltd.*		742		8,148
Samsung Life Insurance Co. Ltd.		430		50,577
Samsung SDI Co. Ltd.		354		68,962
Samsung SDS Co. Ltd.		221		38,179
Samsung Securities Co. Ltd.		279		9,332
Shinhan Financial Group Co. Ltd.		2,609		116,035
Shinsegae Inc.		52		13,714
SK Holdings Co. Ltd.		191		51,249
SK Hynix, Inc.		3,435		242,415
SK Innovation Co. Ltd.		367		69,640
SK Networks Co. Ltd.		822		4,872
SK Telecom Co. Ltd.		96		23,289
S-Oil Corp.		288		31,625
Woori Bank		1,873		27,882
Yuhan Corp.		54		10,917
				4,652,306
Spain — 2.3%
Abertis Infraestructuras SA		3,642		81,322
ACS Actividades de Construccion y Servicios SA		1,506		58,257
Aena SME SA, 144A		401		79,779
Amadeus IT Group SA		2,518		181,531
Banco Bilbao Vizcaya Argentaria SA		39,934		341,371
Banco de Sabadell SA		31,319		62,999
Banco Santander SA		96,058		645,181
Bankia SA		5,991		28,780
Bankinter SA		4,037		38,954

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Spain (Continued)
CaixaBank SA		21,240	$	100,947
Enagas SA		1,348		39,558
Endesa SA		1,904		42,458
Ferrovial SA		2,713		59,723
Gas Natural SDG SA		2,098		46,896
Grifols SA (b)		1,854		54,087
Iberdrola SA		33,722		267,798
Industria de Diseno Textil SA		6,965		246,547
Mapfre SA		7,906		26,593
Red Electrica Corp. SA		3,175		71,802
Repsol SA		7,434		136,441
Siemens Gamesa Renewable Energy SA		1,440		18,031
Telefonica SA		27,118		277,745
				2,906,800
Sweden — 1.8%
Alfa Laval AB		1,582		37,382
Assa Abloy AB, Class B		6,026		122,162
Atlas Copco AB, Class A		4,143		177,975
Atlas Copco AB, Class B		2,245		86,250
Boliden AB		1,755		55,495
Electrolux AB, Series B		1,531		50,845
Essity AB, Class B*		3,791		110,094
Getinge AB, Class B (b)		1,392		25,043
Hennes & Mauritz AB, Class B		5,708		134,399
Hexagon AB, Class B		1,496		73,487
Husqvarna AB, Class B		2,505		22,848
ICA Gruppen AB (b)		454		16,422
Industrivarden AB, Class C		1,016		24,760
Investor AB, Class B		2,680		125,148
Kinnevik AB, Class B		1,386		44,440
L E Lundbergforetagen AB, Class B		235		17,237
Lundin Petroleum AB*		1,072		24,665
Nordea Bank AB		17,983		210,744
Sandvik AB		6,487		111,359
Securitas AB, Class B		1,870		32,839
Skandinaviska Enskilda Banken AB, Class A		8,744		103,830
Skanska AB, Class B		2,053		45,028
SKF AB, Class B		2,297		51,917
Svenska Handelsbanken AB, Class A		8,939		122,163
Swedbank AB, Class A		5,352		127,807
Swedish Match AB		1,128		42,662
Tele2 AB, Class B		1,814		23,209
Telefonaktiebolaget LM Ericsson, Class B		18,757		117,974
Telia Co. AB		11,526		50,574
Volvo AB, Class B		9,395		178,675
				2,367,433
Switzerland — 5.9%
ABB Ltd.		11,725		300,232
Adecco Group AG		998		75,478
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		3		17,733
Cie Financiere Richemont SA		3,092		266,218
Clariant AG*		1,351		36,805
Coca-Cola HBC AG*		1,438		46,071

	Number of Shares		Value
Switzerland (Continued)
Credit Suisse Group AG*		14,469	$	245,035
Dufry AG*		187		26,917
EMS-Chemie Holding AG		58		38,676
Ferguson PLC		1,569		113,098
Geberit AG		265		115,240
Givaudan SA		58		131,948
Glencore PLC*		76,933		353,332
Julius Baer Group Ltd.*		1,373		80,670
Kuehne + Nagel International AG		272		47,778
LafargeHolcim Ltd.*		2,824		154,441
Lonza Group AG*		376		98,266
Nestle SA		18,880		1,616,915
Novartis AG		13,258		1,134,763
Pargesa Holding SA		276		23,707
Partners Group Holding AG		103		70,778
Roche Holding AG		4,170		1,052,090
Schindler Holding AG		19		4,228
Schindler Holding AG Participation Certificates		260		58,726
SGS SA		38		93,943
Sika AG		12		92,706
Sonova Holding AG		311		49,539
STMicroelectronics NV		3,812		86,389
Straumann Holding AG		62		46,134
Swatch Group AG — Bearer		194		70,737
Swatch Group AG — Registered		269		19,032
Swiss Life Holding AG*		160		53,705
Swiss Prime Site AG*		528		45,514
Swiss Re AG		1,939		181,729
Swisscom AG		159		83,884
UBS Group AG*		21,645		373,823
Vifor Pharma AG		176		22,167
Zurich Insurance Group AG		904		273,107
				7,601,554
Taiwan — 2.8%
Acer, Inc.*		22,916		15,662
Advanced Semiconductor Engineering, Inc.		39,015		50,535
Advantech Co. Ltd.		2,031		13,543
Airtac International Group		1,000		17,037
Asia Cement Corp.		14,010		13,009
Asustek Computer, Inc.		3,980		36,623
AU Optronics Corp.		57,863		24,597
Catcher Technology Co. Ltd.		3,898		41,977
Cathay Financial Holding Co. Ltd.		45,155		77,833
Chailease Holding Co. Ltd.		5,819		16,879
Chang Hwa Commercial Bank Ltd.		25,262		13,686
Cheng Shin Rubber Industry Co. Ltd.		12,063		20,672
Chicony Electronics Co. Ltd.		2,955		7,842
China Development Financial Holding Corp.		75,739		23,736
China Life Insurance Co. Ltd.		9,280		8,740
China Steel Corp.		73,698		60,199
Chunghwa Telecom Co. Ltd.		22,628		78,082
Compal Electronics, Inc.		28,370		19,627
CTBC Financial Holding Co. Ltd.		112,852		75,250

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Delta Electronics, Inc.		11,993	$	54,579
E.Sun Financial Holding Co. Ltd.		59,604		36,863
Eclat Textile Co. Ltd.		1,656		14,824
Eva Airways Corp.		11,975		6,029
Far Eastern New Century Corp.		19,960		17,003
Far EasTone Telecommunications Co. Ltd.		11,629		27,721
First Financial Holding Co. Ltd.		63,903		41,013
Formosa Chemicals & Fibre Corp.		17,559		53,273
Formosa Petrochemical Corp.		8,784		31,043
Formosa Plastics Corp.		24,524		74,077
Foxconn Technology Co. Ltd.		5,600		15,571
Fubon Financial Holding Co. Ltd.		34,724		56,785
General Interface Solution Holding Ltd.		1,096		8,642
Giant Manufacturing Co. Ltd.		2,496		12,483
Globalwafers Co. Ltd.		1,169		15,726
Hiwin Technologies Corp.		954		10,512
Hon Hai Precision Industry Co. Ltd.		93,201		310,732
Hotai Motor Co. Ltd.		1,470		17,006
HTC Corp.*		5,742		12,903
Hua Nan Financial Holdings Co. Ltd.		52,746		28,928
Innolux Corp.		58,095		25,373
Inventec Corp.		18,389		13,795
Largan Precision Co. Ltd.		710		121,671
Lite-On Technology Corp.		12,237		15,034
Macronix International*		10,000		15,803
MediaTek, Inc.		10,186		110,710
Mega Financial Holding Co. Ltd.		67,651		53,342
Nan Ya Plastics Corp.		29,285		73,813
Nanya Technology Corp.		3,451		8,951
Nien Made Enterprise Co. Ltd.		1,193		10,938
Novatek Microelectronics Corp.		3,429		13,090
Pegatron Corp.		12,747		29,027
Phison Electronics Corp.		1,014		10,277
Pou Chen Corp.		15,041		18,053
Powertech Technology, Inc.		2,135		6,477
President Chain Store Corp.		3,225		30,536
Quanta Computer, Inc.		15,720		32,232
Realtek Semiconductor Corp.		2,143		7,966
Ruentex Development Co. Ltd.*		5,580		5,804
Shin Kong Financial Holding Co. Ltd.		48,825		16,685
Siliconware Precision Industries Co. Ltd.		17,061		28,441
SinoPac Financial Holdings Co. Ltd.		64,908		20,190
Standard Foods Corp.		3,629		9,086
Synnex Technology International Corp.		7,902		10,696
TaiMed Biologics, Inc.*		783		4,790
Taishin Financial Holding Co. Ltd.		55,001		24,755
Taiwan Business Bank		22,755		6,274
Taiwan Cement Corp.		26,000		29,083
Taiwan Cooperative Financial Holding Co. Ltd.		62,808		34,237
Taiwan High Speed Rail Corp.		10,469		8,377
Taiwan Mobile Co. Ltd.		9,571		34,303
Taiwan Semiconductor Manufacturing Co. Ltd.		146,936		1,107,139
Teco Electric and Machinery Co. Ltd.		9,906		9,710
Uni-President Enterprises Corp.		32,439		68,893

	Number of Shares		Value
Taiwan (Continued)
United Microelectronics Corp.		91,175	$	46,509
Vanguard International Semiconductor Corp.		6,403		15,242
Wistron Corp.		11,448		8,817
WPG Holdings Ltd.		8,794		11,933
Yageo Corp.		1,000		11,202
Yuanta Financial Holding Co. Ltd.		74,615		34,579
Zhen Ding Technology Holding Ltd.		2,849		6,962
				3,612,037
Thailand — 0.5%
Advanced Info Service PCL, NVDR		5,300		28,317
Airports of Thailand PCL, NVDR		25,900		49,365
Bangkok Dusit Medical Services PCL, NVDR		400		261
Bangkok Expressway & Metro PCL, NVDR		19,900		4,844
Berli Jucker PCL, NVDR		7,700		13,674
Central Pattana PCL, NVDR		800		1,972
Charoen Pokphand Foods PCL, NVDR		15,700		11,345
CP ALL PCL, NVDR		29,200		65,266
Electricity Generating PCL, NVDR		200		1,317
Home Product Center PCL, NVDR		100		39
Indorama Ventures PCL, NVDR		18,100		27,156
IRPC PCL, NVDR		208,852		39,647
Kasikornbank PCL, NVDR		15,100		104,951
KCE Electronics PCL, NVDR		1,300		3,284
Krung Thai Bank PCL, NVDR		26,500		15,660
Minor International PCL, NVDR		5,700		7,592
PTT Exploration & Production PCL, NVDR		8,800		24,587
PTT Global Chemical PCL, NVDR		7,900		19,230
PTT PCL, NVDR		7,100		89,565
Robinson PCL, NVDR		700		1,586
Siam Cement PCL		700		10,202
Siam Commercial Bank PCL, NVDR		10,400		48,561
Thai Oil PCL, NVDR		10,400		29,614
True Corp. PCL, NVDR*		26,400		4,607
				602,642
Turkey — 0.3%
Akbank TAS		12,935		29,696
Anadolu Efes Biracilik Ve Malt Sanayii AS		832		4,963
Arcelik AS		1,732		8,762
Aselsan Elektronik Sanayi Ve Ticaret AS		1,203		10,230
BIM Birlesik Magazalar AS		1,256		23,206
Coca-Cola Icecek AS		459		4,105
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT*		26,132		16,416
Ford Otomotiv Sanayi AS		291		4,091
Haci Omer Sabanci Holding AS		7,418		19,265
KOC Holding AS		5,060		21,308
Petkim Petrokimya Holding AS		4,060		6,760
TAV Havalimanlari Holding AS		1,870		9,322
Tofas Turk Otomobil Fabrikasi AS		1,858		14,804
Tupras Turkiye Petrol Rafinerileri AS		1,028		31,817
Turk Hava Yollari AO*		6,459		20,222
Turk Telekomunikasyon AS*		3,155		4,584

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Turkey (Continued)
Turkcell Iletisim Hizmetleri AS		5,846	$	22,707
Turkiye Garanti Bankasi AS		13,949		34,232
Turkiye Halk Bankasi AS		5,761		13,064
Turkiye Is Bankasi, Class C		10,269		16,180
Turkiye Sise ve Cam Fabrikalari AS		10,194		10,908
Ulker Biskuvi Sanayi AS		925		4,294
				330,936
United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC		9,308		17,866
Aldar Properties PJSC		5,854		3,506
DAMAC Properties Dubai Co. PJSC		10,910		10,248
DP World Ltd.		1,062		25,541
Dubai Investments PJSC		8,653		5,795
Dubai Islamic Bank PJSC		2,155		3,538
DXB Entertainments PJSC*		19,227		3,455
Emaar Malls PJSC		9,402		5,503
Emaar Properties PJSC		17,711		36,406
Emirates Telecommunications Group Co. PJSC		10,463		46,717
First Abu Dhabi Bank PJSC		4,458		12,259
				170,834
United Kingdom — 10.4%
3i Group PLC		5,779		70,417
Admiral Group PLC		1,398		36,357
Anglo American PLC		7,890		145,010
Ashtead Group PLC		2,985		76,661
Associated British Foods PLC		2,131		84,960
AstraZeneca PLC		7,550		487,759
Auto Trader Group PLC, 144A		6,498		29,554
Aviva PLC		24,297		167,910
Babcock International Group PLC		1,552		14,629
BAE Systems PLC		19,279		143,922
Barclays PLC		101,230		264,907
Barratt Developments PLC		6,185		50,689
Berkeley Group Holdings PLC		755		38,964
BP PLC		116,507		770,642
British American Tobacco PLC		13,711		869,465
British Land Co. PLC REIT		5,736		48,794
BT Group PLC		50,342		177,558
Bunzl PLC		2,063		59,008
Burberry Group PLC		2,525		58,598
Capita PLC		3,878		24,466
Centrica PLC		33,322		65,163
CNH Industrial NV		6,585		85,275
Cobham PLC*		12,553		21,560
Coca-Cola European Partners PLC		314		12,243
Compass Group PLC		9,347		189,486
ConvaTec Group PLC, 144A		7,101		18,631
Croda International PLC		777		44,901
Diageo PLC		15,057		523,023
Direct Line Insurance Group PLC		8,191		40,521
easyJet PLC		1,207		22,951
Experian PLC		5,664		117,810
Fiat Chrysler Automobiles NV*		5,757		98,810
G4S PLC		9,287		32,228

	Number of Shares		Value
United Kingdom (Continued)
GKN PLC		10,655	$	44,685
GlaxoSmithKline PLC		29,367		508,163
Hammerson PLC REIT		4,443		31,215
Hargreaves Lansdown PLC		1,720		37,264
HSBC Holdings PLC		118,569		1,176,983
IMI PLC		1,770		30,065
Imperial Brands PLC		5,736		237,723
InterContinental Hotels Group PLC		1,124		66,109
International Consolidated Airlines Group SA		3,861		31,921
Intertek Group PLC		929		65,708
ITV PLC		22,413		48,468
J Sainsbury PLC		10,506		33,006
John Wood Group PLC		3,872		37,886
Johnson Matthey PLC		1,278		52,387
Kingfisher PLC		13,856		62,587
Land Securities Group PLC REIT		4,435		56,020
Legal & General Group PLC		35,530		128,391
Lloyds Banking Group PLC		402,118		358,922
London Stock Exchange Group PLC		1,959		100,118
Marks & Spencer Group PLC		9,354		39,621
Meggitt PLC		4,916		32,205
Merlin Entertainments PLC, 144A		3,659		17,413
Micro Focus International PLC		2,516		84,691
National Grid PLC		20,216		241,959
Next PLC		871		52,736
Old Mutual PLC		30,747		82,041
Pearson PLC		4,911		47,023
Persimmon PLC		1,856		63,755
Prudential PLC		15,384		386,769
Reckitt Benckiser Group PLC		3,902		342,269
RELX NV		5,776		132,238
RELX PLC		6,308		147,414
Rio Tinto Ltd.		2,518		135,133
Rio Tinto PLC		7,391		349,994
Rolls-Royce Holdings PLC*		9,902		114,764
Rolls-Royce Holdings PLC — Entitlement*		440,726		596
Royal Bank of Scotland Group PLC*		21,826		81,645
Royal Mail PLC		4,356		26,032
RSA Insurance Group PLC		6,583		54,174
Sage Group PLC		6,457		67,632
Schroders PLC		719		33,547
Segro PLC REIT		5,074		37,638
Severn Trent PLC		1,405		39,883
Sky PLC*		6,174		78,195
Smith & Nephew PLC		5,063		89,698
Smiths Group PLC		2,517		50,481
SSE PLC		6,050		112,011
St James’s Place PLC		3,314		54,409
Standard Chartered PLC*		19,646		196,186
Standard Life Aberdeen PLC		15,847		92,198
Taylor Wimpey PLC		19,662		51,985
Tesco PLC		48,920		128,382
Travis Perkins PLC		1,471		32,009
Unilever NV		9,751		561,562
Unilever PLC		7,667		431,757

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
United Utilities Group PLC		4,082	$	45,295
Vodafone Group PLC		159,290		483,193
Weir Group PLC		1,409		37,386
Whitbread PLC		1,113		53,706
Wm Morrison Supermarkets PLC		12,359		36,153
Worldpay Group PLC, 144A		7,877		44,955
WPP PLC		7,455		131,773
				13,322,999
United States (e) — 0.3%
Carnival PLC		1,122		72,319
Nexteer Automotive Group Ltd.*		5,000		10,755
Shire PLC		5,397		267,248
Valeant Pharmaceuticals International, Inc.*		1,947		32,793
				383,115
TOTAL COMMON STOCKS (Cost $107,125,405)				122,806,580
PREFERRED STOCKS — 1.2%
Brazil — 0.6%
Banco Bradesco SA		18,586		185,380
Braskem SA, Class A*		1,203		16,685
Cia Brasileira de Distribuicao*		813		17,385
Cia Energetica de Minas Gerais		4,682		9,440
Gerdau SA		6,209		21,016
Itau Unibanco Holding SA		19,232		242,467
Itausa — Investimentos Itau SA		23,216		73,617
Lojas Americanas SA		3,755		17,012
Petroleo Brasileiro SA*		22,786		107,058
Telefonica Brasil SA		2,380		34,521
				724,581
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B		572		30,921
Colombia — 0.0%
Bancolombia SA		3,315		32,090
Grupo Aval Acciones y Valores SA		24,697		10,111
Grupo de Inversiones Suramericana SA		15		188
				42,389

	Number of Shares		Value
Germany — 0.4%
Bayerische Motoren Werke AG		292	$	25,267
FUCHS PETROLUB SE		465		24,436
Henkel AG & Co. KGaA		1,020		138,402
Porsche Automobil Holding SE		945		79,072
Schaeffler AG		1,126		19,641
Volkswagen AG		1,110		235,302
				522,120
Russia — 0.0%
Surgutneftegas OJSC		42,890		20,829
Transneft PJSC		3		9,134
				29,963
South Korea — 0.2%
Amorepacific Corp.		82		12,584
Hyundai Motor Co.		166		14,872
Hyundai Motor Co. — 2nd Preferred		194		19,342
LG Chem Ltd.		46		10,546
Samsung Electronics Co. Ltd.		108		208,011
				265,355
TOTAL PREFERRED STOCKS (Cost $1,273,569)				1,615,329
RIGHTS — 0.0%
Taiwan — 0.0%
CTBC Financial Holding Co. Ltd., expires 12/15/17*(c) (Cost $0)		1,495		0
SECURITIES LENDING COLLATERAL — 0.9%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (f)(g) (Cost $1,215,429)		1,215,429		1,215,429
TOTAL INVESTMENTS — 97.6% (Cost $109,614,403)			$	125,637,338
Other assets and liabilities, net — 2.4%				2,971,896
NET ASSETS — 100.0%			$	128,609,234

* Non-income producing security.

(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, 2017 amounted to $834,231, which is 0.6% of net assets.

(c) Investment was valued using significant unobservable inputs.

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

(e) Securities are domiciled in the United States and trade on a non-U.S. 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.

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

ADR: American Depositary Receipt

CDI: Chess Depositary Interest

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

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.

A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/17		Purchases Cost ($)		Sales Proceeds ($)			Net realized Gain/(Loss) ($)			Net change in unrealized Appreciation (Depreciation) ($)		Income ($)		Value ($) at 11/30/17
Deutsche Bank AG		195,941		32,114		(10,557	)		(8,283	)		24,336		—		233,551

At November 30, 2017, open futures contracts purchased were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
E-mini MSCI EAFE Index		USD		9	$	902,948	$	908,640		12/15/2017	$	5,692
E-mini MSCI Emerging Markets Index Futures		USD		4		222,795		224,000		12/15/2017		1,205
MINI S&P/TSX 60 Futures		CAD		2		73,506		73,728		12/14/2017		226
SGX NIFTY 50 Futures		USD		124		2,590,360		2,548,944		12/28/2017		(41,416	)
Total net unrealized depreciation											$	(34,293	)

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2017	AED	17,700	USD	4,818	$	—	$	(1	)
Goldman Sachs & Co.	12/5/2017	AED	530,300	USD	144,368		—		(9	)
Goldman Sachs & Co.	12/5/2017	AUD	386,000	USD	295,852		3,888		—
Goldman Sachs & Co.	12/5/2017	AUD	300,000	USD	227,597		682		—
Goldman Sachs & Co.	12/5/2017	AUD	978,000	USD	749,615		9,873		—
JP Morgan & Chase Co.	12/5/2017	AUD	5,345,800	USD	4,097,326		53,854		—
RBC Capital Markets	12/5/2017	AUD	1,097,500	USD	841,205		11,075		—
Goldman Sachs & Co.	12/5/2017	BRL	235,200	USD	70,758		—		(1,053	)
Goldman Sachs & Co.	12/5/2017	BRL	218,000	USD	66,364		—		(195	)
Goldman Sachs & Co.	12/5/2017	BRL	6,836,700	USD	2,081,029		—		(6,341	)
Goldman Sachs & Co.	12/5/2017	CAD	434,000	USD	336,748		322		—
Goldman Sachs & Co.	12/5/2017	CAD	9,165,000	USD	7,111,437		6,960		—
Goldman Sachs & Co.	12/5/2017	CAD	356,100	USD	279,200		3,160		—
RBC Capital Markets	12/5/2017	CAD	1,084,300	USD	841,368		846		—
Goldman Sachs & Co.	12/5/2017	CHF	6,123,500	USD	6,155,756		—		(71,972	)
Goldman Sachs & Co.	12/5/2017	CHF	153,000	USD	153,806		—		(1,798	)
Goldman Sachs & Co.	12/5/2017	CHF	228,500	USD	230,102		—		(2,287	)
RBC Capital Markets	12/5/2017	CHF	578,100	USD	581,119		—		(6,821	)
Goldman Sachs & Co.	12/5/2017	CLP	14,540,000	USD	22,837		376		—
Goldman Sachs & Co.	12/5/2017	CLP	213,875,600	USD	336,227		5,835		—
Goldman Sachs & Co.	12/5/2017	CLP	7,613,900	USD	12,076		314		—
Goldman Sachs & Co.	12/5/2017	COP	12,024,300	USD	3,987		3		—
Goldman Sachs & Co.	12/5/2017	COP	360,728,300	USD	118,204		—		(1,319	)
Goldman Sachs & Co.	12/5/2017	CZK	1,401,900	USD	63,743		—		(1,667	)
Goldman Sachs & Co.	12/5/2017	CZK	46,700	USD	2,151		—		(28	)
Goldman Sachs & Co.	12/5/2017	DKK	10,518,900	USD	1,649,758		—		(33,094	)

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2017	DKK	364,300	USD	57,670	$	—	$	(612	)
Goldman Sachs & Co.	12/5/2017	DKK	410,000	USD	64,302		—		(1,292	)
Goldman Sachs & Co.	12/5/2017	EUR	809,600	USD	953,624		—		(10,366	)
Goldman Sachs & Co.	12/5/2017	EUR	9,041,600	USD	10,550,110		—		(215,716	)
Goldman Sachs & Co.	12/5/2017	EUR	910,000	USD	1,061,914		—		(21,623	)
JP Morgan & Chase Co.	12/5/2017	EUR	12,778,400	USD	14,911,349		—		(303,881	)
RBC Capital Markets	12/5/2017	EUR	1,558,600	USD	1,818,670		—		(37,154	)
Goldman Sachs & Co.	12/5/2017	GBP	3,883,800	USD	5,161,803		—		(91,818	)
Goldman Sachs & Co.	12/5/2017	GBP	354,000	USD	470,502		—		(8,354	)
Goldman Sachs & Co.	12/5/2017	GBP	420,000	USD	554,161		—		(13,973	)
JP Morgan & Chase Co.	12/5/2017	GBP	6,882,600	USD	9,147,806		—		(162,296	)
RBC Capital Markets	12/5/2017	GBP	395,400	USD	525,522		—		(9,336	)
Goldman Sachs & Co.	12/5/2017	HKD	2,479,400	USD	317,560		80		—
Goldman Sachs & Co.	12/5/2017	HKD	3,228,000	USD	413,922		586		—
Goldman Sachs & Co.	12/5/2017	HKD	33,450,300	USD	4,289,325		6,119		—
JP Morgan & Chase Co.	12/5/2017	HKD	36,041,200	USD	4,621,482		6,520		—
RBC Capital Markets	12/5/2017	HKD	1,662,800	USD	213,217		301		—
Goldman Sachs & Co.	12/5/2017	HUF	6,170,200	USD	23,107		—		(357	)
Goldman Sachs & Co.	12/5/2017	HUF	801,100	USD	3,025		—		(22	)
JP Morgan & Chase Co.	12/5/2017	HUF	17,863,500	USD	66,893		—		(1,040	)
Goldman Sachs & Co.	12/5/2017	ILS	27,600	USD	7,853		—		(45	)
Goldman Sachs & Co.	12/5/2017	ILS	828,100	USD	235,436		—		(1,534	)
Goldman Sachs & Co.	12/5/2017	JPY	147,850,000	USD	1,302,903		—		(11,211	)
Goldman Sachs & Co.	12/5/2017	JPY	86,528,000	USD	765,779		—		(3,295	)
Goldman Sachs & Co.	12/5/2017	JPY	676,604,300	USD	5,961,340		—		(52,424	)
RBC Capital Markets	12/5/2017	JPY	219,294,500	USD	1,932,161		—		(16,962	)
The Bank of New York Mellon	12/5/2017	JPY	1,252,090,300	USD	11,031,924		—		(96,848	)
Goldman Sachs & Co.	12/5/2017	KRW	2,491,151,300	USD	2,223,686		—		(65,537	)
Goldman Sachs & Co.	12/5/2017	KRW	326,500,000	USD	292,133		—		(7,901	)
Goldman Sachs & Co.	12/5/2017	KRW	183,066,000	USD	166,879		—		(1,348	)
JP Morgan & Chase Co.	12/5/2017	KRW	2,566,016,300	USD	2,291,905		—		(66,116	)
RBC Capital Markets	12/5/2017	KRW	108,313,700	USD	96,717		—		(2,817	)
Goldman Sachs & Co.	12/5/2017	MXN	590,800	USD	30,914		—		(761	)
Goldman Sachs & Co.	12/5/2017	MXN	7,362,800	USD	382,886		—		(11,857	)
The Bank of New York Mellon	12/5/2017	MXN	10,360,800	USD	538,764		—		(16,710	)
Goldman Sachs & Co.	12/5/2017	NOK	2,339,900	USD	286,194		4,882		—
Goldman Sachs & Co.	12/5/2017	NOK	174,200	USD	21,214		271		—
Goldman Sachs & Co.	12/5/2017	NOK	325,000	USD	39,750		677		—
The Bank of New York Mellon	12/5/2017	NOK	2,561,200	USD	313,252		5,335		—
Goldman Sachs & Co.	12/5/2017	NZD	8,100	USD	5,548		12		—
Goldman Sachs & Co.	12/5/2017	NZD	243,000	USD	166,359		280		—
Goldman Sachs & Co.	12/5/2017	PHP	630,600	USD	12,411		—		(132	)
Goldman Sachs & Co.	12/5/2017	PHP	18,917,800	USD	364,997		—		(11,287	)
Goldman Sachs & Co.	12/5/2017	PLN	46,000	USD	12,776		—		(258	)
Goldman Sachs & Co.	12/5/2017	PLN	344,600	USD	94,695		—		(2,945	)
The Bank of Nova Scotia	12/5/2017	PLN	1,036,000	USD	284,694		—		(8,850	)
Goldman Sachs & Co.	12/5/2017	QAR	24,400	USD	6,300		—		(401	)
Goldman Sachs & Co.	12/5/2017	QAR	732,500	USD	201,162		—		(8	)
Goldman Sachs & Co.	12/5/2017	RUB	1,687,000	USD	28,173		—		(657	)
Goldman Sachs & Co.	12/5/2017	RUB	50,608,800	USD	862,628		—		(2,254	)
Goldman Sachs & Co.	12/5/2017	SEK	3,678,100	USD	440,115		520		—
Goldman Sachs & Co.	12/5/2017	SEK	687,300	USD	81,881		—		(263	)
Goldman Sachs & Co.	12/5/2017	SEK	764,000	USD	91,416		105		—
The Bank of Nova Scotia	12/5/2017	SEK	16,176,100	USD	1,935,450		2,135		—
Goldman Sachs & Co.	12/5/2017	SGD	53,500	USD	39,451		—		(220	)
Goldman Sachs & Co.	12/5/2017	SGD	69,000	USD	50,655		—		(510	)
Goldman Sachs & Co.	12/5/2017	SGD	371,200	USD	272,519		—		(2,735	)
JP Morgan & Chase Co.	12/5/2017	SGD	1,164,200	USD	854,657		—		(8,626	)

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2017	THB	18,640,900	USD	560,966	$	—	$	(9,856	)
Goldman Sachs & Co.	12/5/2017	THB	640,600	USD	19,442		—		(175	)
Goldman Sachs & Co.	12/5/2017	THB	576,000	USD	17,323		—		(315	)
Goldman Sachs & Co.	12/5/2017	TRY	30,000	USD	7,829		180		—
Goldman Sachs & Co.	12/5/2017	TRY	43,500	USD	11,207		117		—
JP Morgan & Chase Co.	12/5/2017	TRY	1,274,000	USD	332,210		7,393		—
Goldman Sachs & Co.	12/5/2017	TWD	103,415,000	USD	3,431,724		—		(17,034	)
Goldman Sachs & Co.	12/5/2017	TWD	7,252,000	USD	241,243		—		(602	)
Goldman Sachs & Co.	12/5/2017	TWD	3,688,900	USD	122,963		—		(57	)
Goldman Sachs & Co.	12/5/2017	USD	149,197	AED	548,000		—		(1	)
Goldman Sachs & Co.	12/5/2017	USD	1,263,219	AUD	1,664,000		—		(4,598	)
JP Morgan & Chase Co.	12/5/2017	USD	4,058,249	AUD	5,345,800		—		(14,777	)
RBC Capital Markets	12/5/2017	USD	833,167	AUD	1,097,500		—		(3,037	)
Goldman Sachs & Co.	12/5/2017	USD	2,230,350	BRL	7,289,900		—		(4,610	)
Goldman Sachs & Co.	12/5/2017	USD	7,727,723	CAD	9,955,100		—		(10,780	)
RBC Capital Markets	12/5/2017	USD	841,701	CAD	1,084,300		—		(1,179	)
Goldman Sachs & Co.	12/5/2017	USD	6,624,985	CHF	6,505,000		—		(9,263	)
RBC Capital Markets	12/5/2017	USD	588,727	CHF	578,100		—		(787	)
Goldman Sachs & Co.	12/5/2017	USD	364,434	CLP	236,029,500		180		—
Goldman Sachs & Co.	12/5/2017	USD	124,022	COP	372,752,600		—		(516	)
Goldman Sachs & Co.	12/5/2017	USD	67,660	CZK	1,448,600		—		(71	)
Goldman Sachs & Co.	12/5/2017	USD	1,809,415	DKK	11,293,200		—		(2,687	)
Goldman Sachs & Co.	12/5/2017	USD	12,831,117	EUR	10,761,200		—		(17,766	)
JP Morgan & Chase Co.	12/5/2017	USD	15,237,073	EUR	12,778,400		—		(21,843	)
RBC Capital Markets	12/5/2017	USD	1,858,397	EUR	1,558,600		—		(2,573	)
Goldman Sachs & Co.	12/5/2017	USD	6,305,031	GBP	4,657,800		—		(4,419	)
JP Morgan & Chase Co.	12/5/2017	USD	9,316,842	GBP	6,882,600		—		(6,740	)
RBC Capital Markets	12/5/2017	USD	535,233	GBP	395,400		—		(375	)
Goldman Sachs & Co.	12/5/2017	USD	5,013,662	HKD	39,157,700		359		—
JP Morgan & Chase Co.	12/5/2017	USD	4,614,632	HKD	36,041,200		330		—
RBC Capital Markets	12/5/2017	USD	212,901	HKD	1,662,800		15		—
Goldman Sachs & Co.	12/5/2017	USD	26,559	HUF	6,971,300		—		(48	)
JP Morgan & Chase Co.	12/5/2017	USD	68,056	HUF	17,863,500		—		(123	)
Goldman Sachs & Co.	12/5/2017	USD	244,925	ILS	855,700		—		(56	)
Goldman Sachs & Co.	12/5/2017	USD	8,140,676	JPY	910,982,300		—		(43,724	)
RBC Capital Markets	12/5/2017	USD	1,959,649	JPY	219,294,500		—		(10,525	)
The Bank of New York Mellon	12/5/2017	USD	11,189,468	JPY	1,252,090,300		—		(60,696	)
Goldman Sachs & Co.	12/5/2017	USD	2,758,646	KRW	3,000,717,300		—		(1,161	)
JP Morgan & Chase Co.	12/5/2017	USD	2,359,794	KRW	2,566,016,300		—		(1,774	)
RBC Capital Markets	12/5/2017	USD	99,571	KRW	108,313,700		—		(37	)
Goldman Sachs & Co.	12/5/2017	USD	427,399	MXN	7,953,600		—		(982	)
The Bank of New York Mellon	12/5/2017	USD	556,853	MXN	10,360,800		—		(1,378	)
Goldman Sachs & Co.	12/5/2017	USD	342,491	NOK	2,839,100		—		(1,163	)
The Bank of New York Mellon	12/5/2017	USD	308,960	NOK	2,561,200		—		(1,042	)
Goldman Sachs & Co.	12/5/2017	USD	172,315	NZD	251,100		—		(701	)
Goldman Sachs & Co.	12/5/2017	USD	388,636	PHP	19,548,400		191		—
Goldman Sachs & Co.	12/5/2017	USD	110,876	PLN	390,600		—		(202	)
The Bank of Nova Scotia	12/5/2017	USD	294,080	PLN	1,036,000		—		(537	)
Goldman Sachs & Co.	12/5/2017	USD	203,468	QAR	756,900		4,403		—
Goldman Sachs & Co.	12/5/2017	USD	894,663	RUB	52,295,800		—		(951	)
Goldman Sachs & Co.	12/5/2017	USD	615,515	SEK	5,129,400		—		(2,466	)
The Bank of Nova Scotia	12/5/2017	USD	1,940,988	SEK	16,176,100		—		(7,674	)
Goldman Sachs & Co.	12/5/2017	USD	366,519	SGD	493,700		—		(428	)
JP Morgan & Chase Co.	12/5/2017	USD	864,291	SGD	1,164,200		—		(1,008	)
Goldman Sachs & Co.	12/5/2017	USD	608,007	THB	19,857,500		70		—
Goldman Sachs & Co.	12/5/2017	USD	18,795	TRY	73,500		—		(56	)
JP Morgan & Chase Co.	12/5/2017	USD	325,778	TRY	1,274,000		—		(960	)
Goldman Sachs & Co.	12/5/2017	USD	3,810,593	TWD	114,355,900		3,030		—

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2017	USD	2,158,202	ZAR	29,447,800	$	—	$	(12,875	)
Goldman Sachs & Co.	12/5/2017	ZAR	949,900	USD	66,913		—		(2,289	)
Goldman Sachs & Co.	12/5/2017	ZAR	25,710,900	USD	1,807,766		—		(65,320	)
Goldman Sachs & Co.	12/5/2017	ZAR	2,787,000	USD	195,948		—		(7,090	)
Goldman Sachs & Co.	12/6/2017	EGP	613,700	USD	34,387		—		(314	)
Goldman Sachs & Co.	12/6/2017	EGP	20,500	USD	1,156		—		(3	)
Goldman Sachs & Co.	12/6/2017	IDR	1,991,727,200	USD	146,289		—		(884	)
Goldman Sachs & Co.	12/6/2017	IDR	294,163,000	USD	21,709		—		(27	)
JP Morgan & Chase Co.	12/6/2017	IDR	6,833,162,800	USD	502,291		—		(2,625	)
Goldman Sachs & Co.	12/6/2017	INR	2,280,000	USD	35,093		—		(242	)
Goldman Sachs & Co.	12/6/2017	INR	5,939,500	USD	91,307		—		(744	)
Goldman Sachs & Co.	12/6/2017	INR	274,000	USD	4,190		—		(56	)
Goldman Sachs & Co.	12/6/2017	MYR	99,100	USD	23,765		—		(462	)
Goldman Sachs & Co.	12/6/2017	MYR	2,973,100	USD	702,445		—		(24,394	)
Goldman Sachs & Co.	12/6/2017	USD	35,790	EGP	634,200		70		—
Goldman Sachs & Co.	12/6/2017	USD	169,388	IDR	2,285,890,200		—		(479	)
JP Morgan & Chase Co.	12/6/2017	USD	505,038	IDR	6,833,162,800		—		(122	)
Goldman Sachs & Co.	12/6/2017	USD	131,784	INR	8,493,500		—		(152	)
Goldman Sachs & Co.	12/6/2017	USD	752,990	MYR	3,072,200		—		(1,924	)
Goldman Sachs & Co.	1/4/2018	AED	548,000	USD	149,181		—		(6	)
Goldman Sachs & Co.	1/4/2018	AUD	1,664,000	USD	1,263,013		4,582		—
JP Morgan & Chase Co.	1/4/2018	AUD	5,345,800	USD	4,057,488		14,628		—
RBC Capital Markets	1/4/2018	AUD	1,097,500	USD	833,032		3,027		—
Goldman Sachs & Co.	1/4/2018	BRL	7,289,900	USD	2,223,276		5,092		—
Goldman Sachs & Co.	1/4/2018	CAD	9,955,100	USD	7,731,798		10,826		—
RBC Capital Markets	1/4/2018	CAD	1,084,300	USD	842,153		1,192		—
Goldman Sachs & Co.	1/4/2018	CHF	6,505,000	USD	6,643,721		9,177		—
RBC Capital Markets	1/4/2018	CHF	578,100	USD	590,386		773		—
Goldman Sachs & Co.	1/4/2018	CLP	236,029,500	USD	364,479		—		(135	)
Goldman Sachs & Co.	1/4/2018	COP	372,752,600	USD	123,645		507		—
Goldman Sachs & Co.	1/4/2018	CZK	1,448,600	USD	67,932		67		—
Goldman Sachs & Co.	1/4/2018	DKK	11,293,200	USD	1,813,549		2,647		—
Goldman Sachs & Co.	1/4/2018	EGP	634,200	USD	35,510		—		(281	)
Goldman Sachs & Co.	1/4/2018	EUR	10,761,200	USD	12,858,988		17,429		—
JP Morgan & Chase Co.	1/4/2018	EUR	12,778,400	USD	15,270,427		21,702		—
RBC Capital Markets	1/4/2018	EUR	1,558,600	USD	1,862,458		2,549		—
Goldman Sachs & Co.	1/4/2018	GBP	4,657,800	USD	6,313,275		4,443		—
JP Morgan & Chase Co.	1/4/2018	GBP	6,882,600	USD	9,329,086		6,836		—
RBC Capital Markets	1/4/2018	GBP	395,400	USD	535,931		376		—
Goldman Sachs & Co.	1/4/2018	HKD	3,455,000	USD	442,516		—		(59	)
Goldman Sachs & Co.	1/4/2018	HKD	39,157,700	USD	5,015,395		—		(589	)
JP Morgan & Chase Co.	1/4/2018	HKD	36,041,200	USD	4,616,287		—		(483	)
RBC Capital Markets	1/4/2018	HKD	1,662,800	USD	212,971		—		(29	)
Goldman Sachs & Co.	1/4/2018	HUF	6,971,300	USD	26,626		49		—
JP Morgan & Chase Co.	1/4/2018	HUF	17,863,500	USD	68,230		129		—
Goldman Sachs & Co.	1/4/2018	IDR	2,285,890,200	USD	168,825		375		—
JP Morgan & Chase Co.	1/4/2018	IDR	6,833,162,800	USD	503,475		—		(68	)
Goldman Sachs & Co.	1/4/2018	ILS	855,700	USD	245,170		15		—
Goldman Sachs & Co.	1/4/2018	INR	8,493,500	USD	131,356		157		—
Goldman Sachs & Co.	1/4/2018	KRW	3,000,717,300	USD	2,758,393		316		—
JP Morgan & Chase Co.	1/4/2018	KRW	2,566,016,300	USD	2,359,946		1,420		—
RBC Capital Markets	1/4/2018	KRW	108,313,700	USD	99,581		26		—
Goldman Sachs & Co.	1/4/2018	MXN	7,953,600	USD	425,141		1,069		—
The Bank of New York Mellon	1/4/2018	MXN	10,360,800	USD	553,820		1,400		—
Goldman Sachs & Co.	1/4/2018	MYR	50,000	USD	12,219		9		—
Goldman Sachs & Co.	1/4/2018	MYR	3,072,200	USD	752,621		2,383		—
Goldman Sachs & Co.	1/4/2018	NOK	2,839,100	USD	342,887		1,175		—
The Bank of New York Mellon	1/4/2018	NOK	2,561,200	USD	309,296		1,031		—

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		1/4/2018		NZD	251,100		USD	172,240	$	701	$	—
Goldman Sachs & Co.		1/4/2018		PHP	19,548,400		USD	387,942		—		(185	)
Goldman Sachs & Co.		1/4/2018		PLN	390,600		USD	110,909		193		—
Goldman Sachs & Co.		1/4/2018		PLN	36,000		USD	10,222		17		—
The Bank of Nova Scotia		1/4/2018		PLN	1,036,000		USD	294,203		548		—
Goldman Sachs & Co.		1/4/2018		QAR	756,900		USD	203,413		—		(4,473	)
Goldman Sachs & Co.		1/4/2018		SEK	5,129,400		USD	617,215		2,530		—
The Bank of Nova Scotia		1/4/2018		SEK	16,176,100		USD	1,946,243		7,770		—
Goldman Sachs & Co.		1/4/2018		SGD	493,700		USD	366,577		424		—
JP Morgan & Chase Co.		1/4/2018		SGD	1,164,200		USD	864,439		1,009		—
Goldman Sachs & Co.		1/4/2018		THB	19,857,500		USD	608,193		—		(295	)
Goldman Sachs & Co.		1/4/2018		TRY	73,500		USD	18,623		64		—
JP Morgan & Chase Co.		1/4/2018		TRY	1,274,000		USD	322,775		1,091		—
Goldman Sachs & Co.		1/4/2018		TWD	114,355,900		USD	3,815,679		—		(4,048	)
Goldman Sachs & Co.		1/4/2018		USD	48,580		AUD	64,000		—		(178	)
Goldman Sachs & Co.		1/4/2018		USD	68,029		BRL	223,000		—		(174	)
Goldman Sachs & Co.		1/4/2018		USD	191,845		CAD	247,000		—		(277	)
Goldman Sachs & Co.		1/4/2018		USD	78,648		CHF	77,000		—		(114	)
Goldman Sachs & Co.		1/4/2018		USD	40,494		CLP	26,230,000		26		—
Goldman Sachs & Co.		1/4/2018		USD	13,281		CZK	283,000		—		(23	)
Goldman Sachs & Co.		1/4/2018		USD	177,146		DKK	1,103,000		—		(276	)
Goldman Sachs & Co.		1/4/2018		USD	611,883		EUR	512,000		—		(902	)
Goldman Sachs & Co.		1/4/2018		USD	525,946		GBP	388,000		—		(413	)
Goldman Sachs & Co.		1/4/2018		USD	14,702		IDR	199,508,000		—		—
Goldman Sachs & Co.		1/4/2018		USD	19,486		ILS	68,000		—		(5	)
Goldman Sachs & Co.		1/4/2018		USD	15,219		INR	985,000		—		(4	)
Goldman Sachs & Co.		1/4/2018		USD	88,414		KRW	96,062,000		—		(120	)
Goldman Sachs & Co.		1/4/2018		USD	37,635		MXN	704,000		—		(99	)
Goldman Sachs & Co.		1/4/2018		USD	30,557		NOK	253,000		—		(106	)
Goldman Sachs & Co.		1/4/2018		USD	17,149		NZD	25,000		—		(70	)
Goldman Sachs & Co.		1/4/2018		USD	25,303		QAR	94,000		515		—
Goldman Sachs & Co.		1/4/2018		USD	118,048		SEK	981,000		—		(489	)
Goldman Sachs & Co.		1/4/2018		USD	50,490		SGD	68,000		—		(58	)
Goldman Sachs & Co.		1/4/2018		USD	16,727		TRY	66,000		—		(62	)
Goldman Sachs & Co.		1/4/2018		USD	61,832		TWD	1,850,000		—		(38	)
Goldman Sachs & Co.		1/4/2018		ZAR	29,447,800		USD	2,147,632		13,125		—
Goldman Sachs & Co.		1/4/2018		ZAR	713,000		USD	52,005		324		—
Goldman Sachs & Co.		1/5/2018		JPY	910,982,300		USD	8,155,032		42,576		—
Goldman Sachs & Co.		1/5/2018		JPY	8,137,000		USD	72,854		393		—
RBC Capital Markets		1/5/2018		JPY	219,294,500		USD	1,963,351		10,495		—
The Bank of New York Mellon		1/5/2018		JPY	1,252,090,300		USD	11,210,457		60,375		—
Goldman Sachs & Co.		1/10/2018		RUB	4,808,000		USD	81,825		150		—
Goldman Sachs & Co.		1/10/2018		RUB	52,295,800		USD	890,038		1,672		—
Total unrealized appreciation (depreciation)									$	400,754	$	(1,804,751	)

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (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 Koruna

DKK Danish Krone

EGP Egyptian Pound

EUR Euro

GBP Pound Sterling

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PHP Philippine Peso

PLN Polish Zloty

QAR Qatari Rial

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

For information on the Fund’s policy and additional disclosures regarding open 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. 38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US Hedged Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (h)	$	122,794,364		$	—		$	12,216	$	122,806,580
Preferred Stocks (h)		1,615,329			—			—		1,615,329
Rights		—			—			0		0
Short-Term Investments		1,215,429			—			—		1,215,429
Derivatives (i)
Forward Foreign Currency Contracts		—			400,754			—		400,754
Futures Contracts		7,123			—			—		7,123
TOTAL	$	125,632,245		$	400,754		$	12,216	$	126,045,215
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (i)
Forward Foreign Currency Contracts	$	—		$	(1,804,751	)	$	—	$	(1,804,751	)
Futures Contracts		(41,416	)		—			—		(41,416	)
TOTAL	$	(41,416	)	$	(1,804,751	)	$	—	$	(1,846,167	)

(h) See Schedule of Investments for additional detailed categorizations.

(i) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $18,441 and between Level 3 and Level 1 was $65,364. 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. 39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Asia Pacific ex Japan Hedged ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 90.9%
Australia — 17.4%
AGL Energy Ltd.		528	$	9,980
Alumina Ltd.		1,754		2,945
Amcor Ltd.		917		10,696
AMP Ltd.		2,324		8,983
APA Group (a)		882		6,231
Aristocrat Leisure Ltd.		426		7,086
ASX Ltd.		159		6,872
Aurizon Holdings Ltd.		1,624		6,474
AusNet Services		1,411		2,001
Australia & New Zealand Banking Group Ltd.		2,279		49,060
Bank of Queensland Ltd.		360		3,589
Bendigo & Adelaide Bank Ltd.		425		3,742
BHP Billiton Ltd.		2,492		51,459
BlueScope Steel Ltd.		450		4,633
Boral Ltd.		921		5,239
Brambles Ltd.		1,287		9,949
Caltex Australia Ltd.		229		5,900
Challenger Ltd.		421		4,455
CIMIC Group Ltd.		76		2,934
Coca-Cola Amatil Ltd.		453		2,721
Cochlear Ltd.		45		6,151
Commonwealth Bank of Australia		1,350		81,109
Computershare Ltd.		368		4,585
Crown Resorts Ltd.		288		2,690
CSL Ltd.		358		38,815
Dexus REIT		742		5,815
Domino’s Pizza Enterprises Ltd.		39		1,386
Flight Centre Travel Group Ltd. (b)		44		1,490
Fortescue Metals Group Ltd.		1,275		4,436
Goodman Group REIT		1,416		9,308
GPT Group REIT		1,423		5,823
Harvey Norman Holdings Ltd. (b)		440		1,335
Healthscope Ltd.		1,374		2,063
Incitec Pivot Ltd.		1,326		4,002
Insurance Australia Group Ltd.		1,874		10,163
LendLease Group (a)		438		5,268
Macquarie Group Ltd.		254		18,873
Medibank Pvt Ltd.		2,180		5,392
Mirvac Group REIT		2,770		5,112
National Australia Bank Ltd.		2,097		46,935
Newcrest Mining Ltd.		622		10,967
Oil Search Ltd.		1,085		5,761
Orica Ltd.		296		3,806
Origin Energy Ltd.*		1,337		9,031
QBE Insurance Group Ltd.		1,086		8,724
Ramsay Health Care Ltd.		112		5,912
REA Group Ltd.		42		2,503
Santos Ltd.*		1,448		5,564
Scentre Group REIT		4,141		13,249
SEEK Ltd.		264		3,690
Sonic Healthcare Ltd.		313		5,275
South32 Ltd.		4,183		10,315
Stockland REIT		1,904		6,769
Suncorp Group Ltd.		1,021		11,067
Sydney Airport (a)		873		4,893

	Number of Shares		Value
Australia (Continued)
Tabcorp Holdings Ltd.		661	$	2,425
Tatts Group Ltd.		1,066		3,475
Telstra Corp. Ltd.		3,309		8,585
TPG Telecom Ltd. (b)		266		1,197
Transurban Group (a)		1,617		15,350
Treasury Wine Estates Ltd.		584		6,949
Vicinity Centres REIT		2,664		5,642
Wesfarmers Ltd.		884		29,367
Westfield Corp. REIT		1,547		9,806
Westpac Banking Corp.		2,672		63,604
Woodside Petroleum Ltd.		601		14,092
Woolworths Ltd.		1,040		21,169
				754,887
China — 24.9%
3SBio, Inc., 144A*		558		1,086
58.com, Inc., ADR*		67		4,807
AAC Technologies Holdings, Inc.		614		12,288
Agile Group Holdings Ltd.		2,000		2,883
Agricultural Bank of China Ltd., Class H		20,367		9,466
Air China Ltd., Class H		1,105		1,186
Alibaba Group Holding Ltd., ADR*		897		158,841
Aluminum Corp. of China Ltd., Class H*		3,465		2,298
Anhui Conch Cement Co. Ltd., Class H		970		4,657
ANTA Sports Products Ltd.		704		3,155
Autohome, Inc., ADR*(b)		41		2,270
AviChina Industry & Technology Co. Ltd., Class H		1,709		895
Baidu, Inc., ADR*		215		51,295
Bank of China Ltd., Class H		61,926		30,051
Bank of Communications Co. Ltd., Class H		6,915		5,118
Beijing Capital International Airport Co. Ltd., Class H		1,181		1,745
BYD Co. Ltd., Class H (b)		555		4,921
BYD Electronic International Co. Ltd.		500		1,197
CGN Power Co. Ltd., Class H, 144A		7,417		2,023
China Cinda Asset Management Co. Ltd., Class H		6,471		2,403
China CITIC Bank Corp. Ltd., Class H		7,310		4,727
China Communications Construction Co. Ltd., Class H		3,478		3,883
China Communications Services Corp. Ltd., Class H		2,413		1,532
China Conch Venture Holdings Ltd.		1,069		2,354
China Construction Bank Corp., Class H		65,361		56,991
China Everbright Bank Co. Ltd., Class H		2,257		1,046
China Evergrande Group*		2,531		8,361
China Galaxy Securities Co. Ltd., Class H		2,618		2,055
China Huarong Asset Management Co. Ltd., Class H, 144A		5,000		2,292
China Huishan Dairy Holdings Co. Ltd.*(c)		2,821		0
China Life Insurance Co. Ltd., Class H		5,846		18,975
China Longyuan Power Group Corp. Ltd., Class H		2,370		1,596
China Medical System Holdings Ltd.		693		1,448
China Mengniu Dairy Co. Ltd.*		2,159		5,484
China Merchants Bank Co. Ltd., Class H		3,066		12,013

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
China (Continued)
China Minsheng Banking Corp. Ltd., Class H		4,319	$	4,352
China Molybdenum Co. Ltd., Class H		3,000		1,871
China National Building Material Co. Ltd., Class H (b)		2,262		2,079
China Oilfield Services Ltd., Class H		1,119		1,032
China Pacific Insurance Group Co. Ltd., Class H		2,071		9,878
China Petroleum & Chemical Corp., Class H		20,126		14,379
China Railway Construction Corp. Ltd., Class H		1,518		1,796
China Railway Group Ltd., Class H		3,398		2,536
China Resources Pharmaceutical Group Ltd., 144A		1,500		1,990
China Shenhua Energy Co. Ltd., Class H		2,700		6,644
China Southern Airlines Co. Ltd., Class H		1,203		1,075
China Telecom Corp. Ltd., Class H		10,364		5,029
China Vanke Co. Ltd., Class H		930		3,388
Chongqing Changan Automobile Co. Ltd., Class B		200		188
Chongqing Rural Commercial Bank Co. Ltd., Class H		2,867		2,030
CITIC Securities Co. Ltd., Class H		1,934		4,185
CNOOC Ltd.		13,844		18,754
Country Garden Holdings Co. Ltd.		4,196		6,608
CRRC Corp. Ltd., Class H		3,470		3,163
CSPC Pharmaceutical Group Ltd.		3,329		6,607
Ctrip.com International Ltd., ADR*		297		13,686
Dongfeng Motor Group Co. Ltd., Class H		1,731		2,176
ENN Energy Holdings Ltd.		595		4,339
Fosun International Ltd.		2,143		4,445
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		400		1,536
Geely Automobile Holdings Ltd.		3,841		13,377
GF Securities Co. Ltd., Class H		950		1,905
GOME Retail Holdings Ltd. (b)		8,085		911
Great Wall Motor Co. Ltd., Class H		2,480		2,902
Guangzhou Automobile Group Co. Ltd., Class H		1,652		4,146
Guangzhou R&F Properties Co. Ltd., Class H		846		1,809
Haitian International Holdings Ltd.		600		1,755
Haitong Securities Co. Ltd., Class H		2,620		3,905
Hengan International Group Co. Ltd.		568		5,538
Huaneng Power International, Inc., Class H		2,524		1,616
Huaneng Renewables Corp. Ltd., Class H		2,710		864
Huatai Securities Co. Ltd., Class H, 144A		1,113		2,252
Industrial & Commercial Bank of China Ltd., Class H		57,783		44,909
JD.com, Inc., ADR*		515		19,287
Jiangsu Expressway Co. Ltd., Class H		960		1,315
Jiangxi Copper Co. Ltd., Class H		1,081		1,683
Kingsoft Corp. Ltd.		656		1,865
Lenovo Group Ltd.		5,673		3,225
Longfor Properties Co. Ltd.		1,217		2,858
Meitu, Inc., 144A*		1,000		1,449

	Number of Shares		Value
China (Continued)
Minth Group Ltd.		535	$	2,987
Momo, Inc., ADR*		84		2,016
NetEase, Inc., ADR		63		20,709
New China Life Insurance Co. Ltd., Class H		644		4,106
New Oriental Education & Technology Group, Inc., ADR		106		8,995
People’s Insurance Co. Group of China Ltd., Class H		5,999		3,088
PetroChina Co. Ltd., Class H		16,576		11,142
PICC Property & Casualty Co. Ltd., Class H		3,614		6,848
Ping An Insurance Group Co. of China Ltd., Class H		3,588		35,374
Semiconductor Manufacturing International Corp.*(b)		2,339		3,264
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,480		1,014
Shanghai Electric Group Co. Ltd., Class H*		1,351		529
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		384		1,854
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		500		741
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		574		1,442
Shenzhou International Group Holdings Ltd.		438		3,954
Sihuan Pharmaceutical Holdings Group Ltd.		3,000		1,056
SINA Corp.*		46		4,497
Sino-Ocean Group Holding Ltd.		2,500		1,565
Sinopec Shanghai Petrochemical Co. Ltd., Class H		2,919		1,730
Sinopharm Group Co. Ltd., Class H		845		3,322
SOHO China Ltd.		977		553
Sunac China Holdings Ltd.		1,675		7,721
Sunny Optical Technology Group Co. Ltd.		560		9,321
TAL Education Group, ADR		222		6,189
Tencent Holdings Ltd.		4,418		225,138
Tingyi Cayman Islands Holding Corp.		1,541		2,423
TravelSky Technology Ltd., Class H		733		2,004
Tsingtao Brewery Co. Ltd., Class H		282		1,145
Vipshop Holdings Ltd., ADR*		321		2,642
Want Want China Holdings Ltd.		4,229		3,314
Weibo Corp., ADR*(b)		36		3,908
Weichai Power Co. Ltd., Class H		3,004		3,350
Yangzijiang Shipbuilding Holdings Ltd.		1,502		1,749
Yanzhou Coal Mining Co. Ltd., Class H		1,457		1,360
Yum China Holdings, Inc.		288		11,759
YY, Inc., ADR*(b)		33		3,405
Zhejiang Expressway Co. Ltd., Class H		1,126		1,349
Zhuzhou CRRC Times Electric Co. Ltd., Class H		404		2,320
Zijin Mining Group Co. Ltd., Class H		4,426		1,536
ZTE Corp., Class H*		649		2,256
				1,080,354
Hong Kong — 11.9%
AIA Group Ltd.		9,398		76,169

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
Alibaba Health Information Technology Ltd.*		2,881	$	1,420
Alibaba Pictures Group Ltd.*(b)		9,764		1,313
ASM Pacific Technology Ltd.		216		3,103
Bank of East Asia Ltd.		888		3,928
Beijing Enterprises Holdings Ltd.		304		1,752
Beijing Enterprises Water Group Ltd.*		3,350		2,616
BOC Hong Kong Holdings Ltd.		2,907		14,702
Brilliance China Automotive Holdings Ltd.		2,376		6,236
China Everbright International Ltd.		1,661		2,229
China Everbright Ltd.		684		1,526
China Gas Holdings Ltd.		1,371		4,213
China Jinmao Holdings Group Ltd.		3,451		1,560
China Merchants Port Holdings Co. Ltd.		1,202		3,101
China Mobile Ltd.		4,339		44,028
China Overseas Land & Investment Ltd.		3,013		9,567
China Resources Beer Holdings Co. Ltd.		1,328		3,647
China Resources Gas Group Ltd.		699		2,698
China Resources Land Ltd.		2,178		6,261
China Resources Power Holdings Co. Ltd.		1,511		2,844
China State Construction International Holdings Ltd.		1,586		2,059
China Taiping Insurance Holdings Co. Ltd.		1,118		4,223
China Unicom Hong Kong Ltd.*		4,703		6,817
CITIC Ltd.		4,508		6,384
CK Asset Holdings Ltd.		1,590		13,385
CK Hutchison Holdings Ltd.		2,109		26,544
CK Infrastructure Holdings Ltd.		521		4,423
CLP Holdings Ltd.		1,290		13,156
COSCO SHIPPING Ports Ltd.		1,226		1,235
Far East Horizon Ltd.		1,253		1,142
First Pacific Co. Ltd.		1,502		1,123
Fullshare Holdings Ltd.*		5,648		2,365
Galaxy Entertainment Group Ltd.		898		6,456
GCL-Poly Energy Holdings Ltd.*(b)		10,620		1,713
Guangdong Investment Ltd.		765		1,028
Haier Electronics Group Co. Ltd.*		1,109		2,968
Hanergy Thin Film Power Group Ltd.*(c)		36,273		0
Hang Lung Group Ltd.		753		2,709
Hang Lung Properties Ltd.		1,590		3,742
Hang Seng Bank Ltd.		592		14,629
Henderson Land Development Co. Ltd.		942		6,151
HK Electric Investments & HK Electric Investments Ltd., 144A (a)		2,259		2,074
HKT Trust & HKT Ltd. (a)		2,974		3,736
Hong Kong & China Gas Co. Ltd.		6,594		12,867
Hong Kong Exchanges & Clearing Ltd.		834		25,116
Hongkong Land Holdings Ltd.		900		6,570
Hysan Development Co. Ltd.		493		2,642
Jardine Matheson Holdings Ltd.		170		10,622
Jardine Strategic Holdings Ltd.		200		8,300
Kerry Properties Ltd.		510		2,253
Kingboard Chemical Holdings Ltd.		500		2,868
Kingston Financial Group Ltd.		2,000		2,463
Kunlun Energy Co. Ltd.		2,037		1,761
Lee & Man Paper Manufacturing Ltd.		1,000		1,172
Li & Fung Ltd.		5,319		2,343
Link REIT		1,739		15,508

	Number of Shares		Value
Hong Kong (Continued)
Melco Resorts & Entertainment Ltd., ADR		194	$	5,065
MTR Corp. Ltd.		1,195		7,031
New World Development Co. Ltd.		4,565		6,616
Nine Dragons Paper Holdings Ltd.		1,504		2,496
NWS Holdings Ltd.		1,466		2,662
PCCW Ltd.		3,765		2,237
Power Assets Holdings Ltd.		643		5,491
Shanghai Industrial Holdings Ltd.		253		714
Shangri-La Asia Ltd.		984		2,217
Shimao Property Holdings Ltd.		1,060		2,071
Sino Biopharmaceutical Ltd.		2,904		3,800
Sino Land Co. Ltd.		2,459		4,452
SJM Holdings Ltd.		1,289		1,036
Sun Art Retail Group Ltd.		1,801		1,762
Sun Hung Kai Properties Ltd.		1,130		18,462
Swire Pacific Ltd., Class A		391		3,760
Swire Properties Ltd.		931		3,153
Techtronic Industries Co. Ltd.		1,080		6,243
WH Group Ltd., 144A		6,807		7,225
Wharf Holdings Ltd.		960		3,024
Wharf Real Estate Investment Co. Ltd.*		960		5,802
Wheelock & Co. Ltd.		639		4,385
Yue Yuen Industrial Holdings Ltd.		583		2,083
				517,247
Indonesia — 2.0%
PT Adaro Energy Tbk		12,210		1,535
PT AKR Corporindo Tbk		1,084		509
PT Astra International Tbk		16,008		9,438
PT Bank Central Asia Tbk		7,749		11,658
PT Bank Danamon Indonesia Tbk		2,313		859
PT Bank Mandiri Persero Tbk		14,822		8,109
PT Bank Negara Indonesia Persero Tbk		5,954		3,566
PT Bank Rakyat Indonesia Persero Tbk		43,810		10,397
PT Bank Tabungan Negara Persero Tbk		3,000		710
PT Bumi Serpong Damai Tbk		6,032		736
PT Charoen Pokphand Indonesia Tbk		5,605		1,210
PT Gudang Garam Tbk		373		2,110
PT Hanjaya Mandala Sampoerna Tbk		8,340		2,528
PT Indocement Tunggal Prakarsa Tbk		1,446		1,970
PT Indofood CBP Sukses Makmur Tbk		1,830		1,143
PT Indofood Sukses Makmur Tbk		3,364		1,822
PT Jasa Marga Persero Tbk		2,421		1,141
PT Kalbe Farma Tbk		13,694		1,620
PT Matahari Department Store Tbk		1,958		1,534
PT Pakuwon Jati Tbk		19,100		876
PT Perusahaan Gas Negara Persero Tbk		6,782		852
PT Semen Indonesia Persero Tbk		2,350		1,633
PT Surya Citra Media Tbk		5,316		865
PT Telekomunikasi Indonesia Persero Tbk		39,874		12,234
PT Tower Bersama Infrastructure Tbk		1,602		675
PT Unilever Indonesia Tbk		1,288		4,695
PT United Tractors Tbk		988		2,447
PT Waskita Karya Persero Tbk		2,861		446
PT XL Axiata Tbk*		3,399		774
				88,092

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Ireland — 0.1%
James Hardie Industries PLC CDI (d)		344	$	5,594
Macau — 0.4%
MGM China Holdings Ltd.		787		2,009
Sands China Ltd.		1,969		9,568
Wynn Macau Ltd.		1,276		3,651
				15,228
Malaysia — 2.1%
AirAsia Bhd		1,200		921
Alliance Bank Malaysia Bhd		776		700
AMMB Holdings Bhd		1,300		1,319
Astro Malaysia Holdings Bhd		1,200		833
Axiata Group Bhd		2,136		2,784
British American Tobacco Malaysia Bhd		150		1,371
CIMB Group Holdings Bhd		3,172		4,693
Dialog Group Bhd		2,500		1,473
DiGi.Com Bhd		2,402		2,725
Felda Global Ventures Holdings Bhd		1,500		668
Gamuda Bhd		1,300		1,554
Genting Bhd		1,800		3,873
Genting Malaysia Bhd		2,453		3,053
Genting Plantations Bhd		100		257
HAP Seng Consolidated Bhd		500		1,182
Hartalega Holdings Bhd		500		1,169
Hong Leong Bank Bhd		551		2,040
Hong Leong Financial Group Bhd		225		884
IHH Healthcare Bhd		1,576		2,174
IJM Corp. Bhd		2,300		1,738
IOI Corp. Bhd		1,500		1,636
IOI Properties Group Bhd		1,325		612
Kuala Lumpur Kepong Bhd		400		2,385
Malayan Banking Bhd		3,065		6,933
Malaysia Airports Holdings Bhd		625		1,261
Maxis Bhd		1,501		2,177
MISC Bhd		925		1,595
Petronas Chemicals Group Bhd		1,900		3,438
Petronas Dagangan Bhd		200		1,183
Petronas Gas Bhd		575		2,233
PPB Group Bhd		300		1,222
Press Metal Aluminium Holdings Bhd		900		1,144
Public Bank Bhd		2,226		10,832
RHB Bank Bhd		600		719
Sapura Energy Bhd		3,100		948
Sime Darby Bhd		1,846		1,061
Sime Darby Plantation Bhd*		1,846		2,261
Sime Darby Property Bhd*		1,846		542
SP Setia Bhd Group		700		597
Telekom Malaysia Bhd		851		1,255
Tenaga Nasional Bhd		2,500		9,451
UMW Holdings Bhd*		376		485
Westports Holdings Bhd		800		673
YTL Corp. Bhd		3,570		1,021
YTL Power International Bhd		1,664		468
				91,543
New Zealand — 0.4%
Auckland International Airport Ltd.		763		3,327

	Number of Shares		Value
New Zealand (Continued)
Fisher & Paykel Healthcare Corp. Ltd.		408	$	3,653
Fletcher Building Ltd.		549		2,604
Mercury NZ Ltd.		174		392
Meridian Energy Ltd.		1,014		2,010
Ryman Healthcare Ltd.		307		2,201
Spark New Zealand Ltd.		1,319		3,264
				17,451
Philippines — 1.0%
Aboitiz Equity Ventures, Inc.		1,557		2,169
Aboitiz Power Corp.		1,150		898
Alliance Global Group, Inc.*		3,200		996
Ayala Corp.		185		3,755
Ayala Land, Inc.		5,826		4,961
Bank of the Philippine Islands		188		385
BDO Unibank, Inc.		1,769		5,139
DMCI Holdings, Inc.		3,100		928
Globe Telecom, Inc.		25		910
GT Capital Holdings, Inc.		75		1,716
International Container Terminal Services, Inc.		403		849
JG Summit Holdings, Inc.		2,150		2,943
Jollibee Foods Corp.		358		1,735
Manila Electric Co.		160		1,003
Megaworld Corp.		9,000		956
Metro Pacific Investments Corp.		12,500		1,666
Metropolitan Bank & Trust Co.		239		456
PLDT, Inc.		75		2,210
Robinsons Land Corp.		900		410
Security Bank Corp.		130		647
SM Investments Corp.		187		3,609
SM Prime Holdings, Inc.		6,857		4,952
Universal Robina Corp.		720		1,905
				45,198
Singapore — 3.5%
Ascendas Real Estate Investment Trust REIT		2,050		4,013
CapitaLand Commercial Trust REIT		1,923		2,695
CapitaLand Ltd.		2,051		5,368
CapitaLand Mall Trust REIT		1,901		2,890
City Developments Ltd.		350		3,143
ComfortDelGro Corp. Ltd.		1,700		2,521
DBS Group Holdings Ltd.		1,400		25,361
Genting Singapore PLC		4,803		4,737
Global Logistic Properties Ltd.		2,101		5,219
Golden Agri-Resources Ltd.		5,603		1,537
Hutchison Port Holdings Trust, Class U		3,952		1,680
Jardine Cycle & Carriage Ltd.		100		2,957
Keppel Corp. Ltd.		1,100		6,223
Oversea-Chinese Banking Corp. Ltd.		2,350		21,695
SATS Ltd.		500		1,961
Sembcorp Industries Ltd.		750		1,696
Singapore Airlines Ltd.		400		3,185
Singapore Exchange Ltd.		650		3,615
Singapore Press Holdings Ltd. (b)		1,250		2,558
Singapore Technologies Engineering Ltd.		1,250		3,022
Singapore Telecommunications Ltd.		6,403		17,710

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Singapore (Continued)
StarHub Ltd.		400	$	845
Suntec Real Estate Investment Trust REIT		1,900		2,874
United Overseas Bank Ltd.		1,017		19,758
UOL Group Ltd.		358		2,363
Wilmar International Ltd.		1,250		2,892
				152,518
South Korea — 14.0%
Amorepacific Corp.		25		7,099
AMOREPACIFIC Group		25		3,388
BGF retail Co. Ltd. (c)		16		1,163
BNK Financial Group, Inc.		161		1,407
Celltrion Healthcare Co. Ltd.*		24		1,923
Celltrion, Inc.*		63		11,584
Cheil Worldwide, Inc.		55		1,016
CJ CheilJedang Corp.		6		2,211
CJ Corp.		9		1,617
CJ E&M Corp.		19		1,501
CJ Logistics Corp.*		4		559
Coway Co. Ltd.		42		3,701
Daelim Industrial Co. Ltd.		22		1,672
Daewoo Engineering & Construction Co. Ltd.*		98		505
DB Insurance Co. Ltd.		36		2,266
DGB Financial Group, Inc.		83		761
Dongsuh Cos., Inc.		38		1,042
Doosan Bobcat, Inc.		28		915
Doosan Heavy Industries & Construction Co. Ltd.		25		377
E-MART, Inc.		15		3,770
GS Engineering & Construction Corp.*		30		751
GS Holdings Corp.		30		1,684
GS Retail Co. Ltd.		21		762
Hana Financial Group, Inc.		241		10,508
Hankook Tire Co. Ltd.		62		3,054
Hanmi Pharm. Co. Ltd.*		5		2,614
Hanmi Science Co. Ltd.*		11		1,152
Hanon Systems		172		2,086
Hanssem Co. Ltd.		8		1,349
Hanwha Chemical Corp.		85		2,285
Hanwha Corp.		31		1,182
Hanwha Life Insurance Co. Ltd.		102		699
Hanwha Techwin Co. Ltd.*		29		939
Hotel Shilla Co. Ltd.		29		2,257
Hyosung Corp.		16		1,985
Hyundai Department Store Co. Ltd.		13		1,168
Hyundai Development Co.-Engineering & Construction		45		1,712
Hyundai Engineering & Construction Co. Ltd.		57		1,836
Hyundai Glovis Co. Ltd.		17		2,289
Hyundai Heavy Industries Co. Ltd.*		24		3,264
Hyundai Marine & Fire Insurance Co. Ltd.		50		1,994
Hyundai Mobis Co. Ltd.		54		13,571
Hyundai Motor Co.		121		18,290
Hyundai Robotics Co. Ltd.*		7		2,567
Hyundai Steel Co.		68		3,749

	Number of Shares		Value
South Korea (Continued)
Hyundai Wia Corp.		10	$	622
Industrial Bank of Korea		199		2,908
ING Life Insurance Korea Ltd., 144A		23		1,146
Kakao Corp.		24		3,010
Kangwon Land, Inc.		92		3,141
KB Financial Group, Inc.		312		17,173
KCC Corp.		5		1,771
KEPCO Plant Service & Engineering Co. Ltd.		18		624
Kia Motors Corp.		209		6,463
Korea Aerospace Industries Ltd.		57		2,624
Korea Electric Power Corp.		213		7,340
Korea Gas Corp.*		22		895
Korea Investment Holdings Co. Ltd.		33		2,068
Korea Zinc Co. Ltd.		6		2,682
Korean Air Lines Co. Ltd.*		35		1,008
KT Corp.		25		700
KT&G Corp.		92		10,314
Kumho Petrochemical Co. Ltd.		14		1,150
LG Chem Ltd.		36		13,811
LG Corp.		75		6,272
LG Display Co. Ltd.		167		4,742
LG Electronics, Inc.		87		7,195
LG Household & Health Care Ltd.		7		7,545
LG Innotek Co. Ltd.		9		1,331
Lotte Chemical Corp.		12		3,948
Lotte Corp.		17		961
Lotte Shopping Co. Ltd.		8		1,544
Medy-Tox, Inc.		3		1,285
Mirae Asset Daewoo Co. Ltd.		290		2,731
NAVER Corp.		22		16,173
NCSoft Corp.		14		5,615
Netmarble Games Corp., 144A*		13		2,019
NH Investment & Securities Co. Ltd.		111		1,387
OCI Co. Ltd.		13		1,451
Orion Corp.*		19		1,999
Ottogi Corp.		1		730
Pan Ocean Co. Ltd.*		168		849
POSCO		60		18,470
Posco Daewoo Corp.		23		392
S-1 Corp.		15		1,378
Samsung Biologics Co. Ltd., 144A*		14		4,406
Samsung C&T Corp.		62		7,520
Samsung Card Co. Ltd.		26		913
Samsung Electro-Mechanics Co. Ltd.		43		3,951
Samsung Electronics Co. Ltd.		76		177,386
Samsung Fire & Marine Insurance Co. Ltd.		24		5,734
Samsung Heavy Industries Co. Ltd.*		201		2,207
Samsung Life Insurance Co. Ltd.		55		6,469
Samsung SDI Co. Ltd.		44		8,572
Samsung SDS Co. Ltd.		26		4,492
Samsung Securities Co. Ltd.		51		1,706
Shinhan Financial Group Co. Ltd.		335		14,899
Shinsegae Inc.		6		1,582
SillaJen, Inc.*		38		3,858
SK Holdings Co. Ltd.		25		6,708
SK Hynix, Inc.		461		32,534

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
SK Innovation Co. Ltd.		51	$	9,677
SK Networks Co. Ltd.		54		320
SK Telecom Co. Ltd.		17		4,124
S-Oil Corp.		34		3,734
Woori Bank		288		4,287
Yuhan Corp.		6		1,213
				605,983
Taiwan — 10.6%
Acer, Inc.*		2,299		1,571
Advanced Semiconductor Engineering, Inc.		5,149		6,669
Advantech Co. Ltd.		273		1,820
Asia Cement Corp.		1,944		1,805
Asia Pacific Telecom Co. Ltd.*		1,436		481
Asustek Computer, Inc.		555		5,107
AU Optronics Corp.		6,424		2,731
Catcher Technology Co. Ltd.		527		5,675
Cathay Financial Holding Co. Ltd.		6,366		10,973
Chailease Holding Co. Ltd.		806		2,338
Chang Hwa Commercial Bank Ltd.		3,727		2,019
Cheng Shin Rubber Industry Co. Ltd.		1,530		2,622
Chicony Electronics Co. Ltd.		511		1,356
China Airlines Ltd.*		1,842		709
China Development Financial Holding Corp.		11,295		3,540
China Life Insurance Co. Ltd.		1,831		1,725
China Steel Corp.		9,810		8,013
Chunghwa Telecom Co. Ltd.		2,986		10,304
Compal Electronics, Inc.		3,054		2,113
CTBC Financial Holding Co. Ltd.		14,124		9,418
Delta Electronics, Inc.		1,533		6,977
E.Sun Financial Holding Co. Ltd.		7,055		4,363
Eclat Textile Co. Ltd.		139		1,244
Eva Airways Corp.		1,391		700
Evergreen Marine Corp. Taiwan Ltd.*		1,537		864
Far Eastern New Century Corp.		2,738		2,332
Far EasTone Telecommunications Co. Ltd.		1,256		2,994
Feng TAY Enterprise Co. Ltd.		262		1,096
First Financial Holding Co. Ltd.		7,200		4,621
Formosa Chemicals & Fibre Corp.		2,302		6,984
Formosa Petrochemical Corp.		1,098		3,880
Formosa Plastics Corp.		3,251		9,820
Formosa Taffeta Co. Ltd.		892		894
Foxconn Technology Co. Ltd.		723		2,010
Fubon Financial Holding Co. Ltd.		5,226		8,546
General Interface Solution Holding Ltd.		132		1,041
Giant Manufacturing Co. Ltd.		221		1,105
Globalwafers Co. Ltd.		116		1,561
Highwealth Construction Corp.		642		854
Hiwin Technologies Corp.		165		1,818
Hon Hai Precision Industry Co. Ltd.		11,253		37,518
Hotai Motor Co. Ltd.		240		2,777
HTC Corp.*		483		1,085
Hua Nan Financial Holdings Co. Ltd.		6,180		3,389
Innolux Corp.		6,840		2,987
Inventec Corp.		1,864		1,398
Largan Precision Co. Ltd.		79		13,538

	Number of Shares		Value
Taiwan (Continued)
Lite-On Technology Corp.		1,826	$	2,243
Macronix International*		1,000		1,580
MediaTek, Inc.		1,181		12,836
Mega Financial Holding Co. Ltd.		8,657		6,826
Micro-Star International Co. Ltd.		531		1,298
Nan Ya Plastics Corp.		3,744		9,437
Nanya Technology Corp.		377		978
Nien Made Enterprise Co. Ltd.		115		1,054
Novatek Microelectronics Corp.		485		1,852
Pegatron Corp.		1,517		3,454
Phison Electronics Corp.		127		1,287
Pou Chen Corp.		1,409		1,691
Powertech Technology, Inc.		521		1,581
President Chain Store Corp.		450		4,261
Quanta Computer, Inc.		2,124		4,355
Realtek Semiconductor Corp.		352		1,309
Ruentex Development Co. Ltd.*		722		751
Ruentex Industries Ltd.*		404		672
Shin Kong Financial Holding Co. Ltd.		6,000		2,050
Siliconware Precision Industries Co. Ltd.		1,447		2,412
SinoPac Financial Holdings Co. Ltd.		8,761		2,725
Standard Foods Corp.		466		1,167
Synnex Technology International Corp.		1,191		1,612
TaiMed Biologics, Inc.*		170		1,040
Taishin Financial Holding Co. Ltd.		7,121		3,205
Taiwan Business Bank		2,655		732
Taiwan Cement Corp.		2,611		2,921
Taiwan Cooperative Financial Holding Co. Ltd.		5,949		3,243
Taiwan High Speed Rail Corp.		1,327		1,062
Taiwan Mobile Co. Ltd.		1,263		4,527
Taiwan Semiconductor Manufacturing Co. Ltd.		19,098		143,900
Teco Electric and Machinery Co. Ltd.		1,379		1,352
Uni-President Enterprises Corp.		3,159		6,709
United Microelectronics Corp.		9,590		4,892
Vanguard International Semiconductor Corp.		806		1,919
Winbond Electronics Corp.		2,000		1,907
Wistron Corp.		2,036		1,568
WPG Holdings Ltd.		1,219		1,654
Yuanta Financial Holding Co. Ltd.		8,283		3,839
Zhen Ding Technology Holding Ltd.		375		916
				460,202
Thailand — 2.1%
Advanced Info Service PCL, NVDR		798		4,264
Airports of Thailand PCL, NVDR		3,000		5,718
Bangkok Bank PCL, NVDR		200		1,222
Bangkok Dusit Medical Services PCL, NVDR		3,200		2,087
Bangkok Expressway & Metro PCL, NVDR		6,700		1,631
Banpu PCL, NVDR		2,200		1,152
Berli Jucker PCL, NVDR		1,300		2,309
BTS Group Holdings PCL, NVDR		4,600		1,162
Bumrungrad Hospital PCL		300		1,833
Central Pattana PCL, NVDR		1,100		2,711

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Thailand (Continued)
Charoen Pokphand Foods PCL, NVDR		2,100	$	1,518
CP ALL PCL, NVDR		3,811		8,518
Delta Electronics Thailand PCL, NVDR		400		1,032
Electricity Generating PCL, NVDR		100		658
Energy Absolute PCL, NVDR		800		1,115
Glow Energy PCL, NVDR		278		743
Home Product Center PCL, NVDR		4,700		1,813
Indorama Ventures PCL, NVDR		826		1,239
IRPC PCL, NVDR		8,873		1,684
Kasikornbank PCL, NVDR		1,500		10,426
KCE Electronics PCL, NVDR		200		505
Krung Thai Bank PCL, NVDR		3,204		1,893
Minor International PCL, NVDR		1,700		2,264
PTT Exploration & Production PCL, NVDR		1,100		3,073
PTT Global Chemical PCL		1,500		3,651
PTT PCL, NVDR		825		10,407
Robinson PCL, NVDR		400		906
Siam Cement PCL		100		1,457
Siam Cement PCL, NVDR		200		2,915
Siam Commercial Bank PCL, NVDR		1,400		6,537
Thai Oil PCL, NVDR		551		1,569
Thai Union Group PCL, NVDR		1,500		845
TMB Bank PCL, NVDR		10,400		892
True Corp. PCL, NVDR*		7,900		1,379
				91,128
United Kingdom — 0.4%
Rio Tinto Ltd.		332		17,817
United States — 0.1%
Nexteer Automotive Group Ltd.*		1,000		2,151
TOTAL COMMON STOCKS (Cost $3,251,496)				3,945,393

	Number of Shares		Value
PREFERRED STOCKS — 0.8%
South Korea — 0.8%
Amorepacific Corp.		7	$	1,074
Hyundai Motor Co.		18		1,613
Hyundai Motor Co. — 2nd Preferred		26		2,592
LG Chem Ltd.		8		1,834
LG Household & Health Care Ltd.		2		1,290
Samsung Electronics Co. Ltd.		13		25,039
				33,442
TOTAL PREFERRED STOCKS (Cost $17,891)				33,442
RIGHTS — 0.0%
Taiwan — 0.0%
CTBC Financial Holding Co. Ltd., expires 12/15/17*(c) (Cost $0)		193		0
EXCHANGE-TRADED FUND — 0.1%
Global X MSCI Pakistan ETF (Cost $3,831)		270		3,661
SECURITIES LENDING COLLATERAL — 0.7%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (e)(f) (Cost $29,189)		29,189		29,189
TOTAL INVESTMENTS — 92.5% (Cost $3,302,407)			$	4,011,685
Other assets and liabilities, net — 7.5%				328,198
NET ASSETS — 100.0%			$	4,339,883

* Non-income producing security.

(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, 2017 amounted to $27,572, which is 0.6% of net assets.

(c) Investment was valued using significant unobservable inputs.

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

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

(f) 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

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.

At November 30, 2017, open futures contract purchased was as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized (Depreciation)
SGX NIFTY 50 Futures		USD		17	$	355,130	$	349,452		12/28/2017	$	(5,678	)

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)

November 30, 2017 (Unaudited)

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
The Bank of New York Mellon		12/5/2017		AUD	1,018,000		USD	780,256	$	10,258	$	—
The Bank of New York Mellon		12/5/2017		AUD	33,000		USD	25,293		332		—
Goldman Sachs & Co.		12/5/2017		HKD	9,640,600		USD	1,236,212		1,764		—
Goldman Sachs & Co.		12/5/2017		HKD	269,000		USD	34,494		49		—
The Bank of New York Mellon		12/5/2017		KRW	31,754,000		USD	28,414		—		(766	)
The Bank of New York Mellon		12/5/2017		KRW	670,097,400		USD	598,649		—		(17,132	)
Goldman Sachs & Co.		12/5/2017		NZD	26,800		USD	18,347		31		—
Goldman Sachs & Co.		12/5/2017		PHP	87,000		USD	1,677		—		(53	)
Goldman Sachs & Co.		12/5/2017		PHP	2,189,500		USD	42,244		—		(1,306	)
Goldman Sachs & Co.		12/5/2017		SGD	199,700		USD	146,611		—		(1,472	)
Goldman Sachs & Co.		12/5/2017		SGD	11,000		USD	8,075		—		(81	)
Goldman Sachs & Co.		12/5/2017		THB	37,000		USD	1,114		—		(19	)
Goldman Sachs & Co.		12/5/2017		THB	2,924,000		USD	87,993		—		(1,546	)
Goldman Sachs & Co.		12/5/2017		TWD	798,000		USD	26,530		—		(82	)
Goldman Sachs & Co.		12/5/2017		TWD	13,640,300		USD	452,640		—		(2,247	)
The Bank of New York Mellon		12/5/2017		USD	797,867		AUD	1,051,000		—		(2,908	)
Goldman Sachs & Co.		12/5/2017		USD	1,268,802		HKD	9,909,600		91		—
The Bank of New York Mellon		12/5/2017		USD	645,677		KRW	701,851,400		—		(717	)
Goldman Sachs & Co.		12/5/2017		USD	18,391		NZD	26,800		—		(75	)
Goldman Sachs & Co.		12/5/2017		USD	45,258		PHP	2,276,500		22		—
Goldman Sachs & Co.		12/5/2017		USD	156,422		SGD	210,700		—		(183	)
Goldman Sachs & Co.		12/5/2017		USD	90,661		THB	2,961,000		10		—
Goldman Sachs & Co.		12/5/2017		USD	481,116		TWD	14,438,300		383		—
RBC Capital Markets		12/6/2017		IDR	1,198,782,300		USD	88,068		—		(512	)
Goldman Sachs & Co.		12/6/2017		MYR	7,000		USD	1,655		—		(56	)
Goldman Sachs & Co.		12/6/2017		MYR	369,000		USD	87,183		—		(3,028	)
RBC Capital Markets		12/6/2017		USD	88,569		IDR	1,198,782,300		11		—
Goldman Sachs & Co.		12/6/2017		USD	92,157		MYR	376,000		—		(235	)
The Bank of New York Mellon		1/4/2018		AUD	12,000		USD	9,108		32		—
The Bank of New York Mellon		1/4/2018		AUD	1,051,000		USD	797,709		2,871		—
Goldman Sachs & Co.		1/4/2018		HKD	337,000		USD	43,163		—		(6	)
Goldman Sachs & Co.		1/4/2018		HKD	9,909,600		USD	1,269,241		—		(149	)
RBC Capital Markets		1/4/2018		IDR	1,198,782,300		USD	88,302		—		(38	)
RBC Capital Markets		1/4/2018		IDR	24,662,000		USD	1,815		—		(2	)
The Bank of New York Mellon		1/4/2018		KRW	11,943,000		USD	10,984		7		—
The Bank of New York Mellon		1/4/2018		KRW	701,851,400		USD	645,737		638		—
Goldman Sachs & Co.		1/4/2018		MYR	376,000		USD	92,112		292		—
Goldman Sachs & Co.		1/4/2018		NZD	26,800		USD	18,383		75		—
Goldman Sachs & Co.		1/4/2018		NZD	2,000		USD	1,372		6		—
Goldman Sachs & Co.		1/4/2018		PHP	2,276,500		USD	45,178		—		(22	)
Goldman Sachs & Co.		1/4/2018		SGD	5,000		USD	3,712		4		—
Goldman Sachs & Co.		1/4/2018		SGD	210,700		USD	156,447		181		—
Goldman Sachs & Co.		1/4/2018		THB	2,961,000		USD	90,689		—		(44	)
Goldman Sachs & Co.		1/4/2018		TWD	14,438,300		USD	481,758		—		(511	)
Goldman Sachs & Co.		1/4/2018		USD	13,035		TWD	390,000		—		(8	)
Total unrealized appreciation (depreciation)									$	17,057	$	(33,198	)

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Asia Pacific ex Japan Hedged ETF (Continued)

November 30, 2017 (Unaudited)

Currency Abbreviations

AUD Australian Dollar

HKD Hong Kong Dollar

IDR Indonesian Rupiah

KRW South Korean Won

MYR Malaysian Ringgit

NZD New Zealand Dollar

PHP Philippine Peso

SGD Singapore Dollar

THB Thai Baht

TWD New Taiwan Dollar

USD U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding open 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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (g)	$	3,944,230		$	—		$	1,163	$	3,945,393
Exchange-Traded Fund		3,661			—			—		3,661
Preferred Stock		33,442			—			—		33,442
Rights		—			—			0		0
Short-Term Investments		29,189			—			—		29,189
Derivatives (h)
Forward Foreign Currency Contracts		—			17,057			—		17,057
TOTAL	$	4,010,522		$	17,057		$	1,163	$	4,028,742
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (h)
Forward Foreign Currency Contracts	$	—		$	(33,198	)	$	—	$	(33,198	)
Futures Contracts		(5,678	)		—			—		(5,678	)
TOTAL	$	(5,678	)	$	(33,198	)	$	—	$	(38,876	)

(g) See Schedule of Investments for additional detailed categorizations.

(h) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $1,994 and between Level 3 and Level 1 was $7,108. 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. 48

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Brazil Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 61.0%
Consumer Discretionary — 4.1%
Kroton Educacional SA		17,339	$	95,979
Lojas Renner SA		8,930		92,561
				188,540
Consumer Staples — 12.2%
Ambev SA		52,384		329,015
Atacadao Distribuicao Comercio e Industria Ltda*		5,000		23,202
BRF SA*		5,601		65,841
JBS SA		10,490		25,348
M Dias Branco SA		1,259		18,000
Natura Cosmeticos SA		2,236		19,918
Raia Drogasil SA		2,891		77,719
				559,043
Energy — 6.4%
Cosan SA Industria e Comercio		2,115		23,150
Petroleo Brasileiro SA*		35,716		174,027
Ultrapar Participacoes SA		4,531		97,169
				294,346
Financials — 11.4%
B3 SA — Brasil Bolsa Balcao		25,809		183,232
Banco Bradesco SA		10,436		96,854
Banco do Brasil SA		10,212		93,371
Banco Santander Brasil SA		5,216		46,050
BB Seguridade Participacoes SA		8,779		72,089
Porto Seguro SA		1,401		15,335
Sul America SA		2,533		13,843
				520,774
Health Care — 1.9%
Hypermarcas SA		4,351		43,663
Odontoprev SA		3,290		15,327
Qualicorp SA		2,923		27,387
				86,377
Industrials — 5.6%
CCR SA		15,208		73,544
Embraer SA		8,351		39,925
Localiza Rent a Car SA		6,264		38,329
Rumo SA*		13,684		54,428
WEG SA		7,073		49,437
				255,663
Information Technology — 2.4%
Cielo SA		15,323		107,195
Materials — 11.3%
Cia Siderurgica Nacional SA*		8,023		18,039
Fibria Celulose SA		3,122		43,080
Klabin SA		7,383		40,259
Suzano Papel e Celulose SA		5,546		29,666
Vale SA		35,897		385,349
				516,393
Real Estate — 1.3%
BR Malls Participacoes SA		10,573		39,050

	Number of Shares		Value
Real Estate (Continued)
Multiplan Empreendimentos Imobiliarios SA		1,050	$	22,306
				61,356
Telecommunication Services — 0.8%
TIM Participacoes SA		10,575		38,120
Utilities — 3.6%
Centrais Eletricas Brasileiras SA*		2,692		15,403
Cia de Saneamento Basico do Estado de Sao Paulo		4,358		43,534
Cia Energetica de Minas Gerais*		1,484		2,978
EDP — Energias do Brasil SA		3,758		15,843
Engie Brasil Energia SA		2,121		22,957
Equatorial Energia SA		2,514		49,113
Transmissora Alianca de Energia Eletrica SA		2,286		14,861
				164,689
TOTAL COMMON STOCKS (Cost $2,051,976)				2,792,496
PREFERRED STOCKS — 31.9%
Consumer Discretionary — 0.9%
Lojas Americanas SA		9,292		42,096
Consumer Staples — 0.9%
Cia Brasileira de Distribuicao*		1,986		42,469
Energy — 4.5%
Petroleo Brasileiro SA*		44,010		206,777
Financials — 21.4%
Banco Bradesco SA		35,454		353,625
Itau Unibanco Holding SA		37,199		468,986
Itausa — Investimentos Itau SA		49,529		157,055
				979,666
Materials — 1.6%
Braskem SA, Class A*		2,161		29,971
Gerdau SA		12,978		43,928
				73,899
Telecommunication Services — 1.8%
Telefonica Brasil SA		5,594		81,139
Utilities — 0.8%
Centrais Eletricas Brasileiras SA, Class B		2,894		18,884
Cia Energetica de Minas Gerais		9,341		18,833
				37,717
TOTAL PREFERRED STOCKS (Cost $1,011,848)				1,463,763
EXCHANGE-TRADED FUNDS — 6.1%
iShares MSCI Brazil Capped ETF (a)		5,384		208,361
iShares MSCI Brazil Small-Cap ETF		4,500		70,020
TOTAL EXCHANGE-TRADED FUNDS (Cost $279,484)				278,381

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Brazil Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.8%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (b)(c) (Cost $38,294)		38,294	$	38,294
TOTAL INVESTMENTS — 99.8% (Cost $3,381,602)			$	4,572,934
Other assets and liabilities, net — 0.2%				8,315
NET ASSETS — 100.0%			$	4,581,249

* Non-income producing security.

(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, 2017 amounted to $36,146, which is 0.8% 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.

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		12/5/2017		BRL	10,990,745		USD	3,345,482	$	—	$	(10,194	)
JP Morgan & Chase Co.		12/5/2017		BRL	322,000		USD	98,020		—		(293	)
The Bank of New York Mellon		12/5/2017		BRL	2,585,755		USD	787,140		—		(2,338	)
The Bank of Nova Scotia		12/5/2017		BRL	1,145,400		USD	348,639		—		(1,073	)
The Bank of Nova Scotia		12/5/2017		BRL	475,000		USD	144,553		—		(474	)
The Bank of Nova Scotia		12/5/2017		BRL	63,000		USD	19,178		—		(57	)
Goldman Sachs & Co.		12/5/2017		USD	3,362,627		BRL	10,990,745		—		(6,950	)
JP Morgan & Chase Co.		12/5/2017		USD	98,501		BRL	322,000		—		(188	)
The Bank of New York Mellon		12/5/2017		USD	791,114		BRL	2,585,755		—		(1,635	)
The Bank of Nova Scotia		12/5/2017		USD	515,037		BRL	1,683,400		—		(1,065	)
Goldman Sachs & Co.		1/4/2018		BRL	10,990,745		USD	3,351,961		7,677		—
JP Morgan & Chase Co.		1/4/2018		BRL	322,000		USD	98,198		219		—
The Bank of New York Mellon		1/4/2018		BRL	2,585,755		USD	788,453		1,655		—
The Bank of Nova Scotia		1/4/2018		BRL	463,000		USD	141,094		211		—
The Bank of Nova Scotia		1/4/2018		BRL	1,683,400		USD	513,373		1,145		—
The Bank of Nova Scotia		1/4/2018		USD	299,213		BRL	981,000		—		(713	)
Total unrealized appreciation (depreciation)									$	10,907	$	(24,980	)

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.

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Brazil Hedged Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (d)	$	2,792,496	$	—		$	—	$	2,792,496
Preferred Stocks (d)		1,463,763		—			—		1,463,763
Exchange-Traded Funds		278,381		—			—		278,381
Short-Term Investments		38,294		—			—		38,294
Derivatives (e)
Forward Foreign Currency Contracts		—		10,907			—		10,907
TOTAL	$	4,572,934	$	10,907		$	—	$	4,583,841
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (e)
Forward Foreign Currency Contracts	$	—	$	(24,980	)	$	—	$	(24,980	)
TOTAL	$	—	$	(24,980	)	$	—	$	(24,980	)

(d) See Schedule of Investments for additional detailed categorizations.

(e) Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts.

There have been no transfers between fair value measurement levels during period ended November 30, 2017.

