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, 2019

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, 2019

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 1000 US QARP ETF (QARP)

Xtrackers Russell 2000 Comprehensive Factor ETF (DESC)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers FTSE Developed ex US Comprehensive Factor ETF		2
Xtrackers FTSE Emerging Comprehensive Factor ETF		3
Xtrackers Russell 1000 Comprehensive Factor ETF		4
Xtrackers Russell 1000 US QARP 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		22
Xtrackers Russell 1000 Comprehensive Factor ETF		32
Xtrackers Russell 1000 US QARP ETF		41
Xtrackers Russell 2000 Comprehensive Factor ETF		46
Statements of Assets and Liabilities		62
Statements of Operations		64
Statements of Changes in Net Assets		66
Financial Highlights		69
Notes to Financial Statements		72
Board Considerations in Approval of Investment Advisory Contracts		81
Additional Information		83
Privacy Policy Notice		84

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for our five comprehensive factor equity ETFs for the period ended February 28, 2019.

Global economic growth held on in positive territory as the flag bearer, the U.S., anchored robust GDP owing to an improvement in fiscal stimulus and job markets. Despite tax cuts and a stronger currency under the Trump administration, resilient business sentiment drove growth a notch higher in the U.S. Growth in the Eurozone had slowed during the period, weighed down by lower manufacturing index readings in Germany, civil unrest in France and a lack of resolution on Brexit proceedings. Interest rates were, by and large, accommodative from major central banks, namely the European Central Bank (ECB), the Bank of China (BoC), the Bank of Japan (BoJ) and even the Federal Reserve (Fed), which carried out interest rate hikes at a slower pace. However, they failed to improve inflation numbers within their respective economies, which ended lower. In a shift of focus, emerging economies were vulnerable amid a trade war among major economies and a strong USD, which hurt growth factors.

In the U.S., tax reforms provided the required fiscal stimulus, boosting investor confidence, business and government investment, and corporate earnings. Equity markets spiked on these advantageous conditions, reaching all-time highs and validating market sentiments. Job markets witnessed some volatility, partially due to the temporary government shutdown, but the vast retiring workforce and tighter immigration regulations returned the unemployment rate to one of the lowest in the near term. On the flip side, the trade deficit reported the largest gap as a result of the many political battles the government had taken up simultaneously.

The ECB continued to maintain an easy monetary framework with a view to achieve their long-term inflation targets. Eurozone GDP was reduced substantially from the start of the review period, mainly due to a fall in inventories. Household consumption, government spending and fixed investments partly offset the fall and maintained growth. In addition, the ECB promised its support by indicating a longer zero benchmark phase and by unveiling cheaper funding for banks. Unemployment fell to its lowest in the past decade, signaling optimism. Furthermore, the trade surplus widened on the back of steady exports.

China’s GDP growth fell to its lowest point in 28 years, riddled by a fierce trade war with the U.S. and a shadow-banking outburst. The Japanese economy reported a similar fate as growth slipped due to weak output and exports. Following the same trajectory, inflation rates in both countries were a far cry from their central banks’ targets. Equity markets in China and Japan stumbled for a brief phase, before ending at a sideways position for the period.

As the global economic markets continue this long run of the growth cycle, it is expected to move further at a slower pace than before. On the sidelines, however, a dark tunnel ahead of government policy issues like the unfriendly global trade environment and Brexit negotiations remains a source of concern. 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. We believe 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.

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (DEEF)

The Xtrackers FTSE Developed ex US Comprehensive Factor ETF (the “Fund”), using a “passive” or indexing investment approach, 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-capitalization equity securities from developed markets (except the United States). It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 2/28/19 (8.2% of Net Assets)

Description	% of Net Assets
Link (Hong Kong)		1.3%
Dexus (Australia)		1.0%
Koninklijke Ahold Delhaize NV (Netherlands)		1.0%
Scentre Group (Australia)		0.9%
Segro PLC (United Kingdom)		0.8%
GPT Group (Australia)		0.7%
Magna International, Inc. (Canada)		0.7%
Koninklijke DSM NV (Netherlands)		0.6%
Mirvac Group (Australia)		0.6%
Rio Tinto Ltd. (United Kingdom)		0.6%

Country Diversification* as of 2/28/19

Japan	24.9%
United Kingdom	13.6%
Australia	11.7%
Canada	6.3%
France	5.1%
Sweden	4.9%
Germany	4.9%
Hong Kong	4.6%
Switzerland	2.8%
Singapore	2.7%
Netherlands	2.7%
South Korea	2.6%
Spain	2.2%
Other	11.0%
Total	100.0%

Sector Diversification* as of 2/28/19

Industrials	22.6%
Real Estate	14.0%
Consumer Discretionary	10.9%
Materials	10.1%
Consumer Staples	8.7%
Utilities	8.1%
Financials	7.9%
Communication Services	4.9%
Energy	4.4%
Health Care	4.2%
Information Technology	4.2%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers FTSE Emerging Comprehensive Factor ETF (DEMG)

Xtrackers FTSE Emerging Comprehensive Factor ETF (the “Fund”), using a “passive” or indexing investment approach, 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 2/28/19 (10.2% of Net Assets)

Description	% of Net Assets
China Petroleum & Chemical Corp. (China)		1.7%
PetroChina Co. Ltd. (China)		1.6%
China Shenhua Energy Co. Ltd. (China)		1.3%
SPAR Group Ltd. (South Africa)		1.1%
Sime Darby Bhd (Malaysia)		0.8%
AU Optronics Corp. (Taiwan)		0.8%
Novatek Microelectronics Corp. (Taiwan)		0.8%
Pick n Pay Stores Ltd. (South Africa)		0.7%
Tupras Turkiye Petrol Rafinerileri AS (Turkey)		0.7%
LUKOIL PJSC (Russia)		0.7%

Country Diversification* as of 2/28/19

China	19.2%
Taiwan	14.7%
South Africa	11.3%
India	7.0%
Brazil	6.9%
Thailand	6.2%
Malaysia	5.6%
Mexico	4.9%
Russia	4.2%
Turkey	3.3%
Hong Kong	3.2%
Chile	2.9%
Qatar	2.0%
Other	8.6%
Total	100.0%

Sector Diversification* as of 2/28/19

Industrials	12.8%
Financials	12.8%
Energy	12.8%
Consumer Staples	11.4%
Materials	11.3%
Utilities	9.2%
Information Technology	8.4%
Consumer Discretionary	7.1%
Communication Services	5.9%
Real Estate	5.7%
Health Care	2.6%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 22.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Russell 1000 Comprehensive Factor ETF (DEUS)

Xtrackers Russell 1000 Comprehensive Factor ETF (the “Fund”), using a “passive” or indexing investment approach, 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 2/28/19 (6.6% of Net Assets)

Description	% of Net Assets
Target Corp.		0.8%
AutoZone, Inc.		0.8%
Darden Restaurants, Inc.		0.7%
Torchmark Corp.		0.7%
Sysco Corp.		0.6%
CDW Corp.		0.6%
TJX Cos., Inc.		0.6%
UGI Corp.		0.6%
Starbucks Corp.		0.6%
Ross Stores, Inc.		0.6%

Sector Diversification* as of 2/28/19

Industrials	16.2%
Consumer Discretionary	15.8%
Information Technology	15.6%
Financials	11.2%
Health Care	9.5%
Utilities	9.0%
Consumer Staples	7.0%
Real Estate	5.5%
Materials	4.9%
Communication Services	3.2%
Energy	2.1%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.

4

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Russell 1000 US QARP ETF (QARP)

Xtrackers Russell 1000 US QARP ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 2Qual/Val 5% Capped 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 quality and value. 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 2/28/19 (30.0% of Net Assets)

Description	% of Net Assets
Apple, Inc.		4.4%
Alphabet, Inc.		3.7%
Johnson & Johnson		3.5%
Exxon Mobil Corp.		3.4%
Boeing Co.		3.2%
Procter & Gamble Co.		2.5%
Intel Corp.		2.5%
Home Depot, Inc.		2.3%
Visa, Inc.		2.3%
Walmart, Inc.		2.2%

Sector Diversification* as of 2/28/19

Information Technology	19.5%
Health Care	14.7%
Consumer Discretionary	14.0%
Industrials	13.3%
Consumer Staples	12.1%
Communication Services	9.3%
Energy	7.1%
Financials	4.3%
Materials	2.1%
Utilities	1.9%
Real Estate	1.7%
Total	100.0%

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

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

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Russell 2000 Comprehensive Factor ETF (DESC)

Xtrackers Russell 2000 Comprehensive Factor ETF (the “Fund”), using a “passive” or indexing investment approach, 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 2/28/19 (3.3% of Net Assets)

Description	% of Net Assets
Genesco, Inc.		0.5%
Arbor Realty Trust, Inc.		0.4%
Warrior Met Coal, Inc.		0.4%
Brinker International, Inc.		0.3%
Renewable Energy Group, Inc.		0.3%
ICF International, Inc.		0.3%
PennyMac Mortgage Investment Trust		0.3%
National HealthCare Corp.		0.3%
BJ’s Restaurants, Inc.		0.3%
Caleres, Inc.		0.2%

Sector Diversification* as of 2/28/19

Financials	27.6%
Industrials	16.4%
Consumer Discretionary	13.9%
Information Technology	10.3%
Real Estate	8.0%
Health Care	7.5%
Materials	3.8%
Consumer Staples	3.4%
Energy	3.1%
Communication Services	3.1%
Utilities	2.9%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 46.

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 the Funds 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, 2018 to February 28, 2019).

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, 2018		Ending Account Value February 28, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers FTSE Developed ex US Comprehensive Factor ETF
Actual	$	1,000.00	$	963.40		0.35	%	$	1.70
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	$	999.70		0.50	%	$	2.48
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	$	961.80		0.17	%	$	0.83
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.95		0.17	%	$	0.85
Xtrackers Russell 1000 QARP ETF
Actual	$	1,000.00	$	970.50		0.19	%	$	0.93
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	$	909.00		0.30	%	$	1.42
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, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.5%
Australia — 11.7%
Adelaide Brighton Ltd.		23,795	$	80,582
AGL Energy Ltd.		21,245		320,584
ALS Ltd.		1,479		8,292
Alumina Ltd.		41,152		74,658
Amcor Ltd.		10,739		114,986
APA Group (a)		14,230		101,341
Aristocrat Leisure Ltd.		6,735		117,970
ASX Ltd.		1,965		97,538
Atlas Arteria Ltd. (a)		20,503		103,858
Aurizon Holdings Ltd.		31,033		99,794
AusNet Services		49,043		60,537
Australia & New Zealand Banking Group Ltd.		596		11,873
Bank of Queensland Ltd.		689		4,417
Bendigo & Adelaide Bank Ltd.		1,197		8,397
BHP Group Ltd.		1,784		47,253
BHP Group PLC		2,610		60,613
BlueScope Steel Ltd.		9,336		89,403
Boral Ltd.		22,099		78,297
Brambles Ltd.		32,841		274,769
Caltex Australia Ltd.		19,394		394,619
Challenger Ltd.		2,567		14,702
CIMIC Group Ltd.		1,651		58,906
Coca-Cola Amatil Ltd.		30,033		170,295
Cochlear Ltd.		1,184		143,622
Coles Group Ltd.*		6,877		55,434
Commonwealth Bank of Australia		112		5,893
Computershare Ltd.		14,052		172,453
Crown Resorts Ltd.		10,199		83,155
CSL Ltd.		308		42,458
CSR Ltd.		32,673		78,104
Dexus REIT		95,705		818,434
Domino’s Pizza Enterprises Ltd. (b)		341		10,007
Downer EDI Ltd.		31,538		166,937
DuluxGroup Ltd.		23,636		122,419
Flight Centre Travel Group Ltd.		1,416		46,109
Goodman Group REIT		49,892		454,345
GPT Group REIT		132,883		553,057
Harvey Norman Holdings Ltd. (b)		20,214		51,772
Healthscope Ltd.		33,119		58,671
Iluka Resources Ltd.		1,365		8,905
Incitec Pivot Ltd.		16,913		40,550
Insurance Australia Group Ltd.		30,461		159,285
IOOF Holdings Ltd. (b)		1,851		8,665
Lendlease Group (a)		21,544		197,418
Macquarie Group Ltd.		456		41,734
Magellan Financial Group Ltd.		3,023		74,974
Medibank Pvt Ltd.		130,755		264,193
Metcash Ltd.		15,056		27,957
Mirvac Group REIT		268,526		490,980
National Australia Bank Ltd.		633		11,317
Newcrest Mining Ltd.		428		7,405
Oil Search Ltd.		12,893		76,776
Orica Ltd.		1,549		19,451
Origin Energy Ltd.*		5,963		31,224
Orora Ltd.		60,620		135,854

	Number of Shares		Value
Australia (Continued)
OZ Minerals Ltd.		1,854	$	13,586
Perpetual Ltd.		1,170		34,203
Platinum Asset Management Ltd.		2,125		8,345
Qantas Airways Ltd.		12,119		49,404
Ramsay Health Care Ltd.		987		45,489
REA Group Ltd.		1,027		59,578
Scentre Group REIT		252,845		696,161
SEEK Ltd.		4,707		61,685
Seven Group Holdings Ltd.		747		10,284
Shopping Centres Australasia Property Group REIT		63,872		109,515
Sonic Healthcare Ltd.		10,208		175,171
South32 Ltd.		7,220		20,084
Star Entertainment Group Ltd.		4,952		15,607
Stockland REIT		82,812		206,208
Suncorp Group Ltd.		2,156		20,784
Sydney Airport (a)		7,236		37,066
Telstra Corp. Ltd.		19,922		44,363
TPG Telecom Ltd.		2,567		12,163
Transurban Group (a)		5,246		46,541
Treasury Wine Estates Ltd.		2,325		24,779
Vicinity Centres REIT		161,201		282,129
Wesfarmers Ltd.		6,877		162,338
Westpac Banking Corp.		665		12,755
Woodside Petroleum Ltd.		8,883		229,093
Woolworths Group Ltd.		17,640		359,808
				9,590,381
Austria — 0.2%
ANDRITZ AG		1,046		52,288
OMV AG		999		52,635
Telekom Austria AG*		2,263		16,827
Verbund AG		340		16,385
Vienna Insurance Group AG Wiener Versicherung Gruppe		173		4,176
voestalpine AG		1,140		35,335
				177,646
Belgium — 0.7%
Ackermans & van Haaren NV		172		27,126
Ageas		295		14,555
Colruyt SA		1,790		127,800
Groupe Bruxelles Lambert SA		286		27,545
KBC Group NV		61		4,523
Proximus SADP		1,020		26,981
Sofina SA		775		151,789
Solvay SA		480		53,794
UCB SA		1,077		90,360
Umicore SA		537		23,236
				547,709
Bermuda (c) — 0.0%
Hiscox Ltd.		462		9,826
Canada — 6.3%
Alimentation Couche-Tard, Inc., Class B		1,077		60,654
Bank of Montreal		102		7,948
Bank of Nova Scotia		575		31,933
BCE, Inc.		1,002		44,523

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Canada (Continued)
Brookfield Asset Management, Inc., Class A		840	$	37,912
Canadian Imperial Bank of Commerce		638		54,077
Canadian National Railway Co.		1,956		167,708
Canadian Natural Resources Ltd.		1,010		28,666
Canadian Pacific Railway Ltd.		1,067		220,303
Canadian Tire Corp. Ltd., Class A		2,251		248,174
Canadian Utilities Ltd., Class A		1,741		46,255
Cenovus Energy, Inc.		3,565		32,645
CGI, Inc.*		3,618		242,381
CI Financial Corp.		6,982		98,607
Constellation Software, Inc.		153		130,547
Dollarama, Inc.		3,376		91,308
Fairfax Financial Holdings Ltd.		824		407,639
Fortis, Inc.		2,520		90,793
Franco-Nevada Corp.		275		20,701
George Weston Ltd.		1,605		114,312
Goldcorp, Inc.		93		981
Great-West Lifeco, Inc.		520		11,948
Husky Energy, Inc.		6,206		68,940
Hydro One Ltd., 144A		3,112		48,795
IGM Financial, Inc.		1,468		38,322
Imperial Oil Ltd.		1,829		49,482
Intact Financial Corp.		1,917		160,114
Inter Pipeline Ltd.		7,509		120,646
Loblaw Cos. Ltd.		2,423		120,580
Magna International, Inc.		10,204		538,015
Manulife Financial Corp. (b)		2,510		42,386
Metro, Inc.		9,165		344,192
National Bank of Canada		1,710		80,618
Nutrien Ltd.		779		42,369
Pembina Pipeline Corp.		784		28,669
Power Corp. of Canada		3,037		64,775
Power Financial Corp.		890		19,848
Restaurant Brands International, Inc.		958		60,535
RioCan Real Estate Investment Trust REIT		13,009		248,327
Rogers Communications, Inc., Class B		3,619		199,801
Royal Bank of Canada		304		23,741
Saputo, Inc.		4,246		138,277
Shaw Communications, Inc., Class B		8,826		181,881
Sun Life Financial, Inc. (b)		1,620		61,282
Suncor Energy, Inc.		3,085		106,253
TELUS Corp.		2,437		88,450
Thomson Reuters Corp.		659		35,807
Toronto-Dominion Bank		284		16,272
Tourmaline Oil Corp.		1,917		29,068
TransCanada Corp.		1,171		52,326
Wheaton Precious Metals Corp.		607		13,191
				5,212,977
Chile — 0.0%
Antofagasta PLC		1,503		18,728
China (c) — 0.1%
Tingyi Cayman Islands Holding Corp.		9,445		13,115
Uni-President China Holdings Ltd.		12,400		11,042
Want Want China Holdings Ltd.		69,076		55,702
				79,859

	Number of Shares		Value
Denmark — 1.5%
Ambu A/S, Class B		169	$	3,967
Carlsberg A/S, Class B		905		109,750
Chr Hansen Holding A/S		665		67,816
Coloplast A/S, Class B		1,051		104,871
DSV A/S		3,452		287,443
GN Store Nord A/S		2,854		137,684
H Lundbeck A/S		186		8,516
ISS A/S		3,324		103,845
Jyske Bank A/S		222		8,704
Novo Nordisk A/S, Class B		642		31,535
Novozymes A/S, Class B		1,902		86,445
Orsted A/S, 144A		1,721		125,024
Pandora A/S		68		3,572
Rockwool International A/S, Class B		220		53,755
Tryg A/S		2,724		74,333
Vestas Wind Systems A/S		220		18,333
William Demant Holding A/S*		1,359		40,859
				1,266,452
Finland — 1.6%
Elisa OYJ		4,035		169,497
Fortum OYJ (b)		3,402		75,618
Huhtamaki OYJ (b)		1,362		49,365
Kesko OYJ, Class B		3,394		202,822
Kone OYJ, Class B		1,885		92,233
Metso OYJ		588		19,959
Neste OYJ		1,371		131,918
Nokia OYJ		1,139		6,895
Nokian Renkaat OYJ		1,612		57,087
Nordea Bank Abp		715		6,488
Orion OYJ, Class B		512		18,312
Sampo OYJ, Class A		2,311		111,367
Stora Enso OYJ, Class R		5,869		78,760
UPM-Kymmene OYJ		7,447		224,887
Wartsila OYJ Abp		2,091		34,001
				1,279,209
France — 5.1%
Accor SA		576		24,347
Aeroports de Paris		104		20,203
Air Liquide SA		699		87,276
Airbus SE		120		15,523
Alstom SA		1,895		82,473
Amundi SA, 144A		185		12,378
Arkema SA		1,612		162,706
Atos SE		334		32,107
AXA SA		291		7,388
BioMerieux		340		28,069
Bouygues SA		1,895		71,748
Bureau Veritas SA		2,124		50,839
Capgemini SE		992		118,833
Carrefour SA		2,266		46,445
Cie de Saint-Gobain		842		30,355
Cie Generale des Etablissements Michelin		1,676		201,343
Cie Plastic Omnium SA		1,077		30,267
CNP Assurances		305		7,057
Covivio REIT		1,068		108,236
Danone SA		461		34,819

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
France (Continued)
Dassault Aviation SA		42	$	70,782
Dassault Systemes SE		227		33,254
Edenred		2,700		119,967
Eiffage SA		1,529		149,349
Electricite de France SA		781		11,357
Engie SA		6,398		96,532
EssilorLuxottica SA		808		97,941
Eurazeo SE		424		31,914
Eutelsat Communications SA		777		15,360
Faurecia SA		635		30,326
Gecina SA REIT		2,731		405,517
Getlink SE		1,789		26,442
Hermes International		37		23,459
ICADE REIT		94		8,012
Imerys SA		285		16,220
Ipsen SA		273		37,801
JCDecaux SA		247		7,622
Kering		54		29,521
Klepierre SA REIT		3,179		111,096
Lagardere SCA		1,478		38,288
Legrand SA		1,108		73,177
L’Oreal SA		50		12,634
LVMH Moet Hennessy Louis Vuitton SE		10		3,439
Orange SA		4,636		70,950
Orpea		56		6,609
Pernod Ricard SA		232		39,997
Peugeot SA		827		21,057
Publicis Groupe SA		1,356		75,243
Remy Cointreau SA		182		23,729
Renault SA		152		10,425
Rexel SA		6,261		78,138
Rubis SCA		1,589		94,179
Safran SA		810		110,589
Sanofi		365		30,549
Sartorius Stedim Biotech		126		14,850
Schneider Electric SE		780		60,770
SCOR SE		726		32,729
SEB SA		276		47,582
Societe BIC SA		393		37,210
Sodexo SA		474		52,129
Suez		1,611		20,610
Teleperformance		1,117		199,693
Thales SA		713		87,887
TOTAL SA (b)		544		30,966
Ubisoft Entertainment SA*		128		9,255
Unibail-Rodamco-Westfield REIT		414		66,942
Valeo SA		404		12,766
Veolia Environnement SA		6,913		151,926
Vinci SA		600		57,336
Vivendi SA		1,239		36,259
Wendel SA		92		11,618
Worldline SA, 144A*		690		38,751
				4,153,166
Germany — 4.6%
adidas AG		185		44,997
Allianz SE		58		12,918

	Number of Shares		Value
Germany (Continued)
Axel Springer SE		593	$	33,864
BASF SE		528		40,277
Bayer AG		69		5,522
Bayerische Motoren Werke AG		121		10,239
Beiersdorf AG		450		41,793
Brenntag AG		3,862		191,738
Carl Zeiss Meditec AG		276		23,571
CECONOMY AG*		770		4,340
Continental AG		338		55,423
Covestro AG, 144A		3,757		214,504
Daimler AG		182		10,913
Deutsche Boerse AG		62		7,844
Deutsche Lufthansa AG		2,974		76,027
Deutsche Post AG		1,583		49,246
Deutsche Telekom AG		1,913		31,553
Deutsche Wohnen SE		7,064		329,795
DWS Group GmbH & Co. KGaA, 144A*(d)		634		18,839
E.ON SE		3,643		40,176
Evonik Industries AG		874		24,632
Fielmann AG		127		8,583
Fraport AG Frankfurt Airport Services Worldwide		228		18,335
Fresenius Medical Care AG & Co. KGaA		715		56,080
Fresenius SE & Co. KGaA		236		13,284
FUCHS PETROLUB SE		630		25,718
GEA Group AG		1,178		28,263
GRENKE AG		68		6,946
Hannover Rueck SE		241		35,950
HeidelbergCement AG		895		65,877
Hella GmbH & Co. KGaA		534		24,201
Henkel AG & Co. KGaA		97		9,124
HOCHTIEF AG		516		81,907
HUGO BOSS AG		951		70,410
Infineon Technologies AG		1,826		40,140
Innogy SE*		703		29,867
K+S AG		360		6,868
KION Group AG		123		7,020
LANXESS AG		1,606		87,140
LEG Immobilien AG		4,117		460,177
Merck KGaA		521		53,856
MTU Aero Engines AG		771		165,491
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		93		21,932
ProSiebenSat.1 Media SE		3,399		62,082
Puma SE		130		73,349
Rational AG		43		28,203
Rheinmetall AG		1,296		138,780
RWE AG		941		22,995
SAP SE		122		13,086
Scout24 AG, 144A		450		23,725
Siemens AG		60		6,568
Siemens Healthineers AG, 144A		113		4,583
Symrise AG		872		76,934
Telefonica Deutschland Holding AG		1,307		4,295
TUI AG		17,834		189,816
Uniper SE		9,821		286,401
Vonovia SE		4,912		238,498

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Germany (Continued)
Wacker Chemie AG		403	$	41,328
Wirecard AG		161		22,091
Zalando SE, 144A*		166		6,124
				3,824,238
Hong Kong — 4.6%
AIA Group Ltd.		3,280		32,801
ASM Pacific Technology Ltd.		582		6,165
Cafe de Coral Holdings Ltd.		5,252		13,917
Cathay Pacific Airways Ltd.		4,882		8,209
Champion REIT		162,726		130,184
China Mengniu Dairy Co. Ltd.*		5,354		16,540
CK Asset Holdings Ltd.		8,549		70,953
CK Hutchison Holdings Ltd.		3,332		35,464
CK Infrastructure Holdings Ltd.		1,912		15,942
CLP Holdings Ltd.		14,881		176,302
Dairy Farm International Holdings Ltd.		4,465		39,917
Great Eagle Holdings Ltd.		3,502		17,354
Hang Lung Group Ltd.		6,678		20,970
Hang Lung Properties Ltd.		15,559		36,748
Hang Seng Bank Ltd.		225		5,575
Henderson Land Development Co. Ltd.		6,741		38,128
Hong Kong & China Gas Co. Ltd.		25,964		60,132
Hong Kong Exchanges & Clearing Ltd.		241		8,308
Hongkong Land Holdings Ltd.		29,800		213,666
Hopewell Holdings Ltd.		22,770		104,716
Hysan Development Co. Ltd.		16,065		84,829
Jardine Matheson Holdings Ltd.		300		20,568
Jardine Strategic Holdings Ltd.		100		3,950
Johnson Electric Holdings Ltd.		2,510		6,126
Kerry Logistics Network Ltd.		15,713		26,102
Kerry Properties Ltd.		48,808		203,942
Li & Fung Ltd.		18,206		3,177
Lifestyle International Holdings Ltd.		27,596		48,514
Link REIT		97,363		1,100,788
MTR Corp. Ltd.		1,728		9,928
New World Development Co. Ltd.		10,181		16,264
NWS Holdings Ltd.		68,583		166,001
PCCW Ltd.		129,568		77,908
Power Assets Holdings Ltd.		13,023		90,417
Sa Sa International Holdings Ltd. (b)		20,140		7,158
Shun Tak Holdings Ltd.		17,591		6,969
Sino Land Co. Ltd.		62,381		116,183
Sun Art Retail Group Ltd.		12,782		12,994
Sun Hung Kai Properties Ltd.		3,629		60,100
Swire Pacific Ltd., Class A		14,969		178,012
Swire Pacific Ltd., Class B		20,711		37,835
Swire Properties Ltd.		33,739		135,389
Techtronic Industries Co. Ltd.		15,414		102,992
Television Broadcasts Ltd.		1,495		2,864
Towngas China Co. Ltd.*		25,362		20,226
VTech Holdings Ltd.		2,305		24,152
WH Group Ltd., 144A		7,180		6,375
Wharf Holdings Ltd.		15,090		47,194
Wharf Real Estate Investment Co. Ltd.		9,420		66,182
Wheelock & Co. Ltd.		6,266		42,426
Xinyi Glass Holdings Ltd.		19,391		22,232

	Number of Shares		Value
Hong Kong (Continued)
Yue Yuen Industrial Holdings Ltd.		3,092	$	10,399
				3,810,187
Ireland — 0.8%
CRH PLC		2,374		75,215
DCC PLC		1,852		160,733
Glanbia PLC		546		11,086
James Hardie Industries PLC CDI		8,423		105,709
Kerry Group PLC, Class A		651		67,087
Kingspan Group PLC		1,548		73,082
Paddy Power Betfair PLC		577		46,278
Smurfit Kappa Group PLC		3,338		95,102
				634,292
Isle of Man — 0.0%
GVC Holdings PLC		3,339		29,156
Israel — 1.5%
Airport City Ltd.*		2,617		37,538
Alony Hetz Properties & Investments Ltd.		2,363		25,996
Amot Investments Ltd.		3,081		17,858
Azrieli Group Ltd.		421		23,576
Bank Hapoalim BM		9,344		64,345
Bank Leumi Le-Israel BM		19,555		129,372
Bezeq The Israeli Telecommunication Corp. Ltd.		40,858		35,838
Delek Group Ltd.		39		6,889
Elbit Systems Ltd.		224		29,503
First International Bank of Israel Ltd.		1,188		28,494
Gazit-Globe Ltd.		812		6,345
Harel Insurance Investments & Financial Services Ltd.		3,687		25,919
Israel Chemicals Ltd.		20,024		112,192
Israel Corp. Ltd.		165		46,406
Israel Discount Bank Ltd., Class A		34,055		120,405
Melisron Ltd.		391		18,832
Migdal Insurance & Financial Holding Ltd.		4,638		4,596
Mizrahi Tefahot Bank Ltd.		1,163		22,283
Nice Ltd.*		1,566		184,126
Oil Refineries Ltd.*		146,591		77,844
Paz Oil Co. Ltd.		588		89,908
Phoenix Holdings Ltd.		3,821		22,178
Shufersal Ltd.		6,017		43,012
Strauss Group Ltd.		1,890		47,840
Teva Pharmaceutical Industries Ltd.*		333		5,671
				1,226,966
Italy — 0.9%
A2A SpA		74,069		131,405
Assicurazioni Generali SpA		763		13,636
Atlantia SpA		527		12,830
Buzzi Unicem SpA		416		8,148
Buzzi Unicem SpA-RSP		770		9,645
Davide Campari-Milano SpA		2,909		27,775
DiaSorin SpA		164		16,107
Enel SpA		11,181		67,733
Eni SpA		5,205		89,888
Ferrari NV		64		8,246

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Italy (Continued)
Italgas SpA		11,043	$	66,973
Mediobanca SpA		582		5,846
Moncler SpA		1,125		43,197
Pirelli & C SpA, 144A*		929		6,241
Poste Italiane SpA, 144A		1,906		17,211
PRADA SpA		2,006		6,427
Prysmian SpA		573		11,712
Recordati SpA		235		8,849
Snam SpA		13,627		67,422
Telecom Italia SpA*		15,590		9,512
Telecom Italia SpA-RSP		22,921		12,505
Terna Rete Elettrica Nazionale SpA		19,600		122,038
				763,346
Japan — 24.8%
ABC-Mart, Inc.		300		17,194
Advantest Corp.		600		14,170
Aeon Co. Ltd. (b)		11,400		240,248
Aeon Mall Co. Ltd.		600		9,788
AGC, Inc.		3,600		124,829
Aica Kogyo Co. Ltd.		1,500		52,214
Ain Holdings, Inc.		100		6,872
Air Water, Inc.		4,300		68,602
Aisin Seiki Co. Ltd.		1,300		50,741
Ajinomoto Co., Inc.		3,300		49,921
Alfresa Holdings Corp.		6,700		194,103
Alps Alpine Co. Ltd.		400		7,858
Amada Holdings Co. Ltd.		4,800		50,492
ANA Holdings, Inc.		1,600		59,389
Aoyama Trading Co. Ltd.		500		12,262
Aozora Bank Ltd.		300		8,651
Ariake Japan Co. Ltd.		100		5,273
Asahi Group Holdings Ltd.		100		4,318
Asahi Intecc Co. Ltd.		300		14,418
Asahi Kasei Corp.		15,709		171,314
Asics Corp.		800		10,650
Astellas Pharma, Inc.		10,000		154,375
Autobacs Seven Co. Ltd.		3,900		65,654
Azbil Corp.		4,000		88,322
Bandai Namco Holdings, Inc.		2,800		119,224
Benesse Holdings, Inc.		600		16,304
Bic Camera, Inc.		1,200		13,626
Bridgestone Corp.		2,700		106,550
Brother Industries Ltd.		500		9,140
Calbee, Inc.		200		5,543
Canon Marketing Japan, Inc.		500		9,405
Canon, Inc.		5,200		149,526
Capcom Co. Ltd.		2,554		51,231
Casio Computer Co. Ltd.		700		9,501
Central Japan Railway Co.		610		136,855
Chubu Electric Power Co., Inc.		28,500		448,673
Chugai Pharmaceutical Co. Ltd.		200		13,600
Chugoku Electric Power Co., Inc. (b)		24,000		311,966
Citizen Watch Co. Ltd.		4,900		27,863
Coca-Cola Bottlers Japan Holdings, Inc.		175		4,509
COMSYS Holdings Corp.		6,100		162,966
Cosmo Energy Holdings Co. Ltd.		1,290		27,163

	Number of Shares		Value
Japan (Continued)
Cosmos Pharmaceutical Corp.		29	$	5,314
Dai Nippon Printing Co. Ltd.		3,700		85,686
Daicel Corp.		5,700		60,011
Daido Steel Co. Ltd.		100		4,222
Daifuku Co. Ltd.		39		1,913
Dai-ichi Life Holdings, Inc.		500		7,571
Daiichi Sankyo Co. Ltd.		429		16,059
Daiichikosho Co. Ltd.		455		22,480
Daikin Industries Ltd.		400		43,442
Daito Trust Construction Co. Ltd.		743		103,020
Daiwa House Industry Co. Ltd.		2,900		89,746
Denka Co. Ltd.		3,000		90,415
Denso Corp.		788		33,850
Dentsu, Inc.		1,234		51,546
DIC Corp.		600		19,080
Disco Corp.		11		1,516
East Japan Railway Co.		900		86,184
Ebara Corp.		600		17,032
Eisai Co. Ltd.		200		16,520
Electric Power Development Co. Ltd.		6,600		165,059
Exedy Corp.		700		16,695
Ezaki Glico Co. Ltd.		100		5,067
FamilyMart UNY Holdings Co. Ltd. (b)		5,244		149,566
Fancl Corp.		400		9,073
FANUC Corp.		100		16,565
Fast Retailing Co. Ltd.		11		5,154
FP Corp.		100		6,109
Fuji Electric Co. Ltd.		1,354		42,571
Fuji Media Holdings, Inc.		800		11,714
Fuji Oil Holdings, Inc.		800		26,806
FUJIFILM Holdings Corp.		3,800		170,372
Fujitsu Ltd.		177		11,939
Fukuyama Transporting Co. Ltd.		1,000		41,502
Glory Ltd.		200		4,890
GS Yuasa Corp.		400		8,017
H2O Retailing Corp.		700		9,571
Hakuhodo DY Holdings, Inc.		9,300		142,608
Hamamatsu Photonics KK		1,100		38,735
Hankyu Hanshin Holdings, Inc.		3,300		119,763
Haseko Corp.		4,500		56,230
Heiwa Corp.		200		3,963
Hino Motors Ltd.		4,000		36,759
Hirose Electric Co. Ltd.		105		10,800
HIS Co. Ltd.		200		7,654
Hisamitsu Pharmaceutical Co., Inc.		900		44,466
Hitachi Construction Machinery Co. Ltd.		1,600		39,943
Hitachi High-Technologies Corp.		600		22,826
Hitachi Ltd.		4,000		119,835
Hitachi Metals Ltd.		500		5,093
Hitachi Transport System Ltd.		1,200		35,789
Hokkaido Electric Power Co., Inc.		3,600		22,961
Hokuriku Electric Power Co.*		12,400		105,376
Honda Motor Co. Ltd.		2,500		70,809
Horiba Ltd.		600		30,399
Hoshizaki Corp.		300		20,320
House Foods Group, Inc.		700		28,045
Hoya Corp.		1,000		61,130

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Hulic Co. Ltd.		800	$	7,352
Ibiden Co. Ltd.		400		5,677
Idemitsu Kosan Co. Ltd.		3,300		117,095
IHI Corp.		400		10,550
Iida Group Holdings Co. Ltd.		400		7,309
Inpex Corp.		3,700		35,996
Isetan Mitsukoshi Holdings Ltd.		6,200		61,599
Isuzu Motors Ltd.		10,400		149,059
Ito En Ltd.		600		27,165
ITOCHU Corp.		8,800		157,945
Itochu Techno-Solutions Corp.		300		7,061
Izumi Co. Ltd.		1,080		49,091
J. Front Retailing Co. Ltd.		1,100		12,184
Japan Airlines Co. Ltd.		4,400		160,672
Japan Airport Terminal Co. Ltd.		100		3,971
Japan Petroleum Exploration Co. Ltd.		200		4,166
Japan Steel Works Ltd.		400		7,212
Japan Tobacco, Inc.		200		5,090
JFE Holdings, Inc.		4,500		78,483
JGC Corp.		900		13,089
JSR Corp.		4,100		67,990
JTEKT Corp.		500		6,198
JXTG Holdings, Inc.		78,250		366,015
Kagome Co. Ltd.		400		10,270
Kajima Corp.		4,000		59,217
Kakaku.com, Inc.		486		9,347
Kaken Pharmaceutical Co. Ltd.		200		9,666
Kamigumi Co. Ltd.		3,800		88,105
Kandenko Co. Ltd.		3,600		32,210
Kaneka Corp.		3,122		122,137
Kansai Electric Power Co., Inc.		9,400		140,637
Kansai Mirai Financial Group, Inc.*		5,100		37,751
Kansai Paint Co. Ltd.		288		5,296
Kao Corp.		1,000		75,674
Kawasaki Heavy Industries Ltd.		500		12,846
Kawasaki Kisen Kaisha Ltd.*		200		2,824
KDDI Corp.		3,800		91,774
Keihan Holdings Co. Ltd.		3,000		124,236
Keikyu Corp.		400		6,633
Keio Corp.		1,300		76,374
Keisei Electric Railway Co. Ltd.		1,200		40,963
Kewpie Corp.		400		9,134
Kikkoman Corp.		1,800		89,580
Kinden Corp.		6,100		98,963
Kintetsu Group Holdings Co. Ltd.		1,600		72,296
Kirin Holdings Co. Ltd.		4,000		89,436
Kissei Pharmaceutical Co. Ltd.		300		8,247
Kobayashi Pharmaceutical Co. Ltd.		300		24,201
Koei Tecmo Holdings Co. Ltd.		240		4,301
Koito Manufacturing Co. Ltd.		600		34,711
Kokuyo Co. Ltd.		3,300		48,617
Komatsu Ltd.		1,191		29,219
Komeri Co. Ltd.		300		7,567
Konami Holdings Corp.		300		12,383
Konica Minolta, Inc.		3,400		32,986
Kose Corp.		69		11,169
K’s Holdings Corp.		6,600		60,711

	Number of Shares		Value
Japan (Continued)
Kubota Corp.		1,000	$	13,497
Kuraray Co. Ltd.		3,900		52,341
Kurita Water Industries Ltd.		2,300		57,934
Kyocera Corp.		800		44,132
KYORIN Holdings, Inc.		400		7,920
Kyoritsu Maintenance Co. Ltd.		200		9,504
Kyowa Exeo Corp.		6,900		186,260
Kyowa Hakko Kirin Co. Ltd.		800		15,279
Kyudenko Corp.		100		3,423
Kyushu Electric Power Co., Inc.		11,900		141,534
Kyushu Railway Co.		10,026		343,146
Lawson, Inc. (b)		800		48,509
Lintec Corp.		3,500		79,325
Lion Corp.		706		14,479
LIXIL Group Corp.		200		2,711
M3, Inc.		400		6,633
Mabuchi Motor Co. Ltd.		200		6,881
Maeda Corp.		5,300		56,085
Maeda Road Construction Co. Ltd.		1,200		23,511
Makita Corp.		1,400		49,614
Marubeni Corp.		41,800		298,405
Maruha Nichiro Corp.		700		23,361
Marui Group Co. Ltd.		200		3,520
Maruichi Steel Tube Ltd.		1,150		34,607
Matsumotokiyoshi Holdings Co. Ltd.		700		24,021
Mazda Motor Corp.		600		7,047
Medipal Holdings Corp.		5,300		123,597
Megmilk Snow Brand Co. Ltd.		200		4,883
MEIJI Holdings Co. Ltd.		700		55,462
MINEBEA MITSUMI, Inc.		651		10,445
MISUMI Group, Inc.		500		12,132
Mitsubishi Chemical Holdings Corp.		9,400		69,402
Mitsubishi Corp.		5,200		146,630
Mitsubishi Electric Corp.		4,700		58,856
Mitsubishi Estate Co. Ltd.		700		12,029
Mitsubishi Gas Chemical Co., Inc.		4,000		61,157
Mitsubishi Heavy Industries Ltd.		3,421		139,243
Mitsubishi Logistics Corp.		300		7,559
Mitsubishi Materials Corp.		200		5,498
Mitsubishi Motors Corp.		3,400		19,089
Mitsubishi Shokuhin Co. Ltd.		100		2,601
Mitsubishi Tanabe Pharma Corp.		300		4,328
Mitsubishi UFJ Lease & Finance Co. Ltd.		900		4,584
Mitsui & Co. Ltd.		11,700		183,929
Mitsui Chemicals, Inc.		500		12,186
Mitsui Fudosan Co. Ltd.		700		16,585
Mitsui OSK Lines Ltd.		400		9,378
Miura Co. Ltd.		953		21,830
Mizuho Financial Group, Inc.		4,700		7,397
Mochida Pharmaceutical Co. Ltd.		100		10,663
MS&AD Insurance Group Holdings, Inc.		400		12,012
Murata Manufacturing Co. Ltd.		139		21,633
Nabtesco Corp.		200		5,280
Nagase & Co. Ltd.		4,200		61,838
Nagoya Railroad Co. Ltd.		4,600		126,653
Nankai Electric Railway Co. Ltd.		1,200		32,210
NEC Corp.		800		26,698

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Japan (Continued)
NGK Insulators Ltd.		800	$	12,210
NGK Spark Plug Co. Ltd.		1,200		25,505
NH Foods Ltd.		200		7,303
NHK Spring Co. Ltd.		6,100		56,824
Nichirei Corp.		400		9,953
Nidec Corp.		136		16,462
Nifco, Inc.		300		7,627
Nihon Kohden Corp.		800		24,039
Nihon M&A Center, Inc.		206		5,200
Nihon Unisys Ltd.		2,600		67,849
Nikon Corp.		7,100		107,533
Nippo Corp.		3,400		66,155
Nippon Electric Glass Co. Ltd.		100		2,704
Nippon Express Co. Ltd.		700		41,313
Nippon Gas Co. Ltd.		200		6,971
Nippon Kayaku Co. Ltd.		600		7,303
Nippon Paper Industries Co. Ltd.		1,200		23,920
Nippon Shokubai Co. Ltd.		600		40,909
Nippon Steel & Sumitomo Metal Corp.		4,313		77,624
Nippon Telegraph & Telephone Corp.		400		17,251
Nippon Television Holdings, Inc.		700		10,998
Nippon Yusen KK		3,300		52,026
Nipro Corp.		400		5,271
Nishi-Nippon Railroad Co. Ltd.		1,100		26,275
Nissan Chemical Corp.		1,783		90,015
Nissan Motor Co. Ltd.		3,500		30,259
Nisshin Seifun Group, Inc.		6,000		128,710
Nisshinbo Holdings, Inc.		500		4,271
Nissin Foods Holdings Co. Ltd.		684		47,497
Nitori Holdings Co. Ltd.		43		5,363
Nitto Denko Corp.		400		21,351
Noevir Holdings Co. Ltd.		100		4,815
NOF Corp.		3,300		113,686
NOK Corp.		200		3,223
Nomura Real Estate Holdings, Inc.		800		15,156
Nomura Research Institute Ltd.		710		28,892
NS Solutions Corp.		200		5,286
NSK Ltd.		500		4,595
NTT Data Corp.		4,600		50,289
NTT DOCOMO, Inc.		900		20,952
Obayashi Corp.		5,300		51,657
Obic Co. Ltd.		400		38,196
Odakyu Electric Railway Co. Ltd.		3,600		84,114
Oji Holdings Corp.		22,200		132,019
OKUMA Corp.		200		11,031
Olympus Corp.		489		21,634
Omron Corp.		300		12,949
Ono Pharmaceutical Co. Ltd.		200		4,112
Oracle Corp.		200		14,930
Oriental Land Co. Ltd.		300		32,959
ORIX Corp.		4,300		62,267
Osaka Gas Co. Ltd.		16,000		327,704
OSG Corp.		1,000		19,727
Otsuka Corp.		800		28,782
Otsuka Holdings Co. Ltd.		300		12,510
PALTAC CORPORATION		2,400		123,751
Pan Pacific International Holdings Corp.		400		23,859

	Number of Shares		Value
Japan (Continued)
Panasonic Corp.		800	$	7,366
Park24 Co. Ltd.		500		12,010
Penta-Ocean Construction Co. Ltd.		1,200		6,047
Persol Holdings Co. Ltd.		143		2,451
Pigeon Corp.		300		12,235
Pilot Corp.		200		9,163
Pola Orbis Holdings, Inc.		235		6,597
Recruit Holdings Co. Ltd.		1,085		30,351
Relo Group, Inc.		400		10,435
Rengo Co. Ltd.		9,900		85,909
Resona Holdings, Inc.		1,100		4,973
Ricoh Co. Ltd.		600		6,091
Rinnai Corp.		300		20,185
Rohm Co. Ltd.		100		6,315
Rohto Pharmaceutical Co. Ltd.		700		18,406
Ryohin Keikaku Co. Ltd.		94		22,309
Sankyo Co. Ltd.		600		22,098
Sankyu, Inc.		1,400		68,541
Santen Pharmaceutical Co. Ltd.		900		14,027
Sanwa Holdings Corp.		5,000		57,986
SCREEN Holdings Co. Ltd.		100		3,989
SCSK Corp.		500		21,874
Secom Co. Ltd.		1,800		155,552
Sega Sammy Holdings, Inc.		1,000		11,642
Seibu Holdings, Inc.		3,400		60,413
Seino Holdings Co. Ltd.		7,100		100,199
Sekisui Chemical Co. Ltd.		4,000		62,774
Sekisui House Ltd.		5,900		88,696
Seven & i Holdings Co. Ltd. (b)		4,200		184,646
SG Holdings Co. Ltd.		2,400		70,284
Shikoku Electric Power Co., Inc.		5,700		71,839
Shimachu Co. Ltd.		2,818		75,766
Shimadzu Corp.		4,400		108,498
Shimamura Co. Ltd. (b)		100		8,453
Shimano, Inc.		266		40,407
Shimizu Corp.		4,200		36,899
Shin-Etsu Chemical Co. Ltd.		800		66,626
Shionogi & Co. Ltd.		800		51,139
Shiseido Co. Ltd.		300		19,802
Showa Denko KK		743		27,666
Showa Shell Sekiyu KK		5,800		87,010
SKY Perfect JSAT Holdings, Inc.		3,200		14,316
Skylark Holdings Co. Ltd.		3,900		59,733
SMC Corp.		84		29,240
Sohgo Security Services Co. Ltd.		200		8,642
Sojitz Corp.		46,200		169,743
Sompo Holdings, Inc.		500		18,671
Sony Corp.		1,100		52,777
Sony Financial Holdings, Inc.		400		7,564
Sotetsu Holdings, Inc.		3,700		111,180
Stanley Electric Co. Ltd.		1,400		40,244
Subaru Corp.		1,100		27,930
Sugi Holdings Co. Ltd.		700		30,403
Sumitomo Bakelite Co. Ltd.		1,000		37,684
Sumitomo Chemical Co. Ltd.		12,000		59,504
Sumitomo Corp.		17,300		248,730
Sumitomo Dainippon Pharma Co. Ltd.		4,400		108,577

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Sumitomo Electric Industries Ltd.		9,600	$	133,582
Sumitomo Forestry Co. Ltd.		600		7,821
Sumitomo Heavy Industries Ltd.		609		20,843
Sumitomo Metal Mining Co. Ltd.		893		26,184
Sumitomo Mitsui Financial Group, Inc.		100		3,541
Sumitomo Mitsui Trust Holdings, Inc.		100		3,790
Sumitomo Osaka Cement Co. Ltd.		800		32,878
Sumitomo Realty & Development Co. Ltd.		571		21,359
Sumitomo Rubber Industries Ltd.		900		11,569
Sundrug Co. Ltd.		700		21,443
Suzuken Co. Ltd.		5,200		284,944
Suzuki Motor Corp.		3,100		158,759
Sysmex Corp.		300		18,053
T&D Holdings, Inc.		700		8,404
Taiheiyo Cement Corp.		500		17,090
Taisei Corp.		4,534		214,237
Taisho Pharmaceutical Holdings Co. Ltd.		300		30,372
Taiyo Nippon Sanso Corp.		800		11,304
Taiyo Yuden Co. Ltd.		200		3,938
Takara Holdings, Inc.		1,700		19,242
Takashimaya Co. Ltd. (b)		3,400		44,745
Takeda Pharmaceutical Co. Ltd.		258		10,358
TDK Corp.		200		15,631
TechnoPro Holdings, Inc.		200		10,798
Teijin Ltd.		5,400		90,566
Terumo Corp.		858		52,565
THK Co. Ltd.		557		13,690
TIS, Inc.		900		41,879
Tobu Railway Co. Ltd.		3,800		106,162
Toda Corp.		1,000		6,351
Toho Co. Ltd.		500		17,876
Toho Gas Co. Ltd.		4,900		222,727
Tohoku Electric Power Co., Inc.		11,900		156,073
Tokai Carbon Co. Ltd.		200		2,774
Tokai Rika Co. Ltd.		1,200		21,958
Tokai Tokyo Financial Holdings, Inc.		1,100		4,753
Tokio Marine Holdings, Inc.		700		34,120
Tokyo Broadcasting System Holdings, Inc.		300		5,754
Tokyo Century Corp.		200		8,920
Tokyo Electric Power Co. Holdings, Inc.*		23,600		147,129
Tokyo Electron Ltd.		186		25,314
Tokyo Gas Co. Ltd.		11,000		302,866
Tokyo Tatemono Co. Ltd.		300		3,485
Tokyu Corp.		6,600		111,877
Tokyu Fudosan Holdings Corp.		4,300		23,756
Toppan Forms Co. Ltd.		900		7,794
Toppan Printing Co. Ltd.		1,000		15,918
Toray Industries, Inc.		4,600		32,045
Toshiba Plant Systems & Services Corp.		1,100		19,941
Tosoh Corp.		300		4,428
TOTO Ltd.		880		33,320
Toyo Seikan Group Holdings Ltd.		800		16,910
Toyo Suisan Kaisha Ltd.		2,600		96,461
Toyobo Co. Ltd.		500		7,092
Toyoda Gosei Co. Ltd.		1,000		22,655
Toyota Boshoku Corp.		300		4,940

	Number of Shares		Value
Japan (Continued)
Toyota Industries Corp.		200	$	10,259
Toyota Motor Corp.		100		6,016
Toyota Tsusho Corp.		4,200		133,372
Trend Micro, Inc.		600		29,590
TS Tech Co. Ltd.		3,800		110,771
Tsumura & Co.		100		3,158
Tsuruha Holdings, Inc.		400		35,429
TV Asahi Holdings Corp.		300		5,498
Ube Industries Ltd.		3,200		72,555
Unicharm Corp.		1,277		40,666
Ushio, Inc.		1,200		13,475
USS Co. Ltd.		900		16,396
Wacoal Holdings Corp.		1,200		30,086
Welcia Holdings Co. Ltd.		400		14,193
West Japan Railway Co.		1,700		128,141
Yakult Honsha Co. Ltd.		200		13,421
Yamada Denki Co. Ltd.		11,700		56,545
Yamaha Corp.		2,381		117,211
Yamaha Motor Co. Ltd.		400		8,110
Yamato Holdings Co. Ltd.		3,400		88,543
Yamato Kogyo Co. Ltd.		400		11,067
Yamazaki Baking Co. Ltd.		1,000		17,122
Yaoko Co. Ltd.		300		15,927
Yaskawa Electric Corp. (b)		621		17,656
Yokogawa Electric Corp.		3,400		65,483
Yokohama Rubber Co. Ltd.		500		10,200
Zenkoku Hosho Co. Ltd.		400		14,714
Zensho Holdings Co. Ltd.		3,700		85,952
Zeon Corp.		900		9,184
				20,437,117
Luxembourg (c) — 0.6%
Aroundtown SA		46,484		391,692
RTL Group SA		588		33,196
SES SA		2,551		51,314
Tenaris SA		456		6,091
				482,293
Netherlands — 2.7%
Aalberts Industries NV		1,801		66,631
Aegon NV		2,640		14,213
Akzo Nobel NV		415		37,677
ASML Holding NV		120		22,016
ASR Nederland NV		1,560		68,817
EXOR NV		165		10,165
GrandVision NV, 144A		342		7,610
Heineken Holding NV		293		28,376
Heineken NV		122		12,308
Koninklijke Ahold Delhaize NV		31,565		815,009
Koninklijke DSM NV		4,838		520,053
Koninklijke KPN NV		15,656		48,348
Koninklijke Philips NV		2,030		80,905
Koninklijke Vopak NV		593		29,029
NN Group NV		726		31,662
QIAGEN NV*		708		27,104
Randstad NV		2,432		130,020
Royal Dutch Shell PLC, Class A		586		18,313
Royal Dutch Shell PLC, Class B		655		20,600

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Netherlands (Continued)
Signify NV, 144A		1,374	$	36,533
Wolters Kluwer NV		2,436		160,829
				2,186,218
New Zealand — 1.2%
Air New Zealand Ltd.		24,170		40,685
Auckland International Airport Ltd.		10,677		56,537
Contact Energy Ltd.		26,905		116,065
Fisher & Paykel Healthcare Corp. Ltd.		11,619		116,400
Fletcher Building Ltd.*		2,982		9,938
Kiwi Property Group Ltd.		45,523		43,744
Mercury NZ Ltd.		25,201		63,374
Meridian Energy Ltd.		25,791		64,858
Ryman Healthcare Ltd.		18,418		138,071
SKYCITY Entertainment Group Ltd.		29,212		75,053
Spark New Zealand Ltd.		97,859		248,757
Xero Ltd.*		818		27,643
				1,001,125
Norway — 0.8%
Aker ASA, Class A		154		11,658
DNB ASA		470		9,019
Equinor ASA		1,195		26,895
Gjensidige Forsikring ASA		1,109		19,906
Mowi ASA (b)		7,417		171,314
Norsk Hydro ASA		6,567		27,232
Orkla ASA		31,347		247,287
Telenor ASA		4,583		89,473
Yara International ASA		966		40,702
				643,486
Poland — 0.4%
Bank Polska Kasa Opieki SA		96		2,879
CD Projekt SA*		185		9,307
Dino Polska SA, 144A*		773		21,890
Grupa Lotos SA		5,807		146,278
LPP SA		3		6,475
PGE Polska Grupa Energetyczna SA*		2,576		7,908
Polski Koncern Naftowy ORLEN SA		2,701		72,842
Polskie Gornictwo Naftowe i Gazownictwo SA		10,800		19,779
Powszechna Kasa Oszczednosci Bank Polski SA		1,801		18,132
Powszechny Zaklad Ubezpieczen SA		1,166		12,590
				318,080
Portugal — 0.3%
EDP — Energias de Portugal SA		40,281		147,924
Galp Energia SGPS SA		7,347		120,722
Jeronimo Martins SGPS SA		804		12,131
				280,777
Singapore — 2.7%
Ascendas Real Estate Investment Trust REIT		46,900		97,188
BOC Aviation Ltd., 144A		11,933		103,219
CapitaLand Commercial Trust REIT		117,395		168,551
CapitaLand Ltd.		18,800		47,584

	Number of Shares		Value
Singapore (Continued)
CapitaLand Mall Trust REIT		108,100	$	192,007
City Developments Ltd.		3,500		23,105
ComfortDelGro Corp. Ltd.		153,500		271,511
DBS Group Holdings Ltd.		700		12,869
Frasers Property Ltd.		4,700		5,983
Genting Singapore Ltd.		40,100		30,271
Golden Agri-Resources Ltd.		40,400		8,222
Jardine Cycle & Carriage Ltd.		593		14,632
Keppel Corp. Ltd.		17,100		77,957
M1 Ltd.		20,900		31,864
Oversea-Chinese Banking Corp. Ltd.		3,945		32,291
SATS Ltd.		28,200		107,065
Sembcorp Industries Ltd.		15,500		30,055
SIA Engineering Co. Ltd.		6,200		11,104
Singapore Airlines Ltd.		17,500		129,644
Singapore Exchange Ltd.		24,100		139,834
Singapore Post Ltd.		33,000		24,667
Singapore Press Holdings Ltd.		45,600		83,020
Singapore Technologies Engineering Ltd.		34,700		96,046
Singapore Telecommunications Ltd.		21,200		47,383
StarHub Ltd.		5,100		6,039
Suntec Real Estate Investment Trust REIT		15,800		22,568
United Overseas Bank Ltd.		2,500		46,292
UOL Group Ltd.		16,816		82,512
Venture Corp. Ltd.		16,900		222,632
Wilmar International Ltd.		20,800		49,260
Wing Tai Holdings Ltd.		17,700		26,461
				2,241,836
South Africa (c) — 0.0%
Investec PLC		1,792		11,746
South Korea — 2.6%
Amorepacific Corp.		43		7,646
Cheil Worldwide, Inc.		1,379		30,714
CJ CheilJedang Corp.		167		47,812
CJ Corp.		54		6,002
CJ ENM Co. Ltd.		41		8,687
CJ Logistics Corp.*		49		8,278
Coway Co. Ltd.		525		44,158
Daelim Industrial Co. Ltd.		457		38,032
DB Insurance Co. Ltd.		346		22,304
DGB Financial Group, Inc.		761		5,738
Dongsuh Cos., Inc.		383		6,726
E-MART, Inc.		247		39,531
GS Holdings Corp.		589		28,070
GS Retail Co. Ltd.		208		7,157
Hana Financial Group, Inc.		297		10,259
Hankook Tire Co. Ltd.		429		16,306
Hanon Systems		515		5,701
HDC Hyundai Development Co-Engineering & Construction, Class E		894		38,273
Hyosung TNC Co. Ltd.		95		14,190
Hyundai Department Store Co. Ltd.		574		49,403
Hyundai Engineering & Construction Co. Ltd.		397		20,191
Hyundai Glovis Co. Ltd.		301		37,334
Hyundai Marine & Fire Insurance Co. Ltd.		304		10,190

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
Hyundai Mobis Co. Ltd.		424	$	83,126
Hyundai Motor Co.		236		26,544
Hyundai Steel Co.		652		28,899
Industrial Bank of Korea		1,297		16,087
Kangwon Land, Inc.		588		16,155
KB Financial Group, Inc.		578		22,792
KCC Corp.		11		3,125
Kia Motors Corp.		4,248		138,050
Korea Electric Power Corp.		783		24,262
Korea Gas Corp.		1,244		55,414
Korea Zinc Co. Ltd.		58		23,541
KT&G Corp.		1,823		171,002
Kumho Petrochemical Co. Ltd.		282		23,995
LG Chem Ltd.		52		18,055
LG Corp.		1,249		83,289
LG Display Co. Ltd.		359		6,783
LG Electronics, Inc.		459		28,772
LG Household & Health Care Ltd.		4		4,431
LG Uplus Corp.		12,143		161,950
Lotte Chemical Corp.		40		11,345
Lotte Chilsung Beverage Co. Ltd.		6		8,498
LOTTE Fine Chemical Co. Ltd.		213		9,185
Lotte Shopping Co. Ltd.		94		15,963
LS Corp.		108		5,810
NAVER Corp.		70		8,278
NongShim Co. Ltd.		29		6,936
Ottogi Corp.		9		6,114
POSCO		308		72,023
Posco Daewoo Corp.		325		5,476
S-1 Corp.		333		30,200
Samsung C&T Corp.		69		7,086
Samsung Electro-Mechanics Co. Ltd.		113		10,750
Samsung Electronics Co. Ltd.		213		8,541
Samsung Fire & Marine Insurance Co. Ltd.		220		58,976
Shinhan Financial Group Co. Ltd.		466		18,086
Shinsegae Inc.		40		10,154
SK Holdings Co. Ltd.		57		13,810
SK Hynix, Inc.		763		47,488
SK Innovation Co. Ltd.		935		156,291
SK Telecom Co. Ltd.		370		85,698
SKC Co. Ltd.		129		4,439
S-Oil Corp.		786		69,885
Yuhan Corp.		97		22,467
				2,132,473
Spain — 2.2%
Acciona SA		365		35,511
Acerinox SA		3,631		38,485
ACS Actividades de Construccion y Servicios SA (b)		5,300		235,249
Aena SME SA, 144A		181		32,338
Amadeus IT Group SA		1,310		98,750
Bankinter SA		1,853		15,239
Cellnex Telecom SA, 144A*		655		16,953
Corp. Financiera Alba SA		1,123		56,074
EDP Renovaveis SA		1,609		15,152

