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:  August 31

Date of reporting period:  February 28, 2018

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.

February 28, 2018

Semi-Annual Report

DBX ETF Trust

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (DEEF)

Xtrackers FTSE Emerging Comprehensive Factor ETF (DEMG)

Xtrackers Russell 1000 Comprehensive Factor ETF (DEUS)

Xtrackers Russell 2000 Comprehensive Factor ETF (DESC)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Portfolio Summary		3
Xtrackers FTSE Developed ex US Comprehensive Factor ETF		3
Xtrackers FTSE Emerging Comprehensive Factor ETF		4
Xtrackers Russell 1000 Comprehensive Factor ETF		5
Xtrackers Russell 2000 Comprehensive Factor ETF		6
Fees and Expenses		7
Schedule of Investments
Xtrackers FTSE Developed ex US Comprehensive Factor ETF		8
Xtrackers FTSE Emerging Comprehensive Factor ETF		21
Xtrackers Russell 1000 Comprehensive Factor ETF		31
Xtrackers Russell 2000 Comprehensive Factor ETF		40
Statements of Assets and Liabilities		56
Statements of Operations		57
Statements of Changes in Net Assets		58
Financial Highlights		60
Notes to Financial Statements		62
Board Considerations in Approval of Investment Advisory Contracts		70
Additional Information		72
Privacy Policy Notice		73

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for our four comprehensive factor equity ETFs for the period ended February 28, 2018.

You may have noticed a new logo appearing on the cover of this report. As of March 23, 2018, Deutsche Asset Management has adopted its existing European brand, DWS, globally. As we have consolidated several businesses over the last few years, each of which has grown up relatively independently, the time has now come to be united under a single brand that reflects our global identity and the full breadth of capabilities we offer to our clients.

The DWS brand — Deutsche Gesellschaft für Wertpapiersparen — draws on our roots in the German market, going back over 60 years. It was established in Hamburg in 1956 with a singular objective: to assist private investors in building wealth and managing risk. We have been fulfilling that promise for generations. Today, the DWS name is synonymous with the values that we have continuously lived up to, and those that will remain central to our future success: Excellence, Entrepreneurship, Sustainability and Integrity. It is therefore a name that we are proud to adopt and build upon as our brand here in the Americas.

Neither our product names nor the names of DBX ETF Trust and DBX Advisors LLC will change as part of this re-branding.

In connection with this change, our Americas web site has recently been redesigned with a new address: DWS.com. However, for your convenience, the Xtrackers.com address will remain live and will continue to automatically direct you to the new ETF site. Please visit us online to find the most current insights from our CIO, economists and investment specialists.

Economies globally recorded strong growth and experienced tailwinds from corporate earnings and improved macroeconomics during the period. The U.S. economy continued its solid momentum, underpinned by sound fundamentals in the labor market and the recently enacted tax cuts. The U.S. Federal Reserve Board (FRB) continued to monitor inflation in the expanding economy while maintaining its rhetoric for continued reduction in monetary policy. The European Central Bank (ECB) reduced the quantum of monthly bond purchases in January 2018, but reaffirmed supportive monetary policies. The Eurozone and Japan demonstrated a significant increase in economic activity, while emerging economies in Europe and Asia witnessed robust growth. During the reporting period, global trade advanced rapidly, benefiting most export-based economies.

The U.S. economy expanded at a brisk pace, supported by gains in employment levels and improved household spending and business investment. The approval of the anticipated U.S. tax bill, which was seen as a welcome move, provided a boost to equity markets. The U.S. equity market made significant advances but, surprisingly, slumped at the beginning of February, due to negative sentiment over an unexpected increase in inflation. Hovering near long-term targets, inflation impacted the FRB’s review of the interest rate tightening.

Elsewhere, the Eurozone marched ahead on increasing consumer confidence and higher industrial production. Strong fundamentals of European equities underpinned the broad European equity index, despite U.S. inflation fears causing extreme volatility. The unemployment rate fell more than expected, reaching close to decade-low rates. In addition, improved exports and rising corporate investments in equipment pointed to the ongoing momentum. Against this backdrop, the ECB intends to run a bond purchase program of 30 billion euros until the end of September 2018, or beyond if necessary.

Equities across major Asian economies — China, Japan, and India — gained rapidly, except at the end of the period, when they were affected by the global turbulence. Economic activity in Japan increased, as industrial production and retail sales were favorable. In addition, the

1

inclusive job market situation was apparent in Japan, with the unemployment rate reaching the lowest level in more than two decades in January 2018. Chinese gross domestic product grew above expected levels because of strong exports and resilient property markets.

Most developed economies are in the extended phase of the economic growth cycle, treading toward a macro-economic shift as inflation pressures rise. While global growth remains solid and monetary policy tightens, markets will closely track the pace of interest rate hikes in the U.S. and the ECB’s stance on monetary policy and exchange rate volatility. In such volatile markets, diversifying factors may be a better positioning than pursuing a single-factor approach. However, whether markets remain relatively calm, or we do in fact witness some episodic volatility, our view is that retaining a diversified factor approach is right. It takes advantage of the relatively uncorrelated nature of their excess returns, and mitigates the need to try and time a particular market cycle.

Our team appreciates your trust and looks forward to continue 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.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (DEEF)

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex US Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-cap equity securities from developed markets (except the United States). The Underlying Index consists of issuers from the following 23 developed market countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland and the United Kingdom. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 2/28/18 (6.3% of Net Assets)

Description	% of Net Assets
3i Group PLC (United Kingdom)		1.1%
Svenska Cellulosa AB SCA (Sweden)		0.7%
Investor AB (Sweden)		0.6%
Venture Corp. Ltd. (Singapore)		0.6%
Adecco Group AG (Switzerland)		0.6%
Cie Generale des Etablissements Michelin (France)		0.6%
Magna International, Inc. (Canada)		0.6%
Link (Hong Kong)		0.5%
UPM-Kymmene OYJ (Finland)		0.5%
Dexus (Australia)		0.5%

Country Diversification* as of 2/28/18

Japan	29.9%
United Kingdom	11.1%
Australia	8.4%
France	6.1%
Germany	5.4%
Sweden	4.9%
Canada	4.8%
Switzerland	4.3%
South Korea	4.0%
Hong Kong	3.7%
Singapore	2.5%
Spain	2.2%
Finland	2.1%
Other	10.6%
Total	100.0%

Sector Diversification* as of 2/28/18

Industrials	22.7%
Consumer Discretionary	17.0%
Materials	13.7%
Financials	10.9%
Consumer Staples	8.4%
Real Estate	8.0%
Information Technology	6.4%
Utilities	5.0%
Health Care	3.2%
Telecommunication Services	2.4%
Energy	2.3%
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 8.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers FTSE Emerging Comprehensive Factor ETF (DEMG)

Xtrackers FTSE Emerging Comprehensive Factor ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Emerging Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in emerging market countries selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Emerging Index, which is comprised of large- and mid-cap equity securities from emerging markets. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 2/28/18 (9.3% of Net Assets)

Description	% of Net Assets
Barloworld Ltd. (South Africa)		1.4%
Tatneft PJSC (Russia)		1.0%
China Shenhua Energy Co. Ltd. (China)		1.0%
Itausa — Investimentos Itau SA (Brazil)		1.0%
Kingboard Chemical Holdings Ltd. (Hong Kong)		1.0%
Wistron Corp. (Taiwan)		0.8%
China Petroleum & Chemical Corp. (China)		0.8%
Pegatron Corp. (Taiwan)		0.8%
Polski Koncern Naftowy ORLEN SA (Poland)		0.8%
Bidvest Group Ltd. (South Africa)		0.7%

Country Diversification* as of 2/28/18

Taiwan	15.6%
China	15.5%
South Africa	12.5%
Brazil	7.5%
India	6.9%
Russia	4.9%
Malaysia	4.8%
Hong Kong	4.7%
Thailand	4.4%
Mexico	3.8%
Poland	3.7%
Chile	3.6%
Turkey	3.4%
Philippines	2.1%
Other	6.6%
Total	100.0%

Sector Diversification* as of 2/28/18

Financials	13.5%
Industrials	13.4%
Materials	13.1%
Energy	11.0%
Information Technology	10.0%
Consumer Discretionary	9.2%
Consumer Staples	8.1%
Utilities	8.1%
Real Estate	6.4%
Telecommunication Services	4.4%
Health Care	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 21.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Russell 1000 Comprehensive Factor ETF (DEUS)

Xtrackers Russell 1000 Comprehensive Factor ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 2/28/18 (6.7% of Net Assets)

Description	% of Net Assets
Baxter International, Inc.		1.1%
Lear Corp.		0.8%
Corning, Inc.		0.7%
Aptiv PLC		0.7%
FNF Group		0.7%
Equity Residential		0.6%
Lamb Weston Holdings, Inc.		0.6%
Progressive Corp.		0.5%
Avery Dennison Corp.		0.5%
Cigna Corp.		0.5%

Sector Diversification* as of 2/28/18

Consumer Discretionary	17.3%
Industrials	16.6%
Information Technology	15.7%
Financials	14.2%
Health Care	10.2%
Utilities	7.9%
Materials	6.0%
Real Estate	5.8%
Consumer Staples	5.6%
Energy	0.5%
Telecommunication Services	0.2%
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 31.

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Russell 2000 Comprehensive Factor ETF (DESC)

Xtrackers Russell 2000 Comprehensive Factor ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 2000 Comprehensive Factor Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 2000 Index, which is comprised of small-cap equity securities from issuers in the United States. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 2/28/18 (3.1% of Net Assets)

Description	% of Net Assets
Providence Service Corp.		0.4%
TrueBlue, Inc.		0.3%
Walker & Dunlop, Inc.		0.3%
Wabash National Corp.		0.3%
Callaway Golf Co.		0.3%
NMI Holdings, Inc.		0.3%
iShares Russell 2000 ETF		0.3%
Infinity Property & Casualty Corp.		0.3%
Insperity, Inc.		0.3%
Kadant, Inc.		0.3%

Sector Diversification* as of 2/28/18

Financials	27.4%
Industrials	18.8%
Consumer Discretionary	16.1%
Information Technology	11.3%
Health Care	7.8%
Real Estate	7.3%
Materials	4.2%
Utilities	2.6%
Consumer Staples	2.4%
Energy	1.3%
Telecommunication Services	0.8%
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.

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. In the most recent six-month period Xtrackers Russell 1000 Comprehensive Factor 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 (September 1, 2017 to February 28, 2018).

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 September 1, 2017		Ending Account Value February 28, 2018		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers FTSE Developed ex US Comprehensive Factor ETF
Actual	$	1,000.00	$	1,076.80		0.35	%	$	1.80
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06		0.35	%	$	1.76
Xtrackers FTSE Emerging Comprehensive Factor ETF
Actual	$	1,000.00	$	1,066.90		0.50	%	$	2.56
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32		0.50	%	$	2.51
Xtrackers Russell 1000 Comprehensive Factor ETF
Actual	$	1,000.00	$	1,093.30		0.19	%	$	0.99
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85		0.19	%	$	0.95
Xtrackers Russell 2000 Comprehensive Factor ETF
Actual	$	1,000.00	$	1,074.60		0.30	%	$	1.54
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.30	%	$	1.51

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.

7

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF

February 28, 2018 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.4%
Australia — 8.3%
Adelaide Brighton Ltd.		8,811	$	45,178
AGL Energy Ltd.		10,612		180,769
Alumina Ltd.		4,430		7,698
Amcor Ltd.		3,625		39,264
Ansell Ltd.		806		16,487
APA Group		6,054		37,741
Aristocrat Leisure Ltd.		5,187		99,635
ASX Ltd.		895		40,723
Aurizon Holdings Ltd.		9,712		34,586
AusNet Services		15,011		19,885
Australia & New Zealand Banking Group Ltd.		296		6,701
Bendigo & Adelaide Bank Ltd.		2,783		24,593
BlueScope Steel Ltd.		7,551		96,088
Boral Ltd.		535		3,256
Brambles Ltd.		1,408		10,533
Caltex Australia Ltd.		3,860		105,788
Challenger Ltd.		4,257		41,798
CIMIC Group Ltd.		451		16,447
Coca-Cola Amatil Ltd.		1,711		11,600
Cochlear Ltd.		387		55,459
Computershare Ltd.		8,662		120,418
Crown Resorts Ltd.		2,721		28,625
CSL Ltd.		416		52,894
CSR Ltd.		24,451		98,506
Dexus REIT		32,395		234,767
Downer EDI Ltd.		870		4,698
DuluxGroup Ltd.		5,337		31,940
Flight Centre Travel Group Ltd. (a)		838		37,738
Goodman Group REIT		17,526		112,125
GPT Group REIT		45,525		168,863
Harvey Norman Holdings Ltd. (a)		2,930		9,156
Incitec Pivot Ltd.		13,601		40,275
Insurance Australia Group Ltd.		26,375		168,532
IOOF Holdings Ltd.		4,073		33,104
LendLease Group (b)		11,207		155,885
Macquarie Atlas Roads Group (b)		9,352		40,373
Macquarie Group Ltd.		54		4,362
Magellan Financial Group Ltd.		626		12,400
Medibank Pvt Ltd.		40,498		100,039
Metcash Ltd.		16,329		41,227
Mirvac Group REIT		108,020		178,450
National Australia Bank Ltd.		147		3,457
Newcrest Mining Ltd.		388		6,425
Nufarm Ltd.		988		6,375
Oil Search Ltd.		1,170		6,883
Orica Ltd.		6,320		91,849
Origin Energy Ltd.*		1,675		11,812
Orora Ltd.		15,552		39,992
OZ Minerals Ltd.		924		6,941
Perpetual Ltd.		747		30,194
Platinum Asset Management Ltd.		687		3,432
Qantas Airways Ltd.		16,003		73,450
QBE Insurance Group Ltd.		3,082		24,473
Ramsay Health Care Ltd.		296		14,739
REA Group Ltd.		327		19,618

	Number of Shares		Value
Australia (Continued)
Scentre Group REIT		24,187	$	72,375
SEEK Ltd.		1,808		28,474
Shopping Centres Australasia Property Group REIT		38,070		66,452
Sonic Healthcare Ltd.		1,958		37,381
South32 Ltd.		4,402		11,388
Star Entertainment Group Ltd.		3,113		12,905
Stockland REIT		35,703		112,399
Suncorp Group Ltd.		1,850		19,548
Sydney Airport (b)		1,407		7,225
Tabcorp Holdings Ltd.		9,372		33,740
Telstra Corp. Ltd.		4,039		10,544
Transurban Group (b)		2,678		24,165
Treasury Wine Estates Ltd.		1,942		26,483
Vicinity Centres REIT		17,052		32,954
Wesfarmers Ltd.		1,949		62,770
Westfield Corp. REIT		4,499		30,711
Westpac Banking Corp.		183		4,388
Woodside Petroleum Ltd.*		2,941		66,874
Woolworths Group Ltd. (a)		7,521		161,815
				3,730,837
Austria — 0.4%
ANDRITZ AG		513		29,845
Erste Group Bank AG*		91		4,651
OMV AG		535		30,733
Telekom Austria AG*		3,538		31,716
Vienna Insurance Group AG Wiener Versicherung Gruppe		183		6,107
voestalpine AG		1,080		62,700
				165,752
Belgium — 1.0%
Ackermans & van Haaren NV		152		27,493
Ageas		295		15,525
bpost SA		1,108		37,676
Colruyt SA		595		32,170
KBC Group NV		90		8,485
Proximus SADP		2,160		69,523
Sofina SA		87		14,834
Solvay SA		324		44,694
Telenet Group Holding NV*		204		14,045
UCB SA		32		2,657
Umicore SA		2,799		158,810
				425,912
Canada — 4.7%
Alimentation Couche-Tard, Inc., Class B		329		16,019
ARC Resources Ltd.		237		2,290
Bank of Montreal		147		11,179
Bank of Nova Scotia		205		12,719
BCE, Inc.		303		13,242
Brookfield Asset Management, Inc., Class A		597		23,179
Canadian Imperial Bank of Commerce		669		61,191
Canadian National Railway Co.		625		48,426
Canadian Natural Resources Ltd.		102		3,164
Canadian Pacific Railway Ltd.		175		31,344

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Canada (Continued)
Canadian Tire Corp. Ltd., Class A		874	$	118,950
Canadian Utilities Ltd., Class A		1,202		31,791
CGI Group, Inc., Class A*		1,073		62,805
CI Financial Corp.		7,434		165,580
Constellation Software, Inc.		117		75,841
Dollarama, Inc.		805		93,828
Enbridge, Inc.		92		2,930
Fortis, Inc.		473		15,478
George Weston Ltd.		355		29,065
Great-West Lifeco, Inc.		595		15,723
Husky Energy, Inc.*		572		7,562
Hydro One Ltd., 144A		692		11,098
IGM Financial, Inc.		1,975		60,405
Imperial Oil Ltd. (a)		358		9,709
Intact Financial Corp.		685		53,058
Inter Pipeline Ltd.		594		10,342
Loblaw Cos. Ltd.		457		23,511
Magna International, Inc.		4,526		249,374
Manulife Financial Corp.		4,014		76,499
Metro, Inc.		2,219		70,102
National Bank of Canada		146		7,094
Nutrien Ltd.*		1,968		96,837
Pembina Pipeline Corp.		803		25,857
Power Corp. of Canada		2,635		62,536
Power Financial Corp.		1,079		28,210
Restaurant Brands International, Inc.		1,013		59,459
RioCan Real Estate Investment Trust REIT		2,971		54,465
Rogers Communications, Inc., Class B		1,702		76,802
Royal Bank of Canada		266		20,986
Saputo, Inc.		958		30,661
Shaw Communications, Inc., Class B		4,006		77,660
SNC-Lavalin Group, Inc.		326		14,164
Sun Life Financial, Inc. (a)		1,919		79,165
Suncor Energy, Inc.		359		11,835
TELUS Corp.		742		26,823
Thomson Reuters Corp.		389		15,349
Toronto-Dominion Bank		390		22,523
TransCanada Corp.		144		6,237
				2,123,067
China — 0.3%
AAC Technologies Holdings, Inc.		376		7,491
Minth Group Ltd.		4,040		23,903
Tingyi Cayman Islands Holding Corp.		13,427		28,208
Uni-President China Holdings Ltd.		14,897		12,755
Want Want China Holdings Ltd.		52,112		44,019
				116,376
Denmark — 1.0%
A.P. Moller — Maersk A/S, Class B		1		1,642
Carlsberg A/S, Class B		357		43,871
Chr Hansen Holding A/S		420		35,018
Coloplast A/S, Class B		298		25,266
Danske Bank A/S		594		23,955
DSV A/S		359		28,251
Genmab A/S*		31		6,332
H Lundbeck A/S		266		13,974

	Number of Shares		Value
Denmark (Continued)
ISS A/S		1,227	$	44,680
Novozymes A/S, Class B*		627		32,352
Orsted A/S, 144A		451		28,139
Pandora A/S		205		21,491
TDC A/S		7,546		61,495
Tryg A/S		1,347		32,038
Vestas Wind Systems A/S		61		4,433
William Demant Holding A/S*		719		25,817
				428,754
Finland — 2.1%
Elisa OYJ		1,885		81,271
Fortum OYJ		922		20,298
Huhtamaki OYJ		180		7,638
Kesko OYJ, Class B		1,705		99,338
Kone OYJ, Class B (a)		832		43,218
Metso OYJ		476		15,309
Neste OYJ		752		55,251
Nokian Renkaat OYJ		1,253		57,721
Orion OYJ, Class B		1,290		42,166
Sampo OYJ, Class A		796		45,280
Stora Enso OYJ, Class R		7,525		133,767
UPM-Kymmene OYJ		7,023		241,807
Wartsila OYJ Abp		1,254		88,616
				931,680
France — 6.1%
Aeroports de Paris		92		18,626
Air Liquide SA		85		10,694
Airbus SE		205		24,588
Alstom SA		919		38,838
Amundi SA, 144A		152		12,451
Arkema SA		473		61,987
Atos SE		834		110,365
AXA SA		336		10,597
BioMerieux		413		31,835
BNP Paribas SA		83		6,617
Bollore SA		6,023		34,129
Bouygues SA		2,422		123,063
Bureau Veritas SA		946		24,818
Capgemini SE		534		67,051
Carrefour SA		685		15,832
Casino Guichard Perrachon SA		242		13,170
Cie de Saint-Gobain		1,377		78,506
Cie Generale des Etablissements Michelin		1,614		249,411
Cie Plastic Omnium SA		297		13,990
CNP Assurances		376		9,172
Credit Agricole SA		162		2,793
Danone SA		25		2,005
Dassault Aviation SA		23		40,030
Dassault Systemes SE		233		30,194
Edenred		835		29,463
Eiffage SA		594		64,550
Electricite de France SA		329		4,296
Elior Group SA, 144A		712		15,648
Engie SA		3,144		49,370
Essilor International SA		93		12,233

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
France (Continued)
Eurazeo SA		573	$	54,826
Eutelsat Communications SA		1,527		35,758
Faurecia		716		60,500
Fonciere Des Regions REIT		390		40,883
Gecina SA REIT		240		42,180
Getlink SE		453		5,837
Hermes International		26		14,019
Iliad SA		59		13,881
Imerys SA		326		33,319
Ingenico Group SA		91		7,938
Ipsen SA		358		52,767
JCDecaux SA		122		4,756
Kering		56		26,501
Klepierre SA REIT		655		27,106
Lagardere SCA		3,869		114,196
Legrand SA		780		61,399
LVMH Moet Hennessy Louis Vuitton SE		62		18,640
Orange SA		2,455		41,740
Orpea		205		24,673
Pernod Ricard SA		92		15,148
Publicis Groupe SA		204		15,436
Remy Cointreau SA		143		19,516
Renault SA		31		3,383
Rexel SA		1,828		32,272
Rubis SCA		1,254		90,008
Safran SA		564		62,529
Sanofi		91		7,218
Sartorius Stedim Biotech		122		10,832
Schneider Electric SE*		489		42,691
SCOR SE		1,918		81,852
SEB SA		31		6,348
Societe BIC SA		47		4,938
Societe Generale SA		59		3,391
Sodexo SA (a)		234		28,854
Suez		3,236		44,697
Teleperformance		122		17,424
Thales SA		447		49,906
TOTAL SA		93		5,328
Ubisoft Entertainment SA*		238		19,739
Unibail-Rodamco SE REIT		204		47,709
Valeo SA		952		62,073
Veolia Environnement SA		2,548		62,060
Vinci SA		508		50,384
Vivendi SA		1,079		27,965
Zodiac Aerospace*		495		15,075
				2,714,017
Germany — 5.2%
adidas AG		174		38,751
Allianz SE		60		14,052
Axel Springer SE		481		43,412
BASF SE		204		21,500
Bayer AG		92		10,798
Bayerische Motoren Werke AG		61		6,459
Beiersdorf AG		204		22,423
Brenntag AG		598		37,547
CECONOMY AG		3,748		49,164

	Number of Shares		Value
Germany (Continued)
Continental AG		92	$	25,325
Covestro AG, 144A		1,013		115,322
Daimler AG		92		7,907
Deutsche Boerse AG		182		24,295
Deutsche Lufthansa AG		3,473		116,994
Deutsche Post AG		1,813		83,231
Deutsche Telekom AG		686		11,094
Deutsche Wohnen SE		2,721		112,669
E.ON SE		3,382		34,484
Evonik Industries AG		557		20,672
Fielmann AG		205		16,964
Fraport AG Frankfurt Airport Services Worldwide		391		40,125
Fresenius Medical Care AG & Co. KGaA		204		21,671
Fresenius SE & Co. KGaA		116		9,493
FUCHS PETROLUB SE		388		20,325
GEA Group AG		132		6,271
Hannover Rueck SE		235		32,073
HeidelbergCement AG		143		14,431
Hella GmbH & Co KGaA		359		24,388
Henkel AG & Co. KGaA		93		11,212
HOCHTIEF AG		234		39,528
HUGO BOSS AG		1,261		112,826
Infineon Technologies AG		1,823		49,805
Innogy SE, 144A		687		27,491
K+S AG		145		4,059
KION Group AG		85		7,307
LANXESS AG		55		4,602
LEG Immobilien AG		601		62,658
Linde AG*		247		55,536
MAN SE		93		10,617
Merck KGaA		204		20,457
METRO AG		2,518		49,275
MTU Aero Engines AG		670		112,442
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		92		20,657
OSRAM Licht AG		419		33,360
ProSiebenSat.1 Media SE		626		24,844
Rational AG		1		651
RWE AG*		1,403		28,080
SAP SE		62		6,518
Siemens AG		153		20,236
Symrise AG		144		11,746
Talanx AG		174		7,721
Telefonica Deutschland Holding AG		4,376		20,228
thyssenkrupp AG		1,172		31,905
TUI AG		7,375		156,947
Uniper SE		6,768		205,787
United Internet AG		388		26,482
Vonovia SE		2,372		108,633
Wacker Chemie AG		121		20,668
Wirecard AG		564		67,908
				2,342,026
Hong Kong — 3.7%
AIA Group Ltd.		1,111		9,307
ASM Pacific Technology Ltd.		2,481		35,668

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
Bank of East Asia Ltd.		2,002	$	8,814
BOC Hong Kong Holdings Ltd.		1,973		9,984
Cafe de Coral Holdings Ltd.		1,350		3,426
Cathay Pacific Airways Ltd.*		2,423		4,106
Champion REIT		53,816		38,306
China Mengniu Dairy Co. Ltd.*		6,801		22,466
Chow Tai Fook Jewellery Group Ltd.		8,559		9,417
CK Asset Holdings Ltd.		4,646		40,195
CK Hutchison Holdings Ltd.		2,514		31,484
CK Infrastructure Holdings Ltd.		594		4,987
CLP Holdings Ltd.		4,732		47,832
Dah Sing Financial Holdings Ltd.		533		3,467
Dairy Farm International Holdings Ltd.		2,500		21,125
First Pacific Co. Ltd.		20,324		12,700
Galaxy Entertainment Group Ltd.		657		5,751
Great Eagle Holdings Ltd.		2,666		13,304
Hang Lung Group Ltd.		3,320		11,243
Hang Lung Properties Ltd.		9,681		23,135
Hang Seng Bank Ltd.		328		8,153
Henderson Land Development Co. Ltd.		5,758		37,527
Hong Kong & China Gas Co. Ltd.		10,539		20,848
Hong Kong Exchanges & Clearing Ltd.		328		11,904
Hongkong Land Holdings Ltd.		17,700		121,953
Hopewell Highway Infrastructure Ltd.		19,599		11,847
Hopewell Holdings Ltd.		12,405		48,667
Hysan Development Co. Ltd.		477		2,764
Jardine Strategic Holdings Ltd.		100		3,983
Johnson Electric Holdings Ltd.		12,051		47,817
Kerry Logistics Network Ltd.		6,023		8,205
Kerry Properties Ltd.		12,532		56,932
Lifestyle International Holdings Ltd.		9,730		14,299
Link REIT		28,508		243,720
Melco International Development Ltd.		2,730		7,675
MTR Corp. Ltd.		1,586		8,411
New World Development Co. Ltd.		9,608		14,636
NWS Holdings Ltd.		31,043		58,553
PCCW Ltd.		27,508		15,678
Power Assets Holdings Ltd.		2,099		17,851
Shangri-La Asia Ltd.		7,308		16,455
Sino Land Co. Ltd.		15,057		26,630
SJM Holdings Ltd.		14,780		14,185
Sun Art Retail Group Ltd.		26,579		35,324
Sun Hung Kai Properties Ltd.		1,325		22,130
Swire Pacific Ltd., Class A		1,494		15,121
Swire Properties Ltd.		7,168		24,503
Techtronic Industries Co. Ltd.		15,080		94,620
Television Broadcasts Ltd.		992		3,271
Towngas China Co. Ltd.*		13,395		10,835
VTech Holdings Ltd.		5,368		74,086
WH Group Ltd., 144A		21,720		26,923
Wharf Holdings Ltd.		5,398		20,212
Wharf Real Estate Investment Co. Ltd.*		5,398		36,698
Wheelock & Co. Ltd.		6,988		50,946
Xinyi Glass Holdings Ltd.*		16,143		25,126
Yue Yuen Industrial Holdings Ltd.		9,849		42,163
				1,657,368

	Number of Shares		Value
Ireland — 0.7%
CRH PLC		1,882	$	62,286
DCC PLC		482		44,065
Glanbia PLC		894		15,897
James Hardie Industries PLC CDI		1,072		19,088
Kerry Group PLC, Class A		266		26,587
Kingspan Group PLC		1,194		50,678
Smurfit Kappa Group PLC		2,873		100,627
				319,228
Israel — 1.2%
Airport City Ltd.*		945		11,290
Alony Hetz Properties & Investments Ltd.		2,579		25,014
Amot Investments Ltd.		4,399		25,321
Azrieli Group Ltd.		297		14,677
Bank Hapoalim BM		809		5,798
Bank Leumi Le-Israel BM		10,499		63,697
Bezeq The Israeli Telecommunication Corp. Ltd.		19,323		29,642
Delek Automotive Systems Ltd.		1,509		9,928
Elbit Systems Ltd.		511		73,064
First International Bank of Israel Ltd.		297		6,549
Frutarom Industries Ltd.		388		35,734
Gazit-Globe Ltd.		782		7,967
Harel Insurance Investments & Financial Services Ltd.		1,828		14,626
Israel Chemicals Ltd.		4,030		17,305
Israel Corp. Ltd.*		60		11,829
Israel Discount Bank Ltd., Class A*		8,481		24,409
Melisron Ltd.		422		18,619
Mizrahi Tefahot Bank Ltd.		2,595		48,113
Nice Ltd.*		303		29,563
Oil Refineries Ltd.		7,340		3,503
Paz Oil Co. Ltd.*		93		15,203
Shikun & Binui Ltd.		10,133		18,921
Shufersal Ltd.		3,505		25,108
Strauss Group Ltd.		751		16,967
Tower Semiconductor Ltd.*		235		6,919
				559,766
Italy — 1.3%
A2A SpA		17,903		31,792
Assicurazioni Generali SpA		1,315		24,763
Atlantia SpA		543		16,809
Buzzi Unicem SpA		266		6,586
Buzzi Unicem SpA-RSP		421		6,039
Davide Campari-Milano SpA		2,487		17,896
Enel SpA		8,325		48,524
Eni SpA		390		6,523
Ferrari NV		238		29,753
FinecoBank Banca Fineco SpA		539		6,653
Intesa Sanpaolo SpA		1,322		4,992
Leonardo SpA		1,854		20,012
Luxottica Group SpA		91		5,478
Mediobanca SpA		521		6,262
Moncler SpA		1,201		42,040
Parmalat SpA		1,193		4,307
Poste Italiane SpA, 144A		483		4,160

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Italy (Continued)
PRADA SpA		1,469	$	6,073
Prysmian SpA		2,995		94,682
Recordati SpA		805		28,915
Salvatore Ferragamo SpA (a)		152		4,290
Snam SpA		8,778		39,409
Telecom Italia SpA*		24,604		22,206
Telecom Italia SpA-RSP		15,115		11,559
Terna Rete Elettrica Nazionale SpA		14,867		82,684
UnipolSai Assicurazioni SpA		1,608		3,880
				576,287
Japan — 29.8%
Aeon Co. Ltd. (a)		5,300		89,728
Aeon Mall Co. Ltd.		400		8,386
Aica Kogyo Co. Ltd.		2,500		95,473
Ain Holdings, Inc.		100		6,710
Air Water, Inc.		2,700		54,073
Aisin Seiki Co. Ltd.		1,500		88,140
Ajinomoto Co., Inc.		400		7,336
Alfresa Holdings Corp.		2,700		60,956
Amada Holdings Co. Ltd.		2,900		39,027
ANA Holdings, Inc.		2,600		104,848
Aoyama Trading Co. Ltd.		100		4,175
Aozora Bank Ltd.		400		16,475
Ariake Japan Co. Ltd.		100		7,938
Asahi Glass Co. Ltd.		2,800		116,902
Asahi Group Holdings Ltd.		600		30,876
Asahi Kasei Corp.		11,509		149,222
Astellas Pharma, Inc.		2,400		35,548
Autobacs Seven Co. Ltd.		2,900		56,693
Azbil Corp.		2,700		120,444
Bandai Namco Holdings, Inc.		2,700		87,676
Benesse Holdings, Inc.		300		10,838
Bic Camera, Inc.		3,000		45,349
Bridgestone Corp.		2,800		125,482
Brother Industries Ltd.		2,300		57,896
Canon Marketing Japan, Inc.		2,600		70,906
Canon, Inc.		800		30,709
Central Japan Railway Co.		100		18,696
Chiba Bank Ltd.		1,000		8,322
Chubu Electric Power Co., Inc.		2,900		39,693
Chugai Pharmaceutical Co. Ltd.		100		5,201
Chugoku Bank Ltd.		100		1,244
Chugoku Electric Power Co., Inc.		2,500		29,310
Citizen Watch Co. Ltd.		2,900		22,340
Coca-Cola Bottlers Japan Holdings, Inc.		675		25,746
COMSYS Holdings Corp.		3,100		82,101
Concordia Financial Group Ltd.		2,500		14,667
Cosmo Energy Holdings Co. Ltd.		600		21,199
Credit Saison Co. Ltd.		100		1,733
Dai Nippon Printing Co. Ltd.		5,300		111,806
Daicel Corp.		5,700		65,758
Daifuku Co. Ltd.		139		9,197
Dai-ichi Life Holdings, Inc.		100		1,998
Daiichi Sankyo Co. Ltd.		300		10,706
Daiichikosho Co. Ltd.		1,100		58,760
Daikin Industries Ltd.		100		11,855

	Number of Shares		Value
Japan (Continued)
Daikyo, Inc.		100	$	2,136
Daito Trust Construction Co. Ltd.		1,300		216,250
Daiwa House Industry Co. Ltd.		2,900		108,086
Denka Co. Ltd.		2,700		100,455
Denso Corp.		1,300		76,571
DIC Corp.		700		25,355
Disco Corp.		211		49,851
Don Quijote Holdings Co. Ltd.		100		5,632
East Japan Railway Co.		500		47,139
Ebara Corp.		400		14,995
Electric Power Development Co. Ltd.		2,700		68,876
Exedy Corp.		400		13,102
Ezaki Glico Co. Ltd.		100		4,901
FamilyMart UNY Holdings Co. Ltd. (a)		69		5,231
FANUC Corp.		100		25,594
Fuji Electric Co. Ltd.		4,000		30,664
Fuji Oil Holdings, Inc.		200		5,960
FUJIFILM Holdings Corp.		1,800		75,522
Fujikura Ltd.		2,800		20,678
Fujitsu Ltd.		3,000		18,103
Fukuyama Transporting Co. Ltd.		200		8,753
Furukawa Electric Co. Ltd.		200		11,021
Glory Ltd.		200		7,582
GS Yuasa Corp.		1,000		5,595
Gunma Bank Ltd.		2,900		18,019
H2O Retailing Corp.		2,500		49,388
Hachijuni Bank Ltd.		2,900		17,638
Hakuhodo DY Holdings, Inc.		6,200		90,178
Hamamatsu Photonics KK		500		20,079
Hankyu Hanshin Holdings, Inc.		2,600		97,465
Haseko Corp.		100		1,478
Heiwa Corp.		400		8,686
Hino Motors Ltd.		300		3,978
Hirose Electric Co. Ltd.		200		29,895
Hitachi Chemical Co. Ltd.		2,600		58,455
Hitachi Construction Machinery Co. Ltd.		200		8,613
Hitachi High-Technologies Corp.		100		4,920
Hitachi Ltd.		26,000		199,316
Hitachi Metals Ltd.		2,400		30,949
Hitachi Transport System Ltd.		100		2,486
Honda Motor Co. Ltd.		100		3,641
Horiba Ltd.		100		7,441
Hoshizaki Corp.		100		9,072
House Foods Group, Inc.		2,900		97,840
Hoya Corp.		1,300		69,090
Idemitsu Kosan Co. Ltd.		1,800		69,584
Iida Group Holdings Co. Ltd.		100		1,896
Inpex Corp.		3,200		39,331
Isetan Mitsukoshi Holdings Ltd.		2,900		34,298
Isuzu Motors Ltd.		2,600		41,106
Ito En Ltd.		600		25,360
ITOCHU Corp.		5,700		110,362
Itochu Techno-Solutions Corp.		800		32,951
Itoham Yonekyu Holdings, Inc.		2,500		21,203
Iyo Bank Ltd.		100		798
Izumi Co. Ltd.		200		13,158

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Japan (Continued)
J. Front Retailing Co. Ltd.		2,400	$	43,882
Japan Airlines Co. Ltd.		2,900		111,130
JFE Holdings, Inc.		100		2,331
JSR Corp.		5,600		135,926
JTEKT Corp.		100		1,559
JXTG Holdings, Inc.		14,850		91,295
Kagome Co. Ltd.		2,500		85,633
Kajima Corp.		21,000		201,134
Kamigumi Co. Ltd.		5,300		116,674
Kaneka Corp.		2,000		20,449
Kansai Electric Power Co., Inc.		2,900		35,467
Kansai Paint Co. Ltd.		88		2,227
Kao Corp.		900		66,227
KDDI Corp.		500		12,349
Keihan Holdings Co. Ltd.		200		6,288
Keikyu Corp.		2,400		43,139
Keio Corp.		200		8,800
Keisei Electric Railway Co. Ltd.		400		13,120
Kewpie Corp.		200		5,494
Keyence Corp.		100		61,169
Kikkoman Corp.		200		7,985
Kinden Corp.		6,100		100,843
Kintetsu Group Holdings Co. Ltd.		300		11,583
Kirin Holdings Co. Ltd.		5,400		140,611
Kissei Pharmaceutical Co. Ltd.		100		2,737
Kobayashi Pharmaceutical Co. Ltd.		600		39,305
Koito Manufacturing Co. Ltd.		800		55,855
Komatsu Ltd.		2,000		73,399
Komeri Co. Ltd.		2,100		60,813
Konami Holdings Corp.		400		21,180
Konica Minolta, Inc.		100		929
Kose Corp.		100		18,874
K’s Holdings Corp.		2,900		81,044
Kubota Corp.		400		7,299
Kuraray Co. Ltd.		12,300		216,018
Kurita Water Industries Ltd.		3,100		95,727
Kyocera Corp.		1,600		95,261
KYORIN Holdings, Inc.		100		1,938
Kyushu Electric Power Co., Inc.		3,100		34,892
Kyushu Railway Co.		2,426		75,027
Lawson, Inc.		100		6,551
Lintec Corp.		1,600		46,783
Lion Corp.		2,706		51,100
LIXIL Group Corp.		2,700		66,320
Mabuchi Motor Co. Ltd.		100		5,183
Maeda Corp.		2,900		34,951
Maeda Road Construction Co. Ltd.		2,000		44,140
Makita Corp.		1,700		80,774
Marubeni Corp.		17,900		137,506
Maruichi Steel Tube Ltd.		200		6,316
Matsumotokiyoshi Holdings Co. Ltd.		1,700		72,012
Mazda Motor Corp.		100		1,402
Mebuki Financial Group, Inc.		2,200		8,927
Medipal Holdings Corp.		2,800		57,467
MEIJI Holdings Co. Ltd.		100		7,338
MINEBEA MITSUMI, Inc.		100		2,305
MISUMI Group, Inc.		2,400		69,725

	Number of Shares		Value
Japan (Continued)
Mitsubishi Chemical Holdings Corp.		8,300	$	85,096
Mitsubishi Corp.		2,600		73,489
Mitsubishi Electric Corp.		3,100		52,788
Mitsubishi Gas Chemical Co., Inc.		4,400		110,510
Mitsubishi Materials Corp.		500		15,791
Mitsubishi Shokuhin Co. Ltd.		100		3,013
Mitsubishi Tanabe Pharma Corp.		800		17,206
Mitsui & Co. Ltd.		3,000		54,866
Mitsui Chemicals, Inc.		200		6,157
Mitsui Fudosan Co. Ltd.		500		12,080
Mitsui OSK Lines Ltd.		100		3,158
Miura Co. Ltd.		100		2,826
Mizuho Financial Group, Inc.		6,000		11,212
Morinaga & Co. Ltd.		300		13,748
MS&AD Insurance Group Holdings, Inc.		400		12,491
Nabtesco Corp.		1,300		56,591
Nagase & Co. Ltd.		3,100		54,211
Nagoya Railroad Co. Ltd.		200		5,123
Nankai Electric Railway Co. Ltd.		400		10,230
NGK Insulators Ltd.		100		1,878
NGK Spark Plug Co. Ltd.		200		5,121
NH Foods Ltd.		2,000		45,078
NHK Spring Co. Ltd.		5,500		58,245
Nichirei Corp.		2,500		64,079
Nifco, Inc.		200		14,414
Nihon Kohden Corp.		100		2,821
Nihon M&A Center, Inc.		103		6,718
Nikon Corp.		2,500		51,122
Nippo Corp.		1,000		23,710
Nippon Express Co. Ltd.		1,300		87,718
Nippon Kayaku Co. Ltd.		5,800		75,065
Nippon Paint Holdings Co. Ltd.		100		3,664
Nippon Paper Industries Co. Ltd.		400		7,910
Nippon Shokubai Co. Ltd.		200		14,245
Nippon Steel & Sumitomo Metal Corp.		2,400		57,501
Nippon Telegraph & Telephone Corp.		200		9,338
Nippon Television Holdings, Inc.		2,100		40,030
Nippon Yusen KK*		100		2,185
Nishi-Nippon Financial Holdings, Inc.		2,400		29,869
Nishi-Nippon Railroad Co. Ltd.		200		5,347
Nissan Chemical Industries Ltd.		1,100		43,915
Nissan Motor Co. Ltd.		2,400		25,303
Nissan Shatai Co. Ltd.		2,400		24,449
Nisshin Seifun Group, Inc.		5,300		105,399
Nisshinbo Holdings, Inc.		100		1,531
Nissin Foods Holdings Co. Ltd.		400		27,440
Nitori Holdings Co. Ltd.		100		16,883
Nitto Denko Corp.		500		41,718
NOF Corp.		2,900		80,419
NOK Corp.		200		4,307
Nomura Holdings, Inc.		2,300		14,218
Nomura Real Estate Holdings, Inc.		300		7,276
Nomura Research Institute Ltd.		1,610		72,726
NS Solutions Corp.		100		2,680
NSK Ltd.		200		3,016
NTT DOCOMO, Inc.		100		2,572
Obayashi Corp.		11,700		133,113

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Obic Co. Ltd.		300	$	25,135
Oji Holdings Corp.		21,000		138,157
Omron Corp.		1,300		77,485
Oracle Corp.		100		7,797
Oriental Land Co. Ltd.		200		19,530
ORIX Corp.		2,500		44,750
Osaka Gas Co. Ltd.		3,100		61,532
OSG Corp.		300		7,127
Otsuka Corp.		400		37,374
Otsuka Holdings Co. Ltd.		100		5,046
PALTAC CORPORATION		2,200		114,428
Panasonic Corp.		400		6,288
Park24 Co. Ltd.		200		4,825
Persol Holdings Co. Ltd.		900		23,203
Pigeon Corp.		100		4,081
Pola Orbis Holdings, Inc.		135		5,712
Recruit Holdings Co. Ltd.		1,500		36,437
Relo Group, Inc.		800		22,604
Rengo Co. Ltd.		3,000		26,175
Resona Holdings, Inc.		200		1,147
Rinnai Corp.		100		9,006
Rohm Co. Ltd.		100		10,656
Rohto Pharmaceutical Co. Ltd.		800		22,447
Ryohin Keikaku Co. Ltd.		100		34,347
Sankyo Co. Ltd.		100		3,599
Sankyu, Inc.		2,300		112,085
Santen Pharmaceutical Co. Ltd.		200		3,224
Sanwa Holdings Corp.		3,100		43,433
Sapporo Holdings Ltd.		100		2,854
Secom Co. Ltd.		700		50,382
Sega Sammy Holdings, Inc.		2,500		36,526
Seibu Holdings, Inc.		2,400		41,070
Seiko Epson Corp.		100		1,925
Seino Holdings Co. Ltd.		3,000		51,478
Sekisui Chemical Co. Ltd.		8,700		165,105
Sekisui House Ltd.		3,000		52,828
Seven & i Holdings Co. Ltd.		500		20,903
Seven Bank Ltd.		2,500		8,669
Shimachu Co. Ltd.		2,400		79,959
Shimadzu Corp.		2,700		69,711
Shimamura Co. Ltd.		400		47,758
Shimano, Inc.		100		14,507
Shimizu Corp.		6,200		57,988
Shin-Etsu Chemical Co. Ltd.		800		85,282
Shionogi & Co. Ltd.		500		26,198
Shiseido Co. Ltd.		100		6,055
Showa Denko KK		1,100		54,843
Showa Shell Sekiyu KK		2,900		37,859
Skylark Co. Ltd.		2,500		34,441
SMC Corp.		100		42,200
Sojitz Corp.		9,000		29,689
Sompo Holdings, Inc.		700		27,179
Sony Corp.		100		5,100
Sony Financial Holdings, Inc.		100		1,874
Sotetsu Holdings, Inc.		200		5,319
Stanley Electric Co. Ltd.		2,200		86,903
Subaru Corp.		100		3,542

	Number of Shares		Value
Japan (Continued)
Sugi Holdings Co. Ltd.		400	$	22,042
Sumitomo Chemical Co. Ltd.		6,000		37,618
Sumitomo Corp.		8,400		148,705
Sumitomo Electric Industries Ltd.		3,200		50,922
Sumitomo Forestry Co. Ltd.		2,600		43,932
Sumitomo Heavy Industries Ltd.		809		32,032
Sumitomo Mitsui Financial Group, Inc.		100		4,392
Sumitomo Osaka Cement Co. Ltd.		1,000		4,639
Sumitomo Rubber Industries Ltd.		3,000		57,860
Sundrug Co. Ltd.		600		27,806
Suntory Beverage & Food Ltd.		700		32,670
Suzuken Co. Ltd.		2,600		106,724
Suzuki Motor Corp.		1,400		80,637
T&D Holdings, Inc.		600		10,006
Taiheiyo Cement Corp.		1,400		52,481
Taisei Corp.		3,700		188,979
Taiyo Nippon Sanso Corp.		300		4,417
Takashimaya Co. Ltd.		6,000		61,234
TDK Corp.		200		18,312
Teijin Ltd.		2,400		47,615
Terumo Corp.		58		3,136
THK Co. Ltd.		100		4,386
TIS, Inc.		100		3,721
Tobu Railway Co. Ltd.		2,700		83,754
Toda Corp.		1,000		7,694
Toho Co. Ltd.		300		9,770
Tohoku Electric Power Co., Inc.		2,900		38,158
Tokai Rika Co. Ltd.		100		2,187
Tokio Marine Holdings, Inc.		500		23,270
Tokyo Broadcasting System Holdings, Inc.		300		6,795
Tokyo Electron Ltd.		143		28,223
Tokyo Gas Co. Ltd.		5,600		140,912
Tokyu Corp.		2,800		44,950
Tokyu Fudosan Holdings Corp.		1,300		9,649
Toppan Printing Co. Ltd.		5,000		43,063
Toray Industries, Inc.		5,300		53,941
Tosoh Corp.		2,400		50,607
TOTO Ltd.		600		31,826
Toyo Seikan Group Holdings Ltd.		100		1,495
Toyo Suisan Kaisha Ltd.		200		7,853
Toyobo Co. Ltd.		100		1,975
Toyoda Gosei Co. Ltd.		200		4,888
Toyota Boshoku Corp.		100		2,153
Toyota Tsusho Corp.		100		3,744
Trend Micro, Inc.		500		28,490
TS Tech Co. Ltd.		100		4,081
Tsumura & Co.		700		23,551
Tsuruha Holdings, Inc.		200		29,090
TV Asahi Holdings Corp.		100		2,044
Ube Industries Ltd.		3,000		94,466
Unicharm Corp.		100		2,814
Ushio, Inc.		100		1,392
USS Co. Ltd.		2,900		60,117
Wacoal Holdings Corp.		2,900		86,425
Welcia Holdings Co. Ltd.		100		4,442
West Japan Railway Co.		1,800		125,522

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Yahoo Japan Corp.		100	$	465
Yakult Honsha Co. Ltd.		100		7,188
Yamada Denki Co. Ltd.		5,800		36,799
Yamaguchi Financial Group, Inc.		1,000		12,164
Yamaha Corp.		300		13,298
Yamaha Motor Co. Ltd.		100		3,191
Yamato Holdings Co. Ltd.		100		2,510
Yamato Kogyo Co. Ltd.		100		2,943
Yamazaki Baking Co. Ltd.		200		3,923
Yaskawa Electric Corp.		421		19,767
Yokogawa Electric Corp.		2,500		51,029
Yokohama Rubber Co. Ltd.		100		2,484
Zensho Holdings Co. Ltd.		2,500		52,247
Zeon Corp.		2,900		43,865
				13,358,143
Jersey Island (c) — 0.0%
Randgold Resources Ltd.		92		7,413
Luxembourg (c) — 0.2%
Eurofins Scientific SE		30		16,963
L’Occitane International SA		5,572		10,581
RTL Group SA		295		25,941
SES SA		295		4,724
Tenaris SA		594		10,288
				68,497
Netherlands — 1.5%
Aegon NV		777		5,432
Akzo Nobel NV		1,113		108,272
ASML Holding NV		93		18,296
ASR Nederland NV		1,539		69,338
EXOR NV		235		17,168
GrandVision NV, 144A		123		2,850
Heineken Holding NV		298		29,713
Heineken NV		62		6,468
ING Groep NV		481		8,494
Koninklijke DSM NV		629		65,316
Koninklijke KPN NV		9,023		28,283
Koninklijke Philips NV		1,800		69,220
Koninklijke Vopak NV		233		11,040
NN Group NV		315		14,123
Philips Lighting NV, 144A		2,542		100,948
QIAGEN NV*		476		16,081
Randstad Holding NV		720		51,688
Wolters Kluwer NV		623		31,670
				654,400
New Zealand — 0.9%
Air New Zealand Ltd.		25,982		61,738
Auckland International Airport Ltd.		1,661		7,738
Contact Energy Ltd.		13,211		50,380
Fisher & Paykel Healthcare Corp. Ltd.		6,380		63,590
Fletcher Building Ltd.		955		4,490
Kiwi Property Group Ltd.		16,302		15,660
Mercury NZ Ltd.		6,322		14,474
Meridian Energy Ltd.		6,352		12,846
Ryman Healthcare Ltd.		6,496		50,108
SKYCITY Entertainment Group Ltd.		2,875		8,098

	Number of Shares		Value
New Zealand (Continued)
Spark New Zealand Ltd.		44,206	$	107,118
				396,240
Norway — 1.2%
DNB ASA		987		19,610
Gjensidige Forsikring ASA		686		12,577
Marine Harvest ASA		7,670		149,421
Norsk Hydro ASA		15,862		107,877
Orkla ASA		6,055		66,499
Statoil ASA		144		3,327
Telenor ASA		2,064		46,673
Yara International ASA		2,735		121,958
				527,942
Portugal — 0.3%
EDP — Energias de Portugal SA		23,147		77,721
Galp Energia SGPS SA		1,501		27,222
Jeronimo Martins SGPS SA		1,467		30,524
				135,467
Singapore — 2.5%
Ascendas Real Estate Investment Trust REIT		17,300		34,656
BOC Aviation Ltd., 144A		2,723		15,241
CapitaLand Commercial Trust REIT		22,395		29,288
CapitaLand Ltd.		18,300		50,217
CapitaLand Mall Trust REIT		17,300		26,417
City Developments Ltd.		6,200		59,804
ComfortDelGro Corp. Ltd.		11,200		17,187
DBS Group Holdings Ltd.		900		19,526
Frasers Property Ltd.		11,300		16,743
Genting Singapore PLC		20,400		17,889
Golden Agri-Resources Ltd.		158,200		43,052
Hutchison Port Holdings Trust, Class U		20,300		7,409
Jardine Cycle & Carriage Ltd.		93		2,613
Keppel Corp. Ltd.		16,100		97,609
M1 Ltd.		5,900		7,805
Oversea-Chinese Banking Corp. Ltd.		3,063		30,240
SATS Ltd.		8,300		32,627
Sembcorp Industries Ltd.		9,200		22,255
Sembcorp Marine Ltd. (a)		8,997		14,419
SIA Engineering Co. Ltd.		3,100		7,710
Singapore Airlines Ltd.		6,100		51,139
Singapore Exchange Ltd.		9,100		51,937
Singapore Press Holdings Ltd. (a)		6,100		11,989
Singapore Technologies Engineering Ltd.		15,200		39,182
Singapore Telecommunications Ltd.		9,000		22,996
StarHub Ltd.		6,200		11,717
Suntec Real Estate Investment Trust REIT		14,300		21,404
United Overseas Bank Ltd.		1,000		21,083
UOL Group Ltd.		5,916		38,103
Venture Corp. Ltd.		12,800		266,673
Wilmar International Ltd.		8,500		20,754
				1,109,684
South Africa (c) — 0.2%
Investec PLC		2,903		25,399
Mondi PLC		3,090		80,979
				106,378

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
South Korea — 4.0%
BNK Financial Group, Inc.		286	$	2,958
Cheil Worldwide, Inc.		1,233		21,178
CJ CheilJedang Corp.		57		17,791
Coway Co. Ltd.		147		11,756
Daelim Industrial Co. Ltd.		87		5,961
Daewoo Engineering & Construction Co. Ltd.*		1,011		4,873
DB Insurance Co. Ltd.		372		23,875
DGB Financial Group, Inc.		726		8,313
Doosan Corp.		158		14,590
E-MART, Inc.		381		106,957
GS Holdings Corp.		1,712		104,500
GS Retail Co. Ltd.		110		3,657
Hana Financial Group, Inc.		84		3,813
Hankook Tire Co. Ltd.		668		36,395
Hanon Systems		437		5,044
Hanwha Chemical Corp.		645		19,775
Hanwha Corp.		1,423		58,016
Hanwha Life Insurance Co. Ltd.		3,269		20,256
Hite Jinro Co. Ltd.*		333		6,765
Hyosung Corp.		202		23,317
Hyundai Construction Equipment Co. Ltd.*		64		10,047
Hyundai Development Co.-Engineering & Construction		138		4,817
Hyundai Electric & Energy System Co. Ltd.*		64		5,349
Hyundai Engineering & Construction Co. Ltd.*		728		25,882
Hyundai Glovis Co. Ltd.		1		132
Hyundai Heavy Industries Co. Ltd.*		67		8,105
Hyundai Marine & Fire Insurance Co. Ltd.		1,157		44,126
Hyundai Mobis Co. Ltd.		83		17,475
Hyundai Motor Co.		89		13,273
Hyundai Robotics Co. Ltd.*		87		35,550
Hyundai Steel Co.		555		27,471
Industrial Bank of Korea		1,449		23,015
Kangwon Land, Inc.		288		7,673
KB Financial Group, Inc.		1,183		69,916
KCC Corp.		15		5,021
Kia Motors Corp.		436		13,830
Korea Electric Power Corp.		138		4,218
Korea Gas Corp.*		167		7,078
Korea Investment Holdings Co. Ltd.*		92		6,669
Korea Zinc Co. Ltd.		47		22,222
KT&G Corp.		519		47,831
Kumho Petrochemical Co. Ltd.		117		9,789
LG Chem Ltd.		70		24,758
LG Corp.		724		57,631
LG Display Co. Ltd.		891		24,560
LG Electronics, Inc.		891		82,197
LG Household & Health Care Ltd.		4		4,063
LG Uplus Corp.		4,779		55,385
Lotte Chemical Corp.		29		12,292
Lotte Corp.*		46		2,663
Lotte Shopping Co. Ltd.		92		17,544
LS Corp.		316		22,177

	Number of Shares		Value
South Korea (Continued)
Mando Corp.		30	$	7,134
Mirae Asset Daewoo Co. Ltd.		792		6,787
NCSoft Corp.		9		3,117
NH Investment & Securities Co. Ltd.		779		10,287
NongShim Co. Ltd.		101		28,820
OCI Co. Ltd.		21		3,190
Orion Corp.		333		33,211
Ottogi Corp.		3		1,959
POSCO		197		65,764
S-1 Corp.		168		14,893
Samsung Electro-Mechanics Co. Ltd.		117		10,005
Samsung Electronics Co. Ltd.		8		17,383
Samsung Fire & Marine Insurance Co. Ltd.		84		22,418
Samsung Life Insurance Co. Ltd.		131		14,698
Samsung Securities Co. Ltd.		205		7,497
Shinhan Financial Group Co. Ltd.		115		5,034
Shinsegae Inc.		29		9,185
SK Holdings Co. Ltd.		320		84,071
SK Hynix, Inc.		689		48,864
SK Innovation Co. Ltd.		283		53,704
SK Telecom Co. Ltd.		263		58,288
SKC Co. Ltd.		223		8,083
S-Oil Corp.		256		29,196
Woori Bank		2,158		33,080
				1,789,217
Spain — 2.2%
Abertis Infraestructuras SA		2,518		60,193
Acciona SA		92		7,825
Acerinox SA		451		6,697
ACS Actividades de Construccion y Servicios SA		4,828		166,820
Aena SME SA, 144A		183		37,419
Amadeus IT Group SA		984		72,680
Banco Bilbao Vizcaya Argentaria SA		1,165		9,790
Banco de Sabadell SA		4,282		9,012
Banco Santander SA		718		4,963
Bankinter SA		452		4,999
CaixaBank SA		1,108		5,422
Cellnex Telecom SA, 144A		572		14,762
Corp. Financiera Alba SA		956		58,299
Distribuidora Internacional de Alimentacion SA		5,838		27,940
Enagas SA		1,283		33,518
Endesa SA		2,395		50,534
Ferrovial SA		1,550		33,584
Gas Natural SDG SA		1,468		33,687
Grifols SA		328		9,033
Grupo Catalana Occidente SA		599		25,132
Iberdrola SA		9,152		67,822
Industria de Diseno Textil SA		90		2,740
Mapfre SA		2,723		9,199
Mediaset Espana Comunicacion SA		1,673		19,429
Merlin Properties Socimi SA REIT		5,517		79,165
Red Electrica Corp. SA		2,048		39,966
Repsol SA		2,518		45,160

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Spain (Continued)
Telefonica SA		3,968	$	38,683
Zardoya Otis SA		483		5,099
				979,572
Sweden — 4.9%
Alfa Laval AB		2,395		57,899
Assa Abloy AB, Class B		900		20,188
Atlas Copco AB, Class A		692		29,658
Atlas Copco AB, Class B		420		16,018
Boliden AB		2,363		84,105
Electrolux AB, Series B		5,209		171,946
Essity AB, Class B*		2,004		55,146
Fastighets AB Balder, Class B*		600		14,889
Getinge AB, Class B		180		2,272
Hennes & Mauritz AB, Class B (a)		627		10,399
Hexagon AB, Class B		358		21,029
Husqvarna AB, Class B		2,306		24,698
ICA Gruppen AB (a)		897		32,100
Industrivarden AB, Class A		8,631		217,507
Industrivarden AB, Class C		7,549		181,356
Investment AB Latour, Class B		1,555		18,364
Investor AB, Class B		6,024		272,718
L E Lundbergforetagen AB, Class B		1,888		141,620
Lundin Petroleum AB*		265		6,248
Nordea Bank AB		534		6,094
Saab AB, Class B		571		26,043
Sandvik AB		4,491		83,744
Securitas AB, Class B		807		13,918
Skandinaviska Enskilda Banken AB, Class A		1,223		14,454
Skanska AB, Class B		235		4,698
SKF AB, Class B		3,893		81,967
Svenska Cellulosa AB SCA, Class B		30,190		300,606
Svenska Handelsbanken AB, Class A		452		6,230
Swedbank AB, Class A		546		13,773
Swedish Match AB		1,824		77,843
Tele2 AB, Class B		1,346		15,998
Telefonaktiebolaget LM Ericsson, Class B		327		2,201
Telia Co. AB		7,878		37,396
Trelleborg AB, Class B		2,729		70,057
Volvo AB, Class B		3,417		64,727
				2,197,909
Switzerland — 4.3%
ABB Ltd.		1,379		33,649
Adecco Group AG		3,235		261,046
Baloise Holding AG		298		47,047
Barry Callebaut AG		17		33,584
Cie Financiere Richemont SA		565		49,777
Clariant AG*		2,097		52,589
Coca-Cola HBC AG*		1,619		53,203
Credit Suisse Group AG*		148		2,750
DKSH Holding AG		509		43,303
Dufry AG*		267		38,480
EMS-Chemie Holding AG		20		12,825
Ferguson PLC		1,406		99,691
Flughafen Zurich AG		327		77,922

	Number of Shares		Value
Switzerland (Continued)
Geberit AG		121	$	54,825
Givaudan SA		20		45,648
Helvetia Holding AG		1		602
Julius Baer Group Ltd.*		233		15,187
Kuehne + Nagel International AG		326		53,365
LafargeHolcim Ltd.*		690		40,434
Logitech International SA		1,509		59,702
Lonza Group AG*		183		46,629
Nestle SA		90		7,169
Novartis AG		59		4,942
Pargesa Holding SA		30		2,660
Partners Group Holding AG		94		68,333
PSP Swiss Property AG		153		14,530
Roche Holding AG		29		6,729
Schindler Holding AG		91		20,626
Schindler Holding AG Participation Certificates		183		42,911
SGS SA		17		43,298
Sika AG		18		148,183
Sonova Holding AG		329		51,662
STMicroelectronics NV		922		21,163
Straumann Holding AG		93		63,030
Sulzer AG		123		16,451
Swatch Group AG — Bearer		91		38,497
Swatch Group AG — Registered		122		9,818
Swiss Life Holding AG*		144		52,264
Swiss Prime Site AG*		327		30,588
Swiss Re AG		565		57,693
Swisscom AG		60		32,506
Temenos Group AG*		444		52,103
Zurich Insurance Group AG		97		32,024
				1,939,438
United Kingdom — 11.0%
3i Group PLC		39,139		506,705
Admiral Group PLC		1,052		26,714
Aggreko PLC		207		2,132
Ashmore Group PLC		2,514		14,299
Ashtead Group PLC		2,071		60,324
Associated British Foods PLC		174		6,308
AstraZeneca PLC		62		4,079
Auto Trader Group PLC, 144A		3,239		16,289
Aviva PLC		1,770		12,331
Babcock International Group PLC		393		3,529
BAE Systems PLC		7,405		59,116
Barratt Developments PLC		15,401		114,377
Bellway PLC		3,142		134,898
Berkeley Group Holdings PLC		4,166		221,224
Booker Group PLC		30,580		95,688
BP PLC		1,172		7,673
British American Tobacco PLC		183		10,831
British Land Co. PLC REIT		714		6,178
BT Group PLC		4,107		13,570
Bunzl PLC		872		23,489
Burberry Group PLC		4,945		104,485
Centrica PLC		22,863		45,048
CNH Industrial NV		1,979		26,901

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Compass Group PLC		1,796	$	38,258
Croda International PLC		1,441		91,769
Daily Mail & General Trust PLC, Class A		1,102		10,173
Diageo PLC		483		16,371
Direct Line Insurance Group PLC		9,825		51,821
DS Smith PLC		17,835		117,857
easyJet PLC*		1,680		38,865
Experian PLC		1,588		34,046
Fiat Chrysler Automobiles NV*		750		16,074
G4S PLC		26,314		95,138
GKN PLC		18,306		110,426
GlaxoSmithKline PLC		272		4,899
Halma PLC		1,776		29,487
Hammerson PLC REIT		3,236		19,930
Hargreaves Lansdown PLC		842		20,018
Howden Joinery Group PLC		3,628		22,200
IMI PLC		3,179		53,745
Imperial Brands PLC		264		9,527
Inchcape PLC		7,524		70,340
Informa PLC		353		3,382
Inmarsat PLC		3,900		25,251
InterContinental Hotels Group PLC		2,161		139,914
International Consolidated Airlines Group SA		10,042		85,038
Intertek Group PLC		1,438		97,344
Intu Properties PLC REIT		1,645		4,583
ITV PLC		12,315		27,149
J Sainsbury PLC		9,920		35,401
Johnson Matthey PLC		812		35,075
Kingfisher PLC		7,789		38,410
Land Securities Group PLC REIT		182		2,325
Legal & General Group PLC		6,833		24,723
London Stock Exchange Group PLC		91		5,050
Marks & Spencer Group PLC		17,302		70,470
Meggitt PLC		4,552		28,387
Melrose Industries PLC		892		2,806
Merlin Entertainments PLC, 144A		2,312		10,831
Micro Focus International PLC		564		16,032
National Grid PLC		3,239		33,034
Next PLC		623		41,684
Old Mutual PLC		7,073		24,880
Pennon Group PLC		2,219		18,608
Persimmon PLC		4,945		177,218
Prudential PLC		62		1,564
Reckitt Benckiser Group PLC		164		13,052
RELX NV		2,188		44,966
RELX PLC		4,919		101,190
Rentokil Initial PLC		23,853		95,180
Rightmove PLC		245		14,438
Rio Tinto Ltd.		1,794		113,460
Rio Tinto PLC		426		23,044
Royal Mail PLC		3,445		26,581
RPC Group PLC		923		10,225
RSA Insurance Group PLC		1,018		8,856
Sage Group PLC		1,467		14,000
Schroders PLC		297		14,114
Segro PLC REIT		20,143		158,642

	Number of Shares		Value
United Kingdom (Continued)
Severn Trent PLC		1,283	$	30,185
Sky PLC		2,782		51,671
Smith & Nephew PLC		2,966		51,840
Smiths Group PLC		3,145		69,225
Spirax-Sarco Engineering PLC		926		72,853
SSE PLC		6,111		103,146
St James’s Place PLC		1,439		22,891
Standard Life Aberdeen PLC		1,471		7,461
Tate & Lyle PLC		4,070		31,426
Taylor Wimpey PLC		49,311		126,374
TechnipFMC PLC		561		16,408
Tesco PLC		17,318		50,300
Travis Perkins PLC		986		17,457
Unilever NV		658		34,489
Unilever PLC		808		41,565
United Utilities Group PLC		2,759		25,325
Vodafone Group PLC		2,784		7,816
Weir Group PLC		204		5,723
Whitbread PLC		791		42,320
William Hill PLC		1,768		8,002
Wm Morrison Supermarkets PLC		47,018		146,217
WPP PLC		1,045		20,072
				4,936,805
United States (c) — 0.4%
Carnival PLC		1,629		107,714
Samsonite International SA		2,248		9,796
Sims Metal Management Ltd.		5,183		70,478
Waste Connections, Inc.		91		6,453
				194,441
TOTAL COMMON STOCKS (Cost $42,148,656)				44,492,616
PREFERRED STOCKS — 0.2%
Germany — 0.2%
FUCHS PETROLUB SE		658		37,446
Henkel AG & Co. KGaA		31		4,133
Porsche Automobil Holding SE		323		27,230
Sartorius AG		122		16,516
				85,325
South Korea — 0.0%
Hanwha Corp.		290		4,834
LG Household & Health Care Ltd.		4		2,268
				7,102
Spain — 0.0%
Grifols SA, Class B		389		8,426
TOTAL PREFERRED STOCKS (Cost $89,623)				100,853
RIGHTS — 0.0%
Australia — 0.0%
APA Group*(b), expires 03/17/18		356		62
Woodside Petroleum Ltd.*, expires 03/12/18 (d)		326		546
				608

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
South Korea — 0.0%
Hyundai Heavy Industries Co. Ltd.*, expires 03/12/18		11	$	254
TOTAL RIGHTS (Cost $0)				862
SECURITIES LENDING COLLATERAL — 1.1%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32% (e)(f) (Cost $484,162)		484,162		484,162
TOTAL INVESTMENTS — 100.7% (Cost $42,722,441)			$	45,078,493
Other assets and liabilities, net — (0.7%)				(310,274	)
NET ASSETS — 100.0%			$	44,768,219

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2018 is as follows:

Value ($) at 8/31/2017		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2018		Value ($) at 2/28/2018
	SECURITIES LENDING COLLATERAL — 1.1%
	Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32%(e)(f)
	115,119		369,043		—		—		—		1,190		—		484,162		484,162

* 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 February 28, 2018 amounted to $326,338, which is 0.7% 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) Securities are listed in country of domicile and trade on exchanges within the FTSE Developed ex US Comprehensive Factor Index.