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 93.9%
Brazil — 4.3%
Ambev SA		188,782	$	1,185,709
Atacadao Distribuicao Comercio e Industria Ltda*		13,200		61,253
B3 SA — Brasil Bolsa Balcao		81,979		582,014
Banco Bradesco SA		36,556		339,266
Banco do Brasil SA		33,991		310,789
Banco Santander Brasil SA		17,200		151,852
BB Seguridade Participacoes SA		28,944		237,674
BR Malls Participacoes SA		33,396		123,343
BRF SA*		18,478		217,212
CCR SA		50,117		242,360
Centrais Eletricas Brasileiras SA*		8,989		51,433
Cia de Saneamento Basico do Estado de Sao Paulo		14,130		141,151
Cia Energetica de Minas Gerais*		4,955		9,945
Cia Siderurgica Nacional SA*		24,694		55,522
Cielo SA		50,556		353,673
Cosan SA Industria e Comercio		6,748		73,861
EDP — Energias do Brasil SA		12,550		52,908
Embraer SA		27,560		131,761
Engie Brasil Energia SA		6,749		73,047
Equatorial Energia SA		8,217		160,527
Fibria Celulose SA		10,305		142,198
Hypermarcas SA		14,382		144,327
JBS SA		33,850		81,796
Klabin SA		24,376		132,921
Kroton Educacional SA		57,155		316,378
Localiza Rent a Car SA		20,697		126,643
Lojas Renner SA		29,272		303,411
M Dias Branco SA		4,205		60,118
Multiplan Empreendimentos Imobiliarios SA		3,502		74,395
Natura Cosmeticos SA		7,133		63,541
Odontoprev SA		10,984		51,171
Petroleo Brasileiro SA*		118,744		578,584
Porto Seguro SA		4,682		51,248
Qualicorp SA		9,224		86,423
Raia Drogasil SA		9,561		257,028
Rumo SA*		45,325		180,278
Sul America SA		7,926		43,317
Suzano Papel e Celulose SA		16,705		89,357
TIM Participacoes SA		35,043		126,322
Transmissora Alianca de Energia Eletrica SA		7,634		49,627
Ultrapar Participacoes SA		14,957		320,757
Vale SA		127,519		1,368,896
WEG SA		23,366		163,318
				9,367,354
Chile — 1.0%
AES Gener SA		121,578		35,642
Aguas Andinas SA, Class A		108,134		62,198
Banco de Chile		1,036,059		143,481
Banco de Credito e Inversiones		1,837		110,002
Banco Santander Chile		2,727,396		186,643
Cencosud SA		59,184		145,009

	Number of Shares		Value
Chile (Continued)
Cia Cervecerias Unidas SA		6,108	$	77,394
Colbun SA		326,320		66,378
Empresa Nacional de Telecomunicaciones SA		6,243		60,351
Empresas CMPC SA		51,692		146,680
Empresas COPEC SA		18,814		252,457
Enel Americas SA		1,205,917		232,968
Enel Chile SA		812,028		87,167
Enel Generacion Chile SA		135,659		110,717
Itau CorpBanca		6,356,669		50,364
Latam Airlines Group SA		10,227		128,415
SACI Falabella		30,070		251,880
				2,147,746
China — 25.8%
3SBio, Inc., 144A*		41,885		81,516
58.com, Inc., ADR*		3,733		267,805
AAC Technologies Holdings, Inc.		29,671		593,789
Agile Group Holdings Ltd.		59,664		86,018
Agricultural Bank of China Ltd., Class H		1,048,137		487,153
Air China Ltd., Class H		75,468		80,974
Alibaba Group Holding Ltd., ADR*		46,734		8,275,657
Aluminum Corp. of China Ltd., Class H*		163,091		108,168
Anhui Conch Cement Co. Ltd., Class H		51,774		248,590
ANTA Sports Products Ltd.		44,285		198,457
Autohome, Inc., ADR*		2,163		119,765
AviChina Industry & Technology Co. Ltd., Class H		87,698		45,925
Baidu, Inc., ADR*		11,099		2,647,999
Bank of China Ltd., Class H		3,229,967		1,567,393
Bank of Communications Co. Ltd., Class H		361,950		267,866
Beijing Capital International Airport Co. Ltd., Class H		62,171		91,862
BYD Co. Ltd., Class H (a)		26,487		234,851
BYD Electronic International Co. Ltd.		25,141		60,196
CGN Power Co. Ltd., Class H, 144A		438,553		119,603
China Cinda Asset Management Co. Ltd., Class H		364,679		135,410
China CITIC Bank Corp. Ltd., Class H		369,243		238,750
China Communications Construction Co. Ltd., Class H		183,086		204,415
China Communications Services Corp. Ltd., Class H		102,222		64,918
China Conch Venture Holdings Ltd.		56,562		124,564
China Construction Bank Corp., Class H		3,419,224		2,981,366
China Everbright Bank Co. Ltd., Class H		113,615		52,660
China Evergrande Group*		132,402		437,376
China Galaxy Securities Co. Ltd., Class H		138,537		108,734
China Huarong Asset Management Co. Ltd., Class H, 144A		377,527		173,050
China Huishan Dairy Holdings Co. Ltd.*(b)		136,324		17
China Life Insurance Co. Ltd., Class H		300,020		973,798
China Longyuan Power Group Corp. Ltd., Class H		131,209		88,367
China Medical System Holdings Ltd.		51,424		107,455
China Mengniu Dairy Co. Ltd.*		113,616		288,617

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
China (Continued)
China Merchants Bank Co. Ltd., Class H		157,073	$	615,409
China Minsheng Banking Corp. Ltd., Class H		216,980		218,643
China Molybdenum Co. Ltd., Class H		141,484		88,222
China National Building Material Co. Ltd., Class H (a)		119,062		109,456
China Oilfield Services Ltd., Class H		58,514		53,943
China Pacific Insurance Group Co. Ltd., Class H		105,362		502,517
China Petroleum & Chemical Corp., Class H		1,016,880		726,515
China Railway Construction Corp. Ltd., Class H		81,564		96,496
China Railway Group Ltd., Class H		165,285		123,379
China Resources Pharmaceutical Group Ltd., 144A		65,041		86,276
China Shenhua Energy Co. Ltd., Class H		141,118		347,277
China Southern Airlines Co. Ltd., Class H		75,124		67,139
China Telecom Corp. Ltd., Class H		554,930		269,289
China Vanke Co. Ltd., Class H		48,938		178,266
Chongqing Changan Automobile Co. Ltd., Class B		35,300		33,265
Chongqing Rural Commercial Bank Co. Ltd., Class H		105,839		74,940
CITIC Securities Co. Ltd., Class H		94,215		203,867
CNOOC Ltd.		719,803		975,079
Country Garden Holdings Co. Ltd.		220,853		347,816
CRRC Corp. Ltd., Class H		171,716		156,542
CSPC Pharmaceutical Group Ltd.		185,378		367,901
Ctrip.com International Ltd., ADR*		15,598		718,756
Dongfeng Motor Group Co. Ltd., Class H		112,185		141,055
ENN Energy Holdings Ltd.		31,337		228,503
Fosun International Ltd.		106,569		221,048
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		20,906		80,303
Geely Automobile Holdings Ltd.		197,956		689,411
GF Securities Co. Ltd., Class H		56,892		114,073
GOME Retail Holdings Ltd. (a)		304,074		34,261
Great Wall Motor Co. Ltd., Class H		128,171		149,995
Guangzhou Automobile Group Co. Ltd., Class H		86,948		218,201
Guangzhou R&F Properties Co. Ltd., Class H		39,882		85,277
Haitian International Holdings Ltd.		26,401		77,241
Haitong Securities Co. Ltd., Class H		133,942		199,623
Hengan International Group Co. Ltd.		29,895		291,480
Huaneng Power International, Inc., Class H		174,930		111,989
Huaneng Renewables Corp. Ltd., Class H		197,017		62,812
Huatai Securities Co. Ltd., Class H, 144A		67,533		136,620
Industrial & Commercial Bank of China Ltd., Class H		2,998,591		2,330,486
JD.com, Inc., ADR*		26,327		985,946
Jiangsu Expressway Co. Ltd., Class H		50,534		69,232
Jiangxi Copper Co. Ltd., Class H		51,639		80,399
Kingsoft Corp. Ltd.		32,432		92,187
Lenovo Group Ltd.		298,585		169,743

	Number of Shares		Value
China (Continued)
Longfor Properties Co. Ltd.		60,395	$	141,821
Meitu, Inc., 144A*		49,360		71,542
Momo, Inc., ADR*		4,559		109,416
NetEase, Inc., ADR		3,210		1,055,159
New China Life Insurance Co. Ltd., Class H		32,073		204,508
New Oriental Education & Technology Group, Inc., ADR		5,355		454,425
People’s Insurance Co. Group of China Ltd., Class H		288,677		148,586
PetroChina Co. Ltd., Class H		841,161		565,430
PICC Property & Casualty Co. Ltd., Class H		190,200		360,423
Ping An Insurance Group Co. of China Ltd., Class H		211,424		2,084,422
Semiconductor Manufacturing International Corp.*(a)		114,310		159,533
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		77,895		53,359
Shanghai Electric Group Co. Ltd., Class H*		116,787		45,757
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		20,013		96,604
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		37,900		56,206
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		28,505		71,608
Shenzhou International Group Holdings Ltd.		30,864		278,601
Sihuan Pharmaceutical Holdings Group Ltd.		156,806		55,212
SINA Corp.*		2,346		229,368
Sino-Ocean Group Holding Ltd.		124,283		77,815
Sinopec Shanghai Petrochemical Co. Ltd., Class H		144,525		85,677
Sinopharm Group Co. Ltd., Class H		49,326		193,890
SOHO China Ltd.		86,005		48,673
Sunac China Holdings Ltd.		85,029		391,932
Sunny Optical Technology Group Co. Ltd.		28,491		474,233
TAL Education Group, ADR		11,613		323,770
Tencent Holdings Ltd.		231,180		11,780,778
Tingyi Cayman Islands Holding Corp.		81,114		127,537
TravelSky Technology Ltd., Class H		38,564		105,419
Tsingtao Brewery Co. Ltd., Class H		14,900		60,476
Vipshop Holdings Ltd., ADR*		16,791		138,190
Want Want China Holdings Ltd.		206,992		162,198
Weibo Corp., ADR*		1,918		208,218
Weichai Power Co. Ltd., Class H		81,879		91,313
Yanzhou Coal Mining Co. Ltd., Class H		76,685		71,578
Yum China Holdings, Inc.		15,501		632,906
YY, Inc., ADR*(a)		1,817		187,496
Zhejiang Expressway Co. Ltd., Class H		58,960		70,660
Zhuzhou CRRC Times Electric Co. Ltd., Class H		22,635		129,982
Zijin Mining Group Co. Ltd., Class H		237,232		82,316

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
China (Continued)
ZTE Corp., Class H*		29,677	$	103,165
				56,284,164
Colombia — 0.3%
Bancolombia SA		10,004		96,176
Cementos Argos SA		19,048		66,935
Ecopetrol SA		204,031		118,367
Grupo Argos SA		9,322		63,290
Grupo de Inversiones Suramericana SA		9,697		125,372
Interconexion Electrica SA ESP		16,034		73,353
				543,493
Czech Republic — 0.2%
CEZ AS		6,675		152,709
Komercni banka AS		2,773		116,227
Moneta Money Bank AS, 144A		17,051		61,490
O2 Czech Republic AS		2,565		32,025
				362,451
Egypt — 0.1%
Commercial International Bank Egypt SAE		42,944		182,972
Egyptian Financial Group-Hermes Holding Co.		20,339		27,951
Global Telecom Holding SAE*		86,767		36,851
				247,774
Greece — 0.3%
Alpha Bank AE*		58,349		113,203
Eurobank Ergasias SA*		76,838		62,190
FF Group*		1,638		30,278
Hellenic Telecommunications Organization SA		10,131		122,393
JUMBO SA		4,219		63,775
National Bank of Greece SA*		226,949		70,233
OPAP SA		9,235		112,668
Piraeus Bank SA*		11,736		32,966
Titan Cement Co. SA		1,908		47,055
				654,761
Hong Kong — 3.6%
Alibaba Health Information Technology Ltd.*		135,346		66,718
Alibaba Pictures Group Ltd.*(a)		521,746		70,144
Beijing Enterprises Holdings Ltd.		21,528		124,039
Beijing Enterprises Water Group Ltd.*		198,773		155,249
Brilliance China Automotive Holdings Ltd.		125,041		328,206
China Everbright International Ltd.		101,952		136,804
China Everbright Ltd.		38,328		85,488
China Gas Holdings Ltd.		72,167		221,764
China Jinmao Holdings Group Ltd.		154,452		69,809
China Merchants Port Holdings Co. Ltd.		43,988		113,488
China Mobile Ltd.		249,638		2,533,090
China Overseas Land & Investment Ltd.		146,503		465,199
China Resources Beer Holdings Co. Ltd.		67,077		184,222
China Resources Gas Group Ltd.		36,785		142,003
China Resources Land Ltd.		114,642		329,534

	Number of Shares		Value
Hong Kong (Continued)
China Resources Power Holdings Co. Ltd.		79,525	$	149,679
China State Construction International Holdings Ltd.		83,515		108,428
China Taiping Insurance Holdings Co. Ltd.		66,880		252,615
China Unicom Hong Kong Ltd.*		240,611		348,741
CITIC Ltd.		214,048		303,115
COSCO SHIPPING Ports Ltd.		69,939		70,475
Far East Horizon Ltd.		81,684		74,466
Fullshare Holdings Ltd.*		285,544		119,553
GCL-Poly Energy Holdings Ltd.*		552,900		89,198
Guangdong Investment Ltd.		116,579		156,729
Haier Electronics Group Co. Ltd.*		51,954		139,029
Hanergy Thin Film Power Group Ltd.*(b)		792,724		0
Kingboard Chemical Holdings Ltd.		24,275		139,244
Kunlun Energy Co. Ltd.		136,260		117,764
Lee & Man Paper Manufacturing Ltd.		58,893		68,996
Nine Dragons Paper Holdings Ltd.		67,613		112,196
Shanghai Industrial Holdings Ltd.		20,222		57,092
Shimao Property Holdings Ltd.		49,020		95,779
Sino Biopharmaceutical Ltd.		183,902		240,646
Sun Art Retail Group Ltd.		98,622		96,473
				7,765,975
Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		15,720		182,252
OTP Bank PLC		9,436		360,654
Richter Gedeon Nyrt		5,783		149,436
				692,342
India — 8.4%
ACC Ltd.		1,862		48,164
Adani Ports & Special Economic Zone Ltd.		29,973		185,007
Ambuja Cements Ltd.		24,635		100,290
Ashok Leyland Ltd.		47,074		86,037
Asian Paints Ltd.		11,899		211,619
Aurobindo Pharma Ltd.		10,892		117,037
Axis Bank Ltd., GDR		10,996		451,386
Axis Bank Ltd.		12,265		101,841
Bajaj Auto Ltd.		3,470		177,886
Bajaj Finance Ltd.		6,819		182,642
Bajaj Finserv Ltd.		1,582		127,927
Bharat Forge Ltd.		8,668		93,180
Bharat Heavy Electricals Ltd.		36,438		51,990
Bharat Petroleum Corp. Ltd.		31,398		245,346
Bharti Airtel Ltd.		49,588		381,792
Bharti Infratel Ltd.		25,852		153,837
Bosch Ltd.		306		96,497
Britannia Industries Ltd.		929		69,381
Cadila Healthcare Ltd.		8,464		56,280
Cipla Ltd.		14,303		133,292
Coal India Ltd.		28,237		120,778
Container Corp. of India Ltd.		1,710		34,688
Dabur India Ltd.		21,853		116,687
Dr. Reddy’s Laboratories Ltd., ADR (a)		4,799		168,061
Eicher Motors Ltd.		551		255,881
GAIL India Ltd.		20,983		152,426

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
India (Continued)
Glenmark Pharmaceuticals Ltd.		5,715	$	49,997
Godrej Consumer Products Ltd.		9,860		147,028
Grasim Industries Ltd.		13,070		237,137
Havells India Ltd.		10,339		81,663
HCL Technologies Ltd.		21,509		282,873
Hero MotoCorp Ltd.		2,062		116,200
Hindalco Industries Ltd.		48,237		179,879
Hindustan Petroleum Corp. Ltd.		25,068		162,001
Hindustan Unilever Ltd.		25,339		500,041
Housing Development Finance Corp. Ltd.		60,458		1,571,177
ICICI Bank Ltd.		64,498		307,636
ICICI Bank Ltd., ADR		15,366		146,592
Idea Cellular Ltd.*		59,633		87,350
IDFC Bank Ltd.		56,193		47,844
Indiabulls Housing Finance Ltd.		13,144		245,808
Indian Oil Corp. Ltd.		24,098		147,062
Infosys Ltd., ADR		44,765		696,543
Infosys Ltd.		29,013		439,200
ITC Ltd.		135,433		537,804
JSW Steel Ltd.		34,982		138,262
Larsen & Toubro Ltd.		17,148		323,533
LIC Housing Finance Ltd.		12,310		111,034
Lupin Ltd.		9,148		116,010
Mahindra & Mahindra Financial Services Ltd.		11,524		78,352
Mahindra & Mahindra Ltd.		15,408		336,106
Marico Ltd.		18,674		88,620
Maruti Suzuki India Ltd.		4,159		554,647
Motherson Sumi Systems Ltd.		26,116		147,915
Nestle India Ltd.		955		113,503
NTPC Ltd.		68,193		191,581
Oil & Natural Gas Corp. Ltd.		53,065		148,669
Petronet LNG Ltd.		15,484		60,418
Piramal Enterprises Ltd.		3,215		138,305
Power Finance Corp. Ltd.		26,199		49,103
Reliance Industries Ltd., GDR, 144A		53,024		1,476,718
Rural Electrification Corp. Ltd.		28,580		68,281
Shree Cement Ltd.		347		92,548
Shriram Transport Finance Co. Ltd.		6,096		125,508
Siemens Ltd.		2,944		54,682
State Bank of India		70,420		349,861
Sun Pharmaceutical Industries Ltd.		39,684		332,310
Tata Consultancy Services Ltd.		18,419		753,271
Tata Motors Ltd., ADR*		13,000		405,470
Tata Motors Ltd., Class A*		14,640		52,550
Tata Power Co. Ltd.		45,859		67,352
Tata Steel Ltd.		12,449		134,018
Tech Mahindra Ltd.		19,324		146,623
Titan Co. Ltd.		12,847		163,158
UltraTech Cement Ltd.		3,633		236,855
United Spirits Ltd.*		2,403		122,410
UPL Ltd.		14,672		166,414
Vakrangee Ltd.		8,105		89,686
Vedanta Ltd.		61,498		281,786
Wipro Ltd.		9,741		44,097
Wipro Ltd., ADR		36,596		197,252
Yes Bank Ltd.		69,765		332,055

	Number of Shares		Value
India (Continued)
Zee Entertainment Enterprises Ltd.		21,845	$	192,482
				18,385,232
Indonesia — 2.1%
PT Adaro Energy Tbk		606,095		76,176
PT AKR Corporindo Tbk		74,283		34,873
PT Astra International Tbk		837,002		493,501
PT Bank Central Asia Tbk		407,812		613,557
PT Bank Danamon Indonesia Tbk		138,718		51,535
PT Bank Mandiri Persero Tbk		771,894		422,299
PT Bank Negara Indonesia Persero Tbk		312,029		186,858
PT Bank Rakyat Indonesia Persero Tbk		2,321,345		550,903
PT Bank Tabungan Negara Persero Tbk		146,130		34,572
PT Bumi Serpong Damai Tbk		318,353		38,835
PT Charoen Pokphand Indonesia Tbk		305,140		65,874
PT Gudang Garam Tbk		19,893		112,547
PT Hanjaya Mandala Sampoerna Tbk		384,797		116,640
PT Indocement Tunggal Prakarsa Tbk		80,504		109,662
PT Indofood CBP Sukses Makmur Tbk		96,448		60,253
PT Indofood Sukses Makmur Tbk		181,545		98,316
PT Jasa Marga Persero Tbk		90,039		42,437
PT Kalbe Farma Tbk		872,261		103,180
PT Lippo Karawaci Tbk		572,579		24,341
PT Matahari Department Store Tbk		102,562		80,375
PT Media Nusantara Citra Tbk		236,123		22,694
PT Pakuwon Jati Tbk		896,165		41,078
PT Perusahaan Gas Negara Persero Tbk		451,096		56,695
PT Semen Indonesia Persero Tbk		132,753		92,258
PT Surya Citra Media Tbk		252,446		41,060
PT Telekomunikasi Indonesia Persero Tbk		2,032,672		623,657
PT Tower Bersama Infrastructure Tbk		84,320		35,533
PT Unilever Indonesia Tbk		57,455		209,414
PT United Tractors Tbk		69,411		171,911
PT Waskita Karya Persero Tbk		196,454		30,646
PT XL Axiata Tbk*		132,593		30,193
				4,671,873
Malaysia — 2.3%
AirAsia Bhd		63,170		48,503
Alliance Bank Malaysia Bhd		41,351		37,311
AMMB Holdings Bhd		68,746		69,763
Astro Malaysia Holdings Bhd		65,000		45,140
Axiata Group Bhd		103,708		135,167
British American Tobacco Malaysia Bhd		5,642		51,571
CIMB Group Holdings Bhd		179,970		266,247
Dialog Group Bhd		112,036		66,024
DiGi.Com Bhd		128,560		145,866
Felda Global Ventures Holdings Bhd		60,100		26,747
Gamuda Bhd		70,300		84,061
Genting Bhd		94,567		203,494
Genting Malaysia Bhd		123,034		153,134
Genting Plantations Bhd		10,300		26,446
HAP Seng Consolidated Bhd		25,451		60,181
Hartalega Holdings Bhd		26,801		62,653
Hong Leong Bank Bhd		26,541		98,259
Hong Leong Financial Group Bhd		9,900		38,879

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Malaysia (Continued)
IHH Healthcare Bhd		85,335	$	117,689
IJM Corp. Bhd		119,764		90,493
IOI Corp. Bhd		93,394		101,855
IOI Properties Group Bhd		68,788		31,791
Kuala Lumpur Kepong Bhd		19,787		117,962
Malayan Banking Bhd		186,363		421,533
Malaysia Airports Holdings Bhd		34,400		69,397
Maxis Bhd		77,396		112,229
MISC Bhd		55,400		95,506
Nestle Malaysia Bhd		2,200		52,344
Petronas Chemicals Group Bhd		102,824		186,061
Petronas Dagangan Bhd		10,604		62,750
Petronas Gas Bhd		29,035		112,746
PPB Group Bhd		19,519		79,517
Press Metal Aluminium Holdings Bhd		49,700		63,196
Public Bank Bhd		117,222		570,416
RHB Bank Bhd		32,553		39,005
RHB Bank Bhd (b)		19,600		0
Sapura Energy Bhd		179,258		54,792
Sime Darby Bhd		98,123		56,386
Sime Darby Plantation Bhd*		98,123		120,209
Sime Darby Property Bhd*		98,123		28,793
SP Setia Bhd Group		23,000		19,628
Telekom Malaysia Bhd		46,945		69,221
Tenaga Nasional Bhd		128,505		485,802
UMW Holdings Bhd*		19,264		24,825
Westports Holdings Bhd		42,007		35,335
YTL Corp. Bhd		184,198		52,699
YTL Power International Bhd		86,206		24,242
				4,915,868
Malta — 0.0%
Brait SE *		15,270		51,427
Mexico — 2.9%
Alfa SAB de CV, Class A		128,640		143,377
America Movil SAB de CV, Series L		1,356,306		1,163,786
Arca Continental SAB de CV		18,241		124,911
Cemex SAB de CV, Series CPO*		579,982		443,814
Coca-Cola Femsa SAB de CV, Series L		21,495		147,609
El Puerto de Liverpool SAB de CV, Class C1		7,961		53,999
Fibra Uno Administracion SA de CV REIT		123,232		192,567
Fomento Economico Mexicano SAB de CV		75,136		678,416
Gentera SAB de CV		40,660		37,310
Gruma SAB de CV, Class B		8,948		110,938
Grupo Aeroportuario del Pacifico SAB de CV, Class B		14,790		147,216
Grupo Aeroportuario del Sureste SAB de CV, Class B		8,592		153,922
Grupo Bimbo SAB de CV, Series A		68,072		158,718
Grupo Carso SAB de CV, Series A1		18,719		59,617
Grupo Financiero Banorte SAB de CV, Class O		100,630		590,221
Grupo Financiero Inbursa SAB de CV, Class O		95,950		169,501

	Number of Shares		Value
Mexico (Continued)
Grupo Financiero Santander Mexico SAB de CV, Class B		75,553	$	122,562
Grupo Lala SAB de CV		25,596		38,830
Grupo Mexico SAB de CV, Series B		149,835		469,000
Grupo Televisa SAB, Series CPO		101,113		379,707
Industrias Penoles SAB de CV		5,754		120,711
Infraestructura Energetica Nova SAB de CV		22,204		121,332
Kimberly-Clark de Mexico SAB de CV, Class A		63,028		112,695
Mexichem SAB de CV		43,420		112,935
Promotora y Operadora de Infraestructura SAB de CV		9,435		94,886
Wal-Mart de Mexico SAB de CV		208,147		490,568
				6,439,148
Peru — 0.4%
Cia de Minas Buenaventura SAA, ADR		7,868		110,073
Credicorp Ltd.		2,735		577,167
Southern Copper Corp.		3,514		147,764
				835,004
Philippines — 1.1%
Aboitiz Equity Ventures, Inc.		81,570		113,607
Aboitiz Power Corp.		60,546		47,283
Alliance Global Group, Inc.*		179,876		55,974
Ayala Corp.		10,301		209,053
Ayala Land, Inc.		304,504		259,307
Bank of the Philippine Islands		32,509		66,557
BDO Unibank, Inc.		68,055		197,693
DMCI Holdings, Inc.		164,724		49,293
Globe Telecom, Inc.		1,394		50,757
GT Capital Holdings, Inc.		3,606		82,509
International Container Terminal Services, Inc.		20,982		44,210
JG Summit Holdings, Inc.		118,492		162,202
Jollibee Foods Corp.		18,073		87,596
Manila Electric Co.		9,270		58,099
Megaworld Corp.		470,000		49,936
Metro Pacific Investments Corp.		586,227		78,148
Metropolitan Bank & Trust Co.		29,334		55,913
PLDT, Inc.		3,576		105,373
Robinsons Land Corp.		67,910		30,942
Security Bank Corp.		9,095		45,240
SM Investments Corp.		10,093		194,791
SM Prime Holdings, Inc.		358,591		258,990
Universal Robina Corp.		36,459		96,479
				2,399,952
Poland — 1.3%
Alior Bank SA*		3,743		76,407
Bank Handlowy w Warszawie SA		1,348		27,880
Bank Millennium SA*		25,081		58,340
Bank Pekao SA		6,515		236,268
Bank Zachodni WBK SA		1,490		156,196
CCC SA		1,131		76,857
CD Projekt SA		2,620		75,344
Cyfrowy Polsat SA		9,733		68,746

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Poland (Continued)
Dino Polska SA, 144A*		1,376	$	28,397
Grupa Azoty SA		1,845		37,271
Grupa Lotos SA		3,823		60,992
Jastrzebska Spolka Weglowa SA*		2,185		55,350
KGHM Polska Miedz SA		5,792		175,259
LPP SA		53		122,741
mBank SA*		609		81,095
Orange Polska SA*		28,645		44,231
PGE Polska Grupa Energetyczna SA*		34,790		117,591
PLAY Communications SA, 144A*		3,489		35,705
Polski Koncern Naftowy ORLEN SA		12,383		388,728
Polskie Gornictwo Naftowe i Gazownictwo SA		73,195		125,049
Powszechna Kasa Oszczednosci Bank Polski SA*		37,322		447,287
Powszechny Zaklad Ubezpieczen SA		25,083		315,816
Synthos SA		21,890		29,459
Tauron Polska Energia SA*		43,484		38,192
				2,879,201
Qatar — 0.5%
Barwa Real Estate Co.		4,023		30,936
Commercial Bank QSC*		8,408		62,115
Doha Bank QPSC		6,279		44,335
Ezdan Holding Group QSC		32,906		72,296
Industries Qatar QSC		6,402		156,039
Masraf Al Rayan QSC		15,196		141,683
Ooredoo QSC		3,524		77,327
Qatar Electricity & Water Co. QSC		1,135		50,499
Qatar Gas Transport Co. Ltd.		11,223		42,688
Qatar Insurance Co. SAQ		5,750		58,586
Qatar Islamic Bank SAQ		2,440		60,999
Qatar National Bank QPSC		9,547		306,762
				1,104,265
Romania — 0.1%
NEPI Rockcastle PLC		15,556		242,000
Russia — 3.2%
Alrosa PJSC		106,593		141,984
Gazprom PJSC, ADR		47,870		213,955
Gazprom PJSC		333,269		753,361
Inter RAO UES PJSC		1,295,138		81,650
LUKOIL PJSC		7,182		404,494
LUKOIL PJSC, ADR		10,162		564,499
Magnit PJSC, GDR		14,071		371,756
Magnitogorsk Iron & Steel Works PJSC		83,165		62,495
MMC Norilsk Nickel PJSC		2,488		420,313
Mobile TeleSystems PJSC, ADR		20,659		214,234
Moscow Exchange MICEX-RTS PJSC		61,246		130,171
Novatek PJSC, GDR		3,619		410,033
Novolipetsk Steel PJSC		49,565		112,127
PhosAgro PJSC, GDR		4,817		72,255
Polyus PJSC		1,025		86,124
Rosneft Oil Co. PJSC, GDR		49,127		242,344
RusHydro PJSC		3,993,083		55,600
Sberbank of Russia PJSC		440,359		1,689,951
Severstal PJSC		1,600		25,289

	Number of Shares		Value
Russia (Continued)
Severstal PJSC, GDR		7,150	$	111,111
Surgutneftegas OJSC, ADR		31,539		144,890
Tatneft PJSC		60,968		476,293
VTB Bank PJSC, GDR		115,442		206,641
				6,991,570
South Africa — 6.4%
Anglo American Platinum Ltd.*		2,229		59,181
AngloGold Ashanti Ltd.		16,879		175,743
Aspen Pharmacare Holdings Ltd.		16,045		357,400
Barclays Africa Group Ltd.		28,303		325,603
Bid Corp. Ltd.		14,004		301,247
Bidvest Group Ltd.		14,018		195,588
Capitec Bank Holdings Ltd.		1,743		125,154
Coronation Fund Managers Ltd. (a)		9,399		49,548
Discovery Ltd.		14,713		176,695
Exxaro Resources Ltd.		9,953		106,997
FirstRand Ltd.		131,460		540,122
Fortress REIT Ltd., Class A REIT		43,639		54,887
Fortress REIT Ltd., Class B REIT		33,092		101,701
Foschini Group Ltd.		9,547		109,984
Gold Fields Ltd.		33,973		144,141
Growthpoint Properties Ltd. REIT		87,772		159,993
Hyprop Investments Ltd. REIT		10,272		80,326
Imperial Holdings Ltd.		6,307		104,517
Investec Ltd.		11,206		77,654
Kumba Iron Ore Ltd.		2,409		57,135
Liberty Holdings Ltd.		5,534		46,862
Life Healthcare Group Holdings Ltd.		53,624		102,087
MMI Holdings Ltd.		39,070		57,202
Mondi Ltd.		4,894		116,000
Mr Price Group Ltd. (a)		10,138		153,759
MTN Group Ltd.		67,187		633,267
Naspers Ltd., Class N		17,712		4,762,429
Nedbank Group Ltd.		9,228		155,628
Netcare Ltd.		42,329		69,442
Pick n Pay Stores Ltd.		15,150		70,310
Pioneer Foods Group Ltd.		5,957		56,899
PSG Group Ltd.		3,829		80,941
Rand Merchant Investment Holdings Ltd.		28,042		86,733
Redefine Properties Ltd. REIT		215,625		159,105
Remgro Ltd.		21,886		341,495
Resilient REIT Ltd. REIT		11,619		123,959
RMB Holdings Ltd.		29,191		142,433
Sanlam Ltd.		52,671		300,549
Sappi Ltd.		23,005		163,190
Sasol Ltd.		21,871		685,711
Shoprite Holdings Ltd.		18,493		307,228
Sibanye Gold Ltd. (a)		71,648		98,056
SPAR Group Ltd. (a)		8,429		116,648
Standard Bank Group Ltd.		51,202		645,858
Steinhoff International Holdings NV		115,063		471,997
Telkom SA SOC Ltd. (a)		11,543		41,711
Tiger Brands Ltd.		6,849		208,476
Truworths International Ltd. (a)		18,996		110,832
Vodacom Group Ltd. (a)		24,837		262,695
Woolworths Holdings Ltd.		41,149		174,017
				14,049,135

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
South Korea — 14.3%
Amorepacific Corp.		1,272	$	361,174
AMOREPACIFIC Group		1,211		164,137
BGF retail Co. Ltd. (b)		1,015		73,776
BNK Financial Group, Inc.		10,969		95,856
Celltrion Healthcare Co. Ltd.*		1,235		98,959
Celltrion, Inc.*		3,202		588,762
Cheil Worldwide, Inc.		2,968		54,819
CJ CheilJedang Corp.		328		120,862
CJ Corp.		601		107,967
CJ E&M Corp.		782		61,798
CJ Logistics Corp.*		332		46,372
Coway Co. Ltd.		2,210		194,752
Daelim Industrial Co. Ltd.		1,189		90,356
Daewoo Engineering & Construction Co. Ltd.*		5,464		28,167
DB Insurance Co. Ltd.		2,048		128,912
DGB Financial Group, Inc.		7,281		66,772
Dongsuh Cos., Inc.		1,444		39,608
Doosan Bobcat, Inc.		1,485		48,511
Doosan Heavy Industries & Construction Co. Ltd.		2,413		36,364
E-MART, Inc.		867		217,895
GS Engineering & Construction Corp.*		2,053		51,408
GS Holdings Corp.		2,117		118,859
GS Retail Co. Ltd.		1,114		40,435
Hana Financial Group, Inc.		11,834		515,987
Hankook Tire Co. Ltd.		3,075		151,454
Hanmi Pharm. Co. Ltd.*		251		131,237
Hanmi Science Co. Ltd.*		517		54,159
Hanon Systems		7,724		93,689
Hanssem Co. Ltd.		435		73,349
Hanwha Chemical Corp.		4,593		123,451
Hanwha Corp.		1,984		75,659
Hanwha Life Insurance Co. Ltd.		10,754		73,719
Hanwha Techwin Co. Ltd. *		1,535		49,721
Hotel Shilla Co. Ltd.		1,373		106,862
Hyosung Corp.		873		108,298
Hyundai Department Store Co. Ltd.		662		59,493
Hyundai Development Co.-Engineering & Construction		2,497		94,993
Hyundai Engineering & Construction Co. Ltd.		3,286		105,834
Hyundai Glovis Co. Ltd.		823		110,792
Hyundai Heavy Industries Co. Ltd.*		1,305		177,478
Hyundai Marine & Fire Insurance Co. Ltd.		2,587		103,171
Hyundai Mobis Co. Ltd.		2,743		689,373
Hyundai Motor Co.		6,181		934,321
Hyundai Robotics Co. Ltd.*		410		150,324
Hyundai Steel Co.		3,310		182,495
Hyundai Wia Corp.		718		44,667
Industrial Bank of Korea		10,420		152,243
ING Life Insurance Korea Ltd., 144A		1,099		54,735
Kakao Corp.		1,403		175,979
Kangwon Land, Inc.		4,434		151,365
KB Financial Group, Inc.		15,993		880,295
KCC Corp.		238		84,309
KEPCO Plant Service & Engineering Co. Ltd.		930		32,218

	Number of Shares		Value
South Korea (Continued)
Kia Motors Corp.		10,226	$	316,200
Korea Aerospace Industries Ltd.		2,818		129,733
Korea Electric Power Corp.		10,618		365,886
Korea Gas Corp.*		1,300		52,860
Korea Investment Holdings Co. Ltd.		1,614		101,148
Korea Zinc Co. Ltd.		352		157,361
Korean Air Lines Co. Ltd.*		1,942		55,945
KT&G Corp.		4,671		523,650
Kumho Petrochemical Co. Ltd.		755		62,023
LG Chem Ltd.		1,829		701,684
LG Corp.		3,584		299,696
LG Display Co. Ltd.		9,664		274,402
LG Electronics, Inc.		4,236		350,324
LG Household & Health Care Ltd.		387		417,139
LG Innotek Co. Ltd.		586		86,695
Lotte Chemical Corp.		639		210,211
Lotte Corp.		1,204		68,041
Lotte Shopping Co. Ltd.		466		89,924
Medy-Tox, Inc.		176		75,365
Mirae Asset Daewoo Co. Ltd.		15,335		144,437
NAVER Corp.		1,122		824,810
NCSoft Corp.		726		291,201
Neoplux Co. Ltd.*(b)		5		0
Netmarble Games Corp., 144A*		702		109,017
NH Investment & Securities Co. Ltd.		5,820		72,733
OCI Co. Ltd.		717		80,051
Orion Corp.*		1,031		108,476
Ottogi Corp.		48		35,021
Pan Ocean Co. Ltd.*		8,836		44,657
POSCO		2,907		894,872
Posco Daewoo Corp.		1,768		30,137
S-1 Corp.		708		65,059
Samsung Biologics Co. Ltd., 144A*		686		215,902
Samsung C&T Corp.		2,970		360,248
Samsung Card Co. Ltd.		1,201		42,158
Samsung Electro-Mechanics Co. Ltd.		2,319		213,094
Samsung Electronics Co. Ltd.		3,949		9,217,055
Samsung Fire & Marine Insurance Co. Ltd.		1,283		306,529
Samsung Heavy Industries Co. Ltd.*		10,732		117,847
Samsung Life Insurance Co. Ltd.		2,896		340,628
Samsung SDI Co. Ltd.		2,193		427,214
Samsung SDS Co. Ltd.		1,441		248,939
Samsung Securities Co. Ltd.		1,861		62,247
Shinhan Financial Group Co. Ltd.		17,102		760,613
Shinsegae Inc.		326		85,975
SK Holdings Co. Ltd.		1,308		350,963
SK Hynix, Inc.		23,565		1,663,030
SK Innovation Co. Ltd.		2,576		488,807
SK Networks Co. Ltd.		5,888		34,898
SK Telecom Co. Ltd.		838		203,292
S-Oil Corp.		1,861		204,355
Woori Bank		15,250		227,016
Yuhan Corp.		339		68,532
				31,256,291

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Taiwan — 11.2%
Acer, Inc.*		121,021	$	82,714
Advanced Semiconductor Engineering, Inc.		277,826		359,857
Advantech Co. Ltd.		14,400		96,019
Airtac International Group		4,679		79,715
Asia Cement Corp.		86,765		80,563
Asia Pacific Telecom Co. Ltd.*		87,141		29,198
Asustek Computer, Inc.		29,179		268,501
AU Optronics Corp.		358,181		152,257
Catcher Technology Co. Ltd.		27,353		294,560
Cathay Financial Holding Co. Ltd.		327,715		564,875
Chailease Holding Co. Ltd.		48,380		140,330
Chang Hwa Commercial Bank Ltd.		194,619		105,440
Cheng Shin Rubber Industry Co. Ltd.		80,424		137,821
Chicony Electronics Co. Ltd.		24,836		65,911
China Airlines Ltd.*		108,591		41,816
China Development Financial Holding Corp.		557,344		174,669
China Life Insurance Co. Ltd.		101,773		95,855
China Steel Corp.		520,533		425,187
Chunghwa Telecom Co. Ltd.		152,160		525,057
Compal Electronics, Inc.		173,812		120,244
CTBC Financial Holding Co. Ltd.		702,371		468,341
Delta Electronics, Inc.		80,559		366,617
E.Sun Financial Holding Co. Ltd.		366,570		226,708
Eclat Textile Co. Ltd.		7,378		66,046
Eva Airways Corp.		86,287		43,440
Evergreen Marine Corp. Taiwan Ltd.*		80,889		45,442
Far Eastern New Century Corp.		132,812		113,134
Far EasTone Telecommunications Co. Ltd.		66,024		157,389
Feng TAY Enterprise Co. Ltd.		13,814		57,800
First Financial Holding Co. Ltd.		378,876		243,161
Formosa Chemicals & Fibre Corp.		121,183		367,662
Formosa Petrochemical Corp.		55,148		194,895
Formosa Plastics Corp.		165,502		499,916
Formosa Taffeta Co. Ltd.		31,350		31,409
Foxconn Technology Co. Ltd.		38,020		105,717
Fubon Financial Holding Co. Ltd.		275,778		450,987
General Interface Solution Holding Ltd.		7,000		55,194
Giant Manufacturing Co. Ltd.		12,409		62,057
Globalwafers Co. Ltd.		9,179		123,482
Highwealth Construction Corp.		33,772		44,926
Hiwin Technologies Corp.		8,692		95,776
Hon Hai Precision Industry Co. Ltd.		636,963		2,123,635
Hotai Motor Co. Ltd.		11,295		130,672
HTC Corp.*		27,195		61,110
Hua Nan Financial Holdings Co. Ltd.		296,913		162,840
Innolux Corp.		370,384		161,767
Inventec Corp.		107,607		80,721
Largan Precision Co. Ltd.		3,569		611,611
Lite-On Technology Corp.		87,492		107,491
Macronix International*		72,013		113,803
MediaTek, Inc.		60,936		662,304
Mega Financial Holding Co. Ltd.		449,900		354,742
Micro-Star International Co. Ltd.		27,950		68,305
Nan Ya Plastics Corp.		189,889		478,616

	Number of Shares		Value
Taiwan (Continued)
Nanya Technology Corp.		28,416	$	73,707
Nien Made Enterprise Co. Ltd.		6,057		55,534
Novatek Microelectronics Corp.		23,907		91,263
Pegatron Corp.		80,378		183,031
Phison Electronics Corp.		6,109		61,917
Pou Chen Corp.		91,392		109,692
Powertech Technology, Inc.		29,000		87,984
President Chain Store Corp.		23,642		223,856
Quanta Computer, Inc.		111,809		229,254
Realtek Semiconductor Corp.		19,958		74,192
Ruentex Development Co. Ltd.*		38,025		39,554
Ruentex Industries Ltd.*		23,360		38,824
Shin Kong Financial Holding Co. Ltd.		343,779		117,481
Siliconware Precision Industries Co. Ltd.		86,586		144,339
SinoPac Financial Holdings Co. Ltd.		434,089		135,029
Standard Foods Corp.		24,592		61,574
Synnex Technology International Corp.		58,626		79,356
TaiMed Biologics, Inc.*		7,205		44,079
Taishin Financial Holding Co. Ltd.		390,085		175,573
Taiwan Business Bank		138,036		38,060
Taiwan Cement Corp.		143,065		160,026
Taiwan Cooperative Financial Holding Co. Ltd.		327,992		178,791
Taiwan High Speed Rail Corp.		69,823		55,870
Taiwan Mobile Co. Ltd.		66,485		238,286
Taiwan Semiconductor Manufacturing Co. Ltd.		1,002,013		7,550,008
Teco Electric and Machinery Co. Ltd.		78,676		77,118
Uni-President Enterprises Corp.		199,718		424,153
United Microelectronics Corp.		495,937		252,979
Vanguard International Semiconductor Corp.		33,763		80,372
Wistron Corp.		107,198		82,559
WPG Holdings Ltd.		64,158		87,058
Yageo Corp.		8,452		94,681
Yuanta Financial Holding Co. Ltd.		421,740		195,445
Zhen Ding Technology Holding Ltd.		19,269		47,090
				24,367,040
Thailand — 2.2%
Advanced Info Service PCL, NVDR		42,974		229,607
Airports of Thailand PCL, NVDR		177,500		338,315
Bangkok Bank PCL, NVDR		11,346		69,306
Bangkok Dusit Medical Services PCL, NVDR		160,300		104,543
Bangkok Expressway & Metro PCL, NVDR		309,800		75,411
Banpu PCL, NVDR		81,300		42,567
BEC World PCL, NVDR		42,984		19,610
Berli Jucker PCL, NVDR		49,700		88,261
BTS Group Holdings PCL, NVDR		241,600		61,029
Bumrungrad Hospital PCL, NVDR		14,900		91,015
Central Pattana PCL, NVDR		55,600		137,042
Charoen Pokphand Foods PCL, NVDR		129,143		93,318
CP ALL PCL, NVDR		204,200		456,418
Delta Electronics Thailand PCL, NVDR		23,602		60,884
Electricity Generating PCL, NVDR		5,200		34,231

See Notes to Financial Statements. 59

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Thailand (Continued)
Energy Absolute PCL, NVDR		46,600	$	64,920
Glow Energy PCL, NVDR		21,000		56,101
Home Product Center PCL, NVDR		163,200		62,961
Indorama Ventures PCL, NVDR		59,497		89,264
IRPC PCL, NVDR		413,980		78,588
Kasikornbank PCL, NVDR		76,679		532,950
KCE Electronics PCL, NVDR		11,200		28,292
Krung Thai Bank PCL, NVDR		146,606		86,635
Minor International PCL, NVDR		89,500		119,205
PTT Exploration & Production PCL, NVDR		60,913		170,187
PTT Global Chemical PCL, NVDR		89,600		218,102
PTT PCL		15,200		191,745
PTT PCL, NVDR		25,898		326,699
Robinson PCL, NVDR		20,600		46,675
Siam Cement PCL		17,658		257,355
Siam Commercial Bank PCL, NVDR		72,998		340,851
Thai Oil PCL, NVDR		33,857		96,408
Thai Union Group PCL, NVDR		78,700		44,338
TMB Bank PCL, NVDR		543,700		46,612
True Corp. PCL, NVDR*		414,200		72,288
				4,831,733
Turkey — 1.0%
Akbank TAS		90,974		208,855
Anadolu Efes Biracilik Ve Malt Sanayii AS		8,571		51,130
Arcelik AS		9,781		49,481
Aselsan Elektronik Sanayi Ve Ticaret AS		8,268		70,309
BIM Birlesik Magazalar AS		8,788		162,367
Coca-Cola Icecek AS		3,154		28,206
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT*		78,571		49,359
Eregli Demir ve Celik Fabrikalari TAS		57,892		127,289
Ford Otomotiv Sanayi AS		2,903		40,811
Haci Omer Sabanci Holding AS		37,971		98,615
KOC Holding AS		31,458		132,471
Petkim Petrokimya Holding AS		27,915		46,479
TAV Havalimanlari Holding AS		3,522		17,556
Tofas Turk Otomobil Fabrikasi AS		5,167		41,168
Tupras Turkiye Petrol Rafinerileri AS		5,183		160,418
Turk Hava Yollari AO*		22,827		71,467
Turk Telekomunikasyon AS*		21,712		31,549
Turkcell Iletisim Hizmetleri AS		43,899		170,511
Turkiye Garanti Bankasi AS		95,523		234,423
Turkiye Halk Bankasi AS		26,462		60,007
Turkiye Is Bankasi, Class C		65,682		103,490
Turkiye Sise ve Cam Fabrikalari AS		32,562		34,841
Turkiye Vakiflar Bankasi TAO, Class D		31,017		45,861
Ulker Biskuvi Sanayi AS		6,366		29,555
Yapi ve Kredi Bankasi AS*		35,954		38,103
				2,104,321
United Arab Emirates — 0.6%
Abu Dhabi Commercial Bank PJSC		78,516		150,705
Aldar Properties PJSC		130,055		77,898
DAMAC Properties Dubai Co. PJSC		75,054		70,497
DP World Ltd.		6,868		165,175
Dubai Investments PJSC		61,218		41,001
Dubai Islamic Bank PJSC		51,093		83,880

	Number of Shares		Value
United Arab Emirates (Continued)
DXB Entertainments PJSC*		132,323	$	23,777
Emaar Malls PJSC		80,725		47,253
Emaar Properties PJSC		145,740		299,574
Emirates Telecommunications Group Co. PJSC		67,978		303,523
First Abu Dhabi Bank PJSC		54,276		149,248
				1,412,531
United States — 0.0%
Nexteer Automotive Group Ltd.*		34,126		73,407
TOTAL COMMON STOCKS (Cost $163,762,720)				205,076,058
PREFERRED STOCKS — 3.5%
Brazil — 2.3%
Banco Bradesco SA		123,308		1,229,897
Braskem SA, Class A*		7,133		98,929
Centrais Eletricas Brasileiras SA, Class B		9,376		61,181
Cia Brasileira de Distribuicao*		6,539		139,831
Cia Energetica de Minas Gerais		31,190		62,886
Gerdau SA		42,976		145,465
Itau Unibanco Holding SA		130,467		1,644,862
Itausa — Investimentos Itau SA		155,072		491,728
Lojas Americanas SA		30,116		136,437
Petroleo Brasileiro SA*		158,358		744,030
Telefonica Brasil SA		18,512		268,509
				5,023,755
Chile — 0.1%
Embotelladora Andina SA, Class B		10,765		47,073
Sociedad Quimica y Minera de Chile SA, Class B		3,984		215,364
				262,437
Colombia — 0.2%
Bancolombia SA		18,694		180,960
Grupo Aval Acciones y Valores SA		157,755		64,587
Grupo de Inversiones Suramericana SA		4,721		59,191
				304,738
India — 0.0%
Vedanta Ltd.*		60,000		9,677
Russia — 0.1%
Surgutneftegas OJSC		298,942		145,175
Transneft PJSC		18		54,807
				199,982
South Korea — 0.8%
Amorepacific Corp.		371		56,933
Hyundai Motor Co.		981		87,891
Hyundai Motor Co. - 2nd Preferred		1,559		155,434
LG Chem Ltd.		320		73,366
LG Household & Health Care Ltd.		83		53,541
Samsung Electronics Co. Ltd.		705		1,357,850
				1,785,015
TOTAL PREFERRED STOCKS (Cost $5,547,646)				7,585,604

See Notes to Financial Statements. 60

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
RIGHTS — 0.0%
Taiwan — 0.0%
CTBC Financial Holding Co. Ltd., expires 12/15/17*(b) (Cost $0)		9,978	$	0
SECURITIES LENDING COLLATERAL — 0.8%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (c)(d) (Cost $1,642,194)		1,642,194		1,642,194
TOTAL INVESTMENTS — 98.2%
(Cost $170,952,560)			$	214,303,856
Other assets and liabilities, net — 1.8%				4,121,877
NET ASSETS — 100.0%			$	218,425,733

* Non-income producing security.

(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, 2017 amounted to $1,545,805, which is 0.7% of net assets.

(b) Investment was valued using significant unobservable inputs.

(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

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, 2017, open futures contract purchased was as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
E-mini MSCI Emerging Markets Index Futures		USD		95	$	5,236,870	$	5,320,000		12/15/2017	$	83,130

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2017	AED	3,865,800	USD	1,052,420	$	—	$	(62	)
The Bank of Nova Scotia	12/5/2017	AED	1,093,700	USD	297,743		—		(22	)
Goldman Sachs & Co.	12/5/2017	BRL	917,000	USD	279,148		—		(829	)
Goldman Sachs & Co.	12/5/2017	BRL	14,356,900	USD	4,370,109		—		(13,316	)
The Bank of Nova Scotia	12/5/2017	BRL	36,723,900	USD	11,178,078		—		(34,402	)
Goldman Sachs & Co.	12/5/2017	CLP	104,243,000	USD	163,729		2,696		—
Goldman Sachs & Co.	12/5/2017	CLP	1,232,438,100	USD	1,937,476		33,624		—
RBC Capital Markets	12/5/2017	CLP	462,074,400	USD	726,452		12,647		—
Goldman Sachs & Co.	12/5/2017	COP	2,745,667,600	USD	899,701		—		(10,037	)
Goldman Sachs & Co.	12/5/2017	CZK	5,604,100	USD	254,811		—		(6,665	)
JP Morgan & Chase Co.	12/5/2017	CZK	2,843,300	USD	129,261		—		(3,401	)
JP Morgan & Chase Co.	12/5/2017	EUR	583,300	USD	680,663		—		(13,871	)

See Notes to Financial Statements. 61

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2017	HKD	77,943,500	USD	9,994,678	$	14,259	$	—
JP Morgan & Chase Co.	12/5/2017	HKD	17,894,000	USD	2,294,449		3,178		—
JP Morgan & Chase Co.	12/5/2017	HKD	47,019,900	USD	6,029,256		8,506		—
RBC Capital Markets	12/5/2017	HKD	130,943,700	USD	16,790,614		23,685		—
The Bank of New York Mellon	12/5/2017	HKD	103,669,500	USD	13,293,262		18,709		—
Goldman Sachs & Co.	12/5/2017	HUF	16,253,900	USD	60,870		—		(942	)
JP Morgan & Chase Co.	12/5/2017	HUF	101,925,900	USD	381,677		—		(5,931	)
RBC Capital Markets	12/5/2017	HUF	73,048,400	USD	273,519		—		(4,273	)
Goldman Sachs & Co.	12/5/2017	KRW	24,000,952,800	USD	21,424,066		—		(631,417	)
Goldman Sachs & Co.	12/5/2017	KRW	1,809,704,000	USD	1,619,205		—		(43,808	)
JP Morgan & Chase Co.	12/5/2017	KRW	8,255,186,300	USD	7,373,335		—		(212,702	)
RBC Capital Markets	12/5/2017	KRW	4,101,959,000	USD	3,662,790		—		(106,672	)
Goldman Sachs & Co.	12/5/2017	MXN	16,976,000	USD	882,799		—		(27,337	)
JP Morgan & Chase Co.	12/5/2017	MXN	14,653,500	USD	761,583		—		(24,037	)
RBC Capital Markets	12/5/2017	MXN	27,985,900	USD	1,454,600		—		(45,811	)
The Bank of New York Mellon	12/5/2017	MXN	72,505,700	USD	3,770,316		—		(116,940	)
Goldman Sachs & Co.	12/5/2017	PHP	64,335,900	USD	1,241,287		—		(38,385	)
JP Morgan & Chase Co.	12/5/2017	PHP	11,091,700	USD	213,989		—		(6,630	)
RBC Capital Markets	12/5/2017	PHP	47,010,100	USD	906,044		—		(29,009	)
Goldman Sachs & Co.	12/5/2017	PLN	1,778,500	USD	488,726		—		(15,199	)
JP Morgan & Chase Co.	12/5/2017	PLN	2,837,800	USD	779,768		—		(24,303	)
The Bank of Nova Scotia	12/5/2017	PLN	5,503,900	USD	1,512,476		—		(47,015	)
Goldman Sachs & Co.	12/5/2017	QAR	4,444,700	USD	1,220,619		—		(47	)
Goldman Sachs & Co.	12/5/2017	RUB	121,636,600	USD	2,073,299		—		(5,418	)
JP Morgan & Chase Co.	12/5/2017	RUB	295,245,800	USD	5,031,220		—		(14,403	)
Goldman Sachs & Co.	12/5/2017	THB	3,816,000	USD	114,767		—		(2,087	)
Goldman Sachs & Co.	12/5/2017	THB	120,418,200	USD	3,623,780		—		(63,668	)
The Bank of Nova Scotia	12/5/2017	THB	38,055,100	USD	1,145,031		—		(20,293	)
Goldman Sachs & Co.	12/5/2017	TRY	492,000	USD	128,251		2,811		—
JP Morgan & Chase Co.	12/5/2017	TRY	5,528,200	USD	1,441,542		32,079		—
RBC Capital Markets	12/5/2017	TRY	2,769,700	USD	722,224		16,064		—
Goldman Sachs & Co.	12/5/2017	TWD	235,601,200	USD	7,818,191		—		(38,807	)
JP Morgan & Chase Co.	12/5/2017	TWD	122,636,400	USD	4,071,458		—		(18,309	)
RBC Capital Markets	12/5/2017	TWD	72,745,300	USD	2,415,824		—		(10,139	)
The Bank of Nova Scotia	12/5/2017	TWD	310,168,700	USD	10,302,178		—		(41,552	)
The Bank of Nova Scotia	12/5/2017	TWD	44,901,000	USD	1,491,579		—		(5,812	)
Goldman Sachs & Co.	12/5/2017	USD	1,052,491	AED	3,865,800		—		(10	)
The Bank of Nova Scotia	12/5/2017	USD	297,767	AED	1,093,700		—		(3	)
Goldman Sachs & Co.	12/5/2017	USD	4,673,061	BRL	15,273,900		—		(9,659	)
The Bank of Nova Scotia	12/5/2017	USD	11,235,704	BRL	36,723,900		—		(23,224	)
Goldman Sachs & Co.	12/5/2017	USD	2,063,862	CLP	1,336,681,100		1,023		—
RBC Capital Markets	12/5/2017	USD	713,384	CLP	462,074,400		422		—
Goldman Sachs & Co.	12/5/2017	USD	913,536	COP	2,745,667,600		—		(3,797	)
Goldman Sachs & Co.	12/5/2017	USD	261,752	CZK	5,604,100		—		(276	)
JP Morgan & Chase Co.	12/5/2017	USD	132,802	CZK	2,843,300		—		(140	)
JP Morgan & Chase Co.	12/5/2017	USD	695,532	EUR	583,300		—		(997	)
Goldman Sachs & Co.	12/5/2017	USD	9,979,706	HKD	77,943,500		714		—
JP Morgan & Chase Co.	12/5/2017	USD	8,311,426	HKD	64,913,900		594		—
RBC Capital Markets	12/5/2017	USD	16,765,729	HKD	130,943,700		1,199		—
The Bank of New York Mellon	12/5/2017	USD	13,273,604	HKD	103,669,500		949		—
Goldman Sachs & Co.	12/5/2017	USD	61,923	HUF	16,253,900		—		(112	)
JP Morgan & Chase Co.	12/5/2017	USD	388,312	HUF	101,925,900		—		(704	)
RBC Capital Markets	12/5/2017	USD	278,299	HUF	73,048,400		—		(507	)
Goldman Sachs & Co.	12/5/2017	USD	23,728,482	KRW	25,810,656,800		—		(9,986	)
JP Morgan & Chase Co.	12/5/2017	USD	7,591,744	KRW	8,255,186,300		—		(5,706	)
RBC Capital Markets	12/5/2017	USD	3,770,876	KRW	4,101,959,000		—		(1,414	)
Goldman Sachs & Co.	12/5/2017	USD	912,232	MXN	16,976,000		—		(2,096	)
JP Morgan & Chase Co.	12/5/2017	USD	787,425	MXN	14,653,500		—		(1,805	)

See Notes to Financial Statements. 62

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets	12/5/2017	USD	1,503,903	MXN	27,985,900	$	—	$	(3,492	)
The Bank of New York Mellon	12/5/2017	USD	3,896,899	MXN	72,505,700		—		(9,643	)
Goldman Sachs & Co.	12/5/2017	USD	1,279,044	PHP	64,335,900		628		—
JP Morgan & Chase Co.	12/5/2017	USD	220,187	PHP	11,091,700		432		—
RBC Capital Markets	12/5/2017	USD	933,296	PHP	47,010,100		1,758		—
Goldman Sachs & Co.	12/5/2017	USD	504,844	PLN	1,778,500		—		(919	)
JP Morgan & Chase Co.	12/5/2017	USD	805,538	PLN	2,837,800		—		(1,467	)
The Bank of Nova Scotia	12/5/2017	USD	1,562,343	PLN	5,503,900		—		(2,852	)
Goldman Sachs & Co.	12/5/2017	USD	1,194,812	QAR	4,444,700		25,854		—
Goldman Sachs & Co.	12/5/2017	USD	2,080,928	RUB	121,636,600		—		(2,212	)
JP Morgan & Chase Co.	12/5/2017	USD	5,051,003	RUB	295,245,800		—		(5,381	)
Goldman Sachs & Co.	12/5/2017	USD	3,803,864	THB	124,234,200		437		—
The Bank of Nova Scotia	12/5/2017	USD	1,168,410	THB	38,055,100		—		(3,086	)
Goldman Sachs & Co.	12/5/2017	USD	125,812	TRY	492,000		—		(372	)
JP Morgan & Chase Co.	12/5/2017	USD	1,413,631	TRY	5,528,200		—		(4,167	)
RBC Capital Markets	12/5/2017	USD	708,262	TRY	2,769,700		—		(2,102	)
Goldman Sachs & Co.	12/5/2017	USD	7,850,756	TWD	235,601,200		6,243		—
JP Morgan & Chase Co.	12/5/2017	USD	4,086,518	TWD	122,636,400		3,249		—
RBC Capital Markets	12/5/2017	USD	2,424,035	TWD	72,745,300		1,927		—
The Bank of Nova Scotia	12/5/2017	USD	11,838,024	TWD	355,069,700		3,096		—
Goldman Sachs & Co.	12/5/2017	USD	3,059,936	ZAR	41,751,600		—		(18,255	)
JP Morgan & Chase Co.	12/5/2017	USD	10,315,225	ZAR	140,746,700		—		(61,568	)
RBC Capital Markets	12/5/2017	USD	1,216,140	ZAR	16,593,700		—		(7,258	)
Goldman Sachs & Co.	12/5/2017	ZAR	16,283,000	USD	1,144,825		—		(41,422	)
Goldman Sachs & Co.	12/5/2017	ZAR	25,468,600	USD	1,790,730		—		(64,705	)
JP Morgan & Chase Co.	12/5/2017	ZAR	140,746,700	USD	9,896,045		—		(357,612	)
RBC Capital Markets	12/5/2017	ZAR	16,593,700	USD	1,166,705		—		(42,176	)
Goldman Sachs & Co.	12/6/2017	EGP	4,674,800	USD	261,941		—		(2,389	)
Goldman Sachs & Co.	12/6/2017	IDR	41,058,258,000	USD	3,015,663		—		(18,213	)
JP Morgan & Chase Co.	12/6/2017	IDR	14,877,311,300	USD	1,093,598		—		(5,716	)
RBC Capital Markets	12/6/2017	IDR	8,968,695,400	USD	658,882		—		(3,833	)
Goldman Sachs & Co.	12/6/2017	INR	300,826,800	USD	4,623,126		—		(39,094	)
Goldman Sachs & Co.	12/6/2017	INR	79,741,000	USD	1,227,276		—		(8,552	)
JP Morgan & Chase Co.	12/6/2017	INR	869,487,000	USD	13,366,236		—		(109,090	)
Goldman Sachs & Co.	12/6/2017	MYR	14,421,500	USD	3,407,324		—		(118,328	)
RBC Capital Markets	12/6/2017	MYR	5,992,400	USD	1,416,141		—		(48,833	)
Goldman Sachs & Co.	12/6/2017	USD	263,815	EGP	4,674,800		515		—
Goldman Sachs & Co.	12/6/2017	USD	3,042,479	IDR	41,058,258,000		—		(8,602	)
JP Morgan & Chase Co.	12/6/2017	USD	1,099,580	IDR	14,877,311,300		—		(265	)
RBC Capital Markets	12/6/2017	USD	662,630	IDR	8,968,695,400		85		—
Goldman Sachs & Co.	12/6/2017	USD	5,904,853	INR	380,567,800		—		(6,806	)
JP Morgan & Chase Co.	12/6/2017	USD	13,474,778	INR	869,487,000		548		—
Goldman Sachs & Co.	12/6/2017	USD	3,534,681	MYR	14,421,500		—		(9,029	)
RBC Capital Markets	12/6/2017	USD	1,464,955	MYR	5,992,400		18		—
Goldman Sachs & Co.	1/4/2018	AED	3,865,800	USD	1,052,377		—		(43	)
The Bank of Nova Scotia	1/4/2018	AED	1,093,700	USD	297,727		—		(20	)
Goldman Sachs & Co.	1/4/2018	BRL	15,273,900	USD	4,658,239		10,669		—
The Bank of Nova Scotia	1/4/2018	BRL	36,723,900	USD	11,199,384		24,969		—
Goldman Sachs & Co.	1/4/2018	CLP	1,336,681,100	USD	2,064,117		—		(766	)
RBC Capital Markets	1/4/2018	CLP	462,074,400	USD	713,650		—		(155	)
Goldman Sachs & Co.	1/4/2018	COP	2,745,667,600	USD	910,757		3,737		—
Goldman Sachs & Co.	1/4/2018	CZK	5,604,100	USD	262,805		260		—
JP Morgan & Chase Co.	1/4/2018	CZK	2,843,300	USD	133,356		151		—
Goldman Sachs & Co.	1/4/2018	EGP	4,674,800	USD	261,747		—		(2,072	)
JP Morgan & Chase Co.	1/4/2018	EUR	583,300	USD	697,054		991		—
Goldman Sachs & Co.	1/4/2018	HKD	14,050,000	USD	1,799,522		—		(241	)
Goldman Sachs & Co.	1/4/2018	HKD	77,943,500	USD	9,983,157		—		(1,172	)
Goldman Sachs & Co.	1/4/2018	HKD	1,484,000	USD	190,060		—		(36	)

See Notes to Financial Statements. 63

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	1/4/2018	HKD	64,913,900	USD	8,314,407	$	—	$	(870	)
RBC Capital Markets	1/4/2018	HKD	130,943,700	USD	16,771,205		—		(2,292	)
The Bank of New York Mellon	1/4/2018	HKD	103,669,500	USD	13,277,361		—		(2,393	)
Goldman Sachs & Co.	1/4/2018	HUF	16,253,900	USD	62,080		116		—
JP Morgan & Chase Co.	1/4/2018	HUF	101,925,900	USD	389,306		735		—
RBC Capital Markets	1/4/2018	HUF	73,048,400	USD	278,977		495		—
Goldman Sachs & Co.	1/4/2018	IDR	41,058,258,000	USD	3,032,368		6,744		—
JP Morgan & Chase Co.	1/4/2018	IDR	14,877,311,300	USD	1,096,177		—		(147	)
RBC Capital Markets	1/4/2018	IDR	8,968,695,400	USD	660,629		—		(283	)
Goldman Sachs & Co.	1/4/2018	INR	380,567,800	USD	5,885,676		7,037		—
JP Morgan & Chase Co.	1/4/2018	INR	869,487,000	USD	13,433,142		2,159		—
Goldman Sachs & Co.	1/4/2018	KRW	25,810,656,800	USD	23,726,301		2,720		—
JP Morgan & Chase Co.	1/4/2018	KRW	8,255,186,300	USD	7,592,233		4,569		—
RBC Capital Markets	1/4/2018	KRW	4,101,959,000	USD	3,771,257		987		—
RBC Capital Markets	1/4/2018	KRW	200,447,000	USD	184,238		—		(1	)
Goldman Sachs & Co.	1/4/2018	MXN	16,976,000	USD	907,411		2,281		—
JP Morgan & Chase Co.	1/4/2018	MXN	14,653,500	USD	783,301		2,002		—
RBC Capital Markets	1/4/2018	MXN	27,985,900	USD	1,495,612		3,454		—
The Bank of New York Mellon	1/4/2018	MXN	72,505,700	USD	3,875,673		9,798		—
Goldman Sachs & Co.	1/4/2018	MYR	14,421,500	USD	3,532,950		11,187		—
RBC Capital Markets	1/4/2018	MYR	5,992,400	USD	1,465,027		1,669		—
Goldman Sachs & Co.	1/4/2018	PHP	64,335,900	USD	1,276,759		—		(609	)
JP Morgan & Chase Co.	1/4/2018	PHP	11,091,700	USD	219,860		—		(362	)
RBC Capital Markets	1/4/2018	PHP	47,010,100	USD	931,908		—		(1,462	)
Goldman Sachs & Co.	1/4/2018	PLN	378,000	USD	107,327		182		—
Goldman Sachs & Co.	1/4/2018	PLN	1,778,500	USD	504,996		879		—
JP Morgan & Chase Co.	1/4/2018	PLN	2,837,800	USD	805,896		1,519		—
The Bank of Nova Scotia	1/4/2018	PLN	5,503,900	USD	1,562,995		2,911		—
Goldman Sachs & Co.	1/4/2018	QAR	4,444,700	USD	1,194,491		—		(26,269	)
Goldman Sachs & Co.	1/4/2018	THB	124,234,200	USD	3,805,029		—		(1,846	)
Goldman Sachs & Co.	1/4/2018	THB	4,326,000	USD	132,781		220		—
The Bank of Nova Scotia	1/4/2018	THB	38,055,100	USD	1,168,948		2,836		—
Goldman Sachs & Co.	1/4/2018	TRY	492,000	USD	124,659		430		—
JP Morgan & Chase Co.	1/4/2018	TRY	5,528,200	USD	1,400,601		4,732		—
RBC Capital Markets	1/4/2018	TRY	2,769,700	USD	701,686		2,338		—
Goldman Sachs & Co.	1/4/2018	TWD	235,601,200	USD	7,861,235		—		(8,340	)
JP Morgan & Chase Co.	1/4/2018	TWD	122,636,400	USD	4,093,338		—		(2,976	)
RBC Capital Markets	1/4/2018	TWD	72,745,300	USD	2,428,973		—		(873	)
RBC Capital Markets	1/4/2018	TWD	4,057,000	USD	135,312		—		(200	)
The Bank of Nova Scotia	1/4/2018	TWD	355,069,700	USD	11,849,086		—		(10,988	)
Goldman Sachs & Co.	1/4/2018	USD	779,744	BRL	2,556,000		—		(1,999	)
Goldman Sachs & Co.	1/4/2018	USD	312,380	CLP	202,344,000		198		—
Goldman Sachs & Co.	1/4/2018	USD	279,222	INR	18,081,000		76		—
RBC Capital Markets	1/4/2018	USD	175,580	KRW	190,755,000		—		(250	)
Goldman Sachs & Co.	1/4/2018	USD	376,137	MXN	7,036,000		—		(990	)
Goldman Sachs & Co.	1/4/2018	USD	82,369	QAR	306,000		1,676		—
Goldman Sachs & Co.	1/4/2018	USD	116,094	THB	3,785,000		—		(111	)
Goldman Sachs & Co.	1/4/2018	USD	10,365	TRY	41,000		—		(13	)
Goldman Sachs & Co.	1/4/2018	USD	141,923	TRY	560,000		—		(523	)
RBC Capital Markets	1/4/2018	USD	555,197	TWD	16,609,000		—		(422	)
Goldman Sachs & Co.	1/4/2018	USD	421,877	ZAR	5,784,000		—		(2,627	)
Goldman Sachs & Co.	1/4/2018	ZAR	41,751,600	USD	3,044,950		18,609		—
JP Morgan & Chase Co.	1/4/2018	ZAR	140,746,700	USD	10,264,731		62,783		—
RBC Capital Markets	1/4/2018	ZAR	16,593,700	USD	1,210,150		7,365		—
Goldman Sachs & Co.	1/10/2018	RUB	30,510,000	USD	519,236		953		—
Goldman Sachs & Co.	1/10/2018	RUB	121,636,600	USD	2,070,169		3,890		—
JP Morgan & Chase Co.	1/10/2018	RUB	295,245,800	USD	5,024,892		9,458		—

See Notes to Financial Statements. 64

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		1/10/2018		USD	206,522		RUB	12,133,000	$	—	$	(414	)
Total unrealized appreciation (depreciation)									$	435,734	$	(2,823,191	)

Currency Abbreviations

AED Arab Emirates Dirham

BRL Brazilian Real

CLP Chilean Peso

COP Colombian Peso

CZK Czech Koruna

EGP Egyptian Pound

EUR Euro

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

INR Indian Rupee

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

PHP Philippine Peso

PLN Polish Zloty

QAR Qatari Rial

RUB Russian Ruble

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

For information on the Fund’s policy and additional disclosures regarding open 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. 65

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets Hedged Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (e)	$	205,002,265	$	—		$	73,793	$	205,076,058
Preferred Stocks (e)		7,585,604		—			—		7,585,604
Rights		—		—			0		0
Short-Term Investments		1,642,194		—			—		1,642,194
Derivatives (f)
Forward Foreign Currency Contracts		—		435,734			—		435,734
Futures Contracts		83,130		—			—		83,130
TOTAL	$	214,313,193	$	435,734		$	73,793	$	214,822,720
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (f)
Forward Foreign Currency Contracts	$	—	$	(2,823,191	)	$	—	$	(2,823,191	)
TOTAL	$	—	$	(2,823,191	)	$	—	$	(2,823,191	)

(e) See Schedule of Investments for additional detailed categorizations.

(f) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $109,896 and between Level 3 and Level 1 was $442,356. 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. 66

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.3%
Australia — 0.4%
BHP Billiton PLC		510,504	$	9,285,908
Austria — 0.4%
ANDRITZ AG		17,057		955,315
Erste Group Bank AG*		73,091		3,188,423
OMV AG		35,810		2,227,469
Raiffeisen Bank International AG*		36,690		1,299,190
voestalpine AG		27,317		1,587,010
				9,257,407
Belgium — 1.8%
Ageas		45,552		2,238,400
Anheuser-Busch InBev SA/NV		184,171		21,197,552
Colruyt SA		13,659		723,301
Groupe Bruxelles Lambert SA		19,501		2,097,119
KBC Group NV		60,096		4,916,204
Proximus SADP		36,140		1,238,635
Solvay SA		17,828		2,508,177
Telenet Group Holding NV*		13,128		917,066
UCB SA		31,080		2,320,938
Umicore SA		46,125		2,152,639
				40,310,031
Chile — 0.1%
Antofagasta PLC		95,696		1,177,062
Denmark — 2.8%
A.P. Moller — Maersk A/S, Class A		910		1,558,603
A.P. Moller — Maersk A/S, Class B		1,554		2,788,358
Carlsberg A/S, Class B		26,042		3,083,927
Chr Hansen Holding A/S		24,203		2,196,543
Coloplast A/S, Class B		28,902		2,265,256
Danske Bank A/S		180,670		6,749,374
DSV A/S		46,150		3,551,419
Genmab A/S*		14,039		2,761,506
H Lundbeck A/S		17,242		869,393
ISS A/S		40,784		1,541,849
Novo Nordisk A/S, Class B		450,649		23,263,581
Novozymes A/S, Class B		54,408		2,944,406
Orsted A/S, 144A		45,569		2,651,165
Pandora A/S (a)		25,648		2,569,681
TDC A/S		195,672		1,190,973
Tryg A/S		26,540		645,133
Vestas Wind Systems A/S		51,958		3,325,325
William Demant Holding A/S*		28,012		770,060
				64,726,552
Finland — 1.5%
Elisa OYJ		34,176		1,390,373
Fortum OYJ		106,119		2,233,127
Kone OYJ, Class B		80,841		4,160,594
Metso OYJ		27,874		983,698
Neste OYJ		31,391		1,950,355
Nokia OYJ		1,410,673		7,078,887
Nokian Renkaat OYJ		27,690		1,208,570
Orion OYJ, Class B		25,095		926,845
Sampo OYJ, Class A		108,053		5,711,571
Stora Enso OYJ, Class R		133,784		2,047,779

	Number of Shares		Value
Finland (Continued)
UPM-Kymmene OYJ		129,008	$	3,883,323
Wartsila OYJ Abp		36,090		2,384,064
				33,959,186
France — 16.5%
Accor SA		45,543		2,284,305
Aeroports de Paris		7,415		1,414,318
Air Liquide SA		103,110		12,904,704
Airbus SE		140,396		14,586,706
Alstom SA		37,834		1,561,706
Amundi SA, 144A		14,639		1,306,456
Arkema SA		16,124		1,972,895
Atos SE		22,886		3,384,576
AXA SA		468,770		14,144,115
BioMerieux		10,032		836,915
BNP Paribas SA		271,580		20,552,105
Bollore SA		216,192		1,148,173
Bouygues SA		52,342		2,707,560
Bureau Veritas SA		63,262		1,677,253
Capgemini SE		38,822		4,476,618
Carrefour SA		140,434		2,951,060
Casino Guichard Perrachon SA		13,407		815,916
Cie de Saint-Gobain		121,888		6,944,117
Cie Generale des Etablissements Michelin		41,399		6,004,176
CNP Assurances		42,470		955,898
Credit Agricole SA		274,794		4,629,724
Danone SA		145,904		12,316,120
Dassault Aviation SA		603		927,079
Dassault Systemes SE		31,627		3,399,631
Edenred		54,271		1,552,889
Eiffage SA		17,766		1,949,447
Electricite de France SA		139,579		1,829,133
Engie SA		441,470		7,726,881
Essilor International SA		50,167		6,451,800
Eurazeo SA		10,872		956,813
Eutelsat Communications SA		42,604		964,493
Faurecia		18,385		1,406,622
Fonciere Des Regions REIT		8,423		901,190
Gecina SA REIT		11,188		1,864,312
Groupe Eurotunnel SE		115,045		1,529,533
Hermes International		7,655		4,034,966
ICADE REIT		8,249		766,225
Iliad SA		6,316		1,477,587
Imerys SA		8,643		792,433
Ingenico Group SA		14,044		1,471,665
Ipsen SA		9,100		1,109,122
JCDecaux SA		17,957		748,280
Kering		18,314		8,125,290
Klepierre SA REIT		53,188		2,196,753
Lagardere SCA		29,103		953,808
Legrand SA		64,910		4,864,233
L’Oreal SA		60,898		13,467,492
LVMH Moet Hennessy Louis Vuitton SE (a)		67,398		19,613,896
Natixis SA		232,845		1,887,348
Orange SA (a)		481,964		8,306,559

See Notes to Financial Statements. 67

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
France (Continued)
Pernod Ricard SA		51,311	$	8,003,602
Peugeot SA		142,158		2,939,911
Publicis Groupe SA		50,103		3,327,637
Remy Cointreau SA		5,717		760,761
Renault SA		46,461		4,721,529
Rexel SA		74,190		1,368,280
Safran SA		80,639		8,593,137
Sanofi		274,630		25,038,871
Schneider Electric SE*		137,006		11,775,380
SCOR SE		42,115		1,717,363
SEB SA		5,370		989,426
Societe BIC SA		6,942		805,945
Societe Generale SA		185,469		9,340,118
Sodexo SA		22,158		2,894,497
Suez		88,956		1,640,079
Teleperformance		13,992		2,070,921
Thales SA		25,385		2,565,814
TOTAL SA		574,218		32,399,548
Ubisoft Entertainment SA*		15,273		1,171,252
Unibail-Rodamco SE REIT		23,948		6,126,955
Valeo SA		57,703		4,188,852
Veolia Environnement SA		114,702		2,901,817
Vinci SA		121,969		12,461,697
Vivendi SA		248,390		6,612,124
Wendel SA		6,971		1,173,228
Zodiac Aerospace		50,094		1,472,722
				377,912,362
Germany — 14.6%
adidas AG		45,512		9,490,695
Allianz SE		108,654		25,625,821
Axel Springer SE		11,808		931,952
BASF SE		222,003		24,838,462
Bayer AG		199,880		25,491,742
Bayerische Motoren Werke AG		80,029		8,066,149
Beiersdorf AG		24,685		2,937,837
Brenntag AG		37,627		2,342,283
Commerzbank AG*		255,098		3,690,626
Continental AG		26,589		7,081,138
Covestro AG, 144A		29,367		3,058,480
Daimler AG		232,729		19,257,427
Deutsche Bank AG (b)		499,555		9,430,278
Deutsche Boerse AG		46,311		5,250,337
Deutsche Lufthansa AG		56,257		1,933,131
Deutsche Post AG		234,677		11,142,241
Deutsche Telekom AG		807,470		14,425,972
Deutsche Wohnen SE		85,659		3,786,630
Drillisch AG		12,841		979,857
E.ON SE		532,023		6,153,194
Evonik Industries AG		39,188		1,461,807
Fraport AG Frankfurt Airport Services Worldwide		10,076		1,003,570
Fresenius Medical Care AG & Co. KGaA		51,812		5,147,529
Fresenius SE & Co. KGaA		100,486		7,249,163
GEA Group AG		44,497		2,146,836
Hannover Rueck SE		14,662		1,926,639
HeidelbergCement AG		35,969		3,826,116

	Number of Shares		Value
Germany (Continued)
Henkel AG & Co. KGaA		24,816	$	3,024,612
HOCHTIEF AG		4,820		847,068
HUGO BOSS AG		15,028		1,235,818
Infineon Technologies AG		274,536		7,580,979
Innogy SE, 144A		34,142		1,578,157
K+S AG (a)		46,083		1,079,179
KION Group AG		17,000		1,383,617
LANXESS AG		22,235		1,689,009
Linde AG		41,670		9,145,815
Linde AG*		4,514		1,053,872
MAN SE		8,277		929,606
Merck KGaA		31,122		3,312,750
METRO AG*		43,080		840,926
MTU Aero Engines AG		12,592		2,263,880
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		37,530		8,351,068
OSRAM Licht AG		23,910		2,048,754
ProSiebenSat.1 Media SE		57,068		1,814,960
RWE AG*		124,534		2,853,361
SAP SE		237,551		26,761,810
Siemens AG		184,906		25,133,624
Symrise AG		30,128		2,560,751
Telefonica Deutschland Holding AG		185,285		881,259
thyssenkrupp AG		104,994		2,873,038
TUI AG		108,238		1,996,628
Uniper SE		48,741		1,450,059
United Internet AG		30,021		2,022,458
Volkswagen AG		7,636		1,580,987
Vonovia SE		118,297		5,568,052
Wirecard AG		28,426		3,030,176
Zalando SE, 144A*		26,649		1,362,805
				334,930,990
Ireland — 0.9%
AerCap Holdings NV*		34,373		1,786,365
Allied Irish Banks PLC		197,193		1,279,163
Bank of Ireland Group PLC*		221,228		1,725,777
CRH PLC		202,164		6,966,111
DCC PLC		21,960		2,124,931
Kerry Group PLC, Class A		38,772		4,061,055
Paddy Power Betfair PLC		19,428		2,166,503
Ryanair Holdings PLC*		26,745		558,673
				20,668,578
Italy — 3.3%
Assicurazioni Generali SpA		302,001		5,528,442
Atlantia SpA		108,678		3,610,268
Davide Campari-Milano SpA		140,645		1,094,813
Enel SpA		1,961,240		12,733,960
Eni SpA		614,888		10,107,126
Ferrari NV		29,500		3,202,247
Intesa Sanpaolo SpA		3,258,418		10,944,648
Intesa Sanpaolo SpA-RSP		228,262		729,213
Leonardo SpA		96,118		1,148,620
Luxottica Group SpA		41,030		2,385,636
Mediobanca SpA		139,616		1,611,094
Poste Italiane SpA, 144A		128,528		938,535

See Notes to Financial Statements. 68

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Italy (Continued)
Prysmian SpA		50,557	$	1,683,709
Recordati SpA		24,600		1,106,789
Snam SpA		557,071		2,808,695
Telecom Italia SpA*		2,753,339		2,303,844
Telecom Italia SpA-RSP		1,415,870		958,901
Terna Rete Elettrica Nazionale SpA		336,030		2,077,790
UniCredit SpA*		484,170		9,739,184
UnipolSai Assicurazioni SpA		238,722		559,753
				75,273,267
Jersey Island — 0.1%
Randgold Resources Ltd.		22,342		2,047,077
Luxembourg — 0.5%
ArcelorMittal*		159,096		4,803,216
Eurofins Scientific SE		2,643		1,600,284
Millicom International Cellular SA SDR		15,508		1,014,297
RTL Group SA		8,858		706,397
SES SA		87,337		1,442,345
Tenaris SA		115,243		1,674,820
				11,241,359
Mexico — 0.0%
Fresnillo PLC		53,552		934,986
Netherlands — 7.2%
ABN AMRO Group NV, 144A		101,996		3,025,912
Aegon NV		423,570		2,630,675
Akzo Nobel NV (a)		60,953		5,491,980
Altice NV, Class A*(a)		128,267		1,012,811
ASML Holding NV		93,859		16,489,226
Boskalis Westminster		22,166		819,854
EXOR NV		26,337		1,595,593
Heineken Holding NV		28,113		2,709,376
Heineken NV		62,651		6,382,474
ING Groep NV		939,129		16,940,226
Koninklijke Ahold Delhaize NV		309,698		6,633,279
Koninklijke DSM NV		43,724		4,099,906
Koninklijke KPN NV		826,509		3,031,923
Koninklijke Philips NV		227,425		8,831,342
Koninklijke Vopak NV		16,682		704,879
NN Group NV		73,615		3,233,624
NXP Semiconductors NV*		83,632		9,483,033
QIAGEN NV*		51,613		1,630,107
Randstad Holding NV		28,975		1,784,382
Royal Dutch Shell PLC, Class A		1,090,251		34,760,109
Royal Dutch Shell PLC, Class B		905,313		29,243,338
Wolters Kluwer NV		72,087		3,734,511
				164,268,560
Norway — 1.0%
DNB ASA		234,854		4,282,417
Gjensidige Forsikring ASA		48,942		887,132
Marine Harvest ASA*		100,706		1,772,155
Norsk Hydro ASA		326,832		2,221,583
Orkla ASA		198,266		1,987,557
Schibsted ASA, Class B		23,691		589,467
Statoil ASA		278,058		5,574,897
Telenor ASA		181,457		4,065,603

	Number of Shares		Value
Norway (Continued)
Yara International ASA		43,109	$	1,916,716
				23,297,527
Portugal — 0.2%
EDP—Energias de Portugal SA		570,658		2,000,319
Galp Energia SGPS SA		120,413		2,272,362
Jeronimo Martins SGPS SA		62,120		1,219,982
				5,492,663
South Africa — 0.2%
Investec PLC		160,934		1,125,230
Mediclinic International PLC		89,206		682,228
Mondi PLC		88,861		2,122,291
				3,929,749
Spain — 5.1%
Abertis Infraestructuras SA		167,145		3,732,194
ACS Actividades de Construccion y Servicios SA		58,933		2,279,711
Aena SME SA, 144A		16,273		3,237,517
Amadeus IT Group SA		106,067		7,646,732
Banco Bilbao Vizcaya Argentaria SA		1,606,068		13,729,266
Banco de Sabadell SA		1,294,218		2,603,347
Banco Santander SA		3,904,435		26,224,441
Bankia SA		243,388		1,169,199
Bankinter SA		163,048		1,573,308
CaixaBank SA		861,892		4,096,285
Enagas SA		55,951		1,641,916
Endesa SA		77,931		1,737,809
Ferrovial SA		118,768		2,614,519
Gas Natural SDG SA		84,423		1,887,098
Grifols SA (a)		73,052		2,131,147
Iberdrola SA		1,374,293		10,913,734
Industria de Diseno Textil SA		263,661		9,333,077
Mapfre SA		263,566		886,542
Red Electrica Corp. SA		104,312		2,358,989
Repsol SA		295,637		5,426,017
Siemens Gamesa Renewable Energy SA		57,045		714,285
Telefonica SA		1,095,909		11,224,406
				117,161,539
Sweden — 4.2%
Alfa Laval AB		71,132		1,680,802
Assa Abloy AB, Class B		240,862		4,882,872
Atlas Copco AB, Class A		162,310		6,972,527
Atlas Copco AB, Class B		94,612		3,634,859
Boliden AB		66,629		2,106,893
Electrolux AB, Series B		58,963		1,958,167
Essity AB, Class B*		146,236		4,246,826
Getinge AB, Class B (a)		55,472		997,985
Hennes & Mauritz AB, Class B		229,486		5,403,412
Hexagon AB, Class B		61,981		3,044,647
Husqvarna AB, Class B		102,576		935,578
ICA Gruppen AB (a)		19,941		721,320
Industrivarden AB, Class C		40,013		975,117
Investor AB, Class B		110,094		5,141,082
Kinnevik AB, Class B		56,807		1,821,418

See Notes to Financial Statements. 69

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
L E Lundbergforetagen AB, Class B		9,326	$	684,052
Lundin Petroleum AB*		44,298		1,019,215
Nordea Bank AB		734,179		8,603,917
Sandvik AB		271,498		4,660,673
Securitas AB, Class B		74,841		1,314,263
Skandinaviska Enskilda Banken AB, Class A		364,055		4,322,934
Skanska AB, Class B		82,782		1,815,657
SKF AB, Class B		92,210		2,084,128
Svenska Handelsbanken AB, Class A		366,241		5,005,163
Swedbank AB, Class A		218,892		5,227,186
Swedish Match AB		43,435		1,642,767
Tele2 AB, Class B		89,453		1,144,484
Telefonaktiebolaget LM Ericsson, Class B		736,963		4,635,209
Telia Co. AB		630,480		2,766,416
Volvo AB, Class B		376,719		7,164,499
				96,614,068
Switzerland — 13.5%
ABB Ltd.		445,450		11,406,237
Adecco Group AG		39,371		2,977,588
Baloise Holding AG		12,096		1,862,815
Barry Callebaut AG*		531		986,702
Chocoladefabriken Lindt & Spruengli AG		25		1,751,715
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		252		1,489,586
Cie Financiere Richemont SA		126,171		10,863,211
Clariant AG*		56,267		1,532,865
Coca-Cola HBC AG*		44,749		1,433,677
Credit Suisse Group AG*		586,917		9,939,555
Dufry AG*		8,581		1,235,141
EMS-Chemie Holding AG		1,959		1,306,332
Ferguson PLC		60,775		4,380,817
Geberit AG		8,953		3,893,361
Givaudan SA		2,232		5,077,729
Glencore PLC*		2,957,422		13,582,631
Julius Baer Group Ltd.*		53,405		3,137,798
Kuehne + Nagel International AG		13,329		2,341,297
LafargeHolcim Ltd.*		110,021		6,016,904
Lonza Group AG*		18,020		4,709,471
Nestle SA		752,233		64,422,496
Novartis AG		537,635		46,016,637
Pargesa Holding SA		9,361		804,071
Partners Group Holding AG		4,195		2,882,663
Roche Holding AG		169,815		42,844,303
Schindler Holding AG		4,640		1,032,474
Schindler Holding AG Participation Certificates		9,842		2,223,016
SGS SA		1,292		3,194,047
Sika AG		520		4,017,281
Sonova Holding AG		12,559		2,000,503
STMicroelectronics NV		153,545		3,479,691
Straumann Holding AG		2,495		1,856,508
Swatch Group AG — Bearer		7,454		2,717,916
Swatch Group AG — Registered		13,492		954,555

	Number of Shares		Value
Switzerland (Continued)
Swiss Life Holding AG*		7,771	$	2,608,370
Swiss Prime Site AG*		17,070		1,471,447
Swiss Re AG		76,019		7,124,729
Swisscom AG		6,269		3,307,356
UBS Group AG*		884,528		15,276,372
Vifor Pharma AG		11,816		1,488,185
Zurich Insurance Group AG		36,579		11,050,855
				310,698,907
United Kingdom — 23.4%
3i Group PLC		232,590		2,834,123
Admiral Group PLC		48,944		1,272,863
Anglo American PLC		320,608		5,892,461
Ashtead Group PLC		121,306		3,115,374
Associated British Foods PLC		85,499		3,408,721
AstraZeneca PLC		305,952		19,765,667
Auto Trader Group PLC, 144A		239,858		1,090,898
Aviva PLC		974,447		6,734,139
Babcock International Group PLC		61,309		577,910
BAE Systems PLC		765,418		5,714,006
Barclays PLC		4,117,547		10,775,129
Barratt Developments PLC		245,902		2,015,290
Berkeley Group Holdings PLC		31,993		1,651,073
BP PLC		4,774,367		31,580,310
British American Tobacco PLC		554,359		35,153,961
British Land Co. PLC REIT		239,738		2,039,344
BT Group PLC		2,037,597		7,186,688
Bunzl PLC		81,820		2,340,307
Burberry Group PLC		104,118		2,416,273
Capita PLC		163,266		1,030,031
Centrica PLC		1,351,720		2,643,370
CNH Industrial NV		244,042		3,160,323
Cobham PLC*		578,618		993,799
Coca-Cola European Partners PLC		52,787		2,058,165
Compass Group PLC		382,242		7,748,952
ConvaTec Group PLC, 144A		328,801		862,656
Croda International PLC		32,354		1,869,665
Diageo PLC		608,844		21,148,936
Direct Line Insurance Group PLC		338,801		1,676,067
easyJet PLC		37,545		713,905
Experian PLC		227,230		4,726,340
Fiat Chrysler Automobiles NV*		260,103		4,464,251
G4S PLC		381,272		1,323,106
GKN PLC		420,466		1,763,338
GlaxoSmithKline PLC		1,188,834		20,571,428
Hammerson PLC REIT		192,931		1,355,472
Hargreaves Lansdown PLC		63,461		1,374,904
HSBC Holdings PLC		4,858,267		48,225,903
IMI PLC		66,446		1,128,655
Imperial Brands PLC		231,728		9,603,755
InterContinental Hotels Group PLC		43,185		2,539,951
International Consolidated Airlines Group SA		150,439		1,243,750
Intertek Group PLC		38,429		2,718,089
ITV PLC		863,480		1,867,255
J Sainsbury PLC		403,113		1,266,423
John Wood Group PLC		162,416		1,589,170

See Notes to Financial Statements. 70

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Johnson Matthey PLC		47,329	$	1,940,065
Kingfisher PLC		528,148		2,385,641
Land Securities Group PLC REIT		179,186		2,263,361
Legal & General Group PLC		1,433,336		5,179,495
Lloyds Banking Group PLC		17,390,950		15,522,804
London Stock Exchange Group PLC		75,670		3,867,262
Marks & Spencer Group PLC		397,605		1,684,134
Meggitt PLC		190,032		1,244,898
Merlin Entertainments PLC, 144A		174,964		832,666
Micro Focus International PLC		105,760		3,559,994
National Grid PLC		826,359		9,890,425
Next PLC		35,100		2,125,187
Old Mutual PLC		1,181,483		3,152,517
Pearson PLC		194,591		1,863,198
Persimmon PLC		73,342		2,519,355
Prudential PLC		625,023		15,713,695
Reckitt Benckiser Group PLC		161,536		14,169,326
RELX NV		233,483		5,345,465
RELX PLC		257,902		6,027,003
Rio Tinto PLC		298,412		14,131,015
Rolls-Royce Holdings PLC*		398,386		4,617,297
Rolls-Royce Holdings PLC — Entitlement*		19,314,250		26,120
Royal Bank of Scotland Group PLC*		863,602		3,230,493
Royal Mail PLC		220,964		1,320,531
RSA Insurance Group PLC		247,194		2,034,236
Sage Group PLC		265,480		2,780,713
Schroders PLC		30,043		1,401,733
Segro PLC REIT		244,165		1,811,186
Severn Trent PLC		57,098		1,620,825
Sky PLC*		247,583		3,135,679
Smith & Nephew PLC		211,751		3,751,455
Smiths Group PLC		95,628		1,917,914
SSE PLC		243,792		4,513,629
St James’s Place PLC		130,546		2,143,311
Standard Chartered PLC*		795,611		7,945,027
Standard Life Aberdeen PLC		647,628		3,767,896
Taylor Wimpey PLC		801,231		2,118,397
Tesco PLC		1,966,844		5,161,626
Travis Perkins PLC		61,177		1,331,212
Unilever NV		393,740		22,675,574
Unilever PLC		305,216		17,187,826

	Number of Shares		Value
United Kingdom (Continued)
United Utilities Group PLC		166,675	$	1,849,490
Vodafone Group PLC		6,445,805		19,552,819
Weir Group PLC		53,443		1,418,054
Whitbread PLC		44,320		2,138,590
Wm Morrison Supermarkets PLC		550,002		1,608,880
Worldpay Group PLC, 144A		483,416		2,758,903
WPP PLC		307,982		5,443,821
				537,912,939
United States (c) — 0.6%
Carnival PLC		45,964		2,962,612
Shire PLC		219,498		10,869,074
				13,831,686
TOTAL COMMON STOCKS (Cost $2,120,099,391)				2,254,932,403
PREFERRED STOCKS — 0.9%
Germany — 0.9%
Bayerische Motoren Werke AG		13,463		1,164,969
FUCHS PETROLUB SE		16,948		890,609
Henkel AG & Co. KGaA		43,063		5,843,151
Porsche Automobil Holding SE		37,459		3,134,365
Schaeffler AG		41,020		715,516
Volkswagen AG		44,857		9,508,941
				21,257,551
TOTAL PREFERRED STOCKS (Cost $20,172,486)				21,257,551
SECURITIES LENDING COLLATERAL — 1.6%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) (Cost $36,387,864)		36,387,864		36,387,864
TOTAL INVESTMENTS — 100.8% (Cost $2,176,659,741)			$	2,312,577,818
Other assets and liabilities, net —(0.8%)				(17,333,698	)
NET ASSETS — 100.0%			$	2,295,244,120

* Non-income producing security.

(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, 2017 amounted to $24,255,704, which is 1.1% of net assets.

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

(c) Securities are domiciled in the United States and trade on a non-U.S. 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.

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.

See Notes to Financial Statements. 71

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/17		Purchases Cost ($)		Sales Proceeds ($)			Net realized Gain/(Loss) ($)		Net change in unrealized Appreciation (Depreciation) ($)		Income ($)		Value ($) at 11/30/17
Deutsche Bank AG		10,922,148		231,285		(2,454,733	)		12,644		718,934		—		9,430,278

At November 30, 2017, open futures contracts purchased were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
AMSTERDAM Index Futures		EUR		6	$	765,814	$	771,424		12/15/2017	$	(1,557	)
CAC40 10 EURO Futures		EUR		29		1,815,493		1,852,713		12/15/2017		20,091
DAX Index Futures		EUR		4		1,489,186		1,553,573		12/15/2017		60,973
EURO STOXX Futures		EUR		105		4,499,755		4,465,399		12/15/2017		(129,787	)
FTSE 100 Index Futures		GBP		29		2,811,268		2,874,390		12/15/2017		(7,080	)
FTSE/MIB Index Futures		EUR		3		395,187		399,513		12/15/2017		3,702
IBEX 35 Index Futures		EUR		6		706,731		728,411		12/15/2017		15,060
OMXS30 Index Futures		SEK		21		407,148		403,897		12/15/2017		(4,378	)
SWISS MKT IX Futures		CHF		16		1,499,580		1,518,760		12/15/2017		48,047
Total net unrealized appreciation											$	5,071

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.	12/5/2017	CHF	132,949,122	USD	133,650,856	$	—	$	(1,561,202	)
JP Morgan & Chase Co.	12/5/2017	CHF	7,726,000	USD	7,766,623		—		(90,881	)
RBC Capital Markets	12/5/2017	CHF	149,838,617	USD	150,621,094		—		(1,767,936	)
The Bank of Nova Scotia	12/5/2017	CHF	1,000,000	USD	998,801		—		(18,220	)
Goldman Sachs & Co.	12/5/2017	DKK	12,613,200	USD	1,978,223		—		(39,683	)
JP Morgan & Chase Co.	12/5/2017	DKK	151,547,242	USD	23,768,163		—		(476,925	)
RBC Capital Markets	12/5/2017	DKK	39,801,800	USD	6,242,049		—		(125,590	)
The Bank of Nova Scotia	12/5/2017	DKK	21,344,000	USD	3,347,448		—		(67,244	)
The Bank of Nova Scotia	12/5/2017	DKK	207,786,800	USD	32,586,852		—		(655,649	)
Goldman Sachs & Co.	12/5/2017	EUR	46,486,500	USD	54,242,354		—		(1,109,080	)
JP Morgan & Chase Co.	12/5/2017	EUR	162,486,823	USD	189,608,847		—		(3,864,069	)
RBC Capital Markets	12/5/2017	EUR	257,887,997	USD	300,919,446		—		(6,147,563	)
The Bank of New York Mellon	12/5/2017	EUR	132,717,955	USD	154,871,900		—		(3,155,252	)
The Bank of New York Mellon	12/5/2017	EUR	44,616,000	USD	52,062,232		—		(1,062,000	)
The Bank of Nova Scotia	12/5/2017	EUR	371,610,821	USD	433,619,661		—		(8,857,014	)
Goldman Sachs & Co.	12/5/2017	GBP	29,059,800	USD	38,622,218		—		(687,013	)
JP Morgan & Chase Co.	12/5/2017	GBP	95,582,150	USD	127,040,214		—		(2,253,890	)
RBC Capital Markets	12/5/2017	GBP	193,071,320	USD	256,609,161		—		(4,558,676	)
The Bank of New York Mellon	12/5/2017	GBP	51,566,264	USD	68,537,753		—		(1,216,002	)
The Bank of New York Mellon	12/5/2017	GBP	16,824,000	USD	22,360,560		—		(397,288	)
The Bank of Nova Scotia	12/5/2017	GBP	94,427,890	USD	125,503,164		—		(2,229,571	)
The Bank of Nova Scotia	12/5/2017	GBP	1,960,000	USD	2,599,195		—		(52,099	)
JP Morgan & Chase Co.	12/5/2017	NOK	87,348,891	USD	10,683,662		182,233		—
RBC Capital Markets	12/5/2017	NOK	42,298,600	USD	5,173,318		88,013		—
The Bank of Nova Scotia	12/5/2017	NOK	10,900,000	USD	1,333,177		22,736		—
The Bank of Nova Scotia	12/5/2017	NOK	62,570,800	USD	7,652,891		130,382		—
JP Morgan & Chase Co.	12/5/2017	SEK	302,718,836	USD	36,222,202		42,235		—
RBC Capital Markets	12/5/2017	SEK	251,826,400	USD	30,130,344		32,875		—
The Bank of Nova Scotia	12/5/2017	SEK	37,750,000	USD	4,517,155		5,398		—
The Bank of Nova Scotia	12/5/2017	SEK	276,015,750	USD	33,024,929		36,428		—
JP Morgan & Chase Co.	12/5/2017	USD	1,439,470	CHF	1,431,600		16,498		—
JP Morgan & Chase Co.	12/5/2017	USD	140,536,056	CHF	137,990,822		—		(196,484	)
JP Morgan & Chase Co.	12/5/2017	USD	1,267,540	CHF	1,252,700		6,482		—
RBC Capital Markets	12/5/2017	USD	152,592,919	CHF	149,838,617		—		(203,889	)

See Notes to Financial Statements. 72

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia	12/5/2017	USD	1,018,382	CHF	1,000,000	$	—	$	(1,361	)
Goldman Sachs & Co.	12/5/2017	USD	2,020,907	DKK	12,613,200		—		(3,001	)
JP Morgan & Chase Co.	12/5/2017	USD	23,642,167	DKK	147,559,242		—		(35,093	)
JP Morgan & Chase Co.	12/5/2017	USD	333,805	DKK	2,126,900		6,465		—
JP Morgan & Chase Co.	12/5/2017	USD	295,289	DKK	1,861,100		2,457		—
RBC Capital Markets	12/5/2017	USD	6,376,756	DKK	39,801,800		—		(9,117	)
The Bank of Nova Scotia	12/5/2017	USD	36,709,678	DKK	229,130,800		—		(52,486	)
Goldman Sachs & Co.	12/5/2017	USD	55,428,178	EUR	46,486,500		—		(76,744	)
JP Morgan & Chase Co.	12/5/2017	USD	5,152,608	EUR	4,365,000		44,794		—
JP Morgan & Chase Co.	12/5/2017	USD	182,597,357	EUR	153,133,223		—		(261,764	)
JP Morgan & Chase Co.	12/5/2017	USD	5,825,522	EUR	4,988,600		114,399		—
RBC Capital Markets	12/5/2017	USD	307,492,753	EUR	257,887,997		—		(425,744	)
The Bank of New York Mellon	12/5/2017	USD	211,457,441	EUR	177,333,955		—		(306,058	)
The Bank of Nova Scotia	12/5/2017	USD	443,090,162	EUR	371,610,821		—		(613,487	)
Goldman Sachs & Co.	12/5/2017	USD	39,336,798	GBP	29,059,800		—		(27,567	)
JP Morgan & Chase Co.	12/5/2017	USD	2,730,173	GBP	2,073,300		74,382		—
JP Morgan & Chase Co.	12/5/2017	USD	123,373,570	GBP	91,139,350		—		(89,248	)
JP Morgan & Chase Co.	12/5/2017	USD	3,128,759	GBP	2,369,500		76,467		—
RBC Capital Markets	12/5/2017	USD	261,350,992	GBP	193,071,320		—		(183,156	)
The Bank of New York Mellon	12/5/2017	USD	92,579,558	GBP	68,390,264		—		(67,956	)
The Bank of Nova Scotia	12/5/2017	USD	130,475,467	GBP	96,387,890		—		(91,438	)
JP Morgan & Chase Co.	12/5/2017	USD	122,728	NOK	997,500		—		(2,804	)
JP Morgan & Chase Co.	12/5/2017	USD	106,767	NOK	872,800		—		(1,836	)
JP Morgan & Chase Co.	12/5/2017	USD	10,311,598	NOK	85,478,591		—		(35,024	)
RBC Capital Markets	12/5/2017	USD	5,102,518	NOK	42,298,600		—		(17,213	)
The Bank of Nova Scotia	12/5/2017	USD	8,862,849	NOK	73,470,800		—		(29,899	)
JP Morgan & Chase Co.	12/5/2017	USD	445,013	SEK	3,731,200		928		—
JP Morgan & Chase Co.	12/5/2017	USD	510,877	SEK	4,264,300		—		(1,222	)
JP Morgan & Chase Co.	12/5/2017	USD	35,365,961	SEK	294,723,336		—		(141,591	)
RBC Capital Markets	12/5/2017	USD	30,216,932	SEK	251,826,400		—		(119,463	)
The Bank of Nova Scotia	12/5/2017	USD	37,649,104	SEK	313,765,750		—		(148,846	)
JP Morgan & Chase Co.	1/4/2018	CHF	137,990,822	USD	140,934,694		195,850		—
RBC Capital Markets	1/4/2018	CHF	149,838,617	USD	153,023,026		200,444		—
RBC Capital Markets	1/4/2018	CHF	561,000	USD	572,952		780		—
The Bank of Nova Scotia	1/4/2018	CHF	1,000,000	USD	1,021,242		1,327		—
Goldman Sachs & Co.	1/4/2018	DKK	12,613,200	USD	2,025,524		2,956		—
JP Morgan & Chase Co.	1/4/2018	DKK	147,559,242	USD	23,696,389		34,778		—
RBC Capital Markets	1/4/2018	DKK	39,801,800	USD	6,391,194		8,844		—
The Bank of Nova Scotia	1/4/2018	DKK	229,130,800	USD	36,792,203		50,323		—
Goldman Sachs & Co.	1/4/2018	EUR	46,486,500	USD	55,548,578		75,291		—
JP Morgan & Chase Co.	1/4/2018	EUR	153,133,223	USD	182,997,065		260,069		—
RBC Capital Markets	1/4/2018	EUR	257,887,997	USD	308,164,809		421,807		—
RBC Capital Markets	1/4/2018	EUR	5,000,000	USD	5,965,780		—		(822	)
The Bank of New York Mellon	1/4/2018	EUR	177,333,955	USD	211,912,303		296,081		—
The Bank of Nova Scotia	1/4/2018	EUR	371,610,821	USD	444,052,634		601,869		—
Goldman Sachs & Co.	1/4/2018	GBP	29,059,800	USD	39,388,234		27,717		—
JP Morgan & Chase Co.	1/4/2018	GBP	91,139,350	USD	123,535,698		90,529		—
RBC Capital Markets	1/4/2018	GBP	193,071,320	USD	261,691,956		183,380		—
The Bank of New York Mellon	1/4/2018	GBP	68,390,264	USD	92,699,583		67,283		—
The Bank of Nova Scotia	1/4/2018	GBP	96,387,890	USD	130,644,146		90,007		—
JP Morgan & Chase Co.	1/4/2018	NOK	85,478,591	USD	10,323,612		35,464		—
RBC Capital Markets	1/4/2018	NOK	42,298,600	USD	5,108,249		17,217		—
The Bank of Nova Scotia	1/4/2018	NOK	73,470,800	USD	8,872,910		30,012		—
JP Morgan & Chase Co.	1/4/2018	SEK	294,723,336	USD	35,463,241		144,893		—
RBC Capital Markets	1/4/2018	SEK	251,826,400	USD	30,299,462		121,694		—
The Bank of Nova Scotia	1/4/2018	SEK	313,765,750	USD	37,751,024		150,717		—
The Bank of Nova Scotia	1/4/2018	USD	3,768,887	DKK	23,467,000		—		(5,877	)
Goldman Sachs & Co.	1/4/2018	USD	16,253,129	EUR	13,600,000		—		(23,972	)

See Notes to Financial Statements. 73

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Europe Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		1/4/2018		USD	17,621,890		GBP	13,000,000	$	—	$	(13,829	)
The Bank of Nova Scotia		1/4/2018		USD	382,619		NOK	3,168,000		—		(1,320	)
The Bank of Nova Scotia		1/4/2018		USD	4,452,561		SEK	37,000,000		—		(18,643	)
Total unrealized appreciation (depreciation)									$	3,992,504	$	(43,599,801	)

Currency Abbreviations

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP Pound Sterling

NOK Norwegian Krone

SEK Swedish Krona

USD U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding open 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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (f)	$	2,254,932,403		$	—		$	—	$	2,254,932,403
Preferred Stocks		21,257,551			—			—		21,257,551
Short-Term Investments		36,387,864			—			—		36,387,864
Derivatives (g)
Forward Foreign Currency Contracts		—			3,992,504			—		3,992,504
Futures Contracts		147,873			—			—		147,873
TOTAL	$	2,312,725,691		$	3,992,504		$	—	$	2,316,718,195
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—		$	(43,599,801	)	$	—	$	(43,599,801	)
Futures Contracts		(142,802	)		—			—		(142,802	)
TOTAL	$	(142,802	)	$	(43,599,801	)	$	—	$	(43,742,603	)

(f) See Schedule of Investments for additional detailed categorizations.