	Number of Shares		Value
Spain (Continued)
Enagas SA		6,794	$	193,795
Endesa SA		3,341		84,267
Ferrovial SA		2,721		62,774
Fomento de Construcciones y Contratas SA*		468		6,928
Grifols SA		658		17,128
Grupo Catalana Occidente SA		546		19,460
Iberdrola SA		9,058		75,831
Mapfre SA		1,658		4,690
Mediaset Espana Comunicacion SA		1,253		9,414
Merlin Properties Socimi SA REIT		23,551		305,988
Naturgy Energy Group SA		3,085		83,853
Red Electrica Corp. SA		6,764		146,341
Repsol SA		8,487		146,170
Telefonica SA		6,565		56,732
Zardoya Otis SA		1,733		14,504
				1,771,626
Sweden — 4.9%
Alfa Laval AB		3,859		84,448
Assa Abloy AB, Class B		4,534		93,841
Atlas Copco AB, Class A		2,667		72,304
Atlas Copco AB, Class B		1,864		46,809
Boliden AB		5,780		158,265
Electrolux AB, Series B		1,311		34,328
Elekta AB, Class B		2,640		30,416
Epiroc AB, Class A*		4,679		47,004
Epiroc AB, Class B*		2,985		28,063
Essity AB, Class B		301		8,403
Fastighets AB Balder, Class B*		7,090		208,767
Hennes & Mauritz AB, Class B (b)		716		10,842
Hexagon AB, Class B		1,138		59,892
Husqvarna AB, Class B		5,205		42,686
ICA Gruppen AB (b)		1,072		41,228
Industrivarden AB, Class A		7,409		157,399
Industrivarden AB, Class C		6,573		136,969
Investment AB Latour, Class B		1,497		19,704
Investor AB, Class A		1,435		63,334
Investor AB, Class B		4,580		204,670
Kinnevik AB, Class B		16,190		410,420
L E Lundbergforetagen AB, Class B		1,494		46,095
Lundin Petroleum AB		2,302		75,314
Nibe Industrier AB, Class B		6,313		79,026
Saab AB, Class B		1,605		55,067
Sandvik AB		12,914		212,302
Securitas AB, Class B		14,295		224,320
Skandinaviska Enskilda Banken AB, Class A		1,412		14,382
Skanska AB, Class B		8,616		155,506
SKF AB, Class B		8,741		147,203
Svenska Cellulosa AB SCA, Class B		32,287		297,871
Svenska Handelsbanken AB, Class A		902		10,295
Swedbank AB, Class A		868		15,958
Swedish Match AB		6,250		293,179
Swedish Orphan Biovitrum AB*		751		16,329
Tele2 AB, Class B		7,773		102,439
Telefonaktiebolaget LM Ericsson, Class B		934		8,554

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Sweden (Continued)
Telia Co. AB		43,439	$	188,661
Trelleborg AB, Class B		3,285		54,004
Volvo AB, Class B		6,322		93,145
				4,049,442
Switzerland — 2.8%
ABB Ltd.		2,380		47,220
Adecco Group AG		1,477		76,889
Baloise Holding AG		186		30,434
Banque Cantonale Vaudoise		8		6,505
Barry Callebaut AG		37		63,846
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		8		52,118
Cie Financiere Richemont SA		296		22,713
Clariant AG*		1,353		29,133
Coca-Cola HBC AG*		1,794		60,514
DKSH Holding AG		474		27,859
Dufry AG*		50		5,079
EMS-Chemie Holding AG		43		24,884
Ferguson PLC		3,502		243,195
Flughafen Zurich AG		299		53,365
Geberit AG		214		85,583
Georg Fischer AG		104		92,391
Givaudan SA		58		145,378
Helvetia Holding AG		43		25,855
Kuehne + Nagel International AG		393		51,383
LafargeHolcim Ltd.*		101		5,008
Logitech International SA		1,653		62,274
Nestle SA		11		998
Novartis AG		119		10,875
OC Oerlikon Corp. AG*		3,684		49,332
Pargesa Holding SA		242		19,920
Partners Group Holding AG		154		111,612
PSP Swiss Property AG		534		54,461
Roche Holding AG		41		11,413
Schindler Holding AG		122		27,114
Schindler Holding AG Participation Certificates		245		55,483
SGS SA		53		135,399
Sika AG		722		97,842
Sonova Holding AG		475		88,997
STMicroelectronics NV		896		14,661
Straumann Holding AG		53		41,444
Sulzer AG		159		15,753
Swatch Group AG — Bearer		163		48,350
Swatch Group AG — Registered		242		13,871
Swiss Life Holding AG*		65		28,383
Swiss Prime Site AG*		461		38,987
Swiss Re AG		110		10,912
Swisscom AG		229		106,225
Temenos AG*		396		57,520
Zurich Insurance Group AG		104		34,451
				2,285,629
United Kingdom — 13.5%
3i Group PLC		34,369		432,365
Admiral Group PLC		8,379		243,182
Ashmore Group PLC		7,908		44,388

	Number of Shares		Value
United Kingdom (Continued)
Ashtead Group PLC		2,961	$	78,887
Associated British Foods PLC		633		18,885
AstraZeneca PLC		224		18,291
Auto Trader Group PLC, 144A		9,395		59,445
Aviva PLC		3,699		20,822
B&M European Value Retail SA		10,864		51,082
Babcock International Group PLC		5,277		37,972
BAE Systems PLC		23,249		144,104
Barclays PLC		2,068		4,515
Barratt Developments PLC		14,253		113,558
Bellway PLC		2,252		90,610
Berkeley Group Holdings PLC		4,225		221,977
BP PLC		8,671		61,634
British Land Co. PLC REIT		11,396		91,584
BT Group PLC		18,471		52,748
Bunzl PLC		4,900		154,660
Burberry Group PLC		7,058		177,383
Centrica PLC		74,614		123,559
Cineworld Group PLC		5,057		18,766
CNH Industrial NV		3,829		41,525
Cobham PLC*		8,234		12,885
Compass Group PLC		8,240		182,484
Croda International PLC		2,600		166,377
Derwent London PLC REIT		3,286		142,747
Diageo PLC		832		32,242
Direct Line Insurance Group PLC		38,226		181,362
Dixons Carphone PLC		11,543		20,382
DS Smith PLC		4,160		18,564
easyJet PLC		3,292		53,748
Experian PLC		7,655		199,922
Fiat Chrysler Automobiles NV*		360		5,322
G4S PLC		28,702		80,133
GlaxoSmithKline PLC		1,774		35,333
Halma PLC		9,575		197,913
Hammerson PLC REIT		7,713		39,159
Hargreaves Lansdown PLC		1,954		45,275
Howden Joinery Group PLC		20,921		137,104
IMI PLC		6,942		87,349
Imperial Brands PLC		1,235		41,239
Inchcape PLC		11,892		89,369
Informa PLC		8,670		81,323
Inmarsat PLC		2,917		15,512
InterContinental Hotels Group PLC		3,501		209,993
International Consolidated Airlines Group SA		9,044		72,056
Intertek Group PLC		2,626		177,646
ITV PLC		47,979		83,664
J Sainsbury PLC		46,594		141,922
JD Sports Fashion PLC		6,012		37,240
Johnson Matthey PLC		10,103		415,637
Kingfisher PLC		55,076		177,354
Legal & General Group PLC		8,745		32,639
Lloyds Banking Group PLC		6,997		5,913
London Stock Exchange Group PLC		69		4,136
Marks & Spencer Group PLC		23,236		84,374
Meggitt PLC		15,884		113,919
Melrose Industries PLC		5,188		12,000

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
Merlin Entertainments PLC, 144A		3,030	$	14,573
Mondi PLC		7,211		165,787
National Grid PLC		13,201		148,880
Next PLC		2,363		159,917
Pearson PLC		15,014		168,947
Pennon Group PLC		8,560		88,580
Persimmon PLC		6,682		216,239
Phoenix Group Holdings PLC		1,672		15,545
Prudential PLC		569		12,034
Quilter PLC, 144A		6,159		10,648
RELX PLC		2,121		48,778
Renishaw PLC		416		23,461
Rentokil Initial PLC		71,333		333,029
Rightmove PLC		13,314		85,375
Rio Tinto Ltd.		7,034		481,217
Rio Tinto PLC		2,481		143,087
Rolls-Royce Holdings PLC*		11,224		142,572
Royal Mail PLC		92,456		347,775
RPC Group PLC		6,435		67,789
RSA Insurance Group PLC		2,621		17,814
Sage Group PLC		5,657		49,736
Schroders PLC		429		15,606
Segro PLC REIT		77,578		682,063
Severn Trent PLC		2,542		68,265
Smith & Nephew PLC		10,386		198,444
Smiths Group PLC		9,841		187,246
Spirax-Sarco Engineering PLC		600		53,191
SSE PLC		16,549		261,611
St James’s Place PLC		467		6,040
Standard Life Aberdeen PLC		2,520		8,271
Subsea 7 SA		1,356		16,596
Tate & Lyle PLC		15,089		139,486
Taylor Wimpey PLC		49,092		118,449
TechnipFMC PLC		304		6,702
Tesco PLC		26,805		80,577
Travis Perkins PLC		3,035		57,969
Unilever NV		725		39,268
Unilever PLC		1,531		81,618
United Utilities Group PLC		9,538		106,592
Vodafone Group PLC		38,641		69,015
Weir Group PLC		1,120		24,431
Whitbread PLC		2,430		156,856
William Hill PLC		7,761		19,361
Wm Morrison Supermarkets PLC		65,951		201,847
WPP PLC		4,873		53,525
				11,130,991

	Number of Shares		Value
United States (c) — 0.4%
Carnival PLC		2,016	$	113,051
Samsonite International SA, 144A*		11,119		33,358
Sims Metal Management Ltd.		2,932		23,655
Waste Connections, Inc.		1,711		142,531
				312,595
TOTAL COMMON STOCKS (Cost $82,905,331)				81,909,572
PREFERRED STOCKS — 0.2%
Germany — 0.2%
FUCHS PETROLUB SE		875		39,157
Henkel AG & Co. KGaA		189		18,904
Porsche Automobil Holding SE		1,245		83,105
Sartorius AG		64		10,159
				151,325
South Korea — 0.0%
CJ Corp.*(e)		6		40
Hanwha Corp.		461		6,394
Hyundai Motor Co. — 2nd Preferred		62		4,432
				10,866
Spain — 0.0%
Grifols SA, Class B		407		7,795
TOTAL PREFERRED STOCKS (Cost $180,135)				169,986
SECURITIES LENDING COLLATERAL — 1.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.31% (f)(g) (Cost $890,630)		890,630		890,630
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.38% (f) (Cost $11,096)		11,096		11,096
TOTAL INVESTMENTS — 100.8% (Cost $83,987,192)			$	82,981,284
Other assets and liabilities, net — (0.8%)				(655,284	)
NET ASSETS — 100.0%			$	82,326,000

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 8/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
COMMON STOCKS — 0.0%
Germany — 0.0%
DWS Group GmbH & Co. KGaA, 144A*(d)
		—		16,544			—			—		2,295		—		—		634		18,839
SECURITIES LENDING COLLATERAL — 1.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (f)(g)
		227,652		662,978	(h)		—			—		—		2,773		—		890,630		890,630
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.38% (f)
		—		2,065,337			(2,054,241	)		—		—		543		—		11,096		11,096
		227,652		2,744,859			(2,054,241	)		—		2,295		3,316		—		902,360		920,565

* Non-income producing security.

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

(b) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2019 amounted to $1,165,922, which is 1.4% of net assets.

(c) Securities are listed in country of domicile and trade on exchanges within the FTSE Developed ex US Comprehensive Factor Index.

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

(e) Investment was valued using significant unobservable inputs.

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

(g) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $434,944.

(h) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2019.

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.

At February 28, 2019, open futures contract purchased was as follows:

Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation
MSCI EAFE Futures	USD	2	$	166,910	$186,900		3/15/2019	$	19,990

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.

Currency Abbreviations

USD U.S. Dollar

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Developed ex US Comprehensive Factor ETF (Continued)

February 28, 2019 (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, 2019 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 (i)	$	81,909,572	$	—	$	—	$	81,909,572
Preferred Stocks (i)		169,946		—		40		169,986
Short-Term Investments (i)		901,726		—		—		901,726
Derivatives (j)
Futures Contracts		19,990		—		—		19,990
TOTAL	$	83,001,234	$	—	$	40	$	83,001,274

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

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

During the period ended February 28, 2019, the amount of transfers between Level 3 and Level 1 was $40,835. The investment was transferred from Level 3 to Level 1 due to the availability of a pricing source supported by observable inputs.

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF

February 28, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 95.8%
Brazil — 4.9%
Ambev SA		46	$	211
Atacadao Distribuicao Comercio e Industria Ltda		154		802
B3 SA — Brasil Bolsa Balcao		1,636		14,304
Banco BTG Pactual SA		1,095		9,971
Banco Santander Brasil SA		64		767
BB Seguridade Participacoes SA		1,370		9,973
CCR SA		18		68
Cia de Saneamento Basico do Estado de Sao Paulo		668		7,009
Cielo SA		872		2,527
Cosan SA		817		9,520
EDP — Energias do Brasil SA		3,274		15,103
Embraer SA		2,238		11,386
Energisa SA		1,214		13,046
Engie Brasil Energia SA		698		7,661
Equatorial Energia SA		867		18,987
Estacio Participacoes SA		167		1,227
Fleury SA		233		1,243
Grendene SA		2,170		5,017
Guararapes Confeccoes SA		28		1,091
Hypera SA		1,068		7,661
IRB Brasil Resseguros S/A		1,347		31,967
JBS SA		208		745
Klabin SA		729		3,507
Kroton Educacional SA		127		371
Localiza Rent a Car SA		384		3,538
Lojas Renner SA		1,178		13,595
M Dias Branco SA		273		3,420
Multiplan Empreendimentos Imobiliarios SA		167		1,121
Odontoprev SA		557		2,465
Petrobras Distribuidora SA		2,343		15,275
Porto Seguro SA		731		10,923
Qualicorp Consultoria e Corretora de Seguros SA		220		909
Raia Drogasil SA		579		10,099
Sao Martinho SA		2,264		11,337
Smiles Fidelidade SA		68		870
Sul America SA		2,628		21,303
Suzano Papel e Celulose SA		392		4,982
TIM Participacoes SA		3,176		10,010
Transmissora Alianca de Energia Eletrica SA		2,324		15,467
Ultrapar Participacoes SA		85		1,210
Vale SA		68		854
WEG SA		638		3,134
				304,676
Chile — 2.7%
AES Gener SA		19,001		5,690
Aguas Andinas SA, Class A		15,683		9,197
Banco de Chile		28,245		4,491
Banco de Credito e Inversiones SA		80		5,478
Banco Santander Chile		39,330		3,141
Cencosud SA		5,801		10,817

	Number of Shares		Value
Chile (Continued)
Cia Cervecerias Unidas SA		1,212	$	17,167
Colbun SA		45,736		10,581
Empresa Nacional de Telecomunicaciones SA		947		9,979
Empresas CMPC SA		3,921		14,730
Empresas COPEC SA		1,132		15,386
Enel Americas SA		93,684		16,310
Enel Chile SA		165,850		17,428
Engie Energia Chile SA		3,542		7,060
Latam Airlines Group SA		561		6,528
Parque Arauco SA		3,918		10,770
SACI Falabella		570		4,439
				169,192
China — 19.0%
3SBio, Inc., 144A		1,038		1,716
51job, Inc., ADR*(a)		45		3,252
Agile Group Holdings Ltd.		2,859		3,573
Agricultural Bank of China Ltd., Class H		43,838		20,998
Air China Ltd., Class H		4,646		5,019
Alibaba Group Holding Ltd., ADR*(a)		6		1,098
Aluminum Corp. of China Ltd., Class H*		791		325
Angang Steel Co. Ltd., Class H (a)		10,698		7,959
Anhui Conch Cement Co. Ltd., Class H		7,048		40,314
Anhui Expressway Co. Ltd., Class H		2,861		1,870
Anhui Gujing Distillery Co. Ltd., Class B		1,916		11,570
ANTA Sports Products Ltd.		768		4,501
BAIC Motor Corp. Ltd., Class H, 144A		910		579
Bank of China Ltd., Class H		13,861		6,463
Bank of Communications Co. Ltd., Class H		2,315		1,944
Beijing Capital International Airport Co. Ltd., Class H		839		839
Beijing Jingneng Clean Energy Co. Ltd., Class H		2,715		598
Bengang Steel Plates Co. Ltd., Class B		9,700		2,904
BOE Technology Group Co. Ltd., Class B		10,969		4,346
CAR, Inc.*		635		558
China BlueChemical Ltd., Class H		8,642		2,730
China CITIC Bank Corp. Ltd., Class H		14,572		9,467
China Coal Energy Co. Ltd., Class H		12,114		5,262
China Communications Construction Co. Ltd., Class H		14,085		15,180
China Communications Services Corp. Ltd., Class H		23,296		23,415
China Conch Venture Holdings Ltd.		8,752		29,211
China Construction Bank Corp., Class H		2,101		1,868
China Dongxiang Group Co. Ltd.		23,300		3,354
China Eastern Airlines Corp. Ltd., Class H		3,738		2,386
China Everbright Bank Co. Ltd., Class H		4,079		1,954
China Huarong Asset Management Co. Ltd., Class H, 144A		2,106		483
China Life Insurance Co. Ltd., Class H		2,546		7,006
China Literature Ltd., 144A*(a)		274		1,307
China Longyuan Power Group Corp. Ltd., Class H		4,993		3,727
China Machinery Engineering Corp., Class H		1,431		764

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
China (Continued)
China Medical System Holdings Ltd.		4,725	$	4,972
China Merchants Bank Co. Ltd., Class H		1,398		6,411
China Minsheng Banking Corp. Ltd., Class H		13,103		10,115
China National Building Material Co. Ltd., Class H		5,490		4,371
China Oilfield Services Ltd., Class H		2,000		1,980
China Pacific Insurance Group Co. Ltd., Class H		2,627		9,889
China Petroleum & Chemical Corp., Class H		123,442		106,619
China Railway Construction Corp. Ltd., Class H		10,395		14,964
China Railway Group Ltd., Class H		27,505		27,260
China Railway Signal & Communication Corp. Ltd., Class H, 144A		921		763
China Reinsurance Group Corp., Class H		19,478		4,491
China Resources Pharmaceutical Group Ltd., 144A		5,189		6,954
China Shenhua Energy Co. Ltd., Class H		31,998		78,917
China Southern Airlines Co. Ltd., Class H		999		816
China Telecom Corp. Ltd., Class H		2,863		1,550
China Vanke Co. Ltd., Class H (a)		3,058		11,609
China Zhongwang Holdings Ltd.		7,355		3,898
Chongqing Changan Automobile Co. Ltd., Class B		1,713		978
Chongqing Rural Commercial Bank Co. Ltd., Class H		109		68
CIFI Holdings Group Co. Ltd.		8,702		5,676
CNOOC Ltd.		1,823		3,144
COSCO SHIPPING Development Co. Ltd., Class H*		4,374		580
COSCO SHIPPING Energy Transportation Co., Ltd., Class H		4,008		2,359
Country Garden Holdings Co. Ltd.		699		921
Country Garden Services Holdings Co. Ltd.*		2,982		4,908
CRRC Corp. Ltd., Class H		7,349		7,714
CSG Holding Co. Ltd., Class B		7,598		2,710
CSPC Pharmaceutical Group Ltd.		4,550		7,767
Dali Foods Group Co. Ltd., 144A		6,769		4,613
Datang International Power Generation Co. Ltd., Class H		14,450		4,013
Dazhong Transportation Group Co. Ltd., Class B		1,210		632
Dongfeng Motor Group Co. Ltd., Class H		3,580		3,808
ENN Energy Holdings Ltd.		3,427		35,362
Foshan Electrical and Lighting Co. Ltd., Class B		4,440		2,217
Fosun International Ltd.		2,313		3,807
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		2,344		8,376
Geely Automobile Holdings Ltd.		978		1,836
GF Securities Co. Ltd., Class H		28		47
GOME Retail Holdings Ltd.*(a)		8,820		798
Guangdong Electric Power Development Co. Ltd., Class B		13,100		4,639

	Number of Shares		Value
China (Continued)
Guangshen Railway Co. Ltd., Class H		9,809	$	4,261
Guangzhou Automobile Group Co. Ltd., Class H		5,217		6,413
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		1,800		6,982
Guangzhou R&F Properties Co. Ltd., Class H		1,563		2,923
Guotai Junan Securities Co. Ltd., Class H, 144A		5,053		11,252
Haitian International Holdings Ltd.		1,029		2,249
Hengan International Group Co. Ltd.		671		5,424
Huadian Fuxin Energy Corp. Ltd., Class H		4,580		1,039
Huadian Power International Corp. Ltd., Class H		22,759		9,974
Huaneng Power International, Inc., Class H		59,599		36,747
Huaneng Renewables Corp. Ltd., Class H		12,138		3,696
Huazhu Group Ltd., ADR (a)		21		737
Industrial & Commercial Bank of China Ltd., Class H		5,617		4,322
Inner Mongolia Yitai Coal Co. Ltd., Class B		4,800		5,928
iQIYI, Inc., ADR*		207		5,622
JD.com, Inc., ADR*(a)		55		1,524
Jiangling Motors Corp. Ltd., Class B		842		913
Jiangsu Expressway Co. Ltd., Class H		8,304		11,446
Jiangxi Copper Co. Ltd., Class H		2,690		3,674
Jinzhou Port Co. Ltd., Class B		400		161
Lao Feng Xiang Co. Ltd., Class B		2,500		8,710
Lenovo Group Ltd.		5,151		4,639
Li Ning Co. Ltd.*		2,765		3,875
Livzon Pharmaceutical Group, Inc., Class H		1,926		6,784
Logan Property Holdings Co. Ltd.		5,943		8,464
Longfor Group Holdings Ltd.		3,165		9,394
Luye Pharma Group Ltd., 144A		7,485		5,588
Maanshan Iron & Steel Co. Ltd., Class H		9,244		4,404
Metallurgical Corp. of China Ltd., Class H		16,004		4,689
NetEase, Inc., ADR (a)		10		2,232
New China Life Insurance Co. Ltd., Class H		319		1,544
New Oriental Education & Technology Group, Inc., ADR*		66		5,416
People’s Insurance Co. Group of China Ltd., Class H		7,012		3,180
PetroChina Co. Ltd., Class H		148,268		98,029
PICC Property & Casualty Co. Ltd., Class H		10,462		12,528
Pinduoduo, Inc., ADR*		51		1,527
Ping An Insurance Group Co. of China Ltd., Class H		193		2,032
Qingdao Port International Co. Ltd., Class H, 144A*		3,096		1,980
Red Star Macalline Group Corp. Ltd., Class H, 144A		5,351		5,317
Shandong Chenming Paper Holdings Ltd., Class B		7,870		5,183
Shandong Chenming Paper Holdings Ltd., Class H		1,185		797
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,942		1,687
Shanghai Bailian Group Co. Ltd., Class B		1,223		1,283

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
China (Continued)
Shanghai Baosight Software Co. Ltd., Class B		3,000	$	5,976
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		6,800		4,712
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		564		2,001
Shanghai Huayi Group Co. Ltd., Class B		2,000		1,866
Shanghai Jinjiang International Hotels Development Co. Ltd., Class B		1,700		3,653
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		400		487
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		1,021		1,443
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B		3,562		6,636
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,674		10,503
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class B		1,200		1,600
Shanghai Zhenhua Heavy Industries Co. Ltd., Class B		8,520		3,331
Shenzhen Expressway Co. Ltd., Class H		5,389		5,925
Shenzhou International Group Holdings Ltd.		830		10,362
Sichuan Expressway Co. Ltd., Class H		4,375		1,449
Sihuan Pharmaceutical Holdings Group Ltd.		728		152
SINA Corp.*		13		876
Sino-Ocean Group Holding Ltd.		4,210		1,968
Sinopec Engineering Group Co. Ltd., Class H		10,622		9,648
Sinopec Shanghai Petrochemical Co. Ltd., Class H		22,541		11,429
Sinopharm Group Co. Ltd., Class H		916		4,073
Sinotrans Ltd., Class H		2,959		1,391
Sinotruk Hong Kong Ltd.		5,209		9,476
SOHO China Ltd.*		16,173		6,902
TAL Education Group, ADR*(a)		107		3,809
Tencent Holdings Ltd.		65		2,781
TravelSky Technology Ltd., Class H		269		780
Tsingtao Brewery Co. Ltd., Class H		4,667		19,798
Weichai Power Co. Ltd., Class H		15,753		21,874
Weifu High-Technology Group Co. Ltd., Class B		3,616		7,205
Wuxi Little Swan Co. Ltd., Class B		1,047		6,922
Xinhua Winshare Publishing and Media Co. Ltd., Class H		4,740		3,502
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		701		804
Yangzijiang Shipbuilding Holdings Ltd.		10,374		10,979
Yantai Changyu Pioneer Wine Co. Ltd., Class B		3,057		6,640
Yanzhou Coal Mining Co. Ltd., Class H		4,796		4,760
YY, Inc., ADR*		7		494
Zhongsheng Group Holdings Ltd.		678		1,575
Zhuzhou CRRC Times Electric Co. Ltd., Class H		790		4,433

	Number of Shares		Value
China (Continued)
Zijin Mining Group Co. Ltd., Class H		38,366	$	16,422
ZTO Express Cayman, Inc., ADR		509		10,119
				1,184,417
Colombia — 0.5%
Almacenes Exito SA		3,398		16,112
Bancolombia SA		330		3,856
CEMEX Latam Holdings SA*		454		737
Corp. Financiera Colombiana SA*		125		994
Ecopetrol SA		608		616
Grupo de Inversiones Suramericana SA		182		2,069
Interconexion Electrica SA ESP		1,348		6,120
				30,504
Czech Republic — 0.4%
CEZ AS		535		12,984
Komercni banka as		39		1,640
Moneta Money Bank AS, 144A		1,590		5,640
O2 Czech Republic AS		55		600
Philip Morris CR AS		11		7,100
				27,964
Egypt — 1.1%
Abou Kir Fertilizers & Chemical Industries		2,500		3,572
Commercial International Bank Egypt SAE, GDR		2,651		10,564
Eastern Tobacco		10,750		10,241
Egypt Kuwait Holding Co. SAE		12,500		18,175
Egyptian Financial Group-Hermes Holding Co.*		4,000		3,900
ElSewedy Electric Co.		14,000		13,752
Global Telecom Holding SAE*		12,000		3,253
Talaat Moustafa Group		3,931		2,527
Telecom Egypt Co.		6,500		5,524
				71,508
Greece — 0.6%
FF Group*(b)		144		787
Hellenic Petroleum SA		162		1,483
Hellenic Telecommunications Organization SA		186		2,362
JUMBO SA		150		2,442
Motor Oil Hellas Corinth Refineries SA		725		17,667
Mytilineos Holdings SA		590		6,161
OPAP SA		441		4,519
Titan Cement Co. SA		89		1,952
				37,373
Hong Kong — 3.2%
Beijing Enterprises Holdings Ltd.		1,971		11,563
Bosideng International Holdings Ltd.		11,636		2,238
China Agri-Industries Holdings Ltd.		2,651		942
China Everbright International Ltd.		820		802
China Everbright Ltd.		1,664		3,362
China Gas Holdings Ltd.		1,121		3,684
China Merchants Port Holdings Co. Ltd.		259		544
China Mobile Ltd.		200		2,104
China Overseas Land & Investment Ltd.		902		3,321

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Hong Kong (Continued)
China Power International Development Ltd.		14,639	$	3,692
China Resources Beer Holdings Co. Ltd.		1,209		4,505
China Resources Cement Holdings Ltd.		9,955		10,602
China Resources Gas Group Ltd.		3,266		14,188
China Resources Land Ltd.		1,865		6,961
China Resources Power Holdings Co. Ltd.		11,544		21,883
China State Construction International Holdings Ltd.		1,060		1,121
China Taiping Insurance Holdings Co. Ltd.		569		1,761
China Traditional Chinese Medicine Holdings Co. Ltd.		6,267		4,136
China Unicom Hong Kong Ltd.		2,604		3,088
CIMC Enric Holdings Ltd.		1,065		951
CITIC Ltd.		2,919		4,440
COSCO SHIPPING Ports Ltd.		8,884		9,439
Far East Horizon Ltd.		808		902
Guangdong Investment Ltd.		12,739		24,440
Haier Electronics Group Co. Ltd.*		3,784		11,280
Hopson Development Holdings Ltd.		1,336		1,236
Jiayuan International Group Ltd.		4,816		2,344
Kingboard Holdings Ltd.		645		2,260
Kingboard Laminates Holdings Ltd.		1,235		1,513
Kunlun Energy Co. Ltd.		7,040		7,731
Lee & Man Paper Manufacturing Ltd.		6,265		5,770
Poly Property Group Co. Ltd.		73		28
Shanghai Industrial Holdings Ltd.		2,045		4,585
Shenzhen International Holdings Ltd.		3,189		6,581
Shenzhen Investment Ltd.		4,733		1,767
Shimao Property Holdings Ltd.		1,806		4,270
Sino Biopharmaceutical Ltd.		5,050		4,381
Yuexiu Property Co. Ltd.		8,030		1,852
				196,267
Hungary — 0.9%
Magyar Telekom Telecommunications PLC		8,055		13,575
MOL Hungarian Oil & Gas PLC		3,183		37,178
OTP Bank Nyrt		66		2,793
Richter Gedeon Nyrt		276		5,348
				58,894
India — 6.9%
ABB India Ltd.		87		1,501
ACC Ltd.		187		3,739
Adani Ports & Special Economic Zone Ltd.		415		1,901
Ambuja Cements Ltd.		1,459		4,350
Ashok Leyland Ltd.		1,915		2,329
Asian Paints Ltd.		311		6,144
Aurobindo Pharma Ltd.		211		2,112
Axis Bank Ltd.*		120		1,197
Bajaj Auto Ltd.		144		5,872
Bajaj Finance Ltd.		33		1,229
Bajaj Holdings & Investment Ltd.		287		12,771
Berger Paints India Ltd.		820		3,516
Bharat Forge Ltd.		342		2,466
Bharat Heavy Electricals Ltd.		354		321
Bharat Petroleum Corp. Ltd.		1,632		7,745
Bharti Airtel Ltd.		372		1,663

	Number of Shares		Value
India (Continued)
Bharti Infratel Ltd.		757	$	3,125
Biocon Ltd.		225		1,966
Bosch Ltd.		5		1,337
Britannia Industries Ltd.		80		3,438
Cadila Healthcare Ltd.		38		170
Castrol India Ltd.		870		1,892
Cipla Ltd.		619		4,826
Coal India Ltd.		1,817		5,832
Colgate-Palmolive India Ltd.		213		3,763
Container Corp. Of India Ltd.		613		4,074
Cummins India Ltd.		81		797
Dabur India Ltd.		1,054		6,491
Divi’s Laboratories Ltd.		232		5,396
DLF Ltd.		474		1,098
Dr Reddy’s Laboratories Ltd.		162		5,994
Eicher Motors Ltd.		10		2,793
Emami Ltd.		126		694
Exide Industries Ltd.		1,705		5,268
GAIL India Ltd.		2,416		11,617
GlaxoSmithKline Consumer Healthcare Ltd.		60		6,086
Glenmark Pharmaceuticals Ltd.		487		4,085
Godrej Consumer Products Ltd.		237		2,242
Godrej Industries Ltd.		203		1,407
Havells India Ltd.		808		8,126
HCL Technologies Ltd.		1,176		17,425
Hero MotoCorp Ltd.		214		7,907
Hindalco Industries Ltd.		1,516		4,172
Hindustan Petroleum Corp. Ltd.		642		2,016
Hindustan Unilever Ltd.		141		3,435
Hindustan Zinc Ltd.		188		712
Housing Development Finance Corp. Ltd.		133		3,443
ICICI Lombard General Insurance Co. Ltd., 144A		80		1,047
ICICI Prudential Life Insurance Co. Ltd., 144A		249		1,119
Indiabulls Housing Finance Ltd.		47		433
Indian Oil Corp. Ltd.		2,214		4,501
Infosys Ltd.		3,288		33,945
InterGlobe Aviation Ltd., 144A		142		2,247
ITC Ltd.		297		1,153
JSW Energy Ltd.*		716		649
JSW Steel Ltd.		3,487		13,781
Kansai Nerolac Paints Ltd.		468		2,962
Larsen & Toubro Infotech Ltd., 144A		189		4,569
Larsen & Toubro Ltd.		50		909
Lupin Ltd.		93		999
Mahindra & Mahindra Ltd.		751		6,820
Marico Ltd.		1,395		6,663
Maruti Suzuki India Ltd.		41		3,937
Motherson Sumi Systems Ltd.		336		768
Mphasis Ltd.		1,064		15,576
MRF Ltd.		5		3,996
Nestle India Ltd.		37		5,535
NHPC Ltd.		10,330		3,333
NMDC Ltd.		2,623		3,714
NTPC Ltd.		1,594		3,166

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
India (Continued)
Oil & Natural Gas Corp. Ltd.		2,234	$	4,669
Oil India Ltd.		2,981		7,318
Oracle Financial Services Software Ltd.		118		5,810
Page Industries Ltd.		15		4,700
Petronet LNG Ltd.		2,238		7,036
Pidilite Industries Ltd.		485		7,858
Power Grid Corp. of India Ltd.		654		1,681
Rajesh Exports Ltd.		202		1,647
Reliance Industries Ltd.		103		1,783
Reliance Infrastructure Ltd.		172		297
Shree Cement Ltd.		11		2,566
Shriram Transport Finance Co. Ltd.		43		691
Siemens Ltd.		55		767
Steel Authority of India Ltd.*		2,470		1,676
Sun Pharmaceutical Industries Ltd.		241		1,508
Sun TV Network Ltd.		111		949
Tata Communications Ltd.		105		871
Tata Consultancy Services Ltd.		86		2,398
Tata Power Co. Ltd.		3,264		3,004
Tata Steel Ltd.		342		2,406
Tech Mahindra Ltd.		2,186		25,514
Titan Co. Ltd.		309		4,454
Torrent Pharmaceuticals Ltd.		70		1,773
Torrent Power Ltd.		60		205
UltraTech Cement Ltd.		46		2,475
United Breweries Ltd.		262		4,950
UPL Ltd.		247		3,048
Vedanta Ltd.		401		955
Wipro Ltd.		1,758		9,118
Yes Bank Ltd.		475		1,544
Zee Entertainment Enterprises Ltd.		926		6,076
				432,052
Indonesia — 1.4%
PT Adaro Energy Tbk		33,848		3,152
PT Astra Agro Lestari Tbk		1,131		997
PT Astra International Tbk		9,226		4,689
PT Bank Central Asia Tbk		1,731		3,393
PT Bank Danamon Indonesia Tbk		3,592		2,177
PT Bank Mandiri Persero Tbk		5,643		2,858
PT Bank Negara Indonesia Persero Tbk		1,940		1,214
PT Bank Rakyat Indonesia Persero Tbk		15,854		4,339
PT Bukit Asam Tbk		16,186		4,579
PT Bumi Serpong Damai Tbk*		25,190		2,426
PT Charoen Pokphand Indonesia Tbk		10,830		5,620
PT Gudang Garam Tbk		832		5,051
PT Hanjaya Mandala Sampoerna Tbk		3,301		892
PT Indocement Tunggal Prakarsa Tbk		1,011		1,382
PT Indofood CBP Sukses Makmur Tbk		8,407		6,111
PT Indofood Sukses Makmur Tbk		7,439		3,741
PT Jasa Marga Persero Tbk		9,020		3,350
PT Kalbe Farma Tbk		25,608		2,721
PT Media Nusantara Citra Tbk		9,667		643
PT Perusahaan Gas Negara Persero Tbk		20,054		3,621
PT Semen Indonesia Persero Tbk		2,921		2,627
PT Surya Citra Media Tbk		13,648		1,698
PT Telekomunikasi Indonesia Persero Tbk		26,491		7,269

	Number of Shares		Value
Indonesia (Continued)
PT Tower Bersama Infrastructure Tbk		2,101	$	594
PT Unilever Indonesia Tbk		501		1,733
PT United Tractors Tbk		4,642		8,744
				85,621
Isle of Man — 0.0%
MAS Real Estate, Inc.		695		1,121
Malaysia — 5.6%
AirAsia Group Bhd		10,201		6,949
Alliance Bank Malaysia Bhd		3,148		3,066
AMMB Holdings Bhd		561		617
Astro Malaysia Holdings Bhd		5,457		2,201
Axiata Group Bhd		4,983		5,098
British American Tobacco Malaysia Bhd		634		5,254
Bumi Armada Bhd*		21,000		929
CIMB Group Holdings Bhd		3,004		4,321
Dialog Group Bhd		16,200		12,868
DiGi.Com Bhd		13,441		15,039
FGV Holdings Bhd*		1,917		528
Gamuda Bhd		2,362		1,708
Genting Bhd		6,319		11,452
Genting Malaysia Bhd		5,236		4,507
HAP Seng Consolidated Bhd		1,332		3,226
Hartalega Holdings Bhd		6,400		7,869
Hong Leong Bank Bhd		383		2,004
Hong Leong Financial Group Bhd		418		2,025
IHH Healthcare Bhd		2,979		4,198
IJM Corp. Bhd		1,878		831
IOI Corp. Bhd		3,587		3,961
KLCCP Stapled Group (c)		3,200		6,169
Kuala Lumpur Kepong Bhd		2,425		14,753
Malayan Banking Bhd		1,045		2,449
Malaysia Airports Holdings Bhd		3,265		6,560
Maxis Bhd		6,216		8,208
MISC Bhd		6,389		10,841
MMC Corp. Bhd		2,174		572
Nestle Malaysia Bhd		369		13,430
Petronas Chemicals Group Bhd		8,829		20,018
Petronas Dagangan Bhd		3,719		24,418
Petronas Gas Bhd		3,177		14,125
PPB Group Bhd		2,660		12,010
Press Metal Aluminium Holdings Bhd		3,186		3,314
Public Bank Bhd		935		5,748
RHB Bank Bhd		2,431		3,384
RHB Bank Bhd*(b)		400		0
Sime Darby Bhd		97,847		52,214
Sime Darby Plantation Bhd		3,615		4,534
Sime Darby Property Bhd		8,543		2,206
Telekom Malaysia Bhd		1,515		1,136
Tenaga Nasional Bhd		5,501		18,154
Westports Holdings Bhd		8,196		7,437
YTL Corp. Bhd		30,828		8,036
YTL Power International Bhd		39,788		8,708
				347,075
Mexico — 4.9%
ALEATICA SAB de CV		785		790

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Mexico (Continued)
Alfa SAB de CV, Class A		15,573	$	17,739
Alpek SAB de CV*		3,356		4,929
Alsea SAB de CV		3,506		8,881
America Movil SAB de CV, Series L		10,987		7,914
Arca Continental SAB de CV		131		739
Banco del Bajio SA, 144A		3,132		6,050
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B		492		676
Becle SAB de CV		619		871
Cemex SAB de CV, Series CPO*		14,914		7,322
Coca-Cola Femsa SAB de CV, Series L		902		5,458
Concentradora Fibra Danhos SA de CV REIT		4,237		6,047
El Puerto de Liverpool SAB de CV, Class C1		1,044		6,551
Fibra Uno Administracion SA de CV REIT		14,859		20,573
Fomento Economico Mexicano SAB de CV		3,431		31,140
Gruma SAB de CV, Class B		500		5,419
Grupo Aeroportuario del Centro Norte SAB de CV		2,860		16,304
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,140		10,625
Grupo Aeroportuario del Sureste SAB de CV, Class B		239		4,055
Grupo Bimbo SAB de CV, Series A		3,357		6,660
Grupo Carso SAB de CV, Series A1		1,500		5,556
Grupo Comercial Chedraui SA de CV		8,522		16,686
Grupo Elektra SAB DE CV		21		1,094
Grupo Financiero Banorte SAB de CV, Class O		1,105		6,012
Grupo Financiero Inbursa SAB de CV, Class O		4,446		6,636
Grupo Mexico SAB de CV, Series B		2,918		7,313
Grupo Televisa SAB, Series CPO		1,079		2,528
Industrias Bachoco SAB de CV, Series B		2,438		9,469
Industrias Penoles SAB de CV		55		729
Infraestructura Energetica Nova SAB de CV		1,014		3,901
Kimberly-Clark de Mexico SAB de CV, Class A*		3,734		6,036
Megacable Holdings SAB de CV, Series CPO		3,566		16,294
Mexichem SAB de CV		7,834		18,990
Nemak SAB de CV, 144A		13,145		9,209
Organizacion Soriana SAB de CV, Class B*		1,114		1,337
Promotora y Operadora de Infraestructura SAB de CV		869		8,562
Regional SAB de CV		1,075		5,592
Telesites SAB de CV*		1,129		701
Wal-Mart de Mexico SAB de CV		2,780		7,192
				302,580
Peru — 0.2%
Cia de Minas Buenaventura SAA, ADR (a)		72		1,198
Credicorp Ltd.		42		10,223
				11,421

	Number of Shares		Value
Philippines — 1.7%
Aboitiz Power Corp.		9,180	$	6,186
Alliance Global Group, Inc.		12,909		3,419
Ayala Corp.		292		5,222
Ayala Land, Inc.		6,462		5,497
Bank of the Philippine Islands		1,279		2,077
BDO Unibank, Inc.		821		2,026
Bloomberry Resorts Corp.		1,894		418
DMCI Holdings, Inc.		11,833		2,608
Energy Development Corp.*(b)		8,122		1,079
Globe Telecom, Inc.		85		3,123
GT Capital Holdings, Inc.		415		7,663
International Container Terminal Services, Inc.		2,099		4,708
Jollibee Foods Corp.		1,804		10,736
LT Group, Inc.		2,663		762
Manila Electric Co.		2,883		20,491
Megaworld Corp.		38,588		3,857
Metro Pacific Investments Corp.		32,500		2,953
Metropolitan Bank & Trust Co.		1,040		1,528
Petron Corp.		18,145		2,340
PLDT, Inc.		203		4,043
Semirara Mining & Power Corp.		3,874		1,685
SM Investments Corp.		273		4,962
SM Prime Holdings, Inc.		4,815		3,570
Universal Robina Corp.*		1,330		3,500
				104,453
Qatar — 2.0%
Al Meera Consumer Goods Co. QSC		109		4,625
Barwa Real Estate Co.*		2,243		24,395
Commercial Bank QSC		292		3,216
Doha Bank QPSC		423		2,382
Gulf International Services QSC*		500		1,932
Industries Qatar QSC		245		8,950
Masraf Al Rayan QSC		510		5,169
Ooredoo QPSC		353		6,495
Qatar Electricity & Water Co. QSC*		423		20,505
Qatar Gas Transport Co. Ltd.		2,160		11,865
Qatar International Islamic Bank QSC		229		4,425
Qatar Islamic Bank SAQ		168		6,700
Qatar National Bank QPSC		92		4,755
Qatar Navigation QSC		526		9,751
United Development Co. QSC		1,630		6,196
Vodafone Qatar QSC*		500		1,127
				122,488
Russia — 3.2%
Aeroflot PJSC		1,062		1,565
Alrosa PJSC		6,588		9,508
Federal Grid Co Unified Energy System PJSC		313,925		796
Gazprom PJSC		3,334		8,044
Inter RAO UES PJSC		256,891		15,262
LUKOIL PJSC		496		41,406
Magnitogorsk Iron & Steel Works PJSC		9,871		6,666
MMC Norilsk Nickel PJSC		1		214
Mobile TeleSystems PJSC		6,056		23,251

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Russia (Continued)
Mosenergo PJSC		28,003	$	900
Novatek PJSC		259		4,246
Novolipetsk Steel PJSC		2,678		6,439
PhosAgro PJSC		46		1,784
Polyus PJSC, GDR		13		533
Rostelecom PJSC		18,316		20,263
RusHydro PJSC		281,795		2,125
RussNeft PJSC*		200		1,749
Sberbank of Russia PJSC		463		1,460
Severstal PJSC		799		12,474
Surgutneftegas PJSC		23,668		9,227
Tatneft PJSC		1,712		20,163
TMK PJSC		908		666
Unipro PJSC		297,763		12,246
				200,987
Singapore — 0.1%
Yanlord Land Group Ltd.		4,598		4,730
South Africa — 11.2%
Absa Group Ltd. (a)		920		11,817
AECI Ltd.		1,916		13,341
African Rainbow Minerals Ltd.		99		1,181
Anglo American Platinum Ltd.		40		2,181
Aspen Pharmacare Holdings Ltd.		313		3,104
Attacq Ltd. REIT		1,055		1,180
AVI Ltd.		2,996		19,080
Barloworld Ltd.		1,202		10,781
Bid Corp. Ltd.		295		6,183
Bidvest Group Ltd. (a)		2,038		30,160
Capitec Bank Holdings Ltd.		129		11,984
Clicks Group Ltd.		1,966		25,262
Coronation Fund Managers Ltd.		355		1,076
Dis-Chem Pharmacies Ltd., 144A		637		1,169
Discovery Ltd.		931		10,203
Exxaro Resources Ltd.		325		3,507
Famous Brands Ltd.*		292		1,869
FirstRand Ltd. (a)		990		4,528
Foschini Group Ltd.		924		11,290
Growthpoint Properties Ltd. REIT		20,019		34,770
Hyprop Investments Ltd. REIT		2,891		15,933
Imperial Logistics Ltd.		769		3,524
Investec Ltd.		747		4,865
JSE Ltd.		420		4,825
KAP Industrial Holdings Ltd.		14,582		8,141
Liberty Holdings Ltd. (a)		591		4,329
Massmart Holdings Ltd.		1,425		8,829
MMI Holdings Ltd.*		2,007		2,227
Motus Holdings Ltd.*		630		4,055
Mr Price Group Ltd.		1,409		21,635
MTN Group Ltd. (a)		2,036		12,094
MultiChoice Group Ltd.*		6		45
Nampak Ltd.*		888		723
Naspers Ltd., Class N		6		1,300
Nedbank Group Ltd. (a)		489		9,891
Netcare Ltd.		9,024		16,328
Old Mutual Ltd. (a)		5,903		9,761
Omnia Holdings Ltd.		196		832

	Number of Shares		Value
South Africa (Continued)
Pepkor Holdings Ltd., 144A		2,213	$	3,145
Pick n Pay Stores Ltd.		9,257		45,646
Pioneer Foods Group Ltd.		437		2,502
PSG Group Ltd.		153		2,827
Rand Merchant Investment Holdings Ltd.		4,358		10,312
Redefine Properties Ltd. REIT		21,164		14,616
Remgro Ltd.		721		10,318
Reunert Ltd.		4,090		20,363
RMB Holdings Ltd.		3,630		20,685
Sanlam Ltd.		1,555		8,703
Santam Ltd.		599		13,250
Sappi Ltd.		1,861		9,563
Sasol Ltd. (a)		160		4,892
Shoprite Holdings Ltd. (a)		2,000		24,424
SPAR Group Ltd.		4,767		67,708
Standard Bank Group Ltd.		601		8,282
Super Group Ltd.*		4,244		10,184
Telkom SA SOC Ltd.		2,595		12,923
Tiger Brands Ltd.		414		7,841
Tongaat Hulett Ltd.		75		150
Truworths International Ltd. (a)		2,811		14,609
Tsogo Sun Holdings Ltd.		5,368		7,880
Vodacom Group Ltd.		172		1,421
Vukile Property Fund Ltd. REIT		22,348		31,980
Woolworths Holdings Ltd. (a)		2,004		6,528
				694,755
Taiwan — 14.6%
Acer, Inc.*		5,759		3,808
Advantech Co. Ltd.		1,342		10,247
ASE Technology Holding Co. Ltd.*		11,583		23,673
Asia Cement Corp.		10,089		12,719
Asustek Computer, Inc.		1,849		13,187
AU Optronics Corp.		137,387		50,667
Capital Securities Corp.		3,500		1,053
Catcher Technology Co. Ltd.		1,590		12,089
Cathay Financial Holding Co. Ltd.		2,666		3,924
Chailease Holding Co. Ltd.		3,920		15,412
Chang Hwa Commercial Bank Ltd.		3,198		1,922
Cheng Shin Rubber Industry Co. Ltd.		1,399		1,989
Chicony Electronics Co. Ltd.		11,158		24,653
China Airlines Ltd.		10,563		3,484
China Development Financial Holding Corp.		37,196		12,050
China Life Insurance Co. Ltd.		7,515		7,020
China Motor Corp.		11,552		9,083
China Steel Corp.		28,058		23,248
Chunghwa Telecom Co. Ltd.		3,285		11,421
Compal Electronics, Inc.		22,542		13,990
CTBC Financial Holding Co. Ltd.		17,181		11,639
Delta Electronics, Inc.		1,586		7,910
E.Sun Financial Holding Co. Ltd.		5,225		3,752
Eclat Textile Co. Ltd.		268		3,070
Epistar Corp.		1,107		982
Eternal Materials Co. Ltd.		8,332		6,917
Eva Airways Corp.		19,295		9,686
Evergreen Marine Corp. Taiwan Ltd.		6,285		2,542

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Taiwan (Continued)
Far Eastern International Bank		3,399	$	1,193
Far Eastern New Century Corp.		13,308		13,188
Far EasTone Telecommunications Co. Ltd.		6,455		15,122
Feng Hsin Steel Co. Ltd.		12,111		23,296
Feng TAY Enterprise Co. Ltd.		1,640		10,311
First Financial Holding Co. Ltd.		5,454		3,686
Formosa Chemicals & Fibre Corp.		7,178		24,606
Formosa Petrochemical Corp.		840		3,180
Formosa Plastics Corp.		6,773		22,557
Formosa Taffeta Co. Ltd.		7,529		8,697
Foxconn Technology Co. Ltd.		5,325		10,918
Fubon Financial Holding Co. Ltd.		3,352		4,956
Giant Manufacturing Co. Ltd.		554		3,051
Globalwafers Co. Ltd.		200		2,177
Hon Hai Precision Industry Co. Ltd.		484		1,143
Hua Nan Financial Holdings Co. Ltd.		4,809		2,953
Innolux Corp.		52,959		17,638
Inventec Corp.		11,162		8,632
Largan Precision Co. Ltd.		11		1,558
Lite-On Technology Corp.		14,907		21,578
MediaTek, Inc.		290		2,638
Mega Financial Holding Co. Ltd.		6,305		5,583
Nan Ya Plastics Corp.		9,450		23,612
Nanya Technology Corp.		519		1,049
Novatek Microelectronics Corp.		8,706		48,372
Oriental Union Chemical Corp.		17,861		15,205
Pegatron Corp.		3,990		6,845
Pou Chen Corp.		12,152		15,320
President Chain Store Corp.		2,810		29,080
Quanta Computer, Inc.		4,455		8,280
Realtek Semiconductor Corp.		221		1,278
Shin Kong Financial Holding Co. Ltd.		23,933		7,178
SinoPac Financial Holdings Co. Ltd.		18,457		6,447
Synnex Technology International Corp.		7,096		8,646
Taishin Financial Holding Co. Ltd.		4,585		2,078
Taiwan Business Bank		6,065		2,237
Taiwan Cement Corp.		13,815		17,237
Taiwan Cooperative Financial Holding Co. Ltd.		6,440		3,997
Taiwan Fertilizer Co. Ltd.		8,162		11,934
Taiwan Glass Industry Corp.		8,551		3,793
Taiwan High Speed Rail Corp.		5,588		5,992
Taiwan Mobile Co. Ltd.		3,276		11,709
Taiwan Secom Co. Ltd.		2,984		8,377
Taiwan Semiconductor Manufacturing Co. Ltd.		484		3,759
Teco Electric and Machinery Co. Ltd.		8,343		5,164
Transcend Information, Inc.		4,329		9,677
U-Ming Marine Transport Corp.		805		804
Unimicron Technology Corp.		8,321		6,516
Uni-President Enterprises Corp.		9,793		23,865
United Microelectronics Corp.		100,683		37,458
Vanguard International Semiconductor Corp.		4,703		10,590
Walsin Lihwa Corp.		55,445		32,698
Wan Hai Lines Ltd.		6,636		3,439
Wistron Corp.		11,464		7,953

	Number of Shares		Value
Taiwan (Continued)
Yuanta Financial Holding Co. Ltd.		22,945	$	13,010
Yulon Nissan Motor Co. Ltd.		242		1,879
				906,276
Thailand — 6.1%
Advanced Info Service PCL, NVDR		1,546	$	8,929
Airports of Thailand PCL, NVDR		2,310		4,948
Bangkok Bank PCL		380		2,520
Bangkok Dusit Medical Services PCL, NVDR		11,166		8,362
Bangkok Life Assurance PCL, NVDR		503		455
Banpu PCL, NVDR		29,335		15,174
Berli Jucker PCL, NVDR		2,800		4,398
BTS Group Holdings PCL, NVDR		16,077		5,306
Bumrungrad Hospital PCL, NVDR		741		4,385
Central Pattana PCL, NVDR		7,816		18,726
Charoen Pokphand Foods PCL, NVDR		6,536		5,444
CP ALL PCL, NVDR		5,332		13,155
Delta Electronics Thailand PCL, NVDR		1,668		3,838
Electricity Generating PCL, NVDR		1,897		16,073
Energy Absolute PCL, NVDR		1,100		1,667
Glow Energy PCL, NVDR		4,813		13,899
Home Product Center PCL, NVDR		29,477		14,031
Indorama Ventures PCL, NVDR		5,428		8,871
Intouch Holdings PCL, NVDR		11,612		20,451
IRPC PCL, NVDR		107,617		20,149
Kasikornbank PCL		254		1,596
Kasikornbank PCL, NVDR		158		990
Krung Thai Bank PCL, NVDR		8,798		5,388
Land & Houses PCL, NVDR		89,121		29,695
Minor International PCL, NVDR		5,902		7,258
PTT Exploration & Production PCL, NVDR		2,179		8,609
PTT Global Chemical PCL, NVDR		15,402		35,191
PTT PCL, NVDR		9,840		15,144
Ratchaburi Electricity Generating Holding PCL, NVDR		9,446		16,262
Siam Cement PCL		1,196		17,990
Siam Cement PCL, NVDR		700		10,529
Siam City Cement PCL, NVDR		117		828
Siam Commercial Bank PCL, NVDR		1,340		5,698
Thai Oil PCL, NVDR		10,570		24,234
Thai Union Group PCL, NVDR		8,139		4,778
TMB Bank PCL, NVDR		64,677		4,680
Total Access Communication PCL, NVDR		1,646		2,651
				382,302
Turkey — 3.3%
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,121		4,216
Arcelik AS		75		293
Aselsan Elektronik Sanayi Ve Ticaret AS		480		2,206
BIM Birlesik Magazalar AS		762		12,243
Coca-Cola Icecek AS		162		1,020
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT		1,982		569
Enerjisa Enerji AS, 144A		2,532		2,687
Enka Insaat ve Sanayi AS		4,460		4,181
Eregli Demir ve Celik Fabrikalari TAS		9,015		15,752
Ford Otomotiv Sanayi AS		847		8,805

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Turkey (Continued)
Haci Omer Sabanci Holding AS		800	$	1,369
KOC Holding AS		2,434		8,506
Petkim Petrokimya Holding AS		10,785		11,141
Soda Sanayii AS		5,080		7,257
TAV Havalimanlari Holding AS		1,021		5,325
Tekfen Holding AS		4,576		22,648
Tofas Turk Otomobil Fabrikasi AS		532		2,112
Tupras Turkiye Petrol Rafinerileri AS		1,629		43,825
Turk Hava Yollari AO*		7,177		19,026
Turk Telekomunikasyon AS*		1,050		1,069
Turkcell Iletisim Hizmetleri AS		6,577		17,632
Turkiye Garanti Bankasi AS		263		440
Turkiye Sise ve Cam Fabrikalari AS		8,971		11,336
Ulker Biskuvi Sanayi AS		182		661
				204,319
United Arab Emirates — 0.9%
Abu Dhabi Commercial Bank PJSC		2,087		5,415
Abu Dhabi National Oil Co. for Distribution PJSC		5,769		3,503
Air Arabia PJSC		32,316		8,341
Al Waha Capital PJSC		8,000		3,158
Aldar Properties PJSC		14,773		7,159
Dana Gas PJSC		4,260		1,040
DP World Ltd.		141		2,257
Dubai Investments PJSC		4,249		1,481
Dubai Islamic Bank PJSC		1,944		2,763
Emaar Development PJSC		6,093		6,470
Emaar Malls PJSC		7,670		3,654
Emaar Properties PJSC		1,820		2,428
Emirates Telecommunications Group Co. PJSC		877		4,030
First Abu Dhabi Bank PJSC		506		2,094
				53,793
United Kingdom — 0.4%
Mondi Ltd.		971		22,874
TOTAL COMMON STOCKS (Cost $5,875,684)				5,957,642
PREFERRED STOCKS — 3.1%
Brazil — 1.9%
Alpargatas SA		401		2,051
Banco Bradesco SA		53		611
Banco do Estado do Rio Grande do Sul SA, Class B		374		2,493
Bradespar SA		523		4,019
Braskem SA, Class A		522		7,572
Cia Brasileira de Distribuicao		1,078		26,764
Cia de Gas de Sao Paulo — COMGAS, Class A		435		9,405
Cia de Transmissao de Energia Eletrica Paulista		97		1,997
Cia Energetica de Minas Gerais		1,644		6,312
Cia Paranaense de Energia, Class B		22		210
Gerdau SA		176		710
Itau Unibanco Holding SA		687		6,454

	Number of Shares		Value
Brazil (Continued)
Itausa - Investimentos Itau SA		11,803	$	38,932
Telefonica Brasil SA		1,040		12,976
				120,506
Chile — 0.2%
Embotelladora Andina SA, Class B		1,382		5,181
Sociedad Quimica y Minera de Chile SA, Class B		116		4,827
				10,008
Colombia — 0.1%
Bancolombia SA		404		4,870
Grupo Aval Acciones y Valores SA		12,742		4,863
				9,733
Russia — 0.9%
Bashneft PJSC		417		11,751
Surgutneftegas PJSC		40,669		24,795
Tatneft PJSC		555		4,620
Transneft PJSC		5		12,944
				54,110
TOTAL PREFERRED STOCKS (Cost $157,909)				194,357
RIGHTS — 0.0%
Taiwan — 0.0%
CTBC Financial Holding Co. Ltd.*, expires 04/01/19 (Cost $0)		115		0
WARRANT — 0.0%
Thailand — 0.0%
BTS Group Holdings PCL, NVDR*, expires 11/29/19 (Cost $0)		1,786		41
EXCHANGE-TRADED FUNDS — 0.9%
Global X MSCI Pakistan ETF (a)		2,800		24,892
iShares Core MSCI Emerging Markets ETF		340		17,381
Vanguard FTSE Emerging Markets ETF		225		9,364
TOTAL EXCHANGE-TRADED FUNDS (Cost $56,709)				51,637
SECURITIES LENDING COLLATERAL — 2.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.31% (d)(e) (Cost $179,047)		179,047		179,047
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.38% (d) (Cost $1,671)		1,671		1,671
TOTAL INVESTMENTS — 102.7% (Cost $6,271,020)			$	6,384,395
Other assets and liabilities, net — (2.7%)				(166,652	)
NET ASSETS — 100.0%			$	6,217,743

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers FTSE Emerging Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 8/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
SECURITIES LENDING COLLATERAL — 2.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (d)(e)
		90,527		88,520	(f)		—			—		—		215		—		179,047		179,047
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.38% (d)
		—		127,781			(126,110	)		—		—		25		—		1,671		1,671
		90,527		216,301			(126,110	)		—		—		240		—		180,718		180,718

* 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, 2019 amounted to $167,536, which is 2.7% 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 DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $32,748.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2019.