(d) Investment was valued using significant unobservable inputs.

(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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested for the six months ended February 28, 2018.

CDI: Chess Depositary Interest

REIT: Real Estate Investment Trust

RSP: Risparmio (Convertible Savings Shares)

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

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2018 (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 February 28, 2018 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)	$	44,492,616	$	—	$	—	$	44,492,616
Preferred Stocks (g)		100,853		—		—		100,853
Rights (g)		316		—		546		862
Short-Term Investments		484,162		—		—		484,162
TOTAL	$	45,077,947	$	—	$	546	$	45,078,493

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

There have been no transfers between fair value measurement levels during the period ended February 28, 2018.

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF

February 28, 2018 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 96.1%
Brazil — 5.4%
AES Tiete Energia SA		599	$	2,093
Atacadao Distribuicao Comercio e Industria Ltda*		996		4,553
B3 SA—Brasil Bolsa Balcao		478		3,770
Banco Bradesco SA		147		1,667
Banco BTG Pactual SA		1,232		8,737
Banco do Brasil SA		47		605
Banco Santander Brasil SA		64		724
BB Seguridade Participacoes SA		695		6,225
BR Malls Participacoes SA		384		1,410
CCR SA		1,666		6,513
Cia de Saneamento Basico do Estado de Sao Paulo		1,334		15,460
Cia Energetica de Minas Gerais*		113		283
Cia Paranaense de Energia		145		1,022
Cielo SA		757		5,637
Cosan SA Industria e Comercio		983		13,123
EDP—Energias do Brasil SA		2,430		9,948
Embraer SA		2,142		14,347
Engie Brasil Energia SA		434		5,230
Equatorial Energia SA		913		20,122
Estacio Participacoes SA		470		4,904
Fibria Celulose SA		813		15,433
Fleury SA		1,756		14,664
Grendene SA		1,724		15,076
Hypera SA		1,379		14,653
Klabin SA		729		4,017
Kroton Educacional SA		261		1,245
Localiza Rent a Car SA		882		7,042
Lojas Renner SA		2,241		23,812
M Dias Branco SA		357		6,575
Multiplan Empreendimentos Imobiliarios SA		194		4,192
Multiplus SA		183		1,939
Natura Cosmeticos SA		204		2,156
Odontoprev SA		1,348		6,353
Porto Seguro SA		939		13,235
PPLA Participations Ltd.*		92		37
Qualicorp SA		2,837		25,106
Raia Drogasil SA		408		9,763
Sao Martinho SA		363		2,050
Smiles Fidelidade SA		286		7,419
Sul America SA		3,751		24,651
Suzano Papel e Celulose SA		3,061		20,493
TIM Participacoes SA		3,883		16,853
Transmissora Alianca de Energia Eletrica SA		2,588		16,331
Ultrapar Participacoes SA		370		8,580
WEG SA		1,513		10,902
				398,950
Chile — 3.2%
AES Gener SA		26,501		8,098
Aguas Andinas SA, Class A		13,942		9,320
Banco de Chile		27,627		4,689
Banco de Credito e Inversiones		114		8,497
Banco Santander Chile		78,555		6,450
Cencosud SA		2,389		7,267

	Number of Shares		Value
Chile (Continued)
Cia Cervecerias Unidas SA		1,711	$	24,134
Colbun SA		42,052		10,222
Empresa Nacional de Telecomunicaciones SA		566		6,710
Empresas CMPC SA		3,855		14,881
Empresas COPEC SA		1,124		18,167
Enel Americas SA		170,258		39,313
Enel Chile SA		134,956		16,664
Enel Generacion Chile SA		31,687		29,669
Latam Airlines Group SA		804		13,172
Parque Arauco SA		4,396		14,030
SACI Falabella		404		4,089
SONDA SA		1,604		3,243
				238,615
China — 15.5%
Agile Group Holdings Ltd.		7,252		12,511
Agricultural Bank of China Ltd., Class H		26,172		14,549
Air China Ltd., Class H		13,759		20,994
Aluminum Corp. of China Ltd., Class H*		20,662		12,542
Angang Steel Co. Ltd., Class H		4,424		4,896
Anhui Conch Cement Co. Ltd., Class H		7,726		41,418
Anhui Expressway Co. Ltd., Class H		3,319		2,608
Anhui Gujing Distillery Co. Ltd., Class B		816		4,403
ANTA Sports Products Ltd.		1,186		5,881
Bank of China Ltd., Class H		6,041		3,296
Bank of Communications Co. Ltd., Class H		1,941		1,558
BBMG Corp., Class H		150		74
Beijing Capital International Airport Co. Ltd., Class H		2,689		3,972
Beijing Jingneng Clean Energy Co. Ltd., Class H		2,715		697
Bengang Steel Plates Co. Ltd., Class B*		13,000		5,731
BOE Technology Group Co. Ltd., Class B		12,400		7,067
CAR, Inc.*		1,659		1,484
China BlueChemical Ltd., Class H		3,670		1,112
China Cinda Asset Management Co. Ltd., Class H		1,633		614
China CITIC Bank Corp. Ltd., Class H		8,148		5,945
China Coal Energy Co. Ltd., Class H		4,521		2,068
China Communications Construction Co. Ltd., Class H		14,459		16,186
China Communications Services Corp. Ltd., Class H		9,218		5,489
China Conch Venture Holdings Ltd.		3,243		9,760
China Construction Bank Corp., Class H		601		626
China Dongxiang Group Co. Ltd.		20,267		3,937
China Eastern Airlines Corp. Ltd., Class H		4,499		3,806
China Everbright Bank Co. Ltd., Class H		5,387		2,774
China Galaxy Securities Co. Ltd., Class H		1,451		1,018
China Huarong Asset Management Co. Ltd., Class H, 144A		5,512		2,501
China Life Insurance Co. Ltd., Class H		1,729		5,137
China Longyuan Power Group Corp. Ltd., Class H		669		445
China Medical System Holdings Ltd.		1,605		3,224
China Merchants Bank Co. Ltd., Class H		2,764		11,674

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
China (Continued)
China Minsheng Banking Corp. Ltd., Class H		1,753	$	1,832
China National Accord Medicines Corp. Ltd., Class B		285		1,245
China National Building Material Co. Ltd., Class H (a)		12,261		12,174
China National Materials Co. Ltd., Class H		2,962		2,475
China Pacific Insurance Group Co. Ltd., Class H		3,010		14,809
China Petroleum & Chemical Corp., Class H		72,879		58,673
China Railway Construction Corp. Ltd., Class H		6,018		6,460
China Railway Group Ltd., Class H		16,838		12,243
China Railway Signal & Communication Corp. Ltd., Class H, 144A		4,966		3,896
China Reinsurance Group Corp., Class H		12,260		2,726
China Resources Pharmaceutical Group Ltd., 144A		3,595		4,851
China Shenhua Energy Co. Ltd., Class H		26,627		75,710
China Southern Airlines Co. Ltd., Class H		7,547		10,127
China Telecom Corp. Ltd., Class H		863		380
China Vanke Co. Ltd., Class H		6,231		27,989
China Zhongwang Holdings Ltd.		5,003		2,736
Chongqing Changan Automobile Co. Ltd., Class B		2,013		2,243
Chongqing Rural Commercial Bank Co. Ltd., Class H		4,636		3,768
CNOOC Ltd.		1,823		2,656
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		7,743		4,116
Country Garden Holdings Co. Ltd.		2,741		4,932
CRRC Corp. Ltd., Class H		3,319		3,041
CSC Financial Co. Ltd., Class H, 144A		4,700		4,042
CSG Holding Co. Ltd., Class B		2,707		1,626
CSPC Pharmaceutical Group Ltd.		10,688		24,694
Dali Foods Group Co. Ltd., 144A		5,493		5,237
Datang International Power Generation Co. Ltd., Class H*		26,652		8,515
Dazhong Transportation Group Co. Ltd., Class B		2,310		1,432
Dongfang Electric Corp. Ltd., Class H*		4,222		3,523
Dongfeng Motor Group Co. Ltd., Class H		4,890		6,193
ENN Energy Holdings Ltd.		2,954		22,763
Everbright Securities Co. Ltd., Class H, 144A		1,121		1,301
Foshan Electrical and Lighting Co. Ltd., Class B		3,400		2,629
Fosun International Ltd.		858		1,892
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		3,845		15,429
Geely Automobile Holdings Ltd.		2,576		8,411
GF Securities Co. Ltd., Class H		701		1,351
Golden Eagle Retail Group Ltd.		1,150		1,531
Great Wall Motor Co. Ltd., Class H		7,618		9,015
Guangdong Electric Power Development Co. Ltd., Class B		13,100		5,257
Guangshen Railway Co. Ltd., Class H		5,775		3,815
Guangzhou Automobile Group Co. Ltd., Class H		17,545		39,012

	Number of Shares		Value
China (Continued)
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		249	$	676
Guangzhou R&F Properties Co. Ltd., Class H		996		2,344
Haitian International Holdings Ltd.		2,899		8,873
Haitong Securities Co. Ltd., Class H		877		1,255
Hengan International Group Co. Ltd.		649		6,345
Huadian Energy Co. Ltd., Class B*		4,900		1,646
Huadian Power International Corp. Ltd., Class H		6,652		2,329
Huaneng Power International, Inc., Class H		25,147		15,618
Industrial & Commercial Bank of China Ltd., Class H		5,721		4,942
Inner Mongolia Yitai Coal Co. Ltd., Class B		2,500		3,590
Jiangling Motors Corp. Ltd., Class B		1,300		2,490
Jiangsu Expressway Co. Ltd., Class H		13,179		20,513
Jiangxi Copper Co. Ltd., Class H		22,753		35,996
KWG Property Holding Ltd.		3,787		5,314
Lenovo Group Ltd.		5,151		2,692
Livzon Pharmaceutical Group, Inc., Class H		359		2,686
Logan Property Holdings Co. Ltd.		23,229		31,287
Longfor Properties Co. Ltd.		9,969		28,791
Luye Pharma Group Ltd.		2,000		1,733
Maanshan Iron & Steel Co. Ltd., Class H*		5,810		3,148
Metallurgical Corp. of China Ltd., Class H		6,080		1,849
New China Life Insurance Co. Ltd., Class H		1,145		6,855
New Oriental Education & Technology Group, Inc., ADR		49		4,478
Orient Securities Co. Ltd., Class H, 144A		2,212		2,120
People’s Insurance Co. Group of China Ltd., Class H		6,366		3,441
PetroChina Co. Ltd., Class H		33,774		23,867
PICC Property & Casualty Co. Ltd., Class H		4,933		9,784
Ping An Insurance Group Co. of China Ltd., Class H		570		6,079
Red Star Macalline Group Corp. Ltd., Class H, 144A		1,001		1,199
Shandong Chenming Paper Holdings Ltd., Class B		10,700		18,077
Shandong Chenming Paper Holdings Ltd., Class H		3,081		5,268
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		291		199
Shanghai Bailian Group Co. Ltd., Class B		2,500		3,388
Shanghai Electric Group Co. Ltd., Class H*		3,150		1,187
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		737		4,290
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		1,421		2,066
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B		2,062		4,390
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,031		7,638
Shanghai Zhenhua Heavy Industries Co. Ltd., Class B		3,700		1,961
Shenzhen Chiwan Wharf Holdings Ltd., Class B (b)		2,600		4,564
Shenzhen Expressway Co. Ltd., Class H		3,532		3,566

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
China (Continued)
Shenzhou International Group Holdings Ltd.		480	$	4,754
Sichuan Expressway Co. Ltd., Class H		4,375		1,577
Sihuan Pharmaceutical Holdings Group Ltd.		21,572		7,884
SINA Corp.*		61		7,133
Sino-Ocean Group Holding Ltd.		8,801		6,276
Sinopec Engineering Group Co. Ltd., Class H		11,845		11,474
Sinopec Shanghai Petrochemical Co. Ltd., Class H		12,617		7,578
Sinopharm Group Co. Ltd., Class H		416		1,837
Sinotrans Ltd., Class H		1,513		841
Sinotruk Hong Kong Ltd.		11,673		14,857
Sunny Optical Technology Group Co. Ltd.		45		752
TAL Education Group, ADR		152		5,740
TravelSky Technology Ltd., Class H		269		859
Tsingtao Brewery Co. Ltd., Class H		2,524		13,869
Weichai Power Co. Ltd., Class H		9,253		10,429
Weifu High-Technology Group Co. Ltd., Class B		1,216		2,649
Wuxi Little Swan Co. Ltd., Class B		2,047		13,035
Xinhua Winshare Publishing and Media Co. Ltd., Class H		982		757
Yangzijiang Shipbuilding Holdings Ltd.		42,219		48,192
Yantai Changyu Pioneer Wine Co. Ltd., Class B		457		1,155
Yanzhou Coal Mining Co. Ltd., Class H		3,092		4,631
Zhejiang Expressway Co. Ltd., Class H		2,901		3,170
Zhongsheng Group Holdings Ltd.		2,928		7,446
Zhuzhou CRRC Times Electric Co. Ltd., Class H		395		2,140
Zijin Mining Group Co. Ltd., Class H		22,773		10,477
ZTE Corp., Class H*		368		1,298
ZTO Express Cayman, Inc., ADR*(a)		181		2,872
				1,138,963
Colombia — 0.6%
Almacenes Exito SA		702		4,107
Bancolombia SA		518		5,446
Cementos Argos SA		561		2,042
Cemex Latam Holdings SA *		522		1,716
Ecopetrol SA		4,162		3,642
Grupo de Inversiones Suramericana SA		763		10,220
Interconexion Electrica SA ESP		4,138		19,763
				46,936
Czech Republic — 0.4%
CEZ AS		497		12,047
Komercni banka AS		96		4,270
Moneta Money Bank AS, 144A		3,234		13,047
O2 Czech Republic AS		67		873
				30,237
Egypt — 0.2%
Commercial International Bank Egypt SAE, GDR		3,871		17,574

	Number of Shares		Value
Greece — 0.3%
FF Group *		95	$	2,028
Hellenic Telecommunications Organization SA		256		3,650
JUMBO SA		150		2,733
Motor Oil Hellas Corinth Refineries SA		280		6,570
OPAP SA		314		3,834
Titan Cement Co. SA		249		6,803
				25,618
Hong Kong — 4.7%
Beijing Enterprises Holdings Ltd.		2,274		12,655
Beijing Enterprises Water Group Ltd.*		3,676		2,396
Brilliance China Automotive Holdings Ltd.		884		2,384
China Agri-Industries Holdings Ltd.		7,161		3,084
China Everbright International Ltd.		2,925		4,530
China Everbright Ltd.		2,076		4,568
China Foods Ltd.		2,641		1,397
China Gas Holdings Ltd.		714		2,226
China Jinmao Holdings Group Ltd.		6,697		4,099
China Merchants Port Holdings Co. Ltd.		2,321		5,434
China Mobile Ltd.		100		938
China Overseas Land & Investment Ltd.		1,923		6,758
China Power International Development Ltd.		10,043		2,528
China Resources Beer Holdings Co. Ltd.		1,973		7,614
China Resources Cement Holdings Ltd.		18,480		14,287
China Resources Gas Group Ltd.		2,120		7,152
China Resources Land Ltd.		2,210		7,894
China Resources Power Holdings Co. Ltd.		7,222		12,570
China State Construction International Holdings Ltd.		12,562		17,113
China Taiping Insurance Holdings Co. Ltd.		1,175		4,535
China Traditional Chinese Medicine Holdings Co. Ltd.		2,212		1,337
China Unicom Hong Kong Ltd.*		4,657		6,034
COSCO SHIPPING Ports Ltd.		8,116		7,893
Far East Horizon Ltd.		1,862		1,880
Guangdong Investment Ltd.		5,479		8,388
Haier Electronics Group Co. Ltd.*		4,107		14,092
Kingboard Chemical Holdings Ltd.		13,839		70,298
Kingboard Laminates Holdings Ltd.		17,555		30,914
Kunlun Energy Co. Ltd.		20,954		19,708
Lee & Man Paper Manufacturing Ltd.		7,854		8,983
Nine Dragons Paper Holdings Ltd.		2,052		3,703
Poly Property Group Co. Ltd.*		2,764		1,413
Shanghai Industrial Holdings Ltd.		3,316		9,301
Shenzhen International Holdings Ltd.		2,389		4,921
Shenzhen Investment Ltd.		8,638		3,610
Shimao Property Holdings Ltd.		1,475		3,679
Sino Biopharmaceutical Ltd.		10,054		19,041
Yuexiu Property Co. Ltd.		33,939		6,722
				346,079
Hungary — 1.3%
Magyar Telekom Telecommunications PLC		8,930		15,782
MOL Hungarian Oil & Gas PLC		4,487		49,078
OTP Bank PLC		340		15,187
Richter Gedeon Nyrt		867		19,128
				99,175

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
India — 6.9%
ABB India Ltd.		239	$	5,619
ACC Ltd.		194		4,833
Adani Ports & Special Economic Zone Ltd.		801		5,021
Ambuja Cements Ltd.		986		3,819
Ashok Leyland Ltd.		1,131		2,457
Asian Paints Ltd.		116		1,990
Aurobindo Pharma Ltd.		211		1,988
Avenue Supermarts Ltd., 144A*		67		1,386
Bajaj Auto Ltd.		50		2,318
Bajaj Finance Ltd.		50		1,259
Bajaj Holdings & Investment Ltd.		334		13,963
Berger Paints India Ltd.		302		1,153
Bharat Electronics Ltd.		2,706		6,411
Bharat Forge Ltd.		472		5,723
Bharat Heavy Electricals Ltd.		1,618		2,233
Bharat Petroleum Corp. Ltd.		1,557		10,266
Bharti Airtel Ltd.		743		4,888
Bharti Infratel Ltd.		1,093		5,817
Bosch Ltd.		5		1,434
Britannia Industries Ltd.		26		1,993
Cadila Healthcare Ltd.		184		1,144
Castrol India Ltd.		470		1,457
Cipla Ltd.		569		5,150
Coal India Ltd.		570		2,705
Colgate-Palmolive India Ltd.		73		1,167
Container Corp. of India Ltd.		337		6,746
Cummins India Ltd.		90		1,100
Dabur India Ltd.		542		2,704
Dr Reddy’s Laboratories Ltd.		34		1,168
Eicher Motors Ltd.		10		4,212
Exide Industries Ltd.		1,831		5,829
GAIL India Ltd.		3,011		21,145
Godrej Consumer Products Ltd.		80		1,314
Godrej Industries Ltd.		138		1,169
Grasim Industries Ltd.		899		15,907
Great Eastern Shipping Co. Ltd.		1,215		6,819
Havells India Ltd.		799		6,226
HCL Technologies Ltd.		871		12,572
Hero MotoCorp Ltd.		169		9,330
Hindalco Industries Ltd.		2,220		8,363
Hindustan Petroleum Corp. Ltd.		5,858		34,183
Hindustan Unilever Ltd.		108		2,185
Hindustan Zinc Ltd.		803		4,024
Housing Development Finance Corp. Ltd.		69		1,916
Idea Cellular Ltd.*		1,190		1,533
Indian Oil Corp. Ltd.		895		5,211
Infosys Ltd.		361		6,498
InterGlobe Aviation Ltd., 144A		95		1,948
ITC Ltd.		297		1,208
JSW Steel Ltd.		5,508		26,396
Kansai Nerolac Paints Ltd.		741		5,592
Larsen & Toubro Ltd.		171		3,460
Lupin Ltd.		93		1,170
Mahindra & Mahindra Ltd.		496		5,545
Mangalore Refinery & Petrochemicals Ltd.		962		1,761
Marico Ltd.		779		3,685
Maruti Suzuki India Ltd.		58		7,880

	Number of Shares		Value
India (Continued)
Motherson Sumi Systems Ltd.		224	$	1,135
Mphasis Ltd.		1,332		17,578
MRF Ltd.		6		6,759
Nestle India Ltd.		17		2,025
NHPC Ltd.		28,435		11,916
NMDC Ltd.		3,882		7,708
NTPC Ltd.		2,094		5,247
Oil & Natural Gas Corp. Ltd.		2,560		7,399
Oil India Ltd.		1,917		10,295
Oracle Financial Services Software Ltd.		117		7,079
Petronet LNG Ltd.		1,346		5,109
Pidilite Industries Ltd.		321		4,439
Power Finance Corp. Ltd.		844		1,362
Power Grid Corp. of India Ltd.		1,256		3,812
Rajesh Exports Ltd.		648		8,331
Reliance Capital Ltd.		171		1,240
Reliance Industries Ltd.		329		4,821
Reliance Infrastructure Ltd.		172		1,203
Rural Electrification Corp. Ltd.		1,592		3,526
Shree Cement Ltd.		11		2,807
Shriram Transport Finance Co. Ltd.		61		1,249
Siemens Ltd.		200		3,585
Steel Authority of India Ltd.*		941		1,202
Sun Pharmaceutical Industries Ltd.		141		1,159
Sun TV Network Ltd.		225		3,204
Tata Communications Ltd.		517		5,098
Tata Consultancy Services Ltd.		29		1,351
Tata Motors Ltd.*		186		1,056
Tata Power Co. Ltd.		4,738		6,146
Tata Steel Ltd.		392		4,041
Tech Mahindra Ltd.		1,449		13,627
Titan Co. Ltd.		423		5,299
Torrent Pharmaceuticals Ltd.		61		1,282
Torrent Power Ltd.		285		1,158
UltraTech Cement Ltd.		44		2,807
United Breweries Ltd.		71		1,155
UPL Ltd.		924		10,336
Vedanta Ltd.		1,171		5,927
Wipro Ltd.		900		4,045
Zee Entertainment Enterprises Ltd.		469		4,070
				506,581
Indonesia — 1.8%
PT Adaro Energy Tbk		35,194		6,015
PT Astra International Tbk		3,819		2,243
PT Bank Central Asia Tbk		3,987		6,721
PT Bank Danamon Indonesia Tbk		6,553		3,146
PT Bank Mandiri Persero Tbk		5,643		3,407
PT Bank Negara Indonesia Persero Tbk		17,560		12,421
PT Bank Rakyat Indonesia Persero Tbk		27,593		7,586
PT Bumi Serpong Damai Tbk		15,190		2,138
PT Gudang Garam Tbk		832		4,826
PT Indocement Tunggal Prakarsa Tbk		6,404		10,236
PT Indofood CBP Sukses Makmur Tbk		3,545		2,314
PT Indofood Sukses Makmur Tbk		15,777		8,693
PT Jasa Marga Persero Tbk		11,776		4,582
PT Kalbe Farma Tbk		55,473		6,456

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Indonesia (Continued)
PT Perusahaan Gas Negara Persero Tbk		25,599	$	4,971
PT Semen Indonesia Persero Tbk		18,411		14,898
PT Surya Citra Media Tbk		9,439		1,957
PT Tambang Batubara Bukit Asam Persero Tbk		14,430		3,327
PT Telekomunikasi Indonesia Persero Tbk		33,491		9,744
PT Tower Bersama Infrastructure Tbk		2,101		859
PT Unilever Indonesia Tbk		204		800
PT United Tractors Tbk		6,692		17,328
				134,668
Malaysia — 4.8%
AirAsia Bhd		6,600		7,380
Alliance Bank Malaysia Bhd		2,748		2,890
AMMB Holdings Bhd		2,000		2,114
Astro Malaysia Holdings Bhd		14,400		8,897
Axiata Group Bhd		3,199		4,410
Berjaya Sports Toto Bhd		4,500		2,585
British American Tobacco Malaysia Bhd		700		5,075
CIMB Group Holdings Bhd		5,938		10,900
DiGi.Com Bhd		6,600		8,155
Felda Global Ventures Holdings Bhd		2,100		1,040
Gamuda Bhd		6,100		7,724
Genting Bhd		12,600		28,468
Genting Malaysia Bhd		33,800		45,475
HAP Seng Consolidated Bhd		3,000		7,314
Hong Leong Bank Bhd		1,700		8,689
Hong Leong Financial Group Bhd		1,100		5,364
IHH Healthcare Bhd		1,200		1,811
IJM Corp. Bhd		22,500		15,624
IOI Corp. Bhd		6,700		8,022
KLCCP Stapled Group (c)		3,700		7,349
Kuala Lumpur Kepong Bhd		2,100		13,424
Malayan Banking Bhd		2,831		7,560
Malaysia Airports Holdings Bhd		3,400		7,552
Maxis Bhd		3,500		5,281
MISC Bhd		4,900		8,582
MMC Corp. Bhd		6,300		3,104
Petronas Chemicals Group Bhd		6,674		13,784
Petronas Dagangan Bhd		1,656		10,907
Petronas Gas Bhd		700		3,149
PPB Group Bhd		2,700		12,201
Public Bank Bhd		1,700		9,982
RHB Bank Bhd		2,821		3,875
RHB Bank Bhd*(b)		400		0
Sapura Energy Bhd		7,400		1,266
Sime Darby Bhd		6,975		4,915
Sime Darby Plantation Bhd*		6,975		9,527
Sime Darby Property Bhd*		6,975		2,511
Telekom Malaysia Bhd		3,900		5,874
Tenaga Nasional Bhd		6,100		24,450
Westports Holdings Bhd		4,300		4,040
YTL Corp. Bhd		12,086		4,412
YTL Power International Bhd		20,482		5,909
				351,591

	Number of Shares		Value
Mexico — 3.7%
Alfa SAB de CV, Class A		3,149	$	3,737
Alsea SAB de CV		2,344		7,983
America Movil SAB de CV, Series L		10,080		9,264
Arca Continental SAB de CV		712		4,938
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B		4,915		6,932
Banregio Grupo Financiero SAB de CV		745		4,586
Becle SAB de CV*		619		1,141
Cemex SAB de CV, Series CPO*		23,539		15,533
Coca-Cola Femsa SAB de CV, Series L		1,561		10,508
Concentradora Fibra Danhos SA de CV REIT		3,694		5,962
El Puerto de Liverpool SAB de CV, Class C1		428		2,920
Fibra Uno Administracion SA de CV REIT		16,555		23,323
Fomento Economico Mexicano SAB de CV		1,674		15,484
Gentera SAB de CV		5,557		4,536
Gruma SAB de CV, Class B		670		7,749
Grupo Aeromexico SAB de CV*		2,889		4,471
Grupo Aeroportuario del Centro Norte SAB de CV		1,325		6,469
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,620		15,638
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,300		23,016
Grupo Bimbo SAB de CV, Series A		1,210		2,829
Grupo Carso SAB de CV, Series A1		450		1,579
Grupo Comercial Chedraui SA de CV		2,661		5,541
Grupo Financiero Banorte SAB de CV, Class O		998		5,986
Grupo Financiero Inbursa SAB de CV, Class O		1,466		2,340
Grupo Lala SAB de CV		1,308		1,914
Grupo Mexico SAB de CV, Series B		1,814		6,187
Grupo Simec SAB de CV, Series B*		1,218		3,996
Grupo Televisa SAB, Series CPO		1,279		4,373
Industrias Bachoco SAB de CV, Series B		3,268		15,877
Industrias CH SAB de CV, Series B*		1,409		6,149
Industrias Penoles SAB de CV		111		2,423
Infraestructura Energetica Nova SAB de CV		962		4,553
Kimberly-Clark de Mexico SAB de CV, Class A		1,435		2,613
Megacable Holdings SAB de CV, Series CPO		2,343		10,362
Mexichem SAB de CV		3,057		8,562
Nemak SAB de CV, 144A		983		699
Organizacion Soriana SAB de CV, Class B*		2,377		4,787
Promotora y Operadora de Infraestructura SAB de CV		606		6,179
Promotora y Operadora de Infraestructura SAB de CV, Class L		91		668
Wal-Mart de Mexico SAB de CV		1,716		4,002
				275,809
Peru — 0.3%
Credicorp Ltd.		91		19,747
Philippines — 2.1%
Aboitiz Equity Ventures, Inc.		5,960		8,858
Aboitiz Power Corp.		2,248		1,662

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Philippines (Continued)
Alliance Global Group, Inc.*		4,500	$	1,284
Ayala Corp.		340		6,901
Ayala Land, Inc.		11,200		8,839
Bank of the Philippine Islands		1,690		3,891
BDO Unibank, Inc.		1,850		5,534
DMCI Holdings, Inc.		55,100		14,727
Energy Development Corp.		59,100		6,321
Globe Telecom, Inc.		85		2,810
GT Capital Holdings, Inc.		265		6,869
International Container Terminal Services, Inc.		5,110		10,793
JG Summit Holdings, Inc.		1,237		1,710
Jollibee Foods Corp.		1,510		8,652
LT Group, Inc.		6,000		2,644
Manila Electric Co.		1,210		7,820
Megaworld Corp.		40,400		3,762
Metro Pacific Investments Corp.		40,800		4,411
Metropolitan Bank & Trust Co.		1,600		3,006
Petron Corp.		4,120		727
PLDT, Inc.		285		8,318
Semirara Mining & Power Corp.		24,940		17,623
SM Investments Corp.		400		7,220
SM Prime Holdings, Inc.		10,100		6,846
Universal Robina Corp.		550		1,573
				152,801
Poland — 3.7%
Alior Bank SA*		236		5,740
Asseco Poland SA		934		12,881
Bank Handlowy w Warszawie SA		20		489
Bank Millennium SA*		671		1,637
Bank Pekao SA		79		3,053
Bank Zachodni WBK SA		11		1,201
Budimex SA		234		13,234
CCC SA		132		9,707
CD Projekt SA		236		7,369
Ciech SA*		309		5,235
Cyfrowy Polsat SA		435		2,965
Enea SA		6,425		18,975
Eurocash SA		409		2,497
Grupa Azoty SA		274		4,646
Grupa Lotos SA		1,457		23,887
KGHM Polska Miedz SA		72		2,206
LPP SA		6		15,785
mBank SA*		8		1,069
Orange Polska SA*		1,314		2,186
PGE Polska Grupa Energetyczna SA*		6,641		19,651
PLAY Communications SA, 144A*		714		7,043
Polski Koncern Naftowy ORLEN SA		1,958		55,150
Polskie Gornictwo Naftowe i Gazownictwo SA		11,896		21,037
Powszechna Kasa Oszczednosci Bank Polski SA*		517		6,498
Powszechny Zaklad Ubezpieczen SA		828		10,325
Tauron Polska Energia SA*		25,289		18,819
				273,285

	Number of Shares		Value
Qatar — 0.5%
Al Meera Consumer Goods Co. QSC		43	$	1,768
Barwa Real Estate Co.		526		4,869
Commercial Bank QSC*		40		310
Doha Bank QPSC		128		1,150
Industries Qatar QSC		97		2,752
Masraf Al Rayan QSC		407		4,203
Ooredoo QSC		153		3,656
Qatar Electricity & Water Co. QSC		72		3,383
Qatar Gas Transport Co. Ltd.		355		1,661
Qatar Insurance Co. SAQ		493		5,247
Qatar International Islamic Bank QSC		45		740
Qatar Islamic Bank SAQ		24		633
United Development Co. QSC		641		2,905
				33,277
Romania — 0.1%
NEPI Rockcastle PLC		640		6,465
Russia — 4.1%
Acron PJSC		81		6,060
Aeroflot PJSC		9,316		23,407
Alrosa PJSC		10,631		16,297
Federal Grid Co Unified Energy System PJSC		714,112		2,231
Gazprom PJSC		2,468		6,276
Inter RAO UES PJSC		204,887		13,538
LSR Group PJSC, GDR		145		445
LUKOIL PJSC		352		23,613
Magnitogorsk Iron & Steel Works PJSC		11,312		9,580
MegaFon PJSC, GDR		240		2,551
MMC Norilsk Nickel PJSC		33		6,541
Mobile TeleSystems PJSC		7,393		40,394
Mosenergo PJSC		128,624		6,232
Novatek PJSC		427		5,385
Novolipetsk Steel PJSC		3,484		9,042
Novorossiysk Commercial Sea Port PJSC		48,310		7,075
PhosAgro PJSC, GDR		408		6,283
ROSSETI PJSC		82,677		1,219
Rostelecom PJSC		4,939		5,984
RusHydro PJSC		559,081		7,761
Safmar Financial Investment		211		2,815
Sberbank of Russia PJSC		646		3,126
Severstal PJSC		914		14,910
Surgutneftegas OJSC		5,373		2,741
Tatneft PJSC		7,241		76,400
TMK PJSC		1,807		2,594
Unipro PJSC		34,574		1,673
				304,173
Singapore — 0.3%
Yanlord Land Group Ltd.		15,400		19,325
South Africa — 12.4%
AECI Ltd.		2,205		21,139
Anglo American Platinum Ltd.*		6		186
Attacq Ltd.*		6,074		9,720
AVI Ltd.		2,193		22,573
Barclays Africa Group Ltd. (a)		677		11,385
Barloworld Ltd.		6,854		103,375
Bid Corp. Ltd.		1,001		22,887

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
South Africa (Continued)
Bidvest Group Ltd. (a)		2,644	$	50,424
Capitec Bank Holdings Ltd.		176		12,412
Clicks Group Ltd.		1,982		28,386
Coronation Fund Managers Ltd.		491		3,326
Dis-Chem Pharmacies Ltd., 144A		1,283		3,745
Discovery Ltd.		548		8,300
EOH Holdings Ltd.		46		279
Exxaro Resources Ltd.		879		9,861
FirstRand Ltd. (a)		801		5,015
Foschini Group Ltd.		1,216		22,097
Grindrod Ltd.*		166		194
Growthpoint Properties Ltd. REIT (a)		9,325		23,305
Hyprop Investments Ltd. REIT		2,935		27,140
Imperial Holdings Ltd.		2,016		42,811
Investec Ltd.		483		4,194
JSE Ltd.		136		2,350
KAP Industrial Holdings Ltd.		16,312		12,161
Liberty Holdings Ltd. (a)		63		712
Life Healthcare Group Holdings Ltd.		1,504		3,461
Massmart Holdings Ltd.		1,229		16,969
MMI Holdings Ltd.		1,872		3,462
Mondi Ltd.		1,436		37,474
Mr Price Group Ltd.		1,224		29,323
MTN Group Ltd.		1,175		12,792
Nampak Ltd. *		8,240		11,079
Nedbank Group Ltd.		101		2,461
Netcare Ltd.		5,482		11,843
Oceana Group Ltd.		285		1,956
Omnia Holdings Ltd.		343		4,514
Pick n Pay Stores Ltd.		2,849		17,538
Pioneer Foods Group Ltd.		184		2,050
PSG Group Ltd.		146		2,690
Rand Merchant Investment Holdings Ltd.		3,441		13,019
Redefine Properties Ltd. REIT		26,527		25,485
Remgro Ltd.		338		6,915
Resilient REIT Ltd. REIT (a)		4,181		23,505
Reunert Ltd.		3,498		22,671
RMB Holdings Ltd.		4,840		35,723
Sanlam Ltd.		987		7,630
Santam Ltd.		324		8,427
Sappi Ltd.		4,736		30,734
Sasol Ltd.		279		9,851
Shoprite Holdings Ltd. (a)		1,061		23,367
SPAR Group Ltd.		645		11,945
Standard Bank Group Ltd.		275		5,074
Steinhoff International Holdings NV		397		195
Super Group Ltd.*		2,225		7,402
Telkom SA SOC Ltd.		3,361		14,735
Tiger Brands Ltd.		562		20,310
Tongaat Hulett Ltd.		1,315		12,025
Truworths International Ltd.		1,973		16,929
Tsogo Sun Holdings Ltd.		629		1,359
Vodacom Group Ltd.		529		7,294
Woolworths Holdings Ltd. (a)		1,002		5,547
				915,731

	Number of Shares		Value
Taiwan — 15.6%
Acer, Inc.*		15,501	$	13,061
Advanced Semiconductor Engineering, Inc.		9,051		12,323
Advantech Co. Ltd.		486		3,621
Asia Cement Corp.		12,954		12,601
Asustek Computer, Inc.		4,190		39,754
AU Optronics Corp.		12,219		5,483
Catcher Technology Co. Ltd.		2,024		24,541
Cathay Financial Holding Co. Ltd.		2,212		4,129
Cathay Real Estate Development Co. Ltd.		20,961		11,415
Chang Hwa Commercial Bank Ltd.		8,411		4,840
Cheng Shin Rubber Industry Co. Ltd.		5,311		9,132
Cheng Uei Precision Industry Co. Ltd.		9,095		13,146
Chicony Electronics Co. Ltd.		5,010		12,338
China Airlines Ltd. *		33,778		13,305
China Development Financial Holding Corp.		24,888		8,951
China Life Insurance Co. Ltd.		17,447		17,569
China Motor Corp.		21,239		19,569
China Steel Corp.		31,734		26,195
Chunghwa Telecom Co. Ltd.		1,927		7,227
Compal Electronics, Inc.		873		601
CTBC Financial Holding Co. Ltd.		30,191		22,078
Delta Electronics, Inc.		3,472		16,530
E.Sun Financial Holding Co. Ltd.		13,913		9,221
Eclat Textile Co. Ltd.		116		1,240
Epistar Corp.*		1,107		2,002
Eternal Materials Co. Ltd.		7,787		8,295
Eva Airways Corp.		30,811		15,830
Evergreen Marine Corp. Taiwan Ltd.*		2,067		1,094
Far Eastern International Bank		12,085		3,994
Far Eastern New Century Corp.		21,387		19,009
Far EasTone Telecommunications Co. Ltd.		5,662		14,351
Feng Hsin Steel Co. Ltd.		13,699		28,857
Feng TAY Enterprise Co. Ltd.		1,504		7,161
First Financial Holding Co. Ltd.		18,204		12,470
Formosa Chemicals & Fibre Corp.		6,837		25,408
Formosa Petrochemical Corp.		529		2,120
Formosa Plastics Corp.		7,309		25,911
Formosa Taffeta Co. Ltd.		2,073		2,265
Foxconn Technology Co. Ltd.		7,996		21,746
Fubon Financial Holding Co. Ltd.		3,775		6,749
Giant Manufacturing Co. Ltd.		137		718
Hon Hai Precision Industry Co. Ltd.		3,569		10,770
Hotai Motor Co. Ltd.		784		8,741
Hua Nan Financial Holdings Co. Ltd.		6,133		3,613
Innolux Corp.		13,643		6,075
Inventec Corp.		14,334		11,464
Largan Precision Co. Ltd.		28		3,544
Lite-On Technology Corp.		30,618		44,046
MediaTek, Inc.		1,334		13,753
Mega Financial Holding Co. Ltd.		13,805		11,797
Nan Ya Plastics Corp.		12,815		35,378
Novatek Microelectronics Corp.		4,007		17,362
Oriental Union Chemical Corp.*		4,360		4,824
Pegatron Corp.		21,862		56,161
Pou Chen Corp.		11,539		14,525
President Chain Store Corp.		2,416		24,371
Quanta Computer, Inc.		1,735		3,542

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Realtek Semiconductor Corp.		1,590	$	6,317
Shin Kong Financial Holding Co. Ltd.		20,531		8,474
Siliconware Precision Industries Co. Ltd.		9,955		17,356
SinoPac Financial Holdings Co. Ltd.		28,880		9,991
Synnex Technology International Corp.		19,536		25,896
Taishin Financial Holding Co. Ltd.		4,391		2,136
Taiwan Business Bank		17,368		5,140
Taiwan Cement Corp.		15,969		20,238
Taiwan Cooperative Financial Holding Co. Ltd.		27,103		15,782
Taiwan Fertilizer Co. Ltd.		2,162		2,884
Taiwan Glass Industry Corp.*		4,106		2,524
Taiwan High Speed Rail Corp.		4,424		3,432
Taiwan Mobile Co. Ltd.		2,806		10,332
Taiwan Secom Co. Ltd.		1,724		5,368
Taiwan Semiconductor Manufacturing Co. Ltd.		535		4,508
Teco Electric and Machinery Co. Ltd.		7,593		6,892
Ton Yi Industrial Corp.		9,587		4,433
TPK Holding Co. Ltd.*		664		1,651
Transcend Information, Inc.		1,021		2,966
U-Ming Marine Transport Corp.*		805		1,028
Unimicron Technology Corp.		37,907		26,227
Uni-President Enterprises Corp.		17,233		40,728
United Microelectronics Corp.		51,600		25,009
Vanguard International Semiconductor Corp.		2,670		5,579
Walsin Lihwa Corp.		51,616		29,967
Wan Hai Lines Ltd.		7,072		4,433
Wistron Corp.		73,696		61,843
Yuanta Financial Holding Co. Ltd.		41,792		18,824
Yulon Motor Co. Ltd.		1,390		1,112
Yulon Nissan Motor Co. Ltd.		42		373
				1,148,259
Thailand — 4.4%
Advanced Info Service PCL, NVDR		1,320		8,326
Airports of Thailand PCL, NVDR		1,693		3,816
Bangkok Bank PCL		500		3,361
Bangkok Dusit Medical Services PCL, NVDR		5,600		3,943
Bangkok Life Assurance PCL, NVDR		2,298		2,507
Banpu PCL, NVDR		14,468		10,831
BTS Group Holdings PCL, NVDR		8,103		2,104
Bumrungrad Hospital PCL, NVDR		1,200		7,875
Central Pattana PCL, NVDR		7,671		20,589
Charoen Pokphand Foods PCL, NVDR		2,399		1,750
CP ALL PCL, NVDR		4,294		11,491
Delta Electronics Thailand PCL, NVDR*		3,227		6,991
Electricity Generating PCL, NVDR		1,454		11,024
Energy Absolute PCL, NVDR		3,100		6,641
Glow Energy PCL, NVDR		3,312		8,942
Home Product Center PCL, NVDR		14,040		6,441
Indorama Ventures PCL, NVDR		7,728		13,294
Intouch Holdings PCL, NVDR		13,028		23,657
IRPC PCL, NVDR		36,547		9,489
Kasikornbank PCL		700		5,174
Krung Thai Bank PCL, NVDR		13,778		8,910

	Number of Shares		Value
Thailand (Continued)
Land & Houses PCL, NVDR		82,852	$	29,034
Minor International PCL, NVDR		4,608		5,945
PTT Exploration & Production PCL, NVDR		3,700		13,614
PTT Global Chemical PCL, NVDR		10,238		32,371
PTT PCL, NVDR		730		13,209
Ratchaburi Electricity Generating Holding PCL, NVDR		11,968		20,303
Siam Cement PCL		200		3,122
Siam City Cement PCL, NVDR		349		2,924
Siam Commercial Bank PCL, NVDR		1,700		8,070
Thai Oil PCL, NVDR		2,200		7,219
Thai Union Group PCL, NVDR		2,318		1,484
TMB Bank PCL, NVDR		56,324		5,383
Total Access Communication PCL, NVDR		2,896		4,221
				324,055
Turkey — 3.4%
Akbank TAS		2,350		6,563
Anadolu Efes Biracilik Ve Malt Sanayii AS		235		1,585
Arcelik AS		971		4,834
Aselsan Elektronik Sanayi Ve Ticaret AS		477		3,905
Aygaz AS		2,294		9,407
BIM Birlesik Magazalar AS		1,919		37,912
Coca-Cola Icecek AS		50		485
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT*		23,856		16,546
Enka Insaat ve Sanayi AS		2,730		3,937
Eregli Demir ve Celik Fabrikalari TAS		3,742		11,168
Ford Otomotiv Sanayi AS		987		16,258
Haci Omer Sabanci Holding AS		126		355
KOC Holding AS		1,200		5,671
Migros Ticaret AS*		506		3,201
Petkim Petrokimya Holding AS		1,508		3,197
Soda Sanayii AS		11,531		15,359
TAV Havalimanlari Holding AS		1,662		10,130
Tofas Turk Otomobil Fabrikasi AS		1,675		13,368
Tupras Turkiye Petrol Rafinerileri AS		384		11,793
Turk Hava Yollari AO*		1,738		8,707
Turk Telekomunikasyon AS*		1,778		3,055
Turk Traktor ve Ziraat Makineleri AS		186		3,792
Turkcell Iletisim Hizmetleri AS		3,296		13,283
Turkiye Garanti Bankasi AS		2,425		7,473
Turkiye Halk Bankasi AS		2,017		5,103
Turkiye Is Bankasi AS, Class C		4,079		8,144
Turkiye Sinai Kalkinma Bankasi AS		11,543		5,125
Turkiye Sise ve Cam Fabrikalari AS		5,484		6,887
Turkiye Vakiflar Bankasi TAO, Class D		2,718		5,248
Ulker Biskuvi Sanayi AS		522		3,094
Yapi ve Kredi Bankasi AS*		1,638		2,048
				247,633
Ukraine — 0.0%
Kernel Holding SA		195		2,777
United Arab Emirates — 0.4%
Abu Dhabi Commercial Bank PJSC		1,115		2,216
Air Arabia PJSC		7,316		2,609
Aldar Properties PJSC		6,443		3,789

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
United Arab Emirates (Continued)
DAMAC Properties Dubai Co. PJSC		2,253	$	1,840
DP World Ltd.		141		3,447
Dubai Investments PJSC		4,249		2,557
Dubai Islamic Bank PJSC		1,058		1,746
Emaar Malls PJSC		3,660		2,112
Emaar Properties PJSC		3,602		6,051
Emirates Telecommunications Group Co. PJSC		502		2,351
				28,718
TOTAL COMMON STOCKS (Cost $6,196,641)				7,087,042
PREFERRED STOCKS — 3.6%
Brazil — 2.1%
Banco Bradesco SA		227		2,709
Bradespar SA		232		2,440
Braskem SA, Class A		1,185		16,939
Cia de Gas de Sao Paulo—COMGAS, Class A		561		10,173
Cia de Transmissao de Energia Eletrica Paulista		843		17,310
Cia Energetica de Minas Gerais		717		1,812
Cia Paranaense de Energia, Class B		269		2,099
Itau Unibanco Holding SA		709		10,995
Itausa—Investimentos Itau SA		18,613		75,168
Telefonica Brasil SA		774		12,067
				151,712
Chile — 0.4%
Embotelladora Andina SA, Class B		1,935		9,572
Sociedad Quimica y Minera de Chile SA, Class B		348		17,639
				27,211
Colombia — 0.3%
Bancolombia SA		849		8,933
Cementos Argos SA		833		2,503
Grupo Aval Acciones y Valores SA		20,039		8,663
Grupo de Inversiones Suramericana SA		99		1,226
				21,325

	Number of Shares		Value
Russia — 0.8%
Bashneft PJSC		23	$	661
Surgutneftegas OJSC		14,101		7,389
Tatneft PJSC, Series 3		1,724		12,335
Transneft PJSC		13		42,720
				63,105
TOTAL PREFERRED STOCKS (Cost $197,298)				263,353
RIGHTS — 0.0%
Brazil — 0.0%
Itausa — Investimentos Itau SA*, expires 04/03/18		437		726
Chile — 0.0%
Enel Chile SA*, expires 03/19/18		27,490		5
India — 0.0%
Tata Steel Ltd.*, expires 03/05/18		62		154
Tata Steel Ltd.*, expires 03/05/18 (b)		31		6
				160
Taiwan — 0.0%
Fubon Financial Holding Co. Ltd.*, expires 03/08/18 (b)		174		0
TOTAL RIGHTS (Cost $0)				891
SECURITIES LENDING COLLATERAL — 2.1%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32% (d)(e) (Cost $155,894)		155,894		155,894
TOTAL INVESTMENTS — 101.8% (Cost $6,549,833)			$	7,507,180
Other assets and liabilities, net — (1.8%)				(135,082	)
NET ASSETS — 100.0%			$	7,372,098

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2018 is as follows:

Value ($) at 8/31/2017		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2018		Value ($) at 2/28/2018
	SECURITIES LENDING COLLATERAL — 2.1%
	Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32% (d )(e)
	184,866		—		(28,972)		—		—		314		—		155,894		155,894

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2018 (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 February 28, 2018 amounted to $143,260, which is 1.9% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

(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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested for the six months ended February 28, 2018.

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.

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 February 28, 2018 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)	$	7,082,478	$	—	$	4,564	$	7,087,042
Preferred Stocks (f)		263,353		—		—		263,353
Rights (f)		885		—		6		891
Short-Term Investments		155,894		—		—		155,894
TOTAL	$	7,502,610	$	—	$	4,570	$	7,507,180

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

During the period ended February 28, 2018, the amount of transfers between Level 1 and Level 3 was $4,771. Investments were transferred from Level 1 to Level 3 as a result of a halt in trading on a securities exchange.

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

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF

February 28, 2018 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.4%
Consumer Discretionary — 17.2%
Adient PLC		1,659	$	102,958
Amazon.com, Inc.*		14		21,174
AMC Networks, Inc., Class A*		1,497		78,697
Aptiv PLC		11,600		1,059,428
Aramark		8,634		360,124
AutoNation, Inc.*		1,629		81,792
AutoZone, Inc.*		175		116,326
Best Buy Co., Inc.		1,970		142,707
Booking Holdings, Inc.*		58		117,974
BorgWarner, Inc.		6,799		333,695
Bright Horizons Family Solutions, Inc.*		1,043		99,680
Brunswick Corp.		2,219		126,927
Burlington Stores, Inc.*		1,912		234,488
Cable One, Inc.		159		108,273
CarMax, Inc.*		844		52,260
Carnival Corp.		9,080		607,543
Carter’s, Inc.		3,846		448,751
CBS Corp., Class B		2,413		127,817
Charter Communications, Inc., Class A*		16		5,471
Chipotle Mexican Grill, Inc.*		60		19,105
Choice Hotels International, Inc.		989		78,279
Cinemark Holdings, Inc.		1,826		77,715
Comcast Corp., Class A		1,982		71,768
D.R. Horton, Inc.		5,803		243,146
Darden Restaurants, Inc.		6,717		619,240
Delphi Technologies PLC		4,102		195,871
Discovery Communications, Inc., Class A*		462		11,236
Discovery Communications, Inc., Class C*		459		10,548
DISH Network Corp., Class A*		1,375		57,324
Dollar General Corp.		6,927		655,225
Dollar Tree, Inc.*		4,517		463,625
Domino’s Pizza, Inc.		1,123		249,766
Dunkin’ Brands Group, Inc.		994		59,531
Expedia, Inc.		472		49,640
Extended Stay America, Inc.		2,658		53,240
Floor & Decor Holdings, Inc., Class A*		209		9,420
Foot Locker, Inc.		251		11,523
Ford Motor Co.		11,735		124,508
Gap, Inc.		7,043		222,418
Garmin Ltd.		5,978		354,137
General Motors Co.		6,794		267,344
Gentex Corp.		8,382		190,355
Genuine Parts Co.		3,669		336,961
Goodyear Tire & Rubber Co.		2,587		74,868
Graham Holdings Co., Class B		253		146,765
H&R Block, Inc.		5,512		139,619
Hanesbrands, Inc. (a)		2,498		48,461
Harley-Davidson, Inc.		1,731		78,553
Hasbro, Inc.		5,379		514,071
Hilton Grand Vacations, Inc.*		651		28,097
Hilton Worldwide Holdings, Inc.		1,351		109,147
Home Depot, Inc.		663		120,845
Hyatt Hotels Corp., Class A*		1,066		82,370
International Game Technology PLC		2,376		62,964

	Number of Shares		Value
Consumer Discretionary (Continued)
Interpublic Group of Companies, Inc.		4,711	$	110,237
John Wiley & Sons, Inc., Class A		2,952		189,666
Kohl’s Corp.		1,670		110,370
L Brands, Inc.		921		45,433
Las Vegas Sands Corp.		833		60,651
Lear Corp.		6,153		1,147,965
Leggett & Platt, Inc.		5,170		224,688
Lennar Corp., Class A		6,701		379,143
Lennar Corp., Class B		531		24,086
Liberty Broadband Corp., Class A*		546		47,709
Liberty Broadband Corp., Class C*		1,864		163,808
Liberty Interactive Corp., Class A*		17,251		498,036
Liberty Media Corp.-Liberty Formula One, Class A*		1,118		35,295
Liberty Media Corp.-Liberty Formula One, Class C*(a)		2,181		71,820
Liberty Media Corp-Liberty SiriusXM, Class A*		3,027		126,983
Liberty Media Corp-Liberty SiriusXM, Class C*		6,246		260,833
Liberty Ventures, Series A*		9,615		514,595
Live Nation Entertainment, Inc.*		4,898		219,430
LKQ Corp.*		2,118		83,619
Lowe’s Cos., Inc.		4,777		427,971
Lululemon Athletica, Inc.*		337		27,331
Madison Square Garden Co., Class A*		640		156,288
Mattel, Inc. (a)		828		13,165
McDonald’s Corp.		1,218		192,127
MGM Resorts International		1,202		41,144
Michael Kors Holdings Ltd.*		2,264		142,474
Michaels Cos., Inc.*		1,465		33,710
Mohawk Industries, Inc.*		1,957		469,445
Murphy USA, Inc.*		1,909		143,385
News Corp., Class A		8,473		136,669
News Corp., Class B		2,367		38,819
NIKE, Inc., Class B		4,966		332,871
Nordstrom, Inc.		1,613		82,763
Norwegian Cruise Line Holdings Ltd.*		2,524		143,616
NVR, Inc.*		188		534,516
Omnicom Group, Inc.		2,775		211,538
O’Reilly Automotive, Inc.*		498		121,607
Penske Automotive Group, Inc.		356		16,305
Polaris Industries, Inc. (a)		1,049		119,576
Pool Corp.		2,020		278,821
PulteGroup, Inc.		7,131		200,167
PVH Corp.		2,640		380,899
Ralph Lauren Corp.		1,067		112,931
Regal Entertainment Group, Class A		1,355		31,151
Ross Stores, Inc.		4,705		367,413
Royal Caribbean Cruises Ltd.		1,907		241,426
Scripps Networks Interactive, Inc., Class A		3,627		325,922
Service Corp. International		5,676		212,453
ServiceMaster Global Holdings, Inc.*		1,650		84,744
Signet Jewelers Ltd.		307		15,436
Sirius XM Holdings, Inc. (a)		28,851		181,184
Six Flags Entertainment Corp. (a)		2,335		149,650

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Consumer Discretionary (Continued)
Skechers U.S.A., Inc., Class A*		597	$	24,429
Starbucks Corp.		2,852		162,849
Tapestry, Inc.		8,426		428,968
Target Corp.		2,934		221,253
TEGNA, Inc.		3,211		41,293
Thor Industries, Inc.		3,714		479,106
Tiffany & Co.		3,492		352,832
Time Warner, Inc.		946		87,940
TJX Cos., Inc.		4,395		363,379
Toll Brothers, Inc.		2,525		110,671
Tractor Supply Co.		2,192		142,327
Tribune Media Co., Class A		850		35,419
Tupperware Brands Corp.		3,980		195,219
Twenty-First Century Fox, Inc., Class A		3,524		129,754
Twenty-First Century Fox, Inc., Class B		1,425		51,899
Ulta Beauty, Inc.*		144		29,282
Urban Outfitters, Inc.*		685		24,174
Vail Resorts, Inc.		226		46,527
VF Corp.		7,472		557,187
Viacom, Inc., Class B		447		14,903
Visteon Corp.*		1,368		169,413
Walt Disney Co.		933		96,248
Wendy’s Co. (a)		1,577		25,153
Whirlpool Corp.		1,139		185,008
Williams-Sonoma, Inc. (a)		2,249		116,408
Wyndham Worldwide Corp.		5,412		626,601
Yum China Holdings, Inc.		7,893		341,925
Yum! Brands, Inc.		5,537		450,601
				25,856,422
Consumer Staples — 5.5%
Altria Group, Inc.		1,270		79,946
Archer-Daniels-Midland Co.		2,584		107,288
Brown-Forman Corp., Class A		633		43,044
Brown-Forman Corp., Class B		2,316		161,634
Bunge Ltd.		1,764		133,058
Campbell Soup Co.		2,390		102,889
Casey’s General Stores, Inc.		1,356		152,292
Church & Dwight Co., Inc.		6,078		298,977
Clorox Co.		3,460		446,617
Coca-Cola Co.		921		39,806
Colgate-Palmolive Co.		3,937		271,535
Conagra Brands, Inc.		3,797		137,186
Constellation Brands, Inc., Class A		877		188,976
Costco Wholesale Corp.		3,574		682,277
CVS Health Corp.		3,635		246,199
Dr Pepper Snapple Group, Inc.		2,597		301,901
Edgewell Personal Care Co.*		307		15,396
Energizer Holdings, Inc.		1,826		99,480
Estee Lauder Cos., Inc., Class A		2,846		394,000
Flowers Foods, Inc.		7,040		146,010
General Mills, Inc.		2,574		130,116
Hain Celestial Group, Inc.*		873		30,363
Hershey Co.		2,603		255,771
Hormel Foods Corp. (a)		4,225		137,143
Ingredion, Inc.		1,791		233,976
JM Smucker Co.		1,085		137,035

	Number of Shares		Value
Consumer Staples (Continued)
Kellogg Co.		1,525	$	100,955
Kimberly-Clark Corp.		2,945		326,659
Kraft Heinz Co.		192		12,874
Kroger Co.		1,403		38,049
Lamb Weston Holdings, Inc.		15,294		827,252
McCormick & Co., Inc.		3,380		360,916
Molson Coors Brewing Co., Class B		218		16,622
Mondelez International, Inc., Class A		1,003		44,032
Monster Beverage Corp.*		1,704		107,982
Nu Skin Enterprises, Inc., Class A		95		6,688
PepsiCo, Inc.		683		74,946
Philip Morris International, Inc.		1,021		105,725
Pilgrim’s Pride Corp.*		1,999		50,375
Pinnacle Foods, Inc.		2,247		121,248
Post Holdings, Inc.*		374		28,342
Procter & Gamble Co.		827		64,936
Seaboard Corp.		9		36,468
Spectrum Brands Holdings, Inc.		314		30,995
Sprouts Farmers Market, Inc.*		2,060		53,066
Sysco Corp.		6,368		379,851
Tyson Foods, Inc., Class A		2,036		151,438
US Foods Holding Corp.*		5,463		182,410
Walgreens Boots Alliance, Inc.		1,674		115,322
Walmart, Inc.		1,055		94,961
				8,305,027
Energy — 0.5%
Andeavor		449		40,239
Baker Hughes a GE Co.		1,274		33,634
Chevron Corp.		132		14,773
ConocoPhillips		83		4,508
CONSOL Energy, Inc.*		1,038		32,894
EOG Resources, Inc.		200		20,284
Exxon Mobil Corp.		117		8,861
HollyFrontier Corp.		937		40,132
Kinder Morgan, Inc.		1,164		18,857
Marathon Petroleum Corp.		1,895		121,394
Occidental Petroleum Corp.		586		38,442
ONEOK, Inc.		295		16,617
PBF Energy, Inc., Class A		674		19,755
Phillips 66		508		45,908
Valero Energy Corp.		3,304		298,748
				755,046
Financials — 14.1%
Affiliated Managers Group, Inc.		1,938		366,980
Aflac, Inc.		5,200		462,176
AGNC Investment Corp. REIT		10,571		189,644
Alleghany Corp.*		183		110,925
Allstate Corp.		4,504		415,539
Ally Financial, Inc.		8,194		228,613
American Express Co.		2,203		214,815
American Financial Group, Inc.		2,210		249,288
American National Insurance Co.		112		13,093
Ameriprise Financial, Inc.		1,132		177,090
Annaly Capital Management, Inc. REIT		37,765		378,783
Aon PLC		3,798		532,935
Arch Capital Group Ltd.*		2,894		255,367