(g) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 74

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.2%
Austria — 1.1%
ANDRITZ AG		735	$	41,165
AT&S Austria Technologie & Systemtechnik AG		269		7,707
BUWOG AG*		1,123		32,280
CA Immobilien Anlagen AG		730		21,939
DO & CO AG		71		4,030
Erste Group Bank AG*		3,053		133,180
EVN AG		429		7,463
FACC AG*		233		3,928
IMMOFINANZ AG*		7,916		18,995
Kapsch TrafficCom AG		61		3,575
Lenzing AG		139		16,533
Oesterreichische Post AG		318		14,345
OMV AG		1,496		93,055
POLYTEC Holding AG		135		3,171
Porr AG (a)		95		3,053
Raiffeisen Bank International AG*		1,501		53,150
S IMMO AG		545		9,299
S&T AG (a)		361		7,610
Schoeller-Bleckmann Oilfield Equipment AG*		115		10,813
Semperit AG Holding		113		3,282
Telekom Austria AG*		1,808		17,433
UNIQA Insurance Group AG		1,117		11,850
Vienna Insurance Group AG Wiener Versicherung Gruppe		431		12,697
voestalpine AG		1,179		68,495
Wienerberger AG		1,144		25,980
Zumtobel Group AG		311		3,939
				628,967
Belgium — 3.8%
Ablynx NV*		655		15,187
Ackermans & van Haaren NV		245		42,794
Aedifica SA REIT		177		16,854
Ageas		1,912		93,955
AGFA-Gevaert NV*		1,994		9,071
Anheuser-Busch InBev SA/NV		7,717		888,204
Balta Group NV, 144A*		271		2,564
Barco NV		100		10,662
Befimmo SA REIT		205		13,078
Bekaert SA		388		16,127
Biocartis NV, 144A*		236		3,518
bpost SA (a)		1,022		31,536
Celyad SA*		63		2,618
Cie d’Entreprises CFE		85		12,318
Cofinimmo SA REIT		204		26,309
Colruyt SA		627		33,202
D’ieteren SA/NV		280		13,132
Econocom Group SA/NV		1,385		9,879
Elia System Operator SA/NV		324		19,051
Euronav NV		1,316		11,292
EVS Broadcast Equipment SA		147		5,052
Exmar NV*		372		2,443
Fagron*		454		5,933
Galapagos NV*(a)		449		39,243

	Number of Shares		Value
Belgium (Continued)
Gimv NV		110	$	6,724
Greenyard NV		171		3,764
Groupe Bruxelles Lambert SA		794		85,386
Intervest Offices & Warehouses NV REIT		97		2,534
Ion Beam Applications		237		6,872
KBC Ancora		317		19,277
KBC Group NV		2,531		207,051
Kinepolis Group NV		165		12,033
Melexis NV		219		21,398
Nyrstar NV*		800		5,697
Ontex Group NV (a)		861		29,043
Orange Belgium SA		349		7,550
Proximus SADP		1,572		53,878
Recticel SA		310		3,020
Sioen Industries NV		79		2,707
Sofina SA		159		24,460
Solvay SA		753		105,938
Telenet Group Holding NV*		498		34,788
Tessenderlo Group*		255		11,910
UCB SA		1,267		94,615
Umicore SA		1,919		89,559
Van de Velde NV		68		3,723
Warehouses De Pauw CVA REIT		179		19,431
X-Fab Silicon Foundries SE, 144A*		558		6,104
				2,181,484
Finland — 3.2%
Amer Sports OYJ*		1,230		32,311
Atria OYJ		138		1,987
Cargotec OYJ, Class B		403		23,086
Caverion OYJ*		728		5,459
Citycon OYJ		4,161		10,539
Cramo OYJ		438		9,733
DNA OYJ		648		11,500
Elisa OYJ		1,467		59,682
Ferratum OYJ (a)		90		2,954
Finnair OYJ		553		7,885
Fortum OYJ		4,477		94,212
F-Secure OYJ		948		4,547
Huhtamaki OYJ		961		42,322
Kemira OYJ		929		12,064
Kesko OYJ, Class B		684		34,649
Kone OYJ, Class B		3,428		176,427
Konecranes OYJ		676		30,076
Lehto Group OYJ		223		3,034
Metsa Board OYJ		1,821		14,143
Metso OYJ		1,111		39,208
Neste OYJ		1,289		80,087
Nokia OYJ		58,974		295,937
Nokian Renkaat OYJ		1,214		52,987
Oriola OYJ, Class B		1,247		4,334
Orion OYJ, Class B		1,027		37,931
Outokumpu OYJ		3,189		27,557
Outotec OYJ*		1,547		11,674
Ponsse OYJ		137		4,368
Ramirent OYJ		748		6,677
Sampo OYJ, Class A		4,537		239,821

See Notes to Financial Statements. 75

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Finland (Continued)
Sanoma OYJ		826	$	10,372
Stockmann OYJ Abp, Class B*		349		1,878
Stora Enso OYJ, Class R		5,563		85,151
Technopolis OYJ		1,317		6,270
Tieto OYJ		582		18,212
Tikkurila OYJ		308		6,683
Tokmanni Group Corp.		649		5,191
UPM-Kymmene OYJ		5,407		162,758
Uponor OYJ		620		12,036
Valmet OYJ		1,346		24,800
Wartsila OYJ Abp		1,491		98,494
YIT OYJ (a)		1,268		9,123
				1,818,159
France — 29.6%
AB Science SA*		202		2,116
ABC arbitrage		255		1,930
Accor SA		1,924		96,502
Aeroports de Paris		302		57,603
Air France-KLM*		1,632		23,203
Air Liquide SA		4,342		543,422
Airbus SE		5,896		612,576
Albioma SA		226		5,332
ALD SA, 144A*		988		15,687
Alstom SA		1,546		63,816
Altamir		283		5,053
Alten SA		281		23,359
Altran Technologies SA		1,564		26,713
Amundi SA, 144A		610		54,439
ANF Immobilier REIT		99		2,614
Arkema SA		684		83,693
Assystem		80		3,009
Atos SE		957		141,529
Aubay		67		2,743
AXA SA		19,737		595,521
Axway Software SA		59		1,615
Beneteau SA		315		7,011
BioMerieux		417		34,788
BNP Paribas SA		11,398		862,556
Boiron SA		71		6,423
Bollore SA		8,768		46,566
Bonduelle SCA		127		5,968
Bourbon Corp. (a)		334		2,664
Bouygues SA		2,169		112,199
Bureau Veritas SA		2,660		70,524
Capgemini SE		1,629		187,842
Carrefour SA		5,903		124,045
Casino Guichard Perrachon SA		586		35,662
Cellectis SA*		283		6,865
Chargeurs SA		188		5,388
Cie de Saint-Gobain		5,106		290,895
Cie des Alpes		46		1,493
Cie Generale des Etablissements Michelin		1,742		252,646
Cie Plastic Omnium SA		593		25,678
CNP Assurances		1,718		38,668
Coface SA		1,015		11,127
Credit Agricole SA		11,517		194,038

	Number of Shares		Value
France (Continued)
Danone SA		6,130	$	517,449
Dassault Aviation SA		25		38,436
Dassault Systemes SE		1,316		141,459
DBV Technologies SA*		190		8,448
Derichebourg SA		859		9,355
Devoteam SA		49		4,332
Direct Energie		93		4,271
Edenred		2,222		63,579
Eiffage SA		744		81,638
Electricite de France SA		5,937		77,802
Elior Group SA, 144A		1,146		25,173
Elis SA		1,636		42,684
Engie SA		18,551		324,691
Eramet*		94		9,491
Essilor International SA		2,100		270,074
Esso SA Francaise*		42		2,796
Etablissements Maurel et Prom*		528		2,262
Euler Hermes Group		166		24,065
Eurazeo SA		429		37,755
Europcar Groupe SA, 144A		934		11,767
Eutelsat Communications SA		1,825		41,315
Faurecia		753		57,611
FFP		54		6,260
FIGEAC-AERO*		89		1,782
Fnac Darty SA*		185		19,468
Fonciere Des Regions REIT		350		37,447
Gaztransport Et Technigaz SA		248		13,193
Gecina SA REIT		471		78,485
Genfit*		309		8,400
GL Events		122		3,623
Groupe Crit		25		2,333
Groupe Eurotunnel SE		4,660		61,955
Groupe Guillin		67		2,742
Guerbet		67		5,726
Haulotte Group SA		179		3,238
Hermes International		320		168,673
ICADE REIT		314		29,167
ID Logistics Group*		22		3,305
Iliad SA		265		61,995
Imerys SA		350		32,090
Ingenico Group SA		610		63,922
Innate Pharma SA*		427		2,501
Interparfums SA		94		3,821
Ipsen SA		375		45,706
IPSOS		367		13,258
Jacquet Metal Service		153		4,761
JCDecaux SA		782		32,586
Kaufman & Broad SA		147		6,797
Kering		770		341,622
Klepierre SA REIT		2,207		91,153
Korian SA		483		16,836
Lagardere SCA		1,135		37,198
Legrand SA		2,706		202,783
LISI		165		7,639
LNA Sante SA		56		3,929
L’Oreal SA		2,558		565,697
LVMH Moet Hennessy Louis Vuitton SE (a)		2,832		824,157

See Notes to Financial Statements. 76

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
France (Continued)
Maisons du Monde SA, 144A		436	$	18,015
Manitou BF SA		88		3,289
Marie Brizard Wine & Spirits SA*		204		2,819
Mercialys SA REIT		536		11,244
Mersen SA		108		4,795
Metropole Television SA		278		7,313
MGI Coutier		84		3,370
Natixis SA		9,470		76,760
Naturex*		73		7,752
Neopost SA		383		12,755
Nexans SA		295		19,364
Nexity SA *		452		27,685
Oeneo SA		362		4,235
Orange SA (a)		20,238		348,798
Orpea		419		50,495
Parrot SA*		175		1,795
Pernod Ricard SA		2,161		337,078
Peugeot SA		5,946		122,967
Pierre & Vacances SA*		68		3,757
Plastivaloire		94		2,452
Publicis Groupe SA		2,097		139,274
Rallye SA		278		5,026
Remy Cointreau SA		221		29,408
Renault SA		1,945		197,658
Rexel SA		3,006		55,439
Rubis SCA		874		62,167
Safran SA		3,391		361,355
Sanofi		11,520		1,050,314
Sartorius Stedim Biotech		286		20,459
Schneider Electric SE*		5,752		494,372
SCOR SE		1,786		72,829
SEB SA		227		41,825
Societe BIC SA		295		34,249
Societe Generale SA		7,773		391,444
Sodexo SA		921		120,310
SOITEC*		187		14,294
Solocal Group*		5,959		6,419
Sopra Steria Group		140		25,045
SPIE SA		1,010		27,932
SRP Groupe SA, 144A*		170		1,894
Ste Industrielle d’Aviation Latecoere SA*		851		5,551
Suez		3,743		69,010
Synergie SA		69		3,651
Tarkett SA		325		12,707
Technicolor SA		3,767		13,796
Teleperformance		583		86,288
Television Francaise 1		458		7,294
Thales SA		1,080		109,162
TOTAL SA		24,072		1,358,233
Trigano SA		78		12,334
Ubisoft Entertainment SA*		635		48,697
Unibail-Rodamco SE REIT		1,010		258,403
Valeo SA		2,426		176,111
Vallourec SA*		3,398		18,354
Veolia Environnement SA		4,878		123,407
Vicat SA		195		15,964
Vinci SA		5,131		524,239

	Number of Shares		Value
France (Continued)
Virbac SA*		49	$	6,334
Vivendi SA		10,460		278,444
Wendel SA		289		48,639
Worldline SA, 144A*		404		19,898
Zodiac Aerospace		2,034		59,798
				16,760,987
Germany — 27.1%
Aareal Bank AG		593		26,323
adidas AG		1,909		398,087
ADLER Real Estate AG*		282		4,206
ADO Properties SA, 144A		323		16,681
ADVA Optical Networking SE*		502		3,646
AIXTRON SE*		1,022		14,993
Allianz SE		4,574		1,078,768
alstria office REIT-AG REIT		1,428		21,518
Amadeus Fire AG		61		5,560
Aumann AG, 144A*		59		4,850
AURELIUS Equity Opportunities SE & Co KGaA (a)		243		15,711
Aurubis AG		336		27,875
Axel Springer SE		500		39,463
BASF SE		9,316		1,042,306
Basler AG		15		2,821
Bauer AG		83		2,881
Bayer AG		8,380		1,068,745
Bayerische Motoren Werke AG		3,348		337,446
BayWa AG		148		5,645
Bechtle AG		282		24,066
Beiersdorf AG		1,022		121,631
Bertrandt AG		64		7,149
bet-at-home.com AG		25		3,053
Bilfinger SE		288		12,658
Borussia Dortmund GmbH & Co. KGaA		741		5,303
Brenntag AG		1,555		96,799
CANCOM SE		147		12,043
Capital Stage AG		903		6,844
Carl Zeiss Meditec AG		387		22,893
CECONOMY AG		1,716		22,488
CENTROTEC Sustainable AG		111		2,024
Cewe Stiftung & Co. KGaA		61		5,766
comdirect bank AG		248		3,437
Commerzbank AG*		10,807		156,350
CompuGroup Medical SE		226		15,279
Continental AG		1,121		298,543
Covestro AG, 144A		1,230		128,101
CTS Eventim AG & Co. KGaA		513		24,903
Daimler AG		9,766		808,099
Deutsche Bank AG (b)		20,942		395,330
Deutsche Beteiligungs AG		140		7,868
Deutsche Boerse AG		1,959		222,094
Deutsche EuroShop AG		477		18,310
Deutsche Lufthansa AG		2,384		81,920
Deutsche Pfandbriefbank AG, 144A		1,176		18,176
Deutsche Post AG		9,866		468,428
Deutsche Telekom AG		33,669		601,518
Deutsche Wohnen SE		3,602		159,230

See Notes to Financial Statements. 77

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Germany (Continued)
Deutz AG		1,348	$	11,231
DIC Asset AG		506		6,471
Diebold Nixdorf AG		85		7,424
DMG Mori AG		224		12,215
Draegerwerk AG & Co. KGaA		33		2,373
Drillisch AG		517		39,451
Duerr AG		255		32,097
E.ON SE		22,293		257,833
Elmos Semiconductor AG		109		3,116
ElringKlinger AG (a)		322		6,094
Evonik Industries AG		1,626		60,654
Evotec AG*		1,322		19,401
Fraport AG Frankfurt Airport Services Worldwide		419		41,732
Freenet AG		1,320		50,033
Fresenius Medical Care AG & Co. KGaA		2,172		215,788
Fresenius SE & Co. KGaA		4,200		302,992
GEA Group AG		1,842		88,871
Gerresheimer AG		327		26,101
Gerry Weber International AG		291		2,978
GFT Technologies SE (a)		182		2,681
Grammer AG		101		6,145
GRENKE AG		282		28,443
H&R GmbH & Co. KGaA*		156		2,616
Hamborner REIT AG REIT		873		10,004
Hamburger Hafen und Logistik AG		269		7,912
Hannover Rueck SE		603		79,236
Hapag-Lloyd AG, 144A*		467		17,492
HeidelbergCement AG		1,503		159,878
Heidelberger Druckmaschinen AG*		2,870		10,067
Henkel AG & Co. KGaA		1,029		125,416
HOCHTIEF AG		188		33,039
Hornbach Baumarkt AG		86		3,212
HUGO BOSS AG		633		52,054
Hypoport AG*		35		5,403
Indus Holding AG		158		11,679
Infineon Technologies AG		11,502		317,614
Innogy SE, 144A		1,385		64,019
Isra Vision AG		33		6,053
Jenoptik AG		497		16,226
JOST Werke AG, 144A*		78		3,903
K+S AG		1,996		46,743
KION Group AG		721		58,682
Kloeckner & Co. SE		855		10,071
Koenig & Bauer AG		148		11,300
KPS AG		180		2,798
Krones AG (a)		160		20,263
KWS Saat SE		19		7,611
LANXESS AG		908		68,973
LEG Immobilien AG		630		66,970
Leoni AG		307		22,615
Linde AG*		192		44,826
Linde AG		1,756		385,410
MAN SE		354		39,758
Manz AG*(a)		51		2,125
MBB SE		26		2,754
Merck KGaA		1,297		138,058

	Number of Shares		Value
Germany (Continued)
METRO AG*		1,859	$	36,288
MLP SE		675		4,198
MorphoSys AG*		293		27,659
MTU Aero Engines AG		525		94,388
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,582		352,022
Nemetschek SE		205		19,584
Nordex SE*		711		7,222
Norma Group SE		333		21,189
OHB SE		68		3,403
OSRAM Licht AG		1,018		87,228
PATRIZIA Immobilien AG*		526		12,402
Pfeiffer Vacuum Technology AG		63		11,443
ProSiebenSat.1 Media SE		2,309		73,434
Rational AG		33		21,587
Rheinmetall AG		452		57,511
RHOEN-KLINIKUM AG		286		9,952
RIB Software SE (a)		384		8,782
Rocket Internet SE, 144A*		629		14,973
RWE AG*		5,231		119,854
SAF-Holland SA		511		10,376
Salzgitter AG		372		19,157
SAP SE		9,978		1,124,093
Scout24 AG, 144A		900		37,879
Senvion SA*		234		2,539
SGL Carbon SE*		544		7,333
Siemens AG		7,753		1,053,838
Siltronic AG*		214		31,788
Sixt Leasing SE		142		3,210
Sixt SE		107		9,643
SLM Solutions Group AG*		145		8,327
SMA Solar Technology AG		138		5,503
Software AG		492		26,935
STADA Arzneimittel AG		265		25,669
STRATEC Biomedical AG		51		4,237
Stroeer SE & Co. KGaA		263		19,915
Suedzucker AG		751		15,562
Surteco SE		82		2,662
Symrise AG		1,251		106,330
TAG Immobilien AG		1,178		21,572
Takkt AG		372		7,941
Telefonica Deutschland Holding AG		7,730		36,766
thyssenkrupp AG		4,424		121,058
TLG Immobilien AG		744		18,335
Uniper SE		2,038		60,631
United Internet AG		1,238		83,402
Vapiano SE, 144A*		104		2,785
VERBIO Vereinigte BioEnergie AG		275		2,639
Volkswagen AG		336		69,567
Vonovia SE		4,922		231,671
Vossloh AG*		113		6,187
VTG AG		116		6,170
Wacker Chemie AG		155		25,257
Wacker Neuson SE		317		10,346
Washtec AG		102		9,332
Wirecard AG		1,185		126,320
Wuestenrot & Wuerttembergische AG		212		5,718

See Notes to Financial Statements. 78

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Germany (Continued)
XING AG		31	$	9,686
Zalando SE, 144A*		1,143		58,452
zooplus AG*(a)		62		10,682
				15,369,364
Ireland — 1.9%
AerCap Holdings NV*		1,393		72,394
Allied Irish Banks PLC		8,233		53,406
Bank of Ireland Group PLC*		9,139		71,292
C&C Group PLC		3,447		11,734
Cairn Homes PLC*		6,599		13,981
CRH PLC		8,440		290,823
Dalata Hotel Group PLC*		1,814		12,566
Glanbia PLC		1,995		37,150
Green REIT PLC REIT		6,825		12,145
Hibernia REIT PLC REIT		7,322		12,463
Irish Continental Group PLC		1,823		12,628
Irish Residential Properties REIT PLC REIT		4,096		7,259
Kerry Group PLC, Class A		1,593		166,854
Kingspan Group PLC		1,514		61,990
Origin Enterprises PLC		1,374		11,150
Paddy Power Betfair PLC		806		89,881
Permanent TSB Group Holdings PLC*(a)		1,694		4,476
Ryanair Holdings PLC*		1,582		33,046
Smurfit Kappa Group PLC		2,385		76,107
				1,051,345
Italy — 7.4%
A2A SpA		15,535		29,215
ACEA SpA		471		9,575
Aeroporto Guglielmo Marconi Di Bologna SpA		140		2,749
Amplifon SpA		987		15,425
Anima Holding SpA, 144A		2,467		17,075
Arnoldo Mondadori Editore SpA*		1,036		2,824
Ascopiave SpA		552		2,445
Assicurazioni Generali SpA		12,637		231,333
Astaldi SpA (a)		533		1,341
ASTM SpA		417		11,892
Atlantia SpA		4,622		153,542
Autogrill SpA		1,365		17,417
Azimut Holding SpA		1,203		22,853
Banca Carige SpA*(a)		6,685		80
Banca Farmafactoring SpA, 144A*		563		4,326
Banca Generali SpA		627		22,000
Banca IFIS SpA		189		8,335
Banca Mediolanum SpA		2,707		22,570
Banca Monte dei Paschi di Siena SpA*		2,831		13,815
Banca Popolare di Sondrio SCPA		4,868		19,352
Banco BPM SpA*		14,952		51,219
Beni Stabili SpA SIIQ REIT		10,130		9,272
Biesse SpA		115		5,960
Bio On SpA*		85		2,876
BPER Banca		5,076		27,768
Brembo SpA		1,461		22,589
Brunello Cucinelli SpA		349		11,050
Buzzi Unicem SpA		721		19,180
Buzzi Unicem SpA-RSP		456		6,893

	Number of Shares		Value
Italy (Continued)
Cairo Communication SpA		863	$	4,109
Cementir Holding SpA		280		2,378
Cerved Information Solutions SpA		1,902		23,544
CIR-Compagnie Industriali Riunite SpA		4,164		5,551
Credito Emiliano SpA		996		8,713
Credito Valtellinese SpA*(a)		1,245		2,190
Danieli & C Officine Meccaniche SpA		132		3,112
Danieli & C Officine Meccaniche SpA-RSP		342		5,463
Datalogic SpA		208		7,813
Davide Campari-Milano SpA		5,830		45,382
De’ Longhi SpA		649		19,065
DeA Capital SpA		990		1,549
DiaSorin SpA		237		21,834
doBank SpA, 144A*		372		5,805
Ei Towers SpA		182		12,109
El.En. SpA		90		2,767
Enav SpA, 144A		2,582		13,793
Enel SpA		83,048		539,215
Eni SpA		25,698		422,407
ERG SpA		608		11,579
Falck Renewables SpA		1,427		2,429
Ferrari NV		1,246		135,254
Fila SpA		206		4,627
Fincantieri SpA*		5,404		7,712
FinecoBank Banca Fineco SpA		3,936		39,680
GEDI Gruppo Editoriale SpA*		3,404		2,806
Geox SpA		877		3,067
Hera SpA		7,400		26,600
Immobiliare Grande Distribuzione SIIQ SpA REIT		5,035		6,454
Industria Macchine Automatiche SpA		165		13,944
Infrastrutture Wireless Italiane SpA, 144A		2,553		19,752
Interpump Group SpA		690		22,749
Intesa Sanpaolo SpA		136,508		458,515
Intesa Sanpaolo SpA-RSP		9,653		30,838
Iren SpA		5,629		17,259
Italgas SpA		4,865		30,806
Italmobiliare SpA		167		4,711
Juventus Football Club SpA*(a)		3,734		3,127
La Doria SpA		48		965
Leonardo SpA		4,015		47,980
Luxottica Group SpA		1,730		100,589
Maire Tecnimont SpA		1,301		5,980
MARR SpA		388		10,026
Mediaset SpA*(a)		5,144		19,286
Mediobanca SpA		5,745		66,294
Moncler SpA		1,626		44,571
OVS SpA, 144A		1,972		13,520
Piaggio & C SpA		1,874		5,942
Poste Italiane SpA, 144A		5,447		39,775
Prima Industrie SpA		69		2,686
Prysmian SpA		2,062		68,671
RAI Way SpA, 144A		1,145		7,264
Recordati SpA		1,016		45,711
Reply SpA		212		12,198
Safilo Group SpA*		365		1,918
Saipem SpA*(a)		6,341		25,450

See Notes to Financial Statements. 79

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Italy (Continued)
Salini Impregilo SpA		1,995	$	7,299
Salvatore Ferragamo SpA (a)		474		12,954
Saras SpA		5,239		13,507
Snam SpA		22,944		115,681
Societa Cattolica di Assicurazioni SC		1,613		17,500
Societa Iniziative Autostradali e Servizi SpA		792		13,989
Sogefi SpA*		520		2,659
Tamburi Investment Partners SpA		917		6,221
Technogym SpA, 144A		984		9,446
Telecom Italia SpA*		114,907		96,148
Telecom Italia SpA-RSP		59,291		40,155
Terna Rete Elettrica Nazionale SpA		14,459		89,405
Tod’s SpA (a)		107		7,132
UniCredit SpA*		20,296		408,258
Unione di Banche Italiane SpA		10,172		48,962
Unipol Gruppo SpA		3,693		16,932
UnipolSai Assicurazioni SpA		9,244		21,675
Vittoria Assicurazioni SpA		194		2,806
Yoox Net-A-Porter Group SpA*		545		17,839
Zignago Vetro SpA		151		1,433
				4,222,506
Luxembourg — 0.9%
APERAM SA		504		25,762
ArcelorMittal*		6,691		202,006
Eurofins Scientific SE		110		66,603
Grand City Properties SA		1,089		24,887
RTL Group SA		390		31,101
SES SA		3,778		62,393
Solutions 30 SE*		188		5,923
Tenaris SA		4,660		67,723
				486,398
Netherlands — 8.6%
Aalberts Industries NV		995		50,806
ABN AMRO Group NV, 144A		4,301		127,598
Accell Group		256		7,324
Aegon NV		17,799		110,545
Akzo Nobel NV (a)		2,561		230,751
Altice NV, Class A*		5,346		42,213
AMG Advanced Metallurgical Group NV		254		11,305
Arcadis NV		667		15,402
ASM International NV		471		32,555
ASML Holding NV		3,943		692,709
ASR Nederland NV		1,521		62,005
Basic-Fit NV, 144A*		306		7,721
BE Semiconductor Industries NV		350		28,732
BinckBank NV		767		3,925
Boskalis Westminster		889		32,881
Brunel International NV		263		4,649
Corbion NV		619		19,999
Eurocommercial Properties NV		432		18,277
Euronext NV, 144A		557		33,990
EXOR NV		1,095		66,339
Flow Traders, 144A		292		6,405
ForFarmers NV		233		2,790
Fugro NV*		854		12,035

	Number of Shares		Value
Netherlands (Continued)
Gemalto NV		847	$	32,175
Heineken Holding NV		1,151		110,927
Heineken NV		2,645		269,455
IMCD Group NV		516		31,900
ING Groep NV		39,454		711,680
Intertrust NV, 144A		633		11,753
InterXion Holding NV*		704		40,642
Kendrion NV		135		6,580
Koninklijke Ahold Delhaize NV		12,968		277,756
Koninklijke BAM Groep NV		2,338		12,698
Koninklijke DSM NV		1,841		172,627
Koninklijke KPN NV		34,547		126,730
Koninklijke Philips NV		9,534		370,223
Koninklijke Volkerwessels NV		296		8,614
Koninklijke Vopak NV		736		31,099
NN Group NV		3,087		135,600
NSI NV REIT		205		8,296
NXP Semiconductors NV*		3,509		397,886
OCI NV*		782		17,568
Philips Lighting NV, 144A		866		32,804
PostNL NV		4,079		18,061
QIAGEN NV*		2,163		68,315
Randstad Holding NV		1,193		73,469
Refresco Group NV, 144A		610		14,376
SBM Offshore NV		1,562		25,908
SIF Holding NV		104		2,042
Takeaway.com NV, 144A*		189		10,134
TKH Group NV		371		24,729
TomTom NV*		1,411		15,239
Vastned Retail NV REIT		181		8,579
Wereldhave NV REIT		415		19,244
Wessanen		789		15,866
Wolters Kluwer NV		3,068		158,940
				4,882,871
Portugal — 0.6%
Altri SGPS SA		832		5,151
Banco Comercial Portugues SA, Class R*		103,059		31,586
Corticeira Amorim SGPS SA		504		6,992
CTT-Correios de Portugal SA		1,418		5,485
EDP — Energias de Portugal SA		23,851		83,605
Galp Energia SGPS SA		4,944		93,300
Jeronimo Martins SGPS SA		2,486		48,823
Mota-Engil SGPS SA		1,146		4,706
Navigator Co. SA		1,760		8,761
NOS SGPS SA		2,580		17,535
REN — Redes Energeticas Nacionais SGPS SA		3,536		10,375
Semapa-Sociedade de Investimento e Gestao		261		5,259
Sonae SGPS SA		4,404		5,341
				326,919
Spain — 9.8%
Abertis Infraestructuras SA		7,040		157,197
Acciona SA		275		22,339
Acerinox SA		1,595		21,443

See Notes to Financial Statements. 80

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Spain (Continued)
ACS Actividades de Construccion y Servicios SA		2,457	$	95,044
Aena SME SA, 144A		684		136,082
Almirall SA		614		6,161
Amadeus IT Group SA		4,463		321,753
Applus Services SA		1,408		17,923
Atresmedia Corp. de Medios de Comunicacion SA		937		10,762
Axiare Patrimonio SOCIMI SA REIT		699		15,275
Banco Bilbao Vizcaya Argentaria SA		67,588		577,767
Banco de Sabadell SA		53,612		107,842
Banco Santander SA		163,830		1,100,377
Bankia SA		9,989		47,986
Bankinter SA		6,670		64,361
Bolsas y Mercados Espanoles SHMSF SA		792		26,583
CaixaBank SA		36,333		172,679
Cellnex Telecom SA, 144A		1,579		38,866
Cia de Distribucion Integral Logista Holdings SA		453		10,870
CIE Automotive SA		510		14,969
Codere SA*		505		4,953
Construcciones y Auxiliar de Ferrocarriles SA		218		9,107
Corp. Financiera Alba SA		124		7,424
Distribuidora Internacional de Alimentacion SA		6,483		30,511
Ebro Foods SA		693		16,027
Enagas SA		2,323		68,170
Ence Energia y Celulosa SA		1,191		7,782
Endesa SA		3,179		70,889
Euskaltel SA, 144A		897		7,963
Faes Farma SA		2,708		10,137
Ferrovial SA		5,056		111,301
Fomento de Construcciones y Contratas SA*		849		9,196
Gas Natural SDG SA		3,556		79,487
Gestamp Automocion SA, 144A*		1,701		11,986
Global Dominion Access SA, 144A*		657		3,495
Grifols SA (a)		2,986		87,111
Grupo Catalana Occidente SA		383		16,507
Hispania Activos Inmobiliarios SOCIMI SA REIT		1,025		18,087
Iberdrola SA		57,999		460,590
Indra Sistemas SA*		1,210		16,490
Industria de Diseno Textil SA		11,039		390,759
Inmobiliaria Colonial Socimi SA REIT		2,731		25,800
Lar Espana Real Estate Socimi SA REIT		1,001		10,012
Liberbank SA*		15,420		8,443
Mapfre SA		10,737		36,115
Mediaset Espana Comunicacion SA		1,736		20,218
Melia Hotels International SA		1,204		16,043
Merlin Properties Socimi SA REIT		3,633		47,782
Miquel y Costas & Miquel SA		166		6,872
Neinor Homes SA, 144A*		662		14,041
NH Hotel Group SA		2,150		15,802
Obrascon Huarte Lain SA*		1,109		6,506
Papeles y Cartones de Europa SA		479		5,747
Pharma Mar SA*		2,071		5,904

	Number of Shares		Value
Spain (Continued)
Prosegur Cia de Seguridad SA		2,906	$	23,728
Realia Business SA*		2,815		3,753
Red Electrica Corp. SA		4,394		99,369
Repsol SA		12,277		225,328
Sacyr SA*		4,011		9,667
Saeta Yield SA		524		6,050
Siemens Gamesa Renewable Energy SA		2,464		30,853
Talgo SA, 144A		1,120		5,224
Tecnicas Reunidas SA (a)		350		10,673
Telefonica SA		45,877		469,877
Telepizza Group SA, 144A*		999		5,824
Tubacex SA*		1,190		4,653
Unicaja Banco SA, 144A*		7,516		11,361
Viscofan SA		417		26,713
Zardoya Otis SA		1,994		22,286
				5,578,895
Switzerland (c)— 0.3%
EDAG Engineering Group AG*		126		2,251
STMicroelectronics NV		6,463		146,467
				148,718
United Kingdom (c) — 2.9%
CNH Industrial NV		10,364		134,213
Coca-Cola European Partners PLC		2,168		84,530
Dialog Semiconductor PLC*		757		27,450
Fiat Chrysler Automobiles NV*		10,915		187,338
International Consolidated Airlines Group SA (a)		6,293		52,027
RELX NV		9,845		225,396
Stallergenes Greer PLC*		43		1,996
Unilever NV		16,526		951,736
				1,664,686
TOTAL COMMON STOCKS (Cost $46,243,784)				55,121,299
PREFERRED STOCKS — 1.7%
Germany — 1.7%
Bayerische Motoren Werke AG		562		48,630
Biotest AG		229		5,552
Draegerwerk AG & Co. KGaA		84		7,035
FUCHS PETROLUB SE		679		35,681
Henkel AG & Co. KGaA		1,808		245,325
Jungheinrich AG		504		22,544
Porsche Automobil Holding SE		1,545		129,277
Sartorius AG		374		35,835
Schaeffler AG		1,729		30,159
Sixt SE		186		12,154
STO SE & Co. KGaA		31		4,575
Volkswagen AG		1,875		397,469
				974,236
TOTAL PREFERRED STOCKS (Cost $760,772)				974,236
RIGHTS — 0.0%
Italy — 0.0%
Banca Carige SpA*, expires 12/11/17		6,685		10

See Notes to Financial Statements. 81

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Portugal — 0.0%
REN — Redes Energeticas Nacionais SGPS SA*, expires 12/09/17		2,560	$	457
TOTAL RIGHTS (Cost $2,188)				467
WARRANT — 0.0%
Spain — 0.0%
Abengoa SA*, expires 3/31/25 (Cost $43)		7,125		85

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 3.2%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) (Cost $1,808,150)		1,808,150	$	1,808,150
TOTAL INVESTMENTS — 102.1% (Cost $48,814,937)			$	57,904,237
Other assets and liabilities, net — (2.1%)				(1,180,699	)
NET ASSETS — 100.0%			$	56,723,538

* Non-income producing security.

(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, 2017 amounted to $1,059,482, which is 1.9% of net assets.

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

(c) Securities are listed in country of domicile and trade on exchanges within the Eurozone.

(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.

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.

A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/17		Purchases Cost ($)		Sales Proceeds ($)			Net realized Gain/(Loss) ($)			Net change in unrealized Appreciation (Depreciation) ($)		Income ($)		Value ($) at 11/30/17
Deutsche Bank AG		457,212		12,225		(107,975	)		(9,231	)		43,099		—		395,330

At November 30, 2017, open futures contract purchased was as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
EURO STOXX Futures		EUR		13	$	545,048	$	552,859		12/15/2017	$	4,332

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		12/5/2017		EUR	82,000		USD	95,693	$	—	$	(1,944	)
Goldman Sachs & Co.		12/5/2017		EUR	1,907,000		USD	2,225,286		—		(45,377	)
Goldman Sachs & Co.		12/5/2017		EUR	27,725,300		USD	32,351,017		—		(661,473	)
JP Morgan & Chase Co.		12/5/2017		EUR	22,801,000		USD	26,606,904		—		(542,226	)
Goldman Sachs & Co.		12/5/2017		USD	4,595,136		EUR	3,935,000		90,265		—
Goldman Sachs & Co.		12/5/2017		USD	30,680,716		EUR	25,731,300		—		(42,480	)
Goldman Sachs & Co.		12/5/2017		USD	55,941		EUR	48,000		1,213		—
JP Morgan & Chase Co.		12/5/2017		USD	27,188,106		EUR	22,801,000		—		(38,976	)
Goldman Sachs & Co.		1/4/2018		EUR	220,000		USD	262,540		9		—
Goldman Sachs & Co.		1/4/2018		EUR	25,731,300		USD	30,747,360		41,675		—
JP Morgan & Chase Co.		1/4/2018		EUR	22,801,000		USD	27,247,621		38,724		—
Goldman Sachs & Co.		1/4/2018		USD	1,768,723		EUR	1,480,000		—		(2,609	)
Total unrealized appreciation (depreciation)									$	171,886	$	(1,335,085	)

See Notes to Financial Statements. 82

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Currency Abbreviations

EUR Euro

USD U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding open 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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (f)	$	55,121,299	$	—		$	—	$	55,121,299
Preferred Stock		974,236		—			—		974,236
Rights (f)		467		—			—		467
Warrant		85		—			—		85
Short-Term Investments		1,808,150		—			—		1,808,150
Derivatives (g)
Forward Foreign Currency Contracts		—		171,886			—		171,886
Futures Contracts		4,332		—			—		4,332
TOTAL	$	57,908,569	$	171,886		$	—	$	58,080,455
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—	$	(1,335,085	)	$	—	$	(1,335,085	)
TOTAL	$	—	$	(1,335,085	)	$	—	$	(1,335,085	)

(f) See Schedule of Investments for additional detailed categorizations.

(g) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 83

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 91.5%
Consumer Discretionary — 14.1%
adidas AG		5,841	$	1,218,034
Axel Springer SE		1,508		119,020
Bayerische Motoren Werke AG		10,266		1,034,714
Continental AG		3,413		908,944
Daimler AG		29,863		2,471,048
HUGO BOSS AG		1,963		161,426
ProSiebenSat.1 Media SE		7,208		229,239
RTL Group SA		1,199		95,616
Volkswagen AG		1,007		208,493
Zalando SE, 144A*		3,451		176,481
				6,623,015
Consumer Staples — 1.9%
Beiersdorf AG		3,137		373,344
Henkel AG & Co. KGaA		3,230		393,677
METRO AG*		5,571		108,747
				875,768
Financials — 14.8%
Allianz SE		13,946		3,289,135
Commerzbank AG*		33,011		477,586
Deutsche Bank AG (a)		64,103		1,210,095
Deutsche Boerse AG		5,988		678,867
Hannover Rueck SE		1,873		246,119
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4,818		1,072,088
				6,973,890
Health Care — 11.7%
Bayer AG		25,650		3,271,279
Fresenius Medical Care AG & Co. KGaA		6,688		664,454
Fresenius SE & Co. KGaA		12,890		929,898
Merck KGaA		4,010		426,840
QIAGEN NV*		6,706		211,797
				5,504,268
Industrials — 13.9%
Brenntag AG		4,792		298,302
Deutsche Lufthansa AG		7,296		250,709
Deutsche Post AG		30,135		1,430,781
Fraport AG Frankfurt Airport Services Worldwide		1,291		128,584
GEA Group AG		5,672		273,655
HOCHTIEF AG		598		105,093
KION Group AG		2,196		178,731
MAN SE		1,099		123,431
MTU Aero Engines AG		1,615		290,356
OSRAM Licht AG		3,086		264,427
Siemens AG		23,729		3,225,400
				6,569,469
Information Technology — 10.7%
Infineon Technologies AG		35,241		973,137
SAP SE		30,494		3,435,366
United Internet AG		3,813		256,875
Wirecard AG		3,642		388,233
				5,053,611

	Number of Shares		Value
Materials — 14.2%
BASF SE		28,571	$	3,196,622
Covestro AG, 144A		3,799		395,654
Evonik Industries AG		5,332		198,897
HeidelbergCement AG		4,617		491,122
K+S AG (b)		6,256		146,504
LANXESS AG		2,904		220,593
Linde AG*		95		22,179
Linde AG		5,922		1,299,772
Symrise AG		3,925		333,608
thyssenkrupp AG		13,510		369,686
				6,674,637
Real Estate — 2.5%
Deutsche Wohnen SE		10,994		485,999
Vonovia SE		15,043		708,050
				1,194,049
Telecommunication Services — 4.4%
Deutsche Telekom AG		103,382		1,846,986
Drillisch AG		1,640		125,143
Telefonica Deutschland Holding AG		24,031		114,297
				2,086,426
Utilities — 3.3%
E.ON SE		68,282		789,726
Innogy SE, 144A		4,312		199,315
RWE AG*		16,072		368,247
Uniper SE		6,259		186,207
				1,543,495
TOTAL COMMON STOCKS (Cost $38,437,241)				43,098,628
PREFERRED STOCKS — 5.8%
Consumer Discretionary — 3.9%
Bayerische Motoren Werke AG		1,711		148,055
Porsche Automobil Holding SE		4,751		397,538
Schaeffler AG		5,429		94,699
Volkswagen AG		5,756		1,220,176
				1,860,468
Consumer Staples — 1.6%
Henkel AG & Co. KGaA		5,521		749,136
Materials — 0.3%
FUCHS PETROLUB SE		2,262		118,867
TOTAL PREFERRED STOCKS (Cost $2,913,153)				2,728,471
SECURITIES LENDING COLLATERAL — 0.3%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (c)(d) (Cost $151,326)		151,326		151,326
TOTAL INVESTMENTS — 97.6% (Cost $41,501,720)			$	45,978,425
Other assets and liabilities, net — 2.4%				1,120,599
NET ASSETS — 100.0%			$	47,099,024

See Notes to Financial Statements. 84

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

* Non-income producing security.

(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, 2017 amounted to $144,350, 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.

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.

A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/17		Purchases Cost ($)		Sales Proceeds ($)			Net realized Gain/(Loss) ($)			Net change in unrealized Appreciation (Depreciation) ($)		Income ($)		Value ($) at 11/30/17
Deutsche Bank AG		1,723,784		108,735		(717,222	)		(252,293	)		347,091		30		1,210,095

At November 30, 2017, open futures contracts purchased were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
DAX Index Futures		EUR		2	$	744,474	$	776,787		12/15/2017	$	30,606
DAX MINI Futures		EUR		3		232,907		233,036		12/15/2017		(1,716	)
Total net unrealized appreciation											$	28,890

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		12/5/2017		EUR	12,606,534		USD	14,709,821	$	—	$	(300,768	)
RBC Capital Markets		12/5/2017		EUR	15,426,133		USD	18,000,153		—		(367,730	)
The Bank of Nova Scotia		12/5/2017		EUR	2,525,000		USD	2,946,561		—		(59,954	)
The Bank of Nova Scotia		12/5/2017		EUR	195,000		USD	227,521		—		(4,665	)
The Bank of Nova Scotia		12/5/2017		EUR	13,667,933		USD	15,948,633		—		(325,763	)
Goldman Sachs & Co.		12/5/2017		USD	4,367,989		EUR	3,687,600		22,833		—
Goldman Sachs & Co.		12/5/2017		USD	10,634,491		EUR	8,918,934		—		(14,724	)
RBC Capital Markets		12/5/2017		USD	18,393,350		EUR	15,426,133		—		(25,467	)
The Bank of Nova Scotia		12/5/2017		USD	19,337,452		EUR	16,217,933		—		(26,774	)
The Bank of Nova Scotia		12/5/2017		USD	197,887		EUR	170,000		4,532		—
Goldman Sachs & Co.		1/4/2018		EUR	8,918,934		USD	10,657,591		14,445		—
RBC Capital Markets		1/4/2018		EUR	15,426,133		USD	18,433,550		25,231		—
The Bank of Nova Scotia		1/4/2018		EUR	16,217,933		USD	19,379,457		26,267		—
The Bank of Nova Scotia		1/4/2018		EUR	295,000		USD	351,985		—		(44	)
The Bank of Nova Scotia		1/4/2018		USD	1,846,380		EUR	1,545,000		—		(2,700	)
Total unrealized appreciation (depreciation)									$	93,308	$	(1,128,589	)

Currency Abbreviations

EUR Euro

USD U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding open 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. 85

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Germany Hedged Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (e)	$	43,098,628		$	—		$	—	$	43,098,628
Preferred Stocks (e)		2,728,471			—			—		2,728,471
Short-Term Investments		151,326			—			—		151,326
Derivatives (f)
Forward Foreign Currency Contracts		—			93,308			—		93,308
Futures Contracts		30,606			—			—		30,606
TOTAL	$	46,009,031		$	93,308		$	—	$	46,102,339
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (f)
Forward Foreign Currency Contracts	$	—		$	(1,128,589	)	$	—	$	(1,128,589	)
Futures Contracts		(1,716	)		—			—		(1,716	)
TOTAL	$	(1,716	)	$	(1,128,589	)	$	—	$	(1,130,305	)

(e) See Schedule of Investments for additional detailed categorizations.

(f) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 86

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 95.8%
Consumer Discretionary — 19.3%
ABC-Mart, Inc.		17,911	$	980,335
Aisin Seiki Co. Ltd.		91,123		4,866,047
Asics Corp.		82,415		1,212,664
Bandai Namco Holdings, Inc.		103,207		3,347,155
Benesse Holdings, Inc.		38,588		1,357,754
Bridgestone Corp.		336,407		15,229,407
Casio Computer Co. Ltd.		102,592		1,496,788
Denso Corp.		246,410		13,804,390
Dentsu, Inc.		112,136		5,061,539
Don Quijote Holdings Co. Ltd.		59,650		2,846,155
Fast Retailing Co. Ltd.		27,289		10,549,952
Hakuhodo DY Holdings, Inc.		117,780		1,579,191
Hikari Tsushin, Inc.		11,752		1,689,523
Honda Motor Co. Ltd.		889,145		29,578,914
Iida Group Holdings Co. Ltd.		76,966		1,415,608
Isetan Mitsukoshi Holdings Ltd.		173,775		2,005,720
Isuzu Motors Ltd.		284,695		4,479,940
J. Front Retailing Co. Ltd.		121,900		2,052,517
Koito Manufacturing Co. Ltd.		57,172		3,936,941
Marui Group Co. Ltd.		103,802		1,831,719
Mazda Motor Corp.		296,904		3,965,051
McDonald’s Holdings Co. Japan Ltd.		33,019		1,439,053
Mitsubishi Motors Corp.		356,038		2,483,361
NGK Spark Plug Co. Ltd.		86,790		1,994,215
Nikon Corp.		174,959		3,462,026
Nissan Motor Co. Ltd.		1,197,747		11,578,913
Nitori Holdings Co. Ltd.		41,347		6,735,948
NOK Corp.		44,990		1,092,120
Oriental Land Co. Ltd.		112,725		10,006,979
Panasonic Corp.		1,141,844		16,922,971
Rakuten, Inc.		479,438		4,888,312
Rinnai Corp.		18,155		1,624,424
Ryohin Keikaku Co. Ltd.		12,070		3,758,972
Sankyo Co. Ltd.		24,153		777,952
Sega Sammy Holdings, Inc.		89,688		1,082,201
Sekisui Chemical Co. Ltd.		202,552		3,907,241
Sekisui House Ltd.		299,452		5,572,902
Sharp Corp.*(a)		76,255		2,395,143
Shimamura Co. Ltd.		11,870		1,426,994
Shimano, Inc.		38,184		5,265,589
Sony Corp.		653,593		30,204,249
Stanley Electric Co. Ltd.		72,746		2,898,981
Start Today Co. Ltd.		97,934		2,980,354
Subaru Corp.		317,417		10,347,887
Sumitomo Electric Industries Ltd.		390,713		6,799,160
Sumitomo Rubber Industries Ltd.		90,530		1,640,954
Suzuki Motor Corp.		178,289		9,568,311
Takashimaya Co. Ltd.		164,524		1,618,269
Toho Co. Ltd.		55,198		1,861,268
Toyoda Gosei Co. Ltd.		33,263		829,617
Toyota Industries Corp.		82,399		5,103,035
Toyota Motor Corp.		1,348,673		84,411,148
USS Co. Ltd.		114,218		2,400,156
Yamada Denki Co. Ltd. (a)		324,947		1,761,230
Yamaha Corp.		86,007		3,156,150
Yamaha Motor Co. Ltd.		141,424		4,423,230

	Number of Shares		Value
Consumer Discretionary (Continued)
Yokohama Rubber Co. Ltd.		60,346	$	1,349,065
				371,055,690
Consumer Staples — 7.4%
Aeon Co. Ltd.		321,902		5,217,018
Ajinomoto Co., Inc.		279,001		5,116,692
Asahi Group Holdings Ltd.		199,497		10,116,215
Calbee, Inc.		42,308		1,475,489
Coca-Cola Bottlers Japan, Inc.		66,800		2,531,450
FamilyMart UNY Holdings Co. Ltd.		41,134		2,766,754
Japan Tobacco, Inc.		569,389		18,820,268
Kao Corp.		255,584		16,891,322
Kikkoman Corp.		75,248		2,941,856
Kirin Holdings Co. Ltd.		444,789		10,392,045
Kose Corp.		16,188		2,476,852
Lawson, Inc.		26,769		1,840,971
Lion Corp.		118,188		2,198,993
MEIJI Holdings Co. Ltd.		62,793		5,456,622
NH Foods Ltd.		92,622		2,268,949
Nisshin Seifun Group, Inc.		102,975		2,009,268
Nissin Foods Holdings Co. Ltd.		31,370		2,260,524
Pola Orbis Holdings, Inc.		46,079		1,678,652
Seven & i Holdings Co. Ltd.		387,802		15,867,681
Shiseido Co. Ltd.		195,607		9,510,520
Sundrug Co. Ltd.		37,957		1,743,638
Suntory Beverage & Food Ltd.		74,236		3,205,713
Toyo Suisan Kaisha Ltd.		44,612		1,894,756
Tsuruha Holdings, Inc.		19,597		2,702,434
Unicharm Corp.		207,874		5,435,810
Yakult Honsha Co. Ltd.		44,438		3,458,855
Yamazaki Baking Co. Ltd.		66,406		1,278,026
				141,557,373
Energy — 0.9%
Idemitsu Kosan Co. Ltd.		71,012		2,378,739
Inpex Corp.		484,044		5,440,630
JXTG Holdings, Inc.		1,579,437		8,841,311
Showa Shell Sekiyu KK		100,414		1,277,647
				17,938,327
Financials — 12.0%
Acom Co. Ltd.*(a)		204,474		848,455
AEON Financial Service Co. Ltd.		61,772		1,367,223
Aozora Bank Ltd.		58,392		2,259,515
Bank of Kyoto Ltd.		32,704		1,662,152
Chiba Bank Ltd.		355,560		2,713,813
Concordia Financial Group Ltd.		638,838		3,490,918
Credit Saison Co. Ltd.		82,192		1,576,725
Dai-ichi Life Holdings, Inc.		556,219		11,347,273
Daiwa Securities Group, Inc.		817,944		5,072,859
Fukuoka Financial Group, Inc.		388,742		2,010,288
Hachijuni Bank Ltd.		201,816		1,147,650
Japan Exchange Group, Inc.		265,632		4,866,793
Japan Post Bank Co. Ltd.		216,725		2,747,937
Japan Post Holdings Co. Ltd.		811,070		9,310,964
Kyushu Financial Group, Inc.		183,038		1,079,899
Mebuki Financial Group, Inc.		513,762		2,150,090
Mitsubishi UFJ Financial Group, Inc.		6,154,942		43,318,935

See Notes to Financial Statements. 87

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Mitsubishi UFJ Lease & Finance Co. Ltd.		217,716	$	1,236,132
Mizuho Financial Group, Inc.		12,432,272		22,523,793
MS&AD Insurance Group Holdings, Inc.		243,489		7,907,524
Nomura Holdings, Inc.		1,873,277		11,160,267
ORIX Corp.		684,027		11,754,482
Resona Holdings, Inc.		1,155,176		6,116,392
SBI Holdings, Inc.		108,299		1,919,734
Seven Bank Ltd.		299,904		1,001,945
Shinsei Bank Ltd.		86,847		1,383,595
Shizuoka Bank Ltd.		256,982		2,529,975
Sompo Holdings, Inc.		181,675		7,315,750
Sony Financial Holdings, Inc.		92,082		1,552,905
Sumitomo Mitsui Financial Group, Inc.		692,972		27,997,189
Sumitomo Mitsui Trust Holdings, Inc.		173,262		6,410,440
Suruga Bank Ltd.		93,082		1,994,053
T&D Holdings, Inc.		267,649		4,388,878
Tokio Marine Holdings, Inc.		349,671		15,410,442
Yamaguchi Financial Group, Inc.		110,464		1,316,204
				230,891,189
Health Care — 6.7%
Alfresa Holdings Corp.		99,790		2,138,642
Astellas Pharma, Inc.		1,067,635		13,527,456
Chugai Pharmaceutical Co. Ltd.		116,045		5,990,683
CYBERDYNE, Inc.*(a)		50,768		670,772
Daiichi Sankyo Co. Ltd.		288,661		6,945,613
Eisai Co. Ltd.		138,012		7,812,648
Hisamitsu Pharmaceutical Co., Inc.		33,206		1,864,693
Hoya Corp.		202,886		9,821,164
Kyowa Hakko Kirin Co. Ltd.		134,360		2,541,672
M3, Inc.		107,942		3,539,082
Medipal Holdings Corp.		89,082		1,724,729
Mitsubishi Tanabe Pharma Corp.		116,561		2,513,604
Olympus Corp.		147,894		6,057,944
Ono Pharmaceutical Co. Ltd.		212,883		4,840,442
Otsuka Holdings Co. Ltd.		201,200		8,892,166
Santen Pharmaceutical Co. Ltd.		188,474		2,867,009
Shionogi & Co. Ltd.		151,608		8,431,423
Sumitomo Dainippon Pharma Co. Ltd. (a)		85,248		1,233,140
Suzuken Co. Ltd.		38,632		1,524,067
Sysmex Corp.		79,944		6,052,005
Taisho Pharmaceutical Holdings Co. Ltd.		17,246		1,366,869
Takeda Pharmaceutical Co. Ltd.		368,223		20,232,716
Terumo Corp.		164,951		7,885,169
				128,473,708
Industrials — 20.1%
Amada Holdings Co. Ltd.		176,834		2,342,703
ANA Holdings, Inc.		57,618		2,293,559
Asahi Glass Co. Ltd.		104,462		4,343,882
Central Japan Railway Co.		74,326		13,720,047
Dai Nippon Printing Co. Ltd.		130,943		2,856,325
Daifuku Co. Ltd.		51,300		2,789,604

	Number of Shares		Value
Industrials (Continued)
Daikin Industries Ltd.		129,048	$	14,814,520
East Japan Railway Co.		168,885		16,304,016
FANUC Corp.		100,789		25,025,977
Fuji Electric Co. Ltd.		303,031		2,132,485
Hankyu Hanshin Holdings, Inc.		124,540		4,813,621
Hino Motors Ltd.		139,760		1,706,253
Hitachi Construction Machinery Co. Ltd.		52,720		1,740,235
Hoshizaki Corp.		28,454		2,702,681
IHI Corp.		79,768		2,455,872
ITOCHU Corp.		769,388		13,303,381
Japan Airlines Co. Ltd.		57,554		2,104,867
Japan Airport Terminal Co. Ltd.		25,135		935,765
JGC Corp.		107,615		1,865,537
JTEKT Corp.		119,384		2,046,219
Kajima Corp.		465,153		4,872,854
Kamigumi Co. Ltd.		64,542		1,418,783
Kawasaki Heavy Industries Ltd.		78,893		2,600,676
Keihan Holdings Co. Ltd.		48,904		1,444,807
Keikyu Corp.		126,281		2,431,480
Keio Corp.		58,736		2,588,570
Keisei Electric Railway Co. Ltd.		70,484		2,254,586
Kintetsu Group Holdings Co. Ltd.		94,010		3,671,189
Komatsu Ltd.		476,837		14,744,260
Kubota Corp.		541,963		10,208,908
Kurita Water Industries Ltd.		48,342		1,509,815
Kyushu Railway Co.		83,300		2,568,315
LIXIL Group Corp.		133,416		3,502,992
Mabuchi Motor Co. Ltd.		26,448		1,405,296
Makita Corp.		118,044		4,866,713
Marubeni Corp.		862,987		5,718,741
MINEBEA MITSUMI, Inc.		202,724		3,989,814
MISUMI Group, Inc.		142,820		4,155,986
Mitsubishi Corp.		778,591		19,460,451
Mitsubishi Electric Corp.		998,926		16,442,404
Mitsubishi Heavy Industries Ltd.		169,302		6,242,866
Mitsui & Co. Ltd.		873,971		13,240,220
Mitsui OSK Lines Ltd.		60,208		1,925,886
Nabtesco Corp.		56,272		2,192,481
Nagoya Railroad Co. Ltd.		94,101		2,291,802
NGK Insulators Ltd.		140,164		2,671,392
Nidec Corp.		122,545		16,626,791
Nippon Express Co. Ltd.		43,039		2,726,626
Nippon Yusen KK*		83,612		1,944,966
NSK Ltd.		202,298		3,039,548
Obayashi Corp.		339,808		4,384,035
Odakyu Electric Railway Co. Ltd.		151,077		3,201,552
Park24 Co. Ltd.		56,368		1,386,349
Persol Holdings Co. Ltd.		92,600		2,162,271
Recruit Holdings Co. Ltd.		570,568		13,419,463
Secom Co. Ltd.		108,572		8,116,974
Seibu Holdings, Inc.		114,030		2,055,772
Shimizu Corp.		288,468		3,196,229
SMC Corp.		29,558		11,941,910
Sohgo Security Services Co. Ltd.		37,222		2,060,447
Sumitomo Corp.		606,373		9,393,677
Sumitomo Heavy Industries Ltd.		59,858		2,427,933

See Notes to Financial Statements. 88

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Taisei Corp.		107,052	$	5,612,038
THK Co. Ltd.		59,576		2,172,993
Tobu Railway Co. Ltd.		98,490		3,128,542
Tokyu Corp.		277,522		4,416,384
Toppan Printing Co. Ltd.		261,478		2,430,192
Toshiba Corp.*(a)		2,045,234		5,015,634
TOTO Ltd.		73,038		4,049,555
Toyota Tsusho Corp.		111,531		4,181,979
West Japan Railway Co.		86,379		6,337,300
Yamato Holdings Co. Ltd.		179,817		3,635,644
				387,783,640
Information Technology — 12.5%
Alps Electric Co. Ltd.		102,542		3,257,254
Brother Industries Ltd.		118,822		2,930,826
Canon, Inc.		554,497		21,175,779
DeNA Co. Ltd.		52,816		1,194,338
Disco Corp.		14,700		3,247,074
FUJIFILM Holdings Corp.		214,457		8,731,103
Fujitsu Ltd.		1,015,405		7,532,646
Hamamatsu Photonics KK		73,588		2,517,338
Hirose Electric Co. Ltd.		15,978		2,376,576
Hitachi High-Technologies Corp.		35,870		1,480,440
Hitachi Ltd.		2,499,671		18,527,927
Kakaku.com, Inc.		73,136		1,152,812
Keyence Corp.		50,443		29,092,853
Konami Holdings Corp.		46,264		2,437,652
Konica Minolta, Inc.		238,280		2,320,448
Kyocera Corp.		166,708		11,703,407
LINE Corp.*		23,447		997,922
Mixi, Inc.		24,476		1,135,232
Murata Manufacturing Co. Ltd.		98,615		13,287,987
NEC Corp.		130,693		3,483,753
Nexon Co. Ltd.*		100,282		2,869,146
Nintendo Co. Ltd.		58,621		23,543,198
Nippon Electric Glass Co. Ltd.		41,568		1,610,347
Nomura Research Institute Ltd.		65,874		2,973,388
NTT Data Corp.		328,940		3,860,942
Obic Co. Ltd.		33,562		2,323,053
Omron Corp.		99,417		5,856,633
Oracle Corp.		20,772		1,841,970
Otsuka Corp.		28,380		2,118,193
Renesas Electronics Corp.*		256,500		3,129,188
Ricoh Co. Ltd.		364,734		3,227,821
Rohm Co. Ltd.		48,212		4,926,367
Seiko Epson Corp.		143,624		3,471,121
Shimadzu Corp.		134,336		3,195,322
SUMCO Corp.		121,600		3,050,129
TDK Corp.		65,828		5,363,568
Tokyo Electron Ltd.		81,314		14,999,144
Trend Micro, Inc.		60,772		3,428,870
Yahoo Japan Corp.		737,328		3,360,871
Yaskawa Electric Corp.		129,782		5,708,125
Yokogawa Electric Corp.		119,408		2,196,229
				241,636,992

	Number of Shares		Value
Materials — 6.4%
Air Water, Inc.		78,204	$	1,673,244
Asahi Kasei Corp.		647,984		8,089,364
Daicel Corp.		143,746		1,699,995
Hitachi Chemical Co. Ltd.		57,894		1,519,046
Hitachi Metals Ltd.		112,846		1,488,972
JFE Holdings, Inc.		271,819		6,380,966
JSR Corp.		99,751		1,906,476
Kaneka Corp.		155,186		1,367,848
Kansai Paint Co. Ltd.		108,106		2,832,686
Kobe Steel Ltd.*		161,666		1,512,589
Kuraray Co. Ltd.		183,421		3,521,905
Maruichi Steel Tube Ltd.		30,232		851,530
Mitsubishi Chemical Holdings Corp.		733,396		7,924,026
Mitsubishi Gas Chemical Co., Inc.		94,576		2,638,666
Mitsubishi Materials Corp.		59,172		1,971,611
Mitsui Chemicals, Inc.		94,081		3,030,287
Nippon Paint Holdings Co. Ltd.		86,463		2,650,472
Nippon Steel & Sumitomo Metal Corp.		389,337		9,412,999
Nissan Chemical Industries Ltd.		60,102		2,403,119
Nitto Denko Corp.		84,518		8,283,207
Oji Holdings Corp.		441,184		2,677,406
Shin-Etsu Chemical Co. Ltd.		200,431		20,952,248
Sumitomo Chemical Co. Ltd.		825,356		5,734,847
Sumitomo Metal Mining Co. Ltd.		125,805		4,868,104
Taiheiyo Cement Corp.		59,978		2,456,782
Taiyo Nippon Sanso Corp.		64,880		888,356
Teijin Ltd.		97,659		2,099,914
Toray Industries, Inc.		749,442		7,038,608
Tosoh Corp.		147,600		3,251,148
Toyo Seikan Group Holdings Ltd.		85,026		1,398,402
				122,524,823
Real Estate — 3.7%
Aeon Mall Co. Ltd.		62,222		1,135,581
Daito Trust Construction Co. Ltd.		35,851		6,544,571
Daiwa House Industry Co. Ltd.		290,617		10,623,292
Daiwa House REIT Investment Corp. REIT		758		1,814,432
Hulic Co. Ltd.		156,510		1,711,882
Japan Prime Realty Investment Corp. REIT		462		1,549,647
Japan Real Estate Investment Corp. REIT		626		3,036,972
Japan Retail Fund Investment Corp. REIT		1,323		2,342,831
Mitsubishi Estate Co. Ltd.		646,324		11,499,967
Mitsui Fudosan Co. Ltd.		459,782		10,360,364
Nippon Building Fund, Inc. REIT		671		3,356,640
Nippon Prologis REIT, Inc. REIT		955		2,045,853
Nomura Real Estate Holdings, Inc.		68,328		1,571,219
Nomura Real Estate Master Fund, Inc. REIT		1,972		2,482,850
Sumitomo Realty & Development Co. Ltd.		184,750		6,067,226
Tokyo Tatemono Co. Ltd.		108,058		1,493,965
Tokyu Fudosan Holdings Corp.		266,327		1,916,788

See Notes to Financial Statements. 89

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Real Estate (Continued)
United Urban Investment Corp. REIT		1,545	$	2,186,845
				71,740,925
Telecommunication Services — 5.2%
KDDI Corp.		936,115		26,741,390
Nippon Telegraph & Telephone Corp.		357,876		18,694,327
NTT DOCOMO, Inc.		706,205		18,244,178
SoftBank Group Corp.		426,593		35,952,149
				99,632,044
Utilities — 1.6%
Chubu Electric Power Co., Inc.		340,534		4,293,551
Chugoku Electric Power Co., Inc.		150,068		1,653,422
Electric Power Development Co. Ltd.		72,866		2,020,009
Kansai Electric Power Co., Inc.		371,607		4,899,949
Kyushu Electric Power Co., Inc.		223,990		2,553,460
Osaka Gas Co. Ltd.		192,689		3,693,013
Toho Gas Co. Ltd.		37,128		1,052,364
Tohoku Electric Power Co., Inc.		231,621		3,050,001
Tokyo Electric Power Co. Holdings, Inc.*		737,784		2,949,956
Tokyo Gas Co. Ltd.		201,665		4,721,554
				30,887,279
TOTAL COMMON STOCKS (Cost $1,617,627,934)				1,844,121,990

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.6%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (b)(c) (Cost $11,091,736)		11,091,736	$	11,091,736
TOTAL INVESTMENTS — 96.4% (Cost $1,628,719,670)			$	1,855,213,726
Other assets and liabilities, net — 3.6%				69,687,871
NET ASSETS — 100.0%			$	1,924,901,597

* Non-income producing security.

(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, 2017 amounted to $10,486,588, which is 0.5% 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

At November 30, 2017, open futures contracts purchased were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
Nikkei 225 Futures		JPY		100	$	18,022,599	$	20,223,022		12/07/2017	$	2,527,547
TOPIX Index Futures		JPY		285		43,495,414		45,505,798		12/07/2017		2,376,730
Total unrealized appreciation											$	4,904,277

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2017	JPY	5,300,937,400	USD	46,704,829	$	—	$	(410,724	)
Goldman Sachs & Co.	12/5/2017	JPY	2,149,336,200	USD	18,960,939		—		(142,694	)
Goldman Sachs & Co.	12/5/2017	JPY	3,907,050,200	USD	34,405,647		—		(320,821	)
Goldman Sachs & Co.	12/5/2017	JPY	955,260,500	USD	8,419,574		—		(70,929	)
JP Morgan & Chase Co.	12/5/2017	JPY	2,865,781,500	USD	25,575,963		104,453		—
JP Morgan & Chase Co.	12/5/2017	JPY	716,445,400	USD	6,314,648		—		(53,230	)
JP Morgan & Chase Co.	12/5/2017	JPY	955,260,500	USD	8,400,982		—		(89,522	)
JP Morgan & Chase Co.	12/5/2017	JPY	55,588,390,000	USD	489,852,127		—		(4,226,099	)

See Notes to Financial Statements. 90

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets		12/5/2017		JPY	61,551,817,000		USD	542,321,092	$	—	$	(4,760,998	)
The Bank of New York Mellon		12/5/2017		JPY	7,127,491,300		USD	62,798,940		—		(551,307	)
The Bank of Nova Scotia		12/5/2017		JPY	15,464,667,000		USD	136,276,946		—		(1,175,411	)
The Bank of Nova Scotia		12/5/2017		JPY	48,365,682,400		USD	426,144,379		—		(3,737,303	)
The Bank of Nova Scotia		12/5/2017		JPY	1,671,705,900		USD	14,794,617		—		(63,764	)
The Bank of Nova Scotia		12/5/2017		JPY	1,432,890,800		USD	12,746,020		10,264		—
The Bank of Nova Scotia		12/5/2017		JPY	1,432,890,800		USD	12,606,960		—		(128,795	)
The Bank of Nova Scotia		12/5/2017		JPY	716,445,400		USD	6,373,010		5,132		—
The Bank of Nova Scotia		12/5/2017		JPY	4,298,672,300		USD	38,043,302		—		(163,964	)
The Bank of Nova Scotia		12/5/2017		JPY	1,432,890,800		USD	12,706,932		—		(28,824	)
Goldman Sachs & Co.		12/5/2017		USD	110,027,115		JPY	12,312,584,300		—		(590,957	)
JP Morgan & Chase Co.		12/5/2017		USD	498,499,166		JPY	55,782,465,400		—		(2,695,967	)
JP Morgan & Chase Co.		12/5/2017		USD	33,958,443		JPY	3,853,200,000		289,396		—
JP Morgan & Chase Co.		12/5/2017		USD	4,305,204		JPY	490,212,000		51,877		—
RBC Capital Markets		12/5/2017		USD	550,036,343		JPY	61,551,817,000		—		(2,954,253	)
The Bank of New York Mellon		12/5/2017		USD	63,695,755		JPY	7,127,491,300		—		(345,508	)
The Bank of Nova Scotia		12/5/2017		USD	668,565,707		JPY	74,815,845,400		—		(3,590,876	)
Goldman Sachs & Co.		1/5/2018		JPY	12,312,584,300		USD	110,221,151		575,445		—
JP Morgan & Chase Co.		1/5/2018		JPY	55,782,465,400		USD	499,445,964		2,693,403		—
JP Morgan & Chase Co.		1/5/2018		JPY	411,857,000		USD	3,665,676		—		(1,983	)
RBC Capital Markets		1/5/2018		JPY	61,551,817,000		USD	551,075,411		2,945,771		—
The Bank of New York Mellon		1/5/2018		JPY	7,127,491,300		USD	63,815,232		343,681		—
The Bank of Nova Scotia		1/5/2018		JPY	74,815,845,400		USD	669,837,683		3,589,562		—
JP Morgan & Chase Co.		1/5/2018		USD	29,220,922		JPY	3,263,442,000		—		(159,404	)
Total unrealized appreciation (depreciation)									$	10,608,984	$	(26,263,333	)

Currency Abbreviations

JPY Japanese Yen

USD U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding open 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. 91

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Japan Hedged Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (d)	$	1,844,121,990	$	—		$	—	$	1,844,121,990
Short-Term Investments		11,091,736		—			—		11,091,736
Derivatives (e)
Forward Foreign Currency Contracts		—		10,608,984			—		10,608,984
Futures Contracts		4,904,277		—			—		4,904,277
TOTAL	$	1,860,118,003	$	10,608,984		$	—	$	1,870,726,987
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (e)
Forward Foreign Currency Contracts	$	—	$	(26,263,333	)	$	—	$	(26,263,333	)
TOTAL	$	—	$	(26,263,333	)	$	—	$	(26,263,333	)

(d) See Schedule of Investments for additional detailed categorizations.

(e) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 92

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Mexico Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.3%
Consumer Discretionary — 7.7%
Alsea SAB de CV		6,832	$	22,580
Consorcio ARA SAB de CV		15,110		5,546
El Puerto de Liverpool SAB de CV, Class C1		2,327		15,784
Grupo Televisa SAB, Series CPO		23,806		89,398
Hoteles City Express SAB de CV*		6,154		7,404
Rassini SAB de CV		1,113		4,171
TV Azteca SAB de CV, Series CPO		25,413		4,718
				149,601
Consumer Staples — 26.4%
Arca Continental SAB de CV		5,097		34,903
Coca-Cola Femsa SAB de CV, Series L		3,523		24,193
Fomento Economico Mexicano SAB de CV		19,503		176,096
Gruma SAB de CV, Class B		2,589		32,099
Grupo Bimbo SAB de CV, Series A		19,164		44,683
Grupo Comercial Chedraui SA de CV		4,875		9,491
Grupo Herdez SAB de CV		3,656		8,289
Grupo Lala SAB de CV		8,175		12,402
Industrias Bachoco SAB de CV, Series B		2,618		12,749
Kimberly-Clark de Mexico SAB de CV, Class A		18,185		32,515
La Comer SAB de CV*		8,013		7,890
Wal-Mart de Mexico SAB de CV		51,108		120,453
				515,763
Financials — 15.4%
Banco del Bajio SA, 144A*		1,349		2,485
Banregio Grupo Financiero SAB de CV		3,003		16,374
Bolsa Mexicana de Valores SAB de CV		5,767		9,894
Concentradora Hipotecaria SAPI de CV REIT		5,140		5,144
Credito Real SAB de CV, SOFOM, ER		3,694		5,415
Gentera SAB de CV		12,477		11,449
Grupo Financiero Banorte SAB de CV, Class O		24,755		145,194
Grupo Financiero Inbursa SAB de CV, Class O		27,130		47,927
Grupo Financiero Interacciones SA de CV, Class O		1,537		7,091
Grupo Financiero Santander Mexico SAB de CV, Class B		21,689		35,184
Qualitas Controladora SAB de CV		3,975		7,280
Unifin Financiera SAB de CV SOFOM ENR		2,501		8,336
				301,773
Health Care — 0.7%
Genomma Lab Internacional SAB de CV, Class B*		11,050		13,093
Industrials — 10.8%
Alfa SAB de CV, Class A		33,224		37,030
Controladora Vuela Cia de Aviacion SAB de CV, Class A*(a)		8,421		7,687
Elementia SAB de CV, 144A*		5,549		7,042
Grupo Aeromexico SAB de CV*		3,982		6,791
Grupo Aeroportuario del Centro Norte SAB de CV		3,336		16,906

	Number of Shares		Value
Industrials (Continued)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		4,206	$	41,866
Grupo Aeroportuario del Sureste SAB de CV, Class B		2,427		43,479
Grupo Carso SAB de CV, Series A1		5,751		18,316
Grupo Rotoplas SAB de CV*		3,070		4,761
Promotora y Operadora de Infraestructura SAB de CV		2,801		28,169
				212,047
Materials — 14.0%
Cemex SAB de CV, Series CPO*		113,293		86,694
Grupo Mexico SAB de CV, Series B		33,021		103,359
Industrias CH SAB de CV, Series B*		2,098		9,475
Industrias Penoles SAB de CV		1,652		34,657
Mexichem SAB de CV		12,685		32,993
Minera Frisco SAB de CV, Class A1*		10,664		6,833
				274,011
Real Estate — 6.5%
Concentradora Fibra Danhos SA de CV REIT		4,073		6,928
Concentradora Fibra Hotelera Mexicana SA de CV REIT, 144A		15,519		10,077
Corp. Inmobiliaria Vesta SAB de CV		7,535		9,470
Fibra Uno Administracion SA de CV REIT		34,370		53,708
Grupo GICSA SA de CV*		9,042		4,886
Macquarie Mexico Real Estate Management SA de CV REIT*		11,125		13,361
PLA Administradora Industrial S de RL de CV REIT*		10,968		17,951
Prologis Property Mexico SA de CV REIT		5,500		10,519
				126,900
Telecommunication Services — 16.2%
America Movil SAB de CV, Series L		347,075		297,810
Axtel SAB de CV, Series CPO*(a)		18,868		4,090
Telesites SAB de CV*		20,059		15,888
				317,788
Utilities — 1.6%
Infraestructura Energetica Nova SAB de CV		5,875		32,103
TOTAL COMMON STOCKS (Cost $2,335,360)				1,943,079
SECURITIES LENDING COLLATERAL — 0.6%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (b)(c) (Cost $11,051)		11,051		11,051
TOTAL INVESTMENTS — 99.9% (Cost $2,346,411)			$	1,954,130
Other assets and liabilities, net — 0.1%				2,009
NET ASSETS — 100.0%			$	1,956,139

See Notes to Financial Statements. 93

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Mexico Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

* Non-income producing security.

(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, 2017 amounted to $10,334, which is 0.5% 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.

CPO: Ordinary Participation Certificates

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, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets		12/5/2017		MXN	32,623,800		USD	1,695,660	$	—	$	(53,403	)
The Bank of Nova Scotia		12/5/2017		MXN	1,382,000		USD	71,830		—		(2,264	)
The Bank of Nova Scotia		12/5/2017		MXN	200,000		USD	10,408		—		(314	)
The Bank of Nova Scotia		12/5/2017		MXN	24,218,380		USD	1,259,357		—		(39,066	)
RBC Capital Markets		12/5/2017		USD	712,553		MXN	13,259,800		—		(1,654	)
RBC Capital Markets		12/5/2017		USD	1,009,662		MXN	19,364,000		28,502		—
The Bank of Nova Scotia		12/5/2017		USD	1,369,417		MXN	25,479,380		—		(3,389	)
The Bank of Nova Scotia		12/5/2017		USD	16,663		MXN	321,000		547		—
RBC Capital Markets		1/4/2018		MXN	13,259,800		USD	708,625		1,637		—
The Bank of Nova Scotia		1/4/2018		MXN	25,479,380		USD	1,362,133		3,618		—
RBC Capital Markets		1/4/2018		USD	126,700		MXN	2,370,000		—		(336	)
Total unrealized appreciation (depreciation)									$	34,304	$	(100,426	)

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.

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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (d)	$	1,943,079	$	—		$	—	$	1,943,079
Short-Term Investments		11,051		—			—		11,051
Derivatives (e)
Forward Foreign Currency Contracts		—		34,304			—		34,304
TOTAL	$	1,954,130	$	34,304		$	—	$	1,988,434
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (e)
Forward Foreign Currency Contracts	$	—	$	(100,426	)	$	—	$	(100,426	)
TOTAL	$	—	$	(100,426	)	$	—	$	(100,426	)

(d) See Schedule of Investments for additional detailed categorizations.

(e) Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 94

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI South Korea Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 91.8%
Consumer Discretionary — 11.2%
Cheil Worldwide, Inc.		1,141	$	21,074
CJ E&M Corp.		297		23,471
Coway Co. Ltd.		684		60,276
Hankook Tire Co. Ltd.		925		45,559
Hanon Systems		2,712		32,896
Hanssem Co. Ltd.		152		25,630
Hotel Shilla Co. Ltd.		486		37,826
Hyundai Department Store Co. Ltd.		228		20,490
Hyundai Mobis Co. Ltd.		769		193,266
Hyundai Motor Co.		1,730		261,507
Hyundai Wia Corp.		282		17,543
Kangwon Land, Inc.		1,458		49,772
Kia Motors Corp.		3,041		94,032
LG Electronics, Inc.		1,258		104,039
Lotte Shopping Co. Ltd.		149		28,753
Shinsegae Inc.		112		29,537
				1,045,671
Consumer Staples — 7.1%
Amorepacific Corp.		369		104,775
AMOREPACIFIC Group		351		47,574
BGF retail Co. Ltd. (a)		816		59,311
CJ CheilJedang Corp.		100		36,848
Dongsuh Cos., Inc.		662		18,158
E-MART, Inc.		250		62,830
GS Retail Co. Ltd.		443		16,080
KT&G Corp.		1,335		149,662
LG Household & Health Care Ltd.		110		118,567
Orion Corp.*		303		31,880
Ottogi Corp.		22		16,052
				661,737
Energy — 2.6%
GS Holdings Corp.		669		37,561
SK Innovation Co. Ltd.		747		141,746
S-Oil Corp.		562		61,713
				241,020
Financials — 13.4%
BNK Financial Group, Inc.		3,538		30,918
DB Insurance Co. Ltd.		639		40,222
DGB Financial Group, Inc.		2,588		23,734
Hana Financial Group, Inc.		3,407		148,552
Hanwha Life Insurance Co. Ltd.		3,702		25,377
Hyundai Marine & Fire Insurance Co. Ltd.		869		34,656
Industrial Bank of Korea		3,224		47,105
ING Life Insurance Korea Ltd., 144A		483		24,056
KB Financial Group, Inc.		4,498		247,581
Korea Investment Holdings Co. Ltd.		551		34,531
Mirae Asset Daewoo Co. Ltd.		4,923		46,369
NH Investment & Securities Co. Ltd.		2,035		25,432
Samsung Card Co. Ltd.		520		18,253
Samsung Fire & Marine Insurance Co. Ltd.		387		92,460
Samsung Life Insurance Co. Ltd.		888		104,447
Samsung Securities Co. Ltd.		936		31,307
Shinhan Financial Group Co. Ltd.		4,817		214,236

	Number of Shares		Value
Financials (Continued)
Woori Bank		4,395	$	65,425
				1,254,661
Health Care — 4.2%
Celltrion Healthcare Co. Ltd.*		447		35,818
Celltrion, Inc.*		929		170,818
Hanmi Pharm. Co. Ltd.*		81		42,351
Hanmi Science Co. Ltd.*		232		24,303
Medy-Tox, Inc.		59		25,264
Samsung Biologics Co. Ltd., 144A*		216		67,981
Yuhan Corp.		118		23,855
				390,390
Industrials — 9.9%
CJ Corp.		194		34,851
CJ Logistics Corp.*		133		18,577
Daelim Industrial Co. Ltd.		386		29,334
Daewoo Engineering & Construction Co. Ltd.*		2,494		12,857
Doosan Bobcat, Inc.		549		17,934
Doosan Heavy Industries & Construction Co. Ltd.		1,021		15,387
GS Engineering & Construction Corp.*		804		20,132
Hanwha Corp.		659		25,131
Hanwha Techwin Co. Ltd.*		582		18,852
Hyundai Development Co.-Engineering & Construction		837		31,842
Hyundai Engineering & Construction Co. Ltd.		1,025		33,013
Hyundai Glovis Co. Ltd.		250		33,655
Hyundai Heavy Industries Co. Ltd.*		381		51,815
KCC Corp.		81		28,693
KEPCO Plant Service & Engineering Co. Ltd.		425		14,723
Korea Aerospace Industries Ltd.		864		39,776
Korean Air Lines Co. Ltd.*		759		21,865
LG Corp.		1,132		94,658
Lotte Corp.		457		25,826
Pan Ocean Co. Ltd.*		3,545		17,916
Posco Daewoo Corp.		783		13,347
S-1 Corp.		274		25,178
Samsung C&T Corp.		878		106,498
Samsung Heavy Industries Co. Ltd.*		3,324		36,501
SK Holdings Co. Ltd.		528		141,673
SK Networks Co. Ltd.		2,326		13,786
				923,820
Information Technology — 33.4%
Hyundai Robotics Co. Ltd.*		121		44,364
Kakao Corp.		409		51,301
LG Display Co. Ltd.		2,754		78,198
LG Innotek Co. Ltd.		204		30,181
NAVER Corp.		315		231,564
NCSoft Corp.		211		84,633
Netmarble Games Corp., 144A*		219		34,010
Samsung Electro-Mechanics Co. Ltd.		711		65,334
Samsung Electronics Co. Ltd.		793		1,850,880
Samsung SDI Co. Ltd.		650		126,625

See Notes to Financial Statements. 95

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI South Korea Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Samsung SDS Co. Ltd.		426	$	73,593
SK Hynix, Inc.		6,550		462,247
				3,132,930
Materials — 7.9%
Hanwha Chemical Corp.		1,397		37,549
Hyosung Corp.		289		35,851
Hyundai Steel Co.		981		54,087
Korea Zinc Co. Ltd.		107		47,834
Kumho Petrochemical Co. Ltd.		300		24,645
LG Chem Ltd.		521		199,878
Lotte Chemical Corp.		185		60,859
OCI Co. Ltd.		244		27,242
POSCO		836		257,349
				745,294
Telecommunication Services — 0.8%
KT Corp.		735		20,566
SK Telecom Co. Ltd.		246		59,677
				80,243
Utilities — 1.3%
Korea Electric Power Corp.		2,951		101,688
Korea Gas Corp.*		453		18,420
				120,108
TOTAL COMMON STOCKS (Cost $4,865,054)				8,595,874

	Number of Shares		Value
PREFERRED STOCKS — 1.6%
Consumer Discretionary — 0.8%
Hyundai Motor Co.		336	$	30,103
Hyundai Motor Co.— 2nd Preferred		470		46,860
				76,963
Consumer Staples — 0.5%
Amorepacific Corp.		146		22,405
LG Household & Health Care Ltd.		36		23,222
				45,627
Information Technology — 0.0%
Samsung Electronics Co. Ltd.		3		5,778
Materials — 0.3%
LG Chem Ltd.		118		27,054
TOTAL PREFERRED STOCKS (Cost $115,558)				155,422
TOTAL INVESTMENTS — 93.4% (Cost $4,980,612)			$	8,751,296
Other assets and liabilities, net — 6.6%				612,004
NET ASSETS — 100.0%			$	9,363,300

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

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, 2017, open futures contracts purchased were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized (Depreciation)
KOSPI 200 Index Futures		KRW		4	$	300,712	$	299,196		12/14/2017	$	(1,516	)
KOSPI 200 MINI Futures		KRW		4		60,681		59,839		12/14/2017		(1,855	)
Total unrealized depreciation											$	(3,371	)

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		12/5/2017		KRW	10,332,974,261		USD	9,223,564	$	—	$	(271,840	)
JP Morgan & Chase Co.		12/5/2017		KRW	1,084,427,000		USD	970,474		—		(26,052	)
JP Morgan & Chase Co.		12/5/2017		KRW	1,826,916,000		USD	1,631,758		—		(47,072	)
RBC Capital Markets		12/5/2017		KRW	8,791,987,800		USD	7,850,690		—		(228,637	)
The Bank of New York Mellon		12/5/2017		KRW	2,755,156,000		USD	2,461,389		—		(70,439	)
Goldman Sachs & Co.		12/5/2017		USD	6,523,545		KRW	7,060,758,900		—		(35,117	)
Goldman Sachs & Co.		12/5/2017		USD	3,008,242		KRW	3,272,215,361		—		(1,266	)
JP Morgan & Chase Co.		12/5/2017		USD	2,689,810		KRW	2,911,343,000		—		(14,455	)
RBC Capital Markets		12/5/2017		USD	1,361,000		KRW	1,473,064,900		—		(7,339	)
RBC Capital Markets		12/5/2017		USD	6,728,188		KRW	7,318,922,900		—		(2,522	)

See Notes to Financial Statements. 96

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI South Korea Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
The Bank of New York Mellon		12/5/2017		USD	2,472,608		KRW	2,676,351,000	$	—	$	(13,197	)
The Bank of New York Mellon		12/5/2017		USD	70,886		KRW	78,805,000		1,531		—
Goldman Sachs & Co.		1/4/2018		KRW	3,272,215,361		USD	3,007,966		345		—
RBC Capital Markets		1/4/2018		KRW	7,318,922,900		USD	6,728,868		1,761		—
JP Morgan & Chase Co.		1/4/2018		USD	756,206		KRW	821,996,000		—		(677	)
Total unrealized appreciation (depreciation)									$	3,637	$	(718,613	)

Currency Abbreviations

KRW South Korean Won

USD U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding open 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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (b)	$	8,536,563		$	—		$	59,311	$	8,595,874
Preferred Stocks (b)		155,422			—			—		155,422
Derivatives (c)
Forward Foreign Currency Contracts		—			3,637			—		3,637
TOTAL	$	8,691,985		$	3,637		$	59,311	$	8,754,933
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (c)
Forward Foreign Currency Contracts	$	—		$	(718,613	)	$	—	$	(718,613	)
Futures Contracts		(3,371	)		—			—		(3,371	)
TOTAL	$	(3,371	)	$	(718,613	)	$	—	$	(721,984	)

(b) See Schedule of Investments for additional detailed categorizations.

(c) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $123,477 and between Level 3 and Level 1 was $123,307. 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. 97

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI United Kingdom Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.7%
Consumer Discretionary — 7.8%
Barratt Developments PLC		865	$	7,089
Berkeley Group Holdings PLC		106		5,470
Burberry Group PLC		362		8,401
Carnival PLC		156		10,055
Compass Group PLC		1,315		26,658
GKN PLC		1,471		6,169
InterContinental Hotels Group PLC		149		8,764
ITV PLC		2,977		6,438
Kingfisher PLC		1,922		8,682
Marks & Spencer Group PLC		1,310		5,549
Merlin Entertainments PLC, 144A		531		2,527
Next PLC		122		7,387
Pearson PLC		705		6,750
Persimmon PLC		254		8,725
Sky PLC*		858		10,867
Taylor Wimpey PLC		2,813		7,437
TUI AG		360		6,641
Whitbread PLC		151		7,286
WPP PLC		1,060		18,736
				169,631
Consumer Staples — 17.5%
Associated British Foods PLC		296		11,801
British American Tobacco PLC		1,911		121,184
Coca-Cola HBC AG*		147		4,710
Diageo PLC		2,092		72,668
Imperial Brands PLC		797		33,031
J Sainsbury PLC		1,270		3,990
Reckitt Benckiser Group PLC		555		48,682
Tesco PLC		6,805		17,858
Unilever PLC		1,045		58,848
Wm Morrison Supermarkets PLC		1,911		5,590
				378,362
Energy — 15.0%
BP PLC		15,042		99,496
John Wood Group PLC		561		5,489
Royal Dutch Shell PLC, Class A		3,723		118,699
Royal Dutch Shell PLC, Class B		3,112		100,524
				324,208
Financials — 21.9%
3i Group PLC		800		9,748
Admiral Group PLC		172		4,473
Aviva PLC		3,381		23,365
Barclays PLC		14,163		37,063
Direct Line Insurance Group PLC		1,184		5,857
Hargreaves Lansdown PLC		210		4,550
HSBC Holdings PLC		16,668		165,456
Investec PLC		526		3,678
Legal & General Group PLC		4,952		17,895
Lloyds Banking Group PLC		59,680		53,269
London Stock Exchange Group PLC		262		13,390
Old Mutual PLC		4,088		10,908
Prudential PLC		2,150		54,053
Royal Bank of Scotland Group PLC*		2,953		11,046

	Number of Shares		Value
Financials (Continued)
RSA Insurance Group PLC		827	$	6,806
Schroders PLC		108		5,039
St James’s Place PLC		426		6,994
Standard Chartered PLC*		2,733		27,292
Standard Life Aberdeen PLC		2,230		12,974
				473,856
Health Care — 9.0%
AstraZeneca PLC		1,052		67,963
ConvaTec Group PLC, 144A		1,184		3,106
GlaxoSmithKline PLC		4,089		70,756
Mediclinic International PLC (a)		332		2,539
Shire PLC		755		37,386
Smith & Nephew PLC		725		12,844
				194,594
Industrials — 7.8%
Ashtead Group PLC		415		10,658
Babcock International Group PLC		226		2,130
BAE Systems PLC		2,648		19,768
Bunzl PLC		279		7,980
Capita PLC		552		3,483
Cobham PLC*		1,892		3,250
DCC PLC		77		7,451
easyJet PLC		142		2,700
Experian PLC		783		16,286
Ferguson PLC		211		15,209
G4S PLC		1,338		4,643
IMI PLC		205		3,482
Intertek Group PLC		133		9,407
Meggitt PLC		633		4,147
RELX PLC		890		20,799
Rolls-Royce Holdings PLC*		1,377		15,959
Rolls-Royce Holdings PLC — Entitlement*		95,956		130
Royal Mail PLC		719		4,297
Smiths Group PLC		321		6,438
Travis Perkins PLC		218		4,744
Weir Group PLC		191		5,068
				168,029
Information Technology — 1.6%
Auto Trader Group PLC, 144A		810		3,684
Micro Focus International PLC		363		12,219
Sage Group PLC		928		9,720
Worldpay Group PLC, 144A		1,647		9,400
				35,023
Materials — 8.4%
Anglo American PLC		1,109		20,382
Antofagasta PLC		337		4,145
BHP Billiton PLC		1,752		31,868
Croda International PLC		114		6,588
Fresnillo PLC		196		3,422
Glencore PLC*		10,164		46,681
Johnson Matthey PLC		158		6,477
Mondi PLC		300		7,165
Randgold Resources Ltd.		77		7,055

See Notes to Financial Statements. 98

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI United Kingdom Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Rio Tinto PLC		1,025	$	48,538
				182,321
Real Estate — 1.2%
British Land Co. PLC REIT		843		7,171
Hammerson PLC REIT		619		4,349
Land Securities Group PLC REIT		646		8,160
Segro PLC REIT		827		6,134
				25,814
Telecommunication Services — 4.2%
BT Group PLC		7,036		24,816
Vodafone Group PLC		22,127		67,121
				91,937
Utilities — 3.3%
Centrica PLC		4,557		8,911
National Grid PLC		2,854		34,159
Severn Trent PLC		203		5,762
SSE PLC		840		15,552

	Number of Shares		Value
Utilities (Continued)
United Utilities Group PLC		558	$	6,192
				70,576
TOTAL COMMON STOCKS (Cost $2,118,389)				2,114,351
EXCHANGE-TRADED FUND — 1.6%
iShares MSCI United Kingdom ETF (Cost $34,798)		1,000		35,020
SECURITIES LENDING COLLATERAL — 0.2%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (b)(c) (Cost $3,464)		3,464		3,464
TOTAL INVESTMENTS — 99.5% (Cost $2,156,651)			$	2,152,835
Other assets and liabilities, net — 0.5%				10,606
NET ASSETS — 100.0%			$	2,163,441

* Non-income producing security.

(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, 2017 amounted to $3,406, 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.

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, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
JP Morgan & Chase Co.		12/5/2017		GBP	2,036,450		USD	2,706,688	$	—	$	(48,021	)
The Bank of Nova Scotia		12/5/2017		GBP	370,050		USD	491,830		—		(8,738	)
The Bank of Nova Scotia		12/5/2017		GBP	99,000		USD	131,586		—		(2,331	)
JP Morgan & Chase Co.		12/5/2017		USD	1,096,429		GBP	835,200		33,348		—
JP Morgan & Chase Co.		12/5/2017		USD	1,626,109		GBP	1,201,250		—		(1,176	)
The Bank of Nova Scotia		12/5/2017		USD	634,930		GBP	469,050		—		(445	)
JP Morgan & Chase Co.		1/4/2018		GBP	1,201,250		USD	1,628,246		1,193		—
The Bank of Nova Scotia		1/4/2018		GBP	469,050		USD	635,750		438		—
The Bank of Nova Scotia		1/4/2018		USD	10,842		GBP	8,000		—		(6	)
The Bank of Nova Scotia		1/4/2018		USD	47,441		GBP	35,000		—		(35	)
Total unrealized appreciation (depreciation)									$	34,979	$	(60,752	)

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.

See Notes to Financial Statements. 99

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI United Kingdom Hedged Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (d)	$	2,114,351	$	—		$	—	$	2,114,351
Exchange-Traded Fund		35,020		—			—		35,020
Short-Term Investments		3,464		—			—		3,464
Derivatives (e)
Forward Foreign Currency Contracts		—		34,979			—		34,979
TOTAL	$	2,152,835	$	34,979		$	—	$	2,187,814
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (e)
Forward Foreign Currency Contracts	$	—	$	(60,752	)	$	—	$	(60,752	)
TOTAL	$	—	$	(60,752	)	$	—	$	(60,752	)

(d) See Schedule of Investments for additional detailed categorizations.

(e) Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 100

This Page is Intentionally Left Blank

101

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2017 (Unaudited)

	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Asia Pacific ex Japan Hedged ETF			Xtrackers MSCI Brazil Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF
Assets
Investments in non-affiliated securities at value	$	124,188,358		$	3,982,496		$	4,534,640		$	212,661,662
Investment in affiliated securities at value		233,551			—			—			—
Investment in Deutsche Government & Agency Securities Portfolio*		1,215,429			29,189			38,294			1,642,194
Cash		3,070,019			285,041			654			2,549,528
Foreign currency at value		238,404			54,427			763			175,627
Receivable for return of collateral pledged for forward foreign currency contracts		1,330,000			—			—			2,570,000
Unrealized appreciation on forward foreign currency contracts		400,754			17,057			10,907			435,734
Deposit with broker for futures contracts		139,505			13,090			—			191,350
Receivables:
Investment securities sold		1,842,452			56,079			320,524			5,456,109
Variation margin on futures contracts		15,392			—			—			—
Dividends		234,249			6,664			11,264			69,284
Securities lending income		3,598			52			1			2,148
Foreign tax reclaim		100,603			—			—			4,668
Other assets		57			57			57			57
Total Assets	$	133,012,371		$	4,444,152		$	4,917,104		$	225,758,361
Liabilities
Payable upon return of securities loaned	$	1,215,429		$	29,189		$	38,294		$	1,642,194
Unrealized depreciation on forward foreign currency contracts		1,804,751			33,198			24,980			2,823,191
Payables:
Investment securities purchased		1,341,255			35,596			270,269			2,367,388
Investment advisory fees		41,702			2,172			2,312			119,113
Variation margin on futures contracts		—			4,114			—			53,400
Deferred foreign tax payable		—			—			—			327,342
Total Liabilities		4,403,137			104,269			335,855			7,332,628
Net Assets, at value	$	128,609,234		$	4,339,883		$	4,581,249		$	218,425,733
Net Assets Consist of
Paid-in capital	$	117,548,294		$	4,637,364		$	9,932,224		$	205,327,426
Undistributed net investment income		1,241,529			68,069			24,185			2,749,994
Accumulated net realized gain (loss)		(4,771,197	)		(1,053,035	)		(6,552,432	)		(30,374,436	)
Net unrealized appreciation (depreciation)		14,590,608			687,485			1,177,272			40,722,749	**
Net Assets, at value	$	128,609,234		$	4,339,883		$	4,581,249		$	218,425,733
Number of Common Shares outstanding		4,650,001			150,001			400,800			9,150,800
Net Asset Value	$	27.66		$	28.93		$	11.43		$	23.87
Investments in non-affiliated securities at cost	$	108,146,700		$	3,273,218		$	3,343,308		$	169,310,366
Investments in affiliated securities at cost	$	252,274		$	—		$	—		$	—
Value of securities loaned	$	834,231		$	27,572		$	36,146		$	1,545,805
Investment in Deutsche Government & Agency Securities Portfolio at cost*	$	1,215,429		$	29,189		$	38,294		$	1,642,194
Foreign currency at cost	$	237,108		$	54,433		$	763		$	174,446

* Represents collateral on securities loaned.

** Net of deferred foreign taxes of $327,342.

See Notes to Financial Statements. 102

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2017 (Unaudited)

	Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF			Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Assets
Investments in non-affiliated securities at value	$	2,266,759,676		$	55,700,757		$	44,617,004		$	1,844,121,990
Investment in affiliated securities at value		9,430,278			395,330			1,210,095			—
Investment in Deutsche Government & Agency Securities Portfolio*		36,387,864			1,808,150			151,326			11,091,736
Cash		3,741,899			—			—			13,967,054
Foreign currency at value		2,256,606			30,520			29,434			1,335,539
Receivable for return of collateral pledged for forward foreign currency contracts		28,040,000			1,280,000			1,180,000			26,740,000
Unrealized appreciation on forward foreign currency contracts		3,992,504			171,886			93,308			10,608,984
Deposit with broker for futures contracts		2,725,202			56,964			72,854			1,801,675
Receivables:
Investment securities sold		37,394,407			1,554,733			2,390,624			58,043,819
Variation margin on futures contracts		—			267			—			367,827
Dividends		3,117,781			11,790			—			7,271,120
Securities lending income		42,675			3,920			95			41,052
Foreign tax reclaim		7,207,486			72,384			183,366			457,753
Other assets		—			57			171			2,140
Total Assets	$	2,401,096,378		$	61,086,758		$	49,928,277		$	1,975,850,689
Liabilities
Payable upon return of securities loaned	$	36,387,864		$	1,808,150		$	151,326		$	11,091,736
Due to Custodian		—			525,420			359,973			—
Unrealized depreciation on forward foreign currency contracts		43,599,801			1,335,085			1,128,589			26,263,333
Payables:
Investment securities purchased		24,862,511			672,721			1,159,909			12,920,608
Investment advisory fees		858,967			21,844			19,136			673,415
Variation margin on futures contracts		143,115			—			10,320			—
Total Liabilities		105,852,258			4,363,220			2,829,253			50,949,092
Net Assets, at value	$	2,295,244,120		$	56,723,538		$	47,099,024		$	1,924,901,597
Net Assets Consist of
Paid-in capital	$	2,313,223,481		$	52,516,984		$	51,086,356		$	1,804,731,827
Undistributed net investment income		19,642,899			299,460			147,347			11,295,360
Accumulated net realized gain (loss)		(134,430,857	)		(4,041,664	)		(7,644,600	)		(106,984,200	)
Net unrealized appreciation (depreciation)		96,808,597			7,948,758			3,509,921			215,858,610
Net Assets, at value	$	2,295,244,120		$	56,723,538		$	47,099,024		$	1,924,901,597
Number of Common Shares outstanding		80,700,001			1,850,001			1,650,800			44,300,800
Net Asset Value	$	28.44		$	30.66		$	28.53		$	43.45
Investments in non-affiliated securities at cost	$	2,127,787,146		$	46,545,536		$	39,517,040		$	1,617,627,934
Investments in affiliated securities at cost	$	12,484,731		$	461,251		$	1,833,354		$	—
Value of securities loaned	$	24,255,704		$	1,059,482		$	144,350		$	10,486,588
Investment in Deutsche Government & Agency Securities Portfolio at cost*	$	36,387,864		$	1,808,150		$	151,326		$	11,091,736
Foreign currency at cost	$	2,014,762		$	30,555		$	29,434		$	1,358,106

* Represents collateral on securities loaned.

See Notes to Financial Statements. 103

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2017 (Unaudited)

	Xtrackers MSCI Mexico Hedged Equity ETF			Xtrackers MSCI South Korea Hedged Equity ETF			Xtrackers MSCI United Kingdom Hedged Equity ETF
Assets
Investments in non-affiliated securities at value	$	1,943,079		$	8,751,296		$	2,149,371
Investment in Deutsche Government & Agency Securities Portfolio*		11,051			—			3,464
Cash		2,324			147,599			—
Foreign currency at value		5,659			—			1,230
Receivable for return of collateral pledged for forward foreign currency contracts		—			530,000			—
Unrealized appreciation on forward foreign currency contracts		34,304			3,637			34,979
Deposit with broker for futures contracts		—			29,623			—
Receivables:
Investment securities sold		98,683			651,940			37,860
Due from AP		—			74,161			—
Dividends		222			—			11,203
Securities lending income		31			—			31
Other assets		57			57			57
Total Assets	$	2,095,410		$	10,188,313		$	2,238,195
Liabilities
Due to custodian	$	—		$	—		$	9,535
Due to foreign custodian		—			20			—
Payable upon return of securities loaned		11,051			—			3,464
Unrealized depreciation on forward foreign currency contracts		100,426			718,613			60,752
Payables:
Investment securities purchased		26,792			66,652			—
Investment advisory fees		1,002			10,509			1,003
Variation margin on futures		—			29,219			—
Total Liabilities		139,271			825,013			74,754
Net Assets, at value	$	1,956,139		$	9,363,300		$	2,163,441
Net Assets Consist of
Paid-in capital	$	2,744,296		$	13,772,036		$	2,877,548
Undistributed net investment income		28,911			102,210			58,874
Accumulated net realized gain (loss)		(358,836	)		(7,570,921	)		(743,656	)
Net unrealized appreciation (depreciation)		(458,232	)		3,059,975			(29,325	)
Net Assets, at value	$	1,956,139		$	9,363,300		$	2,163,441
Number of Common Shares outstanding		100,001			300,001			100,001
Net Asset Value	$	19.56		$	31.21		$	21.63
Investments in non-affiliated securities at cost	$	2,335,360		$	4,980,612		$	2,153,187
Value of securities loaned	$	10,334		$	—		$	3,406
Investment in Deutsche Government & Agency Securities Portfolio at cost*	$	11,051		$	—		$	3,464
Foreign currency at cost	$	5,593		$	—		$	1,226

* Represents collateral on securities loaned.

See Notes to Financial Statements. 104

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2017 (Unaudited)

	Xtrackers MSCI All World ex US Hedged Equity ETF			Xtrackers MSCI Asia Pacific ex Japan Hedged ETF			Xtrackers MSCI Brazil Hedged Equity ETF			Xtrackers MSCI Emerging Markets Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	1,413,306		$	75,900		$	33,216		$	3,146,143
Securities lending income, net of borrower rebates		12,747			226			3			12,820
Total Investment Income		1,426,053			76,126			33,219			3,158,963
Expenses
Investment advisory fees		228,456			12,535			13,604			681,427
Other expense		713			—			—			975
Total Expenses		229,169			12,535			13,604			682,402
Net Investment income (loss)		1,196,884			63,591			19,615			2,476,561
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(230,348	)		850			23,767			(69,324	)
Investments in affiliates		(8,283	)		—			—			—
Futures contracts		271,797			24,862			13,165			773,939
Forward foreign currency contracts		(1,966,614	)		(30,342	)		(35,331	)		(1,121,757	)
Foreign currency transactions		(14,572	)		(283	)		(1,923	)		(21,411	)
Net realized gain (loss)		(1,948,020	)		(4,913	)		(322	)		(438,553	)
Net change in unrealized appreciation (depreciation) on:
Investments***		8,582,069			398,126			442,152			21,382,033
Investments in affiliates		24,336			—			—			—
Futures contracts		(135,124	)		(10,952	)		2,280			(162,219	)
Forward foreign currency contracts		(151,156	)		(8,396	)		(34,926	)		(1,161,672	)
Foreign currency translations		(3,610	)		(37	)		229			4,373
Net change in unrealized appreciation (depreciation)		8,316,515			378,741			409,735			20,062,515
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		6,368,495			373,828			409,413			19,623,962
Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,565,379		$	437,419		$	429,028		$	22,100,532
*   Unaffiliated foreign tax withheld	$	122,206		$	6,282		$	247		$	368,664
**   Net of foreign taxes	$	—		$	—		$	—		$	16,330
***  Net of change in deferred foreign taxes	$	—		$	—		$	—		$	132,903

See Notes to Financial Statements. 105

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended November 30, 2017 (Unaudited)

	Xtrackers MSCI Europe Hedged Equity ETF			Xtrackers MSCI Eurozone Hedged Equity ETF			Xtrackers MSCI Germany Hedged Equity ETF			Xtrackers MSCI Japan Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	24,384,020		$	429,340		$	294,853		$	13,832,494
Securities lending income, net of borrower rebates		459,094			15,878			1,394			210,178
Total Investment Income		24,843,114			445,218			296,247			14,042,672
Expenses
Investment advisory fees		5,626,351			136,978			122,663			3,929,189
Other Expense		31,628			423			280			29,726
Total Expenses		5,657,979			137,401			122,943			3,958,915
Net Investment income (loss)		19,185,135			307,817			173,304			10,083,757
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(11,878,824	)		17,270			(247,454	)		(2,927,396	)
Investments in affiliates		(521,112	)		(30,644	)		(349,981	)		—
In-kind redemptions		58,129,651			1,890,419			1,385,484			54,932,812
In-kind redemptions in affiliates		533,756			21,413			97,687			—
Futures contracts		1,874,604			18,211			87,578			2,499,450
Foreign currency transactions		351,954			15,184			84,925			591,322
Forward foreign currency contracts		(101,372,532	)		(3,549,600	)		(3,644,750	)		35,873,764
Payments by Affiliates (see note 8)		—			—			—			3,520
Net realized gain (loss)		(52,882,503	)		(1,617,747	)		(2,586,511	)		90,973,472
Net change in unrealized appreciation (depreciation) on:
Investments		67,440,491			2,300,478			2,981,820			132,496,602
Investments in affiliates		718,934			43,099			347,091			—
Futures contracts		(1,789,879	)		(14,765	)		(55,945	)		2,625,598
Foreign currency translations		146,011			3,083			10,394			14,539
Forward foreign currency contracts		10,757,563			700,888			865,033			(6,325,043	)
Net change in unrealized appreciation (depreciation)		77,273,120			3,032,783			4,148,393			128,811,696
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		24,390,617			1,415,036			1,561,882			219,785,168
Net Increase (Decrease) in Net Assets Resulting from Operations	$	43,575,752		$	1,722,853		$	1,735,186		$	229,868,925
*       Unaffiliated foreign tax withheld	$	1,545,413		$	55,925		$	(2,564	)	$	1,536,413

See Notes to Financial Statements. 106

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended November 30, 2017 (Unaudited)

	Xtrackers MSCI Mexico Hedged Equity ETF			Xtrackers MSCI South Korea Hedged Equity ETF			Xtrackers MSCI United Kingdom Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	36,354		$	182,725		$	71,393
Securities lending income, net of borrower rebates		159			—			456
Total Investment Income		36,513			182,725			71,849
Expenses
Investment advisory fees		7,602			78,407			8,798
Other expenses		—			219			—
Total Expenses		7,602			78,626			8,798
Net Investment income (loss)		28,911			104,099			63,051
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(38,998	)		8,841,457			(62,688	)
In-kind redemptions		(89,621	)		—			482,730
Futures contracts		—			108,634			—
Foreign currency transactions		(1,112	)		(57,843	)		894
Forward foreign currency contracts		(73,891	)		259,212			(105,946	)
Net realized gain (loss)		(203,622	)		9,151,460			314,990
Net change in unrealized appreciation (depreciation) on:
Investments		58,302			(6,455,793	)		(368,992	)
Futures contracts		—			(80,382	)		—
Foreign currency translations		361			5,703			487
Forward foreign currency contracts		3,835			(306,759	)		(51,317	)
Net change in unrealized appreciation (depreciation)		62,498			(6,837,231	)		(419,822	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(141,124	)		2,314,229			(104,832	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(112,213	)	$	2,418,328		$	(41,781	)
*   Unaffiliated foreign tax withheld	$	1,355		$	14,299		$	884

See Notes to Financial Statements. 107

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers MSCI All World ex US Hedged Equity ETF						Xtrackers MSCI Asia Pacific ex Japan Hedged ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,196,884		$	2,010,674		$	63,591		$	97,980
Net realized gain (loss)		(1,948,020	)		2,563,787			(4,913	)		(81,419	)
Net change in unrealized appreciation (depreciation)		8,316,515			8,276,667			378,741			706,521
Net increase (decrease) in net assets resulting from operations		7,565,379			12,851,128			437,419			723,082
Distributions to Shareholders from
Net investment income		(1,293,640	)		(1,409,981	)		(30,026	)		(83,349	)
Total distributions		(1,293,640	)		(1,409,981	)		(30,026	)		(83,349	)
Fund Shares Transactions
Proceeds from shares sold		17,544,621			28,916,357			—			—
Value of shares redeemed		—			(3,437,784	)		—			(1,161,572	)
Net increase (decrease) in net assets resulting from fund share transactions		17,544,621			25,478,573			—			(1,161,572	)
Total net increase (decrease) in Net Assets		23,816,360			36,919,720			407,393			(521,839	)
Net Assets
Beginning of period		104,792,874			67,873,154			3,932,490			4,454,329
End of period	$	128,609,234		$	104,792,874		$	4,339,883		$	3,932,490
Undistributed net investment income	$	1,241,529		$	1,338,285		$	68,069		$	34,504
Changes in Shares Outstanding
Shares outstanding, beginning of period		4,000,001			3,000,001			150,001			200,001
Shares sold		650,000			1,150,000			—			—
Shares redeemed		—			(150,000	)		—			(50,000	)
Shares outstanding, end of period		4,650,001			4,000,001			150,001			150,001

See Notes to Financial Statements. 108

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI Brazil Hedged Equity ETF						Xtrackers MSCI Emerging Markets Hedged Equity ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	19,615		$	96,395		$	2,476,561		$	2,662,499
Net realized gain (loss)		(322	)		(623,118	)		(438,553	)		(13,077,189	)
Net change in unrealized appreciation (depreciation)		409,735			1,105,938			20,062,515			35,746,253
Net increase (decrease) in net assets resulting from operations		429,028			579,215			22,100,523			25,331,563
Distributions to Shareholders from
Net investment income		(49,671	)		(16,681	)		(279,675	)		(2,272,221	)
Total distributions		(49,671	)		(16,681	)		(279,675	)		(2,272,221	)
Fund Shares Transactions
Proceeds from shares sold		—			464,672			8,739,787			60,902,841
Value of shares redeemed		—			—			—			(26,449,560	)
Net increase (decrease) in net assets resulting from fund share transactions		—			464,672			8,739,787			34,453,281
Total net increase (decrease) in Net Assets		379,357			1,027,206			30,560,635			57,512,623
Net Assets
Beginning of period		4,201,892			3,174,686			187,865,098			130,352,475
End of period	$	4,581,249		$	4,201,892		$	218,425,733		$	187,865,098
Undistributed net investment income	$	24,185		$	54,241		$	2,749,994		$	553,108
Changes in Shares Outstanding
Shares outstanding, beginning of period		400,800			350,800			8,750,800			7,000,800
Shares sold		—			50,000			400,000			3,100,000
Shares redeemed		—			—			—			(1,350,000	)
Shares outstanding, end of period		400,800			400,800			9,150,800			8,750,800

See Notes to Financial Statements. 109

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI Europe Hedged Equity ETF						Xtrackers MSCI Eurozone Hedged Equity ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	19,185,135		$	75,388,688		$	307,817		$	1,500,447
Net realized gain (loss)		(52,882,503	)		152,966,738			(1,617,747	)		1,712,134
Net change in unrealized appreciation (depreciation)		77,273,120			249,220,048			3,032,783			6,000,036
Net increase (decrease) in net assets resulting from operations		43,575,752			477,575,474			1,722,853			9,212,617
Distributions to Shareholders from
Net investment income		(36,973,738	)		(102,491,603	)		(1,098,285	)		(2,397,494	)
Net realized gains		—			(152,205,544	)		—			—
Total distributions		(36,973,738	)		(254,697,147	)		(1,098,285	)		(2,397,494	)
Fund Shares Transactions
Proceeds from shares sold		—			513,898,440			—			12,930,964
Value of shares redeemed		(458,181,227	)		(1,300,201,021	)		(9,017,889	)		(37,947,352	)
Net increase (decrease) in net assets resulting from fund share transactions		(458,181,227	)		(786,302,581	)		(9,017,889	)		(25,016,388	)
Total net increase (decrease) in Net Assets		(451,579,213	)		(563,424,254	)		(8,393,321	)		(18,201,265	)
Net Assets
Beginning of period		2,746,823,333			3,310,247,587			65,116,859			83,318,124
End of period	$	2,295,244,120		$	2,746,823,333		$	56,723,538		$	65,116,859
Undistributed net investment income	$	19,642,899		$	37,431,502		$	299,460		$	1,089,928
Changes in Shares Outstanding
Shares outstanding, beginning of period		97,100,001			129,050,001			2,150,001			3,250,001
Shares sold		—			19,400,000			—			450,000
Shares redeemed		(16,400,000	)		(51,350,000	)		(300,000	)		(1,550,000	)
Shares outstanding, end of period		80,700,001			97,100,001			1,850,001			2,150,001

See Notes to Financial Statements. 110

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI Germany Hedged Equity ETF						Xtrackers MSCI Japan Hedged Equity ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	173,304		$	1,298,224		$	10,083,757		$	24,496,697
Net realized gain (loss)		(2,586,511	)		(943,721	)		90,973,472			131,181,888
Net change in unrealized appreciation (depreciation)		4,148,393			13,981,538			128,811,696			105,229,627
Net increase (decrease) in net assets resulting from operations		1,735,186			14,336,041			229,868,925			260,908,212
Distributions to Shareholders from
Net investment income		(783,121	)		(3,345,700	)		(40,851,664	)		(14,421,223	)
Total distributions		(783,121	)		(3,345,700	)		(40,851,664	)		(14,421,223	)
Fund Shares Transactions
Proceeds from shares sold		2,805,897			2,551,169			312,249,608			1,267,608,580
Value of shares redeemed		(22,177,862	)		(58,009,508	)		(356,293,041	)		(760,329,675	)
Net increase (decrease) in net assets resulting from fund share transactions		(19,371,965	)		(55,458,339	)		(44,043,433	)		507,278,905
Total net increase (decrease) in Net Assets		(18,419,900	)		(44,467,998	)		144,973,828			753,765,894
Net Assets
Beginning of period		65,518,924			109,986,922			1,779,927,769			1,026,161,875
End of period	$	47,099,024		$	65,518,924		$	1,924,901,597		$	1,779,927,769
Undistributed net investment income	$	147,347		$	757,164		$	11,295,360		$	42,063,267
Changes in Shares Outstanding
Shares outstanding, beginning of period		2,350,800			4,700,800			46,050,800			29,900,800
Shares sold		100,000			100,000			7,350,000			37,400,000
Shares redeemed		(800,000	)		(2,450,000	)		(9,100,000	)		(21,250,000	)
Shares outstanding, end of period		1,650,800			2,350,800			44,300,800			46,050,800

See Notes to Financial Statements. 111

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI Mexico Hedged Equity ETF						Xtrackers MSCI South Korea Hedged Equity ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	28,911		$	57,624		$	104,099		$	352,147
Net realized gain (loss)		(203,622	)		(6,046	)		9,151,460			9,214,168
Net change in unrealized appreciation (depreciation)		62,498			68,472			(6,837,231	)		(4,239,302	)
Net increase (decrease) in net assets resulting from operations		(112,213	)		120,050			2,418,328			5,327,013
Distributions to Shareholders from
Net investment income		—			(73,128	)		—			(430,440	)
Net realized gains		—			(241,435	)		—			—
Total distributions		—			(314,563	)		—			(430,440	)
Fund Shares Transactions
Proceeds from shares sold		—			1,097,455			—			47,137,585
Value of shares redeemed		(996,146	)		(2,148,889	)		(22,043,000	)		(141,207,451	)
Net increase (decrease) in net assets resulting from fund share transactions		(996,146	)		(1,051,434	)		(22,043,000	)		(94,069,866	)
Total net increase (decrease) in Net Assets		(1,108,359	)		(1,245,947	)		(19,624,672	)		(89,173,293	)
Net Assets
Beginning of period		3,064,498			4,310,445			28,987,972			118,161,265
End of period	$	1,956,139		$	3,064,498		$	9,363,300		$	28,987,972
Distributions in excess of net investment income	$	—		$	—		$	—		$	(1,889	)
Undistributed net investment income	$	28,911		$	—		$	102,210		$	—
Changes in Shares Outstanding
Shares outstanding, beginning of period		150,001			200,001			1,000,001			5,150,001
Shares sold		—			50,000			—			1,850,000
Shares redeemed		(50,000	)		(100,000	)		(700,000	)		(6,000,000	)
Shares outstanding, end of period		100,001			150,001			300,001			1,000,001

See Notes to Financial Statements. 112

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI United Kingdom Hedged Equity ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	63,051		$	213,141
Net realized gain (loss)		314,990			146,007
Net change in unrealized appreciation (depreciation)		(419,822	)		867,333
Net increase (decrease) in net assets resulting from operations		(41,781	)		1,226,481
Distributions to Shareholders from
Net investment income		(38,690	)		(155,550	)
Net realized gains		—			(1,154,665	)
Total distributions		(38,690	)		(1,310,215	)
Fund Shares Transactions
Proceeds from shares sold		—			—
Value of shares redeemed		(3,235,698	)		—
Net increase (decrease) in net assets resulting from fund share transactions		(3,235,698	)		—
Total net increase (decrease) in Net Assets		(3,316,169	)		(83,734	)
Net Assets
Beginning of period		5,479,610			5,563,344
End of period	$	2,163,441		$	5,479,610
Undistributed net investment income	$	58,874		$	34,513
Changes in Shares Outstanding
Shares outstanding, beginning of period		250,001			250,001
Shares sold		—			—
Shares redeemed		(150,000	)		—
Shares outstanding, end of period		100,001			250,001

See Notes to Financial Statements. 113

DBX ETF Trust

Financial Highlights

Xtrackers MSCI All World ex US Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Period Ended 5/31/2014(a)
Net Asset Value, beginning of period	$	26.20		$	22.62		$	26.87		$	25.61		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.28			0.64			0.64			0.96			0.45
Net realized and unrealized gain (loss)		1.50			3.42			(3.57	)		2.16			0.16
Total from investment operations		1.78			4.06			(2.93	)		3.12			0.61
Less distributions from:
Net investment income		(0.32	)		(0.48	)		(0.86	)		(1.82	)		—
Net realized gains		—			—			(0.46	)		(0.04	)		—
Total distributions		(0.32	)		(0.48	)		(1.32	)		(1.86	)		—
Net Asset Value, end of period	$	27.66		$	26.20		$	22.62		$	26.87		$	25.61
Total Return (%)		6.88	**		18.30			(11.17	)		13.01			2.44	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		129			105			68			47			5
Ratio of expenses (%)		0.40	*		0.40			0.40			0.40			0.40	*
Ratio of net investment income (loss) (%)		2.10	*		2.67			2.76			3.70			5.18	*
Portfolio turnover rate (%)(d)		5	**		15			24			24			3	**
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Period Ended 5/31/2014(b)
Net Asset Value, beginning of period	$	26.22		$	22.27		$	27.90		$	26.47		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.42			0.56			0.63			0.68			0.40
Net realized and unrealized gain (loss)		2.49			3.89			(4.19	)		2.04			1.08
Total from investment operations		2.91			4.45			(3.56	)		2.72			1.48
Less distributions from:
Net investment income		(0.20	)		(0.50	)		(1.09	)		(1.29	)		(0.01	)
Net realized gains		—			—			(0.98	)		—			—
Total distributions		(0.20	)		(0.50	)		(2.07	)		(1.29	)		(0.01	)
Net Asset Value, end of period	$	28.93		$	26.22		$	22.27		$	27.90		$	26.47
Total Return (%)		11.17	**		20.34			(12.98	)		10.78			5.94	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		4			4			4			11			7
Ratio of expenses (%)		0.60	*		0.60			0.60			0.60			0.60	*
Ratio of net investment income (loss) (%)		3.04	*		2.34			2.64			2.51			2.33	*
Portfolio turnover rate (%)(d)		4	**		14			34			19			20	**

(a) For the period January 23, 2014 (commencement of operations) through May 31, 2014.

(b) For the period October 1, 2013 (commencement of operations) through May 31, 2014.

(c) Based on average shares outstanding during the period.