ADR: American Depositary Receipt

CPO: Ordinary Participation Certificates

GDR: Global Depositary Receipt

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

QSC: Qatari Shareholders 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, 2019 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)	$	5,955,776	$	—	$	1,866	$	5,957,642
Preferred Stocks (g)		194,357		—		—		194,357
Rights		0		—		—		0
Warrant		41		—		—		41
Exchange-Traded Funds		51,637		—		—		51,637
Short-Term Investments (g)		180,718		—		—		180,718
TOTAL	$	6,382,529	$	—	$	1,866	$	6,384,395

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

During the period ended February 28, 2019, the amount of transfers between Level 1 and Level 3 was $1,069. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF

February 28, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 3.1%
Activision Blizzard, Inc.		797	$	33,586
Alphabet, Inc., Class A*		33		37,176
Alphabet, Inc., Class C*		24		26,878
AMC Networks, Inc., Class A*(a)		2,478		162,829
AT&T, Inc.		1,403		43,661
Cable One, Inc. (a)		100		94,899
CBS Corp., Class B		5,546		278,465
CenturyLink, Inc. (a)		4,084		53,868
Charter Communications, Inc., Class A*		479		165,212
Cinemark Holdings, Inc. (a)		7,724		290,654
Comcast Corp., Class A		2,794		108,044
Discovery, Inc., Class A*		2,933		84,764
Discovery, Inc., Class C*		4,473		121,889
Electronic Arts, Inc.*		1,105		105,837
IAC/InterActiveCorp*		329		70,093
Interpublic Group of Companies, Inc. (a)		46,037		1,060,232
John Wiley & Sons, Inc., Class A		3,588		186,181
Liberty Broadband Corp., Class A*		121		10,808
Liberty Broadband Corp., Class C*		614		54,953
Liberty Media Corp-Liberty SiriusXM, Class A*		2,024		82,782
Liberty Media Corp-Liberty SiriusXM, Class C*		4,180		172,258
Live Nation Entertainment, Inc.*(a)		5,203		294,282
Madison Square Garden Co., Class A*		854		246,072
News Corp., Class A		2,938		38,253
News Corp., Class B		1,547		20,591
Omnicom Group, Inc. (a)		13,259		1,003,706
Sirius XM Holdings, Inc. (a)		25,580		151,689
Take-Two Interactive Software, Inc.*		632		55,148
Telephone & Data Systems, Inc.		6,321		202,588
T-Mobile US, Inc.*		1,804		130,267
Tribune Media Co., Class A		351		16,227
TripAdvisor, Inc.*(a)		215		11,431
Twenty-First Century Fox, Inc., Class A		2,401		121,082
Twenty-First Century Fox, Inc., Class B		1,184		59,389
United States Cellular Corp.*		284		13,260
Verizon Communications, Inc.		1,842		104,847
Viacom, Inc., Class B		5,811		169,797
Walt Disney Co.		2,031		229,178
Zayo Group Holdings, Inc.*		652		16,170
				6,129,046
Consumer Discretionary — 15.7%
Advance Auto Parts, Inc.		2,522		408,009
Aptiv PLC		2,068		171,871
Aramark		2,485		75,296
AutoNation, Inc.*(a)		481		16,960
AutoZone, Inc.*		1,584		1,487,328
Best Buy Co., Inc.		6,437		443,123
Booking Holdings, Inc.*		79		134,066
BorgWarner, Inc.		3,063		124,388
Bright Horizons Family Solutions, Inc.*		2,066		256,184
Brunswick Corp.		5,792		305,470
Burlington Stores, Inc.*		1,728		293,311
Capri Holdings Ltd.*		527		24,031

	Number of Shares		Value
Consumer Discretionary (Continued)
CarMax, Inc.*(a)		1,605	$	99,671
Carnival Corp.		6,238		360,307
Carter’s, Inc. (a)		1,543		150,350
Chipotle Mexican Grill, Inc.*		480		291,614
Choice Hotels International, Inc. (a)		2,126		169,740
Columbia Sportswear Co.		1,406		144,748
D.R. Horton, Inc.		1,673		65,063
Darden Restaurants, Inc.		12,345		1,383,998
Dick’s Sporting Goods, Inc. (a)		7,396		288,888
Dollar General Corp.		8,861		1,049,674
Dollar Tree, Inc.*		1,411		135,922
Domino’s Pizza, Inc. (a)		1,884		472,771
Dunkin’ Brands Group, Inc. (a)		3,210		229,355
eBay, Inc.		4,316		160,339
Expedia Group, Inc.		1,110		136,874
Extended Stay America, Inc.		5,239		95,559
Foot Locker, Inc.		6,720		399,974
Ford Motor Co.		11,598		101,714
frontdoor, Inc.*		9,933		317,856
Gap, Inc. (a)		2,434		61,824
Garmin Ltd.		7,008		588,462
Garrett Motion, Inc.*		10,891		182,315
General Motors Co.		4,378		172,843
Gentex Corp. (a)		35,695		726,036
Genuine Parts Co.		2,340		254,545
Goodyear Tire & Rubber Co.		2,007		39,698
Graham Holdings Co., Class B (a)		447		305,618
Grand Canyon Education, Inc.*		3,582		414,366
H&R Block, Inc. (a)		20,505		495,196
Hanesbrands, Inc. (a)		5,147		95,683
Harley-Davidson, Inc. (a)		3,486		129,400
Hasbro, Inc. (a)		7,036		597,356
Hilton Grand Vacations, Inc.*		622		19,773
Hilton Worldwide Holdings, Inc.		1,608		133,625
Home Depot, Inc.		725		134,227
Hyatt Hotels Corp., Class A		2,252		163,878
Kohl’s Corp.		6,918		467,173
L Brands, Inc.		824		21,539
Las Vegas Sands Corp.		990		60,816
Lear Corp.		2,050		311,744
Leggett & Platt, Inc. (a)		5,084		230,915
Lennar Corp., Class A		468		22,455
LKQ Corp.*		1,776		49,195
Lowe’s Cos., Inc.		5,527		580,832
Lululemon Athletica, Inc.*		574		86,341
Macy’s, Inc. (a)		6,523		161,705
Marriott International, Inc., Class A		1,818		227,741
McDonald’s Corp.		714		131,262
MGM Resorts International		1,687		45,127
Michaels Cos., Inc.*(a)		1,225		17,322
Newell Brands, Inc. (a)		1,534		24,897
NIKE, Inc., Class B		4,795		411,075
Nordstrom, Inc. (a)		7,392		349,494
Norwegian Cruise Line Holdings Ltd.*		2,899		160,981
NVR, Inc.*		49		128,380
O’Reilly Automotive, Inc.*		2,526		939,571
Penske Automotive Group, Inc. (a)		496		22,042

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Consumer Discretionary (Continued)
Polaris Industries, Inc. (a)		875	$	74,576
Pool Corp. (a)		2,576		410,975
PulteGroup, Inc.		5,171		139,617
PVH Corp.		796		91,413
Qurate Retail, Inc.*		2,345		42,233
Ralph Lauren Corp.		3,604		451,113
Ross Stores, Inc.		11,732		1,112,546
Royal Caribbean Cruises Ltd.		1,420		168,242
Service Corp. International		9,378		387,687
ServiceMaster Global Holdings, Inc.*		4,842		218,665
Six Flags Entertainment Corp.		2,242		124,902
Starbucks Corp.		15,960		1,121,350
Tapestry, Inc.		7,704		269,178
Target Corp.		22,061		1,602,511
Tiffany & Co. (a)		5,889		559,691
TJX Cos., Inc.		22,916		1,175,362
Toll Brothers, Inc.		1,315		46,814
Tractor Supply Co.		9,157		873,120
Ulta Beauty, Inc.*		1,619		505,921
Urban Outfitters, Inc.*		1,844		56,887
Vail Resorts, Inc. (a)		1,618		337,175
VF Corp.		5,271		460,475
Visteon Corp.*(a)		411		35,206
Wendy’s Co. (a)		2,983		51,695
Whirlpool Corp.		600		84,906
Williams-Sonoma, Inc. (a)		8,088		470,398
Wyndham Destinations, Inc.		2,056		92,582
Wyndham Hotels & Resorts, Inc.		4,745		249,445
Yum China Holdings, Inc.		2,502		104,383
Yum! Brands, Inc.		7,074		668,493
				30,747,467
Consumer Staples — 7.0%
Altria Group, Inc.		1,736		90,984
Archer-Daniels-Midland Co.		22,317		948,473
Brown-Forman Corp., Class A		886		43,680
Brown-Forman Corp., Class B (a)		2,407		119,122
Bunge Ltd.		6,167		327,344
Campbell Soup Co.		434		15,633
Casey’s General Stores, Inc. (a)		3,845		518,075
Church & Dwight Co., Inc.		5,540		364,532
Clorox Co.		3,153		498,269
Coca-Cola Co.		827		37,496
Colgate-Palmolive Co.		3,899		256,827
Conagra Brands, Inc. (a)		7,774		181,678
Constellation Brands, Inc., Class A		840		142,094
Costco Wholesale Corp.		3,477		760,559
Energizer Holdings, Inc. (a)		801		36,750
Estee Lauder Cos., Inc., Class A		4,747		744,994
Flowers Foods, Inc. (a)		11,017		225,518
General Mills, Inc.		2,139		100,811
Herbalife Nutrition Ltd.*		1,543		86,562
Hershey Co.		4,128		456,887
Hormel Foods Corp. (a)		12,799		554,965
Ingredion, Inc.		1,338		123,698
JM Smucker Co.		3,740		396,103
Kellogg Co.		4,722		265,660

	Number of Shares		Value
Consumer Staples (Continued)
Kimberly-Clark Corp.		4,510	$	526,903
Kroger Co.		32,578		955,513
Lamb Weston Holdings, Inc.		5,784		400,889
McCormick & Co., Inc. (a)		435		59,151
Molson Coors Brewing Co., Class B		3,510		216,427
Mondelez International, Inc., Class A		4,485		211,513
Monster Beverage Corp.*		1,067		68,107
Nu Skin Enterprises, Inc., Class A		616		37,028
PepsiCo, Inc.		998		115,409
Philip Morris International, Inc.		988		85,897
Post Holdings, Inc.*		2,132		217,208
Procter & Gamble Co.		1,227		120,921
Seaboard Corp.		9		35,093
Sprouts Farmers Market, Inc.*(a)		10,362		241,642
Sysco Corp.		18,448		1,246,162
TreeHouse Foods, Inc.*(a)		2,012		121,887
Tyson Foods, Inc., Class A		2,889		178,136
US Foods Holding Corp.*		21,321		751,352
Walgreens Boots Alliance, Inc.		10,725		763,513
Walmart, Inc.		664		65,729
				13,715,194
Energy — 2.1%
Anadarko Petroleum Corp.		966		42,021
Antero Resources Corp.*(a)		1,178		10,202
Apache Corp. (a)		3,491		115,831
Apergy Corp.*		2,884		121,070
Cabot Oil & Gas Corp. (a)		2,286		56,281
Centennial Resource Development, Inc., Class A*(a)		2,262		20,516
Cheniere Energy, Inc.*		1,114		71,797
Chevron Corp.		939		112,286
Cimarex Energy Co.		1,030		74,067
Concho Resources, Inc.		595		65,450
ConocoPhillips		2,616		177,496
Devon Energy Corp.		741		21,867
Diamondback Energy, Inc.		400		41,172
EOG Resources, Inc.		1,617		151,998
Equitrans Midstream Corp.		1,468		25,896
Exxon Mobil Corp.		828		65,437
Halliburton Co.		1,738		53,339
Helmerich & Payne, Inc.		1,315		71,273
HollyFrontier Corp.		5,645		289,024
Kinder Morgan, Inc.		2,401		46,003
Marathon Petroleum Corp.		5,724		354,945
Murphy Oil Corp. (a)		1,048		30,287
National Oilwell Varco, Inc.		1,700		47,838
Noble Energy, Inc. (a)		574		12,714
Occidental Petroleum Corp.		5,470		361,841
ONEOK, Inc.		1,214		78,012
PBF Energy, Inc., Class A		2,663		82,739
Phillips 66		6,999		674,424
Pioneer Natural Resources Co.		841		118,539
Schlumberger Ltd.		969		42,694
Valero Energy Corp.		8,336		679,884
				4,116,943

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Financials — 11.2%
Affiliated Managers Group, Inc.		162	$	17,757
Aflac, Inc.		8,208		403,341
AGNC Investment Corp. REIT		8,780		154,967
Alleghany Corp.		126		81,013
Allstate Corp.		2,943		277,760
Ally Financial, Inc.		3,695		100,098
American Express Co.		2,024		218,066
American Financial Group, Inc.		1,910		190,351
American National Insurance Co.		314		46,218
Ameriprise Financial, Inc.		356		46,860
Annaly Capital Management, Inc. REIT		25,024		253,493
Aon PLC		2,968		509,101
Arch Capital Group Ltd.*		5,445		177,888
Arthur J Gallagher & Co.		8,711		699,319
Associated Banc-Corp.		2,445		56,920
Assurant, Inc.		1,219		125,545
Assured Guaranty Ltd.		15,416		643,772
Athene Holding, Ltd., Class A*		2,375		105,806
AXA Equitable Holdings, Inc. (a)		2,167		41,433
Bank of Hawaii Corp. (a)		450		37,003
Bank of New York Mellon Corp.		1,457		76,463
BankUnited, Inc.		2,098		76,556
BB&T Corp.		3,823		194,858
Berkshire Hathaway, Inc., Class B*		223		44,890
BGC Partners, Inc., Class A		5,847		35,842
BlackRock, Inc.		36		15,956
BOK Financial Corp.		264		23,876
Brown & Brown, Inc.		11,371		336,809
Capital One Financial Corp.		1,496		125,036
Cboe Global Markets, Inc.		1,187		113,845
Charles Schwab Corp.		386		17,760
Chimera Investment Corp. REIT (a)		16,619		307,285
Chubb Ltd.		921		123,322
Cincinnati Financial Corp.		3,820		331,652
CIT Group, Inc.		1,376		70,135
Citigroup, Inc.		267		17,083
Citizens Financial Group, Inc.		1,906		70,408
CME Group, Inc.		484		88,044
CNA Financial Corp.		973		42,053
Comerica, Inc.		1,120		97,563
Commerce Bancshares, Inc. (a)		1,667		104,904
Credit Acceptance Corp.*		354		155,710
Cullen/Frost Bankers, Inc. (a)		742		76,931
Discover Financial Services		4,924		352,608
E*TRADE Financial Corp.		1,438		70,448
East West Bancorp, Inc.		870		47,511
Eaton Vance Corp. (a)		4,244		177,611
Erie Indemnity Co., Class A		2,253		401,530
Evercore, Inc., Class A		3,576		329,350
Everest Re Group Ltd.		1,124		254,148
FactSet Research Systems, Inc. (a)		2,309		543,007
Fidelity National Financial, Inc.		9,329		327,355
Fifth Third Bancorp		4,446		122,621
First American Financial Corp.		3,017		153,233
First Citizens BancShares, Inc., Class A		117		51,080
First Hawaiian, Inc.		457		12,321
First Horizon National Corp. (a)		33		516

	Number of Shares		Value
Financials (Continued)
First Republic Bank (a)		927	$	97,316
FNB Corp. (a)		3,645		44,615
Franklin Resources, Inc. (a)		8,148		265,706
Goldman Sachs Group, Inc.		93		18,293
Hanover Insurance Group, Inc.		1,842		218,664
Hartford Financial Services Group, Inc.		1,448		71,473
Huntington Bancshares, Inc.		10,728		154,590
Interactive Brokers Group, Inc., Class A (a)		317		17,508
Intercontinental Exchange, Inc.		1,771		136,633
Invesco Ltd.		977		18,905
Jefferies Financial Group, Inc.		7,994		162,038
KeyCorp		5,994		105,854
Lazard Ltd., Class A		4,249		159,040
Legg Mason, Inc.		204		5,967
Lincoln National Corp.		809		50,579
Loews Corp.		4,723		224,909
LPL Financial Holdings, Inc.		2,379		179,400
M&T Bank Corp.		1,039		179,809
Markel Corp.*		37		37,181
MarketAxess Holdings, Inc. (a)		870		212,176
Marsh & McLennan Cos., Inc.		8,086		752,160
Mercury General Corp. (a)		1,815		96,141
MetLife, Inc.		1,586		71,671
MFA Financial, Inc. REIT		15,496		112,656
Moody’s Corp.		1,555		269,202
Morgan Stanley		72		3,023
Morningstar, Inc.		1,673		211,735
MSCI, Inc.		3,035		560,625
Nasdaq, Inc.		3,915		358,497
Navient Corp.		1,272		15,544
New Residential Investment Corp. REIT		13,326		220,412
New York Community Bancorp, Inc. (a)		2,991		37,417
Northern Trust Corp.		983		91,616
Old Republic International Corp.		22,208		463,259
PacWest Bancorp (a)		1,341		55,008
People’s United Financial, Inc. (a)		2,541		45,128
Pinnacle Financial Partners, Inc. (a)		277		16,257
PNC Financial Services Group, Inc.		585		73,722
Popular, Inc.		2,034		114,677
Principal Financial Group, Inc.		641		33,742
Progressive Corp.		12,842		936,182
Prosperity Bancshares, Inc. (a)		878		65,367
Prudential Financial, Inc.		677		64,890
Raymond James Financial, Inc.		2,400		198,192
Regions Financial Corp.		5,910		96,924
Reinsurance Group of America, Inc.		1,599		231,039
RenaissanceRe Holdings Ltd.		190		27,939
S&P Global, Inc.		2,678		536,591
Santander Consumer USA Holdings, Inc. (a)		1,171		24,052
SEI Investments Co.		2,130		112,357
Signature Bank		227		30,817
SLM Corp.*(a)		1,417		15,658
Starwood Property Trust, Inc. REIT		2,377		53,316
State Street Corp.		506		36,366
SunTrust Banks, Inc.		2,519		163,408

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Financials (Continued)
SVB Financial Group*		122	$	30,153
Synchrony Financial		2,090		68,155
Synovus Financial Corp.		628		24,919
T. Rowe Price Group, Inc.		4,077		409,453
TCF Financial Corp.		2,126		48,685
TD Ameritrade Holding Corp.		1,528		86,072
Torchmark Corp.		15,455		1,275,965
Travelers Cos., Inc.		2,205		293,067
Two Harbors Investment Corp. REIT		9,040		125,385
Umpqua Holdings Corp.		2,393		43,505
Unum Group		705		26,339
US Bancorp		1,310		67,714
Voya Financial, Inc.		594		30,039
W.R. Berkley Corp.		3,784		316,569
Webster Financial Corp.		1,188		68,215
Wells Fargo & Co.		200		9,978
Western Alliance Bancorp*		372		17,212
White Mountains Insurance Group Ltd.		458		430,241
Willis Towers Watson PLC		1,462		251,493
Wintrust Financial Corp.		826		60,851
Zions Bancorp NA (a)		1,477		75,475
				21,892,762
Health Care — 9.4%
Abbott Laboratories		364		28,254
AbbVie, Inc.		763		60,460
ABIOMED, Inc.*		22		7,359
Acadia Healthcare Co., Inc.*(a)		1,467		38,567
Agilent Technologies, Inc.		2,998		238,161
Alexion Pharmaceuticals, Inc.*		248		33,562
Align Technology, Inc.*		282		73,030
Allergan PLC		94		12,945
AmerisourceBergen Corp.		5,862		488,305
Amgen, Inc.		1,209		229,807
Anthem, Inc.		1,422		427,638
Baxter International, Inc.		5,602		418,637
Becton Dickinson and Co.		83		20,650
Biogen, Inc.*		376		123,332
Bio-Rad Laboratories, Inc., Class A*		223		60,411
Bio-Techne Corp.		1,337		259,244
Boston Scientific Corp.*		6,307		253,037
Bristol-Myers Squibb Co.		2,763		142,737
Bruker Corp.		1,477		56,436
Cantel Medical Corp.		505		37,128
Cardinal Health, Inc.		7,804		424,069
Catalent, Inc.*		937		40,497
Celgene Corp.*		431		35,825
Centene Corp.*		14,018		853,556
Cerner Corp.*		4,685		262,126
Charles River Laboratories International, Inc.*		1,799		255,764
Chemed Corp.		1,325		436,587
Cigna Corp.		5,173		902,378
Cooper Cos., Inc.		1,212		346,620
Covetrus, Inc.*(a)		2,968		106,195
CVS Health Corp.		6,322		365,601
Danaher Corp.		1,801		228,763

	Number of Shares		Value
Health Care (Continued)
DaVita, Inc.*		1,158	$	65,890
Edwards Lifesciences Corp.*		1,853		313,694
Elanco Animal Health, Inc.*(a)		324		9,798
Eli Lilly & Co.		1,337		168,850
Encompass Health Corp.		5,024		317,215
Gilead Sciences, Inc.		2,557		166,256
HCA Healthcare, Inc.		3,913		544,063
Henry Schein, Inc.*(a)		7,417		439,828
Hill-Rom Holdings, Inc.		2,370		251,338
Hologic, Inc.*		1,618		76,289
Humana, Inc.		3,038		865,952
ICU Medical, Inc.*		488		119,931
IDEXX Laboratories, Inc.*		1,133		239,097
Illumina, Inc.*		152		47,541
Integra LifeSciences Holdings Corp.*		554		30,520
Intuitive Surgical, Inc.*		352		192,759
IQVIA Holdings, Inc.*		1,642		230,044
Jazz Pharmaceuticals PLC*		947		132,608
Johnson & Johnson		400		54,656
Laboratory Corp. of America Holdings*		2,544		377,123
Masimo Corp.*		1,706		223,964
McKesson Corp.		2,065		262,585
MEDNAX, Inc.*		1,645		54,137
Medtronic PLC		1,418		128,329
Merck & Co., Inc.		1,225		99,580
Mettler-Toledo International, Inc.*		326		221,977
Molina Healthcare, Inc.*(a)		755		101,646
Mylan N.V.*		1,077		28,422
PerkinElmer, Inc. (a)		1,255		118,171
Perrigo Co. PLC (a)		276		13,441
Pfizer, Inc.		1,912		82,885
PRA Health Sciences, Inc.*		169		18,080
Premier, Inc., Class A*		7,750		283,495
QIAGEN NV*		2,518		96,767
Quest Diagnostics, Inc.		5,419		469,014
Regeneron Pharmaceuticals, Inc.*		104		44,797
ResMed, Inc.		4,299		440,347
STERIS PLC		2,582		312,319
Stryker Corp.		967		182,289
Teleflex, Inc. (a)		239		69,272
Thermo Fisher Scientific, Inc.		462		119,921
United Therapeutics Corp.*		929		117,323
UnitedHealth Group, Inc.		356		86,230
Universal Health Services, Inc., Class B		5,310		737,187
Varian Medical Systems, Inc.*		4,141		556,385
Veeva Systems, Inc., Class A*		388		45,749
Vertex Pharmaceuticals, Inc.*		31		5,851
Waters Corp.*		1,434		347,343
WellCare Health Plans, Inc.*		1,642		416,378
West Pharmaceutical Services, Inc.		3,520		368,720
Zimmer Biomet Holdings, Inc.		1,334		165,576
Zoetis, Inc.		3,897		367,214
				18,496,527
Industrials — 16.2%
3M Co.		501		103,902
Acuity Brands, Inc.		350		45,542

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
ADT, Inc.		6,373	$	50,984
AECOM*(a)		4,101		126,967
AGCO Corp.		1,313		88,733
Air Lease Corp.		1,405		52,491
Alaska Air Group, Inc. (a)		6,476		399,569
Allegion PLC		2,568		231,017
Allison Transmission Holdings, Inc.		12,607		626,568
AMERCO		203		78,072
American Airlines Group, Inc.		530		18,884
AMETEK, Inc.		3,956		314,818
AO Smith Corp.		2,336		121,308
Arconic, Inc.		1,015		18,767
Arcosa, Inc.		5,663		189,654
Armstrong World Industries, Inc.		367		26,857
Boeing Co.		443		194,902
BWX Technologies, Inc. (a)		1,013		53,031
C.H. Robinson Worldwide, Inc.		6,162		556,922
Carlisle Cos., Inc.		1,483		182,528
Caterpillar, Inc.		631		86,662
Cintas Corp.		2,575		531,995
Clean Harbors, Inc.*		2,196		149,328
Copart, Inc.*(a)		9,548		560,181
CoStar Group, Inc.*		469		214,582
Crane Co.		2,897		244,999
CSX Corp.		2,072		150,572
Cummins, Inc.		3,626		558,730
Curtiss-Wright Corp.		1,347		166,072
Deere & Co.		1,043		171,094
Delta Air Lines, Inc.		7,277		360,794
Donaldson Co., Inc. (a)		7,850		404,981
Dover Corp.		7,435		673,091
Eaton Corp. PLC		5,945		474,233
Emerson Electric Co.		8,488		578,457
Equifax, Inc.		1,943		212,778
Expeditors International of Washington, Inc.		11,076		830,146
Fastenal Co. (a)		7,592		477,840
FedEx Corp.		1,168		211,408
Flowserve Corp. (a)		2,545		113,023
Fluor Corp.		3,723		139,985
Fortive Corp.		2,375		193,729
Fortune Brands Home & Security, Inc.		1,221		57,533
General Dynamics Corp.		2,285		388,953
Genesee & Wyoming, Inc., Class A*		1,124		92,168
Graco, Inc.		6,679		313,646
Harris Corp.		1,855		305,945
HD Supply Holdings, Inc.*		9,133		392,810
HEICO Corp.		846		79,296
HEICO Corp., Class A		1,233		98,628
Hexcel Corp.		3,612		260,570
Honeywell International, Inc.		1,054		162,390
Hubbell, Inc.		1,288		152,048
Huntington Ingalls Industries, Inc.		1,959		410,234
IDEX Corp.		2,429		350,019
IHS Markit Ltd.*		3,082		163,870
Illinois Tool Works, Inc.		1,212		174,625
Ingersoll-Rand PLC		9,166		967,563

	Number of Shares		Value
Industrials (Continued)
ITT, Inc.		5,038	$	290,995
Jacobs Engineering Group, Inc.		1,321		97,463
JB Hunt Transport Services, Inc.		4,558		490,760
JetBlue Airways Corp.*		9,456		157,915
Johnson Controls International PLC		10,549		372,063
Kansas City Southern		2,132		231,620
KAR Auction Services, Inc.		7,772		366,450
Kirby Corp.*(a)		4,671		346,682
L3 Technologies, Inc.		1,416		299,838
Landstar System, Inc.		2,980		323,866
Lennox International, Inc.		1,438		352,669
Lincoln Electric Holdings, Inc. (a)		1,831		158,235
Lockheed Martin Corp.		957		296,105
Macquarie Infrastructure Corp. (a)		503		20,568
ManpowerGroup, Inc.		171		14,407
Masco Corp.		2,729		102,501
Middleby Corp.*(a)		645		79,071
MSC Industrial Direct Co., Inc., Class A		3,356		283,280
Nielsen Holdings PLC		1,885		49,387
Nordson Corp. (a)		368		49,960
Norfolk Southern Corp.		1,820		326,326
Northrop Grumman Corp.		635		184,125
nVent Electric PLC		11,872		326,243
Old Dominion Freight Line, Inc.		1,972		297,318
Oshkosh Corp.		996		77,499
Owens Corning		337		16,826
PACCAR, Inc.		5,919		401,308
Parker-Hannifin Corp.		2,150		378,744
Pentair PLC		7,626		324,410
Quanta Services, Inc.		4,815		171,607
Raytheon Co.		2,162		403,213
Regal Beloit Corp.		2,214		185,445
Republic Services, Inc.		5,087		398,973
Resideo Technologies, Inc.*		12,047		309,608
Robert Half International, Inc.		10,964		747,635
Rockwell Automation, Inc.		2,379		424,794
Rollins, Inc. (a)		4,697		186,283
Roper Technologies, Inc.		894		289,343
Ryder System, Inc.		450		27,972
Schneider National, Inc., Class B		2,287		50,062
Sensata Technologies Holding PLC*		3,126		158,582
Snap-on, Inc. (a)		2,743		438,880
Southwest Airlines Co.		4,509		252,684
Spirit AeroSystems Holdings, Inc., Class A		4,436		438,277
Stanley Black & Decker, Inc.		1,083		143,422
Stericycle, Inc.*(a)		347		15,469
Teledyne Technologies, Inc.*		868		204,883
Textron, Inc.		7,084		384,661
Timken Co.		1,155		50,115
Toro Co.		6,513		446,662
TransDigm Group, Inc.*		774		335,986
TransUnion		1,932		124,730
Union Pacific Corp.		1,287		215,830
United Continental Holdings, Inc.*		2,214		194,411
United Parcel Service, Inc., Class B		1,001		110,310
United Technologies Corp.		1,454		182,724

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
USG Corp.		2,300	$	99,153
Valmont Industries, Inc.		607		82,910
Verisk Analytics, Inc.*		1,721		217,586
W.W. Grainger, Inc. (a)		1,726		526,033
WABCO Holdings, Inc.*		1,169		160,773
Wabtec Corp.		1,331		97,509
Waste Management, Inc.		8,527		863,359
Watsco, Inc. (a)		1,611		231,807
WESCO International, Inc.*		567		30,873
Xylem, Inc.		4,831		364,982
				31,640,674
Information Technology — 15.5%
Accenture PLC, Class A		2,314		373,433
Adobe, Inc.*		675		177,187
Akamai Technologies, Inc.*		4,275		297,797
Alliance Data Systems Corp.		570		98,610
Amdocs Ltd.		10,833		601,990
Amphenol Corp., Class A		4,067		382,176
Analog Devices, Inc.		4,416		472,335
ANSYS, Inc.*		2,623		464,953
Apple, Inc.		1,725		298,684
Applied Materials, Inc.		3,027		116,055
Arista Networks, Inc.*		127		36,227
ARRIS International PLC*		3,140		99,475
Arrow Electronics, Inc.*		2,010		160,197
Aspen Technology, Inc.*		4,497		452,893
Autodesk, Inc.*		71		11,574
Automatic Data Processing, Inc.		3,130		478,984
Avnet, Inc.		10,373		451,122
Black Knight, Inc.*		1,188		62,073
Booz Allen Hamilton Holding Corp.		10,346		546,890
Broadcom, Inc.		271		74,623
Broadridge Financial Solutions, Inc.		7,108		719,685
Cadence Design Systems, Inc.*		3,593		205,699
CDK Global, Inc.		1,215		70,482
CDW Corp.		12,909		1,212,026
Cisco Systems, Inc.		4,852		251,188
Citrix Systems, Inc.		6,548		690,814
Cognex Corp. (a)		349		18,637
Cognizant Technology Solutions Corp., Class A		8,850		628,173
Conduent, Inc.*		1,368		20,000
CoreLogic, Inc.*		1,949		71,470
Corning, Inc.		4,428		154,139
Cypress Semiconductor Corp.		3,354		51,752
Dell Technologies, Inc., Class C*		2,739		152,891
DocuSign, Inc.*		248		13,677
Dolby Laboratories, Inc., Class A		3,606		233,669
EPAM Systems, Inc.*		1,953		315,956
Euronet Worldwide, Inc.*(a)		1,639		220,150
F5 Networks, Inc.*		6,061		1,019,097
Fair Isaac Corp.*		1,397		346,205
Fidelity National Information Services, Inc.		1,961		212,082
First Data Corp., Class A*		849		21,344
Fiserv, Inc.*(a)		6,001		508,225

	Number of Shares		Value
Information Technology (Continued)
FleetCor Technologies, Inc.*		675	$	157,464
FLIR Systems, Inc.		5,626		289,458
Fortinet, Inc.*		4,070		353,235
Genpact Ltd.		4,245		141,019
Global Payments, Inc.		578		75,360
GoDaddy, Inc., Class A*		465		34,712
Hewlett Packard Enterprise Co.		22,621		370,532
HP, Inc.		46,079		909,139
Intel Corp.		4,077		215,918
International Business Machines Corp.		1,463		202,084
Intuit, Inc.		2,607		644,268
Jabil, Inc.		8,927		253,527
Jack Henry & Associates, Inc.		3,656		484,895
Juniper Networks, Inc.		23,943		648,376
Keysight Technologies, Inc.*		5,464		461,216
KLA-Tencor Corp.		5,423		626,302
Lam Research Corp.		2,363		416,101
Leidos Holdings, Inc.		8,402		542,685
Littelfuse, Inc. (a)		736		142,114
Manhattan Associates, Inc.*		2,433		133,207
Marvell Technology Group Ltd.		2,867		57,197
Mastercard, Inc., Class A		466		104,743
Maxim Integrated Products, Inc.		7,990		434,896
Microchip Technology, Inc. (a)		2,873		249,578
Micron Technology, Inc.*		851		34,789
Microsoft Corp.		1,309		146,647
MKS Instruments, Inc.		1,674		138,724
Monolithic Power Systems, Inc. (a)		1,407		188,693
Motorola Solutions, Inc.		7,043		1,007,994
National Instruments Corp.		5,030		235,102
NCR Corp.*		1,007		28,216
NetApp, Inc.		14,024		914,365
Nuance Communications, Inc.*		1,720		28,844
NVIDIA Corp.		142		21,905
NXP Semiconductors NV		622		56,801
ON Semiconductor Corp.*		5,299		113,823
Oracle Corp.		1,974		102,905
Palo Alto Networks, Inc.*		274		67,478
Paychex, Inc.		6,175		475,599
Paycom Software, Inc.*(a)		167		30,349
PayPal Holdings, Inc.*		820		80,417
Pegasystems, Inc.		961		63,147
PTC, Inc.*		1,805		167,540
Qorvo, Inc.*		795		55,761
QUALCOMM, Inc.		483		25,787
Red Hat, Inc.*		993		181,322
RingCentral, Inc., Class A*		193		20,321
Sabre Corp.		15,180		340,487
salesforce.com, Inc.*		737		120,610
ServiceNow, Inc.*		318		76,142
Skyworks Solutions, Inc.		1,959		159,972
SS&C Technologies Holdings, Inc.		2,405		148,100
Symantec Corp.		705		15,855
Synopsys, Inc.*		4,835		491,623
Teradata Corp.*		2,727		131,905
Teradyne, Inc.		7,454		304,347
Texas Instruments, Inc.		3,003		317,657

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Total System Services, Inc.		4,920	$	464,448
Trimble, Inc.*(a)		1,653		66,137
Tyler Technologies, Inc.*		1,012		207,247
Ubiquiti Networks, Inc.		116		16,749
Ultimate Software Group, Inc.*		572		189,618
VeriSign, Inc.*		2,802		498,868
Versum Materials, Inc.		2,938		143,962
Visa, Inc., Class A		708		104,869
VMware, Inc., Class A (a)		1,442		247,750
Western Union Co. (a)		11,954		213,618
WEX, Inc.*		336		59,828
Worldpay, Inc., Class A*		1,283		122,911
Xerox Corp.		3,696		114,206
Xilinx, Inc.		6,275		786,258
Zebra Technologies Corp., Class A*		436		87,422
				30,359,783
Materials — 4.9%
Air Products & Chemicals, Inc.		4,065		736,497
Albemarle Corp. (a)		285		26,018
Alcoa Corp.*		874		25,783
AptarGroup, Inc.		3,645		370,806
Ashland Global Holdings, Inc.		3,473		268,741
Avery Dennison Corp.		2,002		216,296
Axalta Coating Systems Ltd.*		1,792		47,900
Ball Corp.		14,472		792,776
Bemis Co., Inc. (a)		4,855		256,829
Berry Global Group, Inc.*		3,007		157,777
Cabot Corp.		2,444		114,575
Celanese Corp.		3,503		358,322
CF Industries Holdings, Inc.		2,417		101,997
Crown Holdings, Inc.*(a)		2,500		135,725
Domtar Corp.		3,483		177,320
Eagle Materials, Inc.		212		16,205
Eastman Chemical Co.		5,712		472,325
Ecolab, Inc.		2,080		351,333
FMC Corp.		464		41,528
Graphic Packaging Holding Co. (a)		4,854		59,122
International Flavors & Fragrances, Inc. (a)		1,172		149,430
International Paper Co.		3,719		170,405
Linde PLC		878		152,105
LyondellBasell Industries NV, Class A		5,882		503,029
Martin Marietta Materials, Inc.		528		99,158
Mosaic Co.		6,175		193,092
NewMarket Corp. (a)		346		151,894
Newmont Mining Corp.		2,855		97,413
Nucor Corp.		9,618		582,562
Olin Corp.		432		11,171
Owens-Illinois, Inc.		1,416		28,207
Packaging Corp. of America		1,841		175,981
PPG Industries, Inc.		3,813		426,942
Reliance Steel & Aluminum Co.		4,580		408,765
Royal Gold, Inc. (a)		142		12,554
RPM International, Inc.		7,467		432,115
Scotts Miracle-Gro Co. (a)		383		31,368
Sealed Air Corp. (a)		1,656		72,235

	Number of Shares		Value
Materials (Continued)
Sherwin-Williams Co.		78	$	33,790
Silgan Holdings, Inc.		917		25,960
Sonoco Products Co. (a)		3,449		199,663
Southern Copper Corp. (a)		877		31,230
Steel Dynamics, Inc.		7,636		284,975
Valvoline, Inc. (a)		10,247		192,541
Vulcan Materials Co.		527		58,739
W.R. Grace & Co. (a)		2,698		209,554
Westlake Chemical Corp. (a)		277		19,354
WestRock Co.		2,504		93,599
				9,575,706
Real Estate — 5.5%
Alexandria Real Estate Equities, Inc. REIT		242		32,885
American Campus Communities, Inc. REIT		1,003		45,195
American Homes 4 Rent, Class A REIT		558		12,187
American Tower Corp. REIT		863		152,017
Apartment Investment & Management Co., Class A REIT		668		32,685
Apple Hospitality REIT, Inc. REIT		6,674		109,988
AvalonBay Communities, Inc. REIT		1,647		320,556
Boston Properties, Inc. REIT		834		110,663
Brandywine Realty Trust REIT		1,764		27,730
Brixmor Property Group, Inc. REIT		7,482		130,636
Brookfield Property REIT, Inc., Class A REIT		6,293		123,469
Camden Property Trust REIT		1,314		128,890
CBRE Group, Inc., Class A*		13,189		656,285
Columbia Property Trust, Inc. REIT		3,843		83,124
CoreSite Realty Corp. REIT		452		46,217
Corporate Office Properties Trust REIT		1,115		28,979
Crown Castle International Corp. REIT		585		69,469
CubeSmart REIT		4,456		136,532
Digital Realty Trust, Inc. REIT (a)		439		49,660
Douglas Emmett, Inc. REIT		674		26,016
Duke Realty Corp. REIT		6,490		191,909
EPR Properties REIT		4,345		319,271
Equinix, Inc. REIT		19		8,046
Equity Commonwealth REIT		809		26,414
Equity LifeStyle Properties, Inc. REIT		2,755		299,303
Equity Residential REIT		2,514		185,257
Essex Property Trust, Inc. REIT		711		198,966
Extra Space Storage, Inc. REIT		4,389		421,081
Federal Realty Investment Trust REIT		1,064		142,140
Gaming and Leisure Properties, Inc. REIT		8,639		314,287
HCP, Inc. REIT		6,196		190,651
Healthcare Trust of America, Inc., Class A REIT		922		26,268
Highwoods Properties, Inc. REIT		2,321		107,486
Hospitality Properties Trust REIT		5,543		150,049
Host Hotels & Resorts, Inc. REIT		18,865		369,943
Howard Hughes Corp.*(a)		192		21,385
Hudson Pacific Properties, Inc. REIT		935		31,061
Iron Mountain, Inc. REIT (a)		1,925		68,183
Jones Lang LaSalle, Inc.		2,413		398,435
Kilroy Realty Corp. REIT		772		56,904

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Real Estate (Continued)
Kimco Realty Corp. REIT		5,673	$	99,788
Lamar Advertising Co., Class A REIT (a)		5,670		439,822
Liberty Property Trust REIT		4,446		210,429
Life Storage, Inc. REIT		832		81,203
Macerich Co. REIT		590		25,724
Medical Properties Trust, Inc. REIT		13,488		245,886
Mid-America Apartment Communities, Inc. REIT		1,422		147,291
National Retail Properties, Inc. REIT		3,962		206,420
Omega Healthcare Investors, Inc. REIT (a)		2,340		84,006
Outfront Media, Inc. REIT		4,271		95,841
Paramount Group, Inc. REIT		2,030		29,151
Park Hotels & Resorts, Inc. REIT		9,559		298,623
Prologis, Inc. REIT		4,352		304,901
Public Storage REIT		1,906		403,100
Rayonier, Inc. REIT		6,048		178,235
Realogy Holdings Corp. (a)		1,055		14,348
Realty Income Corp. REIT (a)		2,181		150,838
Regency Centers Corp. REIT		802		52,330
Retail Properties of America, Inc., Class A REIT		19,426		242,048
SBA Communications Corp. REIT*		375		67,710
Senior Housing Properties Trust REIT (a)		2,159		27,959
Simon Property Group, Inc. REIT		2,222		402,538
SL Green Realty Corp. REIT		352		31,933
Spirit Realty Capital, Inc. REIT		1,574		60,819
STORE Capital Corp. REIT		2,738		88,903
Sun Communities, Inc. REIT		448		50,879
Taubman Centers, Inc. REIT		402		21,459
UDR, Inc. REIT		1,248		55,436
Ventas, Inc. REIT		2,072		130,018
VEREIT, Inc. REIT		5,298		42,225
VICI Properties, Inc. REIT		2,367		50,441
Vornado Realty Trust REIT		772		51,963
Weingarten Realty Investors REIT		8,322		239,757
Welltower, Inc. REIT		772		57,367
Weyerhaeuser Co. REIT		2,420		60,234
WP Carey, Inc. REIT (a)		2,282		168,571
				10,768,418
Utilities — 9.0%
AES Corp.		34,199		589,249
Alliant Energy Corp.		8,900		408,243
Ameren Corp.		11,987		853,954
American Electric Power Co., Inc.		6,387		518,305
American Water Works Co., Inc.		3,953		401,704
Aqua America, Inc. (a)		3,404		122,340
Atmos Energy Corp. (a)		6,107		603,677
Avangrid, Inc.		1,528		73,879

	Number of Shares		Value
Utilities (Continued)
CenterPoint Energy, Inc.		19,816	$	597,254
CMS Energy Corp.		10,621		577,782
Consolidated Edison, Inc.		10,184		839,671
Dominion Energy, Inc.		5,644		418,164
DTE Energy Co.		6,375		787,695
Duke Energy Corp.		3,654		327,618
Edison International		5,068		303,523
Entergy Corp.		9,767		911,554
Evergy, Inc.		5,397		301,746
Eversource Energy		6,673		465,842
Exelon Corp.		20,373		989,924
FirstEnergy Corp.		11,376		463,572
Hawaiian Electric Industries, Inc. (a)		8,129		311,178
MDU Resources Group, Inc.		10,711		282,985
National Fuel Gas Co. (a)		5,750		346,092
NextEra Energy, Inc.		1,415		265,624
NiSource, Inc. (a)		7,104		191,666
NRG Energy, Inc.		1,935		80,651
OGE Energy Corp.		11,717		498,207
Pinnacle West Capital Corp.		5,165		484,167
PPL Corp. (a)		11,873		381,954
Public Service Enterprise Group, Inc.		8,610		506,354
Sempra Energy (a)		3,845		463,092
Southern Co.		6,268		311,457
UGI Corp.		21,055		1,155,919
Vistra Energy Corp.*(a)		22,237		579,051
WEC Energy Group, Inc.		7,044		537,316
Xcel Energy, Inc.		10,888		597,316
				17,548,725
TOTAL COMMON STOCKS (Cost $179,361,543)				194,991,245
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (b)(c) (Cost $161,960)		161,960		161,960
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares” , 2.38%(b) (Cost $358,657)		358,657		358,657
TOTAL INVESTMENTS — 99.9%
(Cost $179,882,160)			$	195,511,862
Other assets and liabilities, net — 0.1%				160,878
NET ASSETS — 100.0%			$	195,672,740

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 8/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (b)(c)
		64,770		97,190	(d)		—			—		—		3,510		—		161,960		161,960
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares”, 2.38% (b)
		—		4,564,291			(4,205,634	)		—		—		9,078		—		358,657		358,657
		64,770		4,661,481			(4,205,634	)		—		—		12,588		—		520,617		520,617

* 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, 2019 amounted to $21,477,775, which is 11.0% of net assets.

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

(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $21,848,170.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2019.

REIT: Real Estate Investment Trust

At February 28, 2019, open futures contracts purchased were as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
E-Mini S&P 500 Futures		USD		1	$	125,237	$	139,235		3/15/2019	$	13,998
E-Mini S&P MidCap 400 Futures		USD		1		165,090		191,080		3/15/2019		25,990
Total unrealized appreciation											$	39,988

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.

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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, 2019 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)	$	194,991,245	$	—	$	—	$	194,991,245
Short-Term Investments (e)		520,617		—		—		520,617
Derivatives (f)
Futures Contracts		39,988		—		—		39,988
TOTAL	$	195,551,850	$	—	$	—	$	195,551,850

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

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

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US QARP ETF

February 28, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.6%
Communication Services — 9.3%
Alphabet, Inc., Class A*		2,040	$	2,298,162
Alphabet, Inc., Class C*		2,140		2,396,629
AT&T, Inc.		17,340		539,621
Charter Communications, Inc., Class A*(a)		792		273,169
Comcast Corp., Class A		22,794		881,444
Electronic Arts, Inc.*		2,580		247,113
Facebook, Inc., Class A*		12,578		2,030,718
GCI Liberty, Inc., Class A*		658		35,229
Interpublic Group of Companies, Inc.		4,500		103,635
John Wiley & Sons, Inc., Class A		373		19,355
Liberty Broadband Corp., Class A*		588		52,520
Liberty Broadband Corp., Class C*		2,788		249,526
Live Nation Entertainment, Inc.*(a)		588		33,257
Omnicom Group, Inc.		2,106		159,424
Verizon Communications, Inc.		8,902		506,702
Viacom, Inc., Class B		1,740		50,843
Walt Disney Co.		16,192		1,827,105
				11,704,452
Consumer Discretionary — 13.9%
Advance Auto Parts, Inc.		572		92,538
Aptiv PLC		1,070		88,928
AutoZone, Inc.*		274		257,278
Best Buy Co., Inc.		7,797		536,745
Booking Holdings, Inc.*		205		347,893
BorgWarner, Inc.		2,697		109,525
Brunswick Corp.		1,531		80,745
Burlington Stores, Inc.*		661		112,198
Capri Holdings Ltd.*		2,977		135,751
Carnival Corp.		4,701		271,530
Carter’s, Inc. (a)		666		64,895
Chipotle Mexican Grill, Inc.*		192		116,646
D.R. Horton, Inc.		1,633		63,507
Darden Restaurants, Inc.		1,628		182,515
Dick’s Sporting Goods, Inc. (a)		2,404		93,900
Dollar General Corp.		4,030		477,394
Dollar Tree, Inc.*		1,809		174,261
Domino’s Pizza, Inc. (a)		280		70,263
eBay, Inc.		11,411		423,919
Expedia Group, Inc.		693		85,454
Foot Locker, Inc.		3,078		183,203
Gap, Inc. (a)		6,435		163,449
Garmin Ltd.		1,502		126,123
Garrett Motion, Inc.*		97		1,624
Gentex Corp.		5,353		108,880
Genuine Parts Co.		767		83,434
Grand Canyon Education, Inc.*		368		42,570
H&R Block, Inc. (a)		2,203		53,202
Hanesbrands, Inc. (a)		3,579		66,534
Hasbro, Inc. (a)		1,447		122,850
Home Depot, Inc.		15,831		2,930,951
Kohl’s Corp.		2,412		162,882
L Brands, Inc.		2,697		70,500
Las Vegas Sands Corp.		2,892		177,656
Lear Corp.		1,539		234,036

	Number of Shares		Value
Consumer Discretionary (Continued)
Leggett & Platt, Inc. (a)		1,168	$	53,051
Lowe’s Cos., Inc.		9,098		956,109
Lululemon Athletica, Inc.*		856		128,760
Macy’s, Inc. (a)		2,209		54,761
McDonald’s Corp.		1,531		281,459
NIKE, Inc., Class B		13,709		1,175,273
Nordstrom, Inc. (a)		2,294		108,460
NVR, Inc.*		63		165,060
O’Reilly Automotive, Inc.*		1,065		396,137
Polaris Industries, Inc. (a)		953		81,224
Pool Corp. (a)		269		42,916
PulteGroup, Inc.		2,794		75,438
Ralph Lauren Corp.		1,047		131,053
Ross Stores, Inc.		6,047		573,437
Royal Caribbean Cruises Ltd.		1,075		127,366
Skechers U.S.A., Inc., Class A*		2,631		88,481
Starbucks Corp.		15,144		1,064,017
Tapestry, Inc.		3,784		132,213
Target Corp.		9,513		691,024
Thor Industries, Inc. (a)		1,426		92,077
Tiffany & Co.		1,073		101,978
TJX Cos., Inc.		21,306		1,092,785
Toll Brothers, Inc.		1,428		50,837
Tractor Supply Co.		2,510		239,328
Ulta Beauty, Inc.*		672		209,993
Urban Outfitters, Inc.*		1,612		49,730
VF Corp.		3,151		275,271
Visteon Corp.*(a)		575		49,255
Whirlpool Corp.		579		81,934
Williams-Sonoma, Inc. (a)		2,117		123,125
Wyndham Hotels & Resorts, Inc.		787		41,373
Yum China Holdings, Inc.		3,625		151,235
Yum! Brands, Inc.		3,436		324,702
				17,523,641
Consumer Staples — 12.0%
Altria Group, Inc.		9,959		521,951
Archer-Daniels-Midland Co.		2,765		117,512
Bunge Ltd.		1,441		76,488
Campbell Soup Co.		2,414		86,952
Clorox Co.		882		139,382
Colgate-Palmolive Co.		7,864		518,002
Costco Wholesale Corp.		9,967		2,180,182
Estee Lauder Cos., Inc., Class A		556		87,259
Flowers Foods, Inc. (a)		1,415		28,965
General Mills, Inc.		4,112		193,799
Herbalife Nutrition Ltd.*		968		54,305
Hershey Co.		1,255		138,903
Hormel Foods Corp. (a)		3,457		149,896
Ingredion, Inc.		583		53,898
JM Smucker Co.		672		71,172
Kimberly-Clark Corp.		3,562		416,148
Kroger Co.		9,091		266,639
Lamb Weston Holdings, Inc.		1,348		93,430
Molson Coors Brewing Co., Class B		1,434		88,420
Monster Beverage Corp.*		2,777		177,256
Nu Skin Enterprises, Inc., Class A		856		51,454

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US QARP ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Consumer Staples (Continued)
PepsiCo, Inc.		7,188	$	831,220
Philip Morris International, Inc.		14,908		1,296,102
Procter & Gamble Co.		31,682		3,122,261
Sprouts Farmers Market, Inc.*(a)		3,453		80,524
Sysco Corp.		4,605		311,068
Tyson Foods, Inc., Class A		669		41,251
US Foods Holding Corp.*		1,539		54,234
Walgreens Boots Alliance, Inc.		15,733		1,120,032
Walmart, Inc.		27,913		2,763,108
				15,131,813
Energy — 7.1%
Antero Resources Corp.*(a)		2,601		22,525
Apache Corp. (a)		3,651		121,140
Baker Hughes a GE Co. (a)		757		19,970
Chevron Corp.		16,480		1,970,678
Cimarex Energy Co.		1,160		83,416
Concho Resources, Inc.		653		71,830
Exxon Mobil Corp.		53,510		4,228,895
HollyFrontier Corp.		1,718		87,962
Marathon Petroleum Corp.		8,325		516,233
Occidental Petroleum Corp.		3,925		259,639
PBF Energy, Inc., Class A		2,091		64,967
Phillips 66		6,323		609,284
Valero Energy Corp.		10,153		828,079
				8,884,618
Financials — 4.3%
Affiliated Managers Group, Inc.		971		106,431
Aon PLC		478		81,991
Assured Guaranty Ltd.		2,793		116,636
Berkshire Hathaway, Inc., Class B*		580		116,754
BGC Partners, Inc., Class A		2,369		14,522
Cboe Global Markets, Inc.		278		26,663
Credit Acceptance Corp.*		461		202,775
Eaton Vance Corp. (a)		2,032		85,039
Erie Indemnity Co., Class A		485		86,437
Evercore, Inc., Class A		1,519		139,900
Everest Re Group Ltd.		176		39,795
Fidelity National Financial, Inc.		4,513		158,361
Franklin Resources, Inc. (a)		12,491		407,332
Jefferies Financial Group, Inc.		1,903		38,574
Lazard Ltd., Class A		6,904		258,417
Marsh & McLennan Cos., Inc.		12,340		1,147,867
Moody’s Corp.		1,624		281,147
MSCI, Inc.		971		179,363
Progressive Corp.		471		34,336
S&P Global, Inc.		4,306		862,793
SEI Investments Co.		2,494		131,559
T. Rowe Price Group, Inc.		4,222		424,015
Torchmark Corp.		5,174		427,165
White Mountains Insurance Group Ltd.		94		88,303
				5,456,175
Health Care — 14.6%
Abbott Laboratories		401		31,126
AbbVie, Inc.		10,546		835,665
Agilent Technologies, Inc.		472		37,496

	Number of Shares		Value
Health Care (Continued)
Align Technology, Inc.*		100	$	25,897
Allergan PLC		385		53,018
AmerisourceBergen Corp.		1,044		86,965
Amgen, Inc.		6,705		1,274,486
Anthem, Inc.		500		150,365
Baxter International, Inc.		5,373		401,524
Biogen, Inc.*		3,131		1,026,999
Bristol-Myers Squibb Co.		19,182		990,942
Cardinal Health, Inc.		1,151		62,545
Celgene Corp.*		7,668		637,364
Centene Corp.*		6,888		419,410
Cerner Corp.*		2,503		140,043
Chemed Corp.		89		29,326
Cigna Corp.		5,981		1,043,326
Covetrus, Inc.*		182		6,512
CVS Health Corp.		13,585		785,621
Edwards Lifesciences Corp.*		1,431		242,254
Eli Lilly & Co.		1,342		169,481
Exelixis, Inc.*		1,353		30,294
Gilead Sciences, Inc.		19,189		1,247,669
HCA Healthcare, Inc.		1,936		269,182
Henry Schein, Inc.*(a)		470		27,871
Humana, Inc.		2,007		572,075
Johnson & Johnson		31,920		4,361,549
McKesson Corp.		3,826		486,514
Merck & Co., Inc.		585		47,555
Mettler-Toledo International, Inc.*		175		119,159
Pfizer, Inc.		8,438		365,787
Regeneron Pharmaceuticals, Inc.*		577		248,537
United Therapeutics Corp.*		1,045		131,973
UnitedHealth Group, Inc.		7,411		1,795,092
Universal Health Services, Inc., Class B		786		109,120
Varian Medical Systems, Inc.*		772		103,726
West Pharmaceutical Services, Inc.		574		60,127
				18,426,595
Industrials — 13.2%
3M Co.		4,966		1,029,899
Acuity Brands, Inc.		770		100,192
AGCO Corp.		395		26,694
Alaska Air Group, Inc. (a)		2,383		147,031
Allison Transmission Holdings, Inc.		1,445		71,816
American Airlines Group, Inc. (a)		3,160		112,591
AO Smith Corp.		1,417		73,585
Boeing Co.		9,150		4,025,634
C.H. Robinson Worldwide, Inc.		868		78,450
Cintas Corp.		196		40,494
Copa Holdings SA, Class A		499		43,997
Copart, Inc.*(a)		1,325		77,738
Crane Co.		295		24,948
Cummins, Inc.		3,833		590,627
Curtiss-Wright Corp.		195		24,042
Delta Air Lines, Inc.		11,974		593,671
Donaldson Co., Inc. (a)		1,073		55,356
Dover Corp.		967		87,543
Eaton Corp. PLC		3,273		261,087
Emerson Electric Co.		3,456		235,526
Equifax, Inc.		1,906		208,726

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US QARP ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Expeditors International of Washington, Inc.		2,314	$	173,434
Fastenal Co. (a)		3,085		194,170
FedEx Corp.		2,605		471,505
Fluor Corp.		946		35,570
Fortive Corp.		665		54,244
Fortune Brands Home & Security, Inc.		1,229		57,910
General Dynamics Corp.		3,804		647,517
Graco, Inc.		1,617		75,934
HD Supply Holdings, Inc.*		1,550		66,666
Honeywell International, Inc.		971		149,602
Hubbell, Inc.		404		47,692
Huntington Ingalls Industries, Inc.		747		156,429
Illinois Tool Works, Inc.		2,410		347,233
Ingersoll-Rand PLC		2,802		295,779
ITT, Inc.		1,543		89,124
Jacobs Engineering Group, Inc.		2,390		176,334
JB Hunt Transport Services, Inc.		1,250		134,588
JetBlue Airways Corp.*		8,327		139,061
Kansas City Southern		487		52,908
Kirby Corp.*(a)		536		39,782
L3 Technologies, Inc.		111		23,504
Landstar System, Inc.		462		50,210
Lennox International, Inc.		287		70,387
Lockheed Martin Corp.		3,369		1,042,402
ManpowerGroup, Inc.		389		32,773
MSC Industrial Direct Co., Inc., Class A		464		39,166
Northrop Grumman Corp.		387		112,215
nVent Electric PLC		2,026		55,674
Old Dominion Freight Line, Inc.		659		99,357
Oshkosh Corp.		380		29,568
Owens Corning		1,213		60,565
PACCAR, Inc.		2,584		175,195
Parker-Hannifin Corp.		278		48,972
Pentair PLC		1,618		68,830
Quanta Services, Inc.		2,603		92,771
Raytheon Co.		2,398		447,227
Resideo Technologies, Inc.*		176		4,523
Robert Half International, Inc.		2,295		156,496
Rockwell Automation, Inc.		767		136,956
Snap-on, Inc. (a)		664		106,240
Southwest Airlines Co.		12,196		683,464
Spirit AeroSystems Holdings, Inc., Class A		1,538		151,954
Stanley Black & Decker, Inc.		269		35,624
Terex Corp. (a)		1,053		35,370
Toro Co.		1,534		105,202
Union Pacific Corp.		1,733		290,624
United Continental Holdings, Inc.*		1,926		169,122
United Parcel Service, Inc., Class B		1,906		210,041
United Technologies Corp.		371		46,624
W.W. Grainger, Inc. (a)		650		198,100
WABCO Holdings, Inc.*		390		53,637
Waste Management, Inc.		4,103		415,429
Watsco, Inc. (a)		308		44,318
XPO Logistics, Inc.*(a)		381		19,183
				16,626,852

	Number of Shares		Value
Information Technology — 19.4%
Accenture PLC, Class A		7,678	$	1,239,076
Akamai Technologies, Inc.*		1,359		94,668
Alliance Data Systems Corp. (a)		201		34,773
Amdocs Ltd.		1,736		96,470
Apple, Inc.		31,870		5,518,290
Applied Materials, Inc.		12,505		479,442
Arista Networks, Inc.*		274		78,158
Aspen Technology, Inc.*		308		31,019
Automatic Data Processing, Inc.		3,721		569,425
Booz Allen Hamilton Holding Corp.		766		40,491
Broadridge Financial Solutions, Inc.		917		92,846
CDW Corp.		1,036		97,270
Cisco Systems, Inc.		5,818		301,198
Citrix Systems, Inc.		975		102,862
Cognex Corp. (a)		975		52,065
Cognizant Technology Solutions Corp., Class A		7,003		497,073
Coherent, Inc.*(a)		212		28,213
Corning, Inc.		5,083		176,939
Dolby Laboratories, Inc., Class A		563		36,482
EPAM Systems, Inc.*		205		33,165
Euronet Worldwide, Inc.*(a)		376		50,504
F5 Networks, Inc.*		851		143,087
First Solar, Inc.*(a)		1,630		85,657
FLIR Systems, Inc.		964		49,598
Fortinet, Inc.*		862		74,813
Hewlett Packard Enterprise Co.		2,295		37,592
HP, Inc.		20,014		394,876
Intel Corp.		58,189		3,081,689
International Business Machines Corp.		4,993		689,683
Intuit, Inc.		1,626		401,833
IPG Photonics Corp.*(a)		274		42,478
Jabil, Inc.		2,494		70,830
Jack Henry & Associates, Inc.		596		79,047
Juniper Networks, Inc.		3,536		95,755
Lam Research Corp. (a)		1,059		186,479
Leidos Holdings, Inc.		787		50,832
Littelfuse, Inc. (a)		110		21,240
Manhattan Associates, Inc.*		692		37,887
Marvell Technology Group Ltd.		3,544		70,703
Mastercard, Inc., Class A		11,152		2,506,635
Micron Technology, Inc.*		15,739		643,410
Microsoft Corp.		3,653		409,246
MKS Instruments, Inc.		595		49,308
National Instruments Corp.		781		36,504
NetApp, Inc.		2,593		169,064
Paychex, Inc.		2,870		221,047
PayPal Holdings, Inc.*		1,743		170,936
Qorvo, Inc.*		756		53,026
QUALCOMM, Inc.		3,361		179,444
Red Hat, Inc.*		268		48,937
Skyworks Solutions, Inc.		2,798		228,485
Teradyne, Inc.		2,971		121,306
Texas Instruments, Inc.		9,963		1,053,886
Versum Materials, Inc.		1,075		52,675
Visa, Inc., Class A (a)		19,478		2,885,081
VMware, Inc., Class A (a)		496		85,218

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US QARP ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Xilinx, Inc.		2,227	$	279,043
				24,457,759
Materials — 2.1%
Air Products & Chemicals, Inc.		368		66,674
Alcoa Corp.*		4,042		119,239
Avery Dennison Corp.		668		72,171
Ball Corp. (a)		1,619		88,689
Cabot Corp.		559		26,206
Celanese Corp.		863		88,276
CF Industries Holdings, Inc.		1,264		53,341
Chemours Co. (a)		1,051		39,969
DowDuPont, Inc.		775		41,253
Eagle Materials, Inc.		276		21,097
Eastman Chemical Co.		844		69,790
Freeport-McMoRan, Inc.		13,321		171,841
LyondellBasell Industries NV, Class A		9,386		802,691
Newmont Mining Corp. (a)		5,274		179,949
Nucor Corp.		3,432		207,876
Packaging Corp. of America		583		55,729
PPG Industries, Inc.		1,839		205,913
Reliance Steel & Aluminum Co.		475		42,394
Sherwin-Williams Co.		178		77,110
Steel Dynamics, Inc.		3,181		118,715
United States Steel Corp. (a)		1,449		32,472
Westlake Chemical Corp. (a)		292		20,402
WestRock Co.		1,614		60,331
				2,662,128
Real Estate — 1.8%
CBRE Group, Inc., Class A*		7,765		386,386
Equity Residential REIT		3,271		241,040
Host Hotels & Resorts, Inc. REIT		3,130		61,379
Jones Lang LaSalle, Inc.		790		130,445
Lamar Advertising Co., Class A REIT (a)		1,623		125,896
Public Storage REIT		2,503		529,359
Realogy Holdings Corp. (a)		1,046		14,226
Retail Properties of America, Inc., Class A REIT		3,534		44,034
Simon Property Group, Inc. REIT		3,172		574,640
Weingarten Realty Investors REIT		2,859		82,368
				2,189,773

	Number of Shares		Value
Utilities — 1.9%
Ameren Corp.		1,739	$	123,886
American Electric Power Co., Inc.		2,314		187,781
CenterPoint Energy, Inc.		3,626		109,288
Consolidated Edison, Inc.		4,224		348,269
DTE Energy Co.		1,135		140,241
Edison International		3,053		182,844
Entergy Corp.		1,074		100,236
Exelon Corp.		8,171		397,029
MDU Resources Group, Inc.		970		25,627
National Fuel Gas Co. (a)		581		34,970
NRG Energy, Inc.		2,586		107,785
PG&E Corp.*		4,224		71,935
Pinnacle West Capital Corp.		567		53,151
Public Service Enterprise Group, Inc.		938		55,164
Sempra Energy (a)		1,164		140,192
UGI Corp.		979		53,747
Vistra Energy Corp.*(a)		2,391		62,262
Xcel Energy, Inc.		2,483		136,217
				2,330,624
TOTAL COMMON STOCKS (Cost $121,358,663)				125,394,430
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.31% (b)(c) (Cost $111,047)		111,047		111,047
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares” , 2.38% (b) (Cost $260,348)		260,348		260,348
TOTAL INVESTMENTS — 99.9%
(Cost $121,730,058)			$	125,765,825
Other assets and liabilities, net — 0.1%				153,912
NET ASSETS — 100.0%			$	125,919,737

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 8/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.31% (b)(c)
		—		111,047	(d)		—			—		—		1,170		—		111,047		111,047
CASH EQUIVALENTS — 0.2%
DWS Government Money Market Series “Institutional Shares” , 2.38% (b)
		—		835,489			(575,141	)		—		—		895		—		260,348		260,348
		—		946,536			(575,141	)		—		—		2,065		—		371,395		371,395

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 1000 US QARP ETF (Continued)

February 28, 2019 (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, 2019 amounted to $6,671,667, which is 5.3% of net assets.

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

(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $6,714,482.

(d) Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2019.

REIT: Real Estate Investment Trust

At February 28, 2019, open futures contract purchased was as follows:

Contract Description	Currency	Number of Contracts		Notional Amount		Contract Value	Expiration Date		Unrealized Appreciation
E-Mini S&P 500 Futures	USD		3	$	404,187	$417,705		3/15/2019	$	13,518

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.