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Arthur J Gallagher & Co.		6,559	$	453,292
Aspen Insurance Holdings Ltd.		588		21,403
Associated Banc-Corp.		1,744		43,077
Assurant, Inc.		1,652		141,196
Assured Guaranty Ltd.		2,528		87,418
Athene Holding, Ltd., Class A*		642		30,309
Axis Capital Holdings Ltd.		1,201		59,257
Bank of Hawaii Corp.		315		25,833
Bank of New York Mellon Corp.		1,741		99,289
Bank of the Ozarks		410		20,455
BankUnited, Inc.		735		29,562
BB&T Corp.		1,665		90,493
Berkshire Hathaway, Inc., Class B*		271		56,151
BGC Partners, Inc., Class A		3,610		47,724
BlackRock, Inc.		54		29,669
Brighthouse Financial, Inc.*		126		6,838
Brown & Brown, Inc.		3,714		195,505
Capital One Financial Corp.		1,131		110,759
Cboe Global Markets, Inc.		2,814		315,196
Charles Schwab Corp.		455		24,124
Chimera Investment Corp. REIT		17,775		297,909
Chubb Ltd.		1,466		208,055
Cincinnati Financial Corp.		2,408		179,613
CIT Group, Inc.		484		25,676
Citigroup, Inc.		475		35,858
Citizens Financial Group, Inc.		1,395		60,669
CME Group, Inc.		491		81,585
CNA Financial Corp.		508		25,938
Comerica, Inc.		411		39,957
Commerce Bancshares, Inc.		678		39,168
Credit Acceptance Corp.*(a)		196		61,679
Cullen/Frost Bankers, Inc.		532		55,323
Discover Financial Services		2,358		185,881
E*TRADE Financial Corp.*		1,918		100,177
East West Bancorp, Inc.		1,295		84,887
Eaton Vance Corp.		8,107		429,104
Erie Indemnity Co., Class A		1,457		168,531
Everest Re Group Ltd.		2,420		581,381
FactSet Research Systems, Inc.		1,037		210,698
Federated Investors, Inc., Class B		8,184		266,635
Fifth Third Bancorp		3,867		127,804
First American Financial Corp.		10,688		620,225
First Horizon National Corp.		257		4,896
First Republic Bank		536		49,741
FNB Corp.		1,025		14,370
FNF Group		25,203		1,006,356
Franklin Resources, Inc.		5,170		199,924
Goldman Sachs Group, Inc.		103		27,082
Hanover Insurance Group, Inc.		1,481		159,815
Hartford Financial Services Group, Inc.		2,738		144,703
Huntington Bancshares, Inc.		4,163		65,359
Interactive Brokers Group, Inc., Class A		1,149		79,741
Intercontinental Exchange, Inc.		1,028		75,126
Invesco Ltd.		3,457		112,491
JPMorgan Chase & Co.		9		1,039
KeyCorp		2,509		53,015
Lazard Ltd., Class A		6,884		371,529

	Number of Shares		Value
Financials (Continued)
Legg Mason, Inc.		4,277	$	170,695
Leucadia National Corp.		3,887		93,249
Lincoln National Corp.		1,045		79,598
Loews Corp.		2,323		114,594
LPL Financial Holdings, Inc.		2,918		187,540
M&T Bank Corp.		414		78,594
Markel Corp.*		120		133,440
MarketAxess Holdings, Inc.		392		79,341
Marsh & McLennan Cos., Inc.		7,450		618,499
Mercury General Corp.		304		13,875
MetLife, Inc.		1,136		52,472
MFA Financial, Inc. REIT		11,572		82,393
Moody’s Corp.		1,611		268,844
Morgan Stanley		508		28,458
Morningstar, Inc.		1,295		121,018
MSCI, Inc.		3,560		503,811
Nasdaq, Inc.		506		40,859
New Residential Investment Corp. REIT		12,547		202,383
New York Community Bancorp, Inc.		1,459		19,872
Northern Trust Corp.		613		64,898
Old Republic International Corp.		12,121		242,784
PacWest Bancorp		521		27,165
People’s United Financial, Inc.		1,702		32,576
PNC Financial Services Group, Inc.		546		86,082
Popular, Inc.		248		10,418
Principal Financial Group, Inc.		2,558		159,440
ProAssurance Corp.		1,347		64,387
Progressive Corp.		13,502		777,445
Prosperity Bancshares, Inc.		373		27,975
Prudential Financial, Inc.		896		95,263
Raymond James Financial, Inc.		1,950		180,784
Regions Financial Corp.		5,950		115,490
Reinsurance Group of America, Inc.		1,879		288,971
RenaissanceRe Holdings Ltd.		2,028		260,152
S&P Global, Inc.		3,319		636,584
Santander Consumer USA Holdings, Inc.		826		13,505
SEI Investments Co.		5,683		413,893
Signature Bank*		157		22,952
Starwood Property Trust, Inc. REIT		2,812		56,943
State Street Corp.		988		104,876
SunTrust Banks, Inc.		767		53,567
SVB Financial Group*		131		32,616
Synchrony Financial		3,470		126,273
Synovus Financial Corp.		1,309		64,534
T. Rowe Price Group, Inc.		4,503		503,886
TCF Financial Corp.		1,506		33,584
TD Ameritrade Holding Corp.		399		22,943
Torchmark Corp.		4,167		355,737
Travelers Cos., Inc.		2,752		382,528
Two Harbors Investment Corp. REIT		8,807		129,375
Unum Group		4,778		243,487
US Bancorp		876		47,619
Validus Holdings Ltd.		2,772		187,498
Voya Financial, Inc.		1,172		59,795
W.R. Berkley Corp.		2,826		193,242
Webster Financial Corp.		304		16,592
Western Alliance Bancorp*		733		42,851

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Willis Towers Watson PLC		926	$	146,215
XL Group Ltd.		3,367		142,458
Zions Bancorporation		685		37,654
				21,129,310
Health Care — 10.2%
Abbott Laboratories		2,668		160,960
AbbVie, Inc.		597		69,151
Aetna, Inc.		501		88,707
Agilent Technologies, Inc.		5,608		384,653
Alexion Pharmaceuticals, Inc.*		101		11,862
Align Technology, Inc.*		443		116,296
Allergan PLC		481		74,180
AmerisourceBergen Corp.		3,530		335,915
Amgen, Inc.		659		121,104
Anthem, Inc.		2,665		627,288
Baxter International, Inc.		24,340		1,650,009
Becton Dickinson and Co.		1,703		378,100
Biogen, Inc.*		305		88,142
Bio-Rad Laboratories, Inc., Class A*		527		142,311
Bio-Techne Corp.		754		106,570
Bioverativ, Inc.*		6,096		638,129
Boston Scientific Corp.*		4,375		119,263
Bristol-Myers Squibb Co.		1,332		88,178
Bruker Corp.		2,965		90,877
Cardinal Health, Inc.		731		50,593
Celgene Corp.*		191		16,640
Centene Corp.*		621		62,982
Cerner Corp.*		7,258		465,673
Charles River Laboratories International, Inc.*		1,606		171,216
Cigna Corp.		3,824		749,083
Cooper Cos., Inc.		1,321		304,517
Danaher Corp.		1,632		159,577
DaVita, Inc.*		2,156		155,275
DENTSPLY SIRONA, Inc.		108		6,055
Edwards Lifesciences Corp.*		1,038		138,749
Eli Lilly & Co.		1,719		132,397
Express Scripts Holding Co.*		4,353		328,434
Gilead Sciences, Inc.		2,490		196,038
HCA Healthcare, Inc.		3,023		300,033
Henry Schein, Inc.*		4,353		288,125
Hill-Rom Holdings, Inc.		2,091		174,933
Hologic, Inc.*		1,150		44,655
Humana, Inc.		1,020		277,256
IDEXX Laboratories, Inc.*		1,220		228,421
Illumina, Inc.*		73		16,645
Intuitive Surgical, Inc.*		393		167,595
Johnson & Johnson		318		41,302
Laboratory Corp. of America Holdings*		2,710		468,017
LifePoint Health, Inc.*		359		16,550
McKesson Corp.		2,372		353,974
MEDNAX, Inc.*		600		32,988
Medtronic PLC		1,304		104,177
Merck & Co., Inc.		742		40,231
Mettler-Toledo International, Inc.*		638		393,148
Mylan N.V.*		782		31,530

	Number of Shares		Value
Health Care (Continued)
Patterson Cos., Inc.		2,357	$	74,434
PerkinElmer, Inc.		2,953		225,432
Pfizer, Inc.		1,641		59,585
QIAGEN NV*		2,688		90,586
Quest Diagnostics, Inc.		3,283		338,313
Regeneron Pharmaceuticals, Inc.*		27		8,652
ResMed, Inc.		2,993		285,143
STERIS PLC		3,319		303,025
Stryker Corp.		1,015		164,592
Teleflex, Inc.		1,451		362,503
Thermo Fisher Scientific, Inc.		760		158,521
United Therapeutics Corp.*		464		53,754
UnitedHealth Group, Inc.		476		107,652
Universal Health Services, Inc., Class B		1,747		199,507
Varian Medical Systems, Inc.*		4,712		562,330
Veeva Systems, Inc., Class A*		288		20,074
Waters Corp.*		1,905		389,839
WellCare Health Plans, Inc.*		740		143,493
West Pharmaceutical Services, Inc.		2,234		194,849
Zimmer Biomet Holdings, Inc.		1,286		149,498
Zoetis, Inc.		2,016		163,014
				15,263,300
Industrials — 16.5%
3M Co.		637		150,020
AECOM*		639		22,691
AGCO Corp.		1,498		99,767
Air Lease Corp.		2,605		113,760
Alaska Air Group, Inc.		382		24,639
Allegion PLC		3,308		278,236
Allison Transmission Holdings, Inc.		3,761		149,048
AMERCO		61		20,984
American Airlines Group, Inc.		1,215		65,914
AMETEK, Inc.		4,897		370,899
AO Smith Corp.		5,060		324,801
Arconic, Inc.		901		21,975
Armstrong World Industries, Inc.*		401		24,180
Boeing Co.		851		308,241
BWX Technologies, Inc.		5,264		331,421
C.H. Robinson Worldwide, Inc.		2,590		241,802
Carlisle Cos., Inc.		1,786		183,797
Caterpillar, Inc.		585		90,459
Cintas Corp.		250		42,665
Clean Harbors, Inc.*		218		10,885
Colfax Corp.*		355		11,285
Copa Holdings SA, Class A		521		70,840
Copart, Inc.*		8,370		391,800
CoStar Group, Inc.*		397		135,826
Crane Co.		1,693		156,281
CSX Corp.		2,534		136,126
Cummins, Inc.		3,476		584,559
Deere & Co.		1,557		250,475
Delta Air Lines, Inc.		5,318		286,640
Donaldson Co., Inc.		4,256		201,990
Dover Corp.		1,528		152,953
Dun & Bradstreet Corp.		624		78,025
Eaton Corp. PLC		3,664		295,685

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Emerson Electric Co.		3,524	$	250,415
Equifax, Inc.		1,531		173,003
Expeditors International of Washington, Inc.		5,181		336,558
Fastenal Co.		3,291		180,084
FedEx Corp.		1,326		326,740
Flowserve Corp.		557		23,589
Fluor Corp.		849		48,308
Fortive Corp.		6,192		475,546
Fortune Brands Home & Security, Inc.		4,138		251,011
General Dynamics Corp.		1,177		261,824
Genesee & Wyoming, Inc., Class A*		285		19,816
Graco, Inc.		6,380		282,953
Harris Corp.		1,201		187,536
HD Supply Holdings, Inc.*		712		25,810
HEICO Corp.		626		53,586
HEICO Corp., Class A		1,810		131,225
Hexcel Corp.		4,447		299,194
Honeywell International, Inc.		957		144,612
Hubbell, Inc.		1,504		197,099
Huntington Ingalls Industries, Inc.		2,341		613,365
IDEX Corp.		1,901		260,057
IHS Markit Ltd.*		1,280		60,224
Illinois Tool Works, Inc.		1,534		247,649
Ingersoll-Rand PLC		4,325		384,060
ITT, Inc.		4,160		208,749
Jacobs Engineering Group, Inc.		3,677		224,518
JB Hunt Transport Services, Inc.		2,701		320,258
JetBlue Airways Corp.*		5,336		112,323
Johnson Controls International PLC		1,144		42,179
Kansas City Southern		1,765		181,866
KAR Auction Services, Inc.		3,484		188,415
Kirby Corp.*		728		54,600
L3 Technologies, Inc.		2,154		447,063
Landstar System, Inc.		2,023		220,102
Lennox International, Inc.		1,510		308,991
Lincoln Electric Holdings, Inc.		1,543		135,074
Lockheed Martin Corp.		1,113		392,266
Macquarie Infrastructure Corp.		493		19,966
ManpowerGroup, Inc.		6,114		724,264
Masco Corp.		6,535		268,719
Middleby Corp.*		298		35,834
MSC Industrial Direct Co., Inc., Class A		667		58,349
Nielsen Holdings PLC		2,918		95,214
Nordson Corp.		968		129,780
Norfolk Southern Corp.		1,510		210,011
Northrop Grumman Corp.		1,242		434,750
Old Dominion Freight Line, Inc.		2,227		309,375
Orbital ATK, Inc.		2,240		295,814
Oshkosh Corp.		1,215		95,900
Owens Corning		5,904		479,995
PACCAR, Inc.		2,202		157,641
Parker-Hannifin Corp.		586		104,583
Pentair PLC		1,652		113,476
Quanta Services, Inc.*		3,823		131,664
Raytheon Co.		2,306		501,578
Regal Beloit Corp.		1,465		105,920

	Number of Shares		Value
Industrials (Continued)
Republic Services, Inc.		3,166	$	212,692
Robert Half International, Inc.		7,213		411,646
Rockwell Automation, Inc.		2,185		395,048
Rockwell Collins, Inc.		85		11,706
Rollins, Inc.		3,605		181,223
Roper Technologies, Inc.		412		113,337
Ryder System, Inc.		1,653		119,628
Sensata Technologies Holding NV*		2,796		147,797
Snap-on, Inc.		1,307		208,101
Southwest Airlines Co.		6,257		361,905
Spirit AeroSystems Holdings, Inc., Class A		7,156		653,271
Stanley Black & Decker, Inc.		3,812		606,832
Stericycle, Inc.*		684		42,866
Teledyne Technologies, Inc.*		1,317		244,896
Textron, Inc.		3,809		227,969
Timken Co.		3,646		159,695
Toro Co.		4,911		312,192
TransDigm Group, Inc.		616		177,599
TransUnion*		1,732		98,845
Trinity Industries, Inc.		632		20,628
Union Pacific Corp.		1,159		150,960
United Continental Holdings, Inc.*		362		24,540
United Parcel Service, Inc., Class B		1,374		143,459
United Rentals, Inc.*		476		83,343
United Technologies Corp.		839		113,047
Univar, Inc.*		352		10,141
USG Corp.*(a)		812		27,137
Valmont Industries, Inc.		656		96,498
Verisk Analytics, Inc.*		1,942		198,453
W.W. Grainger, Inc.		666		174,192
WABCO Holdings, Inc.*		1,941		267,800
Waste Management, Inc.		4,378		377,909
Watsco, Inc.		1,911		316,022
Welbilt, Inc.*		2,262		44,810
WESCO International, Inc.*		255		15,874
XPO Logistics, Inc.*		220		21,655
Xylem, Inc.		702		52,355
				24,798,241
Information Technology — 15.6%
Accenture PLC, Class A		1,805		290,623
Activision Blizzard, Inc.		3,327		243,304
Adobe Systems, Inc.*		1,009		211,012
Akamai Technologies, Inc.*		756		51,000
Alliance Data Systems Corp.		390		93,974
Alphabet, Inc., Class A*		17		18,767
Alphabet, Inc., Class C*		24		26,514
Amdocs Ltd.		9,452		621,847
Amphenol Corp., Class A		2,665		243,554
ANSYS, Inc.*		3,236		517,566
Apple, Inc.		726		129,315
Applied Materials, Inc.		10,871		626,061
Arista Networks, Inc.*		21		5,665
Arrow Electronics, Inc.*		1,645		134,199
Autodesk, Inc.*		84		9,868
Automatic Data Processing, Inc.		2,266		261,315

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Black Knight, Inc.*		843	$	40,169
Booz Allen Hamilton Holding Corp.		2,089		79,236
Broadridge Financial Solutions, Inc.		6,748		677,364
CA, Inc.		4,642		162,934
Cadence Design Systems, Inc.*		11,824		458,416
CDK Global, Inc.		2,258		155,079
CDW Corp.		7,781		567,468
Cisco Systems, Inc.		2,006		89,829
Citrix Systems, Inc.*		4,412		405,904
Cognex Corp.		1,672		89,803
Cognizant Technology Solutions Corp., Class A		5,470		448,649
Coherent, Inc.*		345		72,160
CommScope Holding Co., Inc.*		430		16,645
Conduent, Inc.*		3,986		75,335
CoreLogic, Inc.*		3,453		157,112
Corning, Inc.		36,822		1,070,784
CSRA, Inc.		1,410		57,147
Dell Technologies, Inc., Class V*		4,361		323,979
Dolby Laboratories, Inc., Class A		3,925		253,359
DST Systems, Inc.		1,437		119,515
DXC Technology Co.		341		34,966
eBay, Inc.*		16,998		728,534
EchoStar Corp., Class A*		2,350		136,347
Electronic Arts, Inc.*		1,489		184,189
Euronet Worldwide, Inc.*		1,753		148,777
F5 Networks, Inc.*		764		113,469
Facebook, Inc., Class A*		123		21,933
Fidelity National Information Services, Inc.		2,431		236,245
Fiserv, Inc.*		2,416		346,430
FleetCor Technologies, Inc.*		383		76,573
FLIR Systems, Inc.		4,173		204,894
Fortinet, Inc.*		2,246		113,356
Gartner, Inc.*		1,496		169,661
Genpact Ltd.		10,223		320,696
Global Payments, Inc.		200		22,678
GoDaddy, Inc., Class A*		800		47,848
Guidewire Software, Inc.*		1,312		105,380
Hewlett Packard Enterprise Co.		6,914		128,531
HP, Inc.		22,742		531,935
IAC/InterActiveCorp*		364		54,203
Intel Corp.		2,648		130,520
International Business Machines Corp.		439		68,409
Intuit, Inc.		2,927		488,399
IPG Photonics Corp.*		478		117,416
Jabil, Inc.		9,792		265,265
Jack Henry & Associates, Inc.		3,291		386,034
Juniper Networks, Inc.		4,657		119,499
Keysight Technologies, Inc.*		4,464		209,853
KLA-Tencor Corp.		4,328		490,406
Lam Research Corp.		3,281		629,493
LogMeIn, Inc.		189		21,839
Manhattan Associates, Inc.*		488		20,545
Mastercard, Inc., Class A		591		103,874
Maxim Integrated Products, Inc.		9,232		562,598
Microchip Technology, Inc. (a)		557		49,534

	Number of Shares		Value
Information Technology (Continued)
Micron Technology, Inc.*		1,017	$	49,640
Microsemi Corp.*		694		45,041
Microsoft Corp.		467		43,791
Motorola Solutions, Inc.		2,902		308,047
National Instruments Corp.		4,547		229,896
NCR Corp.*		475		15,675
NetApp, Inc.		6,379		386,248
NVIDIA Corp.		107		25,894
NXP Semiconductors NV*		612		76,292
ON Semiconductor Corp.*		1,145		27,388
Oracle Corp.		645		32,682
Palo Alto Networks, Inc.*		157		27,219
Paychex, Inc.		3,985		259,543
PayPal Holdings, Inc.*		1,158		91,957
PTC, Inc.*		819		60,409
Qorvo, Inc.*		498		40,194
QUALCOMM, Inc.		881		57,265
Red Hat, Inc.*		2,709		399,307
Sabre Corp.		1,481		34,019
salesforce.com, Inc.*		654		76,028
Skyworks Solutions, Inc.		4,004		437,437
SS&C Technologies Holdings, Inc.		2,139		105,923
Switch, Inc., Class A		1,898		26,211
Synopsys, Inc.*		6,501		550,440
Take-Two Interactive Software, Inc.*		1,285		143,753
Teradata Corp.*		5,234		192,716
Teradyne, Inc.		7,063		320,660
Texas Instruments, Inc.		3,555		385,184
Total System Services, Inc.		2,589		227,703
Trimble, Inc.*		2,308		87,542
Tyler Technologies, Inc.*		914		185,643
Ultimate Software Group, Inc.*		304		72,492
VeriSign, Inc.*(a)		4,943		573,487
Versum Materials, Inc.		7,536		278,983
Visa, Inc., Class A		735		90,361
VMware, Inc., Class A*		1,366		179,971
Western Digital Corp.		2,409		209,679
Western Union Co.		5,903		116,997
Workday, Inc., Class A*		107		13,554
Worldpay, Inc., Class A*		1,184		96,236
Xerox Corp.		5,451		165,274
Xilinx, Inc.		6,647		473,599
Zebra Technologies Corp., Class A*		295		40,751
				23,456,931
Materials — 6.0%
Air Products & Chemicals, Inc.		1,090		175,261
Albemarle Corp.		2,982		299,482
AptarGroup, Inc.		2,510		224,444
Ashland Global Holdings, Inc.		811		57,435
Avery Dennison Corp.		6,369		752,497
Axalta Coating Systems Ltd.*		4,499		138,569
Bemis Co., Inc.		2,574		113,488
Berry Global Group, Inc.*		2,479		134,858
Cabot Corp.		3,773		227,059
Celanese Corp., Series A		3,890		392,345
Crown Holdings, Inc.*		4,599		229,214

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Materials (Continued)
Domtar Corp.		4,560	$	204,106
DowDuPont, Inc.		630		44,289
Eagle Materials, Inc.		489		49,013
Eastman Chemical Co.		3,848		388,956
Ecolab, Inc.		1,701		221,896
FMC Corp.		2,030		159,314
Graphic Packaging Holding Co.		20,144		308,405
Huntsman Corp.		2,227		71,865
International Flavors & Fragrances, Inc.		2,873		405,811
International Paper Co.		3,731		222,330
LyondellBasell Industries NV, Class A		4,292		464,480
Martin Marietta Materials, Inc.		271		55,265
Monsanto Co.		2,370		292,387
Mosaic Co.		1,147		30,189
NewMarket Corp.		264		110,328
Newmont Mining Corp.		628		23,990
Nucor Corp.		2,331		152,447
Olin Corp.		8,163		265,298
Owens-Illinois, Inc.*		7,949		171,380
Packaging Corp. of America		2,269		270,465
PPG Industries, Inc.		3,312		372,401
Praxair, Inc.		2,201		329,600
Reliance Steel & Aluminum Co.		868		78,268
RPM International, Inc.		2,186		108,797
Scotts Miracle-Gro Co.		1,473		132,334
Sealed Air Corp.		2,702		114,484
Sherwin-Williams Co.		876		351,784
Silgan Holdings, Inc.		5,301		150,814
Sonoco Products Co.		3,899		187,035
Southern Copper Corp.		216		11,390
Steel Dynamics, Inc.		2,297		106,236
Valvoline, Inc.		2,297		52,624
Vulcan Materials Co.		507		59,689
Westlake Chemical Corp.		76		8,228
WestRock Co.		3,174		208,722
				8,929,272
Real Estate — 5.8%
Alexandria Real Estate Equities, Inc. REIT		96		11,646
American Campus Communities, Inc. REIT		539		19,663
American Homes 4 Rent, Class A REIT		924		17,732
American Tower Corp. REIT		984		137,101
Apartment Investment & Management Co., Class A REIT		537		20,760
Apple Hospitality REIT, Inc. REIT		4,219		71,681
AvalonBay Communities, Inc. REIT		1,513		236,058
Boston Properties, Inc. REIT		766		91,054
Brandywine Realty Trust REIT		1,244		19,481
Brixmor Property Group, Inc. REIT		2,013		31,282
Camden Property Trust REIT		4,180		333,188
CBRE Group, Inc., Class A*		8,634		403,639
Colony NorthStar, Inc., Class A REIT		1,274		9,912
Columbia Property Trust, Inc. REIT		640		13,331
CoreCivic, Inc. REIT		1,495		31,081
CoreSite Realty Corp. REIT		901		84,559
Corporate Office Properties Trust REIT		744		18,570

	Number of Shares		Value
Real Estate (Continued)
Crown Castle International Corp. REIT		622	$	68,457
CubeSmart REIT		2,042		54,746
CyrusOne, Inc. REIT		192		9,581
DCT Industrial Trust, Inc. REIT		1,264		69,962
Digital Realty Trust, Inc. REIT		1,066		107,282
Douglas Emmett, Inc. REIT		1,057		37,788
Duke Realty Corp. REIT		5,736		142,081
Empire State Realty Trust, Inc., Class A REIT		1,367		23,048
EPR Properties REIT		1,478		85,177
Equinix, Inc. REIT		127		49,797
Equity Commonwealth REIT*		2,039		59,987
Equity LifeStyle Properties, Inc. REIT		2,514		212,710
Equity Residential REIT		16,180		909,801
Essex Property Trust, Inc. REIT		541		121,092
Extra Space Storage, Inc. REIT		2,656		225,893
Federal Realty Investment Trust REIT		614		69,959
Gaming and Leisure Properties, Inc. REIT		8,850		294,351
GGP, Inc. REIT		3,928		83,156
HCP, Inc. REIT		3,896		84,309
Healthcare Trust of America, Inc., Class A REIT		733		18,215
Highwoods Properties, Inc. REIT		1,176		50,580
Hospitality Properties Trust REIT		4,556		115,905
Host Hotels & Resorts, Inc. REIT		21,857		405,666
Howard Hughes Corp.*		223		28,586
Hudson Pacific Properties, Inc. REIT		660		20,836
Iron Mountain, Inc. REIT		1,545		48,606
JBG SMITH Properties REIT		646		21,092
Jones Lang LaSalle, Inc.		2,462		395,422
Kilroy Realty Corp. REIT		1,514		103,103
Kimco Realty Corp. REIT		1,349		20,181
Lamar Advertising Co., Class A REIT		5,367		356,744
Liberty Property Trust REIT		6,361		249,733
Life Storage, Inc. REIT		592		46,507
Macerich Co. REIT		1,668		98,312
Medical Properties Trust, Inc. REIT		7,432		91,116
Mid-America Apartment Communities, Inc. REIT		666		57,156
National Retail Properties, Inc. REIT		2,125		79,135
Omega Healthcare Investors, Inc. REIT (a)		4,485		114,278
Outfront Media, Inc. REIT		2,090		42,866
Park Hotels & Resorts, Inc. REIT		1,394		36,230
Piedmont Office Realty Trust, Inc., Class A REIT		2,774		49,821
Prologis, Inc. REIT		3,769		228,703
Public Storage REIT		818		159,052
Rayonier, Inc. REIT		7,443		252,988
Realogy Holdings Corp. (a)		3,271		83,574
Realty Income Corp. REIT		1,284		63,147
Regency Centers Corp. REIT		769		44,687
Retail Properties of America, Inc., Class A REIT		3,979		47,589
SBA Communications Corp. REIT*		352		55,359
Senior Housing Properties Trust REIT		5,246		79,424
Simon Property Group, Inc. REIT		780		119,738
SL Green Realty Corp. REIT		300		29,076

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Real Estate (Continued)
STORE Capital Corp. REIT		1,670	$	39,813
Sun Communities, Inc. REIT		313		27,406
Tanger Factory Outlet Centers, Inc. REIT (a)		1,607		35,868
Taubman Centers, Inc. REIT		334		19,526
UDR, Inc. REIT		1,118		37,587
Ventas, Inc. REIT		1,468		70,934
Vornado Realty Trust REIT		1,870		124,299
Weingarten Realty Investors REIT		3,009		81,634
Welltower, Inc. REIT		1,714		89,985
Weyerhaeuser Co. REIT		2,857		100,081
WP Carey, Inc. REIT		2,891		173,229
				8,673,704
Telecommunication Services — 0.2%
AT&T, Inc.		1,147		41,636
CenturyLink, Inc.		1,856		32,796
Telephone & Data Systems, Inc.		1,750		49,070
T-Mobile US, Inc.*		842		51,034
Verizon Communications, Inc.		934		44,589
Zayo Group Holdings, Inc.*		2,293		82,204
				301,329
Utilities — 7.8%
AES Corp.		13,424		145,919
Alliant Energy Corp.		7,703		297,721
Ameren Corp.		10,064		546,475
American Electric Power Co., Inc.		5,744		376,692
American Water Works Co., Inc.		3,792		300,933
Aqua America, Inc.		5,574		190,575
Atmos Energy Corp.		3,236		260,466
Avangrid, Inc.		2,599		126,104
Calpine Corp.*		10,810		164,528
CenterPoint Energy, Inc.		23,568		637,514
CMS Energy Corp.		9,675		410,704
Consolidated Edison, Inc.		5,858		438,706
Dominion Energy, Inc.		1,373		101,698
DTE Energy Co.		3,868		389,817
Duke Energy Corp.		3,093		233,027
Edison International		6,751		409,043
Entergy Corp.		5,859		444,229

	Number of Shares		Value
Utilities (Continued)
Eversource Energy		7,637	$	435,309
Exelon Corp.		12,576		465,815
FirstEnergy Corp.		8,574		277,197
Great Plains Energy, Inc.		9,831		286,574
Hawaiian Electric Industries, Inc.		7,088		233,620
MDU Resources Group, Inc.		2,486		65,357
National Fuel Gas Co.		3,242		160,252
NextEra Energy, Inc.		1,755		267,023
NiSource, Inc.		11,022		254,939
NRG Energy, Inc.		1,300		33,618
OGE Energy Corp.		6,024		188,792
PG&E Corp.		4,093		168,181
Pinnacle West Capital Corp.		4,573		351,938
PPL Corp.		10,907		312,486
Public Service Enterprise Group, Inc.		8,780		425,215
SCANA Corp.		368		14,599
Sempra Energy		2,333		254,250
Southern Co.		3,645		156,954
UGI Corp.		7,742		333,603
Vectren Corp.		5,377		323,964
Vistra Energy Corp.*		5,957		112,885
WEC Energy Group, Inc.		7,923		474,746
Westar Energy, Inc.		3,116		151,843
Xcel Energy, Inc.		11,387		492,829
				11,716,140
TOTAL COMMON STOCKS (Cost $138,935,999)				149,184,722
SECURITIES LENDING COLLATERAL — 0.8%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32% (b)(c) (Cost $1,252,141)		1,252,141		1,252,141
TOTAL INVESTMENTS — 100.2% (Cost $140,188,140)			$	150,436,863
Other assets and liabilities, net — (0.2%)				(317,057	)
NET ASSETS — 100.0%			$	150,119,806

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2018 is as follows:

Value ($) at 8/31/2017		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2018		Value ($) at 2/28/2018
	SECURITIES LENDING COLLATERAL — 0.8%
	Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32% (b)(c)
	1,722,761		—		(470,620)		—		—		5,324		—		1,252,141		1,252,141

* 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 February 28, 2018 amounted to $1,213,764, 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.

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested for the six months ended February 28, 2018.

REIT: Real Estate Investment Trust

At February 28, 2018, open futures contracts purchased were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		USD		5	$	666,187		$678,600		3/16/2018	$	12,413
E-Mini S&P MidCap 400 Futures		USD		1		192,170		186,450		3/16/2018		(5,720	)
Total net unrealized appreciation											$	6,693

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 February 28, 2018 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)	$	149,184,722		$	—	$	—	$	149,184,722
Short-Term Investments		1,252,141			—		—		1,252,141
Derivatives (e)
Futures Contracts		12,413			—		—		12,413
TOTAL	$	150,449,276		$	—	$	—	$	150,449,276
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (e)
Futures Contracts	$	(5,720	)	$	—	$	—	$	(5,720	)
TOTAL	$	(5,720	)	$	—	$	—	$	(5,720	)

(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 February 28, 2018.

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF

February 28, 2018 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.1%
Consumer Discretionary — 16.0%
1-800-Flowers.com, Inc., Class A*		388	$	4,520
Aaron’s, Inc.		358		16,543
Abercrombie & Fitch Co., Class A		574		11,842
Acushnet Holdings Corp. (a)		85		1,801
Adtalem Global Education, Inc.*		224		10,315
American Axle & Manufacturing Holdings, Inc.*		329		4,856
American Eagle Outfitters, Inc.		373		7,188
American Outdoor Brands Corp.*(a)		194		1,746
American Public Education, Inc.*		217		6,673
America’s Car-Mart, Inc.*		110		5,357
Asbury Automotive Group, Inc.*		139		9,153
Ascent Capital Group, Inc., Class A*		54		367
AV Homes, Inc.*(a)		604		10,147
Barnes & Noble, Inc.		291		1,309
Bassett Furniture Industries, Inc.		344		11,077
Beazer Homes USA, Inc.*		471		7,404
Belmond Ltd., Class A*		270		3,119
Big Lots, Inc. (a)		247		13,881
Biglari Holdings, Inc.*		6		2,515
BJ’s Restaurants, Inc.		341		14,833
Bloomin’ Brands, Inc.		675		15,586
Bojangles’, Inc.*(a)		125		1,637
Boyd Gaming Corp. (a)		127		4,493
Bridgepoint Education, Inc.*		149		994
Brinker International, Inc. (a)		210		7,230
Buckle, Inc. (a)		307		6,462
Build-A-Bear Workshop, Inc.*(a)		64		582
Caleres, Inc.		146		4,089
Callaway Golf Co.		1,590		24,613
Cambium Learning Group, Inc.*		281		2,082
Camping World Holdings, Inc., Class A		109		4,556
Capella Education Co.		89		6,915
Career Education Corp.*		134		1,773
Carriage Services, Inc.		144		3,920
Carrols Restaurant Group, Inc.*		476		6,117
Cato Corp., Class A		206		2,340
Cavco Industries, Inc.*		101		16,069
Century Casinos, Inc.*		258		2,056
Century Communities, Inc.*		311		9,252
Cheesecake Factory, Inc. (a)		146		6,788
Chegg, Inc.*(a)		222		4,420
Chico’s FAS, Inc.		409		4,106
Children’s Place, Inc.		119		16,934
Churchill Downs, Inc.		32		8,262
Chuy’s Holdings, Inc.*		91		2,457
Citi Trends, Inc.		425		9,418
Clarus Corp.*		223		1,494
Clear Channel Outdoor Holdings, Inc., Class A		737		3,538
Collectors Universe, Inc.		314		4,889
Columbia Sportswear Co.		29		2,192
Conn’s, Inc.*(a)		34		1,112
Cooper Tire & Rubber Co. (a)		224		7,022
Cooper-Standard Holdings, Inc.*		107		13,037
Cracker Barrel Old Country Store, Inc. (a)		38		5,932

	Number of Shares		Value
Consumer Discretionary (Continued)
Crocs, Inc.*		1,033	$	12,644
CSS Industries, Inc.		290		5,339
Culp, Inc.		73		2,029
Daily Journal Corp.*(a)		4		908
Dana, Inc.		208		5,527
Dave & Buster’s Entertainment, Inc.*		126		5,641
Deckers Outdoor Corp.*		178		16,835
Del Frisco’s Restaurant Group, Inc.*		354		5,894
Del Taco Restaurants, Inc.*		340		4,284
Delta Apparel, Inc.*		132		2,383
Denny’s Corp.*		557		8,377
Dillard’s, Inc., Class A (a)		89		7,258
Dine Brands Global, Inc. (a)		55		4,179
Dorman Products, Inc.*		80		5,520
Drive Shack, Inc.*		1,956		9,878
DSW, Inc., Class A		576		11,295
El Pollo Loco Holdings, Inc.*		144		1,404
Eldorado Resorts, Inc.*(a)		195		6,649
Emerald Expositions Events, Inc.		68		1,450
Entercom Communications Corp., Class A		156		1,544
Entravision Communications Corp., Class A		431		2,780
Escalade, Inc.		239		2,904
Ethan Allen Interiors, Inc.		205		4,869
EW Scripps Co., Class A		331		4,558
Express, Inc.*		363		2,621
Fiesta Restaurant Group, Inc.*(a)		146		2,482
Finish Line, Inc., Class A (a)		164		1,742
Five Below, Inc.*		101		6,752
Flexsteel Industries, Inc.		42		1,632
Fogo De Chao, Inc.*(a)		102		1,591
Fox Factory Holding Corp.*		260		9,763
Francesca’s Holdings Corp.*		101		526
Funko, Inc., Class A*(a)		424		3,129
Gaia, Inc.*		438		5,628
Gannett Co., Inc.		900		9,036
Genesco, Inc.*		69		2,712
Gentherm, Inc.*		125		3,850
GNC Holdings, Inc., Class A*(a)		225		958
Golden Entertainment, Inc.*		302		8,423
Grand Canyon Education, Inc.*		75		7,361
Gray Television, Inc.*		646		8,915
Group 1 Automotive, Inc.		168		11,565
Groupon, Inc.*		154		659
Guess?, Inc. (a)		1,010		15,948
Habit Restaurants, Inc., Class A*(a)		117		1,012
Hamilton Beach Brands Holding Co., Class A		126		3,121
Haverty Furniture Cos., Inc.		640		13,024
Helen of Troy Ltd.*		118		10,626
Hemisphere Media Group, Inc.*		225		2,520
Hibbett Sports, Inc.*(a)		97		2,498
Hooker Furniture Corp.		433		16,173
Houghton Mifflin Harcourt Co.*		110		748
Hovnanian Enterprises, Inc., Class A*		1,793		3,909
IMAX Corp.*		126		2,659
Installed Building Products, Inc.*		86		5,138
International Speedway Corp., Class A		408		18,360

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Consumer Discretionary (Continued)
iRobot Corp.*(a)		176	$	11,959
J Alexander’s Holdings, Inc.*		260		2,574
J. Jill, Inc.*		267		2,299
Jack in the Box, Inc.		64		5,765
Johnson Outdoors, Inc., Class A		147		9,061
K12, Inc.*		213		3,180
KB Home		328		9,102
Kirkland’s, Inc.*		159		1,393
La Quinta Holdings, Inc.*		381		7,193
Laureate Education, Inc., Class A*		739		9,880
La-Z-Boy, Inc.		185		5,680
LCI Industries		64		6,995
LGI Homes, Inc.*(a)		39		2,207
Liberty Media Corp.-Liberty Braves, Class A*		24		550
Liberty Media Corp.-Liberty Braves, Class C*(a)		109		2,503
Liberty Tax, Inc.		161		1,264
Liberty TripAdvisor Holdings, Inc., Class A*		136		1,414
Lifetime Brands, Inc.		151		2,106
Lindblad Expeditions Holdings, Inc.*		338		3,113
Lithia Motors, Inc., Class A		39		4,052
Loral Space & Communications, Inc.*		65		2,880
M/I Homes, Inc.*		405		11,765
Malibu Boats, Inc., Class A*		515		16,506
Marcus Corp.		159		4,293
Marine Products Corp.		131		1,871
MarineMax, Inc.*		363		7,587
Marriott Vacations Worldwide Corp.		48		6,744
MCBC Holdings, Inc.*		571		13,995
MDC Holdings, Inc.		414		11,460
MDC Partners, Inc., Class A*		495		3,886
Meredith Corp. (a)		110		6,303
Meritage Homes Corp.*		136		5,766
Monarch Casino & Resort, Inc.*		225		9,502
Monro, Inc.		83		4,225
Motorcar Parts of America, Inc.*		92		1,875
Movado Group, Inc.		166		5,146
MSG Networks, Inc., Class A*		485		11,834
Nathan’s Famous, Inc.		36		2,342
National CineMedia, Inc.		146		1,099
National Vision Holdings, Inc.*		32		1,106
Nautilus, Inc.*		65		770
New Home Co, Inc.*		290		3,260
New Media Investment Group, Inc.		507		8,746
New York Times Co., Class A		332		8,001
Nexstar Media Group, Inc., Class A		29		2,072
Nutrisystem, Inc.		209		6,427
Office Depot, Inc.		586		1,541
Ollie’s Bargain Outlet Holdings, Inc.*		133		7,894
Overstock.com, Inc.*(a)		54		3,262
Oxford Industries, Inc.		116		9,271
Papa John’s International, Inc. (a)		52		3,002
Party City Holdco, Inc.*(a)		55		795
Penn National Gaming, Inc.*		560		14,902
Perry Ellis International, Inc.*		189		5,041
PetMed Express, Inc. (a)		393		17,760

	Number of Shares		Value
Consumer Discretionary (Continued)
PICO Holdings, Inc.*		205	$	2,511
Pier 1 Imports, Inc.		178		552
Pinnacle Entertainment, Inc.*		276		8,327
Planet Fitness, Inc., Class A*		294		10,872
Potbelly Corp.*		438		5,628
RCI Hospitality Holdings, Inc.		291		7,860
Reading International, Inc., Class A*		217		3,559
Red Lion Hotels Corp.*		178		1,727
Red Robin Gourmet Burgers, Inc.*		84		4,507
Red Rock Resorts, Inc., Class A (a)		194		6,499
Regis Corp.*		462		7,434
Rent-A-Center, Inc. (a)		875		6,580
RH*(a)		30		2,546
Ruth’s Hospitality Group, Inc.		636		15,614
Saga Communications, Inc., Class A		74		2,886
Salem Media Group, Inc.		283		1,174
Scholastic Corp.		181		6,590
Scientific Games Corp., Class A*		18		800
SeaWorld Entertainment, Inc.*(a)		144		2,107
Shake Shack, Inc., Class A*(a)		37		1,443
Shiloh Industries, Inc.*		228		1,662
Shoe Carnival, Inc.		265		6,190
Shutterfly, Inc.*		125		9,591
Sinclair Broadcast Group, Inc., Class A (a)		169		5,712
Sleep Number Corp.*		623		21,456
Sonic Automotive, Inc., Class A		274		5,370
Sonic Corp. (a)		303		7,611
Sotheby’s*		93		4,295
Speedway Motorsports, Inc.		156		3,062
Standard Motor Products, Inc.		160		7,466
Steven Madden Ltd.*		222		9,746
Stoneridge, Inc.*		608		13,230
Strayer Education, Inc.		45		4,034
Sturm Ruger & Co., Inc. (a)		254		10,935
Superior Industries International, Inc. (a)		215		3,107
Superior Uniform Group, Inc.		111		2,786
Tailored Brands, Inc.		67		1,568
Taylor Morrison Home Corp., Class A*		229		5,139
Tenneco, Inc.		77		4,046
Texas Roadhouse, Inc.		126		6,963
Tilly’s, Inc., Class A		159		2,075
TopBuild Corp.*		202		14,067
Tower International, Inc.		281		7,334
Townsquare Media, Inc., Class A*		83		578
TRI Pointe Group, Inc.*		200		3,066
Unifi, Inc.*		160		5,600
Universal Electronics, Inc.*		68		3,366
Vera Bradley, Inc.*		151		1,519
VOXX International Corp.*		29		157
Weyco Group, Inc. (a)		210		6,390
WideOpenWest, Inc.*		85		821
William Lyon Homes, Class A*		314		7,938
Wingstop, Inc.		265		12,007
Winmark Corp. (a)		27		3,421
Wolverine World Wide, Inc.		334		9,780
World Wrestling Entertainment, Inc., Class A		93		3,548

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Consumer Discretionary (Continued)
ZAGG, Inc.*		142	$	2,137
Zoe’s Kitchen, Inc.*(a)		43		640
Zumiez, Inc.*		149		2,935
				1,312,026
Consumer Staples — 2.4%
Alico, Inc.		45		1,197
Andersons, Inc.		89		3,119
B&G Foods, Inc. (a)		95		2,631
Boston Beer Co, Inc., Class A*(a)		59		9,620
Calavo Growers, Inc. (a)		121		10,327
Castle Brands, Inc.*		529		614
Central Garden & Pet Co.*(a)		35		1,352
Central Garden & Pet Co., Class A*		163		5,907
Chefs’ Warehouse, Inc.*(a)		392		8,840
Coca-Cola Bottling Co. Consolidated		37		6,905
Craft Brew Alliance, Inc.*		54		964
Darling Ingredients, Inc.*		482		8,768
Dean Foods Co.		57		494
Farmer Brothers Co.*		62		1,934
Fresh Del Monte Produce, Inc.		98		4,575
Freshpet, Inc.*		147		2,940
Hostess Brands, Inc.*		209		2,558
HRG Group, Inc.*		281		4,437
Ingles Markets, Inc., Class A		47		1,513
Inter Parfums, Inc.		159		6,742
J&J Snack Foods Corp.		47		6,314
John B Sanfilippo & Son, Inc.		77		4,446
Lancaster Colony Corp.		23		2,722
Landec Corp.*		413		5,369
Lifeway Foods, Inc.*		59		399
Limoneira Co.		148		3,169
Medifast, Inc.		259		16,522
MGP Ingredients, Inc. (a)		29		2,434
National Beverage Corp.		16		1,567
Nature’s Sunshine Products, Inc.		91		1,024
Oil-Dri Corp. of America		131		4,724
Performance Food Group Co.*		121		3,709
PriceSmart, Inc.		62		4,882
Sanderson Farms, Inc. (a)		50		6,157
Seneca Foods Corp., Class A*		52		1,513
SpartanNash Co.		149		2,499
Tootsie Roll Industries, Inc. (a)		80		2,672
United Natural Foods, Inc.*(a)		244		10,411
Universal Corp.		180		8,847
USANA Health Sciences, Inc.*		58		4,431
Vector Group Ltd.		209		4,188
Village Super Market, Inc., Class A		146		3,460
WD-40 Co.		45		5,611
Weis Markets, Inc.		44		1,640
				194,147
Energy — 1.3%
Adams Resources & Energy, Inc.		12		474
Archrock, Inc.		269		2,555
Ardmore Shipping Corp.*		457		3,450
Cloud Peak Energy, Inc.*		131		431
Delek US Holdings, Inc.		100		3,412

	Number of Shares		Value
Energy (Continued)
DHT Holdings, Inc.		1,330	$	5,001
Diamond Offshore Drilling, Inc.*(a)		74		1,073
Dorian LPG Ltd.*		71		520
Dril-Quip, Inc.*(a)		78		3,514
Ensco PLC, Class A (a)		190		844
Era Group, Inc.*		56		529
Evolution Petroleum Corp.		171		1,376
Exterran Corp.*		100		2,587
GasLog Ltd.		132		2,178
Gener8 Maritime, Inc.*		360		1,998
Green Plains, Inc.		41		750
Gulf Island Fabrication, Inc.		355		2,929
International Seaways, Inc*		56		911
Isramco, Inc.*		12		1,259
Matador Resources Co.*		30		866
McDermott International, Inc.*		297		2,168
Midstates Petroleum Co., Inc.*		154		2,076
NACCO Industries, Inc., Class A		315		12,978
Natural Gas Services Group, Inc.*		104		2,590
Navios Maritime Acquisition Corp.		1,108		834
Newpark Resources, Inc.*		216		1,782
Noble Corp. PLC*		362		1,405
Nordic American Tankers Ltd.		205		428
Oil States International, Inc.*		71		1,747
Overseas Shipholding Group, Inc., Class A*		136		241
Panhandle Oil and Gas, Inc., Class A		38		678
Renewable Energy Group, Inc.*(a)		1,236		13,720
REX American Resources Corp.*		68		5,489
Ring Energy, Inc.*		84		1,140
Rowan Cos. PLC, Class A*		257		3,125
Scorpio Tankers, Inc.		715		1,644
SEACOR Holdings, Inc.*		37		1,536
Select Energy Services, Inc., Class A*		116		1,666
Ship Finance International Ltd. (a)		479		6,921
SilverBow Resources, Inc.*		46		1,277
Solaris Oilfield Infrastructure, Inc., Class A*		190		3,198
Teekay Corp. (a)		255		1,938
Teekay Tankers Ltd., Class A		846		973
				106,211
Financials — 27.1%
1st Source Corp.		136		6,708
Access National Corp.		152		4,248
ACNB Corp.		122		3,416
AG Mortgage Investment Trust, Inc. REIT		883		14,446
Allegiance Bancshares, Inc.*		146		5,570
Ambac Financial Group, Inc.*		107		1,621
American Equity Investment Life Holding Co.		449		13,744
American National Bankshares, Inc.		155		5,595
Ameris Bancorp		96		5,102
AMERISAFE, Inc.		200		11,200
Ames National Corp.		129		3,425
Anworth Mortgage Asset Corp. REIT		2,154		9,822
Apollo Commercial Real Estate Finance, Inc. REIT (a)		840		15,338
Ares Commercial Real Estate Corp. REIT		576		7,096
Argo Group International Holdings Ltd.		151		8,796

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Arlington Asset Investment Corp., Class A (a)		247	$	2,673
ARMOUR Residential REIT, Inc. REIT		22		471
Arrow Financial Corp. (a)		150		4,837
Artisan Partners Asset Management, Inc., Class A		349		11,779
Associated Capital Group, Inc., Class A (a)		97		3,346
Atlantic Capital Bancshares, Inc.*		439		7,595
Atlas Financial Holdings, Inc.*		170		2,984
Baldwin & Lyons, Inc., Class B		258		5,844
Banc of California, Inc.		450		8,977
BancFirst Corp.		96		5,112
Banco Latinoamericano de Comercio Exterior SA, Class E		478		13,312
BancorpSouth Bank		158		4,977
Bank of Commerce Holdings		477		5,152
Bank of Marin Bancorp		81		5,358
Bank of NT Butterfield & Son Ltd.		47		2,144
BankFinancial Corp.		258		4,136
Bankwell Financial Group, Inc.		93		2,911
Banner Corp.		96		5,307
Bar Harbor Bankshares		145		3,929
BCB Bancorp, Inc.		301		4,605
Bear State Financial, Inc.		246		2,524
Beneficial Bancorp, Inc.		269		4,035
Berkshire Hills Bancorp, Inc.		171		6,284
Blue Capital Reinsurance Holdings Ltd. (a)		129		1,432
Blue Hills Bancorp, Inc.		314		6,327
BofI Holding, Inc.*(a)		181		6,731
Boston Private Financial Holdings, Inc.		508		7,417
Bridge Bancorp, Inc.		176		5,843
Brookline Bancorp, Inc.		455		7,212
Bryn Mawr Bank Corp.		244		10,626
BSB Bancorp, Inc.*(a)		166		4,814
Byline Bancorp, Inc.*		62		1,430
C&F Financial Corp.		126		5,840
Cadence BanCorp		47		1,289
Camden National Corp.		194		8,191
Cannae Holdings, Inc.*		655		12,039
Capital City Bank Group, Inc.		200		4,800
Capitol Federal Financial, Inc.		314		3,922
Capstar Financial Holdings, Inc.*		104		1,978
Capstead Mortgage Corp. REIT		1,332		11,122
Carolina Financial Corp.		190		7,374
Cathay General Bancorp		124		5,091
CenterState Banks Corp.		296		8,063
Central Pacific Financial Corp.		258		7,190
Central Valley Community Bancorp		152		2,964
Century Bancorp, Inc., Class A		87		6,682
Charter Financial Corp.		297		5,895
Chemical Financial Corp.		63		3,477
Chemung Financial Corp.		101		4,315
Cherry Hill Mortgage Investment Corp. REIT		485		7,818
Citizens & Northern Corp.		150		3,358
Citizens, Inc.*(a)		211		1,445
City Holding Co.		124		8,354
Civista Bancshares, Inc.		308		6,939

	Number of Shares		Value
Financials (Continued)
Clifton Bancorp, Inc.		216	$	3,331
CNB Financial Corp.		243		6,532
CNO Financial Group, Inc.		403		9,084
CoBiz Financial, Inc.		467		8,854
Codorus Valley Bancorp, Inc.		187		4,894
Cohen & Steers, Inc.		151		6,040
Columbia Banking System, Inc.		86		3,593
Community Bank System, Inc.		69		3,678
Community Bankers Trust Corp.*		719		5,968
Community Trust Bancorp, Inc.		190		8,265
ConnectOne Bancorp, Inc.		272		7,834
County Bancorp, Inc.		122		3,262
Crawford & Co., Class B		124		1,112
Customers Bancorp, Inc.*		76		2,230
CVB Financial Corp.		214		4,922
CYS Investments, Inc. REIT		1,391		8,791
Diamond Hill Investment Group, Inc.		55		11,277
Dime Community Bancshares, Inc.		424		7,632
DNB Financial Corp.		81		2,726
Donegal Group, Inc., Class A		288		4,553
Donnelley Financial Solutions, Inc.*		668		11,563
Dynex Capital, Inc. REIT		1,968		11,847
Eagle Bancorp, Inc.*		106		6,471
Ellington Residential Mortgage REIT REIT (a)		230		2,438
EMC Insurance Group, Inc.		204		5,324
Employers Holdings, Inc.		349		13,663
Encore Capital Group, Inc.*(a)		434		18,575
Enova International, Inc.*		603		13,266
Enstar Group Ltd.*		17		3,366
Entegra Financial Corp.*		240		6,744
Enterprise Bancorp, Inc.		101		3,150
Enterprise Financial Services Corp.		217		10,166
Equity Bancshares, Inc., Class A*		106		3,916
ESSA Bancorp, Inc.		178		2,593
Essent Group Ltd.*		178		8,026
Evans Bancorp, Inc.		112		4,827
Evercore, Inc., Class A		142		13,213
EZCORP, Inc., Class A*		571		7,423
Farmers & Merchants Bancorp, Inc.		141		5,217
Farmers Capital Bank Corp.		170		6,188
Farmers National Banc Corp.		327		4,414
FB Financial Corp.*		32		1,265
FBL Financial Group, Inc., Class A (a)		49		3,180
FCB Financial Holdings, Inc., Class A*		91		4,882
Federal Agricultural Mortgage Corp., Class C		225		17,113
Federated National Holding Co.		112		1,730
Fidelity Southern Corp.		181		4,074
Financial Engines, Inc.		85		2,847
Financial Institutions, Inc.		212		6,508
First BanCorp*		662		3,992
First Bancorp, Inc.		151		4,071
First Bancorp/Southern Pines NC		283		9,800
First Bancshares, Inc.		171		5,429
First Busey Corp.		154		4,566
First Business Financial Services, Inc.		188		4,521
First Citizens BancShares, Inc., Class A		6		2,443

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Financials (Continued)
First Commonwealth Financial Corp.		568	$	7,935
First Community Bancshares, Inc.		214		5,810
First Connecticut Bancorp, Inc.		292		7,315
First Defiance Financial Corp.		152		8,088
First Financial Bancorp		274		7,453
First Financial Bankshares, Inc. (a)		92		4,232
First Financial Corp.		134		5,749
First Financial Northwest, Inc.		151		2,389
First Foundation, Inc.*		446		8,144
First Guaranty Bancshares, Inc.		121		3,033
First Internet Bancorp		137		5,185
First Interstate BancSystem, Inc., Class A		113		4,463
First Merchants Corp.		159		6,571
First Midwest Bancorp, Inc.		206		4,989
First Northwest Bancorp*		156		2,496
First of Long Island Corp.		255		6,949
FirstCash, Inc.		146		10,760
Flagstar Bancorp, Inc.*		17		599
Flushing Financial Corp.		289		7,716
FNB Bancorp		195		6,969
Franklin Financial Network, Inc.*(a)		85		2,639
Fulton Financial Corp.		245		4,435
GAIN Capital Holdings, Inc. (a)		324		2,297
GAMCO Investors, Inc., Class A		126		3,377
Genworth Financial, Inc., Class A*		889		2,418
German American Bancorp, Inc.		181		5,997
Glacier Bancorp, Inc.		131		5,096
Global Indemnity Ltd.*		117		4,329
Granite Point Mortgage Trust, Inc. REIT		353		5,948
Great Ajax Corp. REIT		457		5,932
Great Southern Bancorp, Inc.		130		6,292
Great Western Bancorp, Inc.		131		5,357
Green Bancorp, Inc.*		221		4,818
Green Dot Corp., Class A*		116		7,555
Greene County Bancorp, Inc.		101		3,681
Greenhill & Co., Inc.		315		6,410
Greenlight Capital Re Ltd., Class A*		235		3,854
Guaranty Bancorp		304		8,345
Guaranty Bancshares, Inc.		57		2,026
Hallmark Financial Services, Inc.*		403		3,961
Hamilton Lane, Inc., Class A (a)		92		3,214
Hancock Holding Co.		91		4,705
Hanmi Financial Corp.		188		5,743
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (a)		396		6,970
HarborOne Bancorp, Inc.*(a)		95		1,828
HCI Group, Inc.		123		4,259
Health Insurance Innovations, Inc., Class A*		58		1,810
Heartland Financial USA, Inc.		175		9,336
Heritage Commerce Corp.		512		8,079
Heritage Financial Corp.		368		10,948
Heritage Insurance Holdings, Inc.		545		9,091
Hilltop Holdings, Inc.		79		1,920
Hingham Institution for Savings		21		4,200
Home Bancorp, Inc.		128		5,312
Home BancShares, Inc.		76		1,747
HomeStreet, Inc.*		179		5,137

	Number of Shares		Value
Financials (Continued)
HomeTrust Bancshares, Inc.*		181	$	4,697
Hope Bancorp, Inc.		181		3,269
Horace Mann Educators Corp.		252		10,370
Horizon Bancorp		215		6,085
Houlihan Lokey, Inc.		375		17,408
Howard Bancorp, Inc.*		176		3,168
IBERIABANK Corp.		32		2,586
Independence Holding Co.		368		10,488
Independent Bank Corp.		269		6,147
Independent Bank Corp./Rockland MA		84		5,830
Independent Bank Group, Inc.		49		3,440
Infinity Property & Casualty Corp.		200		23,590
International Bancshares Corp.		105		4,058
INTL. FCStone, Inc.*		265		10,507
Invesco Mortgage Capital, Inc. REIT		1,217		18,705
Investar Holding Corp. (a)		314		7,646
Investment Technology Group, Inc.		140		2,775
Investors Bancorp, Inc.		188		2,538
Investors Title Co.		44		8,470
James River Group Holdings Ltd.		309		10,107
Kearny Financial Corp.		315		4,095
Kemper Corp.		102		5,753
Kingstone Cos., Inc.		430		8,213
Kinsale Capital Group, Inc.		244		11,956
KKR Real Estate Finance Trust, Inc.		64		1,254
Ladder Capital Corp. REIT		1,107		16,350
Ladenburg Thalmann Financial Services, Inc. (a)		446		1,490
Lakeland Bancorp, Inc.		389		7,430
Lakeland Financial Corp.		160		7,250
LCNB Corp.		125		2,313
LegacyTexas Financial Group, Inc.		124		5,194
LendingTree, Inc.*(a)		5		1,743
Live Oak Bancshares, Inc.		35		914
Macatawa Bank Corp.		370		3,659
Maiden Holdings Ltd.		139		834
MainSource Financial Group, Inc.		229		8,649
Malvern Bancorp, Inc.*		224		5,342
Marlin Business Services Corp.		175		4,515
MB Financial, Inc.		86		3,527
MBT Financial Corp.		348		3,550
Mercantile Bank Corp.		161		5,329
Merchants Bancorp		52		1,066
Meridian Bancorp, Inc.		377		7,559
Meta Financial Group, Inc.		61		6,551
Metropolitan Bank Holding Corp.*		32		1,421
MGIC Investment Corp.*		116		1,600
Middlefield Banc Corp. (a)		70		3,360
Midland States Bancorp, Inc.		137		4,295
MidSouth Bancorp, Inc. (a)		210		2,625
Moelis & Co., Class A		327		16,595
MTGE Investment Corp. REIT		784		13,328
MutualFirst Financial, Inc.		165		5,891
National Bank Holdings Corp., Class A		166		5,410
National Bankshares, Inc. (a)		119		4,742
National Commerce Corp.*		159		6,829
National General Holdings Corp.		164		3,769

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Financials (Continued)
National Western Life Group, Inc., Class A		35	$	10,675
Nationstar Mortgage Holdings, Inc.*		82		1,404
Navigators Group, Inc.		134		7,223
NBT Bancorp, Inc.		161		5,603
Nelnet, Inc., Class A		142		7,858
New York Mortgage Trust, Inc. REIT (a)		1,696		9,345
NI Holdings, Inc.*		97		1,563
Nicolet Bankshares, Inc.*		144		7,786
NMI Holdings, Inc., Class A*		1,225		24,316
Northeast Bancorp		533		11,699
Northfield Bancorp, Inc.		239		3,709
Northrim BanCorp, Inc.		129		4,289
Northwest Bancshares, Inc.		367		6,022
Norwood Financial Corp.		195		5,756
OceanFirst Financial Corp.		369		9,550
Oconee Federal Financial Corp. (a)		51		1,461
OFG Bancorp		247		2,655
Ohio Valley Banc Corp. (a)		137		5,364
Old Line Bancshares, Inc.		182		5,757
Old National Bancorp		148		2,516
Old Point Financial Corp. (a)		90		2,259
Old Second Bancorp, Inc.		306		4,208
OM Asset Management PLC		671		10,286
Oppenheimer Holdings, Inc., Class A		185		4,912
Opus Bank		79		2,216
Orchid Island Capital, Inc. REIT (a)		622		4,472
Oritani Financial Corp.		406		6,334
Orrstown Financial Services, Inc.		142		3,507
Owens Realty Mortgage, Inc. REIT		230		3,255
Pacific Premier Bancorp, Inc.*		155		6,518
Park National Corp.		50		5,051
Parke Bancorp, Inc.		247		5,125
PCSB Financial Corp.*		141		2,706
Peapack Gladstone Financial Corp.		211		6,959
Penns Woods Bancorp, Inc. (a)		82		3,330
PennyMac Financial Services, Inc., Class A*		377		8,784
PennyMac Mortgage Investment Trust REIT		116		1,934
Peoples Bancorp of North Carolina, Inc.		165		4,595
Peoples Bancorp, Inc.		269		9,278
Peoples Financial Services Corp.		104		4,282
People’s Utah Bancorp		222		6,738
PHH Corp.*		166		1,756
Piper Jaffray Cos.		54		4,509
PJT Partners, Inc., Class A		258		12,335
PRA Group, Inc.*		175		6,703
Preferred Bank		161		10,035
Premier Financial Bancorp, Inc.		160		2,819
Primerica, Inc.		72		7,020
Provident Bancorp, Inc.*		119		2,761
Provident Financial Holdings, Inc.		165		3,006
Provident Financial Services, Inc.		250		6,220
Prudential Bancorp, Inc.		138		2,407
Pzena Investment Management, Inc., Class A		274		2,981
QCR Holdings, Inc.		156		6,802
Radian Group, Inc.		318		6,525
RBB Bancorp		60		1,534