(d) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 114

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Brazil Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Year Ended 5/31/2014			Year Ended 5/31/2013
Net Asset Value, beginning of period	$	10.48		$	9.05		$	13.03		$	14.46		$	19.28		$	20.74
Income (loss) from investment operations:
Net investment income (loss)(a)		0.05			0.24			0.24			0.42			0.47			0.54
Net realized and unrealized gain (loss)		1.02			1.23			(1.91	)		(1.44	)		(2.30	)		(0.15	)
Total from investment operations		1.07			1.47			(1.67	)		(1.02	)		(1.83	)		0.39
Less distributions from:
Net investment income		(0.12	)		(0.04	)		(2.30	)		(0.41	)		(2.95	)		(0.54	)
Net realized gains		—			—			—			—			—			(1.31	)
Return of capital		—			—			(0.01	)		—			(0.04	)		—
Total distributions		(0.12	)		(0.04	)		(2.31	)		(0.41	)		(2.99	)		(1.85	)
Net Asset Value, end of period	$	11.43		$	10.48		$	9.05		$	13.03		$	14.46		$	19.28
Total Return (%)		10.42	**		16.28			(15.83	)		(6.96	)		(9.83	)(b)		1.43	(b)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5			4			3			7			6			8
Ratio of expenses before fee waiver (%)		0.60	*		0.60			0.60			0.60			0.63			0.92
Ratio of expenses after fee waiver (%)		0.60	*		0.60			0.60			0.60			0.60			0.68
Ratio of net investment income (loss) (%)		0.87	*		2.26			2.56			2.97			2.93			2.66
Portfolio turnover rate (%)(c)		19	**		28			59			141			89			25
Xtrackers MSCI Emerging Markets Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Year Ended 5/31/2014			Year Ended 5/31/2013
Net Asset Value, beginning of period	$	21.47		$	18.62		$	22.43		$	21.74		$	21.96		$	21.22
Income (loss) from investment operations:
Net investment income (loss)(a)		0.27			0.35			0.43			0.36			0.38			0.38
Net realized and unrealized gain (loss)		2.16			2.81			(3.60	)		0.77			(0.17	)		1.01
Total from investment operations		2.43			3.16			(3.17	)		1.13			0.21			1.39
Less distributions from:
Net investment income		(0.03	)		(0.31	)		(0.64	)		(0.44	)		(0.43	)		(0.40	)
Net realized gains		—			—			—			—			—			(0.25	)
Total distributions		(0.03	)		(0.31	)		(0.64	)		(0.44	)		(0.43	)		(0.65	)
Net Asset Value, end of period	$	23.87		$	21.47		$	18.62		$	22.43		$	21.74		$	21.96
Total Return (%)		11.34	**		17.19			(14.32	)		5.35			1.17	(b)		6.54	(b)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		218			188			130			245			29			9
Ratio of expenses before fee waiver (%)		0.65	*		0.65			0.65			0.65			0.66			0.94
Ratio of expenses after fee waiver (%)		0.65	*		0.65			0.65			0.65			0.65			0.72
Ratio of net investment income (loss) (%)		2.36	*		1.74			2.20			1.64			1.81			1.72
Portfolio turnover rate (%)(c)		3	**		43			32			58			16			15

(a) Based on average shares outstanding during the period.

(b) The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

(c) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 115

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Europe Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Period Ended 5/31/2014(a)
Net Asset Value, beginning of period	$	28.29		$	25.65		$	29.47		$	27.75		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.22			0.76			0.79			1.33			1.27
Net realized and unrealized gain (loss)		0.31			4.40			(3.19	)		1.54			1.72
Total from investment operations		0.53			5.16			(2.40	)		2.87			2.99
Less distributions from:
Net investment income		(0.38	)		(0.85	)		(1.28	)		(1.15	)		(0.24	)
Net realized gains		—			(1.67	)		(0.14	)		0.00	(d)		—
Total distributions		(0.38	)		(2.52	)		(1.42	)		(1.15	)		(0.24	)
Net Asset Value, end of period	$	28.44		$	28.29		$	25.65		$	29.47		$	27.75
Total Return (%)		1.90	**		21.77			(8.46	)		10.88			12.05	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2,295			2,747			3,310			2,668			164
Ratio of expenses (%)		0.45	*		0.45			0.45			0.45			0.45	*
Ratio of net investment income (loss) (%)		1.53	*		2.95			3.08			4.74			7.30	*
Portfolio turnover rate (%)(e)		4	**		17			18			13			4	**
Xtrackers MSCI Eurozone Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Period Ended 5/31/2015(b)
Net Asset Value, beginning of period	$	30.29		$	25.64		$	29.30		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.15			0.73			0.78			0.81
Net realized and unrealized gain (loss)		0.73			4.84			(3.15	)		3.49
Total from investment operations		0.88			5.57			(2.37	)		4.30
Less distributions from:
Net investment income		(0.51	)		(0.92	)		(1.29	)		—
Total distributions		(0.51	)		(0.92	)		(1.29	)		—
Net Asset Value, end of period	$	30.66		$	30.29		$	25.64		$	29.30
Total Return (%)		2.95	**		22.56			(8.45	)		17.20	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		57			65			83			22
Ratio of expenses (%)		0.45	*		0.45			0.45			0.45	*
Ratio of net investment income (loss) (%)		1.01	*		2.76			3.11			6.04	*
Portfolio turnover rate (%)(e)		4	**		16			22			8	**

(a) For the period October 1, 2013 (commencement of operations) through May 31, 2014.

(b) For the period December 10, 2014 (commencement of operations) through May 31, 2015.

(c) Based on average shares outstanding during the period.

(d) Amount represents less than $0.005.

(e) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 116

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Germany Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Year Ended 5/31/2014			Year Ended 5/31/2013
Net Asset Value, beginning of period	$	27.87		$	23.40		$	27.34		$	26.51		$	23.22		$	21.57
Income (loss) from investment operations:
Net investment income (loss)(a)		0.09			0.40			0.33			1.38			1.03			0.44
Net realized and unrealized gain (loss)		0.92			4.78			(2.93	)		1.93			3.11			2.08
Total from investment operations		1.01			5.18			(2.60	)		3.31			4.14			2.52
Less distributions from:
Net investment income		(0.35	)		(0.71	)		(1.34	)		(2.48	)		(0.85	)		(0.44	)
Net realized gains		—			—			—			—			—			(0.43	)
Total distributions		(0.35	)		(0.71	)		(1.34	)		(2.48	)		(0.85	)		(0.87	)
Net Asset Value, end of period	$	28.53		$	27.87		$	23.40		$	27.34		$	26.51		$	23.22
Total Return (%)		3.65	**		22.93			(9.99	)		13.92			18.70	(b)		11.86	(b)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		47			66			110			234			45			5
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.45			0.45			0.47			0.82
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.45			0.45			0.47			0.58
Ratio of net investment income (loss) (%)		0.64	*		1.63			1.37			5.14			4.15			1.93
Portfolio turnover rate (%)(c)		7	**		12			16			20			12			108
Xtrackers MSCI Japan Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Year Ended 5/31/2014			Year Ended 5/31/2013
Net Asset Value, beginning of period	$	38.65		$	34.32		$	44.54		$	35.43		$	34.08		$	21.79
Income (loss) from investment operations:
Net investment income (loss)(a)		0.23			0.53			0.48			0.52			0.55			0.39
Net realized and unrealized gain (loss)		5.46			4.22			(8.44	)		12.49			1.51			12.31
Total from investment operations		5.69			4.75			(7.96	)		13.01			2.06			12.70
Less distributions from:
Net investment income		(0.89	)		(0.42	)		(1.39	)		(3.90	)		(0.71	)		(0.41	)
Net realized gains		—			—			(0.87	)		—			—			—
Total distributions		(0.89	)		(0.42	)		(2.26	)		(3.90	)		(0.71	)		(0.41	)
Net Asset Value, end of period	$	43.45		$	38.65		$	34.32		$	44.54		$	35.43		$	34.08
Total Return (%)		14.99	**		14.08			(18.65	)		39.00			6.21	(b)		59.04	(b)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,925			1,780			1,026			1,263			441			109
Ratio of expenses before fee waiver (%)		0.45	*		0.45			0.45			0.45			0.48			0.66
Ratio of expenses after fee waiver (%)		0.45	*		0.45			0.45			0.45			0.48			0.52
Ratio of net investment income (loss) (%)		1.15	*		1.50			1.29			1.32			1.56			1.27
Portfolio turnover rate (%)(c)		5	**		22			15			14			13			12

(a) Based on average shares outstanding during the period.

(b) The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

(c) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 117

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Mexico Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Period Ended 5/31/2014(a)
Net Asset Value, beginning of period	$	20.43		$	21.55		$	25.24		$	24.29		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.20			0.32			0.53			0.26			0.07
Net realized and unrealized gain (loss)		(1.07	)		0.14			(0.11	)		0.94			(0.78	)
Total from investment operations		(0.87	)		0.46			0.42			1.20			(0.71	)
Less distributions from:
Net investment income		—			(0.37	)		(2.79	)		(0.18	)		—
Net realized gains		—			(1.21	)		(1.32	)		(0.07	)		—
Total distributions		—			(1.58	)		(4.11	)		(0.25	)		—
Net Asset Value, end of period	$	19.56		$	20.43		$	21.55		$	25.24		$	24.29
Total Return (%)		(4.26	)**		2.19			2.09			4.99			(2.84	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2			3			4			5			5
Ratio of expenses (%)		0.50	*		0.50			0.51			0.50			0.50	*
Ratio of net investment income (loss) (%)		1.90	*		1.52			2.40			1.04			0.79	*
Portfolio turnover rate (%)(c)		11	**		23			34			22			7	**
Xtrackers MSCI South Korea Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Period Ended 5/31/2014(a)
Net Asset Value, beginning of period	$	28.99		$	22.94		$	24.32		$	25.08		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.12			0.18			0.16			(0.11	)		(0.02	)
Net realized and unrealized gain (loss)		2.10			5.99			(1.51	)		(0.65	)		0.10
Total from investment operations		2.22			6.17			(1.35	)		(0.76	)		0.08
Less distributions from:
Net investment income		—			(0.12	)		(0.03	)		—			—
Total distributions		—			(0.12	)		(0.03	)		—			—
Net Asset Value, end of period	$	31.21		$	28.99		$	22.94		$	24.32		$	25.08
Total Return (%)		7.69	**		27.01			(5.55	)		(3.07	)		0.32	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		9			29			118			137			5
Ratio of expenses (%)		0.58	*		0.58			0.58			0.58			0.58	*
Ratio of net investment income (loss) (%)		0.77	*		0.74			0.72			(0.47	)		(0.26	)*
Portfolio turnover rate (%)(c)		6	**		110			124			287			8	**

(a) For the period January 23, 2014 (commencement of operations) through May 31, 2014.

(b) Based on average shares outstanding during the period.

(c) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 118

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI United Kingdom Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Period Ended 5/31/2014(a)
Net Asset Value, beginning of period	$	21.92		$	22.25		$	25.93		$	26.53		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.35			0.85			0.89			0.92			1.32
Net realized and unrealized gain (loss)		(0.49	)		4.06			(2.95	)		0.08			0.63
Total from investment operations		(0.14	)		4.91			(2.06	)		1.00			1.95
Less distributions from:
Net investment income		(0.15	)		(0.62	)		(1.51	)		(1.58	)		(0.42	)
Net realized gains		—			(4.62	)		(0.11	)		(0.02	)		—
Total distributions		(0.15	)		(5.24	)		(1.62	)		(1.60	)		(0.42	)
Net Asset Value, end of period	$	21.63		$	21.92		$	22.25		$	25.93		$	26.53
Total Return (%)		(0.62	)**		24.79			(8.25	)		4.27			7.90	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2			5			6			5			5
Ratio of expenses (%)		0.45	*		0.45			0.45			0.45			0.45	*
Ratio of net investment income (loss) (%)		3.22	*		3.81			4.04			3.57			7.70	*
Portfolio turnover rate (%)(c)		7	**		35			24			19			11	**

(a) For the period October 1, 2013 (commencement of operations) through May 31, 2014.

(b) Based on average shares outstanding during the period.

(c) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 119

DBX ETF Trust

Notes to Financial Statements

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, 2017, the Trust consists of thirty-five investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

New Fund Name	Former Fund Name
Xtrackers MSCI All World ex US Hedged Equity ETF	Deutsche X-trackers MSCI All World ex US Hedged Equity ETF
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF	Deutsche X-trackers MSCI Asia Pacific ex Japan Hedged Equity ETF
Xtrackers MSCI Brazil Hedged Equity ETF	Deutsche X-trackers MSCI Brazil Hedged Equity ETF
Xtrackers MSCI Emerging Markets Hedged Equity ETF	Deutsche X-trackers MSCI Emerging Markets Hedged Equity ETF
Xtrackers MSCI Europe Hedged Equity ETF	Deutsche X-trackers MSCI Europe Hedged Equity ETF
Xtrackers MSCI Eurozone Hedged Equity ETF	Deutsche X-trackers MSCI Eurozone Hedged Equity ETF
Xtrackers MSCI Germany Hedged Equity ETF	Deutsche X-trackers MSCI Germany Hedged Equity ETF
Xtrackers MSCI Japan Hedged Equity ETF	Deutsche X-trackers Japan Hedged Equity ETF
Xtrackers MSCI Mexico Hedged Equity ETF	Deutsche X-trackers Mexico Hedged Equity ETF
Xtrackers MSCI South Korea Hedged Equity ETF	Deutsche X-trackers MSCI South Korea Hedged Equity ETF
Xtrackers MSCI United Kingdom 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. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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
Xtrackers MSCI All World ex US Hedged Equity ETF	MSCI ACWI ex USA US Dollar Hedged Index
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF	MSCI Asia Pacific ex Japan US Dollar Hedged Index
Xtrackers MSCI Brazil Hedged Equity ETF	MSCI Brazil US Dollar Hedged Index
Xtrackers MSCI Emerging Markets Hedged Equity ETF	MSCI EM US Dollar Hedged Index
Xtrackers MSCI Europe Hedged Equity ETF	MSCI Europe US Dollar Hedged Index
Xtrackers MSCI Eurozone Hedged Equity ETF	MSCI EMU US Dollar Hedged Index
Xtrackers MSCI Germany Hedged Equity ETF	MSCI Germany US Dollar Hedged Index
Xtrackers MSCI Japan Hedged Equity ETF	MSCI Japan US Dollar Hedged Index
Xtrackers MSCI Mexico Hedged Equity ETF	MSCI Mexico IMI 25/50 US Dollar Hedged Index
Xtrackers MSCI South Korea Hedged Equity ETF	MSCI Korea 25/50 US Dollar Hedged Index
Xtrackers MSCI United Kingdom Hedged Equity ETF	MSCI United Kingdom US Dollar Hedged Index

The MSCI ACWI ex USA US Dollar Hedged 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 the currencies of the countries included in the Underlying Index.

120

DBX ETF Trust

Notes to Financial Statements (Continued)

The MSCI Asia Pacific ex Japan US Dollar Hedged 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 the currencies of the countries included in the Underlying Index.

The MSCI Brazil US Dollar Hedged 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.

The MSCI EM US Dollar Hedged 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 the currencies of the countries included in the Underlying Index.

The MSCI Europe US Dollar Hedged 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 currencies of the countries included in the Underlying Index.

The MSCI EMU US Dollar Hedged Index is designed to provide exposure to equity securities from countries in the European Monetary Union, while mitigating exposure to fluctuations between the value of the U.S. dollar and the euro.

The MSCI Germany US Dollar Hedged 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.

The MSCI Japan US Dollar Hedged 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.

The MSCI Mexico IMI 25/50 US Dollar Hedged Index is designed to provide exposure to the Mexican equity markets while at the same time mitigating exposure to fluctuations of the Mexican peso relative to the U.S. dollar.

The MSCI Korea 25/50 US Dollar Hedged Index is designed to provide exposure to the South Korean equity markets while at the same time mitigating exposure to fluctuations of the South Korean won relative to the U.S. dollar.

The MSCI United Kingdom US Dollar Hedged Index is designed to provide exposure to the United Kingdom equity markets while at the same time hedging exposure to fluctuations of the British pound sterling relative to the U.S. dollar.

The MSCI Hedged Underlying 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 the 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 each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.

Each Fund, except Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF and Xtrackers MSCI United Kingdom 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

121

DBX ETF Trust

Notes to Financial Statements (Continued)

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. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. 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.

Investments in open-end investment companies are valued at their net asset value each business day 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.

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.

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 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.

122

DBX ETF Trust

Notes to Financial Statements (Continued)

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. 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 Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2017, the Funds did not incur any interest or penalties.

At May 31, 2017, 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
Xtrackers MSCI All World ex US Hedged Equity ETF	$	911,939	$	422,737	$	1,334,676
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF		539,120		432,009		971,129
Xtrackers MSCI Brazil Hedged Equity ETF		2,487,156		2,928,661		5,415,817
Xtrackers MSCI Emerging Markets Hedged Equity ETF		11,443,599		5,939,105		17,382,704
Xtrackers MSCI Eurozone Hedged Equity ETF		654,933		809,557		1,464,490
Xtrackers MSCI Germany Hedged Equity ETF		1,981,004		3,512,868		5,493,872
Xtrackers MSCI Japan Hedged Equity ETF		77,673,701		96,779,074		174,452,775
Xtrackers MSCI South Korea Hedged Equity ETF		2,142,159		8,644,055		10,786,214

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

123

DBX ETF Trust

Notes to Financial Statements (Continued)

taxable year. During the fiscal year ended May 31, 2017, the following Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:

	Late Year Ordinary Losses		Post-October Losses on Capital
Xtrackers MSCI All World ex US Hedged Equity ETF	$	—	$	1,146,103
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF		—		36,482
Xtrackers MSCI Brazil Hedged Equity ETF		—		229,785
Xtrackers MSCI Emerging Markets Hedged Equity ETF		—		7,145,294
Xtrackers MSCI Europe Hedged Equity ETF		—		67,692,115
Xtrackers MSCI Eurozone Hedged Equity ETF		—		1,554,916
Xtrackers MSCI Germany Hedged Equity ETF		—		601,016
Xtrackers MSCI Mexico Hedged Equity ETF		—		131,648
Xtrackers MSCI South Korea Hedged Equity ETF		1,889		2,050,203
Xtrackers MSCI United Kingdom Hedged Equity ETF		—		629,076

As of May 31, 2017, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	98,811,201	$	5,938,189		$	10,036,761	$	(4,098,572	)
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF		3,342,940		266,012			595,442		(329,430	)
Xtrackers MSCI Brazil Hedged Equity ETF		4,032,211		(138,755	)		278,042		(416,797	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		169,084,708		15,606,789			24,600,373		(8,993,584	)
Xtrackers MSCI Europe Hedged Equity ETF		2,829,128,618		6,650,916			207,912,808		(201,261,892	)
Xtrackers MSCI Eurozone Hedged Equity ETF		64,788,998		5,488,860			7,296,145		(1,807,285	)
Xtrackers MSCI Germany Hedged Equity ETF		62,664,265		369,115			7,192,372		(6,823,257	)
Xtrackers MSCI Japan Hedged Equity ETF		1,679,026,552		61,163,251			133,678,974		(72,515,723	)
Xtrackers MSCI Mexico Hedged Equity ETF		3,641,664		(544,106	)		64,057		(608,163	)
Xtrackers MSCI South Korea Hedged Equity ETF		22,435,694		5,932,296			6,765,463		(833,167	)
Xtrackers MSCI United Kingdom Hedged Equity ETF		5,489,147		(38,851	)		427,991		(466,842	)

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, 2017, 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

124

DBX ETF Trust

Notes to Financial Statements (Continued)

currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. 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 their securities lending agreement. During the term of the loans the Funds 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 cash 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 securities lending agreement. During the period ended November 30, 2017, the Funds invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2017 the Funds invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.13% annualized effective rate as of November 30, 2017) on the cash collateral invested in Deutsche Government & Agency Securities Portfolio. 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.

As of November 30, 2017, the Funds listed below had securities on loan, which were classified as common stocks in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

Xtrackers MSCI All World ex US Hedged Equity ETF

Xtrackers MSCI Asia Pacific ex Japan Hedged ETF

Xtrackers MSCI Emerging Markets Hedged Equity ETF

Xtrackers MSCI Europe Hedged Equity ETF

Xtrackers MSCI Eurozone Hedged Equity ETF

Xtrackers MSCI Germany Hedged Equity ETF

Xtrackers MSCI Japan Hedged Equity ETF

Xtrackers MSCI Mexico Hedged Equity ETF

Xtrackers MSCI United Kingdom Hedged Equity ETF

As of November 30, 2017, the Fund listed below had securities on loan, which were classified as exchange-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 period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

Xtrackers MSCI Brazil Hedged Equity ETF

As of November 30, 2017, the Fund listed below had no securities on loan.

Xtrackers MSCI South Korea Hedged Equity ETF

Derivatives

Forward Foreign Currency Contracts    Each Fund may enter into forward foreign currency contracts (“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.

125

DBX ETF Trust

Notes to Financial Statements (Continued)

A forward currency 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, 2017, The Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF and Xtrackers MSCI All World ex US Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. Similarly, the Xtrackers MSCI Brazil Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF, Xtrackers MSCI South Korea Hedged Equity ETF, Xtrackers MSCI United Kingdom ETF and Xtrackers MSCI Mexico Hedged Equity ETF each invested in forward currency 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 forward foreign currency contracts. 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 contracts as of November 30, 2017 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency 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, 2017.

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. For the period ended November 30, 2017, Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Brazil Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF, Xtrackers MSCI Europe Hedged Equity ETF, Xtrackers MSCI Eurozone Hedged Equity ETF, Xtrackers MSCI Germany Hedged Equity ETF, Xtrackers MSCI Japan Hedged Equity ETF and Xtrackers MSCI South Korea Hedged Equity ETF utilized futures in order to simulate investments in each Fund’s 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, 2017 is included in a table following the Funds’ Schedule of Investments.

126

DBX ETF Trust

Notes to Financial Statements (Continued)

The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2017 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All World ex US Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	7,123	Unrealized depreciation on futures contracts*	$	41,416
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		400,754	Unrealized depreciation on forward foreign currency contracts		1,804,751
		Total	$	407,877	Total	$	1,846,167
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	5,678
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		17,057	Unrealized depreciation on forward foreign currency contracts		33,198
		Total	$	17,057	Total	$	38,876
Xtrackers MSCI Brazil Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	10,907	Unrealized depreciation on forward foreign currency contracts	$	24,980
Xtrackers MSCI Emerging Markets Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	83,130	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		435,734	Unrealized depreciation on forward foreign currency contracts		2,823,191
		Total	$	518,864	Total	$	2,823,191
Xtrackers MSCI Europe Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	147,873	Unrealized depreciation on futures contracts*	$	142,802
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		3,992,504	Unrealized depreciation on forward foreign currency contracts		43,599,801
		Total	$	4,140,377	Total	$	43,742,603
Xtrackers MSCI Eurozone Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	4,332	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		171,886	Unrealized depreciation on forward foreign currency contracts		1,335,085
		Total	$	176,218	Total	$	1,335,085
Xtrackers MSCI Germany Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	30,606	Unrealized depreciation on futures contracts*	$	1,716
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		93,308	Unrealized depreciation on forward foreign currency contracts		1,128,589
		Total	$	123,914	Total	$	1,130,305

127

DBX ETF Trust

Notes to Financial Statements (Continued)

		Asset Derivatives			Liability Derivatives
Xtrackers MSCI Japan Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	4,904,277	Unrealized depreciation on futures contracts*	$	—
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		10,608,984	Unrealized depreciation on forward foreign currency contracts		26,263,333
		Total	$	15,513,261		$	26,263,333
Xtrackers MSCI Mexico Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	34,304	Unrealized depreciation on forward foreign currency contracts	$	100,426
Xtrackers MSCI South Korea Hedged Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	3,371
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		3,637	Unrealized depreciation on forward foreign currency contracts		718,613
		Total	$	3,637	Total	$	721,984
Xtrackers MSCI United Kingdom Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	34,979	Unrealized depreciation on forward foreign currency contracts	$	60,752

* Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

128

DBX ETF Trust

Notes to Financial Statements (Continued)

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2017 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts		Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	271,797	$	(1,966,614	)	$	(1,694,817	)
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF		24,862		(30,342	)		(5,480	)
Xtrackers MSCI Brazil Hedged Equity ETF		13,165		(35,331	)		(22,166	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		773,939		(1,132,584	)		(358,645	)
Xtrackers MSCI Europe Hedged Equity ETF		1,874,604		(101,372,532	)		(99,497,928	)
Xtrackers MSCI Eurozone Hedged Equity ETF		18,211		(3,549,600	)		(3,531,389	)
Xtrackers MSCI Germany Hedged Equity ETF		87,578		(3,644,750	)		(3,557,172	)
Xtrackers MSCI Japan Hedged Equity ETF		2,499,450		35,873,764			38,373,214
Xtrackers MSCI Mexico Hedged Equity ETF		—		(73,891	)		(73,891	)
Xtrackers MSCI South Korea Hedged Equity ETF		108,634		259,428			368,062
Xtrackers MSCI United Kingdom Hedged Equity ETF		—		(105,946	)		(105,946	)

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers MSCI All World ex US Hedged Equity ETF	$	(135,124	)	$	(151,156	)	$	(286,280	)
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF		(10,952	)		(8,396	)		(19,348	)
Xtrackers MSCI Brazil Hedged Equity ETF		2,280			(34,926	)		(32,646	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		(162,219	)		(1,161,672	)		(1,323,891	)
Xtrackers MSCI Europe Hedged Equity ETF		(1,789,879	)		10,757,563			8,967,684
Xtrackers MSCI Eurozone Hedged Equity ETF		(14,765	)		700,888			686,123
Xtrackers MSCI Germany Hedged Equity ETF		(55,945	)		865,033			809,088
Xtrackers MSCI Japan Hedged Equity ETF		2,625,598			(6,325,043	)		(3,699,445	)
Xtrackers MSCI Mexico Hedged Equity ETF		—			3,835			3,835
Xtrackers MSCI South Korea Hedged Equity ETF		(80,382	)		(306,759	)		(387,141	)
Xtrackers MSCI United Kingdom Hedged Equity ETF		—			(51,317	)		(51,317	)

For the period ended November 30, 2017 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
Xtrackers MSCI All World ex US Hedged Equity ETF	$	2,857,539	$	(107,494,971	)
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF		338,346		(3,511,206	)
Xtrackers MSCI Brazil Hedged Equity ETF		69,349		(4,443,417	)
Xtrackers MSCI Emerging Markets Hedged Equity ETF		4,861,568		(193,884,130	)
Xtrackers MSCI Europe Hedged Equity ETF		54,341,070		(2,443,087,558	)
Xtrackers MSCI Eurozone Hedged Equity ETF		992,002		(59,682,828	)
Xtrackers MSCI Germany Hedged Equity ETF		1,615,036		(53,997,382	)
Xtrackers MSCI Japan Hedged Equity ETF		44,913,526		(1,181,661,018	)
Xtrackers MSCI Mexico Hedged Equity ETF		—		(2,021,548	)
Xtrackers MSCI South Korea Hedged Equity ETF		501,302		(23,893,088	)
Xtrackers MSCI United Kingdom Hedged Equity ETF		—		(4,839,082	)

129

DBX ETF Trust

Notes to Financial Statements (Continued)

As of November 30, 2017, 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 deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. 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:

	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
Xtrackers MSCI All World ex US Hedged Equity ETF
Goldman Sachs & Co.	$	176,573	$	(176,573	)	$	—	$	—	$	926,902	$	(176,573	)	$	(810,000	)	$	—
JP Morgan & Chase Co.		114,912		(114,912	)		—		—		592,482		(114,912	)		(260,000	)		217,570
RBC Capital Markets		30,675		(30,675	)		—		—		91,632		(30,675	)		—			60,957
The Bank of New York Mellon		68,141		(68,141	)		—		—		176,674		(68,141	)		(260,000	)		—
The Bank of Nova Scotia		10,453		(10,453	)		—		—		17,061		(10,453	)		—			6,608
	$	400,754	$	(400,754	)	$	—	$	—	$	1,804,751	$	(400,754	)	$	(1,330,000	)	$	285,135
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF
Goldman Sachs & Co.	$	2,908	$	(2,908	)	$	—	$	—	$	11,123	$	(2,908	)	$	—		$	8,215
RBC Capital Markets		11		(11	)		—		—		552		(11	)		—			541
The Bank of New York Mellon		14,138		(14,138	)		—		—		21,523		(14,138	)		—			7,385
	$	17,057	$	(17,057	)	$	—	$	—	$	33,198	$	(17,057	)	$	—		$	16,141
Xtrackers MSCI Brazil Hedged Equity ETF
Goldman Sachs & Co.	$	7,677	$	(7,677	)	$	—	$	—	$	17,144	$	(7,677	)	$	—		$	9,467
JP Morgan & Chase Co.		219		(219	)		—		—		481		(219	)		—			262
The Bank of New York Mellon		1,655		(1,655	)		—		—		3,973		(1,655	)		—			2,318
The Bank of Nova Scotia		1,356		(1,356	)		—		—		3,382		(1,356	)		—			2,026
	$	10,907	$	(10,907	)	$	—	$	—	$	24,980	$	(10,907	)	$	—		$	14,073
Xtrackers MSCI Emerging Markets Hedged Equity ETF
Goldman Sachs & Co.	$	160,668	$	(160,668	)	$	—	$	—	$	1,310,929	$	(160,668	)	$	(1,150,000	)	$	261
JP Morgan & Chase Co.		137,685		(137,685	)		—		—		882,560		(137,685	)		(840,000	)		—
RBC Capital Markets		74,113		(74,113	)		—		—		311,457		(74,113	)		(270,000	)		—
The Bank of New York Mellon		29,456		(29,456	)		—		—		128,976		(29,456	)		—			99,520
The Bank of Nova Scotia		33,812		(33,812	)		—		—		189,269		(33,812	)		(310,000	)		—
	$	435,734	$	(435,734	)	$	—	$	—	$	2,823,191	$	(435,734	)	$	(2,570,000	)	$	99,781
Xtrackers MSCI Europe Hedged Equity ETF
Goldman Sachs & Co.	$	105,964	$	(105,964	)	$	—	$	—	$	1,980,889	$	(105,964	)	$	(1,070,000	)	$	804,925
JP Morgan & Chase Co.		1,328,923		(1,328,923	)		—		—		9,012,033		(1,328,923	)		(5,660,000	)		2,023,110
RBC Capital Markets		1,075,054		(1,075,054	)		—		—		13,559,169		(1,075,054	)		(8,740,000	)		3,744,115
The Bank of New York Mellon		363,364		(363,364	)		—		—		6,204,556		(363,364	)		(4,090,000	)		1,751,192
The Bank of Nova Scotia		1,119,199		(1,119,199	)		—		—		12,843,154		(1,119,199	)		(8,480,000	)		3,243,955
	$	3,992,504	$	(3,992,504	)	$	—	$	—	$	43,599,801	$	(3,992,504	)	$	(28,040,000	)	$	11,567,297

130

DBX ETF Trust

Notes to Financial Statements (Continued)

	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
Xtrackers MSCI Eurozone Hedged Equity ETF
Goldman Sachs & Co.	$	133,162	$	(133,162	)	$	—	$	—	$	753,883	$	(133,162	)	$	(680,000	)	$	—
JP Morgan & Chase Co.		38,724		(38,724	)		—		—		581,202		(38,724	)		(600,000	)		—
	$	171,886	$	(171,886	)	$	—	$	—	$	1,335,085	$	(171,886	)	$	(1,280,000	)	$	—
Xtrackers MSCI Germany Hedged Equity ETF
Goldman Sachs & Co.	$	37,278	$	(37,278	)	$	—	$	—	$	315,492	$	(37,278	)	$	(340,000	)	$	—
RBC Capital Markets		25,231		(25,231	)		—		—		393,197		(25,231	)		(410,000	)		—
The Bank of Nova Scotia		30,799		(30,799	)		—		—		419,900		(30,799	)		(430,000	)		—
	$	93,308	$	(93,308	)	$	—	$	—	$	1,128,589	$	(93,308	)	$	(1,180,000	)	$	—
Xtrackers MSCI Japan Hedged Equity ETF
Goldman Sachs & Co.	$	575,445	$	(575,445	)	$	—	$	—	$	1,536,125	$	(575,445	)	$	(1,650,000	)	$	—
JP Morgan & Chase Co.		3,139,129		(3,139,129	)		—		—		7,226,205		(3,139,129	)		(6,990,000	)		—
RBC Capital Markets		2,945,771		(2,945,771	)		—		—		7,715,251		(2,945,771	)		(7,920,000	)		—
The Bank of New York Mellon		343,681		(343,681	)		—		—		896,815		(343,681	)		(960,000	)		—
The Bank of Nova Scotia		3,604,958		(3,604,958	)		—		—		8,888,937		(3,604,958	)		(9,220,000	)		—
	$	10,608,984	$	(10,608,984	)	$	—	$	—	$	26,263,333	$	(10,608,984	)	$	(26,740,000	)	$	—
Xtrackers MSCI Mexico Hedged Equity ETF
RBC Capital Markets	$	30,139	$	(30,139	)	$	—	$	—	$	55,393	$	(30,139	)	$	—		$	25,254
The Bank of Nova Scotia		4,165		(4,165	)		—		—		45,033		(4,165	)		—			40,868
	$	34,304	$	(34,304	)	$	—	$	—	$	100,426	$	(34,304	)	$	—		$	66,122
Xtrackers MSCI South Korea Hedged Equity ETF
Goldman Sachs & Co.	$	345	$	(345	)	$	—	$	—	$	308,223	$	(345	)	$	(270,000	)	$	37,878
JP Morgan & Chase Co.		—		—			—		—		88,256		—			—			88,256
RBC Capital Markets		1,761		(1,761	)		—		—		238,498		(1,761	)		(260,000	)		—
The Bank of New York Mellon		1,531		(1,531	)		—		—		83,636		(1,531	)		–			82,105
	$	3,637	$	(3,637	)	$	—	$	—	$	718,613	$	(3,637	)	$	(530,000	)	$	208,239
Xtrackers MSCI United Kingdom Hedged Equity ETF
JP Morgan & Chase Co.	$	34,541	$	(34,541	)	$	—	$	—	$	49,196	$	(34,541	)	$	—		$	14,655
The Bank of Nova Scotia		438		(438	)		—		—		11,556		(438	)		—			11,118
	$	34,979	$	(34,979	)	$	—	$	—	$	60,752	$	(34,979	)	$	—		$	25,773

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.

131

DBX ETF Trust

Notes to Financial Statements (Continued)

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, computed and accrued daily and payable monthly, at an annual rate equal to:

	Unitary Management Fee
Xtrackers MSCI All World ex US Hedged Equity ETF		0.40	%
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF		0.60	%
Xtrackers MSCI Brazil Hedged Equity ETF		0.60	%
Xtrackers MSCI Emerging Markets Hedged Equity ETF		0.65	%
Xtrackers MSCI Europe Hedged Equity ETF		0.45	%
Xtrackers MSCI Eurozone Hedged Equity ETF		0.45	%
Xtrackers MSCI Germany Hedged Equity ETF		0.45	%
Xtrackers MSCI Japan Hedged Equity ETF		0.45	%
Xtrackers MSCI Mexico Hedged Equity ETF		0.50	%
Xtrackers MSCI South Korea Hedged Equity ETF		0.58	%
Xtrackers 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 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, distribution fees or expenses, if any, litigation 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, Lending 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; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

4. Investment Portfolio Transactions

For the period ended November 30, 2017, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	5,768,562	$	5,947,482
Xtrackers MSCI Asia Pacific ex Japan Hedged ETF		137,797		141,432
Xtrackers MSCI Brazil Hedged Equity ETF		1,013,819		838,577
Xtrackers MSCI Emerging Markets Hedged Equity ETF		11,289,718		6,308,572
Xtrackers MSCI Europe Hedged Equity ETF		96,577,379		166,910,326
Xtrackers MSCI Eurozone Hedged Equity ETF		2,592,922		5,993,167
Xtrackers MSCI Germany Hedged Equity ETF		3,544,194		13,505,796
Xtrackers MSCI Japan Hedged Equity ETF		76,881,515		102,438,525
Xtrackers MSCI Mexico Hedged Equity ETF		327,898		384,612
Xtrackers MSCI South Korea Hedged Equity ETF		1,532,848		23,537,806
Xtrackers MSCI United Kingdom Hedged Equity ETF		302,152		419,338

132

DBX ETF Trust

Notes to Financial Statements (Continued)

For the period ended November 30, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers MSCI All World ex US Hedged Equity ETF	$	14,163,889	$	—
Xtrackers MSCI Emerging Markets Hedged Equity ETF		2,531,843		—
Xtrackers MSCI Europe Hedged Equity ETF	$	—	$	445,449,074
Xtrackers MSCI Eurozone Hedged Equity ETF		—		8,836,820
Xtrackers MSCI Germany Hedged Equity ETF		2,677,620		13,669,645
Xtrackers MSCI Japan Hedged Equity ETF		305,737,851		350,029,254
Xtrackers MSCI Mexico Hedged Equity ETF		—		996,492
Xtrackers MSCI United Kingdom Hedged Equity ETF		—		3,228,252

5. Fund Share Transactions

As of November 30, 2017, 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 Xtrackers Brazil Hedged Equity ETF and Xtrackers 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.

6. Investing in Emerging Markets

The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers MSCI All World ex US Hedged Equity ETF, Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF, Xtrackers MSCI Emerging Markets Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 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 the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2017.

	Pro-rata Share
Xtrackers MSCI All World ex US Hedged Equity ETF	$	9,450,000
Xtrackers MSCI Asia Pacific ex Japan Hedged Equity ETF		525,000
Xtrackers MSCI Emerging Markets Hedged Equity ETF		19,950,000

8. Payments by Affiliates

During the period ended November 30, 2017, the Advisor agreed to reimburse Xtrackers MSCI Japan Hedged Equity ETF $3,520 for a loss on a trade executed incorrectly. The amount of the loss was 0.00% of the Fund’s average net assets.

133

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 most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” 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 (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 Trust 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.Xtrackers.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.Xtrackers.com.

134

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.Xtrackers.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.

135

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S 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 and less liquid than the markets of 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 U.S. 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 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. Please read the prospectus for more information.

In June 2016, the United Kingdom approved a referendum to leave the EU, creating economic and political uncertainty in its wake. Significant uncertainty exists regarding the timing of the United Kingdom’s anticipated withdrawal from the EU and the effects such withdrawal will have on the United Kingdom’s economy and on markets in the United Kingdom and throughout the world.

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 Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.

Copyright © 2017 Deutsche Bank AG. All rights reserved. Xtrackers^® 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	Administrator, custodian, fund accounting agent, lending agent & 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-049077-2 (1/18) DBX 003104 (1/19)

November 30, 2017

Semi-Annual Report

DBX ETF Trust

Xtrackers 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		20
Statement of Operations		21
Statement of Changes in Net Assets		22
Financial Highlights		23
Notes to Financial Statements		24
Additional Information		31
Privacy Policy Notice		32

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for the period ended November 30, 2017.

The pace of economic recovery gained momentum globally, boosting investor sentiment and investment expenditure. Developed economies entered into a Goldilocks environment — experiencing moderate growth, accompanied by low inflation rates and borrowing costs. However, volatility rose from its record low due to increasing geopolitical risks caused by the U.S.-North Korea and the Spain-Catalan political standoffs and the U.K. and Japanese elections. Meanwhile, developed equity markets continued on their bullish streak, driven by healthy economic sentiment and robust corporate earnings. The U.S. Federal Reserve Board (FRB) and the European Central Bank (ECB) maintained their hawkish rhetoric, partly complicated by low inflation figures. The FRB marked the dawn of its quantitative tightening program¹ in October, preluded by a hike in federal funds rate in June. The ECB decided to extend its asset purchase program till September 2018, while scaling down its purchases by half to gradually accommodate the shift to normalize monetary policy.

The European economy witnessed resilient growth as unemployment waned to multi-year lows and economic sentiment peaked to a 10-year high. The bloc’s growth was supported by an accommodative monetary policy and global tailwinds. In Germany, industrial production expanded and trade surplus widened, supported by higher demand from non-European Union countries. In France, economic growth beat expectations as business activity got a boost from labor market and tax reforms. The U.K. economy grew, although underperforming Eurozone growth, as higher inflation rates encroached upon consumer purchasing power. Moreover, the U.K. Prime Minister’s party lost its majority, making Brexit² negotiations arduous. Populism sentiments left cracks on the Eurozone landscape, as the secessionist Alternative für Deutschland party gathered more support in the German elections even as Angela Merkel came out victorious. Additionally, Spanish markets came under pressure as Catalan’s autonomy was annulled after its officials conducted a referendum³ and claimed independence from Spain, even after the latter deemed it illegal.

In Asia, Japan’s economy experienced its sixth straight quarterly expansion, gradually inching up from its recessionary slump. Japanese equities reacted positively to Shinzo Abe winning the general elections, reassuring investors of the continuation of supportive economic policies. China grew strongly as its industrial production and manufacturing Purchasing Managers’ Index⁴ improved, while its leaders shifted focus to deleveraging the enormous credit floating in the economy. In Australia, rising public investments and healthy employment numbers supported economic growth, partially weighed down by sluggish wage growth and sizeable household debt levels.

Synchronized global recovery is corroborating with the ECB’s and FRB’s stance of a tighter monetary policy, even though inflation remains low. While the ECB scales down the magnitude of its bond purchases, the FRB gears up to further hike interest rates, strengthening the outlook for the U.S. dollar. In view of an appreciating U.S. dollar, our currency-hedged strategy plays a significant role in managing investments in international equities.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Quantitative Tightening Program is a series of steps involving selling of government securities or other securities by the central bank to the market in order to increase interest rates and reduce the money supply.

² Brexit is a combination of the words “Britain” and “Exit” and describes the exit of the United Kingdom from the European Union.

³ Referendum is a general vote by the electorate on a single political question which has been referred to them for a direct decision.

⁴ Purchasing Managers’ Indexes (PMI) are economic indicators derived from monthly surveys of private sector companies.

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)

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF)

The Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”) 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 the currencies of the countries included in the Underlying Index. As of November 30, 2017, the Underlying Index included securities from the following countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Japan, the 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 Equity Holdings as of 11/30/17 (12.0% of Net Assets)
Description	% of Net Assets
Nestle SA (Switzerland)		1.8%
Royal Dutch Shell PLC (Netherlands)		1.8%
HSBC Holdings PLC (United Kingdom)		1.3%
Novartis AG (Switzerland)		1.3%
Roche Holding AG (Switzerland)		1.2%
Toyota Motor Corp. (Japan)		1.1%
British American Tobacco PLC (United Kingdom)		1.0%
TOTAL SA (France)		0.9%
BP PLC (United Kingdom)		0.9%
SAP SE (Germany)		0.7%

Sector Diversification* as of 11/30/17
Financials	21.2%
Industrials	14.6%
Consumer Discretionary	12.2%
Consumer Staples	11.2%
Health Care	10.1%
Materials	7.9%
Information Technology	6.6%
Energy	5.2%
Telecommunication Services	4.1%
Real Estate	3.6%
Utilities	3.3%
Total	100.0%

Country Diversification* as of 11/30/17
Japan	24.1%
United Kingdom	15.2%
France	10.6%
Germany	10.0%
Switzerland	8.7%
Australia	6.8%
Netherlands	4.6%
Hong Kong	3.4%
Spain	3.3%
Sweden	2.7%
Italy	2.1%
Other	8.5%
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 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 Fund 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, 2017 to November 30, 2017).

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, 2017		Ending Account Value November 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers MSCI EAFE Hedged Equity ETF
Actual	$	1,000.00	$	1,055.20		0.35	%	$	1.80
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.35	%	$	1.78

(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 365.

3

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 97.9%
Australia — 6.7%
AGL Energy Ltd.		305,022	$	5,765,667
Alumina Ltd.		1,158,395		1,945,189
Amcor Ltd.		540,515		6,304,407
AMP Ltd.		1,360,850		5,259,970
APA Group (a)		528,265		3,732,079
Aristocrat Leisure Ltd.		253,383		4,214,585
ASX Ltd.		91,750		3,965,504
Aurizon Holdings Ltd.		973,348		3,879,992
AusNet Services		829,419		1,176,325
Australia & New Zealand Banking Group Ltd.		1,369,684		29,485,425
Bank of Queensland Ltd.		174,936		1,744,001
Bendigo & Adelaide Bank Ltd.		222,618		1,960,042
BHP Billiton Ltd.		1,497,576		30,924,568
BHP Billiton PLC		984,835		17,913,840
BlueScope Steel Ltd.		270,301		2,782,646
Boral Ltd.		541,485		3,080,040
Brambles Ltd.		750,998		5,805,529
Caltex Australia Ltd.		120,481		3,103,954
Challenger Ltd.		275,786		2,918,381
CIMIC Group Ltd.		45,535		1,757,612
Coca-Cola Amatil Ltd.		257,707		1,547,743
Cochlear Ltd.		26,678		3,646,797
Commonwealth Bank of Australia		807,592		48,520,882
Computershare Ltd.		224,020		2,790,824
Crown Resorts Ltd.		172,692		1,613,212
CSL Ltd.		210,987		22,875,743
Dexus REIT		474,404		3,717,579
Domino’s Pizza Enterprises Ltd.		29,132		1,035,667
Flight Centre Travel Group Ltd. (b)		27,339		925,603
Fortescue Metals Group Ltd.		715,710		2,490,274
Goodman Group REIT		844,946		5,553,936
GPT Group REIT		851,319		3,483,708
Harvey Norman Holdings Ltd. (b)		274,245		831,831
Healthscope Ltd.		816,598		1,226,086
Incitec Pivot Ltd.		814,067		2,456,887
Insurance Australia Group Ltd.		1,118,220		6,064,549
LendLease Group (a)		262,000		3,151,016
Macquarie Group Ltd.		150,481		11,180,930
Medibank Pvt Ltd.		1,267,314		3,134,614
Mirvac Group REIT		1,750,317		3,230,418
National Australia Bank Ltd.		1,255,105		28,091,643
Newcrest Mining Ltd.		362,685		6,394,756
Oil Search Ltd.		649,353		3,448,023
Orica Ltd.		180,819		2,325,119
Origin Energy Ltd.*		815,186		5,506,305
QBE Insurance Group Ltd.		649,215		5,215,131
Ramsay Health Care Ltd.		65,810		3,473,561
REA Group Ltd.		24,676		1,470,612
Santos Ltd.*		857,390		3,294,536
Scentre Group REIT		2,482,660		7,943,460
SEEK Ltd.		159,395		2,228,070
Sonic Healthcare Ltd.		183,624		3,094,545
South32 Ltd.		2,433,058		5,999,598
Stockland REIT		1,142,947		4,063,274
Suncorp Group Ltd.		602,772		6,533,583

	Number of Shares		Value
Australia (Continued)
Sydney Airport (a)		507,680	$	2,845,512
Tabcorp Holdings Ltd.		393,804		1,444,688
Tatts Group Ltd.		627,296		2,045,041
Telstra Corp. Ltd.		1,940,154		5,033,643
TPG Telecom Ltd. (b)		182,980		823,517
Transurban Group (a)		958,264		9,096,640
Treasury Wine Estates Ltd.		343,586		4,088,051
Vicinity Centres REIT		1,594,077		3,376,132
Wesfarmers Ltd.		528,697		17,563,914
Westfield Corp. REIT		932,839		5,912,931
Westpac Banking Corp.		1,574,029		37,468,093
Woodside Petroleum Ltd.		395,535		9,274,676
Woolworths Ltd.		605,730		12,329,484
				467,582,593
Austria — 0.3%
ANDRITZ AG		33,914		1,899,428
Erste Group Bank AG*		142,105		6,198,996
OMV AG		68,668		4,271,317
Raiffeisen Bank International AG*		69,832		2,472,745
voestalpine AG		53,238		3,092,919
				17,935,405
Belgium — 1.1%
Ageas		87,877		4,318,227
Anheuser-Busch InBev SA/NV		355,293		40,893,203
Colruyt SA		27,160		1,438,236
Groupe Bruxelles Lambert SA		37,494		4,032,069
KBC Group NV		116,885		9,561,876
Proximus SADP		70,614		2,420,170
Solvay SA		34,585		4,865,677
Telenet Group Holding NV*		24,515		1,712,513
UCB SA		60,122		4,489,686
Umicore SA		89,527		4,178,197
				77,909,854
Chile — 0.0%
Antofagasta PLC		190,244		2,340,004
China — 0.0%
Minth Group Ltd.		352,000		1,965,033
Yangzijiang Shipbuilding Holdings Ltd.		933,100		1,086,287
				3,051,320
Denmark — 1.8%
A.P. Moller — Maersk A/S, Class A		1,650		2,826,038
A.P. Moller — Maersk A/S, Class B		3,049		5,470,851
Carlsberg A/S, Class B		50,343		5,961,682
Chr Hansen Holding A/S		46,705		4,238,712
Coloplast A/S, Class B		56,446		4,424,075
Danske Bank A/S		349,301		13,049,002
DSV A/S		89,628		6,897,218
Genmab A/S*		27,130		5,336,537
H Lundbeck A/S		32,564		1,641,974
ISS A/S		79,051		2,988,543
Novo Nordisk A/S, Class B		869,366		44,878,755
Novozymes A/S, Class B		105,442		5,706,221
Orsted A/S, 144A		87,683		5,101,322

See Notes to Financial Statements. 4

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Denmark (Continued)
Pandora A/S (b)		49,484	$	4,957,817
TDC A/S		391,805		2,384,753
Tryg A/S		52,302		1,271,354
Vestas Wind Systems A/S		100,484		6,431,002
William Demant Holding A/S*		54,339		1,493,799
				125,059,655
Finland — 0.9%
Elisa OYJ		66,438		2,702,879
Fortum OYJ		209,841		4,415,812
Kone OYJ, Class B		156,894		8,074,767
Metso OYJ		53,254		1,879,382
Neste OYJ		58,724		3,648,582
Nokia OYJ		2,721,389		13,656,180
Nokian Renkaat OYJ		54,323		2,371,006
Orion OYJ, Class B		47,683		1,761,097
Sampo OYJ, Class A		208,450		11,018,454
Stora Enso OYJ, Class R		260,555		3,988,213
UPM-Kymmene OYJ		247,827		7,459,942
Wartsila OYJ Abp		70,295		4,643,607
				65,619,921
France — 10.4%
Accor SA		87,840		4,405,801
Aeroports de Paris		14,326		2,732,505
Air Liquide SA		199,127		24,921,686
Airbus SE		270,844		28,139,846
Alstom SA		74,074		3,057,616
Amundi SA, 144A		28,802		2,570,432
Arkema SA		31,485		3,852,430
Atos SE		44,107		6,522,918
AXA SA		904,324		27,286,009
BioMerieux		19,737		1,646,551
BNP Paribas SA		523,917		39,647,975
Bollore SA		401,935		2,134,634
Bouygues SA		100,554		5,201,482
Bureau Veritas SA		122,540		3,248,879
Capgemini SE		74,929		8,640,166
Carrefour SA		270,918		5,693,031
Casino Guichard Perrachon SA		26,254		1,597,752
Cie de Saint-Gobain		235,139		13,396,172
Cie Generale des Etablissements Michelin		79,865		11,582,973
CNP Assurances		78,898		1,775,806
Credit Agricole SA		529,727		8,924,831
Danone SA		281,470		23,759,584
Dassault Aviation SA		1,132		1,740,388
Dassault Systemes SE		60,980		6,554,827
Edenred		101,566		2,906,169
Eiffage SA		34,596		3,796,188
Electricite de France SA		269,268		3,528,662
Engie SA		851,660		14,906,280
Essilor International SA		96,122		12,361,910
Eurazeo SA		20,358		1,791,647
Eutelsat Communications SA (b)		83,314		1,886,108
Faurecia		36,170		2,767,339
Fonciere Des Regions REIT		14,899		1,594,067

	Number of Shares		Value
France (Continued)
Gecina SA REIT		21,941	$	3,656,137
Groupe Eurotunnel SE		225,559		2,998,826
Hermes International		14,610		7,700,960
ICADE REIT		15,770		1,464,829
Iliad SA		12,274		2,871,423
Imerys SA		16,081		1,474,385
Ingenico Group SA		27,162		2,846,294
Ipsen SA		17,801		2,169,613
JCDecaux SA		36,701		1,529,354
Kering		35,107		15,575,764
Klepierre SA REIT		101,756		4,202,691
Lagardere SCA		54,219		1,776,947
Legrand SA		123,233		9,234,848
L’Oreal SA		117,480		25,980,508
LVMH Moet Hennessy Louis Vuitton SE (b)		130,020		37,837,900
Natixis SA		434,804		3,524,347
Orange SA (b)		930,266		16,032,960
Pernod Ricard SA		99,010		15,443,797
Peugeot SA		274,242		5,671,485
Publicis Groupe SA		96,657		6,419,564
Remy Cointreau SA		11,032		1,468,027
Renault SA		90,256		9,172,131
Rexel SA		146,036		2,693,330
Safran SA		155,565		16,577,479
Sanofi		529,801		48,303,605
Schneider Electric SE*		265,459		22,815,647
SCOR SE		78,652		3,207,267
SEB SA		10,643		1,960,979
Societe BIC SA		13,103		1,521,218
Societe Generale SA		357,796		18,018,412
Sodexo SA		42,198		5,512,320
Suez		171,609		3,163,949
Teleperformance		27,528		4,074,351
Thales SA		50,138		5,067,748
TOTAL SA		1,107,749		62,503,382
Ubisoft Entertainment SA*		30,048		2,304,314
Unibail-Rodamco SE REIT		46,567		11,913,893
Valeo SA		109,998		7,985,120
Veolia Environnement SA		227,224		5,748,484
Vinci SA		235,295		24,040,329
Vivendi SA		481,758		12,824,364
Wendel SA		13,067		2,199,193
Zodiac Aerospace		97,946		2,879,530
				728,940,368
Germany — 9.2%
adidas AG		87,800		18,309,084
Allianz SE		209,609		49,435,849
Axel Springer SE		22,640		1,786,872
BASF SE		428,276		47,916,997
Bayer AG		385,597		49,177,203
Bayerische Motoren Werke AG		154,387		15,560,716
Beiersdorf AG		47,621		5,667,520
Brenntag AG		73,417		4,570,212
Commerzbank AG*		502,356		7,267,827
Continental AG		51,293		13,660,266

See Notes to Financial Statements. 5

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Germany (Continued)
Covestro AG, 144A		56,654	$	5,900,334
Daimler AG		448,968		37,150,371
Deutsche Bank AG (c)		963,713		18,192,354
Deutsche Boerse AG		88,877		10,076,098
Deutsche Lufthansa AG		109,642		3,767,573
Deutsche Post AG		451,056		21,415,711
Deutsche Telekom AG		1,554,150		27,765,892
Deutsche Wohnen SE		165,339		7,308,954
Drillisch AG		25,265		1,927,894
E.ON SE		1,026,348		11,870,386
Evonik Industries AG		76,722		2,861,916
Fraport AG Frankfurt Airport Services Worldwide		19,658		1,957,938
Fresenius Medical Care AG & Co. KGaA		100,517		9,986,376
Fresenius SE & Co. KGaA		193,851		13,984,609
GEA Group AG		86,679		4,181,981
Hannover Rueck SE		28,547		3,751,177
HeidelbergCement AG		69,410		7,383,322
Henkel AG & Co. KGaA		48,828		5,951,232
HOCHTIEF AG		9,243		1,624,368
HUGO BOSS AG		30,160		2,480,188
Infineon Technologies AG		529,620		14,624,814
Innogy SE, 144A		63,938		2,955,428
K+S AG (b)		92,330		2,162,199
KION Group AG		31,753		2,584,353
LANXESS AG		43,329		3,291,345
Linde AG		79,718		17,496,666
Linde AG*		8,669		2,023,929
MAN SE		16,693		1,874,823
Merck KGaA		59,397		6,322,455
METRO AG*		84,620		1,651,790
MTU Aero Engines AG		24,774		4,454,048
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		72,401		16,110,463
OSRAM Licht AG		46,098		3,949,956
ProSiebenSat.1 Media SE		109,891		3,494,915
RWE AG*		245,725		5,630,125
SAP SE		458,270		51,627,375
Siemens AG		356,711		48,486,474
Symrise AG		58,661		4,985,934
Telefonica Deutschland Holding AG		353,326		1,680,502
thyssenkrupp AG		201,913		5,525,114
TUI AG		207,855		3,834,227
Uniper SE		95,895		2,852,904
United Internet AG		57,003		3,840,185
Volkswagen AG		15,197		3,146,446
Vonovia SE		228,228		10,742,330
Wirecard AG		55,927		5,961,748
Zalando SE, 144A*		52,457		2,682,602
				646,884,370
Hong Kong — 3.3%
AIA Group Ltd.		5,629,938		45,629,735
ASM Pacific Technology Ltd.		123,736		1,777,582
Bank of East Asia Ltd. (b)		588,981		2,605,493
BOC Hong Kong Holdings Ltd.		1,725,705		8,727,790

	Number of Shares		Value
Hong Kong (Continued)
CK Asset Holdings Ltd.		1,211,332	$	10,197,638
CK Hutchison Holdings Ltd.		1,259,308		15,849,885
CK Infrastructure Holdings Ltd.		304,708		2,586,652
CLP Holdings Ltd.		765,522		7,806,998
First Pacific Co. Ltd.		1,055,042		788,902
Galaxy Entertainment Group Ltd.		1,097,276		7,888,715
Hang Lung Group Ltd.		427,044		1,536,454
Hang Lung Properties Ltd.		960,605		2,260,638
Hang Seng Bank Ltd.		356,595		8,811,973
Henderson Land Development Co. Ltd.		545,897		3,564,688
HK Electric Investments & HK Electric Investments Ltd., 144A (a)		1,167,844		1,072,123
HKT Trust & HKT Ltd. (a)		1,728,346		2,170,902
Hong Kong & China Gas Co. Ltd.		3,913,572		7,636,580
Hong Kong Exchanges & Clearing Ltd.		547,911		16,500,153
Hongkong Land Holdings Ltd.		562,000		4,102,600
Hysan Development Co. Ltd.		295,198		1,581,792
Jardine Matheson Holdings Ltd.		98,700		6,166,776
Jardine Strategic Holdings Ltd.		103,800		4,307,700
Kerry Properties Ltd.		319,994		1,413,519
Kingston Financial Group Ltd.		1,946,000		2,396,947
Li & Fung Ltd.		2,752,969		1,212,552
Link REIT		1,027,316		9,161,483
Melco Resorts & Entertainment Ltd., ADR		116,262		3,035,601
MTR Corp. Ltd.		699,723		4,116,729
New World Development Co. Ltd.		2,719,692		3,941,911
NWS Holdings Ltd.		741,595		1,346,430
PCCW Ltd.		1,864,722		1,107,829
Power Assets Holdings Ltd.		640,414		5,469,244
Shangri-La Asia Ltd.		617,491		1,391,502
Sino Land Co. Ltd.		1,464,287		2,651,040
SJM Holdings Ltd.		976,192		784,938
Sun Hung Kai Properties Ltd.		681,210		11,129,414
Swire Pacific Ltd., Class A		236,160		2,270,842
Swire Properties Ltd.		525,481		1,779,604
Techtronic Industries Co. Ltd.		633,039		3,659,560
WH Group Ltd., 144A		4,101,067		4,353,034
Wharf Holdings Ltd.		557,636		1,756,413
Wharf Real Estate Investment Co. Ltd.*		557,636		3,370,027
Wheelock & Co. Ltd.		375,393		2,576,271
Yue Yuen Industrial Holdings Ltd.		350,104		1,250,668
				233,747,327
Ireland — 0.6%
AerCap Holdings NV*		64,770		3,366,097
Allied Irish Banks PLC		387,964		2,516,668
Bank of Ireland Group PLC*		431,410		3,365,384
CRH PLC		390,002		13,438,581
DCC PLC		41,352		4,001,374
James Hardie Industries PLC CDI		204,133		3,319,738
Kerry Group PLC, Class A		73,722		7,721,786
Paddy Power Betfair PLC		37,252		4,154,137
Ryanair Holdings PLC*		72,234		1,508,887
				43,392,652

See Notes to Financial Statements. 6

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Israel — 0.4%
Azrieli Group Ltd. (b)		20,927	$	1,122,030
Bank Hapoalim BM		496,691		3,389,243
Bank Leumi Le-Israel BM		674,878		3,745,890
Bezeq The Israeli Telecommunication Corp. Ltd.		967,136		1,449,929
Check Point Software Technologies Ltd.*		60,969		6,358,457
Elbit Systems Ltd.		10,360		1,435,200
Frutarom Industries Ltd.		19,001		1,674,384
Israel Chemicals Ltd.		219,450		894,074
Mizrahi Tefahot Bank Ltd.		65,021		1,185,565
Nice Ltd. (b)		28,996		2,508,695
Teva Pharmaceutical Industries Ltd., ADR (b)		420,936		6,238,272
				30,001,739
Italy — 2.1%
Assicurazioni Generali SpA		580,922		10,634,380
Atlantia SpA		214,409		7,122,638
Davide Campari-Milano SpA		276,711		2,153,982
Enel SpA		3,792,487		24,623,901
Eni SpA		1,186,206		19,498,078
Ferrari NV		56,885		6,174,910
Intesa Sanpaolo SpA		6,285,955		21,113,794
Intesa Sanpaolo SpA-RSP		411,740		1,315,357
Leonardo SpA		187,697		2,242,999
Luxottica Group SpA		79,815		4,640,738
Mediobanca SpA		273,638		3,157,637
Poste Italiane SpA, 144A		248,111		1,811,751
Prysmian SpA		94,056		3,132,364
Recordati SpA		49,330		2,219,427
Snam SpA		1,074,272		5,416,368
Telecom Italia SpA*		5,315,617		4,447,818
Telecom Italia SpA-RSP		2,819,492		1,909,506
Terna Rete Elettrica Nazionale SpA		667,950		4,130,166
UniCredit SpA*		934,034		18,788,296
UnipolSai Assicurazioni SpA		446,879		1,047,838
				145,581,948
Japan — 23.8%
ABC-Mart, Inc.		15,400		842,898
Acom Co. Ltd.*(b)		190,000		788,396
Aeon Co. Ltd.		284,600		4,612,470
AEON Financial Service Co. Ltd.		45,900		1,015,922
Aeon Mall Co. Ltd.		53,000		967,275
Air Water, Inc.		69,500		1,487,014
Aisin Seiki Co. Ltd.		84,054		4,488,556
Ajinomoto Co., Inc.		254,800		4,672,862
Alfresa Holdings Corp.		83,100		1,780,952
Alps Electric Co. Ltd.		92,456		2,936,871
Amada Holdings Co. Ltd.		156,100		2,068,018
ANA Holdings, Inc.		54,100		2,153,521
Aozora Bank Ltd.		55,200		2,135,999
Asahi Glass Co. Ltd.		90,900		3,779,928
Asahi Group Holdings Ltd.		181,465		9,201,837
Asahi Kasei Corp.		588,600		7,348,021
Asics Corp.		74,600		1,097,673

	Number of Shares		Value
Japan (Continued)
Astellas Pharma, Inc.		964,700	$	12,223,219
Bandai Namco Holdings, Inc.		93,200		3,022,613
Bank of Kyoto Ltd.		28,300		1,438,322
Benesse Holdings, Inc.		33,400		1,175,210
Bridgestone Corp.		303,321		13,731,578
Brother Industries Ltd.		110,000		2,713,226
Calbee, Inc.		37,400		1,304,323
Canon, Inc.		497,523		18,999,990
Casio Computer Co. Ltd.		87,300		1,273,683
Central Japan Railway Co.		67,240		12,412,022
Chiba Bank Ltd.		327,000		2,495,828
Chubu Electric Power Co., Inc.		299,300		3,773,661
Chugai Pharmaceutical Co. Ltd.		103,000		5,317,251
Chugoku Electric Power Co., Inc.		137,600		1,516,051
Coca-Cola Bottlers Japan, Inc.		55,200		2,091,857
Concordia Financial Group Ltd.		569,100		3,109,836
Credit Saison Co. Ltd.		73,500		1,409,983
CYBERDYNE, Inc.*(b)		46,000		607,775
Dai Nippon Printing Co. Ltd.		121,000		2,639,433
Daicel Corp.		130,500		1,543,343
Daifuku Co. Ltd.		47,100		2,561,216
Dai-ichi Life Holdings, Inc.		505,599		10,314,588
Daiichi Sankyo Co. Ltd.		264,200		6,357,045
Daikin Industries Ltd.		116,400		13,362,548
Daito Trust Construction Co. Ltd.		32,300		5,896,339
Daiwa House Industry Co. Ltd.		265,100		9,690,536
Daiwa House REIT Investment Corp. REIT		670		1,603,785
Daiwa Securities Group, Inc.		767,125		4,757,681
DeNA Co. Ltd.		46,000		1,040,206
Denso Corp.		220,100		12,330,450
Dentsu, Inc.		100,100		4,518,264
Disco Corp.		13,400		2,959,918
Don Quijote Holdings Co. Ltd.		55,300		2,638,598
East Japan Railway Co.		152,900		14,760,838
Eisai Co. Ltd.		124,500		7,047,754
Electric Power Development Co. Ltd.		68,332		1,894,316
FamilyMart UNY Holdings Co. Ltd.		38,400		2,582,860
FANUC Corp.		90,897		22,569,787
Fast Retailing Co. Ltd.		24,900		9,626,363
Fuji Electric Co. Ltd.		261,000		1,836,705
FUJIFILM Holdings Corp.		193,710		7,886,438
Fujitsu Ltd.		925,115		6,862,842
Fukuoka Financial Group, Inc.		361,000		1,866,827
Hachijuni Bank Ltd.		182,700		1,038,944
Hakuhodo DY Holdings, Inc.		108,800		1,458,787
Hamamatsu Photonics KK		66,400		2,271,447
Hankyu Hanshin Holdings, Inc.		112,640		4,353,672
Hikari Tsushin, Inc.		10,000		1,437,647
Hino Motors Ltd.		125,800		1,535,823
Hirose Electric Co. Ltd.		14,920		2,219,208
Hisamitsu Pharmaceutical Co., Inc.		28,800		1,617,273
Hitachi Chemical Co. Ltd.		48,600		1,275,186
Hitachi Construction Machinery Co. Ltd.		46,300		1,528,318
Hitachi High-Technologies Corp.		32,100		1,324,843
Hitachi Ltd.		2,249,000		16,669,917

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Hitachi Metals Ltd.		98,600	$	1,301,000
Honda Motor Co. Ltd.		799,600		26,600,048
Hoshizaki Corp.		25,300		2,403,101
Hoya Corp.		181,800		8,800,448
Hulic Co. Ltd.		139,100		1,521,455
Idemitsu Kosan Co. Ltd.		62,000		2,076,858
IHI Corp.		70,200		2,161,295
Iida Group Holdings Co. Ltd.		68,600		1,261,735
Inpex Corp.		443,204		4,981,590
Isetan Mitsukoshi Holdings Ltd.		156,100		1,801,714
Isuzu Motors Ltd.		257,100		4,045,707
ITOCHU Corp.		699,500		12,094,958
J. Front Retailing Co. Ltd.		118,300		1,991,901
Japan Airlines Co. Ltd.		46,100		1,685,971
Japan Airport Terminal Co. Ltd.		21,700		807,881
Japan Exchange Group, Inc.		243,200		4,455,803
Japan Post Bank Co. Ltd.		188,858		2,394,601
Japan Post Holdings Co. Ltd.		728,398		8,361,902
Japan Prime Realty Investment Corp. REIT		387		1,298,081
Japan Real Estate Investment Corp. REIT		580		2,813,808
Japan Retail Fund Investment Corp. REIT		1,269		2,247,205
Japan Tobacco, Inc.		515,593		17,042,125
JFE Holdings, Inc.		243,500		5,716,176
JGC Corp.		95,200		1,650,319
JSR Corp.		85,900		1,641,751
JTEKT Corp.		104,900		1,797,966
JXTG Holdings, Inc.		1,438,100		8,050,140
Kajima Corp.		419,000		4,389,364
Kakaku.com, Inc.		65,200		1,027,720
Kamigumi Co. Ltd.		54,400		1,195,838
Kaneka Corp.		131,000		1,154,667
Kansai Electric Power Co., Inc.		332,400		4,382,972
Kansai Paint Co. Ltd.		93,500		2,449,967
Kao Corp.		231,600		15,306,240
Kawasaki Heavy Industries Ltd.		68,100		2,244,889
KDDI Corp.		840,930		24,022,302
Keihan Holdings Co. Ltd.		44,900		1,326,514
Keikyu Corp.		109,250		2,103,556
Keio Corp.		53,960		2,378,085
Keisei Electric Railway Co. Ltd.		64,328		2,057,673
Keyence Corp.		45,320		26,138,178
Kikkoman Corp.		68,682		2,685,155
Kintetsu Group Holdings Co. Ltd.		84,440		3,297,470
Kirin Holdings Co. Ltd.		404,900		9,460,079
Kobe Steel Ltd.*		155,300		1,453,027
Koito Manufacturing Co. Ltd.		52,500		3,615,221
Komatsu Ltd.		433,738		13,411,597
Konami Holdings Corp.		43,500		2,292,017
Konica Minolta, Inc.		217,800		2,121,008
Kose Corp.		14,100		2,157,377
Kubota Corp.		491,900		9,265,876
Kuraray Co. Ltd.		165,500		3,177,800
Kurita Water Industries Ltd.		46,200		1,442,916
Kyocera Corp.		149,700		10,509,394

	Number of Shares		Value
Japan (Continued)
Kyowa Hakko Kirin Co. Ltd.		121,000	$	2,288,942
Kyushu Electric Power Co., Inc.		202,000		2,302,777
Kyushu Financial Group, Inc.		157,200		927,458
Kyushu Railway Co.		74,576		2,299,336
Lawson, Inc.		23,400		1,609,276
LINE Corp.*		20,600		876,752
Lion Corp.		105,500		1,962,921
LIXIL Group Corp.		127,000		3,334,533
M3, Inc.		100,792		3,304,656
Mabuchi Motor Co. Ltd.		22,600		1,200,835
Makita Corp.		102,200		4,213,497
Marubeni Corp.		781,100		5,176,102
Marui Group Co. Ltd.		92,600		1,634,045
Maruichi Steel Tube Ltd.		26,300		740,779
Mazda Motor Corp.		266,100		3,553,675
McDonald’s Holdings Co. Japan Ltd.		31,000		1,351,060
Mebuki Financial Group, Inc.		459,450		1,922,795
Medipal Holdings Corp.		77,000		1,490,808
MEIJI Holdings Co. Ltd.		57,242		4,974,248
MINEBEA MITSUMI, Inc.		173,400		3,412,688
MISUMI Group, Inc.		131,500		3,826,580
Mitsubishi Chemical Holdings Corp.		667,200		7,208,807
Mitsubishi Corp.		704,500		17,608,588
Mitsubishi Electric Corp.		897,300		14,769,632
Mitsubishi Estate Co. Ltd.		585,500		10,417,733
Mitsubishi Gas Chemical Co., Inc.		84,500		2,357,546
Mitsubishi Heavy Industries Ltd.		152,420		5,620,356
Mitsubishi Materials Corp.		52,100		1,735,972
Mitsubishi Motors Corp.		321,800		2,244,551
Mitsubishi Tanabe Pharma Corp.		107,900		2,326,832
Mitsubishi UFJ Financial Group, Inc.		5,559,799		39,130,275
Mitsubishi UFJ Lease & Finance Co. Ltd.		205,700		1,167,909
Mitsui & Co. Ltd.		790,600		11,977,191
Mitsui Chemicals, Inc.		85,800		2,763,561
Mitsui Fudosan Co. Ltd.		416,107		9,376,226
Mitsui OSK Lines Ltd.		53,400		1,708,117
Mixi, Inc.		20,100		932,267
Mizuho Financial Group, Inc.		11,246,956		20,376,332
MS&AD Insurance Group Holdings, Inc.		222,000		7,209,649
Murata Manufacturing Co. Ltd.		89,851		12,107,072
Nabtesco Corp.		52,525		2,046,489
Nagoya Railroad Co. Ltd.		89,540		2,180,720
NEC Corp.		123,700		3,297,348
Nexon Co. Ltd.*		92,200		2,637,914
NGK Insulators Ltd.		122,200		2,329,015
NGK Spark Plug Co. Ltd.		74,300		1,707,226
NH Foods Ltd.		88,000		2,155,724
Nidec Corp.		110,600		15,006,104
Nikon Corp.		156,500		3,096,766
Nintendo Co. Ltd.		53,079		21,317,436
Nippon Building Fund, Inc. REIT		625		3,126,527
Nippon Electric Glass Co. Ltd.		39,400		1,526,358
Nippon Express Co. Ltd.		37,200		2,356,711
Nippon Paint Holdings Co. Ltd.		76,742		2,352,480
Nippon Prologis REIT, Inc. REIT		845		1,810,205

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Nippon Steel & Sumitomo Metal Corp.		354,300	$	8,565,910
Nippon Telegraph & Telephone Corp.		322,622		16,852,768
Nippon Yusen KK*		70,800		1,646,936
Nissan Chemical Industries Ltd.		54,300		2,171,132
Nissan Motor Co. Ltd.		1,082,393		10,463,757
Nisshin Seifun Group, Inc.		88,500		1,726,829
Nissin Foods Holdings Co. Ltd.		27,400		1,974,446
Nitori Holdings Co. Ltd.		37,400		6,092,932
Nitto Denko Corp.		77,466		7,592,074
NOK Corp.		46,100		1,119,065
Nomura Holdings, Inc.		1,693,300		10,088,033
Nomura Real Estate Holdings, Inc.		61,036		1,403,538
Nomura Real Estate Master Fund, Inc. REIT		1,755		2,209,636
Nomura Research Institute Ltd.		61,581		2,779,612
NSK Ltd.		179,900		2,703,016
NTT Data Corp.		294,300		3,454,354
NTT DOCOMO, Inc.		636,492		16,443,205
Obayashi Corp.		294,800		3,803,364
Obic Co. Ltd.		30,200		2,090,346
Odakyu Electric Railway Co. Ltd.		137,450		2,912,775
Oji Holdings Corp.		401,600		2,437,183
Olympus Corp.		137,400		5,628,095
Omron Corp.		90,492		5,330,863
Ono Pharmaceutical Co. Ltd.		192,300		4,372,435
Oracle Corp.		17,900		1,587,294
Oriental Land Co. Ltd.		99,700		8,850,706
ORIX Corp.		617,440		10,610,236
Osaka Gas Co. Ltd.		174,900		3,352,075
Otsuka Corp.		24,400		1,821,138
Otsuka Holdings Co. Ltd.		183,782		8,122,366
Panasonic Corp.		1,029,441		15,257,076
Park24 Co. Ltd.		46,100		1,133,811
Persol Holdings Co. Ltd.		84,600		1,975,466
Pola Orbis Holdings, Inc.		42,700		1,555,556
Rakuten, Inc.		438,700		4,472,951
Recruit Holdings Co. Ltd.		516,575		12,149,576
Renesas Electronics Corp.*		226,400		2,761,981
Resona Holdings, Inc.		1,036,200		5,486,442
Ricoh Co. Ltd.		321,700		2,846,979
Rinnai Corp.		15,600		1,395,815
Rohm Co. Ltd.		44,100		4,506,198
Ryohin Keikaku Co. Ltd.		11,100		3,456,884
Sankyo Co. Ltd.		20,900		673,175
Santen Pharmaceutical Co. Ltd.		170,451		2,592,848
SBI Holdings, Inc.		98,000		1,737,172
Secom Co. Ltd.		96,500		7,214,456
Sega Sammy Holdings, Inc.		80,700		973,749
Seibu Holdings, Inc.		103,700		1,869,539
Seiko Epson Corp.		131,500		3,178,107
Sekisui Chemical Co. Ltd.		185,500		3,578,306
Sekisui House Ltd.		271,800		5,058,289
Seven & i Holdings Co. Ltd.		350,800		14,353,672
Seven Bank Ltd.		283,200		946,139
Sharp Corp.*(b)		67,720		2,127,062
Shimadzu Corp.		115,500		2,747,288
Shimamura Co. Ltd.		10,300		1,238,251

	Number of Shares		Value
Japan (Continued)
Shimano, Inc.		34,600	$	4,771,354
Shimizu Corp.		265,800		2,945,067
Shin-Etsu Chemical Co. Ltd.		181,357		18,958,329
Shinsei Bank Ltd.		76,900		1,225,125
Shionogi & Co. Ltd.		139,800		7,774,741
Shiseido Co. Ltd.		177,200		8,615,562
Shizuoka Bank Ltd.		241,000		2,372,633
Showa Shell Sekiyu KK		87,900		1,118,422
SMC Corp.		26,900		10,868,035
SoftBank Group Corp.		384,872		32,436,012
Sohgo Security Services Co. Ltd.		33,300		1,843,343
Sompo Holdings, Inc.		165,535		6,665,819
Sony Corp.		589,600		27,246,964
Sony Financial Holdings, Inc.		73,900		1,246,277
Stanley Electric Co. Ltd.		63,600		2,534,506
Start Today Co. Ltd.		88,800		2,702,386
Subaru Corp.		289,759		9,446,228
SUMCO Corp.		111,800		2,804,313
Sumitomo Chemical Co. Ltd.		741,322		5,150,951
Sumitomo Corp.		550,300		8,525,017
Sumitomo Dainippon Pharma Co. Ltd. (b)		69,300		1,002,447
Sumitomo Electric Industries Ltd.		351,700		6,120,258
Sumitomo Heavy Industries Ltd.		54,400		2,206,548
Sumitomo Metal Mining Co. Ltd.		115,300		4,461,606
Sumitomo Mitsui Financial Group, Inc.		626,586		25,315,088
Sumitomo Mitsui Trust Holdings, Inc.		156,100		5,775,471
Sumitomo Realty & Development Co. Ltd.		166,100		5,454,757
Sumitomo Rubber Industries Ltd.		85,900		1,557,031
Sundrug Co. Ltd.		34,500		1,584,833
Suntory Beverage & Food Ltd.		64,800		2,798,241
Suruga Bank Ltd.		75,000		1,606,691
Suzuken Co. Ltd.		33,710		1,329,889
Suzuki Motor Corp.		162,110		8,700,026
Sysmex Corp.		73,000		5,526,323
T&D Holdings, Inc.		244,300		4,006,003
Taiheiyo Cement Corp.		53,900		2,207,819
Taisei Corp.		96,200		5,043,138
Taisho Pharmaceutical Holdings Co. Ltd.		14,734		1,167,775
Taiyo Nippon Sanso Corp.		60,600		829,753
Takashimaya Co. Ltd.		141,000		1,386,885
Takeda Pharmaceutical Co. Ltd.		331,900		18,236,879
TDK Corp.		61,523		5,012,803
Teijin Ltd.		82,900		1,782,558
Terumo Corp.		152,400		7,285,193
THK Co. Ltd.		58,128		2,120,178
Tobu Railway Co. Ltd.		91,200		2,896,975
Toho Co. Ltd.		52,900		1,783,780
Toho Gas Co. Ltd.		38,260		1,084,450
Tohoku Electric Power Co., Inc.		206,300		2,716,572
Tokio Marine Holdings, Inc.		316,020		13,927,400
Tokyo Electric Power Co. Holdings, Inc.*		668,300		2,672,131
Tokyo Electron Ltd.		73,200		13,502,439
Tokyo Gas Co. Ltd.		181,580		4,251,307

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Tokyo Tatemono Co. Ltd.		93,200	$	1,288,544
Tokyu Corp.		250,800		3,991,140
Tokyu Fudosan Holdings Corp.		247,500		1,781,287
Toppan Printing Co. Ltd.		245,000		2,277,045
Toray Industries, Inc.		684,700		6,430,565
Toshiba Corp.*(b)		1,908,818		4,681,094
Tosoh Corp.		136,400		3,004,448
TOTO Ltd.		61,400		3,404,292
Toyo Seikan Group Holdings Ltd.		76,200		1,253,243
Toyo Suisan Kaisha Ltd.		41,400		1,758,337
Toyoda Gosei Co. Ltd.		30,300		755,716
Toyota Industries Corp.		75,000		4,644,809
Toyota Motor Corp.		1,217,181		76,181,287
Toyota Tsusho Corp.		99,100		3,715,865
Trend Micro, Inc.		55,600		3,137,056
Tsuruha Holdings, Inc.		17,100		2,358,097
Unicharm Corp.		188,200		4,921,343
United Urban Investment Corp. REIT		1,425		2,016,993
USS Co. Ltd.		104,600		2,198,045
West Japan Railway Co.		74,900		5,495,129
Yahoo Japan Corp.		655,300		2,986,973
Yakult Honsha Co. Ltd.		41,000		3,191,257
Yamada Denki Co. Ltd. (b)		288,300		1,562,602
Yamaguchi Financial Group, Inc.		92,400		1,100,968
Yamaha Corp.		78,481		2,879,973
Yamaha Motor Co. Ltd.		130,500		4,081,567
Yamato Holdings Co. Ltd.		163,000		3,295,628
Yamazaki Baking Co. Ltd.		61,600		1,185,531
Yaskawa Electric Corp.		118,100		5,194,322
Yokogawa Electric Corp.		110,200		2,026,869
Yokohama Rubber Co. Ltd.		55,300		1,236,259
				1,664,469,751
Jersey Island — 0.1%
Randgold Resources Ltd.		43,513		3,986,863
Luxembourg — 0.3%
ArcelorMittal*		309,273		9,337,162
Eurofins Scientific SE		5,161		3,124,882
Millicom International Cellular SA SDR		31,286		2,046,253
RTL Group SA		17,986		1,434,324
SES SA		170,696		2,818,995
Tenaris SA		218,070		3,169,200
				21,930,816
Macau — 0.1%
MGM China Holdings Ltd.		468,367		1,195,782
Sands China Ltd.		1,116,978		5,427,465
Wynn Macau Ltd.		739,157		2,115,217
				8,738,464
Mexico — 0.0%
Fresnillo PLC		106,652		1,862,079
Netherlands — 4.5%
ABN AMRO Group NV, 144A		196,076		5,816,981
Aegon NV		822,238		5,106,692
Akzo Nobel NV (b)		117,587		10,594,810
Altice NV, Class A*(b)		247,445		1,953,854

	Number of Shares		Value
Netherlands (Continued)
ASML Holding NV		181,068	$	31,810,175
Boskalis Westminster		43,209		1,598,171
EXOR NV		50,008		3,029,670
Heineken Holding NV		53,340		5,140,616
Heineken NV		120,132		12,238,262
ING Groep NV		1,811,714		32,680,115
Koninklijke Ahold Delhaize NV		597,453		12,796,571
Koninklijke DSM NV		85,349		8,002,993
Koninklijke KPN NV		1,611,964		5,913,246
Koninklijke Philips NV		438,720		17,036,326
Koninklijke Vopak NV		33,293		1,406,758
NN Group NV		142,014		6,238,129
NXP Semiconductors NV*		161,337		18,294,002
QIAGEN NV*		102,113		3,225,062
Randstad Holding NV		56,390		3,472,694
Royal Dutch Shell PLC, Class A		2,103,251		67,057,250
Royal Dutch Shell PLC, Class B		1,746,479		56,414,604
Wolters Kluwer NV		142,400		7,377,119
				317,204,100
New Zealand — 0.2%
Auckland International Airport Ltd.		445,108		1,940,993
Fisher & Paykel Healthcare Corp. Ltd.		271,848		2,434,083
Fletcher Building Ltd.		334,729		1,587,781
Mercury NZ Ltd.		315,970		710,525
Meridian Energy Ltd.		597,858		1,185,043
Ryman Healthcare Ltd.		174,052		1,247,936
Spark New Zealand Ltd.		883,873		2,186,937
				11,293,298
Norway — 0.6%
DNB ASA		448,834		8,184,209
Gjensidige Forsikring ASA		94,365		1,710,479
Marine Harvest ASA*		198,425		3,491,748
Norsk Hydro ASA		638,241		4,338,331
Orkla ASA		385,856		3,868,091
Schibsted ASA, Class B		45,702		1,137,132
Statoil ASA		536,414		10,754,780
Telenor ASA		349,622		7,833,395
Yara International ASA		82,118		3,651,137
				44,969,302
Portugal — 0.2%
EDP — Energias de Portugal SA		1,118,229		3,919,711
Galp Energia SGPS SA		237,710		4,485,922
Jeronimo Martins SGPS SA		118,023		2,317,867
				10,723,500
Singapore — 1.3%
Ascendas Real Estate Investment Trust REIT		1,152,400		2,255,922
CapitaLand Commercial Trust REIT		1,122,665		1,573,363
CapitaLand Ltd.		1,195,900		3,130,303
CapitaLand Mall Trust REIT		1,163,000		1,767,870
City Developments Ltd.		185,700		1,667,527
ComfortDelGro Corp. Ltd.		1,034,600		1,534,332
DBS Group Holdings Ltd.		836,617		15,155,386
Genting Singapore PLC		2,908,300		2,868,188

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Singapore (Continued)
Global Logistic Properties Ltd.		1,231,200	$	3,058,372
Golden Agri-Resources Ltd.		3,472,600		952,738
Hutchison Port Holdings Trust, Class U		2,570,509		1,092,466
Jardine Cycle & Carriage Ltd.		46,000		1,360,285
Keppel Corp. Ltd.		670,300		3,792,369
Oversea-Chinese Banking Corp. Ltd.		1,458,700		13,466,421
SATS Ltd.		333,200		1,307,006
Sembcorp Industries Ltd.		485,200		1,097,331
Singapore Airlines Ltd.		260,100		2,071,388
Singapore Exchange Ltd.		375,800		2,089,945
Singapore Press Holdings Ltd.		773,100		1,582,201
Singapore Technologies Engineering Ltd.		748,700		1,809,849
Singapore Telecommunications Ltd.		3,807,078		10,529,735
StarHub Ltd.		289,800		612,435
Suntec Real Estate Investment Trust REIT		1,144,200		1,730,808
United Overseas Bank Ltd.		614,962		11,947,208
UOL Group Ltd.		232,834		1,536,573
Wilmar International Ltd.		751,900		1,739,528
				91,729,549
South Africa — 0.1%
Investec PLC		316,683		2,214,207
Mediclinic International PLC		175,924		1,345,428
Mondi PLC		174,221		4,160,966
				7,720,601
Spain — 3.2%
Abertis Infraestructuras SA		327,250		7,307,192
ACS Actividades de Construccion y Servicios SA		113,660		4,396,722
Aena SME SA, 144A		31,840		6,334,574
Amadeus IT Group SA		204,618		14,751,610
Banco Bilbao Vizcaya Argentaria SA		3,109,161		26,578,264
Banco de Sabadell SA		2,518,070		5,065,152
Banco Santander SA		7,532,213		50,590,695
Bankia SA		478,411		2,298,213
Bankinter SA		318,020		3,068,687
CaixaBank SA		1,673,447		7,953,335
Enagas SA		105,047		3,082,667
Endesa SA		150,524		3,356,583
Ferrovial SA		229,467		5,051,409
Gas Natural SDG SA		165,905		3,708,455
Grifols SA (b)		139,524		4,070,336
Iberdrola SA		2,651,208		21,054,156
Industria de Diseno Textil SA		508,641		18,004,884
Mapfre SA		509,125		1,712,516
Red Electrica Corp. SA		203,165		4,594,524
Repsol SA		567,095		10,408,261
Siemens Gamesa Renewable Energy SA		112,628		1,410,263
Telefonica SA		2,114,165		21,653,483
				226,451,981
Sweden — 2.7%
Alfa Laval AB		134,636		3,181,359
Assa Abloy AB, Class B		455,741		9,239,005

	Number of Shares		Value
Sweden (Continued)
Atlas Copco AB, Class A		313,120	$	13,451,036
Atlas Copco AB, Class B		183,836		7,062,718
Boliden AB		126,187		3,990,192
Electrolux AB, Series B		113,867		3,781,533
Essity AB, Class B*		280,124		8,135,056
Getinge AB, Class B		109,308		1,966,537
Hennes & Mauritz AB, Class B		442,712		10,423,970
Hexagon AB, Class B		122,129		5,999,253
Husqvarna AB, Class B		196,499		1,792,234
ICA Gruppen AB (b)		37,863		1,369,608
Industrivarden AB, Class C		77,206		1,881,510
Investor AB, Class B		212,377		9,917,413
Kinnevik AB, Class B		110,592		3,545,941
L E Lundbergforetagen AB, Class B		17,495		1,283,239
Lundin Petroleum AB*		86,979		2,001,225
Nordea Bank AB		1,416,335		16,598,171
Sandvik AB		525,554		9,021,928
Securitas AB, Class B		143,615		2,521,984
Skandinaviska Enskilda Banken AB, Class A		699,598		8,307,306
Skanska AB, Class B		161,347		3,538,823
SKF AB, Class B		179,013		4,046,047
Svenska Handelsbanken AB, Class A		712,087		9,731,602
Swedbank AB, Class A		422,273		10,083,966
Swedish Match AB		84,771		3,206,147
Tele2 AB, Class B		171,742		2,197,310
Telefonaktiebolaget LM Ericsson, Class B		1,432,624		9,010,644
Telia Co. AB		1,225,283		5,376,289
Volvo AB, Class B		726,744		13,821,328
				186,483,374
Switzerland — 8.6%
ABB Ltd.		859,336		22,004,243
Adecco Group AG		76,878		5,814,204
Baloise Holding AG		23,364		3,598,115
Barry Callebaut AG*		1,077		2,001,277
Chocoladefabriken Lindt & Spruengli AG		48		3,363,293
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		487		2,878,684
Cie Financiere Richemont SA		243,403		20,956,782
Clariant AG*		110,702		3,015,821
Coca-Cola HBC AG*		83,310		2,669,102
Credit Suisse Group AG*		1,132,248		19,174,843
Dufry AG*		16,037		2,308,350
EMS-Chemie Holding AG		3,824		2,549,981
Ferguson PLC		118,099		8,512,877
Geberit AG		16,969		7,379,251
Givaudan SA		4,306		9,796,013
Glencore PLC*		5,723,029		26,284,309
Julius Baer Group Ltd.*		105,801		6,216,313
Kuehne + Nagel International AG		25,059		4,401,723
LafargeHolcim Ltd.*		212,246		11,607,456
Lonza Group AG*		34,724		9,075,009
Nestle SA		1,451,165		124,280,205
Novartis AG		1,037,175		88,772,691

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Switzerland (Continued)
Pargesa Holding SA		16,207	$	1,392,113
Partners Group Holding AG		8,158		5,605,904
Roche Holding AG		327,597		82,652,681
Schindler Holding AG		9,383		2,087,867
Schindler Holding AG Participation Certificates		18,879		4,264,207
SGS SA		2,492		6,160,655
Sika AG		1,003		7,748,717
Sonova Holding AG		24,585		3,916,106
STMicroelectronics NV		296,381		6,716,690
Straumann Holding AG		4,813		3,581,312
Swatch Group AG — Bearer		14,348		5,231,642
Swatch Group AG — Registered		26,523		1,876,494
Swiss Life Holding AG*		15,178		5,094,562
Swiss Prime Site AG*		33,054		2,849,280
Swiss Re AG		146,651		13,744,571
Swisscom AG		12,077		6,371,500
UBS Group AG*		1,706,380		29,470,288
Vifor Pharma AG		22,993		2,895,891
Zurich Insurance Group AG		70,566		21,318,643
				599,639,665
United Kingdom — 15.0%
3i Group PLC		459,059		5,593,662
Admiral Group PLC		94,482		2,457,148
Anglo American PLC		620,190		11,398,485
Ashtead Group PLC		232,783		5,978,320
Associated British Foods PLC		165,101		6,582,337
AstraZeneca PLC		590,226		38,130,852
Auto Trader Group PLC, 144A		449,950		2,046,417
Aviva PLC		1,879,848		12,991,119
Babcock International Group PLC		119,082		1,122,488
BAE Systems PLC		1,467,716		10,956,808
Barclays PLC		7,943,336		20,786,762
Barratt Developments PLC		467,819		3,834,012
Berkeley Group Holdings PLC		60,758		3,135,557
BP PLC		9,218,961		60,979,320
British American Tobacco PLC		1,069,437		67,816,968
British Land Co. PLC REIT		455,363		3,873,569
BT Group PLC		3,930,816		13,864,150
Bunzl PLC		159,223		4,554,273
Burberry Group PLC		200,859		4,661,348
Capita PLC		306,761		1,935,329
Centrica PLC		2,563,194		5,012,481
CNH Industrial NV		482,310		6,245,873
Cobham PLC*		1,103,960		1,896,095
Coca-Cola European Partners PLC		103,855		4,049,306
Compass Group PLC		737,399		14,948,827
ConvaTec Group PLC, 144A		636,965		1,671,168
Croda International PLC		60,867		3,517,367
Diageo PLC		1,174,547		40,799,318
Direct Line Insurance Group PLC		636,078		3,146,712
easyJet PLC		78,398		1,490,710
Experian PLC		435,279		9,053,718
Fiat Chrysler Automobiles NV*		504,996		8,667,447
G4S PLC		718,430		2,493,125
GKN PLC		797,965		3,346,482

	Number of Shares		Value
United Kingdom (Continued)
GlaxoSmithKline PLC		2,293,431	$	39,685,230
Hammerson PLC REIT		365,440		2,567,465
Hargreaves Lansdown PLC		125,795		2,725,391
HSBC Holdings PLC		9,372,292		93,034,666
IMI PLC		131,288		2,230,065
Imperial Brands PLC		447,036		18,526,998
InterContinental Hotels Group PLC		85,207		5,011,499
International Consolidated Airlines Group SA		300,346		2,483,102
Intertek Group PLC		75,348		5,329,376
ITV PLC		1,708,879		3,695,411
J Sainsbury PLC		751,916		2,362,226
John Wood Group PLC		313,073		3,063,283
Johnson Matthey PLC		90,008		3,689,521
Kingfisher PLC		1,037,467		4,686,231
Land Securities Group PLC REIT		350,300		4,424,762
Legal & General Group PLC		2,777,728		10,037,582
Lloyds Banking Group PLC		33,656,492		30,041,092
London Stock Exchange Group PLC		144,638		7,392,005
Marks & Spencer Group PLC		754,258		3,194,807
Meggitt PLC		374,194		2,451,342
Merlin Entertainments PLC, 144A		343,041		1,632,557
Micro Focus International PLC		203,393		6,846,425
National Grid PLC		1,594,164		19,080,037
Next PLC		67,474		4,085,324
Old Mutual PLC		2,332,013		6,222,444
Pearson PLC		382,502		3,662,435
Persimmon PLC		145,377		4,993,814
Prudential PLC		1,205,759		30,313,971
Reckitt Benckiser Group PLC		311,626		27,334,653
RELX NV		447,326		10,241,282
RELX PLC		497,530		11,626,954
Rio Tinto Ltd.		197,796		10,615,049
Rio Tinto PLC		575,680		27,260,775
Rolls-Royce Holdings PLC*		780,677		9,048,053
Rolls-Royce Holdings PLC — Entitlement*		35,081,210		47,444
Royal Bank of Scotland Group PLC*		1,676,508		6,271,346
Royal Mail PLC		411,371		2,458,446
RSA Insurance Group PLC		475,175		3,910,363
Sage Group PLC		502,518		5,263,516
Schroders PLC		58,905		2,748,364
Segro PLC REIT		460,628		3,416,881
Severn Trent PLC		109,338		3,103,748
Sky PLC*		488,207		6,183,220
Smith & Nephew PLC		402,459		7,130,104
Smiths Group PLC		184,271		3,695,737
SSE PLC		467,363		8,652,881
St James’s Place PLC		246,232		4,042,650
Standard Chartered PLC*		1,534,847		15,327,090
Standard Life Aberdeen PLC		1,248,468		7,263,581
Taylor Wimpey PLC		1,550,738		4,100,040
Tesco PLC		3,818,407		10,020,717
Travis Perkins PLC		120,530		2,622,733
Unilever NV		759,580		43,744,380
Unilever PLC		588,806		33,157,813
United Utilities Group PLC		318,169		3,530,526

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Vodafone Group PLC		12,434,879	$	37,720,181
Weir Group PLC		105,824		2,807,929
Whitbread PLC		86,969		4,196,549
Wm Morrison Supermarkets PLC		1,029,854		3,012,556
Worldpay Group PLC, 144A		948,712		5,414,393
WPP PLC		592,489		10,472,704
				1,048,949,272
United States — 0.4%
Carnival PLC		87,636		5,648,583
Shire PLC		423,444		20,968,046
				26,616,629
TOTAL COMMON STOCKS (Cost $6,489,479,239)				6,860,816,400
PREFERRED STOCKS — 0.6%
Germany — 0.6%
Bayerische Motoren Werke AG		25,733		2,226,706
FUCHS PETROLUB SE		32,771		1,722,100
Henkel AG & Co. KGaA		83,075		11,272,317

	Number of Shares		Value
Germany (Continued)
Porsche Automobil Holding SE		71,400	$	5,974,362
Schaeffler AG		77,998		1,360,528
Volkswagen AG		86,536		18,344,198
				40,900,211
TOTAL PREFERRED STOCKS (Cost $43,045,710)				40,900,211
SECURITIES LENDING COLLATERAL — 1.4%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) (Cost $95,199,813)		95,199,813		95,199,813
TOTAL INVESTMENTS — 99.9% (Cost $6,627,724,762)			$	6,996,916,424
Other assets and liabilities, net — 0.1%				6,722,335
NET ASSETS — 100.0%			$	7,003,638,759

* Non-income producing security.

(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, 2017 amounted to $75,112,089, which is 1.1% of net assets.

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

(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

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.

A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/17		Purchases Cost ($)		Sales Proceeds ($)			Net realized Gain/(Loss) ($)		Net Change in unrealized Appreciation (Depreciation) ($)		Income ($)		Value ($) at 11/30/17
Deutsche Bank AG		21,939,319		634,786		(5,976,975	)		866,505		728,719		—		18,192,354

At November 30, 2017, open futures contracts purchased were as follows:

Contract Description	Currency	Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
AMSTERDAM Index Futures	EUR		29	$	3,701,436	$	3,728,552		12/15/2017	$	(7,527	)
CAC40 10 EURO Futures	EUR		127		7,965,167		8,113,603		12/15/2017		79,237
DAX Index Futures	EUR		20		7,568,261		7,767,866		12/15/2017		120,072
FTSE/MIB Index Futures	EUR		13		1,722,630		1,731,224		12/15/2017		(18,213	)
FTSE 100 Index Futures	GBP		137		13,411,239		13,579,014		12/15/2017		(76,731	)
HANG SENG Index Futures	HKD		34		6,485,021		6,381,734		12/28/2017		(94,746	)
IBEX 35 Index Futures	EUR		21		2,473,560		2,549,439		12/15/2017		52,710

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
MSCI SING IX ETS		SGD		84	$	2,418,411	$	2,417,974		12/28/2017	$	3,234
OMXS30 Index Futures		SEK		122		2,366,289		2,346,448		12/15/2017		(24,388	)
SPI 200 Futures		AUD		111		12,632,191		12,564,691		12/21/2017		533,879
SWISS MKT IX Futures		CHF		81		7,580,257		7,688,722		12/15/2017		169,918
TOPIX Index Futures		JPY		282		41,305,874		45,026,789		12/07/2017		4,488,726
Total net unrealized appreciation											$	5,226,171

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2017	AUD	6,906,142	USD	5,293,406	$	69,718	$	—
JP Morgan & Chase Co.	12/5/2017	AUD	220,392,358	USD	168,921,266		2,220,248		—
RBC Capital Markets	12/5/2017	AUD	1,128,300	USD	864,813		11,386		—
The Bank of Nova Scotia	12/5/2017	AUD	355,865,000	USD	272,761,626		3,591,415		—
The Bank of Nova Scotia	12/5/2017	AUD	27,150,000	USD	20,809,525		273,728		—
Goldman Sachs & Co.	12/5/2017	CHF	10,525,200	USD	10,580,643		—		(123,708	)
JP Morgan & Chase Co.	12/5/2017	CHF	103,654,814	USD	104,201,926		—		(1,217,203	)
RBC Capital Markets	12/5/2017	CHF	109,717,200	USD	110,290,157		—		(1,294,546	)
The Bank of New York Mellon	12/5/2017	CHF	86,530,786	USD	86,987,907		—		(1,015,725	)
The Bank of Nova Scotia	12/5/2017	CHF	231,320,600	USD	232,527,417		—		(2,730,506	)
The Bank of Nova Scotia	12/5/2017	CHF	14,571,000	USD	14,647,901		—		(171,112	)
JP Morgan & Chase Co.	12/5/2017	DKK	265,895,396	USD	41,702,146		—		(836,783	)
RBC Capital Markets	12/5/2017	DKK	171,659,200	USD	26,921,021		—		(541,652	)
The Bank of New York Mellon	12/5/2017	DKK	75,736,904	USD	11,876,629		—		(240,041	)
The Bank of Nova Scotia	12/5/2017	DKK	262,803,500	USD	41,215,027		—		(829,249	)
The Bank of Nova Scotia	12/5/2017	DKK	51,694,000	USD	8,107,337		—		(162,861	)
Goldman Sachs & Co.	12/5/2017	EUR	236,202,933	USD	275,611,267		—		(5,635,356	)
Goldman Sachs & Co.	12/5/2017	EUR	75,174,000	USD	87,717,985		—		(1,791,630	)
JP Morgan & Chase Co.	12/5/2017	EUR	465,464,785	USD	543,159,376		—		(11,069,131	)
RBC Capital Markets	12/5/2017	EUR	859,511,422	USD	1,002,930,357		—		(20,489,131	)
The Bank of New York Mellon	12/5/2017	EUR	68,354,800	USD	79,764,925		—		(1,625,075	)
The Bank of Nova Scotia	12/5/2017	EUR	226,990,760	USD	264,867,573		—		(5,410,123	)
Goldman Sachs & Co.	12/5/2017	GBP	38,966,078	USD	51,788,256		—		(921,211	)
Goldman Sachs & Co.	12/5/2017	GBP	30,604,000	USD	40,674,889		—		(723,183	)
JP Morgan & Chase Co.	12/5/2017	GBP	263,731,704	USD	350,531,267		—		(6,218,967	)
RBC Capital Markets	12/5/2017	GBP	170,415,826	USD	226,497,970		—		(4,023,749	)
The Bank of New York Mellon	12/5/2017	GBP	134,554,932	USD	178,839,651		—		(3,172,988	)
The Bank of Nova Scotia	12/5/2017	GBP	276,994,360	USD	368,150,434		—		(6,540,213	)
Goldman Sachs & Co.	12/5/2017	HKD	3,063,200	USD	392,793		560		—
JP Morgan & Chase Co.	12/5/2017	HKD	549,370,370	USD	70,444,528		99,382		—
RBC Capital Markets	12/5/2017	HKD	286,768,098	USD	36,771,623		51,871		—
The Bank of New York Mellon	12/5/2017	HKD	13,909,232	USD	1,783,544		2,510		—
The Bank of Nova Scotia	12/5/2017	HKD	824,428,900	USD	105,717,970		152,445		—
The Bank of Nova Scotia	12/5/2017	HKD	48,987,000	USD	6,281,415		8,784		—
Goldman Sachs & Co.	12/5/2017	ILS	12,422,024	USD	3,531,693		—		(23,014	)
JP Morgan & Chase Co.	12/5/2017	ILS	5,670,276	USD	1,612,250		—		(10,366	)
RBC Capital Markets	12/5/2017	ILS	2,893,300	USD	822,641		—		(5,311	)
The Bank of Nova Scotia	12/5/2017	ILS	37,223,500	USD	10,583,276		—		(68,664	)
The Bank of Nova Scotia	12/5/2017	ILS	4,894,000	USD	1,391,468		—		(9,008	)
Goldman Sachs & Co.	12/5/2017	JPY	13,252,584,000	USD	116,779,934		—		(1,011,086	)
Goldman Sachs & Co.	12/5/2017	JPY	18,555,619,710	USD	163,487,509		—		(1,437,715	)
JP Morgan & Chase Co.	12/5/2017	JPY	43,062,801,826	USD	379,475,014		—		(3,273,843	)
RBC Capital Markets	12/5/2017	JPY	48,008,217,999	USD	422,991,075		—		(3,713,408	)
The Bank of New York Mellon	12/5/2017	JPY	24,338,148,098	USD	214,438,691		—		(1,882,542	)
The Bank of Nova Scotia	12/5/2017	JPY	41,250,024,967	USD	363,449,152		—		(3,187,464	)
Goldman Sachs & Co.	12/5/2017	NOK	41,029,362	USD	5,018,319		85,607		—

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2017	NOK	23,018,000	USD	2,815,260	$	47,945	$	—
JP Morgan & Chase Co.	12/5/2017	NOK	60,984,919	USD	7,459,079		127,231		—
RBC Capital Markets	12/5/2017	NOK	129,976,800	USD	15,896,775		270,450		—
The Bank of New York Mellon	12/5/2017	NOK	92,820,719	USD	11,352,606		193,332		—
The Bank of Nova Scotia	12/5/2017	NOK	44,295,200	USD	5,417,644		92,300		—
JP Morgan & Chase Co.	12/5/2017	NZD	2,549,060	USD	1,745,097		2,944		—
RBC Capital Markets	12/5/2017	NZD	969,000	USD	663,369		1,107		—
The Bank of Nova Scotia	12/5/2017	NZD	11,688,040	USD	8,001,749		13,568		—
JP Morgan & Chase Co.	12/5/2017	SEK	359,071,658	USD	42,965,169		50,098		—
RBC Capital Markets	12/5/2017	SEK	361,700,400	USD	43,276,469		47,219		—
The Bank of New York Mellon	12/5/2017	SEK	321,023,842	USD	38,410,273		42,552		—
The Bank of Nova Scotia	12/5/2017	SEK	548,730,100	USD	65,654,849		72,420		—
The Bank of Nova Scotia	12/5/2017	SEK	64,298,000	USD	7,693,882		9,195		—
Goldman Sachs & Co.	12/5/2017	SGD	7,746,000	USD	5,686,498		—		(57,350	)
JP Morgan & Chase Co.	12/5/2017	SGD	59,733,100	USD	43,850,968		—		(442,582	)
RBC Capital Markets	12/5/2017	SGD	33,765,400	USD	24,787,858		—		(250,010	)
The Bank of Nova Scotia	12/5/2017	SGD	19,774,900	USD	14,517,524		—		(146,046	)
Goldman Sachs & Co.	12/5/2017	USD	5,242,770	AUD	6,906,142		—		(19,082	)
JP Morgan & Chase Co.	12/5/2017	USD	167,310,219	AUD	220,392,358		—		(609,202	)
RBC Capital Markets	12/5/2017	USD	856,549	AUD	1,128,300		—		(3,122	)
The Bank of Nova Scotia	12/5/2017	USD	290,765,837	AUD	383,015,000		—		(1,059,830	)
Goldman Sachs & Co.	12/5/2017	USD	10,719,338	CHF	10,525,200		—		(14,988	)
JP Morgan & Chase Co.	12/5/2017	USD	105,566,722	CHF	103,654,814		—		(147,593	)
RBC Capital Markets	12/5/2017	USD	111,733,999	CHF	109,717,200		—		(149,295	)
The Bank of New York Mellon	12/5/2017	USD	88,128,108	CHF	86,530,786		—		(124,476	)
The Bank of Nova Scotia	12/5/2017	USD	250,411,528	CHF	245,891,600		—		(334,591	)
JP Morgan & Chase Co.	12/5/2017	USD	42,602,165	DKK	265,895,396		—		(63,236	)
RBC Capital Markets	12/5/2017	USD	27,501,995	DKK	171,659,200		—		(39,321	)
The Bank of New York Mellon	12/5/2017	USD	12,134,019	DKK	75,736,904		—		(17,349	)
The Bank of Nova Scotia	12/5/2017	USD	50,386,513	DKK	314,497,500		—		(72,040	)
Goldman Sachs & Co.	12/5/2017	USD	371,270,286	EUR	311,376,933		—		(514,048	)
JP Morgan & Chase Co.	12/5/2017	USD	555,024,166	EUR	465,464,785		—		(795,659	)
RBC Capital Markets	12/5/2017	USD	1,024,838,444	EUR	859,511,422		—		(1,418,956	)
The Bank of New York Mellon	12/5/2017	USD	81,507,972	EUR	68,354,800		—		(117,973	)
The Bank of Nova Scotia	12/5/2017	USD	270,652,433	EUR	226,990,760		—		(374,736	)
Goldman Sachs & Co.	12/5/2017	USD	94,173,536	GBP	69,570,078		—		(65,997	)
JP Morgan & Chase Co.	12/5/2017	USD	357,008,491	GBP	263,731,704		—		(258,258	)
RBC Capital Markets	12/5/2017	USD	230,683,383	GBP	170,415,826		—		(161,664	)
The Bank of New York Mellon	12/5/2017	USD	182,146,339	GBP	134,554,932		—		(133,700	)
The Bank of Nova Scotia	12/5/2017	USD	374,953,415	GBP	276,994,360		—		(262,769	)
Goldman Sachs & Co.	12/5/2017	USD	392,205	HKD	3,063,200		28		—
JP Morgan & Chase Co.	12/5/2017	USD	70,340,115	HKD	549,370,370		5,030		—
RBC Capital Markets	12/5/2017	USD	36,717,126	HKD	286,768,098		2,626		—
The Bank of New York Mellon	12/5/2017	USD	1,780,906	HKD	13,909,232		127		—
The Bank of Nova Scotia	12/5/2017	USD	111,830,158	HKD	873,415,900		7,998		—
Goldman Sachs & Co.	12/5/2017	USD	3,555,524	ILS	12,422,024		—		(817	)
JP Morgan & Chase Co.	12/5/2017	USD	1,622,986	ILS	5,670,276		—		(370	)
RBC Capital Markets	12/5/2017	USD	828,148	ILS	2,893,300		—		(197	)
The Bank of Nova Scotia	12/5/2017	USD	12,054,753	ILS	42,117,500		—		(2,338	)
Goldman Sachs & Co.	12/5/2017	USD	284,242,918	JPY	31,808,203,710		—		(1,526,673	)
JP Morgan & Chase Co.	12/5/2017	USD	384,830,083	JPY	43,062,801,826		—		(2,081,225	)
RBC Capital Markets	12/5/2017	USD	429,008,695	JPY	48,008,217,999		—		(2,304,212	)
The Bank of New York Mellon	12/5/2017	USD	217,501,033	JPY	24,338,148,098		—		(1,179,800	)
The Bank of Nova Scotia	12/5/2017	USD	368,616,460	JPY	41,250,024,967		—		(1,979,844	)
Goldman Sachs & Co.	12/5/2017	USD	7,726,268	NOK	64,047,362		—		(26,241	)
JP Morgan & Chase Co.	12/5/2017	USD	7,356,836	NOK	60,984,919		—		(24,988	)
RBC Capital Markets	12/5/2017	USD	15,679,218	NOK	129,976,800		—		(52,894	)
The Bank of New York Mellon	12/5/2017	USD	11,197,047	NOK	92,820,719		—		(37,773	)

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia	12/5/2017	USD	5,343,370	NOK	44,295,200	$	—	$	(18,026	)
JP Morgan & Chase Co.	12/5/2017	USD	1,749,269	NZD	2,549,060		—		(7,117	)
RBC Capital Markets	12/5/2017	USD	664,970	NZD	969,000		—		(2,708	)
The Bank of Nova Scotia	12/5/2017	USD	8,020,917	NZD	11,688,040		—		(32,736	)
JP Morgan & Chase Co.	12/5/2017	USD	43,087,576	SEK	359,071,658		—		(172,505	)
RBC Capital Markets	12/5/2017	USD	43,400,836	SEK	361,700,400		—		(171,586	)
The Bank of New York Mellon	12/5/2017	USD	38,520,011	SEK	321,023,842		—		(152,289	)
The Bank of Nova Scotia	12/5/2017	USD	73,557,929	SEK	613,028,100		—		(290,812	)
Goldman Sachs & Co.	12/5/2017	USD	5,750,565	SGD	7,746,000		—		(6,717	)
JP Morgan & Chase Co.	12/5/2017	USD	44,345,286	SGD	59,733,100		—		(51,736	)
RBC Capital Markets	12/5/2017	USD	25,067,112	SGD	33,765,400		—		(29,245	)
The Bank of Nova Scotia	12/5/2017	USD	14,680,698	SGD	19,774,900		—		(17,127	)
Goldman Sachs & Co.	1/4/2018	AUD	6,906,142	USD	5,241,914		19,016		—
JP Morgan & Chase Co.	1/4/2018	AUD	220,392,358	USD	167,278,880		603,076		—
RBC Capital Markets	1/4/2018	AUD	1,128,300	USD	856,410		3,112		—
The Bank of Nova Scotia	1/4/2018	AUD	383,015,000	USD	290,710,300		1,048,111		—
The Bank of Nova Scotia	1/4/2018	AUD	10,020,000	USD	7,605,170		27,359		—
Goldman Sachs & Co.	1/4/2018	CHF	10,525,200	USD	10,749,653		14,848		—
JP Morgan & Chase Co.	1/4/2018	CHF	103,654,814	USD	105,866,168		147,117		—
RBC Capital Markets	1/4/2018	CHF	109,717,200	USD	112,048,938		146,773		—
The Bank of New York Mellon	1/4/2018	CHF	86,530,786	USD	88,374,273		120,268		—
The Bank of Nova Scotia	1/4/2018	CHF	3,618,000	USD	3,695,325		5,274		—
The Bank of Nova Scotia	1/4/2018	CHF	245,891,600	USD	251,114,788		326,373		—
JP Morgan & Chase Co.	1/4/2018	DKK	265,895,396	USD	42,699,873		62,669		—
RBC Capital Markets	1/4/2018	DKK	171,659,200	USD	27,564,262		38,144		—
The Bank of New York Mellon	1/4/2018	DKK	75,736,904	USD	12,160,945		16,282		—
The Bank of Nova Scotia	1/4/2018	DKK	314,497,500	USD	50,499,783		69,072		—
Goldman Sachs & Co.	1/4/2018	EUR	311,376,933	USD	372,076,752		504,313		—
JP Morgan & Chase Co.	1/4/2018	EUR	465,464,785	USD	556,239,122		790,509		—
RBC Capital Markets	1/4/2018	EUR	7,000,000	USD	8,354,052		809		—
RBC Capital Markets	1/4/2018	EUR	859,511,422	USD	1,027,078,331		1,405,835		—
The Bank of New York Mellon	1/4/2018	EUR	68,354,800	USD	81,683,302		114,127		—
The Bank of Nova Scotia	1/4/2018	EUR	226,990,760	USD	271,240,339		367,639		—
Goldman Sachs & Co.	1/4/2018	GBP	69,570,078	USD	94,296,675		66,356		—
JP Morgan & Chase Co.	1/4/2018	GBP	263,731,704	USD	357,477,644		261,966		—
RBC Capital Markets	1/4/2018	GBP	170,415,826	USD	230,984,337		161,861		—
The Bank of New York Mellon	1/4/2018	GBP	134,554,932	USD	182,382,483		132,376		—
The Bank of Nova Scotia	1/4/2018	GBP	276,994,360	USD	375,438,156		258,658		—
Goldman Sachs & Co.	1/4/2018	HKD	3,063,200	USD	392,341		—		(46	)
JP Morgan & Chase Co.	1/4/2018	HKD	549,370,370	USD	70,365,342		—		(7,363	)
RBC Capital Markets	1/4/2018	HKD	286,768,098	USD	36,729,118		—		(5,019	)
The Bank of New York Mellon	1/4/2018	HKD	13,909,232	USD	1,781,410		—		(321	)
The Bank of Nova Scotia	1/4/2018	HKD	105,565,000	USD	13,521,644		—		(918	)
The Bank of Nova Scotia	1/4/2018	HKD	873,415,900	USD	111,865,966		—		(16,004	)
Goldman Sachs & Co.	1/4/2018	ILS	12,422,024	USD	3,559,081		220		—
JP Morgan & Chase Co.	1/4/2018	ILS	5,670,276	USD	1,624,814		302		—
RBC Capital Markets	1/4/2018	ILS	2,893,300	USD	829,016		97		—
The Bank of Nova Scotia	1/4/2018	ILS	42,117,500	USD	12,067,464		966		—
Goldman Sachs & Co.	1/4/2018	NOK	64,047,362	USD	7,735,200		26,501		—
JP Morgan & Chase Co.	1/4/2018	NOK	60,984,919	USD	7,365,408		25,302		—
RBC Capital Markets	1/4/2018	NOK	129,976,800	USD	15,696,828		52,904		—
The Bank of New York Mellon	1/4/2018	NOK	92,820,719	USD	11,209,223		37,381		—
The Bank of Nova Scotia	1/4/2018	NOK	44,295,200	USD	5,349,436		18,094		—
JP Morgan & Chase Co.	1/4/2018	NZD	2,549,060	USD	1,748,520		7,129		—
RBC Capital Markets	1/4/2018	NZD	969,000	USD	664,670		2,697		—
The Bank of Nova Scotia	1/4/2018	NZD	11,688,040	USD	8,017,353		32,664		—
The Bank of Nova Scotia	1/4/2018	NZD	1,650,000	USD	1,131,785		4,586		—
JP Morgan & Chase Co.	1/4/2018	SEK	359,071,658	USD	43,206,096		176,528		—

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
RBC Capital Markets		1/4/2018		SEK	361,700,400		USD	43,519,374	$	174,790	$	—
The Bank of New York Mellon		1/4/2018		SEK	321,023,842		USD	38,623,475		153,390		—
The Bank of Nova Scotia		1/4/2018		SEK	613,028,100		USD	73,757,058		294,467		—
Goldman Sachs & Co.		1/4/2018		SGD	7,746,000		USD	5,751,475		6,647		—
Goldman Sachs & Co.		1/4/2018		SGD	3,497,000		USD	2,596,515		2,962		—
JP Morgan & Chase Co.		1/4/2018		SGD	59,733,100		USD	44,352,859		51,753		—
RBC Capital Markets		1/4/2018		SGD	33,765,400		USD	25,071,021		28,882		—
The Bank of Nova Scotia		1/4/2018		SGD	19,774,900		USD	14,682,224		16,152		—
The Bank of Nova Scotia		1/4/2018		USD	7,086,318		DKK	44,123,000		—		(11,049	)
Goldman Sachs & Co.		1/4/2018		USD	20,545,867		EUR	17,192,000		—		(30,303	)
Goldman Sachs & Co.		1/4/2018		USD	26,087,175		GBP	19,245,000		—		(20,473	)
The Bank of Nova Scotia		1/4/2018		USD	589,433		ILS	2,057,000		—		(111	)
Goldman Sachs & Co.		1/4/2018		USD	1,261,780		NOK	10,447,000		—		(4,386	)
The Bank of Nova Scotia		1/4/2018		USD	7,798,961		SEK	64,808,000		—		(32,655	)
Goldman Sachs & Co.		1/5/2018		JPY	31,808,203,710		USD	284,744,188		1,486,599		—
Goldman Sachs & Co.		1/5/2018		JPY	895,908,000		USD	8,021,438		43,221		—
JP Morgan & Chase Co.		1/5/2018		JPY	43,062,801,826		USD	385,560,989		2,079,246		—
RBC Capital Markets		1/5/2018		JPY	48,008,217,999		USD	429,819,131		2,297,596		—
The Bank of New York Mellon		1/5/2018		JPY	24,338,148,098		USD	217,909,008		1,173,564		—
The Bank of Nova Scotia		1/5/2018		JPY	41,250,024,967		USD	369,317,769		1,979,120		—
Total unrealized appreciation (depreciation)									$	24,439,527	$	(109,359,061	)

Currency Abbreviations

AUD Australian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP Pound Sterling

HKD Hong Kong Dollar

ILS Israeli Shekel

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 open 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. 17

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Hedged Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (f)	$	6,860,816,400		$	—		$	—	$	6,860,816,400
Preferred Stock		40,900,211			—			—		40,900,211
Short-Term Investments		95,199,813			—			—		95,199,813
Derivatives (g)
Forward Foreign Currency Contracts		—			24,439,527			—		24,439,527
Futures Contracts		5,447,776			—			—		5,447,776
TOTAL	$	7,002,364,200		$	24,439,527		$	—	$	7,026,803,727
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—		$	(109,359,061	)	$	—	$	(109,359,061	)
Futures Contracts		(221,605	)		—			—		(221,605	)
TOTAL	$	(221,605	)	$	(109,359,061	)	$	—	$	(109,580,666	)

(f) See Schedule of Investments for additional detailed categorizations.