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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, 2019 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)	$	125,394,430	$	—	$	—	$	125,394,430
Short-Term Investments (e)		371,395		—		—		371,395
Derivatives (f)
Futures Contract		13,518		—		—		13,518
TOTAL	$	125,779,343	$	—	$	—	$	125,779,343

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

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

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF

February 28, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.9%
Communication Services — 3.0%
AMC Entertainment Holdings, Inc., Class A (a)		773	$	10,845
ATN International, Inc.		196		11,002
Boingo Wireless, Inc.*		339		7,583
Care.com, Inc.*		189		4,761
Cars.com, Inc.*(a)		455		10,711
Cincinnati Bell, Inc.*(a)		227		2,202
Clear Channel Outdoor Holdings, Inc., Class A*		234		1,282
Cogent Communications Holdings, Inc.		145		7,063
Consolidated Communications Holdings, Inc. (a)		678		6,733
Daily Journal Corp.*(a)		6		1,350
Emerald Expositions Events, Inc.		96		1,208
Entravision Communications Corp., Class A		444		1,754
Eros International PLC*(a)		157		1,509
EW Scripps Co., Class A		155		3,278
Gannett Co., Inc. (a)		1,283		15,062
Glu Mobile, Inc.*		330		2,963
Gray Television, Inc.*(a)		338		7,406
Hemisphere Media Group, Inc.*		399		5,546
IMAX Corp.*		273		6,254
Iridium Communications, Inc.*		326		6,941
Liberty Latin America Ltd., Class A*		112		2,197
Liberty Media Corp.-Liberty Braves, Class A*		54		1,499
Liberty Media Corp.-Liberty Braves, Class C*		122		3,396
Liberty TripAdvisor Holdings, Inc., Class A*		245		3,697
Loral Space & Communications, Inc.*		234		9,573
Marcus Corp.		485		20,559
Meredith Corp. (a)		29		1,661
MSG Networks, Inc., Class A*(a)		787		18,998
National CineMedia, Inc.		1,307		10,116
New Media Investment Group, Inc.		821		10,936
New York Times Co., Class A (a)		210		6,899
Nexstar Media Group, Inc., Class A (a)		24		2,346
Ooma, Inc.*		267		4,355
ORBCOMM, Inc.*		222		1,565
pdvWireless, Inc.*(a)		42		1,650
QuinStreet, Inc.*(a)		706		9,453
Reading International, Inc., Class A*		393		6,331
Rosetta Stone, Inc.*		471		7,588
Saga Communications, Inc., Class A		47		1,579
Scholastic Corp.		403		17,051
Shenandoah Telecommunications Co.		209		9,288
Sinclair Broadcast Group, Inc., Class A		121		4,368
Spok Holdings, Inc.		520		7,181
TechTarget, Inc.*		414		6,864
TEGNA, Inc.		586		7,718
Travelzoo*		136		1,805
Tribune Publishing Co.*		16		193
TrueCar, Inc.*		145		1,050
Vonage Holdings Corp.*(a)		637		6,548

	Number of Shares		Value
Communication Services (Continued)
WideOpenWest, Inc.*		352	$	2,893
World Wrestling Entertainment, Inc., Class A (a)		56		4,687
Yelp, Inc.*(a)		56		2,087
				311,584
Consumer Discretionary — 13.8%
1-800-Flowers.com, Inc., Class A*		421		7,511
Aaron’s, Inc.		195		10,587
Abercrombie & Fitch Co., Class A (a)		551		12,094
Acushnet Holdings Corp. (a)		180		4,484
Adtalem Global Education, Inc.*		124		5,977
American Eagle Outfitters, Inc.		519		10,588
American Outdoor Brands Corp.*		204		2,560
American Public Education, Inc.*		339		10,953
America’s Car-Mart, Inc.*		137		11,179
Asbury Automotive Group, Inc.*		221		15,866
Ascena Retail Group, Inc.*		2,423		5,379
At Home Group, Inc.*		111		2,717
Barnes & Noble Education, Inc.*(a)		487		3,355
Barnes & Noble, Inc. (a)		939		5,916
Bassett Furniture Industries, Inc.		97		1,916
BBX Capital Corp.		961		5,881
Beazer Homes USA, Inc.*(a)		123		1,491
Bed Bath & Beyond, Inc. (a)		301		5,036
Belmond Ltd., Class A*(a)		305		7,579
Big Lots, Inc. (a)		262		8,261
Biglari Holdings, Inc., Class B*		13		1,742
BJ’s Restaurants, Inc. (a)		546		26,121
Bloomin’ Brands, Inc.		898		18,571
Boot Barn Holdings, Inc.*(a)		183		5,216
Boyd Gaming Corp. (a)		119		3,541
Brinker International, Inc.		626		28,652
Buckle, Inc. (a)		636		12,205
Caleres, Inc. (a)		774		24,071
Callaway Golf Co.		1,014		17,451
Career Education Corp.*		399		6,631
Carriage Services, Inc.		165		3,467
Carrols Restaurant Group, Inc.*		689		7,365
Cato Corp., Class A		1,259		19,817
Cavco Industries, Inc.*		95		13,151
Century Casinos, Inc.*		199		1,678
Century Communities, Inc.*(a)		67		1,530
Cheesecake Factory, Inc. (a)		342		16,177
Chegg, Inc.*(a)		57		2,259
Chico’s FAS, Inc. (a)		2,069		12,083
Children’s Place, Inc.		106		10,129
Churchill Downs, Inc.		39		3,658
Chuy’s Holdings, Inc.*		233		5,212
Citi Trends, Inc.		496		10,733
Container Store Group, Inc.*		253		1,728
Cooper Tire & Rubber Co. (a)		335		10,707
Cooper-Standard Holdings, Inc.*		67		4,027
Core-Mark Holding Co., Inc.		53		1,670
Cracker Barrel Old Country Store, Inc.		45		7,290
Crocs, Inc.*		576		14,792
Culp, Inc.		170		3,154

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Consumer Discretionary (Continued)
Dana, Inc.		133	$	2,627
Dave & Buster’s Entertainment, Inc.		203		10,420
Deckers Outdoor Corp.*		127		18,790
Del Frisco’s Restaurant Group, Inc.*(a)		244		2,067
Del Taco Restaurants, Inc.*		618		6,390
Denny’s Corp.*		1,180		20,603
Dillard’s, Inc., Class A (a)		152		11,938
Dine Brands Global, Inc. (a)		42		4,166
Dorman Products, Inc.*		117		9,465
Drive Shack, Inc.*(a)		400		1,764
DSW, Inc., Class A (a)		774		22,918
Duluth Holdings, Inc., Class B*(a)		70		1,778
El Pollo Loco Holdings, Inc.*		527		7,974
Eldorado Resorts, Inc.*(a)		9		434
Escalade, Inc.		336		4,099
Ethan Allen Interiors, Inc. (a)		376		7,550
Etsy, Inc.*(a)		31		2,209
Express, Inc.*(a)		1,082		5,626
Fiesta Restaurant Group, Inc.*(a)		381		5,742
Five Below, Inc.*		36		4,333
Flexsteel Industries, Inc.		59		1,469
Fossil Group, Inc.*(a)		197		3,081
Fox Factory Holding Corp.*(a)		117		7,415
Funko, Inc., Class A*(a)		77		1,532
GameStop Corp., Class A (a)		718		8,401
Genesco, Inc.*(a)		974		47,015
Gentherm, Inc.*		183		7,503
G-III Apparel Group Ltd.*		237		8,440
GNC Holdings, Inc., Class A*(a)		636		1,895
Group 1 Automotive, Inc. (a)		67		4,166
Groupon, Inc.*		217		710
Guess?, Inc. (a)		512		11,464
Habit Restaurants, Inc., Class A*(a)		1,364		15,372
Hamilton Beach Brands Holding Co., Class A (a)		92		2,233
Haverty Furniture Cos., Inc.		601		14,640
Helen of Troy Ltd.*		83		9,305
Hibbett Sports, Inc.*(a)		552		10,234
Hooker Furniture Corp.		101		3,171
Houghton Mifflin Harcourt Co.*		351		2,776
Hovnanian Enterprises, Inc., Class A*		1,044		707
Hudson Ltd., Class A*		288		4,291
International Speedway Corp., Class A		393		16,997
iRobot Corp.*(a)		60		7,504
J Alexander’s Holdings, Inc.*		525		4,793
Jack in the Box, Inc. (a)		42		3,383
Johnson Outdoors, Inc., Class A		88		5,776
K12, Inc.*		616		19,737
KB Home		216		4,927
Kirkland’s, Inc.*		291		3,399
Lands’ End, Inc.*		79		1,440
Laureate Education, Inc., Class A*(a)		261		3,991
La-Z-Boy, Inc.		518		17,824
LCI Industries (a)		51		4,156
Leaf Group Ltd.*		102		829
LGI Homes, Inc.*(a)		29		1,714
Liberty Expedia Holdings, Inc., Class A*		366		16,214

	Number of Shares		Value
Consumer Discretionary (Continued)
Lifetime Brands, Inc.		238	$	2,490
Lindblad Expeditions Holdings, Inc.*		476		6,469
Liquidity Services, Inc.*		193		1,332
Lithia Motors, Inc., Class A		45		4,062
Lumber Liquidators Holdings, Inc.*		109		1,287
M/I Homes, Inc.*		128		3,333
Malibu Boats, Inc., Class A*		85		3,928
Marine Products Corp.		185		2,620
MarineMax, Inc.*(a)		629		12,347
Marriott Vacations Worldwide Corp.		10		973
MasterCraft Boat Holdings, Inc.*		108		2,664
MDC Holdings, Inc.		285		8,219
Meritage Homes Corp.*(a)		76		3,333
Modine Manufacturing Co.*		472		7,094
Monarch Casino & Resort, Inc.*		122		5,350
Monro, Inc. (a)		153		11,675
Motorcar Parts of America, Inc.*(a)		51		1,055
Movado Group, Inc. (a)		290		10,159
Murphy USA, Inc.*		192		14,932
Nathan’s Famous, Inc.		47		3,341
National Vision Holdings, Inc.*(a)		96		3,226
Nautilus, Inc.*		449		2,932
Noodles & Co.*		186		1,458
Nutrisystem, Inc. (a)		124		5,367
Office Depot, Inc.		540		1,874
Ollie’s Bargain Outlet Holdings, Inc.*(a)		61		5,381
Oxford Industries, Inc. (a)		249		19,678
Papa John’s International, Inc. (a)		245		10,709
Party City Holdco, Inc.*(a)		424		4,414
Penn National Gaming, Inc.*(a)		210		5,219
PetMed Express, Inc. (a)		133		3,066
Planet Fitness, Inc., Class A*		166		9,758
PlayAGS, Inc.*		89		2,117
Potbelly Corp.*		636		5,355
Quotient Technology, Inc.*(a)		164		1,645
RCI Hospitality Holdings, Inc.		152		3,555
Red Lion Hotels Corp.*		263		2,099
Red Robin Gourmet Burgers, Inc.*		115		3,497
Red Rock Resorts, Inc., Class A		165		4,640
Regis Corp.*(a)		254		4,595
Rent-A-Center, Inc.*		722		13,436
RH*(a)		59		9,062
Rocky Brands, Inc.		331		9,913
RTW RetailWinds, Inc.*(a)		1,177		3,578
Ruth’s Hospitality Group, Inc.		784		19,929
Sally Beauty Holdings, Inc.*(a)		831		15,016
SeaWorld Entertainment, Inc.*		174		4,748
Shake Shack, Inc., Class A*		107		5,900
Shiloh Industries, Inc.*(a)		225		1,402
Shoe Carnival, Inc. (a)		465		17,735
Shutterfly, Inc.*		170		7,618
Shutterstock, Inc. (a)		78		3,614
Signet Jewelers Ltd. (a)		321		9,023
Skyline Champion Corp.		71		1,410
Sleep Number Corp.*(a)		494		21,563
Sonic Automotive, Inc., Class A (a)		320		4,810
Sotheby’s*(a)		131		5,747

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Consumer Discretionary (Continued)
Speedway Motorsports, Inc.		96	$	1,695
Sportsman’s Warehouse Holdings, Inc.*		384		2,415
Stamps.com, Inc.*(a)		19		1,786
Standard Motor Products, Inc.		431		21,248
Steven Madden Ltd. (a)		379		12,503
Stoneridge, Inc.*		245		7,245
Strategic Education, Inc.		57		7,454
Sturm Ruger & Co., Inc.		321		18,281
Superior Group of Cos., Inc.		81		1,408
Tailored Brands, Inc. (a)		340		4,406
Taylor Morrison Home Corp., Class A*		215		3,606
Tenneco, Inc., Class A		77		2,664
Texas Roadhouse, Inc.		124		7,850
Tile Shop Holdings, Inc.		353		2,252
Tilly’s, Inc., Class A		496		6,016
TopBuild Corp.*		86		5,117
Tower International, Inc.		282		7,233
Town Sports International Holdings, Inc.*		192		1,046
TRI Pointe Group, Inc.*(a)		332		4,183
Tupperware Brands Corp. (a)		140		4,215
Unifi, Inc.*(a)		143		3,163
Universal Electronics, Inc.*		75		2,504
Vera Bradley, Inc.*		321		3,066
Vista Outdoor, Inc.*(a)		643		5,729
Weyco Group, Inc.		339		10,278
William Lyon Homes, Class A*		87		1,231
Wingstop, Inc.		141		9,392
Winmark Corp. (a)		75		12,919
Winnebago Industries, Inc. (a)		83		2,708
Wolverine World Wide, Inc.		149		5,328
ZAGG, Inc.*(a)		147		1,705
Zumiez, Inc.*(a)		357		8,818
				1,414,771
Consumer Staples — 3.3%
Alico, Inc. (a)		63		1,906
Andersons, Inc.		294		10,866
B&G Foods, Inc. (a)		173		4,259
BJ’s Wholesale Club Holdings, Inc.*(a)		210		5,317
Boston Beer Co, Inc., Class A*(a)		61		19,066
Calavo Growers, Inc. (a)		151		12,855
Cal-Maine Foods, Inc. (a)		283		12,480
Central Garden & Pet Co., Class A*		37		1,030
Chefs’ Warehouse, Inc.*(a)		209		6,690
Coca-Cola Consolidated, Inc.		32		7,932
Craft Brew Alliance, Inc.*		76		1,296
Darling Ingredients, Inc.*		333		7,319
Dean Foods Co. (a)		659		2,643
Edgewell Personal Care Co.*(a)		91		4,037
Farmer Brothers Co.*(a)		28		668
Fresh Del Monte Produce, Inc.		123		3,405
Freshpet, Inc.*(a)		194		7,997
Hostess Brands, Inc.*(a)		431		5,232
Ingles Markets, Inc., Class A		386		12,012
Inter Parfums, Inc.		121		8,926
J&J Snack Foods Corp. (a)		48		7,453
John B Sanfilippo & Son, Inc. (a)		256		17,787

	Number of Shares		Value
Consumer Staples (Continued)
Lancaster Colony Corp. (a)		30	$	4,703
Landec Corp.*		430		5,521
Limoneira Co.		198		4,633
Medifast, Inc.		86		10,959
MGP Ingredients, Inc. (a)		86		7,039
National Beverage Corp. (a)		14		960
Natural Grocers by Vitamin Cottage, Inc.*		230		3,266
Natural Health Trends Corp. (a)		67		852
Nature’s Sunshine Products, Inc.*		128		1,062
Oil-Dri Corp. of America		112		3,265
Performance Food Group Co.*		301		11,598
PriceSmart, Inc. (a)		96		6,207
Primo Water Corp.*(a)		600		8,802
Sanderson Farms, Inc. (a)		63		7,258
Seneca Foods Corp., Class A*(a)		123		3,631
Simply Good Foods Co.*		541		11,069
Smart & Final Stores, Inc.*		348		2,158
SpartanNash Co.		199		3,777
Tootsie Roll Industries, Inc. (a)		116		4,314
Turning Point Brands, Inc. (a)		121		4,948
United Natural Foods, Inc.*(a)		158		2,372
Universal Corp.		196		11,631
USANA Health Sciences, Inc.*		43		4,235
Vector Group Ltd. (a)		326		3,821
Village Super Market, Inc., Class A		516		15,815
WD-40 Co. (a)		109		19,508
Weis Markets, Inc. (a)		319		16,049
				340,629
Energy — 3.1%
Abraxas Petroleum Corp.*		854		1,067
Adams Resources & Energy, Inc.		64		2,543
Archrock, Inc.		541		5,280
Ardmore Shipping Corp.*		308		1,734
C&J Energy Services, Inc.*(a)		96		1,658
Cactus, Inc., Class A*		231		8,376
Callon Petroleum Co.*(a)		215		1,645
Carrizo Oil & Gas, Inc.*(a)		202		2,218
Clean Energy Fuels Corp.*		770		1,763
CONSOL Energy, Inc.*		167		6,338
CVR Energy, Inc. (a)		40		1,622
Delek US Holdings, Inc. (a)		123		4,352
DHT Holdings, Inc. (a)		954		4,121
Diamond Offshore Drilling, Inc.*(a)		179		1,709
Dorian LPG Ltd.*(a)		277		1,634
Dril-Quip, Inc.*(a)		209		8,905
Evolution Petroleum Corp.		947		6,695
Exterran Corp.*		273		4,660
Frank’s International NV*(a)		331		2,072
FTS International, Inc.*		479		4,929
GasLog Ltd. (a)		107		1,725
Green Plains, Inc.		267		4,165
Gulfport Energy Corp.*(a)		420		3,217
Hallador Energy Co.		303		1,627
Helix Energy Solutions Group, Inc.*(a)		401		2,967
Isramco, Inc.*		16		1,815
Keane Group, Inc.*		184		2,028

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Energy (Continued)
KLX Energy Services Holdings, Inc.*		620	$	16,343
Laredo Petroleum, Inc.*(a)		252		864
Liberty Oilfield Services, Inc., Class A (a)		740		12,121
Mammoth Energy Services, Inc.		128		2,943
Matador Resources Co.*		152		2,827
Matrix Service Co.*		575		12,012
Midstates Petroleum Co., Inc.*		26		225
NACCO Industries, Inc., Class A (a)		52		1,902
Natural Gas Services Group, Inc.*		146		2,698
Newpark Resources, Inc.*(a)		956		8,451
Nine Energy Service, Inc.*		128		3,356
Noble Corp. PLC*		933		2,808
Northern Oil and Gas, Inc.*		600		1,422
Oceaneering International, Inc.*(a)		304		4,697
Oil States International, Inc.*(a)		332		5,690
Overseas Shipholding Group, Inc., Class A*		547		1,078
Panhandle Oil and Gas, Inc., Class A		142		2,332
Par Pacific Holdings, Inc.*		630		10,647
PDC Energy, Inc.*(a)		120		4,448
Profire Energy, Inc.*		490		916
ProPetro Holding Corp.*		393		7,805
Renewable Energy Group, Inc.*		1,060		28,164
REX American Resources Corp.*(a)		94		7,493
RigNet, Inc.*		96		1,486
Ring Energy, Inc.*		24		148
Rowan Cos. PLC, Class A*		518		5,859
SEACOR Holdings, Inc.*(a)		334		14,916
SEACOR Marine Holdings, Inc.*(a)		157		2,154
SemGroup Corp., Class A (a)		121		1,905
Ship Finance International Ltd. (a)		362		4,485
SilverBow Resources, Inc.*		289		6,503
Solaris Oilfield Infrastructure, Inc., Class A (a)		77		1,309
Southwestern Energy Co.*(a)		1,185		5,013
SRC Energy, Inc.*(a)		810		3,726
Superior Energy Services, Inc.*		282		1,320
Teekay Corp. (a)		178		730
Teekay Tankers Ltd., Class A		1,452		1,554
TETRA Technologies, Inc.*		546		1,305
Unit Corp.*(a)		101		1,571
US Silica Holdings, Inc. (a)		109		1,624
W&T Offshore, Inc.*(a)		614		3,199
World Fuel Services Corp.		869		24,063
				314,977
Financials — 27.3%
1st Constitution Bancorp		262		4,892
1st Source Corp.		153		7,275
ACNB Corp.		280		11,032
AG Mortgage Investment Trust, Inc. REIT		1,122		19,949
Allegiance Bancshares, Inc.*		111		4,247
Amalgamated Bank, Class A		84		1,488
American Equity Investment Life Holding Co.		338		10,698
American National Bankshares, Inc.		166		5,943
Ameris Bancorp		96		3,914
AMERISAFE, Inc.		248		15,651

	Number of Shares		Value
Financials (Continued)
Ames National Corp.		182	$	5,065
Anworth Mortgage Asset Corp. REIT		2,635		11,225
Apollo Commercial Real Estate Finance, Inc. REIT (a)		613		11,132
Arbor Realty Trust, Inc. REIT (a)		3,394		43,918
Ares Commercial Real Estate Corp. REIT		917		13,993
Argo Group International Holdings Ltd.		194		13,485
Arlington Asset Investment Corp., Class A		735		6,093
ARMOUR Residential REIT, Inc. REIT (a)		730		14,636
Arrow Financial Corp.		285		10,095
Artisan Partners Asset Management, Inc., Class A		237		6,233
Atlantic Capital Bancshares, Inc.*		603		11,626
Auburn National Bancorporation, Inc.		78		2,630
Axos Financial, Inc.*(a)		255		8,231
Banc of California, Inc. (a)		524		9,076
BancFirst Corp.		100		5,638
Banco Latinoamericano de Comercio Exterior SA, Class E		315		6,590
Bancorp, Inc.*		379		3,438
BancorpSouth Bank (a)		159		5,182
Bank of Commerce Holdings		455		5,164
Bank of Marin Bancorp		280		12,460
Bank of NT Butterfield & Son Ltd.		150		6,111
Bank of Princeton		110		3,578
Bank7 Corp.*		80		1,280
BankFinancial Corp.		273		4,270
Bankwell Financial Group, Inc.		131		3,965
Banner Corp.		253		15,719
Bar Harbor Bankshares (a)		276		7,126
Baycom Corp.*		147		3,391
BCB Bancorp, Inc.		302		3,962
Beneficial Bancorp, Inc.		567		9,140
Berkshire Hills Bancorp, Inc. (a)		226		7,078
Blackstone Mortgage Trust, Inc., Class A REIT		222		7,655
Blucora, Inc.*		202		5,432
Blue Hills Bancorp, Inc.		381		9,479
Boston Private Financial Holdings, Inc.		586		6,968
Bridge Bancorp, Inc.		194		6,396
Bridgewater Bancshares, Inc.*		287		3,203
BrightSphere Investment Group PLC		653		9,240
Brookline Bancorp, Inc.		641		10,243
Bryn Mawr Bank Corp.		203		8,274
BSB Bancorp, Inc.*		286		10,096
Business First Bancshares, Inc.		109		2,694
Byline Bancorp, Inc.*		179		3,659
C&F Financial Corp.		93		4,798
Cadence BanCorp (a)		664		13,273
Cambridge Bancorp		61		5,062
Camden National Corp.		273		12,244
Cannae Holdings, Inc.*		912		20,903
Capital Bancorp, Inc.*		134		1,583
Capital City Bank Group, Inc.		224		5,528
Capitol Federal Financial, Inc.		746		9,974
Capstar Financial Holdings, Inc.		54		905
Capstead Mortgage Corp. REIT (a)		1,713		14,218

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Carolina Financial Corp.		169	$	6,189
Cathay General Bancorp		151		5,865
CB Financial Services, Inc.		122		3,156
CBTX, Inc.		279		9,293
CenterState Banks Corp.		220		5,821
Central Pacific Financial Corp.		388		11,322
Central Valley Community Bancorp		263		5,121
Century Bancorp, Inc., Class A		66		5,105
Chemical Financial Corp. (a)		89		4,079
Chemung Financial Corp.		68		3,167
Cherry Hill Mortgage Investment Corp. REIT (a)		875		16,222
Citizens & Northern Corp. (a)		332		8,712
Citizens, Inc.*(a)		859		5,867
City Holding Co. (a)		175		14,024
Civista Bancshares, Inc. (a)		332		7,082
CNB Financial Corp.		316		8,785
CNO Financial Group, Inc.		329		5,603
Coastal Financial Corp.*		102		1,668
Codorus Valley Bancorp, Inc.		193		4,377
Cohen & Steers, Inc.		94		3,925
Colony Credit Real Estate, Inc. REIT (a)		521		9,081
Columbia Banking System, Inc. (a)		121		4,583
Columbia Financial, Inc.*		138		2,212
Community Bank System, Inc. (a)		126		8,164
Community Bankers Trust Corp.*		619		4,940
Community Financial Corp.		65		1,954
Community Trust Bancorp, Inc.		225		9,626
ConnectOne Bancorp, Inc.		375		8,089
County Bancorp, Inc.		57		1,088
Cowen, Inc.*(a)		126		1,950
Crawford & Co., Class B		175		1,799
Curo Group Holdings Corp.*(a)		233		2,568
Customers Bancorp, Inc.*(a)		417		8,920
CVB Financial Corp. (a)		198		4,512
Diamond Hill Investment Group, Inc.		68		9,653
Dime Community Bancshares, Inc.		348		6,953
Donegal Group, Inc., Class A		244		3,287
Donnelley Financial Solutions, Inc.*(a)		482		6,849
Dynex Capital, Inc. REIT		2,078		12,676
Eagle Bancorp, Inc.*(a)		135		7,991
Elevate Credit, Inc.*		89		390
EMC Insurance Group, Inc.		234		7,472
Employers Holdings, Inc.		294		12,248
Encore Capital Group, Inc.*		113		3,865
Enova International, Inc.*		753		19,217
Enstar Group Ltd.*(a)		13		2,319
Entegra Financial Corp.*		143		3,436
Enterprise Bancorp, Inc.		159		5,043
Enterprise Financial Services Corp.		267		12,063
Equity Bancshares, Inc., Class A*		215		7,308
Esquire Financial Holdings, Inc.*		154		3,513
ESSA Bancorp, Inc.		334		5,341
Essent Group Ltd.*		175		7,550
Evans Bancorp, Inc.		158		5,633
Exantas Capital Corp. REIT (a)		1,460		15,841
EZCORP, Inc., Class A*(a)		657		6,419

	Number of Shares		Value
Financials (Continued)
Farmers & Merchants Bancorp, Inc.		129	$	3,949
Farmers National Banc Corp.		460		6,771
FB Financial Corp. (a)		97		3,439
FBL Financial Group, Inc., Class A (a)		80		5,590
Federal Agricultural Mortgage Corp., Class C		169		13,836
Federated Investors, Inc., Class B (a)		280		8,330
FedNat Holding Co.		444		8,103
FGL Holdings*		988		8,200
Fidelity D&D Bancorp, Inc.		111		6,464
Fidelity Southern Corp.		593		19,320
Financial Institutions, Inc.		299		9,012
First BanCorp		1,409		16,218
First Bancorp, Inc.		213		5,613
First Bancorp/Southern Pines NC		253		9,915
First Bancshares, Inc.		241		7,895
First Bank		259		2,997
First Busey Corp.		350		9,429
First Business Financial Services, Inc.		265		5,846
First Choice Bancorp		82		1,911
First Commonwealth Financial Corp.		529		7,438
First Community Bancshares, Inc. (a)		366		13,121
First Community Corp.		223		4,471
First Defiance Financial Corp.		360		11,138
First Financial Bancorp		245		6,794
First Financial Bankshares, Inc.		105		6,809
First Financial Corp.		248		11,006
First Financial Northwest, Inc.		213		3,455
First Foundation, Inc.		390		5,948
First Guaranty Bancshares, Inc.		89		1,859
First Internet Bancorp		90		1,944
First Interstate BancSystem, Inc., Class A		275		11,451
First Merchants Corp.		178		7,189
First Mid-Illinois Bancshares, Inc.		53		1,850
First Midwest Bancorp, Inc.		358		8,288
First Northwest Bancorp		220		3,546
First of Long Island Corp.		200		4,672
First Savings Financial Group, Inc.		51		2,668
First United Corp.		265		4,585
FirstCash, Inc.		111		9,730
Flagstar Bancorp, Inc. (a)		23		751
Flushing Financial Corp.		326		7,566
Focus Financial Partners, Inc., Class A*		52		1,968
Franklin Financial Network, Inc. (a)		238		7,806
FS Bancorp, Inc.		83		4,304
Fulton Financial Corp. (a)		346		5,944
GAIN Capital Holdings, Inc. (a)		239		1,649
GAMCO Investors, Inc., Class A		177		3,625
Genworth Financial, Inc., Class A*(a)		2,021		7,821
German American Bancorp, Inc.		255		7,897
Glacier Bancorp, Inc. (a)		150		6,573
Global Indemnity Ltd.		95		3,665
Granite Point Mortgage Trust, Inc. REIT (a)		781		14,855
Great Ajax Corp. REIT (a)		395		5,226
Great Southern Bancorp, Inc.		183		10,363
Great Western Bancorp, Inc.		228		8,561

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Financials (Continued)
Green Dot Corp., Class A*		72	$	4,648
Greene County Bancorp, Inc.		70		2,205
Greenhill & Co., Inc. (a)		234		5,508
Greenlight Capital Re Ltd., Class A*(a)		176		1,969
Guaranty Bancshares, Inc. (a)		255		7,844
Hallmark Financial Services, Inc.*		265		2,769
Hamilton Lane, Inc., Class A (a)		248		11,577
Hancock Whitney Corp.		83		3,625
Hanmi Financial Corp.		245		5,655
HarborOne Bancorp, Inc.*(a)		134		2,161
HCI Group, Inc. (a)		136		6,278
Health Insurance Innovations, Inc., Class A*(a)		82		3,051
Heartland Financial USA, Inc.		186		9,038
Heritage Commerce Corp.		605		8,452
Heritage Financial Corp. (a)		350		11,522
Heritage Insurance Holdings, Inc.		124		1,850
Hilltop Holdings, Inc.		111		2,133
Hingham Institution for Savings		29		5,678
Home Bancorp, Inc.		143		5,058
Home BancShares, Inc. (a)		187		3,643
HomeStreet, Inc.*		416		11,606
HomeTrust Bancshares, Inc.		322		8,768
Hope Bancorp, Inc. (a)		440		6,415
Horace Mann Educators Corp.		300		11,757
Horizon Bancorp, Inc.		556		9,825
Houlihan Lokey, Inc.		288		13,242
Howard Bancorp, Inc.*		132		1,752
IBERIABANK Corp.		45		3,520
Independence Holding Co.		210		8,020
Independent Bank Corp.		478		11,114
Independent Bank Corp./Rockland MA (a)		137		11,663
Independent Bank Group, Inc.		194		11,244
International Bancshares Corp.		187		7,633
INTL. FCStone, Inc.*		386		16,791
Invesco Mortgage Capital, Inc. REIT		1,016		16,175
Investar Holding Corp.		215		5,233
Investment Technology Group, Inc.		241		7,285
Investors Bancorp, Inc.		393		4,940
Investors Title Co.		46		7,839
James River Group Holdings Ltd.		322		13,231
Kearny Financial Corp. (a)		482		6,550
Kemper Corp.		52		4,321
Kingstone Cos., Inc. (a)		275		4,623
Kinsale Capital Group, Inc.		264		17,625
KKR Real Estate Finance Trust, Inc. REIT		210		4,278
Ladder Capital Corp. REIT		738		13,542
Ladenburg Thalmann Financial Services, Inc.		1,180		3,469
Lakeland Bancorp, Inc.		441		7,378
Lakeland Financial Corp. (a)		191		9,229
LCNB Corp.		176		2,992
LegacyTexas Financial Group, Inc.		239		9,973
Level One Bancorp, Inc.		73		1,686
Live Oak Bancshares, Inc. (a)		49		794
Luther Burbank Corp.		232		2,427
Macatawa Bank Corp.		700		7,637

	Number of Shares		Value
Financials (Continued)
Malvern Bancorp, Inc.*		92	$	1,910
Marlin Business Services Corp.		307		7,227
MB Financial, Inc.		149		6,745
MBT Financial Corp.		490		5,424
Mercantile Bank Corp.		252		8,727
Merchants Bancorp		74		1,543
Meridian Bancorp, Inc.		387		6,304
Meta Financial Group, Inc. (a)		212		4,950
Metropolitan Bank Holding Corp.*		94		3,622
MGIC Investment Corp.*		421		5,465
Mid Penn Bancorp, Inc.		81		1,984
Middlefield Banc Corp.		88		3,692
Midland States Bancorp, Inc.		258		6,579
MidSouth Bancorp, Inc. (a)		295		3,360
MidWestOne Financial Group, Inc.		197		6,125
Moelis & Co., Class A		283		12,625
Mr Cooper Group, Inc.*(a)		296		4,040
MutualFirst Financial, Inc.		142		4,464
MVB Financial Corp.		257		3,932
National Bank Holdings Corp., Class A		287		10,369
National Bankshares, Inc.		131		5,175
National Commerce Corp.*		170		7,427
National General Holdings Corp.		367		9,472
National Western Life Group, Inc., Class A		30		9,240
Navigators Group, Inc.		215		15,003
NBT Bancorp, Inc. (a)		271		10,469
Nelnet, Inc., Class A (a)		139		7,620
New York Mortgage Trust, Inc. REIT (a)		2,384		14,304
NI Holdings, Inc.*		225		3,395
Nicolet Bankshares, Inc.*		137		7,867
NMI Holdings, Inc., Class A*		540		13,041
Northeast Bancorp		164		3,326
Northfield Bancorp, Inc. (a)		443		6,605
Northrim BanCorp, Inc.		196		7,352
Northwest Bancshares, Inc. (a)		739		13,745
Norwood Financial Corp.		175		5,362
Oak Valley Bancorp		164		2,927
OceanFirst Financial Corp.		354		8,921
OFG Bancorp		853		17,649
Ohio Valley Banc Corp.		96		3,505
Old Line Bancshares, Inc.		257		7,360
Old National Bancorp (a)		466		8,285
Old Second Bancorp, Inc.		724		10,339
On Deck Capital, Inc.*		675		4,145
OP Bancorp		276		2,506
Oppenheimer Holdings, Inc., Class A		263		7,422
Opus Bank		122		2,778
Orchid Island Capital, Inc. REIT (a)		825		5,511
Origin Bancorp, Inc. (a)		132		4,760
Oritani Financial Corp. (a)		664		11,919
Orrstown Financial Services, Inc. (a)		200		4,084
Pacific City Financial Corp.		424		7,208
Pacific Mercantile Bancorp*		238		1,964
Pacific Premier Bancorp, Inc.		101		3,015
Park National Corp. (a)		70		7,011
Parke Bancorp, Inc.		297		6,590
PCSB Financial Corp.		294		5,977

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Financials (Continued)
PDL Community Bancorp*		137	$	1,793
Peapack Gladstone Financial Corp.		224		6,514
Penns Woods Bancorp, Inc.		116		5,088
PennyMac Financial Services, Inc. (a)		320		7,462
PennyMac Mortgage Investment Trust REIT		1,322		26,942
Peoples Bancorp of North Carolina, Inc.		133		3,751
Peoples Bancorp, Inc.		354		11,802
Peoples Financial Services Corp.		151		6,606
People’s Utah Bancorp		268		7,868
Piper Jaffray Cos.		133		9,305
PJT Partners, Inc., Class A		153		7,073
PRA Group, Inc.*(a)		193		6,213
Preferred Bank (a)		129		6,607
Premier Financial Bancorp, Inc.		366		6,065
Primerica, Inc. (a)		50		6,252
ProAssurance Corp.		142		5,765
Protective Insurance Corp., Class B		239		5,045
Provident Bancorp, Inc.*		85		1,958
Provident Financial Services, Inc. (a)		353		9,690
Prudential Bancorp, Inc.		247		4,488
Pzena Investment Management, Inc., Class A		625		6,225
QCR Holdings, Inc.		169		6,042
Radian Group, Inc.		286		5,823
RBB Bancorp		199		4,308
Ready Capital Corp. REIT (a)		743		11,985
Redwood Trust, Inc. REIT		206		3,152
Regional Management Corp.*		387		10,523
Reliant Bancorp, Inc. (a)		107		2,348
Renasant Corp.		168		6,431
Republic Bancorp, Inc., Class A		198		8,958
Republic First Bancorp, Inc.*		235		1,504
Riverview Bancorp, Inc.		561		4,342
RLI Corp. (a)		116		8,180
S&T Bancorp, Inc. (a)		269		11,131
Safety Insurance Group, Inc.		202		18,047
Sandy Spring Bancorp, Inc.		246		8,627
SB One Bancorp		162		3,831
Seacoast Banking Corp. of Florida*		303		8,793
Select Bancorp, Inc.*		279		3,228
Selective Insurance Group, Inc.		143		9,432
ServisFirst Bancshares, Inc. (a)		160		5,595
Shore Bancshares, Inc.		325		5,119
SI Financial Group, Inc.		329		4,853
Sierra Bancorp		321		8,651
Silvercrest Asset Management Group, Inc., Class A		317		4,752
Simmons First National Corp., Class A (a)		169		4,534
SmartFinancial, Inc.*		167		3,277
South State Corp. (a)		65		4,618
Southern First Bancshares, Inc.*		154		5,867
Southern Missouri Bancorp, Inc.		123		4,450
Southern National Bancorp of Virginia, Inc.		298		4,723
Southside Bancshares, Inc. (a)		270		9,374
Spirit of Texas Bancshares, Inc.*		115		2,484

	Number of Shares		Value
Financials (Continued)
State Auto Financial Corp. (a)		148	$	4,983
Sterling Bancorp, Inc.		188		1,897
Stewart Information Services Corp.		465		19,962
Stifel Financial Corp. (a)		114		6,205
Stock Yards Bancorp, Inc.		212		7,551
Summit Financial Group, Inc.		178		4,345
Territorial Bancorp, Inc.		185		5,199
Third Point Reinsurance Ltd.*		680		7,269
Timberland Bancorp, Inc.		202		6,181
Tiptree, Inc.		553		3,390
Tompkins Financial Corp. (a)		127		10,212
Towne Bank		199		5,486
TPG RE Finance Trust, Inc. REIT		472		9,449
TriCo Bancshares		208		8,366
TriState Capital Holdings, Inc.*		323		7,303
Triumph Bancorp, Inc.*		268		9,077
Trupanion, Inc.*(a)		86		2,610
TrustCo Bank Corp.		1,094		9,266
Trustmark Corp. (a)		288		10,218
UMB Financial Corp. (a)		69		4,748
Union Bankshares Corp.		326		11,596
Union Bankshares, Inc.		60		2,790
United Bankshares, Inc. (a)		157		6,027
United Community Banks, Inc.		269		7,449
United Community Financial Corp.		1,099		11,012
United Financial Bancorp, Inc.		540		8,386
United Fire Group, Inc.		293		14,281
United Insurance Holdings Corp. (a)		187		3,063
United Security Bancshares		325		3,510
Unity Bancorp, Inc.		228		5,037
Universal Insurance Holdings, Inc.		529		20,652
Univest Financial Corp.		359		9,517
Valley National Bancorp (a)		562		5,935
Veritex Holdings, Inc.		356		9,972
Virtus Investment Partners, Inc. (a)		27		2,762
Waddell & Reed Financial, Inc., Class A (a)		593		10,976
Walker & Dunlop, Inc.		384		21,427
Washington Federal, Inc. (a)		194		5,952
Washington Trust Bancorp, Inc.		167		8,751
Waterstone Financial, Inc.		845		14,230
WesBanco, Inc.		213		9,038
West Bancorporation, Inc.		305		7,052
Westamerica Bancorporation (a)		146		9,385
Western Asset Mortgage Capital Corp. REIT		1,851		18,566
Western New England Bancorp, Inc.		565		5,548
Westwood Holdings Group, Inc.		109		4,213
WisdomTree Investments, Inc.		310		2,412
World Acceptance Corp.*(a)		80		9,840
WSFS Financial Corp.		192		8,310
				2,808,263
Health Care — 7.5%
Acceleron Pharma, Inc.*(a)		32		1,409
Accuray, Inc.*		2,510		12,098
Acorda Therapeutics, Inc.*(a)		117		1,725
Addus HomeCare Corp.*(a)		196		13,173
Allakos, Inc.*		27		1,079

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Allscripts Healthcare Solutions, Inc.*(a)		319	$	3,420
AMAG Pharmaceuticals, Inc.*		156		2,323
Amedisys, Inc.*		43		5,345
American Renal Associates Holdings, Inc.*		134		1,674
AMN Healthcare Services, Inc.*		116		5,801
Amphastar Pharmaceuticals, Inc.*(a)		338		8,399
AngioDynamics, Inc.*		736		16,494
ANI Pharmaceuticals, Inc.*(a)		24		1,579
Anika Therapeutics, Inc.*		98		3,198
Arcus Biosciences, Inc.*		170		2,004
Arvinas, Inc.*(a)		88		1,704
AtriCure, Inc.*		193		6,164
Atrion Corp.		18		14,155
Avanos Medical, Inc.*(a)		45		2,119
Avrobio, Inc.*(a)		74		1,233
AxoGen, Inc.*		47		868
BioSpecifics Technologies Corp.*		151		10,487
Brookdale Senior Living, Inc.*		803		5,428
Cambrex Corp.*(a)		201		8,309
Capital Senior Living Corp.*		59		295
Cardiovascular Systems, Inc.*		215		7,604
CareDx, Inc.*		63		1,961
Civitas Solutions, Inc.*		316		5,612
Community Health Systems, Inc.*(a)		508		2,515
Computer Programs & Systems, Inc.		152		5,007
CONMED Corp.		184		14,150
Corcept Therapeutics, Inc.*(a)		119		1,484
CorVel Corp.*		130		8,749
Crinetics Pharmaceuticals, Inc.*(a)		52		1,243
Cross Country Healthcare, Inc.*		160		1,398
CryoLife, Inc.*		86		2,544
Cutera, Inc.*(a)		77		1,318
CytomX Therapeutics, Inc.*		116		1,301
Eagle Pharmaceuticals, Inc.*		35		1,752
Eidos Therapeutics, Inc.*		91		1,681
Emergent BioSolutions, Inc.*		83		4,843
Enanta Pharmaceuticals, Inc.*(a)		141		14,458
ENDO International PLC*		237		2,605
Ensign Group, Inc.		327		16,170
Evolent Health, Inc., Class A*(a)		80		1,055
Evolus, Inc.*		131		3,464
FONAR Corp.*		149		3,226
Genesis Healthcare, Inc., Class A*		1,159		1,588
Genomic Health, Inc.*		52		3,950
Glaukos Corp.*(a)		85		6,304
Globus Medical, Inc., Class A*		201		9,787
Haemonetics Corp.*		85		7,384
Halozyme Therapeutics, Inc.*(a)		132		2,277
Harvard Bioscience, Inc.*		306		1,230
HealthEquity, Inc.*(a)		40		3,219
HealthStream, Inc.		492		13,678
Heska Corp.*(a)		95		7,770
HMS Holdings Corp.*		179		6,168
Homology Medicines, Inc.*		111		3,272
Horizon Pharma PLC*		56		1,625
Innoviva, Inc.*(a)		408		6,406

	Number of Shares		Value
Health Care (Continued)
Inogen, Inc.*(a)		28	$	3,009
Inovalon Holdings, Inc., Class A*(a)		208		2,733
Integer Holdings Corp.*		75		6,822
Intersect ENT, Inc.*		74		2,515
IntriCon Corp.*		83		2,234
iRadimed Corp.*(a)		17		425
iRhythm Technologies, Inc.*(a)		42		4,023
Ironwood Pharmaceuticals, Inc.*(a)		57		812
Kezar Life Sciences, Inc.*		58		1,180
Kindred Biosciences, Inc.*		124		1,342
LeMaitre Vascular, Inc.		160		4,787
LHC Group, Inc.*		41		4,497
Ligand Pharmaceuticals, Inc.*(a)		32		3,971
LivaNova PLC*		61		5,685
LogicBio Therapeutics, Inc.*		144		1,320
Luminex Corp. (a)		745		18,983
MacroGenics, Inc.*		139		2,780
Magellan Health, Inc.*		91		6,198
Mallinckrodt PLC*		656		16,374
MediciNova, Inc.*		287		2,626
Medidata Solutions, Inc.*(a)		26		1,950
Medpace Holdings, Inc.*(a)		102		5,605
Meridian Bioscience, Inc.		1,258		21,474
Merit Medical Systems, Inc.*(a)		94		5,239
Momenta Pharmaceuticals, Inc.*		149		2,099
Myriad Genetics, Inc.*(a)		178		5,523
National HealthCare Corp.		324		26,377
National Research Corp.		145		5,645
Natus Medical, Inc.*		111		3,067
Neogen Corp.*		125		7,745
NeoGenomics, Inc.*(a)		345		6,762
Nevro Corp.*(a)		19		875
NextGen Healthcare, Inc.*(a)		514		8,995
NuVasive, Inc.*(a)		86		5,065
Omnicell, Inc.*(a)		74		6,286
OraSure Technologies, Inc.*		183		1,967
Orthofix Medical, Inc.*		267		16,314
Osmotica Pharmaceuticals PLC*		167		1,201
Oxford Immunotec Global PLC*		260		4,339
Palatin Technologies, Inc.*		458		452
Patterson Cos., Inc. (a)		213		4,803
PDL BioPharma, Inc.*(a)		5,339		19,381
Phibro Animal Health Corp., Class A		209		6,124
Prestige Consumer Healthcare, Inc.*(a)		158		4,623
Principia Biopharma, Inc.*		57		2,019
Providence Service Corp.*		283		20,184
Quidel Corp.*(a)		32		2,098
R1 RCM, Inc.*(a)		240		2,374
RadNet, Inc.*		1,067		14,554
Retrophin, Inc.*(a)		80		1,805
RTI Surgical, Inc.*		949		4,726
SeaSpine Holdings Corp.*		101		1,549
Select Medical Holdings Corp.*		507		7,514
Simulations Plus, Inc. (a)		324		6,645
Solid Biosciences, Inc.*		52		556
STAAR Surgical Co.*(a)		190		6,992
Supernus Pharmaceuticals, Inc.*(a)		140		5,718

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Health Care (Continued)
Surmodics, Inc.*		333	$	19,431
Tactile Systems Technology, Inc.*(a)		212		16,114
Tenet Healthcare Corp.*(a)		482		13,776
Tivity Health, Inc.*(a)		180		3,852
Tricida, Inc.*(a)		47		1,087
Triple-S Management Corp., Class B*		86		2,188
US Physical Therapy, Inc. (a)		185		20,394
Utah Medical Products, Inc.		131		11,119
Vanda Pharmaceuticals, Inc.*		342		6,922
Varex Imaging Corp.*		204		6,414
Vocera Communications, Inc.*		249		8,252
Wright Medical Group NV*		90		2,818
Xencor, Inc.*		104		3,155
				765,764
Industrials — 16.3%
AAON, Inc. (a)		198		7,892
AAR Corp.		221		8,073
Acacia Research Corp.*		531		1,620
ACCO Brands Corp.		538		5,003
Actuant Corp., Class A		307		7,506
Advanced Disposal Services, Inc.*		329		8,725
Advanced Drainage Systems, Inc.		339		8,617
Aegion Corp.*		307		5,330
Aerojet Rocketdyne Holdings, Inc.*(a)		212		7,897
Aerovironment, Inc.*(a)		160		12,747
Air Transport Services Group, Inc.*		400		9,308
Aircastle Ltd.		343		6,812
Alamo Group, Inc.		79		7,587
Albany International Corp., Class A		116		8,996
Allegiant Travel Co. (a)		30		3,963
Allied Motion Technologies, Inc.		98		4,082
Altra Industrial Motion Corp.		103		3,276
Ameresco, Inc., Class A*(a)		96		1,572
Apogee Enterprises, Inc. (a)		170		6,067
Applied Industrial Technologies, Inc.		28		1,628
ArcBest Corp. (a)		351		12,225
Argan, Inc.		335		15,577
Armstrong Flooring, Inc.*		535		7,672
ASGN, Inc.*		100		6,441
Astec Industries, Inc.		118		4,503
Astronics Corp.*		83		2,986
Atkore International Group, Inc.*		819		18,919
Atlas Air Worldwide Holdings, Inc.*(a)		172		9,243
Avis Budget Group, Inc.*		74		2,651
Axon Enterprise, Inc.*		161		8,667
AZZ, Inc.		149		6,857
Barnes Group, Inc.		99		5,749
Barrett Business Services, Inc.		117		9,189
Beacon Roofing Supply, Inc.*		19		689
Blue Bird Corp.*(a)		424		7,886
BlueLinx Holdings, Inc.*(a)		65		2,083
BMC Stock Holdings, Inc.*		316		6,045
Brady Corp., Class A (a)		357		16,890
Briggs & Stratton Corp. (a)		331		4,339
BrightView Holdings, Inc.*		135		1,822
Brink’s Co. (a)		10		789

	Number of Shares		Value
Industrials (Continued)
Builders FirstSource, Inc.*		105	$	1,463
Caesarstone Ltd. (a)		173		2,906
CAI International, Inc.*(a)		92		2,168
Casella Waste Systems, Inc., Class A*		417		14,712
CBIZ, Inc.*		991		20,444
CECO Environmental Corp.*		461		3,513
Charah Solutions, Inc.*		204		1,236
Chart Industries, Inc.*		51		4,502
Cimpress NV*		37		3,053
Columbus McKinnon Corp.		284		10,636
Comfort Systems USA, Inc.		206		11,046
Commercial Vehicle Group, Inc.*		167		1,336
Continental Building Products, Inc.*		445		12,829
Costamare, Inc.		897		4,664
Covanta Holding Corp. (a)		448		7,607
Covenant Transportation Group, Inc., Class A*		132		3,011
CRA International, Inc.		273		13,639
CSW Industrials, Inc.*		377		21,406
Cubic Corp.		77		4,751
Daseke, Inc.*		194		921
Deluxe Corp.		105		4,886
DMC Global, Inc.		139		6,530
Douglas Dynamics, Inc.		350		14,763
Ducommun, Inc.*		192		8,147
DXP Enterprises, Inc.*		105		3,714
Dycom Industries, Inc.*(a)		25		1,127
Eastern Co.		202		5,878
Echo Global Logistics, Inc.*		356		8,551
EMCOR Group, Inc.		130		9,377
Encore Wire Corp.		354		20,971
EnerSys		109		8,046
Ennis, Inc.		951		20,161
EnPro Industries, Inc. (a)		65		4,458
ESCO Technologies, Inc.		193		13,354
Esterline Technologies Corp.*		77		9,375
Exponent, Inc.		361		20,443
Federal Signal Corp.		301		7,399
Forrester Research, Inc.		169		8,484
Forward Air Corp.		259		16,744
Foundation Building Materials, Inc.*		313		3,481
Franklin Covey Co.*		223		5,802
Franklin Electric Co., Inc.		173		9,205
FreightCar America, Inc.*(a)		171		1,325
FTI Consulting, Inc.*		182		13,497
GATX Corp. (a)		126		10,017
Gencor Industries, Inc.*		197		2,622
Generac Holdings, Inc.*		133		6,857
General Finance Corp.*		431		4,655
Gibraltar Industries, Inc.*		272		11,016
Global Brass & Copper Holdings, Inc.		344		11,610
GMS, Inc.*		102		1,994
Gorman-Rupp Co.		344		11,631
GP Strategies Corp.*		58		971
Graham Corp.		204		4,621
Granite Construction, Inc.		148		6,891
Great Lakes Dredge & Dock Corp.*		766		6,817

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Greenbrier Cos., Inc. (a)		153	$	6,311
Griffon Corp.		342		6,101
H&E Equipment Services, Inc.		82		2,361
Harsco Corp.*		310		6,938
Hawaiian Holdings, Inc. (a)		215		6,396
Healthcare Services Group, Inc. (a)		60		2,291
Heartland Express, Inc. (a)		173		3,476
Heidrick & Struggles International, Inc.		548		23,624
Herc Holdings, Inc.*		41		1,804
Heritage-Crystal Clean, Inc.*		349		8,432
Herman Miller, Inc.		291		10,674
Hertz Global Holdings, Inc.*		29		554
Hillenbrand, Inc.		308		13,641
HNI Corp.		287		11,087
Hub Group, Inc., Class A*		201		8,639
Hurco Cos., Inc.		254		10,892
Huron Consulting Group, Inc.*		168		7,698
Hyster-Yale Materials Handling, Inc.		96		6,495
ICF International, Inc.		360		27,187
IES Holdings, Inc.*		242		4,448
Infrastructure and Energy Alternatives, Inc.*		194		1,209
InnerWorkings, Inc.*(a)		342		1,659
Insperity, Inc.		101		12,753
Insteel Industries, Inc. (a)		457		10,397
Interface, Inc.		354		6,283
John Bean Technologies Corp. (a)		35		3,280
Kadant, Inc.		56		4,897
Kaman Corp.		181		11,146
KBR, Inc.		690		13,634
Kelly Services, Inc., Class A		247		5,960
Kennametal, Inc. (a)		106		3,995
KeyW Holding Corp.*		177		1,310
Kforce, Inc.		308		11,399
Kimball International, Inc., Class B		605		9,492
Knoll, Inc.		556		11,765
Korn Ferry		246		12,002
Kratos Defense & Security Solutions, Inc.*(a)		125		2,149
Lawson Products, Inc.*		42		1,326
LB Foster Co., Class A*		176		3,047
Lindsay Corp. (a)		135		12,483
LSC Communications, Inc.		68		575
Lydall, Inc.*		101		2,843
Manitex International, Inc.*		226		1,727
Manitowoc Co., Inc.*(a)		57		1,025
Marten Transport Ltd.		497		9,269
Masonite International Corp.*		151		8,373
MasTec, Inc.*		81		3,498
Matson, Inc.		381		13,758
Matthews International Corp., Class A (a)		174		6,920
McGrath RentCorp		328		19,628
Mercury Systems, Inc.*(a)		64		4,065
Meritor, Inc.*		529		11,786
Mesa Air Group, Inc.*		235		2,366
Milacron Holdings Corp.*		324		4,533
Miller Industries, Inc.		471		15,972

	Number of Shares		Value
Industrials (Continued)
Mistras Group, Inc.*		128	$	2,020
Mobile Mini, Inc. (a)		247		8,894
Moog, Inc., Class A		73		6,859
MRC Global, Inc.*(a)		521		8,784
MSA Safety, Inc.		46		4,756
Mueller Industries, Inc.		396		13,088
Mueller Water Products, Inc., Class A		701		7,318
MYR Group, Inc.*		296		9,928
National Presto Industries, Inc. (a)		128		14,354
Navigant Consulting, Inc.		972		20,013
NCI Building Systems, Inc.*		202		1,418
Nexeo Solutions, Inc.*(a)		1,190		11,817
NOW, Inc.*(a)		532		7,677
NV5 Global, Inc.*(a)		87		6,896
Omega Flex, Inc.		29		2,143
Orion Group Holdings, Inc.*		233		990
PAM Transportation Services, Inc.*		79		4,002
Park-Ohio Holdings Corp.		118		3,751
Patrick Industries, Inc.*(a)		3		136
PGT Innovations, Inc.*		491		7,404
Pitney Bowes, Inc. (a)		714		5,134
Powell Industries, Inc.		179		5,744
Preformed Line Products Co.		79		4,716
Primoris Services Corp.		595		13,905
Proto Labs, Inc.*		43		4,859
Quad/Graphics, Inc. (a)		290		4,231
Quanex Building Products Corp.		212		3,644
Radiant Logistics, Inc.*		1,190		7,604
Raven Industries, Inc.		423		16,886
RBC Bearings, Inc.*		50		7,008
Resources Connection, Inc.		486		8,442
Rexnord Corp.*		278		7,414
RR Donnelley & Sons Co. (a)		917		4,933
Rush Enterprises, Inc., Class A		126		5,282
Rush Enterprises, Inc., Class B		38		1,569
Saia, Inc.*		130		8,601
Simpson Manufacturing Co., Inc. (a)		159		9,529
SiteOne Landscape Supply, Inc.*(a)		41		2,202
SkyWest, Inc.		108		5,836
SP Plus Corp.*		260		8,944
Spartan Motors, Inc.		170		1,554
Spirit Airlines, Inc.*		57		3,206
SPX Corp.*		207		7,527
SPX FLOW, Inc.*		66		2,278
Standex International Corp.		104		8,529
Steelcase, Inc., Class A		1,275		22,325
Sterling Construction Co., Inc.*		126		1,841
Sun Hydraulics Corp.		104		4,948
Sunrun, Inc.*		227		3,521
Systemax, Inc.		34		689
Team, Inc.*		228		3,561
Tennant Co.		8		506
Tetra Tech, Inc.		234		14,045
Thermon Group Holdings, Inc.*		187		4,653
Titan International, Inc.		56		351
Titan Machinery, Inc.*		142		2,728
TPI Composites, Inc.*		307		9,274

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Industrials (Continued)
Trex Co., Inc.*(a)		35	$	2,623
TriMas Corp.*		463		14,969
TriNet Group, Inc.*		73		4,474
Triton International Ltd/Bermuda (a)		67		2,205
TrueBlue, Inc.*		382		8,794
Tutor Perini Corp.*(a)		77		1,449
Twin Disc, Inc.*		127		2,247
UniFirst Corp.		74		10,643
Universal Forest Products, Inc.		406		12,574
Universal Logistics Holdings, Inc.		200		4,430
US Ecology, Inc.		190		10,902
US Xpress Enterprises, Inc., Class A*(a)		201		1,759
USA Truck, Inc.*		336		5,779
Vectrus, Inc.*		54		1,456
Veritiv Corp.*		63		1,820
Viad Corp.		291		16,849
Vicor Corp.*(a)		114		3,623
VSE Corp. (a)		86		3,040
Wabash National Corp.		132		1,959
WageWorks, Inc.*		83		2,731
Watts Water Technologies, Inc., Class A		125		10,068
Werner Enterprises, Inc. (a)		206		7,113
Wesco Aircraft Holdings, Inc.*		860		7,301
Willdan Group, Inc.*		134		5,076
Willis Lease Finance Corp.*		197		8,286
Woodward, Inc.		34		3,276
				1,670,472
Information Technology — 10.1%
3D Systems Corp.*(a)		194		2,739
8x8, Inc.*(a)		300		5,901
A10 Networks, Inc.*		220		1,536
ACI Worldwide, Inc.*		215		6,852
Advanced Energy Industries, Inc.*(a)		95		4,785
Agilysys, Inc.*		312		6,521
Alarm.com Holdings, Inc.*(a)		70		4,594
Ambarella, Inc*(a)		45		1,817
Amber Road, Inc.*		161		1,584
American Software, Inc., Class A		597		6,919
Amkor Technology, Inc.*		184		1,616
Anixter International, Inc.*		149		8,743
Appfolio, Inc., Class A*		191		13,805
Arlo Technologies, Inc.*(a)		575		2,490
Avaya Holdings Corp.*		141		2,184
AVX Corp.		167		3,039
Axcelis Technologies, Inc.*		158		3,321
AXT, Inc.*(a)		313		1,396
Badger Meter, Inc. (a)		233		13,710
Bel Fuse, Inc., Class B		196		4,792
Belden, Inc. (a)		63		3,893
Benchmark Electronics, Inc.		597		16,358
Benefitfocus, Inc.*(a)		45		2,210
Blackbaud, Inc. (a)		33		2,549
Blackline, Inc.*(a)		56		2,931
Bottomline Technologies DE, Inc.*		168		8,380
Box, Inc., Class A*		105		2,125
Brooks Automation, Inc. (a)		119		3,821

	Number of Shares		Value
Information Technology (Continued)
Cabot Microelectronics Corp.		94	$	10,631
CACI International, Inc., Class A*		51		9,295
CalAmp Corp.*		227		3,155
Carbon Black, Inc.*		141		1,846
Carbonite, Inc.*		34		791
Cardtronics PLC, Class A*		225		6,640
Casa Systems, Inc.*		135		1,376
Cass Information Systems, Inc.		139		7,260
CEVA, Inc.*(a)		79		2,198
Ciena Corp.*		302		12,883
Cirrus Logic, Inc.*		158		6,341
Cision Ltd.*		364		4,739
Clearfield, Inc.*		127		1,844
Cohu, Inc.		328		5,868
CommVault Systems, Inc.*		89		5,998
Comtech Telecommunications Corp.		313		8,294
Control4 Corp.*		53		955
Cornerstone OnDemand, Inc.*		82		4,633
Coupa Software, Inc.*(a)		53		4,992
Cray, Inc.*(a)		55		1,349
Cree, Inc.*(a)		44		2,394
CSG Systems International, Inc.		227		9,432
CTS Corp.		476		15,289
Daktronics, Inc.		743		6,033
DASAN Zhone Solutions, Inc.*		107		1,480
Digi International, Inc.*		780		10,296
Diodes, Inc.*		337		13,591
Ebix, Inc. (a)		33		1,923
eGain Corp.*		173		1,962
Electronics For Imaging, Inc.*(a)		224		6,057
Ellie Mae, Inc.*(a)		26		2,587
Endurance International Group Holdings, Inc.*(a)		229		1,603
Entegris, Inc. (a)		118		4,169
Envestnet, Inc.*		110		6,711
ePlus, Inc.*		225		20,124
Everbridge, Inc.*(a)		34		2,404
Everi Holdings, Inc.*		331		2,545
EVERTEC, Inc.		542		15,512
Evo Payments, Inc., Class A*		98		2,619
ExlService Holdings, Inc.*		138		8,473
Fabrinet*		311		18,194
FARO Technologies, Inc.*		90		4,123
Finisar Corp.*		102		2,498
Fitbit, Inc., Class A*(a)		171		1,012
Five9, Inc.*		115		6,100
FormFactor, Inc.*		396		6,277
GTT Communications, Inc.*(a)		19		594
Hackett Group, Inc.		450		7,317
Harmonic, Inc.*(a)		370		2,042
I3 Verticals, Inc., Class A*		76		1,599
II-VI, Inc.*(a)		71		3,016
Immersion Corp.*(a)		137		1,230
Information Services Group, Inc.*		1,032		4,448
Inphi Corp.*		105		4,538
Insight Enterprises, Inc.*		59		3,293
Instructure, Inc.*(a)		85		3,972