	Number of Shares		Value
Financials (Continued)
Redwood Trust, Inc. REIT		177	$	2,593
Regional Management Corp.*		191		5,715
Reliant Bancorp, Inc.		264		6,281
Renasant Corp.		152		6,348
Republic Bancorp, Inc., Class A		107		3,986
Republic First Bancorp, Inc.*(a)		355		3,000
Resource Capital Corp. REIT		49		426
Riverview Bancorp, Inc.		614		5,305
RLI Corp.		106		6,445
S&T Bancorp, Inc.		216		8,523
Safety Insurance Group, Inc.		203		14,484
Sandy Spring Bancorp, Inc.		413		16,008
Seacoast Banking Corp. of Florida*		363		9,518
Selective Insurance Group, Inc.		190		10,802
ServisFirst Bancshares, Inc.		148		5,944
Shore Bancshares, Inc.		310		5,276
SI Financial Group, Inc.		234		3,370
Sierra Bancorp		205		5,334
Silvercrest Asset Management Group, Inc., Class A		225		3,398
Simmons First National Corp., Class A		120		3,414
SmartFinancial, Inc.*		119		2,597
South State Corp.		47		4,075
Southern First Bancshares, Inc.*		144		6,070
Southern Missouri Bancorp, Inc.		155		5,242
Southern National Bancorp of Virginia, Inc.		304		4,676
Southside Bancshares, Inc. (a)		192		6,413
State Auto Financial Corp.		105		2,896
State Bank Financial Corp.		269		7,785
Sterling Bancorp		77		1,790
Stewart Information Services Corp.		301		12,079
Stifel Financial Corp.		40		2,555
Stock Yards Bancorp, Inc.		142		4,984
Summit Financial Group, Inc.		150		3,593
Sutherland Asset Management Corp. REIT (a)		557		7,687
Territorial Bancorp, Inc.		131		3,913
Texas Capital Bancshares, Inc.*		18		1,624
Third Point Reinsurance Ltd.*		520		7,228
Timberland Bancorp, Inc.		240		6,852
Tiptree, Inc.		453		2,605
Tompkins Financial Corp.		72		5,525
Towne Bank		390		11,135
TPG RE Finance Trust, Inc. REIT		78		1,445
TriCo Bancshares		228		8,516
TriState Capital Holdings, Inc.*		241		5,386
Triumph Bancorp, Inc.*		221		9,050
Trupanion, Inc.*		289		8,563
TrustCo Bank Corp.		1,015		8,628
Trustmark Corp.		171		5,342
Two River Bancorp		248		4,251
UMB Financial Corp.		32		2,336
Umpqua Holdings Corp.		208		4,432
Union Bankshares Corp.		248		9,270
Union Bankshares, Inc.		74		3,796
United Bankshares, Inc.		48		1,704
United Community Banks, Inc.		191		5,904

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Financials (Continued)
United Community Financial Corp.		521	$	4,814
United Financial Bancorp, Inc.		383		5,975
United Fire Group, Inc.		210		9,341
United Insurance Holdings Corp. (a)		133		2,600
United Security Bancshares		324		3,305
Unity Bancorp, Inc.		208		4,295
Universal Insurance Holdings, Inc.		306		8,966
Univest Corp. of Pennsylvania		209		5,727
Valley National Bancorp		630		7,856
Veritex Holdings, Inc.*		124		3,442
Virtu Financial, Inc., Class A (a)		87		2,584
Virtus Investment Partners, Inc. (a)		67		8,244
Waddell & Reed Financial, Inc., Class A (a)		625		12,500
Walker & Dunlop, Inc.		552		26,678
Washington Federal, Inc.		138		4,789
Washington Trust Bancorp, Inc.		119		6,170
Waterstone Financial, Inc.		260		4,472
WesBanco, Inc.		159		6,552
West Bancorporation, Inc.		216		5,249
Westamerica Bancorporation (a)		86		4,927
Western Asset Mortgage Capital Corp. REIT		284		2,505
Western New England Bancorp, Inc.		401		3,990
Westwood Holdings Group, Inc.		165		8,966
Wintrust Financial Corp.		50		4,226
WisdomTree Investments, Inc.		220		2,114
World Acceptance Corp.*		87		9,354
WSFS Financial Corp.		161		7,680
				2,232,133
Health Care — 7.7%
Abaxis, Inc.		113		7,534
Accuray, Inc.*(a)		354		1,965
Acorda Therapeutics, Inc.*		42		997
Addus HomeCare Corp.*		34		1,168
Allscripts Healthcare Solutions, Inc.*		111		1,540
Almost Family, Inc.*		73		4,303
AMAG Pharmaceuticals, Inc.*		37		779
Amedisys, Inc.*		126		7,460
AMN Healthcare Services, Inc.*		126		7,012
Amphastar Pharmaceuticals, Inc.*		143		2,625
Analogic Corp.		89		7,431
AngioDynamics, Inc.*		501		8,161
Anika Therapeutics, Inc.*		129		6,714
AtriCure, Inc.*		56		990
Atrion Corp.		14		8,245
BioSpecifics Technologies Corp.*		42		1,701
BioTelemetry, Inc.*		106		3,424
Cambrex Corp.*		92		4,779
Cantel Medical Corp.		46		5,350
Capital Senior Living Corp.*		178		2,099
Cardiovascular Systems, Inc.*		99		2,354
Catalent, Inc.*		101		4,217
Chemed Corp.		43		11,164
Civitas Solutions, Inc.*		171		2,223
Codexis, Inc.*(a)		292		2,789
Community Health Systems, Inc.*(a)		373		1,910
CONMED Corp.		103		6,235

	Number of Shares		Value
Health Care (Continued)
Corcept Therapeutics, Inc.*(a)		153	$	2,324
CorVel Corp.*		202		9,888
Cotiviti Holdings, Inc.*		39		1,307
Cross Country Healthcare, Inc.*		240		3,108
CryoLife, Inc.*		40		758
Cutera, Inc.*		246		11,082
CytomX Therapeutics, Inc.*		42		1,248
Diplomat Pharmacy, Inc.*		378		7,878
Emergent BioSolutions, Inc.*		91		4,523
Enanta Pharmaceuticals, Inc.*		33		2,594
Encompass Health Corp.		138		7,350
Ensign Group, Inc.		365		9,745
Enzo Biochem, Inc.*		271		1,715
FibroGen, Inc.*		15		826
FONAR Corp.*		51		1,260
Genomic Health, Inc.*		101		3,232
Glaukos Corp.*(a)		43		1,346
Globus Medical, Inc., Class A*		297		14,149
Haemonetics Corp.*		144		10,210
Halyard Health, Inc.*		187		9,234
HealthEquity, Inc.*		71		4,088
HealthStream, Inc.*		170		4,107
Heska Corp.*		70		4,759
HMS Holdings Corp.*		242		3,882
ICU Medical, Inc.*		24		5,550
Innoviva, Inc.*		254		3,940
Inogen, Inc.*		44		5,316
Inovalon Holdings, Inc., Class A*(a)		453		5,436
Integer Holdings Corp.*		400		20,420
Integra LifeSciences Holdings Corp.*		72		3,797
Intersect ENT, Inc.*		52		1,916
Invacare Corp.		70		1,204
Ironwood Pharmaceuticals, Inc.*		41		582
Jounce Therapeutics, Inc.*		337		7,104
K2M Group Holdings, Inc.*		86		1,781
Kindred Healthcare, Inc.		607		5,584
Lannett Co., Inc.*(a)		72		1,152
LeMaitre Vascular, Inc.		285		9,907
LHC Group, Inc.*		263		16,932
Ligand Pharmaceuticals, Inc.*		12		1,823
LivaNova PLC*		82		7,359
Luminex Corp.		362		7,099
Magellan Health, Inc.*		57		5,751
Masimo Corp.*		88		7,703
Medidata Solutions, Inc.*		18		1,182
Medpace Holdings, Inc.*		18		577
Meridian Bioscience, Inc.		458		6,389
Merit Medical Systems, Inc.*		148		6,734
MiMedx Group, Inc.*(a)		242		1,716
Molina Healthcare, Inc.*		131		9,471
Momenta Pharmaceuticals, Inc.*		175		2,984
Myriad Genetics, Inc.*		167		5,414
National HealthCare Corp.		97		5,691
National Research Corp., Class A		205		5,801
Natus Medical, Inc.*		180		5,607
Neogen Corp.*		101		5,885
NeoGenomics, Inc.*(a)		165		1,386

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Nevro Corp.*(a)		13	$	1,055
NuVasive, Inc.*		39		1,886
NxStage Medical, Inc.*		132		3,073
Omnicell, Inc.*		98		4,278
Optinose, Inc.*		50		885
OraSure Technologies, Inc.*		364		6,283
Orthofix International NV*		340		19,043
Owens & Minor, Inc.		194		3,184
Pacira Pharmaceuticals, Inc.*		40		1,252
PDL BioPharma, Inc.*		1,416		3,398
Penumbra, Inc.*		47		5,085
PetIQ, Inc.*(a)		86		1,883
Phibro Animal Health Corp., Class A		253		9,728
PRA Health Sciences, Inc.*		40		3,360
Prestige Brands Holdings, Inc.*(a)		47		1,589
Providence Service Corp.*		466		29,619
Quality Systems, Inc.*		679		8,521
Quidel Corp.*		228		9,945
R1 RCM, Inc.*		1,959		12,851
RadNet, Inc.*		1,001		10,010
Repligen Corp.*		37		1,269
Rhythm Pharmaceuticals, Inc.*(a)		54		1,396
RTI Surgical, Inc.*		583		2,478
Select Medical Holdings Corp.*		585		10,588
Simulations Plus, Inc.		230		3,576
STAAR Surgical Co.*		101		1,586
Supernus Pharmaceuticals, Inc.*		199		7,741
Surmodics, Inc.*		86		2,589
Syneos Health, Inc.*		12		503
Tenet Healthcare Corp.*(a)		281		5,789
Tivity Health, Inc.*		57		2,197
Triple-S Management Corp., Class B*		438		10,643
US Physical Therapy, Inc.		82		6,355
Utah Medical Products, Inc.		96		8,515
Varex Imaging Corp.*		239		8,339
Vocera Communications, Inc.*		195		5,363
Wright Medical Group NV*		58		1,180
Xencor, Inc.*		42		1,286
				633,296
Industrials — 18.6%
AAON, Inc.		194		7,129
AAR Corp.		193		8,218
ABM Industries, Inc.		190		6,680
ACCO Brands Corp.		482		6,097
Actuant Corp., Class A		119		2,701
Advanced Disposal Services, Inc.*		141		3,156
Advanced Drainage Systems, Inc.		228		5,825
Aegion Corp.*		372		8,541
Aerojet Rocketdyne Holdings, Inc.*		272		7,344
Air Transport Services Group, Inc.*		647		17,126
Aircastle Ltd.		262		5,104
Alamo Group, Inc.		174		19,340
Albany International Corp., Class A		116		7,383
Allegiant Travel Co.		20		3,326
Allied Motion Technologies, Inc.		70		2,194
Altra Industrial Motion Corp.		49		2,127

	Number of Shares		Value
Industrials (Continued)
Ameresco, Inc., Class A*		141	$	1,149
American Railcar Industries, Inc. (a)		47		1,751
American Woodmark Corp.*		121		15,536
Apogee Enterprises, Inc.		181		7,808
Applied Industrial Technologies, Inc.		166		11,686
ARC Document Solutions, Inc.*		196		417
ArcBest Corp.		128		4,237
Argan, Inc.		182		7,271
Armstrong Flooring, Inc.*		273		3,825
Astec Industries, Inc.		167		9,836
Astronics Corp.*		101		3,894
Atkore International Group, Inc.*		77		1,674
Atlas Air Worldwide Holdings, Inc.*		91		5,537
Avis Budget Group, Inc.*		89		4,021
Axon Enterprise, Inc.*(a)		115		4,005
AZZ, Inc.		66		2,696
Barnes Group, Inc.		117		7,056
Barrett Business Services, Inc.		62		4,606
Beacon Roofing Supply, Inc.*		67		3,545
BG Staffing, Inc.		294		4,836
Blue Bird Corp.*		74		1,717
BMC Stock Holdings, Inc.*		932		17,475
Brady Corp., Class A		279		10,435
Briggs & Stratton Corp.		498		11,195
Brink’s Co.		61		4,483
Builders FirstSource, Inc.*		428		8,209
Caesarstone Ltd.		105		2,273
CAI International, Inc.*		154		3,111
Casella Waste Systems, Inc., Class A*		679		17,260
CBIZ, Inc.*		822		14,837
Chart Industries, Inc.*		172		9,479
Cimpress NV*		33		5,371
CIRCOR International, Inc.		14		658
Columbus McKinnon Corp.		98		3,479
Comfort Systems USA, Inc.		441		18,103
Commercial Vehicle Group, Inc.*		219		2,212
Continental Building Products, Inc.*		481		13,083
Costamare, Inc.		641		3,711
Covanta Holding Corp. (a)		514		7,684
Covenant Transportation Group, Inc., Class A*		200		5,164
CRA International, Inc.		364		18,196
CSW Industrials, Inc.*		239		10,958
Cubic Corp.		82		5,035
Curtiss-Wright Corp.		38		5,129
Daseke, Inc.*(a)		269		2,706
Deluxe Corp.		67		4,757
DMC Global, Inc.		232		4,918
Douglas Dynamics, Inc.		145		6,452
Ducommun, Inc.*		106		2,983
Dycom Industries, Inc.*(a)		36		3,933
Eastern Co.		239		6,094
Echo Global Logistics, Inc.*		247		6,533
EMCOR Group, Inc.		92		7,021
Encore Wire Corp.		166		8,698
EnerSys		74		5,157
Engility Holdings, Inc.*		52		1,420

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Ennis, Inc.		794	$	15,483
EnPro Industries, Inc.		72		5,217
ESCO Technologies, Inc.		91		5,360
Essendant, Inc.		80		635
Esterline Technologies Corp.*		42		3,104
Exponent, Inc.		150		11,662
Federal Signal Corp.		463		9,904
Forrester Research, Inc.		159		6,439
Forward Air Corp.		291		15,714
Foundation Building Materials, Inc.*		116		1,588
Franklin Covey Co.*		69		1,787
Franklin Electric Co., Inc.		194		7,595
FreightCar America, Inc.		23		340
FTI Consulting, Inc.*		239		11,398
GATX Corp. (a)		121		8,342
Gencor Industries, Inc.*		259		4,183
Generac Holdings, Inc.*		151		6,716
General Cable Corp.		334		9,870
Gibraltar Industries, Inc.*		135		4,685
Global Brass & Copper Holdings, Inc.		43		1,217
GMS, Inc.*		254		7,864
Gorman-Rupp Co.		170		4,536
GP Strategies Corp.*		121		2,668
Graham Corp.		145		2,930
Granite Construction, Inc.		86		4,997
Great Lakes Dredge & Dock Corp.*		544		2,475
Greenbrier Cos., Inc. (a)		21		1,088
Griffon Corp.		57		1,066
H&E Equipment Services, Inc.		195		7,350
Hardinge, Inc.		566		10,386
Harsco Corp.*		336		6,804
Hawaiian Holdings, Inc.		53		1,908
HC2 Holdings, Inc.*		1,083		5,372
Healthcare Services Group, Inc.		150		6,815
Heartland Express, Inc.		203		3,963
Heidrick & Struggles International, Inc.		393		10,375
Herc Holdings, Inc.*(a)		260		16,955
Heritage-Crystal Clean, Inc.*		231		4,620
Herman Miller, Inc.		304		10,914
Hillenbrand, Inc.		238		10,448
HNI Corp.		111		4,105
Hub Group, Inc., Class A*		225		9,821
Hudson Technologies, Inc.*(a)		86		525
Huron Consulting Group, Inc.*		121		4,235
Hyster-Yale Materials Handling, Inc.		9		641
ICF International, Inc.*		202		11,514
IES Holdings, Inc.*(a)		79		1,213
InnerWorkings, Inc.*		688		6,350
Insperity, Inc.		351		22,920
Insteel Industries, Inc.		122		3,445
Interface, Inc.		408		9,874
JELD-WEN Holding, Inc.*		40		1,246
John Bean Technologies Corp.		25		2,769
Kadant, Inc.		227		21,656
Kaman Corp.		256		15,672
KBR, Inc.		24		363
Kelly Services, Inc., Class A		534		15,748

	Number of Shares		Value
Industrials (Continued)
Kennametal, Inc.		121	$	4,985
Kforce, Inc.		337		9,335
Kimball International, Inc., Class B		538		8,839
KLX, Inc.*		81		5,482
Knight-Swift Transportation Holdings, Inc.		38		1,830
Knoll, Inc.		333		7,083
Korn/Ferry International		318		13,327
Kratos Defense & Security Solutions, Inc.*		185		2,229
Lawson Products, Inc.*		95		2,228
Layne Christensen Co.*(a)		95		1,473
LB Foster Co., Class A*		32		837
Lindsay Corp.		49		4,334
LSC Communications, Inc.		171		2,490
Lydall, Inc.*		30		1,445
Manitowoc Co., Inc.*		379		11,264
Marten Transport Ltd.		787		17,039
Masonite International Corp.*		226		13,797
MasTec, Inc.*		89		4,535
Matson, Inc.		105		2,993
Matthews International Corp., Class A		57		2,921
McGrath RentCorp		363		18,375
Mercury Systems, Inc.*		91		4,183
Meritor, Inc.*		182		4,459
Milacron Holdings Corp.*		155		3,322
Miller Industries, Inc.		371		9,034
Mistras Group, Inc.*		91		1,795
Mobile Mini, Inc.		210		8,810
Moog, Inc., Class A*		104		8,718
MRC Global, Inc.*		91		1,504
MSA Safety, Inc.		51		4,112
Mueller Industries, Inc.		255		6,755
Mueller Water Products, Inc., Class A		144		1,584
Multi-Color Corp.		56		3,548
MYR Group, Inc.*		292		9,446
National Presto Industries, Inc. (a)		29		2,633
Navigant Consulting, Inc.*		334		6,640
Navistar International Corp.*		13		485
NCI Building Systems, Inc.*		344		5,607
Nexeo Solutions, Inc.*		519		4,822
NN, Inc.		416		9,942
Northwest Pipe Co.*(a)		77		1,350
NOW, Inc.*(a)		64		607
Omega Flex, Inc.		43		2,400
On Assignment, Inc.*		185		14,188
Orion Group Holdings, Inc.*		405		2,543
Park-Ohio Holdings Corp.		44		1,753
Patrick Industries, Inc.*		85		5,223
PGT Innovations, Inc.*		324		5,670
Ply Gem Holdings, Inc.*		211		4,558
Powell Industries, Inc.		121		3,222
Preformed Line Products Co.		39		2,371
Primoris Services Corp.		175		4,358
Proto Labs, Inc.*		84		9,152
Quad/Graphics, Inc.		279		7,363
Quanex Building Products Corp.		517		8,660
Radiant Logistics, Inc.*		393		1,454
Raven Industries, Inc.		353		11,984

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
RBC Bearings, Inc.*		47	$	5,664
Resources Connection, Inc.		583		9,066
REV Group, Inc.		28		756
Rexnord Corp.*		210		6,086
Roadrunner Transportation Systems, Inc.*		72		276
RPX Corp.		1,578		15,827
RR Donnelley & Sons Co.		72		543
Rush Enterprises, Inc., Class A*		276		11,733
Rush Enterprises, Inc., Class B*		54		2,150
Saia, Inc.*		159		11,551
Schneider National, Inc., Class B		133		3,439
Simpson Manufacturing Co., Inc.		178		9,847
SiteOne Landscape Supply, Inc.*		81		5,576
SkyWest, Inc.		111		6,083
SP Plus Corp.*		238		8,568
Spartan Motors, Inc.		1,003		14,794
Sparton Corp.*		260		5,894
SPX Corp.*		227		7,089
SPX FLOW, Inc.*		17		829
Standex International Corp.		36		3,460
Steelcase, Inc., Class A		612		8,354
Sterling Construction Co., Inc.*		568		6,861
Sun Hydraulics Corp.		35		1,817
Tennant Co.		121		7,792
Tetra Tech, Inc.		180		8,811
Textainer Group Holdings Ltd.*		142		2,315
Thermon Group Holdings, Inc.*		187		4,080
Titan International, Inc.		40		514
Titan Machinery, Inc.*(a)		382		7,617
Trex Co., Inc.*		59		6,101
TriMas Corp.*		230		5,957
TriNet Group, Inc.*		176		8,302
Triton International Ltd/Bermuda*		32		913
Triumph Group, Inc. (a)		510		14,255
TrueBlue, Inc.*		990		26,928
Tutor Perini Corp.*		137		3,309
Twin Disc, Inc.*		90		2,153
UniFirst Corp.		58		9,007
Universal Forest Products, Inc.		260		8,564
Universal Logistics Holdings, Inc.		57		1,260
US Ecology, Inc.		87		4,602
Vectrus, Inc.*		250		6,823
Viad Corp.		123		6,402
Vicor Corp.*		109		2,807
VSE Corp.		200		9,700
Wabash National Corp.		1,130		24,691
WageWorks, Inc.*		53		2,780
Watts Water Technologies, Inc., Class A		80		6,040
Werner Enterprises, Inc.		201		7,487
Willdan Group, Inc.*		83		1,741
Willis Lease Finance Corp.*		86		2,348
Woodward, Inc.		52		3,683
				1,528,817
Information Technology — 11.2%
2U, Inc.*(a)		51		4,222
8x8, Inc.*		331		6,041

	Number of Shares		Value
Information Technology (Continued)
ACI Worldwide, Inc.*		156	$	3,689
Acxiom Corp.*		178		4,872
ADTRAN, Inc.		325		5,086
Advanced Energy Industries, Inc.*		136		9,020
Agilysys, Inc.*		121		1,352
Alarm.com Holdings, Inc.*		77		2,782
Alpha & Omega Semiconductor Ltd.*		73		1,122
Ambarella, Inc*		32		1,539
American Software, Inc., Class A		548		6,817
Amkor Technology, Inc.*		305		3,065
Anixter International, Inc.*		113		8,537
Appfolio, Inc., Class A*		143		5,734
Applied Optoelectronics, Inc.*(a)		22		614
Aspen Technology, Inc.*		101		7,805
Avid Technology, Inc.*		426		2,041
AVX Corp.		176		3,045
Axcelis Technologies, Inc.*		79		1,932
AXT, Inc.*		766		5,726
Badger Meter, Inc.		297		14,137
Bel Fuse, Inc., Class B		101		1,747
Belden, Inc.		45		3,273
Benchmark Electronics, Inc.*		567		17,010
Blackbaud, Inc.		40		4,101
Blackhawk Network Holdings, Inc.*		133		5,952
Blucora, Inc.*		319		7,433
Bottomline Technologies de, Inc.*		161		6,115
Box, Inc., Class A*		74		1,780
Brightcove, Inc.*		103		706
Brooks Automation, Inc.		680		18,163
Cabot Microelectronics Corp.		156		15,896
CACI International, Inc., Class A*		46		6,856
CalAmp Corp.*		161		3,767
Calix, Inc.*		249		1,631
Callidus Software, Inc.*		45		1,615
Carbonite, Inc.*		393		11,063
Cardtronics PLC, Class A*		54		1,209
Care.com, Inc.*		205		3,665
Cars.com, Inc.*(a)		470		12,873
Cass Information Systems, Inc.		59		3,455
CEVA, Inc.*		142		5,218
Ciena Corp.*		62		1,437
Cirrus Logic, Inc.*		85		3,766
Cloudera, Inc.*		72		1,372
Cohu, Inc.		495		9,915
CommerceHub, Inc., Series C*		80		1,524
CommerceHub, Inc., Series A*		42		832
CommVault Systems, Inc.*		46		2,394
Comtech Telecommunications Corp.		660		14,586
Control4 Corp.*		171		4,111
Convergys Corp.		532		12,348
Cray, Inc.*		39		850
Cree, Inc.*		76		2,875
CSG Systems International, Inc.		95		4,435
CTS Corp.		269		6,913
Daktronics, Inc.		791		7,048
Digi International, Inc.*		106		1,108
Diodes, Inc.*		227		6,833

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
DSP Group, Inc.*		300	$	3,645
Ebix, Inc. (a)		23		1,931
Electro Scientific Industries, Inc.*		70		1,255
Electronics For Imaging, Inc.*		57		1,561
Ellie Mae, Inc.*		16		1,419
EMCORE Corp.*		180		954
Entegris, Inc.		166		5,511
Envestnet, Inc.*		69		3,802
EPAM Systems, Inc.*		57		6,448
ePlus, Inc.*		112		8,574
Etsy, Inc.*(a)		97		2,455
Everi Holdings, Inc.*		553		4,120
EVERTEC, Inc.		419		6,788
ExlService Holdings, Inc.*		205		11,689
Extreme Networks, Inc.*		213		2,430
Fabrinet*		207		6,241
Fair Isaac Corp.		23		3,909
FARO Technologies, Inc.*		145		8,606
Fitbit, Inc., Class A*(a)		121		578
Five9, Inc.*		62		1,882
GrubHub, Inc.*(a)		45		4,473
GSI Technology, Inc.*		255		1,928
GTT Communications, Inc.*(a)		72		3,715
Hackett Group, Inc.		368		6,635
HubSpot, Inc.*		37		4,109
II-VI, Inc.*		146		5,621
Imperva, Inc.*		28		1,306
Infinera Corp.*		104		1,035
Insight Enterprises, Inc.*		124		4,331
Instructure, Inc.*		52		2,257
Integrated Device Technology, Inc.*		98		2,973
InterDigital, Inc.		80		5,744
Intevac, Inc.*(a)		256		1,549
Iteris, Inc.*(a)		734		4,088
Itron, Inc.*		110		7,700
j2 Global, Inc.		17		1,258
KEMET Corp.*		317		5,700
Kimball Electronics, Inc.*		759		13,169
Knowles Corp.*		157		2,267
KVH Industries, Inc.*		121		1,234
Lattice Semiconductor Corp.*		236		1,418
Leaf Group Ltd.*		172		1,324
Limelight Networks, Inc.*		193		780
Littelfuse, Inc.		35		7,263
LivePerson, Inc.*		465		6,719
Majesco*		157		848
ManTech International Corp., Class A		315		17,757
MAXIMUS, Inc.		121		8,105
MaxLinear, Inc.*		224		5,092
Mesa Laboratories, Inc. (a)		22		2,882
Methode Electronics, Inc.		156		6,154
MicroStrategy, Inc., Class A*		17		2,176
MINDBODY, Inc., Class A*		101		3,601
Mitek Systems, Inc.*		141		1,079
MKS Instruments, Inc.		25		2,784
MoneyGram International, Inc.*		378		4,056
Monolithic Power Systems, Inc.		28		3,278

	Number of Shares		Value
Information Technology (Continued)
Monotype Imaging Holdings, Inc.		134	$	3,229
MTS Systems Corp.		160		7,832
MuleSoft, Inc., Class A*		61		1,884
Nanometrics, Inc.*		310		8,181
Napco Security Technologies, Inc.*		233		2,353
NETGEAR, Inc.*		101		5,631
NetScout Systems, Inc.*		120		3,186
New Relic, Inc.*		39		2,799
NIC, Inc.		189		2,552
Novanta, Inc.*		330		18,431
NVE Corp.		128		8,897
Okta, Inc.*		33		1,273
OSI Systems, Inc.*		74		4,672
Park Electrochemical Corp.		161		2,740
Paycom Software, Inc.*(a)		24		2,374
Paylocity Holding Corp.*		72		3,367
PC Connection, Inc.		121		3,004
PCM, Inc.*		45		320
PDF Solutions, Inc.*(a)		31		345
Pegasystems, Inc.		46		2,668
Perficient, Inc.*		471		9,170
Photronics, Inc.*		341		2,660
Plantronics, Inc.		72		3,891
Plexus Corp.*		175		10,556
Power Integrations, Inc.		58		3,898
Presidio, Inc.*		43		629
Progress Software Corp.		228		10,686
Proofpoint, Inc.*(a)		6		643
Q2 Holdings, Inc.*		87		3,963
QAD, Inc., Class A		111		4,995
Qualys, Inc.*		58		4,295
QuinStreet, Inc.*		681		8,942
Rambus, Inc.*		208		2,644
Rapid7, Inc.*		52		1,373
RealPage, Inc.*		57		2,978
Reis, Inc.		83		1,598
Ribbon Communications, Inc.*		254		1,646
RingCentral, Inc., Class A*		20		1,253
Rogers Corp.*		48		6,591
Rosetta Stone, Inc.*		127		1,739
Rudolph Technologies, Inc.*		496		13,169
Sanmina Corp.*		216		5,951
ScanSource, Inc.*		91		2,980
Science Applications International Corp.		57		4,126
Semtech Corp.*		153		5,148
Shutterstock, Inc.*		19		955
Sigma Designs, Inc.*		208		1,248
Silicon Laboratories, Inc.*		61		5,704
SMART Global Holdings, Inc.*		39		1,354
SPS Commerce, Inc.*		22		1,320
Stamps.com, Inc.*		33		6,305
StarTek, Inc.*		309		3,337
Stratasys Ltd.*(a)		110		2,005
Sykes Enterprises, Inc.*		258		7,497
Synaptics, Inc.*		55		2,556
Syntel, Inc.*		133		3,571
Systemax, Inc.		112		3,200

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Tech Data Corp.*		10	$	1,033
TechTarget, Inc.*		566		9,780
Trade Desk, Inc., Class A*(a)		17		956
Travelport Worldwide Ltd.		754		10,745
TTEC Holdings, Inc.		124		4,421
TTM Technologies, Inc.*		942		15,223
Tucows, Inc., Class A*(a)		131		7,572
Ultra Clean Holdings, Inc.*		251		4,834
Unisys Corp.*(a)		106		1,187
Varonis Systems, Inc.*		63		3,537
VASCO Data Security International, Inc.*		67		807
VeriFone Systems, Inc.*		81		1,345
Verint Systems, Inc.*		57		2,217
ViaSat, Inc.*(a)		11		768
Viavi Solutions, Inc.*		403		3,877
Virtusa Corp.*		249		11,882
Vishay Intertechnology, Inc.		683		12,567
Vishay Precision Group, Inc.*		207		6,200
Web.com Group, Inc.*		132		2,376
Workiva, Inc.*		56		1,274
Xcerra Corp.*		1,047		10,470
XO Group, Inc.*		235		4,528
Yelp, Inc.*		47		2,047
Zendesk, Inc.*		29		1,252
Zix Corp.*		1,127		4,564
				921,035
Materials — 4.2%
A Schulman, Inc.		279		12,234
AdvanSix, Inc.*		306		12,653
American Vanguard Corp.		353		6,883
Balchem Corp.		42		3,160
Boise Cascade Co.		260		10,478
Calgon Carbon Corp. (a)		215		4,569
Carpenter Technology Corp.		138		7,030
Chase Corp.		96		9,984
Clearwater Paper Corp.*		84		3,158
Commercial Metals Co.		250		6,075
Compass Minerals International, Inc. (a)		41		2,472
Core Molding Technologies, Inc.		260		4,732
Ferro Corp.*		342		7,315
FutureFuel Corp.		602		7,218
GCP Applied Technologies, Inc.*		265		8,149
Greif, Inc., Class A		63		3,627
Greif, Inc., Class B		12		722
Hawkins, Inc.		151		5,059
Haynes International, Inc.		109		4,534
HB Fuller Co.		167		8,415
Hecla Mining Co.		522		1,911
Ingevity Corp.*		108		8,090
Innophos Holdings, Inc.		185		7,689
Innospec, Inc.		61		3,962
Kaiser Aluminum Corp.		116		11,643
KapStone Paper and Packaging Corp.		259		9,037
Klondex Mines Ltd.*(a)		273		360
KMG Chemicals, Inc.		14		840
Koppers Holdings, Inc.*		139		5,616

	Number of Shares		Value
Materials (Continued)
Kraton Corp.*		100	$	4,241
Kronos Worldwide, Inc. (a)		62		1,330
Louisiana-Pacific Corp.		408		11,628
Materion Corp.		333		16,783
Minerals Technologies, Inc.		59		4,053
Myers Industries, Inc.		449		8,509
Neenah, Inc.		150		11,498
OMNOVA Solutions, Inc.*		456		4,606
PH Glatfelter Co.		310		6,327
PolyOne Corp.		156		6,444
Quaker Chemical Corp.		78		11,117
Rayonier Advanced Materials, Inc.		135		2,750
Schnitzer Steel Industries, Inc., Class A		543		18,462
Schweitzer-Mauduit International, Inc.		205		8,038
Sensient Technologies Corp.		81		5,828
Stepan Co.		94		7,529
Summit Materials, Inc., Class A*		134		4,238
SunCoke Energy, Inc.*		222		2,371
Trecora Resources*		126		1,399
Tredegar Corp.		143		2,281
Trinseo SA		82		6,527
Tronox Ltd., Class A		69		1,261
UFP Technologies, Inc.*		178		5,064
United States Lime & Minerals, Inc.		58		4,130
US Concrete, Inc.*		64		4,656
Verso Corp., Class A*		187		3,280
Worthington Industries, Inc.		58		2,566
				344,531
Real Estate — 7.3%
Acadia Realty Trust REIT		186		4,479
Agree Realty Corp. REIT		233		10,974
Alexander & Baldwin, Inc. REIT		415		9,126
Alexander’s, Inc. REIT		8		2,923
American Assets Trust, Inc. REIT		138		4,377
Armada Hoffler Properties, Inc. REIT		888		11,615
Ashford Hospitality Prime, Inc. REIT		220		1,892
Ashford Hospitality Trust, Inc. REIT		792		4,364
Bluerock Residential Growth REIT, Inc. REIT (a)		235		1,770
CareTrust REIT, Inc. REIT		556		7,367
CatchMark Timber Trust, Inc., Class A REIT		438		5,729
CBL & Associates Properties, Inc. REIT (a)		611		2,829
Cedar Realty Trust, Inc. REIT		981		3,895
Chatham Lodging Trust REIT		554		10,077
Chesapeake Lodging Trust REIT		477		12,335
City Office REIT, Inc. REIT		428		4,297
Clipper Realty, Inc. REIT (a)		143		1,273
Community Healthcare Trust, Inc. REIT		288		6,780
Consolidated-Tomoka Land Co.		80		4,954
CorEnergy Infrastructure Trust, Inc. REIT (a)		296		10,618
Cousins Properties, Inc. REIT		524		4,370
DiamondRock Hospitality Co. REIT		933		9,591
Easterly Government Properties, Inc. REIT		329		6,264
EastGroup Properties, Inc. REIT		103		8,346
Education Realty Trust, Inc. REIT		97		3,021
Farmland Partners, Inc. REIT		169		1,271

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Real Estate (Continued)
First Industrial Realty Trust, Inc. REIT		203	$	5,690
Forestar Group, Inc.*(a)		226		5,582
Four Corners Property Trust, Inc. REIT		881		19,347
Franklin Street Properties Corp. REIT		456		3,689
FRP Holdings, Inc.*(a)		76		3,971
GEO Group, Inc. REIT		269		5,730
Getty Realty Corp. REIT		356		8,402
Gladstone Commercial Corp. REIT		400		6,764
Global Net Lease, Inc. REIT		344		5,380
Government Properties Income Trust REIT		503		6,901
Gramercy Property Trust REIT		121		2,620
Healthcare Realty Trust, Inc. REIT		150		3,982
Hersha Hospitality Trust REIT		673		11,306
HFF, Inc., Class A		453		20,684
Independence Realty Trust, Inc. REIT		572		4,873
InfraREIT, Inc. REIT		684		12,750
Investors Real Estate Trust REIT (a)		746		3,469
iStar, Inc. REIT*		581		5,868
Jernigan Capital, Inc. REIT (a)		166		2,804
Kennedy-Wilson Holdings, Inc.		121		1,978
Kite Realty Group Trust REIT		232		3,512
LaSalle Hotel Properties REIT		309		7,580
Lexington Realty Trust REIT		750		5,970
LTC Properties, Inc. REIT		240		8,868
Mack-Cali Realty Corp. REIT		258		4,358
Marcus & Millichap, Inc.*		160		5,008
Maui Land & Pineapple Co., Inc.*		250		2,775
MedEquities Realty Trust, Inc. REIT		505		4,883
Monmouth Real Estate Investment Corp. REIT		708		9,997
National Health Investors, Inc. REIT		102		6,617
National Storage Affiliates Trust REIT		429		10,523
New Senior Investment Group, Inc. REIT		315		2,545
NexPoint Residential Trust, Inc. REIT		379		9,138
NorthStar Realty Europe Corp. REIT		126		1,295
One Liberty Properties, Inc. REIT		311		6,767
Pebblebrook Hotel Trust REIT (a)		269		9,149
Pennsylvania Real Estate Investment Trust REIT (a)		200		2,088
Physicians Realty Trust REIT		228		3,276
PotlatchDeltic Corp. REIT		350		17,903
Preferred Apartment Communities, Inc., Class A REIT		443		6,171
PS Business Parks, Inc. REIT		44		4,878
QTS Realty Trust, Inc., Class A REIT		121		3,905
Quality Care Properties, Inc. REIT*		838		10,383
Ramco-Gershenson Properties Trust REIT		622		7,327
RE/MAX Holdings, Inc., Class A		156		8,627
Retail Opportunity Investments Corp. REIT		276		4,736
Rexford Industrial Realty, Inc. REIT		270		7,290
RLJ Lodging Trust REIT		231		4,576
RMR Group, Inc., Class A		128		8,038
Ryman Hospitality Properties, Inc. REIT		110		7,586
Sabra Health Care REIT, Inc. REIT		139		2,346
Safety Income & Growth, Inc. REIT (a)		114		1,986
Saul Centers, Inc. REIT		57		2,789
Select Income REIT		332		6,032

	Number of Shares		Value
Real Estate (Continued)
Seritage Growth Properties, Class A REIT (a)		55	$	2,079
St Joe Co.*		144		2,534
STAG Industrial, Inc. REIT		284		6,467
Stratus Properties, Inc.		26		772
Summit Hotel Properties, Inc. REIT		867		11,418
Sunstone Hotel Investors, Inc. REIT		397		5,729
Tejon Ranch Co.*(a)		51		1,130
Terreno Realty Corp. REIT		225		7,495
Tier REIT, Inc. REIT		131		2,434
UMH Properties, Inc. REIT		482		5,625
Universal Health Realty Income Trust REIT		134		7,418
Urban Edge Properties REIT		171		3,690
Urstadt Biddle Properties, Inc., Class A REIT		356		6,237
Washington Prime Group, Inc. REIT		756		4,952
Washington Real Estate Investment Trust REIT		256		6,472
Whitestone REIT (a)		514		6,343
Xenia Hotels & Resorts, Inc. REIT		561		11,035
				597,079
Telecommunication Services — 0.8%
ATN International, Inc.		66		3,953
Boingo Wireless, Inc.*		368		9,741
Cincinnati Bell, Inc.*		230		3,714
Cogent Communications Holdings, Inc.		93		3,985
Consolidated Communications Holdings, Inc.		145		1,676
GCI Liberty, Inc., Class A*		262		10,074
Hawaiian Telcom Holdco, Inc.*		247		6,958
IDT Corp., Class B*		58		701
Intelsat SA*		162		784
Iridium Communications, Inc.*(a)		825		9,652
Ooma, Inc.*		54		575
ORBCOMM, Inc.*(a)		484		5,034
Shenandoah Telecommunications Co.		101		3,313
Spok Holdings, Inc.		322		5,007
Vonage Holdings Corp.*		177		1,797
				66,964
Utilities — 2.5%
ALLETE, Inc.		79		5,384
American States Water Co.		149		7,915
Artesian Resources Corp., Class A		205		6,783
Atlantic Power Corp.*(a)		940		1,974
Avista Corp.		178		8,514
Black Hills Corp.		74		3,759
California Water Service Group		247		9,374
Chesapeake Utilities Corp.		116		7,731
Connecticut Water Service, Inc. (a)		103		5,318
Consolidated Water Co. Ltd.		374		4,694
Dynegy, Inc.*(a)		482		5,895
El Paso Electric Co.		195		9,477
Global Water Resources, Inc. (a)		113		966
IDACORP, Inc.		48		3,890
MGE Energy, Inc.		104		5,460
Middlesex Water Co.		175		6,202
New Jersey Resources Corp.		185		7,049
Northwest Natural Gas Co.		154		8,031

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (Unaudited)

	Number of Shares		Value
Utilities (Continued)
NorthWestern Corp.		90	$	4,597
NRG Yield, Inc., Class A		512		7,875
NRG Yield, Inc., Class C		560		8,764
ONE Gas, Inc.		72		4,579
Ormat Technologies, Inc.		69		4,318
Otter Tail Corp.		203		8,079
Pattern Energy Group, Inc., Class A		203		3,770
PNM Resources, Inc.		195		6,864
Portland General Electric Co.		144		5,721
Pure Cycle Corp.*		234		1,860
RGC Resources, Inc.		211		5,264
SJW Group		146		7,729
South Jersey Industries, Inc.		177		4,639
Southwest Gas Holdings, Inc.		88		5,797
Spire, Inc.		82		5,560
Unitil Corp.		210		8,828
WGL Holdings, Inc.		50		4,163
York Water Co. (a)		111		3,119
				209,942
TOTAL COMMON STOCKS (Cost $7,621,116)				8,146,181

	Number of Shares		Value
RIGHTS — 0.0%
Financials — 0.0%
New Star Financial, Inc. CVR (b)		509	$	275
EXCHANGE-TRADED FUNDS — 0.7%
iShares Russell 2000 ETF		160		24,056
Vanguard Small-Cap ETF		120		17,492
Vanguard Small-Cap Value ETF		155		19,984
TOTAL EXCHANGE-TRADED FUNDS (Cost $61,987)				61,532
SECURITIES LENDING COLLATERAL — 8.0%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32% (c)(d) (Cost $660,032)		660,032		660,032
TOTAL INVESTMENTS — 107.8% (Cost $8,343,135)			$	8,868,020
Other assets and liabilities, net — (7.8%)				(645,295	)
NET ASSETS — 100.0%			$	8,222,725

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2018 is as follows:

Value ($) at 8/31/2017	Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2018		Value ($) at 2/28/2018
SECURITIES LENDING COLLATERAL — 8.0%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32% (c)(d)
371,772		288,260		—		—		—		4,212		—		660,032		660,032

* 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 February 28, 2018 amounted to $635,347, which is 7.7% 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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested for the six months ended February 28, 2018.

CVR: Contingent Value Rights

REIT: Real Estate Investment Trust

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2018 (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 February 28, 2018 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)	$	8,146,181	$	—	$	—	$	8,146,181
Rights		—		—		275		275
Exchange-Traded Funds		61,532		—		—		61,532
Short-Term Investments		660,032		—		—		660,032
TOTAL	$	8,867,745	$	—	$	275	$	8,868,020

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

There have been no transfers between fair value measurement levels during the period ended February 28, 2018.

See Notes to Financial Statements. 54

This Page is Intentionally Left Blank

55

DBX ETF Trust

Statements of Assets and Liabilities

February 28, 2018 (Unaudited)

	Xtrackers FTSE Developed ex US Comprehensive Factor ETF			Xtrackers FTSE Emerging Comprehensive Factor ETF		Xtrackers Russell 1000 Comprehensive Factor ETF		Xtrackers Russell 2000 Comprehensive Factor ETF
Assets
Investments in non-affiliated securities at value	$	44,594,331		$	7,351,286	$	149,184,722	$	8,207,988
Investment in Deutsche Government & Agency Securities Portfolio*		484,162			155,894		1,252,141		660,032
Cash		3,102			2,188		728,871		9,941
Foreign currency at value		25,432			5,461		—		—
Deposit with broker for futures contracts		—			—		36,500		—
Receivables:
Investment securities sold		66,750			—		—		—
Dividends		87,656			15,854		199,698		6,407
Securities lending income		168			36		882		510
Foreign tax reclaim		2,629			104		—		—
Total Assets	$	45,264,230		$	7,530,823	$	151,402,814	$	8,884,878
Liabilities
Payable upon return of securities loaned	$	484,162		$	155,894	$	1,252,141	$	660,032
Payables:
Investment advisory fees		11,849			2,831		20,302		2,121
Variation margin on futures contracts		—			—		10,565		—
Total Liabilities		496,011			158,725		1,283,008		662,153
Net Assets, at value	$	44,768,219		$	7,372,098	$	150,119,806	$	8,222,725
Net Assets Consist of
Paid-in capital	$	42,523,597		$	5,702,706	$	136,896,442	$	7,481,045
Distributions in excess of net investment income		(14,231	)		—		—		—
Undistributed net investment income		—			13,076		307,233		19,189
Accumulated net realized gain (loss)		(97,464	)		698,850		2,660,715		197,606
Net unrealized appreciation (depreciation)		2,356,317			957,466		10,255,416		524,885
Net Assets, at value	$	44,768,219		$	7,372,098	$	150,119,806	$	8,222,725
Number of Common Shares outstanding		1,500,001			250,001		4,700,001		250,001
Net Asset Value	$	29.85		$	29.49	$	31.94	$	32.89
Investments in non-affiliated securities at cost	$	42,238,279		$	6,393,939	$	138,935,999	$	7,683,103
Value of securities loaned	$	326,338		$	143,260	$	1,213,764	$	635,347
Investment in Deutsche Government & Agency Securities Portfolio at cost*	$	484,162		$	155,894	$	1,252,141	$	660,032
Foreign currency at cost	$	25,414		$	5,340	$	—	$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 56

DBX ETF Trust

Statements of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

	Xtrackers FTSE Developed ex US Comprehensive Factor ETF			Xtrackers FTSE Emerging Comprehensive Factor ETF			Xtrackers Russell 1000 Comprehensive Factor ETF			Xtrackers Russell 2000 Comprehensive Factor ETF
Investment Income
Unaffiliated dividend income*	$	278,426		$	91,668		$	1,200,299		$	75,804
Unaffiliated non-cash dividend income		41,936			—			—			—
Securities lending income, net of borrower rebates		1,190			314			5,324			4,212
Total Investment Income		321,552			91,982			1,205,623			80,016
Expenses
Investment advisory fees		60,193			22,234			123,432			13,188
Other expense		57			57			57			57
Total Expenses		60,250			22,291			123,489			13,245
Less fees waived (See Note 3):
Waiver		—			—			(724	)		—
Net Expenses		60,250			22,291			122,765			13,245
Net Investment income (loss)		261,302			69,691			1,082,858			66,771
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(37,744	)		255,916			(1,258,833	)		(284,396	)
In-kind redemptions		231,067			472,543			5,184,308			482,518
Futures contracts		—			28,962			119,135			—
Foreign currency transactions		1,021			(5,687	)		(474	)		—
Distributions in other investment companies		42			—			—			—
Net realized gain (loss)		194,386			751,734			4,044,136			198,122
Net change in unrealized appreciation (depreciation) on:
Investments		1,673,180			(355,459	)		5,787,040			38,241
Futures contracts		—			3,192			5,790			—
Foreign currency translations		195			(2,264	)		—			—
Net change in unrealized appreciation (depreciation)		1,673,375			(354,531	)		5,792,830			38,241
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		1,867,761			397,203			9,836,966			236,363
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,129,063		$	466,894		$	10,919,824		$	303,134
*   Unaffiliated foreign tax withheld	$	29,045		$	8,558		$	32		$	5

See Notes to Financial Statements. 57

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers FTSE Developed ex US Comprehensive Factor ETF						Xtrackers FTSE Emerging Comprehensive Factor ETF
	For the Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	261,302		$	172,195		$	69,691		$	276,844
Net realized gain (loss)		194,386			(1,054,509	)		751,734			170,658
Net change in net unrealized appreciation (depreciation)		1,673,375			601,541			(354,531	)		1,284,361
Net increase (decrease) in net assets resulting from operations		2,129,063			(280,773	)		466,894			1,731,863
Distributions to Shareholders from
Net investment income		(416,574	)		(163,100	)		(255,844	)		(132,417	)
Net realized gains		—			—			(191,991	)		(17,533	)
Total distributions		(416,574	)		(163,100	)		(447,835	)		(149,950	)
Fund Shares Transactions
Proceeds from shares sold		28,995,420			40,231,926			—			8,933,809
Value of shares redeemed		(1,435,474	)		(26,833,500	)		(5,735,711	)		—
Net increase (decrease) in net assets resulting from fund share transactions		27,559,946			13,398,426			(5,735,711	)		8,933,809
Total net increase (decrease) in Net Assets		29,272,435			12,954,553			(5,716,652	)		10,515,722
Net Assets
Beginning of period		15,495,784			2,541,231			13,088,750			2,573,028
End of period	$	44,768,219		$	15,495,784		$	7,372,098		$	13,088,750
Distributions in excess of net investment income	$	(14,231	)	$	—		$	—		$	—
Undistributed net investment income	$	—		$	141,041		$	13,076		$	199,229
Changes in Shares Outstanding
Shares outstanding, beginning of period		550,001			100,001			450,001			100,001
Shares sold		1,000,000			1,550,000			—			350,000
Shares redeemed		(50,000	)		(1,100,000	)		(200,000	)		—
Shares outstanding, end of period		1,500,001			550,001			250,001			450,001

See Notes to Financial Statements. 58

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers Russell 1000 Comprehensive Factor ETF						Xtrackers Russell 2000 Comprehensive Factor ETF
	For the Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017			For the Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,082,858		$	1,206,077		$	66,771		$	58,101
Net realized gain (loss)		4,044,136			4,629,252			198,122			106,736
Net change in net unrealized appreciation (depreciation)		5,792,830			3,653,530			38,241			215,038
Net increase (decrease) in net assets resulting from operations		10,919,824			9,488,859			303,134			379,875
Distributions to Shareholders from
Net investment income		(1,102,640	)		(964,811	)		(60,504	)		(54,188	)
Net realized gains		—			—			(106,752	)		(843	)
Total distributions		(1,102,640	)		(964,811	)		(167,256	)		(55,031	)
Fund Shares Transactions
Proceeds from shares sold		65,794,952			146,512,353			6,774,777			1,567,483
Value of shares redeemed		(25,704,453	)		(76,229,711	)		(3,362,514	)		—
Net increase (decrease) in net assets resulting from fund share transactions		40,090,499			70,282,642			3,412,263			1,567,483
Total net increase (decrease) in Net Assets		49,907,683			78,806,690			3,548,141			1,892,327
Net Assets
Beginning of period		100,212,123			21,405,433			4,674,584			2,782,257
End of period	$	150,119,806		$	100,212,123		$	8,222,725		$	4,674,584
Net investment loss	$	—		$	—		$	—		$	—
Distributions in excess of net investment income	$	—		$	—		$	—		$	—
Undistributed net investment income	$	307,233		$	327,015		$	19,189		$	12,922
Changes in Shares Outstanding
Shares outstanding, beginning of period		3,400,001			800,001			150,001			100,001
Shares sold		2,100,000			5,350,000			200,000			50,000
Shares redeemed		(800,000	)		(2,750,000	)		(100,000	)		—
Shares outstanding, end of period		4,700,001			3,400,001			250,001			150,001

See Notes to Financial Statements. 59

DBX ETF Trust

Financial Highlights

Xtrackers FTSE Developed ex US Comprehensive Factor ETF Selected Per Share Data	For the Six Months Ended 2/28/2018 (Unaudited)			Year Ended 8/31/2017			Period Ended 8/31/2016(a)
Net Asset Value, beginning of period	$	28.17		$	25.41		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.22			0.54			0.52
Net realized and unrealized gain (loss)		1.93			3.19	(d)		0.27
Total from investment operations		2.15			3.73			0.79
Less distributions from:
Net investment income		(0.47	)		(0.97	)		(0.38	)
Total distributions		(0.47	)		(0.97	)		(0.38	)
Net Asset Value, end of period	$	29.85		$	28.17		$	25.41
Total Return (%)		7.68	**		15.16			3.21	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		45			15			3
Ratio of expenses (%)		0.35	*		0.35			0.36	*
Ratio of net investment income (loss) (%)		1.52	*		2.10			2.77	*
Portfolio turnover rate (%)(e)		18	**		45			35	**
Xtrackers FTSE Emerging Comprehensive Factor ETF Selected Per Share Data	For the Six Months Ended 2/28/2018 (Unaudited)			Year Ended 8/31/2017			Period Ended 8/31/2016(b)
Net Asset Value, beginning of period	$	29.09		$	25.73		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.23			0.88			0.38
Net realized and unrealized gain (loss)		1.61			3.27			0.41
Total from investment operations		1.84			4.15			0.79
Less distributions from:
Net investment income		(0.67	)		(0.61	)		(0.06	)
Net realized gains		(0.77	)		(0.18	)		—
Total distributions		(1.44	)		(0.79	)		(0.06	)
Net Asset Value, end of period	$	29.49		$	29.09		$	25.73
Total Return (%)		6.69	**		16.56			3.16	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7			13			3
Ratio of expenses (%)		0.50	*		0.50			0.50	*
Ratio of net investment income (loss) (%)		1.57	*		3.28			4.14	*
Portfolio turnover rate (%)(e)		43	**		48			1	**

(a) For the period November 24, 2015 (commencement of operations) through August 31, 2016.

(b) For the period April 19, 2016 (commencement of operations) through August 31, 2016.

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

(d) Because of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change in aggregate gains and losses.

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 60

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Russell 1000 Comprehensive Factor ETF Selected Per Share Data	For the Six Months Ended 2/28/2018 (Unaudited)			Year Ended 8/31/2017			Period Ended 8/31/2016(a)
Net Asset Value, beginning of period	$	29.47		$	26.76		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.26			0.51			0.40
Net realized and unrealized gain (loss)		2.48			2.85			1.60
Total from investment operations		2.74			3.36			2.00
Less distributions from:
Net investment income		(0.27	)		(0.65	)		(0.24	)
Total distributions		(0.27	)		(0.65	)		(0.24	)
Net Asset Value, end of period	$	31.94		$	29.47		$	26.76
Total Return (%)		9.33	(d)**		12.75	(d)		8.06	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		150			100			21
Ratio of expenses before fee waiver (%)		0.19	*		0.23			0.25	*
Ratio of expenses after fee waiver (%)		0.19	*		0.21			0.25	*
Ratio of net investment income (loss) (%)		1.67	*		1.83			2.01	*
Portfolio turnover rate (%)(e)		17	**		67			64	**
Xtrackers Russell 2000 Comprehensive Factor ETF Selected Per Share Data	For the Six Months Ended 2/28/2018 (Unaudited)			Year Ended 8/31/2017			Period Ended 8/31/2016(b)
Net Asset Value, beginning of period	$	31.16		$	27.82		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.25			0.46			0.09
Net realized and unrealized gain (loss)		2.09			3.35			2.73
Total from investment operations		2.34			3.81			2.82
Less distributions from:
Net investment income		(0.25	)		(0.46	)		—
Net realized gains		(0.36	)		(0.01	)		—
Total distributions		(0.61	)		(0.47	)		—
Net Asset Value, end of period	$	32.89		$	31.16		$	27.82
Total Return (%)		7.46	**		13.72			11.28	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		8			5			3
Ratio of expenses (%)		0.30	*		0.30			0.30	*
Ratio of net investment income (loss) (%)		1.52	*		1.51			1.79	*
Portfolio turnover rate (%)(e)		35	**		53			2	**

(a) For the period November 24, 2015 (commencement of operations) through August 31, 2016.

(b) For the period June 28, 2016 (commencement of operations) through August 31, 2016.

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 61

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 February 28, 2018, the Trust consists of thirty-six 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:

Xtrackers FTSE Developed ex US Comprehensive Factor ETF

Xtrackers FTSE Emerging Comprehensive Factor ETF

Xtrackers Russell 1000 Comprehensive Factor ETF

Xtrackers Russell 2000 Comprehensive Factor ETF

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group Gmbh & Co. KGaA (“DWS Group”), 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 indices for the Funds are:

Fund	Underlying Index
Xtrackers FTSE Developed ex US Comprehensive Factor ETF	FTSE Developed ex US Comprehensive Factor Index
Xtrackers FTSE Emerging Comprehensive Factor ETF	FTSE Emerging Comprehensive Factor Index
Xtrackers Russell 1000 Comprehensive Factor ETF	Russell 1000 Comprehensive Factor Index
Xtrackers Russell 2000 Comprehensive Factor ETF	Russell 2000 Comprehensive Factor Index

The FTSE Developed ex US Comprehensive Factor Index is designed to track the equity market performance of companies in developed countries (except the United States) selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Developed ex US Index, which is comprised of large- and mid-capitalization equity securities from developed markets (except the United States). The Underlying Index is rebalanced semiannually in March and September after the close of business on the third Friday of the review month.

The FTSE Emerging Comprehensive Factor Index is designed to track the equity market performance of companies in emerging market countries selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the FTSE Emerging Index, which is comprised of large- and mid-cap equity securities from emerging markets. The Underlying Index is rebalanced semiannually in March and September after the close of business on the third Friday of the review month.

The Russell 1000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.

The Russell 2000 Comprehensive Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 2000 Index, which is comprised of small-cap equity securities from issuers in the United States. The Underlying Index is rebalanced semiannually in June and December after the close of business on the third Friday of the review month.

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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 the 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.

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.

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Notes to Financial Statements (Continued)

Fair value pricing could result in a difference between the prices used to calculate a Fund’s net asset value and the prices used by the Fund’s underlying index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.

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

Cash    Cash consists of cash held at banks and is on deposit with major financial institutions.

Investment Transactions and Investment Income    Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. Distributions received from foreign domiciled corporations, generally determined to be passive foreign investment companies for tax reporting purposes, are included in dividend income.

Tax Information and Dividends and Distributions to Shareholders    It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors 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 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 February 28, 2018, the Funds did not incur any interest or penalties.

At August 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
Xtrackers FTSE Developed ex US Comprehensive Factor ETF	$	50,651
Xtrackers Russell 1000 Comprehensive Factor ETF		76,567

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 August 31, 2017, the Funds incurred and elected to defer net capital losses as follows:

	Post-October Losses on Capital
Xtrackers FTSE Developed ex US Comprehensive Factor ETF	$	101,912
Xtrackers Russell 1000 Comprehensive Factor ETF		838,443

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Notes to Financial Statements (Continued)

As of August 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 FTSE Developed ex US Comprehensive Factor ETF	$	15,037,608	$	543,585	$	810,707	$	(267,122	)
Xtrackers FTSE Emerging Comprehensive Factor ETF		10,865,807		1,263,883		1,493,901		(230,018	)
Xtrackers Russell 1000 Comprehensive Factor ETF		96,788,752		3,991,528		6,497,344		(2,505,816	)
Xtrackers Russell 2000 Comprehensive Factor ETF		4,557,702		484,416		649,314		(164,898	)

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 February 28, 2018, 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 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 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 February 28, 2018, 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 February 28, 2018, 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 February 28, 2018) 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.

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Notes to Financial Statements (Continued)

As of February 28, 2018, 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 FTSE Developed ex US Comprehensive Factor ETF

Xtrackers FTSE Emerging Comprehensive Factor ETF

Xtrackers Russell 1000 Comprehensive Factor ETF

Xtrackers Russell 2000 Comprehensive Factor ETF

Derivatives

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 February 28, 2018, Xtrackers FTSE Emerging Comprehensive Factor ETF and Xtrackers Russell 1000 Comprehensive Factor 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 effected. 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 February 28, 2018 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 February 28, 2018 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers Russell 1000 Comprehensive Factor ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	12,413	Unrealized depreciation on futures contracts*	$	5,720

* 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.

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Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 28, 2018 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
Xtrackers FTSE Emerging Comprehensive Factor ETF	$	28,962
Xtrackers Russell 1000 Comprehensive Factor ETF		119,135
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers FTSE Emerging Comprehensive Factor ETF	$	3,192
Xtrackers Russell 1000 Comprehensive Factor ETF		5,790

For the period ended February 28, 2018 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers FTSE Emerging Comprehensive Factor ETF	$	409,227
Xtrackers Russell 1000 Comprehensive Factor ETF		1,000,219

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 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 FTSE Developed ex US Comprehensive Factor ETF		0.35	%
Xtrackers FTSE Emerging Comprehensive Factor ETF		0.50	%
Xtrackers Russell 1000 Comprehensive Factor ETF		0.19	%
Xtrackers Russell 2000 Comprehensive Factor ETF		0.30	%

Effective February 20, 2018, the Advisor agreed, until February 20, 2019, to waive a portion of its unitary management fee to the extent necessary to prevent the operating expenses of Xtrackers Russell 1000 Comprehensive Factor ETF from exceeding 0.17% of the Fund’s average daily net assets. This agreement may only be terminated by the Fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period February 20, 2018 through February 28, 2018, the Advisor waived $724 of expenses to the Fund.

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.

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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 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 February 28, 2018, 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 FTSE Developed ex US Comprehensive Factor ETF	$	9,308,599	$	6,205,886
Xtrackers FTSE Emerging Comprehensive Factor ETF		3,742,208		5,639,467
Xtrackers Russell 1000 Comprehensive Factor ETF		22,971,972		22,539,940
Xtrackers Russell 2000 Comprehensive Factor ETF		2,914,326		4,755,326

For the period ended February 28, 2018, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers FTSE Developed ex US Comprehensive Factor ETF	$	25,587,728	$	1,433,977
Xtrackers FTSE Emerging Comprehensive Factor ETF		—		3,070,168
Xtrackers Russell 1000 Comprehensive Factor ETF		65,585,660		25,588,332
Xtrackers Russell 2000 Comprehensive Factor ETF		6,769,237		1,627,019

5. Fund Share Transactions

As of February 28, 2018, 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.

6. Concentration of Ownership

From time to time, a Fund 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 February 28, 2018, there was one affiliated shareholder account for the fund listed below holding a significant percentage of the shares outstanding:

	Approximate Percent of Outstanding Shares Held
Xtrackers FTSE Emerging Comprehensive Factor ETF		13	%

7. 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.

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8. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers FTSE Emerging Comprehensive Factor ETF and certain other funds managed by the Advisor to borrow up to $105 million. The Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain the Fund’s status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the one-month LIBOR Rate. The Fund may borrow up to the lesser of a pro-rata share of the credit facility at the amount listed below or 33 percent of its net assets as permitted by the Act. The Fund had no outstanding loans at February 28, 2018.

	Pro-rata Share
Xtrackers FTSE Emerging Comprehensive Factor ETF	$	525,000

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DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers FTSE Developed ex US Comprehensive Factor ETF, Xtrackers FTSE Emerging Comprehensive Factor ETF, Xtrackers Russell 1000 Comprehensive Factor ETF and Xtrackers Russell 2000 Comprehensive Factor ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 13, 2018, the Trustees, including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers FTSE Developed ex US Comprehensive Factor ETF, Xtrackers FTSE Emerging Comprehensive Factor ETF, Xtrackers Russell 1000 Comprehensive Factor ETF and Xtrackers Russell 2000 Comprehensive Factor ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and meetings by K&L Gates LLP (“Independent Trustee Counsel”).

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Advisor”) and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services.    The Board reviewed in detail the nature, extent and quality of services provided by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to this meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its Deutsche Bank affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds. The Trustees took into consideration that tracking error for each Fund during the year was in an expected range.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to

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the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.

Advisor’s Financial Resources.    In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee.    The Board compared each Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Advisor’s methodology for selecting each Fund’s peer group and believed that the Funds’ peer groups were appropriate. The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale.    The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

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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.