(g) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 18

This Page is Intentionally Left Blank

19

DBX ETF Trust

Statement of Assets and Liabilities

November 30, 2017 (Unaudited)

	Xtrackers MSCI EAFE Hedged Equity ETF
Assets
Investments in non-affiliated securities at value	$	6,883,524,257
Investment in affiliated securities at value		18,192,354
Investment in Deutsche Government & Agency Securities Portfolio*		95,199,813
Cash		52,160,451
Foreign currency at value		9,829,503
Receivable for return of collateral pledged for forward foreign currency contracts		74,510,000
Unrealized appreciation on forward foreign currency contracts		24,439,527
Deposit with broker for futures contracts		5,029,367
Receivables:
Investment securities sold		84,485,850
Variation margin on futures contracts		3,411,930
Dividends		17,294,477
Securities lending income		128,057
Foreign tax reclaim		18,439,260
Total Assets	$	7,286,644,846
Liabilities
Payable upon return of securities loaned	$	95,199,813
Unrealized depreciation on forward foreign currency contracts		109,359,061
Payables:
Investment securities purchased		76,426,030
Investment advisory fees		2,021,183
Total Liabilities		283,006,087
Net Assets, at value	$	7,003,638,759
Net Assets Consist of
Paid-in capital	$	6,913,751,256
Undistributed net investment income		72,428,977
Accumulated net realized gain (loss)		(272,807,112	)
Net unrealized appreciation (depreciation)		290,265,638
Net Assets, at value	$	7,003,638,759
Number of Common Shares outstanding		220,350,800
Net Asset Value	$	31.78
Investments in non-affiliated securities at cost	$	6,505,132,384
Investments in affiliated securities at cost	$	27,392,565
Value of securities loaned	$	75,112,089
Investment in Deutsche Government & Agency Securities Portfolio at cost*	$	95,199,813
Foreign currency at cost	$	9,596,470

* Represents collateral on securities loaned.

See Notes to Financial Statements. 20

DBX ETF Trust

Statement of Operations

For the Six Months Ended November 30, 2017 (Unaudited)

	Xtrackers MSCI EAFE Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	82,291,860
Securities lending income, net of borrower rebates		1,125,237
Total Investment Income		83,417,097
Expenses
Investment advisory fees		13,010,744
Other expenses		82,824
Total Expenses		13,093,568
Net Investment income (loss)		70,323,529
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(16,331,949	)
Investments in affiliates		866,505
In-kind redemptions		152,276,247
In-kind redemptions in affiliates		1,641,786
Futures contracts		6,948,485
Foreign currency transactions		2,220,406
Forward foreign currency contracts		(169,377,980	)
Net realized gain (loss)		(21,756,500	)
Net change in unrealized appreciation (depreciation) on:
Investments		298,166,062
Investments in affiliates		728,719
Futures contracts		555,126
Foreign currency translations		(366,366	)
Forward foreign currency contracts		24,096,537
Net change in unrealized appreciation (depreciation)		323,180,078
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		301,423,578
Net Increase (Decrease) in Net Assets Resulting from Operations	$	371,747,107
*   Unaffiliated foreign tax withheld	$	4,935,478

See Notes to Financial Statements. 21

DBX ETF Trust

Statement of Changes in Net Assets

	Xtrackers MSCI EAFE Hedged Equity ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	70,323,529		$	240,150,650
Net realized gain (loss)		(21,756,500	)		229,906,618
Net change in net unrealized appreciation (depreciation)		323,180,078			940,811,641
Net increase (decrease) in net assets resulting from operations		371,747,107			1,410,868,909
Distributions to Shareholders from
Net investment income		(161,171,022	)		(310,197,210	)
Total distributions		(161,171,022	)		(310,197,210	)
Fund Shares Transactions
Proceeds from shares sold		105,434,163			242,334,299
Value of shares redeemed		(1,950,360,965	)		(4,689,064,361	)
Net increase (decrease) in net assets resulting from fund share transactions		(1,844,926,802	)		(4,446,730,062	)
Total net increase (decrease) in Net Assets		(1,634,350,717	)		(3,346,058,363	)
Net Assets
Beginning of period		8,637,989,476			11,984,047,839
End of period	$	7,003,638,759		$	8,637,989,476
Undistributed net investment income	$	72,428,977		$	163,276,470
Changes in Shares Outstanding
Shares outstanding, beginning of period		281,550,800			452,550,800
Shares sold		3,400,000			8,400,000
Shares redeemed		(64,600,000	)		(179,400,000	)
Shares outstanding, end of period		220,350,800			281,550,800

See Notes to Financial Statements. 22

DBX ETF Trust

Financial Highlights

Xtrackers MSCI EAFE Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Year Ended 5/31/2014			Year Ended 5/31/2013
Net Asset Value, beginning of period	$	30.68		$	26.48		$	30.75		$	27.81		$	25.09		$	22.12
Income (loss) from investment operations:
Net investment income (loss)(a)		0.29			0.74			0.76			1.41			1.18			0.79
Net realized and unrealized gain (loss)		1.38			4.18			(4.03	)		2.90			1.95			6.26
Total from investment operations		1.67			4.92			(3.27	)		4.31			3.13			7.05
Less distributions from:
Net investment income		(0.57	)		(0.72	)		(0.88	)		(1.37	)		(0.41	)		(1.68	)
Net realized gains		—			—			(0.12	)		(0.00	)(b)		—			(2.40	)
Total distributions		(0.57	)		(0.72	)		(1.00	)		(1.37	)		(0.41	)		(4.08	)
Net Asset Value, end of period	$	31.78		$	30.68		$	26.48		$	30.75		$	27.81		$	25.09
Total Return (%)		5.52	**		19.17			(10.90	)		16.22			12.74	(c)		35.60	(c)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7,004			8,638			11,984			12,268			563			75
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.35			0.35			0.36			0.64
Ratio of expenses after fee waiver (%)		0.35	*		0.35			0.35			0.35			0.35			0.48
Ratio of net investment income (loss) (%)		1.89	*		2.72			2.82			4.81			4.48			3.35
Portfolio turnover rate (%)(d)		4	**		14			15			12			10			14

(a) Based on average shares outstanding during the period.

(b) Amount represents less than $0.005.

(c) The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

(d) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 23

DBX ETF Trust

Notes to Financial Statements

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, 2017, the Trust consists of thirty-five investment series of exchange-traded funds (“ETFs”) in operation and trading. These financial statements report on Xtrackers MSCI EAFE Hedged Equity ETF (the “Fund”) (formerly, Deutsche X-trackers MSCI EAFE Hedged Equity ETF), 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 (“Board”).

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. Shares are not individually redeemable securities of the Fund, and owners of shares may acquire those shares from the Fund or tender such shares for redemption to the Fund, in Creation Units only.

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”).

The MSCI EAFE US Dollar Hedged 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 the currencies of the countries included in the Underlying Index.

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 the Index Provider and DBX. There is no charge to the Fund in connection with the licensing agreement.

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 Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. 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.

24

DBX ETF Trust

Notes to Financial Statements (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.

Investments in open-ended investment companies are valued at their net asset value each business day and are 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. 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

25

DBX ETF Trust

Notes to Financial Statements (Continued)

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-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 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, 2017, the Fund did not incur any interest or penalties.

At May 31, 2017, for Federal income tax purposes, the Fund had 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 capital 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
$	128,788,884	$	48,901,803	$	177,690,687

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 year ended May 31, 2017, the Fund incurred and will elect to defer net capital losses as follows:

Post-October Losses on Capital
$	79,063,846

As of May 31, 2017, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
$	8,713,880,667	$	(26,445,759	)	$	707,546,922	$	(733,992,681	)

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, 2017, 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 year 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.

26

DBX ETF Trust

Notes to Financial Statements (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 Fund may lend securities to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund 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 cash 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 securities lending agreement. During the period ended November 30, 2017, the Fund invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2017 the Fund invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.13% annualized effective rate as of November 30, 2017) on the cash collateral invested in Deutsche Government & Agency Securities Portfolio. 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 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, 2017, the Fund had securities on loan, 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. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

Derivatives

Forward Foreign Currency Contracts    The Fund may enter into forward foreign currency contracts (“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 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, 2017, the Fund invested in forward currency 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 forward foreign currency contracts. 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 contracts as of November 30, 2017 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency 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, 2017.

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

27

DBX ETF Trust

Notes to Financial Statements (Continued)

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. For the period ended November 30, 2017, the Fund utilized futures in order to simulate investment in the Fund’s 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, 2017 is included in a table following the Fund’s Schedule of Investments.

The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2017 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

	Asset Derivatives			Liability Derivatives
Equity contracts	Unrealized appreciation on futures contracts*	$	5,447,776	Unrealized depreciation on futures contracts*	$	221,605
Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts		24,439,527	Unrealized depreciation on forward foreign currency contracts		109,359,061
	Total	$	29,887,303	Total	$	109,580,666

* Includes cumulative appreciation or cumulative depreciation of futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2017 and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts		Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
	$	6,948,485	$	(169,377,980	)	$	(162,429,495	)
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts		Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
	$	555,126	$	24,096,537		$	24,651,663

28

DBX ETF Trust

Notes to Financial Statements (Continued)

For the period ended November 30, 2017 the average monthly volume of derivatives was as follows:

Futures Contracts (Contract Value)	Forward Foreign Currency Contracts (Contract Value)
$189,488,359	$	(7,270,436,393	)

As of November 30, 2017, 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 deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Fund may have collateral agreements with certain counterparties to mitigate risk. 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:

	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
Goldman Sachs & Co.	$	2,374,541	$	(2,374,541	)	$	—	$	—	$	13,954,024	$	(2,374,541	)	$	(11,030,000	)	$	549,483
JP Morgan & Chase Co.		6,710,530		(6,710,530	)		—		—		27,288,127		(6,710,530	)		(17,530,000	)		3,047,597
RBC Capital Markets		4,698,159		(4,698,159	)		—		—		34,656,026		(4,698,159	)		(25,850,000	)		4,107,867
The Bank of New York Mellon		1,985,909		(1,985,909	)		—		—		9,700,052		(1,985,909	)		(7,120,000	)		594,143
The Bank of Nova Scotia		8,670,388		(8,670,388	)		—		—		23,760,832		(8,670,388	)		(12,980,000	)		2,110,444
	$	24,439,527	$	(24,439,527	)	$	—	$	—	$	109,359,061	$	(24,439,527	)	$	(74,510,000	)	$	10,409,534

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.

For its investment advisory services to the Fund, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s daily average net assets, computed and accrued daily and payable monthly, 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 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, brokerage expenses, distribution fees or expenses, if any, litigation 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, Lending 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; retainer fees to the Chairman of the Board of

29

DBX ETF Trust

Notes to Financial Statements (Continued)

Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Fund’s Independent Trustees).

4. Investment Portfolio Transactions

For the period ended November 30, 2017, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

Purchases		Sales
$	267,852,164	$	350,110,943

For the period ended November 30, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Purchases		Sales
$	97,189,449	$	1,889,723,999

5. Fund Share Transactions

As of November 30, 2017, 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.

30

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 most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top 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 Trust 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.Xtrackers.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.Xtrackers.com.

31

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.Xtrackers.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.

32

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. 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 U.S. 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. Please read the prospectus for more information.

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 Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.

Copyright © 2017 Deutsche Bank AG. All rights reserved. Xtrackers^® 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	Administrator, custodian, fund accounting agent, lending agent & 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-049078-2 (1/18) DBX 003105 (1/19)

November 30, 2017

Semi-Annual Report

DBX ETF Trust

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)

Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)

Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)

Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF		2
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		3
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		4
Xtrackers Municipal Infrastructure Revenue Bond ETF		5
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		6
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF		7
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		8
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		9
Fees and Expenses		10
Schedule of Investments
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF		12
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		15
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		20
Xtrackers Municipal Infrastructure Revenue Bond ETF		25
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		28
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF		36
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		40
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		46
Statements of Assets and Liabilities		48
Statements of Operations		50
Statements of Changes in Net Assets		52
Financial Highlights		56
Notes to Financial Statements		60
Additional Information		73
Privacy Policy Notice		74

To our Shareholders: (Unaudited)

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, 2017.

The global economy has now embarked on its strongest and most synchronized recovery over a decade, courtesy of the coordinated efforts of governments and central banks across the world. In the U.S., the economy is now close to full employment, with consumer confidence and new home sales trending at a 17-year high despite two major hurricanes. The Eurozone economy is growing faster than expected, driven by strong consumer confidence and labor market conditions. In Japan, the economy reported growth for the seventh consecutive quarter. With stronger exports, surveys in Japan now indicate capacity shortage across all industries. Emerging markets have also benefitted from the pick-up in global demand and the structural economic reforms carried out in their respective countries.

Over the last eight years, the global equity market has been rising with the MSCI ACWI Index¹ scaling record highs over the reporting period. The U.S. equity markets witnessed a tremendous bull run coupled with low volatility as sentiments were driven by a pick-up in corporate earnings. The European markets continued their rally upward helped by improving exports, domestic demand, and resultant increase in capital expenditure. The Eurozone however witnessed political uncertainties, driven by events like the failing coalition talks in Germany, the referendum² in Catalonia, and the upcoming elections in Italy. Meanwhile, emerging markets continued to outperform developed markets backed by improvement in underlying fundamentals.

Despite the strengthening macroeconomic picture, the U.S. economy finds itself in a Goldilocks scenario of moderate expansion coupled with stubbornly low inflation. The U.S. Federal Reserve Board (FRB) has been consistent in taking its time to hike interest rates, as there was only one hike in June in the reporting period. However, this has led to the U.S. yield curve to flatten slightly with the rising short-term rates. The corporate bonds segment continued to perform positively as the quest for yield has led to high demand for investment grade and high yield bonds that were also supported by low default rates. Municipal bond markets witnessed a significant increase in issuances in the month of November due to tax reform concerns. Despite the huge influx of bonds, demand remained firm and investors’ quest for yield led to outperformance in the high yield sector of municipal bonds.

The European Central Bank (ECB) announced a cut in its monthly bond purchases to EUR 30 billion from January 2018 and extended the program until September 2018. Italian government bonds performed well on the back of a surprise rating upgrade by S&P. Emerging Market bonds continued to perform positively with improved fundamentals and steady inflation, as sovereigns, post the harsh lessons of the Taper tantrum³, took steps to stabilize their current balances and foreign exchange reserves.

The global economy is likely to maintain its momentum underpinned by improving consumer spending and resilient global demand. While low inflation rates continue to remain a challenge, the FRB is looking to decrease the degree of monetary accommodation through measured rate increases and balance sheet reduction. Concurrently, the ECB would look to gradually recalibrate its monetary policy based on inflation while ensuring that economic activity continues to expand.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ MSCI ACWI Index captures large and mid-cap representation across 23 Developed Market (DM) and 23 Emerging Market (EM) countries. With 2,476 constituents, the index covers approximately 85% of the global investable equity opportunity set.

² Referendum is a general vote by the electorate on a single political question which has been referred to them for a direct decision.

³ Taper tantrum is the term used to refer to the 2013 surge in U.S. Treasury yields, which resulted from the FRB‘s use of tapering to gradually reduce the amount of money it was feeding into the economy.

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)

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (EMIH)

The Xtrackers 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 (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 government debt issued by emerging market countries 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 11/30/17

Description	% of Market Value
AA		8.4%
A		18.1%
BBB		42.7%
BB		19.0%
B		10.9%
CCC		0.9%
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 11/30/17

Turkey	6.5%
South Africa	5.8%
Indonesia	5.6%
Colombia	5.6%
Philippines	5.4%
Qatar	5.4%
Ukraine	5.1%
Russia	5.0%
Egypt	4.9%
Mexico	4.8%
Poland	4.8%
Ecuador	4.7%
Brazil	4.6%
Peru	4.6%
Hungary	4.5%
Panama	3.9%
Uruguay	3.7%
Kazakhstan	2.6%
Lithuania	2.6%
Sri Lanka	2.5%
Chile	2.4%
Romania	2.3%
Other	2.7%
Total	100.0%

Modified duration as of 11/30/17: 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.

* 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 12.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (HYIH)

The Xtrackers 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 (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 11/30/17

Description	% of Market Value
BBB		6.2%
BB		51.4%
B		36.1%
CCC		5.0%
NR		1.3%
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 11/30/17

United States	86.3%
United Kingdom	4.6%
Canada	3.8%
Luxembourg	2.6%
France	2.2%
Ireland	0.5%
Total	100.0%

Sector Diversification* as of 11/30/17

Communications	23.0%
Consumer, Non-cyclical	16.7%
Consumer, Cyclical	12.6%
Energy	11.7%
Industrial	11.6%
Financial	9.6%
Technology	5.8%
Basic Materials	5.1%
Utilities	2.9%
Diversified	1.0%
Total	100.0%

Modified duration as of 11/30/17: 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 percent of total investments excluding exchange-traded funds and 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)

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (IGIH)

The Xtrackers 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 (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 11/30/17

Description	% of Market Value
AAA		2.7%
AA		14.8%
A		41.9%
BBB		40.6%
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 11/30/17

United States	84.6%
United Kingdom	4.7%
Netherlands	2.6%
Guernsey	2.2%
Luxembourg	1.4%
France	1.2%
Japan	1.0%
Canada	0.9%
Australia	0.9%
Ireland	0.5%
Total	100.0%

Sector Diversification* as of 11/30/17

Financial	31.8%
Consumer, Non-cyclical	19.2%
Communications	12.4%
Technology	9.9%
Energy	9.7%
Consumer, Cyclical	7.4%
Industrial	5.7%
Basic Materials	2.1%
Utilities	1.8%
Total	100.0%

Modified duration as of 11/30/17: 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.

* 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 20.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

The Xtrackers 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 (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 11/30/17

Description	% of Market Value
AAA		12.7%
AA		46.0%
A		36.1%
BBB		5.2%
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 11/30/17

Transportation	36.2%
Water	25.1%
Airport	14.9%
Power	11.2%
General	8.7%
Utilities	3.2%
Development	0.7%
Total	100.0%

Modified duration as of 11/30/17: 6.3 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 25.

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (HDAW)

The Xtrackers 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 USA 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 USA 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 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 11/30/17 (28.6% of Net Assets)

Description	% of Net Assets
TOTAL SA (France)		4.2%
Royal Bank of Canada (Canada)		3.5%
Allianz SE (Germany)		3.3%
Sanofi (France)		3.2%
BASF SE (Germany)		3.1%
AstraZeneca PLC (United Kingdom)		2.5%
Daimler AG (Germany)		2.4%
Bank of Nova Scotia (Canada)		2.3%
China Construction Bank Corp. (China)		2.3%
Rio Tinto PLC (United Kingdom)		1.8%

Country Diversification* as of 11/30/17

United Kingdom	14.9%
Canada	13.3%
Germany	11.2%
France	10.0%
Taiwan	6.3%
China	5.2%
Japan	4.6%
Australia	4.4%
Hong Kong	3.5%
South Africa	3.2%
Switzerland	2.9%
Singapore	2.9%
Russia	2.8%
Finland	2.7%
Spain	2.5%
Other	9.6%
Total	100.0%

Sector Diversification* as of 11/30/17

Financials	36.3%
Consumer Discretionary	11.1%
Materials	9.3%
Energy	9.1%
Utilities	6.5%
Health Care	6.3%
Information Technology	5.5%
Consumer Staples	5.5%
Telecommunication Services	5.0%
Industrials	3.5%
Real Estate	1.9%
Total	100.0%

* As a percent of total investments excluding exchange-traded funds and securities lending collateral.     

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

6

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (HDEF)

The Xtrackers 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 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 11/30/17 (40.4% of Net Assets)

Description	% of Net Assets
TOTAL SA (France)		5.1%
BASF SE (Germany)		5.0%
Sanofi (France)		5.0%
Allianz SE (Germany)		5.0%
AstraZeneca PLC (United Kingdom)		4.5%
Daimler AG (Germany)		4.4%
Rio Tinto PLC (United Kingdom)		3.2%
AXA SA (France)		3.2%
Zurich Insurance Group AG (Switzerland)		2.5%
Iberdrola SA (Spain)		2.5%

Country Diversification* as of 11/30/17

United Kingdom	24.8%
Germany	20.5%
France	14.8%
Australia	6.7%
Japan	5.5%
Switzerland	5.3%
Hong Kong	5.2%
Finland	4.9%
Spain	4.5%
Singapore	2.1%
Italy	2.1%
Other	3.6%
Total	100.0%

Sector Diversification* as of 11/30/17

Financials	25.0%
Consumer Discretionary	18.6%
Materials	11.2%
Utilities	10.5%
Health Care	9.8%
Energy	6.1%
Industrials	5.4%
Consumer Staples	4.3%
Information Technology	3.9%
Telecommunication Services	3.5%
Real Estate	1.7%
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 36.

7

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (HDEE)

The Xtrackers 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 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 11/30/17 (31.2% of Net Assets)

Description	% of Net Assets
China Construction Bank Corp. (China)		5.0%
Industrial & Commercial Bank of China Ltd. (China)		5.0%
Hon Hai Precision Industry Co. Ltd. (Taiwan)		4.8%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		4.1%
Ambev SA (Brazil)		2.9%
LUKOIL PJSC (Russia)		2.3%
Gazprom PJSC (Russia)		2.3%
Standard Bank Group Ltd. (South Africa)		1.6%
Cathay Financial Holding Co. Ltd. (Taiwan)		1.6%
Infosys Ltd. (India)		1.6%

Country Diversification* as of 11/30/17

Taiwan	28.8%
China	15.1%
South Africa	10.5%
Russia	10.0%
Brazil	6.5%
Hong Kong	4.5%
South Korea	4.1%
Thailand	3.8%
Malaysia	3.6%
Indonesia	2.9%
United Arab Emirates	2.0%
Other	8.2%
Total	100.0%

Sector Diversification* as of 11/30/17

Financials	30.7%
Information Technology	18.1%
Consumer Staples	9.9%
Energy	9.2%
Consumer Discretionary	8.2%
Telecommunication Services	7.0%
Materials	6.2%
Real Estate	4.4%
Industrials	3.3%
Utilities	2.3%
Health Care	0.7%
Total	100.0%

* As a percent of total investments excluding exchange-traded funds and 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)

Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (HDEZ)

The Xtrackers 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”). The 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 11/30/17 (49.6% of Net Assets)

Description	% of Net Assets
Iberdrola SA (Spain)		5.1%
TOTAL SA (France)		5.1%
AXA SA (France)		5.0%
Sanofi (France)		5.0%
Allianz SE (Germany)		5.0%
Daimler AG (Germany)		5.0%
Nokia OYJ (Finland)		4.9%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		4.9%
Sampo OYJ (Finland)		4.9%
UPM-Kymmene OYJ (Finland)		4.7%

Country Diversification* as of 11/30/17

Germany	26.1%
France	22.7%
Finland	22.6%
Spain	15.3%
Italy	10.9%
Portugal	2.4%
Total	100.0%

Sector Diversification* as of 11/30/17

Financials	27.0%
Utilities	21.8%
Consumer Discretionary	14.7%
Energy	10.3%
Industrials	8.8%
Health Care	6.1%
Information Technology	4.9%
Materials	4.7%
Telecommunication Services	1.7%
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 46.

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 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, 2017 to November 30, 2017).

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, 2017		Ending Account Value November 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF
Actual	$	1,000.00	$	1,039.60		0.45	%	$	2.30
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF
Actual	$	1,000.00	$	1,020.90		0.35	%	$	1.77
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.35	%	$	1.78
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF
Actual	$	1,000.00	$	1,025.20		0.25	%	$	1.27
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.82		0.25	%	$	1.27
Xtrackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	1,015.80		0.30	%	$	1.52
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.56		0.30	%	$	1.52
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
Actual	$	1,000.00	$	1,032.00		0.45	%	$	2.29
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28

10

DBX ETF Trust

Fees and Expenses (Unaudited) (Continued)

	Beginning Account Value June 1, 2017		Ending Account Value November 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF
Actual	$	1,000.00	$	1,011.30		0.45	%	$	2.27
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		0.45	%	$	2.28
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
Actual	$	1,000.00	$	1,064.60		0.65	%	$	3.36
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
Actual	$	1,000.00	$	1,012.20		0.45	%	$	2.27
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		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 365.

11

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

November 30, 2017 (Unaudited)

	Principal Amount		Value
SOVEREIGN BONDS — 97.6%
Brazil — 4.5%
Brazilian Government International Bond 4.875%, 1/22/21	$	110,000	$	116,903
8.25%, 1/20/34		65,000		85,475
7.125%, 1/20/37		60,000		72,270
5.625%, 1/07/41		125,000		127,687
				402,335
Chile — 2.3%
Chile Government International Bond 3.86%, 6/21/47		200,000		204,375
Colombia — 5.4%
Colombia Government International Bond 2.625%, 3/15/23		200,000		195,775
8.125%, 5/21/24		25,000		31,906
7.375%, 9/18/37		100,000		134,100
6.125%, 1/18/41		100,000		119,500
				481,281
Croatia — 1.2%
Croatia Government International Bond 6.625%, 7/14/20, 144A		100,000		109,243
Ecuador — 4.6%
Ecuador Government International Bond 10.75%, 3/28/22, 144A		350,000		405,125
Egypt — 4.8%
Egypt Government International Bond 5.875%, 6/11/25, 144A		200,000		204,283
7.50%, 1/31/27, 144A		200,000		221,996
				426,279
El Salvador — 0.4%
El Salvador Government International Bond 7.65%, 6/15/35, 144A (a)		30,000		31,650
Hungary — 4.4%
Hungary Government International Bond 6.375%, 3/29/21		100,000		111,778
5.75%, 11/22/23		70,000		80,436
5.375%, 3/25/24		106,000		120,400
7.625%, 3/29/41		50,000		77,585
				390,199
Indonesia — 5.5%
Indonesia Government International Bond 8.50%, 10/12/35, 144A		100,000		149,037
6.625%, 2/17/37, 144A		100,000		127,559
Perusahaan Penerbit SBSN Indonesia III 4.55%, 3/29/26, 144A		200,000		211,706
				488,302
Kazakhstan — 2.5%
Kazakhstan Government International Bond 5.125%, 7/21/25, 144A		200,000		223,724
Lebanon — 0.6%
Lebanon Government International Bond GMTN, 6.375%, 3/09/20		50,000		49,313

	Principal Amount		Value
Lithuania — 2.5%
Lithuania Government International Bond 7.375%, 2/11/20, 144A	$	100,000	$	111,250
6.125%, 3/09/21, 144A		100,000		111,759
				223,009
Mexico — 4.7%
Mexico Government International Bond 3.625%, 3/15/22		50,000		52,325
4.00%, 10/02/23		30,000		31,620
Series A, MTN, 6.75%, 9/27/34		10,000		13,150
6.05%, 1/11/40		26,000		31,011
MTN, 4.75%, 3/08/44		120,000		122,220
5.55%, 1/21/45		35,000		39,909
GMTN, 5.75%, 10/12/10		120,000		129,060
				419,295
Panama — 3.9%
Panama Government International Bond 5.20%, 1/30/20		100,000		106,625
6.70%, 1/26/36		175,000		234,500
				341,125
Peru — 4.5%
Peruvian Government International Bond 7.35%, 7/21/25		100,000		130,750
8.75%, 11/21/33		75,000		118,687
6.55%, 3/14/37		40,000		54,089
5.625%, 11/18/50		75,000		96,188
				399,714
Philippines — 5.3%
Philippine Government International Bond 10.625%, 3/16/25		75,000		113,904
9.50%, 2/02/30		225,000		356,191
				470,095
Poland — 4.6%
Poland Government International Bond 5.125%, 4/21/21		80,000		87,219
5.00%, 3/23/22		50,000		55,020
3.00%, 3/17/23		140,000		142,810
4.00%, 1/22/24		70,000		74,940
3.25%, 4/06/26		50,000		51,226
				411,215
Qatar — 5.3%
Qatar Government International Bond 2.375%, 6/02/21, 144A		200,000		196,640
9.75%, 6/15/30, 144A		90,000		140,561
6.40%, 1/20/40, 144A		100,000		128,211
				465,412
Romania — 2.2%
Romanian Government International Bond 4.375%, 8/22/23, 144A		10,000		10,733
4.875%, 1/22/24, 144A		86,000		94,836
6.125%, 1/22/44, 144A		70,000		89,845
				195,414

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Principal Amount		Value
Russia — 4.9%
Russian Foreign Bond — Eurobond 12.75%, 6/24/28, 144A	$	250,000	$	435,001
South Africa — 5.7%
South Africa Government International Bond 5.875%, 5/30/22		100,000		109,040
4.665%, 1/17/24		200,000		203,457
4.30%, 10/12/28		200,000		188,385
				500,882
Sri Lanka — 2.5%
Sri Lanka Government International Bond 6.85%, 11/03/25, 144A		200,000		220,718
Turkey — 6.3%
Turkey Government International Bond 7.00%, 6/05/20		70,000		75,434
7.375%, 2/05/25		55,000		62,740
4.875%, 10/09/26		200,000		195,120
11.875%, 1/15/30		40,000		61,965
8.00%, 2/14/34		80,000		96,800
7.25%, 3/05/38		60,000		68,337
				560,396
Ukraine — 5.0%
Ukraine Government International Bond 7.75%, 9/01/24, 144A		120,000		126,669
7.75%, 9/01/25, 144A		100,000		104,810
7.75%, 9/01/26, 144A		100,000		103,761
7.75%, 9/01/27, 144A		100,000		103,750
				438,990

	Principal Amount		Value
Uruguay — 3.6%
Uruguay Government International Bond 4.50%, 8/14/24 (a)	$	15,000	$	16,470
4.375%, 10/27/27		75,000		81,234
7.625%, 3/21/36		30,000		42,733
5.10%, 6/18/50		165,000		181,913
				322,350
Venezuela — 0.4%
Venezuela Government International Bond* 9.25%, 9/15/27		150,000		36,375
TOTAL SOVEREIGN BONDS (Cost $8,493,030)				8,651,817
	Number of Shares
SECURITIES LENDING COLLATERAL — 0.3%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (b)(c) (Cost $30,150)		30,150		30,150
TOTAL INVESTMENTS — 97.9% (Cost $8,523,180)			$	8,681,967
Other assets and liabilities, net — 2.1%				185,672
NET ASSETS — 100.0%			$	8,867,639

* Non-income producing security.

(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, 2017 amounted to $28,872, which is 0.3% 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

SBSN: Surat Berharga Syariah Negara (Islamic Based Government Securities)

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, 2017, open futures contracts sold were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
2-Year U.S. Treasury Note		USD		4	$	858,061	$	857,625		3/29/2018	$	438
5-Year U.S. Treasury Note		USD		15		1,748,984		1,745,156		3/29/2018		3,828
10-Year Ultra U.S. Treasury Note		USD		11		1,469,961		1,464,891		3/20/2018		5,070
10-Year U.S. Treasury Note		USD		17		2,115,797		2,108,797		3/20/2018		7,000
U.S. Treasury Long Bond		USD		13		1,978,063		1,972,344		3/20/2018		5,719
U.S. Treasury Ultra Bond		USD		2		330,625		329,750		3/20/2018		875
Total unrealized appreciation											$	22,930

Currency Abbreviations

USD U.S. Dollar

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF (Continued)

November 30, 2017 (Unaudited)

For information on the Fund’s policy and additional disclosures regarding open futures 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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2		Level 3		Total
Sovereign Bonds (d)	$	—	$	8,651,817	$	—	$	8,651,817
Short-Term Investments		30,150		—		—		30,150
Derivatives (e)
Futures Contracts		22,930		—		—		22,930
TOTAL	$	53,080	$	8,651,817	$	—	$	8,704,897

(d) See Schedule of Investments for additional detailed categorizations.

(e) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF

November 30, 2017 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 88.0%
Basic Materials — 4.5%
Chemicals — 2.2%
CF Industries, Inc. 3.45%, 6/01/23	$	50,000	$	49,445
Chemours Co. 6.625%, 5/15/23		50,000		53,125
Hexion, Inc. 6.625%, 4/15/20		20,000		17,750
Huntsman International LLC 4.875%, 11/15/20		56,000		58,800
NOVA Chemicals Corp., 144A 4.875%, 6/01/24		50,000		50,750
				229,870
Iron/Steel — 0.5%
ArcelorMittal 6.00%, 3/01/21		50,000		54,194
Mining — 1.8%
Freeport-McMoRan, Inc. 3.10%, 3/15/20		115,000		115,575
Teck Resources Ltd. 3.75%, 2/01/23 (a)		70,000		70,962
				186,537
Communications — 20.2%
Advertising — 0.5%
Lamar Media Corp. 5.875%, 2/01/22		50,000		51,313
Internet — 1.4%
Netflix, Inc. 5.875%, 2/15/25		80,000		85,800
Symantec Corp. 3.95%, 6/15/22		25,000		25,722
VeriSign, Inc. 5.25%, 4/01/25		30,000		32,813
				144,335
Media — 10.6%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.375%, 5/01/25, 144A		80,000		82,100
5.75%, 2/15/26, 144A		40,000		41,600
Cequel Communications Holdings I LLC / Cequel Capital Corp., 144A 5.125%, 12/15/21		100,000		100,875
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/22		60,000		60,675
CSC Holdings LLC 6.75%, 11/15/21		111,000		119,602
DISH DBS Corp. 5.00%, 3/15/23		155,000		151,900
iHeartCommunications, Inc. 9.00%, 3/01/21		50,000		36,125
SFR Group SA, 144A 7.375%, 5/01/26		200,000		202,226
Sirius XM Radio, Inc. 6.00%, 7/15/24, 144A		35,000		37,275
5.375%, 7/15/26, 144A		30,000		31,463

	Principal Amount		Value
Media (Continued)
Univision Communications, Inc., 144A 5.125%, 2/15/25	$	45,000	$	43,931
Virgin Media Secured Finance PLC, 144A 5.50%, 1/15/25		200,000		209,250
				1,117,022
Telecommunications — 7.7%
CenturyLink, Inc. 6.75%, 12/01/23 (a)		65,000		62,868
CommScope Technologies LLC, 144A 6.00%, 6/15/25		26,000		27,950
Frontier Communications Corp. 7.125%, 1/15/23		73,000		51,465
11.00%, 9/15/25		60,000		46,350
Hughes Satellite Systems Corp. 5.25%, 8/01/26		45,000		45,847
Intelsat Jackson Holdings SA, 144A 8.00%, 2/15/24		50,000		53,000
Intelsat Luxembourg SA 7.75%, 6/01/21		80,000		47,600
Level 3 Parent LLC 5.75%, 12/01/22		151,000		152,786
Sprint Communications, Inc. 7.00%, 8/15/20		71,000		75,970
Sprint Corp. 7.625%, 2/15/25		100,000		106,450
T-Mobile USA, Inc. 6.50%, 1/15/26		125,000		137,031
				807,317
Consumer, Cyclical — 11.0%
Airlines — 0.5%
American Airlines Group, Inc., 144A 5.50%, 10/01/19		50,000		51,750
Auto Parts & Equipment — 1.5%
ZF North America Capital, Inc., 144A 4.75%, 4/29/25		150,000		160,370
Entertainment — 2.2%
GLP Capital LP / GLP Financing II, Inc. 4.875%, 11/01/20		90,000		95,077
Regal Entertainment Group 5.75%, 3/15/22		88,000		91,080
Scientific Games International, Inc. 10.00%, 12/01/22		40,000		44,200
				230,357
Food Service — 0.5%
Aramark Services, Inc. 4.75%, 6/01/26		50,000		51,937
Home Builders — 1.0%
PulteGroup, Inc. 5.00%, 1/15/27		100,000		105,605
Lodging — 1.9%
Hilton Domestic Operating Co., Inc. 4.25%, 9/01/24		20,000		20,350
MGM Resorts International 6.625%, 12/15/21		70,000		78,049

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Principal Amount		Value
Lodging (Continued)
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A 5.50%, 3/01/25	$	99,000	$	102,495
				200,894
Retail — 3.4%
1011778 BC ULC / New Red Finance, Inc., 144A 4.25%, 5/15/24		50,000		50,200
Dollar Tree, Inc. 5.75%, 3/01/23		98,000		103,022
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A 5.00%, 6/01/24		30,000		31,500
L Brands, Inc. 5.625%, 2/15/22		61,000		65,984
PetSmart, Inc., 144A 7.125%, 3/15/23		50,000		36,625
QVC, Inc. 4.375%, 3/15/23		40,000		41,198
Rite Aid Corp., 144A 6.125%, 4/01/23 (a)		29,000		26,934
				355,463
Consumer, Non-cyclical — 14.7%
Commercial Services — 2.6%
ADT Corp. 3.50%, 7/15/22		41,000		41,051
APX Group, Inc. 7.875%, 12/01/22		50,000		53,625
Hertz Corp. 6.75%, 4/15/19		23,000		23,000
Nielsen Finance LLC / Nielsen Finance Co., 144A 5.00%, 4/15/22		21,000		21,669
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A 9.25%, 5/15/23		50,000		55,312
United Rentals North America, Inc. 5.50%, 7/15/25		71,000		75,793
				270,450
Cosmetics/Personal Care — 0.6%
Avon Products, Inc. 7.00%, 3/15/23		50,000		41,281
Edgewell Personal Care Co. 4.70%, 5/19/21		18,000		18,830
				60,111
Food — 1.2%
Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s, Inc. / Albertson’s LLC 6.625%, 6/15/24		30,000		28,500
Lamb Weston Holdings, Inc., 144A 4.875%, 11/01/26		50,000		52,750
Post Holdings, Inc., 144A 5.00%, 8/15/26		45,000		44,719
				125,969

	Principal Amount		Value
Healthcare-Products — 1.0%
Hologic, Inc., 144A 5.25%, 7/15/22	$	20,000	$	20,950
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A 5.50%, 4/15/25		105,000		88,987
				109,937
Healthcare-Services — 8.0%
Centene Corp. 5.625%, 2/15/21		50,000		51,750
4.75%, 1/15/25		50,000		51,415
CHS/Community Health Systems, Inc. 6.25%, 3/31/23		100,000		94,000
DaVita, Inc. 5.00%, 5/01/25		40,000		40,112
Envision Healthcare Corp., 144A 5.125%, 7/01/22		50,000		49,312
HCA, Inc. 6.50%, 2/15/20		80,000		86,100
7.50%, 2/15/22		133,000		150,290
5.875%, 3/15/22		100,000		108,625
HealthSouth Corp. 5.75%, 11/01/24		45,000		46,238
Kindred Healthcare, Inc. 6.375%, 4/15/22		50,000		47,500
Tenet Healthcare Corp. 8.125%, 4/01/22		80,000		79,500
6.75%, 6/15/23 (a)		35,000		32,856
				837,698
Pharmaceuticals — 1.3%
Endo Finance LLC, 144A 5.75%, 1/15/22		83,000		69,513
Valeant Pharmaceuticals International, 144A 6.375%, 10/15/20 (a)		65,000		65,081
				134,594
Diversified — 0.9%
Holding Companies-Diversified — 0.9%
HRG Group, Inc. 7.875%, 7/15/19		40,000		40,210
Leucadia National Corp. 5.50%, 10/18/23		50,000		53,460
				93,670
Energy — 10.3%
Coal — 0.3%
Murray Energy Corp., 144A 11.25%, 4/15/21 (a)		50,000		28,000
Oil & Gas — 7.6%
Antero Resources Corp. 5.375%, 11/01/21		52,000		53,495
California Resources Corp., 144A 8.00%, 12/15/22 (a)		68,000		50,575
Chesapeake Energy Corp. 8.00%, 12/15/22, 144A		31,000		33,209
8.00%, 1/15/25, 144A (a)		50,000		49,875

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
CNX Resources Corp. 8.00%, 4/01/23	$	30,000	$	32,175
Continental Resources, Inc. 3.80%, 6/01/24		30,000		29,700
Denbury Resources, Inc. 5.50%, 5/01/22 (a)		40,000		26,400
EP Energy LLC / Everest Acquisition Finance, Inc. 9.375%, 5/01/20		38,000		28,310
MEG Energy Corp., 144A 6.50%, 1/15/25		25,000		24,594
Nabors Industries, Inc. 5.00%, 9/15/20		40,000		40,550
Newfield Exploration Co. 5.625%, 7/01/24		50,000		54,250
PBF Holding Co. LLC / PBF Finance Corp. 7.00%, 11/15/23		25,000		26,375
Range Resources Corp. 5.00%, 3/15/23		89,000		88,555
Southwestern Energy Co. 6.70%, 1/23/25		50,000		52,125
Transocean, Inc., 144A 9.00%, 7/15/23		50,000		54,187
Whiting Petroleum Corp. 5.75%, 3/15/21 (a)		91,000		91,683
WPX Energy, Inc. 8.25%, 8/01/23		55,000		62,356
				798,414
Oil & Gas Services — 0.5%
Weatherford International Ltd. 8.25%, 6/15/23		50,000		50,000
Pipelines — 1.9%
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25		50,000		54,375
Energy Transfer Equity LP 5.875%, 1/15/24		21,000		22,627
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 4.125%, 11/15/19		45,000		45,450
Williams Cos., Inc. 4.55%, 6/24/24		80,000		83,300
				205,752
Financial — 8.5%
Banks — 2.3%
CIT Group, Inc. 3.875%, 2/19/19		40,000		40,724
5.00%, 8/15/22		33,000		35,351
Royal Bank of Scotland Group PLC 6.125%, 12/15/22		155,000		170,857
				246,932
Diversified Financial Services — 3.2%
Aircastle Ltd. 5.00%, 4/01/23		50,000		53,000

	Principal Amount		Value
Diversified Financial Services (Continued)
Ally Financial, Inc. 3.50%, 1/27/19	$	85,000	$	86,062
4.125%, 2/13/22		40,000		41,388
Navient Corp. 5.875%, 10/25/24		94,000		94,968
Springleaf Finance Corp. 7.75%, 10/01/21		50,000		55,563
				330,981
Private Equity — 0.6%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.00%, 8/01/20		60,000		61,837
Real Estate Investment Trusts — 2.4%
Equinix, Inc. 5.375%, 4/01/23		82,000		84,936
Iron Mountain, Inc. 5.75%, 8/15/24		88,000		90,530
MPT Operating Partnership LP / MPT Finance Corp. 5.00%, 10/15/27		20,000		20,900
SBA Communications Corp. 4.875%, 9/01/24		50,000		51,875
				248,241
Industrial — 10.2%
Aerospace/Defense — 1.1%
Arconic, Inc. 5.125%, 10/01/24		93,000		99,452
TransDigm, Inc. 6.00%, 7/15/22		20,000		20,675
				120,127
Building Materials — 0.5%
Standard Industries, Inc. 5.375%, 11/15/24, 144A		18,000		19,035
5.00%, 2/15/27, 144A		30,000		31,275
				50,310
Engineering & Construction — 0.9%
AECOM 5.75%, 10/15/22		75,000		78,562
5.125%, 3/15/27		20,000		20,436
				98,998
Environmental Control — 0.4%
Covanta Holding Corp. 5.875%, 3/01/24		40,000		40,500
Machinery-Construction & Mining — 0.5%
Vertiv Group Corp., 144A 9.25%, 10/15/24		50,000		54,562
Metal Fabricate/Hardware — 0.5%
Novelis Corp., 144A 5.875%, 9/30/26		50,000		51,938
Miscellaneous Manufacturing — 2.1%
Bombardier, Inc., 144A 7.75%, 3/15/20		100,000		108,084

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Principal Amount		Value
Miscellaneous Manufacturing (Continued)
Gates Global LLC / Gates Global Co., 144A 6.00%, 7/15/22	$	105,000	$	107,919
				216,003
Packaging & Containers — 3.1%
Ball Corp. 4.375%, 12/15/20		50,000		52,187
Berry Global, Inc. 5.125%, 7/15/23		62,000		65,177
BWAY Holding Co., 144A 7.25%, 4/15/25		50,000		51,938
Crown Americas LLC / Crown Americas Capital Corp. IV 4.50%, 1/15/23		18,000		18,841
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg 5.75%, 10/15/20		133,000		135,411
				323,554
Transportation — 0.6%
XPO Logistics, Inc., 144A 6.50%, 6/15/22		60,000		62,925
Trucking & Leasing — 0.5%
Park Aerospace Holdings Ltd., 144A 5.25%, 8/15/22		50,000		51,313
Technology — 5.1%
Computers — 2.5%
Dell International LLC / EMC Corp., 144A 5.875%, 6/15/21		50,000		52,125
EMC Corp. 3.375%, 6/01/23		50,000		48,284
NCR Corp. 6.375%, 12/15/23		84,000		88,725
Western Digital Corp. 10.50%, 4/01/24		60,000		69,840
				258,974
Office/Business Equipment — 0.2%
CDW LLC / CDW Finance Corp. 5.50%, 12/01/24		25,000		27,375
Semiconductors — 0.5%
Micron Technology, Inc. 5.50%, 2/01/25		15,000		15,937
Sensata Technologies BV, 144A 5.625%, 11/01/24		30,000		33,263
				49,200
Software — 1.9%
BMC Software Finance, Inc., 144A 8.125%, 7/15/21		50,000		50,860

	Principal Amount		Value
Software (Continued)
First Data Corp., 144A 7.00%, 12/01/23	$	50,000	$	53,125
Open Text Corp., 144A 5.625%, 1/15/23		42,000		44,021
Rackspace Hosting, Inc., 144A 8.625%, 11/15/24 (a)		50,000		53,750
				201,756
Utilities — 2.6%
Electric — 1.6%
AES Corp. 4.875%, 5/15/23		50,000		51,296
Calpine Corp. 5.75%, 1/15/25		60,000		58,050
Dynegy, Inc. 7.375%, 11/01/22		50,000		53,562
				162,908
Gas — 1.0%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.875%, 8/20/26		100,000		104,250
TOTAL CORPORATE BONDS (Cost $9,172,674)				9,224,243
	Number of Shares
EXCHANGE-TRADED FUNDS — 9.9%
iShares iBoxx $ High Yield Corporate Bond ETF (a)		1,500		131,670
SPDR Bloomberg Barclays High Yield Bond ETF (a)		11,500		424,810
Xtrackers USD High Yield Corporate Bond ETF (a)(b)		9,500		482,220
TOTAL EXCHANGE-TRADED FUNDS (Cost $1,046,470)				1,038,700
SECURITIES LENDING COLLATERAL — 6.4%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (c)(d) (Cost $672,661)		672,661		672,661
TOTAL INVESTMENTS — 104.3% (Cost $10,891,805)			$	10,935,604
Other assets and liabilities, net — (4.3%)				(454,819	)
NET ASSETS — 100.0%			$	10,480,785

(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, 2017 amounted to $652,221, which is 6.2% 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.

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF (Continued)

November 30, 2017 (Unaudited)

SPDR: S&P Depository Receipts

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.

A summary of the Fund’s transactions with affiliated funds during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/2017		Purchases Cost ($)		Sales Proceeds ($)		Net realized Gain/(Loss) ($)		Net change in unrealized Appreciation/ (Depreciation) ($)			Income Distributions ($)		Capital Gain Distributions ($)		Value ($) at 11/30/2017
Xtrackers USD High Yield Corporate Bond ETF		—		486,359		—		—		(4,139	)		1,856		—		482,220

At November 30, 2017, open futures contracts sold were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
2-Year U.S. Treasury Note		USD		6	$	1,287,187	$	1,286,437		3/29/2018	$	750
5-Year U.S. Treasury Note		USD		43		5,014,875		5,002,781		3/29/2018		12,094
10-Year Ultra U.S. Treasury Note		USD		2		267,266		266,344		3/20/2018		922
10-Year U.S. Treasury Note		USD		26		3,236,594		3,225,219		3/20/2018		11,375
Total unrealized appreciation											$	25,141

Currency Abbreviations

USD U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding open futures 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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (e)	$	—	$	9,224,243	$	—	$	9,224,243
Exchange-Traded Fund		1,038,700		—		—		1,038,700
Short-Term Investments		672,661		—		—		672,661
Derivatives (f)
Futures Contracts		25,141		—		—		25,141
TOTAL	$	1,736,502	$	9,224,243	$	—	$	10,960,745

(e) See Schedule of Investments for additional detailed categorizations.

(f) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

November 30, 2017 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 97.0%
Basic Materials — 2.0%
Chemicals — 1.0%
Dow Chemical Co. 7.375%, 11/01/29	$	50,000	$	66,184
LyondellBasell Industries NV 4.625%, 2/26/55		25,000		25,513
				91,697
Forest Products & Paper — 0.2%
International Paper Co. 4.80%, 6/15/44		20,000		21,608
Mining — 0.8%
BHP Billiton Finance USA Ltd. 5.00%, 9/30/43		25,000		29,733
Newmont Mining Corp. 3.50%, 3/15/22		50,000		51,072
				80,805
Communications — 12.0%
Internet — 0.4%
Amazon.com, Inc. 3.30%, 12/05/21		20,000		20,709
4.80%, 12/05/34		20,000		23,143
				43,852
Media — 3.8%
21st Century Fox America, Inc. 4.50%, 2/15/21		30,000		31,734
Comcast Corp. 4.20%, 8/15/34		95,000		100,675
Discovery Communications LLC 5.20%, 9/20/47		25,000		24,851
NBCUniversal Media LLC 5.95%, 4/01/41		25,000		31,901
Time Warner, Inc. 3.60%, 7/15/25		40,000		40,208
Viacom, Inc. 4.25%, 9/01/23		25,000		25,309
Walt Disney Co. MTN, 2.35%, 12/01/22		40,000		39,689
MTN, 2.95%, 6/15/27 (a)		75,000		74,460
				368,827
Telecommunications — 7.8%
AT&T, Inc. 3.40%, 5/15/25		18,000		17,714
3.90%, 8/14/27		30,000		29,877
5.35%, 9/01/40		28,000		29,364
4.80%, 6/15/44		45,000		43,862
4.50%, 3/09/48		50,000		45,975
4.55%, 3/09/49		75,000		69,497
Cisco Systems, Inc. 5.50%, 1/15/40		40,000		51,897
Motorola Solutions, Inc. 3.75%, 5/15/22		40,000		41,024
Telefonica Europe BV 8.25%, 9/15/30		50,000		70,343
Verizon Communications, Inc. 4.60%, 4/01/21		75,000		80,014

	Principal Amount		Value
Telecommunications (Continued)
2.946%, 3/15/22	$	20,000	$	20,118
4.40%, 11/01/34		75,000		75,627
4.812%, 3/15/39		50,000		51,551
4.862%, 8/21/46		50,000		51,275
5.012%, 4/15/49		25,000		26,023
Vodafone Group PLC 2.95%, 2/19/23		55,000		55,157
				759,318
Consumer, Cyclical — 7.2%
Auto Manufacturers — 2.7%
Ford Motor Co. 4.75%, 1/15/43		65,000		64,629
General Motors Co. 4.875%, 10/02/23		100,000		108,133
General Motors Financial Co., Inc. 4.20%, 3/01/21		50,000		52,157
Toyota Motor Credit Corp. MTN, 3.30%, 1/12/22		30,000		30,984
				255,903
Housewares — 0.4%
Newell Brands, Inc. 3.85%, 4/01/23		40,000		41,510
Retail — 4.1%
CVS Health Corp. 3.875%, 7/20/25		45,000		46,084
Home Depot, Inc. 2.00%, 4/01/21		25,000		24,768
3.00%, 4/01/26		70,000		70,000
Lowe’s Cos., Inc. 4.375%, 9/15/45		30,000		32,493
McDonald’s Corp. MTN, 3.70%, 1/30/26		50,000		52,067
Target Corp. 4.00%, 7/01/42		45,000		45,559
TJX Cos., Inc. 2.25%, 9/15/26		53,000		49,422
Wal-Mart Stores, Inc. 2.55%, 4/11/23		50,000		50,116
3.625%, 12/15/47		30,000		31,039
				401,548
Consumer, Non-cyclical — 18.6%
Agriculture — 1.0%
Altria Group, Inc. 4.00%, 1/31/24		25,000		26,644
Philip Morris International, Inc. 4.375%, 11/15/41		40,000		42,049
Reynolds American, Inc. 5.70%, 8/15/35		25,000		29,357
				98,050
Beverages — 3.6%
Anheuser-Busch InBev Finance, Inc. 2.65%, 2/01/21		40,000		40,346
2.625%, 1/17/23		25,000		24,895

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Principal Amount		Value
Beverages (Continued)
3.30%, 2/01/23	$	50,000	$	51,324
3.65%, 2/01/26		27,000		27,740
4.00%, 1/17/43		30,000		29,798
4.625%, 2/01/44		40,000		43,672
4.90%, 2/01/46		30,000		34,003
Molson Coors Brewing Co. 3.00%, 7/15/26		20,000		19,430
PepsiCo, Inc. 3.60%, 3/01/24		40,000		42,036
4.875%, 11/01/40		20,000		23,742
4.45%, 4/14/46		10,000		11,165
				348,151
Biotechnology — 2.8%
Amgen, Inc. 3.125%, 5/01/25		81,000		81,236
4.663%, 6/15/51		46,000		49,708
Celgene Corp. 4.35%, 11/15/47		30,000		30,448
Gilead Sciences, Inc. 4.50%, 4/01/21		50,000		53,156
4.00%, 9/01/36		25,000		25,868
4.75%, 3/01/46		25,000		28,087
				268,503
Commercial Services — 0.3%
Ecolab, Inc. 4.35%, 12/08/21		30,000		32,010
Cosmetics/Personal Care — 0.3%
Procter & Gamble Co. 5.55%, 3/05/37		25,000		33,052
Food — 1.5%
JM Smucker Co. 3.50%, 10/15/21		50,000		51,498
Kraft Heinz Foods Co. 3.95%, 7/15/25		49,000		50,501
6.50%, 2/09/40		35,000		43,817
				145,816
Healthcare-Products — 1.7%
Abbott Laboratories 4.90%, 11/30/46		50,000		55,882
Becton Dickinson and Co. 4.669%, 6/06/47		30,000		31,661
Medtronic, Inc. 3.625%, 3/15/24		50,000		52,334
Thermo Fisher Scientific, Inc. 3.20%, 8/15/27		30,000		29,476
				169,353
Healthcare-Services — 1.3%
Aetna, Inc. 3.875%, 8/15/47		20,000		18,994
Anthem, Inc. 4.625%, 5/15/42		25,000		26,847
Laboratory Corp. of America Holdings 3.60%, 2/01/25		35,000		35,721

	Principal Amount		Value
Healthcare-Services (Continued)
UnitedHealth Group, Inc. 4.75%, 7/15/45	$	40,000	$	46,046
				127,608
Pharmaceuticals — 6.1%
AbbVie, Inc. 4.70%, 5/14/45		75,000		81,910
Allergan Funding SCS 3.80%, 3/15/25		100,000		100,975
AstraZeneca PLC 6.45%, 9/15/37		20,000		26,785
Cardinal Health, Inc. 2.616%, 6/15/22		25,000		24,582
Express Scripts Holding Co. 3.40%, 3/01/27		50,000		48,901
GlaxoSmithKline Capital PLC 2.85%, 5/08/22		40,000		40,570
GlaxoSmithKline Capital, Inc. 2.80%, 3/18/23		60,000		60,729
Johnson & Johnson 5.95%, 8/15/37		20,000		27,187
Novartis Capital Corp. 3.10%, 5/17/27		25,000		25,370
Pfizer, Inc. 2.20%, 12/15/21		25,000		24,946
4.40%, 5/15/44		50,000		55,632
Shire Acquisitions Investments Ireland DAC 2.40%, 9/23/21		50,000		49,234
Zoetis, Inc. 3.00%, 9/12/27		25,000		24,287
				591,108
Energy — 9.4%
Oil & Gas — 5.8%
Anadarko Petroleum Corp. 4.85%, 3/15/21		50,000		52,857
Apache Corp. 5.10%, 9/01/40		40,000		42,322
BP Capital Markets PLC 2.75%, 5/10/23		50,000		50,092
3.279%, 9/19/27		40,000		40,143
Chevron Corp. 2.10%, 5/16/21		50,000		49,567
ConocoPhillips 6.50%, 2/01/39		50,000		67,851
Exxon Mobil Corp. 3.567%, 3/06/45		25,000		24,527
Occidental Petroleum Corp. 4.10%, 2/15/47		30,000		31,134
Phillips 66 4.30%, 4/01/22		20,000		21,265
4.875%, 11/15/44		20,000		22,176
Shell International Finance BV 4.55%, 8/12/43		65,000		71,701
Total Capital International SA 3.70%, 1/15/24		70,000		73,963

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Valero Energy Corp. 3.40%, 9/15/26	$	20,000	$	19,836
				567,434
Oil & Gas Services — 0.6%
Halliburton Co. 3.80%, 11/15/25		30,000		30,960
Schlumberger Investment SA 3.65%, 12/01/23		25,000		26,258
				57,218
Pipelines — 3.0%
Enbridge, Inc. 4.00%, 10/01/23		35,000		36,388
Enterprise Products Operating LLC 5.10%, 2/15/45		45,000		49,987
Plains All American Pipeline LP / PAA Finance Corp. 4.65%, 10/15/25		76,000		77,623
Sunoco Logistics Partners Operations LP 4.00%, 10/01/27		75,000		73,931
Williams Partners LP 3.75%, 6/15/27		50,000		49,717
				287,646
Financial — 30.9%
Banks — 25.5%
Bank of America Corp.
GMTN, 3.30%, 1/11/23		140,000		143,020
MTN, 4.00%, 1/22/25		25,000		25,820
MTN, 4.25%, 10/22/26		65,000		68,282
MTN, 4.875%, 4/01/44		25,000		29,184
Bank of New York Mellon Corp. MTN, 2.20%, 8/16/23		50,000		48,452
Bank of Nova Scotia 4.50%, 12/16/25		25,000		26,234
BB&T Corp. MTN, 2.05%, 5/10/21		25,000		24,670
BNP Paribas / BNP Paribas US Medium-Term Note Program LLC
MTN, 3.25%, 3/03/23		40,000		40,873
Capital One Financial Corp. 3.20%, 2/05/25		36,000		35,677
Citigroup, Inc. 2.35%, 8/02/21		50,000		49,504
2.90%, 12/08/21		50,000		50,331
3.40%, 5/01/26		50,000		50,188
5.30%, 5/06/44		31,000		35,597
4.75%, 5/18/46		25,000		27,030
Cooperatieve Rabobank UA 4.50%, 1/11/21		30,000		31,893
3.875%, 2/08/22		50,000		52,688
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 9/15/22		100,000		103,497
4.55%, 4/17/26		100,000		107,125
Discover Bank 3.45%, 7/27/26		50,000		49,213

	Principal Amount		Value
Banks (Continued)
Goldman Sachs Group, Inc. 5.75%, 1/24/22	$	50,000	$	55,614
3.50%, 1/23/25		50,000		50,651
5.95%, 1/15/27		19,000		22,141
6.25%, 2/01/41		50,000		66,605
MTN, 4.80%, 7/08/44		40,000		45,216
HSBC Holdings PLC 3.40%, 3/08/21		50,000		51,221
5.10%, 4/05/21		75,000		80,948
4.00%, 3/30/22		40,000		41,994
ING Groep NV 3.95%, 3/29/27		20,000		20,953
JPMorgan Chase & Co. 4.625%, 5/10/21		50,000		53,417
3.875%, 9/10/24		50,000		52,131
3.125%, 1/23/25		37,000		37,115
3.30%, 4/01/26		25,000		25,086
6.40%, 5/15/38		25,000		33,808
5.60%, 7/15/41		45,000		56,171
Lloyds Bank PLC 6.375%, 1/21/21		50,000		55,649
Mitsubishi UFJ Financial Group, Inc. 3.287%, 7/25/27		50,000		49,504
Morgan Stanley
GMTN, 2.50%, 4/21/21		30,000		29,891
GMTN, 5.50%, 7/28/21		75,000		82,441
GMTN, 3.70%, 10/23/24		45,000		46,501
GMTN, 4.35%, 9/08/26		40,000		41,830
4.30%, 1/27/45		40,000		42,229
PNC Financial Services Group, Inc. 3.30%, 3/08/22		30,000		30,893
State Street Corp. 3.10%, 5/15/23		25,000		25,309
Sumitomo Mitsui Financial Group, Inc. 2.632%, 7/14/26		50,000		47,355
US Bancorp MTN, 4.125%, 5/24/21		12,000		12,703
MTN, 3.00%, 3/15/22		25,000		25,591
Wells Fargo & Co. 4.125%, 8/15/23		40,000		42,129
3.00%, 4/22/26		60,000		58,577
3.00%, 10/23/26		50,000		48,910
5.375%, 2/07/35		50,000		60,005
5.606%, 1/15/44		35,000		42,673
Westpac Banking Corp. 3.35%, 3/08/27		50,000		50,518
				2,485,057
Diversified Financial Services — 1.8%
American Express Credit Corp. MTN, 2.25%, 5/05/21		25,000		24,836
MTN, 2.70%, 3/03/22		25,000		25,141
Jefferies Group LLC 6.875%, 4/15/21		25,000		28,099
Synchrony Financial 4.25%, 8/15/24		40,000		41,707
Visa, Inc. 3.15%, 12/14/25		30,000		30,616

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Principal Amount		Value
Diversified Financial Services (Continued)
4.15%, 12/14/35	$	25,000	$	27,407
				177,806
Insurance — 2.3%
American International Group, Inc. 4.50%, 7/16/44		50,000		52,525
Berkshire Hathaway, Inc. 3.125%, 3/15/26		30,000		30,246
Hartford Financial Services Group, Inc. 5.125%, 4/15/22		75,000		82,192
Manulife Financial Corp. 4.15%, 3/04/26		25,000		26,489
MetLife, Inc. 5.70%, 6/15/35		25,000		31,436
				222,888
Real Estate Investment Trusts — 1.3%
American Tower Corp. 5.00%, 2/15/24		40,000		43,827
Boston Properties LP 4.125%, 5/15/21		50,000		52,495
Simon Property Group LP 3.25%, 11/30/26		25,000		24,801
				121,123
Industrial — 5.5%
Aerospace/Defense — 2.0%
Lockheed Martin Corp. 4.09%, 9/15/52		22,000		22,657
Northrop Grumman Corp. 3.25%, 8/01/23		20,000		20,458
Rockwell Collins, Inc. 3.50%, 3/15/27		75,000		76,163
United Technologies Corp. 3.10%, 6/01/22		40,000		40,852
5.70%, 4/15/40		25,000		31,548
				191,678
Electronics — 0.6%
Fortive Corp. 3.15%, 6/15/26		40,000		39,736
Honeywell International, Inc. 2.50%, 11/01/26		25,000		23,971
				63,707
Machinery-Construction & Mining — 0.2%
Caterpillar, Inc. 3.803%, 8/15/42		20,000		20,867
Machinery-Diversified — 0.3%
John Deere Capital Corp. MTN, 2.80%, 3/06/23		25,000		25,207
Miscellaneous Manufacturing — 1.5%
General Electric Co. 2.70%, 10/09/22		40,000		40,070
MTN, 5.875%, 1/14/38		65,000		82,289
4.125%, 10/09/42		25,000		25,572
				147,931

	Principal Amount		Value
Transportation — 0.9%
Burlington Northern Santa Fe LLC 3.90%, 8/01/46	$	25,000	$	25,983
CSX Corp. 4.10%, 3/15/44		20,000		20,417
FedEx Corp. 5.10%, 1/15/44		20,000		22,699
United Parcel Service, Inc. 3.125%, 1/15/21		20,000		20,547
				89,646
Technology — 9.6%
Computers — 4.2%
Apple, Inc. 1.55%, 8/04/21		56,000		54,452
2.85%, 2/23/23		50,000		50,701
2.40%, 5/03/23		75,000		74,248
3.20%, 5/13/25		17,000		17,363
2.45%, 8/04/26		40,000		38,253
4.45%, 5/06/44		25,000		27,740
4.375%, 5/13/45		18,000		19,766
Hewlett Packard Enterprise Co. 4.90%, 10/15/25		50,000		52,152
HP, Inc. 4.30%, 6/01/21		70,000		73,459
				408,134
Semiconductors — 1.8%
Applied Materials, Inc. 3.30%, 4/01/27		30,000		30,446
Intel Corp. 3.70%, 7/29/25		40,000		42,141
4.10%, 5/11/47		25,000		26,826
QUALCOMM, Inc. 3.00%, 5/20/22		50,000		49,956
3.45%, 5/20/25		25,000		24,883
				174,252
Software — 3.6%
Microsoft Corp. 3.30%, 2/06/27		50,000		51,565
3.50%, 2/12/35		50,000		51,205
3.70%, 8/08/46		50,000		51,098
4.25%, 2/06/47		40,000		44,482
Oracle Corp. 4.30%, 7/08/34		50,000		54,672
4.00%, 7/15/46		50,000		51,845
4.00%, 11/15/47		20,000		20,702
VMware, Inc. 3.90%, 8/21/27		25,000		25,155
				350,724
Utilities — 1.8%
Electric — 1.8%
Berkshire Hathaway Energy Co. 4.50%, 2/01/45		25,000		27,578
Duke Energy Corp. 1.80%, 9/01/21		25,000		24,376
3.75%, 9/01/46		20,000		19,544

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF (Continued)

November 30, 2017 (Unaudited)

	Principal Amount		Value
Electric (Continued)
Exelon Corp. 4.45%, 4/15/46	$	20,000	$	21,433
Pacific Gas & Electric Co. 6.05%, 3/01/34		45,000		55,959
Southern Co. 4.40%, 7/01/46		25,000		26,310
				175,200
TOTAL CORPORATE BONDS (Cost $9,419,082)				9,445,237

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.5%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (b)(c) (Cost $46,350)		46,350	$	46,350
TOTAL INVESTMENTS — 97.5% (Cost $9,465,432)			$	9,491,587
Other assets and liabilities, net — 2.5%				244,280
NET ASSETS — 100.0%			$	9,735,867

(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, 2017 amounted to $44,676, which is 0.5% 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.

GMTN: Global Medium Term Note

MTN: Medium Term Note

At November 30, 2017, open futures contracts sold were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
2-Year U.S. Treasury Note		USD		1	$	214,515	$	214,406		3/29/2018	$	109
5-Year U.S. Treasury Note		USD		22		2,565,305		2,559,563		3/29/2018		5,742
10-Year Ultra U.S. Treasury Note		USD		8		1,069,063		1,065,375		3/20/2018		3,688
10-Year U.S. Treasury Note		USD		15		1,866,828		1,860,703		3/20/2018		6,125
Ultra Long U.S. Treasury Bond		USD		9		1,487,812		1,483,875		3/20/2018		3,937
U.S. Treasury Long Bond		USD		12		1,826,344		1,820,625		3/20/2018		5,719
Total unrealized appreciation											$	25,320

Currency Abbreviations

USD U.S. Dollar

For information on the Fund’s policy and additional disclosures regarding open futures 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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (d)	$	—	$	9,445,237	$	—	$	9,445,237
Short-Term Investments		46,350		—		—		46,350
Derivatives (e)
Futures Contracts		25,320		—		—		25,320
TOTAL	$	71,670	$	9,445,237	$	–	$	9,516,907

(d) See Schedule of Investments for additional detailed categorizations.

(e) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF

November 30, 2017 (Unaudited)

	Principal Amount		Value
MUNICIPAL BONDS — 99.3%
Alabama — 1.3%
County of Jefferson AL Sewer Revenue, Series A, 5.00%, 10/01/44	$	100,000	$	110,929
Series D, 6.50%, 10/01/53		580,000		691,198
				802,127
Arizona — 1.9%
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/01/38		450,000		529,236
Series A, 5.00%, 1/01/39		500,000		595,490
				1,124,726
California — 21.0%
Bay Area Toll Authority, Highway Revenue Tolls, 5.00%, 10/01/54		1,350,000		1,532,398
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 5/15/46		975,000		1,117,974
Foothill-Eastern Transportation Corridor Agency, Highway Revenue Tolls, Series C, 6.25%, 1/15/33		1,000,000		1,200,680
Series A, 6.00%, 1/15/49		400,000		475,908
Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, Series A, 4.00%, 10/01/42		500,000		529,340
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series A, 5.00%, 7/01/42		500,000		588,480
Series A, 5.00%, 7/01/46		750,000		869,085
Los Angeles Department of Water, Water Revenue, Series A, 5.00%, 7/01/41		500,000		581,745
Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 3/01/41		500,000		578,420
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/01/43		600,000		671,298
San Diego County Regional Transportation Commission, Sales Tax Revenue, Series A, 4.75%, 4/01/48		250,000		273,367
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series C, 5.00%, 5/01/46		1,350,000		1,562,342
San Joaquin Hills Transportation Corridor Agency, Highway Revenue Tolls, Series A, 5.00%, 1/15/44		2,000,000		2,239,500
Southern California Public Power Authority, Natural Gas Revenue, Series A, 5.00%, 11/01/33		300,000		363,552
				12,584,089

	Principal Amount		Value
Colorado — 0.2%
City & County of Denver CO Airport System, Private Airport & Marina Revenue, Series B, 5.00%, 11/15/32	$	100,000	$	113,962
Connecticut — 0.3%
State of Connecticut Special Tax, Fuel Sales Tax Revenue, Series A, 5.00%, 10/01/33		145,000		159,493
District of Columbia — 2.1%
District of Columbia Water & Sewer Authority, Water Revenue, Series C, 5.00%, 10/01/44		630,000		723,977
Metropolitan Washington Airports Authority, Private Airport & Marina Revenue, Series A, 5.00%, 10/01/35		455,000		526,608
				1,250,585
Florida — 3.8%
County of Miami-Dade FL Aviation Revenue, Series A, AMT, 5.00%, 10/01/38		500,000		564,425
County of Miami-Dade FL Aviation, Private Airport & Marina Revenue, 5.00%, 10/01/36		815,000		918,644
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Series A, 5.00%, 10/01/52		500,000		573,520
Orlando-Orange County Expressway Authority, Highway Revenue Tolls, 5.00%, 7/01/35		200,000		223,876
				2,280,465
Georgia — 2.1%
City of Atlanta GA Water & Wastewater, Water Revenue, 5.00%, 11/01/40		1,100,000		1,271,215
Guam — 0.1%
Guam Government Waterworks Authority, Water Revenue, 5.00%, 1/01/46		50,000		54,911
Hawaii — 1.0%
City & County Honolulu HI Wastewater System, Sewer Revenue, Series A, 5.00%, 7/01/40		500,000		573,865
Illinois — 7.2%
Chicago Midway International Airport, Private Airport & Marina Revenue, Series B, 5.00%, 1/01/41		500,000		572,000
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series D, AMT, 5.00%, 1/01/42		1,000,000		1,128,180
Series D, 5.00%, 1/01/47		500,000		570,390
City of Chicago IL Wastewater Transmission, Sewer Revenue, Series A, 4.00%, 1/01/52		500,000		508,755

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2017 (Unaudited)

	Principal Amount		Value
Illinois (Continued)
City of Chicago IL Waterworks, Water Revenue, 4.00%, 11/01/37	$	80,000	$	80,601
5.00%, 11/01/39		275,000		299,758
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/01/40		1,090,000		1,240,671
				4,400,355
Indiana — 1.0%
Indiana Finance Authority, Series C, 5.00%, 6/01/29		300,000		375,873
Indiana Municipal Power Agency, Electric, Power & Light Revenue, 5.00%, 1/01/42		200,000		230,204
				606,077
Louisiana — 1.3%
New Orleans Aviation Board, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 1/01/45		700,000		779,191
Massachusetts — 1.1%
Commonwealth of Massachusetts Transportation Fund, Fuel Sales Tax Revenue, Series A, 5.00%, 6/01/44		600,000		685,890
New Jersey — 3.2%
New Jersey Turnpike Authority, Highway Revenue Tolls, Series E, 5.00%, 1/01/45		1,725,000		1,950,457
New York — 26.2%
Long Island Power Authority, Electric, Power & Light Revenue, 5.00%, 9/01/44		700,000		780,773
Metropolitan Transportation Authority, Transit Revenue, Series B, 5.00%, 11/15/37		1,000,000		1,156,760
Series A, 5.00%, 11/15/38		100,000		112,602
Sub-Series A-1, 5.00%, 11/15/45		1,300,000		1,480,726
MTA Hudson Rail Yards Trust Obligations, Lease Revenue, Series A, 5.00%, 11/15/56		515,000		570,713
New York City Transitional Finance Authority Future Tax Secured, Income Tax Revenue, Series I, 5.00%, 5/01/38		390,000		440,501
Sub-Series A-1, 5.00%, 11/01/38		1,160,000		1,323,815
Sub-Series B-1, 5.00%, 8/01/39		600,000		688,290
Sub-Series A-1, 5.00%, 5/01/40		500,000		579,455
New York City Water & Sewer System, Water Revenue, Series DD, 5.00%, 6/15/38		575,000		651,354
Series GG, 5.00%, 6/15/39		650,000		753,655
5.00%, 6/15/46		500,000		568,035
Series BB, 5.00%, 6/15/47		1,950,000		2,172,261
Series CC, 5.00%, 6/15/47		1,000,000		1,123,980
Series DD, 5.00%, 6/15/47		500,000		580,735

	Principal Amount		Value
New York (Continued)
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, 5.00%, 10/15/41	$	1,100,000	$	1,282,380
Triborough Bridge & Tunnel Authority, Highway Revenue Tolls, Series C, 5.00%, 11/15/38		255,000		286,444
Utility Debt Securitization Authority, Electric, Power & Light Revenue, Series TE, 5.00%, 12/15/41		1,100,000		1,259,676
				15,812,155
Ohio — 1.0%
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, Series A, 5.00%, 6/01/30		500,000		609,285
Pennsylvania — 4.2%
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 7/01/40		395,000		447,863
Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls, 5.00%, 7/01/42		40,000		46,290
Pennsylvania Economic Development Financing Authority, Industrial Revenue, 5.00%, 12/31/34		390,000		437,904
Pennsylvania Turnpike Commission, Highway Revenue Tolls, Series C, 5.00%, 12/01/44		520,000		590,065
Series A-1, 5.00%, 12/01/46		900,000		1,021,059
				2,543,181
Puerto Rico — 0.9%
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, Series CC, 5.25%, 7/01/36		280,000		305,396
Series N, 5.25%, 7/01/36		160,000		174,502
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, Series L, 5.25%, 7/01/35		50,000		45,831
				525,729
South Carolina — 4.6%
South Carolina Public Service Authority, Miscellaneous Revenue, Series C, 5.00%, 12/01/46		1,030,000		1,138,531
South Carolina Public Service Authority, Nuclear Revenue, Series E, 5.00%, 12/01/48		1,000,000		1,096,290
Series A, 5.00%, 12/01/49		200,000		219,232
Series A, 5.50%, 12/01/54		290,000		327,912
				2,781,965

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers Municipal Infrastructure Revenue Bond ETF (Continued)

November 30, 2017 (Unaudited)

	Principal Amount		Value
Texas — 11.6%
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series A, 5.00%, 1/01/45	$	700,000	$	781,655
Central Texas Turnpike System, Highway Revenue Tolls, Series A, 5.00%, 8/15/41		900,000		998,676
City of Austin TX Water & Wastewater System, Water Revenue, 5.00%, 11/15/39		500,000		568,255
City of Houston TX Combined Utility System, Water Revenue, Series B, 5.00%, 11/15/36		500,000		586,090
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, 5.00%, 2/01/47		150,000		175,674
Dallas Area Rapid Transit, Sales Tax Revenue, Series A, 5.00%, 12/01/46		300,000		346,269
Lower Colorado River Authority, Electric, Power & Light Revenue, 5.00%, 5/15/39		500,000		561,115
North Texas Tollway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/01/38		500,000		560,265
Series A, 5.00%, 1/01/48		1,500,000		1,737,930

	Principal Amount		Value
Texas (Continued)
Texas Water Development Board, Water Revenue, Series A, 5.00%, 10/15/45	$	600,000	$	693,486
				7,009,415
Utah — 1.4%
Salt Lake City Corp Airport, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/01/47		750,000		862,567
Virginia — 1.0%
Virginia Small Business Financing Authority, Highway Revenue Tolls, 5.00%, 12/31/52		550,000		613,283
Washington — 0.8%
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S1, 5.00%, 11/01/45		400,000		462,952
TOTAL MUNICIPAL BONDS (Cost $59,619,477)				59,857,940
TOTAL INVESTMENTS — 99.3% (Cost $59,619,477)			$	59,857,940
Other assets and liabilities, net — 0.7%				426,283
NET ASSETS — 100.0%			$	60,284,223

AMT: Alternative Minimum Tax

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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2		Level 3		Total
Municipal Bonds (a)	$	—	$	59,857,940	$	—	$	59,857,940
TOTAL	$	—	$	59,857,940	$	—	$	59,857,940

(a) See Schedule of Investments for additional detailed categorizations.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.7%
Australia — 4.4%
Amcor Ltd.		1,428	$	16,656
ASX Ltd.		296		12,793
Aurizon Holdings Ltd.		2,490		9,926
Bendigo & Adelaide Bank Ltd.		578		5,089
Crown Resorts Ltd.		409		3,821
Flight Centre Travel Group Ltd. (a)		69		2,336
Fortescue Metals Group Ltd.		1,693		5,891
Harvey Norman Holdings Ltd. (a)		688		2,087
Insurance Australia Group Ltd.		2,917		15,820
LendLease Group (b)		685		8,238
Medibank Pvt Ltd.		3,290		8,138
QBE Insurance Group Ltd.		1,678		13,479
Sonic Healthcare Ltd.		486		8,190
Tatts Group Ltd.		1,617		5,272
Telstra Corp. Ltd.		5,092		13,211
Wesfarmers Ltd.		1,273		42,290
				173,237
Brazil — 1.5%
Ambev SA		5,768		36,228
BB Seguridade Participacoes SA		840		6,898
CCR SA		1,465		7,084
Cosan SA Industria e Comercio		230		2,517
Hypermarcas SA		453		4,546
Porto Seguro SA		128		1,401
Transmissora Alianca de Energia Eletrica SA		137		891
				59,565
Canada — 13.3%
Agrium, Inc.		169		18,569
Bank of Montreal		782		60,171
Bank of Nova Scotia		1,448		91,483
BCE, Inc.		205		9,810
Canadian Imperial Bank of Commerce (a)		521		47,708
CI Financial Corp.		291		6,575
First Capital Realty, Inc.		96		1,566
Great-West Lifeco, Inc.		361		9,824
IGM Financial, Inc.		72		2,488
Inter Pipeline Ltd.		468		9,830
Keyera Corp.		240		6,764
Power Corp. of Canada		400		10,135
Power Financial Corp.		302		8,275
Royal Bank of Canada		1,767		138,125
Shaw Communications, Inc., Class B		508		11,320
Sun Life Financial, Inc.		751		29,676
TELUS Corp.		258		9,535
TransCanada Corp.		1,093		52,424
				524,278
Chile — 0.2%
Aguas Andinas SA, Class A		3,562		2,049
Banco Santander Chile		81,931		5,607
				7,656

	Number of Shares		Value
China — 5.2%
Agricultural Bank of China Ltd., Class H		33,013	$	15,344
China Construction Bank Corp., Class H		102,388		89,276
China Vanke Co. Ltd., Class H		1,514		5,515
Chongqing Changan Automobile Co. Ltd., Class B		900		848
Great Wall Motor Co. Ltd., Class H		3,800		4,447
Hengan International Group Co. Ltd.		894		8,717
Industrial & Commercial Bank of China Ltd., Class H		90,046		69,983
Jiangsu Expressway Co. Ltd., Class H		1,561		2,139
Longfor Properties Co. Ltd.		1,785		4,192
Sinopec Shanghai Petrochemical Co. Ltd., Class H		4,430		2,626
Zhejiang Expressway Co. Ltd., Class H		1,478		1,771
				204,858
Czech Republic — 0.2%
Komercni banka AS		107		4,485
Moneta Money Bank AS, 144A		525		1,893
O2 Czech Republic AS		74		924
				7,302
Denmark — 0.1%
Tryg A/S		142		3,452
Finland — 2.7%
Elisa OYJ		171		6,957
Metso OYJ		130		4,588
Nokia OYJ		7,092		35,588
Nokian Renkaat OYJ		143		6,242
Orion OYJ, Class B		122		4,506
Sampo OYJ, Class A		545		28,808
UPM-Kymmene OYJ		653		19,656
				106,345
France — 10.0%
AXA SA		2,340		70,605
Bouygues SA		245		12,674
CNP Assurances		182		4,096
Eutelsat Communications SA		215		4,867
Sanofi		1,373		125,181
SCOR SE		210		8,563
Societe BIC SA		30		3,483
TOTAL SA		2,910		164,193
				393,662
Germany — 11.0%
Allianz SE		551		129,952
BASF SE		1,108		123,967
Daimler AG		1,160		95,986
Evonik Industries AG		200		7,460
Hannover Rueck SE		68		8,935
Innogy SE, 144A		164		7,581
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		187		41,611
ProSiebenSat.1 Media SE		285		9,064
TUI AG		532		9,814
				434,370

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Greece — 0.1%
OPAP SA		282	$	3,440
Hong Kong — 3.4%
BOC Hong Kong Holdings Ltd.		4,545		22,986
China Everbright Ltd.		804		1,793
China Merchants Port Holdings Co. Ltd.		1,420		3,664
China Resources Power Holdings Co. Ltd.		2,042		3,843
CLP Holdings Ltd.		2,242		22,865
Guangdong Investment Ltd.		3,426		4,606
Hang Lung Properties Ltd.		2,388		5,620
Hang Seng Bank Ltd.		898		22,191
HKT Trust & HKT Ltd. (b)		3,560		4,472
Hysan Development Co. Ltd.		716		3,837
New World Development Co. Ltd.		7,505		10,878
NWS Holdings Ltd.		1,562		2,836
Power Assets Holdings Ltd.		1,628		13,903
Shimao Property Holdings Ltd.		1,465		2,862
Sino Land Co. Ltd.		3,565		6,454
Yue Yuen Industrial Holdings Ltd.		911		3,254
				136,064
Indonesia — 0.1%
PT Gudang Garam Tbk		674		3,813
Italy — 0.7%
Snam SpA		2,997		15,111
Terna Rete Elettrica Nazionale SpA		1,687		10,431
UnipolSai Assicurazioni SpA		862		2,021
				27,563
Japan — 4.5%
Canon, Inc.		1,291		49,302
Japan Tobacco, Inc.		1,309		43,267
MS&AD Insurance Group Holdings, Inc.		600		19,486
Nissan Motor Co. Ltd.		2,754		26,623
Sekisui House Ltd.		675		12,562
Sony Financial Holdings, Inc.		236		3,980
Subaru Corp.		748		24,385
				179,605
Macau — 0.3%
Sands China Ltd.		2,838		13,790
Malaysia — 0.5%
Alliance Bank Malaysia Bhd		1,300		1,173
Astro Malaysia Holdings Bhd		1,900		1,320
DiGi.Com Bhd		4,200		4,765
HAP Seng Consolidated Bhd		812		1,920
Maxis Bhd		2,300		3,335
Petronas Gas Bhd		900		3,495
SP Setia Bhd Group		996		850
Westports Holdings Bhd		1,200		1,009
				17,867
Netherlands — 0.2%
Randstad Holding NV		151		9,299
New Zealand — 0.3%
Fletcher Building Ltd.		860		4,079
Mercury NZ Ltd.		908		2,042

	Number of Shares		Value
New Zealand (Continued)
Spark New Zealand Ltd.		2,266	$	5,607
				11,728
Norway — 0.4%
Gjensidige Forsikring ASA		246		4,459
Orkla ASA		1,018		10,205
				14,664
Philippines — 0.1%
Globe Telecom, Inc.		100		3,641
Manila Electric Co.		280		1,755
				5,396
Portugal — 0.5%
EDP — Energias de Portugal SA		2,907		10,190
Jeronimo Martins SGPS SA		547		10,743
				20,933
Qatar — 0.2%
Barwa Real Estate Co.		118		907
Masraf Al Rayan QSC		446		4,159
Qatar Electricity & Water Co. QSC		33		1,468
Qatar Islamic Bank SAQ		91		2,275
				8,809
Romania — 0.2%
NEPI Rockcastle PLC		489		7,607
Russia — 2.8%
Alrosa PJSC		1,755		2,338
Gazprom PJSC		13,551		30,632
Inter RAO UES PJSC		12,475		786
LUKOIL PJSC		542		30,526
Magnit PJSC, GDR		393		10,383
MMC Norilsk Nickel PJSC		80		13,515
PhosAgro PJSC, GDR		169		2,535
RusHydro PJSC		135,233		1,883
Severstal PJSC		310		4,900
Tatneft PJSC		1,797		14,038
				111,536
Singapore — 2.9%
ComfortDelGro Corp. Ltd.		2,387		3,540
Oversea-Chinese Banking Corp. Ltd.		3,947		36,438
Singapore Exchange Ltd.		941		5,233
Singapore Press Holdings Ltd. (a)		1,900		3,888
Singapore Technologies Engineering Ltd.		1,915		4,629
Singapore Telecommunications Ltd.		9,939		27,490
StarHub Ltd.		700		1,479
United Overseas Bank Ltd.		1,599		31,065
				113,762
South Africa — 3.1%
Barclays Africa Group Ltd.		785		9,031
Coronation Fund Managers Ltd.		133		701
FirstRand Ltd.		4,117		16,915
Foschini Group Ltd.		276		3,180
Investec Ltd.		310		2,148
Investec PLC		836		5,845

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
South Africa (Continued)
Liberty Holdings Ltd.		138	$	1,169
Life Healthcare Group Holdings Ltd.		1,597		3,040
MMI Holdings Ltd.		1,237		1,811
Mr Price Group Ltd. (a)		302		4,580
Nedbank Group Ltd.		293		4,941
Netcare Ltd.		1,409		2,312
RMB Holdings Ltd.		870		4,245
Sanlam Ltd.		1,742		9,940
SPAR Group Ltd. (a)		184		2,546
Standard Bank Group Ltd.		1,584		19,980
Steinhoff International Holdings NV		3,847		15,781
Truworths International Ltd.		550		3,209
Vodacom Group Ltd. (a)		736		7,785
Woolworths Holdings Ltd.		1,222		5,168
				124,327
South Korea — 0.2%
SK Telecom Co. Ltd.		27		6,550
Spain — 2.5%
Enagas SA		323		9,479
Endesa SA		389		8,675
Gas Natural SDG SA		411		9,187
Iberdrola SA		6,954		55,224
Mapfre SA		842		2,832
Red Electrica Corp. SA		526		11,895
				97,292
Sweden — 1.0%
Hennes & Mauritz AB, Class B		1,163		27,384
Skanska AB, Class B		463		10,155
				37,539
Switzerland — 2.9%
Swiss Prime Site AG		87		7,500
Swiss Re AG		377		35,334
Swisscom AG		32		16,882
Zurich Insurance Group AG		184		55,588
				115,304
Taiwan — 6.3%
Advanced Semiconductor Engineering, Inc.		8,096		10,486
Catcher Technology Co. Ltd.		790		8,507
Cathay Financial Holding Co. Ltd.		10,029		17,287
Cheng Shin Rubber Industry Co. Ltd.		2,386		4,089
Chicony Electronics Co. Ltd.		574		1,523
Chunghwa Telecom Co. Ltd.		4,650		16,046
Compal Electronics, Inc.		5,173		3,579
CTBC Financial Holding Co. Ltd.		21,357		14,241
Delta Electronics, Inc.		2,419		11,009
Eclat Textile Co. Ltd.		219		1,961
Far EasTone Telecommunications Co. Ltd.		1,929		4,598
Feng TAY Enterprise Co. Ltd.		410		1,716
First Financial Holding Co. Ltd.		9,208		5,910
Formosa Chemicals & Fibre Corp.		3,604		10,934
Formosa Plastics Corp.		5,000		15,103
Formosa Taffeta Co. Ltd.		534		535
Foxconn Technology Co. Ltd.		1,127		3,134

	Number of Shares		Value
Taiwan (Continued)
Fubon Financial Holding Co. Ltd.		8,166	$	13,354
Highwealth Construction Corp.		997		1,326
Hon Hai Precision Industry Co. Ltd.		18,905		63,029
Inventec Corp.		3,094		2,321
Lite-On Technology Corp.		2,611		3,208
Micro-Star International Co. Ltd.		865		2,114
Nien Made Enterprise Co. Ltd.		177		1,623
Novatek Microelectronics Corp.		645		2,462
Pegatron Corp.		2,457		5,595
Phison Electronics Corp.		183		1,855
Pou Chen Corp.		2,583		3,100
Realtek Semiconductor Corp.		548		2,037
Siliconware Precision Industries Co. Ltd.		2,696		4,494
Taiwan Mobile Co. Ltd.		1,942		6,960
Vanguard International Semiconductor Corp.		1,110		2,642
Zhen Ding Technology Holding Ltd.		494		1,207
				247,985
Thailand — 1.2%
Bangkok Bank PCL		300		1,833
Delta Electronics Thailand PCL, NVDR		600		1,548
Glow Energy PCL, NVDR		600		1,603
Krung Thai Bank PCL, NVDR		4,200		2,482
PTT Global Chemical PCL, NVDR		2,600		6,329
PTT PCL, NVDR		1,300		16,399
Siam Cement PCL		500		7,287
Siam Commercial Bank PCL, NVDR		2,300		10,739
				48,220
Turkey — 0.3%
Eregli Demir ve Celik Fabrikalari TAS		1,447		3,181
Ford Otomotiv Sanayi AS		100		1,406
TAV Havalimanlari Holding AS		254		1,266
Tupras Turkiye Petrol Rafinerileri AS		167		5,169
				11,022
United Arab Emirates — 0.6%
Abu Dhabi Commercial Bank PJSC		2,423		4,651
Aldar Properties PJSC		4,498		2,694
DAMAC Properties Dubai Co. PJSC		2,464		2,314
Dubai Investments PJSC		1,832		1,227
Dubai Islamic Bank PJSC		1,499		2,461
Emaar Malls PJSC		3,157		1,848
Emirates Telecommunications Group Co. PJSC		2,289		10,221
				25,416
United Kingdom — 14.8%
Admiral Group PLC		256		6,658
AstraZeneca PLC		1,532		98,973
Babcock International Group PLC		276		2,602
BAE Systems PLC		3,910		29,189
Barratt Developments PLC		1,180		9,671
Berkeley Group Holdings PLC		159		8,205
BT Group PLC		9,982		35,207
Capita PLC		796		5,022
Direct Line Insurance Group PLC		1,662		8,222

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
easyJet PLC		205	$	3,898
G4S PLC		1,868		6,482
IMI PLC		328		5,571
Imperial Brands PLC		1,142		47,329
ITV PLC		4,479		9,686
Legal & General Group PLC		7,284		26,321
Marks & Spencer Group PLC		1,985		8,408
National Grid PLC		4,216		50,460
Next PLC		179		10,838
Pearson PLC		1,011		9,680
Persimmon PLC		378		12,985
Rio Tinto Ltd.		528		28,336
Rio Tinto PLC		1,493		70,700
Royal Mail PLC		1,118		6,681
Severn Trent PLC		285		8,090
SSE PLC		1,203		22,273
Standard Life Aberdeen PLC		3,227		18,775
Taylor Wimpey PLC		3,754		9,925
WPP PLC		1,513		26,743
				586,930
TOTAL COMMON STOCKS (Cost $3,477,189)				3,901,186
PREFERRED STOCKS — 0.7%
Brazil — 0.4%
Itausa — Investimentos Itau SA		4,862		15,417
Germany — 0.1%
Bayerische Motoren Werke AG		67		5,798

	Number of Shares		Value
South Korea — 0.2%
Hyundai Motor Co.		28	$	2,508
Hyundai Motor Co. — 2nd Preferred		47		4,686
				7,194
TOTAL PREFERRED STOCKS (Cost $24,745)				28,409
RIGHTS — 0.0%
Taiwan — 0.0%
CTBC Financial Holding Co. Ltd., expires 12/15/17*(c) (Cost $0)		292		0
EXCHANGE-TRADED FUND — 0.3%
Xtrackers MSCI All World ex US Hedged Equity ETF (d) (Cost $13,940)		500		13,936
SECURITIES LENDING COLLATERAL — 0.7%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (e)(f) (Cost $27,191)		27,191		27,191
TOTAL INVESTMENTS — 100.4% (Cost $3,543,065)			$	3,970,722
Other assets and liabilities, net — (0.4%)				(16,159	)
NET ASSETS — 100.0%			$	3,954,563

* Non-income producing security.

(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, 2017 amounted to $25,579, which is 0.6% 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) Investment was valued using significant unobservable inputs.

(d) Affiliated fund advised by DBX Advisors LLC.

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

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

GDR: Global Depositary Receipt

NVDR: Non Voting Depositary Receipt

PJSC: Private Joint Stock Company

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.

A summary of the Fund’s transactions with affiliated funds during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/2017		Purchases Cost ($)		Sales Proceeds ($)			Net realized Gain/(Loss) ($)		Net change in unrealized Appreciation/ (Depreciation) ($)			Income Distributions ($)		Capital Gain Distributions ($)		Value ($) at 11/30/2017
Xtrackers MSCI All World ex US Hedged Equity ETF		28,205		64,713		(78,853	)		46		(175	)		403		—		13,936

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2017	AED	115,000	USD	31,307	$	—	$	(2	)
RBC Capital Markets	12/5/2017	AUD	267,000	USD	204,649		2,694		—
RBC Capital Markets	12/5/2017	AUD	3,000	USD	2,299		30		—
The Bank of New York Mellon	12/5/2017	BRL	259,000	USD	78,843		—		(234	)
RBC Capital Markets	12/5/2017	CAD	28,000	USD	21,726		21		—
RBC Capital Markets	12/5/2017	CAD	693,800	USD	538,358		542		—
The Bank of New York Mellon	12/5/2017	CHF	5,000	USD	5,026		—		(59	)
The Bank of New York Mellon	12/5/2017	CHF	114,000	USD	114,602		—		(1,338	)
RBC Capital Markets	12/5/2017	CLP	3,244,000	USD	5,100		89		—
RBC Capital Markets	12/5/2017	CLP	888,000	USD	1,396		24		—
The Bank of Nova Scotia	12/5/2017	CZK	129,000	USD	5,865		—		(154	)
The Bank of Nova Scotia	12/5/2017	DKK	19,000	USD	2,980		—		(60	)
Goldman Sachs & Co.	12/5/2017	EUR	28,000	USD	32,674		—		(665	)
Goldman Sachs & Co.	12/5/2017	EUR	840,000	USD	980,146		—		(20,041	)
Goldman Sachs & Co.	12/5/2017	GBP	502,000	USD	667,188		—		(11,868	)
Goldman Sachs & Co.	12/5/2017	GBP	14,000	USD	18,608		—		(330	)
Goldman Sachs & Co.	12/5/2017	HKD	127,000	USD	16,285		23		—
Goldman Sachs & Co.	12/5/2017	HKD	3,121,000	USD	400,205		571		—
RBC Capital Markets	12/5/2017	JPY	1,186,000	USD	10,451		—		(90	)
RBC Capital Markets	12/5/2017	JPY	12,827,000	USD	113,016		—		(992	)
RBC Capital Markets	12/5/2017	KRW	14,146,000	USD	12,631		—		(368	)
The Bank of Nova Scotia	12/5/2017	MXN	73,000	USD	3,796		—		(118	)
RBC Capital Markets	12/5/2017	NOK	120,000	USD	14,677		250		—
The Bank of Nova Scotia	12/5/2017	NZD	20,000	USD	13,692		23		—
The Bank of Nova Scotia	12/5/2017	PHP	170,000	USD	3,280		—		(102	)
The Bank of Nova Scotia	12/5/2017	PLN	15,000	USD	4,122		—		(128	)
Goldman Sachs & Co.	12/5/2017	QAR	37,000	USD	10,161		—		—
Goldman Sachs & Co.	12/5/2017	RUB	159,000	USD	2,709		—		(8	)
Goldman Sachs & Co.	12/5/2017	RUB	4,673,000	USD	79,651		—		(208	)
RBC Capital Markets	12/5/2017	SEK	327,000	USD	39,125		43		—
RBC Capital Markets	12/5/2017	SGD	155,000	USD	113,789		—		(1,148	)
RBC Capital Markets	12/5/2017	SGD	2,000	USD	1,468		—		(15	)
Goldman Sachs & Co.	12/5/2017	THB	1,313,000	USD	39,512		—		(694	)
Goldman Sachs & Co.	12/5/2017	TRY	33,000	USD	8,612		198		—
Goldman Sachs & Co.	12/5/2017	TRY	14,000	USD	3,650		80		—
Goldman Sachs & Co.	12/5/2017	TWD	7,492,000	USD	248,615		—		(1,234	)
Goldman Sachs & Co.	12/5/2017	TWD	279,000	USD	9,272		—		(33	)
Goldman Sachs & Co.	12/5/2017	USD	31,310	AED	115,000		—		—
RBC Capital Markets	12/5/2017	USD	204,971	AUD	270,000		—		(747	)
The Bank of New York Mellon	12/5/2017	USD	79,241	BRL	259,000		—		(164	)
RBC Capital Markets	12/5/2017	USD	560,306	CAD	721,800		—		(785	)
The Bank of New York Mellon	12/5/2017	USD	121,197	CHF	119,000		—		(171	)
RBC Capital Markets	12/5/2017	USD	6,379	CLP	4,132,000		4		—
The Bank of Nova Scotia	12/5/2017	USD	6,025	CZK	129,000		—		(6	)
The Bank of Nova Scotia	12/5/2017	USD	3,044	DKK	19,000		—		(4	)
Goldman Sachs & Co.	12/5/2017	USD	1,034,960	EUR	868,000		—		(1,433	)
Goldman Sachs & Co.	12/5/2017	USD	698,483	GBP	516,000		—		(489	)
Goldman Sachs & Co.	12/5/2017	USD	415,866	HKD	3,248,000		30		—
RBC Capital Markets	12/5/2017	USD	125,222	JPY	14,013,000		—		(673	)
RBC Capital Markets	12/5/2017	USD	13,004	KRW	14,146,000		—		(5	)
The Bank of Nova Scotia	12/5/2017	USD	3,923	MXN	73,000		—		(10	)
RBC Capital Markets	12/5/2017	USD	14,476	NOK	120,000		—		(49	)
The Bank of Nova Scotia	12/5/2017	USD	13,725	NZD	20,000		—		(56	)
The Bank of Nova Scotia	12/5/2017	USD	1,830	PHP	92,000		—		(1	)
The Bank of Nova Scotia	12/5/2017	USD	1,505	PHP	78,000		46		—
The Bank of Nova Scotia	12/5/2017	USD	4,258	PLN	15,000		—		(8	)

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.	12/5/2017	USD	9,946	QAR	37,000	$	215	$	—
Goldman Sachs & Co.	12/5/2017	USD	82,665	RUB	4,832,000		—		(88	)
RBC Capital Markets	12/5/2017	USD	39,237	SEK	327,000		—		(155	)
RBC Capital Markets	12/5/2017	USD	116,555	SGD	157,000		—		(136	)
Goldman Sachs & Co.	12/5/2017	USD	40,202	THB	1,313,000		5		—
Goldman Sachs & Co.	12/5/2017	USD	12,019	TRY	47,000		—		(35	)
Goldman Sachs & Co.	12/5/2017	USD	258,947	TWD	7,771,000		206		—
Goldman Sachs & Co.	12/5/2017	USD	106,071	ZAR	1,447,300		—		(633	)
Goldman Sachs & Co.	12/5/2017	ZAR	1,426,300	USD	100,285		—		(3,624	)
Goldman Sachs & Co.	12/5/2017	ZAR	21,000	USD	1,477		—		(53	)
RBC Capital Markets	12/6/2017	IDR	49,637,000	USD	3,647		—		(21	)
RBC Capital Markets	12/6/2017	MYR	67,000	USD	15,834		—		(546	)
RBC Capital Markets	12/6/2017	USD	3,667	IDR	49,637,000		—		—
RBC Capital Markets	12/6/2017	USD	16,379	MYR	67,000		—		—
Goldman Sachs & Co.	1/4/2018	AED	115,000	USD	31,306		—		(1	)
RBC Capital Markets	1/4/2018	AUD	270,000	USD	204,937		745		—
The Bank of New York Mellon	1/4/2018	BRL	259,000	USD	78,975		166		—
RBC Capital Markets	1/4/2018	CAD	721,800	USD	560,607		793		—
The Bank of New York Mellon	1/4/2018	CHF	119,000	USD	121,535		165		—
RBC Capital Markets	1/4/2018	CLP	4,132,000	USD	6,382		—		(1	)
The Bank of Nova Scotia	1/4/2018	CZK	129,000	USD	6,048		5		—
The Bank of Nova Scotia	1/4/2018	DKK	19,000	USD	3,051		4		—
Goldman Sachs & Co.	1/4/2018	EUR	52,000	USD	62,144		92		—
Goldman Sachs & Co.	1/4/2018	EUR	868,000	USD	1,037,208		1,406		—
Goldman Sachs & Co.	1/4/2018	GBP	516,000	USD	699,397		492		—
Goldman Sachs & Co.	1/4/2018	HKD	3,248,000	USD	416,010		—		(49	)
RBC Capital Markets	1/4/2018	IDR	49,637,000	USD	3,656		—		(2	)
RBC Capital Markets	1/4/2018	KRW	14,146,000	USD	13,006		3		—
The Bank of Nova Scotia	1/4/2018	MXN	73,000	USD	3,903		10		—
RBC Capital Markets	1/4/2018	MYR	67,000	USD	16,380		19		—
RBC Capital Markets	1/4/2018	NOK	120,000	USD	14,492		49		—
The Bank of Nova Scotia	1/4/2018	NZD	20,000	USD	13,719		56		—
The Bank of Nova Scotia	1/4/2018	PHP	92,000	USD	1,828		1		—
The Bank of Nova Scotia	1/4/2018	PHP	179,000	USD	3,548		—		(6	)
The Bank of Nova Scotia	1/4/2018	PLN	15,000	USD	4,260		8		—
Goldman Sachs & Co.	1/4/2018	QAR	37,000	USD	9,944		—		(219	)
RBC Capital Markets	1/4/2018	SEK	327,000	USD	39,344		158		—
RBC Capital Markets	1/4/2018	SGD	157,000	USD	116,573		134		—
Goldman Sachs & Co.	1/4/2018	THB	240,000	USD	7,366		12		—
Goldman Sachs & Co.	1/4/2018	THB	1,313,000	USD	40,214		—		(19	)
Goldman Sachs & Co.	1/4/2018	TRY	47,000	USD	11,909		41		—
Goldman Sachs & Co.	1/4/2018	TWD	7,771,000	USD	259,293		—		(275	)
Goldman Sachs & Co.	1/4/2018	USD	5,990	AED	22,000		—		(1	)
RBC Capital Markets	1/4/2018	USD	3,036	AUD	4,000		—		(11	)
JP Morgan & Chase Co.	1/4/2018	USD	2,750	BRL	9,000		—		(11	)
RBC Capital Markets	1/4/2018	USD	32,622	CAD	42,000		—		(47	)
JP Morgan & Chase Co.	1/4/2018	USD	4,086	CHF	4,000		—		(6	)
Goldman Sachs & Co.	1/4/2018	USD	120,642	GBP	89,000		—		(95	)
Goldman Sachs & Co.	1/4/2018	USD	59,173	HKD	462,000		8		—
The Bank of Nova Scotia	1/4/2018	USD	3,902	MXN	73,000		—		(10	)
The Bank of Nova Scotia	1/4/2018	USD	2,058	NZD	3,000		—		(8	)
The Bank of Nova Scotia	1/4/2018	USD	4,260	PLN	15,000		—		(8	)
RBC Capital Markets	1/4/2018	USD	2,971	SGD	4,000		—		(4	)
Goldman Sachs & Co.	1/4/2018	USD	6,751	TWD	202,000		—		(4	)
Goldman Sachs & Co.	1/4/2018	ZAR	292,000	USD	21,298		133		—
Goldman Sachs & Co.	1/4/2018	ZAR	1,447,300	USD	105,552		645		—
RBC Capital Markets	1/5/2018	JPY	6,224,000	USD	55,726		301		—
RBC Capital Markets	1/5/2018	JPY	14,013,000	USD	125,459		671		—

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		1/10/2018		RUB	4,832,000		USD	82,237	$	154	$	—
Goldman Sachs & Co.		1/10/2018		RUB	1,742,000		USD	29,646		54		—
Total unrealized appreciation (depreciation)									$	11,419	$	(50,558	)

Currency Abbreviations

AED Arab Emirates Dirham

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CLP Chilean Peso

CZK Czech Koruna

DKK Danish Krone

EUR Euro

GBP Pound Sterling

HKD Hong Kong Dollar

IDR Indonesian Rupiah

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PHP Philippine Peso

PLN Polish Zloty

QAR Qatari Rial

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TRY Turkish 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.