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Information Technology (Continued)
Integrated Device Technology, Inc.*		75	$	3,625
InterDigital, Inc.		140		9,762
Iteris, Inc.*		39		168
Itron, Inc.*		26		1,378
j2 Global, Inc. (a)		65		5,526
KEMET Corp.		359		6,803
Kimball Electronics, Inc.*		778		12,059
Knowles Corp.*(a)		440		7,163
KVH Industries, Inc.*		170		1,931
Lattice Semiconductor Corp.*		541		6,384
Limelight Networks, Inc.*		468		1,367
LivePerson, Inc.*		357		9,982
LiveRamp Holdings, Inc.*(a)		144		7,740
Lumentum Holdings, Inc.*		54		2,686
ManTech International Corp., Class A		321		17,446
MAXIMUS, Inc.		71		5,018
Mesa Laboratories, Inc. (a)		42		9,664
Methode Electronics, Inc.		161		4,518
MicroStrategy, Inc., Class A*		74		10,471
Mitek Systems, Inc.*		199		2,151
MobileIron, Inc.*		363		1,837
Model N, Inc.*		101		1,747
Monotype Imaging Holdings, Inc.		189		3,704
MTS Systems Corp. (a)		152		8,102
Nanometrics, Inc.*		398		11,327
Napco Security Technologies, Inc.*		475		10,208
NETGEAR, Inc.*(a)		221		7,923
NetScout Systems, Inc.*(a)		187		5,118
New Relic, Inc.*		31		3,278
NIC, Inc.		399		6,819
nLight, Inc.*		93		1,989
Novanta, Inc.*		88		7,192
NVE Corp. (a)		107		11,002
OneSpan, Inc.*(a)		326		6,944
OSI Systems, Inc.*(a)		186		16,154
PAR Technology Corp.*(a)		278		7,498
Park Electrochemical Corp.		502		8,730
Paylocity Holding Corp.*		50		4,379
PC Connection, Inc.		411		16,539
PDF Solutions, Inc.*(a)		43		512
Perficient, Inc.*		641		18,339
PFSweb, Inc.*		400		2,504
Photronics, Inc.*		1,635		16,039
Plantronics, Inc.		168		8,440
Plexus Corp.*		238		14,699
Power Integrations, Inc. (a)		82		5,991
Presidio, Inc.		185		3,077
PRGX Global, Inc.*		631		5,919
Progress Software Corp.		170		6,253
PROS Holdings, Inc.*(a)		59		2,513
Q2 Holdings, Inc.*(a)		119		8,190
QAD, Inc., Class A		123		5,567
Qualys, Inc.*(a)		55		4,600
Quantenna Communications, Inc.*		521		9,456
Rambus, Inc.*		308		3,163
Rapid7, Inc.*		142		6,536
Rogers Corp.*		33		5,123

	Number of Shares		Value
Information Technology (Continued)
Rudolph Technologies, Inc.*		345	$	7,790
SailPoint Technologies Holding, Inc.*		58		1,789
Sanmina Corp.*		245		7,825
ScanSource, Inc.*		298		11,190
Science Applications International Corp.		144		10,757
SecureWorks Corp., Class A*(a)		182		4,039
Semtech Corp.*		121		6,660
Silicon Laboratories, Inc.*		26		2,107
SMART Global Holdings, Inc.*(a)		11		322
SPS Commerce, Inc.*		155		16,551
Stratasys Ltd.*(a)		193		5,493
SVMK, Inc.*(a)		235		3,565
Sykes Enterprises, Inc.*		458		13,552
Synaptics, Inc.*(a)		35		1,465
Tech Data Corp.*		14		1,431
TiVo Corp. (a)		313		3,139
Trade Desk, Inc., Class A*(a)		5		988
Travelport Worldwide Ltd.		776		12,199
TTEC Holdings, Inc.		31		1,062
TTM Technologies, Inc.*(a)		565		6,848
Tucows, Inc., Class A*		29		2,248
Ultra Clean Holdings, Inc.*(a)		134		1,427
Unisys Corp.*		267		3,607
Upland Software, Inc.*		50		1,755
Varonis Systems, Inc.*		86		4,899
Verint Systems, Inc.*		110		5,858
ViaSat, Inc.*(a)		37		2,795
Viavi Solutions, Inc.*		349		4,582
Virtusa Corp.*		152		7,671
Vishay Intertechnology, Inc.		543		11,903
Vishay Precision Group, Inc.*		330		11,504
Workiva, Inc.*		164		8,110
Xperi Corp.		216		5,184
Zix Corp.*		1,161		10,484
				1,041,208
Materials — 3.8%
Advanced Emissions Solutions, Inc.		241		2,849
AdvanSix, Inc.*		180		5,895
AK Steel Holding Corp.*(a)		527		1,592
Allegheny Technologies, Inc.*(a)		98		2,806
American Vanguard Corp.		365		6,855
Balchem Corp.		82		7,276
Boise Cascade Co.		288		8,032
Carpenter Technology Corp.		153		7,182
Chase Corp.		69		6,662
Clearwater Paper Corp.*(a)		98		2,803
Coeur Mining, Inc.*(a)		284		1,357
Commercial Metals Co. (a)		452		7,481
Compass Minerals International, Inc. (a)		128		6,705
Ferro Corp.*		215		4,169
FutureFuel Corp.		693		12,779
Gold Resource Corp.		538		2,523
Greif, Inc., Class A		89		3,578
Greif, Inc., Class B		16		727
Hawkins, Inc.		238		9,810
Haynes International, Inc.		25		879

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Materials (Continued)
HB Fuller Co. (a)		25	$	1,262
Hecla Mining Co.		698		1,675
Ingevity Corp.*		62		7,144
Innophos Holdings, Inc.		95		3,154
Innospec, Inc.		222		18,173
Kaiser Aluminum Corp.		141		15,437
Koppers Holdings, Inc.*		48		1,180
Kraton Corp.*		115		4,092
Louisiana-Pacific Corp.		403		10,184
Materion Corp.		398		22,996
Minerals Technologies, Inc.		110		6,512
Myers Industries, Inc.		343		6,544
Neenah, Inc. (a)		108		7,299
Olympic Steel, Inc.		122		2,369
OMNOVA Solutions, Inc.*		414		3,374
PH Glatfelter Co.		279		3,753
PolyOne Corp.		129		4,208
PQ Group Holdings, Inc.*		96		1,572
Quaker Chemical Corp. (a)		60		12,539
Rayonier Advanced Materials, Inc. (a)		67		944
Schnitzer Steel Industries, Inc., Class A		708		17,204
Schweitzer-Mauduit International, Inc.		236		9,100
Sensient Technologies Corp. (a)		92		5,952
Stepan Co.		200		18,820
Summit Materials, Inc., Class A*		92		1,564
SunCoke Energy, Inc.*		322		3,194
Synalloy Corp. (a)		388		5,925
TimkenSteel Corp.*(a)		128		1,595
Trecora Resources*(a)		164		1,574
Tredegar Corp.		548		9,546
Trinseo SA		87		4,367
UFP Technologies, Inc.*		293		9,815
United States Lime & Minerals, Inc.		53		3,816
Universal Stainless & Alloy Products, Inc.*		113		2,077
US Concrete, Inc.*(a)		28		1,123
Verso Corp., Class A*		369		7,251
Warrior Met Coal, Inc.		1,417		41,490
Worthington Industries, Inc.		189		7,430
				388,214
Real Estate — 7.9%
Acadia Realty Trust REIT		309		8,803
Agree Realty Corp. REIT		213		14,000
Alexander & Baldwin, Inc. REIT*(a)		348		7,980
Alexander’s, Inc. REIT		11		4,199
Altisource Portfolio Solutions SA*		60		1,504
American Assets Trust, Inc. REIT		192		8,340
Americold Realty Trust REIT		48		1,380
Armada Hoffler Properties, Inc. REIT		922		14,107
Ashford Hospitality Trust, Inc. REIT		982		5,264
Bluerock Residential Growth REIT, Inc. REIT		377		3,996
Braemar Hotels & Resorts, Inc. REIT		1,392		18,124
BRT Apartments Corp. REIT		391		5,200
CareTrust REIT, Inc. REIT		489		10,924
CatchMark Timber Trust, Inc., Class A REIT (a)		263		2,512

	Number of Shares		Value
Real Estate (Continued)
CBL & Associates Properties, Inc. REIT (a)		1,554	$	3,326
Cedar Realty Trust, Inc. REIT		913		3,177
Chatham Lodging Trust REIT		552		11,029
Chesapeake Lodging Trust REIT (a)		486		14,638
City Office REIT, Inc. REIT		549		6,039
Clipper Realty, Inc. REIT		363		4,777
Community Healthcare Trust, Inc. REIT		278		9,922
Consolidated-Tomoka Land Co.		119		7,033
CoreCivic, Inc. REIT		516		10,929
CorEnergy Infrastructure Trust, Inc. REIT (a)		278		10,136
CorePoint Lodging, Inc. REIT		511		7,139
Cousins Properties, Inc. REIT		736		7,007
DiamondRock Hospitality Co. REIT		926		9,899
Easterly Government Properties, Inc. REIT		336		6,041
EastGroup Properties, Inc. REIT		79		8,347
Essential Properties Realty Trust, Inc. REIT		278		4,718
Farmland Partners, Inc. REIT		238		1,223
First Industrial Realty Trust, Inc. REIT		215		7,207
Forestar Group, Inc.*		64		1,086
Four Corners Property Trust, Inc. REIT		432		11,832
Franklin Street Properties Corp. REIT		576		4,170
FRP Holdings, Inc.*		199		10,199
GEO Group, Inc. REIT		464		10,542
Getty Realty Corp. REIT		379		12,488
Gladstone Commercial Corp. REIT		381		7,864
Gladstone Land Corp. REIT		202		2,468
Global Medical REIT, Inc. REIT		418		4,305
Global Net Lease, Inc. REIT (a)		564		10,062
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		357		8,789
Healthcare Realty Trust, Inc. REIT		124		3,925
Hersha Hospitality Trust REIT (a)		1,064		20,056
HFF, Inc., Class A		282		12,746
Independence Realty Trust, Inc. REIT (a)		1,166		12,080
Industrial Logistics Properties Trust REIT		353		7,364
InfraREIT, Inc. REIT		530		11,315
Innovative Industrial Properties, Inc. REIT		149		11,770
Investors Real Estate Trust REIT (a)		94		5,676
iStar, Inc. REIT (a)		922		8,067
Jernigan Capital, Inc. REIT (a)		320		6,864
Kennedy-Wilson Holdings, Inc. (a)		292		6,068
Kite Realty Group Trust REIT		443		6,973
Lexington Realty Trust REIT		902		8,380
LTC Properties, Inc. REIT		259		11,505
Mack-Cali Realty Corp. REIT		396		8,320
Marcus & Millichap, Inc.*		234		9,037
Maui Land & Pineapple Co., Inc.*		122		1,392
MedEquities Realty Trust, Inc. REIT		503		5,357
Monmouth Real Estate Investment Corp. REIT		597		7,916
National Health Investors, Inc. REIT		100		7,803
National Storage Affiliates Trust REIT		368		10,422
New Senior Investment Group, Inc. REIT		736		3,798
Newmark Group, Inc., Class A		834		7,723
NexPoint Residential Trust, Inc. REIT (a)		433		15,562

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Real Estate (Continued)
NorthStar Realty Europe Corp. REIT		323	$	5,795
Office Properties Income Trust REIT		176		5,370
One Liberty Properties, Inc. REIT		409		11,787
Pebblebrook Hotel Trust REIT		104		3,329
Pennsylvania Real Estate Investment Trust REIT (a)		472		2,903
Physicians Realty Trust REIT		281		5,078
Piedmont Office Realty Trust, Inc., Class A REIT (a)		603		12,343
PotlatchDeltic Corp. REIT		190		6,838
Preferred Apartment Communities, Inc., Class A REIT		361		5,502
PS Business Parks, Inc. REIT		45		6,623
QTS Realty Trust, Inc., Class A REIT (a)		92		3,839
RE/MAX Holdings, Inc., Class A (a)		187		7,336
Retail Opportunity Investments Corp. REIT		387		6,645
Rexford Industrial Realty, Inc. REIT		197		6,753
RLJ Lodging Trust REIT		303		5,627
RMR Group, Inc., Class A		129		9,230
RPT Realty REIT (a)		1,009		12,794
Ryman Hospitality Properties, Inc. REIT		125		10,124
Sabra Health Care REIT, Inc. REIT		307		5,563
Safehold, Inc. REIT (a)		119		2,279
Saul Centers, Inc. REIT		81		4,590
Seritage Growth Properties, Class A REIT (a)		88		3,885
Spirit MTA REIT		909		6,681
St Joe Co.*(a)		255		3,963
STAG Industrial, Inc. REIT		178		4,927
Stratus Properties, Inc.*		71		1,725
Summit Hotel Properties, Inc. REIT (a)		811		9,237
Sunstone Hotel Investors, Inc. REIT		434		6,532
Tanger Factory Outlet Centers, Inc. REIT (a)		388		8,377
Tejon Ranch Co.*(a)		192		3,550
Terreno Realty Corp. REIT		237		9,693
Tier REIT, Inc. REIT		430		10,427
UMH Properties, Inc. REIT		437		5,978
Universal Health Realty Income Trust REIT		147		10,947
Urban Edge Properties REIT (a)		259		5,030
Urstadt Biddle Properties, Inc., Class A REIT		533		11,150
Washington Prime Group, Inc. REIT (a)		3,087		17,843
Washington Real Estate Investment Trust REIT		239		6,331
Whitestone REIT		650		8,456
Xenia Hotels & Resorts, Inc. REIT		462		9,023
				816,947
Utilities — 2.8%
ALLETE, Inc.		82		6,646
American States Water Co. (a)		172		12,234
AquaVenture Holdings, Ltd*		90		1,991
Artesian Resources Corp., Class A		204		8,005
Atlantic Power Corp.*		2,603		7,002

	Number of Shares		Value
Utilities (Continued)
Avista Corp.		141	$	5,698
Black Hills Corp. (a)		121		8,589
California Water Service Group		244		12,693
Chesapeake Utilities Corp.		139		12,511
Clearway Energy, Inc., Class A		590		8,708
Clearway Energy, Inc., Class C		523		7,840
Connecticut Water Service, Inc. (a)		142		9,525
Consolidated Water Co. Ltd.		516		6,816
El Paso Electric Co.		179		9,630
Global Water Resources, Inc.		159		1,512
IDACORP, Inc.		59		5,806
MGE Energy, Inc.		137		8,757
Middlesex Water Co.		217		12,775
New Jersey Resources Corp. (a)		287		13,891
Northwest Natural Holding Co.		183		11,752
NorthWestern Corp.		142		9,733
ONE Gas, Inc.		70		6,052
Ormat Technologies, Inc. (a)		56		3,126
Otter Tail Corp.		280		14,078
Pattern Energy Group, Inc., Class A (a)		193		4,026
PNM Resources, Inc.		173		7,557
Portland General Electric Co.		158		7,922
Pure Cycle Corp.*		425		4,310
RGC Resources, Inc.		126		3,473
SJW Group		182		11,133
South Jersey Industries, Inc.		225		6,514
Southwest Gas Holdings, Inc.		91		7,457
Spark Energy, Inc., Class A		173		1,728
Spire, Inc.		89		7,059
Unitil Corp.		312		17,132
York Water Co. (a)		167		6,087
				289,768
TOTAL COMMON STOCKS (Cost $9,257,012)				10,162,597
RIGHTS — 0.0%
Financials — 0.0%
New Star Financial, Inc. CVR*(b)		509		275
Materials — 0.0%
A Schulman, Inc. CVR*(b)		392		169
TOTAL RIGHTS (Cost $571)				444
EXCHANGE-TRADED FUNDS — 0.3%
iShares Edge MSCI Multifactor USA Small-Cap ETF		400		16,512
Vanguard Small-Cap ETF		100		15,461
TOTAL EXCHANGE-TRADED FUNDS (Cost $31,865)				31,973
SECURITIES LENDING COLLATERAL — 2.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.31% (c)(d) (Cost $226,111)		226,111		226,111

See Notes to Financial Statements. 59

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares” , 2.38% (c) (Cost $74,530)		74,530	$	74,530
TOTAL INVESTMENTS — 102.1% (Cost $9,590,089)			$	10,495,655
Other assets and liabilities, net — (2.1%)				(215,098	)
NET ASSETS — 100.0%			$	10,280,557

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

Value ($) at 8/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
	SECURITIES LENDING COLLATERAL — 2.2%
	DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.31% (c)(d)
	311,072		—		(84,961	)(e)		—		—		2,193		—		226,111		226,111
	CASH EQUIVALENTS — 0.7%
	DWS Government Money Market Series “Institutional Shares” , 2.38% (c)
	—		438,415		(363,885	)		—		—		659		—		74,530		74,530
	311,072		438,415		(448,846	)		—		—		2,852		—		300,641		300,641

* 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, 2019 amounted to $2,598,225, which is 25.3% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $2,435,042.

(e) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2019.

CVR: Contingent Value Rights

REIT: Real Estate Investment Trust

At February 28, 2019, open futures contract purchased was as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Appreciation
E-Mini Russell 2000		USD		1	$	67,385	$	78,775		3/15/2019	$	11,390

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.

Currency Abbreviations

USD U.S. Dollar

See Notes to Financial Statements. 60

DBX ETF Trust

Schedule of Investments

Xtrackers Russell 2000 Comprehensive Factor ETF (Continued)

February 28, 2019 (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, 2019 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)	$	10,162,597	$	—	$	—	$	10,162,597
Rights (f)		—		—		444		444
Exchange-Traded Funds		31,973		—		—		31,973
Short-Term Investments (f)		300,641		—		—		300,641
Derivatives (g)
Futures Contracts		11,390		—		—		11,390
TOTAL	$	10,506,601	$	—	$	444	$	10,507,045

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

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

See Notes to Financial Statements. 61

DBX ETF Trust

Statements of Assets and Liabilities

February 28, 2019 (Unaudited)

	Xtrackers FTSE Developed ex US Comprehensive Factor ETF			Xtrackers FTSE Emerging Comprehensive Factor ETF			Xtrackers Russell 1000 Comprehensive Factor ETF		Xtrackers Russell 1000 US QARP ETF
Assets
Investment in non-affiliated securities at value	$	82,060,719		$	6,203,677		$	194,991,245	$	125,394,430
Investment in affiliated securities at value		18,839			—			—		—
Investment in DWS Government Money Market Series		11,096			1,671			358,657		260,348
Investment in DWS Government & Agency Securities Portfolio*		890,630			179,047			161,960		111,047
Foreign currency at value		116,760			5,308			—		—
Deposit with broker for futures contracts		9,000			—			14,200		18,000
Receivables:
Dividends		158,795			8,893			332,405		264,138
Securities lending income		385			44			1,911		396
Foreign tax reclaim		9,731			535			—		—
Total Assets	$	83,275,955		$	6,399,175		$	195,860,378	$	126,048,359
Liabilities
Payable upon return of securities loaned	$	890,630		$	179,047		$	161,960	$	111,047
Payables:
Investment securities purchased		38,461			—			—		—
Investment advisory fees		20,434			2,385			24,348		16,015
Variation margin on futures contracts		430			—			1,330		1,560
Total Liabilities		949,955			181,432			187,638		128,622
Net Assets, at value	$	82,326,000		$	6,217,743		$	195,672,740	$	125,919,737
Net Assets Consist of
Paid-in capital	$	84,745,447		$	6,407,649		$	190,657,389	$	122,093,751
Distributable earnings (loss)		(2,419,447	)		(189,906	)		5,015,351		3,825,986
Net Assets, at value	$	82,326,000		$	6,217,743		$	195,672,740	$	125,919,737
Number of Common Shares outstanding		3,000,001			250,001			6,050,001		4,800,001
Net Asset Value	$	27.44		$	24.87		$	32.34	$	26.23
Investment in non-affiliated securities at cost	$	83,068,922		$	6,090,302		$	179,361,543	$	121,358,663
Investment in affiliated securities at cost	$	16,544		$	—		$	—	$	—
Value of securities loaned	$	1,165,922		$	167,536		$	21,477,775	$	6,671,667
Investment in DWS Government Money Market Series at cost	$	11,096		$	1,671		$	358,657	$	260,348
Investment in DWS Government & Agency Securities Portfolio at cost*	$	890,630		$	179,047		$	161,960	$	111,047
Non-cash collateral for securities on loan	$	434,944		$	32,748		$	21,848,170	$	6,714,482
Foreign currency at cost	$	116,559		$	5,304		$	—	$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 62

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

February 28, 2019 (Unaudited)

	Xtrackers Russell 2000 Comprehensive Factor ETF
Assets
Investment in non-affiliated securities at value	$	10,195,014
Investment in DWS Government Money Market Series		74,530
Investment in DWS Government & Agency Securities Portfolio*		226,111
Deposit with broker for futures contracts		3,550
Receivables:
Dividends		9,714
Securities lending income		394
Total Assets	$	10,509,313
Liabilities
Payable upon return of securities loaned	$	226,111
Payables:
Investment advisory fees		2,315
Variation margin on futures contracts		330
Total Liabilities		228,756
Net Assets, at value	$	10,280,557
Net Assets Consist of
Paid-in capital	$	10,216,042
Distributable earnings (loss)		64,515
Net Assets, at value	$	10,280,557
Number of Common Shares outstanding		300,001
Net Asset Value	$	34.27
Investment in non-affiliated securities at cost	$	9,289,448
Value of securities loaned	$	2,598,225
Investment in DWS Government Money Market Series at cost	$	74,530
Investment in DWS Government & Agency Securities Portfolio at cost*	$	226,111
Non-cash collateral for securities on loan	$	2,435,042

* Represents collateral on securities loaned.

See Notes to Financial Statements. 63

DBX ETF Trust

Statements of Operations

For the Six Months Ended February 28, 2019 (Unaudited)

	Xtrackers FTSE Developed ex US Comprehensive Factor ETF			Xtrackers FTSE Emerging Comprehensive Factor ETF			Xtrackers Russell 1000 Comprehensive Factor ETF			Xtrackers Russell 1000 US QARP ETF
Investment Income
Unaffiliated dividend income*	$	658,238		$	66,922		$	1,618,332		$	824,279
Income distributions from affiliated funds		543			25			9,078			895
Unaffiliated non-cash dividend income		60,348			—			—			—
Affiliated securities lending income		2,773			215			3,510			1,170
Unaffiliated securities lending income, net of borrower rebates		—			—			4,957			121
Total investment income		721,902			67,162			1,635,877			826,465
Expenses
Investment advisory fees		108,223			15,061			138,396			71,634
Other expenses		57			57			57			30
Total expenses		108,280			15,118			138,453			71,664
Less fees waived (see note 3):
Waiver		(15	)		(2	)		(367	)		(26	)
Net expenses		108,265			15,116			138,086			71,638
Net Investment income (loss)		613,637			52,046			1,497,791			754,827
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(1,427,755	)		(322,583	)		(8,783,794	)		(15,975	)
In-kind redemptions		375,384			—			2,866,750			(83,541	)
Futures contracts		(37,597	)		(4,285	)		(116,060	)		—
Foreign currency transactions		(4,326	)		(2,475	)		—			—
Net realized gain (loss)		(1,094,294	)		(329,343	)		(6,033,104	)		(99,516	)
Net change in unrealized appreciation (depreciation) on:
Investments**		(1,230,416	)		264,134			(1,154,074	)		66,544
Investments in affiliates		2,295			—			—			—
Futures contracts		22,135			3,820			(13,115	)		13,518
Foreign currency translations		970			2,106			—			—
Net change in unrealized appreciation (depreciation)		(1,205,016	)		270,060			(1,167,189	)		80,062
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(2,299,310	)		(59,283	)		(7,200,293	)		(19,454	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,685,673	)	$	(7,237	)	$	(5,702,502	)	$	735,373
*   Unaffiliated foreign tax withheld	$	65,130		$	5,423		$	117		$	11
**   Net of change in deferred foreign taxes	$	—		$	(3,551	)	$	—		$	—

See Notes to Financial Statements. 64

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended February 28, 2019 (Unaudited)

	Xtrackers Russell 2000 Comprehensive Factor ETF
Investment Income
Unaffiliated dividend income*	$	104,060
Income distributions from affiliated funds		659
Affiliated securities lending income		2,193
Total investment income		106,912
Expenses
Investment advisory fees		15,037
Other expenses		57
Total expenses		15,094
Less fees waived (see note 3):
Waiver		(23	)
Net expenses		15,071
Net Investment income (loss)		91,841
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(466,323	)
Futures contracts		(17,060	)
Foreign currency transactions		(3	)
Net realized gain (loss)		(483,386	)
Net change in unrealized appreciation (depreciation) on:
Investments		(661,402	)
Futures contracts		8,445
Foreign currency translations		24
Net change in unrealized appreciation (depreciation)		(652,933	)
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(1,136,319	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,044,478	)
*   Unaffiliated foreign tax withheld	$	18

See Notes to Financial Statements. 65

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, 2019 (Unaudited)			Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	613,637		$	1,186,134		$	52,046		$	228,551
Net realized gain (loss)		(1,094,294	)		96,967			(329,343	)		837,875
Net change in net unrealized appreciation (depreciation)		(1,205,016	)		(463,370	)		270,060			(1,468,661	)
Net increase (decrease) in net assets resulting from operations		(1,685,673	)		819,731			(7,237	)		(402,235	)
Distributions to Shareholders		(751,764	)		(1,119,637	)*		(191,501	)		(534,323	)**
Fund Shares Transactions
Proceeds from shares sold		30,817,665			45,367,454			—			—
Value of shares redeemed		(5,180,664	)		(1,436,896	)		—			(5,735,711	)
Net increase (decrease) in net assets resulting from fund share transactions		25,637,001			43,930,558			—			(5,735,711	)
Total net increase (decrease) in Net Assets		23,199,564			43,630,652			(198,738	)		(6,672,269	)
Net Assets
Beginning of period		59,126,436			15,495,784			6,416,481			13,088,750
End of period	$	82,326,000		$	59,126,436	***	$	6,217,743		$	6,416,481	***
Changes in Shares Outstanding
Shares outstanding, beginning of period		2,050,001			550,001			250,001			450,001
Shares sold		1,150,000			1,550,000			—			—
Shares redeemed		(200,000	)		(50,000	)		—			(200,000	)
Shares outstanding, end of period		3,000,001			2,050,001			250,001			250,001

* Includes distributions from net investment income.

** Includes distributions from net investment income of $342,332 and net realized gains of $191,991.

*** Includes undistributed net investment income of $434,377 and $72,089 respectively.

See Notes to Financial Statements. 66

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers Russell 1000 Comprehensive Factor ETF						Xtrackers Russell 1000 US QARP ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Period April 5, 2018(1) to August 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,497,791		$	2,300,079		$	754,827		$	415,425
Net realized gain (loss)		(6,033,104	)		7,060,292			(99,516	)		27,083
Net change in net unrealized appreciation (depreciation)		(1,167,189	)		12,374,293			80,062			3,969,223
Net increase (decrease) in net assets resulting from operations		(5,702,502	)		21,734,664			735,373			4,411,731
Distributions to Shareholders		(1,445,495	)		(2,163,877	)*		(629,493	)		(177,934	)*
Fund Shares Transactions
Proceeds from shares sold		48,776,191			104,881,632			70,338,320			64,987,902
Value of shares redeemed		(17,294,132	)		(53,325,864	)		(5,938,233	)		(7,807,954	)
Net increase (decrease) in net assets resulting from fund share transactions		31,482,059			51,555,768			64,400,087			57,179,948
Total net increase (decrease) in Net Assets		24,334,062			71,126,555			64,505,967			61,413,745
Net Assets
Beginning of period		171,338,678			100,212,123			61,413,770			25
End of period	$	195,672,740		$	171,338,678	**	$	125,919,737		$	61,413,770	**
Changes in Shares Outstanding
Shares outstanding, beginning of period		5,050,001			3,400,001			2,250,001			1
Shares sold		1,550,000			3,300,000			2,800,000			2,550,000
Shares redeemed		(550,000	)		(1,650,000	)		(250,000	)		(300,000	)
Shares outstanding, end of period		6,050,001			5,050,001			4,800,001			2,250,001

(1) Commencement of Operations.

* Includes distributions from net investment income.

** Includes undistributed net investment income of $471,966 and $237,491 respectively.

See Notes to Financial Statements. 67

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers Russell 2000 Comprehensive Factor ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	91,841		$	136,931
Net realized gain (loss)		(483,386	)		684,775
Net change in net unrealized appreciation (depreciation)		(652,933	)		1,083,245
Net increase (decrease) in net assets resulting from operations		(1,044,478	)		1,904,951
Distributions to Shareholders		(95,400	)		(222,095	)*
Fund Shares Transactions
Proceeds from shares sold		—			10,288,658
Value of shares redeemed		—			(5,225,663	)
Net increase (decrease) in net assets resulting from fund share transactions		—			5,062,995
Total net increase (decrease) in Net Assets		(1,139,878	)		6,745,851
Net Assets
Beginning of period		11,420,435			4,674,584
End of period	$	10,280,557		$	11,420,435	**
Changes in Shares Outstanding
Shares outstanding, beginning of period		300,001			150,001
Shares sold		—			300,000
Shares redeemed		—			(150,000	)
Shares outstanding, end of period		300,001			300,001

* Includes distributions from net investment income of $115,343 and net realized gains of $106,752.

** Includes undistributed net investment income of $34,581.

See Notes to Financial Statements. 68

DBX ETF Trust

Financial Highlights

Xtrackers FTSE Developed ex US Comprehensive Factor ETF Selected Per Share Data	For the Six Months Ended 2/28/2019 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2016(a)
				2018			2017
Net Asset Value, beginning of period	$	28.84		$	28.17		$	25.41		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.26			0.77			0.54			0.52
Net realized and unrealized gain (loss)		(1.31	)		0.72	(d)		3.19	(d)		0.27
Total from investment operations		(1.05	)		1.49			3.73			0.79
Less distributions from:
Net investment income		(0.35	)		(0.82	)		(0.97	)		(0.38	)
Total distributions		(0.35	)		(0.82	)		(0.97	)		(0.38	)
Net Asset Value, end of period	$	27.44		$	28.84		$	28.17		$	25.41
Total Return (%)		(3.66	)(e)**		5.32			15.16			3.21	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		82			59			15			3
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.35			0.36	*
Ratio of expenses after fee waiver (%)		0.35	*		0.35			0.35			0.36	*
Ratio of net investment income (loss) (%)		1.98	*		2.62			2.10			2.77	*
Portfolio turnover rate (%)(f)		27	**		45			45			35	**
Xtrackers FTSE Emerging Comprehensive Factor ETF Selected Per Share Data	For the Six Months Ended 2/28/2019 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2016(b)
				2018			2017
Net Asset Value, beginning of period	$	25.67		$	29.09		$	25.73		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.21			0.82			0.88			0.38
Net realized and unrealized gain (loss)		(0.25	)		(2.46	)		3.27			0.41
Total from investment operations		(0.04	)		(1.64	)		4.15			0.79
Less distributions from:
Net investment income		(0.32	)		(1.01	)		(0.61	)		(0.06	)
Net realized gains		(0.44	)		(0.77	)		(0.18	)		—
Total distributions		(0.76	)		(1.78	)		(0.79	)		(0.06	)
Net Asset Value, end of period	$	24.87		$	25.67		$	29.09		$	25.73
Total Return (%)		(0.03	)(e)**		(5.89	)		16.56			3.16	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6			6			13			3
Ratio of expenses before fee waiver (%)		0.50	*		0.50			0.50			0.50	*
Ratio of expenses after fee waiver (%)		0.50	*		0.50			0.50			0.50	*
Ratio of net investment income (loss) (%)		1.73	*		2.90			3.28			4.14	*
Portfolio turnover rate (%)(f)		28	**		74			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) Total return would have been lower if certain expenses had not been reimbursed by the Advisor.

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 69

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Russell 1000 Comprehensive Factor ETF Selected Per Share Data	For the Six Months Ended 2/28/2019 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2016(a)
				2018			2017
Net Asset Value, beginning of period	$	33.93		$	29.47		$	26.76		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.29			0.52			0.51			0.40
Net realized and unrealized gain (loss)		(1.60	)		4.44			2.85			1.60
Total from investment operations		(1.31	)		4.96			3.36			2.00
Less distributions from:
Net investment income		(0.28	)		(0.50	)		(0.65	)		(0.24	)
Total distributions		(0.28	)		(0.50	)		(0.65	)		(0.24	)
Net Asset Value, end of period	$	32.34		$	33.93		$	29.47		$	26.76
Total Return (%)		(3.82	)(d)**		16.97	(d)		12.75	(d)		8.06	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		196			171			100			21
Ratio of expenses before fee waiver (%)		0.17	*		0.19			0.23			0.25	*
Ratio of expenses after fee waiver (%)		0.17	*		0.18			0.21			0.25	*
Ratio of net investment income (loss) (%)		1.84	*		1.62			1.83			2.01	*
Portfolio turnover rate (%)(e)		20	**		45			67			64	**
Xtrackers Russell 1000 US QARP ETF Selected Per Share Data	For the Six Months Ended 2/28/2019 (Unaudited)			Period Ended 8/31/2018(b)
Net Asset Value, beginning of period	$	27.29		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(c)		0.25			0.21
Net realized and unrealized gain (loss)		(1.07	)		2.16
Total from investment operations		(0.82	)		2.37
Less distributions from:
Net investment income		(0.24	)		(0.08	)
Total distributions		(0.24	)		(0.08	)
Net Asset Value, end of period	$	26.23		$	27.29
Total Return (%)		(2.95	)(d)**		9.52	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		126			61
Ratio of expenses before fee waiver (%)		0.19	*		0.19	*
Ratio of expenses after fee waiver (%)		0.19	*		0.19	*
Ratio of net investment income (loss) (%)		2.00	*		2.00	*
Portfolio turnover rate (%)(e)		1	**		26	**

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

(b) For the period April 5, 2018 (commencement of operations) through August 31, 2018.

(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. 70

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Russell 2000 Comprehensive Factor ETF Selected Per Share Data	For the Six Months Ended 2/28/2019 (Unaudited)			Years Ended August 31,						Period Ended 8/31/2016(a)
				2018			2017
Net Asset Value, beginning of period	$	38.07		$	31.16		$	27.82		$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.31			0.49			0.46			0.09
Net realized and unrealized gain (loss)		(3.79	)		7.23			3.35			2.73
Total from investment operations		(3.48	)		7.72			3.81			2.82
Less distributions from:
Net investment income		(0.32	)		(0.45	)		(0.46	)		—
Net realized gains		—			(0.36	)		(0.01	)		—
Total distributions		(0.32	)		(0.81	)		(0.47	)		—
Net Asset Value, end of period	$	34.27		$	38.07		$	31.16		$	27.82
Total Return (%)		(9.10	)(c)**		25.08			13.72			11.28	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		10			11			5			3
Ratio of expenses before fee waiver (%)		0.30	*		0.30			0.30			0.30	*
Ratio of expenses after fee waiver (%)		0.30	*		0.30			0.30			0.30	*
Ratio of net investment income (loss) (%)		1.83	*		1.42			1.51			1.79	*
Portfolio turnover rate (%)(d)		20	**		60			53			2	**

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

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

(c) Total return would have been lower if certain expenses had not been reimbursed by the Advisor.

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 71

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of February 28, 2019, the Trust consists of thirty-eight 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 1000 US QARP 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 (“NAV”), 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 Xtrackers Russell 1000 Comprehensive Factor ETF Xtrackers Russell 1000 US QARP ETF Xtrackers Russell 2000 Comprehensive Factor ETF	FTSE Emerging Comprehensive Factor Index Russell 1000 Comprehensive Factor Index Russell 1000 2Qual/Val 5% Capped Factor Index 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 1000 2Qual/Val 5% Capped Factor Index is designed to track the equity market performance of companies in the United States selected on the investment style criteria (“factors”) of quality and value. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which

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Notes to Financial Statements (Unaudited) (Continued)

is comprised of large-cap equity securities from issuers in the United States. The Underlying Index is rebalanced annually in June after the close of business on the third Friday of the review month. Upon a rebalancing, no issuer in the Underlying Index may represent more than 5% of the Underlying Index. In the event an issuer represents more than 5% of the Underlying Index at a rebalancing, such amount in excess of 5% shall be reallocated pro-rata to the other issuers in the Underlying Index.

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.

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

Each Fund, except Xtrackers FTSE Developed ex US Comprehensive Factor ETF and Xtrackers Russell 1000 Comprehensive Factor ETF, is non-diversified and is not limited by the Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. The securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of such a fund and, consequently, the fund’s investment portfolio. This may adversely affect the fund’s performance or subject the fund’s shares to greater price volatility than that experienced by more diversified investment companies.

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

2. Significant Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. 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.

In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Funds adopted the amendments with the impacts being that the Funds are no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

Security Valuation    The 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

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Notes to Financial Statements (Unaudited) (Continued)

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 NAV 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.

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 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.

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Notes to Financial Statements (Unaudited) (Continued)

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 August 31, 2018, the Funds did not incur any interest or penalties.

At August 31, 2018, 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 FTSE Developed ex US Comprehensive Factor ETF	$	165,066	$	15,877	$	180,943
Xtrackers Russell 1000 Comprehensive Factor ETF		778,819		—		778,819
Xtrackers Russell 2000 Comprehensive Factor ETF		85,257		8,642		93,899

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the period ended August 31, 2018, the Funds incurred and will elect to defer post-October capital losses and late year ordinary losses as follows:

	Post-October Losses on Capital
Xtrackers Russell 1000 Comprehensive Factor ETF	$	2,857,587
Xtrackers Russell 1000 US QARP ETF		342,023
Xtrackers Russell 2000 Comprehensive Factor ETF		228,622

As of August 31, 2018, 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	$	59,345,118	$	(234,948	)	$	3,302,210	$	(3,537,158	)
Xtrackers FTSE Emerging Comprehensive Factor ETF		6,615,750		(168,038	)		615,117		(783,155	)
Xtrackers Russell 1000 Comprehensive Factor ETF		153,937,903		15,327,788			18,097,094		(2,769,306	)
Xtrackers Russell 1000 US QARP ETF		57,442,816		3,824,638			5,006,729		(1,182,091	)
Xtrackers Russell 2000 Comprehensive Factor ETF		10,144,943		1,492,357			1,730,369		(238,012	)

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, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Foreign taxes payable as of February 28, 2019, 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.

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Notes to Financial Statements (Unaudited) (Continued)

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending    The Funds 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 and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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, 2019, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.11% annualized effective rate as of February 28, 2019) on the cash collateral invested in DWS 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, 2019, 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.

Remaining Contractual Maturity of the Agreements, as of February 28, 2019
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers FTSE Developed ex US Comprehensive Factor ETF
Common Stocks	$	890,630	$	—	$	32,332	$	402,612	$	1,325,574
Gross amount of recognized liabilities for securities lending transactions									$	1,325,574
Xtrackers FTSE Emerging Comprehensive Factor ETF
Common Stocks	$	179,047	$	107	$	79	$	32,562	$	211,795
Gross amount of recognized liabilities for securities lending transactions									$	211,795
Xtrackers Russell 1000 Comprehensive Factor ETF
Common Stocks	$	161,960	$	151,145	$	294,232	$	21,402,793	$	22,010,130
Gross amount of recognized liabilities for securities lending transactions									$	22,010,130
Xtrackers Russell 1000 US QARP ETF
Common Stocks	$	111,047	$	77,379	$	142,129	$	6,494,974	$	6,825,529
Gross amount of recognized liabilities for securities lending transactions									$	6,825,529
Xtrackers Russell 2000 Comprehensive Factor ETF
Common Stocks	$	226,111	$	19,675	$	36,239	$	2,379,128	$	2,661,153
Gross amount of recognized liabilities for securities lending transactions									$	2,661,153

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Notes to Financial Statements (Unaudited) (Continued)

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, 2019, Xtrackers FTSE Developed ex US Comprehensive Factor ETF, Xtrackers FTSE Emerging Comprehensive Factor ETF, Xtrackers Russell 1000 Comprehensive Factor ETF, Xtrackers Russell 1000 US QARP ETF and Xtrackers Russell 2000 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 affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

A summary of the open futures contracts as of February 28, 2019 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, 2019 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers FTSE Developed ex US Comprehensive Factor ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	19,990	Unrealized depreciation on futures contracts*	$	—
Xtrackers Russell 1000 Comprehensive Factor ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	39,988	Unrealized depreciation on futures contracts*	$	—
Xtrackers Russell 1000 US QARP ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	13,518	Unrealized depreciation on futures contracts*	$	—
Xtrackers Russell 2000 Comprehensive Factor ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	11,390	Unrealized depreciation on futures contracts*	$	—

* 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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Notes to Financial Statements (Unaudited) (Continued)

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 28, 2019 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 Developed ex US Comprehensive Factor ETF	$	(37,597	)
Xtrackers FTSE Emerging Comprehensive Factor ETF		(4,285	)
Xtrackers Russell 1000 Comprehensive Factor ETF		(116,060	)
Xtrackers Russell 2000 Comprehensive Factor ETF		(17,060	)
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers FTSE Developed ex US Comprehensive Factor ETF	$	22,135
Xtrackers FTSE Emerging Comprehensive Factor ETF		3,820
Xtrackers Russell 1000 Comprehensive Factor ETF		(13,115	)
Xtrackers Russell 1000 US QARP ETF		13,518
Xtrackers Russell 2000 Comprehensive Factor ETF		8,445

For the period ended February 28, 2019 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers FTSE Developed ex US Comprehensive Factor ETF	$	213,596
Xtrackers FTSE Emerging Comprehensive Factor ETF		7,535
Xtrackers Russell 1000 Comprehensive Factor ETF		1,020,630
Xtrackers Russell 1000 US QARP ETF		78,990
Xtrackers Russell 2000 Comprehensive Factor ETF		77,947

Affiliated Cash Management Vehicles    The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary management fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

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	%

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	Unitary Management Fee
Xtrackers Russell 1000 Comprehensive Factor ETF		0.17	%
Xtrackers Russell 1000 US QARP ETF		0.19	%
Xtrackers Russell 2000 Comprehensive Factor ETF		0.30	%

The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 28, 2019, the Advisor waived expenses of the Fund’s as follows:

	Expenses Waived
Xtrackers FTSE Developed ex US Comprehensive Factor ETF	$	15
Xtrackers FTSE Emerging Comprehensive Factor ETF		2
Xtrackers Russell 1000 Comprehensive Factor ETF		367
Xtrackers Russell 1000 US QARP ETF		26
Xtrackers Russell 2000 Comprehensive Factor ETF		23

Effective March 5, 2019, the Advisor for Xtrackers FTSE Developed ex US Comprehensive Factor ETF has contractually agreed, until March 5, 2020, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.24% of the Fund’s average daily net assets.

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 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, 2019, 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	$	18,625,054	$	17,336,781
Xtrackers FTSE Emerging Comprehensive Factor ETF		1,733,387		1,824,901
Xtrackers Russell 1000 Comprehensive Factor ETF		34,987,114		33,648,277
Xtrackers Russell 1000 US QARP ETF		513,422		742,655
Xtrackers Russell 2000 Comprehensive Factor ETF		2,025,107		2,023,207

For the period ended February 28, 2019, 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	$	29,201,704	$	5,020,014
Xtrackers Russell 1000 Comprehensive Factor ETF		48,724,541		17,171,682
Xtrackers Russell 1000 US QARP ETF		70,330,901		5,937,790

79

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

5. Fund Share Transactions

As of February 28, 2019, 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. Investing in Emerging Markets

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

7. Line of Credit

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers 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, 2019.

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

80

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, Xtrackers Russell 1000 US QARP ETF, and Xtrackers Russell 2000 Comprehensive Factor ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 11-12, 2019 (the “Meeting”), 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, Xtrackers Russell 1000 US QARP ETF, and Xtrackers Russell 2000 Comprehensive Factor ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms and also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 11 and February 12, 2019. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, 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 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.

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 the 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

81

DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

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 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 Funds’ costs (subject to certain specified exceptions). 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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DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.

Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q or Form N-PORT (available for filings after March 31, 2019). 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.

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 NAV of the Fund can be found at www.Xtrackers.com.

83

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 advisor, 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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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 NYSE Arca, Inc. 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 © 2019 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment 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 240 Greenwich 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-045855-4 (4/19) DBX003833 (4/20)

February 28, 2019

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		2
Xtrackers Barclays International Treasury Bond Hedged ETF		3
Xtrackers High Beta High Yield Bond ETF		4
Xtrackers Low Beta High Yield Bond ETF		5
Xtrackers Short Duration High Yield Bond ETF		6
Xtrackers USD High Yield Corporate Bond ETF		7
Fees and Expenses		8
Schedule of Investments
Xtrackers Barclays International Corporate Bond Hedged ETF		9
Xtrackers Barclays International Treasury Bond Hedged ETF		14
Xtrackers High Beta High Yield Bond ETF		21
Xtrackers Low Beta High Yield Bond ETF		32
Xtrackers Short Duration High Yield Bond ETF		41
Xtrackers USD High Yield Corporate Bond ETF		50
Statements of Assets and Liabilities		68
Statements of Operations		70
Statements of Changes in Net Assets		72
Financial Highlights		75
Notes to Financial Statements		78
Board Considerations in Approval of Investment Advisory Contracts		88
Additional Information		90
Privacy Policy Notice		91

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report on our ETFs tracking the fixed income market for the period ended February 28, 2019.

Global economic activity moderated to its long-term trend during the reporting period, led by a relatively strong U.S., but weakened activity in Europe, China and Japan. Despite previous rate hikes and a weaker global backdrop, the U.S. economy remained on a solid footing backed by strong employment, a patient Federal Reserve Board (FRB) and potential relief around U.S.-China trade tensions. Meanwhile, Eurozone growth slowed, undermined by Germany’s poor manufacturing Purchasing Managers’ Index, auto manufacturing contraction, and civil unrest in France. The region is also prone to a no-deal Brexit becoming more likely given the region’s sizeable trade surplus with the U.K. Emerging-market (EM) capital flows were affected by tighter USD funding conditions, while uncertainty on trade talks and country-specific risks added to the woes.

Global equity markets posted positive performance during the reporting period, recovering from losses due to the deep sell-off late in 2018. U.S. equities have also been more resilient than other markets due to tightening liquidity conditions and trade frictions. With the progress on trade talks and resolution of the U.S. government shutdown already baked in, the focus will turn increasingly towards economic growth prospects and their impact on corporate earnings. Meanwhile, major central banks are moving towards a dovish stance owing to the backdrop of rising macro-economic challenges. The FRB raised its key interest rate by .25% and kept the rate unchanged at its December and January meetings, respectively. Although the dot plot was left unchanged this year, the FRB highlighted its data-dependency and caution in terms of further rate hikes. U.S. government debt yields experienced a decline as global growth fears continued to weigh on equity markets and buoyed safe-haven assets.

Although the Eurozone faced headwinds from weak economics and unsettled politics, the economy is likely to improve from strengthening labor markets and the continued accommodative monetary stance. The European Central Bank (ECB) announced the end of net asset purchases and focused its attention on quantitative easing reinvestments. The ECB also signaled keeping its rate low at least through the end of 2019 and revised its growth forecast slightly downward. In addition, European equities trailed the global and U.S. benchmarks due to weaker earnings in Europe relative to the rest of the world. On the other hand, political uncertainty, and concerns over Italian banks, continued to weigh on sovereign spreads. Elsewhere, the Bank of Japan decided to stand pat on monetary policy, to maintain its yield curve control policy and purchase of assets other than long-term Japanese government bonds. The Bank of England decided to stand down on any policy changes towards the end of the period due to uncertainty around an amicable Brexit.

Global risk appetite remains soft as the market frets about slowing growth and U.S.-China trade turbulence. However, favorable employment rates, some acceleration in wage growth, along with fiscal easing should instill confidence in central banks to tighten policy further. That said, we feel major central banks’ aggregate balance sheets will shrink in 2019, marking a significant shift from quantitative easing to quantitative tightening, which could push yields higher. Given this economic backdrop of a rising rate environment, hedging interest rate exposure would play a significant role in managing investments in fixed income markets.

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

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

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

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Barclays International Corporate Bond Hedged ETF (IFIX)

The Xtrackers Barclays International Corporate Bond Hedged ETF (the “Fund”), using a “passive” or indexing investment approach, 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 2/28/19

Description	% of Market Value
AAA		2.3%
AA		22.4%
A		32.3%
BBB		43.0%
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 2/28/19

Netherlands	19.2%
United Kingdom	16.0%
United States	15.8%
France	13.5%
Canada	9.3%
Germany	6.2%
Australia	4.2%
Japan	4.0%
Italy	3.8%
Spain	2.4%
Other	5.6%
Total	100.0%

Sector Diversification* as of 2/28/19

Financial	40.6%
Consumer, Non-cyclical	14.2%
Consumer, Cyclical	9.4%
Utilities	8.6%
Industrial	8.0%
Communications	8.0%
Energy	4.9%
Technology	3.0%
Basic Materials	2.9%
Government	0.4%
Total	100.0%

Modified duration as of 2/28/19: 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 excluding cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Barclays International Treasury Bond Hedged ETF (IGVT)

The Xtrackers Barclays International Treasury Bond Hedged ETF (the “Fund”), using a “passive” or indexing investment approach, 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 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 2/28/19

Description	% of Market Value
AAA		20.9%
AA		28.3%
A		37.6%
BBB		13.1%
BB		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 2/28/19

Japan	24.2%
France	7.0%
United Kingdom	7.0%
Italy	6.2%
Germany	4.7%
Spain	4.6%
Belgium	4.5%
South Korea	4.4%
Australia	4.3%
Canada	4.3%
Netherlands	4.2%
Austria	2.9%
Other	21.7%
Total	100.0%

Modified duration as of 2/28/19: 8.2 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 cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 14.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers High Beta High Yield Bond ETF (HYUP)

The Xtrackers High Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, 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 2/28/19

Description	% of Market Value
BBB		3.5%
BB		38.8%
B		45.5%
CCC		11.9%
CC		0.3%
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 2/28/19

United States	79.8%
Luxembourg	5.6%
Canada	4.0%
Netherlands	2.5%
Other	8.1%
Total	100.0%

Sector Diversification* as of 2/28/19

Communications	26.3%
Consumer, Non-cyclical	19.9%
Consumer, Cyclical	12.2%
Energy	11.6%
Financial	9.7%
Industrial	8.0%
Technology	5.4%
Basic Materials	4.5%
Utilities	2.3%
Diversified	0.1%
Total	100.0%

Modified duration as of 2/28/19: 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 and cash equivalents.

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 Low Beta High Yield Bond ETF (HYDW)

The Xtrackers Low Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, 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 2/28/19

Description	% of Market Value
BBB		13.8%
BB		76.1%
B		10.1%
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 2/28/19

United States	91.0%
Canada	2.9%
Other	6.1%
Total	100.0%

Sector Diversification* as of 2/28/19

Communications	20.6%
Consumer, Non-cyclical	16.9%
Energy	15.9%
Consumer, Cyclical	13.4%
Industrial	10.5%
Financial	9.0%
Technology	5.5%
Basic Materials	4.7%
Utilities	3.5%
Total	100.0%

Modified duration as of 2/28/19: 4.0 years

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.

5

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers Short Duration High Yield Bond ETF (SHYL)

The Xtrackers Short Duration High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, 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 2/28/19

Description	% of Market Value
BBB		8.8%
BB		53.8%
B		29.8%
CCC		7.0%
CC		0.6%
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 2/28/19

United States	85.2%
Luxembourg	3.7%
Canada	3.2%
Ireland	2.3%
United Kingdom	2.2%
Other	3.4%
Total	100.0%

Sector Diversification* as of 2/28/19

Communications	22.1%
Consumer, Non-cyclical	18.9%
Energy	13.3%
Consumer, Cyclical	12.2%
Financial	10.4%
Industrial	9.5%
Technology	6.2%
Basic Materials	5.8%
Utilities	1.6%
Total	100.0%

Modified duration as of 2/28/19: 2.7 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 and cash equivalents.

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

6

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers USD High Yield Corporate Bond ETF (HYLB)

The Xtrackers USD High Yield Corporate Bond ETF (the “Fund”), using a “passive” or indexing investment approach, 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 2/28/19

Description	% of Market Value
BBB		8.5%
BB		55.6%
B		29.5%
CCC		6.2%
C		0.2%
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 2/28/19

United States	85.2%
Canada	3.5%
Luxembourg	3.3%
Other	8.0%
Total	100.0%

Sector Diversification* as of 2/28/19

Communications	23.6%
Consumer, Non-cyclical	18.5%
Energy	13.5%
Consumer, Cyclical	12.7%
Financial	9.5%
Industrial	9.3%
Technology	5.3%
Basic Materials	4.7%
Utilities	2.9%
Diversified	0%
Total	100.0%

Modified duration as of 2/28/19: 4.2 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 and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 50.

7

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 the Funds 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, 2018 to February 28, 2019).

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, 2018		Ending Account Value February 28, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000(1)
Xtrackers Barclays International Corporate Bond Hedged ETF
Actual	$	1,000.00	$	1,020.10		0.30	%	$	1.50
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	$	1,029.90		0.25	%	$	1.26
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.55		0.25	%	$	1.25
Xtrackers High Beta High Yield Bond ETF
Actual	$	1,000.00	$	1,016.90		0.35	%	$	1.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.06		0.35	%	$	1.76
Xtrackers Low Beta High Yield Bond ETF
Actual	$	1,000.00	$	1,030.20		0.25	%	$	1.26
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.55		0.25	%	$	1.25
Xtrackers Short Duration High Yield Bond ETF
Actual	$	1,000.00	$	1,021.30		0.20	%	$	1.00
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80		0.20	%	$	1.00
Xtrackers USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	1,023.30		0.20	%	$	1.00
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80		0.20	%	$	1.00

(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.

8

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Corporate Bond Hedged ETF

February 28, 2019 (Unaudited)

		Principal Amount		Value
CORPORATE BONDS — 97.8%
Australia — 4.1%
BHP Billiton Finance Ltd., REGS Series MTN, 3.00%, 3/30/20	AUD		50,000	$	35,706
National Australia Bank Ltd., REGS Series GMTN, 1.25%, 5/18/26	EUR		15,000		17,519
QPH Finance Co. Pty Ltd. Series MTN, 5.75%, 7/29/20	AUD		50,000		37,071
Wesfarmers Ltd., REGS Series EMTN, 1.25%, 10/07/21	EUR		100,000		116,959
					207,255
Austria — 1.0%
OMV AG, REGS Series EMTN, 1.00%, 12/14/26	EUR		35,000		39,969
Vienna Insurance Group AG Wiener Versicherung Gruppe, REGS 3.75%, 3/02/46	EUR		10,000		12,068
					52,037
Belgium — 1.7%
Anheuser-Busch InBev SA/NV, REGS Series EMTN, 0.625%, 3/17/20	EUR		35,000		40,076
Series EMTN, 1.75%, 3/07/25	GBP		25,000		31,943
Series EMTN, 2.75%, 3/17/36	EUR		10,000		12,012
					84,031
Canada — 9.2%
407 International, Inc. Series MTN, 2.47%, 9/08/22	CAD		60,000		45,200
Bank of Montreal Series DPNT, 3.19%, 3/01/28	CAD		50,000		38,835
Bank of Nova Scotia Series DPNT, 3.10%, 2/02/28	CAD		50,000		38,552
Bell Canada, Inc., REGS Series MTN, 4.35%, 12/18/45	CAD		15,000		11,326
Brookfield Asset Management, Inc. Series MTN, 3.80%, 3/16/27	CAD		25,000		18,856
Canadian Natural Resources Ltd. Series MTN, 3.42%, 12/01/26	CAD		10,000		7,518
CU, Inc. 4.543%, 10/24/41	CAD		20,000		17,225
Hydro One, Inc. Series MTN, 3.72%, 11/18/47	CAD		20,000		15,064
Inter Pipeline Ltd. Series MTN, 3.173%, 3/24/25	CAD		100,000		74,854
Loblaw Cos. Ltd. Series MTN, 6.50%, 1/22/29	CAD		10,000		9,205
McGill University Series B, 3.975%, 1/29/56	CAD		5,000		4,234
Metro, Inc. Series MTN, 3.20%, 12/01/21	CAD		20,000		15,345
OMERS Realty Corp. Series 9, 3.244%, 10/04/27	CAD		10,000		7,723

		Principal Amount		Value
Canada (Continued)
Royal Bank of Canada Series DPNT, 2.36%, 12/05/22	CAD		35,000	$	26,412
Royal Office Finance LP Series A, 5.209%, 11/12/32	CAD		35,999		32,450
Shaw Communications, Inc. 3.80%, 3/01/27	CAD		30,000		23,074
Suncor Energy, Inc. Series MTN, 3.10%, 11/26/21	CAD		10,000		7,676
Toronto-Dominion Bank Series DPNT, 3.226%, 7/24/24	CAD		85,000		66,440
					459,989
France — 13.2%
BNP Paribas SA Series EMTN, 2.875%, 9/26/23	EUR		40,000		50,691
Bouygues SA, REGS 4.25%, 7/22/20	EUR		50,000		60,188
Engie SA, REGS Series EMTN, 5.95%, 3/16/11	EUR		5,000		9,828
Klepierre SA, REGS Series EMTN, 4.625%, 4/14/20	EUR		50,000		59,887
LVMH Moet Hennessy Louis Vuitton SE, REGS Series EMTN, 1.00%, 6/14/22	GBP		10,000		13,066
Series EMTN, 0.75%, 5/26/24	EUR		30,000		34,628
Orange SA, REGS Series EMTN, 3.125%, 1/09/24	EUR		100,000		128,161
PSA Tresorerie GIE 6.00%, 9/19/33	EUR		5,000		7,111
RCI Banque SA, REGS Series EMTN, 1.625%, 5/26/26	EUR		15,000		16,626
Sodexo SA, REGS 0.75%, 4/14/27	EUR		100,000		110,439
Suez, REGS Series EMTN, 5.50%, 7/22/24	EUR		50,000		72,142
Total Capital International SA, REGS Series EMTN, 1.75%, 7/07/25	GBP		10,000		13,300
Total Capital SA, REGS Series EMTN, 5.125%, 3/26/24	EUR		50,000		70,806
Veolia Environnement SA Series EMTN, 6.125%, 11/25/33	EUR		10,000		17,697
					664,570
Germany — 6.0%
BASF SE, REGS Series EMTN, 1.875%, 2/04/21	EUR		50,000		59,018
Series DIP, 1.625%, 11/15/37	EUR		10,000		11,352
Bayer AG, REGS 3.75%, 7/01/74	EUR		35,000		40,598
Commerzbank AG, REGS Series EMTN, 1.50%, 8/28/28	EUR		10,000		11,468
Daimler AG, REGS Series EMTN, 1.375%, 5/11/28	EUR		30,000		33,413
Deutsche Boerse AG, REGS 1.125%, 3/26/28	EUR		10,000		11,745

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Corporate Bond Hedged ETF (Continued)

February 28, 2019 (Unaudited)

		Principal Amount		Value
Germany (Continued)
Deutsche Post AG, REGS Series EMTN, 2.875%, 12/11/24	EUR		15,000	$	19,356
Series EMTN, 1.00%, 12/13/27	EUR		15,000		17,013
E.ON SE, REGS Series EMTN, 1.625%, 5/22/29	EUR		10,000		11,486
Henkel AG & Co. KGaA, REGS Series EMTN, 0.049%, 9/13/21	EUR		10,000		11,363
HOCHTIEF AG, REGS Series EMTN, 1.75%, 7/03/25	EUR		15,000		17,585
Infineon Technologies AG, REGS 1.50%, 3/10/22	EUR		25,000		29,404
Merck KGaA, REGS, 3.375%, 12/12/74	EUR		25,000		30,126
					303,927
Ireland — 1.2%
Fresenius Finance Ireland PLC, REGS 3.00%, 1/30/32	EUR		30,000		35,747
GE Capital European Funding Unlimited Co. Series EMTN, 6.025%, 3/01/38	EUR		5,000		7,673
GE Capital UK Funding Unlimited Co. Series EMTN, 6.25%, 5/05/38	GBP		10,000		17,274
					60,694
Italy — 3.7%
Assicurazioni Generali SpA, REGS Series EMTN, 5.125%, 9/16/24	EUR		50,000		68,374
UniCredit SpA, REGS Series EMTN, 3.25%, 1/14/21	EUR		100,000		119,419
					187,793
Japan — 3.6%
Aozora Bank Ltd. Series 615, 0.24%, 1/27/21	JPY		10,000,000		89,973
Shinkin Central Bank Series 323, 0.03%, 10/27/21	JPY		10,000,000		89,684
					179,657
Luxembourg — 1.6%
Hannover Finance Luxembourg SA 5.75%, 9/14/40	EUR		50,000		61,364
HeidelbergCement Finance Luxembourg SA, REGS Series EMTN, 1.75%, 4/24/28	EUR		15,000		16,587
					77,951
Netherlands — 18.9%
ABN AMRO Bank NV, REGS Series EMTN, 0.75%, 6/09/20	EUR		30,000		34,489
Allianz Finance II BV, REGS Series 61, 3.00%, 3/13/28	EUR		100,000		134,990
BMW Finance NV, REGS Series EMTN, 0.75%, 4/15/24	EUR		40,000		45,513

		Principal Amount		Value
Netherlands (Continued)
Cooperatieve Rabobank UA Series GMTN, 5.25%, 5/23/41	GBP		10,000	$	19,130
Cooperatieve Rabobank UA, REGS Series EMTN, 4.75%, 6/06/22	EUR		65,000		85,060
Series GMTN, 1.375%, 2/03/27	EUR		15,000		18,052
Deutsche Telekom International Finance BV, REGS Series EMTN, 1.375%, 1/30/27	EUR		20,000		23,085
E.ON International Finance BV Series EMTN, 6.375%, 6/07/32	GBP		15,000		27,005
Enel Finance International NV Series EMTN, 5.25%, 9/29/23	EUR		30,000		41,203
Evonik Finance BV, REGS Series EMTN, 0.75%, 9/07/28	EUR		20,000		21,307
innogy Finance BV, REGS Series EMTN, 1.25%, 10/19/27	EUR		10,000		11,335
Series EMTN, 6.25%, 6/03/30	GBP		15,000		26,015
Series EMTN, 5.75%, 2/14/33	EUR		10,000		16,307
Linde Finance BV, REGS Series EMTN, 1.00%, 4/20/28	EUR		15,000		17,223
Naturgy Finance BV, REGS Series EMTN, 2.875%, 3/11/24	EUR		100,000		126,313
Roche Finance Europe BV, REGS Series EMTN, 0.875%, 2/25/25	EUR		25,000		29,298
Shell International Finance BV, REGS Series EMTN, 0.875%, 8/21/28	CHF		25,000		26,191
Siemens Financieringsmaatschappij NV, REGS Series EMTN, 2.875%, 3/10/28	EUR		50,000		66,523
Telefonica Europe BV, REGS Series EMTN, 5.875%, 2/14/33	EUR		10,000		16,092
Volkswagen Financial Services NV, REGS Series EMTN, 1.75%, 9/12/22	GBP		40,000		51,987
Volkswagen International Finance NV, REGS 4.625%, Perpetual (a)	EUR		50,000		58,730
Vonovia Finance BV, REGS Series DIP, 1.50%, 3/31/25	EUR		45,000		52,092
					947,940
Spain — 2.3%
Banco Santander SA, REGS Series EMTN, 2.50%, 3/18/25	EUR		100,000		116,725
United Kingdom — 15.7%
Barclays Bank PLC, REGS Series EMTN, 6.625%, 3/30/22	EUR		50,000		65,271
BAT International Finance PLC, REGS Series EMTN, 4.00%, 7/07/20	EUR		50,000		59,834

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Corporate Bond Hedged ETF (Continued)

February 28, 2019 (Unaudited)

		Principal Amount		Value
United Kingdom (Continued)
Credit Agricole SA, REGS Series EMTN, 3.125%, 2/05/26	EUR		100,000	$	131,285
GlaxoSmithKline Capital PLC Series EMTN, 4.00%, 6/16/25	EUR		25,000		34,186
Heathrow Funding Ltd., REGS 5.225%, 2/15/23	GBP		50,000		74,762
HSBC Bank PLC Series EMTN, 4.75%, 3/24/46	GBP		50,000		77,096
HSBC Bank PLC, REGS Series EMTN, 4.00%, 1/15/21	EUR		50,000		61,069
Lloyds Bank PLC, REGS Series EMTN, 1.00%, 11/19/21	EUR		100,000		115,986
Series EMTN, 7.625%, 4/22/25	GBP		10,000		16,748
Segro PLC 5.75%, 6/20/35	GBP		15,000		26,280
Severn Trent Utilities Finance PLC, REGS 6.25%, 6/07/29	GBP		10,000		17,488
Southern Electric Power Distribution PLC, REGS 5.50%, 6/07/32	GBP		10,000		16,766
THFC Funding No 1 PLC 5.125%, 12/21/35	GBP		25,000		41,783
Vodafone Group PLC, REGS Series EMTN, 5.90%, 11/26/32	GBP		30,000		52,360
					790,914
United States — 15.6%
Apple, Inc. Series EMTN, 1.00%, 11/10/22	EUR		100,000		117,718
AT&T, Inc. 2.75%, 5/19/23	EUR		100,000		122,823
FedEx Corp. 1.625%, 1/11/27	EUR		50,000		57,932
General Electric Co. Series EMTN, 5.25%, 12/07/28	GBP		15,000		22,810
Goldman Sachs Group, Inc., REGS Series EMTN, 1.25%, 5/01/25	EUR		30,000		34,134
Series EMTN, 1.00%, 11/24/25	CHF		5,000		5,031

		Principal Amount		Value
United States (Continued)
Johnson & Johnson 5.50%, 11/06/24	GBP		50,000	$	79,952
JPMorgan Chase & Co., REGS Series EMTN, 0.50%, 12/04/23	CHF		5,000		5,118
Kraft Heinz Foods Co., REGS 2.25%, 5/25/28	EUR		100,000		114,170
Prologis LP 1.375%, 10/07/20	EUR		100,000		115,859
Verizon Communications, Inc., REGS Series MTN, 3.50%, 2/17/23	AUD		20,000		14,485
Walmart, Inc. 5.75%, 12/19/30	GBP		50,000		91,674
					781,706
TOTAL CORPORATE BONDS (Cost $4,871,505)					4,915,189
SOVEREIGN BOND — 0.3%
Japan — 0.3%
Japan Government Ten Year Bond Series 345, 0.10%, 12/20/26	JPY		2,000,000		18,285
TOTAL SOVEREIGN BOND (Cost $17,868)					18,285
		Number of Shares
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 2.38% (b) (Cost $14,461)			14,461		14,461
TOTAL INVESTMENTS — 98.4% (Cost $4,903,834)				$	4,947,935
Other assets and liabilities, net — 1.6%					79,597
NET ASSETS — 100.0%				$	5,027,532

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 8/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 2.38% (b)
		—		150,530		(136,069	)		—		—		173		—		14,461		14,461

(a) Perpetual, callable security with no stated maturity date.