72

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.

73

DBX ETF Trust

This report is intended for the shareholders of the 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. With respect to DEEF and DEMG, 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. Further, with respect to DEMG only, 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. Funds concentrating in a single industry (or groups of industries), country or in a limited geographic region to the extent the Underlying Indexes are so concentrated, generally are more volatile than more diversified funds. Additionally, with respect to DESC only, small company stocks tend to be more volatile and less liquid than medium-sized or large company stocks. Because the Funds seek to provide exposure to stocks based on the following multifactors —value, momentum, quality, low volatility and size — it is expected, exposure to such investment factors will detract from performance in some market environments, as more fully explained in the Funds’ prospectus. These funds are non-diversified and can take larger positions in fewer issues, increasing their potential risk. Performance of a Fund may diverge from that of its Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. 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. 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. (“ALPS”). The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or Deutsche Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.

The Funds are not in any way sponsored, endorsed, sold or promoted by the London Stock Exchange Group companies, which include FTSE International Limited (“FTSE”), Frank Russell Company (“Russell”), MTS Next Limited (“MTS”) and FTSE TX Global Debt Capital Markets Inc (“FTSE TMX”) (together “LSEG”). LSEG makes no claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of each Fund’s Index, (ii) the figure at which each Fund’s Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of each Fund’s Index for the purpose to which it is being put in connection with each Fund. LSEG has not provided nor will it provide any financial or investment advice or recommendation in relation to each Fund’s Index, to the advisor or to its clients. Each Fund’s Index is calculated by FTSE, Russell, or its agent. LSEG shall not be (a) liable (whether in negligence or otherwise) to any person for any error in each Fund’s Index or (b) under any obligation to advise any person of any error therein.

All rights in each Fund’s Index vest in FTSE. FTSE^®”, “Russell^®”, “MTS^®”, “FTSE TMX^®” and “FTSE Russell”, and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under license.

Copyright © 2018 DWS Group. All rights reserved. Xtrackers^TM is a trademark of Deutsche Asset Management International GmbH. 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-045855-3 (4/18) DBX003299 (4/19)

February 28, 2018

Semi-Annual Report

DBX ETF Trust

Xtrackers Barclays International Corporate Bond Hedged ETF (IFIX)

Xtrackers Barclays International Treasury Bond Hedged ETF (IGVT)

Xtrackers High Beta High Yield Bond ETF (HYUP)

Xtrackers Low Beta High Yield Bond ETF (HYDW)

Xtrackers Short Duration High Yield Bond ETF (SHYL)

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Barclays International Corporate Bond Hedged ETF		3
Xtrackers Barclays International Treasury Bond Hedged ETF		4
Xtrackers High Beta High Yield Bond ETF		5
Xtrackers Low Beta High Yield Bond ETF		6
Xtrackers Short Duration High Yield Bond ETF		7
Xtrackers USD High Yield Corporate Bond ETF		8
Fees and Expenses		9
Schedule of Investments
Xtrackers Barclays International Corporate Bond Hedged ETF		11
Xtrackers Barclays International Treasury Bond Hedged ETF		14
Xtrackers High Beta High Yield Bond ETF		19
Xtrackers Low Beta High Yield Bond ETF		28
Xtrackers Short Duration High Yield Bond ETF		36
Xtrackers USD High Yield Corporate Bond ETF		43
Statements of Assets and Liabilities		60
Statements of Operations		62
Statements of Changes in Net Assets		64
Financial Highlights		67
Notes to Financial Statements		70
Board Considerations in Approval of Investment Advisory Contract		79
Additional Information		84
Privacy Policy Notice		85

To our Shareholder: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for our flagship ETFs tracking Fixed Income markets for the period ending February 2018.

You may have noticed a new logo appearing on the cover of this report. As of March 23, 2018, Deutsche Asset Management has adopted its existing European brand, DWS, globally. As we have consolidated several businesses over the last few years, each of which has grown up relatively independently, the time has now come to be united under a single brand that reflects our global identity and the full breadth of capabilities we offer to our clients.

The DWS brand — Deutsche Gesellschaft für Wertpapiersparen — draws on our roots in the German market, going back over 60 years. It was established in Hamburg in 1956 with a singular objective: to assist private investors in building wealth and managing risk. We have been fulfilling that promise for generations. Today, the DWS name is synonymous with the values that we have continuously lived up to, and those that will remain central to our future success: Excellence, Entrepreneurship, Sustainability and Integrity. It is therefore a name that we are proud to adopt and build upon as our brand here in the Americas.

Neither our product names nor the names of DBX ETF Trust and DBX Advisors LLC will change as part of this re-branding.

In connection with this change, our Americas web site has recently been redesigned with a new address: DWS.com. However, for your convenience, the Xtrackers.com address will remain live and will continue to automatically direct you to the new ETF site. Please visit us online to find the most current insights from our CIO, economists and investment specialists.

The global economy continued its synchronized pace as robust economic data helped sentiment among companies and consumers reach long-term highs. Equity markets worldwide echoed this sentiment and grew hand-in-hand, despite experiencing brief periods of volatility. The U.S. economy continued its moderate expansion, with stronger inflation data, robust growth aided by fiscal stimulus, and a labor market pushing close to full employment. Equity markets in the U.S. paused slightly in February after their bullish run, driven by improved corporate earnings and potential positive impact of tax reforms. Meanwhile, growth in Eurozone remained solid on the back of strong consumer confidence and favorable financing conditions. The Japanese economy continued its moderate expansion on the back of highly accommodative financial conditions and reinforcements through the government’s past stimulus measures. Elsewhere, emerging economies gained momentum from sustained equity and bond market inflows.

Fixed income markets experienced mixed performance, as the U.S. Federal Reserve Board (FRB) raised rates for the third time in December 2017, encouraged by strong U.S. employment data and improved consumer confidence. Inflation, which, surprisingly, was higher than expected in January 2018, left U.S. bond market investors worried, as it provided a strong case for the FRB to tighten its monetary policy. The U.S. Treasury yield curve flattened during the same period, while yields across maturities increased, with the 10-yr benchmark Treasury yield surging to 2.86 percent at the end of the reporting period. High-yield corporate bonds proved resilient in the phase of rising yields, backed by strong corporate earnings and low default rates.

Eurozone posted buoyant growth, aided by increasing consumer confidence and higher industrial production. Germany’s benchmark 10-year government bond yield rose as the European Central Bank (ECB) reduced the quantum of monthly bond purchases in January this year, but reaffirmed supportive monetary policies to revive inflation. However, inflation remained below the 2 percent target, despite tightening labor markets. Meanwhile, yield spreads¹ of other European sovereigns against German bund tightened, signaling a positive economic environment. In the U.K., the Bank of England hiked interest rates by 25 bps in November for the

1

first time since 2007, to curb rising inflation. Elsewhere, Bank of Japan decided to continue its bond purchase program at the current pace to achieve a yield close to zero percent.

As normalization continues to be the central theme, the FRB is expected to increase the pace of rate hikes and resume the balance-sheet-reduction program. Similarly, the ECB will revisit its monetary policy, based on the inflation trajectory in Europe. With this gradual transition to less accommodative monetary policies, fixed income markets are likely to experience increased bouts of volatility in a rising interest rate environment. Given this economic backdrop, hedging the interest rate exposure would play a significant role in managing investments in fixed income markets.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ The yield spread is the difference between the quoted rates of return on two different investments, usually of different credit quality.

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.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Barclays International Corporate Bond Hedged ETF (IFIX)

The Xtrackers Barclays International Corporate Bond Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Barclays Global Aggregate Corporate Ex USD Bond Index (USD Hedged) (the “Underlying Index”). The Underlying Index is designed to track the performance of investment grade corporate debt publicly issued in developed and emerging markets (excluding all securities denominated in U.S. dollars) in the industrial, utility and financial sectors 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.

Quality* as of 2/28/18

Description	% of Market Value
AA		20.7%
A		37.8%
BBB		41.5%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch 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 2/28/18

United States	17.5%
United Kingdom	16.8%
Netherlands	16.4%
France	12.6%
Canada	7.7%
Italy	5.9%
Germany	4.6%
Australia	4.3%
Japan	4.3%
Spain	4.0%
Ireland	3.2%
Other	2.7%
Total	100.0%

Sector Diversification* as of 2/28/18

Financial	43.9%
Consumer, Non-cyclical	14.0%
Communications	9.8%
Industrial	8.2%
Utilities	7.4%
Energy	5.3%
Consumer, Cyclical	5.2%
Basic Materials	3.2%
Technology	2.6%
Government	0.4%
Total	100.0%

Modified duration as of 2/28/18: 5.5 years

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

* As a percent of total investments.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 11.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Barclays International Treasury Bond Hedged ETF (IGVT)

The Xtrackers Barclays International Treasury Bond Hedged ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Barclays Global Aggregate Treasury Ex USD Issuer Diversified Bond Index (USD Hedged) (the “Underlying Index”). The Underlying Index is designed to track the performance of investment grade sovereign debt publicly issued in the developed and emerging markets and denominated in the issuer’s own domestic currency (excluding all securities denominated in U.S. dollars) 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.

Quality* as of 2/28/18

Description	% of Market Value
AAA		21.8%
AA		24.8%
A		40.1%
BBB		13.3%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch 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 2/28/18

Japan	23.8%
United Kingdom	7.4%
France	6.8%
Italy	6.8%
Australia	4.9%
Germany	4.8%
Spain	4.3%
Belgium	4.3%
South Korea	4.1%
Canada	4.1%
Netherlands	3.5%
Austria	3.4%
Mexico	2.2%
Thailand	2.0%
Other	17.6%
Total	100.0%

Modified duration as of 2/28/18: 7.8 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 14.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers High Beta High Yield Bond ETF (HYUP)

Xtrackers High Beta High Yield Bond ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the U.S. dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.

Quality* as of 2/28/18

Description	% of Market Value
BBB		2.9%
BB		40.2%
B		44.0%
CCC		12.8%
CC		0.1%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch 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 2/28/18

United States	81.8%
Luxembourg	4.7%
Canada	4.0%
France	2.6%
Other	6.9%
Total	100.0%

Sector Diversification* as of 2/28/18

Communications	27.3%
Consumer, Non-cyclical	17.4%
Consumer, Cyclical	13.1%
Energy	11.2%
Financial	8.8%
Industrial	8.0%
Technology	5.9%
Basic Materials	5.2%
Utilities	3.0%
Diversified	0.1%
Total	100.0%

Modified duration as of 2/28/18: 4.8 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 19.

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Low Beta High Yield Bond ETF (HYDW)

Xtrackers Low Beta High Yield Bond ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Low Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the U.S. dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.

Quality* as of 2/28/18

Description	% of Market Value
BBB		13.6%
BB		72.8%
B		12.8%
CCC		0.8%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch 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 2/28/18

United States	87.7%
United Kingdom	3.8%
Canada	3.5%
Other	5.0%
Total	100.0%

Sector Diversification* as of 2/28/18

Communications	19.3%
Consumer, Non-cyclical	17.0%
Consumer, Cyclical	15.6%
Energy	15.3%
Financial	9.6%
Industrial	7.8%
Technology	6.5%
Basic Materials	5.6%
Utilities	3.3%
Total	100.0%

Modified duration as of 2/28/18: 4.1 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 28.

6

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Short Duration High Yield Bond ETF (SHYL)

Xtrackers Short Duration High Yield Bond ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 0-5 Year Index (the “Underlying Index”). The Underlying Index is designed to track the performance of short-term publicly issued U.S. dollar-denominated below investment grade corporate debt. It is not possible to invest directly into an index.

Quality* as of 2/28/18

Description	% of Market Value
BBB		8.8%
BB		48.0%
B		30.8%
CCC		12.3%
C		0.1%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch 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 2/28/18

United States	85.1%
Luxembourg	4.3%
Canada	3.0%
United Kingdom	2.3%
Other	5.3%
Total	100.0%

Sector Diversification* as of 2/28/18

Communications	24.0%
Consumer, Non-cyclical	20.5%
Consumer, Cyclical	12.8%
Financial	11.9%
Energy	11.8%
Industrial	6.5%
Basic Materials	5.7%
Technology	4.8%
Utilities	2.0%
Total	100.0%

Modified duration as of 2/28/18: 2.8 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 36.

7

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

The Xtrackers USD High Yield Corporate Bond ETF (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 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. It is not possible to invest directly into an index.

Quality* as of 2/28/18

Description	% of Market Value
BBB		9.1%
BB		53.4%
B		30.3%
CCC		7.2%
CC		0.0%
Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch 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 2/28/18

United States	83.6%
Canada	4.0%
Luxembourg	3.3%
United Kingdom	2.5%
Other	6.6%
Total	100.0%

Sector Diversification* as of 2/28/18

Communications	23.6%
Consumer, Non-cyclical	18.1%
Consumer, Cyclical	13.3%
Energy	12.8%
Financial	9.1%
Industrial	7.9%
Technology	6.2%
Basic Materials	5.5%
Utilities	3.4%
Diversified	0.1%
Total	100.0%

Modified duration as of 2/28/18: 4.5 years

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 43.

8

DBX ETF Trust

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 the most recent six-month period Xtrackers USD High Yield Corporate Bond ETF limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2017 to February 28, 2018), except for Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF and Xtrackers Short Duration High Yield Bond ETF which are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to February 28, 2018).

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 September 1, 2017		Ending Account Value February 28, 2018		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Barclays International Corporate Bond Hedged ETF
Actual	$	1,000.00	$	1,004.00		0.30	%	$	1.49
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.30	%	$	1.51
Xtrackers Barclays International Treasury Bond Hedged ETF
Actual	$	1,000.00	$	1,000.00		0.25	%	$	1.24
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.55		0.25	%	$	1.25
Xtrackers High Beta High Yield Bond ETF
Actual (3)	$	1,000.00	$	990.60		0.35	%	$	0.47
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06		0.35	%	$	1.76
Xtrackers Low Beta High Yield Bond ETF
Actual (3)	$	1,000.00	$	989.50		0.25	%	$	0.33
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.55		0.25	%	$	1.25
Xtrackers Short Duration High Yield Bond ETF
Actual (2)	$	1,000.00	$	997.70		0.20	%	$	0.27
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80		0.20	%	$	1.00

9

DBX ETF Trust

Fees and Expenses (Unaudited) (Continued)

	Beginning Account Value September 1, 2017		Ending Account Value February 28, 2018		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	1,002.80		0.21	%	$	1.04
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.75		0.21	%	$	1.05

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181 (the number of days in the most recent six-month period), then divided by 365.

(2) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 50 (the number of days in the period January 10, 2018 (commencement of operations) to February 28, 2017), then divided by 365.

(3) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 49 (the number of days in the period January 11, 2018 (commencement of operations) to February 28, 2017), then divided by 365.

10

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Corporate Bond Hedged ETF

February 28, 2018 (Unaudited)

		Principal Amount		Value
CORPORATE BONDS — 96.8%
Australia — 4.2%
BHP Billiton Finance Ltd. Series MTN, 3.00%, 3/30/20	AUD		50,000	$	39,233
QPH Finance Co. Pty Ltd. Series MTN, 5.75%, 7/29/20	AUD		50,000		41,353
Wesfarmers Ltd. Series EMTN, 1.25%, 10/07/21	EUR		100,000		126,596
					207,182
Belgium — 0.9%
Anheuser-Busch InBev SA/NV Series EMTN, 0.625%, 3/17/20	EUR		35,000		43,315
Canada — 7.5%
CU, Inc. 4.543%, 10/24/41	CAD		20,000		17,850
Inter Pipeline Ltd. Series MTN, 3.173%, 3/24/25	CAD		100,000		76,045
Metro, Inc. Series MTN, 3.20%, 12/01/21	CAD		150,000		118,701
Royal Bank of Canada Series DPNT, 2.36%, 12/05/22	CAD		35,000		26,820
Royal Office Finance LP Series A, 5.209%, 11/12/32	CAD		36,811		33,880
Suncor Energy, Inc. Series MTN, 3.10%, 11/26/21	CAD		25,000		19,840
Toronto-Dominion Bank Series DPNT, 3.226%, 7/24/24	CAD		100,000		79,543
					372,679
France — 12.2%
Bouygues SA 3.641%, 10/29/19	EUR		50,000		64,770
BPCE SA Series EMTN, 0.75%, 1/22/20	EUR		100,000		124,025
Klepierre SA Series EMTN, 4.625%, 4/14/20	EUR		50,000		67,006
Orange SA Series EMTN, 3.125%, 1/09/24	EUR		100,000		138,773
Suez Series EMTN, 5.50%, 7/22/24	EUR		50,000		79,697
Total Capital International SA Series EMTN, 2.125%, 3/15/23	EUR		100,000		132,525
					606,796
Germany — 4.5%
BASF SE Series EMTN, 1.875%, 2/04/21	EUR		50,000		64,475
Commerzbank AG Series EMTN, 0.625%, 3/14/19	EUR		100,000		123,102
Daimler AG Series EMTN, 1.375%, 5/11/28	EUR		30,000		36,319
					223,896

		Principal Amount		Value
Ireland — 3.0%
GE Capital UK Funding Unlimited Co. Series EMTN, 4.125%, 9/13/23	GBP		100,000	$	151,541
Italy — 5.7%
Assicurazioni Generali SpA Series EMTN, 5.125%, 9/16/24	EUR		50,000		77,419
Autostrade Per L’italia SpA Series EMTN, 4.375%, 9/16/25	EUR		50,000		75,657
UniCredit SpA Series EMTN, 3.25%, 1/14/21	EUR		100,000		132,735
					285,811
Japan — 3.8%
Aozora Bank Ltd. Series 615, 0.24%, 1/27/21	JPY		10,000,000		94,133
Shinkin Central Bank Series 323, 0.03%, 10/27/21	JPY		10,000,000		93,618
					187,751
Luxembourg — 0.7%
HeidelbergCement Finance Luxembourg SA 8.50%, 10/31/19	EUR		25,000		34,864
Netherlands — 16.0%
ABN AMRO Bank NV Series EMTN, 0.75%, 6/09/20	EUR		30,000		37,308
Allianz Finance II BV Series 61, 3.00%, 3/13/28	EUR		100,000		144,674
BMW Finance NV Series EMTN, 0.75%, 4/15/24	EUR		40,000		48,953
Cooperatieve Rabobank UA Series EMTN, 4.75%, 6/06/22	EUR		100,000		145,273
Deutsche Telekom International Finance BV Series EMTN, 1.375%, 1/30/27	EUR		50,000		61,533
Evonik Finance BV Series EMTN, 0.75%, 9/07/28	EUR		20,000		22,669
Gas Natural Fenosa Finance BV Series EMTN, 2.875%, 3/11/24	EUR		100,000		135,376
Linde Finance BV Series EMTN, 1.75%, 6/11/19	EUR		25,000		31,297
Shell International Finance BV Series EMTN, 0.875%, 8/21/28	CHF		25,000		27,292
Siemens Financieringsmaatschappij NV Series EMTN, 2.875%, 3/10/28	EUR		50,000		71,537
Volkswagen International Finance NV 4.625%, 3/29/49	EUR		50,000		67,193
					793,105

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Corporate Bond Hedged ETF (Continued)

February 28, 2018 (Unaudited)

		Principal Amount		Value
Spain — 3.9%
Santander Issuances SAU Series EMTN, 2.50%, 3/18/25	EUR		100,000	$	127,553
Telefonica Emisiones SAU Series EMTN, 4.693%, 11/11/19	EUR		50,000		65,947
					193,500
Switzerland — 1.1%
Credit Suisse AG 0.75%, 7/11/19	CHF		50,000		53,717
United Kingdom — 16.3%
Barclays Bank PLC Series EMTN, 6.625%, 3/30/22	EUR		50,000		74,166
BAT International Finance PLC Series EMTN, 4.00%, 7/07/20	EUR		50,000		66,641
Credit Agricole SA Series EMTN, 3.125%, 2/05/26	EUR		100,000		142,354
Eastern Power Networks PLC Series EMTN, 6.25%, 11/12/36	GBP		60,000		120,619
Heathrow Funding Ltd. Series REGS, 5.225%, 2/15/23	GBP		50,000		79,321
HSBC Bank PLC Series EMTN, 4.75%, 3/24/46	GBP		50,000		87,434
Lloyds Bank PLC Series EMTN, 1.00%, 11/19/21	EUR		100,000		125,162
Series EMTN, 7.625%, 4/22/25	GBP		10,000		18,020
THFC Funding No 1 PLC 5.125%, 12/21/35	GBP		25,000		43,796
Vodafone Group PLC Series EMTN, 5.90%, 11/26/32	GBP		30,000		53,194
					810,707
United States — 17.0%
Apple, Inc. Series EMTN, 1.00%, 11/10/22	EUR		100,000		126,140

		Principal Amount		Value
United States (Continued)
AT&T, Inc. 2.75%, 5/19/23	EUR		100,000	$	134,941
Bristol-Myers Squibb Co. 1.75%, 5/15/35	EUR		100,000		123,068
FedEx Corp. 1.625%, 1/11/27	EUR		50,000		61,741
General Electric Co. Series EMTN, 5.25%, 12/07/28	GBP		25,000		41,656
Kraft Heinz Foods Co. 2.25%, 5/25/28	EUR		100,000		122,566
Prologis LP 1.375%, 10/07/20	EUR		100,000		125,889
Verizon Communications, Inc. Series MTN, 3.50%, 2/17/23	AUD		20,000		15,619
Walmart, Inc. 5.75%, 12/19/30	GBP		50,000		94,350
					845,970
TOTAL CORPORATE BONDS (Cost $4,451,771)					4,810,834
SOVEREIGN BOND — 0.4%
Japan — 0.4%
Japan Government Ten Year Bond 345, 0.10%, 12/20/26	JPY		2,000,000		18,897
TOTAL SOVEREIGN BOND (Cost $17,877)					18,897
TOTAL INVESTMENTS — 97.2% (Cost $4,469,648)				$	4,829,731
Other assets and liabilities, net — 2.8%					140,219
NET ASSETS — 100.0%				$	4,969,950

DPNT: Deposit Note

EMTN: Euro Medium Term Note

MTN: Medium Term Note

REGS: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

As of February 28, 2018, 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	3/5/2018	AUD	104,939	USD	84,962	$	3,455	$	—
The Bank of Nova Scotia	3/5/2018	CAD	487,370	USD	397,389		17,541		—
The Bank of Nova Scotia	3/5/2018	CHF	77,600	USD	83,647		1,439		—
The Bank of Nova Scotia	3/5/2018	EUR	2,880,390	USD	3,594,453		78,907		—
The Bank of Nova Scotia	3/5/2018	GBP	579,926	USD	825,499		26,906		—
The Bank of Nova Scotia	3/5/2018	JPY	22,020,000	USD	202,025		—		(4,437	)
The Bank of Nova Scotia	3/5/2018	USD	81,774	AUD	104,939		—		(267	)
The Bank of Nova Scotia	3/5/2018	USD	377,235	CAD	483,370		—		(504	)

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Corporate Bond Hedged ETF (Continued)

February 28, 2018 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia		3/5/2018		USD	3,262		CAD	4,000	$	—	$	(144	)
The Bank of Nova Scotia		3/5/2018		USD	82,112		CHF	77,600		96		—
The Bank of Nova Scotia		3/5/2018		USD	3,402,080		EUR	2,789,390		2,400		—
The Bank of Nova Scotia		3/5/2018		USD	113,580		EUR	91,000		—		(2,513	)
The Bank of Nova Scotia		3/5/2018		USD	710,180		GBP	515,426		—		(407	)
The Bank of Nova Scotia		3/5/2018		USD	91,829		GBP	64,500		—		(3,008	)
The Bank of Nova Scotia		3/5/2018		USD	206,363		JPY	22,020,000		98		—
The Bank of Nova Scotia		4/5/2018		AUD	104,939		USD	81,774		263		—
The Bank of Nova Scotia		4/5/2018		CAD	483,370		USD	377,471		502		—
The Bank of Nova Scotia		4/5/2018		CHF	77,600		USD	82,344		—		(103	)
The Bank of Nova Scotia		4/5/2018		EUR	2,789,390		USD	3,410,336		—		(2,658	)
The Bank of Nova Scotia		4/5/2018		EUR	12,000		USD	14,675		—		(8	)
The Bank of Nova Scotia		4/5/2018		GBP	515,426		USD	711,257		403		—
The Bank of Nova Scotia		4/5/2018		JPY	22,020,000		USD	206,838		—		(99	)
The Bank of Nova Scotia		4/5/2018		USD	15,182		GBP	11,000		—		(11	)
Total unrealized appreciation (depreciation)									$	132,010	$	(14,159	)

Currency Abbreviations

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

EUR Euro

GBP Pound Sterling

JPY Japanese Yen

USD U.S. Dollar

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

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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 February 28, 2018 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 (a)	$	—	$	4,810,834		$	—	$	4,810,834
Sovereign Bond		—		18,897			—		18,897
Derivatives (b)
Forward Foreign Currency Contracts		—		132,010			—		132,010
TOTAL	$	—	$	4,961,741		$	—	$	4,961,741
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(14,159	)	$	—	$	(14,159	)
TOTAL	$	—	$	(14,159	)	$	—	$	(14,159	)

(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 February 28, 2018.

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Treasury Bond Hedged ETF

February 28, 2018 (Unaudited)

		Principal Amount		Value
SOVEREIGN BONDS — 96.0%
Australia — 4.7%
Australia Government Bond 4.50%, 4/15/20	AUD		75,000	$	61,265
5.75%, 7/15/22	AUD		40,000		35,528
3.25%, 4/21/25	AUD		50,000		40,394
4.25%, 4/21/26	AUD		20,000		17,287
4.75%, 4/21/27	AUD		25,000		22,539
2.75%, 11/21/27	AUD		25,000		19,363
4.50%, 4/21/33	AUD		25,000		22,873
3.25%, 6/21/39	AUD		10,000		7,736
					226,985
Austria — 3.3%
Republic of Austria Government Bond 3.90%, 7/15/20, 144A	EUR		50,000		67,232
1.65%, 10/21/24, 144A	EUR		5,000		6,608
0.50%, 4/20/27, 144A	EUR		5,000		5,956
2.40%, 5/23/34, 144A	EUR		50,000		71,734
3.15%, 6/20/44, 144A	EUR		5,000		8,464
					159,994
Belgium — 4.1%
Kingdom of Belgium Government Bond 4.00%, 3/28/19	EUR		10,000		12,802
4.25%, 9/28/21, 144A	EUR		20,000		28,305
4.00%, 3/28/22	EUR		5,000		7,129
0.80%, 6/22/25, 144A	EUR		25,000		31,112
1.00%, 6/22/26, 144A	EUR		25,000		31,299
1.00%, 6/22/31, 144A	EUR		25,000		29,943
5.00%, 3/28/35, 144A	EUR		5,000		9,606
4.25%, 3/28/41, 144A	EUR		23,000		43,302
2.15%, 6/22/66, 144A	EUR		5,000		6,558
					200,056
Canada — 3.9%
Canadian Government Bond 3.50%, 6/01/20	CAD		75,000		60,588
1.50%, 6/01/23	CAD		50,000		37,893
8.00%, 6/01/27	CAD		25,000		28,819
5.75%, 6/01/29	CAD		10,000		10,458
5.75%, 6/01/33	CAD		23,000		25,724
3.50%, 12/01/45	CAD		27,000		25,688
					189,170
Czech Republic — 0.9%
Czech Republic Government Bond 3.85%, 9/29/21	CZK		800,000		42,509
Denmark — 1.4%
Denmark Government Bond 1.50%, 11/15/23	DKK		200,000		35,226
0.50%, 11/15/27	DKK		200,000		32,098
					67,324
Finland — 1.2%
Finland Government Bond 1.625%, 9/15/22, 144A	EUR		25,000		32,758

		Principal Amount		Value
Finland (Continued)
0.75%, 4/15/31, 144A	EUR		20,000	$	23,581
					56,339
France — 6.5%
French Republic Government Bond OAT 3.75%, 4/25/21	EUR		50,000		68,776
2.25%, 5/25/24	EUR		100,000		136,547
1.00%, 5/25/27	EUR		10,000		12,432
2.75%, 10/25/27	EUR		10,000		14,395
2.50%, 5/25/30	EUR		25,000		35,520
3.25%, 5/25/45	EUR		30,000		49,557
					317,227
Germany — 4.6%
Bundesrepublik Deutschland Bundesanleihe 3.00%, 7/04/20	EUR		20,000		26,429
2.00%, 1/04/22	EUR		25,000		33,135
1.75%, 2/15/24	EUR		75,000		100,143
0.25%, 2/15/27	EUR		20,000		23,778
6.25%, 1/04/30	EUR		2,000		3,962
3.25%, 7/04/42	EUR		20,000		34,893
					222,340
Hungary — 0.4%
Hungary Government Bond 3.00%, 6/26/24	HUF		5,000,000		20,741
Ireland — 1.8%
Ireland Government Bond 5.40%, 3/13/25	EUR		50,000		81,123
2.40%, 5/15/30	EUR		5,000		6,916
					88,039
Israel — 0.9%
Israel Government Bond — Fixed 5.50%, 1/31/22	ILS		125,000		42,790
Italy — 6.5%
Italy Buoni Poliennali Del Tesoro 4.50%, 2/01/20	EUR		25,000		33,213
0.20%, 10/15/20	EUR		30,000		36,692
3.75%, 8/01/21	EUR		35,000		47,618
0.95%, 3/15/23	EUR		30,000		36,673
7.25%, 11/01/26	EUR		50,000		87,609
5.00%, 8/01/34	EUR		20,000		32,359
4.75%, 9/01/44, 144A	EUR		25,000		40,317
					314,481
Japan — 22.9%
Japan Government Five Year Bond 0.10%, 6/20/20	JPY		3,000,000		28,277
Japan Government Forty Year Bond 1.40%, 3/20/55	JPY		5,000,000		54,898
Japan Government Ten Year Bond 1.50%, 6/20/19	JPY		3,000,000		28,722
1.20%, 12/20/20	JPY		20,000,000		194,490
0.90%, 6/20/22	JPY		5,000,000		48,943

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Treasury Bond Hedged ETF (Continued)

February 28, 2018 (Unaudited)

		Principal Amount		Value
Japan (Continued)
0.80%, 9/20/22	JPY		6,000,000	$	58,590
0.60%, 3/20/23	JPY		2,000,000		19,418
0.60%, 12/20/23	JPY		2,000,000		19,502
0.40%, 3/20/25	JPY		3,000,000		29,029
0.10%, 12/20/26	JPY		2,000,000		18,897
Japan Government Thirty Year Bond 2.80%, 9/20/29	JPY		1,000,000		12,237
1.40%, 12/20/32	JPY		1,000,000		10,879
2.50%, 3/20/38	JPY		9,000,000		115,460
2.00%, 9/20/41	JPY		4,000,000		48,588
1.90%, 9/20/42	JPY		1,000,000		11,997
1.40%, 9/20/45	JPY		1,200,000		13,153
Japan Government Twenty Year Bond 2.10%, 9/20/25	JPY		22,000,000		239,469
1.70%, 9/20/32	JPY		9,000,000		101,506
1.70%, 6/20/33	JPY		5,000,000		56,547
					1,110,602
Luxembourg — 0.1%
Luxembourg Government Bond 2.125%, 7/10/23	EUR		5,000		6,741
Malaysia — 1.4%
Malaysia Government Bond 5.248%, 9/15/28	MYR		250,000		68,568
Mexico — 2.1%
Mexican Bonos 6.50%, 6/10/21	MXN		500,000		25,735
6.50%, 6/09/22	MXN		1,000,000		51,050
7.50%, 6/03/27	MXN		500,000		26,279
					103,064
Netherlands — 3.3%
Netherlands Government Bond 7.50%, 1/15/23, 144A	EUR		50,000		83,295
2.50%, 1/15/33, 144A	EUR		25,000		36,720
2.75%, 1/15/47, 144A	EUR		25,000		41,045
					161,060
New Zealand — 0.4%
New Zealand Government Bond 2.75%, 4/15/25	NZD		30,000		21,656
Norway — 0.9%
Norway Government Bond 3.75%, 5/25/21, 144A	NOK		300,000		41,114
Poland — 1.5%
Republic of Poland Government Bond 3.25%, 7/25/19	PLN		100,000		29,925
3.25%, 7/25/25	PLN		150,000		44,282
					74,207
Portugal — 1.5%
Portugal Obrigacoes do Tesouro OT 2.20%, 10/17/22, 144A	EUR		25,000		32,763

		Principal Amount		Value
Portugal (Continued)
2.875%, 10/15/25, 144A	EUR		15,000	$	20,082
3.875%, 2/15/30, 144A	EUR		5,000		7,113
4.10%, 2/15/45, 144A	EUR		10,000		14,502
					74,460
Russia — 0.9%
Russian Federal Bond — OFZ 7.60%, 4/14/21	RUB		2,500,000		45,797
Singapore — 1.0%
Singapore Government Bond 2.75%, 7/01/23	SGD		60,000		46,809
Slovak Republic — 0.6%
Slovakia Government Bond 3.00%, 2/28/23	EUR		20,000		28,013
Slovenia — 0.4%
Slovenia Government Bond 1.25%, 3/22/27	EUR		15,000		18,403
South Korea — 3.9%
Korea International Bond 2.75%, 1/19/27			200,000		190,517
Spain — 4.2%
Spain Government Bond 4.00%, 4/30/20, 144A	EUR		25,000		33,247
0.75%, 7/30/21	EUR		25,000		31,223
5.90%, 7/30/26, 144A	EUR		45,000		75,412
1.95%, 7/30/30, 144A	EUR		5,000		6,224
4.20%, 1/31/37, 144A	EUR		35,000		56,177
					202,283
Sweden — 1.0%
Sweden Government Bond 2.50%, 5/12/25	SEK		350,000		48,496
Switzerland — 0.7%
Swiss Confederation Government Bond 1.50%, 7/24/25	CHF		10,000		11,929
4.00%, 1/06/49	CHF		10,000		20,519
					32,448
Thailand — 1.9%
Thailand Government Bond 2.125%, 12/17/26	THB		3,000,000		93,630
United Kingdom — 7.1%
United Kingdom Gilt 1.75%, 7/22/19	GBP		15,000		20,954
3.75%, 9/07/20	GBP		25,000		36,965
1.75%, 9/07/22	GBP		25,000		35,528
2.25%, 9/07/23	GBP		10,000		14,587
5.00%, 3/07/25	GBP		10,000		17,212
1.50%, 7/22/26	GBP		25,000		34,669
4.75%, 12/07/30	GBP		5,000		9,292
4.25%, 6/07/32	GBP		13,000		23,502
4.75%, 12/07/38	GBP		10,000		20,550
4.50%, 12/07/42	GBP		5,000		10,382

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Treasury Bond Hedged ETF (Continued)

February 28, 2018 (Unaudited)

		Principal Amount		Value
United Kingdom (Continued)
4.25%, 12/07/46	GBP		57,000	$	118,877
					342,518
TOTAL SOVEREIGN BONDS (Cost $4,478,481)					4,658,381
TOTAL INVESTMENTS — 96.0% (Cost $4,478,481)				$	4,658,381
Other assets and liabilities, net — 4.0%					196,379
NET ASSETS — 100.0%				$	4,854,760

OFZ: Obligatsyi Federal’novo Zaima “Federal Loan Obligation”

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 February 28, 2018, 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	3/5/2018	AUD	300,260	USD	243,100	$	9,886	$	—
The Bank of Nova Scotia	3/5/2018	CAD	286,667	USD	233,741		10,317		—
The Bank of Nova Scotia	3/5/2018	CHF	49,776	USD	53,655		923		—
The Bank of Nova Scotia	3/5/2018	CZK	950,000	USD	46,877		1,249		—
The Bank of Nova Scotia	3/5/2018	DKK	432,000	USD	72,441		1,630		—
The Bank of Nova Scotia	3/5/2018	EUR	1,648,782	USD	2,057,523		45,168		—
The Bank of Nova Scotia	3/5/2018	GBP	261,565	USD	372,326		12,135		—
The Bank of Nova Scotia	3/5/2018	HUF	5,400,000	USD	21,736		739		—
The Bank of Nova Scotia	3/5/2018	ILS	157,500	USD	46,238		939		—
The Bank of Nova Scotia	3/5/2018	JPY	125,858,343	USD	1,154,701		—		(25,359	)
The Bank of Nova Scotia	3/5/2018	MXN	2,037,489	USD	109,162		1,167		—
The Bank of Nova Scotia	3/5/2018	MYR	266,200	USD	68,195		246		—
The Bank of Nova Scotia	3/5/2018	NOK	342,000	USD	44,588		1,274		—
The Bank of Nova Scotia	3/5/2018	NZD	29,400	USD	21,750		548		—
The Bank of Nova Scotia	3/5/2018	PLN	258,800	USD	77,678		2,061		—
The Bank of Nova Scotia	3/5/2018	RUB	2,639,500	USD	46,720		—		(76	)
The Bank of Nova Scotia	3/5/2018	SEK	417,550	USD	53,254		2,848		—
The Bank of Nova Scotia	3/5/2018	SGD	63,300	USD	48,376		590		—
The Bank of Nova Scotia	3/5/2018	THB	2,954,700	USD	94,384		242		—
The Bank of Nova Scotia	3/5/2018	USD	233,978	AUD	300,260		—		(764	)
The Bank of Nova Scotia	3/5/2018	USD	223,723	CAD	286,667		—		(299	)
The Bank of Nova Scotia	3/5/2018	USD	19,408	CHF	18,000		—		(339	)
The Bank of Nova Scotia	3/5/2018	USD	33,624	CHF	31,776		39		—
The Bank of Nova Scotia	3/5/2018	USD	45,600	CZK	950,000		28		—
The Bank of Nova Scotia	3/5/2018	USD	70,764	DKK	432,000		47		—
The Bank of Nova Scotia	3/5/2018	USD	1,827,989	EUR	1,498,782		1,290		—
The Bank of Nova Scotia	3/5/2018	USD	187,220	EUR	150,000		—		(4,143	)
The Bank of Nova Scotia	3/5/2018	USD	332,840	GBP	241,565		—		(191	)
The Bank of Nova Scotia	3/5/2018	USD	28,474	GBP	20,000		—		(933	)
The Bank of Nova Scotia	3/5/2018	USD	20,975	HUF	5,400,000		22		—
The Bank of Nova Scotia	3/5/2018	USD	45,330	ILS	157,500		—		(31	)
The Bank of Nova Scotia	3/5/2018	USD	36,704	JPY	4,000,000		801		—
The Bank of Nova Scotia	3/5/2018	USD	1,142,012	JPY	121,858,343		544		—
The Bank of Nova Scotia	3/5/2018	USD	107,992	MXN	2,037,489		3		—
The Bank of Nova Scotia	3/5/2018	USD	67,960	MYR	266,200		—		(11	)
The Bank of Nova Scotia	3/5/2018	USD	43,362	NOK	342,000		—		(48	)

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Treasury Bond Hedged ETF (Continued)

February 28, 2018 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia		3/5/2018		USD	21,234		NZD	29,400	$	—	$	(32	)
The Bank of Nova Scotia		3/5/2018		USD	75,523		PLN	258,800		93		—
The Bank of Nova Scotia		3/5/2018		USD	46,885		RUB	2,639,500		—		(89	)
The Bank of Nova Scotia		3/5/2018		USD	50,395		SEK	417,550		11		—
The Bank of Nova Scotia		3/5/2018		USD	47,851		SGD	63,300		—		(65	)
The Bank of Nova Scotia		3/5/2018		USD	93,885		THB	2,954,700		257		—
The Bank of Nova Scotia		4/5/2018		AUD	300,260		USD	233,979		754		—
The Bank of Nova Scotia		4/5/2018		CAD	286,667		USD	223,862		298		—
The Bank of Nova Scotia		4/5/2018		CHF	31,776		USD	33,719		—		(42	)
The Bank of Nova Scotia		4/5/2018		CZK	950,000		USD	45,676		—		(41	)
The Bank of Nova Scotia		4/5/2018		DKK	432,000		USD	70,936		—		(57	)
The Bank of Nova Scotia		4/5/2018		EUR	33,000		USD	40,356		—		(22	)
The Bank of Nova Scotia		4/5/2018		EUR	1,498,782		USD	1,832,426		—		(1,428	)
The Bank of Nova Scotia		4/5/2018		GBP	9,000		USD	12,421		9		—
The Bank of Nova Scotia		4/5/2018		GBP	241,565		USD	333,345		189		—
The Bank of Nova Scotia		4/5/2018		HUF	5,400,000		USD	21,015		—		(26	)
The Bank of Nova Scotia		4/5/2018		ILS	157,500		USD	45,394		21		—
The Bank of Nova Scotia		4/5/2018		JPY	121,858,343		USD	1,144,640		—		(548	)
The Bank of Nova Scotia		4/5/2018		JPY	600,000		USD	5,637		—		(2	)
The Bank of Nova Scotia		4/5/2018		MXN	2,037,489		USD	107,437		—		(2	)
The Bank of Nova Scotia		4/5/2018		MYR	266,200		USD	67,804		—		(80	)
The Bank of Nova Scotia		4/5/2018		NOK	342,000		USD	43,407		46		—
The Bank of Nova Scotia		4/5/2018		NZD	29,400		USD	21,227		30		—
The Bank of Nova Scotia		4/5/2018		PLN	258,800		USD	75,571		—		(96	)
The Bank of Nova Scotia		4/5/2018		RUB	2,639,500		USD	46,712		92		—
The Bank of Nova Scotia		4/5/2018		SEK	417,550		USD	50,517		—		(18	)
The Bank of Nova Scotia		4/5/2018		SGD	63,300		USD	47,869		61		—
The Bank of Nova Scotia		4/5/2018		THB	2,954,700		USD	93,922		—		(305	)
The Bank of Nova Scotia		4/5/2018		USD	32,801		CAD	42,000		—		(47	)
Total unrealized appreciation (depreciation)									$	96,597	$	(35,094	)

Currency Abbreviations

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

CZK Czech Koruna

DKK Danish Krone

EUR Euro

GBP Pound Sterling

HUF Hungarian Forint

ILS Israeli Shekel

JPY Japanese Yen

MXN Mexican Peso

MYR Malaysian Ringgit

NOK Norwegian Krone

NZD New Zealand Dollar

PLN Polish Zloty

RUB Russian Ruble

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

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. 17

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Treasury Bond Hedged ETF (Continued)

February 28, 2018 (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 February 28, 2018 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 (a)	$	—	$	4,658,381		$	—	$	4,658,381
Derivatives (b)
Forward Foreign Currency Contracts		—		96,597			—		96,597
TOTAL	$	—	$	4,754,978		$	—	$	4,754,978
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (b)
Forward Foreign Currency Contracts	$	—	$	(35,094	)	$	—	$	(35,094	)
TOTAL	$	—	$	(35,094	)	$	—	$	(35,094	)

(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 February 28, 2018.

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF

February 28, 2018 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 97.2%
Basic Materials — 5.0%
Chemicals — 2.4%
Chemours Co. 6.625%, 5/15/23	$	810,000	$	855,562
5.375%, 5/15/27		150,000		150,750
Hexion, Inc. 6.625%, 4/15/20		350,000		327,250
10.375%, 2/01/22, 144A		200,000		196,000
INEOS Group Holdings SA, 144A 5.625%, 8/01/24		20,000		20,375
NOVA Chemicals Corp. 5.25%, 8/01/23, 144A		50,000		51,062
5.25%, 6/01/27, 144A		750,000		735,000
Olin Corp. 5.00%, 2/01/30		200,000		193,250
Platform Specialty Products Corp. 6.50%, 2/01/22, 144A		300,000		308,625
5.875%, 12/01/25, 144A		250,000		249,063
SPCM SA, 144A 4.875%, 9/15/25		250,000		247,500
				3,334,437
Iron/Steel — 0.7%
AK Steel Corp. 7.00%, 3/15/27 (a)		150,000		153,282
Allegheny Technologies, Inc. 5.95%, 1/15/21		100,000		102,375
7.875%, 8/15/23 (a)		155,000		168,756
Cleveland-Cliffs, Inc., 144A 5.75%, 3/01/25		342,000		333,236
United States Steel Corp. 6.875%, 8/15/25		246,000		259,530
				1,017,179
Mining — 1.9%
Alcoa Nederland Holding BV, 144A 7.00%, 9/30/26		150,000		162,750
Aleris International, Inc. 7.875%, 11/01/20		150,000		149,337
Constellium NV, 144A 5.75%, 5/15/24		500,000		506,250
FMG Resources August 2006 Pty Ltd. 4.75%, 5/15/22, 144A		300,000		300,900
5.125%, 5/15/24, 144A (a)		150,000		150,141
Freeport-McMoRan, Inc. 3.875%, 3/15/23		530,000		515,425
4.55%, 11/14/24 (a)		270,000		265,275
Hudbay Minerals, Inc., 144A 7.625%, 1/15/25		30,000		32,775
Joseph T Ryerson & Son, Inc., 144A 11.00%, 5/15/22		247,000		275,615
Kinross Gold Corp. 5.95%, 3/15/24		200,000		215,040
				2,573,508

	Principal Amount		Value
Communications — 26.5%
Advertising — 0.2%
Acosta, Inc., 144A 7.75%, 10/01/22	$	315,000	$	226,800
Internet — 1.1%
Netflix, Inc., 144A 4.875%, 4/15/28		400,000		393,500
Symantec Corp., 144A 5.00%, 4/15/25		400,000		406,830
Zayo Group LLC / Zayo Capital, Inc. 6.375%, 5/15/25		324,000		339,834
5.75%, 1/15/27, 144A		385,000		387,888
				1,528,052
Media — 14.1%
Altice Financing SA 6.625%, 2/15/23, 144A		600,000		600,750
7.50%, 5/15/26, 144A		700,000		707,000
Altice Finco SA, 144A 8.125%, 1/15/24		100,000		102,750
Altice Luxembourg SA 7.75%, 5/15/22, 144A		620,000		580,475
7.625%, 2/15/25, 144A (a)		520,000		459,550
Altice US Finance I Corp., 144A 5.50%, 5/15/26		300,000		297,750
AMC Networks, Inc. 4.75%, 8/01/25		80,000		77,700
Cablevision Systems Corp. 5.875%, 9/15/22		250,000		250,625
CCO Holdings LLC / CCO Holdings Capital Corp. 5.375%, 5/01/25, 144A		500,000		503,125
5.50%, 5/01/26, 144A		750,000		751,875
5.125%, 5/01/27, 144A		1,050,000		1,013,691
5.875%, 5/01/27, 144A		50,000		50,937
5.00%, 2/01/28, 144A		500,000		474,525
Cengage Learning, Inc., 144A 9.50%, 6/15/24		175,000		149,625
Cequel Communications Holdings I LLC / Cequel Capital Corp., 144A 7.75%, 7/15/25		250,000		267,500
Clear Channel Worldwide Holdings, Inc. Series B, 7.625%, 3/15/20		927,000		929,317
Series B, 6.50%, 11/15/22		450,000		463,500
CSC Holdings LLC 5.25%, 6/01/24		250,000		241,250
10.875%, 10/15/25, 144A		230,000		271,975
5.50%, 4/15/27, 144A		300,000		296,250
5.375%, 2/01/28, 144A		200,000		196,000
DISH DBS Corp. 5.875%, 7/15/22		690,000		675,337
5.00%, 3/15/23		350,000		322,875
5.875%, 11/15/24		550,000		517,688
7.75%, 7/01/26		500,000		494,375
Gray Television, Inc. 5.125%, 10/15/24, 144A		30,000		29,475
5.875%, 7/15/26, 144A		300,000		298,125

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Media (Continued)
iHeartCommunications, Inc. 9.00%, 12/15/19	$	100,000	$	80,000
11.25%, 3/01/21		1,000,000		805,000
9.00%, 9/15/22		80,000		64,000
10.625%, 3/15/23		450,000		360,000
Meredith Corp., 144A 6.875%, 2/01/26		400,000		413,500
Nexstar Broadcasting, Inc., 144A 5.625%, 8/01/24		500,000		504,685
SFR Group SA 6.00%, 5/15/22, 144A		2,000,000		1,945,000
6.25%, 5/15/24, 144A		50,000		46,750
7.375%, 5/01/26, 144A		1,250,000		1,211,313
Sinclair Television Group, Inc., 144A 5.125%, 2/15/27		300,000		289,875
Sirius XM Radio, Inc., 144A 5.00%, 8/01/27		450,000		439,875
Univision Communications, Inc. 5.125%, 5/15/23, 144A		350,000		332,500
5.125%, 2/15/25, 144A		485,000		449,231
UPC Holding BV, 144A 5.50%, 1/15/28		550,000		518,375
UPCB Finance IV Ltd., 144A 5.375%, 1/15/25		400,000		397,500
Ziggo Bond Finance BV, 144A 6.00%, 1/15/27		100,000		95,000
Ziggo Secured Finance BV, 144A 5.50%, 1/15/27		550,000		528,688
				19,505,337
Telecommunications — 11.1%
CenturyLink, Inc. Series V, 5.625%, 4/01/20		50,000		50,935
Series T, 5.80%, 3/15/22		600,000		594,750
Series Y, 7.50%, 4/01/24 (a)		506,000		509,795
Cincinnati Bell, Inc., 144A 7.00%, 7/15/24		200,000		190,500
CommScope Technologies LLC, 144A 5.00%, 3/15/27		150,000		146,719
CommScope, Inc., 144A 5.50%, 6/15/24		850,000		869,125
Consolidated Communications, Inc. 6.50%, 10/01/22		160,000		140,800
Frontier Communications Corp. 9.25%, 7/01/21 (a)		50,000		46,489
6.25%, 9/15/21 (a)		400,000		342,500
8.75%, 4/15/22		200,000		158,500
10.50%, 9/15/22 (a)		500,000		428,750
7.125%, 1/15/23		200,000		134,250
7.625%, 4/15/24		250,000		160,000
6.875%, 1/15/25		175,000		107,625
11.00%, 9/15/25		1,070,000		843,962
GTT Communications, Inc., 144A 7.875%, 12/31/24		150,000		156,281
Hughes Satellite Systems Corp. 6.625%, 8/01/26		450,000		461,385

	Principal Amount		Value
Telecommunications (Continued)
Inmarsat Finance PLC, 144A 6.50%, 10/01/24	$	100,000	$	102,000
Intelsat Jackson Holdings SA 7.25%, 10/15/20		600,000		561,750
7.50%, 4/01/21		175,000		159,797
9.50%, 9/30/22, 144A		250,000		287,500
5.50%, 8/01/23		50,000		41,438
8.00%, 2/15/24, 144A		350,000		368,375
9.75%, 7/15/25, 144A		750,000		713,438
Intelsat Luxembourg SA 7.75%, 6/01/21		592,000		340,400
8.125%, 6/01/23		250,000		133,125
Level 3 Financing, Inc. 5.375%, 1/15/24		330,000		329,175
5.25%, 3/15/26		447,000		431,351
Level 3 Parent LLC 5.75%, 12/01/22		500,000		506,250
Nokia OYJ 4.375%, 6/12/27		150,000		144,375
Sprint Communications, Inc. 11.50%, 11/15/21		870,000		1,030,950
6.00%, 11/15/22		215,000		212,850
Sprint Corp. 7.25%, 9/15/21		400,000		419,000
7.875%, 9/15/23		1,100,000		1,141,250
7.125%, 6/15/24		1,100,000		1,095,160
7.625%, 2/15/25		100,000		100,250
7.625%, 3/01/26		400,000		399,540
Wind Tre SpA, 144A 5.00%, 1/20/26		500,000		434,230
Windstream Services LLC / Windstream Finance Corp. 7.75%, 10/15/20		475,000		410,875
6.375%, 8/01/23, 144A (a)		145,000		81,925
6.375%, 8/01/23		30,000		17,700
8.625%, 10/31/25, 144A		345,000		324,300
WTT Investment Ltd., 144A 5.50%, 11/21/22		200,000		199,395
				15,328,765
Consumer, Cyclical — 12.7%
Apparel — 0.3%
Hanesbrands, Inc., 144A 4.875%, 5/15/26		350,000		345,625
Auto Manufacturers — 0.9%
Jaguar Land Rover Automotive PLC, 144A 5.625%, 2/01/23 (a)		250,000		256,562
Navistar International Corp., 144A 6.625%, 11/01/25		500,000		516,250
Tesla, Inc., 144A 5.30%, 8/15/25 (a)		500,000		476,400
				1,249,212
Auto Parts & Equipment — 1.0%
Adient Global Holdings Ltd., 144A 4.875%, 8/15/26		500,000		490,000

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Auto Parts & Equipment (Continued)
American Axle & Manufacturing, Inc. 6.25%, 4/01/25 (a)	$	150,000	$	155,344
6.50%, 4/01/27 (a)		170,000		176,162
Goodyear Tire & Rubber Co. 5.00%, 5/31/26		50,000		50,188
4.875%, 3/15/27		450,000		444,375
				1,316,069
Distribution/Wholesale — 0.4%
American Tire Distributors, Inc., 144A 10.25%, 3/01/22		250,000		261,592
KAR Auction Services, Inc., 144A 5.125%, 6/01/25		300,000		303,000
				564,592
Entertainment — 2.2%
AMC Entertainment Holdings, Inc. 5.75%, 6/15/25 (a)		200,000		195,250
5.875%, 11/15/26 (a)		230,000		222,812
6.125%, 5/15/27		150,000		146,625
Caesars Resort Collection LLC / CRC Finco, Inc., 144A 5.25%, 10/15/25		300,000		294,000
Cinemark USA, Inc. 4.875%, 6/01/23		370,000		369,538
Eldorado Resorts, Inc. 6.00%, 4/01/25		424,000		438,840
International Game Technology PLC, 144A 6.50%, 2/15/25		450,000		484,875
Scientific Games International, Inc. 10.00%, 12/01/22		550,000		598,813
Six Flags Entertainment Corp., 144A 4.875%, 7/31/24		290,000		290,026
				3,040,779
Food Service — 0.2%
Aramark Services, Inc., 144A 5.00%, 2/01/28		300,000		299,625
Home Builders — 1.1%
CalAtlantic Group, Inc. 5.25%, 6/01/26		100,000		103,125
K Hovnanian Enterprises, Inc., 144A 10.50%, 7/15/24		250,000		274,844
Lennar Corp., 144A 4.75%, 11/29/27		250,000		243,125
PulteGroup, Inc. 5.50%, 3/01/26		453,000		462,060
5.00%, 1/15/27		70,000		69,825
Toll Brothers Finance Corp. 4.875%, 3/15/27		300,000		299,250
4.35%, 2/15/28		100,000		95,000
				1,547,229
Home Furnishings — 0.2%
Tempur Sealy International, Inc. 5.50%, 6/15/26		350,000		344,750

	Principal Amount		Value
Leisure Time — 0.5%
24 Hour Fitness Worldwide, Inc., 144A 8.00%, 6/01/22	$	100,000	$	100,000
Sabre GLBL, Inc. 5.375%, 4/15/23, 144A		70,000		70,875
5.25%, 11/15/23, 144A		430,000		435,375
Viking Cruises Ltd., 144A 5.875%, 9/15/27		20,000		19,550
				625,800
Lodging — 1.7%
Boyd Gaming Corp. 6.375%, 4/01/26		175,000		184,406
Diamond Resorts International, Inc. 7.75%, 9/01/23, 144A (a)		20,000		21,675
10.75%, 9/01/24, 144A		300,000		326,625
MGM Resorts International 4.625%, 9/01/26		350,000		343,871
Station Casinos LLC, 144A 5.00%, 10/01/25		50,000		48,875
Studio City Co. Ltd., 144A 7.25%, 11/30/21		400,000		421,500
Studio City Finance Ltd., 144A 8.50%, 12/01/20		250,000		256,250
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 5.50%, 3/01/25, 144A		300,000		304,875
5.25%, 5/15/27, 144A		450,000		442,688
				2,350,765
Retail — 4.0%
1011778 BC ULC / New Red Finance, Inc., 144A 5.00%, 10/15/25		750,000		734,531
Beacon Escrow Corp., 144A 4.875%, 11/01/25		430,000		421,529
Claire’s Stores, Inc., 144A 9.00%, 3/15/19		300,000		205,500
Ferrellgas LP / Ferrellgas Finance Corp. 6.50%, 5/01/21		500,000		475,000
6.75%, 6/15/23 (a)		100,000		91,500
Golden Nugget, Inc. 6.75%, 10/15/24, 144A		320,000		328,800
8.75%, 10/01/25, 144A		280,000		295,400
JC Penney Corp., Inc. 5.65%, 6/01/20		200,000		199,750
5.875%, 7/01/23, 144A (a)		150,000		144,000
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A 4.75%, 6/01/27		194,000		190,120
L Brands, Inc. 5.25%, 2/01/28		150,000		144,563
Men’s Wearhouse, Inc. 7.00%, 7/01/22		50,000		50,000
Neiman Marcus Group Ltd. LLC, 144A 8.00%, 10/15/21		330,000		201,300
PetSmart, Inc. 7.125%, 3/15/23, 144A		800,000		513,920
5.875%, 6/01/25, 144A		275,000		215,875

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Retail (Continued)
8.875%, 6/01/25, 144A	$	50,000	$	32,125
Rite Aid Corp. 6.75%, 6/15/21		308,000		315,269
6.125%, 4/01/23, 144A		468,000		472,095
Sears Holdings Corp. 8.00%, 12/15/19		175,000		71,750
Staples, Inc., 144A 8.50%, 9/15/25 (a)		300,000		288,750
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.50%, 6/01/24		150,000		147,000
				5,538,777
Toys/Games/Hobbies — 0.2%
Mattel, Inc., 144A 6.75%, 12/31/25		300,000		306,000
Consumer, Non-cyclical — 16.9%
Agriculture — 0.2%
Vector Group Ltd., 144A 6.125%, 2/01/25		250,000		255,938
Commercial Services — 4.1%
Ahern Rentals, Inc., 144A 7.375%, 5/15/23		130,000		126,750
APX Group, Inc. 8.75%, 12/01/20		500,000		505,000
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.125%, 6/01/22, 144A		315,000		315,394
5.50%, 4/01/23 (a)		300,000		298,875
Herc Rentals, Inc., 144A 7.75%, 6/01/24		200,000		218,940
Hertz Corp. 5.875%, 10/15/20		425,000		425,531
7.375%, 1/15/21		650,000		650,000
7.625%, 6/01/22, 144A		100,000		103,000
6.25%, 10/15/22		70,000		66,653
5.50%, 10/15/24, 144A		25,000		21,812
Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 144A 6.375%, 8/01/23		400,000		403,000
Laureate Education, Inc., 144A 8.25%, 5/01/25		50,000		53,375
Live Nation Entertainment, Inc., 144A 4.875%, 11/01/24		170,000		169,362
Monitronics International, Inc. 9.125%, 4/01/20		100,000		87,500
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A 9.25%, 5/15/23		730,000		796,613
RR Donnelley & Sons Co. 7.875%, 3/15/21 (a)		50,000		52,813
ServiceMaster Co. LLC, 144A 5.125%, 11/15/24		500,000		493,750
Team Health Holdings, Inc., 144A 6.375%, 2/01/25 (a)		333,000		306,360

	Principal Amount		Value
Commercial Services (Continued)
United Rentals North America, Inc. 4.875%, 1/15/28	$	600,000	$	586,500
				5,681,228
Cosmetics/Personal Care — 0.7%
Avon Products, Inc. 6.60%, 3/15/20		400,000		404,000
First Quality Finance Co., Inc., 144A 5.00%, 7/01/25		400,000		393,000
Revlon Consumer Products Corp. 5.75%, 2/15/21		150,000		121,875
6.25%, 8/01/24		100,000		69,250
				988,125
Food — 1.9%
Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s, Inc. / Albertson’s LLC 6.625%, 6/15/24		295,000		273,244
5.75%, 3/15/25		300,000		264,000
Pilgrim’s Pride Corp. 5.75%, 3/15/25, 144A		250,000		249,375
5.875%, 9/30/27, 144A		230,000		224,204
Post Holdings, Inc. 5.50%, 3/01/25, 144A		500,000		504,375
5.00%, 8/15/26, 144A		700,000		666,750
5.75%, 3/01/27, 144A		250,000		247,500
5.625%, 1/15/28, 144A		80,000		78,000
SUPERVALU, Inc. 6.75%, 6/01/21 (a)		150,000		148,875
				2,656,323
Healthcare-Products — 1.9%
Avantor, Inc. 6.00%, 10/01/24, 144A		180,000		180,449
9.00%, 10/01/25, 144A		600,000		603,000
DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp., 144A 8.125%, 6/15/21		350,000		341,250
Kinetic Concepts, Inc. / KCI USA, Inc., 144A 7.875%, 2/15/21		230,000		238,338
Mallinckrodt International Finance SA 4.75%, 4/15/23 (a)		158,000		124,820
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 5.75%, 8/01/22, 144A		370,000		329,300
5.625%, 10/15/23, 144A (a)		250,000		208,125
5.50%, 4/15/25, 144A (a)		200,000		159,000
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 144A 6.625%, 5/15/22		450,000		448,875
				2,633,157
Healthcare-Services — 4.6%
CHS/Community Health Systems, Inc. 8.00%, 11/15/19 (a)		1,000,000		942,385
6.875%, 2/01/22 (a)		790,000		519,425
6.25%, 3/31/23		980,000		896,700

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Healthcare-Services (Continued)
Envision Healthcare Corp., 144A 5.125%, 7/01/22	$	250,000	$	253,125
Kindred Healthcare, Inc. 6.375%, 4/15/22		200,000		203,500
8.75%, 1/15/23		241,000		259,075
LifePoint Health, Inc. 5.875%, 12/01/23 (a)		200,000		200,250
5.375%, 5/01/24		210,000		206,062
MPH Acquisition Holdings LLC, 144A 7.125%, 6/01/24		450,000		474,750
Surgery Center Holdings, Inc., 144A 8.875%, 4/15/21		250,000		260,625
Tenet Healthcare Corp. 7.50%, 1/01/22, 144A		520,000		550,550
8.125%, 4/01/22		850,000		899,938
6.75%, 6/15/23		100,000		100,375
5.125%, 5/01/25, 144A		150,000		146,062
7.00%, 8/01/25, 144A (a)		450,000		450,563
				6,363,385
Pharmaceuticals — 3.5%
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 6.00%, 7/15/23, 144A		500,000		377,500
6.00%, 2/01/25, 144A		320,000		231,200
Endo Finance LLC, 144A 5.75%, 1/15/22		300,000		246,750
Endo Finance LLC / Endo Finco, Inc., 144A 5.375%, 1/15/23		150,000		112,875
Valeant Pharmaceuticals International, 144A 7.25%, 7/15/22		300,000		293,625
Valeant Pharmaceuticals International, Inc. 5.375%, 3/15/20, 144A		400,000		400,500
7.50%, 7/15/21, 144A		450,000		453,937
5.625%, 12/01/21, 144A		200,000		189,750
5.50%, 3/01/23, 144A		300,000		267,000
5.875%, 5/15/23, 144A		250,000		223,125
6.125%, 4/15/25, 144A		835,000		735,844
5.50%, 11/01/25, 144A		400,000		397,250
9.00%, 12/15/25, 144A		805,000		812,044
				4,741,400
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Stena AB, 144A 7.00%, 2/01/24		150,000		141,750
Energy — 10.9%
Coal — 0.3%
Murray Energy Corp., 144A 11.25%, 4/15/21		350,000		155,750
Peabody Energy Corp., 144A 6.375%, 3/31/25 (a)		170,000		177,863
				333,613