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (g)	$	3,901,186	$	—		$	—	$	3,901,186
Preferred Stocks (g)		28,409		—			—		28,409
Rights		—		—			0		0
Exchange-Traded Fund		13,936		—			—		13,936
Short-Term Investments		27,191		—			—		27,191
Derivatives (h)
Forward Foreign Currency Contracts		—		11,419			—		11,419
TOTAL	$	3,970,722	$	11,419		$	0	$	3,982,141
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (h)
Forward Foreign Currency Contracts	$	—	$	(50,558	)	$	—	$	(50,558	)
TOTAL	$	—	$	(50,558	)	$	—	$	(50,558	)

(g) See Schedule of Investments for additional detailed categorizations.

(h) Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.4%
Australia — 6.7%
ASX Ltd.		526	$	22,734
Aurizon Holdings Ltd.		5,578		22,235
Bendigo & Adelaide Bank Ltd.		1,314		11,569
Crown Resorts Ltd.		1,038		9,697
Fortescue Metals Group Ltd.		4,080		14,196
Harvey Norman Holdings Ltd. (a)		1,486		4,507
Insurance Australia Group Ltd.		6,416		34,797
LendLease Group (b)		1,501		18,052
Medibank Pvt Ltd.		7,468		18,472
QBE Insurance Group Ltd.		3,783		30,389
Tatts Group Ltd.		3,731		12,163
Telstra Corp. Ltd.		11,290		29,291
Wesfarmers Ltd.		3,124		103,783
				331,885
Denmark — 0.1%
Tryg A/S		306		7,438
Finland — 4.9%
Elisa OYJ		385		15,663
Metso OYJ		303		10,693
Nokia OYJ		16,078		80,681
Nokian Renkaat OYJ		311		13,574
Orion OYJ, Class B		291		10,748
Sampo OYJ, Class A		1,237		65,386
UPM-Kymmene OYJ		1,446		43,527
				240,272
France — 14.7%
AXA SA		5,291		159,644
Bouygues SA		598		30,934
CNP Assurances		457		10,286
Eutelsat Communications SA		468		10,595
Sanofi		2,711		247,170
SCOR SE		468		19,084
TOTAL SA		4,425		249,675
				727,388
Germany — 20.1%
Allianz SE		1,043		245,990
BASF SE		2,222		248,605
Bayerische Motoren Werke AG		902		90,913
Daimler AG		2,626		217,291
Evonik Industries AG		441		16,450
Hannover Rueck SE		167		21,944
Innogy SE, 144A		376		17,380
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		421		93,680
ProSiebenSat.1 Media SE		631		20,068
TUI AG		1,193		22,007
				994,328
Hong Kong — 5.2%
BOC Hong Kong Holdings Ltd.		10,029		50,722
CLP Holdings Ltd.		4,463		45,515
Hang Lung Properties Ltd.		5,545		13,049
Hang Seng Bank Ltd.		2,071		51,177

	Number of Shares		Value
Hong Kong (Continued)
HKT Trust & HKT Ltd. (b)		10,037	$	12,607
New World Development Co. Ltd.		16,241		23,540
NWS Holdings Ltd.		4,239		7,696
Power Assets Holdings Ltd.		3,760		32,111
Sino Land Co. Ltd.		8,263		14,960
Yue Yuen Industrial Holdings Ltd.		1,982		7,080
				258,457
Italy — 2.1%
Atlantia SpA		1,229		40,827
Snam SpA		6,167		31,093
Terna Rete Elettrica Nazionale SpA		3,994		24,696
UnipolSai Assicurazioni SpA		2,800		6,566
				103,182
Japan — 5.5%
Aozora Bank Ltd.		323		12,499
Canon, Inc.		2,934		112,047
Nissan Motor Co. Ltd.		6,400		61,870
Sekisui House Ltd.		1,624		30,223
Subaru Corp.		1,700		55,421
				272,060
Macau — 0.6%
Sands China Ltd.		6,487		31,521
New Zealand — 0.5%
Fletcher Building Ltd.		1,861		8,828
Mercury NZ Ltd.		1,898		4,268
Spark New Zealand Ltd.		4,919		12,171
				25,267
Norway — 0.2%
Gjensidige Forsikring ASA		539		9,770
Portugal — 0.5%
EDP — Energias de Portugal SA		6,600		23,135
Singapore — 2.1%
ComfortDelGro Corp. Ltd.		6,100		9,046
Singapore Exchange Ltd.		2,150		11,957
Singapore Press Holdings Ltd.		4,280		8,759
Singapore Technologies Engineering Ltd.		4,190		10,129
Singapore Telecommunications Ltd.		22,498		62,226
StarHub Ltd.		1,600		3,381
				105,498
Spain — 4.5%
Enagas SA		649		19,045
Endesa SA		860		19,178
Gas Natural SDG SA		950		21,235
Iberdrola SA		15,599		123,877
Mapfre SA		2,988		10,051
Red Electrica Corp. SA		1,173		26,527
				219,913
Sweden — 1.7%
Hennes & Mauritz AB, Class B		2,617		61,619
Skanska AB, Class B		923		20,244
				81,863

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Switzerland — 5.3%
Swiss Prime Site AG		194	$	16,723
Swiss Re AG		866		81,164
Swisscom AG		71		37,458
Zurich Insurance Group AG		412		124,469
				259,814
United Kingdom — 24.7%
Admiral Group PLC		539		14,017
AstraZeneca PLC		3,445		222,560
BAE Systems PLC		8,758		65,380
Barratt Developments PLC		2,818		23,095
Berkeley Group Holdings PLC		356		18,372
Capita PLC		1,861		11,741
Direct Line Insurance Group PLC		3,730		18,452
easyJet PLC		452		8,595
IMI PLC		739		12,553
Imperial Brands PLC		2,609		108,128
ITV PLC		9,834		21,266
Legal & General Group PLC		16,157		58,385
Marks & Spencer Group PLC		4,631		19,615
National Grid PLC		9,301		111,321
Next PLC		398		24,098
Pearson PLC		2,230		21,352
Persimmon PLC		836		28,717
Rio Tinto Ltd.		1,151		61,770
Rio Tinto PLC		3,372		159,678

	Number of Shares		Value
United Kingdom (Continued)
Royal Mail PLC		2,506	$	14,976
Severn Trent PLC		638		18,111
SSE PLC		2,715		50,266
Standard Life Aberdeen PLC		7,238		42,111
Taylor Wimpey PLC		9,121		24,115
WPP PLC		3,498		61,830
				1,220,504
TOTAL COMMON STOCKS (Cost $4,451,922)				4,912,295
PREFERRED STOCK — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG (Cost $10,739)		147		12,720
SECURITIES LENDING COLLATERAL — 0.3%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (c)(d) (Cost $14,097)		14,097		14,097
TOTAL INVESTMENTS — 100.0% (Cost $4,476,758)			$	4,939,112
Other assets and liabilities, net (a) — 0.0%				1,347
NET ASSETS — 100.0%			$	4,940,459

(a) All or a portion of these securities were on loan amounting to $4,280. In addition, “Other assets and liabilities, net” include pending sales, amounting to $9,113 that are also on loan. The value of all securities loaned at November 30, 2017 amounted to $13,393, which is 0.3% 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.

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.

A summary of the Fund’s transactions with affiliated funds during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/2017		Purchases Cost ($)		Sales Proceeds ($)			Net realized Gain/(Loss) ($)		Net change in unrealized Appreciation/ (Depreciation) ($)			Income Distributions ($)		Capital Gain Distributions ($)		Value ($) at 11/30/2017
Xtrackers MSCI EAFE Hedged Equity ETF		23,654		70,414		(94,221	)		865		(712	)		707		—		—

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
The Bank of New York Mellon	12/5/2017	AUD	13,000	USD	9,964	$	131	$	—
The Bank of New York Mellon	12/5/2017	AUD	512,000	USD	392,428		5,159		—
RBC Capital Markets	12/5/2017	CHF	250,000	USD	251,306		—		(2,950	)
RBC Capital Markets	12/5/2017	CHF	18,000	USD	18,095		—		(212	)
The Bank of Nova Scotia	12/5/2017	DKK	40,000	USD	6,273		—		(126	)
RBC Capital Markets	12/5/2017	EUR	108,000	USD	126,025		—		(2,570	)
RBC Capital Markets	12/5/2017	EUR	189,000	USD	220,537		—		(4,505	)
The Bank of New York Mellon	12/5/2017	EUR	1,611,000	USD	1,879,916		—		(38,300	)
JP Morgan & Chase Co.	12/5/2017	GBP	47,000	USD	62,468		—		(1,109	)
JP Morgan & Chase Co.	12/5/2017	GBP	72,000	USD	95,697		—		(1,698	)
The Bank of New York Mellon	12/5/2017	GBP	924,000	USD	1,228,107		—		(21,789	)
RBC Capital Markets	12/5/2017	HKD	2,274,000	USD	291,590		411		—
RBC Capital Markets	12/5/2017	JPY	15,468,000	USD	136,286		—		(1,196	)
RBC Capital Markets	12/5/2017	JPY	1,900,000	USD	16,743		—		(144	)
The Bank of Nova Scotia	12/5/2017	NOK	81,000	USD	9,907		169		—
The Bank of Nova Scotia	12/5/2017	NZD	51,000	USD	34,915		59		—
The Bank of Nova Scotia	12/5/2017	SEK	30,000	USD	3,590		4		—
The Bank of Nova Scotia	12/5/2017	SEK	710,000	USD	84,951		94		—
The Bank of Nova Scotia	12/5/2017	SGD	10,000	USD	7,342		—		(74	)
The Bank of Nova Scotia	12/5/2017	SGD	238,000	USD	174,725		—		(1,758	)
The Bank of New York Mellon	12/5/2017	USD	398,554	AUD	525,000		—		(1,453	)
RBC Capital Markets	12/5/2017	USD	272,926	CHF	268,000		—		(365	)
The Bank of Nova Scotia	12/5/2017	USD	6,409	DKK	40,000		—		(9	)
RBC Capital Markets	12/5/2017	USD	339,820	EUR	285,000		—		(470	)
RBC Capital Markets	12/5/2017	USD	13,964	EUR	12,000		325		—
The Bank of New York Mellon	12/5/2017	USD	1,920,997	EUR	1,611,000		—		(2,780	)
JP Morgan & Chase Co.	12/5/2017	USD	15,920	GBP	12,000		312		—
JP Morgan & Chase Co.	12/5/2017	USD	144,844	GBP	107,000		—		(105	)
The Bank of New York Mellon	12/5/2017	USD	1,250,814	GBP	924,000		—		(918	)
RBC Capital Markets	12/5/2017	USD	4,232	HKD	33,000		—		(6	)
RBC Capital Markets	12/5/2017	USD	286,932	HKD	2,241,000		20		—
RBC Capital Markets	12/5/2017	USD	155,203	JPY	17,368,000		—		(834	)
The Bank of Nova Scotia	12/5/2017	USD	9,771	NOK	81,000		—		(33	)
The Bank of Nova Scotia	12/5/2017	USD	34,999	NZD	51,000		—		(143	)
The Bank of Nova Scotia	12/5/2017	USD	88,793	SEK	740,000		—		(351	)
The Bank of Nova Scotia	12/5/2017	USD	184,113	SGD	248,000		—		(215	)
The Bank of New York Mellon	1/4/2018	AUD	525,000	USD	398,475		1,434		—
RBC Capital Markets	1/4/2018	CHF	268,000	USD	273,696		359		—
The Bank of Nova Scotia	1/4/2018	DKK	40,000	USD	6,423		9		—
The Bank of Nova Scotia	1/4/2018	DKK	9,000	USD	1,445		2		—
RBC Capital Markets	1/4/2018	EUR	285,000	USD	340,562		466		—
The Bank of New York Mellon	1/4/2018	EUR	1,611,000	USD	1,925,129		2,690		—
The Bank of New York Mellon	1/4/2018	EUR	64,000	USD	76,477		105		—
JP Morgan & Chase Co.	1/4/2018	GBP	107,000	USD	145,034		106		—
The Bank of New York Mellon	1/4/2018	GBP	924,000	USD	1,252,436		909		—
RBC Capital Markets	1/4/2018	HKD	46,000	USD	5,891		—		(1	)
RBC Capital Markets	1/4/2018	HKD	2,241,000	USD	287,026		—		(39	)
The Bank of Nova Scotia	1/4/2018	NOK	81,000	USD	9,782		33		—
The Bank of Nova Scotia	1/4/2018	NZD	51,000	USD	34,983		143		—
The Bank of Nova Scotia	1/4/2018	SEK	740,000	USD	89,034		355		—
The Bank of Nova Scotia	1/4/2018	SGD	248,000	USD	184,132		203		—
The Bank of New York Mellon	1/4/2018	USD	2,277	AUD	3,000		—		(8	)
RBC Capital Markets	1/4/2018	USD	8,171	CHF	8,000		—		(12	)
The Bank of New York Mellon	1/4/2018	USD	191,123	GBP	141,000		—		(144	)
The Bank of Nova Scotia	1/4/2018	USD	9,603	NZD	14,000		—		(39	)
The Bank of Nova Scotia	1/4/2018	USD	7,100	SEK	59,000		—		(30	)

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia		1/4/2018		USD	77,227		SGD	104,000	$	—	$	(95	)
RBC Capital Markets		1/5/2018		JPY	13,340,000		USD	119,440		645		—
RBC Capital Markets		1/5/2018		JPY	17,368,000		USD	155,496		831		—
Total unrealized appreciation (depreciation)									$	14,974	$	(84,481	)

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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (e)	$	4,912,295	$	—		$	—	$	4,912,295
Preferred Stock		12,720		—			—		12,720
Short-Term Investments		14,097		—			—		14,097
Derivatives (f)
Forward Foreign Currency Contracts		—		14,974			—		14,974
TOTAL	$	4,939,112	$	14,974		$	—	$	4,954,086
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (f)
Forward Foreign Currency Contracts	$	—	$	(84,481	)	$	—	$	(84,481	)
TOTAL	$	—	$	(84,481	)	$	—	$	(84,481	)

(e) See Schedule of Investments for additional detailed categorizations.

(f) Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 94.7%
Brazil — 5.1%
Ambev SA		11,092	$	69,667
BB Seguridade Participacoes SA		1,552		12,744
CCR SA		3,215		15,547
Cosan SA Industria e Comercio		408		4,466
Hypermarcas SA		804		8,068
Odontoprev SA		510		2,376
Porto Seguro SA		347		3,798
Transmissora Alianca de Energia Eletrica SA		492		3,199
				119,865
Chile — 0.4%
Aguas Andinas SA, Class A		5,025		2,890
Enel Generacion Chile SA		9,105		7,431
				10,321
China — 14.6%
Agricultural Bank of China Ltd., Class H		60,741		28,231
ANTA Sports Products Ltd.		2,800		12,548
China Construction Bank Corp., Class H		135,422		118,080
China Vanke Co. Ltd., Class H		2,502		9,114
Chongqing Changan Automobile Co. Ltd., Class B		2,200		2,073
CRRC Corp. Ltd., Class H		9,000		8,205
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		1,299		4,990
Great Wall Motor Co. Ltd., Class H		7,000		8,192
Hengan International Group Co. Ltd.		1,366		13,319
Industrial & Commercial Bank of China Ltd., Class H		150,741		117,155
Jiangsu Expressway Co. Ltd., Class H		3,311		4,536
Longfor Properties Co. Ltd.		3,889		9,132
Sinopec Shanghai Petrochemical Co. Ltd., Class H		8,000		4,742
Zhejiang Expressway Co. Ltd., Class H		3,884		4,655
				344,972
Czech Republic — 0.6%
Komercni banka AS		201		8,425
Moneta Money Bank AS, 144A		1,282		4,623
O2 Czech Republic AS		119		1,486
				14,534
Greece — 0.1%
JUMBO SA		196		2,963
Hong Kong — 4.3%
China Everbright Ltd.		2,472		5,513
China Merchants Port Holdings Co. Ltd.		1,702		4,391
China Overseas Land & Investment Ltd.		7,990		25,371
China Resources Land Ltd.		7,450		21,415
China Resources Power Holdings Co. Ltd.		3,209		6,040
China State Construction International Holdings Ltd.		4,000		5,193
Guangdong Investment Ltd.		5,600		7,529
Kingboard Chemical Holdings Ltd.		2,000		11,472
Lee & Man Paper Manufacturing Ltd.		3,000		3,515

	Number of Shares		Value
Hong Kong (Continued)
Shimao Property Holdings Ltd.		2,884	$	5,635
Sun Art Retail Group Ltd.		6,392		6,253
				102,327
Hungary — 0.4%
MOL Hungarian Oil & Gas PLC		815		9,449
India — 1.6%
Infosys Ltd., ADR		2,410		37,500
Indonesia — 2.8%
PT Bank Negara Indonesia Persero Tbk		20,538		12,299
PT Gudang Garam Tbk		1,326		7,502
PT Indofood Sukses Makmur Tbk		10,200		5,524
PT Surya Citra Media Tbk		15,595		2,536
PT Telekomunikasi Indonesia Persero Tbk		118,700		36,419
PT Tower Bersama Infrastructure Tbk		4,800		2,023
				66,303
Malaysia — 3.5%
Alliance Bank Malaysia Bhd		3,100		2,797
Astro Malaysia Holdings Bhd		3,000		2,084
DiGi.Com Bhd		8,248		9,358
HAP Seng Consolidated Bhd		1,500		3,547
Hong Leong Bank Bhd		1,300		4,813
Maxis Bhd		4,800		6,960
Nestle Malaysia Bhd		100		2,379
Petronas Dagangan Bhd		500		2,959
Petronas Gas Bhd		1,900		7,378
Public Bank Bhd		6,400		31,143
SP Setia Bhd Group		2,300		1,963
Telekom Malaysia Bhd		3,100		4,571
Westports Holdings Bhd		2,500		2,103
				82,055
Mexico — 1.6%
Grupo Aeroportuario del Pacifico SAB de CV, Class B		839		8,351
Wal-Mart de Mexico SAB de CV		12,304		28,999
				37,350
Philippines — 0.4%
DMCI Holdings, Inc.		10,900		3,262
Globe Telecom, Inc.		85		3,095
Manila Electric Co.		520		3,259
				9,616
Poland — 0.3%
Polskie Gornictwo Naftowe i Gazownictwo SA		4,748		8,112
Qatar — 0.8%
Barwa Real Estate Co.		294		2,261
Masraf Al Rayan QSC		971		9,053
Qatar Electricity & Water Co. QSC		73		3,248
Qatar Islamic Bank SAQ		156		3,900
				18,462
Romania — 0.6%
NEPI Rockcastle PLC		881		13,705

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Russia — 9.6%
Alrosa PJSC		5,930	$	7,899
Gazprom PJSC		24,535		55,462
Inter RAO UES PJSC		61,354		3,868
LUKOIL PJSC		724		40,776
LUKOIL PJSC, ADR		265		14,721
Magnit PJSC, GDR		794		20,977
MMC Norilsk Nickel PJSC		145		24,496
PhosAgro PJSC, GDR		313		4,695
Polyus PJSC		56		4,705
Rosneft Oil Co. PJSC, GDR		2,117		10,443
Rosneft Oil Co. PJSC		125		628
RusHydro PJSC		250,152		3,483
Severstal PJSC		551		8,709
Tatneft PJSC		3,412		26,655
				227,517
South Africa — 10.1%
Barclays Africa Group Ltd.		1,568		18,039
Bidvest Group Ltd.		786		10,967
Coronation Fund Managers Ltd. (a)		554		2,920
FirstRand Ltd.		7,782		31,973
Foschini Group Ltd.		546		6,290
Liberty Holdings Ltd.		343		2,905
MMI Holdings Ltd.		2,496		3,654
Mr Price Group Ltd. (a)		648		9,828
Nedbank Group Ltd.		498		8,399
Netcare Ltd.		2,832		4,646
Pick n Pay Stores Ltd.		704		3,267
Pioneer Foods Group Ltd.		247		2,359
Rand Merchant Investment Holdings Ltd.		1,419		4,389
RMB Holdings Ltd.		1,521		7,421
Sanlam Ltd.		3,258		18,591
SPAR Group Ltd. (a)		515		7,127
Standard Bank Group Ltd.		2,997		37,804
Steinhoff International Holdings NV		6,762		27,738
Truworths International Ltd.		1,162		6,780
Vodacom Group Ltd. (a)		1,396		14,765
Woolworths Holdings Ltd.		2,307		9,756
				239,618
South Korea — 3.4%
Coway Co. Ltd.		141		12,425
GS Retail Co. Ltd.		52		1,888
Hyundai Marine & Fire Insurance Co. Ltd.		168		6,700
Kia Motors Corp.		520		16,079
KT&G Corp.		274		30,717
SK Telecom Co. Ltd.		48		11,644
				79,453
Taiwan — 27.9%
Advanced Semiconductor Engineering, Inc.		15,441		20,000
Advantech Co. Ltd.		1,000		6,668
AU Optronics Corp.		20,000		8,502
Catcher Technology Co. Ltd.		1,726		18,587
Cathay Financial Holding Co. Ltd.		21,785		37,550
Cheng Shin Rubber Industry Co. Ltd.		4,936		8,459
Chicony Electronics Co. Ltd.		1,434		3,806
Chunghwa Telecom Co. Ltd.		9,122		31,477

	Number of Shares		Value
Taiwan (Continued)
Compal Electronics, Inc.		10,905	$	7,544
CTBC Financial Holding Co. Ltd.		40,638		27,097
Delta Electronics, Inc.		4,130		18,795
Eclat Textile Co. Ltd.		510		4,565
Far EasTone Telecommunications Co. Ltd.		4,047		9,647
Feng TAY Enterprise Co. Ltd.		848		3,548
First Financial Holding Co. Ltd.		20,052		12,869
Formosa Chemicals & Fibre Corp.		7,000		21,238
Formosa Plastics Corp.		9,947		30,046
Formosa Taffeta Co. Ltd.		2,429		2,433
Foxconn Technology Co. Ltd.		1,386		3,854
Fubon Financial Holding Co. Ltd.		15,615		25,536
Hon Hai Precision Industry Co. Ltd.		34,159		113,886
Hotai Motor Co. Ltd.		764		8,839
Hua Nan Financial Holdings Co. Ltd.		18,441		10,114
Inventec Corp.		6,780		5,086
Lite-On Technology Corp.		4,000		4,914
Micro-Star International Co. Ltd.		1,807		4,416
Nien Made Enterprise Co. Ltd.		1,000		9,168
Novatek Microelectronics Corp.		1,510		5,764
Pegatron Corp.		5,000		11,386
Phison Electronics Corp.		369		3,740
Pou Chen Corp.		6,045		7,255
Powertech Technology, Inc.		2,000		6,068
Realtek Semiconductor Corp.		1,221		4,539
Siliconware Precision Industries Co. Ltd.		4,653		7,757
Taiwan Mobile Co. Ltd.		3,304		11,842
Taiwan Semiconductor Manufacturing Co. Ltd.		13,000		97,953
Uni-President Enterprises Corp.		11,725		24,901
Vanguard International Semiconductor Corp.		2,325		5,535
Yuanta Financial Holding Co. Ltd.		22,288		10,329
Zhen Ding Technology Holding Ltd.		1,257		3,072
				658,785
Thailand — 3.6%
Bangkok Bank PCL		700		4,276
Delta Electronics Thailand PCL, NVDR		1,147		2,959
Glow Energy PCL, NVDR		1,330		3,553
Krung Thai Bank PCL, NVDR		7,823		4,623
PTT Global Chemical PCL, NVDR		4,725		11,501
PTT PCL, NVDR		2,300		29,014
Siam Cement PCL		800		11,660
Siam Commercial Bank PCL, NVDR		3,900		18,210
				85,796
Turkey — 1.1%
Arcelik AS		454		2,297
Eregli Demir ve Celik Fabrikalari TAS		3,604		7,924
Ford Otomotiv Sanayi AS		186		2,615
TAV Havalimanlari Holding AS		383		1,909
Tupras Turkiye Petrol Rafinerileri AS		277		8,573
Turkiye Sise ve Cam Fabrikalari AS		2,448		2,620
				25,938
United Arab Emirates — 1.9%
Abu Dhabi Commercial Bank PJSC		4,766		9,148

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
United Arab Emirates (Continued)
Aldar Properties PJSC		6,889	$	4,126
DAMAC Properties Dubai Co. PJSC		4,047		3,801
Dubai Investments PJSC		3,452		2,312
Dubai Islamic Bank PJSC		3,174		5,211
Emaar Malls PJSC		5,242		3,068
Emirates Telecommunications Group Co. PJSC		3,969		17,722
				45,388
TOTAL COMMON STOCKS (Cost $2,038,675)				2,240,029
PREFERRED STOCKS — 2.0%
Brazil — 1.2%
Itausa — Investimentos Itau SA		9,130		28,951
Chile — 0.1%
Embotelladora Andina SA, Class B		500		2,187
South Korea — 0.7%
Hyundai Motor Co.		61		5,465
Hyundai Motor Co. — 2nd Preferred		97		9,671
				15,136
TOTAL PREFERRED STOCKS (Cost $41,145)				46,274

	Number of Shares		Value
RIGHTS — 0.0%
Taiwan — 0.0%
CTBC Financial Holding Co. Ltd., expires 12/15/17*(b) (Cost $0)		625	$	0
EXCHANGE-TRADED FUNDS — 1.0%
Xtrackers MSCI Emerging Markets Hedged Equity ETF (c)		600		14,316
WisdomTree Emerging Markets High Dividend Fund		230		9,982
TOTAL EXCHANGE-TRADED FUNDS (Cost $24,274)				24,298
SECURITIES LENDING COLLATERAL — 0.9%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) (Cost $21,159)		21,159		21,159
TOTAL INVESTMENTS — 98.6% (Cost $2,125,253)			$	2,331,760
Other assets and liabilities, net — 1.4%				32,905
NET ASSETS — 100.0%			$	2,364,665

* Non-income producing security.

(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, 2017 amounted to $19,683, which is 0.8% of net assets.

(b) Investment was valued using significant unobservable inputs.

(c) Affiliated fund advised by DBX Advisors LLC.

(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

GDR: Global Depositary Receipt

NVDR: Non Voting Depositary Receipt

PJSC: Private Joint Stock Company

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.

A summary of the Fund’s transactions in affiliated funds during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/2017		Purchases Cost ($)		Sales Proceeds ($)			Net realized Gain/(Loss) ($)		Net change in unrealized Appreciation/ (Depreciation) ($)			Income Distributions ($)		Capital Gain Distributions ($)		Value ($) at 11/30/2017
Xtrackers MSCI Emerging Markets Hedged Equity ETF		9,653		47,758		(44,993	)		2,025		(127	)		2		—		14,316

At November 30, 2017, open futures contract purchased was as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized (Depreciation)
SGX NIFTY 50 Futures		USD		3	$	62,670	$	61,668		12/28/2017	$	(1,002	)

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia	12/5/2017	AED	5,000	USD	1,361	$	—	$	—
The Bank of Nova Scotia	12/5/2017	AED	245,000	USD	66,698		—		(5	)
The Bank of Nova Scotia	12/5/2017	BRL	9,000	USD	2,739		—		(9	)
The Bank of Nova Scotia	12/5/2017	BRL	695,000	USD	211,545		—		(651	)
The Bank of Nova Scotia	12/5/2017	CLP	4,747,000	USD	7,463		130		—
The Bank of Nova Scotia	12/5/2017	CZK	317,000	USD	14,412		—		(379	)
The Bank of Nova Scotia	12/5/2017	HKD	4,705,000	USD	603,330		870		—
The Bank of Nova Scotia	12/5/2017	HKD	235,000	USD	30,133		42		—
The Bank of Nova Scotia	12/5/2017	HUF	2,962,000	USD	11,092		—		(172	)
The Bank of Nova Scotia	12/5/2017	KRW	1,800,000	USD	1,607		—		(47	)
The Bank of Nova Scotia	12/5/2017	KRW	82,849,000	USD	73,956		—		(2,178	)
The Bank of Nova Scotia	12/5/2017	MXN	752,000	USD	39,104		—		(1,213	)
The Bank of Nova Scotia	12/5/2017	PHP	492,000	USD	9,492		—		(294	)
The Bank of Nova Scotia	12/5/2017	PLN	67,000	USD	18,412		—		(572	)
The Bank of Nova Scotia	12/5/2017	QAR	73,000	USD	20,032		—		(17	)
The Bank of Nova Scotia	12/5/2017	RUB	11,170,000	USD	190,369		—		(522	)
The Bank of Nova Scotia	12/5/2017	RUB	250,000	USD	4,260		—		(13	)
The Bank of Nova Scotia	12/5/2017	THB	3,539,000	USD	106,484		—		(1,887	)
The Bank of Nova Scotia	12/5/2017	TRY	13,000	USD	3,390		75		—
The Bank of Nova Scotia	12/5/2017	TRY	85,000	USD	22,177		505		—
The Bank of Nova Scotia	12/5/2017	TWD	17,964,000	USD	596,670		—		(2,407	)
The Bank of Nova Scotia	12/5/2017	TWD	435,000	USD	14,447		—		(60	)
The Bank of Nova Scotia	12/5/2017	TWD	120,000	USD	3,979		—		(23	)
The Bank of Nova Scotia	12/5/2017	USD	68,064	AED	250,000		—		(1	)
The Bank of Nova Scotia	12/5/2017	USD	215,389	BRL	704,000		—		(445	)
The Bank of Nova Scotia	12/5/2017	USD	7,329	CLP	4,747,000		4		—
The Bank of Nova Scotia	12/5/2017	USD	14,805	CZK	317,000		—		(15	)
The Bank of Nova Scotia	12/5/2017	USD	632,506	HKD	4,940,000		45		—
The Bank of Nova Scotia	12/5/2017	USD	11,284	HUF	2,962,000		—		(20	)
The Bank of Nova Scotia	12/5/2017	USD	77,785	KRW	84,649,000		3		—
The Bank of Nova Scotia	12/5/2017	USD	40,417	MXN	752,000		—		(100	)
The Bank of Nova Scotia	12/5/2017	USD	6,805	PHP	342,000		—		(2	)
The Bank of Nova Scotia	12/5/2017	USD	2,895	PHP	150,000		89		—
The Bank of Nova Scotia	12/5/2017	USD	19,019	PLN	67,000		—		(35	)
The Bank of Nova Scotia	12/5/2017	USD	20,048	QAR	73,000		—		—
The Bank of Nova Scotia	12/5/2017	USD	195,502	RUB	11,420,000		—		(339	)
The Bank of Nova Scotia	12/5/2017	USD	104,667	THB	3,409,000		—		(276	)
The Bank of Nova Scotia	12/5/2017	USD	3,914	THB	130,000		67		—
The Bank of Nova Scotia	12/5/2017	USD	25,089	TRY	98,000		—		(103	)
The Bank of Nova Scotia	12/5/2017	USD	617,423	TWD	18,519,000		161		—
The Bank of Nova Scotia	12/5/2017	USD	230,310	ZAR	3,142,000		—		(1,409	)
The Bank of Nova Scotia	12/5/2017	ZAR	3,065,000	USD	215,538		—		(7,753	)
The Bank of Nova Scotia	12/5/2017	ZAR	77,000	USD	5,414		—		(196	)
The Bank of Nova Scotia	12/6/2017	IDR	273,448,000	USD	20,096		—		(110	)
The Bank of Nova Scotia	12/6/2017	MYR	198,000	USD	46,842		—		(1,564	)
The Bank of Nova Scotia	12/6/2017	USD	20,213	IDR	273,448,000		—		(8	)
The Bank of Nova Scotia	12/6/2017	USD	47,217	MYR	193,000		—		(34	)
The Bank of Nova Scotia	12/6/2017	USD	1,184	MYR	5,000		39		—
The Bank of Nova Scotia	1/4/2018	AED	250,000	USD	68,055		—		(5	)
The Bank of Nova Scotia	1/4/2018	BRL	704,000	USD	214,693		479		—
The Bank of Nova Scotia	1/4/2018	CLP	3,284,000	USD	5,061		—		(12	)
The Bank of Nova Scotia	1/4/2018	CLP	4,747,000	USD	7,330		—		(3	)
The Bank of Nova Scotia	1/4/2018	CZK	317,000	USD	14,863		12		—
The Bank of Nova Scotia	1/4/2018	EUR	3,000	USD	3,585		5		—
The Bank of Nova Scotia	1/4/2018	HKD	4,940,000	USD	632,709		—		(91	)
The Bank of Nova Scotia	1/4/2018	HUF	2,962,000	USD	11,311		19		—

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia		1/4/2018		IDR	607,114,000		USD	44,701	$	—	$	(38	)
The Bank of Nova Scotia		1/4/2018		IDR	273,448,000		USD	20,158		8		—
The Bank of Nova Scotia		1/4/2018		INR	2,392,000		USD	36,942		—		(7	)
The Bank of Nova Scotia		1/4/2018		KRW	15,737,000		USD	14,459		—		(6	)
The Bank of Nova Scotia		1/4/2018		KRW	4,264,000		USD	3,915		—		(4	)
The Bank of Nova Scotia		1/4/2018		KRW	84,649,000		USD	77,785		—		(20	)
The Bank of Nova Scotia		1/4/2018		MXN	752,000		USD	40,202		107		—
The Bank of Nova Scotia		1/4/2018		MYR	141,000		USD	34,457		25		—
The Bank of Nova Scotia		1/4/2018		MYR	193,000		USD	47,154		23		—
The Bank of Nova Scotia		1/4/2018		PHP	342,000		USD	6,794		4		—
The Bank of Nova Scotia		1/4/2018		PHP	189,000		USD	3,747		—		(6	)
The Bank of Nova Scotia		1/4/2018		PLN	67,000		USD	19,027		35		—
The Bank of Nova Scotia		1/4/2018		QAR	73,000		USD	20,043		—		(7	)
The Bank of Nova Scotia		1/4/2018		THB	3,409,000		USD	104,715		254		—
The Bank of Nova Scotia		1/4/2018		TRY	98,000		USD	24,860		115		—
The Bank of Nova Scotia		1/4/2018		TWD	18,519,000		USD	618,000		—		(573	)
The Bank of Nova Scotia		1/4/2018		TWD	1,524,000		USD	50,803		—		(101	)
The Bank of Nova Scotia		1/4/2018		USD	19,330		AED	71,000		—		(1	)
The Bank of Nova Scotia		1/4/2018		USD	59,782		BRL	196,000		—		(142	)
The Bank of Nova Scotia		1/4/2018		USD	10,376		HKD	81,000		—		—
The Bank of Nova Scotia		1/4/2018		USD	174,328		HKD	1,361,000		12		—
The Bank of Nova Scotia		1/4/2018		USD	1,524		HUF	399,000		—		(3	)
The Bank of Nova Scotia		1/4/2018		USD	4,806		MXN	90,000		—		(8	)
The Bank of Nova Scotia		1/4/2018		USD	10,509		PLN	37,000		—		(21	)
The Bank of Nova Scotia		1/4/2018		USD	3,022		QAR	11,000		—		—
The Bank of Nova Scotia		1/4/2018		USD	4,146		THB	135,000		—		(9	)
The Bank of Nova Scotia		1/4/2018		USD	15,588		THB	507,000		—		(52	)
The Bank of Nova Scotia		1/4/2018		USD	5,812		TWD	174,000		—		—
The Bank of Nova Scotia		1/4/2018		USD	5,880		ZAR	81,000		—		(9	)
The Bank of Nova Scotia		1/4/2018		ZAR	3,142,000		USD	229,181		1,435		—
The Bank of Nova Scotia		1/4/2018		ZAR	374,000		USD	27,275		166		—
The Bank of Nova Scotia		1/10/2018		RUB	11,420,000		USD	194,478		483		—
The Bank of Nova Scotia		1/10/2018		RUB	1,976,000		USD	33,617		50		—
Total unrealized appreciation (depreciation)									$	5,262	$	(23,977	)

Currency Abbreviations

AED Arab Emirates Dirham

BRL Brazilian Real

CLP Chilean Peso

CZK Czech Koruna

EUR Euro

HKD Hong Kong Dollar

HUF Hungarian Forint

IDR Indonesian Rupiah

INR Indian Rupee

KRW South Korean Won

MXN Mexican Peso

MYR Malaysian Ringgit

PHP Philippine Peso

PLN Polish Zloty

QAR Qatari Rial

RUB Russian Ruble

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

USD U.S. Dollar

ZAR South African Rand

For information on the Fund’s policy and additional disclosures regarding open 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. 44

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1			Level 2			Level 3		Total
Common Stocks (f)	$	2,240,029		$	—		$	—	$	2,240,029
Preferred Stocks (f)		46,274			—			—		46,274
Rights		—			—			0		0
Exchange-Traded Funds		24,298			—			—		24,298
Short-Term Investments		21,159			—			—		21,159
Derivatives (g)
Forward Foreign Currency Contracts		—			5,262			—		5,262
TOTAL	$	2,331,760		$	5,262		$	0	$	2,337,022
Liabilities	Level 1			Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—		$	(23,977	)	$	—	$	(23,977	)
Futures Contracts		(1,002	)		—			—		(1,002	)
TOTAL	$	(1,002	)	$	(23,977	)	$	—	$	(24,979	)

(f) See Schedule of Investments for additional detailed categorizations.

(g) Derivatives include unrealized appreciation (depreciation) on open futures contracts and forward foreign currency contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.2%
Finland — 22.5%
Elisa OYJ		1,656	$	67,371
Fortum OYJ		5,151		108,396
Metso OYJ		1,313		46,337
Nokia OYJ		38,995		195,680
Nokian Renkaat OYJ		1,357		59,228
Orion OYJ, Class B		1,213		44,800
Sampo OYJ, Class A		3,687		194,891
UPM-Kymmene OYJ		6,190		186,328
				903,031
France — 22.6%
AXA SA		6,684		201,675
Bouygues SA		2,487		128,648
CNP Assurances		1,999		44,993
Eutelsat Communications SA		2,033		46,024
Sanofi		2,203		200,854
SCOR SE		2,004		81,719
TOTAL SA		3,591		202,618
				906,531
Germany — 25.5%
Allianz SE		849		200,235
Bayerische Motoren Werke AG		1,715		172,856
Daimler AG		2,403		198,839
Hannover Rueck SE		699		91,851
Innogy SE, 144A		1,617		74,743
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		878		195,370
ProSiebenSat.1 Media SE		2,702		85,933
				1,019,827

	Number of Shares		Value
Italy — 10.9%
Atlantia SpA		5,267	$	174,969
Snam SpA		26,388		133,046
Terna Rete Elettrica Nazionale SpA		16,317		100,894
UnipolSai Assicurazioni SpA		11,533		27,042
				435,951
Portugal — 2.4%
EDP — Energias de Portugal SA		27,563		96,616
Spain — 15.3%
Enagas SA		2,630		77,179
Endesa SA		3,684		82,151
Gas Natural SDG SA		4,062		90,797
Iberdrola SA		25,836		205,173
Mapfre SA		12,551		42,217
Red Electrica Corp. SA		5,020		113,526
				611,043
TOTAL COMMON STOCKS (Cost $3,504,697)				3,972,999
PREFERRED STOCK — 0.6%
Germany — 0.6%
Bayerische Motoren Werke AG (Cost $23,191)		283		24,488
TOTAL INVESTMENTS — 99.8% (Cost $3,527,888)			$	3,997,487
Other assets and liabilities, net — 0.2%				7,750
NET ASSETS — 100.0%			$	4,005,237

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, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia		12/5/2017		EUR	3,335,500		USD	3,892,078	$	—	$	(79,499	)
The Bank of Nova Scotia		12/5/2017		EUR	7,000		USD	8,149		—		(186	)
The Bank of Nova Scotia		12/5/2017		EUR	157,000		USD	183,212		—		(3,728	)
The Bank of Nova Scotia		12/5/2017		USD	4,172,629		EUR	3,499,500		—		(5,777	)
The Bank of Nova Scotia		1/4/2018		EUR	3,499,500		USD	4,181,693		5,668		—
The Bank of Nova Scotia		1/4/2018		USD	131,457		EUR	110,000		—		(192	)
Total unrealized appreciation (depreciation)									$	5,668	$	(89,382	)

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.

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (a)	$	3,972,999	$	—		$	—	$	3,972,999
Preferred Stock		24,488		—			—		24,488
Derivatives (b)
Forward Foreign Currency Contracts		—		5,668			—		5,668
TOTAL	$	3,997,487	$	5,668		$	—	$	4,003,155
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(89,382	)	$	—	$	(89,382	)
TOTAL	$	—	$	(89,382	)	$	—	$	(89,382	)

(a) See Schedule of Investments for additional detailed categorizations.

(b) Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 47

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2017 (Unaudited)

	Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF			Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF			Xtrackers Investment Grade Bond — Interest Rate Hedged ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Assets
Investments in non-affiliated securities at value	$	8,651,817		$	9,780,723		$	9,445,237		$	59,857,940
Investment in affiliated securities at value		—			482,220			—			—
Investment in Deutsche Government & Agency Securities Portfolio*		30,150			672,661			46,350			—
Cash		240,339			92,566			102,310			288,943
Deposit with broker for futures contracts		85,745			59,355			106,030			—
Receivables:
Investment securities sold		151,304			72,704			272,849			5,023,484
Variation margin on futures contracts		20,155			25,912			25,305			—
Interest		132,726			149,850			90,648			813,869
Securities lending income		48			667			9			—
Other assets		57			57			57			57
Total Assets	$	9,312,341		$	11,336,715		$	10,088,795		$	65,984,293
Liabilities
Payable upon return of securities loaned	$	30,150		$	672,661		$	46,350		$	—
Payables:
Investment securities purchased		411,594			180,272			304,817			5,685,128
Investment advisory fees		2,958			2,997			1,761			14,942
Total Liabilities		444,702			855,930			352,928			5,700,070
Net Assets, at value	$	8,867,639		$	10,480,785		$	9,735,867		$	60,284,223
Net Assets Consist of
Paid-in capital	$	8,739,275		$	11,098,142		$	9,895,623		$	59,795,497
Undistributed net investment income		16,266			59,644			25,222			131,579
Accumulated net realized gain (loss)		(69,619	)		(745,941	)		(236,453	)		118,684
Net unrealized appreciation (depreciation)		181,717			68,940			51,475			238,463
Net Assets, at value	$	8,867,639		$	10,480,785		$	9,735,867		$	60,284,223
Number of Common Shares outstanding		350,001			450,001			400,001			2,250,001
Net Asset Value	$	25.34		$	23.29		$	24.34		$	26.79
Investments in non-affiliated securities at cost	$	8,493,030		$	9,732,785		$	9,419,082		$	59,619,477
Investments in affiliated securities at cost	$	—		$	486,359		$	—		$	—
Value of securities loaned	$	28,872		$	652,221		$	44,676		$	—
Investment in Deutsche Government & Agency Securities Portfolio at cost*	$	30,150		$	672,661		$	46,350		$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 48

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

November 30, 2017 (Unaudited)

	Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF			Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF			Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
Assets
Investments in non-affiliated securities at value	$	3,929,595		$	4,925,015		$	2,296,285		$	3,997,487
Investment in affiliated securities at value		13,936			—			14,316			—
Investment in Deutsche Government & Agency Securities Portfolio*		27,191			14,097			21,159			—
Cash		—			172			26,580			6,721
Foreign currency at value		4,811			3,054			33,830			98
Unrealized appreciation on forward foreign currency contracts		11,419			14,974			5,262			5,668
Deposit with broker for futures contracts		—			—			2,310			—
Receivables:
Investment securities sold		445,914			609,098			499,033			921,064
Dividends		4,304			7,015			872			—
Securities lending income		85			108			8			—
Foreign tax reclaim		4,527			2,925			22			3,619
Other assets		57			57			57			57
Total Assets	$	4,441,839		$	5,576,515		$	2,899,734		$	4,934,714
Liabilities
Due to custodian	$	615		$	—		$	—		$	—
Payable upon return of securities loaned		27,191			14,097			21,159			—
Unrealized depreciation on forward foreign currency contracts		50,558			84,481			23,977			89,382
Payables:
Investment securities purchased		407,439			535,636			487,930			838,608
Investment advisory fees		1,473			1,842			1,277			1,487
Variation margin on futures contracts		—			—			726			—
Total Liabilities		487,276			636,056			535,069			929,477
Net Assets, at value	$	3,954,563		$	4,940,459		$	2,364,665		$	4,005,237
Net Assets Consist of
Paid-in capital	$	3,754,560		$	4,824,394		$	2,507,967		$	3,822,127
Undistributed net investment income		13,684			13,972			2,315			4,648
Accumulated net realized gain (loss)		(202,018	)		(290,363	)		(332,827	)		(207,784	)
Net unrealized appreciation (depreciation)		388,337			392,456			187,210			386,246
Net Assets, at value	$	3,954,563		$	4,940,459		$	2,364,665		$	4,005,237
Number of Common Shares outstanding		150,001			200,001			100,001			150,001
Net Asset Value	$	26.36		$	24.70		$	23.65		$	26.70
Investments in non-affiliated securities at cost	$	3,501,934		$	4,462,661		$	2,089,803		$	3,527,888
Investments in affiliated securities at cost	$	13,940		$	—		$	14,291		$	—
Value of securities loaned	$	25,579		$	4,280		$	19,683		$	—
Investment in Deutsche Government & Agency Securities Portfolio at cost*	$	27,191		$	14,097		$	21,159		$	—
Foreign currency at cost	$	4,789		$	3,034		$	33,465		$	96

* Represents collateral on securities loaned.

See Notes to Financial Statements. 49

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2017 (Unaudited)

	Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF		Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF			Xtrackers Investment Grade Bond — Interest Rate Hedged ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Investment Income
Unaffiliated interest income	$	162,599	$	297,193		$	116,627		$	860,147
Income distributions from affiliated funds		—		1,856			—			—
Securities lending income, net of borrower rebates		311		2,044			12			—
Total Investment Income		162,910		301,093			116,639			860,147
Expenses
Investment advisory fees		16,986		18,341			8,582			91,023
Total Expenses		16,986		18,341			8,582			91,023
Net Investment income (loss)		145,924		282,752			108,057			769,124
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		58,696		(49,419	)		7,176			(131,156	)
In-kind redemptions		—		—			(107	)		349,818
Futures contracts		38,193		92,052			26,748			—
Foreign currency transactions		153		420			327			—
Payments by Affiliates (see note 10)		—		—			156			—
Net realized gain (loss)		97,042		43,053			34,300			218,662
Net change in unrealized appreciation (depreciation) on:
Investments		28,373		(129,779	)		(6,587	)		(24,042	)
Investments in affiliates		—		(4,139	)		—			—
Futures contracts		23,025		25,363			25,033			—
Net change in unrealized appreciation (depreciation)		51,398		(108,555	)		18,446			(24,042	)
Net realized and unrealized gain (loss) on investments and futures		148,440		(65,502	)		52,746			194,620
Net Increase (Decrease) in Net Assets Resulting from Operations	$	294,364	$	217,250		$	160,803		$	963,744

See Notes to Financial Statements. 50

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended November 30, 2017 (Unaudited)

	Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF			Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF			Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	75,264		$	70,189		$	64,354		$	28,367
Income distributions from affiliated funds		403			707			2			—
Securities lending income, net of borrower rebates		741			867			109			364
Total Investment Income		76,408			71,763			64,465			28,731
Expenses
Investment advisory fees		8,852			11,071			7,720			8,944
Total Expenses		8,852			11,071			7,720			8,944
Net Investment income (loss)		67,556			60,692			56,745			19,787
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		20,197			50,363			49,574			46,449
Investments in affiliates		46			865			2,025			—
Futures contracts		—			—			3,369			—
Foreign currency transactions		671			426			(387	)		(66	)
Forward foreign currency contracts		(103,968	)		(159,075	)		(5,165	)		(233,393	)
Net realized gain (loss)		(83,054	)		(107,421	)		49,416			(187,010	)
Net change in unrealized appreciation (depreciation) on:
Investments		141,214			110,132			46,725			178,747
Investments in affiliates		(175	)		(712	)		(127	)		—
Futures contracts		—			—			(988	)		—
Foreign currency translations		(745	)		(684	)		406			134
Forward foreign currency contracts		(903	)		(8,011	)		(5,046	)		37,431
Net change in unrealized appreciation (depreciation)		139,391			100,725			40,970			216,312
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		56,337			(6,696	)		90,386			29,302
Net Increase (Decrease) in Net Assets Resulting from Operations	$	123,893		$	53,996		$	147,131		$	49,089
*   Unaffiliated foreign tax withheld	$	7,362		$	3,186		$	9,865		$	5,138

See Notes to Financial Statements. 51

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF						Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	145,924		$	267,741		$	282,752		$	478,802
Net realized gain (loss)		97,042			115,835			43,053			(80,820	)
Net change in net unrealized appreciation (depreciation)		51,398			179,710			(108,555	)		601,975
Net increase (decrease) in net assets resulting from operations		294,364			563,286			217,250			999,957
Distributions to Shareholders from
Net investment income		(157,412	)		(325,064	)		(275,117	)		(522,877	)
Total distributions		(157,412	)		(325,064	)		(275,117	)		(522,877	)
Fund Shares Transactions
Proceeds from shares sold		2,502,420			—			—			1,170,920
Net increase (decrease) in net assets resulting from fund share transactions		2,502,420			—			—			1,170,920
Total net increase (decrease) in Net Assets		2,639,372			238,222			(57,867	)		1,648,000
Net Assets
Beginning of period		6,228,267			5,990,045			10,538,652			8,890,652
End of period	$	8,867,639		$	6,228,267		$	10,480,785		$	10,538,652
Undistributed net investment income	$	16,266		$	27,754		$	59,644		$	52,009
Changes in Shares Outstanding
Shares outstanding, beginning of period		250,001			250,001			450,001			400,001
Shares sold		100,000			—			—			50,000
Shares redeemed		—			—			—			—
Shares outstanding, end of period		350,001			250,001			450,001			450,001

See Notes to Financial Statements. 52

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers Investment Grade Bond — Interest Rate Hedged ETF						Xtrackers Municipal Infrastructure Revenue Bond ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	108,057		$	146,491		$	769,124		$	1,419,698
Net realized gain (loss)		34,300			37,644			218,662			212,593
Net change in net unrealized appreciation (depreciation)		18,446			37,117			(24,042	)		(1,719,907	)
Net increase (decrease) in net assets resulting from operations		160,803			221,252			963,744			(87,616	)
Distributions to Shareholders from
Net investment income		(98,839	)		(164,095	)		(762,233	)		(1,375,484	)
Total distributions		(98,839	)		(164,095	)		(762,233	)		(1,375,484	)
Fund Shares Transactions
Proceeds from shares sold		3,650,755			1,208,433			6,714,448			51,520,321
Value of shares redeemed		—			—			(6,724,268	)		(26,644,648	)
Payments by Affiliates (See Note 10)		—			—			—			5,796
Net increase (decrease) in net assets resulting from fund share transactions		3,650,755			1,208,433			(9,820	)		24,881,469
Total net increase (decrease) in Net Assets		3,712,719			1,265,590			191,691			23,418,369
Net Assets
Beginning of period		6,023,148			4,757,558			60,092,532			36,674,163
End of period	$	9,735,867		$	6,023,148		$	60,284,223		$	60,092,532
Undistributed net investment income	$	25,222		$	16,003		$	131,579		$	124,688
Changes in Shares Outstanding
Shares outstanding, beginning of period		250,001			200,001			2,250,001			1,350,001
Shares sold		150,000			50,000			250,000			1,900,000
Shares redeemed		—			—			(250,000	)		(1,000,000	)
Shares outstanding, end of period		400,001			250,001			2,250,001			2,250,001

See Notes to Financial Statements. 53

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF						Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	67,556		$	153,517		$	60,692		$	211,266
Net realized gain (loss)		(83,054	)		116,135			(107,421	)		200,750
Net change in net unrealized appreciation (depreciation)		139,391			343,050			100,725			407,603
Net increase (decrease) in net assets resulting from operations		123,893			612,702			53,996			819,619
Distributions to Shareholders from
Net investment income		(90,298	)		(89,798	)		(112,425	)		(190,359	)
Net realized gains		—			(46,490	)		—			(262,188	)
Total distributions		(90,298	)		(136,288	)		(112,425	)		(452,547	)
Fund Shares Transactions
Proceeds from shares sold		—			—			—			—
Value of shares redeemed		—			—			—			—
Net increase (decrease) in net assets resulting from fund share transactions		—			—			—			—
Total net increase (decrease) in Net Assets		33,595			476,414			(58,429	)		367,072
Net Assets
Beginning of period		3,920,968			3,444,554			4,998,888			4,631,816
End of period	$	3,954,563		$	3,920,968		$	4,940,459		$	4,998,888
Undistributed net investment income	$	13,684		$	36,426		$	13,972		$	65,705
Changes in Shares Outstanding
Shares outstanding, beginning of period		150,001			150,001			200,001			200,001
Shares sold		—			—			—			—
Shares redeemed		—			—			—			—
Shares outstanding, end of period		150,001			150,001			200,001			200,001

See Notes to Financial Statements. 54

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF						Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	56,745		$	77,820		$	19,787		$	143,457
Net realized gain (loss)		49,416			(163,797	)		(187,010	)		105,349
Net change in net unrealized appreciation (depreciation)		40,970			340,740			216,312			187,756
Net increase (decrease) in net assets resulting from operations		147,131			254,763			49,089			436,562
Distributions to Shareholders from
Net investment income		(81,190	)		(84,449	)		(122,371	)		(90,079	)
Net realized gains		—			—			—			(3,658	)
Total distributions		(81,190	)		(84,449	)		(122,371	)		(93,737	)
Fund Shares Transactions
Proceeds from shares sold		—			—			—			1,326,417
Value of shares redeemed		—			—			—			—
Net increase (decrease) in net assets resulting from fund share transactions		—			—			—			1,326,417
Total net increase (decrease) in Net Assets		65,941			170,314			(73,282	)		1,669,242
Net Assets
Beginning of period		2,298,724			2,128,410			4,078,519			2,409,277
End of period	$	2,364,665		$	2,298,724		$	4,005,237		$	4,078,519
Undistributed net investment income	$	2,315		$	26,760		$	4,648		$	107,232
Changes in Shares Outstanding
Shares outstanding, beginning of period		100,001			100,001			150,001			100,001
Shares sold		—			—			—			50,000
Shares redeemed		—			—			—			—
Shares outstanding, end of period		100,001			100,001			150,001			150,001

See Notes to Financial Statements. 55

DBX ETF Trust

Financial Highlights

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Period Ended 5/31/2015(a)
Net Asset Value, beginning of period	$	24.91		$	23.96		$	25.03		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.48			1.07			1.07			0.27
Net realized and unrealized gain (loss)		0.49			1.18			(0.80	)		(0.04	)
Total from investment operations		0.97			2.25			0.27			0.23
Less distributions from:
Net investment income		(0.54	)		(1.30	)		(1.26	)		(0.20	)
Net realized gains		—			—			(0.08	)		—
Total distributions		(0.54	)		(1.30	)		(1.34	)		(0.20	)
Net Asset Value, end of period	$	25.34		$	24.91		$	23.96		$	25.03
Total Return (%)		3.96	**		9.61			1.22			0.90	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		9			6			6			6
Ratio of expenses (%)		0.45	*		0.47			0.50			0.50	*
Ratio of net investment income (loss) (%)		3.90	*		4.35			4.45			4.35	*
Portfolio turnover rate (%)(c)		30	**		35			15			1	**
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Period Ended 5/31/2015(a)
Net Asset Value, beginning of period	$	23.42		$	22.23		$	24.57		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.63			1.17			1.08			0.29
Net realized and unrealized gain (loss)		(0.15	)		1.30			(2.10	)		(0.51	)
Total from investment operations		0.48			2.47			(1.02	)		(0.22	)
Less distributions from:
Net investment income		(0.61	)		(1.28	)		(1.32	)		(0.21	)
Total distributions		(0.61	)		(1.28	)		(1.32	)		(0.21	)
Net Asset Value, end of period	$	23.29		$	23.42		$	22.23		$	24.57
Total Return (%)		2.09	**		11.40			(4.06	)		(0.87	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		10			11			9			11
Ratio of expenses (%)		0.35	*		0.39			0.45			0.45	*
Ratio of net investment income (loss) (%)		5.40	*		5.08			4.81			4.75	*
Portfolio turnover rate (%)(c)		23	**		33			35			13	**

(a) For the period March 3, 2015 (commencement of operations) through May 31, 2015.

(b) Based on average shares outstanding during the period.

(c) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 56

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Period Ended 5/31/2015(a)
Net Asset Value, beginning of period	$	24.09		$	23.79		$	24.63		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.38			0.73			0.71			0.17
Net realized and unrealized gain (loss)		0.22			0.39			(0.73	)		(0.43	)
Total from investment operations		0.60			1.12			(0.02	)		(0.26	)
Less distributions from:
Net investment income		(0.35	)		(0.82	)		(0.82	)		(0.11	)
Total distributions		(0.35	)		(0.82	)		(0.82	)		(0.11	)
Net Asset Value, end of period	$	24.34		$	24.09		$	23.79		$	24.63
Total Return (%)		2.52	**		4.79			(0.04	)		(1.03	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		10			6			5			6
Ratio of expenses (%)		0.25	*		0.25			0.25			0.25	*
Ratio of net investment income (loss) (%)		3.15	*		3.04			3.00			2.72	*
Portfolio turnover rate (%)(d)		20	**		26			14			7	**
Xtrackers Municipal Infrastructure Revenue Bond ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Period Ended 5/31/2014(b)
Net Asset Value, beginning of period	$	26.71		$	27.17		$	25.49		$	25.07		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.34			0.66			0.80			0.81			0.81
Net realized and unrealized gain (loss)		0.08			(0.46	)		1.67			0.40			0.00	(e)
Total from investment operations		0.42			0.20			2.47			1.21			0.81
Less distributions from:
Net investment income		(0.34	)		(0.66	)		(0.79	)		(0.79	)		(0.74	)
Total distributions		(0.34	)		(0.66	)		(0.79	)		(0.79	)		(0.74	)
Net Asset Value, end of period	$	26.79		$	26.71		$	27.17		$	25.49		$	25.07
Total Return (%)		1.58	**		0.77			9.89			4.88			3.46	**(f)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		60			60			37			22			16
Ratio of expenses before fee waiver (%)		0.30	*		0.30			0.30			0.30			0.32	*
Ratio of expenses after fee waiver (%)		0.30	*		0.30			0.30			0.30			0.30	*
Ratio of net investment income (loss) (%)		2.53	*		2.50			3.07			3.16			3.48	*
Portfolio turnover rate (%)(d)		19	**		0			13			4			5	**

(a) For the period March 3, 2015 (commencement of operations) through May 31, 2015.

(b) For the period June 4, 2013 (commencement of operations) through May 31, 2014.

(c) Based on average shares outstanding during the period.

(d) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

(e) Less than 0.005.

(f) The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 57

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	26.14		$	22.96		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.45			1.02			0.70
Net realized and unrealized gain (loss)		0.37			3.07			(2.38	)
Total from investment operations		0.82			4.09			(1.68	)
Less distributions from:
Net investment income		(0.60	)		(0.60	)		(0.36	)
Net realized gains		—			(0.31	)		—
Total distributions		(0.60	)		(0.91	)		(0.36	)
Net Asset Value, end of period	$	26.36		$	26.14		$	22.96
Total Return (%)		3.20	**		18.17			(6.67	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		4			4			3
Ratio of expenses (%)		0.45	*		0.45			0.45	*
Ratio of net investment income (loss) (%)		3.43	*		4.17			3.83	*
Portfolio turnover rate (%)(c)		16	**		36			33	**
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	24.99		$	23.16		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.30			1.06			0.88
Net realized and unrealized gain (loss)		(0.03	)		3.03			(2.17	)
Total from investment operations		0.27			4.09			(1.29	)
Less distributions from:
Net investment income		(0.56	)		(0.95	)		(0.38	)
Net realized gains		—			(1.31	)		(0.17	)
Total distributions		(0.56	)		(2.26	)		(0.55	)
Net Asset Value, end of period	$	24.70		$	24.99		$	23.16
Total Return (%)		1.13	**		18.93	(d)		(5.08	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5			5			5
Ratio of expenses (%)		0.45	*		0.45			0.45	*
Ratio of net investment income (loss) (%)		2.47	*		4.48			4.86	*
Portfolio turnover rate (%)(c)		15	**		41			33	**

(a) For the period August 12, 2015 (commencement of operations) through May 31, 2016.

(b) Based on average shares outstanding during the period.

(c) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

(d) The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.32%.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 58

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	22.99		$	21.28		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.57			0.78			0.39
Net realized and unrealized gain (loss)		0.90			1.77			(3.32	)
Total from investment operations		1.47			2.55			(2.93	)
Less distributions from:
Net investment income		(0.81	)		(0.84	)		(0.27	)
Net realized gains		—			—			(0.52	)
Total distributions		(0.81	)		(0.84	)		(0.79	)
Net Asset Value, end of period	$	23.65		$	22.99		$	21.28
Total Return (%)		6.46	**		12.23			(11.67	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2			2			2
Ratio of expenses (%)		0.65	*		0.65			0.65	*
Ratio of net investment income (loss) (%)		4.78	*		3.49			2.20	*
Portfolio turnover rate (%)(c)		27	**		48			39	**
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	27.19		$	24.09		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.13			1.37			0.75
Net realized and unrealized gain (loss)		0.20			2.67			(1.38	)
Total from investment operations		0.33			4.04			(0.63	)
Less distributions from:
Net investment income		(0.82	)		(0.90	)		(0.28	)
Net realized gains		—			(0.04	)		—
Total distributions		(0.82	)		(0.94	)		(0.28	)
Net Asset Value, end of period	$	26.70		$	27.19		$	24.09
Total Return (%)		1.22	**		17.45			(2.52	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		4			4			2
Ratio of expenses (%)		0.45	*		0.45			0.45	*
Ratio of net investment income (loss) (%)		1.00	*		5.65			3.95	*
Portfolio turnover rate (%)(c)		24	**		45			46	**

(a) For the period August 12, 2015 (commencement of operations) through May 31, 2016.

(b) Based on average shares outstanding during the period.

(c) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 59

DBX ETF Trust

Notes to Financial Statements

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, 2017, the Trust consists of thirty-five investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

New Fund Name	Former Fund Name
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	Deutsche X-trackers Emerging Markets Bond — Interest Rate Hedged ETF
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF	Deutsche X-trackers High Yield Corporate Bond — Interest Rate Hedged ETF
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF	Deutsche X-trackers Investment Grade Bond — Interest Rate Hedged ETF
Xtrackers Municipal Infrastructure Revenue Bond ETF	Deutsche X-trackers Municipal Infrastructure Revenue Bond ETF
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF	Deutsche X-trackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF	Deutsche X-trackers MSCI EAFE High Dividend Yield Hedged Equity ETF
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF	Deutsche X-trackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
Xtrackers MSCI Eurozone 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 (“Board”).

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF offer shares that are listed and traded of the Bats BZX Exchange. (“Bats BZX”). Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF offer 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. Shares are not individually redeemable securities of the Funds, and owners of shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	Solactive Emerging Markets Bond — Interest Rate Hedged Index
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF	Solactive High Yield Corporate Bond — Interest Rate Hedged Index
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF	Solactive Investment Grade Bond — Interest Rate Hedged Index
Xtrackers Municipal Infrastructure Revenue Bond ETF	Solactive Municipal Infrastructure Revenue Bond Index
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF	MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF	MSCI EAFE High Dividend Yield US Dollar Hedged Index

60

DBX ETF Trust

Notes to Financial Statements (Continued)

Fund	Underlying Index
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF	MSCI Emerging Markets High Dividend Yield US Dollar Hedged Index
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF	MSCI EMU High Dividend Yield US Dollar Hedged Index

The Solactive 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 government debt issued by emerging market countries and (b) short positions in U.S. Treasury notes or bonds of, in aggregate, approximate equivalent duration to the emerging markets bonds. The Solactive 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 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 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 and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). The Solactive Indexes are rebalanced monthly on the last business day of each month.

The MSCI ACWI ex USA High Dividend Yield US Dollar Hedged Index is designed to track the performance of equity securities (excluding real estate investment trusts (“REITs”)) 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 (excluding REITs) 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 (excluding REITs) 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 (excluding REITs) 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 Indexes 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 the following month and remain constant intra month. This

61

DBX ETF Trust

Notes to Financial Statements (Continued)

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 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. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. 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 Funds’ 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 broker dealers. These securities are generally categorized as Level 2.

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.

62

DBX ETF Trust

Notes to Financial Statements (Continued)

Investments in open-end investment companies are valued as their net asset value each business day 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.

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.

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 Funds’ 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.

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 for both tax and 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 Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from net investment income monthly and Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF to pay out dividends from net investment income quarterly. 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

63

DBX ETF Trust

Notes to Financial Statements (Continued)

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 Funds’ recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2017, the Funds did not incur any interest or penalties.

At May 31, 2017, 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
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	34,361	$	27,047	$	61,408
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF		173,436		525,306		698,742
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		172,360		63,885		236,245
Xtrackers Municipal Infrastructure Revenue Bond ETF		94,048		—		94,048
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		191,238		60,163		251,401

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2017, the following Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:

	Post-October Losses on Capital
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF	$	5,513
Xtrackers Municipal Infrastructure Revenue Bond ETF		5,930
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		138,404
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF		171,506
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		124,686
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		111,685

As of May 31, 2017, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	6,176,236	$	25,066		$	125,715	$	(100,649	)
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF		11,014,488		92,756			301,915		(209,159	)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		5,876,038		(1,478	)		44,665		(46,143	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		58,773,523		262,505			918,174		(655,669	)
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		3,781,834		269,576			351,591		(82,015	)

64

DBX ETF Trust

Notes to Financial Statements (Continued)

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF	$	4,948,263	$	281,106	$	384,759	$	(103,653	)
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		2,128,826		141,633		186,571		(44,938	)
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		3,944,794		260,618		281,085		(20,467	)

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, 2017, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations    The books and records of the Fund 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 year 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, except the Xtrackers Municipal Infrastructure Revenue Bond ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds 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 cash 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 securities lending agreement. During the period ended November 30, 2017, the Funds invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2017 the Funds invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.12% annualized effective rate as of November 30, 2017) on the cash collateral invested in Deutsche Government & Agency Securities Portfolio. 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.

65

DBX ETF Trust

Notes to Financial Statements (Continued)

As of November 30, 2017, the Funds listed below had securities on loan, 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. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF

Xtrackers Investment Grade Bond — Interest Rate Hedged ETF

As of November 30, 2017, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF had securities on loan, which were classified as corporate bonds 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, 2017
	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Corporate Bonds	$	348,916		$    —		$    —		$    —	$	348,916
Exchange-Traded Funds		323,745		—		—		—		323,745
Total Borrowings	$	672,661	$	—	$	—	$	—	$	672,661
Gross amount of recognized liabilities for securities lending transactions									$	672,661

As of November 30, 2017, 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. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF

Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF

Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF

As of November 30, 2017, Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF had no securities on loan.

Derivatives

Forward Foreign Currency Contracts    Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF, Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Funds’ 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 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, 2017, the Funds invested in forward currency 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 forward foreign currency contracts. 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 contracts as of November 30, 2017 is included in a table following each Fund’s Schedule of Investments. The investment in forward currency 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, 2017.

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. Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF,

66

DBX ETF Trust

Notes to Financial Statements (Continued)

Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF and Xtrackers 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. For the period ended November 30, 2017, Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF utilized futures in order to simulate investment in the Fund’s 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, 2017 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, 2017 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF
	Interest rate contracts	Unrealized appreciation on future contracts*	$	22,930	Unrealized depreciation on future contracts*	$	—
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF
	Interest rate contracts	Unrealized appreciation on future contracts*	$	25,141	Unrealized depreciation on future contracts*	$	—
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF
	Interest rate contracts	Unrealized appreciation on future contracts*	$	25,320	Unrealized depreciation on future contracts*	$	—
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	11,419	Unrealized depreciation on forward foreign currency contracts	$	50,558
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	14,974	Unrealized depreciation on forward foreign currency contracts	$	84,481
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
	Equity Contracts	Unrealized appreciation on future contracts*	$	—	Unrealized depreciation on future contracts*	$	1,002
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	5,262	Unrealized depreciation on forward foreign currency contracts	$	23,977

67

DBX ETF Trust

Notes to Financial Statements (Continued)

		Asset Derivatives			Liability Derivatives
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	5,668	Unrealized depreciation on forward foreign currency contracts	$	89,382

* Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2017 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Interest Rate Contracts		Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	38,193	$	—		$	—		$	38,193
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF		92,052		—			—			92,052
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		26,748		—			—			26,748
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		—		—			(103,968	)		(103,968	)
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF		—		—			(159,075	)		(159,075	)
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		—		3,369			(5,165	)		(1,796	)
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		—		—			(233,393	)		(233,393	)
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Interest Rate Contracts		Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	23,025	$	—		$	—		$	23,025
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF		25,363		—			—			25,363
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		25,033		—			—			25,033
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		—		—			(903	)		(903	)
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF		—		—			(8,011	)		(8,011	)
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		—		(988	)		(5,046	)		(6,034	)
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		—		—			37,431			37,431

For the period ended November 30, 2017 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)			Forward Foreign Currency Contracts (Contract Value)
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	(7,013,939	)	$	—
Xtrackers High Yield Corp Bond — Interest Rate Hedged ETF		(9,968,277	)		—

68

DBX ETF Trust

Notes to Financial Statements (Continued)

	Futures Contracts (Contract Value)			Forward Foreign Currency Contracts (Contract Value)
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF	$	(6,572,807	)	$	—
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		—			(3,987,996	)
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF		—			(4,926,547	)
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		59,708			(2,323,496	)
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		—			(3,997,162	)

As of November 30, 2017, 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 deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. 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:

	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
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF
Goldman Sachs & Co.	$	4,365	$	(4,365	)	$	—	$	—	$	42,101	$	(4,365	)	$	—	$	37,736
JP Morgan & Chase Co.		—		—			—		—		17		—			—		17
RBC Capital Markets		6,570		(5,795	)		—		775		5,795		(5,795	)		—		—
The Bank of New York Mellon		331		(331	)		—		—		1,966		(331	)		—		1,635
The Bank of Nova Scotia		153		(153	)		—		—		679		(153	)		—		526
	$	11,419	$	(10,644	)	$	—	$	775	$	50,558	$	(10,644	)	$	—	$	39,914
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF
JP Morgan & Chase Co.	$	418	$	(418	)	$	—	$	—	$	2,912	$	(418	)	$	—	$	2,494
RBC Capital Markets		3,057		(3,057	)		—		—		13,304		(3,057	)		—		10,247
The Bank of New York Mellon		10,428		(10,428	)		—		—		65,392		(10,428	)		—		54,964
The Bank of Nova Scotia		1,071		(1,071	)		—		—		2,873		(1,071	)		—		1,802
	$	14,974	$	(14,974	)	$	—	$	—	$	84,481	$	(14,974	)	$	—	$	69,507
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF
The Bank of Nova Scotia	$	5,262	$	(5,262	)	$	—	$	—	$	23,977	$	(5,262	)	$	—	$	18,715
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF
The Bank of Nova Scotia	$	5,668	$	(5,668	)	$	—	$	—	$	89,382	$	(5,668	)	$	—	$	83,714

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.

69

DBX ETF Trust

Notes to Financial Statements (Continued)

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, computed and accrued daily and payable monthly, at an annual rate equal to:

	Unitary Management Fee
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF		0.45	%
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		0.35	%
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		0.25	%
Xtrackers Municipal Infrastructure Revenue Bond ETF		0.30	%
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		0.45	%
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF		0.45	%
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		0.65	%
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		0.45	%

Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including 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, Lending 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; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

4. Investment Portfolio Transactions

For the period ended November 30, 2017, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	4,363,481	$	2,138,040
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		2,552,788		2,346,718
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		3,725,989		1,328,727
Xtrackers Municipal Infrastructure Revenue Bond ETF		12,533,270		11,414,461
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		628,436		737,387
Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF		749,520		951,704
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		612,534		639,435
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		951,272		1,257,324

For the period ended November 30, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	407,096	$	—
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		1,186,858		—
Xtrackers Municipal Infrastructure Revenue Bond ETF		6,469,597		6,528,051

5. Fund Share Transactions

As of November 30, 2017, 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

70

DBX ETF Trust

Notes to Financial Statements (Continued)

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.

6. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF, Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF, Xtrackers Investment Grade Bond — Interest Rate Hedged ETF, Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF, Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and certain other funds managed by the Advisor to borrow up to $105 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 the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2017.

	Pro-rata Share
Xtrackers Emerging Markets Bond — Interest Rate Hedged ETF	$	525,000
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		1,050,000
Xtrackers Investment Grade Bond — Interest Rate Hedged ETF		525,000
Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF		525,000
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		525,000

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, 2017, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

	Approximate Percent of Outstanding Shares Held
Xtrackers High Yield Corporate Bond — Interest Rate Hedged ETF		63	%
Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF		49	%
Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF		35	%

8. Investing in Emerging Markets

The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.

9. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in net asset value of a fund, reduce liquidity for

71

DBX ETF Trust

Notes to Financial Statements (Continued)

certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

10. Payments by Affiliates

During the period ended November 30, 2017, the Advisor agreed to reimburse Xtrackers Investment Grade Bond – Interest Rate Hedged ETF $156 for a loss on a trade executed incorrectly. The amount reimbursed was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

In addition, during the year ended May 31, 2017, the Advisor agreed to compensate Xtrackers Municipal Infrastructure Revenue Bond ETF $5,796 for an accounting adjustment related to certain investments held by the Fund. The amount compensated was less than 0.01% of the Fund’s net assets, thus having no impact on the Fund’s total return.

11. Fund Name and Strategy Change

Effective February 13, 2018, Xtrackers MSCI All World ex US High Dividend Yield Hedged Equity ETF will change its name to Xtrackers MSCI All World ex US High Dividend Yield Equity ETF. At that time, the Fund will change its investment objective from seeking 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, to seeking investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the MSCI ACWI ex US High Dividend Yield Index. In addition, as of February 13, 2018, the Advisor has agreed, until February 13, 2019, to waive fees and/or reimburse expenses to the extent necessary to prevent the operating expenses of the Fund (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.20% of the Fund’s average daily net assets annually.

Also effective on February 13, 2018, Xtrackers MSCI EAFE High Dividend Yield Hedged Equity ETF will change its name to Xtrackers MSCI EAFE High Dividend Yield Equity ETF. At that time, the Fund will change its investment objective from seeking investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield US Dollar Hedged Index, to seeking investment results that correspond generally to the performance, before the Fund’s fees and expenses, of the MSCI EAFE High Dividend Yield Index. In addition, as of February 13, 2018, the Advisor has agreed, until February 13, 2019, to waive fees and/or reimburse expenses to the extent necessary to prevent the operating expenses of the Fund (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.20% of the Fund’s average daily net assets annually.

12. Fund Liquidation

On December 6, 2017, the Board of Trustees unanimously voted to close and liquidate Xtrackers MSCI Emerging Markets High Dividend Yield Hedged Equity ETF and Xtrackers MSCI Eurozone High Dividend Yield Hedged Equity ETF. After the close of business on December 18, 2017, the Funds no longer accepted creation orders and the final day of trading on the exchange was December 18, 2017. Proceeds of the liquidation were sent to shareholders on December 29, 2017.

72

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 most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “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 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 Trust 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.Xtrackers.com.

Discount/Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca or Bats BZX, as applicable, 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.Xtrackers.com.

73

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.Xtrackers.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.

74

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

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 U.S. 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 and less liquid than the markets of 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. 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. Please read the prospectus for more information.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange or Bats BZX Exchange, Inc., as applicable. 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 Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

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.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.

Copyright © 2017 Deutsche Bank AG. All rights reserved. Xtrackers^® 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, New York 10154	Administrator, custodian, fund accounting agent, lending agent & 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-049075-2 (1/18) DBX 003106 (1/19)

November 30, 2017

Semi-Annual Report

DBX ETF Trust

Xtrackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

Xtrackers MSCI All China Equity ETF (CN)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers CSI 300 China A-Shares Hedged Equity ETF		2
Xtrackers Harvest CSI 300 China A-Shares ETF		3
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		4
Xtrackers MSCI All China Equity ETF		5
Fees and Expenses		6
Schedule of Investments
Xtrackers CSI 300 China A-Shares Hedged Equity ETF		7
Xtrackers Harvest CSI 300 China A-Shares ETF		9
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		15
Xtrackers MSCI All China Equity ETF		24
Statements of Assets and Liabilities		28
Statements of Operations		29
Statements of Changes in Net Assets		30
Financial Highlights		32
Notes to Financial Statements		34
Additional Information		44
Privacy Policy Notice		45

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for our flagship ETFs tracking China’s equity market for the period ended November 30, 2017.

The Chinese economy continued to grow steadily amidst a synchronized global recovery on the back of robust consumer spending, infrastructure investments, and strong momentum in the services sector. Reforms introduced in the previous review period did not slow economic development, as China continued its shift toward sustainable growth. Economic initiatives, such as restructuring of state-owned enterprises and reduction in trade barriers, have started to show results. Moreover, the Chinese government continues to make rigorous improvements in its policy framework to reduce financial sector risks. During the 19th Congress, the Communist Party of China re-affirmed that Chinese structural reforms would focus on reducing overcapacity and the economy’s debt.

China’s third quarter witnessed stronger-than-expected gross domestic product growth of 6.8% year-over-year, supported by the development of secondary industries, strong retail sales, and improved exports, which provided reassurance about its economic stability. However, economic growth was supported by high debt, which continued to be a major concern. Consequently, S&P downgraded China’s long-term sovereign credit rating by one notch to A+. To ensure the financial stability of the country, the People’s Bank of China (PBOC) continued to tighten controls over the financial industry, targeting asset ratios and leveraged lending for asset management products in order to reduce risks from shadow banking and excess leverage. Nevertheless, PBOC relaxed norms and reduced the reserve rate requirement ratio for lending to small businesses and individuals to increase the employment rate and consumer spending.

The growth of Chinese equity markets was stable and a number of headline indicators improved, both because of high consumer confidence and improved industrial earnings. Private investment increased significantly because of China’s consistent efforts to reduce cost and increase the ease of doing business. Simultaneously, imports increased significantly, and exports grew marginally. China has been one of the biggest importers of commodities in order to support its high infrastructure and real estate investments. On the other hand, real estate consumption has been increasing because of increasing real income and housing prices in larger cities.

The world’s second-largest economy expects a slower rate of economic expansion, as structural reforms have taken center-stage; limiting the pace of rising debt and the negative effects on investments remains a challenge. As the Chinese government increases its efforts to promote economic rebalance, we expect continued transformative policies to help strengthen the Chinese economy and influence global growth trajectory.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

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)

Xtrackers CSI 300 China A-Shares Hedged Equity ETF (ASHX)

The Xtrackers CSI 300 China A-Shares Hedged Equity ETF (the “Fund”) 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 investment 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 Xtrackers 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.

Sector Diversification* as of 11/30/17

Financials	35.2%
Industrials	14.5%
Consumer Discretionary	11.1%
Information Technology	9.1%
Consumer Staples	7.5%
Materials	6.9%
Real Estate	5.6%
Health Care	4.7%
Utilities	2.5%
Energy	2.2%
Telecommunication Services	0.7%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral. Sector percentages are based on the sector allocations of the Fund’s investment in Xtrackers Harvest CSI 300 China A-Shares ETF.

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)

Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR)

The Xtrackers Harvest CSI 300 China A-Shares ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. The Fund, using a “passive” or indexing investment approach, attempts to approximate the investment performance of the Underlying Index. It is not possible to invest directly into an index.

Ten Largest Equity Holdings as of 11/30/17 (24.4% of Net Assets)

Description	% of Net Assets
Ping An Insurance Group Co. of China Ltd.		6.6%
Kweichow Moutai Co. Ltd.		2.8%
China Merchants Bank Co. Ltd.		2.6%
Midea Group Co. Ltd.		2.0%
Industrial Bank Co. Ltd.		1.9%
China Vanke Co. Ltd.		1.9%
China Minsheng Banking Corp. Ltd.		1.8%
Gree Electric Appliances, Inc. of Zhuhai		1.8%
Inner Mongolia Yili Industrial Group Co. Ltd.		1.5%
Bank of Communications Co. Ltd.		1.5%

Sector Diversification* as of 11/30/17

Financials	35.2%
Industrials	14.5%
Consumer Discretionary	11.1%
Information Technology	9.1%
Consumer Staples	7.5%
Materials	6.9%
Real Estate	5.6%
Health Care	4.7%
Utilities	2.5%
Energy	2.2%
Telecommunication Services	0.7%
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 9.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS)

The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Fund”) 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 11/30/17 (7.3% of Net Assets)

Description	% of Net Assets
Shenzhen Sunway Communication Co. Ltd.		1.0%
Jiangxi Ganfeng Lithium Co. Ltd.		0.9%
LONGi Green Energy Technology Co. Ltd.		0.9%
Hengtong Optic-electric Co. Ltd.		0.9%
Fangda Carbon New Material Co. Ltd.		0.6%
Zhejiang Huayou Cobalt Co. Ltd.		0.6%
Shanghai Jahwa United Co. Ltd.		0.6%
China Jushi Co. Ltd.		0.6%
NavInfo Co. Ltd.		0.6%
Jinyu Bio-Technology Co. Ltd.		0.6%

Sector Diversification* as of 11/30/17

Industrials	21.4%
Materials	18.6%
Information Technology	18.2%
Health Care	11.9%
Consumer Discretionary	11.6%
Consumer Staples	6.3%
Real Estate	5.6%
Utilities	3.3%
Energy	2.1%
Financials	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 15.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI All China Equity ETF (CN)

The Xtrackers MSCI All China Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the “Underlying Index”). The Underlying 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 composed of A-shares, H-shares, B-shares, Red chips, and P chips share classes. The Underlying Index captures large and mid-cap representation across China A-shares, B-shares, H-shares, Red chips, and P chips. The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai and Shenzhen. It is based on the concept of the integrated MSCI China equity universe with China A-shares included. The Fund, using “passive” or indexing investment approach, attempts to approximate the performance of the Underlying Index. The Fund expects to gain exposure to the China A-share components of the Index by investing in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers 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 11/30/17 (70.4% of Net Assets)

Description	% of Net Assets
Xtrackers Harvest CSI 300 China A-Shares ETF		35.9%
Tencent Holdings Ltd.		10.2%
Alibaba Group Holding Ltd.		7.1%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		5.1%
China Construction Bank Corp.		2.7%
Baidu, Inc.		2.4%
China Mobile Ltd.		2.3%
Industrial & Commercial Bank of China Ltd.		2.2%
Bank of China Ltd.		1.5%
NetEase, Inc.		1.0%

Sector Diversification* as of 11/30/17

Information Technology	28.2%
Financials	25.2%
Consumer Discretionary	10.1%
Industrials	9.3%
Real Estate	5.2%
Consumer Staples	4.4%
Materials	4.4%
Energy	3.7%
Health Care	3.5%
Telecommunication Services	3.3%
Utilities	2.7%
Total	100.0%

* As a percentage of total investments excluding securities lending collateral. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.

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 Xtrackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. The Xtrackers CSI 300 China A-Shares Hedged Equity ETF shareholders indirectly bear the expenses of Xtrackers Harvest CSI 300 China A-Shares ETF (the “Underlying Fund”) in which the Xtrackers CSI 300 China A-Shares Hedged Equity ETF invests. These expenses are not included in Xtrackers MSCI All China Equity ETF’s and Xtrackers 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 Xtrackers CSI 300 China A-Shares Hedged Equity ETF and Xtrackers 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 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, 2017 to November 30, 2017).

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, 2017		Ending Account Value November 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers CSI 300 China A-Shares Hedged Equity ETF(2)
Actual	$	1,000.00	$	1,154.10		0.05	%	$	0.27
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.82		0.05	%	$	0.25
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	1,184.60		0.65	%	$	3.56
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	1,097.30		0.65	%	$	3.42
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers MSCI All China Equity ETF(2)
Actual	$	1,000.00	$	1,209.90		0.35	%	$	1.94
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.35	%	$	1.78

(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 365.

(2) 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

Xtrackers CSI 300 China A-Shares Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
EXCHANGE-TRADED FUND — 99.8%
Xtrackers Harvest CSI 300 China A-Shares ETF (a)(b) (Cost $2,736,584)		110,447	$	3,375,260
SECURITIES LENDING COLLATERAL — 45.3%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (c)(d) (Cost $1,531,980)		1,531,980		1,531,980
TOTAL INVESTMENTS — 145.1% (Cost $4,268,564)			$	4,907,240
Other assets and liabilities, net — (45.1%)				(1,526,837	)
NET ASSETS — 100.0%			$	3,380,403

(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, 2017 amounted to $1,485,919, which is 44.0% 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.

A summary of the Fund’s transactions with affiliated funds during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/2017		Purchases Cost ($)		Sales Proceeds ($)			Net realized Gain/(Loss) ($)			Net change in unrealized Appreciation/ (Depreciation) ($)		Income Distributions ($)		Capital Gain Distributions ($)		Value ($) at 11/30/2017
Xtrackers Harvest CSI 300 China A-Shares ETF		2,932,996		32,764		(134,420	)		(29,921	)		573,841		—		—		3,375,260

As of November 30, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
Goldman Sachs & Co.		12/5/2017		CNH	21,530,000		USD	3,239,957	$	—	$	(15,146	)
Goldman Sachs & Co.		12/5/2017		CNH	944,000		USD	142,062		—		(661	)
Goldman Sachs & Co.		12/5/2017		USD	3,398,483		CNH	22,474,000		—		(657	)
Goldman Sachs & Co.		1/4/2018		CNH	22,474,000		USD	3,391,215		822		—
Goldman Sachs & Co.		1/4/2018		USD	18,264		CNH	121,000		—		(11	)
Total unrealized appreciation (depreciation)									$	822	$	(16,475	)

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

Xtrackers CSI 300 China A-Shares Hedged Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2			Level 3		Total
Exchange-Traded Fund	$	3,375,260	$	—		$	—	$	3,375,260
Short-Term Investments		1,531,980		—			—		1,531,980
Derivatives (e)
Forward Foreign Currency Contracts		—		822			—		822
TOTAL	$	4,907,240	$	822		$	—	$	4,908,062
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (e)
Forward Foreign Currency Contracts	$	—	$	(16,475	)	$	—	$	(16,475	)
TOTAL	$	—	$	(16,475	)	$	—	$	(16,475	)

(e) Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.6%
Consumer Discretionary — 11.0%
Alpha Group, Class A		207,692	$	452,331
Beijing Enlight Media Co. Ltd., Class A		347,100		489,790
Beijing Gehua CATV Network Co. Ltd., Class A		269,200		587,509
BYD Co. Ltd., Class A		210,697		1,982,723
China Film Co. Ltd., Class A		214,600		480,682
China Grand Automotive Services Co. Ltd., Class A		829,697		1,047,803
China International Travel Service Corp. Ltd., Class A		378,603		2,387,205
China Media Group, Class A		784,330		1,237,248
China Shipbuilding Industry Group Power Co. Ltd., Class A		134,676		519,810
Chinese Universe Publishing and Media Co. Ltd., Class A		212,471		576,174
Chongqing Changan Automobile Co. Ltd., Class A		756,956		1,504,318
Chongqing Sokon Industry Group Co. Ltd., Class A		73,900		226,443
CITIC Guoan Information Industry Co. Ltd., Class A		1,070,800		1,519,095
Fuyao Glass Industry Group Co. Ltd., Class A		545,540		2,172,457
Great Wall Motor Co. Ltd., Class A		462,411		796,573
Gree Electric Appliances, Inc. of Zhuhai, Class A		1,874,961		12,037,704
Hangzhou Robam Appliances Co. Ltd., Class A		183,384		1,237,278
Hisense Electric Co. Ltd., Class A		305,573		702,477
Huayi Brothers Media Corp., Class A		652,665		826,208
Huayu Automotive Systems Co. Ltd., Class A		613,159		2,369,397
Hunan TV & Broadcast Intermediary Co. Ltd., Class A		441,020		625,655
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		604,230		801,448
Leo Group Co. Ltd., Class A		1,073,726		485,555
Liaoning Cheng Da Co. Ltd., Class A*		476,378		1,249,322
Midea Group Co. Ltd., Class A		1,762,487		13,642,687
Nanjing Xinjiekou Department Store Co. Ltd., Class A (a)		161,468		965,350
Qingdao Haier Co. Ltd., Class A		1,183,619		3,095,142
SAIC Motor Corp. Ltd., Class A		1,362,752		6,364,552
Shandong Linglong Tyre Co. Ltd., Class A		88,302		228,638
Shanghai Oriental Pearl Group Co. Ltd., Class A		515,353		1,401,420
Shenzhen Overseas Chinese Town Co. Ltd., Class A		1,275,980		1,715,613
Songcheng Performance Development Co. Ltd., Class A		286,124		799,706
Suning Commerce Group Co. Ltd., Class A		1,446,951		2,608,578
TCL Corp., Class A		2,836,580		1,793,268
Triangle Tyre Co. Ltd., Class A		89,700		301,039
Wanda Film Holding Co. Ltd., Class A (a)		137,403		1,103,700

	Number of Shares		Value
Consumer Discretionary (Continued)
Wanxiang Qianchao Co. Ltd., Class A		534,189	$	799,842
Wasu Media Holding Co. Ltd., Class A		221,939		445,765
Wuchan Zhongda Group Co. Ltd., Class A		667,830		733,291
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co. Ltd., Class A		162,989		472,803
Zhejiang Century Huatong Group Co. Ltd., Class A*		121,904		578,555
Zhejiang Huace Film & TV Co. Ltd., Class A		269,402		418,452
				73,783,606
Consumer Staples — 7.5%
Beijing Dabeinong Technology Group Co. Ltd., Class A		792,413		762,224
COFCO Tunhe Sugar Co. Ltd., Class A		398,509		502,664
Fujian Sunner Development Co. Ltd., Class A		193,200		417,262
Henan Shuanghui Investment & Development Co. Ltd., Class A		385,947		1,462,208
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		2,361,435		10,243,040
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		234,153		3,681,981
Kweichow Moutai Co. Ltd., Class A		195,340		18,642,076
Luzhou Laojiao Co. Ltd., Class A		272,408		2,442,315
Muyuan Foodstuff Co. Ltd., Class A		134,300		953,642
New Hope Liuhe Co. Ltd., Class A		815,946		939,117
Shanghai Bailian Group Co. Ltd., Class A		310,555		624,220
Wuliangye Yibin Co. Ltd., Class A		739,123		7,333,212
Yonghui Superstores Co. Ltd., Class A		1,483,792		2,035,420
				50,039,381
Energy — 2.2%
China Merchants Energy Shipping Co. Ltd., Class A		824,300		561,011
China Petroleum & Chemical Corp., Class A		4,079,415		3,720,394
China Shenhua Energy Co. Ltd., Class A		768,340		2,765,694
Guanghui Energy Co. Ltd., Class A		1,222,234		802,265
Offshore Oil Engineering Co. Ltd., Class A		863,683		792,897
PetroChina Co. Ltd., Class A		1,885,721		2,330,092
Shaanxi Coal Industry Co. Ltd., Class A		1,161,508		1,507,243
Shanxi Xishan Coal & Electricity Power Co. Ltd., Class A		612,600		910,760
Sinopec Oilfield Service Corp., Class A*		699,100		310,857
Wintime Energy Co. Ltd., Class A (a)		1,911,385		940,790
Yanzhou Coal Mining Co. Ltd., Class A		151,423		319,249
				14,961,252
Financials — 35.0%
Agricultural Bank of China Ltd., Class A		14,856,370		8,403,458
Anxin Trust Co. Ltd., Class A		705,020		1,462,949
Avic Capital Co. Ltd., Class A		1,740,690		1,587,496
Bank of Beijing Co. Ltd., Class A		5,680,765		6,375,062
Bank of China Ltd., Class A		8,202,900		4,875,663

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Bank of Communications Co. Ltd., Class A		10,691,510	$	10,203,335
Bank of Guiyang Co. Ltd., Class A		261,800		569,776
Bank of Hangzhou Co. Ltd., Class A		161,280		293,684
Bank of Jiangsu Co. Ltd., Class A		492,400		582,370
Bank of Nanjing Co. Ltd., Class A		1,975,300		2,437,793
Bank of Ningbo Co. Ltd., Class A		988,781		2,748,650
Bank of Shanghai Co. Ltd., Class A		332,870		760,699
Bohai Financial Investment Holding Co. Ltd., Class A		721,400		641,545
Central China Securities Co. Ltd., Class A		304,900		326,024
Changjiang Securities Co. Ltd., Class A		1,284,527		1,732,933
China CITIC Bank Corp. Ltd., Class A		1,186,001		1,140,817
China Construction Bank Corp., Class A		2,611,470		2,820,051
China Everbright Bank Co. Ltd., Class A		6,176,687		3,904,861
China Galaxy Securities Co. Ltd., Class A		250,800		452,524
China Life Insurance Co. Ltd., Class A		648,834		3,040,106
China Merchants Bank Co. Ltd., Class A		4,009,192		17,578,377
China Merchants Securities Co. Ltd., Class A		885,927		2,564,564
China Minsheng Banking Corp. Ltd., Class A		9,188,182		12,298,342
China Pacific Insurance Group Co. Ltd., Class A		1,223,193		7,721,847
CITIC Securities Co. Ltd., Class A		3,058,195		8,875,930
Dongxing Securities Co. Ltd., Class A		425,122		1,055,749
Everbright Securities Co. Ltd., Class A		757,847		1,719,280
First Capital Securities Co. Ltd., Class A		158,180		230,144
Founder Securities Co. Ltd., Class A*		1,603,531		1,848,017
GF Securities Co. Ltd., Class A		1,147,325		3,085,261
Guosen Securities Co. Ltd., Class A		958,402		1,794,494
Guotai Junan Securities Co. Ltd., Class A		1,753,975		5,363,871
Guoyuan Securities Co. Ltd., Class A		782,502		1,442,656
Haitong Securities Co. Ltd., Class A		3,144,435		6,795,925
Huaan Securities Co. Ltd., Class A		420,900		512,447
Huatai Securities Co. Ltd., Class A		1,265,873		3,695,058
Huaxia Bank Co. Ltd., Class A		2,485,460		3,484,659
Industrial & Commercial Bank of China Ltd., Class A		8,392,884		7,514,613
Industrial Bank Co. Ltd., Class A		4,844,300		12,814,290
Industrial Securities Co. Ltd., Class A		1,825,448		2,183,835
Jiangsu Zhangjiagang Rural Commercial Bank Co. Ltd., Class A		79,600		142,059
New China Life Insurance Co. Ltd., Class A		323,523		3,057,172
Northeast Securities Co. Ltd., Class A		548,925		773,754
Orient Securities Co. Ltd., Class A		1,212,037		2,859,659
Pacific Securities Co. Ltd., Class A		2,634,233		1,498,014
Ping An Bank Co. Ltd., Class A		3,339,047		6,756,975
Ping An Insurance Group Co. of China Ltd., Class A		4,213,136		44,553,376
SDIC Essence Holdings Co. Ltd., Class A		328,700		716,370
Sealand Securities Co. Ltd., Class A		1,140,849		902,410
Shanghai Pudong Development Bank Co. Ltd., Class A		4,368,142		8,528,973

	Number of Shares		Value
Financials (Continued)
Shanxi Securities Co. Ltd., Class A		658,598	$	995,084
Shenwan Hongyuan Group Co. Ltd., Class A		2,344,731		2,010,712
Sinolink Securities Co. Ltd., Class A		822,130		1,345,370
SooChow Securities Co. Ltd., Class A		931,794		1,510,735
Southwest Securities Co. Ltd., Class A		1,096,532		852,428
Western Securities Co. Ltd., Class A		680,521		1,354,475
				234,796,721
Health Care — 4.7%
Beijing Tongrentang Co. Ltd., Class A		214,322		1,046,342
Dong-E-E-Jiao Co. Ltd., Class A		205,619		1,870,253
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (a)		205,323		964,939
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A		167,856		399,591
Huadong Medicine Co. Ltd., Class A		187,312		1,414,210
Hualan Biological Engineering, Inc., Class A		214,235		938,021
Jiangsu Hengrui Medicine Co. Ltd., Class A		657,536		6,482,974
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		358,448		1,241,467
Kangmei Pharmaceutical Co. Ltd., Class A		1,156,240		3,714,294
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A		399,826		1,170,108
Searainbow Holding Corp., Class A*(a)		198,798		827,349
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		30,100		248,834
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		390,284		2,163,949
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		447,552		1,636,717
Shanghai RAAS Blood Products Co. Ltd., Class A		576,712		1,724,405
Tasly Pharmaceutical Group Co. Ltd., Class A		251,792		1,397,596
Yunnan Baiyao Group Co. Ltd., Class A		203,286		2,893,149
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		118,149		1,099,667
				31,233,865
Industrials — 14.5%
AECC Aero-Engine Control Co. Ltd., Class A		177,816		444,009
AECC Aviation Power Co. Ltd., Class A		349,782		1,450,041
Air China Ltd., Class A		766,834		1,291,993
Aurora Optoelectronics Co. Ltd., Class A*(a)		202,632		524,568
AVIC Aircraft Co. Ltd., Class A		536,878		1,407,986
AVIC Helicopter Co. Ltd., Class A		90,964		613,727
Beijing Orient Landscape & Environment Co. Ltd., Class A		418,000		1,288,411
Beijing Originwater Technology Co. Ltd., Class A		731,173		1,889,887
China Avionics Systems Co. Ltd., Class A		206,948		445,389
China Baoan Group Co. Ltd., Class A		834,130		958,784

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
China Communications Construction Co. Ltd., Class A		593,896	$	1,251,224
China CSSC Holdings Ltd., Class A*(a)		254,009		922,656
China Eastern Airlines Corp. Ltd., Class A		1,139,365		1,275,171
China Gezhouba Group Co. Ltd., Class A		1,070,012		1,469,428
China High-Speed Railway Technology Co. Ltd., Class A		656,510		841,998
China National Chemical Engineering Co. Ltd., Class A		765,500		727,074
China Nuclear Engineering Corp. Ltd., Class A		208,200		324,333
China Railway Construction Corp. Ltd., Class A		1,788,370		3,175,406
China Railway Group Ltd., Class A		2,887,687		3,777,808
China Shipbuilding Industry Co. Ltd., Class A*		3,696,094		3,443,479
China Southern Airlines Co. Ltd., Class A		1,364,860		2,285,122
China Spacesat Co. Ltd., Class A		227,040		863,603
China State Construction Engineering Corp. Ltd., Class A		5,828,651		8,506,856
CITIC Heavy Industries Co. Ltd., Class A*(a)		676,100		441,680
COSCO SHIPPING Development Co. Ltd., Class A*		1,225,800		652,583
COSCO SHIPPING Holdings Co. Ltd., Class A*		1,482,706		1,410,521
CRRC Corp. Ltd., Class A		3,788,546		6,646,673
CSSC Offshore and Marine Engineering Group Co. Ltd., Class A (a)		123,293		483,972
Daqin Railway Co. Ltd., Class A		2,311,460		3,093,879
Eternal Asia Supply Chain Management Ltd., Class A		569,300		646,629
Guangshen Railway Co. Ltd., Class A		1,316,350		1,001,412
Guoxuan High-Tech Co. Ltd., Class A		264,166		945,291
Hainan Airlines Holding Co. Ltd., Class A		2,553,200		1,231,826
Han’s Laser Technology Industry Group Co. Ltd., Class A		333,137		2,444,150
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		427,400		395,603
Jiangsu Zhongtian Technology Co. Ltd., Class A		831,268		1,877,044
Jihua Group Corp. Ltd., Class A		516,900		534,732
Luxshare Precision Industry Co. Ltd., Class A		493,158		1,755,765
Metallurgical Corp. of China Ltd., Class A		2,070,300		1,559,324
NARI Technology Co. Ltd., Class A		564,642		1,619,143
Ningbo Zhoushan Port Co. Ltd., Class A		1,530,900		1,322,077
Power Construction Corp. of China Ltd., Class A		1,786,706		1,964,542
Sany Heavy Industry Co. Ltd., Class A		1,489,444		2,029,657
SF Holding Co. Ltd., Class A		85,900		665,436
Shanghai Construction Group Co. Ltd., Class A		1,710,911		996,236
Shanghai Electric Group Co. Ltd., Class A*		1,324,203		1,377,897
Shanghai International Airport Co. Ltd., Class A		375,594		2,372,208

	Number of Shares		Value
Industrials (Continued)
Shanghai International Port Group Co. Ltd., Class A		1,261,753	$	1,421,688
Shanghai Tunnel Engineering Co. Ltd., Class A		725,494		980,946
Shenzhen Inovance Technology Co. Ltd., Class A		389,334		1,534,512
Siasun Robot & Automation Co. Ltd., Class A*		422,473		1,245,330
Spring Airlines Co. Ltd., Class A		92,227		535,907
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		615,345		1,310,373
TBEA Co. Ltd., Class A		1,452,197		2,196,338
Tus-Sound Environmental Resources Co. Ltd., Class A		199,606		1,048,461
Weichai Power Co. Ltd., Class A		1,883,918		2,319,317
XCMG Construction Machinery Co. Ltd., Class A		1,635,972		927,857
Xiamen C & D, Inc., Class A		548,581		955,800
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		788,325		1,883,806
YTO Express Group Co. Ltd., Class A		129,311		350,468
Zhejiang Chint Electrics Co. Ltd., Class A		167,800		610,860
Zhengzhou Yutong Bus Co. Ltd., Class A		516,500		1,858,397
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		1,702,603		1,133,026
				96,960,319
Information Technology — 9.1%
Aisino Corp., Class A		433,395		1,445,328
Beijing Shiji Information Technology Co. Ltd., Class A		124,840		536,223
Beijing Xinwei Technology Group Co. Ltd., Class A (a)		430,545		1,068,988
BOE Technology Group Co. Ltd., Class A		9,248,074		7,469,066
DHC Software Co. Ltd., Class A		733,908		1,052,262
Digital China Information Service Co. Ltd., Class A (a)		82,200		223,700
Dongxu Optoelectronic Technology Co. Ltd., Class A		912,200		1,316,171
East Money Information Co. Ltd., Class A		998,540		2,055,404
Fiberhome Telecommunication Technologies Co. Ltd., Class A		215,702		1,001,209
Focus Media Information Technology Co. Ltd., Class A		664,566		1,206,127
Giant Network Group Co. Ltd., Class A		93,059		556,504
GoerTek, Inc., Class A		753,842		2,158,264
GRG Banking Equipment Co. Ltd., Class A		475,350		477,370
Guangzhou Haige Communications Group, Inc. Co., Class A		619,540		873,291
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		16,301		179,851
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		1,437,406		8,045,856
Hithink RoyalFlush Information Network Co. Ltd., Class A		84,872		641,556
Hundsun Technologies, Inc., Class A		192,033		1,363,884
Iflytek Co. Ltd., Class A		378,719		3,772,355

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Inspur Electronic Information Industry Co. Ltd., Class A		303,427	$	861,375
Jiangsu Protruly Vision Technology Group Co. Ltd., Class A*(a)		335,800		586,648
Leshi Internet Information & Technology Corp. Beijing, Class A (a)		678,612		1,748,735
Neusoft Corp., Class A		337,107		771,911
O-film Tech Co. Ltd., Class A		740,112		2,446,929
Ourpalm Co. Ltd., Class A		742,900		675,272
Sanan Optoelectronics Co. Ltd., Class A		952,821		3,506,123
Shanghai 2345 Network Holding Group Co. Ltd., Class A		769,530		698,314
Shenzhen Huiding Technology Co. Ltd., Class A		20,200		341,132
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A		194,979		454,133
Suzhou Victory Precision Manufacture Co. Ltd., Class A		794,934		739,401
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		421,127		635,012
Tsinghua Tongfang Co. Ltd., Class A		688,751		1,153,144
Unigroup Guoxin Co. Ltd., Class A		139,131		1,008,568
Unisplendour Corp. Ltd., Class A		55,100		556,925
Wangsu Science & Technology Co. Ltd., Class A		566,861		791,320
Wonders Information Co. Ltd., Class A		272,571		518,602
Yonyou Network Technology Co. Ltd., Class A		285,789		885,648
Youzu Interactive Co. Ltd., Class A		132,994		424,412
Zhejiang Dahua Technology Co. Ltd., Class A		562,855		2,072,005
ZTE Corp., Class A*		923,017		4,617,947
				60,936,965
Materials — 6.8%
Aluminum Corp. of China Ltd., Class A*(a)		2,354,752		2,696,859
Anhui Conch Cement Co. Ltd., Class A		778,796		3,689,089
Baoshan Iron & Steel Co. Ltd., Class A		3,430,690		4,866,963
BBMG Corp., Class A		1,295,900		1,162,251
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A		349,290		1,822,548
Beijing Shougang Co. Ltd., Class A*		605,369		580,474
China Hainan Rubber Industry Group Co. Ltd., Class A*		611,100		521,273
China Molybdenum Co. Ltd., Class A		1,031,390		1,102,849
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		846,218		1,816,095
Hesteel Co. Ltd., Class A		1,652,178		1,036,999
Hubei Biocause Pharmaceutical Co. Ltd., Class A		576,100		787,662
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		5,323,807		2,093,483
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		1,313,070		990,974
Jiangsu Bicon Pharmaceutical Listed Co., Class A		178,506		717,059

	Number of Shares		Value
Materials (Continued)
Jiangxi Copper Co. Ltd., Class A		400,395	$	1,116,666
Jinduicheng Molybdenum Co. Ltd., Class A*		382,904		418,699
Kangde Xin Composite Material Group Co. Ltd., Class A		962,378		3,430,671
Kingenta Ecological Engineering Group Co. Ltd., Class A (a)		582,902		789,627
Qinghai Salt Lake Industry Co. Ltd., Class A		537,509		1,115,356
Shandong Gold Mining Co. Ltd., Class A		290,343		1,323,074
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		17,100		164,485
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		644,738		1,056,053
Sinopec Shanghai Petrochemical Co. Ltd., Class A		850,332		815,364
Tianqi Lithium Corp., Class A		230,506		2,132,178
Tongling Nonferrous Metals Group Co. Ltd., Class A*		2,451,220		1,034,332
Wanhua Chemical Group Co. Ltd., Class A		529,771		3,084,769
Xiamen Tungsten Co. Ltd., Class A		170,151		661,365
Zhejiang Longsheng Group Co. Ltd., Class A		880,788		1,453,349
Zhongjin Gold Corp. Ltd., Class A		662,371		974,737
Zijin Mining Group Co. Ltd., Class A		4,038,151		2,412,423
				45,867,726
Real Estate — 5.6%
Beijing Capital Development Co. Ltd., Class A		400,186		617,356
China Fortune Land Development Co. Ltd., Class A		460,324		2,233,426
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		920,559		2,717,723
China Vanke Co. Ltd., Class A		2,652,329		12,523,739
Financial Street Holdings Co. Ltd., Class A		463,215		783,246
Future Land Holdings Co. Ltd., Class A		349,885		1,310,765
Gemdale Corp., Class A		874,452		1,638,631
Greenland Holdings Corp. Ltd., Class A		1,419,627		1,552,338
Poly Real Estate Group Co. Ltd., Class A		2,766,722		5,272,418
RiseSun Real Estate Development Co. Ltd., Class A		678,620		896,014
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		286,294		949,998
Shanghai SMI Holding Co. Ltd., Class A*		489,498		661,854
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		301,801		721,649
Suning Universal Co. Ltd., Class A		582,490		426,390
Xinhu Zhongbao Co. Ltd., Class A*		1,668,646		1,264,375
Yango Group Co. Ltd., Class A		623,797		636,826
Youngor Group Co. Ltd., Class A		832,120		1,167,905
Zhejiang China Commodities City Group Co. Ltd., Class A		1,053,383		975,015
Zhongtian Financial Group Co. Ltd., Class A (a)		919,500		1,110,593
				37,460,261

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Telecommunication Services — 0.8%
China United Network Communications Ltd., Class A*		3,527,615	$	3,713,335
Dr Peng Telecom & Media Group Co. Ltd., Class A		439,078		1,308,887
				5,022,222
Utilities — 2.4%
Beijing Capital Co. Ltd., Class A		940,812		756,987
China National Nuclear Power Co. Ltd., Class A		1,819,400		2,022,503
China Yangtze Power Co. Ltd., Class A		2,569,610		6,396,918
GD Power Development Co. Ltd., Class A		4,567,400		2,355,576
SDIC Power Holdings Co. Ltd., Class A		1,582,980		1,800,392
Shanghai Electric Power Co. Ltd., Class A		332,900		496,941

	Number of Shares		Value
Utilities (Continued)
Sichuan Chuantou Energy Co. Ltd., Class A		856,740	$	1,287,980
Zhejiang Zheneng Electric Power Co. Ltd., Class A		1,579,490		1,275,651
				16,392,948
TOTAL COMMON STOCKS (Cost $513,926,050)				667,455,266
TOTAL INVESTMENTS — 99.6% (Cost $513,926,050)			$	667,455,266
Other assets and liabilities, net — 0.4%				2,937,398
NET ASSETS — 100.0%			$	670,392,664

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (b)	$	652,055,112	$	–	$	15,400,154	$	667,455,266
TOTAL	$	652,055,112	$	–	$	15,400,154	$	667,455,266

(b) See Schedule of Investments for additional detailed categorizations.