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

DIP: Debtor In Possession

DPNT: Deposit Note

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Corporate Bond Hedged ETF (Continued)

February 28, 2019 (Unaudited)

EMTN: Euro Medium Term Note

GMTN: Global 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, 2019, 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		3/5/2019		AUD	124,689		USD	90,951	$	2,495	$	—
The Bank of Nova Scotia		3/5/2019		CAD	599,670		USD	456,811		1,060		—
The Bank of Nova Scotia		3/5/2019		CAD	9,550		USD	7,277		19		—
The Bank of Nova Scotia		3/5/2019		CHF	36,600		USD	36,988		298		—
The Bank of Nova Scotia		3/5/2019		EUR	2,990,380		USD	3,439,311		36,418		—
The Bank of Nova Scotia		3/5/2019		EUR	1,500		USD	1,725		18		—
The Bank of Nova Scotia		3/5/2019		GBP	554,051		USD	729,851		—		(5,210	)
The Bank of Nova Scotia		3/5/2019		JPY	22,020,000		USD	202,766		5,133		—
The Bank of Nova Scotia		3/5/2019		USD	88,710		AUD	124,689		—		(254	)
The Bank of Nova Scotia		3/5/2019		USD	462,582		CAD	609,220		428		—
The Bank of Nova Scotia		3/5/2019		USD	36,740		CHF	36,600		—		(50	)
The Bank of Nova Scotia		3/5/2019		USD	3,406,854		EUR	2,991,880		—		(2,254	)
The Bank of Nova Scotia		3/5/2019		USD	7,509		GBP	5,700		53		—
The Bank of Nova Scotia		3/5/2019		USD	729,362		GBP	548,351		—		(1,863	)
The Bank of Nova Scotia		3/5/2019		USD	197,808		JPY	22,020,000		—		(175	)
The Bank of Nova Scotia		4/3/2019		AUD	124,689		USD	88,749		248		—
The Bank of Nova Scotia		4/3/2019		CAD	609,220		USD	462,909		—		(436	)
The Bank of Nova Scotia		4/3/2019		CHF	36,600		USD	36,840		46		—
The Bank of Nova Scotia		4/3/2019		EUR	2,991,880		USD	3,415,066		1,816		—
The Bank of Nova Scotia		4/3/2019		EUR	67,850		USD	77,453		47		—
The Bank of Nova Scotia		4/3/2019		GBP	548,351		USD	730,431		1,799		—
The Bank of Nova Scotia		4/3/2019		JPY	22,020,000		USD	198,264		154		—
Total unrealized appreciation (depreciation)									$	50,032	$	(10,242	)

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.

Currency Abbreviations

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

EUR Euro

GBP Pound Sterling

JPY Japanese Yen

USD U.S. Dollar

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Corporate Bond Hedged ETF (Continued)

February 28, 2019 (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, 2019 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 (c)	$	—	$	4,915,189		$	—	$	4,915,189
Sovereign Bond		—		18,285			—		18,285
Short-Term Investments		14,461		—			—		14,461
Derivatives (d)
Forward Foreign Currency Contracts		—		50,032			—		50,032
TOTAL	$	14,461	$	4,983,506		$	—	$	4,997,967
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (d)
Forward Foreign Currency Contracts	$	—	$	(10,242	)	$	—	$	(10,242	)
TOTAL	$	—	$	(10,242	)	$	—	$	(10,242	)

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

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

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Treasury Bond Hedged ETF

February 28, 2019 (Unaudited)

		Principal Amount		Value
SOVEREIGN BONDS — 98.9%
Australia — 4.3%
Australia Government Bond 4.50%, 4/15/20, REGS	AUD		20,000	$	14,618
5.75%, 7/15/22, REGS	AUD		10,000		8,049
2.25%, 11/21/22	AUD		140,000		101,502
5.50%, 4/21/23, REGS	AUD		50,000		40,913
3.25%, 4/21/25, REGS	AUD		50,000		38,382
4.25%, 4/21/26, REGS	AUD		20,000		16,386
4.75%, 4/21/27, REGS	AUD		25,000		21,390
2.75%, 11/21/27, REGS	AUD		25,000		18,726
2.25%, 5/21/28, REGS	AUD		20,000		14,384
2.75%, 11/21/28, REGS	AUD		140,000		104,986
4.50%, 4/21/33, REGS	AUD		25,000		22,557
3.25%, 6/21/39, REGS	AUD		10,000		7,903
3.00%, 3/21/47, REGS	AUD		20,000		15,107
					424,903
Austria — 2.9%
Republic of Austria Government Bond 3.90%, 7/15/20, 144A, REGS	EUR		25,000		30,140
3.65%, 4/20/22, 144A, REGS	EUR		40,000		51,212
1.65%, 10/21/24, 144A, REGS	EUR		5,000		6,233
0.75%, 10/20/26, 144A, REGS	EUR		10,000		11,826
0.50%, 4/20/27, 144A, REGS	EUR		5,000		5,780
6.25%, 7/15/27	EUR		5,000		8,502
0.75%, 2/20/28, 144A, REGS	EUR		50,000		58,641
2.40%, 5/23/34, 144A, REGS	EUR		50,000		69,070
3.15%, 6/20/44, 144A, REGS	EUR		5,000		8,152
1.50%, 2/20/47, 144A, REGS	EUR		30,000		36,030
					285,586
Belgium — 4.4%
Kingdom of Belgium Government Bond 3.75%, 9/28/20, 144A, REGS	EUR		35,000		42,468
4.25%, 9/28/21, 144A, REGS	EUR		20,000		25,495
4.00%, 3/28/22	EUR		5,000		6,455
0.20%, 10/22/23, 144A, REGS	EUR		55,000		63,515
0.80%, 6/22/25, 144A, REGS	EUR		25,000		29,632
1.00%, 6/22/26, 144A, REGS	EUR		25,000		29,929
0.80%, 6/22/27, 144A, REGS	EUR		40,000		46,859
5.50%, 3/28/28	EUR		10,000		16,413
0.80%, 6/22/28, 144A, REGS	EUR		15,000		17,429
1.00%, 6/22/31, 144A, REGS	EUR		25,000		28,881
1.25%, 4/22/33, REGS	EUR		30,000		35,205
3.00%, 6/22/34, 144A, REGS	EUR		2,000		2,889
5.00%, 3/28/35, 144A, REGS	EUR		5,000		8,917
4.25%, 3/28/41, 144A, REGS	EUR		23,000		40,106
1.60%, 6/22/47, 144A, REGS	EUR		35,000		39,664
2.15%, 6/22/66, 144A, REGS	EUR		5,000		6,017
					439,874
Canada — 4.3%
Canadian Government Bond 3.50%, 6/01/20	CAD		75,000		58,192
2.25%, 2/01/21	CAD		85,000		65,160
0.75%, 3/01/21	CAD		30,000		22,342

		Principal Amount		Value
Canada (Continued)
1.00%, 9/01/22	CAD		80,000	$	59,157
1.50%, 6/01/23	CAD		50,000		37,508
8.00%, 6/01/27	CAD		25,000		27,726
2.00%, 6/01/28	CAD		80,000		61,093
5.75%, 6/01/29	CAD		10,000		10,248
5.75%, 6/01/33	CAD		23,000		25,418
3.50%, 12/01/45	CAD		27,000		25,881
2.75%, 12/01/48	CAD		35,000		29,884
					422,609
Cyprus — 0.1%
Cyprus Government International Bond 2.375%, 9/25/28, REGS	EUR		7,000		8,340
Czech Republic — 0.5%
Czech Republic Government Bond 5.70%, 5/25/24, REGS	CZK		500,000		26,649
1.00%, 6/26/26, REGS	CZK		600,000		25,136
					51,785
Denmark — 1.2%
Denmark Government Bond 1.75%, 11/15/25	DKK		200,000		34,354
0.50%, 11/15/27	DKK		200,000		31,601
0.50%, 11/15/29, 144A, REGS	DKK		325,000		50,682
					116,637
Finland — 1.5%
Finland Government Bond 0.375%, 9/15/20, 144A, REGS	EUR		35,000		40,325
1.625%, 9/15/22, 144A, REGS	EUR		25,000		30,386
2.00%, 4/15/24, 144A, REGS	EUR		25,000		31,504
4.00%, 7/04/25, 144A, REGS	EUR		5,000		7,127
0.75%, 4/15/31, 144A, REGS	EUR		20,000		22,996
1.375%, 4/15/47, 144A, REGS	EUR		10,000		12,164
					144,502
France — 7.0%
French Republic Government Bond OAT 0.25%, 11/25/20, REGS	EUR		50,000		57,594
3.75%, 4/25/21, REGS	EUR		25,000		31,003
5/25/22, REGS	EUR		50,000		57,458
3/25/23, REGS	EUR		70,000		80,276
4.25%, 10/25/23, REGS	EUR		10,000		13,719
2.25%, 5/25/24, REGS	EUR		100,000		127,509
3.50%, 4/25/26, REGS	EUR		6,000		8,442
0.50%, 5/25/26, REGS	EUR		60,000		69,625
1.00%, 5/25/27, REGS	EUR		10,000		11,962
2.75%, 10/25/27, REGS	EUR		10,000		13,671
0.75%, 5/25/28, REGS	EUR		5,000		5,814
0.75%, 11/25/28, REGS	EUR		30,000		34,704
2.50%, 5/25/30, REGS	EUR		25,000		33,937
4.75%, 4/25/35, REGS	EUR		8,000		14,166
1.25%, 5/25/36, 144A, REGS	EUR		10,000		11,541
1.75%, 6/25/39, 144A, REGS	EUR		35,000		43,198
4.50%, 4/25/41, REGS	EUR		2,000		3,678

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Treasury Bond Hedged ETF (Continued)

February 28, 2019 (Unaudited)

		Principal Amount		Value
France (Continued)
3.25%, 5/25/45, REGS	EUR		30,000	$	47,515
1.75%, 5/25/66, 144A, REGS	EUR		20,000		22,400
					688,212
Germany — 4.7%
Bundesrepublik Deutschland Bundesanleihe 2.00%, 1/04/22, REGS	EUR		25,000		30,466
1.75%, 7/04/22, REGS	EUR		50,000		61,110
1.75%, 2/15/24, REGS	EUR		75,000		94,102
0.50%, 2/15/26, REGS	EUR		15,000		17,813
0.25%, 2/15/27, REGS	EUR		20,000		23,265
0.50%, 2/15/28, REGS	EUR		11,000		12,989
4.75%, 7/04/28, REGS	EUR		2,000		3,263
0.25%, 8/15/28, REGS	EUR		30,000		34,510
6.25%, 1/04/30, REGS	EUR		2,000		3,762
4.75%, 7/04/34, REGS	EUR		20,000		37,341
3.25%, 7/04/42, REGS	EUR		20,000		35,378
2.50%, 7/04/44, REGS	EUR		15,000		23,992
2.50%, 8/15/46, REGS	EUR		5,000		8,118
1.25%, 8/15/48, REGS	EUR		6,000		7,622
Bundesschatzanweisungen 9/11/20, REGS	EUR		60,000		68,813
					462,544
Hungary — 0.4%
Hungary Government Bond 1.75%, 10/26/22	HUF		7,000,000		25,425
3.00%, 6/26/24	HUF		5,000,000		18,901
					44,326
Indonesia — 1.6%
Indonesia Treasury Bond 8.375%, 3/15/24	IDR		400,000,000		29,382
8.375%, 9/15/26	IDR		500,000,000		36,796
8.25%, 5/15/29	IDR		900,000,000		66,200
6.375%, 4/15/42	IDR		400,000,000		22,498
					154,876
Ireland — 1.6%
Ireland Government Bond 3.90%, 3/20/23, REGS	EUR		20,000		26,470
5.40%, 3/13/25	EUR		35,000		52,173
1.00%, 5/15/26, REGS	EUR		10,000		11,878
0.90%, 5/15/28, REGS	EUR		50,000		58,045
2.40%, 5/15/30, REGS	EUR		5,000		6,583
2.00%, 2/18/45, REGS	EUR		5,000		6,177
					161,326
Israel — 0.7%
Israel Government Bond — Fixed 6.25%, 10/30/26	ILS		110,000		40,410
2.00%, 3/31/27	ILS		100,000		28,094
					68,504
Italy — 6.2%
Italy Buoni Poliennali Del Tesoro 0.20%, 10/15/20	EUR		30,000		34,029
3.75%, 3/01/21	EUR		55,000		66,462

		Principal Amount		Value
Italy (Continued)
3.75%, 8/01/21, 144A, REGS	EUR		35,000	$	42,578
5.00%, 3/01/22	EUR		5,000		6,334
0.95%, 3/15/23	EUR		30,000		33,436
1.85%, 5/15/24	EUR		55,000		62,593
1.45%, 11/15/24, REGS	EUR		10,000		11,056
1.45%, 5/15/25	EUR		40,000		43,849
7.25%, 11/01/26	EUR		50,000		76,131
6.50%, 11/01/27	EUR		5,000		7,403
2.00%, 2/01/28, REGS	EUR		60,000		65,276
4.75%, 9/01/28, 144A, REGS	EUR		10,000		13,377
5.25%, 11/01/29	EUR		10,000		13,820
3.50%, 3/01/30, 144A, REGS	EUR		20,000		23,954
1.65%, 3/01/32, 144A, REGS	EUR		30,000		29,260
5.00%, 8/01/34, 144A, REGS	EUR		20,000		27,468
2.95%, 9/01/38, 144A, REGS	EUR		15,000		15,873
4.75%, 9/01/44, 144A, REGS	EUR		25,000		33,269
2.80%, 3/01/67, 144A, REGS	EUR		4,000		3,722
					609,890
Japan — 23.9%
Japan Government Five Year Bond 0.10%, 9/20/20	JPY		23,000,000		207,178
0.10%, 6/20/21	JPY		4,000,000		36,099
0.10%, 9/20/21	JPY		20,000,000		180,616
0.10%, 6/20/22	JPY		3,000,000		27,149
0.10%, 12/20/22	JPY		2,000,000		18,129
0.10%, 3/20/23	JPY		2,000,000		18,142
Japan Government Forty Year Bond 1.40%, 3/20/55	JPY		5,000,000		55,421
0.40%, 3/20/56	JPY		1,000,000		8,179
Japan Government Ten Year Bond 1.20%, 12/20/20	JPY		10,000,000		91,908
1.00%, 12/20/21	JPY		1,000,000		9,263
0.90%, 6/20/22	JPY		5,000,000		46,437
0.80%, 9/20/22	JPY		6,000,000		55,678
0.60%, 3/20/23	JPY		2,000,000		18,501
0.80%, 6/20/23	JPY		1,000,000		9,346
0.60%, 12/20/23	JPY		2,000,000		18,603
0.60%, 3/20/24	JPY		1,000,000		9,318
0.30%, 12/20/24	JPY		22,000,000		202,670
0.40%, 3/20/25	JPY		3,000,000		27,834
0.10%, 9/20/26	JPY		1,000,000		9,143
0.10%, 12/20/26	JPY		2,000,000		18,285
0.10%, 12/20/27	JPY		4,000,000		36,490
0.10%, 3/20/28	JPY		1,000,000		9,114
0.10%, 6/20/28	JPY		1,000,000		9,103
0.10%, 12/20/28	JPY		22,000,000		199,821
Japan Government Thirty Year Bond 2.80%, 9/20/29	JPY		1,000,000		11,586
1.40%, 12/20/32	JPY		1,000,000		10,487
2.50%, 3/20/38	JPY		9,000,000		111,966
2.00%, 9/20/41	JPY		4,000,000		47,404
1.90%, 9/20/42	JPY		1,000,000		11,735
1.80%, 3/20/43	JPY		1,000,000		11,572
1.60%, 6/20/45	JPY		1,000,000		11,261

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Treasury Bond Hedged ETF (Continued)

February 28, 2019 (Unaudited)

		Principal Amount		Value
Japan (Continued)
1.40%, 9/20/45	JPY		1,200,000	$	13,011
0.50%, 9/20/46	JPY		17,000,000		149,798
Japan Government Twenty Year Bond 1.90%, 6/20/22	JPY		4,000,000		38,335
2.10%, 9/20/25	JPY		17,500,000		180,372
1.80%, 9/20/30	JPY		4,000,000		43,073
1.90%, 6/20/31	JPY		1,000,000		10,949
1.70%, 9/20/32	JPY		9,000,000		97,499
1.70%, 6/20/33	JPY		5,000,000		54,426
1.50%, 6/20/34	JPY		22,000,000		234,885
					2,360,786
Lithuania — 0.1%
Lithuania Government International Bond 0.95%, 5/26/27, REGS	EUR		5,000		5,814
Luxembourg — 0.1%
Luxembourg Government Bond 2.125%, 7/10/23, REGS	EUR		5,000		6,277
Malaysia — 1.7%
Malaysia Government Bond 3.955%, 9/15/25	MYR		350,000		86,246
5.248%, 9/15/28	MYR		250,000		67,552
Malaysia Government Investment Issue 4.444%, 5/22/24	MYR		75,000		18,938
					172,736
Mexico — 1.7%
Mexican Bonos 6.50%, 6/09/22	MXN		1,000,000		49,646
5.75%, 3/05/26	MXN		1,700,000		77,245
7.50%, 6/03/27	MXN		500,000		24,935
7.75%, 11/23/34	MXN		300,000		14,559
					166,385
Netherlands — 4.1%
Netherlands Government Bond 3.50%, 7/15/20, 144A, REGS	EUR		10,000		12,007
1/15/22, 144A, REGS	EUR		45,000		51,832
7.50%, 1/15/23, 144A, REGS	EUR		50,000		74,304
1.75%, 7/15/23, 144A, REGS	EUR		10,000		12,387
2.00%, 7/15/24, 144A, REGS	EUR		50,000		63,501
0.50%, 7/15/26, 144A, REGS	EUR		5,000		5,870
0.75%, 7/15/27, 144A, REGS	EUR		60,000		71,442
2.50%, 1/15/33, 144A, REGS	EUR		25,000		35,761
4.00%, 1/15/37, 144A, REGS	EUR		5,000		8,864
3.75%, 1/15/42, 144A, REGS	EUR		20,000		36,909
2.75%, 1/15/47, 144A, REGS	EUR		22,500		37,453
					410,330
New Zealand — 0.5%
New Zealand Government Bond 2.75%, 4/15/25, REGS	NZD		30,000		21,549
4.50%, 4/15/27, REGS	NZD		30,000		24,297
					45,846

		Principal Amount		Value
Norway — 0.5%
Norway Government Bond 3.75%, 5/25/21, 144A, REGS	NOK		100,000	$	12,350
3.00%, 3/14/24, 144A, REGS	NOK		200,000		25,202
2.00%, 4/26/28, 144A, REGS	NOK		100,000		11,963
					49,515
Poland — 1.1%
Republic of Poland Government Bond 5.25%, 10/25/20	PLN		75,000		21,018
3.25%, 7/25/25	PLN		150,000		41,253
2.50%, 7/25/26	PLN		175,000		45,874
					108,145
Portugal — 1.8%
Portugal Obrigacoes do Tesouro OT 4.80%, 6/15/20, 144A, REGS	EUR		10,000		12,122
2.20%, 10/17/22, 144A, REGS	EUR		25,000		30,788
4.95%, 10/25/23, 144A, REGS	EUR		30,000		41,710
5.65%, 2/15/24, 144A, REGS	EUR		5,000		7,181
2.875%, 10/15/25, 144A, REGS	EUR		15,000		19,445
2.125%, 10/17/28, 144A, REGS	EUR		40,000		48,769
3.875%, 2/15/30, 144A, REGS	EUR		5,000		7,000
4.10%, 2/15/45, 144A, REGS	EUR		10,000		14,682
					181,697
Russia — 0.8%
Russian Federal Bond—OFZ 7.60%, 4/14/21	RUB		2,500,000		37,938
8.15%, 2/03/27	RUB		3,000,000		45,686
					83,624
Singapore — 1.0%
Singapore Government Bond 2.75%, 7/01/23	SGD		9,000		6,855
3.00%, 9/01/24	SGD		65,000		50,337
2.875%, 7/01/29	SGD		50,000		38,953
					96,145
Slovak Republic — 0.5%
Slovakia Government Bond 3.00%, 2/28/23, REGS	EUR		20,000		25,551
0.625%, 5/22/26	EUR		15,000		17,332
1.875%, 3/09/37, REGS	EUR		5,000		6,106
2.00%, 10/17/47, REGS	EUR		2,000		2,401
					51,390
Slovenia — 0.5%
Slovenia Government Bond 1.25%, 3/22/27, REGS	EUR		15,000		17,893
1.00%, 3/06/28, REGS	EUR		25,000		28,912
					46,805
South Korea — 4.3%
Korea International Bond 3.50%, 9/20/28	USD		425,000		429,318

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Treasury Bond Hedged ETF (Continued)

February 28, 2019 (Unaudited)

		Principal Amount		Value
Spain — 4.5%
Spain Government Bond 4.00%, 4/30/20, 144A, REGS	EUR		25,000	$	29,857
1.15%, 7/30/20	EUR		40,000		46,419
0.75%, 7/30/21	EUR		25,000		29,057
5.85%, 1/31/22, 144A, REGS	EUR		5,000		6,670
0.40%, 4/30/22	EUR		70,000		80,810
5.90%, 7/30/26, 144A, REGS	EUR		45,000		69,875
1.40%, 7/30/28, 144A, REGS	EUR		45,000		52,217
6.00%, 1/31/29	EUR		10,000		16,480
1.95%, 7/30/30, 144A, REGS	EUR		5,000		6,012
4.20%, 1/31/37, 144A, REGS	EUR		35,000		53,677
4.70%, 7/30/41, 144A, REGS	EUR		8,000		13,219
2.70%, 10/31/48, 144A, REGS	EUR		35,000		42,213
					446,506
Sweden — 0.8%
Sweden Government Bond 2.50%, 5/12/25	SEK		350,000		43,541
1.00%, 11/12/26, REGS	SEK		300,000		34,353
					77,894
Switzerland — 1.0%
Swiss Confederation Government Bond 4.00%, 2/11/23, REGS	CHF		10,000		11,889
1.50%, 7/24/25, REGS	CHF		10,000		11,340
0.50%, 5/27/30, REGS	CHF		45,000		48,686
0.50%, 6/27/32, REGS	CHF		2,000		2,153
4.00%, 1/06/49, REGS	CHF		10,000		20,658
					94,726
Thailand — 1.7%
Thailand Government Bond 5.85%, 3/31/21	THB		1,000,000		34,431
2.125%, 12/17/26	THB		3,000,000		93,298
2.875%, 6/17/46	THB		1,400,000		42,132
					169,861
United Kingdom — 6.9%
United Kingdom Gilt 8.00%, 6/07/21, REGS	GBP		5,000		7,706

		Principal Amount		Value
United Kingdom (Continued)
3.75%, 9/07/21	GBP		30,000	$	42,701
1.75%, 9/07/22, REGS	GBP		25,000		34,146
2.25%, 9/07/23, REGS	GBP		70,000		98,148
5.00%, 3/07/25, REGS	GBP		10,000		16,329
1.50%, 7/22/26, REGS	GBP		20,000		27,256
4.25%, 12/07/27, REGS	GBP		60,000		99,861
4.75%, 12/07/30, REGS	GBP		5,000		9,026
4.25%, 6/07/32, REGS	GBP		13,000		22,877
4.25%, 6/07/32, REGS	GBP		4,000		7,039
4.25%, 3/07/36, REGS	GBP		40,000		73,124
4.75%, 12/07/38, REGS	GBP		10,000		19,955
4.50%, 12/07/42, REGS	GBP		5,000		10,084
3.25%, 1/22/44, REGS	GBP		10,000		17,005
4.25%, 12/07/46, REGS	GBP		57,000		115,309
4.25%, 12/07/49, REGS	GBP		3,000		6,267
1.75%, 7/22/57, REGS	GBP		45,000		60,088
3.50%, 7/22/68, REGS	GBP		4,000		8,454
1.625%, 10/22/71, REGS	GBP		4,000		5,183
					680,558
TOTAL SOVEREIGN BONDS (Cost $9,775,663)					9,768,272
		Number of Shares
CASH EQUIVALENTS — 2.0%
DWS Government Money Market Series “Institutional Shares”, 2.38% (a) (Cost $201,127)			201,127		201,127
TOTAL INVESTMENTS — 100.9% (Cost $9,976,790)				$	9,969,399
Other assets and liabilities, net — (0.9%)					(87,884	)
NET ASSETS — 100.0%				$	9,881,515

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 8/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
CASH EQUIVALENTS — 2.0%
DWS Government Money Market Series “Institutional Shares”, 2.38% (a)
		—		1,730,177		(1,529,050	)		—		—		324		—		201,127		201,127

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

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

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.

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

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Treasury Bond Hedged ETF (Continued)

February 28, 2019 (Unaudited)

As of February 28, 2019, 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	3/5/2019	AUD	300,715	USD	219,348	$	6,016	$	—
The Bank of Nova Scotia	3/5/2019	AUD	304,700	USD	216,319		160		—
The Bank of Nova Scotia	3/5/2019	CAD	282,320	USD	213,557		—		(1,007	)
The Bank of Nova Scotia	3/5/2019	CAD	278,167	USD	211,900		492		—
The Bank of Nova Scotia	3/5/2019	CHF	44,276	USD	44,745		361		—
The Bank of Nova Scotia	3/5/2019	CHF	50,870	USD	50,847		—		(147	)
The Bank of Nova Scotia	3/5/2019	CZK	574,000	USD	25,591		114		—
The Bank of Nova Scotia	3/5/2019	DKK	432,000	USD	66,550		659		—
The Bank of Nova Scotia	3/5/2019	DKK	338,000	USD	51,396		—		(157	)
The Bank of Nova Scotia	3/5/2019	EUR	1,767,100	USD	2,004,846		—		(6,020	)
The Bank of Nova Scotia	3/5/2019	EUR	1,711,194	USD	1,968,087		20,840		—
The Bank of Nova Scotia	3/5/2019	GBP	300,000	USD	391,314		—		(6,697	)
The Bank of Nova Scotia	3/5/2019	GBP	259,915	USD	342,386		—		(2,444	)
The Bank of Nova Scotia	3/5/2019	HUF	5,400,000	USD	19,636		175		—
The Bank of Nova Scotia	3/5/2019	IDR	1,221,000,000	USD	87,102		350		—
The Bank of Nova Scotia	3/5/2019	IDR	997,332,318	USD	70,608		—		(253	)
The Bank of Nova Scotia	3/5/2019	ILS	144,779	USD	39,912		—		(46	)
The Bank of Nova Scotia	3/5/2019	JPY	654,264	USD	6,025		153		—
The Bank of Nova Scotia	3/5/2019	JPY	131,598,700	USD	1,189,518		8,401		—
The Bank of Nova Scotia	3/5/2019	JPY	129,256,449	USD	1,190,229		30,134		—
The Bank of Nova Scotia	3/5/2019	MXN	1,576,450	USD	81,650		—		(45	)
The Bank of Nova Scotia	3/5/2019	MXN	1,767,489	USD	92,511		917		—
The Bank of Nova Scotia	3/5/2019	MYR	367,540	USD	90,008		—		(365	)
The Bank of Nova Scotia	3/5/2019	MYR	346,200	USD	84,687		—		(439	)
The Bank of Nova Scotia	3/5/2019	NOK	211,800	USD	25,174		415		—
The Bank of Nova Scotia	3/5/2019	NZD	29,400	USD	20,403		380		—
The Bank of Nova Scotia	3/5/2019	NZD	38,400	USD	26,187		33		—
The Bank of Nova Scotia	3/5/2019	PLN	183,200	USD	47,953		—		(470	)
The Bank of Nova Scotia	3/5/2019	PLN	236,300	USD	63,680		1,221		—
The Bank of Nova Scotia	3/5/2019	RUB	2,639,500	USD	40,154		148		—
The Bank of Nova Scotia	3/5/2019	RUB	2,953,810	USD	44,945		175		—
The Bank of Nova Scotia	3/5/2019	SEK	312,700	USD	33,396		—		(474	)
The Bank of Nova Scotia	3/5/2019	SEK	417,550	USD	46,249		1,022		—
The Bank of Nova Scotia	3/5/2019	SGD	61,300	USD	45,612		268		—
The Bank of Nova Scotia	3/5/2019	SGD	70,900	USD	52,371		—		(74	)
The Bank of Nova Scotia	3/5/2019	THB	2,954,700	USD	94,570		797		—
The Bank of Nova Scotia	3/5/2019	THB	2,444,007	USD	78,268		703		—
The Bank of Nova Scotia	3/5/2019	USD	430,723	AUD	605,415		—		(1,233	)
The Bank of Nova Scotia	3/5/2019	USD	425,579	CAD	560,487		394		—
The Bank of Nova Scotia	3/5/2019	USD	95,509	CHF	95,146		—		(131	)
The Bank of Nova Scotia	3/5/2019	USD	25,515	CZK	574,000		—		(38	)
The Bank of Nova Scotia	3/5/2019	USD	117,516	DKK	770,000		—		(72	)
The Bank of Nova Scotia	3/5/2019	USD	3,960,733	EUR	3,478,294		—		(2,620	)
The Bank of Nova Scotia	3/5/2019	USD	26,099	GBP	19,812		185		—
The Bank of Nova Scotia	3/5/2019	USD	718,391	GBP	540,103		—		(1,835	)
The Bank of Nova Scotia	3/5/2019	USD	19,467	HUF	5,400,000		—		(6	)
The Bank of Nova Scotia	3/5/2019	USD	157,664	IDR	2,218,332,318		—		(51	)
The Bank of Nova Scotia	3/5/2019	USD	39,959	ILS	144,779		—		(1	)
The Bank of Nova Scotia	3/5/2019	USD	2,349,168	JPY	261,509,413		—		(2,084	)
The Bank of Nova Scotia	3/5/2019	USD	169,134	MXN	3,259,139		—		(240	)
The Bank of Nova Scotia	3/5/2019	USD	4,438	MXN	84,800		—		(44	)
The Bank of Nova Scotia	3/5/2019	USD	175,452	MYR	713,740		47		—
The Bank of Nova Scotia	3/5/2019	USD	24,782	NOK	211,800		—		(24	)
The Bank of Nova Scotia	3/5/2019	USD	46,206	NZD	67,800		—		(29	)
The Bank of Nova Scotia	3/5/2019	USD	111,023	PLN	419,500		—		(141	)
The Bank of Nova Scotia	3/5/2019	USD	84,881	RUB	5,593,310		—		(104	)

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Treasury Bond Hedged ETF (Continued)

February 28, 2019 (Unaudited)

Counterparty	Settlement Date		Currency To Deliver			Currency To Receive			Unrealized Appreciation		Unrealized Depreciation
The Bank of Nova Scotia		3/5/2019		USD	79,111		SEK	730,250	$	—	$	(13	)
The Bank of Nova Scotia		3/5/2019		USD	97,839		SGD	132,200		—		(50	)
The Bank of Nova Scotia		3/5/2019		USD	170,980		THB	5,398,707		357		—
The Bank of Nova Scotia		4/3/2019		AUD	605,415		USD	430,910		1,204		—
The Bank of Nova Scotia		4/3/2019		CAD	560,487		USD	425,879		—		(401	)
The Bank of Nova Scotia		4/3/2019		CHF	95,146		USD	95,769		120		—
The Bank of Nova Scotia		4/3/2019		CZK	620,820		USD	27,617		39		—
The Bank of Nova Scotia		4/3/2019		CZK	574,000		USD	25,534		36		—
The Bank of Nova Scotia		4/3/2019		DKK	770,000		USD	117,813		50		—
The Bank of Nova Scotia		4/3/2019		EUR	3,478,294		USD	3,970,281		2,111		—
The Bank of Nova Scotia		4/3/2019		EUR	25,120		USD	28,675		17		—
The Bank of Nova Scotia		4/3/2019		GBP	540,103		USD	719,444		1,772		—
The Bank of Nova Scotia		4/3/2019		HUF	7,095,780		USD	25,637		7		—
The Bank of Nova Scotia		4/3/2019		HUF	5,400,000		USD	19,509		4		—
The Bank of Nova Scotia		4/3/2019		ILS	144,779		USD	40,029		—		(5	)
The Bank of Nova Scotia		4/3/2019		ILS	107,985		USD	29,858		—		(2	)
The Bank of Nova Scotia		4/3/2019		JPY	2,306,670		USD	20,770		17		—
The Bank of Nova Scotia		4/3/2019		JPY	261,509,413		USD	2,354,583		1,824		—
The Bank of Nova Scotia		4/3/2019		MXN	3,259,139		USD	168,367		262		—
The Bank of Nova Scotia		4/3/2019		MYR	713,740		USD	175,435		40		—
The Bank of Nova Scotia		4/3/2019		NOK	211,800		USD	24,814		23		—
The Bank of Nova Scotia		4/3/2019		NOK	222,140		USD	25,991		—		(10	)
The Bank of Nova Scotia		4/3/2019		NZD	67,800		USD	46,231		26		—
The Bank of Nova Scotia		4/3/2019		PLN	419,500		USD	111,111		126		—
The Bank of Nova Scotia		4/3/2019		RUB	5,593,310		USD	84,541		120		—
The Bank of Nova Scotia		4/3/2019		SEK	730,250		USD	79,283		—		(4	)
The Bank of Nova Scotia		4/3/2019		SGD	132,200		USD	97,880		43		—
The Bank of Nova Scotia		4/3/2019		THB	5,398,707		USD	170,883		—		(563	)
The Bank of Nova Scotia		4/3/2019		USD	29,040		GBP	21,800		—		(73	)
The Bank of Nova Scotia		4/4/2019		IDR	2,218,332,318		USD	156,983		—		(146	)
Total unrealized appreciation (depreciation)									$	82,758	$	(28,558	)

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.

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

IDR Indonesian Rupiah

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

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers Barclays International Treasury Bond Hedged ETF (Continued)

February 28, 2019 (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, 2019 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 (b)	$	—	$	9,768,272		$	—	$	9,768,272
Short-Term Investments		201,127		—			—		201,127
Derivatives (c)
Forward Foreign Currency Contracts		—		82,758			—		82,758
TOTAL	$	201,127	$	9,851,030		$	—	$	10,052,157
Liabilities	Level 1		Level 2			Level 3		Total
Derivatives (c)
Forward Foreign Currency Contracts	$	—	$	(28,558	)	$	—	$	(28,558	)
TOTAL	$	—	$	(28,558	)	$	—	$	(28,558	)

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

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

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF

February 28, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 97.5%
Basic Materials — 4.4%
Chemicals — 2.3%
Chemours Co. 7.00%, 5/15/25	$	250,000	$	261,250
5.375%, 5/15/27		150,000		146,250
Consolidated Energy Finance SA 6.875%, 6/15/25, 144A		200,000		196,000
6.50%, 5/15/26, 144A		100,000		95,250
Element Solutions, Inc., 144A 5.875%, 12/01/25		250,000		254,220
Hexion, Inc. 6.625%, 4/15/20		350,000		299,250
10.375%, 2/01/22, 144A (a)		200,000		170,500
INEOS Group Holdings SA, 144A 5.625%, 8/01/24		220,000		214,225
NOVA Chemicals Corp. 5.25%, 8/01/23, 144A		150,000		149,063
5.25%, 6/01/27, 144A		700,000		660,625
OCI NV, 144A 6.625%, 4/15/23		200,000		207,750
Olin Corp. 5.00%, 2/01/30		300,000		292,500
SPCM SA, 144A 4.875%, 9/15/25		250,000		246,250
Starfruit Finco BV / Starfruit US Holdco LLC, 144A 8.00%, 10/01/26 (a)		150,000		149,250
				3,342,383
Iron/Steel — 0.7%
AK Steel Corp. 7.00%, 3/15/27 (a)		150,000		126,750
Allegheny Technologies, Inc. 7.875%, 8/15/23		155,000		170,353
Cleveland-Cliffs, Inc. 5.75%, 3/01/25		388,000		380,240
United States Steel Corp. 6.875%, 8/15/25		246,000		243,540
6.25%, 3/15/26		200,000		190,000
				1,110,883
Mining — 1.4%
Alcoa Nederland Holding BV 7.00%, 9/30/26, 144A		150,000		161,250
6.125%, 5/15/28, 144A		200,000		205,250
Aleris International, Inc., 144A 10.75%, 7/15/23		100,000		104,500
Constellium NV, 144A 5.75%, 5/15/24		500,000		492,300
FMG Resources August 2006 Pty Ltd. 5.125%, 3/15/23, 144A		150,000		150,000
5.125%, 5/15/24, 144A (a)		150,000		149,062
Freeport-McMoRan, Inc. 4.55%, 11/14/24		270,000		267,975
Hudbay Minerals, Inc., 144A 7.625%, 1/15/25		310,000		323,175

	Principal Amount		Value
Mining (Continued)
Joseph T Ryerson & Son, Inc., 144A 11.00%, 5/15/22	$	172,000	$	180,815
				2,034,327
Communications — 25.6%
Advertising — 0.0%
Acosta, Inc., 144A 7.75%, 10/01/22		215,000		38,700
Internet — 1.7%
Netflix, Inc. 5.875%, 11/15/28, 144A		517,000		539,774
6.375%, 5/15/29, 144A		300,000		319,407
Symantec Corp., 144A 5.00%, 4/15/25		400,000		399,110
Zayo Group LLC / Zayo Capital, Inc. 6.00%, 4/01/23		500,000		508,750
6.375%, 5/15/25		413,000		411,451
5.75%, 1/15/27, 144A		385,000		374,412
				2,552,904
Media — 10.9%
Altice Financing SA 6.625%, 2/15/23, 144A		600,000		615,000
7.50%, 5/15/26, 144A		900,000		873,000
Altice Finco SA, 144A 8.125%, 1/15/24		100,000		101,500
Altice Luxembourg SA 7.75%, 5/15/22, 144A		820,000		817,950
7.625%, 2/15/25, 144A		520,000		463,775
Cablevision Systems Corp. 5.875%, 9/15/22		250,000		258,516
CBS Radio, Inc., 144A 7.25%, 11/01/24 (a)		150,000		149,250
CCO Holdings LLC / CCO Holdings Capital Corp. 5.50%, 5/01/26, 144A		450,000		461,250
5.125%, 5/01/27, 144A		1,200,000		1,184,004
5.875%, 5/01/27, 144A		50,000		51,484
5.00%, 2/01/28, 144A		500,000		482,187
Cengage Learning, Inc., 144A 9.50%, 6/15/24		175,000		147,000
Clear Channel Worldwide Holdings, Inc., 144A 9.25%, 2/15/24		500,000		525,625
CSC Holdings LLC 5.25%, 6/01/24		250,000		250,540
7.75%, 7/15/25, 144A (a)		175,000		187,250
5.50%, 4/15/27, 144A		550,000		552,607
5.375%, 2/01/28, 144A		200,000		197,000
7.50%, 4/01/28, 144A		250,000		265,000
6.50%, 2/01/29, 144A		450,000		471,661
DISH DBS Corp. 6.75%, 6/01/21		600,000		615,000
5.875%, 7/15/22		784,000		751,660
5.00%, 3/15/23		350,000		312,812
5.875%, 11/15/24		550,000		465,272
7.75%, 7/01/26		625,000		542,188

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Media (Continued)
Gray Television, Inc. 5.125%, 10/15/24, 144A	$	30,000	$	29,963
5.875%, 7/15/26, 144A		300,000		303,750
7.00%, 5/15/27, 144A		250,000		265,000
Meredith Corp. 6.875%, 2/01/26		400,000		415,120
Nexstar Broadcasting, Inc., 144A 5.625%, 8/01/24		400,000		398,000
Sinclair Television Group, Inc., 144A 5.125%, 2/15/27		300,000		282,750
Sirius XM Radio, Inc., 144A 5.00%, 8/01/27		450,000		441,563
Telenet Finance Luxembourg Notes Sarl, 144A 5.50%, 3/01/28		200,000		193,500
Univision Communications, Inc. 5.125%, 5/15/23, 144A		350,000		318,500
5.125%, 2/15/25, 144A		400,000		351,000
UPC Holding BV, 144A 5.50%, 1/15/28		650,000		669,500
UPCB Finance IV Ltd., 144A 5.375%, 1/15/25		400,000		410,000
Virgin Media Secured Finance PLC, 144A 5.25%, 1/15/26		400,000		401,916
Ziggo Bond Co. BV 5.875%, 1/15/25, 144A		200,000		194,940
6.00%, 1/15/27, 144A		100,000		95,000
Ziggo BV, 144A 5.50%, 1/15/27		550,000		532,125
				16,044,158
Telecommunications — 13.0%
Altice France SA 6.25%, 5/15/24, 144A		250,000		250,938
7.375%, 5/01/26, 144A		1,750,000		1,721,563
8.125%, 2/01/27, 144A		450,000		453,375
C&W Senior Financing DAC, 144A 6.875%, 9/15/27		300,000		295,500
CenturyLink, Inc. Series T, 5.80%, 3/15/22		540,000		556,875
Series Y, 7.50%, 4/01/24 (a)		506,000		536,518
5.625%, 4/01/25		150,000		143,394
Cincinnati Bell, Inc., 144A 7.00%, 7/15/24 (a)		200,000		182,000
CommScope Finance LLC 5.50%, 3/01/24, 144A		200,000		204,090
6.00%, 3/01/26, 144A		500,000		512,500
CommScope Technologies LLC 6.00%, 6/15/25, 144A		400,000		379,000
5.00%, 3/15/27, 144A		150,000		134,670
CommScope, Inc., 144A 5.50%, 6/15/24		850,000		819,187
Consolidated Communications, Inc. 6.50%, 10/01/22		160,000		150,000
DKT Finance ApS, 144A 9.375%, 6/17/23		200,000		215,500

	Principal Amount		Value
Telecommunications (Continued)
Frontier Communications Corp. 8.75%, 4/15/22	$	226,000	$	155,375
10.50%, 9/15/22 (a)		600,000		432,000
7.125%, 1/15/23		200,000		119,000
7.625%, 4/15/24		250,000		142,500
6.875%, 1/15/25 (a)		259,000		141,155
11.00%, 9/15/25		1,070,000		688,812
8.50%, 4/01/26, 144A		500,000		466,250
GTH Finance BV, 144A 7.25%, 4/26/23		200,000		213,389
GTT Communications, Inc., 144A 7.875%, 12/31/24 (a)		150,000		130,125
Hughes Satellite Systems Corp. 6.625%, 8/01/26		450,000		443,812
Inmarsat Finance PLC 4.875%, 5/15/22, 144A		350,000		351,750
6.50%, 10/01/24, 144A		100,000		99,750
Intelsat Connect Finance SA, 144A 9.50%, 2/15/23		350,000		340,375
Intelsat Jackson Holdings SA 5.50%, 8/01/23		400,000		367,000
8.50%, 10/15/24, 144A		900,000		913,230
9.75%, 7/15/25, 144A		650,000		677,625
Intelsat Luxembourg SA 7.75%, 6/01/21 (a)		100,000		98,000
8.125%, 6/01/23		300,000		252,000
Level 3 Financing, Inc. 5.375%, 1/15/24		230,000		231,725
5.25%, 3/15/26		447,000		439,178
Sprint Communications, Inc. 11.50%, 11/15/21		720,000		842,256
6.00%, 11/15/22		215,000		218,655
Sprint Corp. 7.875%, 9/15/23		1,200,000		1,287,312
7.125%, 6/15/24		1,350,000		1,393,875
7.625%, 2/15/25		100,000		105,000
7.625%, 3/01/26		400,000		416,000
Telecom Italia SpA, 144A 5.303%, 5/30/24		500,000		490,625
VEON Holdings BV, 144A 4.95%, 6/16/24		300,000		294,750
Wind Tre SpA, 144A 5.00%, 1/20/26		700,000		607,110
WTT Investment Ltd., 144A 5.50%, 11/21/22		200,000		198,548
				19,112,292
Consumer, Cyclical — 11.9%
Airlines — 0.1%
Virgin Australia Holdings Ltd., 144A 8.50%, 11/15/19		120,000		122,820
Apparel — 0.2%
Hanesbrands, Inc., 144A 4.875%, 5/15/26		350,000		346,500

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Auto Manufacturers — 0.8%
Jaguar Land Rover Automotive PLC 5.625%, 2/01/23, 144A (a)	$	250,000	$	242,187
4.50%, 10/01/27, 144A (a)		125,000		97,800
Navistar International Corp., 144A 6.625%, 11/01/25		400,000		414,412
Tesla, Inc., 144A 5.30%, 8/15/25 (a)		500,000		446,875
				1,201,274
Auto Parts & Equipment — 1.1%
Adient Global Holdings Ltd., 144A 4.875%, 8/15/26		270,000		207,900
American Axle & Manufacturing, Inc. 6.625%, 10/15/22 (a)		164,000		168,305
6.25%, 4/01/25 (a)		150,000		150,202
6.25%, 3/15/26		198,000		194,495
6.50%, 4/01/27 (a)		170,000		168,513
Dana, Inc. 5.50%, 12/15/24		225,000		224,156
Goodyear Tire & Rubber Co. 5.00%, 5/31/26 (a)		50,000		47,563
4.875%, 3/15/27		450,000		415,688
Tenneco, Inc. 5.00%, 7/15/26		100,000		86,000
				1,662,822
Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc., 144A 5.875%, 5/15/26		200,000		204,000
Core & Main LP, 144A 6.125%, 8/15/25		150,000		145,125
KAR Auction Services, Inc., 144A 5.125%, 6/01/25		300,000		293,250
				642,375
Entertainment — 2.5%
AMC Entertainment Holdings, Inc. 5.75%, 6/15/25		200,000		185,250
5.875%, 11/15/26		180,000		162,468
6.125%, 5/15/27		137,000		123,471
Caesars Resort Collection LLC / CRC Finco, Inc., 144A 5.25%, 10/15/25		500,000		475,625
Cirsa Finance International Sarl, 144A 7.875%, 12/20/23		200,000		205,500
Eldorado Resorts, Inc. 6.00%, 4/01/25		324,000		331,322
6.00%, 9/15/26, 144A		100,000		102,250
International Game Technology PLC 6.50%, 2/15/25, 144A		450,000		480,938
6.25%, 1/15/27, 144A		200,000		208,625
Mohegan Gaming & Entertainment, 144A 7.875%, 10/15/24 (a)		150,000		147,750
Scientific Games International, Inc. 10.00%, 12/01/22		700,000		738,500
5.00%, 10/15/25, 144A		350,000		339,938

	Principal Amount		Value
Entertainment (Continued)
Six Flags Entertainment Corp., 144A 5.50%, 4/15/27	$	200,000	$	197,000
				3,698,637
Home Builders — 0.9%
Beazer Homes USA, Inc. 8.75%, 3/15/22		200,000		208,250
5.875%, 10/15/27		107,000		93,892
CalAtlantic Group, Inc. 5.25%, 6/01/26		75,000		75,187
K Hovnanian Enterprises, Inc., 144A 10.50%, 7/15/24		250,000		176,250
Mattamy Group Corp., 144A 6.50%, 10/01/25		150,000		144,891
PulteGroup, Inc. 5.50%, 3/01/26		100,000		101,125
5.00%, 1/15/27		70,000		67,288
Toll Brothers Finance Corp. 4.875%, 3/15/27		200,000		197,000
4.35%, 2/15/28		138,000		130,238
William Lyon Homes, Inc. 6.00%, 9/01/23		150,000		140,250
				1,334,371
Home Furnishings — 0.3%
Tempur Sealy International, Inc. 5.50%, 6/15/26		350,000		350,437
Leisure Time — 0.3%
24 Hour Fitness Worldwide, Inc., 144A 8.00%, 6/01/22 (a)		100,000		98,500
Viking Cruises Ltd., 144A 5.875%, 9/15/27		270,000		260,887
				359,387
Lodging — 1.6%
Boyd Gaming Corp. 6.375%, 4/01/26		225,000		235,406
6.00%, 8/15/26		200,000		205,875
Diamond Resorts International, Inc. 7.75%, 9/01/23, 144A		20,000		20,150
10.75%, 9/01/24, 144A		250,000		238,750
Melco Resorts Finance Ltd., 144A 4.875%, 6/06/25		250,000		241,404
MGM Resorts International 5.75%, 6/15/25		100,000		102,250
4.625%, 9/01/26		350,000		334,250
Station Casinos LLC, 144A 5.00%, 10/01/25		150,000		146,062
Wyndham Destinations, Inc. 5.75%, 4/01/27		150,000		149,438
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 5.50%, 3/01/25, 144A		300,000		299,715
5.25%, 5/15/27, 144A		450,000		431,016
				2,404,316

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Retail — 3.3%
1011778 BC ULC / New Red Finance, Inc., 144A 5.00%, 10/15/25	$	850,000	$	825,031
Asbury Automotive Group, Inc. 6.00%, 12/15/24		200,000		204,000
Beacon Roofing Supply, Inc., 144A 4.875%, 11/01/25		430,000		401,916
Ferrellgas LP / Ferrellgas Finance Corp. 6.50%, 5/01/21 (a)		350,000		315,000
6.75%, 6/15/23 (a)		100,000		90,000
Golden Nugget, Inc. 6.75%, 10/15/24, 144A		320,000		322,400
8.75%, 10/01/25, 144A		280,000		289,100
IRB Holding Corp., 144A 6.75%, 2/15/26		150,000		142,125
JC Penney Corp., Inc. 5.875%, 7/01/23, 144A		150,000		129,000
8.625%, 3/15/25, 144A		120,000		72,000
L Brands, Inc. 5.25%, 2/01/28		150,000		129,937
Neiman Marcus Group Ltd. LLC, 144A 8.00%, 10/15/21		330,000		173,250
Penske Automotive Group, Inc. 5.50%, 5/15/26		100,000		98,495
PetSmart, Inc. 7.125%, 3/15/23, 144A		800,000		546,000
5.875%, 6/01/25, 144A		275,000		220,000
8.875%, 6/01/25, 144A (a)		75,000		51,000
Rite Aid Corp., 144A 6.125%, 4/01/23		518,000		443,538
Staples, Inc., 144A 8.50%, 9/15/25		300,000		295,500
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.50%, 6/01/24		150,000		148,875
				4,897,167
Storage / Warehousing — 0.1%
Algeco Global Finance PLC, 144A 8.00%, 2/15/23		150,000		150,375
Toys/Games/Hobbies — 0.3%
Mattel, Inc., 144A 6.75%, 12/31/25		400,000		394,500
Consumer, Non-cyclical — 19.4%
Agriculture — 0.1%
Vector Group Ltd., 144A 6.125%, 2/01/25		250,000		222,500
Commercial Services — 4.8%
Ahern Rentals, Inc., 144A 7.375%, 5/15/23		130,000		120,575
APX Group, Inc. 8.75%, 12/01/20		500,000		499,375
7.875%, 12/01/22		350,000		349,125
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.50%, 4/01/23 (a)		200,000		203,000

	Principal Amount		Value
Commercial Services (Continued)
Hertz Corp. 5.875%, 10/15/20	$	300,000	$	300,000
7.375%, 1/15/21 (a)		233,000		233,437
7.625%, 6/01/22, 144A		350,000		358,750
6.25%, 10/15/22		80,000		76,200
5.50%, 10/15/24, 144A		225,000		192,375
Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 144A 6.375%, 8/01/23		400,000		404,000
Laureate Education, Inc., 144A 8.25%, 5/01/25		250,000		271,250
Monitronics International, Inc. 9.125%, 4/01/20		160,000		39,200
Nielsen Co. Luxembourg SARL, 144A 5.00%, 2/01/25 (a)		200,000		198,500
Nielsen Finance LLC / Nielsen Finance Co., 144A 5.00%, 4/15/22		610,000		611,525
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A 9.25%, 5/15/23		644,000		680,708
Refinitiv US Holdings, Inc. 6.25%, 5/15/26, 144A		300,000		303,375
8.25%, 11/15/26, 144A		500,000		490,469
ServiceMaster Co. LLC, 144A 5.125%, 11/15/24		200,000		201,500
Star Merger Sub, Inc. 6.875%, 8/15/26, 144A		200,000		201,067
10.25%, 2/15/27, 144A		200,000		206,250
Team Health Holdings, Inc., 144A 6.375%, 2/01/25 (a)		233,000		186,982
United Rentals North America, Inc. 6.50%, 12/15/26		350,000		366,188
4.875%, 1/15/28		250,000		239,062
Verscend Escrow Corp., 144A 9.75%, 8/15/26		300,000		307,875
				7,040,788
Cosmetics/Personal Care — 0.4%
Avon Products, Inc. 7.00%, 3/15/23		178,000		171,770
Coty, Inc., 144A 6.50%, 4/15/26 (a)		200,000		193,240
Revlon Consumer Products Corp. 5.75%, 2/15/21 (a)		150,000		130,875
6.25%, 8/01/24 (a)		110,000		64,075
				559,960
Food — 2.6%
Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / Albertson’s LLC 6.625%, 6/15/24		295,000		296,475
5.75%, 3/15/25		400,000		382,000
7.50%, 3/15/26, 144A		250,000		258,750
B&G Foods, Inc. 5.25%, 4/01/25 (a)		300,000		287,625
JBS Investments GmbH, 144A 7.25%, 4/03/24		300,000		311,028

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Food (Continued)
JBS USA LUX SA / JBS USA Finance, Inc., 144A 6.75%, 2/15/28	$	300,000	$	311,250
Pilgrim’s Pride Corp. 5.75%, 3/15/25, 144A		250,000		250,625
5.875%, 9/30/27, 144A		230,000		226,550
Post Holdings, Inc. 5.50%, 3/01/25, 144A		250,000		251,562
5.00%, 8/15/26, 144A		700,000		676,375
5.75%, 3/01/27, 144A		250,000		247,188
5.625%, 1/15/28, 144A		80,000		77,600
Sigma Holdco BV, 144A 7.875%, 5/15/26		200,000		184,500
				3,761,528
Healthcare-Products — 1.8%
Avantor, Inc. 6.00%, 10/01/24, 144A		330,000		337,631
9.00%, 10/01/25, 144A		700,000		751,625
Kinetic Concepts, Inc. / KCI USA, Inc., 144A 12.50%, 11/01/21		54,000		58,590
Mallinckrodt International Finance SA 4.75%, 4/15/23		158,000		128,770
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 4.875%, 4/15/20, 144A		200,000		200,020
5.75%, 8/01/22, 144A (a)		270,000		255,150
5.625%, 10/15/23, 144A		250,000		219,923
5.50%, 4/15/25, 144A		200,000		163,938
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 144A 6.625%, 5/15/22		450,000		435,375
Sotera Health Holdings LLC, 144A 6.50%, 5/15/23		150,000		151,500
				2,702,522
Healthcare-Services — 5.9%
Acadia Healthcare Co., Inc. 5.625%, 2/15/23		250,000		249,375
AHP Health Partners, Inc., 144A 9.75%, 7/15/26 (a)		200,000		211,000
CHS/Community Health Systems, Inc. 5.125%, 8/01/21 (a)		300,000		294,750
6.875%, 2/01/22 (a)		762,000		502,920
6.25%, 3/31/23		1,036,000		1,001,035
11.00%, 6/30/23, 144A (a)		950,000		876,375
8.625%, 1/15/24, 144A (a)		200,000		206,500
8.125%, 6/30/24, 144A (a)		96,000		81,120
DaVita, Inc. 5.125%, 7/15/24		550,000		545,875
5.00%, 5/01/25		475,000		460,156
Envision Healthcare Corp., 144A 8.75%, 10/15/26 (a)		300,000		271,500
MEDNAX, Inc., 144A 6.25%, 1/15/27		150,000		151,207
MPH Acquisition Holdings LLC, 144A 7.125%, 6/01/24		450,000		453,091

	Principal Amount		Value
Healthcare-Services (Continued)
Quorum Health Corp. 11.625%, 4/15/23 (a)	$	83,000	$	76,567
RegionalCare Hospital Partners Holdings Inc / LifePoint Health Inc, 144A 9.75%, 12/01/26		500,000		513,750
RegionalCare Hospital Partners Holdings, Inc., 144A 8.25%, 5/01/23		51,000		54,634
Surgery Center Holdings, Inc., 144A 8.875%, 4/15/21 (a)		250,000		255,625
Tenet Healthcare Corp. 8.125%, 4/01/22		850,000		910,563
6.75%, 6/15/23		400,000		411,500
5.125%, 5/01/25		250,000		248,438
7.00%, 8/01/25 (a)		475,000		477,969
6.25%, 2/01/27, 144A		400,000		412,250
			8,666,200
Household Products/Wares — 0.1%
Prestige Brands, Inc., 144A 6.375%, 3/01/24 (a)		150,000		151,500
Pharmaceuticals — 3.7%
Bausch Health Americas, Inc., 144A 9.25%, 4/01/26		300,000		324,000
Bausch Health Cos., Inc. 5.50%, 3/01/23, 144A		300,000		299,625
5.875%, 5/15/23, 144A		900,000		898,875
6.125%, 4/15/25, 144A		1,015,000		979,475
5.50%, 11/01/25, 144A		400,000		405,000
9.00%, 12/15/25, 144A		1,005,000		1,080,375
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 6.00%, 7/15/23, 144A		500,000		416,875
6.00%, 2/01/25, 144A		320,000		248,000
Endo Finance LLC, 144A 5.75%, 1/15/22		300,000		282,000
Endo Finance LLC / Endo Finco, Inc., 144A 5.375%, 1/15/23		150,000		124,406
Horizon Pharma USA, Inc. 6.625%, 5/01/23		200,000		207,000
Vizient, Inc., 144A 10.375%, 3/01/24		150,000		162,563
				5,428,194
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Stena AB, 144A 7.00%, 2/01/24 (a)		150,000		141,000
Energy — 11.3%
Coal — 0.1%
Peabody Energy Corp., 144A 6.375%, 3/31/25		170,000		167,790
Energy-Alternate Sources — 0.1%
TerraForm Power Operating LLC, 144A 5.00%, 1/31/28		200,000		190,750