	Principal Amount		Value
Oil & Gas — 9.2%
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A 10.00%, 4/01/22	$	350,000	$	374,500
Baytex Energy Corp., 144A 5.125%, 6/01/21		250,000		236,250
California Resources Corp., 144A 8.00%, 12/15/22		550,000		437,937
Calumet Specialty Products Partners LP / Calumet Finance Corp. 6.50%, 4/15/21		660,000		646,800
Carrizo Oil & Gas, Inc. 6.25%, 4/15/23 (a)		425,000		428,187
Chesapeake Energy Corp. 8.00%, 1/15/25, 144A		184,000		182,160
8.00%, 6/15/27, 144A (a)		600,000		576,750
Citgo Holding, Inc., 144A 10.75%, 2/15/20		225,000		242,437
CITGO Petroleum Corp., 144A 6.25%, 8/15/22		100,000		100,625
CrownRock LP / CrownRock Finance, Inc., 144A 5.625%, 10/15/25		250,000		245,625
Denbury Resources, Inc., 144A 9.00%, 5/15/21		155,000		159,262
Diamond Offshore Drilling, Inc. 7.875%, 8/15/25		150,000		152,812
Endeavor Energy Resources LP / EER Finance, Inc., 144A 5.75%, 1/30/28		105,000		105,394
Ensco PLC 4.50%, 10/01/24 (a)		346,000		283,720
5.20%, 3/15/25 (a)		300,000		250,500
EP Energy LLC / Everest Acquisition Finance, Inc. 6.375%, 6/15/23		580,000		316,100
8.00%, 11/29/24, 144A		50,000		51,750
8.00%, 2/15/25, 144A		55,000		38,087
Extraction Oil & Gas, Inc., 144A 5.625%, 2/01/26		300,000		294,375
Gulfport Energy Corp. 6.00%, 10/15/24		500,000		493,750
Hilcorp Energy I LP / Hilcorp Finance Co. 5.00%, 12/01/24, 144A		150,000		151,500
5.75%, 10/01/25, 144A		200,000		204,500
Jones Energy Holdings LLC / Jones Energy Finance Corp. 6.75%, 4/01/22		100,000		65,250
9.25%, 3/15/23, 144A		150,000		147,750
Jupiter Resources, Inc., 144A 8.50%, 10/01/22		300,000		143,250
MEG Energy Corp. 6.375%, 1/30/23, 144A		250,000		215,625
7.00%, 3/31/24, 144A		390,000		334,425
6.50%, 1/15/25, 144A		30,000		29,550
Murphy Oil Corp. 6.875%, 8/15/24		150,000		158,082

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Nabors Industries, Inc. 4.625%, 9/15/21 (a)	$	400,000	$	392,000
5.75%, 2/01/25, 144A (a)		300,000		286,688
Noble Holding International Ltd. 7.75%, 1/15/24 (a)		197,000		180,994
7.70%, 4/01/25		50,000		45,000
7.875%, 2/01/26, 144A (a)		175,000		176,094
PBF Holding Co LLC / PBF Finance Corp. 7.25%, 6/15/25		20,000		20,750
PDC Energy, Inc., 144A 5.75%, 5/15/26		175,000		172,979
Precision Drilling Corp., 144A 7.125%, 1/15/26		200,000		202,250
QEP Resources, Inc. 5.625%, 3/01/26		125,000		123,438
Rowan Cos., Inc. 4.875%, 6/01/22		400,000		378,000
Sable Permian Resources Land LLC / AEPB Finance Corp. 7.125%, 11/01/20, 144A		300,000		235,500
7.375%, 11/01/21, 144A		50,000		39,250
Sanchez Energy Corp. 7.75%, 6/15/21		650,000		624,000
SM Energy Co. 6.125%, 11/15/22		200,000		203,000
5.00%, 1/15/24		100,000		94,500
5.625%, 6/01/25 (a)		275,000		264,172
6.75%, 9/15/26 (a)		50,000		50,500
Southwestern Energy Co. 6.70%, 1/23/25		460,000		453,100
7.75%, 10/01/27 (a)		150,000		153,750
Transocean, Inc. 9.00%, 7/15/23, 144A		50,000		54,188
7.50%, 1/15/26, 144A		550,000		555,500
Ultra Resources, Inc., 144A 7.125%, 4/15/25 (a)		230,000		206,713
Whiting Petroleum Corp., 144A 6.625%, 1/15/26		400,000		408,500
WPX Energy, Inc. 5.25%, 9/15/24		300,000		301,500
				12,689,319
Oil & Gas Services — 1.1%
Bristow Group, Inc. 6.25%, 10/15/22 (a)		260,000		223,600
SESI LLC 7.125%, 12/15/21		300,000		306,375
7.75%, 9/15/24, 144A		100,000		104,250
Weatherford International Ltd. 7.75%, 6/15/21 (a)		274,000		274,000
4.50%, 4/15/22 (a)		200,000		177,000
8.25%, 6/15/23 (a)		300,000		291,750
9.875%, 2/15/24		150,000		149,250
				1,526,225

	Principal Amount		Value
Pipelines — 0.3%
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/01/25	$	250,000	$	250,625
6.25%, 5/15/26		170,000		164,900
				415,525
Financial — 8.6%
Banks — 0.2%
Intesa Sanpaolo SpA 5.017%, 6/26/24, 144A		250,000		249,789
5.71%, 1/15/26, 144A		70,000		71,580
				321,369
Diversified Financial Services — 4.2%
Ally Financial, Inc. 5.75%, 11/20/25		750,000		784,687
Intelsat Connect Finance SA, 144A 12.50%, 4/01/22 (a)		250,000		202,187
Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.375%, 4/01/20, 144A		150,000		152,552
6.875%, 4/15/22, 144A		500,000		502,500
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A 5.25%, 10/01/25		250,000		243,750
LPL Holdings, Inc., 144A 5.75%, 9/15/25		400,000		406,000
Navient Corp. 5.875%, 3/25/21		200,000		206,750
6.50%, 6/15/22		250,000		260,937
5.50%, 1/25/23		650,000		645,938
7.25%, 9/25/23		500,000		533,750
Series MTN, 6.125%, 3/25/24		100,000		101,500
5.875%, 10/25/24		100,000		99,500
Quicken Loans, Inc. 5.75%, 5/01/25, 144A		445,000		450,563
5.25%, 1/15/28, 144A		230,000		222,525
Springleaf Finance Corp. 8.25%, 12/15/20		375,000		409,688
6.125%, 5/15/22		250,000		257,500
5.625%, 3/15/23		281,000		278,541
				5,758,868
Insurance — 0.7%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A 8.25%, 8/01/23		150,000		156,375
Ardonagh Midco 3 PLC, 144A 8.625%, 7/15/23		130,000		134,875
AssuredPartners, Inc., 144A 7.00%, 8/15/25		50,000		51,250
Genworth Holdings, Inc. 7.625%, 9/24/21 (a)		550,000		542,300
4.80%, 2/15/24		25,000		21,500
				906,300

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Real Estate — 0.6%
Howard Hughes Corp., 144A 5.375%, 3/15/25	$	300,000	$	296,625
Hunt Cos., Inc., 144A 6.25%, 2/15/26		200,000		196,250
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A 4.875%, 6/01/23		375,000		364,687
				857,562
Real Estate Investment Trusts — 2.2%
CBL & Associates LP 5.25%, 12/01/23		100,000		85,112
5.95%, 12/15/26		200,000		170,501
Equinix, Inc. 5.375%, 5/15/27		250,000		255,625
ESH Hospitality, Inc., 144A 5.25%, 5/01/25		410,000		410,000
Iron Mountain, Inc. 5.75%, 8/15/24		130,000		130,000
4.875%, 9/15/27, 144A		420,000		397,950
iStar, Inc. 5.25%, 9/15/22		300,000		295,500
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/01/26		515,000		514,356
5.00%, 10/15/27		54,000		52,893
Starwood Property Trust, Inc., 144A 4.75%, 3/15/25		50,000		48,625
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A 7.125%, 12/15/24 (a)		30,000		27,038
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 6.00%, 4/15/23, 144A		100,000		97,000
8.25%, 10/15/23		494,000		463,125
VICI Properties 1 LLC / VICI FC, Inc. 8.00%, 10/15/23		42,100		46,836
				2,994,561
Venture Capital — 0.7%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 5.875%, 2/01/22		100,000		100,375
6.25%, 2/01/22		650,000		661,375
6.75%, 2/01/24		250,000		255,937
				1,017,687
Industrial — 7.8%
Aerospace/Defense — 0.8%
StandardAero Aviation Holdings, Inc., 144A 10.00%, 7/15/23		200,000		218,000
TransDigm, Inc. 6.50%, 5/15/25		500,000		513,750
6.375%, 6/15/26		381,000		390,525
				1,122,275

	Principal Amount		Value
Building Materials — 1.1%
Builders FirstSource, Inc., 144A 5.625%, 9/01/24	$	300,000	$	306,375
Griffon Corp. 5.25%, 3/01/22		205,000		206,281
Jeld-Wen, Inc. 4.625%, 12/15/25, 144A		100,000		98,000
4.875%, 12/15/27, 144A		100,000		97,250
Standard Industries, Inc. 6.00%, 10/15/25, 144A		340,000		360,825
5.00%, 2/15/27, 144A		140,000		139,125
Standard Industries, Inc./NJ, 144A 4.75%, 1/15/28		210,000		202,650
USG Corp., 144A 4.875%, 6/01/27		75,000		74,063
				1,484,569
Electrical Components & Equipment — 0.2%
Energizer Holdings, Inc., 144A 5.50%, 6/15/25		250,000		250,625
Electronics — 0.1%
Itron, Inc., 144A 5.00%, 1/15/26		150,000		149,625
Engineering & Construction — 0.5%
AECOM 5.125%, 3/15/27		350,000		339,832
Brand Industrial Services, Inc., 144A 8.50%, 7/15/25		341,000		353,788
				693,620
Environmental Control — 0.2%
Covanta Holding Corp. 5.875%, 3/01/24		150,000		150,750
5.875%, 7/01/25		150,000		149,625
				300,375
Machinery-Construction & Mining — 0.4%
BlueLine Rental Finance Corp. / BlueLine Rental LLC, 144A 9.25%, 3/15/24		300,000		325,125
Vertiv Group Corp., 144A 9.25%, 10/15/24		250,000		265,000
				590,125
Metal Fabricate/Hardware — 0.4%
Novelis Corp., 144A 5.875%, 9/30/26		570,000		575,700
Miscellaneous Manufacturing — 1.4%
Bombardier, Inc. 8.75%, 12/01/21, 144A		400,000		440,500
6.125%, 1/15/23, 144A		800,000		806,000
7.50%, 12/01/24, 144A		560,000		583,100
7.50%, 3/15/25, 144A		100,000		103,125
				1,932,725

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Packaging & Containers — 1.9%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 7.25%, 5/15/24, 144A	$	150,000	$	161,250
6.00%, 2/15/25, 144A		650,000		667,875
Berry Global, Inc., 144A 4.50%, 2/15/26		250,000		243,750
BWAY Holding Co. 5.50%, 4/15/24, 144A		530,000		543,250
7.25%, 4/15/25, 144A		250,000		258,750
Coveris Holdings SA, 144A 7.875%, 11/01/19		200,000		199,420
Flex Acquisition Co., Inc., 144A 6.875%, 1/15/25		190,000		192,731
Multi-Color Corp., 144A 4.875%, 11/01/25		150,000		144,375
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg, 144A 7.00%, 7/15/24		250,000		263,750
				2,675,151
Trucking & Leasing — 0.8%
Park Aerospace Holdings Ltd. 5.25%, 8/15/22, 144A		500,000		502,500
4.50%, 3/15/23, 144A		120,000		116,100
5.50%, 2/15/24, 144A		400,000		403,000
				1,021,600
Technology — 5.7%
Computers — 1.9%
Dell International LLC / EMC Corp., 144A 7.125%, 6/15/24		548,000		589,966
EMC Corp. 3.375%, 6/01/23		200,000		184,402
Exela Intermediate LLC / Exela Finance, Inc., 144A 10.00%, 7/15/23		270,000		270,337
Harland Clarke Holdings Corp. 9.25%, 3/01/21, 144A		250,000		259,375
8.375%, 8/15/22, 144A		300,000		311,250
NCR Corp. 5.00%, 7/15/22		300,000		302,250
Riverbed Technology, Inc., 144A 8.875%, 3/01/23		100,000		94,125
Sungard Availability Services Capital, Inc., 144A 8.75%, 4/01/22		125,000		78,437
West Corp., 144A 8.50%, 10/15/25		200,000		195,000
Western Digital Corp. 4.75%, 2/15/26		300,000		302,813
				2,587,955
Office/Business Equipment — 0.2%
CDW LLC / CDW Finance Corp. 5.00%, 9/01/25		350,000		354,375

	Principal Amount		Value
Semiconductors — 0.2%
Sensata Technologies BV, 144A 5.00%, 10/01/25	$	220,000	$	222,750
STATS ChipPAC Pte Ltd., 144A 8.50%, 11/24/20		100,000		107,375
				330,125
Software — 3.4%
BMC Software Finance, Inc., 144A 8.125%, 7/15/21		500,000		504,375
CDK Global, Inc. 5.00%, 10/15/24		180,000		182,700
4.875%, 6/01/27, 144A		200,000		198,940
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A 5.75%, 3/01/25		370,000		371,387
Infor US, Inc. 6.50%, 5/15/22		706,000		725,415
Informatica LLC, 144A 7.125%, 7/15/23		150,000		153,675
Nuance Communications, Inc. 5.625%, 12/15/26		300,000		305,250
Open Text Corp., 144A 5.875%, 6/01/26		430,000		448,275
Quintiles IMS, Inc., 144A 5.00%, 10/15/26		400,000		402,700
Rackspace Hosting, Inc., 144A 8.625%, 11/15/24		390,000		407,125
Solera LLC / Solera Finance, Inc., 144A 10.50%, 3/01/24		500,000		563,900
Veritas US, Inc. / Veritas Bermuda Ltd., 144A 10.50%, 2/01/24		400,000		384,000
				4,647,742
Utilities — 3.0%
Electric — 2.8%
Calpine Corp. 5.375%, 1/15/23		300,000		293,625
5.50%, 2/01/24		100,000		94,000
5.75%, 1/15/25		350,000		329,000
5.25%, 6/01/26, 144A		360,000		350,550
Dynegy, Inc. 7.625%, 11/01/24		350,000		378,000
8.00%, 1/15/25, 144A (a)		700,000		763,875
InterGen NV, 144A 7.00%, 6/30/23		300,000		300,000
NRG Energy, Inc. 7.25%, 5/15/26		300,000		321,720
6.625%, 1/15/27		300,000		311,250
5.75%, 1/15/28, 144A		206,000		203,899
Talen Energy Supply LLC 9.50%, 7/15/22, 144A		100,000		100,500
10.50%, 1/15/26, 144A		400,000		376,000
				3,822,419

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.75%, 5/20/27	$	180,000	$	179,100
NGL Energy Partners LP / NGL Energy Finance Corp. 6.125%, 3/01/25		100,000		96,500
				275,600
TOTAL CORPORATE BONDS (Cost $136,302,155)				134,140,242

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 7.4%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32%(b)(c) (Cost $10,200,239)		10,200,239	$	10,200,239
TOTAL INVESTMENTS — 104.6% (Cost $146,502,394)			$	144,340,481
Other assets and liabilities, net — (4.6%)				(6,338,129	)
NET ASSETS — 100.0%			$	138,002,352

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2018 is as follows:

Value ($) at 1/11/2018 Commence- ment of Operations	Purchases Cost ($)	Sales Proceeds ($)	Net Realized Gain/(Loss) ($)	Net Change in Unrealized Appreciation (Depreciation) ($)	Income ($)	Capital Gain Distributions ($)	Number of Shares at 2/28/2018	Value ($) at 2/28/2018
SECURITIES LENDING COLLATERAL — 7.4%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32%(b)(c)
—	10,200,239	—	—	—	15,400	—	10,200,239	10,200,239

(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 February 28, 2018 amounted to $9,726,602, which is 7.0% of net assets.

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

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested for the period ended February 28, 2018.

MTN: Medium Term Note

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

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 February 28, 2018 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)	$	—	$	134,140,242	$	—	$	134,140,242
Short-Term Investments		10,200,239		—		—		10,200,239
TOTAL	$	10,200,239	$	134,140,242	$	—	$	144,340,481

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

There have been no transfers between fair value measurement levels during the period ended February 28, 2018.

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF

February 28, 2018 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 95.5%
Basic Materials — 5.3%
Chemicals — 1.9%
Ashland LLC 4.75%, 8/15/22	$	150,000	$	153,750
Blue Cube Spinco, Inc. 9.75%, 10/15/23		525,000		611,625
10.00%, 10/15/25		525,000		628,687
CF Industries, Inc. 7.125%, 5/01/20		175,000		187,031
3.45%, 6/01/23		250,000		243,125
PolyOne Corp. 5.25%, 3/15/23		125,000		126,563
WR Grace & Co.-Conn, 144A 5.125%, 10/01/21		500,000		518,750
				2,469,531
Iron/Steel — 1.5%
ArcelorMittal 6.50%, 2/25/22		1,100,000		1,201,750
Steel Dynamics, Inc. 5.125%, 10/01/21		300,000		304,500
5.25%, 4/15/23		410,000		420,250
				1,926,500
Mining — 1.9%
Alcoa Nederland Holding BV, 144A 6.75%, 9/30/24		40,000		43,100
Freeport-McMoRan, Inc. 3.10%, 3/15/20		400,000		397,500
4.00%, 11/14/21		250,000		250,000
6.875%, 2/15/23		500,000		541,250
Kinross Gold Corp. 5.125%, 9/01/21		300,000		311,250
5.95%, 3/15/24		150,000		161,280
Teck Resources Ltd. 4.75%, 1/15/22		200,000		204,000
8.50%, 6/01/24, 144A (a)		600,000		669,000
				2,577,380
Communications — 18.4%
Advertising — 0.8%
Lamar Media Corp. 5.00%, 5/01/23		250,000		256,250
5.375%, 1/15/24		100,000		103,589
Outfront Media Capital LLC / Outfront Media Capital Corp. 5.25%, 2/15/22		581,000		595,525
5.625%, 2/15/24		75,000		76,125
				1,031,489
Internet — 1.9%
Match Group, Inc., 144A 5.00%, 12/15/27		306,000		309,136
Netflix, Inc. 5.375%, 2/01/21		40,000		41,750
5.50%, 2/15/22		150,000		156,750
5.75%, 3/01/24		500,000		526,875
4.375%, 11/15/26		225,000		217,125

	Principal Amount		Value
Internet (Continued)
Symantec Corp. 4.20%, 9/15/20	$	150,000	$	153,216
3.95%, 6/15/22		125,000		125,374
VeriSign, Inc. 4.625%, 5/01/23		20,000		20,250
5.25%, 4/01/25		150,000		154,875
4.75%, 7/15/27		325,000		318,500
Zayo Group LLC / Zayo Capital, Inc. 6.00%, 4/01/23		500,000		521,875
				2,545,726
Media — 8.1%
Altice US Finance I Corp., 144A 5.375%, 7/15/23		200,000		203,750
AMC Networks, Inc. 5.00%, 4/01/24		350,000		351,750
Cablevision Systems Corp. 8.00%, 4/15/20		350,000		372,820
CCO Holdings LLC / CCO Holdings Capital Corp. 5.25%, 9/30/22		500,000		510,000
4.00%, 3/01/23, 144A		30,000		29,287
5.125%, 5/01/23, 144A		900,000		919,125
5.75%, 9/01/23		380,000		388,550
5.875%, 4/01/24, 144A		500,000		517,700
Cequel Communications Holdings I LLC / Cequel Capital Corp. 5.125%, 12/15/21, 144A		500,000		500,625
5.125%, 12/15/21, 144A		150,000		149,861
CSC Holdings LLC 6.75%, 11/15/21		393,000		414,369
6.625%, 10/15/25, 144A		290,000		305,225
DISH DBS Corp. 7.875%, 9/01/19		350,000		370,125
5.125%, 5/01/20		500,000		501,250
6.75%, 6/01/21		500,000		515,000
Quebecor Media, Inc. 5.75%, 1/15/23		400,000		417,000
Sinclair Television Group, Inc. 5.375%, 4/01/21		300,000		304,500
Sirius XM Radio, Inc. 3.875%, 8/01/22, 144A		350,000		344,750
6.00%, 7/15/24, 144A		300,000		314,250
5.375%, 4/15/25, 144A		189,000		192,544
5.375%, 7/15/26, 144A		550,000		558,250
TEGNA, Inc. 6.375%, 10/15/23		445,000		465,581
Tribune Media Co. 5.875%, 7/15/22		450,000		461,250
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH, 144A 5.00%, 1/15/25		50,000		51,125
Videotron Ltd. 5.00%, 7/15/22		200,000		206,750
5.375%, 6/15/24, 144A		300,000		311,625
Virgin Media Secured Finance PLC 5.50%, 1/15/25, 144A		500,000		505,625

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Media (Continued)
5.25%, 1/15/26, 144A	$	400,000	$	393,500
				10,576,187
Telecommunications — 7.6%
CommScope, Inc., 144A 5.00%, 6/15/21		200,000		203,500
Hughes Satellite Systems Corp. 7.625%, 6/15/21		450,000		486,000
Inmarsat Finance PLC, 144A 4.875%, 5/15/22		350,000		348,355
Level 3 Financing, Inc. 6.125%, 1/15/21		120,000		122,175
5.375%, 8/15/22		300,000		303,750
5.625%, 2/01/23		100,000		101,250
5.125%, 5/01/23		280,000		280,700
Nokia OYJ 5.375%, 5/15/19		50,000		51,327
3.375%, 6/12/22		175,000		170,607
Qwest Corp. 6.75%, 12/01/21		225,000		240,838
Sable International Finance Ltd., 144A 6.875%, 8/01/22		100,000		106,250
SoftBank Group Corp., 144A 4.50%, 4/15/20		200,000		202,250
Sprint Communications, Inc. 7.00%, 3/01/20, 144A		500,000		529,375
7.00%, 8/15/20		650,000		681,687
Telecom Italia SpA, 144A 5.303%, 5/30/24		500,000		520,000
Telefonaktiebolaget LM Ericsson 4.125%, 5/15/22		200,000		198,302
T-Mobile USA, Inc. 6.00%, 3/01/23		650,000		677,625
6.625%, 4/01/23		500,000		518,950
6.836%, 4/28/23		250,000		260,000
6.50%, 1/15/24		500,000		525,000
6.00%, 4/15/24		350,000		364,875
6.375%, 3/01/25		300,000		317,250
5.125%, 4/15/25		500,000		506,250
6.50%, 1/15/26		150,000		161,250
5.375%, 4/15/27		450,000		461,250
4.75%, 2/01/28		450,000		439,484
VEON Holdings BV 3.95%, 6/16/21, 144A		500,000		497,150
5.95%, 2/13/23, 144A		200,000		210,602
4.95%, 6/16/24, 144A		400,000		398,352
				9,884,404
Consumer, Cyclical — 14.9%
Airlines — 0.4%
American Airlines Group, Inc. 5.50%, 10/01/19, 144A		20,000		20,500
4.625%, 3/01/20, 144A		300,000		304,125
United Continental Holdings, Inc. 4.25%, 10/01/22		220,000		219,587
				544,212

	Principal Amount		Value
Apparel — 0.3%
Hanesbrands, Inc., 144A 4.625%, 5/15/24	$	250,000	$	248,750
Levi Strauss & Co. 5.00%, 5/01/25		200,000		205,504
				454,254
Auto Manufacturers — 1.0%
Fiat Chrysler Automobiles NV 4.50%, 4/15/20		650,000		661,375
5.25%, 4/15/23		100,000		103,250
Jaguar Land Rover Automotive PLC, 144A 4.25%, 11/15/19		500,000		504,375
				1,269,000
Auto Parts & Equipment — 1.6%
Allison Transmission, Inc., 144A 5.00%, 10/01/24		350,000		355,687
American Axle & Manufacturing, Inc. 6.625%, 10/15/22		200,000		207,000
Dana, Inc. 5.50%, 12/15/24		300,000		307,500
Goodyear Tire & Rubber Co. 5.125%, 11/15/23		472,000		483,654
ZF North America Capital, Inc. 4.00%, 4/29/20, 144A		50,000		51,063
4.50%, 4/29/22, 144A		100,000		102,875
4.75%, 4/29/25, 144A		550,000		567,875
				2,075,654
Distribution/Wholesale — 0.4%
HD Supply, Inc., 144A 5.75%, 4/15/24		370,000		388,963
LKQ Corp. 4.75%, 5/15/23		100,000		101,750
				490,713
Entertainment — 2.3%
Cinemark USA, Inc. 5.125%, 12/15/22		75,000		76,500
GLP Capital LP / GLP Financing II, Inc. 4.875%, 11/01/20		350,000		358,750
5.375%, 11/01/23		500,000		523,125
5.375%, 4/15/26		25,000		25,875
International Game Technology PLC 5.625%, 2/15/20, 144A		500,000		519,000
6.25%, 2/15/22, 144A		650,000		689,813
Lions Gate Entertainment Corp., 144A 5.875%, 11/01/24		200,000		209,920
Regal Entertainment Group 5.75%, 3/15/22		200,000		206,000
Scientific Games International, Inc., 144A 7.00%, 1/01/22		218,000		229,445
WMG Acquisition Corp., 144A 6.75%, 4/15/22		200,000		208,000
				3,046,428

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Food Service — 0.5%
Aramark Services, Inc. 5.125%, 1/15/24	$	391,000	$	399,797
4.75%, 6/01/26		300,000		297,000
				696,797
Home Builders — 1.9%
Beazer Homes USA, Inc. 8.75%, 3/15/22		700,000		757,750
KB Home 7.00%, 12/15/21		200,000		218,000
Lennar Corp. 4.50%, 11/15/19		50,000		50,875
8.375%, 1/15/21, 144A		200,000		224,100
4.75%, 4/01/21		30,000		30,750
4.875%, 12/15/23		600,000		610,500
4.50%, 4/30/24		100,000		99,500
5.875%, 11/15/24, 144A		150,000		160,125
4.75%, 5/30/25		70,000		69,912
PulteGroup, Inc. 4.25%, 3/01/21		20,000		20,400
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 144A 5.25%, 4/15/21		30,000		30,337
Toll Brothers Finance Corp. 5.875%, 2/15/22		150,000		160,313
				2,432,562
Leisure Time — 0.4%
NCL Corp. Ltd., 144A 4.75%, 12/15/21		500,000		511,875
Lodging — 2.3%
Boyd Gaming Corp. 6.875%, 5/15/23		100,000		105,875
Hilton Domestic Operating Co., Inc. 4.25%, 9/01/24		30,000		29,550
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 4.625%, 4/01/25		280,000		281,750
4.875%, 4/01/27		350,000		350,875
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 144A 6.75%, 11/15/21		200,000		208,894
MGM Resorts International 5.25%, 3/31/20		100,000		103,375
6.75%, 10/01/20		683,000		730,810
6.625%, 12/15/21		650,000		703,982
7.75%, 3/15/22		225,000		251,437
6.00%, 3/15/23		250,000		266,563
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A 4.25%, 5/30/23		30,000		30,338
				3,063,449
Retail — 3.8%
1011778 BC ULC / New Red Finance, Inc. 4.625%, 1/15/22, 144A		480,000		484,200
4.25%, 5/15/24, 144A		400,000		383,000

	Principal Amount		Value
Retail (Continued)
Dollar Tree, Inc. 5.75%, 3/01/23	$	700,000	$	728,437
Group 1 Automotive, Inc. 5.00%, 6/01/22		150,000		153,750
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 5.00%, 6/01/24, 144A		300,000		303,750
5.25%, 6/01/26, 144A		300,000		304,500
L Brands, Inc. 6.625%, 4/01/21		450,000		482,486
5.625%, 2/15/22		200,000		209,000
5.625%, 10/15/23 (a)		150,000		158,250
Michaels Stores, Inc., 144A 5.875%, 12/15/20		283,000		287,599
QVC, Inc. 4.375%, 3/15/23		150,000		149,808
4.85%, 4/01/24		55,000		55,781
4.45%, 2/15/25		450,000		442,073
Rite Aid Corp. 9.25%, 3/15/20		750,000		759,375
				4,902,009
Consumer, Non-cyclical — 16.3%
Commercial Services — 4.0%
ADT Corp. 6.25%, 10/15/21		45,000		48,009
3.50%, 7/15/22		535,000		513,600
4.125%, 6/15/23		300,000		292,500
APX Group, Inc. 7.875%, 12/01/22		350,000		369,687
Ashtead Capital, Inc. 5.625%, 10/01/24, 144A		200,000		210,000
4.125%, 8/15/25, 144A		140,000		137,200
4.375%, 8/15/27, 144A		140,000		135,450
Ceridian HCM Holding, Inc., 144A 11.00%, 3/15/21		590,000		610,402
Herc Rentals, Inc., 144A 7.50%, 6/01/22		225,000		241,875
Nielsen Co. Luxembourg SARL, 144A 5.50%, 10/01/21		350,000		358,750
Nielsen Finance LLC / Nielsen Finance Co., 144A 5.00%, 4/15/22		610,000		618,388
Service Corp. International 5.375%, 1/15/22		68,000		69,615
5.375%, 5/15/24		75,000		77,618
4.625%, 12/15/27		170,000		166,600
United Rentals North America, Inc. 4.625%, 7/15/23		750,000		769,688
5.75%, 11/15/24		100,000		103,625
5.50%, 7/15/25		20,000		20,675
4.625%, 10/15/25		500,000		488,750
				5,232,432
Cosmetics/Personal Care — 0.5%
Edgewell Personal Care Co. 4.70%, 5/24/22		560,000		564,200

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Cosmetics/Personal Care (Continued)
First Quality Finance Co., Inc., 144A 4.625%, 5/15/21	$	50,000	$	50,000
				614,200
Food — 1.3%
B&G Foods, Inc. 4.625%, 6/01/21		200,000		201,250
Darling Ingredients, Inc. 5.375%, 1/15/22		330,000		339,075
Lamb Weston Holdings, Inc. 4.625%, 11/01/24, 144A		225,000		227,250
4.875%, 11/01/26, 144A		285,000		285,712
TreeHouse Foods, Inc. 4.875%, 3/15/22		510,000		509,363
US Foods, Inc., 144A 5.875%, 6/15/24		180,000		187,650
				1,750,300
Healthcare-Products — 0.5%
Hologic, Inc., 144A 4.375%, 10/15/25		400,000		391,500
Teleflex, Inc. 4.875%, 6/01/26		300,000		298,500
				690,000
Healthcare-Services — 8.7%
Acadia Healthcare Co., Inc. 5.625%, 2/15/23		300,000		309,285
Centene Corp. 5.625%, 2/15/21		1,120,000		1,149,400
4.75%, 5/15/22		75,000		76,641
6.125%, 2/15/24		500,000		526,250
4.75%, 1/15/25		20,000		19,937
DaVita, Inc. 5.75%, 8/15/22		200,000		206,000
5.125%, 7/15/24		550,000		547,250
5.00%, 5/01/25		475,000		467,281
Encompass Health Corp. 5.75%, 11/01/24		376,000		381,170
Envision Healthcare Corp. 5.625%, 7/15/22		305,000		311,481
6.25%, 12/01/24, 144A		280,000		296,100
HCA Healthcare, Inc. 6.25%, 2/15/21		250,000		263,750
HCA, Inc. 7.50%, 2/15/22		850,000		942,438
5.875%, 3/15/22		600,000		637,500
4.75%, 5/01/23		525,000		535,500
5.375%, 2/01/25		375,000		382,151
5.25%, 4/15/25		300,000		309,000
5.875%, 2/15/26		200,000		207,500
5.25%, 6/15/26		200,000		205,500
4.50%, 2/15/27		400,000		391,500
Kindred Healthcare, Inc. 8.00%, 1/15/20		200,000		214,750
LifePoint Health, Inc. 5.50%, 12/01/21		320,000		323,600

	Principal Amount		Value
Healthcare-Services (Continued)
MEDNAX, Inc., 144A 5.25%, 12/01/23	$	200,000	$	205,250
Molina Healthcare, Inc. 5.375%, 11/15/22		300,000		300,000
Select Medical Corp. 6.375%, 6/01/21		400,000		409,460
Tenet Healthcare Corp. 4.50%, 4/01/21		550,000		554,510
4.375%, 10/01/21		740,000		740,000
4.625%, 7/15/24, 144A		400,000		385,500
				11,298,704
Household Products/Wares — 0.5%
Spectrum Brands, Inc. 6.625%, 11/15/22		200,000		207,250
5.75%, 7/15/25		369,000		381,915
				589,165
Pharmaceuticals — 0.8%
Catalent Pharma Solutions, Inc., 144A 4.875%, 1/15/26		150,000		148,875
Valeant Pharmaceuticals International, Inc., 144A 7.00%, 3/15/24		900,000		950,625
				1,099,500
Energy — 14.6%
Coal — 0.0%
Peabody Energy Corp., 144A 6.00%, 3/31/22		25,000		25,719
Energy-Alternate Sources — 0.4%
TerraForm Power Operating LLC 4.25%, 1/31/23, 144A		450,000		442,125
5.00%, 1/31/28, 144A		100,000		97,155
				539,280
Oil & Gas — 8.5%
Aker BP ASA, 144A 6.00%, 7/01/22		100,000		104,250
Antero Resources Corp. 5.375%, 11/01/21		725,000		744,031
5.625%, 6/01/23		40,000		41,200
5.00%, 3/01/25		425,000		430,304
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A 11.50%, 1/15/21		100,000		112,375
Chesapeake Energy Corp. 6.625%, 8/15/20		350,000		362,145
8.00%, 12/15/22, 144A		80,000		85,400
CNX Resources Corp. 5.875%, 4/15/22		550,000		554,469
8.00%, 4/01/23		150,000		159,187
Continental Resources, Inc. 5.00%, 9/15/22		575,000		585,063
3.80%, 6/01/24		150,000		146,250
4.375%, 1/15/28, 144A		660,000		644,325
Diamondback Energy, Inc. 5.375%, 5/31/25		250,000		250,625

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Endeavor Energy Resources LP / EER Finance, Inc., 144A 5.50%, 1/30/26	$	150,000	$	149,250
Hilcorp Energy I LP / Hilcorp Finance Co., 144A 5.00%, 12/01/24		150,000		151,500
Murphy Oil Corp. 4.45%, 12/01/22		250,000		247,500
5.75%, 8/15/25		190,000		189,810
Nabors Industries, Inc. 5.00%, 9/15/20		300,000		302,250
Newfield Exploration Co. 5.625%, 7/01/24		600,000		634,500
5.375%, 1/01/26		45,000		46,688
Oasis Petroleum, Inc. 6.875%, 3/15/22		250,000		256,719
Parsley Energy LLC / Parsley Finance Corp. 5.375%, 1/15/25, 144A		250,000		248,750
5.25%, 8/15/25, 144A		350,000		346,500
PDC Energy, Inc. 6.125%, 9/15/24		120,000		123,300
Puma International Financing SA, 144A 5.00%, 1/24/26		325,000		319,291
QEP Resources, Inc. 5.375%, 10/01/22		200,000		204,000
5.25%, 5/01/23		200,000		199,500
Range Resources Corp. 5.00%, 3/15/23		752,000		738,840
RSP Permian, Inc. 6.625%, 10/01/22		250,000		261,250
5.25%, 1/15/25		100,000		101,250
Sable Permian Resources Land LLC / AEPB Finance Corp., 144A 13.00%, 11/30/20		150,000		173,437
Seven Generations Energy Ltd. 6.75%, 5/01/23, 144A		200,000		208,500
6.875%, 6/30/23, 144A		200,000		209,000
5.375%, 9/30/25, 144A		200,000		196,000
Southwestern Energy Co. 4.10%, 3/15/22		250,000		235,625
Sunoco LP / Sunoco Finance Corp. 4.875%, 1/15/23, 144A		500,000		498,700
5.50%, 2/15/26, 144A		100,000		100,250
Whiting Petroleum Corp. 5.75%, 3/15/21 (a)		225,000		230,625
WPX Energy, Inc. 6.00%, 1/15/22		450,000		469,125
				11,061,784
Pipelines — 5.7%
Cheniere Corpus Christi Holdings LLC 7.00%, 6/30/24		200,000		224,550
5.875%, 3/31/25		100,000		106,125
5.125%, 6/30/27		875,000		888,125
Cheniere Energy Partners LP, 144A 5.25%, 10/01/25		500,000		506,250

	Principal Amount		Value
Pipelines (Continued)
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 6.25%, 4/01/23	$	90,000	$	93,150
5.75%, 4/01/25		225,000		228,656
DCP Midstream Operating LP 9.75%, 3/15/19, 144A		200,000		213,000
4.75%, 9/30/21, 144A		300,000		306,750
3.875%, 3/15/23		150,000		147,000
Energy Transfer Equity LP 7.50%, 10/15/20		325,000		353,437
4.25%, 3/15/23		150,000		147,516
5.875%, 1/15/24		100,000		106,250
5.50%, 6/01/27		550,000		570,625
Genesis Energy LP / Genesis Energy Finance Corp. 6.75%, 8/01/22		350,000		361,375
NGPL PipeCo LLC, 144A 4.875%, 8/15/27		350,000		354,375
NuStar Logistics LP 4.80%, 9/01/20		150,000		151,875
5.625%, 4/28/27		150,000		148,875
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144A 5.50%, 1/15/28		350,000		351,312
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 4.125%, 11/15/19		500,000		505,000
5.25%, 5/01/23		100,000		101,688
6.75%, 3/15/24		295,000		314,175
5.375%, 2/01/27		350,000		351,313
5.00%, 1/15/28, 144A		145,000		141,375
Williams Cos., Inc. 3.70%, 1/15/23		450,000		439,313
4.55%, 6/24/24		330,000		334,125
				7,446,235
Financial — 9.2%
Banks — 2.0%
CIT Group, Inc. 5.00%, 8/15/22		325,000		335,969
5.00%, 8/01/23		300,000		309,000
Royal Bank of Scotland Group PLC 6.125%, 12/15/22		1,091,000		1,164,566
6.00%, 12/19/23		500,000		534,407
5.125%, 5/28/24		250,000		256,432
				2,600,374
Diversified Financial Services — 2.9%
Aircastle Ltd. 5.125%, 3/15/21		6,000		6,187
5.50%, 2/15/22		500,000		522,500
5.00%, 4/01/23		175,000		180,887
4.125%, 5/01/24		100,000		98,875
Ally Financial, Inc. 7.50%, 9/15/20		500,000		545,000
5.125%, 9/30/24		650,000		676,000
4.625%, 3/30/25		350,000		353,063

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Diversified Financial Services (Continued)
Lincoln Finance Ltd., 144A 7.375%, 4/15/21	$	100,000	$	104,375
Navient Corp. Series MTN, 4.875%, 6/17/19		200,000		202,750
Series MTN, 8.00%, 3/25/20		341,000		366,149
5.00%, 10/26/20		300,000		302,625
Springleaf Finance Corp. 5.25%, 12/15/19		300,000		306,000
Vantiv LLC / Vanity Issuer Corp., 144A 4.375%, 11/15/25		120,000		116,700
				3,781,111
Insurance — 0.5%
Radian Group, Inc. 4.50%, 10/01/24		700,000		700,210
Real Estate — 0.3%
Realogy Group LLC / Realogy Co.-Issuer Corp. 4.50%, 4/15/19, 144A		175,000		177,844
5.25%, 12/01/21, 144A		150,000		152,062
				329,906
Real Estate Investment Trusts — 3.0%
CyrusOne LP / CyrusOne Finance Corp. 5.00%, 3/15/24		200,000		202,000
Equinix, Inc. 5.375%, 1/01/22		1,070,000		1,111,462
5.75%, 1/01/25		325,000		341,250
5.875%, 1/15/26		50,000		52,500
Iron Mountain, Inc., 144A 4.375%, 6/01/21		550,000		557,700
iStar, Inc. 5.00%, 7/01/19		200,000		200,625
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 5.625%, 5/01/24		235,000		244,283
MPT Operating Partnership LP / MPT Finance Corp. 6.375%, 3/01/24		150,000		158,625
SBA Communications Corp. 4.00%, 10/01/22, 144A		450,000		443,250
4.875%, 9/01/24		350,000		346,500
Starwood Property Trust, Inc. 5.00%, 12/15/21		300,000		307,500
				3,965,695
Venture Capital — 0.5%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.00%, 8/01/20		578,000		589,632
Industrial — 7.4%
Aerospace/Defense — 1.4%
Arconic, Inc. 6.15%, 8/15/20		250,000		265,582
5.40%, 4/15/21		300,000		313,125
5.87%, 2/23/22		450,000		479,250

	Principal Amount		Value
Aerospace/Defense (Continued)
5.125%, 10/01/24	$	300,000	$	311,813
TransDigm, Inc. 5.50%, 10/15/20		500,000		505,000
				1,874,770
Building Materials — 0.5%
Standard Industries, Inc., 144A 5.375%, 11/15/24		385,000		395,588
Summit Materials LLC / Summit Materials Finance Corp. 6.125%, 7/15/23		176,000		182,160
				577,748
Electrical Components & Equipment — 0.4%
General Cable Corp. 5.75%, 10/01/22		550,000		567,875
Engineering & Construction — 0.3%
AECOM 5.875%, 10/15/24		335,000		350,912
Environmental Control — 0.3%
Clean Harbors, Inc. 5.125%, 6/01/21		300,000		302,625
GFL Environmental, Inc., 144A 9.875%, 2/01/21		130,000		137,475
				440,100
Machinery-Diversified — 0.4%
CNH Industrial NV 4.50%, 8/15/23		200,000		204,908
Series MTN, 3.85%, 11/15/27		125,000		121,262
Welbilt, Inc. 9.50%, 2/15/24		150,000		167,250
				493,420
Miscellaneous Manufacturing — 0.3%
Bombardier, Inc., 144A 7.75%, 3/15/20		400,000		428,500
Packaging & Containers — 3.3%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 4.25%, 9/15/22, 144A		250,000		249,687
4.625%, 5/15/23, 144A		300,000		300,750
Ball Corp. 4.375%, 12/15/20		600,000		615,750
4.00%, 11/15/23		100,000		99,375
5.25%, 7/01/25		350,000		368,813
Berry Global, Inc. 5.50%, 5/15/22		175,000		180,031
5.125%, 7/15/23		550,000		563,750
Crown Americas LLC / Crown Americas Capital Corp. IV 4.50%, 1/15/23		260,000		263,250
Owens-Brockway Glass Container, Inc. 5.00%, 1/15/22, 144A		20,000		20,475
5.875%, 8/15/23, 144A		350,000		365,531

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Packaging & Containers (Continued)
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg 5.75%, 10/15/20	$	242,277	$	246,214
5.125%, 7/15/23, 144A		475,000		484,500
Sealed Air Corp. 5.125%, 12/01/24, 144A		225,000		232,875
5.50%, 9/15/25, 144A		300,000		314,625
				4,305,626
Transportation — 0.5%
XPO Logistics, Inc. 6.50%, 6/15/22, 144A		500,000		521,250
6.125%, 9/01/23, 144A		150,000		156,188
				677,438
Technology — 6.3%
Computers — 1.5%
Dell International LLC / EMC Corp., 144A 5.875%, 6/15/21		280,000		287,000
Dell, Inc. 5.875%, 6/15/19 (a)		750,000		773,520
4.625%, 4/01/21		100,000		101,438
EMC Corp. 2.65%, 6/01/20		435,000		423,375
Leidos Holdings, Inc. 4.45%, 12/01/20		200,000		205,532
NCR Corp. 4.625%, 2/15/21		200,000		199,000
				1,989,865
Office/Business Equipment — 0.3%
CDW LLC / CDW Finance Corp. 5.00%, 9/01/23		150,000		152,625
5.50%, 12/01/24		200,000		210,000
				362,625
Semiconductors — 1.8%
Micron Technology, Inc. 5.25%, 1/15/24, 144A		220,000		226,600
5.50%, 2/01/25		206,000		214,755
NXP BV / NXP Funding LLC 4.125%, 6/15/20, 144A		55,000		56,100
3.875%, 9/01/22, 144A		900,000		904,230
4.625%, 6/01/23, 144A		125,000		128,937
Qorvo, Inc. 6.75%, 12/01/23		540,000		574,425
Sensata Technologies BV, 144A 4.875%, 10/15/23		250,000		254,688
				2,359,735
Software — 2.7%
First Data Corp. 5.375%, 8/15/23, 144A		565,000		576,249
7.00%, 12/01/23, 144A		475,000		500,531
5.00%, 1/15/24, 144A		646,000		652,460
5.75%, 1/15/24, 144A		700,000		714,875

	Principal Amount		Value
Software (Continued)
MSCI, Inc., 144A 5.25%, 11/15/24	$	500,000	$	513,400
Nuance Communications, Inc., 144A 5.375%, 8/15/20		250,000		252,812
Open Text Corp., 144A 5.625%, 1/15/23		20,000		20,925
Quintiles IMS, Inc., 144A 4.875%, 5/15/23		225,000		232,313
				3,463,565
Utilities — 3.1%
Electric — 2.6%
AES Corp. 7.375%, 7/01/21		200,000		221,000
4.875%, 5/15/23		410,000		415,637
5.50%, 4/15/25		200,000		206,000
AES Corp./VA 6.00%, 5/15/26		500,000		527,500
Calpine Corp. 6.00%, 1/15/22, 144A		250,000		258,125
5.875%, 1/15/24, 144A		200,000		204,750
DPL, Inc. 7.25%, 10/15/21		34,000		37,188
Dynegy, Inc. 7.375%, 11/01/22 (a)		505,000		533,406
NextEra Energy Operating Partners LP 4.25%, 9/15/24, 144A		300,000		296,625
4.50%, 9/15/27, 144A		50,000		48,313
NRG Energy, Inc. 6.25%, 5/01/24		500,000		520,000
NRG Yield Operating LLC 5.375%, 8/15/24		170,000		172,655
				3,441,199
Gas — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		650,000		648,375
TOTAL CORPORATE BONDS (Cost $126,515,723)				124,794,170
	Number of Shares
SECURITIES LENDING COLLATERAL — 1.5%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32%(b)(c) (Cost $1,998,830)		1,998,830		1,998,830
TOTAL INVESTMENTS — 97.0% (Cost $128,514,553)			$	126,793,000
Other assets and liabilities, net — 3.0%				3,901,463
NET ASSETS — 100.0%			$	130,694,463

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2018 is as follows:

Value ($) at 1/11/2018 Commence- ment of Operations		Purchases Cost ($)	Sales Proceeds ($)	Net Realized Gain/(Loss) ($)	Net Change in Unrealized Appreciation (Depreciation) ($)	Income ($)	Capital Gain Distributions ($)	Number of Shares at 2/28/2018	Value ($) at 2/28/2018
	SECURITIES LENDING COLLATERAL — 1.5%
	Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32%(b)(c)
	—	1,998,830	—	—	—	75	—	1,998,830	1,998,830

(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 February 28, 2018 amounted to $1,922,774, which is 1.5% of net assets.

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

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested for the period ended February 28, 2018.

MTN: Medium Term Note

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

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 February 28, 2018 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)	$	—	$	124,794,170	$	—	$	124,794,170
Short-Term Investments		1,998,830		—		—		1,998,830
TOTAL	$	1,998,830	$	124,794,170	$	—	$	126,793,000

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

There have been no transfers between fair value measurement levels during the period ended February 28, 2018.

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF

February 28, 2018 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 96.7%
Basic Materials — 5.5%
Chemicals — 2.3%
Ashland LLC 4.75%, 8/15/22	$	50,000	$	51,250
CF Industries, Inc. 7.125%, 5/01/20		100,000		106,875
Hexion, Inc. 6.625%, 4/15/20		200,000		187,000
10.375%, 2/01/22, 144A		25,000		24,500
Huntsman International LLC 4.875%, 11/15/20		50,000		51,326
Momentive Performance Materials, Inc. 3.88%, 10/24/21		50,000		52,125
Perstorp Holding AB, 144A 11.00%, 9/30/21		75,000		82,500
Platform Specialty Products Corp., 144A 6.50%, 2/01/22		100,000		102,875
WR Grace & Co.-Conn, 144A 5.125%, 10/01/21		100,000		103,750
				762,201
Iron/Steel — 1.4%
AK Steel Corp. 7.625%, 10/01/21 (a)		250,000		259,375
Allegheny Technologies, Inc. 5.95%, 1/15/21		36,000		36,855
ArcelorMittal 6.50%, 2/25/22		100,000		109,250
United States Steel Corp. 7.375%, 4/01/20 (a)		44,000		47,265
				452,745
Mining — 1.8%
Aleris International, Inc. 7.875%, 11/01/20		250,000		248,895
FMG Resources August 2006 Pty Ltd., 144A 4.75%, 5/15/22		50,000		50,150
Freeport-McMoRan, Inc. 2.375%, 3/15/18		25,000		24,992
3.55%, 3/01/22		200,000		195,060
Joseph T Ryerson & Son, Inc., 144A 11.00%, 5/15/22		50,000		55,793
				574,890
Communications — 23.2%
Advertising — 1.0%
Acosta, Inc., 144A 7.75%, 10/01/22		35,000		25,200
Outfront Media Capital LLC / Outfront Media Capital Corp. 5.25%, 2/15/22		275,000		281,875
				307,075
Internet — 1.8%
Netflix, Inc. 5.375%, 2/01/21		225,000		234,844
5.50%, 2/15/22		25,000		26,125

	Principal Amount		Value
Internet (Continued)
Symantec Corp. 4.20%, 9/15/20	$	100,000	$	102,144
3.95%, 6/15/22		50,000		50,149
TIBCO Software, Inc., 144A 11.375%, 12/01/21		150,000		163,808
				577,070
Media — 9.4%
Altice Financing SA, 144A 6.625%, 2/15/23		200,000		200,250
Altice Luxembourg SA, 144A 7.75%, 5/15/22		200,000		187,250
Cablevision Systems Corp. 8.00%, 4/15/20		50,000		53,260
5.875%, 9/15/22		25,000		25,062
CCO Holdings LLC / CCO Holdings Capital Corp. 5.25%, 9/30/22		200,000		204,000
Cequel Communications Holdings I LLC / Cequel Capital Corp., 144A 5.125%, 12/15/21		275,000		274,744
Clear Channel Worldwide Holdings, Inc. Series B, 7.625%, 3/15/20		75,000		75,188
Series A, 6.50%, 11/15/22		75,000		77,288
Series B, 6.50%, 11/15/22		125,000		128,750
DISH DBS Corp. 4.25%, 4/01/18		23,000		23,086
7.875%, 9/01/19		100,000		105,750
5.125%, 5/01/20		100,000		100,250
6.75%, 6/01/21		150,000		154,500
5.875%, 7/15/22		175,000		171,281
iHeartCommunications, Inc. 9.00%, 12/15/19, 144A		50,000		40,000
9.00%, 12/15/19		100,000		80,000
9.00%, 3/01/21		75,000		60,000
11.25%, 3/01/21		50,000		40,250
9.00%, 9/15/22		170,000		136,000
Quebecor Media, Inc. 5.75%, 1/15/23		100,000		104,250
SFR Group SA, 144A 6.00%, 5/15/22		350,000		340,375
Sinclair Television Group, Inc. 5.375%, 4/01/21		50,000		50,750
Sirius XM Radio, Inc., 144A 3.875%, 8/01/22		100,000		98,500
Tribune Media Co. 5.875%, 7/15/22		100,000		102,500
Virgin Media Secured Finance PLC 5.25%, 1/15/21		200,000		207,750
				3,041,034
Telecommunications — 11.0%
Anixter, Inc. 5.125%, 10/01/21		75,000		77,437
CenturyLink, Inc. Series V, 5.625%, 4/01/20		100,000		101,870
Series S, 6.45%, 6/15/21		75,000		77,062
Series T, 5.80%, 3/15/22		100,000		99,125

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Telecommunications (Continued)
CommScope, Inc., 144A 5.00%, 6/15/21	$	50,000	$	50,875
Consolidated Communications, Inc. 6.50%, 10/01/22		40,000		35,200
Frontier Communications Corp. 7.125%, 3/15/19 (a)		50,000		51,000
8.50%, 4/15/20		40,000		39,350
9.25%, 7/01/21 (a)		100,000		92,979
6.25%, 9/15/21 (a)		100,000		85,625
8.75%, 4/15/22		50,000		39,625
10.50%, 9/15/22 (a)		115,000		98,612
7.125%, 1/15/23		50,000		33,562
Hughes Satellite Systems Corp. 6.50%, 6/15/19		25,000		25,938
7.625%, 6/15/21		150,000		162,000
Inmarsat Finance PLC, 144A 4.875%, 5/15/22		50,000		49,765
Intelsat Jackson Holdings SA 7.25%, 10/15/20		50,000		46,813
7.50%, 4/01/21		175,000		159,797
9.50%, 9/30/22, 144A		60,000		69,000
Intelsat Luxembourg SA 7.75%, 6/01/21		135,000		77,625
Level 3 Financing, Inc. 5.375%, 8/15/22		100,000		101,250
Level 3 Parent LLC 5.75%, 12/01/22		73,000		73,913
Qwest Corp. 6.75%, 12/01/21		75,000		80,279
Sable International Finance Ltd., 144A 6.875%, 8/01/22		25,000		26,563
SoftBank Group Corp., 144A 4.50%, 4/15/20		150,000		151,688
Sprint Communications, Inc. 9.00%, 11/15/18, 144A		100,000		103,875
7.00%, 8/15/20		655,000		686,931
11.50%, 11/15/21		100,000		118,500
6.00%, 11/15/22		25,000		24,750
Sprint Corp. 7.25%, 9/15/21		100,000		104,750
Telecom Italia Capital SA 7.175%, 6/18/19		200,000		210,594
Telefonaktiebolaget LM Ericsson 4.125%, 5/15/22		50,000		49,575
T-Mobile USA, Inc. 4.00%, 4/15/22		50,000		50,125
VEON Holdings BV, 144A 3.95%, 6/16/21		200,000		198,860
Windstream Services LLC / Windstream Finance Corp. 7.75%, 10/15/20		50,000		43,250
WTT Investment Ltd., 144A 5.50%, 11/21/22		60,000		59,819
				3,557,982

	Principal Amount		Value
Consumer, Cyclical — 12.4%
Airlines — 0.9%
American Airlines Group, Inc. 6.125%, 6/01/18	$	45,000	$	45,450
5.50%, 10/01/19, 144A		100,000		102,500
4.625%, 3/01/20, 144A		100,000		101,375
Virgin Australia Holdings Ltd., 144A 8.50%, 11/15/19		25,000		26,081
				275,406
Auto Manufacturers — 0.9%
Fiat Chrysler Automobiles NV 4.50%, 4/15/20		100,000		101,750
Jaguar Land Rover Automotive PLC, 144A 4.125%, 12/15/18		200,000		201,500
				303,250
Auto Parts & Equipment — 0.7%
ZF North America Capital, Inc. 4.00%, 4/29/20, 144A		150,000		153,188
4.50%, 4/29/22, 144A		75,000		77,156
				230,344
Distribution/Wholesale — 0.2%
American Tire Distributors, Inc., 144A 10.25%, 3/01/22		75,000		78,478
Entertainment — 3.0%
GLP Capital LP / GLP Financing II, Inc. 4.375%, 11/01/18		43,000		43,215
4.875%, 11/01/20		350,000		358,750
International Game Technology PLC, 144A 6.25%, 2/15/22		100,000		106,125
Scientific Games International, Inc. 7.00%, 1/01/22, 144A		16,000		16,840
10.00%, 12/01/22		400,000		435,500
				960,430
Home Builders — 2.1%
Beazer Homes USA, Inc. 8.75%, 3/15/22		200,000		216,500
K Hovnanian Enterprises, Inc., 144A 10.00%, 7/15/22		25,000		27,406
KB Home 4.75%, 5/15/19		100,000		101,750
Lennar Corp. 8.375%, 5/15/18, 144A		23,000		23,288
4.50%, 6/15/19		25,000		25,344
4.50%, 11/15/19		25,000		25,437
8.375%, 1/15/21, 144A		60,000		67,230
4.125%, 1/15/22		50,000		49,688
4.75%, 11/15/22		50,000		50,437
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 144A 5.25%, 4/15/21		75,000		75,844
				662,924
Leisure Time — 0.2%
24 Hour Fitness Worldwide, Inc., 144A 8.00%, 6/01/22		75,000		75,000

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Lodging — 1.4%
MGM Resorts International 5.25%, 3/31/20	$	250,000	$	258,438
7.75%, 3/15/22		75,000		83,812
Studio City Co. Ltd., 144A 7.25%, 11/30/21		100,000		105,375
				447,625
Retail — 3.0%
1011778 BC ULC / New Red Finance, Inc., 144A 4.625%, 1/15/22		200,000		201,750
Claire’s Stores, Inc., 144A 9.00%, 3/15/19		85,000		58,225
Ferrellgas LP / Ferrellgas Finance Corp. 6.50%, 5/01/21		50,000		47,500
6.75%, 1/15/22		50,000		47,000
Group 1 Automotive, Inc. 5.00%, 6/01/22		50,000		51,250
Guitar Center, Inc., 144A 6.50%, 4/15/19		50,000		49,625
JC Penney Corp., Inc. 5.65%, 6/01/20		50,000		49,937
L Brands, Inc. 6.625%, 4/01/21		50,000		53,609
5.625%, 2/15/22		150,000		156,750
Men’s Wearhouse, Inc. 7.00%, 7/01/22		50,000		50,000
Neiman Marcus Group Ltd. LLC, 144A 8.00%, 10/15/21		75,000		45,750
Rite Aid Corp. 9.25%, 3/15/20		41,000		41,513
6.75%, 6/15/21		100,000		102,360
Sears Holdings Corp. 8.00%, 12/15/19		50,000		20,500
				975,769
Consumer, Non-cyclical — 19.8%
Commercial Services — 4.7%
ADT Corp. 6.25%, 10/15/21		200,000		213,375
APX Group, Inc. 7.875%, 12/01/22		166,000		175,337
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A 5.125%, 6/01/22		25,000		25,031
Corporate Risk Holdings LLC, 144A 9.50%, 7/01/19		44,000		45,650
Herc Rentals, Inc., 144A 7.50%, 6/01/22		50,000		53,750
Hertz Corp. 5.875%, 10/15/20		190,000		190,237
7.375%, 1/15/21		50,000		50,000
7.625%, 6/01/22, 144A		75,000		77,250
6.25%, 10/15/22		40,000		38,088
Monitronics International, Inc. 9.125%, 4/01/20		50,000		43,750
Nielsen Finance LLC / Nielsen Finance Co. 4.50%, 10/01/20		250,000		251,563

	Principal Amount		Value
Commercial Services (Continued)
RR Donnelley & Sons Co. 7.875%, 3/15/21 (a)	$	50,000	$	52,813
Service Corp. International 5.375%, 1/15/22		184,000		188,370
WEX, Inc., 144A 4.75%, 2/01/23		100,000		101,000
				1,506,214
Cosmetics/Personal Care — 0.6%
Avon Products, Inc. 6.60%, 3/15/20		50,000		50,500
Edgewell Personal Care Co. 4.70%, 5/24/22		100,000		100,750
Revlon Consumer Products Corp. 5.75%, 2/15/21		50,000		40,625
				191,875
Food — 1.2%
Darling Ingredients, Inc. 5.375%, 1/15/22		223,000		229,133
SUPERVALU, Inc. 6.75%, 6/01/21 (a)		25,000		24,812
TreeHouse Foods, Inc. 4.875%, 3/15/22		150,000		149,813
				403,758
Healthcare-Products — 1.2%
DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp., 144A 8.125%, 6/15/21		75,000		73,125
Kinetic Concepts, Inc. / KCI USA, Inc., 144A 12.50%, 11/01/21		25,000		28,312
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 4.875%, 4/15/20, 144A		100,000		97,250
5.75%, 8/01/22, 144A		50,000		44,500
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 144A 6.625%, 5/15/22		150,000		149,625
				392,812
Healthcare-Services — 10.2%
Centene Corp. 5.625%, 2/15/21		240,000		246,300
4.75%, 5/15/22		100,000		102,187
CHS/Community Health Systems, Inc. 8.00%, 11/15/19 (a)		125,000		117,798
7.125%, 7/15/20 (a)		140,000		119,000
5.125%, 8/01/21 (a)		50,000		46,375
6.875%, 2/01/22 (a)		225,000		147,937
DaVita, Inc. 5.75%, 8/15/22		100,000		103,000
Envision Healthcare Corp. 5.125%, 7/01/22, 144A		50,000		50,625
5.625%, 7/15/22		75,000		76,594
HCA Healthcare, Inc. 6.25%, 2/15/21		200,000		211,000

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Healthcare-Services (Continued)
HCA, Inc. 3.75%, 3/15/19	$	25,000	$	25,219
4.25%, 10/15/19		100,000		101,500
6.50%, 2/15/20		100,000		105,750
5.875%, 3/15/22		200,000		212,500
Kindred Healthcare, Inc. 8.00%, 1/15/20		150,000		161,063
6.375%, 4/15/22		25,000		25,438
LifePoint Health, Inc. 5.50%, 12/01/21		100,000		101,125
Surgery Center Holdings, Inc., 144A 8.875%, 4/15/21		25,000		26,063
Tenet Healthcare Corp. 5.50%, 3/01/19		417,000		424,886
4.75%, 6/01/20		75,000		76,500
6.00%, 10/01/20		500,000		521,870
4.50%, 4/01/21		50,000		50,410
7.50%, 1/01/22, 144A		100,000		105,875
8.125%, 4/01/22		125,000		132,344
				3,291,359
Pharmaceuticals — 1.9%
Endo Finance LLC, 144A 5.75%, 1/15/22		125,000		102,812
Endo Finance LLC / Endo Finco, Inc., 144A 5.375%, 1/15/23		50,000		37,625
Valeant Pharmaceuticals International 6.375%, 10/15/20, 144A		81,000		81,709
7.25%, 7/15/22, 144A		50,000		48,938
Valeant Pharmaceuticals International, Inc. 5.375%, 3/15/20, 144A		50,000		50,062
7.50%, 7/15/21, 144A		50,000		50,438
5.625%, 12/01/21, 144A		200,000		189,750
6.50%, 3/15/22, 144A		50,000		52,187
				613,521
Energy — 11.4%
Coal — 0.1%
Murray Energy Corp., 144A 11.25%, 4/15/21		75,000		33,375
Oil & Gas — 9.0%
Antero Resources Corp. 5.125%, 12/01/22		150,000		152,062
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A 10.00%, 4/01/22		100,000		107,000
Baytex Energy Corp., 144A 5.125%, 6/01/21		50,000		47,250
California Resources Corp., 144A 8.00%, 12/15/22 (a)		155,000		123,419
Calumet Specialty Products Partners LP / Calumet Finance Corp. 6.50%, 4/15/21		75,000		73,500
Chesapeake Energy Corp. 6.625%, 8/15/20		250,000		258,675
6.125%, 2/15/21		50,000		50,750
4.875%, 4/15/22		50,000		47,125