The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:

Balance at May 31, 2017	$	18,009,364
Purchases		4,284,346
Sales		(751,060	)
Realized gain (loss)		(26,287	)
Change in unrealized gain (loss)		1,974,615
Transfers into Level 3 (c)		5,861,093
Transfer out of Level 3 (c)		(13,951,917	)
Balance at November 30, 2017		15,400,154
Change in unrealized gain (loss) related to investments still held at November 30, 2017		1,974,615

(c) During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $ 5,861,093 and between Level 3 and Level 1 was $13,951,917. 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

Xtrackers Harvest CSI 300 China A-Shares ETF (Continued)

November 30, 2017 (Unaudited)

Quantitative Disclosure About Significant Unobservable Inputs

Asset Class	Fair Value at 11/30/2017		Valuation Technique	Unobservable Input
Common Stock: Consumer Discretionary	$	2,069,050	Market Approach	Last traded price adjusted for proxy.
Common Stock: Energy		940,790	Market Approach	Last traded price adjusted for proxy.
Common Stock: Health Care		1,792,288	Market Approach	Last traded price adjusted for proxy.
Common Stock: Industrials		2,372,876	Market Approach	Last traded price adjusted for proxy.
Common Stock: Information Technology		3,628,071	Market Approach	Last traded price adjusted for proxy.
Common Stock: Materials		3,486,486	Market Approach	Last traded price adjusted for proxy.
Common Stock: Real Estate		1,110,593	Market Approach	Last traded price adjusted for proxy.

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 -6% to 13% with a weighted average range of approximately 2.2%. 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.

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.8%
Consumer Discretionary — 11.6%
Anhui Jianghuai Automobile Group Corp., Ltd., Class A		37,400	$	53,171
Beijing HualuBaina Film & TV Co. Ltd., Class A		15,700		27,877
Beiqi Foton Motor Co. Ltd., Class A		183,200		79,521
Besttone Holdings Co. Ltd., Class A		9,000		21,071
Changjiang Publishing & Media Co. Ltd., Class A		23,700		24,553
Chengdu B-Ray Media Co. Ltd., Class A		29,100		22,798
Chengdu Fusen Noble-House Industrial Co. Ltd., Class A		1,700		8,099
China CYTS Tours Holding Co. Ltd., Class A (a)		22,700		64,755
Chongqing Department Store Co. Ltd., Class A		9,200		34,159
Chongqing Zongshen Power Machinery Co. Ltd., Class A (a)		26,300		30,798
Dashang Co. Ltd., Class A		7,000		38,738
DongFeng Automobile Co. Ltd., Class A		32,700		28,586
Eastern Gold Jade Co. Ltd., Class A		26,500		42,284
Eastern Pioneer Driving School Co. Ltd., Class A		4,700		26,799
Elec-Tech International Co. Ltd., Class A*		39,900		28,966
Gansu Gangtai Holding Group Co. Ltd., Class A		22,500		39,474
Global Top E-Commerce Co. Ltd., Class A		16,600		47,727
Guangdong Advertising Group Co. Ltd., Class A		45,984		42,007
Guangdong Chj Industry Co. Ltd., Class A		16,900		28,397
Guangxi Radio and Television Information Network Corp. Ltd., Class A		12,500		12,893
Guizhou Broadcasting & TV Information Network Co. Ltd., Class A		11,700		17,890
Haima Automobile Group Co. Ltd., Class A*		43,300		29,928
Hang Zhou Great Star Industrial Co. Ltd., Class A		20,953		45,792
Hefei Department Store Group Co. Ltd., Class A		21,400		26,086
Hunan Friendship & Apollo Commercial Co. Ltd., Class A		26,700		24,350
Jason Furniture Hangzhou Co. Ltd., Class A		3,082		25,875
Jiangsu Hongtu High Technology Co. Ltd., Class A		36,200		51,738
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		28,600		35,815
Jiangsu Sunshine Co. Ltd., Class A*		56,300		27,418
Jinzhou Cihang Group Co. Ltd., Class A		33,800		33,074
Jishi Media Co. Ltd., Class A		85,700		39,273
Joyoung Co. Ltd., Class A*		12,500		34,143
KingClean Electric Co. Ltd., Class A		3,200		21,982
Lifan Industry Group Co. Ltd., Class A		25,800		29,890
Loncin Motor Co. Ltd., Class A		41,750		41,738
Luthai Textile Co. Ltd., Class A		17,800		28,887
Meisheng Cultural & Creative Corp. Ltd., Class A		10,260		27,512
Meisheng Cultural & Creative Corp. Ltd., Class A*		800		2,145

	Number of Shares		Value
Consumer Discretionary (Continued)
NanJi E-Commerce Co. Ltd., Class A*		31,800	$	55,790
Nanjing Central Emporium, Class A		23,600		31,017
NavInfo Co. Ltd., Class A		34,850		140,308
Ningbo Huaxiang Electronic Co. Ltd., Class A		16,800		64,005
Ningbo Joyson Electronic Corp., Class A		14,400		76,204
Ningbo Peacebird Fashion Co. Ltd., Class A		2,200		8,951
Ningbo Tuopu Group Co. Ltd., Class A*		8,400		32,676
Rastar Group, Class A		23,300		24,104
Shaanxi Broadcast & TV Network Intermediary Group Co. Ltd., Class A		14,500		19,036
Shanghai Jinjiang International Hotels Development Co. Ltd., Class A		5,900		26,636
Shanghai Metersbonwe Fashion & Accessories Co. Ltd., Class A*		51,550		25,651
Shanghai New World Co. Ltd., Class A		15,442		23,939
Shanghai Yuyuan Tourist Mart Co. Ltd., Class A		39,200		66,994
Shenzhen Fenda Technology Co. Ltd., Class A		15,300		26,935
Shenzhen Tellus Holding Co. Ltd., Class A*		1,900		11,655
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A		25,850		32,176
Sichuan Changhong Electric Co. Ltd., Class A		144,900		81,086
Sichuan Chengfei Integration Technology Corp., Class A		6,800		23,552
Sinomach Automobile Co. Ltd., Class A		11,850		20,754
Sou Yu Te Group Co. Ltd., Class A		35,724		31,446
Suofeiya Home Collection Co. Ltd., Class A		21,400		120,013
Time Publishing and Media Co. Ltd., Class A		7,700		14,068
UTour Group Co. Ltd., Class A		16,600		28,772
Visual China Group Co. Ltd., Class A*		10,800		28,797
Wangfujing Group Co. Ltd., Class A (a)		12,530		35,031
Weifu High-Technology Group Co. Ltd., Class A		18,900		72,720
Wuhan Department Store Group Co. Ltd., Class A		15,609		38,268
Wuxi Little Swan Co. Ltd., Class A		8,505		70,142
Xinhua Winshare Publishing and Media Co. Ltd., Class A		3,800		7,673
Xinhuanet Co. Ltd., Class A		5,650		20,193
Yantai Tayho Advanced Materials Co. Ltd., Class A (a)		17,600		28,466
Yihua Lifestyle Technology Co. Ltd., Class A		44,700		63,887
Yotrio Group Co. Ltd., Class A		41,740		38,319
Zhejiang Aokang Shoes Co. Ltd., Class A		6,400		14,268
Zhejiang Daily Digital Culture Group Co. Ltd., Class A		19,700		43,113
Zhejiang Orient Holdings Co., Class A		13,000		49,567
Zhejiang Yasha Decoration Co. Ltd., Class A		31,600		39,572
				2,781,993

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Consumer Staples — 6.3%
Angel Yeast Co. Ltd., Class A		16,400	$	78,604
Anhui Gujing Distillery Co. Ltd., Class A		4,500		41,414
Anhui Kouzi Distillery Co. Ltd., Class A		11,600		78,949
Anhui Yingjia Distillery Co. Ltd., Class A		9,400		24,552
Beijing Shunxin Agriculture Co. Ltd., Class A		16,100		45,364
Beijing Yanjing Brewery Co. Ltd., Class A		52,900		47,525
Better Life Commercial Chain Share Co. Ltd., Class A		9,230		21,246
Bright Dairy & Food Co. Ltd., Class A		23,600		49,149
By-health Co. Ltd., Class A		27,700		56,599
Chuying Agro-pastora Group Co. Ltd., Class A		70,800		49,042
Gansu Yasheng Industrial Group Co. Ltd., Class A		61,400		37,517
Guangdong Haid Group Co. Ltd., Class A		23,900		73,920
Hebei Chengde Lolo Co., Class A		24,041		33,852
Hunan Dakang International Food & Agriculture Co. Ltd., Class A*		60,120		25,641
Jiangsu King’s Luck Brewery JSC Ltd., Class A		14,800		31,807
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		21,500		71,213
Laobaixing Pharmacy Chain JSC, Class A		4,200		37,224
Opple Lighting Co. Ltd., Class A		2,400		15,964
Qinghai Huzhu Barley Wine Co. Ltd., Class A		7,400		17,437
Shandong Denghai Seeds Co. Ltd., Class A		13,950		25,107
Shanghai Feilo Acoustics Co. Ltd., Class A		27,300		42,693
Shanghai Flyco Electrical Appliance Co. Ltd., Class A		1,900		20,455
Shanghai Jahwa United Co. Ltd., Class A		25,900		143,173
Shanghai Maling Aquarius Co. Ltd., Class A		25,000		30,740
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		9,800		71,307
Shenzhen Agricultural Products Co. Ltd., Class A		26,600		30,937
Teamax Smart City Technology Corp. Ltd., Class A		9,800		22,055
Toly Bread Co. Ltd., Class A		2,400		13,717
Tsingtao Brewery Co. Ltd., Class A		13,100		60,785
V V Food & Beverage Co. Ltd., Class A		46,000		31,446
Xinjiang Guannong Fruit & Antler Group Co. Ltd., Class A		19,700		22,882
Yuan Longping High-tech Agriculture Co. Ltd., Class A		29,200		109,966
Yunnan Hongxiang Yixintang Pharmaceutical Co. Ltd., Class A		10,000		28,887
Zhejiang Guyuelongshan Shaoxing Wine Co. Ltd., Class A		19,960		27,230
				1,518,399
Energy — 2.1%
Anhui Hengyuan Coal Industry and Electricity Power Co. Ltd., Class A*		20,700		34,187
Changzheng Engineering Co. Ltd., Class A		5,000		15,373
Datong Coal Industry Co. Ltd., Class A*		33,000		31,593

	Number of Shares		Value
Energy (Continued)
Gansu Jingyuan Coal Industry and Electricity Power Co. Ltd., Class A		55,800	$	30,466
Geo-Jade Petroleum Corp., Class A		44,540		31,661
Guizhou Panjiang Refined Coal Co. Ltd., Class A		27,100		28,404
Huolinhe Opencut Coal Industry Corp. Ltd. of Inner Mongolia, Class A		26,800		48,315
Jinhong Holding Group Co. Ltd., Class A		13,700		28,595
Jizhong Energy Resources Co. Ltd., Class A		43,200		38,876
Oriental Energy Co. Ltd., Class A		32,100		56,219
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		47,000		74,639
Yang Quan Coal Industry Group Co. Ltd., Class A*		47,300		51,435
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		18,800		40,120
				509,883
Financials — 1.0%
Jiangsu Jiangyin Rural Commercial Bank Co. Ltd., Class A		7,900		10,144
Shaanxi International Trust Co. Ltd., Class A		58,100		39,894
Shanghai AJ Group Co. Ltd., Class A		55,980		101,514
Xishui Strong Year Co. Ltd. Inner Mongolia, Class A		25,400		95,309
				246,861
Health Care — 11.8%
Autobio Diagnostics Co. Ltd., Class A		1,500		11,429
Beijing SL Pharmaceutical Co. Ltd., Class A		16,100		92,725
Beijing Tiantan Biological Products Corp. Ltd., Class A (a)		12,600		65,722
Changchun High & New Technology Industries, Inc., Class A		5,200		133,872
China Animal Husbandry Industry Co. Ltd., Class A		8,800		24,103
China National Accord Medicines Corp. Ltd., Class A		5,800		52,694
China National Medicines Corp. Ltd., Class A		11,500		46,091
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		16,800		58,085
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		14,800		58,310
Chongqing Zhifei Biological Products Co. Ltd., Class A		18,800		83,822
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A		19,862		56,595
Dian Diagnostics Group Co. Ltd., Class A		12,340		48,170
Guangdong Zhongsheng Pharmaceutical Co. Ltd., Class A		18,400		33,895
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A		38,450		45,766
Guizhou Yibai Pharmaceutical Co. Ltd., Class A		25,100		41,796

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Hainan Haiyao Co. Ltd., Class A (a)		31,046	$	57,058
Harbin Gloria Pharmaceuticals Co. Ltd., Class A		34,850		35,473
Harbin Pharmaceutical Group Co. Ltd., Class A (a)		60,120		55,290
HeiLongJiang ZBD Pharmaceutical Co. Ltd., Class A		6,700		15,027
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		9,100		50,552
Humanwell Healthcare Group Co. Ltd., Class A		36,800		97,344
Hybio Pharmaceutical Co. Ltd., Class A		17,700		42,832
Jiangsu Kanion Pharmaceutical Co. Ltd., Class A		17,148		36,724
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		19,685		61,331
Jiangzhong Pharmaceutical Co. Ltd., Class A		6,806		26,846
Jilin Zixin Pharmaceutical Industrial Co. Ltd., Class A*		20,100		25,870
Jinyu Bio-Technology Co. Ltd., Class A		33,180		137,047
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		30,400		51,173
KPC Pharmaceuticals, Inc., Class A		20,998		29,280
Livzon Pharmaceutical Group, Inc., Class A		6,922		64,678
Mayinglong Pharmaceutical Group Co. Ltd., Class A		11,500		37,499
Pengqi Technology Development Co. Ltd., Class A		41,500		69,167
Realcan Pharmaceutical Co. Ltd., Class A		17,630		34,637
Shanghai Kaibao Pharmaceutical Co. Ltd., Class A		26,604		26,114
Shanghai Kehua Bio-Engineering Co. Ltd., Class A		16,100		36,330
Shenzhen Neptunus Bioengineering Co. Ltd., Class A*		62,550		56,005
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		18,100		44,457
Shinva Medical Instrument Co. Ltd., Class A		12,869		31,491
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		33,900		107,721
Sichuan Languang Development Co. Ltd., Class A		33,700		45,057
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		68,100		46,966
Tianjin ZhongXin Pharmaceutical Group Corp. Ltd., Class A		11,262		27,253
Tonghua Golden-Horse Pharmaceutical Industry Co. Ltd., Class A*(a)		15,000		30,420
Winning Health Technology Group Co. Ltd., Class A		43,019		45,349
Xiangxue Pharmaceutical Co. Ltd., Class A*		19,010		25,243
Yifan Pharmaceutical Co. Ltd., Class A		23,600		72,422

	Number of Shares		Value
Health Care (Continued)
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		49,540	$	53,047
Zhejiang Hisun Pharmaceutical Co. Ltd., Class A		22,800		52,484
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		24,483		88,239
Zhejiang Medicine Co. Ltd., Class A		22,600		46,247
Zhejiang NHU Co. Ltd., Class A		20,500		119,213
Zhejiang Xianju Pharmaceutical Co. Ltd., Class A		24,850		31,382
Zhongyuan Union Cell & Gene Engineering Corp. Ltd., Class A*(a)		12,500		55,901
Zhuhai Hokai Medical Instruments Co. Ltd., Class A		21,140		28,456
				2,850,700
Industrials — 21.3%
Avic Aviation High-Technology Co. Ltd., Class A*		16,500		24,805
AVIC Electromechanical Systems Co. Ltd., Class A		37,852		62,515
Avic Heavy Machinery Co. Ltd., Class A		17,800		33,301
Beijing Changjiu Logistics Corp., Class A		1,100		4,174
Beijing New Building Materials PLC, Class A		35,000		123,127
Beijing Shouhang Resources Saving Co. Ltd., Class A		49,355		54,118
Beijing SPC Environment Protection Tech Co. Ltd., Class A		24,100		75,596
Beijing Watertek Information Technology Co. Ltd., Class A		22,500		50,228
BlueFocus Communication Group Co. Ltd., Class A		48,300		51,062
Camel Group Co. Ltd., Class A		16,300		33,232
Changjiang & Jinggong Steel Building Group Co. Ltd., Class A		45,500		29,522
Changyuan Group Ltd., Class A		51,040		128,914
Chengdu Huaze Cobalt & Nickel Material Co. Ltd., Class A*(a)		11,200		25,586
China Aerospace Times Electronics Co. Ltd., Class A*		64,000		76,855
China CAMC Engineering Co. Ltd., Class A		17,482		50,791
China International Marine Containers Group Co. Ltd., Class A		29,700		87,547
China Meheco Co. Ltd., Class A		20,200		74,636
China Railway Hi-tech Industry Co. Ltd., Class A		33,500		62,927
China Railway Tielong Container Logistics Co. Ltd., Class A		35,100		53,352
Citic Offshore Helicopter Co. Ltd., Class A*		16,301		23,791
CMST Development Co. Ltd., Class A		43,300		73,543
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		53,700		48,811
COSCO SHIPPING Specialized Carriers Co. Ltd., Class A*		34,900		30,298

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Dalian Port PDA Co. Ltd., Class A		121,920	$	53,290
Dazhong Transportation Group Co. Ltd., Class A		47,950		36,840
Dongjiang Environmental Co. Ltd., Class A		18,800		45,806
Fangda Carbon New Material Co. Ltd., Class A		40,600		154,064
Far East Smarter Energy Co. Ltd., Class A		26,200		24,132
Foshan Electrical and Lighting Co. Ltd., Class A		24,140		35,634
Fujian Longking Co. Ltd., Class A		33,500		79,799
Galaxy Biomedical Investment Co. Ltd., Class A*(a)		24,100		40,380
Gem-Year Industrial Co. Ltd., Class A*		19,600		29,673
Guangxi Liugong Machinery Co. Ltd., Class A		31,000		37,508
Guangzhou Guangri Stock Co. Ltd., Class A		17,100		25,086
Guosheng Financial Holding, Inc., Class A		16,920		56,299
Hefei Meiya Optoelectronic Technology, Inc., Class A		10,600		31,310
Henan Pinggao Electric Co. Ltd., Class A		26,600		40,311
Henan Senyuan Electric Co. Ltd., Class A		14,600		33,321
Hunan Corun New Energy Co. Ltd., Class A*		38,347		44,020
Inner Mongolia First Machinery Group Co. Ltd., Class A		25,500		44,699
Jangho Group Co. Ltd., Class A		18,100		25,896
Jiangsu Nonghua Intelligent Agriculture Technology Co. Ltd., Class A*		42,800		23,563
Jiangsu Yueda Investment Co. Ltd., Class A		27,900		27,048
Jiangsu Zhongli Group Co. Ltd., Class A		12,500		27,262
Jiangsu Zongyi Co. Ltd., Class A*		29,900		35,906
Jiangxi Hongdu Aviation Industry Co. Ltd., Class A		17,100		38,406
Jiangxi Special Electric Motor Co. Ltd., Class A		45,700		82,250
Jinlong Machinery & Electronics Co. Ltd., Class A (a)		13,000		27,062
Keda Clean Energy Co. Ltd., Class A		44,400		74,807
Lanzhou LS Heavy Equipment Co. Ltd., Class A		12,500		16,524
Mesnac Co. Ltd., Class A*		25,000		29,871
Minmetals Development Co. Ltd., Class A*		17,000		31,342
Montnets Rongxin Technology Group Co. Ltd., Class A (a)		19,400		30,813
Neoglory Prosperity, Inc., Class A		13,650		26,838
North Industries Group Red Arrow Co. Ltd., Class A*		22,647		28,429
North Navigation Control Technology Co. Ltd., Class A		35,000		65,957
Orient Group, Inc., Class A*		73,190		51,584
Palm Eco-Town Development Co. Ltd., Class A		34,650		44,911

	Number of Shares		Value
Industrials (Continued)
Pubang Landscape Architecture Co. Ltd., Class A		32,719	$	26,672
Qingdao TGOOD Electric Co. Ltd., Class A		18,700		39,793
Rizhao Port Co. Ltd., Class A		70,800		42,082
Saurer Intelligent Technology Co. Ltd., Class A		21,200		34,885
Shaanxi J&R Optimum Energy Co. Ltd., Class A		27,400		32,489
Shanghai Lansheng Corp., Class A		8,300		18,252
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		12,400		44,466
Shanghai Pudong Road & Bridge Construction Co. Ltd., Class A		21,199		30,876
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		13,800		37,506
Shanghai Zhixin Electric Co. Ltd., Class A		26,660		27,297
Shantui Construction Machinery Co. Ltd., Class A*		39,000		28,549
Shenwu Environmental Technology Co. Ltd., Class A (a)		21,104		77,176
Shenzhen Airport Co. Ltd., Class A		40,200		53,564
Shenzhen Desay Battery Technology Co., Class A		4,600		29,499
Shenzhen Glory Medical Co. Ltd., Class A		13,687		19,355
Shenzhen Grandland Group Co. Ltd., Class A		23,800		28,725
Shenzhen Hifuture Electric Co. Ltd., Class A*(a)		30,200		79,008
Shenzhen Hongtao Decoration Co. Ltd., Class A		33,260		25,403
Shenzhen Tagen Group Co. Ltd., Class A		23,720		36,951
Shuangliang Eco-Energy Systems Co. Ltd., Class A		32,100		20,585
Sichuan Road & Bridge Co. Ltd., Class A		69,500		42,781
Sieyuan Electric Co. Ltd., Class A		20,880		51,222
Sinochem International Corp., Class A		41,100		56,193
Sinoma International Engineering Co., Class A		41,550		61,270
Sinotrans Air Transportation Development Co. Ltd., Class A		13,800		35,378
SPIC Yuanda Environmental-Protection Co. Ltd., Class A		15,422		21,575
STO Express Co. Ltd., Class A		11,500		41,552
Sufa Technology Industry Co. Ltd. CNNC, Class A		12,520		29,615
Sungrow Power Supply Co. Ltd., Class A		27,100		67,382
Suzhou Anjie Technology Co. Ltd., Class A		11,750		54,877
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		16,700		72,489
Taihai Manoir Nuclear Equipment Co. Ltd., Class A		19,700		79,343
Taiyuan Heavy Industry Co. Ltd., Class A*		69,400		37,261
TangShan Port Group Co. Ltd., Class A		85,780		59,938
Tian Di Science & Technology Co. Ltd., Class A		62,200		44,967

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Tianjin Capital Environmental Protection Group Co. Ltd., Class A		16,400	$	32,989
Tianjin Port Co. Ltd., Class A		31,500		51,357
Tianjin Teda Co. Ltd., Class A		40,700		28,870
Tianjin Tianhai Investment Co. Ltd., Class A*		50,700		53,139
Tianma Bearing Group Co. Ltd., Class A*		27,700		42,229
Wolong Electric Group Co. Ltd., Class A		26,165		31,816
Xiamen ITG Group Corp. Ltd., Class A		48,348		73,561
Xiangtan Electric Manufacturing Co. Ltd., Class A		22,900		45,094
Xingyuan Environment Technology Co. Ltd., Class A		19,900		79,216
Xinjiang Machinery Research Institute Co. Ltd., Class A (a)		29,200		45,567
XJ Electric Co. Ltd., Class A		24,000		51,507
Yunda Holding Co. Ltd., Class A		4,019		24,180
Zhefu Holding Group Co. Ltd., Class A		59,500		39,416
Zhejiang Dun’An Artificial Environment Co. Ltd., Class A		20,700		26,705
Zhejiang Kaishan Compressor Co. Ltd., Class A		13,000		30,672
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		33,380		83,451
Zhejiang Wanma Co. Ltd., Class A		24,162		34,095
Zhejiang Weiming Environment Protection Co. Ltd., Class A		5,350		16,563
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		33,300		38,478
Zhongshan Broad Ocean Motor Co. Ltd., Class A		35,600		37,313
				5,134,566
Information Technology — 18.1%
Accelink Technologies Co. Ltd., Class A		12,000		53,558
Addsino Co. Ltd., Class A (a)		37,700		59,727
AVIC Jonhon OptronicTechnology Co. Ltd., Class A		15,413		84,153
Beijing Dahao Technology Corp. Ltd., Class A		2,100		9,792
Beijing Lanxum Technology Co. Ltd., Class A (a)		17,000		26,485
Beijing Orient National Communication Science & Technology Co. Ltd., Class A		23,719		44,125
Beijing Philisense Technology Co. Ltd., Class A		32,300		37,909
Beijing Sinnet Technology Co. Ltd., Class A (a)		32,600		61,429
Beijing Teamsun Technology Co. Ltd., Class A		34,760		50,522
Beijing Ultrapower Software Co. Ltd., Class A		51,600		50,024
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		33,500		73,922
Bluedon Information Security Technology Co. Ltd., Class A		18,300		26,736
Bright Oceans Inter-Telecom Corp., Class A (a)		17,300		31,340

	Number of Shares		Value
Information Technology (Continued)
China Greatwall Technology Group Co. Ltd., Class A*		68,619	$	70,156
China National Software & Service Co. Ltd., Class A		11,600		29,632
China TransInfo Technology Co. Ltd., Class A		23,000		50,300
China Wafer Level CSP Co. Ltd., Class A		4,200		21,661
CPT Technology Group Co. Ltd., Class A		20,700		15,591
Dalian Zeus Entertainment Group Co. Ltd., Class A		16,980		48,152
Datang Telecom Technology Co. Ltd., Class A*		24,200		51,278
Dawning Information Industry Co. Ltd., Class A		15,000		98,709
Eastern Communications Co. Ltd., Class A		19,292		20,950
EGing Photovoltaic Technology Co. Ltd., Class A		33,320		23,786
Focus Technology Co. Ltd., Class A		4,300		15,446
Fujian Newland Computer Co. Ltd., Class A		27,440		75,739
Fujian Star-net Communication Co. Ltd., Class A		14,500		49,497
G-bits Network Technology Xiamen Co. Ltd., Class A		800		26,763
GCI Science & Technology Co. Ltd., Class A		12,100		33,251
Glodon Co. Ltd., Class A		25,300		75,458
Guangdong East Power Co. Ltd., Class A (a)		24,000		34,521
Guangdong Ellington Electronics Technology Co. Ltd., Class A		8,000		16,201
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		27,700		55,426
Guomai Technologies, Inc., Class A		16,000		21,561
Hangzhou First Applied Material Co. Ltd., Class A		3,100		15,894
Hangzhou Shunwang Technology Co. Ltd., Class A		16,100		47,823
Hangzhou Silan Microelectronics Co. Ltd., Class A		29,180		54,018
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		33,300		53,638
Hengtong Optic-electric Co. Ltd., Class A (a)		37,000		222,882
Hexing Electrical Co. Ltd., Class A		4,200		24,379
Holitech Technology Co. Ltd., Class A		47,000		73,430
Huagong Tech Co. Ltd., Class A		24,600		62,691
Hytera Communications Corp. Ltd., Class A		26,300		76,252
Jiangsu Changjiang Electronics Technology Co. Ltd., Class A		37,000		118,075
Julong Co. Ltd., Class A		11,195		29,004
Kingnet Network Co. Ltd., Class A		16,000		57,932
Leyard Optoelectronic Co. Ltd., Class A		31,900		104,550
LONGi Green Energy Technology Co. Ltd., Class A		46,300		224,291
Nanjing Doron Technology Co. Ltd., Class A		7,100		10,717

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Nanjing Huadong Electronics Information & Technology Co. Ltd., Class A*		102,300	$	39,454
NAURA Technology Group Co. Ltd., Class A		6,900		37,423
Ningbo Yunsheng Group Co. Ltd., Class A		15,000		39,838
North Electro-Optic Co. Ltd., Class A		7,600		23,931
People.cn Co. Ltd., Class A		20,700		38,038
Shanghai Aerospace Automobile Electromechanical Co., Class A		34,500		39,291
Shanghai Belling Co. Ltd., Class A		21,800		48,929
Shengyi Technology Co. Ltd., Class A		27,600		61,655
Shenzhen Aisidi Co. Ltd., Class A		12,200		17,381
Shenzhen Everwin Precision Technology Co. Ltd., Class A		20,980		75,170
Shenzhen Kaifa Technology Co. Ltd., Class A		28,100		38,589
Shenzhen Kinwong Electronic Co. Ltd., Class A		1,800		14,344
Shenzhen Laibao Hi-tech Co. Ltd., Class A		22,300		33,795
Shenzhen Suntak Circuit Technology Co. Ltd., Class A		1,900		8,612
Shenzhen Sunway Communication Co. Ltd., Class A		30,400		243,682
Shenzhen Tat Fook Technology Co. Ltd., Class A*		15,240		38,215
Sinodata Co. Ltd., Class A		8,900		31,606
Skyworth Digital Co. Ltd., Class A		20,200		27,129
Taiji Computer Corp. Ltd., Class A		9,300		35,796
Talkweb Information System Co. Ltd., Class A		26,300		32,298
Tatwah Smartech Co. Ltd., Class A*		20,500		63,404
Telling Telecommunication Holding Co. Ltd., Class A*		23,100		32,282
Tianma Microelectronics Co. Ltd., Class A (a)		32,500		105,729
Tongding Interconnection Information Co. Ltd., Class A		28,500		52,846
United Electronics Co. Ltd., Class A		12,300		25,244
Universal Scientific Industrial Shanghai Co. Ltd., Class A		25,600		56,955
Venustech Group, Inc., Class A		20,300		71,904
Vtron Group Co. Ltd., Class A*		22,300		40,034
Westone Information Industry, Inc., Class A		16,080		57,444
Wuhan Fingu Electronic Technology Co. Ltd., Class A*		8,800		16,077
Wuhan Guide Infrared Co. Ltd., Class A		7,500		19,204
Wuhu Token Science Co. Ltd., Class A		71,800		92,629
WUS Printed Circuit Kunshan Co. Ltd., Class A		46,040		36,905
Xiamen Faratronic Co. Ltd., Class A		5,600		39,816
YGSOFT, Inc., Class A		19,207		29,775
Zhejiang Crystal-Optech Co. Ltd., Class A		20,950		80,480
				4,365,280

	Number of Shares		Value
Materials — 18.6%
Advanced Technology & Materials Co. Ltd., Class A*(a)		23,104	$	37,017
Befar Group Co. Ltd., Class A		35,700		42,331
Beijing Lier High-temperature Materials Co. Ltd., Class A		25,000		21,099
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		20,608		112,517
Bengang Steel Plates Co. Ltd., Class A*		11,700		10,193
CEFC Anhui International Holding Co. Ltd., Class A		35,900		39,093
China Jushi Co. Ltd., Class A		67,868		142,061
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A		46,600		46,587
Cofco Biochemical Co. Ltd., Class A*(a)		37,985		75,523
CSG Holding Co. Ltd., Class A		41,525		57,717
Do-Fluoride Chemicals Co. Ltd., Class A		24,400		85,099
Elion Clean Energy Co. Ltd., Class A		33,000		28,848
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A*		123,100		56,785
Gansu Qilianshan Cement Group Co. Ltd., Class A		25,800		43,703
GEM Co. Ltd., Class A		104,352		113,318
Guangdong HEC Technology Holding Co. Ltd., Class A*		67,305		73,088
Guangdong Tapai Group Co. Ltd., Class A		13,500		24,930
Guangzhou Tinci Materials Technology Co. Ltd., Class A		6,100		38,896
Hangzhou Iron & Steel Co., Class A*		14,600		16,009
Hengyi Petrochemical Co. Ltd., Class A		19,100		51,794
Hongda Xingye Co. Ltd., Class A		38,478		41,493
Huapont Life Sciences Co. Ltd., Class A		53,650		57,043
Huaxin Cement Co. Ltd., Class A		19,980		48,621
Hubei Kaile Science & Technology Co. Ltd., Class A*		16,600		74,842
Hubei Xingfa Chemicals Group Co. Ltd., Class A		13,100		33,840
Hunan Gold Corp. Ltd., Class A		28,100		38,590
Inner Mongolia Xingye Mining Co. Ltd., Class A		22,700		36,975
Jiangsu Wuzhong Industrial Co., Class A		21,700		39,154
Jiangsu Yabang Dyestuff Co. Ltd., Class A		14,100		36,040
Jiangxi Ganfeng Lithium Co. Ltd., Class A		20,400		226,465
Jiaozuo Wanfang Aluminum Manufacturing Co. Ltd., Class A*		32,900		48,117
Jilin Yatai Group Co. Ltd., Class A*		63,000		52,024
Juli Sling Co. Ltd., Class A		25,400		25,085
Kingfa Sci & Tech Co. Ltd., Class A		61,400		55,068
Lianhe Chemical Technology Co. Ltd., Class A		22,359		36,556
Lomon Billions Group Co. Ltd., Class A		22,900		55,900
Luxi Chemical Group Co. Ltd., Class A*		39,300		97,479
Maanshan Iron & Steel Co. Ltd., Class A*		116,100		83,056
Nanjing Iron & Steel Co. Ltd., Class A*		85,600		70,816
Ningbo Shanshan Co. Ltd., Class A		21,600		60,796
Org Packaging Co. Ltd., Class A*		55,550		52,845

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Rising Nonferrous Metals Share Co. Ltd., Class A*		6,100	$	37,190
Shaanxi Ligeance Mineral Resources Co. Ltd., Class A*		16,800		56,865
Shandong Chenming Paper Holdings Ltd., Class A		34,900		93,215
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		42,713		83,786
Shandong Iron and Steel Co. Ltd., Class A*		255,530		87,342
Shandong Jinjing Science & Technology Co. Ltd., Class A*		40,100		27,595
Shandong Nanshan Aluminum Co. Ltd., Class A		215,150		120,398
Shandong Sun Paper Industry JSC Ltd., Class A		59,700		83,068
Shanghai Chlor-Alkali Chemical Co. Ltd., Class A*		9,500		16,638
Shanxi Taigang Stainless Steel Co. Ltd., Class A		89,600		71,009
Shenghe Resources Holding Co. Ltd., Class A		31,500		81,276
Shenzhen Jinjia Group Co. Ltd., Class A		36,200		49,767
Sichuan Hebang Biotechnology Co. Ltd., Class A		132,880		42,405
Stanley Agricultural Group Co. Ltd., Class A		22,400		23,715
Tangshan Jidong Cement Co. Ltd., Class A*(a)		26,600		56,303
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		40,000		64,610
Tibet Huayu Mining Co. Ltd., Class A		3,900		12,316
Tibet Mineral Development Co., Class A*		16,500		39,254
Tibet Summit Industry Co. Ltd., Class A (a)		5,100		35,344
Tongkun Group Co. Ltd., Class A		14,500		47,325
Western Mining Co. Ltd., Class A		74,100		87,639
Xinjiang Tianshan Cement Co. Ltd., Class A		23,200		38,842
Xinjiang Zhongtai Chemical Co. Ltd., Class A		50,000		107,533
Xinxing Ductile Iron Pipes Co. Ltd., Class A		78,250		65,683
Yintai Resources Co. Ltd., Class A*		25,400		50,363
Yunnan Copper Co. Ltd., Class A*		33,400		65,164
Yunnan Lincang Xinyuan Germanium Industrial Co. Ltd., Class A*		19,600		33,260
Yunnan Tin Co. Ltd., Class A*		32,415		64,223
Zhejiang Huafeng Spandex Co. Ltd., Class A*		45,600		35,241
Zhejiang Huayou Cobalt Co. Ltd., Class A*		11,500		147,387
Zhejiang Juhua Co. Ltd., Class A		33,500		51,477
Zhejiang Runtu Co. Ltd., Class A		17,400		46,054
Zhejiang Xinan Chemical Industrial Group Co. Ltd., Class A		20,700		32,684
Zhongfu Straits Pingtan Development Co. Ltd., Class A*(a)		53,800		45,779

	Number of Shares		Value
Materials (Continued)
Zhuzhou Times New Material Technology Co. Ltd., Class A		18,000	$	29,892
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		34,815		63,818
				4,481,873
Real Estate — 5.7%
Beijing Homyear Capital Holdings Co. Ltd., Class A		42,800		57,806
Beijing Urban Construction Investment & Development Co. Ltd., Class A		36,900		78,523
China Sports Industry Group Co. Ltd., Class A		25,501		41,847
Chongqing Dima Industry Co. Ltd., Class A		54,900		36,119
Cinda Real Estate Co. Ltd., Class A		31,600		27,241
COFCO Property Group Co. Ltd., Class A (a)		40,000		51,753
Deluxe Family Co. Ltd., Class A		63,200		59,741
Greattown Holdings Ltd., Class A		42,900		47,365
Haining China Leather Market Co. Ltd., Class A (a)		19,500		24,011
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		58,400		64,566
HNA Investment Group Co. Ltd., Class A*		45,100		24,965
Huafa Industrial Co. Ltd. Zhuhai, Class A		66,440		73,153
Huayuan Property Co. Ltd., Class A		39,430		23,198
Hubei Fuxing Science And Technology Co. Ltd., Class A		28,500		53,966
Jinke Properties Group Co. Ltd., Class A		103,800		72,530
Kunwu Jiuding Investment Holdings Co. Ltd., Class A		5,300		19,614
Macrolink Culturaltainment Development Co. Ltd., Class A		29,800		26,817
Myhome Real Estate Development Group Co. Ltd., Class A		100,700		46,299
Nanjing Gaoke Co. Ltd., Class A		21,200		45,787
Rongan Property Co. Ltd., Class A*		27,100		15,944
Shanghai Industrial Development Co. Ltd., Class A		23,220		21,703
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A		13,200		34,917
Shanghai Lingang Holdings Corp. Ltd., Class A*		11,400		41,759
Shenzhen Huaqiang Industry Co. Ltd., Class A		8,600		32,777
Shenzhen World Union Properties Consultancy, Inc., Class A		32,110		64,978
Shenzhen Zhenye Group Co. Ltd., Class A (a)		34,700		53,216
Suzhou New District Hi-Tech Industrial Co. Ltd., Class A		29,300		28,760
Tahoe Group Co. Ltd., Class A		18,700		47,203
Tianjin Jinbin Development Co. Ltd., Class A*		50,700		27,988
Tibet Urban Development and Investment Co. Ltd., Class A		17,600		30,638

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Real Estate (Continued)
Zhejiang China Light & Textile Industrial City Group Co. Ltd., Class A		27,940	$	26,538
Zhonghong Holding Co. Ltd., Class A (a)		184,072		55,868
				1,357,590
Utilities — 3.3%
An Hui Wenergy Co. Ltd., Class A		42,330		32,651
Beijing Water Business Doctor Co. Ltd., Class A		23,800		76,670
CECEP Wind-Power Corp., Class A		62,500		34,029
Chengdu Xingrong Environment Co. Ltd., Class A		70,500		58,431
Chongqing Gas Group Corp. Ltd., Class A		7,200		9,659
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		57,300		69,330
Guangdong Golden Dragon Development, Inc., Class A		16,800		42,661
Guangzhou Development Group, Inc., Class A		32,000		33,297
Heilongjiang Interchina Water Treatment Co. Ltd., Class A*(a)		49,800		34,549
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		114,200		51,471
Jointo Energy Investment Co. Ltd. Hebei, Class A		27,000		34,261

	Number of Shares		Value
Utilities (Continued)
Kaidi Ecological and Environmental Technology Co. Ltd., Class A*(a)		61,400	$	45,254
Shanghai Dazhong Public Utilities Group Co. Ltd., Class A		76,300		53,544
Shenergy Co. Ltd., Class A		106,200		91,553
Shenzhen Energy Group Co. Ltd., Class A		44,700		41,374
Zhejiang Fuchunjiang Environmental Thermoelectric Co. Ltd., Class A		19,300		28,811
Zhongshan Public Utilities Group Co. Ltd., Class A		33,260		51,511
				789,056
TOTAL COMMON STOCKS (Cost $22,168,606)				24,036,201
RIGHTS — 0.0%
Health Care — 0.0%
Hubei Jumpcan Pharmaceutical Co. Ltd.*, expires 01/31/18 (a) (Cost $0)		7		0
TOTAL INVESTMENTS — 99.8% (Cost $22,168,606)			$	24,036,201
Other assets and liabilities, net — 0.2%				50,652
NET ASSETS — 100.0%			$	24,086,853

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

JSC: Joint Stock Company

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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (b)	$	22,230,438	$	—	$	1,805,763	$	24,036,201
Rights		—		—		0		0
TOTAL	$	22,230,438	$	—	$	1,805,763	$	24,036,201

(b) See Schedule of Investments for additional detailed categorizations.

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (Continued)

November 30, 2017 (Unaudited)

The following is a reconcilation of the Fund’s Level 3 investments for which significant unobservable inputs were used in determining value:

Balance at May 31, 2017	$	1,442,608
Purchases		296,478
Sales		(149,845	)
Realized gain (loss)		2,369
Change in unrealized gain (loss)		141,005
Transfers into Level 3 (c)		1,191,276
Transfer out of Level 3 (c)		(1,118,128	)
Balance at November 30, 2017		1,805,763
Change in unrealized gain (loss) related to investments still held at November 30, 2017		154,192

(c) During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $1,191,276 and between Level 3 and Level 1 was $1,118,128. 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.

Quantitave Disclosure About Significant Unobservable Inputs

Asset Class	Fair Value at 11/30/2017		Valuation Technique	Unobservable Input
Common Stock: Consumer Discretionary	$	159,050	Market Approach	Last traded price adjusted for proxy.
Common Stock: Health Care		264,391	Market Approach	Last traded price adjusted for proxy.
Common Stock: Industrials		325,592	Market Approach	Last traded price adjusted for proxy.
Common Stock: Information Technology		542,113	Market Approach	Last traded price adjusted for proxy.
Common Stock: Materials		249,966	Market Approach	Last traded price adjusted for proxy.
Common Stock: Real Estate		184,848	Market Approach	Last traded price adjusted for proxy.
Common Stock: Utilities		79,803	Market Approach	Last traded price adjusted for proxy.

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 -8% to 21% with a weighted average range of approximately -0.2%. 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.

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 58.2%
Consumer Discretionary — 5.5%
Alibaba Pictures Group Ltd.*		208,045	$	27,970
ANTA Sports Products Ltd.		13,258		59,413
BAIC Motor Corp. Ltd., Class H, 144A		19,187		22,650
Brilliance China Automotive Holdings Ltd.		45,674		119,884
BYD Co. Ltd., Class H		12,771		113,236
China Travel International Investment Hong Kong Ltd.		43,048		13,945
Ctrip.com International Ltd., ADR*		5,376		247,726
Dongfeng Motor Group Co. Ltd., Class H		42,078		52,906
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		7,151		27,468
Geely Automobile Holdings Ltd.		76,787		267,420
GOME Retail Holdings Ltd.		178,585		20,122
Great Wall Motor Co. Ltd., Class H		45,819		53,620
Guangzhou Automobile Group Co. Ltd., Class H		31,121		78,099
Haier Electronics Group Co. Ltd.*		10,000		26,760
JD.com, Inc., ADR*		9,725		364,201
New Oriental Education & Technology Group, Inc., ADR		1,922		163,101
Nexteer Automotive Group Ltd.*		15,347		33,012
Shenzhou International Group Holdings Ltd.		7,181		64,820
Skyworth Digital Holdings Ltd.		20,696		8,824
TAL Education Group, ADR		3,656		101,929
Vipshop Holdings Ltd., ADR*		5,846		48,113
Yum China Holdings, Inc.		5,738		234,283
				2,149,502
Consumer Staples — 1.4%
China Agri-Industries Holdings Ltd.		30,811		12,782
China Huishan Dairy Holdings Co. Ltd.*(a)		10,480		1
China Mengniu Dairy Co. Ltd.*		40,281		102,325
China Resources Beer Holdings Co. Ltd.		35,573		97,698
Hengan International Group Co. Ltd.		13,383		130,485
Sun Art Retail Group Ltd.		33,434		32,706
Tingyi Cayman Islands Holding Corp.		28,891		45,425
Tsingtao Brewery Co. Ltd., Class H		11,452		46,481
Uni-President China Holdings Ltd.		20,654		15,973
Want Want China Holdings Ltd.		84,696		66,367
				550,243
Energy — 2.8%
China Coal Energy Co. Ltd., Class H		34,501		15,593
China Oilfield Services Ltd., Class H		26,676		24,592
China Petroleum & Chemical Corp., Class H		383,918		274,290
China Shenhua Energy Co. Ltd., Class H		51,141		125,852
CNOOC Ltd.		258,854		350,654
Kunlun Energy Co. Ltd.		49,476		42,760
PetroChina Co. Ltd., Class H		311,923		209,674
Yanzhou Coal Mining Co. Ltd., Class H		26,345		24,590
				1,068,005
Financials — 12.1%
Agricultural Bank of China Ltd., Class H		366,838		170,498
Bank of China Ltd., Class H		1,162,089		563,919
Bank of Communications Co. Ltd., Class H		93,506		69,200

	Number of Shares		Value
Financials (Continued)
China Cinda Asset Management Co. Ltd., Class H		113,942	$	42,308
China CITIC Bank Corp. Ltd., Class H		121,996		78,881
China Construction Bank Corp., Class H		1,195,344		1,042,264
China Everbright Bank Co. Ltd., Class H		74,100		34,345
China Everbright Ltd.		12,393		27,642
China Galaxy Securities Co. Ltd., Class H		42,376		33,260
China Huarong Asset Management Co. Ltd., Class H, 144A		92,505		42,402
China International Capital Corp. Ltd., Class H, 144A		10,900		22,972
China Life Insurance Co. Ltd., Class H		105,050		340,967
China Merchants Bank Co. Ltd., Class H		59,113		231,602
China Minsheng Banking Corp. Ltd., Class H		27,073		27,280
China Pacific Insurance Group Co. Ltd., Class H		39,173		186,832
China Reinsurance Group Corp., Class H		80,108		17,231
China Taiping Insurance Holdings Co. Ltd.		23,281		87,935
Chong Sing Holdings FinTech Gr*		216,000		28,762
Chongqing Rural Commercial Bank Co. Ltd., Class H		28,685		20,310
CITIC Securities Co. Ltd., Class H		17,164		37,140
Far East Horizon Ltd.		25,797		23,517
GF Securities Co. Ltd., Class H		21,108		42,323
Haitong Securities Co. Ltd., Class H		20,696		30,844
Huatai Securities Co. Ltd., Class H, 144A		20,229		40,923
Industrial & Commercial Bank of China Ltd., Class H		1,093,263		849,672
New China Life Insurance Co. Ltd., Class H		10,943		69,776
People’s Insurance Co. Group of China Ltd., Class H		100,608		51,784
PICC Property & Casualty Co. Ltd., Class H		65,139		123,436
Ping An Insurance Group Co. of China Ltd., Class H		34,492		340,053
Postal Savings Bank of China Co. Ltd., Class H, 144A		35,983		20,226
				4,698,304
Health Care — 1.2%
3SBio, Inc., 144A*		14,618		28,449
Alibaba Health Information Technology Ltd.*		60,814		29,978
China Medical System Holdings Ltd.		15,241		31,847
China Traditional Chinese Medicine Holdings Co. Ltd.		26,676		14,072
CSPC Pharmaceutical Group Ltd.		57,963		115,032
Luye Pharma Group Ltd.		13,237		8,762
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		26,571		18,201
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		4,695		22,663
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		9,014		22,644
Sihuan Pharmaceutical Holdings Group Ltd.		61,452		21,638

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Sino Biopharmaceutical Ltd.		60,293	$	78,896
Sinopharm Group Co. Ltd., Class H		17,259		67,841
Tong Ren Tang Technologies Co. Ltd., Class H		6,779		9,496
				469,519
Industrials — 3.0%
Air China Ltd., Class H		25,278		27,122
AviChina Industry & Technology Co. Ltd., Class H		32,394		16,964
Beijing Capital International Airport Co. Ltd., Class H		24,508		36,212
Beijing Enterprises Holdings Ltd.		7,466		43,017
CAR, Inc.*		12,301		10,710
China Communications Construction Co. Ltd., Class H		62,091		69,324
China Conch Venture Holdings Ltd.		20,773		45,747
China Eastern Airlines Corp. Ltd., Class H		40,101		23,721
China Everbright International Ltd.		36,504		48,982
China International Marine Containers Group Co. Ltd., Class H		7,575		13,617
China Merchants Port Holdings Co. Ltd.		22,225		57,340
China Railway Construction Corp. Ltd., Class H		36,816		43,556
China Railway Group Ltd., Class H		74,747		55,796
China Southern Airlines Co. Ltd., Class H		29,076		25,985
China State Construction International Holdings Ltd.		27,559		35,780
CITIC Ltd.		72,400		102,525
COSCO SHIPPING Development Co. Ltd., Class H*		78,033		15,986
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		15,447		8,247
COSCO SHIPPING Holdings Co. Ltd., Class H*		40,991		19,471
COSCO SHIPPING Ports Ltd.		24,926		25,117
CRRC Corp. Ltd., Class H		89,019		81,152
Fosun International Ltd.		39,874		82,707
Haitian International Holdings Ltd.		10,157		29,716
Jiangsu Expressway Co. Ltd., Class H		19,918		27,288
Metallurgical Corp. of China Ltd., Class H		64,830		19,175
Shanghai Electric Group Co. Ltd., Class H*		48,699		19,080
Shanghai Industrial Holdings Ltd.		6,887		19,444
Shenzhen International Holdings Ltd.		16,242		29,239
Sinopec Engineering Group Co. Ltd., Class H		18,707		15,593
Sinotrans Ltd., Class H		34,189		17,160
Weichai Power Co. Ltd., Class H		20,313		22,653
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		5,302		7,155
Zhejiang Expressway Co. Ltd., Class H		20,672		24,774
Zhuzhou CRRC Times Electric Co. Ltd., Class H		7,824		44,929
				1,165,284

	Number of Shares		Value
Information Technology — 23.7%
58.com, Inc., ADR*		1,276	$	91,540
AAC Technologies Holdings, Inc.		10,570		211,530
Alibaba Group Holding Ltd., ADR*		15,532		2,750,407
Autohome, Inc., ADR*		583		32,281
Baidu, Inc., ADR*		3,900		930,462
BYD Electronic International Co. Ltd.		9,500		22,746
China Literature Ltd., 144A*		2,600		29,961
China Railway Signal & Communication Corp. Ltd., Class H, 144A		24,508		18,169
Fang Holdings Ltd., ADR*		4,157		19,288
GCL-Poly Energy Holdings Ltd.*		193,462		31,211
Hanergy Thin Film Power Group Ltd.*(a)		56,247		0
Kingboard Chemical Holdings Ltd.		8,725		50,047
Kingboard Laminates Holdings Ltd.		15,000		24,852
Kingsoft Corp. Ltd.		11,116		31,596
Lenovo Group Ltd.		103,535		58,858
Meitu, Inc., 144A*		18,000		26,089
Momo, Inc., ADR*		1,525		36,600
NetEase, Inc., ADR		1,146		376,702
Semiconductor Manufacturing International Corp.*		38,526		53,767
SINA Corp.*		814		79,585
Sunny Optical Technology Group Co. Ltd.		10,090		167,947
Tencent Holdings Ltd.		77,741		3,961,604
TravelSky Technology Ltd., Class H		13,117		35,857
Weibo Corp., ADR*(b)		520		56,451
Xinyi Solar Holdings Ltd.		43,003		15,472
YY, Inc., ADR*(b)		436		44,991
ZTE Corp., Class H*		8,662		30,111
				9,188,124
Materials — 1.0%
Aluminum Corp. of China Ltd., Class H*		52,330		34,707
Anhui Conch Cement Co. Ltd., Class H		17,738		85,168
BBMG Corp., Class H		52,952		24,475
China Molybdenum Co. Ltd., Class H		51,000		31,801
China National Building Material Co. Ltd., Class H		29,248		26,888
China Resources Cement Holdings Ltd.		30,617		20,228
China Zhongwang Holdings Ltd.		19,360		9,147
Jiangxi Copper Co. Ltd., Class H		21,840		34,004
Lee & Man Paper Manufacturing Ltd.		21,984		25,755
Nine Dragons Paper Holdings Ltd.		22,648		37,581
Sinopec Shanghai Petrochemical Co. Ltd., Class H		50,117		29,710
Zijin Mining Group Co. Ltd., Class H		70,858		24,586
				384,050
Real Estate — 2.9%
Agile Group Holdings Ltd.		22,001		31,719
China Evergrande Group*		56,894		187,942
China Jinmao Holdings Group Ltd.		58,403		26,397
China Overseas Land & Investment Ltd.		56,477		179,333
China Resources Land Ltd.		41,460		119,174
China Vanke Co. Ltd., Class H		8,726		31,786
CIFI Holdings Group Co. Ltd.		48,000		26,488
Country Garden Holdings Co. Ltd.		84,801		133,550
Fullshare Holdings Ltd.*		104,444		43,729

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Real Estate (Continued)
Guangzhou R&F Properties Co. Ltd., Class H		11,015	$	23,553
KWG Property Holding Ltd.		14,449		15,281
Longfor Properties Co. Ltd.		22,627		53,133
Shenzhen Investment Ltd.		47,757		20,301
Shimao Property Holdings Ltd.		16,237		31,725
Shui On Land Ltd.		72,542		19,784
Sino-Ocean Group Holding Ltd.		47,462		29,716
SOHO China Ltd.		36,626		20,728
Sunac China Holdings Ltd.		26,050		120,074
Yuexiu Property Co. Ltd.		90,562		16,349
				1,130,762
Telecommunication Services — 3.0%
China Communications Services Corp. Ltd., Class H		32,520		20,652
China Mobile Ltd.		88,895		902,016
China Telecom Corp. Ltd., Class H		204,382		99,179
China Unicom Hong Kong Ltd.*		88,767		128,658
				1,150,505
Utilities — 1.6%
Beijing Enterprises Water Group Ltd.*		66,479		51,922
CGN Power Co. Ltd., Class H, 144A		174,325		47,542
China Gas Holdings Ltd.		28,991		89,087
China Longyuan Power Group Corp. Ltd., Class H		47,830		32,212
China Power International Development Ltd.		52,101		14,009
China Resources Gas Group Ltd.		14,160		54,662
China Resources Power Holdings Co. Ltd.		29,449		55,428
Datang International Power Generation Co. Ltd., Class H*		51,912		16,883

	Number of Shares		Value
Utilities (Continued)
ENN Energy Holdings Ltd.		11,385		83,016
Guangdong Investment Ltd.		46,018	$	61,866
Huadian Power International Corp. Ltd., Class H		49,283		19,246
Huaneng Power International, Inc., Class H		83,466		53,434
Huaneng Renewables Corp. Ltd., Class H		60,530		19,298
Towngas China Co. Ltd.*		23,320		18,602
				617,207
TOTAL COMMON STOCKS (Cost $21,504,310)				22,571,505
EXCHANGE-TRADED FUNDS — 40.9%
Xtrackers Harvest CSI 300 China A-Shares ETF (b)(c)		455,566		13,922,097
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF*(c)		57,207		1,968,493
TOTAL EXCHANGE-TRADED FUNDS (Cost $16,608,061)				15,890,590
SECURITIES LENDING COLLATERAL — 32.0%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) (Cost $12,424,182)		12,424,182		12,424,182
TOTAL INVESTMENTS — 131.1% (Cost $50,536,553)			$	50,886,277
Other assets and liabilities, net — (31.1%)				(12,091,560	)
NET ASSETS — 100.0%			$	38,794,717

* Non-income producing security.

(a) Investment was valued using significant unobservable inputs.

(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, 2017 amounted to $12,037,560, which is 31.0% of net assets.

(c) Affiliated fund advised by DBX Advisors LLC.

(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

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

Xtrackers MSCI All China Equity ETF (Continued)

November 30, 2017 (Unaudited)

A summary of the Fund’s transactions in affiliated funds during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/17		Purchases Cost ($)		Sales Proceeds ($)			Net realized Gain/(Loss) ($)			Net change in unrealized Appreciation/ (Depreciation) ($)			Income Distributions ($)		Capital Gain Distributions ($)		Value ($) at 11/30/17
Xtrackers Harvest CSI 300 China A-Shares ETF		1,561,826		11,826,325		—			—			533,946			—		—		13,922,097
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		297,019		1,791,706		(48,004	)		(9,259	)		(62,969	)		—		—		1,968,493
		1,858,845		13,618,031		(48,004	)		(9,259	)		470,977			—		—		15,890,590

At November 30, 2017, open futures contracts purchased were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized (Depreciation)
MINI HSI Index Futures		HKD		3	$	114,540	$	112,618		12/28/2017	$	(1,787	)
HANG SENG Index Futures		HKD		1		190,707		187,697		12/28/2017		(2,787	)
Total unrealized depreciation											$	(4,574	)

For information on the Fund’s policy and additional disclosures regarding open futures 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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (f)	$	22,571,504		$	—	$	1	$	22,571,505
Exchange-Traded Funds		15,890,590			—		—		15,890,590
Short-Term Investments		12,424,182			—		—		12,424,182
TOTAL	$	50,886,276		$	—	$	1	$	50,886,277
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (g)
Futures Contracts	$	(4,574	)	$	—	$	—	$	(4,574	)
TOTAL	$	(4,574	)	$	—	$	—	$	(4,574	)

(f) See Schedule of Investments for additional detailed categorizations.

(g) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

During the period ended November 30, 2017, the amount of transfers between Level 3 and Level 1 was $16,271. 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, 2017 (Unaudited)

	Xtrackers CSI 300 China A-Shares Hedged Equity ETF			Xtrackers Harvest CSI 300 China A- Shares ETF			Xtrackers Harvest CSI 500 China A- Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF
Assets
Investments in non-affiliated securities at value	$	–		$	667,455,266		$	24,036,201		$	22,571,505
Investment in affiliated securities at value		3,375,260			–			–			15,890,590
Investment in Deutsche Government & Agency Securities Portfolio*		1,531,980			–			–			12,424,182
Cash		930			714,332			913			2,046,405
Foreign currency at value		–			2,569,283	†		63,012	†		46,734
Unrealized appreciation on forward foreign currency contracts		822			–			–			–
Deposit with broker for futures contracts		–			–			–			19,193
Receivables:
Investment securities sold		16,041			–			–			61,912
Variation margin on futures contracts		–			–			–			3,866
Capital shares		–			8,933			–			2,089,099
Dividends		–			8			18			5,232
Securities lending income		3,910			–			–			35,958
Other assets		57			56			56			57
Total Assets	$	4,929,000		$	670,747,878		$	24,100,200		$	55,194,733
Liabilities
Payable upon return of securities loaned	$	1,531,980		$	–		$	–		$	12,424,182
Unrealized depreciation on forward foreign currency contracts		16,475			–			–			–
Payables:
Investment securities purchased		–			–			–			3,965,699
Investment advisory fees		142			355,214			13,347			10,135
Total Liabilities		1,548,597			355,214			13,347			16,400,016
Net Assets, at value	$	3,380,403		$	670,392,664		$	24,086,853		$	38,794,717
Net Assets Consist of
Paid-in capital	$	3,190,478		$	582,565,530		$	35,199,508		$	39,879,314
Distributions in excess of net investment income		–			–			(34,829	)		–
Undistributed net investment income		30,552			4,848,711			–			172,958
Accumulated net realized gain (loss)		(463,650	)		(70,611,880	)		(12,945,588	)		(1,602,663	)
Net unrealized appreciation (depreciation)		623,023			153,590,303			1,867,762			345,108
Net Assets, at value	$	3,380,403		$	670,392,664		$	24,086,853		$	38,794,717
Number of Common Shares outstanding		150,001			21,900,001			700,001			1,050,001
Net Asset Value	$	22.54		$	30.61		$	34.41		$	36.95
Investments in non-affiliated securities at cost	$	–		$	513,926,050		$	22,168,606		$	21,504,310
Investments in affiliated securities at cost	$	2,736,584		$	–		$	–		$	16,608,061
Value of securities loaned	$	1,485,919		$	–		$	–		$	12,037,560
Investment in Deutsche Government & Agency Securities Portfolio at cost*	$	1,531,980		$	–		$	–		$	12,424,182
Foreign currency at cost	$	–		$	2,508,195		$	62,845		$	46,742

* Represents collateral on securities loaned.

† Included in foreign currency at value is 2,362 and 5,697 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, 2017 (Unaudited)

	Xtrackers CSI 300 China A-Shares Hedged Equity ETF			Xtrackers Harvest CSI 300 China A- Shares ETF			Xtrackers Harvest CSI 500 China A- Shares Small Cap ETF			Xtrackers MSCI All China Equity ETF
Investment Income
Unaffiliated dividend income*	$	–		$	6,960,822		$	107,250		$	75,313
Securities lending income, net of borrower rebates		24,646			–			–			95,832
Total Investment Income		24,646			6,960,822			107,250			171,145
Expenses
Investment advisory fees		11,312			1,789,444			76,022			47,565
Interest Expense		–			4,454			–			–
Total Expenses		11,312			1,793,898			76,022			47,565
Less fees waived (See Note 3):
Waiver		(10,522	)		–			–			(19,667	)
Net Expenses		790			1,793,898			76,022			27,898
Net Investment income (loss)		23,856			5,166,924			31,228			143,247
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		–			(1,174,333	)		(33,221	)		17,366
Investments in affiliates		(29,921	)		–			–			(9,259	)
Futures contracts		–			–			–			20,353
Foreign currency transactions		–			279,430			(1,065	)		(584	)
Forward foreign currency contracts		(171,893	)		–			–			–
Net realized gain (loss)		(201,814	)		(894,903	)		(34,286	)		27,876
Net change in unrealized appreciation (depreciation) on:
Investments		–			79,509,659			1,849,200			1,005,654
Investments in affiliates		573,841			–			–			470,977
Futures contracts		–			–			–			(4,574	)
Foreign currency translations		–			31,292			(5,044	)		(46	)
Forward foreign currency contracts		55,514			–			–			–
Net change in unrealized appreciation (depreciation)		629,355			79,540,951			1,844,156			1,472,011
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		427,541			78,646,048			1,809,870			1,499,887
Net Increase (Decrease) in Net Assets Resulting from Operations	$	451,397		$	83,812,972		$	1,841,098		$	1,643,134
*       Unaffiliated foreign tax withheld	$	–		$	807,627		$	12,121		$	5,523

See Notes to Financial Statements. 29

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers CSI 300 China A-Shares Hedged Equity ETF						Xtrackers Harvest CSI 300 China A-Shares ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	23,856		$	33,537		$	5,166,924		$	5,215,180
Net realized gain (loss)		(201,814	)		(174,141	)		(894,903	)		(2,259,919	)
Net change in net unrealized appreciation (depreciation)		629,355			282,522			79,540,951			26,028,638
Net increase (decrease) in net assets resulting from operations		451,397			141,918			83,812,972			28,983,899
Distributions to Shareholders from
Net investment income		—			(281,686	)		—			(2,914,310	)
Net realized gains		—			(84,778	)		—			—
Total distributions		—			(366,464	)		—			(2,914,310	)
Fund Shares Transactions
Proceeds from shares sold		—			967,594			287,200,226			237,085,355
Value of shares redeemed		—			—			(67,614,479	)		(222,628,824	)
Net increase (decrease) in net assets resulting from fund share transactions		—			967,594			219,585,747			14,456,531
Total net increase (decrease) in Net Assets		451,397			743,048			303,398,719			40,526,120
Net Assets
Beginning of period		2,929,006			2,185,958			366,993,945			326,467,825
End of period	$	3,380,403		$	2,929,006		$	670,392,664		$	366,993,945
Distributions in excess of net investment income	$	—		$	—		$	—		$	(318,213	)
Undistributed net investment income	$	30,552		$	6,696		$	4,848,711		$	—
Changes in Shares Outstanding
Shares outstanding, beginning of period		150,001			100,001			14,200,001			13,750,001
Shares sold		—			50,000			10,000,000			9,600,000
Shares redeemed		—			—			(2,300,000	)		(9,150,000	)
Shares outstanding, end of period		150,001			150,001			21,900,001			14,200,001

See Notes to Financial Statements. 30

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF						Xtrackers MSCI All China Equity ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)		Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	31,228		$	(21,875	)	$	143,247	$	146,833
Net realized gain (loss)		(34,286	)		(1,027,294	)		27,876		(857,419	)
Net change in net unrealized appreciation (depreciation)		1,844,156			(248,447	)		1,472,011		1,497,048
Net increase (decrease) in net assets resulting from operations		1,841,098			(1,297,616	)		1,643,134		786,462
Distributions to Shareholders from
Net investment income		—			—			—		(448,333	)
Total distributions		—			—			—		(448,333	)
Fund Shares Transactions
Proceeds from shares sold		1,861,214			5,254,292			32,570,911		—
Value of shares redeemed		—			(5,023,771	)		—		(2,847,049	)
Net increase (decrease) in net assets resulting from fund share transactions		1,861,214			230,521			32,570,911		(2,847,049	)
Total net increase (decrease) in Net Assets		3,702,312			(1,067,095	)		34,214,045		(2,508,920	)
Net Assets
Beginning of period		20,384,541			21,451,636			4,580,672		7,089,592
End of period	$	24,086,853		$	20,384,541		$	38,794,717	$	4,580,672
Distributions in excess of net investment income	$	(34,829	)	$	(66,057	)	$	—	$	—
Undistributed net investment income	$	—		$	—		$	172,958	$	29,711
Changes in Shares Outstanding
Shares outstanding, beginning of period		650,001			650,001			150,001		250,001
Shares sold		50,000			150,000			900,000		—
Shares redeemed		—			(150,000	)		—		(100,000	)
Shares outstanding, end of period		700,001			650,001			1,050,001		150,001

See Notes to Financial Statements. 31

DBX ETF Trust

Financial Highlights

Selected Per Share Data

Xtrackers CSI 300 China A-Shares Hedged Equity ETF	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	19.53		$	21.86		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.16			0.29			0.40
Net realized and unrealized gain (loss)		2.85			1.05			(2.80	)
Total from investment operations		3.01			1.34			(2.40	)
Less distributions from:
Net investment income		—			(2.82	)		(0.74	)
Net realized gains		—			(0.85	)		—
Total distributions		—			(3.67	)		(0.74	)
Net Asset Value, end of period	$	22.54		$	19.53		$	21.86
Total Return (%)(e)		15.41	**		6.42	(d)		(10.01	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		3			3			2
Ratio of expenses before fee waiver (%)(f)		0.70	*		0.72			1.25	***
Ratio of expenses after fee waiver (%)(f)		0.05	*		0.05			0.45	***
Ratio of net investment income (loss) (%)		1.48	*		1.41			2.92	*
Portfolio turnover rate (%)(g)		1	**		6			4	**

Xtrackers Harvest CSI 300 China A-Shares ETF	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Period Ended 5/31/2014(b)
Net Asset Value, beginning of period	$	25.84		$	23.74		$	49.93		$	21.98		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.27			0.30			0.43			0.09			(0.05	)
Net realized and unrealized gain (loss)		4.50			1.97			(18.19	)		27.96			(2.97	)
Total from investment operations		4.77			2.27			(17.76	)		28.05			(3.02	)
Less distributions from:
Net investment income		—			(0.17	)		(0.33	)		(0.10	)		—
Net realized gains		—			—			(8.10	)		—			—
Total distributions		—			(0.17	)		(8.43	)		(0.10	)		—
Net Asset Value, end of period	$	30.61		$	25.84		$	23.74		$	49.93		$	21.98
Total Return (%)		18.46	**		9.62			(38.10	)		127.82			(12.08	)**(e)
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		670			367			326			1,410			153
Ratio of expenses before fee waiver (%)		0.65	*		0.67			0.80			0.80			0.96	*
Ratio of expenses after fee waiver (%)		0.65	*		0.67			0.80			0.80			0.92	*
Ratio of net investment income (loss) (%)		1.88	*		1.24			1.27			0.26			(0.38	)*
Portfolio turnover rate (%)(g)		16	**		68			159			58			42	**

(a) For the period October 20, 2015 (commencement of operations) through May 31, 2016.

(b) For the period November 6, 2013 (commencement of operations) through May 31, 2014.

(c) Based on average shares outstanding during the period.

(d) The Fund’s total return includes a reimbursement by the Advisor for a realized loss on a trade executed incorrectly, which otherwise would have reduced total return by 0.41%.

(e) The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

(f) The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not included these indirect fees and expenses.

(g) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

*** Annualized. Includes excise tax expense that is not annualized.

See Notes to Financial Statements. 32

DBX ETF Trust

Financial Highlights (Continued)

Selected Per Share Data

Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Period Ended 5/31/2014(a)
Net Asset Value, beginning of period	$	31.36		$	33.00		$	65.42		$	25.70		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.05			(0.03	)		(0.05	)		(0.12	)		0.02
Net realized and unrealized gain (loss)		3.00			(1.61	)		(28.91	)		40.05			0.68
Total from investment operations		3.05			(1.64	)		(28.96	)		39.93			0.70
Less distributions from:
Net investment income		—			—			(0.17	)		(0.04	)		—
Net realized gains		—			—			(3.29	)		(0.17	)		—
Total distributions		—			—			(3.46	)		(0.21	)		—
Net Asset Value, end of period	$	34.41		$	31.36		$	33.00		$	65.42		$	25.70
Total Return (%)		9.73	**		(4.97	)		(45.37	)		155.99			2.80	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		24			20			21			82			8
Ratio of expenses (%)		0.65	*		0.67			0.80			0.80			0.80	*
Ratio of net investment income (loss) (%)		0.27	*		(0.09	)		(0.11	)		(0.30	)		2.57	*
Portfolio turnover rate (%)(f)		10	**		51			215			131			0	**
Xtrackers MSCI All China Equity ETF	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Year Ended 5/31/2016			Year Ended 5/31/2015			Period Ended 5/31/2014(b)
Net Asset Value, beginning of period	$	30.54		$	28.36		$	46.01		$	25.51		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.32			0.91			2.15			0.32			0.06
Net realized and unrealized gain (loss)		6.09			4.26			(15.46	)		20.58			0.45
Total from investment operations		6.41			5.17			(13.31	)		20.90			0.51
Less distributions from:
Net investment income		—			(2.99	)		(4.34	)		(0.35	)		—
Net realized gains		—			—			—			(0.05	)		—
Total distributions		—			(2.99	)		(4.34	)		(0.40	)		—
Net Asset Value, end of period	$	36.95		$	30.54		$	28.36		$	46.01		$	25.51
Total Return (%)(d)		20.99	**		20.03			(29.80	)		82.48			2.04	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		39			5			7			18			5
Ratio of expenses before fee waiver (%)(e)		0.60	*		0.60			0.60			0.60			0.60	*
Ratio of expenses after fee waiver (%)(e)		0.35	*		0.35			0.26			0.26			0.30	*
Ratio of net investment income (loss) (%)		1.81	*		3.10			6.46			0.94			2.73	*
Portfolio turnover rate (%)(f)		1	**		7			36			20			2	**

(a) For the period May 21, 2014 (commencement of operations) through May 31, 2014.

(b) For the period April 30, 2014 (commencement of operations) through May 31, 2014.

(c) Based on average shares outstanding during the period.

(d) The Total Return would have been lower if certain fees had not been reimbursed by the Advisor.

(e) The Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not included these indirect fees and expenses.

(f) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 33

DBX ETF Trust

Notes to Financial Statements

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, 2017, the Trust consists of thirty-five investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

New Fund Name	Former Fund Name
Xtrackers CSI 300 China A-Shares Hedged Equity ETF	Deutsche X-trackers CSI 300 China A-Shares Hedged Equity ETF
Xtrackers Harvest CSI 300 China A-Shares ETF	Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF
Xtrackers MSCI All China Equity ETF	Deutsche X-trackers MSCI All China 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 (“Board”).

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. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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
Xtrackers CSI 300 China A-Shares Hedged Equity ETF	CSI 300 USD Hedged Index
Xtrackers Harvest CSI 300 China A-Shares ETF	CSI 300 Index
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	CSI 500 Index
Xtrackers 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 China 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 reviewed 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 China 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 reviewed 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 China 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 reviewed every six-months.

MSCI is the creator of the MSCI China All Shares Index. The MSCI China All Share Index is a rules-based, free-float adjusted market capitalization index comprised of equity securities that are listed in Hong Kong, Shanghai and Shenzhen. The Underlying 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. The Underlying Index is comprised of A-Shares, B-Shares, H-Shares, Red chips and P chips share classes. The Underlying Index is rebalanced on a quarterly basis.

34

DBX ETF Trust

Notes to Financial Statements (Continued)

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.

Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF are diversified series of the Trust. Xtrackers CSI 300 China A-Shares Hedged Equity ETF and Xtrackers MSCI All China Equity EFT are non-diversified and are 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. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. 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.

Investments in open-end investments companies are valued at their net asset value each business day and are categorized as a Level 1.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are 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.

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

35

DBX ETF Trust

Notes to Financial Statements (Continued)

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.

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. 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 Funds’ recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2017, the Funds did not incur any interest or penalties.

At May 31, 2017, 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.

36

DBX ETF Trust

Notes to Financial Statements (Continued)

	Short-Term		Long-Term		Total Amount
Xtrackers Harvest CSI 300 China A-Shares ETF	$	13,782,323	$	—	$	13,782,323
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		9,571,784		—		9,571,784
Xtrackers MSCI All China Equity ETF		1,028,079		179,546		1,207,625

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the fiscal year ended May 31, 2017, the following Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:

	Late Year Ordinary Losses		Post-October Losses on Capital
Xtrackers CSI 300 China A-Shares Hedged Equity ETF	$	—	$	254,116
Xtrackers Harvest CSI 300 China A-Shares ETF		318,213		14,350,418
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		66,057		1,472,982
Xtrackers MSCI All China Equity ETF		—		276,350

As of May 31, 2017, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers CSI 300 China A-Shares Hedged Equity ETF	$	4,261,184	$	(14,052	)	$	—	$	(14,052	)
Xtrackers Harvest CSI 300 China A-Shares ETF		332,359,235		32,435,321			73,974,602		(41,539,281	)
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		22,026,042		(1,848,141	)		2,258,753		(4,106,894	)
Xtrackers MSCI All China Equity ETF		7,367,702		(1,273,471	)		405,209		(1,678,680	)

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, 2017, 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 November 17, 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.

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

37

DBX ETF Trust

Notes to Financial Statements (Continued)

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 Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers 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 Xtrackers CSI 300 China A-Shares Hedged Equity ETF and the Xtrackers MSCI All China Equity ETF may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds 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 cash 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 securities lending agreement. During the period ended November 30, 2017, the Funds invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2017 the Funds invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.13% annualized effective rate as of November 30, 2017) on the cash collateral invested in Deutsche Government & Agency Securities Portfolio. 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 Funds 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, 2017, the Xtrackers CSI 300 China A-Shares Hedged Equity ETF had securities on loan, which were classified as an Exchanged Traded Fund in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

As of November 30, 2017, the Xtrackers MSCI All China Equity ETF had securities on loan, which were classified as Common Stocks 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.

38

DBX ETF Trust

Notes to Financial Statements (Continued)

Remaining Contractual Maturity of the Agreements, as of November 30, 2017
	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks	$	90,394	$	—	$	—	$	—	$	90,394
Exchange Traded Funds		12,333,788		—		—		—		12,333,788
Total Borrowings	$	12,424,182	$	—	$	—	$	—	$	12,424,182
Gross amount of recognized liabilities for securities lending transactions									$	12,424,182

Derivatives

Forward Foreign Currency Contracts    The Xtrackers CSI 300 China A-Shares Hedged Equity ETF may enter into forward foreign currency contracts (“forward currency contracts”) designed to offset the Fund’s exposure to non-U.S. currencies.

A forward currency 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, 2017, the Fund invested in forward currency 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 forward foreign currency contracts. 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 contracts as of November 30, 2017 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency 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, 2017.

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. For the period ended November 30, 2017, Xtrackers MSCI All China Equity ETF utilized futures in order to simulate investment in the 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, 2017 is included in a table following Xtrackers MSCI All China Equity ETF’s Schedule of Investments.

39

DBX ETF Trust

Notes to Financial Statements (Continued)

The following table summarizes the value of the Fund’s derivative instruments held as of November 30, 2017 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers CSI 300 China A-Shares Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	822	Unrealized depreciation on forward foreign currency contracts	$	16,475
Xtrackers MSCI All China Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	4,574

* Includes cumulative appreciation or cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Fund’s earnings during the period ended November 30, 2017 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers CSI 300 China A-Shares Hedged Equity ETF	$	—		$	(171,893	)	$	(171,893	)
Xtrackers MSCI All China Equity ETF		20,353			—			20,353
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers CSI 300 China A-Shares Hedged Equity ETF	$	—		$	55,514		$	55,514
Xtrackers MSCI All China Equity ETF		(4,574	)		—			(4,574	)

For the period ended November 30, 2017 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
Xtrackers CSI 300 China A-Shares Hedged Equity ETF	$	—	$	(2,729,884	)
Xtrackers MSCI All China Equity ETF		119,847		—

As of November 30, 2017, 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 deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. 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

40

DBX ETF Trust

Notes to Financial Statements (Continued)

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:

	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
Xtrackers CSI 300 China A-Shares Hedged Equity ETF
Goldman Sachs & Co.	$	822	$	(822	)	$	—	$	—	$	16,475	$	(822	)	$	—	$	15,653

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 Limited serves as investment sub-advisor (the “Sub-Advisor”) to the Xtrackers Harvest CSI 300 China A-Shares ETF and the Xtrackers 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, computed and accrued daily and payable monthly, at an annual rate equal to:

	Unitary Management Fee
Xtrackers CSI 300 China A-Shares Hedged Equity ETF		0.70	%
Xtrackers Harvest CSI 300 China A-Shares ETF		0.65	%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		0.65	%
Xtrackers 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 as applicable, 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, if any, litigation expenses and other extraordinary expenses.

The Advisor for the Xtrackers 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 acquired fund’s fees and expenses attributable to the Fund’s investments in the underlying fund, if any (the “Expense Limit”). For the period from June 1, 2017 through November 30, 2017, the Advisor waived $10,522 of expenses to the Fund. The Expense Limit will remain in effect until October 1, 2018.

The Advisor for the Xtrackers 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 year from June 1, 2017 through November 30, 2017, the Advisor waived $19,667 of expenses to the Fund. The Expense Limit will remain in effect until 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, Lending 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.

41

DBX ETF Trust

Notes to Financial Statements (Continued)

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; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

4. Investment Portfolio Transactions

For the period ended November 30, 2017, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers CSI 300 China A-Shares Hedged Equity ETF	$	32,764	$	134,420
Xtrackers Harvest CSI 300 China A-Shares ETF		311,102,004		86,776,617
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		4,232,304		2,189,970
Xtrackers MSCI All China Equity ETF		13,596,814		170,311

For the period ended November 30, 2017, the cost of in-kind purchases and proceeds from in-kind sale were as follows:

	Purchases		Sales
Xtrackers MSCI All China Equity ETF	$	18,981,302	$	—

5. Fund Share Transactions

As of November 30, 2017 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 Xtrackers CSI 300 China A-Shares Hedged Equity ETF and Xtrackers 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 Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers 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.

6. 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.

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Harvest CSI 300 China A-Shares ETF, Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of

42

DBX ETF Trust

Notes to Financial Statements (Continued)

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 the lesser of a pro-rata share of the credit facility at the amounts listed below or 33 percent of its net assets as permitted by the Act. The Funds had no outstanding loans at November 30, 2017.

	Pro-rata Share
Xtrackers Harvest CSI 300 China A-Shares ETF	$	59,850,000
Xtrackers Harvest CSI 500 China A-Shares Small Cap		4,200,000

Under the Credit Facility, during the six months ended November 30, 2017, the Xtrackers Harvest CSI 300 China A-Shares ETF had an average loan balance of $7,161,489 with an average interest rate of 2.487%, with loans outstanding for 9 days.

43

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 most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” 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 (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 Trust 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.Xtrackers.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.Xtrackers.com.

44

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.Xtrackers.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.

45

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. 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 and less liquid than the markets of 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. The Xtrackers CSI 300 China A-Shares Hedged Equity ETF 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 vs. the U.S. dollar. The Xtrackers CSI 300 China A-Shares Hedged Equity ETF aims to hedge the currency exposure by entering into forward transactions linked to the CNH/USD exchange rate. The equity shares included in the CSI 300 index may be valued using the CNY/USD exchange rate. The difference between the CNH/USD and CNH/USD exchange rates may lead to tracking errors in the fund. 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. Please read the prospectus for more information.

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 Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

The CSI Indexes are calculated by China Securities Index Co., Ltd. (CSI). CSI does not make any warranties, express or implied, to its customers or any other party regarding the accuracy or completeness of any data related to the Index. All information is provided for information purposes only. CSI accepts no liability for any errors or any loss arising from the use of information it provides.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.

Copyright © 2017 Deutsche Bank AG. All rights reserved. Xtrackers^® 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 Harvest Global Investments Limited 31/F, One Exchange Square 8 Connaught Place Central, Hong Kong	Administrator, custodian, fund accounting agent, lending agent & 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-049076-2 (1/18) DBX 003103 (1/19)

November 30, 2017

Semi-Annual Report

DBX ETF Trust

Xtrackers Eurozone Equity ETF (EURZ)

Xtrackers Germany Equity ETF (GRMY)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Eurozone Equity ETF		3
Xtrackers Germany Equity ETF		4
Xtrackers Japan JPX-Nikkei 400 Equity ETF		5
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF		6
Fees and Expenses		7
Schedule of Investments
Xtrackers Eurozone Equity ETF		8
Xtrackers Germany Equity ETF		13
Xtrackers Japan JPX-Nikkei 400 Equity ETF		15
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF		20
Statements of Assets and Liabilities		34
Statements of Operations		35
Statements of Changes in Net Assets		36
Financial Highlights		38
Notes to Financial Statements		40
Additional Information		49
Privacy Policy Notice		50

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for the period ended November 30, 2017.

The world economy entered a period of moderate growth, amid lingering low inflation and a focus on normalization of monetary policies across countries. Among major economies, the U.S. continued to grow despite temporary setbacks due to two hurricanes and the ongoing conflict with North Korea. The Federal Reserve Board (FRB) continued its hawkish stance on monetary policy to maximize employment and price stability. Growth in the Eurozone exceeded expectations, boosted by political stability and an improving labor market. The Chinese economy experienced moderate growth, owing to higher industrial production and a stabilizing renminbi. In Japan, Shinzo Abe’s landslide victory fortified positive economic sentiments, paving the way for sustainable long-term growth. With exceptionally low volatility, several major indices outperformed expectations despite ongoing policy and geopolitical changes.

Eurozone equities provided positive returns driven by an overall optimism in the region including the election of pro-European Union leaders Emmanuel Macron and Angela Merkel in France and Germany, respectively. In addition, the Democratic Party’s victory in Austria and the Italian government’s win in a vote to reform the electoral system have boosted investor confidence that the region is on course for further stability. This positive streak is expected to continue as the European Central Bank (ECB) has announced its decision to extend quantitative easing¹ until September 2018. However, the ECB’s decision to reduce the value of the assets purchase program to EUR 30 billion per month signals tightening. Meanwhile, events such as Catalonia’s independence referendum² in Spain and the failure of coalition talks, post-election, in Germany have resulted in some political uncertainty hovering over the region, once again. Despite this, Germany’s economy growth remained resilient, driven by strong external demand and higher industrial production. In the U.K., gross domestic product growth forecasts were lowered given that the region is flanked by an unclear outlook as Britain negotiates its exit from the European Union.

Given the continuity of Prime Minister Shinzo Abe’s stance on monetary and fiscal policies, which have worked well for Japan earlier, the country’s equity market rose to a multi-year high. Foreign direct investments increased in Japan, which helped in maintaining the positive momentum. Several underperforming sectors such as insurance and real estate picked up considerably. As the government has increased its focus on manufacturing, exports and employment, Japan’s economy is expected to grow at a robust rate. Elsewhere, in Australia, the government’s decision to increase its budget allocation on infrastructure, along with growth in the service sector, including healthcare, telecommunication and media, aided the country’s equity markets.

Overall, global growth is likely to remain steady despite headwinds from geopolitical risks. While economic growth is firming up in the U.S., Japan and the Eurozone, the growth prospects in the emerging markets are expected to pick up sustainably as the global economy continues to strengthen. Global trade, production and consumption would continue to thrive as markets witness a synchronized expansion in economic activity.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Quantitative easing is an unconventional monetary policy tool, in which a central bank conducts broad-based asset purchases.

² Referendum is a general vote by the electorate on a single political question which has been referred to them for a direct decision.

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

This Page is Intentionally Left Blank

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Eurozone Equity ETF (EURZ)

The Xtrackers Eurozone Equity ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of NASDAQ Eurozone Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union of the European Union that have adopted the euro as their common currency and sole legal tender. Prior to October 27, 2017 the Fund sought investment results that corresponded generally to the performance, before fees and expenses, of the MSCI Southern Europe US Dollar Hedged Index. On October 27, 2017, Xtrackers MSCI Southern Europe Hedged Equity ETF’s name changed to Xtrackers Eurozone Equity ETF and the Fund’s ticker symbol changed to EURZ. At that time, the Underlying Index replaced the MSCI Southern Europe US Dollar Hedged Index which 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 11/30/17 (20.8% of Net Assets)

Description	% of Net Assets
TOTAL SA (France)		2.7%
SAP SE (Germany)		2.1%
Siemens AG (Germany)		2.1%
Banco Santander SA (Spain)		2.1%
Allianz SE (Germany)		2.0%
Unilever NV (United Kingdom)		2.0%
Bayer AG (Germany)		2.0%
Sanofi (France)		2.0%
BASF SE (Germany)		2.0%
Anheuser-Busch InBev SA/NV (Belgium)		1.8%

Country Diversification* as of 11/30/17

France	32.1%
Germany	28.5%
Spain	10.2%
Netherlands	7.8%
Italy	7.1%
Belgium	3.8%
Finland	3.2%
United Kingdom	2.5%
Other	4.8%
Total	100.0%

Sector Diversification* as of 11/30/17

Financials	20.7%
Industrials	15.7%
Consumer Discretionary	13.4%
Consumer Staples	10.0%
Materials	7.9%
Health Care	8.0%
Information Technology	7.5%
Utilities	5.5%
Energy	5.3%
Telecommunication Services	4.0%
Real Estate	2.0%
	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 8.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Germany Equity ETF (GRMY)

The Xtrackers Germany Equity ETF ( the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the NASDAQ Germany Large Mid Cap Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the German large- and mid-capitalization equity market. Prior to October 27, 2017, the Fund sought investment results that corresponded generally to the performance, before the Fund’s fees and expenses, of the MSCI Italy 25/50 US Dollar Hedged Index. On October 27, 2017, Xtrackers MSCI Italy Hedged Equity ETF’s name changed to Xtrackers Germany Equity ETF and the Fund’s ticker symbol changed to GRMY. At that time, the Underlying Index replaced the MSCI Italy 25/50 US Dollar Hedged Index which 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 11/30/17 (53.7% of Net Assets)

Description	% of Net Assets
SAP SE		7.5%
Siemens AG		7.2%
Allianz SE		7.1%
Bayer AG		7.0%
BASF SE		6.9%
Daimler AG		5.5%
Deutsche Telekom AG		4.2%
Deutsche Post AG		2.9%
Volkswagen AG		2.8%
Bayerische Motoren Werke AG		2.6%

Sector Diversification* as of 11/30/17

Consumer Discretionary	19.7%
Industrials	16.1%
Financials	15.0%
Health Care	12.2%
Materials	11.5%
Information Technology	11.1%
Telecommunication Services	4.7%
Consumer Staples	3.8%
Real Estate	3.0%
Utilities	2.9%
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 13.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Japan JPX-Nikkei 400 Equity ETF (JPN)

The Xtrackers 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 11/30/17 (15.2% of Net Assets)

Description	% of Net Assets
Keyence Corp.		1.8%
Honda Motor Co. Ltd.		1.7%
Toyota Motor Corp.		1.6%
Sony Corp.		1.6%
FANUC Corp.		1.5%
SoftBank Group Corp.		1.4%
KDDI Corp.		1.4%
Mizuho Financial Group, Inc.		1.4%
Sumitomo Mitsui Financial Group, Inc.		1.4%
Nippon Telegraph & Telephone Corp.		1.4%

Sector Diversification* as of 11/30/17

Industrials	22.6%
Consumer Discretionary	18.2%
Financials	11.9%
Information Technology	11.9%
Consumer Staples	9.3%
Health Care	7.6%
Materials	7.5%
Telecommunication Services	5.3%
Real Estate	3.8%
Utilities	1.5%
Energy	0.4%
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.

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (DBES)

The Xtrackers 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 11/30/17 (3.3% of Net Assets)

Description	% of Net Assets
Landing International Development Ltd. (Hong Kong)		0.4%
Temenos Group AG (Switzerland)		0.4%
Furukawa Electric Co. Ltd. (Japan)		0.4%
Nihon M&A Center, Inc. (Japan)		0.3%
Informa PLC (United Kingdom)		0.3%
Venture Corp. Ltd. (Singapore)		0.3%
ams AG (Austria)		0.3%
Georg Fischer AG (Switzerland)		0.3%
Square Enix Holdings Co. Ltd. (Japan)		0.3%
Ube Industries Ltd. (Japan)		0.3%

Country Diversification* as of 11/30/17

Japan	30.9%
United Kingdom	16.5%
Australia	6.2%
Germany	5.7%
Sweden	4.8%
Switzerland	4.7%
Italy	4.0%
France	3.5%
Netherlands	2.7%
Spain	2.6%
Hong Kong	2.3%
Other	16.1%
Total	100.0%

Sector Diversification* as of 11/30/17

Industrials	21.4%
Consumer Discretionary	15.9%
Information Technology	11.7%
Financials	11.5%
Real Estate	10.5%
Materials	9.3%
Health Care	6.9%
Consumer Staples	6.8%
Energy	2.6%
Utilities	2.0%
Telecommunication Services	1.4%
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 20.

6

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, 2017 to November 30, 2017).

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, 2017		Ending Account Value November 30, 2017		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Eurozone Equity ETF
Actual	$	1,000.00	$	1,030.40		0.39	%	$	1.99
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.11		0.39	%	$	1.98
Xtrackers Germany Equity ETF
Actual	$	1,000.00	$	1,110.40		0.39	%	$	2.06
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.11		0.39	%	$	1.98
Xtrackers Japan JPX-Nikkei 400 Equity ETF
Actual	$	1,000.00	$	1,129.90		0.35	%	$	1.87
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.35	%	$	1.78
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF
Actual	$	1,000.00	$	1,086.90		0.45	%	$	2.35
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81		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 365.

7

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.0%
Austria — 0.8%
ANDRITZ AG		33	$	1,852
Erste Group Bank AG*		143		6,249
Lenzing AG		7		834
OMV AG		73		4,549
Raiffeisen Bank International AG*		68		2,412
voestalpine AG		62		3,608
				19,504
Belgium — 3.8%
Ackermans & van Haaren NV		17		2,975
Ageas		100		4,923
Anheuser-Busch InBev SA/NV		373		43,007
bpost SA (a)		50		1,545
Colruyt SA		36		1,910
Elia System Operator SA/NV		15		883
Groupe Bruxelles Lambert SA		41		4,417
KBC Ancora		18		1,096
KBC Group NV		144		11,801
Melexis NV		10		979
Proximus SADP		78		2,678
Sofina SA		8		1,233
Solvay SA		37		5,215
Telenet Group Holding NV*		25		1,749
UCB SA		52		3,890
Umicore SA		96		4,488
				92,789
Finland — 3.2%
Cargotec OYJ, Class B		20		1,148
Elisa OYJ		72		2,934
Fortum OYJ		220		4,638
Huhtamaki OYJ		48		2,118
Kesko OYJ, Class B		34		1,725
Kone OYJ, Class B		191		9,847
Metso OYJ		65		2,298
Neste OYJ		65		4,046
Nokia OYJ		2,950		14,830
Nokian Renkaat OYJ		69		3,017
Orion OYJ, Class B		52		1,924
Outokumpu OYJ		162		1,402
Sampo OYJ, Class A		203		10,749
Stora Enso OYJ, Class R		292		4,477
UPM-Kymmene OYJ		256		7,720
Wartsila OYJ Abp		71		4,698
				77,571
France — 32.1%
Accor SA		93		4,673
Aeroports de Paris		14		2,675
Air France-KLM*		125		1,780
Air Liquide SA		216		27,081
Airbus SE		286		29,767
Alstom SA		80		3,308
Arkema SA		30		3,677
Atos SE		47		6,963
AXA SA		952		28,775

	Number of Shares		Value
France (Continued)
BioMerieux		22	$	1,839
BNP Paribas SA		537		40,710
Bollore SA		457		2,431
Bouygues SA		105		5,441
Bureau Veritas SA		134		3,559
Capgemini SE		81		9,357
Carrefour SA		279		5,873
Casino Guichard Perrachon SA		25		1,524
Cie de Saint-Gobain		244		13,926
Cie Generale des Etablissements Michelin		91		13,221
Cie Plastic Omnium SA		32		1,388
CNP Assurances		80		1,804
Credit Agricole SA		619		10,447
Danone SA		339		28,666
Dassault Systemes SE		69		7,430
Edenred		95		2,723
Eiffage SA		39		4,287
Electricite de France SA		291		3,820
Elior Group SA, 144A		53		1,166
Elis SA		82		2,143
Engie SA		937		16,429
Essilor International SA		96		12,368
Euler Hermes Group		8		1,162
Eurazeo SA		23		2,028
Eutelsat Communications SA		69		1,565
Faurecia		38		2,912
Fonciere Des Regions REIT		16		1,715
Gecina SA REIT		19		3,172
Groupe Eurotunnel SE		203		2,704
Hermes International		15		7,920
ICADE REIT		16		1,489
Iliad SA		14		3,281
Imerys SA		16		1,470
Ingenico Group SA		27		2,834
Ipsen SA		18		2,198
JCDecaux SA		107		4,467
Kering		37		16,445
Klepierre SA REIT		105		4,344
Lagardere SCA		53		1,740
Legrand SA		118		8,858
L’Oreal SA		124		27,471
LVMH Moet Hennessy Louis Vuitton SE		135		39,356
Natixis SA		460		3,735
Orange SA		928		16,022
Orpea		23		2,777
Pernod Ricard SA		92		14,376
Peugeot SA		293		6,070
Publicis Groupe SA		106		7,053
Remy Cointreau SA		10		1,333
Renault SA		97		9,875
Rexel SA		129		2,383
Rubis SCA		46		3,278
Safran SA		164		17,507
Sanofi		532		48,590
Sartorius Stedim Biotech		15		1,075
Schneider Electric SE*		300		25,830
SCOR SE		90		3,676

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
France (Continued)
SEB SA		9	$	1,661
Societe BIC SA		14		1,628
Societe Generale SA		335		16,900
Sodexo SA		46		6,020
Sopra Steria Group		7		1,254
SPIE SA		58		1,607
Suez		211		3,897
Teleperformance		28		4,152
Thales SA		52		5,265
TOTAL SA		1,142		64,550
Ubisoft Entertainment SA*		28		2,151
Unibail-Rodamco SE REIT		50		12,815
Valeo SA		121		8,799
Veolia Environnement SA		285		7,223
Vinci SA		271		27,737
Vivendi SA		481		12,827
Wendel SA		15		2,529
				780,977
Germany — 26.6%
adidas AG		88		18,383
Allianz SE		211		49,852
Aurubis AG		17		1,413
Axel Springer SE		24		1,898
BASF SE		427		47,858
Bayer AG		387		49,443
Bayerische Motoren Werke AG		161		16,256
Beiersdorf AG		63		7,511
Brenntag AG		69		4,303
Carl Zeiss Meditec AG		18		1,067
CECONOMY AG		82		1,076
Commerzbank AG*		500		7,246
Continental AG		55		14,673
CTS Eventim AG & Co. KGaA		27		1,313
Daimler AG		465		38,545
Deutsche Bank AG (b)		877		16,585
Deutsche Boerse AG		85		9,654
Deutsche Lufthansa AG		238		8,193
Deutsche Post AG		442		21,023
Deutsche Telekom AG		1,611		28,832
Deutsche Wohnen SE		158		6,997
Duerr AG		13		1,639
E.ON SE		981		11,366
Evonik Industries AG		75		2,803
Fielmann AG		13		1,136
Fraport AG Frankfurt Airport Services Worldwide		19		1,896
Freenet AG		58		2,202
Fresenius Medical Care AG & Co. KGaA		98		9,753
Fresenius SE & Co. KGaA		193		13,948
FUCHS PETROLUB SE		17		819
GEA Group AG		89		4,302
GRENKE AG		13		1,313
Hannover Rueck SE		31		4,081
HeidelbergCement AG		74		7,885
Hella GmbH & Co KGaA		23		1,414
Henkel AG & Co. KGaA		51		6,227

	Number of Shares		Value
Germany (Continued)
HOCHTIEF AG		10	$	1,760
HUGO BOSS AG		32		2,636
Infineon Technologies AG		511		14,136
Innogy SE, 144A		65		3,010
K+S AG		97		2,276
KION Group AG		34		2,772
Krones AG (a)		8		1,015
LANXESS AG		44		3,348
LEG Immobilien AG		32		3,408
MAN SE		17		1,913
Merck KGaA		65		6,931
MTU Aero Engines AG		21		3,782
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		73		16,272
OSRAM Licht AG		53		4,549
ProSiebenSat.1 Media SE		99		3,154
Rational AG		2		1,311
Rheinmetall AG		22		2,804
RWE AG*		235		5,394
SAP SE		463		52,252
Siemens AG		376		51,199
Software AG		27		1,481
Symrise AG		62		5,279
Talanx AG		27		1,112
Telefonica Deutschland Holding AG		315		1,501
thyssenkrupp AG		226		6,195
United Internet AG		62		4,184
Vonovia SE		200		9,430
Wacker Chemie AG		9		1,469
Wirecard AG		58		6,194
Zalando SE, 144A*		64		3,279
				646,951
Greece — 0.2%
Alpha Bank AE*		640		1,244
Hellenic Telecommunications Organization SA		124		1,501
National Bank of Greece SA*		4,622		1,433
OPAP SA		109		1,332
				5,510
Ireland — 1.9%
Bank of Ireland Group PLC*		462		3,610
CRH PLC		423		14,601
Glanbia PLC		91		1,698
Kerry Group PLC, Class A		76		7,975
Kingspan Group PLC		70		2,871
Ryanair Holdings PLC, ADR*		104		12,682
Smurfit Kappa Group PLC		111		3,548
				46,985
Italy — 7.1%
A2A SpA		792		1,492
Assicurazioni Generali SpA		686		12,580
Atlantia SpA		238		7,920
Banca Generali SpA		29		1,019
Banca Mediolanum SpA		335		2,798
Banco BPM SpA*		765		2,625

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Italy (Continued)
Brembo SpA		77	$	1,193
Buzzi Unicem SpA		36		959
Davide Campari-Milano SpA		222		1,731
De’ Longhi SpA		30		883
DiaSorin SpA		13		1,200
Enel SpA		3,914		25,458
Eni SpA		1,360		22,394
FinecoBank Banca Fineco SpA		199		2,010
Hera SpA		461		1,660
Infrastrutture Wireless Italiane SpA, 144A		140		1,085
Intesa Sanpaolo SpA		6,803		22,891
Intesa Sanpaolo SpA-RSP		484		1,549
Italgas SpA		210		1,332
Leonardo SpA		198		2,370
Mediobanca SpA		382		4,416
Moncler SpA		82		2,252
Poste Italiane SpA, 144A		231		1,690
Prysmian SpA		104		3,470
Recordati SpA		51		2,299
Saipem SpA*		290		1,166
Snam SpA		1,134		5,728
Telecom Italia SpA*		5,842		4,897
Telecom Italia SpA-RSP		3,049		2,069
Terna Rete Elettrica Nazionale SpA		713		4,416
UniCredit SpA*		1,012		20,392
Unione di Banche Italiane SpA		514		2,478
Unipol Gruppo SpA		213		978
UnipolSai Assicurazioni SpA		409		961
				172,361
Luxembourg — 0.8%
APERAM SA		24		1,229
ArcelorMittal*		325		9,829
Eurofins Scientific SE		5		3,033
Grand City Properties SA		55		1,259
Tenaris SA		238		3,465
				18,815
Netherlands — 7.8%
Aalberts Industries NV		37		1,893
ABN AMRO Group NV, 144A		175		5,201
Aegon NV		988		6,147
Akzo Nobel NV (a)		127		11,463
Altice NV, Class A*		394		3,116
Altice NV, Class B*		45		355
ASM International NV		26		1,800
ASML Holding NV		177		31,150
Boskalis Westminster		39		1,445
Euronext NV, 144A		35		2,140
Gemalto NV		39		1,484
GrandVision NV, 144A		128		3,297
Heineken Holding NV		48		4,634
Heineken NV		113		11,532
ING Groep NV		1,914		34,586
Koninklijke Ahold Delhaize NV		532		11,415
Koninklijke DSM NV		81		7,609
Koninklijke KPN NV		1,705		6,266

	Number of Shares		Value
Netherlands (Continued)
Koninklijke Philips NV		476	$	18,517
Koninklijke Vopak NV		34		1,439
NN Group NV		142		6,248
OCI NV*		36		810
QIAGEN NV*		106		3,354
Randstad Holding NV		63		3,887
SBM Offshore NV		88		1,462
Wolters Kluwer NV		139		7,214
				188,464
Portugal — 0.5%
Banco Comercial Portugues SA, Class R*		4,569		1,403
EDP — Energias de Portugal SA		892		3,132
Galp Energia SGPS SA		248		4,688
Jeronimo Martins SGPS SA		124		2,440
				11,663
South Africa (c) — 0.3%
Steinhoff International Holdings NV		1,504		6,192
Spain — 10.1%
Acciona SA		13		1,058
Acerinox SA		83		1,118
ACS Actividades de Construccion y Servicios SA		126		4,883
Aena SME SA, 144A		37		7,374
Amadeus IT Group SA		221		15,961
Banco Bilbao Vizcaya Argentaria SA		3,196		27,369
Banco de Sabadell SA		2,681		5,402
Banco Santander SA		7,464		50,221
Bankia SA		472		2,271
Bankinter SA		312		3,016
CaixaBank SA		1,809		8,613
Cellnex Telecom SA, 144A		70		1,726
Corp. Financiera Alba SA		17		1,020
Distribuidora Internacional de Alimentacion SA		279		1,315
Enagas SA		113		3,322
Endesa SA		158		3,530
Ferrovial SA		255		5,623
Gas Natural SDG SA		178		3,986
Grifols SA		147		4,296
Grupo Catalana Occidente SA		23		993
Iberdrola SA		2,856		22,721
Industria de Diseno Textil SA		565		20,035
Inmobiliaria Colonial Socimi SA REIT		121		1,145
Mapfre SA		481		1,621
Mediaset Espana Comunicacion SA		85		992
Melia Hotels International SA		70		934
Merlin Properties Socimi SA REIT		168		2,213
Prosegur Cia de Seguridad SA		118		965
Red Electrica Corp. SA		215		4,871
Repsol SA		630		11,583
Siemens Gamesa Renewable Energy SA		113		1,417
Telefonica SA		2,134		21,895
Zardoya Otis SA		87		974
				244,463

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Switzerland — 0.3%
STMicroelectronics NV		332	$	7,545
United Kingdom (c) — 2.5%
RELX NV		517		11,857
Unilever NV		862		49,731
				61,588
TOTAL COMMON STOCKS (Cost $2,304,470)				2,381,378
PREFERRED STOCKS — 1.9%
Germany — 1.8%
Bayerische Motoren Werke AG		28		2,427
FUCHS PETROLUB SE		35		1,842
Henkel AG & Co. KGaA		90		12,234
Porsche Automobil Holding SE		77		6,454
Sartorius AG		19		1,824
Volkswagen AG		93		19,749
				44,530

	Number of Shares		Value
Spain — 0.1%
Grifols SA, Class B		132	$	2,975
TOTAL PREFERRED STOCKS (Cost $42,669)				47,505
SECURITIES LENDING COLLATERAL — 0.5%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) (Cost $13,240)		13,240		13,240
TOTAL INVESTMENTS — 100.4% (Cost $2,360,379)			$	2,442,123
Other assets and liabilities, net — (0.4%)				(11,857	)
NET ASSETS — 100.0%			$	2,430,266

* Non-income producing security.