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Oil & Gas — 9.7%
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 10.00%, 4/01/22, 144A	$	326,000	$	352,895
7.00%, 11/01/26, 144A		200,000		194,000
Baytex Energy Corp., 144A 5.125%, 6/01/21		150,000		148,500
Brazos Valley Longhorn LLC / Brazos Valley Longhorn Finance Corp. 6.875%, 2/01/25		150,000		152,813
Bruin E&P Partners LLC, 144A 8.875%, 8/01/23		150,000		147,375
California Resources Corp., 144A 8.00%, 12/15/22 (a)		650,000		520,812
Calumet Specialty Products Partners LP / Calumet Finance Corp. 6.50%, 4/15/21 (a)		510,000		474,300
Carrizo Oil & Gas, Inc. 6.25%, 4/15/23 (a)		225,000		223,031
Chesapeake Energy Corp. 6.125%, 2/15/21		100,000		102,750
7.00%, 10/01/24 (a)		200,000		198,500
8.00%, 1/15/25 (a)		284,000		290,035
7.50%, 10/01/26 (a)		100,000		99,000
8.00%, 6/15/27 (a)		600,000		597,000
CITGO Petroleum Corp., 144A 6.25%, 8/15/22		108,000		108,000
CrownRock LP / CrownRock Finance, Inc., 144A 5.625%, 10/15/25		345,000		335,512
Denbury Resources, Inc. 9.00%, 5/15/21, 144A		155,000		157,131
9.25%, 3/31/22, 144A		100,000		100,750
7.50%, 2/15/24, 144A		200,000		179,500
Diamond Offshore Drilling, Inc. 7.875%, 8/15/25		150,000		142,500
Ensco PLC 4.50%, 10/01/24 (a)		346,000		269,430
5.20%, 3/15/25 (a)		375,000		289,687
7.75%, 2/01/26		50,000		42,125
EP Energy LLC / Everest Acquisition Finance, Inc. 9.375%, 5/01/24, 144A		550,000		261,250
8.00%, 11/29/24, 144A (a)		200,000		142,000
8.00%, 2/15/25, 144A		55,000		24,475
7.75%, 5/15/26, 144A		250,000		222,500
Extraction Oil & Gas, Inc. 7.375%, 5/15/24, 144A		100,000		90,000
5.625%, 2/01/26, 144A		300,000		250,500
Gulfport Energy Corp. 6.00%, 10/15/24		575,000		524,687
Hilcorp Energy I LP / Hilcorp Finance Co. 5.75%, 10/01/25, 144A		200,000		199,750
6.25%, 11/01/28, 144A		150,000		147,750
Jones Energy Holdings LLC / Jones Energy Finance Corp. 6.75%, 4/01/22		100,000		6,000
9.25%, 3/15/23, 144A (a)		150,000		94,500

	Principal Amount		Value
Oil & Gas (Continued)
MEG Energy Corp. 6.375%, 1/30/23, 144A	$	250,000	$	229,063
7.00%, 3/31/24, 144A		290,000		266,800
6.50%, 1/15/25, 144A		280,000		276,150
Nabors Industries, Inc. 4.625%, 9/15/21		200,000		196,750
5.50%, 1/15/23 (a)		100,000		94,250
5.75%, 2/01/25		300,000		267,000
Noble Holding International Ltd. 7.75%, 1/15/24		347,000		310,131
7.95%, 4/01/25 (a)		50,000		44,000
7.875%, 2/01/26, 144A		225,000		211,219
Oasis Petroleum, Inc. 6.875%, 3/15/22		237,000		237,296
6.25%, 5/01/26, 144A (a)		150,000		143,250
Parkland Fuel Corp., 144A 6.00%, 4/01/26		100,000		98,750
PBF Holding Co LLC / PBF Finance Corp. 7.25%, 6/15/25		145,000		149,423
PBF Holding Co. LLC / PBF Finance Corp. 7.00%, 11/15/23		50,000		51,375
PDC Energy, Inc. 6.125%, 9/15/24		120,000		119,100
5.75%, 5/15/26		175,000		168,438
Precision Drilling Corp., 144A 7.125%, 1/15/26		200,000		197,500
Puma International Financing SA 5.125%, 10/06/24, 144A		200,000		178,052
5.00%, 1/24/26, 144A		325,000		279,509
QEP Resources, Inc. 5.625%, 3/01/26		150,000		141,375
Range Resources Corp. 4.875%, 5/15/25 (a)		200,000		184,188
Rowan Cos., Inc. 4.875%, 6/01/22		400,000		374,250
Sable Permian Resources Land LLC / AEPB Finance Corp. 7.125%, 11/01/20, 144A (a)		350,000		143,500
7.375%, 11/01/21, 144A (a)		50,000		20,500
Sanchez Energy Corp. 7.75%, 6/15/21		300,000		49,500
6.125%, 1/15/23		184,000		28,060
7.25%, 2/15/23, 144A (a)		200,000		173,500
SM Energy Co. 5.00%, 1/15/24		100,000		94,625
5.625%, 6/01/25		275,000		258,500
6.75%, 9/15/26 (a)		100,000		96,250
6.625%, 1/15/27 (a)		100,000		95,750
Southwestern Energy Co. 6.20%, 1/23/25		307,000		305,373
7.50%, 4/01/26		200,000		208,500
7.75%, 10/01/27 (a)		150,000		156,054
Transocean, Inc. 5.80%, 10/15/22 (a)		70,000		68,600
9.00%, 7/15/23, 144A		300,000		317,625
7.50%, 1/15/26, 144A		550,000		533,500

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Whiting Petroleum Corp. 6.25%, 4/01/23 (a)	$	150,000	$	151,500
6.625%, 1/15/26 (a)		300,000		295,500
				14,303,764
Oil & Gas Services — 1.1%
Bristow Group, Inc. 6.25%, 10/15/22		150,000		46,500
KCA Deutag UK Finance PLC, 144A 9.875%, 4/01/22		200,000		160,500
McDermott Technology Americas, Inc. / McDermott Technology US, Inc., 144A 10.625%, 5/01/24		400,000		333,500
SESI LLC 7.125%, 12/15/21		320,000		297,600
7.75%, 9/15/24		107,000		91,485
Weatherford International Ltd. 7.75%, 6/15/21		274,000		246,600
4.50%, 4/15/22		200,000		138,500
8.25%, 6/15/23		300,000		215,250
9.875%, 2/15/24 (a)		150,000		108,750
				1,638,685
Pipelines — 0.3%
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/01/25		200,000		192,500
6.25%, 5/15/26		170,000		158,100
				350,600
Financial — 9.4%
Banks — 0.9%
Freedom Mortgage Corp. 8.125%, 11/15/24, 144A		250,000		235,625
8.25%, 4/15/25, 144A		100,000		94,500
Intesa Sanpaolo SpA 5.017%, 6/26/24, 144A		450,000		417,326
5.71%, 1/15/26, 144A		570,000		534,091
				1,281,542
Diversified Financial Services — 5.0%
Blackstone CQP Holdco LP, 144A 6.50%, 3/20/21		500,000		500,625
Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.375%, 4/01/20, 144A		150,000		150,675
6.875%, 4/15/22, 144A		500,000		501,250
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A 5.25%, 10/01/25		150,000		141,375
Lincoln Finance Ltd., 144A 7.375%, 4/15/21		100,000		102,125
Lions Gate Capital Holdings LLC 6.375%, 2/01/24, 144A		100,000		102,750
5.875%, 11/01/24, 144A		200,000		203,500
LPL Holdings, Inc., 144A 5.75%, 9/15/25		300,000		304,125

	Principal Amount		Value
Diversified Financial Services (Continued)
Nationstar Mortgage Holdings, Inc. 8.125%, 7/15/23, 144A	$	250,000	$	255,000
9.125%, 7/15/26, 144A		300,000		307,500
Nationstar Mortgage LLC / Nationstar Capital Corp. 6.50%, 7/01/21		150,000		150,562
Navient Corp. 5.875%, 3/25/21		200,000		204,500
Series MTN, 7.25%, 1/25/22		70,000		73,675
6.50%, 6/15/22		250,000		257,500
5.50%, 1/25/23		650,000		644,312
7.25%, 9/25/23		500,000		517,500
Series MTN, 6.125%, 3/25/24		100,000		98,000
5.875%, 10/25/24		100,000		96,375
6.75%, 6/15/26		200,000		192,500
NFP Corp., 144A 6.875%, 7/15/25		225,000		216,000
Quicken Loans, Inc. 5.75%, 5/01/25, 144A		445,000		441,440
5.25%, 1/15/28, 144A		230,000		210,450
Springleaf Finance Corp. 6.125%, 5/15/22		250,000		260,625
5.625%, 3/15/23		281,000		286,269
6.125%, 3/15/24		250,000		253,438
6.875%, 3/15/25		600,000		615,750
7.125%, 3/15/26		327,000		331,701
				7,419,522
Insurance — 1.0%
Acrisure LLC / Acrisure Finance, Inc. 8.125%, 2/15/24, 144A		250,000		256,406
7.00%, 11/15/25, 144A		250,000		222,020
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A 8.25%, 8/01/23		200,000		207,625
Ardonagh Midco 3 PLC, 144A 8.625%, 7/15/23 (a)		130,000		115,050
AssuredPartners, Inc., 144A 7.00%, 8/15/25		150,000		143,250
Genworth Holdings, Inc. 7.625%, 9/24/21		200,000		196,050
HUB International Ltd., 144A 7.00%, 5/01/26		400,000		393,000
				1,533,401
Real Estate — 0.8%
Howard Hughes Corp., 144A 5.375%, 3/15/25		315,000		312,637
Kennedy-Wilson, Inc. 5.875%, 4/01/24		309,000		303,593
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A 4.875%, 6/01/23 (a)		200,000		182,000
Washington Prime Group LP 5.95%, 8/15/24		150,000		136,973
WeWork Cos., Inc., 144A 7.875%, 5/01/25		200,000		186,670
				1,121,873

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Real Estate Investment Trusts — 1.5%
CBL & Associates LP 5.25%, 12/01/23 (a)	$	100,000	$	82,000
5.95%, 12/15/26 (a)		200,000		153,500
ESH Hospitality, Inc., 144A 5.25%, 5/01/25		410,000		408,975
Iron Mountain, Inc. 5.75%, 8/15/24		230,000		231,078
4.875%, 9/15/27, 144A		420,000		399,525
5.25%, 3/15/28, 144A		200,000		192,500
iStar, Inc. 5.25%, 9/15/22		133,000		130,673
Starwood Property Trust, Inc. 4.75%, 3/15/25		150,000		146,295
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A 7.125%, 12/15/24		30,000		25,050
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 6.00%, 4/15/23, 144A		100,000		93,250
8.25%, 10/15/23		494,000		431,015
				2,293,861
Venture Capital — 0.2%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.75%, 2/01/24		250,000		262,813
Industrial — 7.8%
Aerospace/Defense — 2.0%
Bombardier, Inc. 8.75%, 12/01/21, 144A		200,000		220,750
6.00%, 10/15/22, 144A		150,000		151,500
6.125%, 1/15/23, 144A		800,000		808,000
7.50%, 12/01/24, 144A		560,000		571,200
7.50%, 3/15/25, 144A (a)		300,000		303,750
TransDigm, Inc. 6.50%, 7/15/24		100,000		101,250
6.50%, 5/15/25		250,000		250,000
6.375%, 6/15/26		431,000		420,225
Triumph Group, Inc. 7.75%, 8/15/25		150,000		142,875
				2,969,550
Building Materials — 1.6%
Builders FirstSource, Inc., 144A 5.625%, 9/01/24		200,000		196,000
Griffon Corp. 5.25%, 3/01/22		305,000		302,331
JELD-WEN, Inc. 4.625%, 12/15/25, 144A		126,000		118,912
4.875%, 12/15/27, 144A		135,000		125,381
NCI Building Systems, Inc., 144A 8.00%, 4/15/26		209,000		198,028
Standard Industries, Inc. 5.375%, 11/15/24, 144A		385,000		392,219
6.00%, 10/15/25, 144A		425,000		445,719
5.00%, 2/15/27, 144A		140,000		133,700

	Principal Amount		Value
Building Materials (Continued)
Standard Industries, Inc./NJ, 144A 4.75%, 1/15/28	$	210,000	$	196,875
Summit Materials LLC / Summit Materials Finance Corp. 6.125%, 7/15/23		176,000		181,280
				2,290,445
Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc. 5.50%, 6/15/25, 144A		200,000		196,000
7.75%, 1/15/27, 144A		300,000		320,250
				516,250
Electronics — 0.2%
Sensata Technologies BV, 144A 5.00%, 10/01/25		220,000		223,300
Engineering & Construction — 0.4%
AECOM 5.125%, 3/15/27		300,000		286,125
Brand Industrial Services, Inc., 144A 8.50%, 7/15/25		341,000		309,457
				595,582
Environmental Control — 0.3%
Covanta Holding Corp. 5.875%, 3/01/24		150,000		153,562
5.875%, 7/01/25		150,000		150,188
GFL Environmental, Inc., 144A 5.375%, 3/01/23		150,000		142,031
				445,781
Machinery-Construction & Mining — 0.2%
Vertiv Group Corp., 144A 9.25%, 10/15/24		250,000		251,250
Machinery-Diversified — 0.1%
Cloud Crane LLC, 144A 10.125%, 8/01/24		162,000		172,935
Metal Fabricate/Hardware — 0.5%
Novelis Corp. 6.25%, 8/15/24, 144A		200,000		202,000
5.875%, 9/30/26, 144A		570,000		557,175
				759,175
Packaging & Containers — 1.8%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 7.25%, 5/15/24, 144A		350,000		364,770
6.00%, 2/15/25, 144A		650,000		643,500
BWAY Holding Co. 5.50%, 4/15/24, 144A		530,000		523,216
7.25%, 4/15/25, 144A		350,000		333,375
Flex Acquisition Co., Inc. 6.875%, 1/15/25, 144A		190,000		180,500
7.875%, 7/15/26, 144A		150,000		144,000
Multi-Color Corp., 144A 4.875%, 11/01/25 (a)		200,000		203,250

See Notes to Financial Statements. 28

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Packaging & Containers (Continued)
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg, 144A 7.00%, 7/15/24	$	250,000	$	256,094
				2,648,705
Transportation — 0.3%
Hornbeck Offshore Services, Inc. 5.00%, 3/01/21		100,000		55,000
Kenan Advantage Group, Inc., 144A 7.875%, 7/31/23		150,000		146,719
XPO Logistics, Inc., 144A 6.75%, 8/15/24		250,000		252,218
				453,937
Trucking & Leasing — 0.1%
Fortress Transportation & Infrastructure Investors LLC, 144A 6.75%, 3/15/22		150,000		153,300
Technology — 5.3%
Computers — 2.1%
Banff Merger Sub, Inc., 144A 9.75%, 9/01/26		450,000		437,062
Dell International LLC / EMC Corp., 144A 7.125%, 6/15/24		623,000		661,139
Exela Intermediate LLC / Exela Finance, Inc., 144A 10.00%, 7/15/23		270,000		276,413
Harland Clarke Holdings Corp. 9.25%, 3/01/21, 144A (a)		250,000		248,750
8.375%, 8/15/22, 144A		200,000		187,750
NCR Corp. 5.00%, 7/15/22		300,000		301,467
6.375%, 12/15/23		75,000		76,273
Sungard Availability Services Capital, Inc., 144A 8.75%, 4/01/22		125,000		12,500
West Corp., 144A 8.50%, 10/15/25		350,000		291,375
Western Digital Corp. 4.75%, 2/15/26		700,000		663,250
				3,155,979
Office/Business Equipment — 0.6%
Pitney Bowes, Inc. 4.375%, 5/15/22		266,000		254,695
4.625%, 3/15/24		200,000		184,000
Xerox Corp. 3.625%, 3/15/23		400,000		393,000
				831,695
Semiconductors — 0.1%
Qorvo, Inc., 144A 5.50%, 7/15/26		200,000		204,000
Software — 2.5%
CDK Global, Inc. 5.875%, 6/15/26		100,000		103,250
4.875%, 6/01/27		200,000		197,542

	Principal Amount		Value
Software (Continued)
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A 5.75%, 3/01/25	$	370,000	$	362,489
Infor US, Inc. 6.50%, 5/15/22		600,000		614,112
Informatica LLC, 144A 7.125%, 7/15/23		150,000		152,643
Nuance Communications, Inc. 5.625%, 12/15/26		200,000		204,500
Open Text Corp., 144A 5.875%, 6/01/26		230,000		242,554
Rackspace Hosting, Inc., 144A 8.625%, 11/15/24		390,000		342,225
Riverbed Technology, Inc., 144A 8.875%, 3/01/23 (a)		150,000		104,625
Solera LLC / Solera Finance, Inc., 144A 10.50%, 3/01/24		500,000		544,375
TIBCO Software, Inc., 144A 11.375%, 12/01/21		400,000		425,250
Veritas US, Inc. / Veritas Bermuda Ltd., 144A 10.50%, 2/01/24		400,000		339,616
				3,633,181
Utilities — 2.3%
Electric — 1.6%
Calpine Corp. 5.375%, 1/15/23		300,000		297,750
5.50%, 2/01/24		100,000		96,625
5.75%, 1/15/25		550,000		528,000
5.25%, 6/01/26, 144A		360,000		354,150
Clearway Energy Operating LLC 5.375%, 8/15/24		170,000		167,450
5.75%, 10/15/25, 144A		225,000		221,906
InterGen NV, 144A 7.00%, 6/30/23		200,000		181,000
Talen Energy Supply LLC 4.60%, 12/15/21		1,000		968
9.50%, 7/15/22, 144A		131,000		140,170
10.50%, 1/15/26, 144A		400,000		416,000
				2,404,019
Gas — 0.7%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		125,000		126,875
5.50%, 5/20/25		250,000		248,750
5.875%, 8/20/26		200,000		201,440
5.75%, 5/20/27		180,000		177,300
NGL Energy Partners LP / NGL Energy Finance Corp. 7.50%, 11/01/23		200,000		207,250
				961,615
TOTAL CORPORATE BONDS (Cost $147,802,067)				143,710,120

See Notes to Financial Statements. 29

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 9.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (b)(c) (Cost $14,261,434)		14,261,434	$	14,261,434
CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 2.38% (b) (Cost $668,889)		668,889		668,889
TOTAL INVESTMENTS — 107.7% (Cost $162,732,390)			$	158,640,443
Other assets and liabilities, net — (7.7%)				(11,294,268	)
NET ASSETS — 100.0%			$	147,346,175

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 8/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
SECURITIES LENDING COLLATERAL — 9.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (b)(c)
		7,697,440		6,563,994	(d)		—			—		—		87,274		—		14,261,434		14,261,434
CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 2.38% (b)
		—		8,078,209			(7,409,320	)		—		—		7,589		—		668,889		668,889
		7,697,440		14,642,203			(7,409,320	)		—		—		94,863		—		14,930,323		14,930,323

(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, 2019 amounted to $14,534,307, which is 9.9% of net assets.

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

(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $833,741.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2019.

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.

See Notes to Financial Statements. 30

DBX ETF Trust

Schedule of Investments

Xtrackers High Beta High Yield Bond ETF (Continued)

February 28, 2019 (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, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (e)	$	—	$	143,710,120	$	—	$	143,710,120
Short-Term Investments (e)		14,930,323		—		—		14,930,323
TOTAL	$	14,930,323	$	143,710,120	$	—	$	158,640,443

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

See Notes to Financial Statements. 31

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF

February 28, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 98.4%
Basic Materials — 4.6%
Chemicals — 2.1%
Ashland LLC 4.75%, 8/15/22	$	350,000	$	360,937
Blue Cube Spinco LLC 9.75%, 10/15/23		225,000		252,619
10.00%, 10/15/25		175,000		201,250
CF Industries, Inc. 7.125%, 5/01/20		175,000		181,781
3.45%, 6/01/23		250,000		242,812
Chemours Co. 6.625%, 5/15/23 (a)		419,000		436,305
Huntsman International LLC 4.875%, 11/15/20		400,000		410,050
Momentive Performance Materials, Inc. 3.88%, 10/24/21		350,000		378,438
PolyOne Corp. 5.25%, 3/15/23		225,000		231,188
PQ Corp., 144A 6.75%, 11/15/22		56,000		58,433
WR Grace & Co.-Conn, 144A 5.125%, 10/01/21		300,000		310,167
				3,063,980
Iron/Steel — 0.6%
Allegheny Technologies, Inc. 5.95%, 1/15/21		200,000		206,560
Steel Dynamics, Inc. 5.125%, 10/01/21		306,000		308,104
5.25%, 4/15/23		410,000		418,712
				933,376
Mining — 1.9%
Alcoa Nederland Holding BV, 144A 6.75%, 9/30/24		240,000		254,700
FMG Resources August 2006 Pty Ltd., 144A 4.75%, 5/15/22		300,000		301,125
Freeport-McMoRan, Inc. 3.10%, 3/15/20		300,000		300,840
4.00%, 11/14/21		250,000		250,938
3.55%, 3/01/22		650,000		644,312
6.875%, 2/15/23		250,000		265,000
3.875%, 3/15/23		655,000		647,127
				2,664,042
Communications — 20.2%
Advertising — 0.9%
Lamar Media Corp. 5.00%, 5/01/23		456,000		466,260
5.375%, 1/15/24		100,000		103,250
Outfront Media Capital LLC / Outfront Media Capital Corp. 5.25%, 2/15/22		481,000		490,163
5.625%, 2/15/24		260,000		267,150
				1,326,823

	Principal Amount		Value
Internet — 1.9%
Match Group, Inc., 144A 5.00%, 12/15/27	$	150,000	$	149,104
Netflix, Inc. 5.375%, 2/01/21		190,000		196,887
5.50%, 2/15/22		250,000		262,813
5.75%, 3/01/24 (a)		125,000		133,184
5.875%, 2/15/25		250,000		265,625
4.375%, 11/15/26 (a)		350,000		336,658
4.875%, 4/15/28		562,000		548,653
Symantec Corp. 4.20%, 9/15/20		300,000		303,488
3.95%, 6/15/22		125,000		125,027
VeriSign, Inc. 4.625%, 5/01/23		20,000		20,391
5.25%, 4/01/25		150,000		155,862
4.75%, 7/15/27		225,000		223,031
				2,720,723
Media — 9.9%
AMC Networks, Inc. 4.75%, 12/15/22		200,000		203,250
5.00%, 4/01/24		425,000		422,743
4.75%, 8/01/25		230,000		224,034
Cable One, Inc., 144A 5.75%, 6/15/22		132,000		134,640
Cablevision Systems Corp. 8.00%, 4/15/20		150,000		157,500
CCO Holdings LLC / CCO Holdings Capital Corp. 5.25%, 3/15/21		200,000		200,875
5.25%, 9/30/22		500,000		510,625
4.00%, 3/01/23, 144A (a)		30,000		29,700
5.125%, 5/01/23, 144A		900,000		918,090
5.75%, 9/01/23		280,000		285,950
5.75%, 1/15/24		342,000		351,191
5.875%, 4/01/24, 144A		550,000		574,062
5.375%, 5/01/25, 144A		200,000		205,250
5.75%, 2/15/26, 144A		855,000		882,522
Clear Channel Worldwide Holdings, Inc. Series A, 6.50%, 11/15/22		200,000		205,250
Series B, 6.50%, 11/15/22		700,000		719,250
CSC Holdings LLC 6.75%, 11/15/21		393,000		419,528
5.125%, 12/15/21, 144A		300,000		301,692
5.125%, 12/15/21, 144A		150,000		150,846
5.375%, 7/15/23, 144A		400,000		412,080
6.625%, 10/15/25, 144A		290,000		306,675
10.875%, 10/15/25, 144A		580,000		674,250
5.50%, 5/15/26, 144A		500,000		506,875
DISH DBS Corp. 5.125%, 5/01/20		350,000		353,500
Nexstar Broadcasting, Inc. 5.875%, 11/15/22		98,000		100,450
Quebecor Media, Inc. 5.75%, 1/15/23		400,000		416,375
Sinclair Television Group, Inc. 5.375%, 4/01/21		375,000		376,406

See Notes to Financial Statements. 32

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Media (Continued)
Sirius XM Radio, Inc. 3.875%, 8/01/22, 144A	$	525,000	$	525,656
4.625%, 5/15/23, 144A		150,000		152,438
6.00%, 7/15/24, 144A		450,000		468,000
5.375%, 4/15/25, 144A		234,000		239,338
5.375%, 7/15/26, 144A		400,000		402,500
TEGNA, Inc. 6.375%, 10/15/23		345,000		357,938
Tribune Media Co. 5.875%, 7/15/22		450,000		460,125
Unitymedia GmbH, 144A 6.125%, 1/15/25		400,000		416,000
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH, 144A 5.00%, 1/15/25		50,000		51,438
Videotron Ltd. 5.00%, 7/15/22		271,000		278,114
5.375%, 6/15/24, 144A		300,000		313,185
5.125%, 4/15/27, 144A		75,000		76,313
Virgin Media Secured Finance PLC 5.25%, 1/15/21		200,000		204,930
5.50%, 1/15/25, 144A		200,000		203,750
				14,193,334
Telecommunications — 7.5%
CenturyLink, Inc. Series V, 5.625%, 4/01/20		50,000		50,952
Series S, 6.45%, 6/15/21		500,000		520,600
CommScope, Inc., 144A 5.00%, 6/15/21		200,000		201,000
Hughes Satellite Systems Corp. 7.625%, 6/15/21		350,000		376,250
Intelsat Jackson Holdings SA 9.50%, 9/30/22, 144A		175,000		203,437
8.00%, 2/15/24, 144A		440,000		460,350
Level 3 Financing, Inc. 6.125%, 1/15/21		216,000		217,415
5.375%, 8/15/22		550,000		554,812
5.625%, 2/01/23		100,000		101,000
5.125%, 5/01/23		280,000		282,825
Level 3 Parent LLC 5.75%, 12/01/22		200,000		202,750
Nokia OYJ 3.375%, 6/12/22		222,000		218,048
4.375%, 6/12/27		150,000		147,768
Qwest Corp. 6.75%, 12/01/21		375,000		400,237
Sable International Finance Ltd., 144A 6.875%, 8/01/22		200,000		208,500
Sprint Communications, Inc. 7.00%, 3/01/20, 144A		411,000		425,385
7.00%, 8/15/20		475,000		496,328
Sprint Corp. 7.25%, 9/15/21		800,000		847,000
Telefonaktiebolaget LM Ericsson 4.125%, 5/15/22		325,000		328,734

	Principal Amount		Value
Telecommunications (Continued)
T-Mobile USA, Inc. 6.00%, 3/01/23	$	400,000	$	412,000
6.50%, 1/15/24		350,000		364,000
6.00%, 4/15/24		350,000		364,438
6.375%, 3/01/25		660,000		688,463
5.125%, 4/15/25		520,000		535,113
6.50%, 1/15/26		575,000		615,969
4.50%, 2/01/26		200,000		197,748
5.375%, 4/15/27		325,000		334,750
4.75%, 2/01/28		450,000		438,705
VEON Holdings BV 3.95%, 6/16/21, 144A		300,000		295,500
5.95%, 2/13/23, 144A		300,000		310,101
				10,800,178
Consumer, Cyclical — 13.2%
Airlines — 0.3%
Air Canada, 144A 7.75%, 4/15/21		150,000		161,250
American Airlines Group, Inc., 144A 4.625%, 3/01/20		200,000		202,000
United Continental Holdings, Inc. 4.25%, 10/01/22		120,000		119,850
				483,100
Apparel — 0.4%
Hanesbrands, Inc., 144A 4.625%, 5/15/24		318,000		319,240
Levi Strauss & Co. 5.00%, 5/01/25		200,000		205,000
				524,240
Auto Manufacturers — 1.0%
Allison Transmission, Inc., 144A 5.00%, 10/01/24		350,000		353,500
Fiat Chrysler Automobiles NV 4.50%, 4/15/20		500,000		505,000
5.25%, 4/15/23		500,000		509,250
				1,367,750
Auto Parts & Equipment — 0.2%
Goodyear Tire & Rubber Co. 5.125%, 11/15/23 (a)		322,000		322,403
Distribution/Wholesale — 0.4%
HD Supply, Inc., 144A 5.375%, 10/15/26		300,000		306,000
LKQ Corp. 4.75%, 5/15/23		227,000		229,270
				535,270
Entertainment — 1.1%
Cinemark USA, Inc. 5.125%, 12/15/22		247,000		251,631
4.875%, 6/01/23		200,000		200,250
International Game Technology PLC, 144A 6.25%, 2/15/22		450,000		472,500
Live Nation Entertainment, Inc., 144A 4.875%, 11/01/24		194,000		193,030

See Notes to Financial Statements. 33

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Entertainment (Continued)
Merlin Entertainments PLC, 144A 5.75%, 6/15/26	$	150,000	$	155,438
Six Flags Entertainment Corp., 144A 4.875%, 7/31/24		340,000		335,750
				1,608,599
Food Service — 0.8%
Aramark Services, Inc. 5.125%, 1/15/24		455,000		466,375
5.00%, 4/01/25, 144A		125,000		127,500
4.75%, 6/01/26		300,000		298,500
5.00%, 2/01/28, 144A		300,000		297,000
				1,189,375
Home Builders — 2.2%
Brookfield Residential Properties, Inc., 144A 6.50%, 12/15/20		249,000		249,934
KB Home 7.00%, 12/15/21		200,000		212,250
Lennar Corp. 4.75%, 4/01/21		105,000		107,362
4.125%, 1/15/22		300,000		299,625
4.875%, 12/15/23		450,000		458,437
4.50%, 4/30/24		185,000		184,075
5.875%, 11/15/24		183,000		192,836
4.75%, 5/30/25		70,000		70,547
4.75%, 11/29/27		250,000		243,750
PulteGroup, Inc. 4.25%, 3/01/21		270,000		273,038
5.50%, 3/01/26		253,000		255,846
Taylor Morrison Communities, Inc. 6.625%, 5/15/22		150,000		154,875
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 144A 5.25%, 4/15/21		217,000		218,085
Toll Brothers Finance Corp. 5.875%, 2/15/22		150,000		158,063
4.375%, 4/15/23		125,000		125,563
				3,204,286
Housewares — 0.1%
Scotts Miracle-Gro Co. 6.00%, 10/15/23		150,000		155,250
Leisure Time — 0.4%
NCL Corp. Ltd., 144A 4.75%, 12/15/21		204,000		208,013
Sabre GLBL, Inc. 5.375%, 4/15/23, 144A		70,000		71,750
5.25%, 11/15/23, 144A		280,000		287,000
				566,763
Lodging — 3.4%
Boyd Gaming Corp. 6.875%, 5/15/23		250,000		262,187
Hilton Domestic Operating Co., Inc. 4.25%, 9/01/24		347,000		343,096
5.125%, 5/01/26, 144A		550,000		554,125

	Principal Amount		Value
Lodging (Continued)
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 4.625%, 4/01/25	$	280,000	$	279,300
4.875%, 4/01/27		300,000		299,625
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 144A 6.75%, 11/15/21		250,000		258,125
MGM Resorts International 5.25%, 3/31/20		200,000		204,050
6.75%, 10/01/20		383,000		400,235
6.625%, 12/15/21		650,000		693,875
7.75%, 3/15/22		225,000		247,500
6.00%, 3/15/23		365,000		382,794
Studio City Co. Ltd., 144A 7.25%, 11/30/21		400,000		416,120
Wyndham Destinations, Inc. 4.25%, 3/01/22		300,000		299,265
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A 4.25%, 5/30/23		180,000		178,425
				4,818,722
Retail — 2.9%
1011778 BC ULC / New Red Finance, Inc. 4.625%, 1/15/22, 144A		480,000		483,000
4.25%, 5/15/24, 144A		500,000		488,125
Group 1 Automotive, Inc. 5.00%, 6/01/22		175,000		176,531
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 5.00%, 6/01/24, 144A		300,000		303,975
5.25%, 6/01/26, 144A		400,000		408,000
4.75%, 6/01/27, 144A		294,000		290,325
L Brands, Inc. 6.625%, 4/01/21		300,000		313,500
5.625%, 2/15/22		350,000		357,000
5.625%, 10/15/23 (a)		150,000		149,625
Michaels Stores, Inc., 144A 5.875%, 12/15/20		283,000		283,920
Penske Automotive Group, Inc. 5.75%, 10/01/22		150,000		153,000
QVC, Inc. 5.125%, 7/02/22		150,000		156,392
4.375%, 3/15/23		200,000		201,895
4.85%, 4/01/24		155,000		156,170
4.45%, 2/15/25		300,000		292,327
				4,213,785
Consumer, Non-cyclical — 16.6%
Commercial Services — 3.5%
ADT Security Corp. 6.25%, 10/15/21		195,000		206,212
3.50%, 7/15/22		485,000		478,937
4.125%, 6/15/23		300,000		295,125
Brink’s Co., 144A 4.625%, 10/15/27		150,000		143,250
Gartner, Inc., 144A 5.125%, 4/01/25		326,000		329,260

See Notes to Financial Statements. 34

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Commercial Services (Continued)
Herc Rentals, Inc. 7.50%, 6/01/22, 144A	$	197,000	$	206,358
7.75%, 6/01/24, 144A (a)		174,000		186,450
Nielsen Co. Luxembourg SARL, 144A 5.50%, 10/01/21		425,000		429,781
Service Corp. International 5.375%, 1/15/22		68,000		68,850
5.375%, 5/15/24		325,000		333,125
4.625%, 12/15/27		220,000		218,075
United Rentals North America, Inc. 4.625%, 7/15/23		450,000		460,350
5.75%, 11/15/24		100,000		103,375
5.50%, 7/15/25		268,000		274,700
4.625%, 10/15/25		425,000		414,375
5.875%, 9/15/26		200,000		205,250
4.875%, 1/15/28		600,000		573,750
WEX, Inc., 144A 4.75%, 2/01/23		150,000		149,250
				5,076,473
Cosmetics/Personal Care — 0.6%
Avon Products, Inc. 6.60%, 3/15/20 (a)		200,000		204,250
Edgewell Personal Care Co. 4.70%, 5/24/22		310,000		313,047
First Quality Finance Co., Inc. 4.625%, 5/15/21, 144A		216,000		217,080
5.00%, 7/01/25, 144A		150,000		147,000
				881,377
Food — 1.8%
B&G Foods, Inc. 4.625%, 6/01/21		200,000		200,437
Darling Ingredients, Inc. 5.375%, 1/15/22		180,000		182,475
JBS USA LUX SA / JBS USA Finance, Inc. 7.25%, 6/01/21, 144A		250,000		253,125
5.875%, 7/15/24, 144A		200,000		206,350
5.75%, 6/15/25, 144A		400,000		406,500
Lamb Weston Holdings, Inc. 4.625%, 11/01/24, 144A		325,000		327,438
4.875%, 11/01/26, 144A		285,000		286,781
Post Holdings, Inc., 144A 5.50%, 3/01/25		350,000		352,188
TreeHouse Foods, Inc., 144A 6.00%, 2/15/24 (a)		225,000		232,594
US Foods, Inc., 144A 5.875%, 6/15/24		180,000		183,375
				2,631,263
Healthcare-Products — 0.9%
Hill-Rom Holdings, Inc., 144A 5.75%, 9/01/23		150,000		155,063
Hologic, Inc., 144A 4.375%, 10/15/25		500,000		493,750
Kinetic Concepts, Inc. / KCI USA, Inc., 144A 7.875%, 2/15/21		230,000		235,175

	Principal Amount		Value
Healthcare-Products (Continued)
Teleflex, Inc. 4.875%, 6/01/26	$	334,000	$	339,845
4.625%, 11/15/27		50,000		49,816
				1,273,649
Healthcare-Services — 7.9%
Catalent Pharma Solutions, Inc., 144A 4.875%, 1/15/26		150,000		149,250
Centene Corp. 5.625%, 2/15/21		470,000		477,050
4.75%, 5/15/22		225,000		230,062
6.125%, 2/15/24		500,000		524,062
4.75%, 1/15/25		395,000		398,950
5.375%, 6/01/26, 144A		700,000		728,000
Charles River Laboratories International, Inc., 144A 5.50%, 4/01/26		150,000		156,375
DaVita, Inc. 5.75%, 8/15/22		400,000		408,272
Encompass Health Corp. 5.75%, 11/01/24		376,000		381,283
HCA Healthcare, Inc. 6.25%, 2/15/21		413,000		433,790
HCA, Inc. 7.50%, 2/15/22		755,000		829,556
5.875%, 5/01/23		350,000		371,000
5.375%, 2/01/25		875,000		909,729
5.875%, 2/15/26		525,000		555,844
5.375%, 9/01/26		350,000		359,625
5.625%, 9/01/28		600,000		621,750
5.875%, 2/01/29		325,000		341,250
MEDNAX, Inc., 144A 5.25%, 12/01/23		275,000		278,781
Molina Healthcare, Inc. 5.375%, 11/15/22		200,000		206,938
Select Medical Corp. 6.375%, 6/01/21		200,000		201,500
Tenet Healthcare Corp. 4.75%, 6/01/20		150,000		152,250
6.00%, 10/01/20		150,000		155,625
4.50%, 4/01/21		550,000		559,625
4.375%, 10/01/21		490,000		498,575
4.625%, 7/15/24		700,000		700,875
WellCare Health Plans, Inc. 5.25%, 4/01/25		400,000		409,880
5.375%, 8/15/26, 144A		250,000		257,813
				11,297,710
Household Products/Wares — 0.5%
Prestige Brands, Inc., 144A 5.375%, 12/15/21		125,000		125,860
Spectrum Brands, Inc. 6.625%, 11/15/22		200,000		205,000
5.75%, 7/15/25		329,000		323,654
				654,514

See Notes to Financial Statements. 35

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Pharmaceuticals — 1.4%
Bausch Health Cos., Inc. 6.50%, 3/15/22, 144A	$	460,000	$	477,250
7.00%, 3/15/24, 144A		750,000		792,187
Elanco Animal Health, Inc. 3.912%, 8/27/21, 144A		100,000		101,168
4.272%, 8/28/23, 144A		350,000		355,557
4.90%, 8/28/28, 144A		250,000		259,903
				1,986,065
Energy — 15.7%
Coal — 0.1%
Peabody Energy Corp., 144A 6.00%, 3/31/22		175,000		177,188
Energy-Alternate Sources — 0.2%
TerraForm Power Operating LLC, 144A 4.25%, 1/31/23		208,000		207,108
Oil & Gas — 7.9%
Aker BP ASA 6.00%, 7/01/22, 144A		100,000		103,020
5.875%, 3/31/25, 144A		150,000		154,522
Antero Resources Corp. 5.375%, 11/01/21		725,000		730,437
5.625%, 6/01/23		40,000		40,250
5.00%, 3/01/25 (a)		425,000		410,125
Baytex Energy Corp., 144A 5.125%, 6/01/21		236,000		233,640
Callon Petroleum Co. 6.125%, 10/01/24		250,000		253,125
Chesapeake Energy Corp. 6.625%, 8/15/20		287,000		295,610
CNX Resources Corp. 5.875%, 4/15/22		475,000		480,937
Continental Resources, Inc. 5.00%, 9/15/22		460,000		465,279
4.50%, 4/15/23		600,000		612,052
3.80%, 6/01/24		250,000		247,204
4.375%, 1/15/28		410,000		409,074
Diamondback Energy, Inc. 4.75%, 11/01/24, 144A		350,000		355,687
4.75%, 11/01/24		86,000		87,397
5.375%, 5/31/25		300,000		311,250
Endeavor Energy Resources LP / EER Finance, Inc. 5.50%, 1/30/26, 144A		150,000		157,687
5.75%, 1/30/28, 144A		205,000		219,350
Hilcorp Energy I LP / Hilcorp Finance Co., 144A 5.00%, 12/01/24		150,000		144,937
Matador Resources Co. 5.875%, 9/15/26		350,000		350,000
Murphy Oil Corp. 4.00%, 6/01/22		200,000		198,516
4.45%, 12/01/22		250,000		249,078
6.875%, 8/15/24		150,000		158,813
5.75%, 8/15/25		190,000		193,442
Nabors Industries, Inc. 5.00%, 9/15/20		300,000		302,625

	Principal Amount		Value
Oil & Gas (Continued)
Parsley Energy LLC / Parsley Finance Corp. 6.25%, 6/01/24, 144A	$	215,000	$	220,913
5.375%, 1/15/25, 144A		250,000		251,875
5.25%, 8/15/25, 144A		350,000		348,145
QEP Resources, Inc. 5.375%, 10/01/22		200,000		197,250
5.25%, 5/01/23		200,000		193,500
Range Resources Corp. 5.75%, 6/01/21		150,000		152,625
5.00%, 3/15/23		402,000		389,940
Seven Generations Energy Ltd. 6.75%, 5/01/23, 144A		200,000		205,500
6.875%, 6/30/23, 144A		210,000		216,825
5.375%, 9/30/25, 144A		200,000		193,250
SM Energy Co. 6.125%, 11/15/22		150,000		150,000
Sunoco LP / Sunoco Finance Corp. 4.875%, 1/15/23		350,000		355,250
5.50%, 2/15/26		200,000		199,160
Whiting Petroleum Corp. 5.75%, 3/15/21		275,000		279,813
WPX Energy, Inc. 6.00%, 1/15/22		389,000		403,588
5.25%, 9/15/24 (a)		250,000		250,313
5.75%, 6/01/26		200,000		202,000
				11,374,004
Pipelines — 7.5%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 5.375%, 9/15/24		200,000		201,000
5.75%, 3/01/27, 144A		250,000		252,500
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A 6.125%, 11/15/22		250,000		254,687
Cheniere Corpus Christi Holdings LLC 7.00%, 6/30/24		400,000		444,000
5.875%, 3/31/25		650,000		693,881
5.125%, 6/30/27		475,000		485,687
Cheniere Energy Partners LP 5.25%, 10/01/25		530,000		538,612
5.625%, 10/01/26, 144A		386,000		394,202
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 6.25%, 4/01/23		115,000		118,625
5.75%, 4/01/25		275,000		278,180
DCP Midstream Operating LP 4.75%, 9/30/21, 144A		300,000		306,000
3.875%, 3/15/23		150,000		149,250
5.375%, 7/15/25		276,000		287,730
Energy Transfer LP 7.50%, 10/15/20		325,000		346,125
4.25%, 3/15/23		355,000		360,396
5.875%, 1/15/24		405,000		435,375
5.50%, 6/01/27		400,000		421,000
EnLink Midstream Partners LP 4.40%, 4/01/24		320,000		312,000
4.85%, 7/15/26		306,000		300,645

See Notes to Financial Statements. 36

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Pipelines (Continued)
Genesis Energy LP / Genesis Energy Finance Corp. 6.75%, 8/01/22	$	300,000	$	306,750
NGPL PipeCo LLC 4.375%, 8/15/22, 144A		300,000		304,500
4.875%, 8/15/27, 144A		250,000		252,422
NuStar Logistics LP 4.80%, 9/01/20		220,000		223,850
5.625%, 4/28/27		150,000		150,938
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 4.75%, 10/01/23, 144A		125,000		125,156
5.50%, 9/15/24, 144A		263,000		269,983
5.50%, 1/15/28, 144A		250,000		250,625
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 5.25%, 5/01/23		200,000		203,248
4.25%, 11/15/23		150,000		148,500
6.75%, 3/15/24		295,000		310,119
5.125%, 2/01/25		200,000		202,000
5.875%, 4/15/26, 144A		390,000		407,550
5.375%, 2/01/27		350,000		353,504
6.50%, 7/15/27, 144A		250,000		265,000
5.00%, 1/15/28		145,000		141,194
6.875%, 1/15/29, 144A		200,000		213,375
				10,708,609
Financial — 8.9%
Banks — 1.0%
CIT Group, Inc. 4.125%, 3/09/21		250,000		252,500
5.00%, 8/15/22		325,000		336,375
5.00%, 8/01/23		361,000		375,584
4.75%, 2/16/24		200,000		204,000
5.25%, 3/07/25		120,000		126,000
6.125%, 3/09/28		100,000		108,750
				1,403,209
Diversified Financial Services — 2.6%
Ally Financial, Inc. 8.00%, 3/15/20		400,000		419,500
7.50%, 9/15/20		500,000		531,875
5.125%, 9/30/24		350,000		368,375
4.625%, 3/30/25		375,000		383,325
5.75%, 11/20/25		350,000		372,312
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A 5.25%, 3/15/22		253,000		257,428
Navient Corp. Series MTN, 8.00%, 3/25/20		341,000		356,969
5.00%, 10/26/20		300,000		304,587
Springleaf Finance Corp. 8.25%, 12/15/20		275,000		295,144
7.75%, 10/01/21		300,000		323,148
Vantiv LLC / Vanitv Issuer Corp., 144A 4.375%, 11/15/25		120,000		116,250
				3,728,913

	Principal Amount		Value
Insurance — 0.1%
Radian Group, Inc. 4.50%, 10/01/24	$	150,000	$	146,625
Real Estate — 0.1%
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A 5.25%, 12/01/21		150,000		149,813
Real Estate Investment Trusts — 4.0%
CyrusOne LP / CyrusOne Finance Corp. 5.00%, 3/15/24		200,000		204,000
5.375%, 3/15/27		170,000		173,400
Equinix, Inc. 5.375%, 1/01/22		620,000		638,987
5.75%, 1/01/25		175,000		182,875
5.875%, 1/15/26		350,000		367,500
5.375%, 5/15/27		400,000		415,000
Iron Mountain, Inc., 144A 4.375%, 6/01/21		400,000		400,000
iStar, Inc. 4.625%, 9/15/20		150,000		151,125
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 5.625%, 5/01/24		335,000		347,144
4.50%, 9/01/26		250,000		240,832
5.75%, 2/01/27, 144A		250,000		256,250
MPT Operating Partnership LP / MPT Finance Corp. 6.375%, 3/01/24		150,000		157,875
5.25%, 8/01/26		515,000		524,656
5.00%, 10/15/27		254,000		252,730
SBA Communications Corp. 4.875%, 7/15/22		150,000		152,250
4.00%, 10/01/22		450,000		447,750
4.875%, 9/01/24		350,000		350,875
Starwood Property Trust, Inc. 3.625%, 2/01/21		150,000		149,438
5.00%, 12/15/21		300,000		307,125
				5,719,812
Venture Capital — 1.1%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.00%, 8/01/20		728,000		736,190
5.875%, 2/01/22		424,000		430,360
6.25%, 2/01/22		400,000		412,920
				1,579,470
Industrial — 10.3%
Aerospace/Defense — 2.6%
Arconic, Inc. 6.15%, 8/15/20		345,000		357,506
5.40%, 4/15/21		300,000		309,703
5.87%, 2/23/22 (a)		450,000		471,937
5.125%, 10/01/24		368,000		365,470
Bombardier, Inc., 144A 7.75%, 3/15/20		400,000		419,040

See Notes to Financial Statements. 37

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Aerospace/Defense (Continued)
TransDigm, Inc. 6.00%, 7/15/22	$	400,000	$	408,400
6.25%, 3/15/26, 144A		1,400,000		1,435,000
				3,767,056
Building Materials — 0.2%
Standard Industries, Inc., 144A 5.50%, 2/15/23		150,000		153,750
USG Corp., 144A 4.875%, 6/01/27		175,000		177,130
				330,880
Electronics — 0.4%
Itron, Inc., 144A 5.00%, 1/15/26		150,000		146,250
Sensata Technologies BV 4.875%, 10/15/23, 144A		250,000		257,812
5.625%, 11/01/24, 144A		100,000		105,375
				509,437
Engineering & Construction — 0.3%
AECOM 5.875%, 10/15/24		349,000		365,421
MasTec, Inc. 4.875%, 3/15/23		125,000		125,781
				491,202
Environmental Control — 0.3%
Advanced Disposal Services, Inc., 144A 5.625%, 11/15/24		150,000		152,250
Clean Harbors, Inc. 5.125%, 6/01/21		300,000		300,750
				453,000
Hand/Machine Tools — 0.3%
Colfax Corp. 6.00%, 2/15/24, 144A		200,000		206,750
6.375%, 2/15/26, 144A		150,000		156,562
				363,312
Machinery-Diversified — 0.1%
Welbilt, Inc. 9.50%, 2/15/24		150,000		162,000
Packaging & Containers — 4.3%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 4.25%, 9/15/22, 144A		250,000		250,175
4.625%, 5/15/23, 144A		300,000		303,000
Ball Corp. 4.375%, 12/15/20		514,000		525,565
5.00%, 3/15/22		200,000		207,875
4.00%, 11/15/23		100,000		100,500
5.25%, 7/01/25		550,000		578,875
4.875%, 3/15/26		200,000		204,500
Berry Global, Inc. 5.50%, 5/15/22		175,000		177,844
5.125%, 7/15/23		350,000		351,750
4.50%, 2/15/26, 144A		150,000		142,312

	Principal Amount		Value
Packaging & Containers (Continued)
Crown Americas LLC / Crown Americas Capital Corp. IV 4.50%, 1/15/23	$	305,000	$	308,812
Graphic Packaging International LLC 4.75%, 4/15/21		227,000		231,540
Owens-Brockway Glass Container, Inc. 5.00%, 1/15/22, 144A (a)		170,000		175,493
5.875%, 8/15/23, 144A		250,000		264,063
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.75%, 10/15/20		1,066,018		1,069,483
5.125%, 7/15/23, 144A		575,000		575,719
Sealed Air Corp. 6.50%, 12/01/20, 144A		100,000		104,500
5.125%, 12/01/24, 144A		225,000		232,551
5.50%, 9/15/25, 144A		300,000		313,500
				6,118,057
Transportation — 0.5%
XPO Logistics, Inc. 6.50%, 6/15/22, 144A		504,000		514,710
6.125%, 9/01/23, 144A		150,000		150,188
				664,898
Trucking & Leasing — 1.3%
Avolon Holdings Funding Ltd. 5.50%, 1/15/23, 144A		270,000		277,479
5.125%, 10/01/23, 144A		300,000		303,750
Park Aerospace Holdings Ltd. 5.25%, 8/15/22, 144A		600,000		615,726
4.50%, 3/15/23, 144A		320,000		318,400
5.50%, 2/15/24, 144A		400,000		414,500
				1,929,855
Technology — 5.4%
Computers — 1.5%
Dell International LLC / EMC Corp., 144A 5.875%, 6/15/21		717,000		731,651
Dell, Inc. 4.625%, 4/01/21		100,000		101,687
EMC Corp. 2.65%, 6/01/20		635,000		629,088
3.375%, 6/01/23		350,000		336,317
Leidos Holdings, Inc. 4.45%, 12/01/20		200,000		204,870
NCR Corp. 4.625%, 2/15/21		200,000		199,500
				2,203,113
Office/Business Equipment — 0.9%
CDW LLC / CDW Finance Corp. 5.00%, 9/01/23		150,000		151,875
5.50%, 12/01/24		200,000		209,500
5.00%, 9/01/25		250,000		252,500
Pitney Bowes, Inc. 3.875%, 10/01/21		200,000		195,000

See Notes to Financial Statements. 38

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Office/Business Equipment (Continued)
Xerox Corp. 4.50%, 5/15/21	$	400,000	$	407,000
				1,215,875
Semiconductors — 0.1%
Amkor Technology, Inc. 6.375%, 10/01/22		161,000		162,610
Software — 2.9%
CDK Global, Inc. 5.00%, 10/15/24		180,000		183,150
First Data Corp. 5.375%, 8/15/23, 144A		565,000		579,481
5.00%, 1/15/24, 144A		646,000		663,368
5.75%, 1/15/24, 144A		706,000		729,439
IQVIA, Inc. 4.875%, 5/15/23, 144A		270,000		275,400
5.00%, 10/15/26, 144A		400,000		408,500
MSCI, Inc. 5.25%, 11/15/24, 144A		500,000		515,000
5.75%, 8/15/25, 144A		100,000		104,500
5.375%, 5/15/27, 144A		354,000		366,390
Open Text Corp., 144A 5.625%, 1/15/23		320,000		330,000
				4,155,228
Utilities — 3.5%
Electric — 3.5%
AES Corp. 4.00%, 3/15/21		100,000		100,561
4.50%, 3/15/23		50,000		50,500
4.875%, 5/15/23		410,000		414,997
5.50%, 4/15/25		185,000		191,244
6.00%, 5/15/26		225,000		237,938
5.125%, 9/01/27		150,000		154,500
Calpine Corp. 6.00%, 1/15/22, 144A		250,000		254,375
5.875%, 1/15/24, 144A		200,000		204,500

	Principal Amount		Value
Electric (Continued)
NextEra Energy Operating Partners LP 4.25%, 9/15/24, 144A	$	325,000	$	320,531
4.50%, 9/15/27, 144A		105,000		100,406
NRG Energy, Inc. 6.25%, 5/01/24		350,000		363,125
7.25%, 5/15/26		300,000		325,125
6.625%, 1/15/27		471,000		502,645
5.75%, 1/15/28		256,000		263,680
Vistra Energy Corp. 5.875%, 6/01/23		200,000		206,250
7.625%, 11/01/24		342,000		364,230
Vistra Operations Co. LLC 5.50%, 9/01/26, 144A		375,000		390,000
5.625%, 2/15/27, 144A		550,000		567,875
				5,012,482
TOTAL CORPORATE BONDS (Cost $140,785,795)				141,226,806
	Number of Shares
SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (b)(c) (Cost $2,001,021)		2,001,021		2,001,021
CASH EQUIVALENTS — 1.6%
DWS Government Money Market Series “Institutional Shares”, 2.38% (b) (Cost $2,298,360)		2,298,360		2,298,360
TOTAL INVESTMENTS — 101.4% (Cost $145,085,176)			$	145,526,187
Other assets and liabilities, net — (1.4%)				(2,013,757	)
NET ASSETS — 100.0%			$	143,512,430

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 8/31/2018		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
SECURITIES LENDING COLLATERAL — 1.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (b)(c)
		2,990,054		—		(989,033	)(d)		—		—		7,497		—		2,001,021		2,001,021
CASH EQUIVALENTS — 1.6%
DWS Government Money Market Series “Institutional Shares”, 2.38% (b)
		—		10,506,275		(8,207,915	)		—		—		16,584		—		2,298,360		2,298,360
		2,990,054		10,506,275		(9,196,948	)		—		—		24,081		—		4,299,381		4,299,381

(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, 2019 amounted to $2,706,437, which is 1.9% of net assets.

See Notes to Financial Statements. 39

DBX ETF Trust

Schedule of Investments

Xtrackers Low Beta High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

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

(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $806,301.

(d) Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2019.