	Principal Amount		Value
Oil & Gas (Continued)
Citgo Holding, Inc., 144A 10.75%, 2/15/20	$	100,000	$	107,750
CITGO Petroleum Corp., 144A 6.25%, 8/15/22		80,000		80,500
CNX Resources Corp. 5.875%, 4/15/22		200,000		201,625
Denbury Resources, Inc., 144A 9.25%, 3/31/22		100,000		103,000
Jupiter Resources, Inc., 144A 8.50%, 10/01/22		105,000		50,137
MEG Energy Corp., 144A 6.375%, 1/30/23		60,000		51,750
Murphy Oil Corp. 4.45%, 12/01/22		100,000		99,000
Nabors Industries, Inc. 5.00%, 9/15/20		175,000		176,312
4.625%, 9/15/21 (a)		25,000		24,500
5.50%, 1/15/23		50,000		49,875
Newfield Exploration Co. 5.75%, 1/30/22		50,000		53,000
QEP Resources, Inc. 5.375%, 10/01/22		100,000		102,000
Range Resources Corp. 5.00%, 8/15/22		60,000		59,400
Rowan Cos., Inc. 4.875%, 6/01/22		40,000		37,800
Sable Permian Resources Land LLC / AEPB Finance Corp. 7.125%, 11/01/20, 144A		50,000		39,250
13.00%, 11/30/20, 144A		200,000		231,250
7.375%, 11/01/21, 144A		75,000		58,875
Sanchez Energy Corp. 7.75%, 6/15/21		100,000		96,000
6.125%, 1/15/23 (a)		50,000		37,750
Southwestern Energy Co. 4.10%, 3/15/22		70,000		65,975
Sunoco LP / Sunoco Finance Corp., 144A 4.875%, 1/15/23		125,000		124,675
Ultra Resources, Inc., 144A 6.875%, 4/15/22 (a)		50,000		45,563
Whiting Petroleum Corp. 5.75%, 3/15/21 (a)		60,000		61,500
WPX Energy, Inc. 6.00%, 1/15/22		85,000		88,613
				2,905,881
Oil & Gas Services — 0.6%
Bristow Group, Inc. 6.25%, 10/15/22 (a)		75,000		64,500
Weatherford International Ltd. 7.75%, 6/15/21 (a)		100,000		100,000
4.50%, 4/15/22 (a)		50,000		44,250
				208,750
Pipelines — 1.7%
DCP Midstream Operating LP, 144A 9.75%, 3/15/19		215,000		228,975

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Pipelines (Continued)
Energy Transfer Equity LP 7.50%, 10/15/20	$	100,000	$	108,750
Genesis Energy LP / Genesis Energy Finance Corp. 6.75%, 8/01/22		175,000		180,688
Rockies Express Pipeline LLC, 144A 6.85%, 7/15/18		28,000		28,420
				546,833
Financial — 11.5%
Banks — 0.6%
CIT Group, Inc. 5.00%, 8/15/22		100,000		103,375
Royal Bank of Scotland Group PLC 6.125%, 12/15/22		100,000		106,743
				210,118
Diversified Financial Services — 7.6%
Aircastle Ltd. 4.625%, 12/15/18		29,000		29,290
5.125%, 3/15/21		165,000		170,156
Ally Financial, Inc. 3.25%, 11/05/18		450,000		450,900
3.75%, 11/18/19		100,000		100,800
8.00%, 3/15/20		100,000		108,750
7.50%, 9/15/20		250,000		272,500
Blackstone CQP Holdco LP, 144A 6.50%, 3/20/21		150,000		152,062
Intelsat Connect Finance SA, 144A 12.50%, 4/01/22 (a)		120,000		97,050
Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.375%, 4/01/20, 144A		25,000		25,425
7.50%, 4/15/21, 144A		25,000		25,812
6.875%, 4/15/22, 144A		75,000		75,375
Lincoln Finance Ltd., 144A 7.375%, 4/15/21		100,000		104,375
Navient Corp. Series MTN, 8.45%, 6/15/18		38,000		38,570
Series MTN, 8.00%, 3/25/20		200,000		214,750
Series MTN, 7.25%, 1/25/22		50,000		53,746
6.50%, 6/15/22		250,000		260,938
5.50%, 1/25/23		50,000		49,688
Springleaf Finance Corp. 7.75%, 10/01/21		100,000		109,375
6.125%, 5/15/22		100,000		103,000
				2,442,562
Insurance — 0.6%
Genworth Holdings, Inc. Series MTN, 6.515%, 5/22/18 (a)		25,000		25,094
7.625%, 9/24/21 (a)		70,000		69,020
HUB International Ltd., 144A 7.875%, 10/01/21		100,000		103,250
				197,364
Real Estate Investment Trusts — 1.9%
Equinix, Inc. 5.375%, 1/01/22		223,000		231,641

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
iStar, Inc. 4.625%, 9/15/20	$	75,000	$	75,563
5.25%, 9/15/22		40,000		39,400
SBA Communications Corp. 4.875%, 7/15/22		50,000		50,750
4.00%, 10/01/22, 144A		100,000		98,500
Starwood Property Trust, Inc. 5.00%, 12/15/21		100,000		102,500
				598,354
Venture Capital — 0.8%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 5.875%, 2/01/22		100,000		100,375
6.25%, 2/01/22		150,000		152,625
				253,000
Industrial — 6.3%
Aerospace/Defense — 1.0%
Arconic, Inc. 5.72%, 2/23/19		25,000		25,906
5.40%, 4/15/21		150,000		156,562
5.87%, 2/23/22		100,000		106,500
TransDigm, Inc. 6.00%, 7/15/22		50,000		51,313
				340,281
Building Materials — 0.2%
Griffon Corp. 5.25%, 3/01/22		50,000		50,312
Environmental Control — 0.3%
Clean Harbors, Inc. 5.25%, 8/01/20		100,000		100,750
Hand / Machine Tools — 0.0%
Apex Tool Group LLC, 144A 7.00%, 2/01/21 (a)		6,000		6,117
Miscellaneous Manufacturing — 1.5%
Bombardier, Inc. 7.75%, 3/15/20, 144A		150,000		160,687
8.75%, 12/01/21, 144A		100,000		110,125
5.75%, 3/15/22, 144A		102,000		102,255
6.00%, 10/15/22, 144A		25,000		25,063
6.125%, 1/15/23, 144A		75,000		75,562
				473,692
Packaging & Containers — 2.6%
Ball Corp. 5.00%, 3/15/22		100,000		104,125
Berry Global, Inc. 5.50%, 5/15/22		50,000		51,437
6.00%, 10/15/22		191,000		199,595
Coveris Holdings SA, 144A 7.875%, 11/01/19		50,000		49,855
Crown Americas LLC / Crown Americas Capital Corp. IV 4.50%, 1/15/23		70,000		70,875

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Packaging & Containers (Continued)
Owens-Brockway Glass Container, Inc., 144A 5.00%, 1/15/22	$	50,000	$	51,188
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg 5.75%, 10/15/20		193,822		196,971
Sealed Air Corp. 6.50%, 12/01/20, 144A		50,000		53,500
4.875%, 12/01/22, 144A		50,000		51,688
				829,234
Transportation — 0.3%
Hornbeck Offshore Services, Inc. 5.00%, 3/01/21		25,000		14,875
XPO Logistics, Inc., 144A 6.50%, 6/15/22		75,000		78,188
				93,063
Trucking & Leasing — 0.4%
Park Aerospace Holdings Ltd., 144A 5.25%, 8/15/22		125,000		125,625
Technology — 4.6%
Computers — 2.5%
Dell International LLC / EMC Corp., 144A 5.875%, 6/15/21		103,000		105,575
Dell, Inc. 5.875%, 6/15/19 (a)		250,000		257,840
EMC Corp. 2.65%, 6/01/20		100,000		97,328
Harland Clarke Holdings Corp., 144A 9.25%, 3/01/21		125,000		129,687
NCR Corp. 5.00%, 7/15/22		200,000		201,500
Sungard Availability Services Capital, Inc., 144A 8.75%, 4/01/22		25,000		15,688
				807,618
Semiconductors — 1.2%
Amkor Technology, Inc. 6.375%, 10/01/22		50,000		51,625
NXP BV / NXP Funding LLC, 144A 4.125%, 6/01/21		250,000		255,050

	Principal Amount		Value
Semiconductors (Continued)
STATS ChipPAC Pte Ltd., 144A 8.50%, 11/24/20	$	75,000	$	80,531
				387,206
Software — 0.9%
BMC Software Finance, Inc., 144A 8.125%, 7/15/21		145,000		146,269
Infor US, Inc. 6.50%, 5/15/22		150,000		154,125
				300,394
Utilities — 2.0%
Electric — 2.0%
AES Corp. 7.375%, 7/01/21		100,000		110,500
Calpine Corp. 5.375%, 1/15/23		100,000		97,875
DPL, Inc. 7.25%, 10/15/21		10,000		10,937
Dynegy, Inc. 7.375%, 11/01/22 (a)		100,000		105,625
NRG Energy, Inc. 6.25%, 7/15/22		200,000		207,500
Talen Energy Supply LLC 4.60%, 12/15/21		50,000		46,000
9.50%, 7/15/22, 144A		60,000		60,300
				638,737
TOTAL CORPORATE BONDS (Cost $31,473,452)				31,231,028
	Number of Shares
SECURITIES LENDING COLLATERAL — 5.7%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32% (b)(c) (Cost $1,840,672)		1,840,672		1,840,672
TOTAL INVESTMENTS — 102.4% (Cost $33,314,124)			$	33,071,700
Other assets and liabilities, net — (2.4%)				(783,312	)
NET ASSETS — 100.0%			$	32,288,388

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2018 is as follows:

Value ($) at 1/10/2018 Commencement of Operations		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2018		Value ($) at 2/28/2018
	SECURITIES LENDING COLLATERAL — 5.7%
	Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32%(b)(c)
	—		1,840,672		—		—		—		1,960		—		1,840,672		1,840,672

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2018 (Unaudited)

(a) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2018 amounted to $1,756,926, which is 5.4% of net assets.

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

(c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested for the period ended February 28, 2018.

MTN: Medium Term Note

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

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 February 28, 2018 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)	$	—	$	31,231,028	$	—	$	31,231,028
Short-Term Investments		1,840,672		—		—		1,840,672
TOTAL	$	1,840,672	$	31,231,028	$	—	$	33,071,700

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

There have been no transfers between fair value measurement levels during the period ended February 28, 2018.

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF

February 28, 2018 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 98.0%
Basic Materials — 5.4%
Chemicals — 2.3%
Ashland LLC 4.75%, 8/15/22	$	681,000	$	698,025
Blue Cube Spinco, Inc. 9.75%, 10/15/23		1,823,500		2,124,377
10.00%, 10/15/25		606,000		725,685
CF Industries, Inc. 7.125%, 5/01/20		394,000		421,087
3.45%, 6/01/23		570,000		554,325
Chemours Co. 6.625%, 5/15/23		1,156,000		1,221,025
7.00%, 5/15/25		1,000,000		1,082,500
5.375%, 5/15/27		465,000		467,325
Hexion, Inc. 6.625%, 4/15/20		1,208,000		1,129,480
10.375%, 2/01/22, 144A		515,000		504,700
Huntsman International LLC 4.875%, 11/15/20		603,000		618,998
5.125%, 11/15/22		260,000		269,425
INEOS Group Holdings SA, 144A 5.625%, 8/01/24 (a)		430,000		438,062
Momentive Performance Materials, Inc. 3.88%, 10/24/21		520,000		542,100
NOVA Chemicals Corp. 5.25%, 8/01/23, 144A		900,000		919,125
4.875%, 6/01/24, 144A		877,000		867,134
5.00%, 5/01/25, 144A		782,000		778,090
5.25%, 6/01/27, 144A		641,000		628,180
Olin Corp. 5.125%, 9/15/27		194,000		191,454
5.00%, 2/01/30		450,000		434,812
Perstorp Holding AB, 144A 11.00%, 9/30/21 (a)		268,000		294,800
Platform Specialty Products Corp. 6.50%, 2/01/22, 144A		709,000		729,384
5.875%, 12/01/25, 144A		732,000		729,255
PolyOne Corp. 5.25%, 3/15/23		623,000		630,788
PQ Corp., 144A 6.75%, 11/15/22		305,000		322,919
SPCM SA, 144A 4.875%, 9/15/25		825,000		816,750
Tronox Finance LLC, 144A 7.50%, 3/15/22		425,000		442,000
Tronox Finance PLC, 144A 5.75%, 10/01/25		50,000		49,750
WR Grace & Co.-Conn, 144A 5.125%, 10/01/21		480,000		498,000
				19,129,555
Iron/Steel — 1.1%
AK Steel Corp. 7.625%, 10/01/21 (a)		236,000		244,850
7.00%, 3/15/27 (a)		395,000		403,641
Allegheny Technologies, Inc. 5.95%, 1/15/21		822,000		841,522

	Principal Amount		Value
Iron/Steel (Continued)
7.875%, 8/15/23	$	139,000	$	151,336
ArcelorMittal 5.50%, 8/05/20		776,000		810,144
5.75%, 3/01/21		894,000		947,640
6.50%, 2/25/22		760,000		830,300
6.125%, 6/01/25		411,000		454,792
Cleveland-Cliffs, Inc. 4.875%, 1/15/24, 144A		275,000		269,156
5.75%, 3/01/25, 144A		935,000		911,041
Steel Dynamics, Inc. 5.125%, 10/01/21		450,000		456,750
5.25%, 4/15/23		794,000		813,850
5.50%, 10/01/24		155,000		160,813
United States Steel Corp. 7.375%, 4/01/20 (a)		947,000		1,017,267
8.375%, 7/01/21, 144A		314,000		336,765
6.875%, 8/15/25 (a)		680,000		717,400
				9,367,267
Mining — 2.0%
Alcoa Nederland Holding BV 6.75%, 9/30/24, 144A		495,000		533,362
7.00%, 9/30/26, 144A		762,000		826,770
Aleris International, Inc. 7.875%, 11/01/20		525,000		522,679
9.50%, 4/01/21, 144A		205,000		216,019
Constellium NV 5.75%, 5/15/24, 144A		705,000		713,812
6.625%, 3/01/25, 144A (a)		574,000		595,525
FMG Resources August 2006 Pty Ltd. 4.75%, 5/15/22, 144A		845,000		847,535
5.125%, 5/15/24, 144A (a)		506,000		506,476
Freeport-McMoRan, Inc. 3.10%, 3/15/20		1,747,000		1,736,081
4.00%, 11/14/21		829,000		829,000
6.75%, 2/01/22		60,000		62,025
3.55%, 3/01/22		835,000		814,376
6.875%, 2/15/23		1,146,000		1,240,545
3.875%, 3/15/23		1,428,000		1,388,730
4.55%, 11/14/24 (a)		579,000		568,868
Hudbay Minerals, Inc. 7.25%, 1/15/23, 144A		60,000		64,050
7.625%, 1/15/25, 144A		588,000		642,390
Joseph T Ryerson & Son, Inc., 144A 11.00%, 5/15/22		255,000		284,542
Kinross Gold Corp. 5.125%, 9/01/21		645,000		669,188
5.95%, 3/15/24		560,000		602,112
4.50%, 7/15/27, 144A		200,000		194,500
Teck Resources Ltd. 4.75%, 1/15/22		1,522,000		1,552,440
3.75%, 2/01/23		460,000		451,375
8.50%, 6/01/24, 144A (a)		308,000		343,420
				16,205,820

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Communications — 23.2%
Advertising — 0.5%
Acosta, Inc., 144A 7.75%, 10/01/22	$	625,000	$	450,000
Lamar Media Corp. 5.00%, 5/01/23		773,000		792,325
5.375%, 1/15/24		487,000		504,478
5.75%, 2/01/26		325,000		337,594
Outfront Media Capital LLC / Outfront Media Capital Corp. 5.25%, 2/15/22		424,000		434,600
5.625%, 2/15/24		445,000		451,675
5.875%, 3/15/25		595,000		606,156
				3,576,828
Internet — 1.6%
Match Group, Inc., 144A 5.00%, 12/15/27		400,000		404,100
Netflix, Inc. 5.375%, 2/01/21		1,934,000		2,018,612
5.50%, 2/15/22		597,500		624,388
5.75%, 3/01/24		600,000		632,250
5.875%, 2/15/25		530,000		561,328
4.375%, 11/15/26		877,000		846,305
4.875%, 4/15/28, 144A		960,000		944,400
Symantec Corp. 4.20%, 9/15/20		330,000		337,074
3.95%, 6/15/22		500,000		501,496
5.00%, 4/15/25, 144A		880,000		895,027
TIBCO Software, Inc., 144A 11.375%, 12/01/21		200,000		218,411
VeriSign, Inc. 4.625%, 5/01/23		884,000		895,050
5.25%, 4/01/25		300,000		309,750
4.75%, 7/15/27		534,000		523,320
Zayo Group LLC / Zayo Capital, Inc. 6.00%, 4/01/23		1,734,000		1,809,863
6.375%, 5/15/25		545,000		571,634
5.75%, 1/15/27, 144A		1,325,000		1,334,938
				13,427,946
Media — 11.5%
Altice Financing SA 6.625%, 2/15/23, 144A		1,259,000		1,260,574
7.50%, 5/15/26, 144A		2,418,000		2,442,180
Altice Finco SA, 144A 8.125%, 1/15/24 (a)		1,241,000		1,275,127
Altice Luxembourg SA 7.75%, 5/15/22, 144A		1,791,000		1,676,824
7.625%, 2/15/25, 144A (a)		1,861,000		1,644,659
Altice US Finance I Corp. 5.375%, 7/15/23, 144A		915,000		932,156
5.50%, 5/15/26, 144A		989,000		981,582
AMC Networks, Inc. 4.75%, 12/15/22		170,000		171,700
5.00%, 4/01/24		1,339,000		1,345,695
4.75%, 8/01/25		309,000		300,116

	Principal Amount		Value
Media (Continued)
Cable One, Inc., 144A 5.75%, 6/15/22	$	218,000	$	224,267
Cablevision Systems Corp. 8.00%, 4/15/20		750,000		798,900
5.875%, 9/15/22 (a)		487,000		488,217
CBS Radio, Inc., 144A 7.25%, 11/01/24 (a)		293,000		303,196
CCO Holdings LLC / CCO Holdings Capital Corp. 5.25%, 3/15/21		370,000		375,319
5.25%, 9/30/22		403,000		411,060
5.125%, 2/15/23		1,938,000		1,974,337
4.00%, 3/01/23, 144A		761,000		742,926
5.125%, 5/01/23, 144A		1,950,000		1,991,437
5.75%, 9/01/23		200,000		204,500
5.75%, 1/15/24		813,000		829,260
5.875%, 4/01/24, 144A		982,000		1,016,763
5.375%, 5/01/25, 144A		1,097,000		1,103,856
5.75%, 2/15/26, 144A		1,740,000		1,766,100
5.50%, 5/01/26, 144A		1,075,000		1,077,687
5.125%, 5/01/27, 144A		2,368,000		2,286,115
5.875%, 5/01/27, 144A		639,000		650,981
5.00%, 2/01/28, 144A		2,482,000		2,355,542
Cengage Learning, Inc., 144A 9.50%, 6/15/24 (a)		473,000		404,415
Cequel Communications Holdings I LLC / Cequel Capital Corp. 6.375%, 9/15/20, 144A		218,000		220,997
5.125%, 12/15/21, 144A		1,238,000		1,239,547
5.125%, 12/15/21, 144A		287,000		286,733
7.75%, 7/15/25, 144A		509,000		544,630
Clear Channel Worldwide Holdings, Inc. Series B, 7.625%, 3/15/20		1,860,000		1,864,650
Series A, 6.50%, 11/15/22		841,000		866,650
Series B, 6.50%, 11/15/22		1,890,000		1,946,700
Cogeco Communications, Inc., 144A 4.875%, 5/01/20		80,000		80,700
CSC Holdings LLC 6.75%, 11/15/21		941,000		992,167
10.125%, 1/15/23, 144A		1,253,000		1,403,360
5.25%, 6/01/24		821,000		792,265
6.625%, 10/15/25, 144A		342,000		359,955
10.875%, 10/15/25, 144A		1,157,000		1,368,153
5.50%, 4/15/27, 144A		856,000		845,300
5.375%, 2/01/28, 144A		1,100,000		1,078,000
DISH DBS Corp. 7.875%, 9/01/19		862,000		911,565
5.125%, 5/01/20		943,000		945,358
6.75%, 6/01/21		1,518,000		1,563,540
5.875%, 7/15/22		1,489,000		1,457,359
5.00%, 3/15/23		1,231,000		1,135,598
5.875%, 11/15/24		1,909,000		1,796,846
7.75%, 7/01/26		1,869,000		1,847,974
Gray Television, Inc. 5.125%, 10/15/24, 144A		444,000		436,230
5.875%, 7/15/26, 144A		545,000		541,594

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Media (Continued)
iHeartCommunications, Inc. 9.00%, 12/15/19	$	1,908,000	$	1,526,400
9.00%, 3/01/21		988,000		790,400
11.25%, 3/01/21, 144A		378,000		288,225
11.25%, 3/01/21		1,278,000		1,028,790
9.00%, 9/15/22		706,000		564,800
10.625%, 3/15/23		403,000		322,400
Meredith Corp., 144A 6.875%, 2/01/26		1,200,000		1,240,500
Nexstar Broadcasting, Inc., 144A 5.625%, 8/01/24		750,500		757,532
Quebecor Media, Inc. 5.75%, 1/15/23		1,359,000		1,416,758
SFR Group SA 6.00%, 5/15/22, 144A		2,790,000		2,713,275
6.25%, 5/15/24, 144A		1,921,000		1,796,135
7.375%, 5/01/26, 144A		4,204,000		4,073,886
Sinclair Television Group, Inc. 5.375%, 4/01/21		185,000		187,775
6.125%, 10/01/22		371,000		383,985
5.625%, 8/01/24, 144A		396,000		402,930
5.125%, 2/15/27, 144A (a)		380,000		367,175
Sirius XM Radio, Inc. 3.875%, 8/01/22, 144A		2,296,000		2,261,560
4.625%, 5/15/23, 144A		320,000		320,000
6.00%, 7/15/24, 144A		655,000		686,113
5.375%, 4/15/25, 144A		685,000		697,844
5.375%, 7/15/26, 144A		575,000		583,625
5.00%, 8/01/27, 144A		1,309,000		1,279,548
TEGNA, Inc. 5.125%, 7/15/20		140,000		142,100
6.375%, 10/15/23		357,000		373,511
Telenet Finance Luxembourg Notes Sarl, 144A 5.50%, 3/01/28		400,000		388,000
Tribune Media Co. 5.875%, 7/15/22		1,301,000		1,333,525
Unitymedia GmbH, 144A 6.125%, 1/15/25		1,105,000		1,158,869
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH, 144A 5.00%, 1/15/25		1,157,000		1,183,033
Univision Communications, Inc. 5.125%, 5/15/23, 144A		1,411,000		1,340,450
5.125%, 2/15/25, 144A		1,000,000		926,250
UPC Holding BV, 144A 5.50%, 1/15/28		714,000		672,945
UPCB Finance IV Ltd., 144A 5.375%, 1/15/25		1,148,000		1,140,825
Videotron Ltd. 5.00%, 7/15/22		580,500		600,092
5.375%, 6/15/24, 144A		261,000		271,114
5.125%, 4/15/27, 144A		425,000		429,837
Virgin Media Finance PLC 6.375%, 4/15/23, 144A		1,276,000		1,314,280
6.00%, 10/15/24, 144A		445,000		451,119
5.75%, 1/15/25, 144A		345,000		340,256

	Principal Amount		Value
Media (Continued)
Virgin Media Secured Finance PLC 5.50%, 1/15/25, 144A	$	590,000	$	596,638
5.25%, 1/15/26, 144A		867,000		852,911
5.50%, 8/15/26, 144A		275,000		272,910
Ziggo Bond Finance BV 5.875%, 1/15/25, 144A		1,060,000		1,025,550
6.00%, 1/15/27, 144A		340,000		323,000
Ziggo Secured Finance BV, 144A 5.50%, 1/15/27		1,235,000		1,187,144
				95,575,377
Telecommunications — 9.6%
Anixter, Inc. 5.125%, 10/01/21		894,500		923,571
C&W Senior Financing DAC, 144A 6.875%, 9/15/27		50,000		51,750
CenturyLink, Inc. Series V, 5.625%, 4/01/20		1,025,000		1,044,167
Series S, 6.45%, 6/15/21		1,300,000		1,335,750
Series T, 5.80%, 3/15/22		1,475,000		1,462,094
Series W, 6.75%, 12/01/23 (a)		473,000		468,270
Series Y, 7.50%, 4/01/24 (a)		758,000		763,685
5.625%, 4/01/25		770,000		700,700
Cincinnati Bell, Inc., 144A 7.00%, 7/15/24		755,000		719,137
CommScope Technologies LLC 6.00%, 6/15/25, 144A		926,000		961,003
5.00%, 3/15/27, 144A		310,000		303,219
CommScope, Inc. 5.00%, 6/15/21, 144A		215,000		218,762
5.50%, 6/15/24, 144A		1,979,000		2,023,527
Consolidated Communications, Inc. 6.50%, 10/01/22		655,000		576,400
Frontier Communications Corp. 7.125%, 3/15/19		85,000		86,700
8.50%, 4/15/20		670,000		659,112
9.25%, 7/01/21 (a)		575,000		534,629
6.25%, 9/15/21 (a)		705,000		603,656
8.75%, 4/15/22		675,000		534,937
10.50%, 9/15/22 (a)		951,000		815,482
7.125%, 1/15/23 (a)		1,395,000		936,394
7.625%, 4/15/24		1,085,000		694,400
6.875%, 1/15/25		1,203,000		739,845
11.00%, 9/15/25		2,280,000		1,798,350
GCI, Inc. 6.875%, 4/15/25		240,000		254,400
GTH Finance BV, 144A 7.25%, 4/26/23		400,000		438,146
GTT Communications, Inc., 144A 7.875%, 12/31/24		411,000		428,211
Hughes Satellite Systems Corp. 6.50%, 6/15/19		559,000		579,962
7.625%, 6/15/21		1,204,000		1,300,320
5.25%, 8/01/26		671,000		656,741
6.625%, 8/01/26		490,000		502,397
Inmarsat Finance PLC, 144A 4.875%, 5/15/22		1,324,000		1,317,777

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Telecommunications (Continued)
Intelsat Jackson Holdings SA 7.25%, 10/15/20	$	1,582,000	$	1,481,147
7.50%, 4/01/21		1,259,000		1,149,624
9.50%, 9/30/22, 144A		1,015,000		1,167,250
5.50%, 8/01/23		1,572,000		1,302,795
8.00%, 2/15/24, 144A		330,000		347,325
9.75%, 7/15/25, 144A		1,224,000		1,164,330
Intelsat Luxembourg SA 7.75%, 6/01/21 (a)		1,221,000		702,075
8.125%, 6/01/23		969,000		515,992
Level 3 Financing, Inc. 6.125%, 1/15/21		250,000		254,531
5.375%, 8/15/22		505,000		511,313
5.625%, 2/01/23		725,000		734,063
5.125%, 5/01/23		930,000		932,325
5.375%, 1/15/24		622,000		620,445
5.375%, 5/01/25		425,000		422,875
5.25%, 3/15/26		780,000		752,692
Level 3 Parent LLC 5.75%, 12/01/22		695,000		703,688
Nokia OYJ 5.375%, 5/15/19		445,000		456,810
3.375%, 6/12/22		472,000		460,153
4.375%, 6/12/27		405,000		389,813
Qwest Corp. 6.75%, 12/01/21		375,000		401,396
Sable International Finance Ltd., 144A 6.875%, 8/01/22		225,000		239,063
SoftBank Group Corp., 144A 4.50%, 4/15/20		1,921,000		1,942,611
Sprint Communications, Inc. 7.00%, 3/01/20, 144A		855,000		905,231
7.00%, 8/15/20		1,919,000		2,012,551
11.50%, 11/15/21		1,841,000		2,181,585
6.00%, 11/15/22		1,613,000		1,596,870
Sprint Corp. 7.25%, 9/15/21		1,995,000		2,089,763
7.875%, 9/15/23		2,777,000		2,881,138
7.125%, 6/15/24		1,841,000		1,832,900
7.625%, 2/15/25 (a)		1,740,000		1,744,350
7.625%, 3/01/26		1,400,000		1,398,390
Telecom Italia Capital SA 7.175%, 6/18/19		700,000		737,079
Telecom Italia SpA, 144A 5.303%, 5/30/24		1,273,000		1,323,920
Telefonaktiebolaget LM Ericsson 4.125%, 5/15/22		875,000		867,570
T-Mobile USA, Inc. 4.00%, 4/15/22		1,270,000		1,273,175
6.00%, 3/01/23		1,004,000		1,046,670
6.625%, 4/01/23		833,000		864,571
6.836%, 4/28/23		1,112,000		1,156,480
6.50%, 1/15/24		851,000		893,550
6.00%, 4/15/24		970,000		1,011,225
6.375%, 3/01/25		1,040,000		1,099,800
5.125%, 4/15/25		552,000		558,900
6.50%, 1/15/26		1,338,000		1,438,350

	Principal Amount		Value
Telecommunications (Continued)
4.50%, 2/01/26	$	800,000	$	786,000
5.375%, 4/15/27		773,000		792,325
4.75%, 2/01/28		1,150,000		1,123,125
VEON Holdings BV 3.95%, 6/16/21, 144A		700,000		696,010
7.504%, 3/01/22, 144A		240,000		267,094
5.95%, 2/13/23, 144A		1,150,000		1,210,962
4.95%, 6/16/24, 144A		900,000		896,292
Wind Tre SpA, 144A 5.00%, 1/20/26		1,759,000		1,527,621
Windstream Services LLC / Windstream Finance Corp. 7.75%, 10/15/20		436,000		377,140
6.375%, 8/01/23, 144A (a)		715,000		403,975
6.375%, 8/01/23 (a)		415,000		244,850
8.75%, 12/15/24, 144A		446,000		287,670
8.625%, 10/31/25, 144A		660,000		620,400
WTT Investment Ltd., 144A 5.50%, 11/21/22		500,000		498,489
				79,731,831
Consumer, Cyclical — 13.0%
Airlines — 0.3%
Air Canada, 144A 7.75%, 4/15/21		995,000		1,103,206
American Airlines Group, Inc. 5.50%, 10/01/19, 144A		805,000		825,125
4.625%, 3/01/20, 144A		243,000		246,341
United Continental Holdings, Inc. 4.25%, 10/01/22		206,000		205,614
Virgin Australia Holdings Ltd. 8.50%, 11/15/19, 144A		45,000		46,945
7.875%, 10/15/21, 144A		94,000		96,115
				2,523,346
Apparel — 0.2%
Hanesbrands, Inc. 4.625%, 5/15/24, 144A		1,042,000		1,036,790
4.875%, 5/15/26, 144A		532,500		525,844
Levi Strauss & Co. 5.00%, 5/01/25		485,000		498,347
Nine West Holdings, Inc.*, 144A 8.25%, 3/15/19		296,000		19,240
				2,080,221
Auto Manufacturers — 0.7%
Fiat Chrysler Automobiles NV 4.50%, 4/15/20 (a)		954,000		970,695
5.25%, 4/15/23 (a)		1,144,000		1,181,180
Jaguar Land Rover Automotive PLC 4.25%, 11/15/19, 144A		571,000		575,996
3.50%, 3/15/20, 144A		20,000		19,800
5.625%, 2/01/23, 144A (a)		189,000		193,961
4.50%, 10/01/27, 144A		593,000		566,315
Navistar International Corp., 144A 6.625%, 11/01/25		849,000		876,593

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Auto Manufacturers (Continued)
Tesla, Inc., 144A 5.30%, 8/15/25 (a)	$	1,522,000	$	1,450,162
				5,834,702
Auto Parts & Equipment — 1.1%
Adient Global Holdings Ltd., 144A 4.875%, 8/15/26		861,000		843,780
Allison Transmission, Inc. 5.00%, 10/01/24, 144A		385,000		391,256
4.75%, 10/01/27, 144A		746,000		732,945
American Axle & Manufacturing, Inc. 6.25%, 3/15/21		145,000		147,463
6.625%, 10/15/22		205,000		212,175
6.25%, 4/01/25 (a)		655,000		678,334
6.50%, 4/01/27 (a)		475,000		492,219
Dana, Inc. 5.50%, 12/15/24		915,000		937,875
Goodyear Tire & Rubber Co. 5.125%, 11/15/23		537,000		550,259
5.00%, 5/31/26		1,011,000		1,014,791
4.875%, 3/15/27		604,000		596,450
Tenneco, Inc. 5.00%, 7/15/26		200,000		197,000
ZF North America Capital, Inc. 4.00%, 4/29/20, 144A		260,000		265,525
4.50%, 4/29/22, 144A (a)		370,000		380,637
4.75%, 4/29/25, 144A		1,491,000		1,539,458
				8,980,167
Distribution/Wholesale — 0.3%
American Tire Distributors, Inc., 144A 10.25%, 3/01/22		805,000		842,328
HD Supply, Inc., 144A 5.75%, 4/15/24		855,000		898,819
KAR Auction Services, Inc., 144A 5.125%, 6/01/25		780,000		787,800
LKQ Corp. 4.75%, 5/15/23		403,000		410,052
				2,938,999
Entertainment — 2.2%
AMC Entertainment Holdings, Inc. 5.75%, 6/15/25 (a)		713,000		696,066
5.875%, 11/15/26 (a)		450,000		435,937
6.125%, 5/15/27 (a)		385,000		376,337
Caesars Resort Collection LLC / CRC Finco, Inc., 144A 5.25%, 10/15/25		1,166,000		1,142,680
Cinemark USA, Inc. 5.125%, 12/15/22		722,000		736,440
4.875%, 6/01/23		694,000		693,133
Eldorado Resorts, Inc. 6.00%, 4/01/25		939,000		971,865
GLP Capital LP / GLP Financing II, Inc. 4.875%, 11/01/20		1,360,000		1,394,000
4.375%, 4/15/21		120,000		121,500
5.375%, 11/01/23		967,000		1,011,724
5.375%, 4/15/26		430,000		445,050

	Principal Amount		Value
Entertainment (Continued)
International Game Technology PLC 5.625%, 2/15/20, 144A	$	628,000	$	651,864
6.25%, 2/15/22, 144A		2,063,000		2,189,359
6.50%, 2/15/25, 144A		1,266,000		1,364,115
Lions Gate Entertainment Corp., 144A 5.875%, 11/01/24		599,000		628,710
Mohegan Gaming & Entertainment, 144A 7.875%, 10/15/24 (a)		680,000		703,963
Penn National Gaming, Inc., 144A 5.625%, 1/15/27		100,000		99,500
Regal Entertainment Group 5.75%, 3/15/22		378,000		389,340
Scientific Games International, Inc. 7.00%, 1/01/22, 144A		749,000		788,323
10.00%, 12/01/22		1,523,000		1,658,166
5.00%, 10/15/25, 144A		700,000		693,875
Six Flags Entertainment Corp. 4.875%, 7/31/24, 144A		528,000		528,048
5.50%, 4/15/27, 144A		495,000		498,094
WMG Acquisition Corp., 144A 6.75%, 4/15/22		220,000		228,800
				18,446,889
Food Service — 0.3%
Aramark Services, Inc. 5.125%, 1/15/24		1,052,000		1,075,670
5.00%, 4/01/25, 144A		113,000		114,130
4.75%, 6/01/26		830,000		821,700
5.00%, 2/01/28, 144A		800,000		799,000
				2,810,500
Home Builders — 1.7%
Beazer Homes USA, Inc. 8.75%, 3/15/22		802,000		868,165
5.875%, 10/15/27		145,000		138,112
Brookfield Residential Properties, Inc., 144A 6.50%, 12/15/20		166,000		169,436
K Hovnanian Enterprises, Inc. 10.00%, 7/15/22, 144A		518,000		567,857
10.50%, 7/15/24, 144A		475,000		522,203
KB Home 4.75%, 5/15/19		839,000		853,682
7.00%, 12/15/21		468,000		510,120
Lennar Corp. 4.50%, 6/15/19		299,000		303,111
4.50%, 11/15/19		185,000		188,238
2.95%, 11/29/20, 144A		825,000		806,438
8.375%, 1/15/21, 144A		229,000		256,595
4.75%, 4/01/21		562,000		576,050
4.125%, 1/15/22		456,000		453,150
4.75%, 11/15/22		486,000		490,252
4.875%, 12/15/23		685,000		696,988
4.50%, 4/30/24		402,000		399,990
5.875%, 11/15/24, 144A		434,000		463,295
4.75%, 5/30/25		120,000		119,850
5.25%, 6/01/26, 144A		260,000		266,500
4.75%, 11/29/27, 144A		558,000		542,655

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Home Builders (Continued)
Mattamy Group Corp. 6.875%, 12/15/23, 144A	$	286,000	$	301,373
6.50%, 10/01/25, 144A		400,000		420,000
PulteGroup, Inc. 4.25%, 3/01/21		282,000		287,640
5.50%, 3/01/26		233,000		237,660
5.00%, 1/15/27		1,249,000		1,245,878
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 144A 5.25%, 4/15/21		557,000		563,266
Toll Brothers Finance Corp. 5.875%, 2/15/22		475,000		507,656
4.375%, 4/15/23		265,000		268,975
4.875%, 3/15/27		442,000		440,895
4.35%, 2/15/28		350,000		332,500
				13,798,530
Home Furnishings — 0.2%
Tempur Sealy International, Inc. 5.625%, 10/15/23		996,000		1,010,940
5.50%, 6/15/26		273,000		268,905
				1,279,845
Housewares — 0.0%
Scotts Miracle-GRO Co. 6.00%, 10/15/23		54,000		56,700
Leisure Time — 0.3%
24 Hour Fitness Worldwide, Inc., 144A 8.00%, 6/01/22		715,000		715,000
Carlson Travel, Inc., 144A 6.75%, 12/15/23 (a)		200,000		203,000
NCL Corp. Ltd., 144A 4.75%, 12/15/21		303,000		310,196
Sabre GLBL, Inc. 5.375%, 4/15/23, 144A		231,000		233,888
5.25%, 11/15/23, 144A		506,000		512,325
Viking Cruises Ltd., 144A 5.875%, 9/15/27		500,000		488,750
				2,463,159
Lodging — 1.7%
Boyd Gaming Corp. 6.875%, 5/15/23		822,000		870,292
6.375%, 4/01/26		730,000		769,238
Diamond Resorts International, Inc. 7.75%, 9/01/23, 144A		691,000		748,871
10.75%, 9/01/24, 144A		492,000		535,665
Hilton Domestic Operating Co., Inc. 4.25%, 9/01/24		695,000		684,575
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 4.625%, 4/01/25		789,000		793,931
4.875%, 4/01/27		570,000		571,425
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 144A 6.75%, 11/15/21		600,000		626,682
Melco Resorts Finance Ltd., 144A 4.875%, 6/06/25		600,000		588,462

	Principal Amount		Value
Lodging (Continued)
MGM Resorts International 5.25%, 3/31/20	$	460,000	$	475,525
6.75%, 10/01/20		465,000		497,550
6.625%, 12/15/21		545,000		590,262
7.75%, 3/15/22		30,000		33,525
6.00%, 3/15/23		1,503,000		1,602,574
4.625%, 9/01/26		370,000		363,521
Station Casinos LLC, 144A 5.00%, 10/01/25		275,000		268,813
Studio City Co. Ltd., 144A 7.25%, 11/30/21		1,080,000		1,138,050
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 4.25%, 5/30/23, 144A		410,000		414,613
5.50%, 3/01/25, 144A		1,516,000		1,540,635
5.25%, 5/15/27, 144A		644,000		633,535
				13,747,744
Retail — 3.8%
1011778 BC ULC / New Red Finance, Inc. 4.625%, 1/15/22, 144A		1,011,000		1,019,846
4.25%, 5/15/24, 144A		914,000		875,155
5.00%, 10/15/25, 144A		2,699,000		2,643,333
Asbury Automotive Group, Inc. 6.00%, 12/15/24		714,000		744,345
Beacon Escrow Corp., 144A 4.875%, 11/01/25		1,134,000		1,111,660
Claire’s Stores, Inc., 144A 9.00%, 3/15/19		908,000		621,980
Dollar Tree, Inc. 5.25%, 3/01/20		312,075		316,171
5.75%, 3/01/23		1,818,000		1,891,856
Ferrellgas LP / Ferrellgas Finance Corp. 6.50%, 5/01/21		480,000		456,000
6.75%, 1/15/22 (a)		418,000		392,920
6.75%, 6/15/23 (a)		478,000		437,370
Golden Nugget, Inc. 6.75%, 10/15/24, 144A		739,000		759,322
8.75%, 10/01/25, 144A		873,000		921,015
Group 1 Automotive, Inc. 5.00%, 6/01/22		537,000		550,425
Guitar Center, Inc., 144A 6.50%, 4/15/19		779,000		773,158
IRB Holding Corp., 144A 6.75%, 2/15/26		400,000		400,380
JC Penney Corp., Inc. 5.65%, 6/01/20		292,000		291,635
5.875%, 7/01/23, 144A (a)		350,000		336,000
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 5.00%, 6/01/24, 144A		960,000		972,000
5.25%, 6/01/26, 144A		1,349,000		1,369,235
4.75%, 6/01/27, 144A		210,000		205,800
L Brands, Inc. 7.00%, 5/01/20		1,131,000		1,216,532
6.625%, 4/01/21		530,000		568,261
5.625%, 2/15/22		966,000		1,009,470

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Retail (Continued)
5.625%, 10/15/23 (a)	$	391,000	$	412,505
5.25%, 2/01/28		300,000		289,125
Men’s Wearhouse, Inc. 7.00%, 7/01/22		386,000		386,000
Neiman Marcus Group Ltd. LLC, 144A 8.00%, 10/15/21 (a)		872,000		531,920
Penske Automotive Group, Inc. 5.75%, 10/01/22		165,000		169,641
5.50%, 5/15/26		320,000		320,000
PetSmart, Inc. 7.125%, 3/15/23, 144A		1,381,000		887,154
5.875%, 6/01/25, 144A		1,052,000		825,820
8.875%, 6/01/25, 144A		900,000		578,250
QVC, Inc. 5.125%, 7/02/22		84,000		87,033
4.375%, 3/15/23		787,000		785,991
4.85%, 4/01/24		495,000		502,028
4.45%, 2/15/25		510,000		501,016
Rite Aid Corp. 9.25%, 3/15/20		955,000		966,938
6.75%, 6/15/21		2,023,000		2,070,743
6.125%, 4/01/23, 144A		1,190,000		1,200,413
Sears Holdings Corp. 8.00%, 12/15/19		481,000		197,210
Staples, Inc., 144A 8.50%, 9/15/25		800,000		770,000
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.50%, 6/01/24		542,000		531,160
				31,896,816
Storage / Warehousing — 0.1%
Algeco Scotsman Global Finance PLC, 144A 8.00%, 2/15/23		450,000		454,388
Toys/Games/Hobbies — 0.1%
Mattel, Inc., 144A 6.75%, 12/31/25		637,000		649,740
Consumer, Non-cyclical — 17.8%
Agriculture — 0.1%
Vector Group Ltd., 144A 6.125%, 2/01/25		473,000		484,234
Commercial Services — 3.9%
ADT Corp. 6.25%, 10/15/21		1,619,000		1,727,271
3.50%, 7/15/22		1,330,000		1,276,800
4.125%, 6/15/23		269,000		262,275
Ahern Rentals, Inc., 144A 7.375%, 5/15/23		380,000		370,500
APX Group, Inc. 8.75%, 12/01/20		360,000		363,600
7.875%, 12/01/22		1,002,000		1,058,362
7.625%, 9/01/23		755,000		806,906
Ashtead Capital, Inc. 5.625%, 10/01/24, 144A		1,256,000		1,318,800
4.125%, 8/15/25, 144A		765,000		749,700

	Principal Amount		Value
Commercial Services (Continued)
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.125%, 6/01/22, 144A	$	455,000	$	455,569
5.50%, 4/01/23		475,000		473,219
Brink’s Co., 144A 4.625%, 10/15/27		395,000		375,250
Ceridian HCM Holding, Inc., 144A 11.00%, 3/15/21		212,000		219,331
Corporate Risk Holdings LLC, 144A 9.50%, 7/01/19		766,000		794,725
Gartner, Inc., 144A 5.125%, 4/01/25		425,000		436,687
Herc Rentals, Inc. 7.50%, 6/01/22, 144A		349,000		375,175
7.75%, 6/01/24, 144A		946,000		1,035,586
Hertz Corp. 5.875%, 10/15/20		488,000		488,610
7.375%, 1/15/21		584,000		584,000
7.625%, 6/01/22, 144A (a)		1,064,000		1,095,920
6.25%, 10/15/22 (a)		467,000		444,673
5.50%, 10/15/24, 144A (a)		725,000		632,562
Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 144A 6.375%, 8/01/23		1,064,000		1,071,980
Laureate Education, Inc., 144A 8.25%, 5/01/25		661,000		705,618
Live Nation Entertainment, Inc., 144A 4.875%, 11/01/24		310,000		308,838
Monitronics International, Inc. 9.125%, 4/01/20		440,000		385,000
Nielsen Co. Luxembourg SARL 5.50%, 10/01/21, 144A		130,000		133,250
5.00%, 2/01/25, 144A		513,000		513,482
Nielsen Finance LLC / Nielsen Finance Co. 4.50%, 10/01/20		430,275		432,964
5.00%, 4/15/22, 144A		1,641,000		1,663,564
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A 9.25%, 5/15/23		1,768,000		1,929,330
RR Donnelley & Sons Co. 7.875%, 3/15/21 (a)		767,000		810,144
Service Corp. International 5.375%, 1/15/22		71,000		72,686
5.375%, 5/15/24		582,000		602,312
4.625%, 12/15/27		600,000		588,000
ServiceMaster Co. LLC, 144A 5.125%, 11/15/24		644,000		635,950
Team Health Holdings, Inc., 144A 6.375%, 2/01/25 (a)		689,000		633,880
United Rentals North America, Inc. 4.625%, 7/15/23		1,164,000		1,194,555
5.75%, 11/15/24		672,000		696,360
5.50%, 7/15/25		860,000		889,025
4.625%, 10/15/25		300,000		293,250
5.875%, 9/15/26		1,020,000		1,072,275
5.50%, 5/15/27		1,327,000		1,361,502
4.875%, 1/15/28		880,000		860,200

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Commercial Services (Continued)
WEX, Inc., 144A 4.75%, 2/01/23	$	80,000	$	80,800
				32,280,486
Cosmetics/Personal Care — 0.6%
Avon Products, Inc. 6.60%, 3/15/20		1,064,000		1,074,640
7.00%, 3/15/23		342,000		312,410
Edgewell Personal Care Co. 4.70%, 5/19/21		575,000		580,750
4.70%, 5/24/22		848,000		854,360
First Quality Finance Co., Inc. 4.625%, 5/15/21, 144A		713,000		713,000
5.00%, 7/01/25, 144A		556,000		546,270
Revlon Consumer Products Corp. 5.75%, 2/15/21		614,000		498,875
6.25%, 8/01/24 (a)		300,000		207,750
				4,788,055
Food — 1.6%
Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s, Inc. / Albertson’s LLC 6.625%, 6/15/24		1,108,000		1,026,285
5.75%, 3/15/25		1,008,000		887,040
B&G Foods, Inc. 4.625%, 6/01/21		598,000		601,737
5.25%, 4/01/25		787,000		759,455
Darling Ingredients, Inc. 5.375%, 1/15/22		98,000		100,695
Lamb Weston Holdings, Inc. 4.625%, 11/01/24, 144A		1,608,000		1,624,080
4.875%, 11/01/26, 144A		180,000		180,450
Pilgrim’s Pride Corp. 5.75%, 3/15/25, 144A		608,000		606,480
5.875%, 9/30/27, 144A		935,000		911,438
Post Holdings, Inc. 5.50%, 3/01/25, 144A		810,000		817,087
5.00%, 8/15/26, 144A		1,272,000		1,211,580
5.75%, 3/01/27, 144A		1,527,000		1,511,730
5.625%, 1/15/28, 144A		900,000		877,500
SUPERVALU, Inc. 6.75%, 6/01/21 (a)		399,000		396,008
TreeHouse Foods, Inc. 4.875%, 3/15/22		395,000		394,506
6.00%, 2/15/24, 144A		480,500		491,311
US Foods, Inc., 144A 5.875%, 6/15/24		593,000		618,203
				13,015,585
Healthcare-Products — 1.3%
Avantor, Inc. 6.00%, 10/01/24, 144A		1,150,000		1,152,875
9.00%, 10/01/25, 144A		1,704,000		1,712,520
DJO Finco, Inc. / DJO Finance LLC / DJO Finance Corp., 144A 8.125%, 6/15/21		1,090,000		1,062,750
Hologic, Inc. 4.375%, 10/15/25, 144A		850,000		831,937

	Principal Amount		Value
Healthcare-Products (Continued)
4.625%, 2/01/28, 144A	$	300,000	$	291,000
Kinetic Concepts, Inc. / KCI USA, Inc. 7.875%, 2/15/21, 144A		585,000		606,206
12.50%, 11/01/21, 144A		699,000		791,618
Mallinckrodt International Finance SA 4.75%, 4/15/23 (a)		438,000		346,020
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 4.875%, 4/15/20, 144A (a)		617,000		600,033
5.75%, 8/01/22, 144A (a)		845,000		752,050
5.625%, 10/15/23, 144A (a)		534,000		444,555
5.50%, 4/15/25, 144A		635,000		504,825
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 144A 6.625%, 5/15/22 (a)		1,211,000		1,207,972
Sotera Health Holdings LLC, 144A 6.50%, 5/15/23		10,000		10,175
Teleflex, Inc. 4.875%, 6/01/26		500,000		497,500
4.625%, 11/15/27		197,000		192,814
				11,004,850
Healthcare-Services — 7.5%
Acadia Healthcare Co., Inc. 5.625%, 2/15/23		457,000		471,144
Centene Corp. 5.625%, 2/15/21		766,000		786,107
4.75%, 5/15/22		1,958,000		2,000,831
6.125%, 2/15/24		930,000		978,825
4.75%, 1/15/25		453,000		451,584
CHS/Community Health Systems, Inc. 8.00%, 11/15/19 (a)		1,654,000		1,558,705
7.125%, 7/15/20 (a)		1,305,000		1,109,250
5.125%, 8/01/21 (a)		1,609,000		1,492,347
6.875%, 2/01/22 (a)		2,042,000		1,342,615
6.25%, 3/31/23		3,084,000		2,821,860
DaVita, Inc. 5.75%, 8/15/22		400,000		412,000
5.125%, 7/15/24		1,730,000		1,721,350
5.00%, 5/01/25		1,482,000		1,457,917
Encompass Health Corp. 5.75%, 11/01/24		1,415,000		1,434,456
Envision Healthcare Corp. 5.125%, 7/01/22, 144A		1,101,000		1,114,763
5.625%, 7/15/22		847,000		864,999
6.25%, 12/01/24, 144A		548,000		579,510
HCA Healthcare, Inc. 6.25%, 2/15/21		1,249,000		1,317,695
HCA, Inc. 3.75%, 3/15/19		566,000		570,969
4.25%, 10/15/19		836,000		848,540
6.50%, 2/15/20		1,670,000		1,766,025
7.50%, 2/15/22		1,520,000		1,685,300
5.875%, 3/15/22		1,981,000		2,104,813
4.75%, 5/01/23		721,000		735,420
5.875%, 5/01/23		946,000		997,084
5.00%, 3/15/24		1,495,000		1,526,769

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Healthcare-Services (Continued)
5.375%, 2/01/25	$	1,845,000	$	1,880,184
5.25%, 4/15/25		1,599,000		1,646,970
5.875%, 2/15/26		1,355,000		1,405,813
5.25%, 6/15/26		1,790,000		1,839,225
4.50%, 2/15/27		907,000		887,726
Kindred Healthcare, Inc. 8.00%, 1/15/20		591,500		635,123
6.375%, 4/15/22		556,000		565,730
8.75%, 1/15/23 (a)		738,000		793,350
LifePoint Health, Inc. 5.50%, 12/01/21		160,000		161,800
5.875%, 12/01/23		590,000		590,738
5.375%, 5/01/24		695,000		681,969
Magellan Health, Inc. 4.40%, 9/22/24		300,000		298,010
MEDNAX, Inc., 144A 5.25%, 12/01/23		260,000		266,825
Molina Healthcare, Inc. 5.375%, 11/15/22		652,000		652,000
MPH Acquisition Holdings LLC, 144A 7.125%, 6/01/24		1,305,000		1,376,775
Opal Acquisition, Inc., 144A 10.00%, 10/01/24		156,000		140,400
Quorum Health Corp. 11.625%, 4/15/23 (a)		250,000		260,625
RegionalCare Hospital Partners Holdings, Inc., 144A 8.25%, 5/01/23		734,000		774,370
Select Medical Corp. 6.375%, 6/01/21		420,000		429,933
Surgery Center Holdings, Inc., 144A 8.875%, 4/15/21		265,000		276,263
Tenet Healthcare Corp. 5.50%, 3/01/19		796,000		811,054
4.75%, 6/01/20		1,014,000		1,034,280
6.00%, 10/01/20		1,255,000		1,309,894
4.50%, 4/01/21		2,134,000		2,151,499
4.375%, 10/01/21		1,277,000		1,277,000
7.50%, 1/01/22, 144A		491,000		519,846
8.125%, 4/01/22		2,500,000		2,646,875
6.75%, 6/15/23 (a)		1,319,000		1,323,946
4.625%, 7/15/24, 144A		1,268,000		1,222,035
5.125%, 5/01/25, 144A		1,232,000		1,199,660
7.00%, 8/01/25, 144A (a)		455,000		455,569
WellCare Health Plans, Inc. 5.25%, 4/01/25		968,000		982,152
				62,648,517
Household Products/Wares — 0.2%
ACCO Brands Corp., 144A 5.25%, 12/15/24		250,000		251,875
Prestige Brands, Inc., 144A 5.375%, 12/15/21		39,000		39,195
Spectrum Brands, Inc. 6.625%, 11/15/22		412,000		426,935
5.75%, 7/15/25		1,073,000		1,110,555
				1,828,560

	Principal Amount		Value
Pharmaceuticals — 2.6%
Catalent Pharma Solutions, Inc., 144A 4.875%, 1/15/26	$	150,000	$	148,875
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 6.00%, 7/15/23, 144A		1,422,000		1,073,610
6.00%, 2/01/25, 144A		755,500		545,849
Endo Finance LLC, 144A 5.75%, 1/15/22		831,000		683,497
Endo Finance LLC / Endo Finco, Inc., 144A 5.375%, 1/15/23		898,000		675,745
Horizon Pharma, Inc. 6.625%, 5/01/23		300,000		301,500
Valeant Pharmaceuticals International 6.75%, 8/15/21, 144A		711,000		695,891
7.25%, 7/15/22, 144A		831,000		813,341
Valeant Pharmaceuticals International, Inc. 5.375%, 3/15/20, 144A		2,263,000		2,265,829
7.50%, 7/15/21, 144A		1,154,000		1,164,098
5.625%, 12/01/21, 144A		631,000		598,661
6.50%, 3/15/22, 144A		1,993,000		2,080,194
5.50%, 3/01/23, 144A		1,802,000		1,603,780
5.875%, 5/15/23, 144A		2,368,000		2,113,440
7.00%, 3/15/24, 144A		1,404,000		1,482,975
6.125%, 4/15/25, 144A		2,770,000		2,441,062
5.50%, 11/01/25, 144A		1,562,000		1,551,261
9.00%, 12/15/25, 144A		833,000		840,289
Vizient, Inc., 144A 10.375%, 3/01/24		340,000		381,650
				21,461,547
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
HRG Group, Inc. 7.75%, 1/15/22		212,000		221,407
Stena AB, 144A 7.00%, 2/01/24		336,000		317,520
				538,927
Energy — 12.5%
Coal — 0.2%
Murray Energy Corp., 144A 11.25%, 4/15/21		965,000		429,425
Peabody Energy Corp. 6.00%, 3/31/22, 144A		302,000		310,683
6.375%, 3/31/25, 144A		645,000		674,831
				1,414,939
Energy-Alternate Sources — 0.1%
TerraForm Power Operating LLC 4.25%, 1/31/23, 144A		375,000		368,437
5.00%, 1/31/28, 144A		550,000		534,353
				902,790
Oil & Gas — 9.0%
Aker BP ASA, 144A 6.00%, 7/01/22		344,000		358,620

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Antero Resources Corp. 5.375%, 11/01/21	$	646,000	$	662,957
5.125%, 12/01/22		706,000		715,707
5.625%, 6/01/23		545,000		561,350
5.00%, 3/01/25		1,097,500		1,111,197
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A 10.00%, 4/01/22		1,291,040		1,381,413
Baytex Energy Corp. 5.125%, 6/01/21, 144A		414,000		391,230
5.625%, 6/01/24, 144A		249,000		224,722
Berry Petroleum Co. LLC, 144A 7.00%, 2/15/26		350,000		357,000
California Resources Corp., 144A 8.00%, 12/15/22		1,915,000		1,524,819
Calumet Specialty Products Partners LP / Calumet Finance Corp. 11.50%, 1/15/21, 144A		303,000		340,496
6.50%, 4/15/21		904,000		885,920
Carrizo Oil & Gas, Inc. 7.50%, 9/15/20 (a)		184,000		187,910
6.25%, 4/15/23 (a)		559,000		563,192
Chesapeake Energy Corp. 6.625%, 8/15/20		368,000		380,770
6.125%, 2/15/21 (a)		849,000		861,735
4.875%, 4/15/22 (a)		276,000		260,130
8.00%, 12/15/22, 144A (a)		1,261,000		1,346,117
8.00%, 1/15/25, 144A (a)		1,238,000		1,225,620
8.00%, 6/15/27, 144A (a)		879,000		844,939
Citgo Holding, Inc., 144A 10.75%, 2/15/20		1,106,000		1,191,715
CITGO Petroleum Corp., 144A 6.25%, 8/15/22		420,000		422,625
CNX Resources Corp. 5.875%, 4/15/22		1,345,000		1,355,928
8.00%, 4/01/23		655,000		695,119
Continental Resources, Inc. 5.00%, 9/15/22		1,207,000		1,228,122
4.50%, 4/15/23		1,326,000		1,342,575
3.80%, 6/01/24		1,029,000		1,003,275
4.375%, 1/15/28, 144A		912,000		890,340
CrownRock LP / CrownRock Finance, Inc., 144A 5.625%, 10/15/25		729,000		716,242
Denbury Resources, Inc. 9.00%, 5/15/21, 144A		560,000		575,400
9.25%, 3/31/22, 144A		400,000		412,000
Diamond Offshore Drilling, Inc. 7.875%, 8/15/25 (a)		345,000		351,469
Diamondback Energy, Inc. 4.75%, 11/01/24		930,000		920,700
5.375%, 5/31/25		240,000		240,600
Endeavor Energy Resources LP / EER Finance, Inc. 5.50%, 1/30/26, 144A		427,000		424,865
5.75%, 1/30/28, 144A		600,000		602,250

	Principal Amount		Value
Oil & Gas (Continued)
Ensco PLC 4.50%, 10/01/24 (a)	$	706,000	$	578,920
5.20%, 3/15/25 (a)		930,000		776,550
7.75%, 2/01/26		450,000		426,375
EP Energy LLC / Everest Acquisition Finance, Inc. 9.375%, 5/01/20		191,000		178,585
6.375%, 6/15/23		210,000		114,450
9.375%, 5/01/24, 144A		704,000		522,720
8.00%, 11/29/24, 144A (a)		346,000		358,110
8.00%, 2/15/25, 144A		897,000		621,172
Extraction Oil & Gas, Inc. 7.375%, 5/15/24, 144A		500,000		530,000
5.625%, 2/01/26, 144A		500,000		490,625
Gulfport Energy Corp. 6.00%, 10/15/24		1,084,000		1,070,450
6.375%, 5/15/25		380,000		376,200
6.375%, 1/15/26, 144A		101,000		99,803
Hilcorp Energy I LP / Hilcorp Finance Co. 5.00%, 12/01/24, 144A		532,000		537,320
5.75%, 10/01/25, 144A		365,000		373,212
Jones Energy Holdings LLC / Jones Energy Finance Corp. 6.75%, 4/01/22		350,000		228,375
9.25%, 3/15/23, 144A		400,000		394,000
Jupiter Resources, Inc., 144A 8.50%, 10/01/22		1,093,000		521,907
MEG Energy Corp. 6.375%, 1/30/23, 144A		883,000		761,587
7.00%, 3/31/24, 144A		1,064,000		912,380
6.50%, 1/15/25, 144A		303,000		298,455
Murphy Oil Corp. 4.00%, 6/01/22		272,000		265,880
4.45%, 12/01/22		256,000		253,440
6.875%, 8/15/24		608,000		640,759
5.75%, 8/15/25		567,000		566,433
Nabors Industries, Inc. 5.00%, 9/15/20		581,000		585,357
4.625%, 9/15/21		1,131,000		1,108,380
5.50%, 1/15/23 (a)		60,000		59,850
5.75%, 2/01/25, 144A		800,000		764,500
Newfield Exploration Co. 5.75%, 1/30/22		385,000		408,100
5.625%, 7/01/24		927,000		980,302
5.375%, 1/01/26		778,000		807,175
Noble Holding International Ltd. 7.75%, 1/15/24 (a)		693,000		636,694
7.70%, 4/01/25 (a)		621,000		558,900
7.875%, 2/01/26, 144A		350,000		352,188
Oasis Petroleum, Inc. 6.875%, 3/15/22		810,000		831,769
Parsley Energy LLC / Parsley Finance Corp. 6.25%, 6/01/24, 144A		163,000		169,113
5.375%, 1/15/25, 144A		560,000		557,200
5.25%, 8/15/25, 144A		1,031,000		1,020,690
5.625%, 10/15/27, 144A		150,000		149,156

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
PBF Holding Co LLC / PBF Finance Corp. 7.25%, 6/15/25	$	250,000	$	259,375
PBF Holding Co. LLC / PBF Finance Corp. 7.00%, 11/15/23		838,000		875,710
PDC Energy, Inc. 6.125%, 9/15/24		735,000		755,213
5.75%, 5/15/26, 144A		250,000		247,113
Precision Drilling Corp. 5.25%, 11/15/24		419,000		401,193
7.125%, 1/15/26, 144A		300,000		303,375
Puma International Financing SA 5.125%, 10/06/24, 144A		400,000		405,286
5.00%, 1/24/26, 144A		300,000		294,730
QEP Resources, Inc. 5.375%, 10/01/22		341,000		347,820
5.25%, 5/01/23		915,000		912,713
5.625%, 3/01/26		275,000		271,563
Range Resources Corp. 5.75%, 6/01/21		260,000		267,150
5.00%, 8/15/22		318,000		314,820
5.00%, 3/15/23		955,000		938,288
4.875%, 5/15/25 (a)		710,000		683,375
Rowan Cos., Inc. 4.875%, 6/01/22		570,000		538,650
7.375%, 6/15/25 (a)		535,000		530,988
RSP Permian, Inc. 6.625%, 10/01/22		495,000		517,275
5.25%, 1/15/25		358,000		362,475
Sable Permian Resources Land LLC / AEPB Finance Corp. 7.125%, 11/01/20, 144A		485,000		380,725
13.00%, 11/30/20, 144A		481,000		556,156
7.375%, 11/01/21, 144A (a)		569,000		446,665
Sanchez Energy Corp. 7.75%, 6/15/21 (a)		503,000		482,880
6.125%, 1/15/23		909,000		686,295
7.25%, 2/15/23, 144A		500,000		507,500
Seven Generations Energy Ltd. 6.75%, 5/01/23, 144A		556,000		579,630
6.875%, 6/30/23, 144A		668,000		698,060
5.375%, 9/30/25, 144A		425,000		416,500
SM Energy Co. 6.125%, 11/15/22		333,000		337,995
5.00%, 1/15/24		458,000		432,810
5.625%, 6/01/25 (a)		492,000		472,628
6.75%, 9/15/26 (a)		446,000		450,460
Southwestern Energy Co. 4.10%, 3/15/22		860,000		810,550
6.70%, 1/23/25		862,000		849,070
7.50%, 4/01/26		520,000		527,800
7.75%, 10/01/27 (a)		366,000		375,150
Sunoco LP / Sunoco Finance Corp. 4.875%, 1/15/23, 144A		423,000		421,900
5.50%, 2/15/26, 144A		650,000		651,625
5.875%, 3/15/28, 144A		525,000		528,281
Transocean, Inc. 5.80%, 10/15/22		401,000		391,035