(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, 2017 amounted to $2,275, which is 0.1% of net assets.

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

(c) Securities listed in country of domicile and traded on an exchange within the Eurozone.

(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

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.

A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/17		Purchases Cost ($)		Sales Proceeds ($)		Net realized Gain/(Loss) ($)		Net change in unrealized Appreciation (Depreciation) ($)		Income ($)		Value ($) at 11/30/17
Deutsche Bank AG		—		14,712		—		—		1,873		—		16,585

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers Eurozone Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (f)	$	2,381,378	$	—	$	—	$	2,381,378
Preferred Stocks (f)		47,505		—		—		47,505
Short-Term Investments		13,240		—		—		13,240
TOTAL	$	2,442,123	$	—	$	—	$	2,442,123

(f) See Schedule of Investments for additional detailed categorizations.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers Germany Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 93.7%
Consumer Discretionary — 15.7%
adidas AG		302	$	63,088
Axel Springer SE		84		6,641
Bayerische Motoren Werke AG		553		55,835
CECONOMY AG		286		3,755
Continental AG		187		49,889
CTS Eventim AG & Co. KGaA		96		4,668
Daimler AG		1,641		136,026
Fielmann AG		44		3,845
Hella GmbH & Co KGaA		78		4,797
HUGO BOSS AG		112		9,227
ProSiebenSat.1 Media SE		345		10,992
Steinhoff International Holdings NV		5,243		21,586
Stroeer SE & Co. KGaA		38		2,883
Zalando SE, 144A*		222		11,373
				384,605
Consumer Staples — 2.1%
Beiersdorf AG		218		25,991
Henkel AG & Co. KGaA		179		21,855
Suedzucker AG		123		2,553
				50,399
Financials — 15.0%
Allianz SE		741		175,072
Commerzbank AG*		1,744		25,276
Deutsche Bank AG (a)		2,996		56,656
Deutsche Boerse AG		288		32,709
GRENKE AG		45		4,547
Hannover Rueck SE		106		13,953
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		249		55,504
Talanx AG		94		3,872
				367,589
Health Care — 11.9%
Bayer AG		1,336		170,688
Carl Zeiss Meditec AG		65		3,852
Fresenius Medical Care AG & Co. KGaA		334		33,242
Fresenius SE & Co. KGaA		661		47,769
Merck KGaA		228		24,312
QIAGEN NV*		370		11,706
				291,569
Industrials — 16.0%
Brenntag AG		228		14,218
Deutsche Lufthansa AG		829		28,537
Deutsche Post AG		1,516		72,105
DMG Mori AG		33		1,803
Duerr AG		46		5,800
Fraport AG Frankfurt Airport Services Worldwide		65		6,485
GEA Group AG		309		14,935
HOCHTIEF AG		34		5,986
KION Group AG		119		9,702
Krones AG (b)		27		3,425
MAN SE		60		6,751
MTU Aero Engines AG		83		14,949

	Number of Shares		Value
Industrials (Continued)
OSRAM Licht AG		185	$	15,880
Rational AG		6		3,932
Rheinmetall AG		72		9,177
Siemens AG		1,304		177,561
				391,246
Information Technology — 11.1%
Infineon Technologies AG		1,750		48,410
SAP SE		1,622		183,052
Software AG		93		5,100
United Internet AG		217		14,645
Wirecard AG		202		21,571
				272,778
Materials — 11.3%
Aurubis AG		59		4,903
BASF SE		1,505		168,682
Evonik Industries AG		263		9,828
FUCHS PETROLUB SE		60		2,889
HeidelbergCement AG		251		26,747
K+S AG		337		7,906
LANXESS AG		153		11,643
Symrise AG		215		18,306
thyssenkrupp AG		788		21,601
Wacker Chemie AG		30		4,897
				277,402
Real Estate — 3.0%
Deutsche Wohnen SE		552		24,445
Grand City Properties SA		192		4,395
LEG Immobilien AG		111		11,820
Vonovia SE		680		32,063
				72,723
Telecommunication Services — 4.7%
Deutsche Telekom AG		5,721		102,390
Freenet AG		203		7,708
Telefonica Deutschland Holding AG		1,101		5,246
				115,344
Utilities — 2.9%
E.ON SE		3,526		40,852
Innogy SE, 144A		225		10,419
RWE AG*		817		18,752
				70,023
TOTAL COMMON STOCKS (Cost $2,266,369)				2,293,678
PREFERRED STOCKS — 6.3%
Consumer Discretionary — 4.0%
Bayerische Motoren Werke AG		97		8,408
Porsche Automobil Holding SE		270		22,632
Volkswagen AG		318		67,530
				98,570
Consumer Staples — 1.7%
Henkel AG & Co. KGaA		308		41,866

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers Germany Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Health Care — 0.3%
Sartorius AG		66	$	6,335
Industrials — 0.1%
MAN SE		11		1,229
Materials — 0.2%
FUCHS PETROLUB SE		112		5,896
Utilities — 0.0%
RWE AG		69		1,218
TOTAL PREFERRED STOCKS (Cost $138,996)				155,114

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.1%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (c)(d) (Cost $3,191)		3,191	$	3,191
TOTAL INVESTMENTS — 100.1% (Cost $2,408,556)			$	2,451,983
Other assets and liabilities, net — (0.1%)				(2,909	)
NET ASSETS — 100.0%			$	2,449,074

* Non-income producing security.

(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, 2017 amounted to $3,039, which is 0.1% 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.

A summary of the Fund’s transactions in affiliated investments during the period ended November 30, 2017 is as follows:

	Value ($) at 5/31/17		Purchases Cost ($)		Sales Proceeds ($)			Net realized Gain/(Loss) ($)			Net change in unrealized Appreciation (Depreciation) ($)		Income ($)		Value ($) at 11/30/17
Deutsche Bank AG		—		51,348		(1,069	)		(22	)		6,399		—		56,656

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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (e)	$	2,293,678	$	—	$	—	$	2,293,678
Preferred Stocks (e)		155,114		—		—		155,114
Short-Term Investments		3,191		—		—		3,191
TOTAL	$	2,451,983	$	—	$	—	$	2,451,983

(e) See Schedule of Investments for additional detailed categorizations.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.2%
Consumer Discretionary — 18.0%
ABC-Mart, Inc.		100	$	5,505
Adastria Co. Ltd.		100		2,221
Aisin Seiki Co. Ltd.		600		32,224
Asics Corp.		900		13,318
Bandai Namco Holdings, Inc.		800		26,094
Bic Camera, Inc.		500		6,398
Bridgestone Corp.		2,700		122,930
Casio Computer Co. Ltd.		700		10,271
Clarion Co. Ltd.		1,000		3,896
CyberAgent, Inc.		500		17,113
Daiichikosho Co. Ltd.		200		9,615
Daikyonishikawa Corp.		100		1,681
Denso Corp.		1,700		95,782
Don Quijote Holdings Co. Ltd.		500		23,994
Eagle Industry Co. Ltd.		100		1,811
Fast Retailing Co. Ltd.		100		38,881
Fujitsu General Ltd.		200		4,255
Hakuhodo DY Holdings, Inc.		1,100		14,833
Haseko Corp.		1,000		15,576
Heiwa Corp.		200		3,464
Hikari Tsushin, Inc.		100		14,459
Honda Motor Co. Ltd.		6,600		220,816
Iida Group Holdings Co. Ltd.		600		11,099
Isuzu Motors Ltd.		2,200		34,817
Izumi Co. Ltd.		100		5,889
J. Front Retailing Co. Ltd.		1,000		16,934
Koito Manufacturing Co. Ltd.		500		34,628
K’s Holdings Corp.		300		7,764
Mazda Motor Corp.		2,400		32,234
Mitsuba Corp.		100		1,369
NGK Spark Plug Co. Ltd.		700		16,176
NHK Spring Co. Ltd.		800		8,936
Nifco, Inc.		100		6,729
Nippon Television Holdings, Inc.		700		12,704
Nissan Motor Co. Ltd.		9,000		87,503
Nissin Kogyo Co. Ltd.		100		1,960
Nitori Holdings Co. Ltd.		300		49,153
Nojima Corp.		100		2,302
NOK Corp.		400		9,765
Oriental Land Co. Ltd.		900		80,353
Panasonic Corp.		8,700		129,678
Pressance Corp.		100		1,246
Rakuten, Inc.		3,700		37,941
Resorttrust, Inc.		300		6,584
Rinnai Corp.		100		8,999
Ryohin Keikaku Co. Ltd.		100		31,321
Sanrio Co. Ltd.		200		3,333
Seiko Holdings Corp.		100		2,721
Sekisui Chemical Co. Ltd.		1,800		34,921
Sekisui House Ltd.		2,900		54,279
Seria Co. Ltd.		200		12,689
Shimamura Co. Ltd.		100		12,091
Shimano, Inc.		300		41,607
Sony Corp.		4,500		209,146
Stanley Electric Co. Ltd.		600		24,047
Start Today Co. Ltd.		700		21,424

	Number of Shares		Value
Consumer Discretionary (Continued)
Starts Corp., Inc.		100	$	2,449
Subaru Corp.		2,400		78,688
Sumitomo Electric Industries Ltd.		3,000		52,504
Sumitomo Forestry Co. Ltd.		600		10,348
Sumitomo Rubber Industries Ltd.		800		14,584
Suzuki Motor Corp.		1,500		80,962
Takashimaya Co. Ltd.		1,000		9,892
T-Gaia Corp.		100		2,191
Toho Co. Ltd.		500		16,956
Toyo Tire & Rubber Co. Ltd.		500		10,232
Toyoda Gosei Co. Ltd.		300		7,525
Toyota Boshoku Corp.		200		4,157
Toyota Industries Corp.		600		37,371
Toyota Motor Corp.		3,446		216,913
TPR Co. Ltd.		100		3,427
TS Tech Co. Ltd.		200		8,212
United Arrows Ltd.		100		3,789
USS Co. Ltd.		900		19,021
Yamaha Corp.		500		18,453
Yamaha Motor Co. Ltd.		1,100		34,601
Yokohama Rubber Co. Ltd.		500		11,242
				2,380,996
Consumer Staples — 9.2%
Aeon Co. Ltd.		3,100		50,529
Ain Holdings, Inc.		100		6,836
Ajinomoto Co., Inc.		1,900		35,044
Asahi Group Holdings Ltd.		1,600		81,598
Calbee, Inc.		400		14,030
Ci:z Holdings Co. Ltd.		100		4,213
Create SD Holdings Co. Ltd.		100		2,617
Ezaki Glico Co. Ltd.		200		9,919
FamilyMart UNY Holdings Co. Ltd.		200		13,529
Japan Tobacco, Inc.		4,800		159,564
Kao Corp.		1,900		126,288
Kewpie Corp.		400		10,312
Kikkoman Corp.		600		23,591
Kirin Holdings Co. Ltd.		3,700		86,941
Kobayashi Pharmaceutical Co. Ltd.		200		12,671
Kobe Bussan Co. Ltd.		100		4,557
Kose Corp.		100		15,388
Kusuri no Aoki Holdings Co. Ltd.		100		6,112
Lawson, Inc.		200		13,833
Lion Corp.		1,000		18,712
Matsumotokiyoshi Holdings Co. Ltd.		200		16,586
MEIJI Holdings Co. Ltd.		500		43,698
NH Foods Ltd.		1,000		24,637
Nichirei Corp.		400		11,653
Nippon Suisan Kaisha Ltd.		1,000		5,487
Nissin Foods Holdings Co. Ltd.		300		21,742
Pigeon Corp.		400		15,352
Seven & i Holdings Co. Ltd.		3,200		131,683
Shiseido Co. Ltd.		1,500		73,348
Sugi Holdings Co. Ltd.		200		10,759
Sundrug Co. Ltd.		300		13,860
Suntory Beverage & Food Ltd.		600		26,058
Toyo Suisan Kaisha Ltd.		400		17,086

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Consumer Staples (Continued)
Tsuruha Holdings, Inc.		100	$	13,869
Unicharm Corp.		1,600		42,079
Valor Holdings Co. Ltd.		200		4,677
Welcia Holdings Co. Ltd.		200		8,597
Yakult Honsha Co. Ltd.		500		39,140
Yaoko Co. Ltd.		100		4,727
				1,221,322
Energy — 0.4%
Inpex Corp.		4,300		48,608
Financials — 11.9%
AEON Financial Service Co. Ltd.		500		11,130
Aozora Bank Ltd.		400		15,567
Chiba Bank Ltd.		3,000		23,028
Chugoku Bank Ltd.		700		9,152
Concordia Financial Group Ltd.		4,700		25,830
Dai-ichi Life Holdings, Inc.		4,500		92,328
Daiwa Securities Group, Inc.		6,000		37,425
Financial Products Group Co. Ltd.		200		2,472
Fuyo General Lease Co. Ltd.		100		6,657
Gunma Bank Ltd.		1,800		10,713
Hiroshima Bank Ltd.		1,100		8,680
Hitachi Capital Corp.		200		4,943
Hokuhoku Financial Group, Inc.		500		7,484
IBJ Leasing Co. Ltd.		100		2,562
Jafco Co. Ltd.		100		5,263
Japan Exchange Group, Inc.		2,300		42,381
kabu.com Securities Co. Ltd.		600		1,834
Kyushu Financial Group, Inc.		1,600		9,494
Matsui Securities Co. Ltd.		500		4,392
Mebuki Financial Group, Inc.		3,700		15,573
Mitsubishi UFJ Financial Group, Inc.		25,200		178,374
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,800		10,278
Mizuho Financial Group, Inc.		98,900		180,204
MS&AD Insurance Group Holdings, Inc.		2,000		65,323
Nomura Holdings, Inc.		13,800		82,685
Orient Corp.		900		1,480
ORIX Corp.		5,300		91,597
Resona Holdings, Inc.		8,400		44,730
SBI Holdings, Inc.		900		16,045
Seven Bank Ltd.		2,900		9,744
Shinsei Bank Ltd.		700		11,216
Shizuoka Bank Ltd.		2,000		19,803
Sompo Holdings, Inc.		1,500		60,748
Sony Financial Holdings, Inc.		700		11,873
Sumitomo Mitsui Financial Group, Inc.		4,400		178,784
Sumitomo Mitsui Trust Holdings, Inc.		1,500		55,815
Suruga Bank Ltd.		800		17,236
T&D Holdings, Inc.		2,400		39,580
Tokai Tokyo Financial Holdings, Inc.		900		5,839
Tokio Marine Holdings, Inc.		2,800		124,105
Tokyo Century Corp.		100		4,548
Yamaguchi Financial Group, Inc.		1,000		11,983
Zenkoku Hosho Co. Ltd.		200		8,641
				1,567,539

	Number of Shares		Value
Health Care — 7.6%
Alfresa Holdings Corp.		900	$	19,399
Asahi Intecc Co. Ltd.		200		13,243
Astellas Pharma, Inc.		7,900		100,669
Chugai Pharmaceutical Co. Ltd.		800		41,535
Daiichi Sankyo Co. Ltd.		2,200		53,238
Eisai Co. Ltd.		900		51,239
Hisamitsu Pharmaceutical Co., Inc.		200		11,295
Hoya Corp.		1,600		77,895
Kaken Pharmaceutical Co. Ltd.		200		10,044
Kyowa Hakko Kirin Co. Ltd.		900		17,123
M3, Inc.		800		26,380
Medipal Holdings Corp.		800		15,577
Mitsubishi Tanabe Pharma Corp.		900		19,519
Nihon Kohden Corp.		300		6,903
Olympus Corp.		1,100		45,315
Ono Pharmaceutical Co. Ltd.		2,000		45,735
Otsuka Holdings Co. Ltd.		1,600		71,117
Santen Pharmaceutical Co. Ltd.		1,500		22,948
Sawai Pharmaceutical Co. Ltd.		100		4,906
Shionogi & Co. Ltd.		1,100		61,525
Ship Healthcare Holdings, Inc.		200		6,425
Sumitomo Dainippon Pharma Co. Ltd.		600		8,729
Sysmex Corp.		600		45,682
Takeda Pharmaceutical Co. Ltd.		2,800		154,731
Terumo Corp.		1,200		57,692
Toho Holdings Co. Ltd.		200		4,170
Tsumura & Co.		300		10,402
				1,003,436
Industrials — 22.5%
Aeon Delight Co. Ltd.		100		3,798
Aica Kogyo Co. Ltd.		200		7,033
Amada Holdings Co. Ltd.		1,300		17,321
ANA Holdings, Inc.		1,400		56,047
Asahi Glass Co. Ltd.		800		33,457
Central Japan Railway Co.		700		129,954
COMSYS Holdings Corp.		300		8,404
Daifuku Co. Ltd.		400		21,876
Daikin Industries Ltd.		1,000		115,455
DMG Mori Co. Ltd.		400		8,032
East Japan Railway Co.		1,400		135,928
Ebara Corp.		300		11,755
FANUC Corp.		800		199,777
Fuji Electric Co. Ltd.		2,000		14,155
Hankyu Hanshin Holdings, Inc.		1,000		38,872
Hanwa Co. Ltd.		100		4,044
Harmonic Drive Systems, Inc.		100		6,354
Hazama Ando Corp.		600		4,756
Hino Motors Ltd.		1,100		13,506
Hitachi Construction Machinery Co. Ltd.		400		13,279
Hitachi Transport System Ltd.		200		4,992
Hoshizaki Corp.		200		19,105
ITOCHU Corp.		5,500		95,644
Iwatani Corp.		200		6,059
Japan Airlines Co. Ltd.		1,300		47,816
JTEKT Corp.		900		15,514
Kajima Corp.		4,000		42,143

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Kanamoto Co. Ltd.		100	$	3,463
Kanematsu Corp.		500		6,014
Kawasaki Heavy Industries Ltd.		600		19,892
Keihan Holdings Co. Ltd.		400		11,885
Keio Corp.		400		17,729
Keisei Electric Railway Co. Ltd.		500		16,085
Kintetsu Group Holdings Co. Ltd.		700		27,492
Komatsu Ltd.		3,700		115,062
Kubota Corp.		4,100		77,673
Kumagai Gumi Co. Ltd.		100		2,793
Kyowa Exeo Corp.		300		7,233
Kyudenko Corp.		200		9,508
Maeda Corp.		700		10,327
Makita Corp.		1,000		41,464
Marubeni Corp.		6,300		41,987
Meitec Corp.		100		5,272
MINEBEA MITSUMI, Inc.		1,400		27,711
MISUMI Group, Inc.		900		26,339
Mitsubishi Corp.		5,300		133,228
Mitsubishi Electric Corp.		7,800		129,123
Mitsubishi Heavy Industries Ltd.		1,300		48,211
Mitsui & Co. Ltd.		6,500		99,035
MonotaRO Co. Ltd.		300		8,552
Nabtesco Corp.		400		15,674
Nagoya Railroad Co. Ltd.		700		17,146
Nankai Electric Railway Co. Ltd.		500		12,524
NGK Insulators Ltd.		1,000		19,168
Nidec Corp.		1,000		136,455
Nihon M&A Center, Inc.		300		15,040
Nippon Express Co. Ltd.		300		19,114
Nippon Steel & Sumikin Bussan Corp.		100		5,290
Nishi-Nippon Railroad Co. Ltd.		300		7,828
NSK Ltd.		1,600		24,178
Obayashi Corp.		2,600		33,736
Odakyu Electric Railway Co. Ltd.		1,200		25,575
OSG Corp.		300		6,155
Park24 Co. Ltd.		400		9,894
Penta-Ocean Construction Co. Ltd.		900		6,732
Persol Holdings Co. Ltd.		700		16,439
Pilot Corp.		200		9,669
Sankyu, Inc.		200		8,543
Sanwa Holdings Corp.		800		10,588
Secom Co. Ltd.		800		60,151
Seibu Holdings, Inc.		1,000		18,131
Shimizu Corp.		2,600		28,973
SMC Corp.		200		81,265
Sohgo Security Services Co. Ltd.		300		16,702
Sojitz Corp.		4,500		13,029
Sotetsu Holdings, Inc.		300		7,836
Sumitomo Corp.		4,700		73,227
Sumitomo Heavy Industries Ltd.		400		16,317
Sumitomo Mitsui Construction Co. Ltd.		840		4,804
Tadano Ltd.		300		4,573
Taisei Corp.		900		47,451
Takeuchi Manufacturing Co. Ltd.		100		2,113
THK Co. Ltd.		500		18,341
Tobu Railway Co. Ltd.		800		25,557

	Number of Shares		Value
Industrials (Continued)
Toda Corp.		1,000	$	8,007
Tokyu Construction Co. Ltd.		200		1,939
Tokyu Corp.		2,100		33,610
TOTO Ltd.		600		33,457
Toyota Tsusho Corp.		900		33,939
West Japan Railway Co.		700		51,650
Yamato Holdings Co. Ltd.		1,400		28,468
				2,970,442
Information Technology — 11.8%
Advantest Corp.		500		9,986
Alps Electric Co. Ltd.		700		22,363
Brother Industries Ltd.		900		22,326
Canon, Inc.		4,200		161,312
COLOPL, Inc.		400		4,132
DeNA Co. Ltd.		400		9,097
Dip Corp.		100		2,606
Disco Corp.		100		22,215
Elecom Co. Ltd.		100		2,281
Fujitsu Ltd.		8,000		59,686
GMO internet, Inc.		200		3,358
GungHo Online Entertainment, Inc.		2,100		5,367
Hamamatsu Photonics KK		500		17,202
Hirose Electric Co. Ltd.		100		14,959
Hitachi High-Technologies Corp.		300		12,452
Hitachi Kokusai Electric, Inc.		100		2,851
Hitachi Ltd.		18,000		134,182
Horiba Ltd.		200		12,511
Itochu Techno-Solutions Corp.		200		8,445
Kakaku.com, Inc.		600		9,512
Keyence Corp.		420		243,619
Konami Holdings Corp.		300		15,897
Konica Minolta, Inc.		1,900		18,609
Kyocera Corp.		1,300		91,786
Mixi, Inc.		200		9,329
Murata Manufacturing Co. Ltd.		800		108,413
NEC Corp.		1,000		26,808
Nexon Co. Ltd.*		800		23,020
Nomura Research Institute Ltd.		502		22,789
NS Solutions Corp.		100		2,593
NTT Data Corp.		2,300		27,151
Obic Co. Ltd.		200		13,922
Omron Corp.		800		47,397
Oracle Corp.		100		8,918
Otsuka Corp.		200		15,013
Renesas Electronics Corp.*		500		6,135
Ricoh Co. Ltd.		2,400		21,361
SCREEN Holdings Co. Ltd.		100		8,990
SCSK Corp.		200		8,784
Seiko Epson Corp.		1,100		26,737
Shimadzu Corp.		900		21,530
Square Enix Holdings Co. Ltd.		300		13,699
TDK Corp.		400		32,778
Tokyo Electron Ltd.		500		92,757
Trend Micro, Inc.		400		22,698
Ulvac, Inc.		100		6,729
Yahoo Japan Corp.		5,600		25,672

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Yaskawa Electric Corp.		900	$	39,811
Yokogawa Electric Corp.		800		14,798
				1,554,586
Materials — 7.4%
Air Water, Inc.		700		15,063
Asahi Kasei Corp.		5,100		64,032
Daicel Corp.		1,200		14,273
Daio Paper Corp.		400		5,365
Denka Co. Ltd.		200		7,381
DIC Corp.		300		11,193
Dowa Holdings Co. Ltd.		200		7,632
Hitachi Chemical Co. Ltd.		400		10,555
Hitachi Metals Ltd.		800		10,616
JFE Holdings, Inc.		2,100		49,580
JSR Corp.		800		15,377
Kansai Paint Co. Ltd.		800		21,082
Kuraray Co. Ltd.		1,400		27,035
Mitsubishi Chemical Holdings Corp.		5,500		59,765
Mitsubishi Gas Chemical Co., Inc.		700		19,642
Mitsubishi Materials Corp.		500		16,755
Mitsui Chemicals, Inc.		700		22,676
Nihon Parkerizing Co. Ltd.		400		6,652
Nippon Kayaku Co. Ltd.		600		9,126
Nippon Light Metal Holdings Co. Ltd.		2,100		5,630
Nippon Paint Holdings Co. Ltd.		600		18,498
Nippon Steel & Sumitomo Metal Corp.		3,400		82,672
Nissan Chemical Industries Ltd.		500		20,106
Nitto Denko Corp.		600		59,139
NOF Corp.		300		8,284
Oji Holdings Corp.		3,000		18,310
Shin-Etsu Chemical Co. Ltd.		1,300		136,674
Sumitomo Chemical Co. Ltd.		6,000		41,928
Sumitomo Metal Mining Co. Ltd.		1,000		38,917
Sumitomo Osaka Cement Co. Ltd.		2,000		9,401
Taiheiyo Cement Corp.		500		20,598
Taiyo Nippon Sanso Corp.		600		8,262
Teijin Ltd.		700		15,138
Tokyo Steel Manufacturing Co. Ltd.		500		4,352
Toray Industries, Inc.		5,700		53,839
Tosoh Corp.		1,200		26,583
Ube Industries Ltd.		400		11,635
Zeon Corp.		800		11,102
				984,868

	Number of Shares		Value
Real Estate — 3.7%
Aeon Mall Co. Ltd.		500	$	9,177
Daito Trust Construction Co. Ltd.		300		55,078
Daiwa House Industry Co. Ltd.		2,500		91,908
Hulic Co. Ltd.		1,700		18,701
Ichigo, Inc.		1,000		3,717
Leopalace21 Corp.		1,100		8,847
Mitsubishi Estate Co. Ltd.		5,700		102,000
Mitsui Fudosan Co. Ltd.		3,800		86,116
Nomura Real Estate Holdings, Inc.		500		11,563
NTT Urban Development Corp.		500		5,518
Open House Co. Ltd.		100		4,951
Relo Group, Inc.		300		8,010
Sumitomo Realty & Development Co. Ltd.		2,000		66,056
Tokyo Tatemono Co. Ltd.		800		11,124
Tokyu Fudosan Holdings Corp.		1,900		13,753
				496,519
Telecommunication Services — 5.2%
KDDI Corp.		6,300		180,997
Nippon Telegraph & Telephone Corp.		3,400		178,621
NTT DOCOMO, Inc.		5,600		145,499
SoftBank Group Corp.		2,200		186,471
				691,588
Utilities — 1.5%
Chubu Electric Power Co., Inc.		2,500		31,701
Electric Power Development Co. Ltd.		600		16,728
Kansai Electric Power Co., Inc.		3,100		41,110
Nippon Gas Co. Ltd.		100		3,548
Osaka Gas Co. Ltd.		1,600		30,840
Toho Gas Co. Ltd.		400		11,403
Tohoku Electric Power Co., Inc.		1,900		25,162
Tokyo Gas Co. Ltd.		1,600		37,675
				198,167
TOTAL COMMON STOCKS (Cost $11,457,141)				13,118,071
TOTAL INVESTMENTS — 99.2% (Cost $11,457,141)			$	13,118,071
Other assets and liabilities, net — 0.8%				99,352
NET ASSETS — 100.0%			$	13,217,423

* Non-income producing security.

At November 30, 2017, open futures contract purchased was as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation
JPX-Nikkei 400 Index Futures	JPY	7	$	94,358	$99,616		12/07/2017	$	3,908

Currency Abbreviations

JPY Japanese Yen

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

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers Japan JPX-Nikkei 400 Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	13,118,071	$	—	$	—	$	13,118,071
Derivatives (b)
Futures Contracts		3,908		—		—		3,908
TOTAL	$	13,121,979	$	—	$	—	$	13,121,979

(a) See Schedule of Investments for additional detailed categorizations.

(b) Derivatives include unrealized appreciation (depreciation) on open futures contracts.

There have been no transfers between fair value measurement levels during the period ended November 30, 2017.

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF

November 30, 2017 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.2%
Australia — 6.2%
Adelaide Brighton Ltd.		887	$	4,301
ALS Ltd.		859		4,392
Ansell Ltd.		254		4,713
APN Outdoor Group Ltd.		438		1,637
ARB Corp. Ltd.		79		1,189
Ardent Leisure Group (a)		552		720
Australian Pharmaceutical Industries Ltd.		1,267		1,442
Bapcor Ltd.		984		4,391
Beach Energy Ltd.		2,093		1,662
Bega Cheese Ltd.		94		548
Bellamy’s Australia Ltd.*		71		620
Blackmores Ltd.		24		3,043
BT Investment Management Ltd.		223		1,847
BWP Trust REIT		822		1,990
carsales.com Ltd.		456		5,019
Charter Hall Group REIT		518		2,472
Charter Hall Retail REIT		732		2,414
Cleanaway Waste Management Ltd.		1,938		2,162
Corporate Travel Management Ltd.		78		1,200
Cromwell Property Group REIT		1,572		1,237
CSR Ltd.		929		3,225
Domain Holdings Australia Ltd.*		421		1,108
Donaco International Ltd.		1,106		268
Downer EDI Ltd.		933		4,947
DuluxGroup Ltd.		744		4,463
Evolution Mining Ltd.		1,675		3,091
Fairfax Media Ltd.		4,212		2,246
G8 Education Ltd.		434		1,448
Galaxy Resources Ltd.*(b)		430		1,252
GrainCorp Ltd., Class A		387		2,228
Iluka Resources Ltd.		517		3,629
Independence Group NL (b)		290		921
Infigen Energy*(a)		1,430		746
Investa Office Fund REIT		606		2,200
InvoCare Ltd.		358		4,836
IOOF Holdings Ltd.		337		2,842
IRESS Ltd.		436		3,588
JB Hi-Fi Ltd. (b)		236		4,215
Karoon Gas Australia Ltd.*		976		1,004
Link Administration Holdings Ltd.		550		3,540
Macquarie Atlas Roads Group (a)		1,230		5,685
Magellan Financial Group Ltd.		201		3,847
Mantra Group Ltd.		372		1,100
Mayne Pharma Group Ltd.*(b)		2,266		1,106
Mesoblast Ltd.*		370		378
Metcash Ltd.		779		1,620
Mineral Resources Ltd.		259		3,828
Monadelphous Group Ltd.		85		1,204
Myer Holdings Ltd.		1,029		611
Navitas Ltd.		303		1,203
NEXTDC Ltd.*		332		1,462
Northern Star Resources Ltd.		874		3,854
Nufarm Ltd.		277		1,856
Orocobre Ltd.*(b)		332		1,572
Orora Ltd.		2,200		5,475
OZ Minerals Ltd.		370		2,337

	Number of Shares		Value
Australia (Continued)
Perpetual Ltd.		43	$	1,578
Pilbara Minerals Ltd.*(b)		1,521		1,214
Platinum Asset Management Ltd.		225		1,271
Premier Investments Ltd.		118		1,286
Primary Health Care Ltd.		1,076		3,003
Qube Holdings Ltd.		1,521		3,037
Regis Resources Ltd.		717		2,131
Saracen Mineral Holdings Ltd.*		1,871		2,116
Seven Group Holdings Ltd.		70		729
Shopping Centres Australasia Property Group REIT		1,555		2,835
Sirtex Medical Ltd.		109		1,226
SmartGroup Corp. Ltd.		110		858
SolGold PLC*		1,187		433
Southern Cross Media Group Ltd.		867		758
Spark Infrastructure Group (a)		2,444		4,825
St Barbara Ltd.		961		2,326
Star Entertainment Group Ltd.		1,047		4,688
Steadfast Group Ltd.		927		2,033
Super Retail Group Ltd.		219		1,322
Syrah Resources Ltd.*		581		1,811
Technology One Ltd.		250		949
Vocus Group Ltd.		555		1,318
Washington H Soul Pattinson & Co. Ltd.		124		1,586
Westgold Resources Ltd.*(b)		310		442
Whitehaven Coal Ltd.		1,030		3,000
WorleyParsons Ltd.*		277		3,147
				185,856
Austria — 1.3%
ams AG*		95		9,251
BUWOG AG*		151		4,340
CA Immobilien Anlagen AG		142		4,268
DO & CO AG		7		397
IMMOFINANZ AG*		975		2,340
Lenzing AG		5		595
Oesterreichische Post AG		79		3,564
S IMMO AG		237		4,044
S&T AG (b)		41		864
Telekom Austria AG*		48		463
UNIQA Insurance Group AG		257		2,726
Wienerberger AG		210		4,769
				37,621
Belgium — 1.8%
Ablynx NV*		101		2,342
Ackermans & van Haaren NV		23		4,017
Aedifica SA REIT		8		762
AGFA-Gevaert NV*		456		2,074
Befimmo SA REIT		28		1,786
Bekaert SA		53		2,203
Biocartis NV, 144A*		44		656
bpost SA (b)		93		2,870
Cie d’Entreprises CFE		9		1,304
Cofinimmo SA REIT		20		2,579
D’ieteren SA/NV		34		1,595
Elia System Operator SA/NV		37		2,176

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Belgium (Continued)
Euronav NV		230	$	1,973
Fagron*		41		536
Galapagos NV*(b)		59		5,157
Ion Beam Applications		28		812
KBC Ancora		58		3,527
Melexis NV		37		3,615
Nyrstar NV*		105		748
Ontex Group NV (b)		128		4,318
Sioen Industries NV		17		582
Sofina SA		20		3,077
Tessenderlo Group*		63		2,942
Warehouses De Pauw CVA REIT		20		2,171
				53,822
Bermuda — 0.2%
Hiscox Ltd.		355		6,649
Canada — 0.1%
Entertainment One Ltd.		425		1,758
China — 0.1%
Goodbaby International Holdings Ltd.		1,522		814
Microport Scientific Corp.		892		1,028
				1,842
Denmark — 1.8%
Ambu A/S, Class B		43		3,596
Bang & Olufsen A/S*		26		595
Bavarian Nordic A/S*		56		2,109
Dfds A/S		57		3,076
FLSmidth & Co A/S		61		3,358
GN Store Nord A/S		212		6,672
Jyske Bank A/S		87		4,700
Nets A/S, 144A*		150		3,927
Nilfisk Holding A/S*		33		1,624
NKT A/S*		33		1,507
Rockwool International A/S, Class B		17		4,676
Royal Unibrew A/S		41		2,341
SimCorp A/S		73		4,391
Spar Nord Bank A/S		104		1,168
Sydbank A/S		115		4,497
Topdanmark A/S*		111		4,777
				53,014
Faroe Islands — 0.1%
Bakkafrost P/F		78		2,947
Finland — 1.5%
Amer Sports OYJ*		130		3,415
Atria OYJ		224		3,226
Cargotec OYJ, Class B		60		3,437
Caverion OYJ*		228		1,710
Citycon OYJ		347		879
Huhtamaki OYJ		84		3,699
Kemira OYJ		177		2,299
Kesko OYJ, Class B		110		5,572
Konecranes OYJ		89		3,960
Metsa Board OYJ		280		2,175
Outokumpu OYJ		387		3,344

	Number of Shares		Value
Finland (Continued)
Outotec OYJ*		338	$	2,551
Sanoma OYJ		110		1,381
Stockmann OYJ Abp, Class B*		88		473
Tieto OYJ		65		2,034
Valmet OYJ		222		4,090
				44,245
France — 3.5%
ABC arbitrage		349		2,642
Air France-KLM*		110		1,564
ALD SA, 144A*		116		1,842
Alten SA		62		5,154
Altran Technologies SA		208		3,553
Axway Software SA		34		931
Cellectis SA*		14		340
Cie des Alpes		64		2,076
Cie Plastic Omnium SA		101		4,373
Coface SA		82		899
DBV Technologies SA*		31		1,378
Elior Group SA, 144A		128		2,812
Elis SA		247		6,444
Euler Hermes Group		20		2,899
Fnac Darty SA*		11		1,157
Gaztransport Et Technigaz SA		61		3,245
Genfit*		26		707
IPSOS		42		1,517
Korian SA		72		2,510
Maisons du Monde SA, 144A		50		2,066
Mercialys SA REIT		94		1,972
Metropole Television SA		126		3,314
Neopost SA		79		2,631
Nexans SA		60		3,938
Nexity SA*		61		3,736
Orpea		48		5,785
Parrot SA*		33		339
Pierre & Vacances SA*		16		884
Rubis SCA		114		8,109
Sartorius Stedim Biotech		33		2,361
SOITEC*		25		1,911
Solocal Group*		429		462
Sopra Steria Group		27		4,830
SPIE SA		123		3,402
SRP Groupe SA, 144A*		56		624
Tarkett SA		37		1,447
Technicolor SA		553		2,025
Television Francaise 1		189		3,010
Vallourec SA*		368		1,988
Vicat SA		4		327
Virbac SA*		9		1,163
Worldline SA, 144A*		40		1,970
				104,337
Georgia — 0.1%
BGEO Group PLC		79		3,506
Germany — 5.4%
Aareal Bank AG		54		2,397
ADO Properties SA, 144A		9		465

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Germany (Continued)
AIXTRON SE*		98	$	1,438
alstria office REIT-AG REIT		201		3,029
AURELIUS Equity Opportunities SE & Co KGaA (b)		46		2,974
Aurubis AG		43		3,567
Bechtle AG		72		6,145
bet-at-home.com AG		24		2,931
Bilfinger SE		64		2,813
Capital Stage AG		100		758
Carl Zeiss Meditec AG		41		2,425
CECONOMY AG		200		2,621
CompuGroup Medical SE		16		1,082
CTS Eventim AG & Co. KGaA		61		2,961
Deutsche Beteiligungs AG		15		843
Deutsche EuroShop AG		63		2,418
Deutsche Pfandbriefbank AG, 144A		59		912
Deutz AG		140		1,166
Diebold Nixdorf AG		35		3,057
DMG Mori AG		58		3,163
Duerr AG		42		5,287
Evotec AG*		120		1,761
Freenet AG		177		6,709
Gerresheimer AG		55		4,390
Grammer AG		15		913
GRENKE AG		33		3,328
Hamburger Hafen und Logistik AG		25		735
Hapag-Lloyd AG, 144A*		48		1,798
Hypoport AG*		5		772
Indus Holding AG		35		2,587
Jenoptik AG		55		1,796
Kloeckner & Co. SE		90		1,060
Koenig & Bauer AG		32		2,443
Krones AG (b)		20		2,533
LEG Immobilien AG		77		8,185
Leoni AG		66		4,862
MorphoSys AG*		47		4,437
Nemetschek SE		20		1,911
Nordex SE*(b)		122		1,239
Norma Group SE		73		4,645
PATRIZIA Immobilien AG*		50		1,179
Rational AG		4		2,617
Rheinmetall AG		61		7,762
RHOEN-KLINIKUM AG		52		1,809
Rocket Internet SE, 144A*		34		809
Salzgitter AG		61		3,141
Scout24 AG, 144A		104		4,377
Siltronic AG*		17		2,525
Software AG		69		3,777
STADA Arzneimittel AG		29		2,809
Stroeer SE & Co. KGaA		49		3,710
Suedzucker AG		100		2,072
TAG Immobilien AG		237		4,340
Takkt AG		34		726
TLG Immobilien AG		221		5,446
Wacker Chemie AG		23		3,748
Wacker Neuson SE		32		1,044
				160,447

	Number of Shares		Value
Hong Kong — 2.3%
Brightoil Petroleum Holdings Ltd.*(c)		6,070	$	1,179
Cafe de Coral Holdings Ltd.		1,036		2,931
Champion REIT		679		502
China Financial International Investments Ltd.*		7,618		215
China Trustful Group Ltd.*		1,189		470
Chow Sang Sang Holdings International Ltd.		423		926
CMBC Capital Holdings Ltd.		10,000		845
Dah Sing Financial Holdings Ltd.		359		2,298
Digital Domain Holdings Ltd.*		25,202		623
Emperor Entertainment Hotel Ltd.		3,008		670
Esprit Holdings Ltd.*		2,891		1,503
Freeman FinTech Corp. Ltd.*		13,520		770
Giordano International Ltd.		2,000		1,068
Global Brands Group Holding Ltd.*		12,064		1,081
Good Resources Holdings Ltd.*		4,198		191
Great Eagle Holdings Ltd.		240		1,291
Haitong International Securities Group Ltd.		2,037		1,176
HKBN Ltd.		2,214		2,668
Hopewell Holdings Ltd.		1,149		4,230
Hsin Chong Group Holdings Ltd.*(c)		6,452		346
Huarong International Financial Holdings Ltd.*		1,135		379
Johnson Electric Holdings Ltd.		561		2,216
Landing International Development Ltd.*		268,662		12,212
Luk Fook Holdings International Ltd.		455		1,987
Man Wah Holdings Ltd.		2,954		2,564
Mason Group Holdings Ltd.*		43,237		692
Melco International Development Ltd.		1,564		4,496
Neo Telemedia Ltd.		645		15
NewOcean Energy Holdings Ltd.*		4,401		1,020
Noble Group Ltd.*		1,150		118
Pacific Basin Shipping Ltd.*		2,000		438
Pacific Textiles Holdings Ltd.		975		1,024
Regina Miracle International Holdings Ltd., 144A		687		666
SUNeVision Holdings Ltd.		398		302
Television Broadcasts Ltd.		606		2,114
Town Health International Medical Group Ltd. (c)		8,362		732
Value Partners Group Ltd.		1,749		1,807
Vision Fame International Holding Ltd.*		1,913		91
VSTECS Holdings Ltd.		1,572		845
VTech Holdings Ltd.		304		4,367
Xinyi Glass Holdings Ltd.*		4,105		5,009
				68,077
India — 0.0%
Vedanta Resources PLC		113		1,058
Ireland — 1.4%
C&C Group PLC		31		106
Cairn Homes PLC*		799		1,693
COSMO Pharmaceuticals NV		8		1,127
Glanbia PLC		229		4,264
Grafton Group PLC		341		3,560
Greencore Group PLC		1,204		3,421

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Ireland (Continued)
Hibernia REIT PLC REIT		1,745	$	2,970
Hostelworld Group PLC, 144A		169		797
Irish Continental Group PLC		368		2,549
Irish Residential Properties REIT PLC REIT		618		1,095
Keywords Studios PLC		57		1,133
Kingspan Group PLC		180		7,370
Smurfit Kappa Group PLC		271		8,648
UDG Healthcare PLC		395		4,487
				43,220
Isle of Man — 0.4%
GVC Holdings PLC		354		4,316
Paysafe Group PLC*		650		5,155
Playtech PLC		299		3,401
				12,872
Israel — 1.6%
Africa Israel Properties Ltd.*		25		629
Airport City Ltd.*		88		1,077
Alony Hetz Properties & Investments Ltd.		127		1,356
Big Shopping Centers Ltd.		7		495
Blue Square Real Estate Ltd.		11		435
Caesarstone Ltd.*(b)		32		797
Cellcom Israel Ltd.*		112		1,112
CyberArk Software Ltd.*		29		1,365
Delek Group Ltd.		5		796
Delta-Galil Industries Ltd.		26		864
El Al Israel Airlines		787		356
Gazit-Globe Ltd.		362		3,770
Israel Discount Bank Ltd., Class A*		2,506		7,112
Ituran Location and Control Ltd.		15		534
Jerusalem Economy Ltd.*		217		610
Kornit Digital Ltd.*(b)		63		1,121
Mazor Robotics Ltd.*		31		932
Melisron Ltd.		22		1,034
Orbotech Ltd.*		83		4,205
Partner Communications Co. Ltd.*		209		1,226
Paz Oil Co. Ltd.		9		1,591
Phoenix Holdings Ltd.*		186		971
Plus500 Ltd.		97		1,256
Radware Ltd.*		50		1,012
Shufersal Ltd.		143		972
SodaStream International Ltd.*		25		1,760
Strauss Group Ltd.		53		1,107
Tower Semiconductor Ltd.*		152		5,523
Wix.com Ltd.*		46		2,525
				46,543
Italy — 4.0%
A2A SpA		2,734		5,142
Anima Holding SpA, 144A		439		3,038
Autogrill SpA		277		3,534
Azimut Holding SpA		115		2,185
Banca Carige SpA*		2,595		31
Banca Generali SpA		90		3,158
Banca Mediolanum SpA		253		2,109
Banca Monte dei Paschi di Siena SpA*		49		239
Banca Popolare di Sondrio SCPA		851		3,383

	Number of Shares		Value
Italy (Continued)
Banco BPM SpA*		1,768	$	6,056
Biesse SpA		39		2,021
BPER Banca		631		3,452
Brembo SpA		305		4,716
Brunello Cucinelli SpA		27		855
Buzzi Unicem SpA		130		3,458
Cerved Information Solutions SpA		236		2,921
Credito Valtellinese SpA*		190		334
De’ Longhi SpA		96		2,820
DiaSorin SpA		45		4,146
Ei Towers SpA		56		3,726
El.En. SpA		18		553
Enav SpA, 144A		312		1,667
Fila SpA		27		606
Fincantieri SpA*		560		799
FinecoBank Banca Fineco SpA		466		4,698
Geox SpA		180		629
Hera SpA		1,270		4,565
Industria Macchine Automatiche SpA		5		423
Infrastrutture Wireless Italiane SpA, 144A		277		2,143
Interpump Group SpA		100		3,297
Iren SpA		600		1,840
Italgas SpA		500		3,166
Juventus Football Club SpA*		520		435
La Doria SpA		45		905
MARR SpA		40		1,034
Mediaset SpA*		695		2,606
Moncler SpA		195		5,345
OVS SpA, 144A		168		1,152
Reply SpA		20		1,151
Saipem SpA*		685		2,749
Salini Impregilo SpA		533		1,950
Salvatore Ferragamo SpA		84		2,296
Saras SpA		218		562
Societa Cattolica di Assicurazioni SC		341		3,700
Societa Iniziative Autostradali e Servizi SpA		92		1,625
Sogefi SpA*		142		726
Tod’s SpA		30		2,000
Unione di Banche Italiane SpA		1,015		4,886
Unipol Gruppo SpA		709		3,251
Yoox Net-A-Porter Group SpA*		75		2,455
				120,538
Japan — 30.7%
77 Bank Ltd.		100		2,353
Activia Properties, Inc. REIT		1		4,136
Adastria Co. Ltd.		100		2,208
ADEKA Corp.		300		5,054
Advance Residence Investment Corp. REIT		2		4,864
Advantest Corp.		200		3,972
AEON REIT Investment Corp. REIT		3		3,116
Aica Kogyo Co. Ltd.		200		6,993
Aiful Corp.*		800		2,730
Anritsu Corp.		400		3,803
Aoyama Trading Co. Ltd.		100		3,803
Ardepro Co. Ltd.		500		444

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Asahi Intecc Co. Ltd.		100	$	6,584
Autobacs Seven Co. Ltd.		300		5,736
Azbil Corp.		200		8,637
Broadleaf Co. Ltd.		300		3,076
Capcom Co. Ltd.		100		2,843
Chiba Kogyo Bank Ltd.		100		530
Chugoku Bank Ltd.		200		2,600
Citizen Watch Co. Ltd.		300		2,172
COMSYS Holdings Corp.		300		8,357
COOKPAD, Inc.		200		1,191
Cosmo Energy Holdings Co. Ltd.		100		2,999
CyberAgent, Inc.		200		6,806
DA Consortium Holdings, Inc.		100		1,884
Daido Steel Co. Ltd.		100		6,033
Daiichikosho Co. Ltd.		100		4,780
Daishi Bank Ltd.		100		4,358
Daisyo Corp.		100		1,489
Denka Co. Ltd.		200		7,339
DIC Corp.		100		3,710
DMG Mori Co. Ltd.		200		3,993
Dowa Holdings Co. Ltd.		100		3,794
Ebara Corp.		200		7,792
Ezaki Glico Co. Ltd.		100		4,931
Frontier Real Estate Investment Corp. REIT		1		4,061
Fuji Oil Holdings, Inc.		100		2,901
Fujikura Ltd.		800		7,442
Fujitsu General Ltd.		100		2,116
Fukuoka REIT Corp. REIT		3		4,500
Funai Electric Co. Ltd.		200		1,534
Funai Soken Holdings, Inc.		200		6,637
Furukawa Electric Co. Ltd.		200		10,556
Glory Ltd.		200		7,090
GLP J REIT		3		3,239
GMO internet, Inc.		200		3,339
GS Yuasa Corp.		1,000		5,153
Gunma Bank Ltd.		400		2,367
H2O Retailing Corp.		200		3,888
Haseko Corp.		500		7,744
Hazama Ando Corp.		600		4,729
HEALIOS KK*		100		1,334
Heiwa Corp.		200		3,444
Hiroshima Bank Ltd.		300		2,354
HIS Co. Ltd.		100		3,754
Hitachi Capital Corp.		100		2,458
Hitachi Kokusai Electric, Inc.		100		2,834
Hokkaido Electric Power Co., Inc.		500		3,585
Hokkoku Bank Ltd.		100		3,870
Hokuhoku Financial Group, Inc.		100		1,488
Hokuriku Electric Power Co.		100		880
Horiba Ltd.		100		6,220
Hosiden Corp.		300		4,715
House Foods Group, Inc.		200		6,504
Hulic Reit, Inc. REIT		1		1,469
Hyakugo Bank Ltd.		1,000		4,603
Ibiden Co. Ltd.		100		1,588
IDOM, Inc. (b)		100		743

	Number of Shares		Value
Japan (Continued)
Industrial & Infrastructure Fund Investment Corp. REIT		1	$	4,367
Ines Corp.		400		3,860
Invesco Office J-Reit, Inc. REIT		1		989
Invincible Investment Corp. REIT		7		2,995
Ito En Ltd.		100		3,714
Itochu Techno-Solutions Corp.		100		4,198
Itoham Yonekyu Holdings, Inc.		200		1,806
Iwatani Corp.		200		6,024
Iyo Bank Ltd.		300		2,338
Izumi Co. Ltd.		100		5,855
J Trust Co. Ltd.		100		680
Jafco Co. Ltd.		100		5,233
Japan Display, Inc.*		700		1,238
Japan Excellent, Inc. REIT		3		3,599
Japan Hotel REIT Investment Corp. REIT		5		3,474
Japan Logistics Fund, Inc. REIT		2		3,687
Japan Petroleum Exploration Co. Ltd.		100		2,286
Japan Rental Housing Investments, Inc. REIT		6		4,425
Japan Steel Works Ltd.		200		6,397
Japan Tissue Engineering Co. Ltd.*		100		1,138
Jimoto Holdings, Inc.		400		672
Juroku Bank Ltd.		100		2,959
JVC Kenwood Corp.*		900		2,759
Kagome Co. Ltd.		200		7,401
Kaken Pharmaceutical Co. Ltd.		50		2,497
Kawasaki Kisen Kaisha Ltd.*		200		5,143
Keiyo Bank Ltd.		1,000		4,540
Keiyo Co. Ltd.		500		3,168
Kenedix Office Investment Corp. REIT		1		5,616
Kenedix, Inc.		300		2,042
Kewpie Corp.		200		5,127
Kinden Corp.		300		5,099
Kiyo Bank Ltd.		300		5,003
Kobayashi Pharmaceutical Co. Ltd.		100		6,300
K’s Holdings Corp. (b)		300		7,720
Kumagai Gumi Co. Ltd.		100		2,777
Kyowa Exeo Corp.		100		2,397
Laox Co. Ltd.*		200		1,200
Leopalace21 Corp.		600		4,798
Lintec Corp.		200		5,491
Maeda Corp.		100		1,467
Maruha Nichiro Corp.		100		2,870
Matsui Securities Co. Ltd.		400		3,494
Matsumotokiyoshi Holdings Co. Ltd.		100		8,246
Matsuya Foods Co. Ltd.		100		3,656
MCJ Co. Ltd.		100		1,007
Megmilk Snow Brand Co. Ltd.		100		2,772
Meitec Corp.		100		5,242
Miraca Holdings, Inc.		100		4,332
Mitsui Engineering & Shipbuilding Co. Ltd.		200		2,891
Mitsui High-Tec, Inc.		200		4,162
Mitsui Mining & Smelting Co. Ltd.		100		5,633
Miura Co. Ltd.		100		2,552
MonotaRO Co. Ltd.		100		2,834
Mori Hills REIT Investment Corp. REIT		3		3,668

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Mori Trust Hotel Reit, Inc. REIT		1	$	1,252
Mori Trust Sogo Reit, Inc. REIT		2		2,914
Morinaga & Co. Ltd.		20		1,000
Musashino Bank Ltd.		100		3,172
Nagase & Co. Ltd.		400		7,297
Nankai Electric Railway Co. Ltd.		200		4,981
NHK Spring Co. Ltd.		200		2,221
Nichi-iko Pharmaceutical Co. Ltd.		100		1,500
Nichirei Corp.		100		2,897
Nifco, Inc.		100		6,691
Nihon Kohden Corp.		100		2,288
Nihon M&A Center, Inc.		200		9,969
Nihon Unisys Ltd.		100		1,957
Nikkon Holdings Co. Ltd.		200		5,376
Nippon Accommodations Fund, Inc. REIT		1		4,034
Nippon Kayaku Co. Ltd.		300		4,537
Nippon Light Metal Holdings Co. Ltd.		600		1,599
Nippon Paper Industries Co. Ltd.		200		3,828
Nippon Shinyaku Co. Ltd.		100		7,144
Nippon Suisan Kaisha Ltd.		600		3,273
Nipro Corp.		400		5,772
Nishimatsu Construction Co. Ltd.		200		5,784
Nishi-Nippon Financial Holdings, Inc.		200		2,234
Nishi-Nippon Railroad Co. Ltd.		200		5,189
Nissan Shatai Co. Ltd.		300		3,057
Nisshin Steel Co. Ltd.		100		1,537
Nisshinbo Holdings, Inc.		300		4,190
NOF Corp.		100		2,746
North Pacific Bank Ltd.		900		2,879
NTN Corp.		1,000		4,896
Ogaki Kyoritsu Bank Ltd.		100		2,560
Okamoto Industries, Inc.		100		1,015
Oki Electric Industry Co. Ltd.		100		1,437
OncoTherapy Science, Inc.*		600		1,242
Orix JREIT, Inc. REIT		3		4,204
OSG Corp.		200		4,080
OSJB Holdings Corp.		200		585
Penta-Ocean Construction Co. Ltd.		900		6,693
PeptiDream, Inc.*		152		5,058
Pigeon Corp.		200		7,632
Pilot Corp.		100		4,807
Premier Investment Corp. REIT		4		3,753
Proto Corp.		100		1,464
Qol Co. Ltd.		200		3,819
Relo Group, Inc.		100		2,655
Resorttrust, Inc.		200		4,364
Rohto Pharmaceutical Co. Ltd.		200		5,116
Sangetsu Corp.		200		3,641
San-In Godo Bank Ltd.		200		1,802
Sankyu, Inc.		200		8,494
Sanwa Holdings Corp.		500		6,580
Sapporo Holdings Ltd.		100		3,123
Sawai Pharmaceutical Co. Ltd.		50		2,439
SCREEN Holdings Co. Ltd.		60		5,363
SCSK Corp.		100		4,367
Seino Holdings Co. Ltd.		400		6,301

	Number of Shares		Value
Japan (Continued)
Sekisui House SI Residential Investment Corp. REIT		4	$	4,023
Senshu Ikeda Holdings, Inc.		800		2,872
Septeni Holdings Co. Ltd.		100		283
Seria Co. Ltd.		46		2,902
Shiga Bank Ltd.		1,000		5,153
Shikoku Electric Power Co., Inc.		200		2,680
Shimachu Co. Ltd.		200		5,740
Shinko Plantech Co. Ltd.		500		5,051
Ship Healthcare Holdings, Inc.		100		3,194
Showa Denko KK		200		7,401
Skylark Co. Ltd.		300		4,380
Sojitz Corp.		2,400		6,909
Sosei Group Corp.*		17		1,662
Sotetsu Holdings, Inc.		100		2,597
Square Enix Holdings Co. Ltd.		200		9,081
Sugi Holdings Co. Ltd.		100		5,349
Sumitomo Forestry Co. Ltd.		300		5,145
Sumitomo Mitsui Construction Co. Ltd.		1,080		6,142
Sumitomo Osaka Cement Co. Ltd.		1,000		4,674
Tadano Ltd.		100		1,516
Taiyo Yuden Co. Ltd.		300		5,001
Takara Holdings, Inc.		500		5,584
Tatsuta Electric Wire And Cable Co. Ltd.		100		757
TIS, Inc.		200		6,788
Toda Corp.		1,000		7,961
Toho Holdings Co. Ltd.		100		2,073
Tokai Carbon Co. Ltd.		200		2,109
Tokai Rika Co. Ltd.		200		4,146
Tokai Tokyo Financial Holdings, Inc.		700		4,516
Tokuyama Corp.		200		6,104
Tokyo Century Corp.		100		4,523
Tokyo Ohka Kogyo Co. Ltd.		100		4,181
Tokyu REIT, Inc. REIT		4		4,937
Tomy Co. Ltd.		100		1,421
Topcon Corp.		200		4,427
Toyo Kanetsu KK		30		1,117
Toyo Tire & Rubber Co. Ltd.		200		4,069
Toyobo Co. Ltd.		300		5,456
Toyota Boshoku Corp.		200		4,133
TS Tech Co. Ltd.		200		8,166
Tsukuba Bank Ltd.		200		686
Tsukui Corp.		400		3,266
Tsumura & Co.		100		3,448
Tsutsumi Jewelry Co. Ltd.		100		1,918
Ube Industries Ltd.		300		8,677
Ushio, Inc.		300		4,313
Valor Holdings Co. Ltd.		200		4,651
Wacoal Holdings Corp.		50		1,546
Welcia Holdings Co. Ltd.		100		4,274
W-Scope Corp.		100		1,978
Yamato Kogyo Co. Ltd.		100		2,701
Yokohama Reito Co. Ltd.		100		994
Yonex Co. Ltd.		100		676
Zenkoku Hosho Co. Ltd.		100		4,296
Zensho Holdings Co. Ltd.		100		1,688

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Zeon Corp.		200	$	2,760
				920,990
Jersey Island — 0.2%
Centamin PLC		1,368		2,548
Phoenix Group Holdings		414		4,272
				6,820
Jordan — 0.1%
Hikma Pharmaceuticals PLC		168		2,340
Luxembourg — 0.4%
APERAM SA		70		3,578
B&M European Value Retail SA		977		5,046
Grand City Properties SA		154		3,519
				12,143
Malta — 0.2%
Catena Media PLC*		55		564
Gaming Innovation Group, Inc.*		774		437
Kindred Group PLC SDR		359		4,773
				5,774
Netherlands — 2.7%
Aalberts Industries NV		126		6,434
Accell Group		46		1,316
AMG Advanced Metallurgical Group NV		16		712
Arcadis NV		98		2,263
ASM International NV		70		4,838
ASR Nederland NV		135		5,503
BE Semiconductor Industries NV		42		3,448
Corbion NV		121		3,909
Eurocommercial Properties NV		57		2,412
Euronext NV, 144A		79		4,821
Fugro NV*		102		1,437
Gemalto NV		93		3,533
IMCD Group NV		88		5,440
InterXion Holding NV*		83		4,792
Koninklijke BAM Groep NV		322		1,749
OCI NV*		92		2,067
Philips Lighting NV, 144A		100		3,788
PostNL NV		664		2,940
Refresco Group NV, 144A		65		1,532
SBM Offshore NV		260		4,312
Takeaway.com NV, 144A*		11		590
TKH Group NV		71		4,732
TomTom NV*		193		2,085
Wereldhave NV REIT		43		1,994
Wessanen		150		3,016
				79,663
New Zealand — 0.9%
a2 Milk Co. Ltd.*		840		4,840
Air New Zealand Ltd.		1,391		3,042
Chorus Ltd.		518		1,402
Contact Energy Ltd.		810		2,990
Infratil Ltd.		1,685		3,801
Kiwi Property Group Ltd.		3,401		3,196
SKY Network Television Ltd.		255		434

	Number of Shares		Value
New Zealand (Continued)
SKYCITY Entertainment Group Ltd.		1,007	$	2,719
Trade Me Group Ltd.		485		1,571
Xero Ltd.*		33		722
Z Energy Ltd.		425		2,263
				26,980
Norway — 1.3%
Aker ASA, Class A		27		1,191
Aker BP ASA		206		4,846
Aker Solutions ASA*		204		1,011
Atea ASA*		97		1,294
DNO ASA*		839		985
Entra ASA, 144A		137		1,910
Europris ASA, 144A		363		1,453
Frontline Ltd.		152		791
Golden Ocean Group Ltd.*		85		679
Grieg Seafood ASA		73		665
Hexagon Composites ASA*		222		707
Kongsberg Automotive ASA*		1,347		1,692
Leroy Seafood Group ASA		360		1,972
Nordic Nanovector ASA*		43		410
Norway Royal Salmon ASA		32		521
Norwegian Air Shuttle ASA*		65		1,422
Norwegian Finans Holding ASA*		131		1,496
Opera Software ASA*		184		495
Petroleum Geo-Services ASA*		205		307
Salmar ASA		50		1,465
Scatec Solar ASA, 144A		112		623
SpareBank 1 Smn		152		1,516
Storebrand ASA		856		6,832
TGS NOPEC Geophysical Co ASA		166		4,001
XXL ASA, 144A		142		1,430
				39,714
Peru — 0.0%
Hochschild Mining PLC		442		1,369
Portugal — 0.3%
Banco Comercial Portugues SA, Class R*		12,159		3,727
Corticeira Amorim SGPS SA		42		583
CTT-Correios de Portugal SA		160		619
NOS SGPS SA		322		2,188
Sonae SGPS SA		2,020		2,450
				9,567
Russia — 0.1%
Evraz PLC		439		1,700
Singapore — 1.6%
Ascott Residence Trust REIT		700		618
BW LPG Ltd., 144A*		141		559
Chip Eng Seng Corp. Ltd.		4,500		3,053
COSCO Shipping International Singapore Co. Ltd.*		3,000		1,123
Frasers Centrepoint Trust REIT		600		988
Frasers Logistics & Industrial Trust REIT		1,200		961
Kenon Holdings Ltd.*		26		543
Keppel REIT		3,400		3,176
Mapletree Commercial Trust REIT		3,800		4,508

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Singapore (Continued)
Mapletree Greater China Commercial Trust REIT		5,600	$	4,900
Mapletree Industrial Trust REIT		3,400		4,967
Mapletree Logistics Trust REIT		4,600		4,332
NetLink NBN Trust*		3,500		2,128
Raffles Medical Group Ltd.		1,113		883
Sembcorp Marine Ltd.		1,100		1,509
Singapore Post Ltd.		3,000		2,892
Starhill Global REIT		1,700		958
United Engineers Ltd.		300		583
Venture Corp. Ltd.		600		9,343
Yanlord Land Group Ltd.		800		985
				49,009
South Africa — 0.0%
Petra Diamonds Ltd.*		866		788
Spain — 2.6%
Acciona SA		35		2,843
Acerinox SA		245		3,294
Almirall SA		117		1,174
Applus Services SA		272		3,463
Atresmedia Corp. de Medios de Comunicacion SA		124		1,424
Axiare Patrimonio SOCIMI SA REIT		76		1,661
Bolsas y Mercados Espanoles SHMSF SA		103		3,457
Cellnex Telecom SA, 144A		200		4,923
CIE Automotive SA		68		1,996
Distribuidora Internacional de Alimentacion SA		702		3,304
Ebro Foods SA		112		2,590
Fomento de Construcciones y Contratas SA*		183		1,982
Grupo Catalana Occidente SA		36		1,552
Hispania Activos Inmobiliarios SOCIMI SA REIT		240		4,235
Indra Sistemas SA*		219		2,985
Inmobiliaria Colonial Socimi SA REIT		376		3,552
Mediaset Espana Comunicacion SA		203		2,364
Melia Hotels International SA		146		1,945
Merlin Properties Socimi SA REIT		410		5,392
Neinor Homes SA, 144A*		83		1,760
NH Hotel Group SA		386		2,837
Papeles y Cartones de Europa SA		156		1,872
Prosegur Cia de Seguridad SA		342		2,792
Realia Business SA*		1,907		2,542
Sacyr SA*		856		2,063
Saeta Yield SA		50		577
Tecnicas Reunidas SA		62		1,891
Telepizza Group SA, 144A*		150		875
Tubacex SA*		228		891
Viscofan SA		78		4,997
Zardoya Otis SA		81		905
				78,138
Sweden — 4.8%
AAK AB		50		4,056
AF AB, Class B		90		1,882

	Number of Shares		Value
Sweden (Continued)
Ahlsell AB, 144A		135	$	818
Axfood AB		118		2,222
Betsson AB*		166		1,169
Bilia AB, Class A		104		972
BillerudKorsnas AB		229		3,912
BioGaia AB, Class B		18		655
Bonava AB, Class B		134		1,839
Bravida Holding AB, 144A		236		1,607
Camurus AB*		35		494
Castellum AB		303		4,908
Com Hem Holding AB		329		4,921
Dometic Group AB, 144A		223		2,126
Dustin Group AB, 144A		148		1,339
Elekta AB, Class B		477		3,977
Evolution Gaming Group AB, 144A		55		3,633
Fabege AB		178		3,702
Fastighets AB Balder, Class B*		137		3,530
Fingerprint Cards AB, Class B*		461		943
Hansa Medical AB*		25		656
Hemfosa Fastigheter AB		216		2,836
Hexpol AB		336		3,251
Holmen AB, Class B		77		3,809
Hufvudstaden AB, Class A		151		2,367
Indutrade AB		186		4,995
Intrum Justitia AB		123		4,232
Investment AB Oresund		66		1,053
JM AB		108		2,486
Kungsleden AB		402		2,855
Loomis AB, Class B		117		4,822
Modern Times Group MTG AB, Class B		100		4,195
Mycronic AB		100		1,045
NCC AB, Class B		119		2,474
NetEnt AB*		336		2,384
New Wave Group AB, Class B		141		905
Nibe Industrier AB, Class B		603		5,748
Nobia AB		181		1,470
Pandox AB		71		1,257
Peab AB		364		3,272
Probi AB		9		368
Ratos AB, Class B (b)		412		1,814
RaySearch Laboratories AB*		28		477
Saab AB, Class B		80		3,889
SkiStar AB		65		1,320
SSAB AB, Class A*		355		1,670
SSAB AB, Class B*		700		2,706
Svenska Cellulosa AB SCA, Class B		730		7,120
Sweco AB, Class B		87		1,771
Swedish Orphan Biovitrum AB*		210		2,893
Thule Group AB, 144A		111		2,443
Trelleborg AB, Class B		274		6,579
Vitrolife AB		17		1,286
Wallenstam AB, Class B		294		2,731
Wihlborgs Fastigheter AB		83		1,932
				143,816
Switzerland — 4.7%
Allreal Holding AG*		24		4,045

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
Switzerland (Continued)
Aryzta AG*		103	$	3,444
Banque Cantonale Vaudoise		3		2,296
Basilea Pharmaceutica AG*		29		2,224
Bobst Group SA		24		3,049
Bucher Industries AG		8		3,178
Burckhardt Compression Holding AG		8		2,444
Cembra Money Bank AG*		35		3,158
Daetwyler Holding AG		10		1,797
dormakaba Holding AG*		6		5,678
Emmi AG*		3		1,941
Ferrexpo PLC		266		912
Flughafen Zurich AG		25		5,621
Forbo Holding AG		2		2,962
Galenica AG, 144A*		54		2,621
GAM Holding AG*		291		4,615
Georg Fischer AG		7		9,208
Helvetia Holding AG		6		3,312
Idorsia Ltd.*		110		2,365
IWG PLC		880		2,344
Landis+Gyr Group AG*		30		2,194
Leonteq AG*		22		1,300
Logitech International SA		248		8,637
Meyer Burger Technology AG*(b)		827		1,480
Mobilezone Holding AG		125		1,544
Mobimo Holding AG*		8		2,047
Molecular Partners AG*		19		479
OC Oerlikon Corp. AG*		370		6,018
Oriflame Holding AG		83		3,258
Panalpina Welttransport Holding AG		26		3,819
PSP Swiss Property AG		53		4,725
SFS Group AG*		32		3,682
Sulzer AG		17		1,987
Sunrise Communications Group AG, 144A*		61		5,531
Tecan Group AG		22		4,533
Temenos Group AG*		91		11,230
u-blox Holding AG*		14		2,714
Valiant Holding AG		27		2,937
VAT Group AG, 144A*		18		2,430
Vontobel Holding AG		56		3,384
				141,143
United Arab Emirates — 0.2%
Borr Drilling Ltd.*		389		1,730
NMC Health PLC		79		3,044
				4,774
United Kingdom — 16.4%
AA PLC		811		1,656
Abcam PLC		309		4,108
Acacia Mining PLC		39		91
Aggreko PLC		303		3,481
Aldermore Group PLC*		174		732
Allied Minds PLC*		341		769
Arrow Global Group PLC		106		536
Ascential PLC		200		958
Ashmore Group PLC		608		3,085

	Number of Shares		Value
United Kingdom (Continued)
ASOS PLC*		76	$	6,229
Assura PLC REIT		2,014		1,610
AVEVA Group PLC		96		3,416
Balfour Beatty PLC		509		1,823
BBA Aviation PLC		1,293		5,826
Beazley PLC		592		3,907
Bellway PLC		149		6,976
Big Yellow Group PLC REIT		220		2,480
Blue Prism Group PLC*		46		951
Bodycote PLC		362		4,245
boohoo.com PLC*		800		1,974
Booker Group PLC		2,108		6,243
Bovis Homes Group PLC		198		2,999
Brewin Dolphin Holdings PLC		640		3,126
Britvic PLC		409		4,453
BTG PLC*		506		4,961
Cairn Energy PLC*		954		2,729
Capital & Counties Properties PLC		623		2,205
Card Factory PLC		683		2,533
Chemring Group PLC		471		1,123
Cineworld Group PLC		245		1,822
Clinigen Group PLC		216		2,965
Close Brothers Group PLC		150		2,887
CMC Markets PLC, 144A		243		561
Conviviality PLC		323		1,780
Countryside Properties PLC, 144A		96		473
Countrywide PLC*		406		598
Crest Nicholson Holdings PLC		362		2,477
CVS Group PLC		63		861
CYBG PLC*		975		4,138
Daily Mail & General Trust PLC, Class A		331		2,393
Dairy Crest Group PLC		291		2,198
Debenhams PLC		142		75
Dechra Pharmaceuticals PLC		54		1,611
Derwent London PLC REIT		114		4,283
Dialight PLC*		41		353
Dialog Semiconductor PLC*		108		3,916
Dignity PLC		70		1,640
Diploma PLC		225		3,478
Domino’s Pizza Group PLC		774		3,406
Drax Group PLC		657		2,404
DS Smith PLC		1,114		8,135
Dunelm Group PLC		180		1,710
EI Group PLC*		500		997
Electrocomponents PLC		543		4,634
Elementis PLC		834		3,072
Essentra PLC		351		2,400
esure Group PLC		623		2,179
Fenner PLC		335		1,747
Fevertree Drinks PLC		130		3,428
Firstgroup PLC*		1,747		2,585
Forterra PLC, 144A		174		682
Galliford Try PLC		128		2,044
GB Group PLC		77		453
Genus PLC		116		3,660
Go-Ahead Group PLC		60		1,261
Gocompare.Com Group PLC		623		878

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Grainger PLC		828	$	3,149
Great Portland Estates PLC REIT		297		2,488
Greene King PLC		340		2,391
Greggs PLC		178		3,197
Halfords Group PLC		479		2,225
Halma PLC		411		7,115
Hansteen Holdings PLC REIT		1,723		3,251
Hastings Group Holdings PLC, 144A		138		586
Hays PLC		1,911		4,760
HomeServe PLC		447		4,833
Hotel Chocolat Group Ltd.		113		549
Howden Joinery Group PLC		783		4,768
Hunting PLC*		242		1,771
Hurricane Energy PLC*		1,166		398
IG Group Holdings PLC		334		2,922
Inchcape PLC		591		5,962
Indivior PLC*		978		4,904
Informa PLC		978		9,920
Inmarsat PLC		518		3,383
Intermediate Capital Group PLC		392		5,646
International Personal Finance PLC		538		1,392
iomart Group PLC		182		916
IQE PLC*(b)		600		1,414
J D Wetherspoon PLC		178		2,942
JD Sports Fashion PLC		421		1,878
John Laing Group PLC, 144A		448		1,664
Jupiter Fund Management PLC		385		3,116
Just Eat PLC*		610		6,587
Just Group PLC		329		721
Kainos Group PLC		134		571
KAZ Minerals PLC*		304		3,077
Keller Group PLC		98		1,259
Kier Group PLC		122		1,716
Ladbrokes Coral Group PLC		1,498		2,715
Laird PLC		961		1,787
Lancashire Holdings Ltd.		221		2,068
LondonMetric Property PLC REIT		978		2,360
Man Group PLC		1,862		4,988
Marston’s PLC		922		1,434
Melrose Industries PLC		2,298		6,212
Metro Bank PLC*(b)		71		3,317
Mitchells & Butlers PLC		384		1,387
Mitie Group PLC		607		1,615
Moneysupermarket.com Group PLC		645		2,922
Morgan Advanced Materials PLC		622		2,665
National Express Group PLC		591		2,912
NCC Group PLC		209		626
NEX Group PLC		323		2,593
Northgate PLC		377		2,139
Ocado Group PLC*(b)		745		3,553
On the Beach Group PLC, 144A		106		638
Ophir Energy PLC*		768		675
Pagegroup PLC		431		2,745
Paragon Banking Group PLC		206		1,348
Pendragon PLC		1,500		527
Pennon Group PLC		416		4,470
Petrofac Ltd.		275		1,564

	Number of Shares		Value
United Kingdom (Continued)
Pets at Home Group PLC		676	$	1,593
Premier Oil PLC*(b)		197		184
Provident Financial PLC		169		2,000
Purplebricks Group PLC*(b)		260		1,254
PZ Cussons PLC		347		1,512
QinetiQ Group PLC		695		2,031
Rathbone Brothers PLC		25		870
Redrow PLC		370		3,017
Renewi PLC		459		633
Renishaw PLC		75		5,391
Rentokil Initial PLC		1,918		8,251
Restaurant Group PLC		330		1,279
Restore PLC		191		1,427
Rightmove PLC		110		5,997
Rotork PLC		1,389		4,858
RPC Group PLC		451		5,636
RPS Group PLC		315		1,158
Safestore Holdings PLC REIT		567		3,569
Saga PLC		1,300		3,212
Savills PLC		220		2,795
Senior PLC		782		2,774
Serco Group PLC*		1,694		2,178
Shaftesbury PLC REIT		323		4,335
SIG PLC		1,189		2,730
Sirius Minerals PLC*		5,396		1,817
Sophos Group PLC, 144A		300		2,307
Sound Energy PLC*(b)		699		506
Spectris PLC		168		5,689
Spirax-Sarco Engineering PLC		80		6,237
Spire Healthcare Group PLC, 144A		482		1,608
Sports Direct International PLC*		191		978
SSP Group PLC		614		5,360
St. Modwen Properties PLC		445		2,352
Staffline Group PLC		34		480
Stagecoach Group PLC		641		1,569
Stobart Group Ltd.		424		1,625
Stock Spirits Group PLC		310		1,111
Subsea 7 SA		309		4,513
SuperGroup PLC		112		2,987
Synthomer PLC		486		3,136
TalkTalk Telecom Group PLC (b)		754		1,561
Tate & Lyle PLC		528		4,806
Ted Baker PLC		45		1,600
Telecom Plus PLC		160		2,575
Thomas Cook Group PLC		2,271		3,639
TP ICAP PLC		505		3,456
Tritax Big Box REIT PLC REIT		1,306		2,559
Tullow Oil PLC*(b)		1,594		3,848
UBM PLC		461		4,657
Ultra Electronics Holdings PLC		109		1,884
UNITE Group PLC REIT		277		2,688
Vectura Group PLC*		1,033		1,352
Vesuvius PLC		267		2,024
Victoria PLC*		52		559
Victrex PLC		129		4,194
Virgin Money Holdings UK PLC		413		1,535
WH Smith PLC		184		5,206

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
William Hill PLC		584	$	2,281
Workspace Group PLC REIT		149		1,878
ZPG PLC, 144A		300		1,310
				492,711
United States — 0.2%
Burford Capital Ltd.		146		2,433
Sims Metal Management Ltd.		324		3,436
				5,869
TOTAL COMMON STOCKS (Cost $2,550,167)				2,971,660
PREFERRED STOCKS — 0.3%
Germany — 0.3%
Jungheinrich AG		90		4,026
Sartorius AG		60		5,749
				9,775
TOTAL PREFERRED STOCKS (Cost $5,526)				9,775

	Number of Shares		Value
RIGHTS — 0.0%
Italy — 0.0%
Banca Carige SpA*, expires 12/11/17		2,595	$	4
United Kingdom — 0.0%
Assura PLC*, expires 12/01/17 (c)		366		10
TOTAL RIGHTS (Cost $3,183)				14
SECURITIES LENDING COLLATERAL — 1.9%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.00% (d)(e) (Cost $57,928)		57,928		57,928
TOTAL INVESTMENTS — 101.4% (Cost $2,616,804)			$	3,039,377
Other assets and liabilities, net — (1.4%)				(42,903	)
NET ASSETS — 100.0%			$	2,996,474

* Non-income producing security.

(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, 2017 amounted to $51,277, which is 1.7% of net assets.

(c) Investment was valued using significant unobservable inputs.

(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.

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, 2017, the Fund had the following forward foreign currency contracts outstanding:

Counterparty	Settlement Date	Currency To Deliver		Currency To Receive		Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia	12/5/2017	AUD	221,000	USD	169,391	$	2,230	$	—
The Bank of Nova Scotia	12/5/2017	AUD	18,000	USD	13,796		181		—
The Bank of Nova Scotia	12/5/2017	CHF	135,000	USD	135,704		—		(1,594	)
The Bank of Nova Scotia	12/5/2017	CHF	9,000	USD	9,048		—		(106	)
The Bank of Nova Scotia	12/5/2017	DKK	9,000	USD	1,412		—		(28	)
The Bank of Nova Scotia	12/5/2017	DKK	339,000	USD	53,165		—		(1,070	)
The Bank of Nova Scotia	12/5/2017	EUR	24,000	USD	28,007		—		(570	)
The Bank of Nova Scotia	12/5/2017	EUR	625,000	USD	729,291		—		(14,896	)
The Bank of Nova Scotia	12/5/2017	GBP	15,000	USD	19,937		—		(353	)
The Bank of Nova Scotia	12/5/2017	GBP	394,000	USD	523,661		—		(9,303	)
The Bank of Nova Scotia	12/5/2017	HKD	503,000	USD	64,501		93		—
The Bank of Nova Scotia	12/5/2017	HKD	26,000	USD	3,334		5		—
The Bank of Nova Scotia	12/5/2017	ILS	103,000	USD	29,285		—		(190	)
The Bank of Nova Scotia	12/5/2017	JPY	96,739,000	USD	852,356		—		(7,475	)
The Bank of Nova Scotia	12/5/2017	JPY	5,465,000	USD	48,158		—		(415	)
The Bank of Nova Scotia	12/5/2017	NOK	19,000	USD	2,324		40		—
The Bank of Nova Scotia	12/5/2017	NOK	390,000	USD	47,700		813		—
The Bank of Nova Scotia	12/5/2017	NZD	4,000	USD	2,738		5		—

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)

November 30, 2017 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia		12/5/2017		NZD	43,000		USD	29,438	$	50	$	—
The Bank of Nova Scotia		12/5/2017		SEK	40,000		USD	4,786		6		—
The Bank of Nova Scotia		12/5/2017		SEK	1,231,000		USD	147,288		162		—
The Bank of Nova Scotia		12/5/2017		SGD	4,000		USD	2,937		—		(29	)
The Bank of Nova Scotia		12/5/2017		SGD	59,000		USD	43,314		—		(436	)
The Bank of Nova Scotia		12/5/2017		USD	181,437		AUD	239,000		—		(661	)
The Bank of Nova Scotia		12/5/2017		USD	146,647		CHF	144,000		—		(196	)
The Bank of Nova Scotia		12/5/2017		USD	55,754		DKK	348,000		—		(80	)
The Bank of Nova Scotia		12/5/2017		USD	773,835		EUR	649,000		—		(1,071	)
The Bank of Nova Scotia		12/5/2017		USD	553,643		GBP	409,000		—		(388	)
The Bank of Nova Scotia		12/5/2017		USD	67,732		HKD	529,000		5		—
The Bank of Nova Scotia		12/5/2017		USD	29,480		ILS	103,000		—		(6	)
The Bank of Nova Scotia		12/5/2017		USD	913,310		JPY	102,204,000		—		(4,905	)
The Bank of Nova Scotia		12/5/2017		USD	49,338		NOK	409,000		—		(166	)
The Bank of Nova Scotia		12/5/2017		USD	32,254		NZD	47,000		—		(132	)
The Bank of Nova Scotia		12/5/2017		USD	152,509		SEK	1,271,000		—		(603	)
The Bank of Nova Scotia		12/5/2017		USD	46,771		SGD	63,000		—		(55	)
The Bank of Nova Scotia		1/4/2018		AUD	239,000		USD	181,402		654		—
The Bank of Nova Scotia		1/4/2018		AUD	11,000		USD	8,349		30		—
The Bank of Nova Scotia		1/4/2018		CHF	144,000		USD	147,059		191		—
The Bank of Nova Scotia		1/4/2018		DKK	348,000		USD	55,879		76		—
The Bank of Nova Scotia		1/4/2018		EUR	649,000		USD	775,516		1,051		—
The Bank of Nova Scotia		1/4/2018		GBP	3,000		USD	4,066		3		—
The Bank of Nova Scotia		1/4/2018		GBP	409,000		USD	554,359		382		—
The Bank of Nova Scotia		1/4/2018		HKD	529,000		USD	67,754		—		(10	)
The Bank of Nova Scotia		1/4/2018		HKD	18,000		USD	2,306		—		—
The Bank of Nova Scotia		1/4/2018		ILS	103,000		USD	29,511		2		—
The Bank of Nova Scotia		1/4/2018		ILS	10,000		USD	2,866		1		—
The Bank of Nova Scotia		1/4/2018		NOK	409,000		USD	49,394		167		—
The Bank of Nova Scotia		1/4/2018		NZD	47,000		USD	32,239		131		—
The Bank of Nova Scotia		1/4/2018		SEK	1,271,000		USD	152,922		611		—
The Bank of Nova Scotia		1/4/2018		SGD	63,000		USD	46,775		51		—
The Bank of Nova Scotia		1/4/2018		USD	2,248		DKK	14,000		—		(4	)
The Bank of Nova Scotia		1/4/2018		USD	48,998		EUR	41,000		—		(72	)
The Bank of Nova Scotia		1/4/2018		USD	5,487		NZD	8,000		—		(22	)
The Bank of Nova Scotia		1/5/2018		JPY	2,110,000		USD	18,891		102		—
The Bank of Nova Scotia		1/5/2018		JPY	102,204,000		USD	915,048		4,904		—
Total unrealized appreciation (depreciation)									$	11,946	$	(44,836	)

Currency Abbreviations

AUD Australian Dollar

CHF Swiss Franc

DKK Danish Krone

EUR Euro

GBP Pound Sterling

HKD Hong Kong Dollar

ILS Israeli Shekel

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.

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF (Continued)

November 30, 2017 (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 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.

The following is a summary of the inputs used as of November 30, 2017 in valuing the Fund’s investments. For 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.

Assets	Level 1		Level 2			Level 3		Total
Common Stocks (f)	$	2,969,403	$	—		$	2,257	$	2,971,660
Rights (f)		4		—			10		14
Preferred Stock		9,775		—			—		9,775
Short-Term Investments		57,928		—			—		57,928
Derivatives (g)
Forward Foreign Currency Contracts		—		11,946			—		11,946
TOTAL	$	3,037,110	$	11,946		$	2,267	$	3,051,323
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (g)
Forward Foreign Currency Contracts	$	—	$	(44,836	)	$	—	$	(44,836	)
TOTAL	$	—	$	(44,836	)	$	—	$	(44,836	)

(f) See Schedule of Investments for additional detailed categorizations.

(g) Derivatives include unrealized appreciation (depreciation) on forward foreign currency contracts.

During the period ended November 30, 2017, the amount of transfers between Level 1 and Level 3 was $2,624 and between Level 3 and Level 1 was $2,797. 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. 32

This Page is Intentionally Left Blank

33

DBX ETF Trust

Statements of Assets and Liabilities

November 30, 2017 (Unaudited)

	Xtrackers Eurozone Equity ETF			Xtrackers Germany Equity ETF			Xtrackers Japan JPX-Nikkei 400 Equity ETF			Xtrackers MSCI EAFE Small Cap Hedged Equity ETF
Assets
Investments in non-affiliated securities at value	$	2,412,298		$	2,392,136		$	13,118,071		$	2,981,449
Investment in affiliated securities at value		16,585			56,656			—			—
Investment in Deutsche Government & Agency Securities Portfolio*		13,240			3,191			—			57,928
Cash		67			275			13,887			544
Foreign currency at value		795			249			26,683			3,908
Unrealized appreciation on forward foreign currency contracts		—			—			—			11,946
Deposit with broker for futures contracts		—			—			2,674			—
Receivables:
Investment securities sold		—			—			—			142,479
Variation margin on futures contracts		—			—			461			—
Dividends		365			—			53,736			5,050
Securities lending income		2			1			—			82
Foreign tax reclaim		393			—			3,373			237
Other assets		57			57			57			57
Total Assets	$	2,443,802		$	2,452,565		$	13,218,942		$	3,203,680
Liabilities
Payable upon return of securities loaned	$	13,240		$	3,191		$	—		$	57,928
Unrealized depreciation on forward foreign currency contracts		—			—			—			44,836
Payables:
Investment securities purchased		—			—			—			103,338
Investment advisory fees		296			300			1,519			1,104
Total Liabilities		13,536			3,491			1,519			207,206
Net Assets, at value	$	2,430,266		$	2,449,074		$	13,217,423		$	2,996,474
Net Assets Consist of
Paid-in capital	$	2,489,929		$	2,498,511		$	11,699,616		$	2,504,618
Undistributed net investment income		21,589			9,973			83,620			25,866
Accumulated net realized gain (loss)		(163,036	)		(102,843	)		(231,444	)		76,199
Net unrealized appreciation (depreciation)		81,784			43,433			1,665,631			389,791
Net Assets, at value	$	2,430,266		$	2,449,074		$	13,217,423		$	2,996,474
Number of Common Shares outstanding		100,001			100,001			450,001			100,001
Net Asset Value	$	24.30		$	24.49		$	29.37		$	29.96
Investments in non-affiliated securities at cost	$	2,332,427		$	2,355,108		$	11,457,141		$	2,558,876
Investments in affiliated securities at cost	$	14,712		$	50,257		$	—		$	—
Value of securities loaned	$	2,275		$	3,039		$	—		$	51,277
Investment in Deutsche Government & Agency Securities Portfolio at cost*	$	13,240		$	3,191		$	—		$	57,928
Foreign currency at cost	$	785		$	243		$	26,344		$	3,889

* Represents collateral on securities loaned.

See Notes to Financial Statements. 34

DBX ETF Trust

Statements of Operations

For the Six Months Ended November 30, 2017 (Unaudited)

	Xtrackers Eurozone Equity ETF			Xtrackers Germany Equity ETF			Xtrackers Japan JPX-Nikkei 400 Equity ETF			Xtrackers MSCI EAFE Small Cap Hedged Equity ETF
Investment Income
Unaffiliated dividend income*	$	27,174		$	14,700		$	94,147		$	26,485
Securities lending income, net of borrower rebates		34			1			55			715
Total Investment Income		27,208			14,701			94,202			27,200
Expenses
Investment advisory fees		4,722			4,605			19,189			6,431
Total Expenses		4,722			4,605			19,189			6,431
Net Investment income (loss)		22,486			10,096			75,013			20,769
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(90,568	)		(27,856	)		(17,569	)		71,663
Investments in affiliates		—			(22	)		—			—
In-kind redemptions		271,285			416,736			—			—
Futures contracts		—			—			21,190			—
Foreign currency transactions		479			5			2,832			67
Forward foreign currency contracts		(142,709	)		(132,421	)		—			(42,479	)
Net realized gain (loss)		38,487			256,442			6,453			29,251
Net change in unrealized appreciation (depreciation) on:
Investments		(49,648	)		(90,324	)		1,300,592			191,421
Investments in affiliates		1,877			6,399			—			—
Futures contracts		—			—			(847	)		—
Foreign currency translations		(186	)		(41	)		(439	)		(58	)
Forward foreign currency contracts		71,195			67,134			—			(1,132	)
Net change in unrealized appreciation (depreciation)		23,238			(16,832	)		1,299,306			190,231
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		61,725			239,610			1,305,759			219,482
Net Increase (Decrease) in Net Assets Resulting from Operations	$	84,211		$	249,706		$	1,380,772		$	240,251
*       Unaffiliated foreign tax withheld	$	4,978		$	4,021		$	10,701		$	2,246

See Notes to Financial Statements. 35

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Eurozone Equity ETF						Xtrackers Germany Equity ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	22,486		$	73,948		$	10,096		$	75,987
Net realized gain (loss)		38,487			(22,539	)		256,442			(112,270	)
Net change in net unrealized appreciation (depreciation)		23,238			397,415			(16,832	)		407,298
Net increase (decrease) in net assets resulting from operations		84,211			448,824			249,706			371,015
Distributions to Shareholders from
Net investment income		(35,924	)		(79,217	)		(43,413	)		(71,924	)
Total distributions		(35,924	)		(79,217	)		(43,413	)		(71,924	)
Fund Shares Transactions
Proceeds from shares sold		1,199,116			—			1,206,200			—
Value of shares redeemed		(1,211,441	)		—			(1,211,262	)		—
Net increase (decrease) in net assets resulting from fund share transactions		(12,325	)		—			(5,062	)		—
Total net increase (decrease) in Net Assets		35,962			369,607			201,231			299,091
Net Assets
Beginning of period		2,394,304			2,024,697			2,247,843			1,948,752
End of period	$	2,430,266		$	2,394,304		$	2,449,074		$	2,247,843
Undistributed net investment income	$	21,589		$	35,027		$	9,973		$	43,290
Changes in Shares Outstanding
Shares outstanding, beginning of period		100,001			100,001			100,001			100,001
Shares sold		50,000			—			50,000			—
Shares redeemed		(50,000	)		—			(50,000	)		—
Shares outstanding, end of period		100,001			100,001			100,001			100,001

See Notes to Financial Statements. 36

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers Japan JPX-Nikkei 400 Equity ETF						Xtrackers MSCI EAFE Small Cap Hedged Equity ETF
	For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017			For the Six Months Ended November 30, 2017 (Unaudited)			Year Ended May 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	75,013		$	266,292		$	20,769		$	52,045
Net realized gain (loss)		6,453			1,416,998			29,251			195,707
Net change in net unrealized appreciation (depreciation)		1,299,306			463,516			190,231			203,224
Net increase (decrease) in net assets resulting from operations		1,380,772			2,146,806			240,251			450,976
Distributions to Shareholders from
Net investment income		(100,028	)		(264,075	)		(30,699	)		(62,074	)
Net realized gains		—			—			—			(27,075	)
Total distributions		(100,028	)		(264,075	)		(30,699	)		(89,149	)
Fund Shares Transactions
Proceeds from shares sold		1,439,630			8,337,937			—			—
Value of shares redeemed		—			(18,274,566	)		—			—
Net increase (decrease) in net assets resulting from fund share transactions		1,439,630			(9,936,629	)		—			—
Total net increase (decrease) in Net Assets		2,720,374			(8,053,898	)		209,552			361,827
Net Assets
Beginning of period		10,497,049			18,550,947			2,786,922			2,425,095
End of period	$	13,217,423		$	10,497,049		$	2,996,474		$	2,786,922
Undistributed net investment income	$	83,620		$	108,635		$	25,866		$	35,796
Changes in Shares Outstanding
Shares outstanding, beginning of period		400,001			800,001			100,001			100,001
Shares sold		50,000			350,000			—			—
Shares redeemed		—			(750,000	)		—			—
Shares outstanding, end of period		450,001			400,001			100,001			100,001

See Notes to Financial Statements. 37

DBX ETF Trust

Financial Highlights

Xtrackers Eurozone Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	23.94		$	20.25		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.22			0.74			0.53
Net realized and unrealized gain (loss)		0.50			3.74			(4.99	)
Total from investment operations		0.72			4.48			(4.46	)
Less distributions from:
Net investment income		(0.36	)		(0.79	)		(0.29	)
Total distributions		(0.36	)		(0.79	)		(0.29	)
Net Asset Value, end of period	$	24.30		$	23.94		$	20.25
Total Return (%)		3.04	**		23.01			(17.94	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2			2			2
Ratio of expenses (%)		0.39	*		0.45			0.45	*
Ratio of net investment income (loss) (%)		1.86	*		3.62			3.18	*
Portfolio turnover rate (%)(c)		88	**		20			20	**
Xtrackers Germany Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	22.48		$	19.49		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.10			0.76			0.46
Net realized and unrealized gain (loss)		2.34			2.95			(5.75	)
Total from investment operations		2.44			3.71			(5.29	)
Less distributions from:
Net investment income		(0.43	)		(0.72	)		(0.22	)
Total distributions		(0.43	)		(0.72	)		(0.22	)
Net Asset Value, end of period	$	24.49		$	22.48		$	19.49
Total Return (%)		11.04	**		19.70			(21.29	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2			2			2
Ratio of expenses (%)		0.39	*		0.45			0.45	*
Ratio of net investment income (loss) (%)		0.85	*		3.89			2.76	*
Portfolio turnover rate (%)(c)		108	**		30			29	**

(a) For the period August 19, 2015 (commencement of operations) through May 31, 2016.

(b) Based on average shares outstanding during the period.

(c) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 38

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Japan JPX-Nikkei 400 Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Period Ended 5/31/2016(a)
Net Asset Value, beginning of period	$	26.24		$	23.19		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.19			0.35			0.28
Net realized and unrealized gain (loss)		3.19			3.04			(1.97	)
Total from investment operations		3.38			3.39			(1.69	)
Less distributions from:
Net investment income		(0.25	)		(0.34	)		(0.12	)
Total distributions		(0.25	)		(0.34	)		(0.12	)
Net Asset Value, end of period	$	29.37		$	26.24		$	23.19
Total Return (%)		12.99	**		14.75			(6.78	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		13			10			19
Ratio of expenses (%)		0.35	*		0.40			0.40	*
Ratio of net investment income (loss) (%)		1.36	*		1.46			1.31	*
Portfolio turnover rate (%)(d)		17	**		22			8	**
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF Selected Per Share Data	For the Six Months Ended 11/30/2017 (Unaudited)			Year Ended 5/31/2017			Period Ended 5/31/2016(b)
Net Asset Value, beginning of period	$	27.87		$	24.25		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.21			0.52			0.40
Net realized and unrealized gain (loss)		2.19			3.99			(0.89	)
Total from investment operations		2.40			4.51			(0.49	)
Less distributions from:
Net investment income		(0.31	)		(0.62	)		(0.26	)
Net realized gains		—			(0.27	)		—
Total distributions		(0.31	)		(0.89	)		(0.26	)
Net Asset Value, end of period	$	29.96		$	27.87		$	24.25
Total Return (%)		8.69	**		19.32			(1.96	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		3			3			2
Ratio of expenses (%)		0.45	*		0.45			0.45	*
Ratio of net investment income (loss) (%)		1.45	*		2.10			2.16	*
Portfolio turnover rate (%)(d)		9	**		20			23	**

(a) For the period June 24, 2015 (commencement of operations) through May 31, 2016.

(b) For the period August 19, 2015 (commencement of operations) through May 31, 2016.

(c) Based on average shares outstanding during the period.

(d) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 39

DBX ETF Trust

Notes to Financial Statements

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, 2017, the Trust consists of thirty-five investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

New Fund Name	Former Fund Name
Xtrackers Eurozone Equity ETF*	Deutsche X-trackers MSCI Southern Europe Hedged Equity ETF*
Xtrackers Germany Equity ETF**	Deutsche X-trackers MSCI Italy Hedged Equity ETF**
Xtrackers Japan JPX-Nikkei 400 Equity ETF	Deutsche X-trackers Japan JPX-Nikkei 400 Equity ETF
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF	Deutsche X-trackers MSCI EAFE Small Cap 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 (“Board”).

Xtrackers Japan JPX-Nikkei 400 Equity ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF and Xtrackers MSCI EAFE Small Cap Hedged Equity ETF offer shares that are listed and traded on the Bats BZX Exchange (“Bats BZX”). 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. Shares are not individually redeemable securities of the Funds, and owners of shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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
Xtrackers Eurozone Equity ETF*	NASDAQ Eurozone Large Mid Cap Index*
Xtrackers Germany Equity ETF**	NASDAQ Germany Large Mid Cap Index**
Xtrackers Japan JPX-Nikkei 400 Equity ETF	JPX-Nikkei 400 Net Total Return Index
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF	MSCI EAFE Small Cap US Dollar Hedged Index

* On October 27, 2017, the Fund changed its name from Xtrackers MSCI Southern Europe Hedged Equity ETF to Xtrackers Eurozone Equity ETF and its Underlying Index from MSCI Southern Europe US Dollar Hedged Index to the NASDAQ Eurozone Large Mid Cap Index.

** On October 27, 2017, the Fund changed its name from Xtrackers MSCI Italy Hedged ETF to Xtrackers Germany Equity ETF and its Underlying Index from MSCI Italy 25/50 US Dollar Hedged Index to the NASDAQ Germany Large Mid Cap Index.

The NASDAQ Eurozone Large Mid Cap Index is designed to track the performance of equity securities of large- and mid-capitalization companies based in the countries in the Economic and Monetary Union of the European Union. The NASDAQ Eurozone Large Mid Cap Index which is rebalanced semi-annually in March and September.

The NASDAQ Germany Large Mid Cap Index is designed to track the performance of the German large- and mid-capitalization equity market. The NASDAQ Germany Large Mid Cap Index is rebalanced semi-annually in March and September.

The JPX-Nikkei Index 400 Net Total Return Index is designed to track the performance of equity securities of issuers that 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 JPX-Nikkei Index 400 is rebalanced annually.

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 MSCI EAFE Small Cap US Dollar Hedged Index is rebalanced monthly on the last business day of each month.

40

DBX ETF Trust

Notes to Financial Statements (Continued)

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. Each Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. 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 Funds’ 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 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.

Investments in open-end investment companies are valued at their net asset value each business day 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.

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.

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 Funds’ 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

41

DBX ETF Trust

Notes to Financial Statements (Continued)

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 Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF, Xtrackers Japan JPX-Nikkei 400 Equity ETF and Xtrackers MSCI EAFE Small Cap Hedged Equity ETF to pay out dividends from net investment income semi-annually. 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 Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2017, the Funds did not incur any interest or penalties.

At May 31, 2017, 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 capital 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
Xtrackers Eurozone Equity ETF	$	39,599	$	—	$	39,599
Xtrackers Germany Equity ETF		126,604		—		126,604
Xtrackers Japan JPX-Nikkei 400 Equity ETF		56,029		130,197		186,226

42

DBX ETF Trust

Notes to Financial Statements (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, 2017, the Funds incurred and will elect to defer net capital losses as follows:

	Post-October Losses on Capital
Xtrackers Eurozone Equity ETF	$	140,363
Xtrackers Germany Equity ETF		230,051
Xtrackers Japan JPX-Nikkei 400 Equity ETF		13,805

As of May 31, 2017, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or depreciation and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Eurozone Equity ETF	$	2,362,802	$	36,759	$	191,787	$	(155,028	)
Xtrackers Germany Equity ETF		2,183,943		57,588		176,170		(118,582	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		10,025,215		322,472		835,222		(512,750	)
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF		2,640,601		200,436		410,093		(209,657	)

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, 2017, 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 their securities lending agreement. During the term of the loans, the Funds 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 cash 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 securities lending agreement. During the period ended November 30, 2017, the Funds invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of November 30, 2017, Xtrackers Eurozone Equity ETF, Xtrackers Germany Equity ETF and Xtrackers MSCI EAFE Small Cap Hedged Equity ETF invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.13% annualized effective rate as of November 30, 2017) on the cash collateral invested in Deutsche Government & Agency Securities Portfolio. 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

43

DBX ETF Trust

Notes to Financial Statements (Continued)

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, 2017, the Funds listed below had securities on loan, which were classified as Common Stocks in the Schedule of Investments. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements were overnight and continuous.

Xtrackers Eurozone Equity ETF

Xtrackers Germany Equity ETF

Xtrackers MSCI EAFE Small Cap Hedged Equity ETF

As of November 30, 2017, the fund listed below had no securities on loan:

Xtrackers Japan JPX-Nikkei 400 Equity ETF

Derivatives

Forward Foreign Currency Contracts    The Xtrackers MSCI EAFE Small Cap Hedged Equity ETF, may enter into forward foreign currency contracts (“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.

A forward currency 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, 2017, the Xtrackers MSCI EAFE Small Cap Hedged Equity ETF invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies. In addition, prior to October 27, 2017, Xtrackers Eurozone Equity ETF (formerly Xtrackers MSCI Southern Europe Hedged Equity ETF) and Xtrackers Germany Equity ETF (formerly Xtrackers MSCI Italy Hedged Equity ETF) each invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against the Euro.

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 forward foreign currency contracts. 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 contracts as of November 30, 2017 is included in a table following the Fund’s Schedule of Investments. The investment in forward currency 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, 2017.

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. For the period ended November 30, 2017, Xtrackers Japan JPX-Nikkei 400 Equity ETF utilized futures in order to simulate investment in the Fund’s 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

44

DBX ETF Trust

Notes to Financial Statements (Continued)

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, 2017 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, 2017 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers Japan JPX-Nikkei 400 Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	3,908	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	11,946	Unrealized depreciation on forward foreign currency contracts	$	44,836

* Includes cumulative appreciation or cumulative depression on futures contracts as disclosed in the Schedule of Investments. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities.

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2017 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Net Realized Gain (Loss) from:
	Futures Contracts — Equity Contracts		Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers Eurozone Equity ETF	$	—	$	(142,709	)	$	(142,709	)
Xtrackers Germany Equity ETF		—		(132,421	)		(132,421	)
Xtrackers Japan JPX-Nikkei 400 Equity ETF		21,190		—			21,190
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF		—		(42,479	)		(42,479	)

Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts			Forward Foreign Currency Contracts — Foreign Exchange Contracts			Total
Xtrackers Eurozone Equity ETF	$	—		$	71,195		$	71,195
Xtrackers Germany Equity ETF		—			67,134			67,134
Xtrackers Japan JPX-Nikkei 400 Equity ETF		(847	)		—			(847	)
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF		—			(1,132	)		(1,132	)

45

DBX ETF Trust

Notes to Financial Statements (Continued)

For the period ended November 30, 2017 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)		Forward Foreign Currency Contracts (Contract Value)
Xtrackers EurozoneEquity ETF	$	—	$	(1,714,804	)*
Xtrackers MSCI Germany Equity ETF		—		(1,634,110	)*
Xtrackers Japan JPX-Nikkei 400 Equity ETF		143,996		—
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF		—		(2,813,533	)

* for the period from June 1, 2017 through October 26, 2017.

As of November 30, 2017, 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 deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. 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:

	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
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF
The Bank of Nova Scotia	$	11,946	$	(11,946	)	$	—	$	—	$	44,836	$	(11,946	)	$	—	$	32,890

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.

For its investment advisory services to the Xtrackers MSCI EAFE Small Cap Hedged Equity ETF, the Advisor is entitled to receive a unitary management fee from the Fund based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.45%.

For its investment advisory services to the Funds below, for the period from June 1, 2017 through October 26, 2017, the Advisor received a unitary management fee from each Fund based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

	Unitary Management Fee
Xtrackers Eurozone Equity ETF		0.45	%
Xtrackers Germany Equity ETF		0.45	%
Xtrackers Japan JPX-Nikkei 400 Equity ETF		0.40	%

46

DBX ETF Trust

Notes to Financial Statements (Continued)

Effective October 27, 2017, 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, computed and accrued daily and payable monthly, at an annual rate equal to:

	Unitary Management Fee
Xtrackers Eurozone Equity ETF		0.15	%
Xtrackers Germany Equity ETF		0.15	%
Xtrackers Japan JPX-Nikkei 400 Equity ETF		0.15	%

Out of the unitary management fee, the Advisor pays substantially all expenses of each Fund, including 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, distribution fees or expenses, if any, litigation 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, Lending 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; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

4. Investment Portfolio Transactions

For the period ended November 30, 2017, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers Eurozone Equity ETF	$	2,117,693	$	2,233,785
Xtrackers Germany Equity ETF		2,523,253		2,627,222
Xtrackers Japan JPX-Nikkei 400 Equity ETF		1,876,484		1,826,652
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF		270,078		314,331

For the period ended November 30, 2017, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers Eurozone Equity ETF	$	1,191,257	$	1,184,299
Xtrackers Germany Equity ETF		1,198,623		1,192,319
Xtrackers Japan JPX-Nikkei 400 Equity ETF		1,436,822		—

5. Fund Share Transactions

As of November 30, 2017, 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.

47

DBX ETF Trust

Notes to Financial Statements (Continued)

6. 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, 2017, there was one affiliated shareholder account for each fund listed below holding a significant percentage of the shares outstanding:

	Approximate Percent of Outstanding Shares Held
Xtrackers Eurozone Equity ETF		95	%
Xtrackers Germany Equity ETF		95	%
Xtrackers MSCI EAFE Small Cap Hedged Equity ETF		85	%

48

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 most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” 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 (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 Trust 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.Xtrackers.com.

Discount & Premium Information

Information regarding how often shares of each Fund traded on NYSE Arca or Bats BZX, as applicable, 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.Xtrackers.com.

49

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.Xtrackers.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.

50

DBX ETF Trust

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including possible loss of principal. Stocks may decline in value. Foreign investing involves greater and different risks than investing in U.S. 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. 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. Preferred stocks, a type of dividend-paying stock, present certain additional 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. A 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 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 each Fund’s potential risk. Performance of a Fund may diverge from that of an Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. A fund that focuses its investments in Japan can be impacted by the events and developments in Japan, which can adversely affect performance. There are additional risks associated with investing in aggressive growth stocks, non-diversified/concentrated funds and small- and mid-cap stocks which are more fully explained in the prospectuses, as applicable. An investment in any Fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the New York Stock Exchange or Bats BZX Exchange, Inc., as applicable. 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 Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

NASDAQ and NASDAQ Index are servicemarks of NASDAQ Inc. and have been licensed for use by DBX. The Funds or securities referenced to herein are not sponsored, endorsed, issued, sold or promoted by NASDAQ Inc. nor does this company make any representation regarding the advisability of investing in the Funds. NASDAQ Inc.’s only relationship to each Fund is in the licensing of its trade names and the use of each Underlying Index which is determined, composed and calculated by NASDAQ Inc. without regard to the Funds. The Funds’ prospectus contains a more detailed description of the limited relationship NASDAQ Inc. has with DBX and any related Funds.

The JPX-Nikkei 400 Total Return Index” (the “Index”) is copyrightable work calculated using such methodology independently developed by Japan Exchange Group, Inc. and Tokyo Stock Exchange, Inc. (hereinafter collectively called “JPX Group”) and Nikkei Inc. (hereinafter called “Nikkei”). JPX Group and Nikkei jointly own copyrights and any other intellectual property rights subsisting in “Index” itself and the methodology to calculate “Index”. JPN is not in any way sponsored, endorsed or promoted by JPX Group and Nikkei. JPX Group and Nikkei do not make any warranty or representation. JPX Group and Nikkei have no obligation to publish “Index” continuously and shall not be liable for any errors, delays or suspensions of the publication of “Index”.

The Funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related Funds.

Copyright © 2017 Deutsche Bank AG. All rights reserved. Xtrackers^® 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	Administrator, custodian, fund accounting agent, lending agent & 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-049074-2 (1/18) DBX 003107 (1/19)

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 registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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.

(a)(4) 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/ Freddi Klassen
	Freddi Klassen
	President and Chief Executive Officer

Date     2/02/2018

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/ Freddi Klassen
	Freddi Klassen
	President and Chief Executive Officer

Date     2/02/2018

By (Signature and Title)*	/s/ Michael Gilligan
	Michael Gilligan
	Treasurer, Chief Financial Officer and Controller

Date     2/02/2018

^* Print the name and title of each signing officer under his or her signature.