	Principal Amount		Value
Oil & Gas (Continued)
9.00%, 7/15/23, 144A	$	1,531,000	$	1,659,221
7.50%, 1/15/26, 144A		308,000		311,080
Ultra Resources, Inc. 6.875%, 4/15/22, 144A (a)		777,000		708,041
7.125%, 4/15/25, 144A (a)		302,000		271,423
Whiting Petroleum Corp. 5.75%, 3/15/21 (a)		925,000		948,125
6.25%, 4/01/23		496,950		503,783
6.625%, 1/15/26, 144A		566,000		578,028
WPX Energy, Inc. 6.00%, 1/15/22		720,000		750,600
8.25%, 8/01/23		787,000		895,213
5.25%, 9/15/24		523,000		525,615
				74,828,107
Oil & Gas Services — 0.4%
Bristow Group, Inc. 6.25%, 10/15/22		239,000		205,540
SESI LLC 7.125%, 12/15/21		461,000		470,796
7.75%, 9/15/24, 144A		357,000		372,172
Weatherford International Ltd. 7.75%, 6/15/21		544,000		544,000
4.50%, 4/15/22 (a)		476,000		421,260
8.25%, 6/15/23 (a)		797,000		775,083
9.875%, 2/15/24		698,000		694,510
				3,483,361
Pipelines — 2.8%
Cheniere Corpus Christi Holdings LLC 7.00%, 6/30/24		935,000		1,049,771
5.875%, 3/31/25		1,262,000		1,339,297
5.125%, 6/30/27		1,591,000		1,614,865
Cheniere Energy Partners LP, 144A 5.25%, 10/01/25		818,000		828,225
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 6.25%, 4/01/23		808,000		836,280
5.75%, 4/01/25		418,000		424,792
DCP Midstream Operating LP 9.75%, 3/15/19, 144A		137,000		145,905
5.35%, 3/15/20, 144A		674,000		694,220
4.75%, 9/30/21, 144A		314,000		321,065
3.875%, 3/15/23		830,000		813,400
Energy Transfer Equity LP 7.50%, 10/15/20		1,189,000		1,293,037
4.25%, 3/15/23		773,000		760,199
5.875%, 1/15/24		811,000		861,687
5.50%, 6/01/27		1,213,000		1,258,487
Genesis Energy LP / Genesis Energy Finance Corp. 6.75%, 8/01/22		708,000		731,010
6.00%, 5/15/23		294,000		294,647
6.50%, 10/01/25		447,000		448,118
6.25%, 5/15/26		366,000		355,020
NGPL PipeCo LLC 4.375%, 8/15/22, 144A		447,000		447,559
4.875%, 8/15/27, 144A		589,000		596,363

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Pipelines (Continued)
NuStar Logistics LP 4.80%, 9/01/20	$	709,000	$	717,863
5.625%, 4/28/27		150,000		148,875
Rockies Express Pipeline LLC, 144A 5.625%, 4/15/20		588,000		613,725
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 5.50%, 9/15/24, 144A		1,025,000		1,060,855
5.50%, 1/15/28, 144A		500,000		501,875
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 4.125%, 11/15/19		245,000		247,450
5.25%, 5/01/23		762,000		774,863
4.25%, 11/15/23		672,000		657,720
6.75%, 3/15/24		507,000		539,955
5.125%, 2/01/25		60,000		60,074
5.375%, 2/01/27		934,000		937,503
5.00%, 1/15/28, 144A		363,000		353,925
Williams Cos., Inc. 3.70%, 1/15/23		928,000		905,960
4.55%, 6/24/24		916,000		927,450
				23,562,040
Financial — 8.9%
Banks — 1.4%
CIT Group, Inc. 3.875%, 2/19/19		60,000		60,450
5.375%, 5/15/20		638,000		661,127
5.00%, 8/15/22		1,036,000		1,070,965
5.00%, 8/01/23		380,000		391,400
Freedom Mortgage Corp., 144A 8.125%, 11/15/24		350,000		359,625
Intesa Sanpaolo SpA 5.017%, 6/26/24, 144A		1,800,000		1,798,479
5.71%, 1/15/26, 144A		1,209,000		1,236,289
Royal Bank of Scotland Group PLC 6.125%, 12/15/22		985,000		1,051,418
6.10%, 6/10/23		750,000		801,854
6.00%, 12/19/23		1,608,000		1,718,654
5.125%, 5/28/24		2,751,000		2,821,780
				11,972,041
Diversified Financial Services — 3.4%
Aircastle Ltd. 6.25%, 12/01/19		748,000		780,725
5.125%, 3/15/21		401,000		413,531
5.50%, 2/15/22		909,000		949,905
5.00%, 4/01/23		370,000		382,447
4.125%, 5/01/24		296,000		292,670
Ally Financial, Inc. 3.75%, 11/18/19		532,000		536,256
8.00%, 3/15/20		815,000		886,312
4.125%, 3/30/20		680,000		686,800
7.50%, 9/15/20		425,000		463,250
4.25%, 4/15/21		355,000		360,325
4.125%, 2/13/22		437,000		440,326
4.625%, 5/19/22		667,000		678,672

	Principal Amount		Value
Diversified Financial Services (Continued)
5.125%, 9/30/24	$	224,000	$	232,960
4.625%, 3/30/25		678,000		683,932
5.75%, 11/20/25		1,228,000		1,284,795
Blackstone CQP Holdco LP, 144A 6.50%, 3/20/21		20,000		20,275
Intelsat Connect Finance SA, 144A 12.50%, 4/01/22 (a)		1,243,000		1,005,276
Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.375%, 4/01/20, 144A		824,000		838,016
7.50%, 4/15/21, 144A		200,000		206,500
6.875%, 4/15/22, 144A		917,000		921,585
7.25%, 8/15/24, 144A		234,000		237,510
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.25%, 3/15/22, 144A		108,000		109,080
5.25%, 10/01/25, 144A		549,000		535,275
Lincoln Finance Ltd., 144A 7.375%, 4/15/21		89,000		92,894
LPL Holdings, Inc., 144A 5.75%, 9/15/25		450,000		456,750
Nationstar Mortgage LLC / Nationstar Capital Corp. 6.50%, 7/01/21		394,000		403,852
Navient Corp. Series MTN, 4.875%, 6/17/19		345,000		349,744
Series MTN, 8.00%, 3/25/20		721,000		774,174
5.00%, 10/26/20		310,000		312,712
5.875%, 3/25/21		477,000		493,099
6.625%, 7/26/21		445,000		466,137
Series MTN, 7.25%, 1/25/22		1,389,000		1,493,064
6.50%, 6/15/22		160,000		167,000
5.50%, 1/25/23		560,000		556,500
7.25%, 9/25/23		963,000		1,028,002
Series MTN, 6.125%, 3/25/24		1,076,000		1,092,140
5.875%, 10/25/24 (a)		779,000		775,105
6.75%, 6/25/25		117,000		120,399
NFP Corp., 144A 6.875%, 7/15/25		948,000		955,110
Quicken Loans, Inc. 5.75%, 5/01/25, 144A		1,429,000		1,446,863
5.25%, 1/15/28, 144A		601,000		581,468
Springleaf Finance Corp. 5.25%, 12/15/19		304,000		310,080
8.25%, 12/15/20		751,000		820,468
7.75%, 10/01/21		314,000		343,438
6.125%, 5/15/22		1,568,000		1,615,040
5.625%, 3/15/23		547,000		542,214
Vantiv LLC / Vanity Issuer Corp., 144A 4.375%, 11/15/25		300,000		291,750
				28,434,426
Insurance — 0.5%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A 8.25%, 8/01/23		443,000		461,828
Ardonagh Midco 3 PLC, 144A 8.625%, 7/15/23		598,000		620,425

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Insurance (Continued)
AssuredPartners, Inc., 144A 7.00%, 8/15/25	$	298,000	$	305,450
Genworth Holdings, Inc. 7.625%, 9/24/21		538,000		530,468
4.90%, 8/15/23		640,000		553,600
4.80%, 2/15/24		377,000		324,220
HUB International Ltd., 144A 7.875%, 10/01/21		1,028,000		1,061,410
Radian Group, Inc. 4.50%, 10/01/24		250,000		250,075
				4,107,476
Real Estate — 0.3%
Howard Hughes Corp., 144A 5.375%, 3/15/25		878,000		868,122
Hunt Cos., Inc., 144A 6.25%, 2/15/26		500,000		490,625
Realogy Group LLC / Realogy Co.-Issuer Corp. 4.50%, 4/15/19, 144A		125,000		127,031
5.25%, 12/01/21, 144A		450,000		456,188
4.875%, 6/01/23, 144A		498,000		484,305
				2,426,271
Real Estate Investment Trusts — 2.7%
CBL & Associates LP 5.25%, 12/01/23		350,000		297,890
5.95%, 12/15/26		550,000		468,879
CyrusOne LP / CyrusOne Finance Corp. 5.00%, 3/15/24		500,000		505,000
5.375%, 3/15/27		500,000		502,500
Equinix, Inc. 5.375%, 1/01/22		662,000		687,652
5.375%, 4/01/23		1,730,000		1,784,062
5.75%, 1/01/25		780,000		819,000
5.875%, 1/15/26		825,000		866,250
5.375%, 5/15/27		510,000		521,475
ESH Hospitality, Inc., 144A 5.25%, 5/01/25		1,070,000		1,070,000
Iron Mountain, Inc. 4.375%, 6/01/21, 144A		45,000		45,630
6.00%, 8/15/23		544,000		565,760
5.75%, 8/15/24		1,461,000		1,461,000
4.875%, 9/15/27, 144A		781,000		739,997
5.25%, 3/15/28, 144A		400,000		383,120
iStar, Inc. 5.00%, 7/01/19		328,000		329,025
4.625%, 9/15/20		708,000		713,310
5.25%, 9/15/22		209,000		205,865
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 5.625%, 5/01/24		1,837,000		1,909,562
4.50%, 9/01/26		442,000		423,215
MPT Operating Partnership LP / MPT Finance Corp. 6.375%, 3/01/24		800,000		846,000
5.25%, 8/01/26		398,000		397,503

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
5.00%, 10/15/27	$	975,000	$	955,013
SBA Communications Corp. 4.875%, 7/15/22		480,000		487,200
4.00%, 10/01/22, 144A		1,911,000		1,882,335
4.875%, 9/01/24		675,000		668,250
Starwood Property Trust, Inc. 3.625%, 2/01/21, 144A		350,000		348,250
5.00%, 12/15/21		320,000		328,000
4.75%, 3/15/25, 144A		450,000		437,625
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A 7.125%, 12/15/24		505,000		455,131
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 6.00%, 4/15/23, 144A		485,000		470,450
8.25%, 10/15/23		1,007,000		944,062
VICI Properties 1 LLC / VICI FC, Inc. 8.00%, 10/15/23		400		445
				22,519,456
Venture Capital — 0.6%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.00%, 8/01/20		610,000		622,277
5.875%, 2/01/22		1,595,000		1,600,981
6.25%, 2/01/22		810,000		824,175
6.75%, 2/01/24		652,000		667,485
6.375%, 12/15/25		800,000		805,000
				4,519,918
Industrial — 7.8%
Aerospace/Defense — 1.0%
Arconic, Inc. 6.15%, 8/15/20		270,000		286,829
5.40%, 4/15/21		1,135,000		1,184,656
5.87%, 2/23/22		838,000		892,470
5.125%, 10/01/24		1,104,000		1,147,470
KLX, Inc., 144A 5.875%, 12/01/22		736,000		760,840
TransDigm, Inc. 5.50%, 10/15/20		183,000		184,830
6.00%, 7/15/22		927,000		951,334
6.50%, 7/15/24		997,000		1,030,649
6.50%, 5/15/25		722,000		741,855
6.375%, 6/15/26		973,000		997,325
				8,178,258
Building Materials — 0.8%
Builders FirstSource, Inc., 144A 5.625%, 9/01/24		404,000		412,585
Griffon Corp. 5.25%, 3/01/22		600,000		603,750
Jeld-Wen, Inc. 4.625%, 12/15/25, 144A		250,000		245,000
4.875%, 12/15/27, 144A		350,000		340,375
Standard Industries, Inc. 5.50%, 2/15/23, 144A		524,000		539,720

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Building Materials (Continued)
5.375%, 11/15/24, 144A	$	1,530,000	$	1,572,075
6.00%, 10/15/25, 144A		1,344,000		1,426,320
5.00%, 2/15/27, 144A		340,000		337,875
Standard Industries, Inc./NJ, 144A 4.75%, 1/15/28		550,000		530,750
Summit Materials LLC / Summit Materials Finance Corp. 6.125%, 7/15/23		100,000		103,500
USG Corp., 144A 4.875%, 6/01/27		306,000		302,175
				6,414,125
Electrical Components & Equipment — 0.1%
Energizer Holdings, Inc., 144A 5.50%, 6/15/25		215,000		215,537
General Cable Corp. 5.75%, 10/01/22		577,000		595,753
				811,290
Engineering & Construction — 0.3%
AECOM 5.875%, 10/15/24		1,199,000		1,255,952
5.125%, 3/15/27		570,000		553,442
Brand Industrial Services, Inc., 144A 8.50%, 7/15/25		690,000		715,875
MasTec, Inc. 4.875%, 3/15/23		250,000		250,625
				2,775,894
Environmental Control — 0.4%
Advanced Disposal Services, Inc., 144A 5.625%, 11/15/24		150,000		153,375
Clean Harbors, Inc. 5.25%, 8/01/20		331,000		333,482
5.125%, 6/01/21		800,000		807,000
Core & Main LP, 144A 6.125%, 8/15/25		445,000		441,662
Covanta Holding Corp. 6.375%, 10/01/22		278,000		284,603
5.875%, 3/01/24		280,000		281,400
5.875%, 7/01/25		503,000		501,743
GFL Environmental, Inc., 144A 9.875%, 2/01/21		280,000		296,100
				3,099,365
Hand / Machine Tools — 0.0%
Apex Tool Group LLC, 144A 7.00%, 2/01/21 (a)		92,000		93,789
Machinery-Construction & Mining — 0.2%
BlueLine Rental Finance Corp. / BlueLine Rental LLC, 144A 9.25%, 3/15/24		897,000		972,124
Vertiv Group Corp., 144A 9.25%, 10/15/24		994,000		1,053,640
				2,025,764

	Principal Amount		Value
Machinery-Diversified — 0.2%
Cloud Crane LLC, 144A 10.125%, 8/01/24	$	353,000	$	396,242
CNH Industrial NV 4.50%, 8/15/23		631,000		646,485
Series MTN, 3.85%, 11/15/27		550,000		533,553
Welbilt, Inc. 9.50%, 2/15/24		255,000		284,325
				1,860,605
Metal Fabricate/Hardware — 0.3%
Novelis Corp. 6.25%, 8/15/24, 144A		1,260,000		1,291,500
5.875%, 9/30/26, 144A		882,000		890,820
				2,182,320
Miscellaneous Manufacturing — 0.9%
Bombardier, Inc. 7.75%, 3/15/20, 144A		1,374,000		1,471,897
8.75%, 12/01/21, 144A		1,099,000		1,210,274
5.75%, 3/15/22, 144A (a)		536,000		537,340
6.00%, 10/15/22, 144A		1,044,000		1,046,610
6.125%, 1/15/23, 144A		913,000		919,847
7.50%, 12/01/24, 144A		650,000		676,813
7.50%, 3/15/25, 144A		1,720,000		1,773,750
				7,636,531
Packaging & Containers — 2.9%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 6.00%, 6/30/21, 144A		628,000		644,485
4.25%, 9/15/22, 144A		880,000		878,900
4.625%, 5/15/23, 144A		772,000		773,930
7.25%, 5/15/24, 144A		962,000		1,034,150
6.00%, 2/15/25, 144A		1,523,000		1,564,882
Ball Corp. 4.375%, 12/15/20		925,000		949,281
5.00%, 3/15/22		1,187,000		1,235,964
4.00%, 11/15/23		493,000		489,919
5.25%, 7/01/25		955,000		1,006,331
Berry Global, Inc. 6.00%, 10/15/22		820,000		856,900
5.125%, 7/15/23		574,000		588,350
4.50%, 2/15/26, 144A		550,000		536,250
BWAY Holding Co. 5.50%, 4/15/24, 144A		1,241,000		1,272,025
7.25%, 4/15/25, 144A		1,264,000		1,308,240
Coveris Holdings SA, 144A 7.875%, 11/01/19		1,006,000		1,003,083
Crown Americas LLC / Crown Americas Capital Corp. IV 4.50%, 1/15/23		376,000		380,700
Crown Americas LLC / Crown Americas Capital Corp. V 4.25%, 9/30/26		200,000		190,000
Crown Americas LLC / Crown Americas Capital Corp. VI, 144A 4.75%, 2/01/26		50,000		49,375

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Packaging & Containers (Continued)
Flex Acquisition Co., Inc., 144A 6.875%, 1/15/25	$	507,000	$	514,288
Multi-Color Corp., 144A 4.875%, 11/01/25		525,000		505,312
Owens-Brockway Glass Container, Inc. 5.00%, 1/15/22, 144A		425,000		435,094
5.875%, 8/15/23, 144A		483,000		504,433
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg 5.75%, 10/15/20		2,635,004		2,677,823
6.875%, 2/15/21		1,905		1,932
5.125%, 7/15/23, 144A		1,080,000		1,101,600
7.00%, 7/15/24, 144A		665,000		701,575
Sealed Air Corp. 6.50%, 12/01/20, 144A		714,000		763,980
4.875%, 12/01/22, 144A		434,000		448,647
5.25%, 4/01/23, 144A		334,000		343,185
5.125%, 12/01/24, 144A		510,000		527,850
5.50%, 9/15/25, 144A		365,000		382,794
				23,671,278
Transportation — 0.3%
Hornbeck Offshore Services, Inc. 5.00%, 3/01/21		469,000		279,055
Kenan Advantage Group, Inc., 144A 7.875%, 7/31/23		100,000		103,750
XPO Logistics, Inc. 6.50%, 6/15/22, 144A		750,000		781,875
6.125%, 9/01/23, 144A		1,191,000		1,240,129
				2,404,809
Trucking & Leasing — 0.4%
Park Aerospace Holdings Ltd. 5.25%, 8/15/22, 144A		1,942,000		1,951,710
4.50%, 3/15/23, 144A		855,000		827,212
5.50%, 2/15/24, 144A		606,000		610,545
				3,389,467
Technology — 6.0%
Computers — 1.7%
Dell International LLC / EMC Corp. 5.875%, 6/15/21, 144A		958,000		981,950
7.125%, 6/15/24, 144A		915,000		985,070
Dell, Inc. 5.875%, 6/15/19 (a)		819,000		844,684
4.625%, 4/01/21 (a)		1,000,000		1,014,375
Diebold Nixdorf, Inc. 8.50%, 4/15/24		305,000		322,919
EMC Corp. 2.65%, 6/01/20		734,000		714,385
3.375%, 6/01/23		1,210,000		1,115,630
Exela Intermediate LLC / Exela Finance, Inc., 144A 10.00%, 7/15/23		850,000		851,062
Harland Clarke Holdings Corp. 9.25%, 3/01/21, 144A		1,069,000		1,109,088
8.375%, 8/15/22, 144A		360,000		373,500

	Principal Amount		Value
Computers (Continued)
Leidos Holdings, Inc. 4.45%, 12/01/20	$	256,000	$	263,081
NCR Corp. 4.625%, 2/15/21		640,000		636,800
5.00%, 7/15/22		749,000		754,618
6.375%, 12/15/23		299,000		311,708
Riverbed Technology, Inc., 144A 8.875%, 3/01/23		356,000		335,085
Sungard Availability Services Capital, Inc., 144A 8.75%, 4/01/22		350,000		219,625
West Corp., 144A 8.50%, 10/15/25 (a)		997,000		972,075
Western Digital Corp. 4.75%, 2/15/26		2,000,000		2,018,750
				13,824,405
Office/Business Equipment — 0.2%
CDW LLC / CDW Finance Corp. 5.00%, 9/01/23		80,000		81,400
5.50%, 12/01/24		756,000		793,800
5.00%, 9/01/25		728,000		737,100
				1,612,300
Semiconductors — 1.1%
Amkor Technology, Inc. 6.375%, 10/01/22		670,000		691,775
Micron Technology, Inc. 5.25%, 1/15/24, 144A		443,000		456,290
5.50%, 2/01/25		786,000		819,405
NXP BV / NXP Funding LLC 4.125%, 6/15/20, 144A		365,000		372,300
4.125%, 6/01/21, 144A		1,375,000		1,402,775
4.625%, 6/15/22, 144A		268,000		276,739
3.875%, 9/01/22, 144A		1,015,000		1,019,770
4.625%, 6/01/23, 144A		920,000		948,980
Qorvo, Inc. 6.75%, 12/01/23		740,000		787,175
7.00%, 12/01/25		639,000		698,108
Sensata Technologies BV 4.875%, 10/15/23, 144A		663,000		675,431
5.625%, 11/01/24, 144A		300,000		321,840
5.00%, 10/01/25, 144A		626,000		633,825
STATS ChipPAC Pte Ltd., 144A 8.50%, 11/24/20		285,000		306,019
				9,410,432
Software — 3.0%
BMC Software Finance, Inc., 144A 8.125%, 7/15/21		1,874,000		1,890,397
CDK Global, Inc. 5.00%, 10/15/24		438,000		444,570
4.875%, 6/01/27, 144A		507,000		504,313
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A 5.75%, 3/01/25		846,000		849,172
First Data Corp. 5.375%, 8/15/23, 144A		750,000		764,932

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

	Principal Amount		Value
Software (Continued)
7.00%, 12/01/23, 144A	$	1,695,000	$	1,786,106
5.00%, 1/15/24, 144A		2,447,000		2,471,470
5.75%, 1/15/24, 144A		2,098,000		2,142,582
Infor US, Inc. 5.75%, 8/15/20, 144A		150,000		153,188
6.50%, 5/15/22		1,641,000		1,686,128
Informatica LLC, 144A 7.125%, 7/15/23		538,000		551,181
MSCI, Inc. 5.25%, 11/15/24, 144A		538,000		552,418
5.75%, 8/15/25, 144A		1,137,500		1,200,063
4.75%, 8/01/26, 144A		320,000		318,400
Nuance Communications, Inc. 5.375%, 8/15/20, 144A		260,000		262,925
5.625%, 12/15/26		720,000		732,600
Open Text Corp. 5.625%, 1/15/23, 144A		1,535,000		1,605,994
5.875%, 6/01/26, 144A		360,000		375,300
Quintiles IMS, Inc. 4.875%, 5/15/23, 144A		1,305,000		1,347,413
5.00%, 10/15/26, 144A		970,000		976,548
Rackspace Hosting, Inc., 144A 8.625%, 11/15/24 (a)		946,000		987,539
Solera LLC / Solera Finance, Inc., 144A 10.50%, 3/01/24		1,925,000		2,171,015
SS&C Technologies Holdings, Inc. 5.875%, 7/15/23		356,000		374,690
Veritas US, Inc. / Veritas Bermuda Ltd. 7.50%, 2/01/23, 144A		200,000		203,500
10.50%, 2/01/24, 144A		981,000		941,760
				25,294,204
Utilities — 3.3%
Electric — 2.9%
AES Corp. 7.375%, 7/01/21		1,065,000		1,176,825
4.875%, 5/15/23		1,204,000		1,220,555
5.50%, 3/15/24		496,000		509,020
5.50%, 4/15/25		358,000		368,740
5.125%, 9/01/27		515,000		522,725
AES Corp./VA 6.00%, 5/15/26		657,000		693,135
Calpine Corp. 6.00%, 1/15/22, 144A		695,000		717,587
5.375%, 1/15/23 (a)		1,144,000		1,119,690
5.875%, 1/15/24, 144A		389,000		398,239
5.50%, 2/01/24		717,000		673,980
5.75%, 1/15/25 (a)		1,305,000		1,226,700
5.25%, 6/01/26, 144A		956,000		930,905
DPL, Inc. 7.25%, 10/15/21		320,000		350,000
Dynegy, Inc. 6.75%, 11/01/19		250,000		256,000
7.375%, 11/01/22		470,000		496,437
5.875%, 6/01/23 (a)		410,000		422,300
7.625%, 11/01/24		2,306,000		2,490,480
8.00%, 1/15/25, 144A		894,000		975,577

	Principal Amount		Value
Electric (Continued)
8.125%, 1/30/26, 144A	$	160,000	$	175,800
InterGen NV, 144A 7.00%, 6/30/23		650,000		650,000
IPALCO Enterprises, Inc. 3.45%, 7/15/20		539,000		543,102
3.70%, 9/01/24, 144A		58,000		56,784
3.70%, 9/01/24		59,000		57,763
NextEra Energy Operating Partners LP 4.25%, 9/15/24, 144A		600,000		593,250
4.50%, 9/15/27, 144A		329,000		317,896
NRG Energy, Inc. 6.25%, 7/15/22		996,000		1,033,350
6.25%, 5/01/24		948,000		985,920
7.25%, 5/15/26		1,174,000		1,258,998
6.625%, 1/15/27		585,000		606,937
5.75%, 1/15/28, 144A		550,000		544,390
NRG Yield Operating LLC 5.375%, 8/15/24		969,000		984,136
Talen Energy Supply LLC 4.60%, 12/15/21 (a)		362,000		333,040
9.50%, 7/15/22, 144A (a)		687,000		690,435
6.50%, 6/01/25 (a)		225,000		174,938
10.50%, 1/15/26, 144A		625,000		587,500
				24,143,134
Gas — 0.4%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		611,000		617,110
5.50%, 5/20/25		669,000		667,328
5.875%, 8/20/26		827,000		833,202
5.75%, 5/20/27		514,000		511,430
NGL Energy Partners LP / NGL Energy Finance Corp. 7.50%, 11/01/23		594,000		598,455
6.125%, 3/01/25		325,000		313,625
				3,541,150
TOTAL CORPORATE BONDS (Cost $825,066,635)				813,567,076
	Number of Shares
SECURITIES LENDING COLLATERAL — 6.0%
Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32% (b)(c) (Cost $50,058,954)		50,058,954		50,058,954
TOTAL INVESTMENTS — 104.0% (Cost $875,125,589)			$	863,626,030
Other assets and liabilities, net — (4.0%)				(33,177,056	)
NET ASSETS — 100.0%			$	830,448,974

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2018 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2018 is as follows:

Value ($) at 8/31/2017		Purchases Cost ($)		Sales Proceeds ($)		Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2018		Value ($) at 2/28/2018
	SECURITIES LENDING COLLATERAL — 6.0%
	Deutsche Government & Agency Securities Portfolio “Deutsche Government Cash Institutional Shares”, 1.32% (b)(c)
	17,754,544		32,304,410		—		—		—		160,849		—		50,058,954		50,058,954

* 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 February 28, 2018 amounted to $47,995,719, which is 5.8% 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. Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested for the period ended February 28, 2018.

MTN: Medium Term Note

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

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 February 28, 2018 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)	$	—	$	813,567,076	$	—	$	813,567,076
Short-Term Investments		50,058,954		—		—		50,058,954
TOTAL	$	50,058,954	$	813,567,076	$	—	$	863,626,030

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

There have been no transfers between fair value measurement levels during the period ended February 28, 2018.

See Notes to Financial Statements. 59

DBX ETF Trust

Statements of Assets and Liabilities

February 28, 2018 (Unaudited)

	Xtrackers Barclays International Corporate Bond Hedged ETF			Xtrackers Barclays International Treasury Bond Hedged ETF			Xtrackers High Beta High Yield Bond ETF			Xtrackers Low Beta High Yield Bond ETF
Assets
Investments in non-affiliated securities at value	$	4,829,731		$	4,658,381		$	134,140,242		$	124,794,170
Investment in Deutsche Government & Agency Securities Portfolio*		—			—			10,200,239			1,998,830
Cash		73			77,023			1,603,025			4,468,374
Foreign currency at value		3,852			6,113			—			—
Unrealized appreciation on forward foreign currency contracts		132,010			96,597			—			—
Receivables:
Investment securities sold		81,916			71,581			3,315,483			7,591,332
Interest		62,641			46,986			2,522,029			1,834,622
Securities lending income		—			—			11,099			74
Foreign tax reclaim		—			756			—			—
Total Assets	$	5,110,223		$	4,957,437		$	151,792,117		$	140,687,402
Liabilities
Payable upon return of securities loaned	$	—		$	—		$	10,200,239		$	1,998,830
Unrealized depreciation on forward foreign currency contracts		14,159			35,094			—			—
Payables:
Investment securities purchased		124,972			66,656			3,555,750			7,971,130
Investment advisory fees		1,142			927			33,776			22,979
Total Liabilities		140,273			102,677			13,789,765			9,992,939
Net Assets, at value	$	4,969,950		$	4,854,760		$	138,002,352		$	130,694,463
Net Assets Consist of
Paid-in capital	$	5,009,594		$	5,001,290		$	139,860,983		$	132,318,059
Distributions in excess of net investment income		(62,898	)		(46,633	)		—			—
Undistributed net investment income		—			—			429,804			253,536
Accumulated net realized gain (loss)		(456,404	)		(342,433	)		(126,522	)		(155,579	)
Net unrealized appreciation (depreciation)		479,658			242,536			(2,161,913	)		(1,721,553	)
Net Assets, at value	$	4,969,950		$	4,854,760		$	138,002,352		$	130,694,463
Number of Common Shares outstanding		100,001			100,001			2,800,001			2,650,001
Net Asset Value	$	49.70		$	48.55		$	49.29		$	49.32
Investments in non-affiliated securities at cost	$	4,469,648		$	4,478,481		$	136,302,155		$	126,515,723
Value of securities loaned	$	—		$	—		$	9,726,602		$	1,922,774
Investment in Deutsche Government & Agency Securities Portfolio at cost*	$	—		$	—		$	10,200,239		$	1,998,830
Foreign currency at cost	$	3,926		$	6,157		$	—		$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 60

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

February 28, 2018 (Unaudited)

	Xtrackers Short Duration High Yield Bond ETF			Xtrackers USD High Yield Corporate Bond ETF
Assets
Investments in non-affiliated securities at value	$	31,231,028		$	813,567,076
Investment in Deutsche Government & Agency Securities Portfolio*		1,840,672			50,058,954
Cash		505,264			11,518,174
Receivables:
Investment securities sold		824,619			11,653,695
Capital shares		—			14,813,817
Interest		555,573			13,526,120
Securities lending income		1,594			47,013
Total Assets	$	34,958,750		$	915,184,849
Liabilities
Payable upon return of securities loaned	$	1,840,672		$	50,058,954
Payables:
Investment securities purchased		825,157			34,558,395
Investment advisory fees		4,533			118,526
Total Liabilities		2,670,362			84,735,875
Net Assets, at value	$	32,288,388		$	830,448,974
Net Assets Consist of
Paid-in capital	$	32,444,605		$	839,770,684
Undistributed net investment income		84,344			3,373,559
Accumulated net realized gain (loss)		1,863			(1,195,710	)
Net unrealized appreciation (depreciation)		(242,424	)		(11,499,559	)
Net Assets, at value	$	32,288,388		$	830,448,974
Number of Common Shares outstanding		650,001			16,600,001
Net Asset Value	$	49.67		$	50.03
Investments in non-affiliated securities at cost	$	31,473,452		$	825,066,635
Value of securities loaned	$	1,756,926		$	47,995,719
Investment in Deutsche Government & Agency Securities Portfolio at cost*	$	1,840,672		$	50,058,954

* Represents collateral on securities loaned.

See Notes to Financial Statements. 61

DBX ETF Trust

Statements of Operations

For the Six Months Ended February 28, 2018 (Unaudited)

	Xtrackers Barclays International Corporate Bond Hedged ETF			Xtrackers Barclays International Treasury Bond Hedged ETF			Xtrackers High Beta High Yield Bond ETF(1)			Xtrackers Low Beta High Yield Bond ETF(1)
Investment Income
Unaffiliated interest income*	$	23,926		$	21,827		$	1,028,585		$	643,419
Securities lending income, net of borrower rebates		—			—			15,400			75
Total Investment Income		23,926			21,827			1,043,985			643,494
Expenses
Investment advisory fees		7,452			6,041			51,591			35,574
Other expense		57			57			—			—
Total Expenses		7,509			6,098			51,591			35,574
Net Investment income (loss)		16,417			15,729			992,394			607,920
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		83,680			27,036			(126,522	)		(138,386	)
In-kind redemptions		—			—			—			(17,193	)
Foreign currency transactions		4,348			1,626			—			—
Forward foreign currency contracts		(226,071	)		(163,257	)		—			—
Net realized gain (loss)		(138,043	)		(134,595	)		(126,522	)		(155,579	)
Net change in unrealized appreciation (depreciation) on:
Investments		10,892			37,862			(2,161,913	)		(1,721,553	)
Foreign currency translations		(1,154	)		(202	)		—			—
Forward foreign currency contracts		132,780			80,660			—			—
Net change in unrealized appreciation (depreciation)		142,518			118,320			(2,161,913	)		(1,721,553	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		4,475			(16,275	)		(2,288,435	)		(1,877,132	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,892		$	(546	)	$	(1,296,041	)	$	(1,269,212	)
*   Unaffiliated foreign tax withheld	$	—		$	417		$	640		$	—

(1) For the period January 11, 2018 (commencement of operations) through February 28, 2018.

See Notes to Financial Statements. 62

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended February 28, 2018 (Unaudited)

	Xtrackers Short Duration High Yield Bond ETF(1)			Xtrackers USD High Yield Corporate Bond ETF
Investment Income
Unaffiliated interest income*	$	207,333		$	12,242,823
Securities lending income, net of borrower rebates		1,960			160,849
Total Investment Income		209,293			12,403,672
Expenses
Investment advisory fees		7,315			443,989
Other expense		—			855
Total Expenses		7,315			444,844
Less fees waived (See Note 3):
Waiver		—			(7,524	)
Net Expenses		7,315			437,320
Net Investment income (loss)		201,978			11,966,352
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		4,360			(584,846	)
In-kind redemptions		(2,497	)		103,279
Payments by Affiliates (see note 9)		—			25,000
Net realized gain (loss)		1,863			(456,567	)
Net change in unrealized appreciation (depreciation) on:
Investments		(242,424	)		(13,620,967	)
Net change in unrealized appreciation (depreciation)		(242,424	)		(13,620,967	)
Net realized and unrealized gain (loss) on investments		(240,561	)		(14,077,534	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(38,583	)	$	(2,111,182	)
*   Unaffiliated foreign tax withheld	$	69		$	—

(1) For the period January 10, 2018 (commencement of operations) through February 28, 2018.

See Notes to Financial Statements. 63

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers Barclays International Corporate Bond Hedged ETF						Xtrackers Barclays International Treasury Bond Hedged ETF
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Period October 25, 2016(1) to August 31,  2017			For the Six Months Ended February 28, 2018 (Unaudited)			For the Period October 25, 2016(1) to August 31,  2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	16,417		$	43,069		$	15,729		$	25,064
Net realized gain (loss)		(138,043	)		(256,450	)		(134,595	)		(165,134	)
Net change in net unrealized appreciation (depreciation)		142,518			337,140			118,320			124,216
Net increase (decrease) in net assets resulting from operations		20,892			123,759			(546	)		(15,854	)
Distributions to Shareholders from
Net investment income		(92,492	)		(91,803	)		(41,853	)		(88,277	)
Total distributions		(92,492	)		(91,803	)		(41,853	)		(88,277	)
Fund Shares Transactions
Proceeds from shares sold		—			5,009,544			—			5,001,240
Net increase (decrease) in net assets resulting from fund share transactions		—			5,009,544			—			5,001,240
Total net increase (decrease) in Net Assets		(71,600	)		5,041,500			(42,399	)		4,897,109
Net Assets
Beginning of period		5,041,550			50			4,897,159			50
End of period	$	4,969,950		$	5,041,550		$	4,854,760		$	4,897,159
Distributions in excess of net investment income	$	(62,898	)	$	—		$	(46,633	)	$	(20,509	)
Undistributed net investment income	$	—		$	13,177		$	—		$	—
Changes in Shares Outstanding
Shares outstanding, beginning of period		100,001			1			100,001			1
Shares sold		—			100,000			—			100,000
Shares redeemed		—			—			—			—
Shares outstanding, end of period		100,001			100,001			100,001			100,001

(1) Commencement of Operations.

See Notes to Financial Statements. 64

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers High Beta High Yield Bond ETF			Xtrackers Low Beta High Yield Bond ETF			Xtrackers Short Duration High Yield Bond ETF
	For the Period January 11, 2018(1) to February 28, 2018			For the Period January 11, 2018(1) to February 28, 2018			For the Period January 10, 2018(1) to February 28, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	992,394		$	607,920		$	201,978
Net realized gain (loss)		(126,522	)		(155,579	)		1,863
Net change in net unrealized appreciation (depreciation)		(2,161,913	)		(1,721,553	)		(242,424	)
Net increase (decrease) in net assets resulting from operations		(1,296,041	)		(1,269,212	)		(38,583	)
Distributions to Shareholders from
Net investment income		(562,590	)		(354,384	)		(117,634	)
Total distributions		(562,590	)		(354,384	)		(117,634	)
Fund Shares Transactions
Proceeds from shares sold		139,860,933			132,318,009			32,444,555
Net increase (decrease) in net assets resulting from fund share transactions		139,860,933			132,318,009			32,444,555
Total net increase (decrease) in Net Assets		138,002,302			130,694,413			32,288,338
Net Assets
Beginning of period		50			50			50
End of period	$	138,002,352		$	130,694,463		$	32,288,388
Undistributed net investment income	$	429,804		$	253,536		$	84,344
Changes in Shares Outstanding
Shares outstanding, beginning of period		1			1			1
Shares sold		2,800,000			2,650,000			650,000
Shares redeemed		—			—			—
Shares outstanding, end of period		2,800,001			2,650,001			650,001

(1) Commencement of Operations.

See Notes to Financial Statements. 65

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers USD High Yield Corporate Bond ETF
	For the Six Months Ended February 28, 2018 (Unaudited)			For the Period December 7, 2016(1) to August 31, 2017
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	11,966,352		$	6,672,981
Net realized gain (loss)		(456,567	)		498,452
Net change in net unrealized appreciation (depreciation)		(13,620,967	)		2,121,408
Net increase (decrease) in net assets resulting from operations		(2,111,182	)		9,292,841
Distributions to Shareholders from
Net investment income		(9,683,119	)		(6,310,827	)
Total distributions		(9,683,119	)		(6,310,827	)
Fund Shares Transactions
Proceeds from shares sold		652,046,031			275,645,051
Value of shares redeemed		(30,014,272	)		(58,415,599	)
Net increase (decrease) in net assets resulting from fund share transactions		622,031,759			217,229,452
Total net increase (decrease) in Net Assets		610,237,458			220,211,466
Net Assets
Beginning of period		220,211,516			50
End of period	$	830,448,974		$	220,211,516
Undistributed net investment income	$	3,373,559		$	1,090,326
Changes in Shares Outstanding
Shares outstanding, beginning of period		4,300,001			1
Shares sold		12,900,000			5,450,000
Shares redeemed		(600,000	)		(1,150,000	)
Shares outstanding, end of period		16,600,001			4,300,001

(1) Commencement of Operations.

See Notes to Financial Statements. 66

DBX ETF Trust

Financial highlights

Xtrackers Barclays International Corporate Bond Hedged ETF Selected Per Share Data	For the Six Months Ended 2/28/2018 (Unaudited)			Period Ended 8/31/2017(a)
Net Asset Value, beginning of period	$	50.42		$	50.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.16			0.43
Net realized and unrealized gain (loss)		0.04			0.91
Total from investment operations		0.20			1.34
Less distributions from:
Net investment income		(0.92	)		(0.92	)
Total distributions		(0.92	)		(0.92	)
Net Asset Value, end of period	$	49.70		$	50.42
Total Return (%)		0.40	**		2.72	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5			5
Ratio of expenses (%)		0.30	***		0.30	*
Ratio of net investment income (loss) (%)		0.73	*		1.01	*
Portfolio turnover rate (%)(c)		13	**		36	**
Xtrackers Barclays International Treasury Bond Hedged ETF Selected Per Share Data	For the Six Months Ended 2/28/2018 (Unaudited)			Period Ended 8/31/2017(a)
Net Asset Value, beginning of period	$	48.97		$	50.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.16			0.25
Net realized and unrealized gain (loss)		(0.16	)		(0.40	)
Total from investment operations		(0.00	)(d)		(0.15	)
Less distributions from:
Net investment income		(0.42	)		(0.88	)
Total distributions		(0.42	)		(0.88	)
Net Asset Value, end of period	$	48.55		$	48.97
Total Return (%)		(0.00	)(e)**		(0.27	)(f)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5			5
Ratio of expenses (%)		0.25	*		0.25	*
Ratio of net investment income (loss) (%)		0.73	*		0.60	*
Portfolio turnover rate (%)(c)		14	**		44	**

(a) For the period October 25, 2016 (commencement of operations) through August 31, 2017.

(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) Less than $(0.005).

(e) Less than (0.005)%.

(f) 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 0.03%.

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 67

DBX ETF Trust

Financial highlights (Continued)

Xtrackers High Beta High Yield Bond ETF Selected Per Share Data	Period Ended 2/28/2018(a)
Net Asset Value, beginning of period	$	50.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.41
Net realized and unrealized gain (loss)		(0.88	)
Total from investment operations		(0.47	)
Less distributions from:
Net investment income		(0.24	)
Total distributions		(0.24	)
Net Asset Value, end of period	$	49.29
Total Return (%)		(0.94	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		138
Ratio of expenses (%)		0.35	*
Ratio of net investment income (loss) (%)		6.73	*
Portfolio turnover rate (%)(c)		13	**
Xtrackers Low Beta High Yield Bond ETF Selected Per Share Data	Period Ended 2/28/2018(a)
Net Asset Value, beginning of period	$	50.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.26
Net realized and unrealized gain (loss)		(0.79	)
Total from investment operations		(0.53	)
Less distributions from:
Net investment income		(0.15	)
Total distributions		(0.15	)
Net Asset Value, end of period	$	49.32
Total Return (%)		(1.05	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		131
Ratio of expenses (%)		0.25	*
Ratio of net investment income (loss) (%)		4.27	*
Portfolio turnover rate (%)(c)		20	**

(a) For the period January 11, 2018 (commencement of operations) through February 28, 2018.

(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. 68

DBX ETF Trust

Financial highlights (Continued)

Xtrackers Short Duration High Yield Bond ETF Selected Per Share Data	Period Ended 2/28/2018(a)
Net Asset Value, beginning of period	$	50.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.37
Net realized and unrealized gain (loss)		(0.49	)
Total from investment operations		(0.12	)
Less distributions from:
Net investment income		(0.21	)
Total distributions		(0.21	)
Net Asset Value, end of period	$	49.67
Total Return (%)		(0.23	)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		32
Ratio of expenses (%)		0.20	*
Ratio of net investment income (loss) (%)		5.52	*
Portfolio turnover rate (%)(d)		11	**
Xtrackers USD High Yield Corporate Bond ETF Selected Per Share Data	For the Six Months Ended 2/28/2018 (Unaudited)			Period Ended 8/31/2017(b)
Net Asset Value, beginning of period	$	51.21		$	50.00
Income (loss) from investment operations:
Net investment income (loss)(c)		1.42			2.07
Net realized and unrealized gain (loss)		(1.27	)		1.11
Total from investment operations		0.15			3.18
Less distributions from:
Net investment income		(1.33	)		(1.97	)
Total distributions		(1.33	)		(1.97	)
Net Asset Value, end of period	$	50.03		$	51.21
Total Return (%)		0.28	(e)**		6.43	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		830			220
Ratio of expenses before fee waiver (%)		0.21	*		0.25	*
Ratio of expenses after fee waiver (%)		0.21	*		0.25	*
Ratio of net investment income (loss) (%)		5.71	*		5.57	*
Portfolio turnover rate (%)(d)		17	**		36	**

(a) For the period January 10, 2018 (commencement of operations) through February 28, 2018.

(b) For the period December 7, 2016 (commencement of operations) through August 31, 2017.

(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) 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. 69

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 February 28, 2018, the Trust consists of thirty-six 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:

Xtrackers Barclays International Corporate Bond Hedged ETF

Xtrackers Barclays International Treasury Bond Hedged ETF

Xtrackers High Beta High Yield Bond ETF

Xtrackers Low Beta High Yield Bond ETF

Xtrackers Short Duration High Yield Bond ETF

Xtrackers USD High Yield Corporate Bond ETF

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group Gmbh & Co. KGaA (“DWS Group”), 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 Barclays International Corporate Bond Hedged ETF and Xtrackers Barclays International Treasury Bond Hedged ETF offer shares that are listed and traded on the Bats BZX Exchange (“Bats BZX”). Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond 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 Barclays International Corporate Bond Hedged ETF	Barclays Global Aggregate Corporate Ex USD Bond Index (USD Hedged)
Xtrackers Barclays International Treasury Bond Hedged ETF	Barclays Global Aggregate Treasury Ex USD Issuer Diversified Bond Index (USD Hedged)
Xtrackers High Beta High Yield Bond ETF	Solactive USD High Yield Corporates Total Market High Beta Index
Xtrackers Low Beta High Yield Bond ETF	Solactive USD High Yield Corporates Total Market Low Beta Index
Xtrackers Short Duration High Yield Bond ETF	Solactive USD High Yield Corporates Total Market 0-5 Year Index
Xtrackers USD High Yield Corporate Bond ETF	Solactive USD High Yield Corporates Total Market Index

The Barclays Global Aggregate Corporate Ex USD Bond Index (USD Hedged) is designed to track the performance of investment grade corporate debt publicly issued in developed and emerging markets (excluding all securities denominated in U.S. dollars) in the industrial, utility and financial sectors 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 Barclays Global Aggregate Treasury Ex USD Issuer Diversified Bond Index (USD Hedged) is designed to track the performance of investment grade sovereign debt publicly issued in the developed and emerging markets and denominated in the issuer’s own domestic currency (excluding all securities denominated in U.S. dollars) 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 Barclays Hedged Indices are rebalanced monthly on the last trading day of the month, when the index will reflect 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 last calendar day of the preceding month. This means that no changes in the weights are made during the month to account for changes in the Underlying Index due to price movement

70

DBX ETF Trust

Notes to Financial Statements (Continued)

of constituent securities. With respect to the bond components of the Underlying Index, the Underlying Index is rebalanced on the last calendar day of the month. No changes are made to constituent holdings other than on month end rebalancing dates.

The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the U.S. dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the U.S. dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued U.S. dollar-denominated below investment grade corporate debt. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. The Solactive Indexes are rebalanced monthly on the last business day of each month.

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between each Index Provider and DBX. There is no charge to the Funds in connection with these licensing agreements.

Each Fund is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the underlying index of such a Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.

Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the 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.

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.

71

DBX ETF Trust

Notes to Financial Statements (Continued)

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.

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; 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 NAV 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. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted over the lives of the respective security 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 each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. 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.

72

DBX ETF Trust

Notes to Financial Statements (Continued)

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 February 28, 2018, the Funds did not incur any interest or penalties.

At August 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 Barclays International Corporate Bond Hedged ETF	$	10,951	$	16,426	$	27,377
Xtrackers Barclays International Treasury Bond Hedged ETF		4,130		6,196		10,326

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

	Post-October Losses on Capital		Late Year Ordinary Losses
Xtrackers Barclays International Corporate Bond Hedged ETF	$	269,383	$	—
Xtrackers Barclays International Treasury Bond Hedged ETF		171,493		26,889
Xtrackers USD High Yield Corporate Bond ETF		84,013		—

As of August 31, 2017, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation (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 Barclays International Corporate Bond Hedged ETF	$	4,688,581	$	312,661	$	342,990	$	(30,329	)
Xtrackers Barclays International Treasury Bond Hedged ETF		4,722,667		96,862		184,929		(88,067	)
Xtrackers USD High Yield Corporate Bond ETF		232,285,450		1,466,278		3,683,818		(2,217,540	)

The tax character of current year distributions will be determined as 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 February 28, 2018, 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.

73

DBX ETF Trust

Notes to Financial Statements (Continued)

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 August 31, 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 February 28, 2018 the Funds invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.14% annualized effective rate as of February 28, 2018) 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.

As of February 28, 2018, 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 High Beta High Yield Bond ETF

Xtrackers Low Beta High Yield Bond ETF

Xtrackers Short Duration High Yield Bond ETF

Xtrackers USD High Yield Corporate Bond ETF

As of February 28, 2018, Xtrackers Barclays International Corporate Bond Hedged ETF and Xtrackers Barclays International Treasury Bond Hedged ETF had no securities on loan.

Derivatives

Forward Foreign Currency Contracts    Xtrackers Barclays International Corporate Bond Hedged ETF and Xtrackers Barclays International Treasury Bond Hedged ETF 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 February 28, 2018, 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 foreign currency transactions. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract

A summary of the open forward currency contracts as of February 28, 2018 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 Funds had to the value of non U.S currencies during the period ended February 28, 2018.

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DBX ETF Trust

Notes to Financial Statements (Continued)

The following tables summarize the value of the Funds’ derivative instruments held as of February 28, 2018 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers Barclays International Corporate Bond Hedged ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	132,010	Unrealized depreciation on forward foreign currency contracts	$	14,159
Xtrackers Barclays International Treasury Bond Hedged ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	96,597	Unrealized depreciation on forward foreign currency contracts	$	35,094

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 28, 2018 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:
	Forward Foreign Currency Contracts — Foreign Exchange Contracts
Xtrackers Barclays International Corporate Bond Hedged ETF	$	(226,071	)
Xtrackers Barclays International Treasury Bond Hedged ETF		(163,257	)

Net Change in Unrealized Appreciation (Depreciation) on:
	Forward Foreign Currency Contracts — Foreign Exchange Contracts
Xtrackers Barclays International Corporate Bond Hedged ETF	$	132,780
Xtrackers Barclays International Treasury Bond Hedged ETF		80,660

For the period ended February 28, 2018 the average monthly volume of derivatives was as follows:

	Forward Foreign Currency Contracts (Contract Value)
Xtrackers Barclays International Corporate Bond Hedged ETF	$	(5,015,428	)
Xtrackers Barclays International Treasury Bond Hedged ETF		(4,673,820	)

As of February 28, 2018, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a default with respect to all of the transactions with a counterparty. 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
Deutsche X-trackers Barclays International Corporate Bond Hedged ETF
The Bank of Nova Scotia	$	132,010	$	(14,159	)	$	—	$	117,851	$	14,159	$	(14,159	)	$	—	$	—
Deutsche X-trackers Barclays International Treasury Bond Hedged ETF
The Bank of Nova Scotia	$	96,597	$	(35,094	)	$	—	$	61,503	$	35,094	$	(35,094	)	$	—	$	—

75

DBX ETF Trust

Notes to Financial Statements (Continued)

3. Investment Advisory and Other Agreements

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

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 Barclays International Corporate Bond Hedged ETF		0.30	%
Xtrackers Barclays International Treasury Bond Hedged ETF		0.25	%
Xtrackers High Beta High Yield Bond ETF		0.35	%
Xtrackers Low Beta High Yield Bond ETF		0.25	%
Xtrackers Short Duration High Yield Bond ETF		0.20	%

For its investment advisory services to Xtrackers USD High Yield Corporate Bond ETF for the period from September 1, 2017 through November 14, 2017, the Advisor received a unitary management fee based on the Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to 0.25%.

For the period from October 27, 2017 through November 14, 2017, the Advisor had voluntarily agreed to waive a portion of its unitary management fee to the extent necessary to prevent the operating expenses of Xtrackers USD High Yield Corporate Bond ETF from exceeding 0.20% of the Fund’s average daily net assets. For the period from October 27, 2017 through November 14, 2017, the Advisor waived $ 7,524 of expenses to the Fund.

Effective November 15, 2017 the Board of Trustees approved a reduction in Xtrackers USD High Yield Corporate Bond ETF’s unitary management fee to 0.20% and accordingly terminated the Advisor’s voluntary expense limitation.

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 February 28, 2018, 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 Barclays International Corporate Bond Hedged ETF	$	658,840	$	873,074
Xtrackers Barclays International Treasury Bond Hedged ETF		653,035		774,121
Xtrackers High Beta High Yield Bond ETF		13,387,141		10,791,641
Xtrackers Low Beta High Yield Bond ETF		16,333,918		18,027,540

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	Purchases		Sales
Xtrackers Short Duration High Yield Bond ETF	$	4,799,637	$	2,496,698
Xtrackers USD High Yield Corporate Bond ETF		87,319,932		73,563,266

For the period ended February 28, 2018, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF (1)	$	133,795,702	$	—
Xtrackers Low Beta High Yield Bond ETF (1)		128,514,272		—
Xtrackers Short Duration High Yield Bond ETF (2)		28,150,978		—
Xtrackers USD High Yield Corporate Bond ETF		629,836,218		31,261,592

(1) For the period January 11, 2018 (commencement of operations) through February 28, 2018.

(2) For the period January 10, 2018 (commencement of operations) through February 28, 2018.

Transactions with Affiliates.    The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. During the period ended February 28, 2018, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:

	Securities Purchased		Securities Sold		Net Realized Gain (Loss) on Securities Sold
Xtrackers High Beta High Yield Bond ETF (1)	$	1,780,352	$	3,371,497	$	(19,599	)
Xtrackers Low Beta High Yield Bond ETF (1)		3,371,497		1,780,352		(10,915	)

(1) For the period January 11, 2018 (commencement of operations) through February 28, 2018.

5. Fund Share Transactions

As of February 28, 2018, there were unlimited Fund shares, no par value authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

6. Concentration of Ownership

From time to time, a Fund 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 February 28, 2018, 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 Barclays International Corporate Bond Hedged ETF		60	%
Xtrackers Barclays International Treasury Bond Hedged ETF		43	%

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Barclays International Corporate Bond Hedged ETF, Xtrackers Barclays International Treasury Bond Hedged ETF, Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to

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Notes to Financial Statements (Continued)

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 amount listed below or 33 percent of its net assets as permitted by the Act. The Funds’ had no outstanding loans at February 28, 2018.

	Pro-rata Share
Xtrackers Barclays International Corporate Bond Hedged ETF	$	1,050,000
Xtrackers Barclays International Treasury Bond Hedged ETF		1,050,000
Xtrackers USD High Yield Corporate Bond ETF		5,250,000

8. 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 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.

9. Payments by Affiliates

During the period ended February 28, 2018, the Advisor agreed to reimburse the Xtrackers USD High Yield Corporate Bond ETF $25,000 for a loss incurred on trades executed incorrectly. The amount of the loss was 0.01% of the Fund’s average net assets.

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Board Considerations in Approval of Investment Advisory Contract

Xtrackers Short Duration High Yield Bond ETF and Xtrackers Lower Quality High Yield Bond ETF

At a meeting held on May 24, 2017, the Board of Trustees (“Board” or “Trustees”), including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement with respect to Xtrackers Short Duration High Yield Bond ETF and Xtrackers Lower Quality High Yield Bond ETF (the “Funds”). The Independent Trustees were advised throughout the review and meetings by Independent Trustees’ Counsel.

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Funds and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Advisor”) and its expected ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fees; (4) the total cost of the services to be provided by and the anticipated profits that could be realized by the Advisor from its relationship with the Funds; and (5) the extent to which economies of scale would be realized as the Funds grow, and if the Funds’ shareholders would benefit from those economies.

The Board reached a determination, with the assistance of Trust Counsel and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder would be in the best interests of each of the Funds and their respective shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on its evaluation of the following multiple factors in consultation with Independent Trustees’ Counsel:

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services.    The Board reviewed in detail the nature, extent and quality of services to be provided by the Advisor under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor, including portfolio management. The Board noted that the Advisor will provide, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also took into account that the Advisor will pay, or arrange for payment of, the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its Deutsche Bank affiliates, except as may otherwise be determined by the Board. The Board also considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also noted that in addition to managing the Funds’ portfolios directly, the Advisor would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also drew upon its experience as Trustees of the other exchange traded funds currently managed by the Advisor and considered the expertise of the Advisor in supervising third party service providers to those funds, such as the administrator and the custodian (which would also provide those services to the Funds), noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision (which would cover the Funds as well). The Board further considered the compliance program of the Advisor, which supports the compliance program of the Advisor’s currently-managed funds (which would also cover the Funds).

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Advisor’s Financial Resources.    In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee.    The Board compared each Fund’s proposed advisory fee to that of other pertinent exchange-traded funds (“ETFs”), and noted that each Fund’s fee is competitive with the fees of its peer group. The Board stated that it is familiar with the Advisor’s methodology for selecting a fund’s peer group and believed that the Funds’ peer groups were appropriate. The Board noted that the proposed fee for each Fund is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain exceptions). The Board also noted that the Funds’ portfolios would be managed on a day-to-day basis by the Advisor and that the Advisor also would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered the anticipated expenses of the Advisor in developing and rendering services to be provided to the Funds and the likelihood and level of profits in the early years of the Funds’ operations. The Board noted that because the Funds were new, it was difficult to estimate the profitability of the Funds to the Advisor at this time. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale.    The Board noted that because the Funds were new, it was difficult to estimate whether the Funds would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Funds.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable, and it was unanimously approved.

Xtrackers Low Beta High Yield Bond ETF

At a meeting held on July 25, 2017, the Board of Trustees (“Board” or “Trustees”), including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement with respect to Xtrackers Low Beta High Yield Bond ETF (the “Fund”). The Independent Trustees were advised throughout the review and meetings by Independent Trustees’ Counsel.

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and its shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Advisor”) and its expected ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services to be provided by and the anticipated profits that could be realized by the Advisor from its relationship with the Fund; and (5) the extent to which economies of scale would be realized as the Fund grows, and if the Fund’s shareholders would benefit from those economies.

The Board reached a determination, with the assistance of Trust Counsel and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder would be in the best interests of the Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on its evaluation of the following multiple factors in consultation with Independent Trustees’ Counsel:

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services.    The Board reviewed in detail the nature, extent and quality of services to be provided by the Advisor under the Investment Advisory Agreement. The Board noted that these services include, among other things, furnishing a continuous investment program for the Fund, including

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arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Advisor, including portfolio management. The Board noted that the Advisor will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also took into account that the Advisor will pay, or arrange for payment of, the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its Deutsche Bank affiliates, except as may otherwise be determined by the Board. The Board also considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also noted that in addition to managing the Fund’s portfolio directly, the Advisor would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fee to be paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also drew upon its experience as Trustees of the other exchange traded funds currently managed by the Advisor and considered the expertise of the Advisor in supervising third party service providers to those funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Advisor, which supports the compliance program of the Advisor’s currently-managed funds (which would also cover the Fund).

Advisor’s Financial Resources.    In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee.    The Board compared the Fund’s proposed advisory fee to that of other pertinent exchange-traded funds (“ETFs”), and noted that the Fund’s fee is competitive with the fees of its peer group. The Board stated that it is familiar with the Advisor’s methodology for selecting a fund’s peer group and believed that the Fund’s peer group was appropriate. The Board noted that the proposed fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain exceptions). The Board also noted that the Fund’s portfolio would be managed on a day-to-day basis by the Advisor and that the Advisor also would provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered the anticipated expenses of the Advisor in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it was difficult to estimate the profitability of the Fund to the Advisor at this time. The Board considered whether the Advisor would benefit in other ways from its relationships with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund.

Economies of Scale.    The Board noted that because the Fund was new, it was difficult to estimate whether the Fund would experience economies of scale. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund.

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Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable, and it was unanimously approved.

Xtrackers Barclays International Treasury Bond Hedged ETF, Xtrackers Barclays International Corporate Bond Hedged ETF and Xtrackers USD High Yield Corporate Bond ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 13, 2018, the Trustees, including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers Barclays International Treasury Bond Hedged ETF, Xtrackers Barclays International Corporate Bond Hedged ETF and Xtrackers USD High Yield Corporate Bond ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and meetings by K&L Gates LLP (“Independent Trustee Counsel”).

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX Advisors LLC (“DBX” or the “Advisor”) and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Dechert LLP (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services.    The Board reviewed in detail the nature, extent and quality of services provided by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to this meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its Deutsche Bank affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds. The Trustees took into consideration that tracking error for each Fund during the year was in an expected range.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion

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Board Considerations in Approval of Investment Advisory Contract (Continued)

of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.

Advisor’s Financial Resources.    In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee.    The Board compared each Fund’s advisory fee to that of other pertinent exchange-traded funds (“ETFs”) and noted that each Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Advisor’s methodology for selecting each Fund’s peer group and believed that the Funds’ peer groups were appropriate. The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability.    The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale.    The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

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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.

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DBX ETF Trust

Privacy Policy Notice (Unaudited)

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax adviser, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.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.

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

This report must be preceded or accompanied by a prospectus.

Investing involves risk, including the 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. 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. Funds investing in a single industry, or group of industries, country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Distressed securities are speculative and involve substantial risks beyond the risks of investing in junk bonds, such as no interest payments or repayment of principal, or the loss of the entire investment in the distressed security. These funds are non-diversified and can take larger positions in fewer issues, increasing their potential risk. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. 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. 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. (“ALPS”) The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or Deutsche Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.

Xtrackers USD High Yield Corporate Bond ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG (the “Licensor”) nor does the trademark or the Index Price at any time or in any other respect.

Barclays Bank PLC and its affiliates (“Barclays”) are not the issuer or producer of Xtrackers Barclays International Treasury Bond Hedged ETF or Xtrackers Barclays International Corporate Bond Hedged ETF (the “Funds”) and Barclays has no responsibilities, obligations or duties to investors in the Funds.

Copyright © 2018 DWS Group. All rights reserved. Xtrackers^TM is a trademark of Deutsche Asset Management International GmbH. 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-050032-2 (4/18) DBX003300 (4/19)

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 were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control 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      5/2/2018                                                                                                                              

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      5/2/2018                                                                                                                              

By (Signature and Title)*      /s/ Michael Gilligan                                                                       

                                                Michael Gilligan

                                                Treasurer, Chief Financial Officer and Controller

Date      5/2/2018                                                                                                                              

^* Print the name and title of each signing officer under his or her signature.