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, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (e)	$	—	$	141,226,806	$	—	$	141,226,806
Short-Term Investments (e)		4,299,381		—		—		4,299,381
TOTAL	$	4,299,381	$	141,226,806	$	—	$	145,526,187

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

See Notes to Financial Statements. 40

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF

February 28, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 97.0%
Basic Materials — 5.6%
Chemicals — 3.0%
Ashland LLC 4.75%, 8/15/22	$	116,000	$	119,625
CF Industries, Inc. 7.125%, 5/01/20		283,000		293,966
Chemours Co. 6.625%, 5/15/23 (a)		117,000		121,832
Hexion, Inc. 6.625%, 4/15/20		200,000		171,000
10.375%, 2/01/22, 144A (a)		47,000		40,067
Huntsman International LLC 4.875%, 11/15/20		165,000		169,146
Momentive Performance Materials, Inc. 3.88%, 10/24/21		73,000		78,931
NOVA Chemicals Corp., 144A 5.25%, 8/01/23		89,000		88,444
OCI NV, 144A 6.625%, 4/15/23		44,000		45,705
PolyOne Corp. 5.25%, 3/15/23		89,000		91,448
WR Grace & Co.-Conn, 144A 5.125%, 10/01/21		111,000		114,762
				1,334,926
Iron/Steel — 0.6%
AK Steel Corp. 7.625%, 10/01/21		34,000		34,425
Allegheny Technologies, Inc. 5.95%, 1/15/21		32,000		33,050
7.875%, 8/15/23		70,000		76,933
Steel Dynamics, Inc. 5.125%, 10/01/21		134,000		134,921
				279,329
Mining — 2.0%
Aleris International, Inc., 144A 10.75%, 7/15/23		45,000		47,025
FMG Resources August 2006 Pty Ltd., 144A 4.75%, 5/15/22		169,000		169,634
Freeport-McMoRan, Inc. 4.00%, 11/14/21		89,000		89,334
3.55%, 3/01/22		178,000		176,442
6.875%, 2/15/23		89,000		94,340
3.875%, 3/15/23		178,000		175,860
Joseph T Ryerson & Son, Inc., 144A 11.00%, 5/15/22		134,000		140,868
				893,503
Communications — 21.4%
Advertising — 0.3%
Lamar Media Corp. 5.00%, 5/01/23		54,000		55,215
Outfront Media Capital LLC / Outfront Media Capital Corp. 5.25%, 2/15/22		66,000		67,257
				122,472

	Principal Amount		Value
Internet — 1.4%
Netflix, Inc. 5.375%, 2/01/21	$	111,000	$	115,024
5.50%, 2/15/22		88,000		92,510
Symantec Corp. 4.20%, 9/15/20		89,000		90,035
3.95%, 6/15/22		89,000		89,019
VeriSign, Inc. 4.625%, 5/01/23		89,000		90,741
Zayo Group LLC / Zayo Capital, Inc. 6.00%, 4/01/23		134,000		136,345
				613,674
Media — 8.7%
Altice Financing SA, 144A 6.625%, 2/15/23		200,000		205,000
Altice Luxembourg SA, 144A 7.75%, 5/15/22		325,000		324,187
AMC Networks, Inc. 4.75%, 12/15/22		66,000		67,072
Cablevision Systems Corp. 8.00%, 4/15/20		169,000		177,450
5.875%, 9/15/22		22,000		22,749
CCO Holdings LLC / CCO Holdings Capital Corp. 5.25%, 9/30/22		298,000		304,332
4.00%, 3/01/23, 144A (a)		218,000		215,820
Clear Channel Worldwide Holdings, Inc. Series A, 6.50%, 11/15/22		96,000		98,520
Series B, 6.50%, 11/15/22		216,000		221,940
CSC Holdings LLC 6.75%, 11/15/21		89,000		95,008
5.125%, 12/15/21, 144A		294,000		295,658
5.375%, 7/15/23, 144A		200,000		206,040
DISH DBS Corp. 7.875%, 9/01/19		168,000		171,780
5.125%, 5/01/20		134,000		135,340
6.75%, 6/01/21		178,000		182,450
5.875%, 7/15/22		156,000		149,565
5.00%, 3/15/23		200,000		178,750
Quebecor Media, Inc. 5.75%, 1/15/23		158,000		164,468
Sinclair Television Group, Inc. 5.375%, 4/01/21		89,000		89,334
Sirius XM Radio, Inc., 144A 3.875%, 8/01/22		218,000		218,273
TEGNA, Inc. 6.375%, 10/15/23		133,000		137,988
Tribune Media Co. 5.875%, 7/15/22		103,000		105,318
Univision Communications, Inc., 144A 5.125%, 5/15/23		116,000		105,560
				3,872,602
Telecommunications — 11.0%
Anixter, Inc. 5.125%, 10/01/21		66,000		67,898

See Notes to Financial Statements. 41

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Telecommunications (Continued)
CenturyLink, Inc. Series V, 5.625%, 4/01/20	$	89,000	$	90,696
Series S, 6.45%, 6/15/21		156,000		162,427
Series T, 5.80%, 3/15/22		200,000		206,250
Series W, 6.75%, 12/01/23 (a)		45,000		46,842
CommScope, Inc., 144A 5.00%, 6/15/21		92,000		92,460
Consolidated Communications, Inc. 6.50%, 10/01/22		36,000		33,750
Frontier Communications Corp. 7.125%, 3/15/19 (a)		45,000		45,056
8.75%, 4/15/22		102,000		70,125
10.50%, 9/15/22 (a)		196,000		141,120
7.125%, 1/15/23		84,000		49,980
GTH Finance BV, 144A 7.25%, 4/26/23		200,000		213,389
Hughes Satellite Systems Corp. 6.50%, 6/15/19		111,000		111,902
7.625%, 6/15/21		178,000		191,350
Inmarsat Finance PLC, 144A 4.875%, 5/15/22		50,000		50,250
Intelsat Connect Finance SA, 144A 9.50%, 2/15/23		111,000		107,948
Intelsat Jackson Holdings SA 9.50%, 9/30/22, 144A		54,000		62,775
5.50%, 8/01/23		232,000		212,860
Intelsat Luxembourg SA 7.75%, 6/01/21 (a)		191,000		187,180
8.125%, 6/01/23		75,000		63,000
Level 3 Financing, Inc. 5.375%, 8/15/22		89,000		89,779
5.625%, 2/01/23		134,000		135,340
5.125%, 5/01/23		59,000		59,595
5.375%, 1/15/24		100,000		100,750
Level 3 Parent LLC 5.75%, 12/01/22		65,000		65,894
Nokia OYJ 3.375%, 6/12/22		111,000		109,024
Qwest Corp. 6.75%, 12/01/21		111,000		118,470
Sprint Communications, Inc. 7.00%, 3/01/20, 144A		95,000		98,325
7.00%, 8/15/20		138,000		144,196
11.50%, 11/15/21		178,000		208,224
6.00%, 11/15/22		200,000		203,400
Sprint Corp. 7.25%, 9/15/21		223,000		236,101
7.875%, 9/15/23		477,000		511,707
Telecom Italia Capital SA 7.175%, 6/18/19		26,000		26,307
Telefonaktiebolaget LM Ericsson 4.125%, 5/15/22		119,000		120,367
T-Mobile USA, Inc. 4.00%, 4/15/22		89,000		89,445
6.00%, 3/01/23		62,000		63,860
VEON Holdings BV, 144A 3.95%, 6/16/21		200,000		197,000

	Principal Amount		Value
Telecommunications (Continued)
WTT Investment Ltd., 144A 5.50%, 11/21/22	$	112,000	$	111,187
				4,896,229
Consumer, Cyclical — 11.8%
Airlines — 0.8%
American Airlines Group, Inc. 5.50%, 10/01/19, 144A		89,000		90,112
4.625%, 3/01/20, 144A		186,000		187,860
Virgin Australia Holdings Ltd., 144A 8.50%, 11/15/19		58,000		59,363
				337,335
Auto Manufacturers — 1.4%
Fiat Chrysler Automobiles NV 4.50%, 4/15/20		100,000		101,000
5.25%, 4/15/23		250,000		254,625
Jaguar Land Rover Automotive PLC 4.25%, 11/15/19, 144A		50,000		49,938
3.50%, 3/15/20, 144A (a)		200,000		198,190
				603,753
Auto Parts & Equipment — 0.3%
American Axle & Manufacturing, Inc. 6.625%, 10/15/22 (a)		45,000		46,181
Goodyear Tire & Rubber Co. 5.125%, 11/15/23 (a)		89,000		89,111
				135,292
Distribution/Wholesale — 0.1%
LKQ Corp. 4.75%, 5/15/23		68,000		68,680
Entertainment — 1.6%
Cinemark USA, Inc. 5.125%, 12/15/22		187,000		190,506
4.875%, 6/01/23		60,000		60,075
International Game Technology PLC, 144A 6.25%, 2/15/22		175,000		183,750
Scientific Games International, Inc. 10.00%, 12/01/22		245,000		258,475
				692,806
Food Service — 0.1%
Aramark Services, Inc. 5.125%, 1/15/24		50,000		51,250
Home Builders — 1.9%
Beazer Homes USA, Inc. 8.75%, 3/15/22		134,000		139,527
K Hovnanian Enterprises, Inc., 144A 10.00%, 7/15/22		45,000		36,337
KB Home 7.00%, 12/15/21		89,000		94,451
Lennar Corp. 4.50%, 11/15/19		22,000		22,138
8.375%, 1/15/21		87,000		94,286
4.125%, 1/15/22		134,000		133,833
4.75%, 11/15/22		45,000		46,167

See Notes to Financial Statements. 42

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Home Builders (Continued)
Mattamy Group Corp., 144A 6.875%, 12/15/23	$	45,000	$	44,888
PulteGroup, Inc. 4.25%, 3/01/21		100,000		101,125
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 144A 5.25%, 4/15/21		80,000		80,400
Toll Brothers Finance Corp. 4.375%, 4/15/23		62,000		62,279
				855,431
Home Furnishings — 0.2%
Tempur Sealy International, Inc. 5.625%, 10/15/23		89,000		90,113
Leisure Time — 0.3%
24 Hour Fitness Worldwide, Inc., 144A 8.00%, 6/01/22 (a)		66,000		65,010
Sabre GLBL, Inc., 144A 5.375%, 4/15/23		66,000		67,650
				132,660
Lodging — 2.5%
Boyd Gaming Corp. 6.875%, 5/15/23		111,000		116,411
Diamond Resorts International, Inc., 144A 7.75%, 9/01/23		59,000		59,442
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 144A 6.75%, 11/15/21		89,000		91,892
MGM Resorts International 5.25%, 3/31/20		223,000		227,516
6.625%, 12/15/21		89,000		95,008
7.75%, 3/15/22		66,000		72,600
6.00%, 3/15/23		200,000		209,750
Studio City Co. Ltd., 144A 7.25%, 11/30/21		100,000		104,030
Wyndham Destinations, Inc. 4.25%, 3/01/22		90,000		89,780
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A 4.25%, 5/30/23		54,000		53,528
				1,119,957
Retail — 2.5%
1011778 BC ULC / New Red Finance, Inc., 144A 4.625%, 1/15/22		202,000		203,263
Ferrellgas LP / Ferrellgas Finance Corp. 6.50%, 5/01/21 (a)		54,000		48,600
6.75%, 1/15/22		54,000		48,330
6.75%, 6/15/23 (a)		45,000		40,500
Group 1 Automotive, Inc. 5.00%, 6/01/22		45,000		45,394
JC Penney Corp., Inc., 144A 5.875%, 7/01/23 (a)		58,000		49,880
L Brands, Inc. 6.625%, 4/01/21		45,000		47,025

	Principal Amount		Value
Retail (Continued)
6.694%, 1/15/27	$	62,000	$	59,055
Neiman Marcus Group Ltd. LLC, 144A 8.00%, 10/15/21		98,000		51,450
Penske Automotive Group, Inc. 5.75%, 10/01/22		89,000		90,780
PetSmart, Inc., 144A 7.125%, 3/15/23		193,000		131,722
QVC, Inc. 5.125%, 7/02/22		134,000		139,710
Rite Aid Corp., 144A 6.125%, 4/01/23		201,000		172,106
				1,127,815
Storage / Warehousing — 0.1%
Algeco Global Finance PLC, 144A 8.00%, 2/15/23		25,000		25,062
Consumer, Non-cyclical — 18.4%
Commercial Services — 5.3%
ADT Security Corp. 6.25%, 10/15/21		178,000		188,235
4.125%, 6/15/23		133,000		130,839
Ahern Rentals, Inc., 144A 7.375%, 5/15/23		45,000		41,737
APX Group, Inc. 8.75%, 12/01/20		178,000		177,777
7.875%, 12/01/22		103,000		102,742
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.50%, 4/01/23 (a)		71,000		72,065
Herc Rentals, Inc., 144A 7.50%, 6/01/22		133,000		139,318
Hertz Corp. 5.875%, 10/15/20		170,000		170,000
7.375%, 1/15/21 (a)		73,000		73,137
7.625%, 6/01/22, 144A		107,000		109,675
6.25%, 10/15/22		36,000		34,290
Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 144A 6.375%, 8/01/23		134,000		135,340
Monitronics International, Inc. 9.125%, 4/01/20		46,000		11,270
Nielsen Co. Luxembourg SARL, 144A 5.50%, 10/01/21		111,000		112,249
Nielsen Finance LLC / Nielsen Finance Co. 4.50%, 10/01/20		45,000		45,113
5.00%, 4/15/22, 144A		224,000		224,560
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A 9.25%, 5/15/23		215,000		227,255
Service Corp. International 5.375%, 1/15/22		196,000		198,450
United Rentals North America, Inc. 4.625%, 7/15/23		89,000		91,047
WEX, Inc., 144A 4.75%, 2/01/23		89,000		88,555
				2,373,654

See Notes to Financial Statements. 43

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Cosmetics/Personal Care — 0.6%
Avon Products, Inc. 6.60%, 3/15/20	$	45,000	$	45,956
7.00%, 3/15/23 (a)		66,000		63,690
Edgewell Personal Care Co. 4.70%, 5/24/22		89,000		89,875
Revlon Consumer Products Corp. 5.75%, 2/15/21 (a)		66,000		57,585
				257,106
Food — 1.0%
B&G Foods, Inc. 4.625%, 6/01/21		45,000		45,098
Darling Ingredients, Inc. 5.375%, 1/15/22		198,000		200,723
JBS Investments GmbH, 144A 6.25%, 2/05/23		200,000		202,552
				448,373
Healthcare-Products — 1.6%
Hill-Rom Holdings, Inc., 144A 5.75%, 9/01/23		71,000		73,396
Kinetic Concepts, Inc. / KCI USA, Inc., 144A 12.50%, 11/01/21		101,000		109,585
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 4.875%, 4/15/20, 144A		111,000		111,011
5.75%, 8/01/22, 144A (a)		89,000		84,105
5.625%, 10/15/23, 144A		134,000		117,879
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 144A 6.625%, 5/15/22		143,000		138,353
Sotera Health Holdings LLC, 144A 6.50%, 5/15/23		79,000		79,790
				714,119
Healthcare-Services — 7.3%
Acadia Healthcare Co., Inc. 5.625%, 2/15/23		89,000		88,777
Centene Corp. 5.625%, 2/15/21		214,000		217,210
4.75%, 5/15/22		104,000		106,340
CHS/Community Health Systems, Inc. 5.125%, 8/01/21 (a)		45,000		44,212
6.875%, 2/01/22 (a)		238,000		157,080
6.25%, 3/31/23		268,000		258,955
11.00%, 6/30/23, 144A (a)		156,000		143,910
8.625%, 1/15/24, 144A (a)		100,000		103,250
8.125%, 6/30/24, 144A (a)		134,000		113,230
DaVita, Inc. 5.75%, 8/15/22		111,000		113,295
HCA Healthcare, Inc. 6.25%, 2/15/21		78,000		81,927
HCA, Inc. 7.50%, 2/15/22		200,000		219,750
5.875%, 5/01/23		150,000		159,000
Molina Healthcare, Inc. 5.375%, 11/15/22		111,000		114,850

	Principal Amount		Value
Healthcare-Services (Continued)
Quorum Health Corp. 11.625%, 4/15/23 (a)	$	49,000	$	45,203
RegionalCare Hospital Partners Holdings, Inc., 144A 8.25%, 5/01/23		84,000		89,985
Surgery Center Holdings, Inc., 144A 8.875%, 4/15/21 (a)		40,000		40,900
Tenet Healthcare Corp. 4.75%, 6/01/20		186,000		188,790
6.00%, 10/01/20		186,000		192,975
4.50%, 4/01/21		89,000		90,558
4.375%, 10/01/21		134,000		136,345
8.125%, 4/01/22		357,000		382,436
6.75%, 6/15/23		134,000		137,853
				3,226,831
Household Products/Wares — 0.2%
Spectrum Brands, Inc. 6.625%, 11/15/22		89,000		91,225
Pharmaceuticals — 2.4%
Bausch Health Cos., Inc. 6.50%, 3/15/22, 144A		134,000		139,025
5.50%, 3/01/23, 144A		178,000		177,777
5.875%, 5/15/23, 144A		303,000		302,621
Elanco Animal Health, Inc., 144A 4.272%, 8/28/23		100,000		101,588
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 144A 6.00%, 7/15/23		200,000		166,750
Endo Finance LLC, 144A 5.75%, 1/15/22		85,000		79,900
Endo Finance LLC / Endo Finco, Inc., 144A 5.375%, 1/15/23		93,000		77,132
				1,044,793
Energy — 12.8%
Coal — 0.1%
Peabody Energy Corp., 144A 6.00%, 3/31/22		75,000		75,938
Energy-Alternate Sources — 0.2%
TerraForm Power Operating LLC, 144A 4.25%, 1/31/23		89,000		88,618
Oil & Gas — 9.0%
Antero Resources Corp. 5.375%, 11/01/21		100,000		100,750
5.125%, 12/01/22		239,000		240,279
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A 10.00%, 4/01/22		58,000		62,785
Baytex Energy Corp., 144A 5.125%, 6/01/21		45,000		44,550
Bruin E&P Partners LLC, 144A 8.875%, 8/01/23		66,000		64,845
California Resources Corp., 144A 8.00%, 12/15/22 (a)		232,000		185,890

See Notes to Financial Statements. 44

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Calumet Specialty Products Partners LP / Calumet Finance Corp. 6.50%, 4/15/21 (a)	$	112,000	$	104,160
Carrizo Oil & Gas, Inc. 6.25%, 4/15/23 (a)		111,000		110,029
Chesapeake Energy Corp. 6.625%, 8/15/20		69,000		71,070
6.125%, 2/15/21		45,000		46,237
4.875%, 4/15/22 (a)		134,000		129,310
Citgo Holding, Inc., 144A 10.75%, 2/15/20		156,000		160,485
CITGO Petroleum Corp., 144A 6.25%, 8/15/22		73,000		73,000
CNX Resources Corp. 5.875%, 4/15/22		178,000		180,225
Continental Resources, Inc. 4.50%, 4/15/23		218,000		222,379
Denbury Resources, Inc. 9.25%, 3/31/22, 144A		111,000		111,832
7.50%, 2/15/24, 144A		50,000		44,875
Jones Energy Holdings LLC / Jones Energy Finance Corp., 144A 9.25%, 3/15/23 (a)		50,000		31,500
MEG Energy Corp., 144A 6.375%, 1/30/23		80,000		73,300
Murphy Oil Corp. 4.45%, 12/01/22		89,000		88,672
Nabors Industries, Inc. 5.00%, 9/15/20		178,000		179,557
4.625%, 9/15/21		45,000		44,269
5.50%, 1/15/23		66,000		62,205
Noble Holding International Ltd. 7.75%, 1/15/24 (a)		50,000		44,687
Oasis Petroleum, Inc. 6.875%, 3/15/22		89,000		89,111
PBF Holding Co. LLC / PBF Finance Corp. 7.00%, 11/15/23		50,000		51,375
QEP Resources, Inc. 5.375%, 10/01/22		89,000		87,776
5.25%, 5/01/23		36,000		34,830
Range Resources Corp. 5.00%, 8/15/22		54,000		53,460
5.00%, 3/15/23		111,000		107,670
Rowan Cos., Inc. 4.875%, 6/01/22		70,000		65,494
Sable Permian Resources Land LLC / AEPB Finance Corp. 7.125%, 11/01/20, 144A (a)		54,000		22,140
13.00%, 11/30/20, 144A		178,000		183,340
7.375%, 11/01/21, 144A (a)		36,000		14,760
Sanchez Energy Corp., 144A 7.25%, 2/15/23 (a)		60,000		52,050
SM Energy Co. 6.125%, 11/15/22		74,000		74,000
5.00%, 1/15/24 (a)		50,000		47,313
Sunoco LP / Sunoco Finance Corp. 4.875%, 1/15/23		156,000		158,340

	Principal Amount		Value
Oil & Gas (Continued)
Transocean, Inc. 5.80%, 10/15/22 (a)	$	66,000	$	64,680
9.00%, 7/15/23, 144A		111,000		117,521
Whiting Petroleum Corp. 5.75%, 3/15/21		98,000		99,715
6.25%, 4/01/23 (a)		45,000		45,450
WPX Energy, Inc. 6.00%, 1/15/22		149,000		154,588
				4,000,504
Oil & Gas Services — 1.0%
Bristow Group, Inc. 6.25%, 10/15/22		36,000		11,160
KCA Deutag UK Finance PLC 9.875%, 4/01/22, 144A		75,000		60,187
9.625%, 4/01/23, 144A		50,000		38,375
SESI LLC 7.125%, 12/15/21		89,000		82,770
Weatherford International Ltd. 7.75%, 6/15/21 (a)		89,000		80,100
4.50%, 4/15/22		89,000		61,633
8.25%, 6/15/23		66,000		47,355
9.875%, 2/15/24		75,000		54,375
				435,955
Pipelines — 2.5%
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A 6.125%, 11/15/22		89,000		90,669
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 6.25%, 4/01/23		134,000		138,224
DCP Midstream Operating LP 3.875%, 3/15/23		89,000		88,555
Energy Transfer LP 7.50%, 10/15/20		105,000		111,825
4.25%, 3/15/23		89,000		90,353
Genesis Energy LP / Genesis Energy Finance Corp. 6.75%, 8/01/22		200,000		204,500
NGPL PipeCo LLC, 144A 4.375%, 8/15/22		89,000		90,335
NuStar Logistics LP 4.80%, 9/01/20		89,000		90,557
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144A 4.75%, 10/01/23		100,000		100,125
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 4.25%, 11/15/23		100,000		99,000
				1,104,143
Financial — 10.1%
Banks — 0.7%
CIT Group, Inc. 5.00%, 8/15/22		178,000		184,230
5.00%, 8/01/23		89,000		92,596
				276,826

See Notes to Financial Statements. 45

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Diversified Financial Services — 5.5%
Ally Financial, Inc. 3.75%, 11/18/19	$	147,000	$	147,808
8.00%, 3/15/20		148,000		155,215
4.125%, 3/30/20		88,000		88,660
7.50%, 9/15/20		79,000		84,036
4.125%, 2/13/22		89,000		89,807
4.625%, 5/19/22		22,000		22,467
Blackstone CQP Holdco LP, 144A 6.50%, 3/20/21		223,000		223,279
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A 7.50%, 4/15/21		25,000		25,594
Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.375%, 4/01/20, 144A		50,000		50,225
6.875%, 4/15/22, 144A		75,000		75,187
Lincoln Finance Ltd., 144A 7.375%, 4/15/21		100,000		102,125
Nationstar Mortgage Holdings, Inc., 144A 8.125%, 7/15/23		89,000		90,780
Navient Corp. Series MTN, 4.875%, 6/17/19		68,000		68,043
Series MTN, 8.00%, 3/25/20		200,000		209,366
5.00%, 10/26/20		111,000		112,697
5.875%, 3/25/21		89,000		91,002
Series MTN, 7.25%, 1/25/22		111,000		116,828
6.50%, 6/15/22		223,000		229,690
5.50%, 1/25/23		45,000		44,606
7.25%, 9/25/23		45,000		46,575
Springleaf Finance Corp. 7.75%, 10/01/21		178,000		191,734
6.125%, 5/15/22		89,000		92,783
5.625%, 3/15/23		89,000		90,669
				2,449,176
Insurance — 0.5%
Acrisure LLC / Acrisure Finance, Inc., 144A 8.125%, 2/15/24		100,000		102,562
Ardonagh Midco 3 PLC, 144A 8.625%, 7/15/23 (a)		50,000		44,250
Genworth Holdings, Inc. 7.625%, 9/24/21		79,000		77,440
				224,252
Real Estate — 0.3%
Realogy Group LLC / Realogy Co.-Issuer Corp. 5.25%, 12/01/21, 144A		89,000		88,889
4.875%, 6/01/23, 144A (a)		49,000		44,590
				133,479
Real Estate Investment Trusts — 2.4%
CBL & Associates LP 5.25%, 12/01/23 (a)		45,000		36,900
Equinix, Inc. 5.375%, 1/01/22		101,000		104,093
5.375%, 4/01/23		119,000		121,529
Iron Mountain, Inc. 4.375%, 6/01/21, 144A		89,000		89,000
6.00%, 8/15/23		104,000		106,860

	Principal Amount		Value
Real Estate Investment Trusts (Continued)
iStar, Inc. 4.625%, 9/15/20	$	66,000	$	66,495
5.25%, 9/15/22		36,000		35,370
SBA Communications Corp. 4.875%, 7/15/22		89,000		90,335
4.00%, 10/01/22		89,000		88,555
Starwood Property Trust, Inc. 5.00%, 12/15/21		111,000		113,636
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 6.00%, 4/15/23, 144A		119,000		110,967
8.25%, 10/15/23		111,000		96,848
				1,060,588
Venture Capital — 0.7%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 5.875%, 2/01/22		223,000		226,345
6.25%, 2/01/22		89,000		91,875
				318,220
Industrial — 9.3%
Aerospace/Defense — 2.6%
Arconic, Inc. 5.40%, 4/15/21		197,000		203,371
5.87%, 2/23/22		200,000		209,750
Bombardier, Inc. 7.75%, 3/15/20, 144A		134,000		140,379
8.75%, 12/01/21, 144A		111,000		122,516
5.75%, 3/15/22, 144A		91,000		91,637
6.00%, 10/15/22, 144A (a)		116,000		117,160
6.125%, 1/15/23, 144A		125,000		126,250
TransDigm, Inc. 6.00%, 7/15/22		134,000		136,814
				1,147,877
Building Materials — 0.6%
Griffon Corp. 5.25%, 3/01/22		108,000		107,055
Summit Materials LLC / Summit Materials Finance Corp. 6.125%, 7/15/23		165,000		169,950
				277,005
Electronics — 0.1%
Sensata Technologies BV, 144A 4.875%, 10/15/23		45,000		46,406
Engineering & Construction — 0.2%
MasTec, Inc. 4.875%, 3/15/23		66,000		66,413
Environmental Control — 0.1%
GFL Environmental, Inc., 144A 5.375%, 3/01/23		45,000		42,609
Packaging & Containers — 3.4%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144A 4.625%, 5/15/23		200,000		202,000

See Notes to Financial Statements. 46

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Packaging & Containers (Continued)
Ball Corp. 5.00%, 3/15/22	$	139,000	$	144,473
4.00%, 11/15/23		112,000		112,560
Berry Global, Inc. 5.50%, 5/15/22		45,000		45,731
6.00%, 10/15/22		129,000		132,870
Crown Americas LLC / Crown Americas Capital Corp. IV 4.50%, 1/15/23		62,000		62,775
Graphic Packaging International LLC 4.75%, 4/15/21		45,000		45,900
Owens-Brockway Glass Container, Inc., 144A 5.00%, 1/15/22 (a)		174,000		179,622
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.75%, 10/15/20		259,721		260,565
5.125%, 7/15/23, 144A		156,000		156,195
Sealed Air Corp. 6.50%, 12/01/20, 144A		61,000		63,745
4.875%, 12/01/22, 144A		89,000		91,003
				1,497,439
Transportation — 0.6%
Hornbeck Offshore Services, Inc. 5.00%, 3/01/21 (a)		45,000		24,750
Kenan Advantage Group, Inc., 144A 7.875%, 7/31/23		45,000		44,016
XPO Logistics, Inc. 6.50%, 6/15/22, 144A		117,000		119,486
6.125%, 9/01/23, 144A		89,000		89,111
				277,363
Trucking & Leasing — 1.7%
Avolon Holdings Funding Ltd., 144A 5.125%, 10/01/23		89,000		90,112
Fortress Transportation & Infrastructure Investors LLC, 144A 6.75%, 3/15/22		125,000		127,750
Park Aerospace Holdings Ltd. 5.25%, 8/15/22, 144A		200,000		205,242
4.50%, 3/15/23, 144A		151,000		150,245
5.50%, 2/15/24, 144A		175,000		181,344
				754,693
Technology — 6.0%
Computers — 2.5%
Dell International LLC / EMC Corp., 144A 5.875%, 6/15/21		203,000		207,148
Dell, Inc. 5.875%, 6/15/19		198,000		200,228
EMC Corp. 2.65%, 6/01/20		89,000		88,171
3.375%, 6/01/23		125,000		120,113
Exela Intermediate LLC / Exela Finance, Inc., 144A 10.00%, 7/15/23		114,000		116,708

	Principal Amount		Value
Computers (Continued)
Harland Clarke Holdings Corp. 9.25%, 3/01/21, 144A (a)	$	156,000	$	155,220
8.375%, 8/15/22, 144A		45,000		42,244
NCR Corp. 5.00%, 7/15/22		89,000		89,435
6.375%, 12/15/23		89,000		90,510
Sungard Availability Services Capital, Inc., 144A 8.75%, 4/01/22		45,000		4,500
				1,114,277
Office/Business Equipment — 0.7%
CDW LLC / CDW Finance Corp. 5.00%, 9/01/23		66,000		66,825
Pitney Bowes, Inc. 4.95%, 4/01/23		89,000		84,105
Xerox Corp. 3.625%, 3/15/23		178,000		174,885
				325,815
Semiconductors — 0.2%
Amkor Technology, Inc. 6.375%, 10/01/22		72,000		72,720
Software — 2.6%
First Data Corp. 5.375%, 8/15/23, 144A		163,000		167,178
5.00%, 1/15/24, 144A		150,000		154,033
Infor US, Inc. 6.50%, 5/15/22		134,000		137,151
Informatica LLC, 144A 7.125%, 7/15/23		111,000		112,956
IQVIA, Inc., 144A 4.875%, 5/15/23		112,000		114,240
Open Text Corp., 144A 5.625%, 1/15/23				105,187
		102,000
Riverbed Technology, Inc., 144A 8.875%, 3/01/23 (a)		54,000		37,665
TIBCO Software, Inc., 144A 11.375%, 12/01/21		134,000		142,459
Veritas US, Inc. / Veritas Bermuda Ltd., 144A 7.50%, 2/01/23		200,000		191,000
				1,161,869
Utilities — 1.6%
Electric — 1.4%
AES Corp. 4.50%, 3/15/23		178,000		179,780
4.875%, 5/15/23		72,000		72,877
Calpine Corp. 6.00%, 1/15/22, 144A		95,000		96,662
5.375%, 1/15/23		111,000		110,168
5.50%, 2/01/24		100,000		96,625
Talen Energy Supply LLC, 144A 9.50%, 7/15/22 (a)		71,000		75,970
				632,082

See Notes to Financial Statements. 47

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Gas — 0.2%
NGL Energy Partners LP / NGL Energy Finance Corp. 7.50%, 11/01/23	$	66,000	$	68,393
TOTAL CORPORATE BONDS (Cost $43,235,983)				43,061,650
	Number of Shares
SECURITIES LENDING COLLATERAL — 7.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (b)(c) (Cost $3,229,873)		3,229,873		3,229,873

	Number of Shares		Value
CASH EQUIVALENTS — 2.0%
DWS Government Money Market Series “Institutional Shares”, 2.38% (b) (Cost $900,974)		900,974	$	900,974
TOTAL INVESTMENTS — 106.3% (Cost $47,366,830)			$	47,192,497
Other assets and liabilities, net — (6.3%)				(2,781,370	)
NET ASSETS — 100.0%			$	44,411,127

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 8/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
SECURITIES LENDING COLLATERAL — 7.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.31% (b)(c)
		2,437,670		792,203	(d)		—			—		—		18,632		—		3,229,873		3,229,873
CASH EQUIVALENTS — 2.0%
DWS Government Money Market Series “Institutional Shares” , 2.38% (b)
		—		5,236,599			(4,335,625	)		—		—		3,035		—		900,974		900,974
		2,437,670		6,028,802			(4,335,625	)		—		—		21,667		—		4,130,847		4,130,847

(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, 2019 amounted to $3,537,264, which is 8.0% of net assets.

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

(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $435,484.

(d) Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2019.

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.

See Notes to Financial Statements. 48

DBX ETF Trust

Schedule of Investments

Xtrackers Short Duration High Yield Bond ETF (Continued)

February 28, 2019 (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, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (e)	$	—	$	43,061,650	$	—	$	43,061,650
Short-Term Investments (e)		4,130,847		—		—		4,130,847
TOTAL	$	4,130,847	$	43,061,650	$	—	$	47,192,497

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

See Notes to Financial Statements. 49

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF

February 28, 2019 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 97.9%
Basic Materials — 4.6%
Chemicals — 2.3%
Ashland LLC 4.75%, 8/15/22	$	3,254,000	$	3,355,687
Blue Cube Spinco LLC 9.75%, 10/15/23		1,881,000		2,111,893
10.00%, 10/15/25		1,696,000		1,950,400
CF Industries, Inc. 7.125%, 5/01/20		1,882,000		1,954,927
3.45%, 6/01/23		2,080,000		2,020,200
Chemours Co. 6.625%, 5/15/23 (a)		2,227,000		2,318,975
7.00%, 5/15/25		2,762,000		2,886,290
5.375%, 5/15/27		1,241,000		1,209,975
Consolidated Energy Finance SA 6.875%, 6/15/25, 144A		1,618,000		1,585,640
6.50%, 5/15/26, 144A		888,000		845,820
Element Solutions, Inc., 144A 5.875%, 12/01/25		2,410,000		2,450,681
Hexion, Inc. 6.625%, 4/15/20		4,065,000		3,475,575
10.375%, 2/01/22, 144A (a)		1,785,000		1,521,712
Huntsman International LLC 4.875%, 11/15/20		1,777,000		1,821,647
5.125%, 11/15/22		1,271,000		1,332,961
INEOS Group Holdings SA, 144A 5.625%, 8/01/24 (a)		1,644,000		1,600,845
Momentive Performance Materials, Inc. 3.88%, 10/24/21		3,367,000		3,640,569
NOVA Chemicals Corp. 5.25%, 8/01/23, 144A		1,595,000		1,585,031
4.875%, 6/01/24, 144A		3,324,000		3,230,762
5.00%, 5/01/25, 144A		1,587,000		1,521,536
5.25%, 6/01/27, 144A		2,965,000		2,798,219
OCI NV, 144A 6.625%, 4/15/23		1,803,000		1,872,866
Olin Corp. 5.125%, 9/15/27 (a)		1,184,000		1,198,800
5.00%, 2/01/30		1,755,000		1,711,125
Perstorp Holding AB, 144A 11.00%, 9/30/21		920,000		996,188
PolyOne Corp. 5.25%, 3/15/23		1,627,000		1,671,743
PQ Corp., 144A 6.75%, 11/15/22		2,317,000		2,417,674
SPCM SA, 144A 4.875%, 9/15/25		1,370,000		1,349,450
Starfruit Finco BV / Starfruit US Holdco LLC, 144A 8.00%, 10/01/26 (a)		1,791,000		1,782,045
WR Grace & Co.-Conn, 144A 5.125%, 10/01/21		1,856,000		1,918,900
				60,138,136

	Principal Amount		Value
Iron/Steel — 0.7%
AK Steel Corp. 7.625%, 10/01/21 (a)	$	1,345,000	$	1,361,812
7.00%, 3/15/27 (a)		1,219,000		1,030,055
Allegheny Technologies, Inc. 5.95%, 1/15/21		1,471,000		1,519,249
7.875%, 8/15/23		1,531,000		1,682,646
Cleveland-Cliffs, Inc. 4.875%, 1/15/24, 144A		1,202,000		1,202,000
5.75%, 3/01/25		3,096,000		3,034,080
Steel Dynamics, Inc. 5.125%, 10/01/21		1,308,000		1,316,992
5.25%, 4/15/23		1,119,000		1,142,779
5.50%, 10/01/24		1,344,000		1,384,320
United States Steel Corp. 6.875%, 8/15/25		2,354,000		2,330,460
6.25%, 3/15/26		1,843,000		1,750,850
				17,755,243
Mining — 1.6%
Alcoa Nederland Holding BV 6.75%, 9/30/24, 144A		2,266,000		2,404,792
7.00%, 9/30/26, 144A		2,134,000		2,294,050
6.125%, 5/15/28, 144A		1,072,000		1,100,140
Aleris International, Inc., 144A 10.75%, 7/15/23		918,000		959,310
Constellium NV 5.75%, 5/15/24, 144A		459,000		451,931
6.625%, 3/01/25, 144A (a)		2,952,000		2,981,520
5.875%, 2/15/26, 144A		1,222,000		1,191,450
FMG Resources August 2006 Pty Ltd. 4.75%, 5/15/22, 144A		2,183,000		2,191,186
5.125%, 3/15/23, 144A		1,863,000		1,863,000
5.125%, 5/15/24, 144A (a)		2,042,000		2,029,238
Freeport-McMoRan, Inc. 3.10%, 3/15/20		3,002,000		3,010,406
4.00%, 11/14/21		2,229,000		2,237,359
3.55%, 3/01/22		2,501,000		2,479,116
6.875%, 2/15/23		3,482,000		3,690,920
3.875%, 3/15/23		4,546,000		4,491,357
4.55%, 11/14/24 (a)		5,006,000		4,968,455
Hudbay Minerals, Inc. 7.25%, 1/15/23, 144A		942,000		974,782
7.625%, 1/15/25, 144A		2,075,000		2,163,188
Joseph T Ryerson & Son, Inc., 144A 11.00%, 5/15/22		1,777,000		1,868,071
				43,350,271
Communications — 23.1%
Advertising — 0.4%
Acosta, Inc., 144A 7.75%, 10/01/22		1,954,000		351,720
Lamar Media Corp. 5.00%, 5/01/23		1,431,000		1,463,197
5.375%, 1/15/24		1,915,000		1,977,238
5.75%, 2/01/26		1,045,000		1,097,250
Outfront Media Capital LLC / Outfront Media Capital Corp. 5.25%, 2/15/22		2,119,000		2,159,367

See Notes to Financial Statements. 50

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Advertising (Continued)
5.625%, 2/15/24	$	1,170,000	$	1,202,175
5.875%, 3/15/25		1,921,000		1,974,404
				10,225,351
Internet — 1.8%
Match Group, Inc., 144A 5.00%, 12/15/27		1,131,000		1,124,248
Netflix, Inc. 5.375%, 2/01/21		2,395,000		2,481,819
5.50%, 2/15/22		1,839,000		1,933,249
5.75%, 3/01/24 (a)		295,000		314,314
5.875%, 2/15/25		2,872,000		3,051,500
4.375%, 11/15/26 (a)		3,045,000		2,928,924
4.875%, 4/15/28		4,183,000		4,083,654
5.875%, 11/15/28, 144A		6,126,000		6,395,850
6.375%, 5/15/29, 144A		2,285,000		2,432,817
Symantec Corp. 4.20%, 9/15/20		2,807,000		2,839,638
3.95%, 6/15/22		834,000		834,179
5.00%, 4/15/25, 144A		3,332,000		3,324,583
VeriSign, Inc. 4.625%, 5/01/23		2,237,000		2,280,756
5.25%, 4/01/25		1,237,000		1,285,342
4.75%, 7/15/27		1,883,000		1,866,524
Zayo Group LLC / Zayo Capital, Inc. 6.00%, 4/01/23		4,755,000		4,838,212
6.375%, 5/15/25		2,672,000		2,661,980
5.75%, 1/15/27, 144A		4,739,000		4,608,677
				49,286,266
Media — 10.5%
Altice Financing SA 6.625%, 2/15/23, 144A		5,654,000		5,795,350
7.50%, 5/15/26, 144A		7,751,000		7,518,470
Altice Finco SA, 144A 8.125%, 1/15/24 (a)		862,000		874,930
Altice Luxembourg SA 7.75%, 5/15/22, 144A		9,473,000		9,449,317
7.625%, 2/15/25, 144A (a)		4,591,000		4,094,598
AMC Networks, Inc. 4.75%, 12/15/22		1,317,000		1,338,401
5.00%, 4/01/24		2,780,000		2,765,238
4.75%, 8/01/25		2,644,000		2,575,421
Cable One, Inc., 144A 5.75%, 6/15/22		1,277,000		1,302,540
Cablevision Systems Corp. 8.00%, 4/15/20		1,392,000		1,461,600
5.875%, 9/15/22		1,647,000		1,703,101
CBS Radio, Inc., 144A 7.25%, 11/01/24 (a)		1,040,000		1,034,800
CCO Holdings LLC / CCO Holdings Capital Corp. 5.25%, 3/15/21		1,097,000		1,101,799
5.25%, 9/30/22		3,390,000		3,462,037
5.125%, 2/15/23		2,290,000		2,332,938
4.00%, 3/01/23, 144A (a)		1,451,000		1,436,490
5.125%, 5/01/23, 144A		4,465,000		4,554,747
5.75%, 9/01/23		1,219,000		1,244,904

	Principal Amount		Value
Media (Continued)
5.75%, 1/15/24	$	3,040,000	$	3,121,700
5.875%, 4/01/24, 144A		4,106,000		4,285,638
5.375%, 5/01/25, 144A		2,123,000		2,178,729
5.75%, 2/15/26, 144A		8,007,000		8,264,745
5.50%, 5/01/26, 144A		3,283,000		3,365,075
5.125%, 5/01/27, 144A		9,576,000		9,448,352
5.875%, 5/01/27, 144A		2,405,000		2,476,398
5.00%, 2/01/28, 144A		7,993,000		7,708,249
Cengage Learning, Inc., 144A 9.50%, 6/15/24		1,701,000		1,428,840
Clear Channel Worldwide Holdings, Inc. Series A, 6.50%, 11/15/22		2,109,000		2,164,361
Series B, 6.50%, 11/15/22		5,729,000		5,886,548
9.25%, 2/15/24, 144A		6,400,000		6,728,000
CSC Holdings LLC 6.75%, 11/15/21		2,912,000		3,108,560
5.125%, 12/15/21, 144A		2,021,000		2,032,398
5.125%, 12/15/21, 144A		1,628,000		1,637,182
5.375%, 7/15/23, 144A		1,861,000		1,917,202
5.25%, 6/01/24		1,982,000		1,986,281
7.75%, 7/15/25, 144A (a)		2,465,000		2,637,550
6.625%, 10/15/25, 144A		4,098,000		4,333,635
10.875%, 10/15/25, 144A		4,978,000		5,786,925
5.50%, 5/15/26, 144A		3,488,000		3,535,960
5.50%, 4/15/27, 144A		3,519,000		3,535,680
5.375%, 2/01/28, 144A		3,830,000		3,772,550
7.50%, 4/01/28, 144A		3,045,000		3,227,700
6.50%, 2/01/29, 144A		5,100,000		5,345,489
DISH DBS Corp. 5.125%, 5/01/20		3,680,000		3,716,800
6.75%, 6/01/21		5,443,000		5,579,075
5.875%, 7/15/22		5,961,000		5,715,109
5.00%, 3/15/23		4,035,000		3,606,281
5.875%, 11/15/24		6,342,000		5,365,015
7.75%, 7/01/26		6,088,000		5,281,340
Gray Television, Inc. 5.125%, 10/15/24, 144A		1,537,000		1,535,079
5.875%, 7/15/26, 144A		2,300,000		2,328,750
7.00%, 5/15/27, 144A		2,144,000		2,272,640
Meredith Corp. 6.875%, 2/01/26		4,039,000		4,191,674
Nexstar Broadcasting, Inc. 5.875%, 11/15/22		1,123,000		1,151,075
5.625%, 8/01/24, 144A		2,653,000		2,639,735
Quebecor Media, Inc. 5.75%, 1/15/23		2,543,000		2,647,104
Sinclair Television Group, Inc. 5.375%, 4/01/21		959,000		962,596
6.125%, 10/01/22		1,696,000		1,737,891
5.625%, 8/01/24, 144A		2,333,000		2,359,246
5.125%, 2/15/27, 144A		960,000		904,800
Sirius XM Radio, Inc. 3.875%, 8/01/22, 144A		2,867,000		2,870,584
4.625%, 5/15/23, 144A		1,243,000		1,263,199
6.00%, 7/15/24, 144A		4,476,000		4,655,040
5.375%, 4/15/25, 144A		2,666,000		2,726,818

See Notes to Financial Statements. 51

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Media (Continued)
5.375%, 7/15/26, 144A	$	3,441,000	$	3,462,506
5.00%, 8/01/27, 144A		4,569,000		4,483,331
TEGNA, Inc. 5.125%, 7/15/20		300,000		303,375
6.375%, 10/15/23		2,687,000		2,787,763
Telenet Finance Luxembourg Notes Sarl, 144A 5.50%, 3/01/28		2,800,000		2,709,000
Tribune Media Co. 5.875%, 7/15/22		3,831,000		3,917,198
Unitymedia GmbH, 144A 6.125%, 1/15/25		2,599,000		2,702,960
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH, 144A 5.00%, 1/15/25		2,507,000		2,579,076
Univision Communications, Inc. 5.125%, 5/15/23, 144A		3,010,000		2,739,100
5.125%, 2/15/25, 144A		4,801,000		4,212,878
UPC Holding BV, 144A 5.50%, 1/15/28		2,137,000		2,201,110
UPCB Finance IV Ltd., 144A 5.375%, 1/15/25		3,306,000		3,388,650
Videotron Ltd. 5.00%, 7/15/22		2,688,000		2,758,560
5.375%, 6/15/24, 144A		2,098,000		2,190,207
5.125%, 4/15/27, 144A		1,221,000		1,242,368
Virgin Media Finance PLC 6.00%, 10/15/24, 144A		1,514,000		1,559,420
5.75%, 1/15/25, 144A		775,000		774,031
Virgin Media Secured Finance PLC 5.25%, 1/15/21		1,190,000		1,219,334
5.50%, 1/15/25, 144A		1,723,000		1,755,306
5.25%, 1/15/26, 144A		2,529,000		2,541,114
5.50%, 8/15/26, 144A		1,669,000		1,664,828
Ziggo Bond Co. BV 5.875%, 1/15/25, 144A		1,213,000		1,182,311
6.00%, 1/15/27, 144A		1,779,000		1,690,050
Ziggo BV, 144A 5.50%, 1/15/27		5,766,000		5,578,605
				277,113,360
Telecommunications — 10.4%
Altice France SA 6.25%, 5/15/24, 144A		4,148,000		4,163,555
7.375%, 5/01/26, 144A		15,274,000		15,025,797
8.125%, 2/01/27, 144A		5,055,000		5,092,912
Anixter, Inc. 5.125%, 10/01/21		1,304,000		1,341,490
C&W Senior Financing Dac, 144A 7.50%, 10/15/26		1,610,000		1,646,225
C&W Senior Financing DAC, 144A 6.875%, 9/15/27		1,906,000		1,877,410
CenturyLink, Inc. Series V, 5.625%, 4/01/20		3,547,000		3,614,570
Series S, 6.45%, 6/15/21		3,385,000		3,524,462
Series T, 5.80%, 3/15/22		3,801,000		3,919,781
Series W, 6.75%, 12/01/23 (a)		2,228,000		2,319,214

	Principal Amount		Value
Telecommunications (Continued)
Series Y, 7.50%, 4/01/24 (a)	$	3,035,000	$	3,218,048
5.625%, 4/01/25		1,558,000		1,489,386
Cincinnati Bell, Inc., 144A 7.00%, 7/15/24 (a)		1,971,000		1,793,610
Commscope Finance LLC, 144A 8.25%, 3/01/27		2,700,000		2,808,000
CommScope Finance LLC 5.50%, 3/01/24, 144A		3,600,000		3,673,620
6.00%, 3/01/26, 144A		4,300,000		4,407,500
CommScope Technologies LLC 6.00%, 6/15/25, 144A		4,635,000		4,391,662
5.00%, 3/15/27, 144A		1,993,000		1,789,315
CommScope, Inc. 5.00%, 6/15/21, 144A		1,810,000		1,819,050
5.50%, 6/15/24, 144A		2,075,000		1,999,781
Consolidated Communications, Inc. 6.50%, 10/01/22		1,652,000		1,548,750
DKT Finance ApS, 144A 9.375%, 6/17/23		853,000		919,107
Frontier Communications Corp. 8.75%, 4/15/22 (a)		1,590,000		1,093,125
10.50%, 9/15/22 (a)		5,904,000		4,250,880
7.125%, 1/15/23		2,211,000		1,315,545
7.625%, 4/15/24		1,577,000		898,890
6.875%, 1/15/25 (a)		2,991,000		1,630,095
11.00%, 9/15/25		10,748,000		6,919,025
8.50%, 4/01/26, 144A		5,100,000		4,755,750
GTH Finance BV 6.25%, 4/26/20, 144A		1,496,000		1,524,176
7.25%, 4/26/23, 144A		2,541,000		2,711,107
GTT Communications, Inc., 144A 7.875%, 12/31/24 (a)		1,704,000		1,478,220
Hughes Satellite Systems Corp. 7.625%, 6/15/21		2,077,000		2,232,775
5.25%, 8/01/26		2,108,000		2,068,475
6.625%, 8/01/26		2,343,000		2,310,784
Inmarsat Finance PLC 4.875%, 5/15/22, 144A		2,685,000		2,698,425
6.50%, 10/01/24, 144A		1,366,000		1,362,585
Intelsat Connect Finance SA, 144A 9.50%, 2/15/23		3,665,000		3,564,212
Intelsat Jackson Holdings SA 9.50%, 9/30/22, 144A		2,664,000		3,096,900
5.50%, 8/01/23		5,596,000		5,134,330
8.00%, 2/15/24, 144A		3,800,000		3,975,750
8.50%, 10/15/24, 144A		7,418,000		7,527,045
9.75%, 7/15/25, 144A		4,913,000		5,121,802
Intelsat Luxembourg SA 7.75%, 6/01/21 (a)		1,489,000		1,459,220
8.125%, 6/01/23		3,052,000		2,563,680
Level 3 Financing, Inc. 6.125%, 1/15/21		1,016,000		1,022,655
5.375%, 8/15/22		3,264,000		3,292,560
5.625%, 2/01/23		2,361,000		2,384,610
5.125%, 5/01/23		2,279,000		2,301,995
5.375%, 1/15/24		3,034,000		3,056,755
5.375%, 5/01/25		2,145,000		2,145,000

See Notes to Financial Statements. 52

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Telecommunications (Continued)
5.25%, 3/15/26	$	2,560,000	$	2,515,200
Level 3 Parent LLC 5.75%, 12/01/22		1,717,000		1,740,609
Nokia OYJ 3.375%, 6/12/22 (a)		1,971,000		1,935,916
4.375%, 6/12/27		1,200,000		1,182,144
Qwest Corp. 6.75%, 12/01/21		2,052,000		2,190,100
Sable International Finance Ltd., 144A 6.875%, 8/01/22		1,287,000		1,341,698
Sprint Communications, Inc. 7.00%, 3/01/20, 144A		2,509,000		2,596,815
7.00%, 8/15/20		4,670,000		4,879,683
11.50%, 11/15/21		3,899,000		4,561,050
6.00%, 11/15/22		6,741,000		6,855,597
Sprint Corp. 7.25%, 9/15/21		7,454,000		7,891,923
7.875%, 9/15/23		10,180,000		10,920,697
7.125%, 6/15/24		7,469,000		7,711,743
7.625%, 2/15/25		5,361,000		5,629,050
7.625%, 3/01/26		4,488,000		4,667,520
Telecom Italia SpA, 144A 5.303%, 5/30/24		4,402,000		4,319,463
Telefonaktiebolaget LM Ericsson 4.125%, 5/15/22		2,956,000		2,989,963
T-Mobile USA, Inc. 4.00%, 4/15/22		1,266,000		1,272,330
6.00%, 3/01/23		3,741,000		3,853,230
6.50%, 1/15/24		2,525,000		2,626,000
6.00%, 4/15/24		4,366,000		4,546,098
6.375%, 3/01/25		5,364,000		5,595,323
5.125%, 4/15/25		1,246,000		1,282,212
6.50%, 1/15/26		5,503,000		5,895,089
4.50%, 2/01/26		2,624,000		2,594,454
5.375%, 4/15/27		1,272,000		1,310,160
4.75%, 2/01/28		4,489,000		4,376,326
VEON Holdings BV 3.95%, 6/16/21, 144A		1,849,000		1,821,265
5.95%, 2/13/23, 144A		1,496,000		1,546,370
4.95%, 6/16/24, 144A		1,296,000		1,273,320
Wind Tre SpA, 144A 5.00%, 1/20/26		6,018,000		5,219,411
WTT Investment Ltd., 144A 5.50%, 11/21/22		1,744,000		1,731,341
				275,151,716
Consumer, Cyclical — 12.4%
Airlines — 0.1%
Air Canada, 144A 7.75%, 4/15/21		1,350,000		1,451,250
American Airlines Group, Inc., 144A 4.625%, 3/01/20 (a)		1,453,000		1,467,530
United Continental Holdings, Inc. 4.25%, 10/01/22		655,000		654,181
				3,572,961

	Principal Amount		Value
Apparel — 0.2%
Hanesbrands, Inc. 4.625%, 5/15/24, 144A	$	2,893,000	$	2,904,283
4.875%, 5/15/26, 144A		2,356,000		2,332,440
Levi Strauss & Co. 5.00%, 5/01/25		1,488,000		1,525,200
				6,761,923
Auto Manufacturers — 1.0%
Allison Transmission, Inc. 5.00%, 10/01/24, 144A		3,049,000		3,079,490
4.75%, 10/01/27, 144A		949,000		913,412
Fiat Chrysler Automobiles NV 4.50%, 4/15/20		5,314,000		5,367,140
5.25%, 4/15/23		3,871,000		3,942,614
Jaguar Land Rover Automotive PLC 3.50%, 3/15/20, 144A (a)		1,699,000		1,683,624
5.625%, 2/01/23, 144A (a)		1,187,000		1,149,906
4.50%, 10/01/27, 144A (a)		1,702,000		1,331,645
Navistar International Corp., 144A 6.625%, 11/01/25		3,115,000		3,227,233
Tesla, Inc., 144A 5.30%, 8/15/25 (a)		5,157,000		4,609,069
				25,304,133
Auto Parts & Equipment — 0.7%
Adient Global Holdings Ltd., 144A 4.875%, 8/15/26 (a)		2,604,000		2,005,080
American Axle & Manufacturing, Inc. 6.625%, 10/15/22 (a)		1,450,000		1,488,062
6.25%, 4/01/25 (a)		1,945,000		1,947,626
6.25%, 3/15/26		1,000,000		982,300
6.50%, 4/01/27 (a)		1,547,000		1,533,464
Dana, Inc. 5.50%, 12/15/24		1,127,000		1,122,774
Goodyear Tire & Rubber Co. 5.125%, 11/15/23 (a)		2,730,000		2,733,412
5.00%, 5/31/26 (a)		2,847,000		2,708,209
4.875%, 3/15/27 (a)		1,953,000		1,804,084
Tenneco, Inc. 5.00%, 7/15/26		1,434,000		1,233,240
				17,558,251
Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc., 144A 5.875%, 5/15/26		1,516,000		1,546,320
Core & Main LP, 144A 6.125%, 8/15/25		1,409,000		1,363,207
HD Supply, Inc., 144A 5.375%, 10/15/26		2,209,000		2,253,180
KAR Auction Services, Inc., 144A 5.125%, 6/01/25		2,555,000		2,497,513
LKQ Corp. 4.75%, 5/15/23		1,983,000		2,002,830
				9,663,050

See Notes to Financial Statements. 53

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Entertainment — 1.8%
AMC Entertainment Holdings, Inc. 5.75%, 6/15/25	$	1,644,000	$	1,522,755
5.875%, 11/15/26		1,570,000		1,417,082
6.125%, 5/15/27		1,508,000		1,359,085
Caesars Resort Collection LLC / CRC Finco, Inc., 144A 5.25%, 10/15/25		4,906,000		4,666,832
Cinemark USA, Inc. 5.125%, 12/15/22		930,000		947,437
4.875%, 6/01/23		2,846,000		2,849,557
Cirsa Finance International Sarl, 144A 7.875%, 12/20/23		1,666,000		1,711,815
Eldorado Resorts, Inc. 6.00%, 4/01/25		2,741,000		2,802,947
6.00%, 9/15/26, 144A		1,555,000		1,589,988
International Game Technology PLC 6.25%, 2/15/22, 144A		5,301,000		5,566,050
6.50%, 2/15/25, 144A (a)		2,986,000		3,191,288
6.25%, 1/15/27, 144A		2,015,000		2,101,897
Live Nation Entertainment, Inc., 144A 4.875%, 11/01/24		1,603,000		1,594,985
Merlin Entertainments PLC, 144A 5.75%, 6/15/26		942,000		976,148
Mohegan Gaming & Entertainment, 144A 7.875%, 10/15/24 (a)		1,870,000		1,841,950
Scientific Games International, Inc. 10.00%, 12/01/22		6,202,000		6,543,110
5.00%, 10/15/25, 144A		3,817,000		3,707,261
Six Flags Entertainment Corp. 4.875%, 7/31/24, 144A		2,896,000		2,859,800
5.50%, 4/15/27, 144A		1,286,000		1,266,710
				48,516,697
Food Service — 0.3%
Aramark Services, Inc. 5.125%, 1/15/24		2,819,000		2,889,475
5.00%, 4/01/25, 144A		1,038,000		1,058,760
4.75%, 6/01/26		2,004,000		1,993,980
5.00%, 2/01/28, 144A		3,446,000		3,411,540
				9,353,755
Home Builders — 1.5%
Beazer Homes USA, Inc. 8.75%, 3/15/22		1,756,000		1,828,435
5.875%, 10/15/27		1,082,000		949,455
Brookfield Residential Properties, Inc., 144A 6.50%, 12/15/20		1,695,000		1,701,356
K Hovnanian Enterprises, Inc. 10.00%, 7/15/22, 144A		1,327,000		1,071,552
10.50%, 7/15/24, 144A (a)		1,112,000		783,960
KB Home 7.00%, 12/15/21		883,000		937,084
Lennar Corp. 4.75%, 4/01/21		2,052,000		2,098,170
4.125%, 1/15/22		1,473,000		1,471,159
4.75%, 11/15/22		1,799,000		1,845,662

	Principal Amount		Value
Home Builders (Continued)
4.875%, 12/15/23	$	555,000	$	565,406
4.50%, 4/30/24		2,296,000		2,284,520
5.875%, 11/15/24		1,387,000		1,461,551
4.75%, 5/30/25		1,518,000		1,529,859
5.25%, 6/01/26		165,000		166,237
4.75%, 11/29/27		3,004,000		2,928,900
Mattamy Group Corp. 6.875%, 12/15/23, 144A		1,304,000		1,300,740
6.50%, 10/01/25, 144A		1,250,000		1,207,422
Meritage Homes Corp. 6.00%, 6/01/25		1,102,000		1,137,815
PulteGroup, Inc. 4.25%, 3/01/21		1,829,000		1,849,576
5.50%, 3/01/26		1,726,000		1,745,418
5.00%, 1/15/27		2,539,000		2,440,614
Taylor Morrison Communities, Inc. 6.625%, 5/15/22		546,000		563,745
Taylor Morrison Communities, Inc. / Taylor Morrison Holdings II, Inc., 144A 5.25%, 4/15/21		1,174,000		1,179,870
Toll Brothers Finance Corp. 5.875%, 2/15/22		1,268,000		1,336,155
4.375%, 4/15/23		1,213,000		1,218,459
4.875%, 3/15/27		1,251,000		1,232,235
4.35%, 2/15/28		1,264,000		1,192,900
William Lyon Homes, Inc. 5.875%, 1/31/25 (a)		1,466,000		1,326,730
				39,354,985
Home Furnishings — 0.1%
Tempur Sealy International, Inc. 5.625%, 10/15/23		1,178,000		1,192,725
5.50%, 6/15/26		1,946,000		1,948,433
				3,141,158
Housewares — 0.0%
Scotts Miracle-Gro Co. 6.00%, 10/15/23		1,051,000		1,087,785
Leisure Time — 0.4%
24 Hour Fitness Worldwide, Inc., 144A 8.00%, 6/01/22 (a)		1,848,000		1,820,280
Carlson Travel, Inc., 144A 6.75%, 12/15/23 (a)		923,000		918,385
NCL Corp. Ltd., 144A 4.75%, 12/15/21		1,242,000		1,266,430
Sabre GLBL, Inc. 5.375%, 4/15/23, 144A		1,089,000		1,116,225
5.25%, 11/15/23, 144A		1,727,000		1,770,175
Viking Cruises Ltd., 144A 5.875%, 9/15/27		2,910,000		2,811,788
				9,703,283
Lodging — 2.4%
Boyd Gaming Corp. 6.875%, 5/15/23		2,545,000		2,669,069
6.375%, 4/01/26		2,760,000		2,887,650
6.00%, 8/15/26		1,856,000		1,910,520

See Notes to Financial Statements. 54

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Lodging (Continued)
Diamond Resorts International, Inc. 7.75%, 9/01/23, 144A (a)	$	1,438,000	$	1,448,785
10.75%, 9/01/24, 144A (a)		2,092,000		1,997,860
Hilton Domestic Operating Co., Inc. 4.25%, 9/01/24		3,154,000		3,118,517
5.125%, 5/01/26, 144A		4,685,000		4,720,137
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 4.625%, 4/01/25		2,526,000		2,519,685
4.875%, 4/01/27		1,456,000		1,454,180
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp., 144A 6.75%, 11/15/21		2,090,000		2,157,925
Melco Resorts Finance Ltd., 144A 4.875%, 6/06/25		1,894,000		1,828,877
MGM Resorts International 5.25%, 3/31/20		2,772,000		2,828,133
6.75%, 10/01/20		1,413,000		1,476,585
6.625%, 12/15/21		4,032,000		4,304,160
7.75%, 3/15/22		2,046,000		2,250,600
6.00%, 3/15/23		3,068,000		3,217,565
5.75%, 6/15/25		3,304,000		3,378,340
4.625%, 9/01/26		2,076,000		1,982,580
Station Casinos LLC, 144A 5.00%, 10/01/25		1,696,000		1,651,480
Studio City Co. Ltd., 144A 7.25%, 11/30/21		2,773,000		2,884,752
Wyndham Destinations, Inc. 4.25%, 3/01/22		1,742,000		1,737,732
3.90%, 3/01/23		1,053,000		1,026,017
5.75%, 4/01/27		1,126,000		1,121,778
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 4.25%, 5/30/23, 144A		1,429,000		1,416,496
5.50%, 3/01/25, 144A		5,279,000		5,273,985
5.25%, 5/15/27, 144A		2,678,000		2,565,022
				63,828,430
Retail — 3.2%
1011778 BC ULC / New Red Finance, Inc. 4.625%, 1/15/22, 144A		4,200,000		4,226,250
4.25%, 5/15/24, 144A		4,234,000		4,133,443
5.00%, 10/15/25, 144A		7,985,000		7,750,441
Asbury Automotive Group, Inc. 6.00%, 12/15/24		2,051,000		2,092,020
Beacon Roofing Supply, Inc., 144A 4.875%, 11/01/25		4,379,000		4,092,997
Ferrellgas LP / Ferrellgas Finance Corp. 6.50%, 5/01/21 (a)		1,423,000		1,280,700
6.75%, 1/15/22 (a)		1,832,000		1,639,640
6.75%, 6/15/23 (a)		1,098,000		988,200
Golden Nugget, Inc. 6.75%, 10/15/24, 144A		3,580,000		3,606,850
8.75%, 10/01/25, 144A		2,269,000		2,342,742
Group 1 Automotive, Inc. 5.00%, 6/01/22		1,891,000		1,907,546
IRB Holding Corp., 144A 6.75%, 2/15/26		1,385,000		1,312,287

	Principal Amount		Value
Retail (Continued)
JC Penney Corp., Inc. 5.875%, 7/01/23, 144A (a)	$	1,352,000	$	1,162,720
8.625%, 3/15/25, 144A		1,150,000		690,000
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 5.00%, 6/01/24, 144A		3,535,000		3,581,839
5.25%, 6/01/26, 144A		3,226,000		3,290,520
4.75%, 6/01/27, 144A		1,952,000		1,927,600
L Brands, Inc. 6.625%, 4/01/21		3,914,000		4,090,130
5.625%, 2/15/22		1,315,000		1,341,300
5.625%, 10/15/23 (a)		1,944,000		1,939,140
6.694%, 1/15/27		823,000		783,907
5.25%, 2/01/28		574,000		497,227
Michaels Stores, Inc., 144A 5.875%, 12/15/20		1,326,000		1,330,310
Neiman Marcus Group Ltd. LLC, 144A 8.00%, 10/15/21		2,731,000		1,433,775
Penske Automotive Group, Inc. 5.75%, 10/01/22		1,358,000		1,385,160
5.50%, 5/15/26		1,489,000		1,466,591
PetSmart, Inc. 7.125%, 3/15/23, 144A		5,889,000		4,019,242
5.875%, 6/01/25, 144A		4,241,000		3,392,800
8.875%, 6/01/25, 144A (a)		1,687,000		1,147,160
QVC, Inc. 5.125%, 7/02/22		346,000		360,743
4.375%, 3/15/23		2,354,000		2,376,310
4.85%, 4/01/24		2,131,000		2,147,092
4.45%, 2/15/25		1,621,000		1,579,539
Rite Aid Corp., 144A 6.125%, 4/01/23		5,355,000		4,585,219
Staples, Inc., 144A 8.50%, 9/15/25		2,976,000		2,931,360
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.50%, 6/01/24		2,066,000		2,050,505
				84,883,305
Storage / Warehousing — 0.1%
Algeco Global Finance PLC, 144A 8.00%, 2/15/23		1,529,000		1,532,822
Toys/Games/Hobbies — 0.2%
Mattel, Inc., 144A 6.75%, 12/31/25		4,277,000		4,218,191
Consumer, Non-cyclical — 18.1%
Agriculture — 0.1%
Vector Group Ltd., 144A 6.125%, 2/01/25		2,578,000		2,294,420
Commercial Services — 4.2%
ADT Security Corp. 6.25%, 10/15/21		2,826,000		2,988,495
3.50%, 7/15/22		3,707,000		3,660,662
4.125%, 6/15/23		1,793,000		1,763,864
Ahern Rentals, Inc., 144A 7.375%, 5/15/23		1,808,000		1,676,920

See Notes to Financial Statements. 55

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Commercial Services (Continued)
APX Group, Inc. 8.75%, 12/01/20	$	1,844,000	$	1,841,695
7.875%, 12/01/22		3,075,000		3,067,312
7.625%, 9/01/23 (a)		896,000		794,080
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.50%, 4/01/23 (a)		2,115,000		2,146,725
Brink’s Co., 144A 4.625%, 10/15/27		1,738,000		1,659,790
Gartner, Inc., 144A 5.125%, 4/01/25		2,410,000		2,434,100
Herc Rentals, Inc. 7.50%, 6/01/22, 144A (a)		1,262,000		1,321,945
7.75%, 6/01/24, 144A (a)		993,000		1,064,049
Hertz Corp. 5.875%, 10/15/20		1,869,000		1,869,000
7.375%, 1/15/21 (a)		1,830,000		1,833,431
7.625%, 6/01/22, 144A		3,920,000		4,018,000
6.25%, 10/15/22		1,416,000		1,348,740
5.50%, 10/15/24, 144A		2,297,000		1,963,935
Jaguar Holding Co. II / Pharmaceutical Product Development LLC, 144A 6.375%, 8/01/23		3,152,000		3,183,520
Laureate Education, Inc., 144A 8.25%, 5/01/25		2,338,000		2,536,730
Monitronics International, Inc. 9.125%, 4/01/20		954,000		233,730
Nielsen Co. Luxembourg SARL 5.50%, 10/01/21, 144A		1,848,000		1,868,790
5.00%, 2/01/25, 144A (a)		1,672,000		1,659,460
Nielsen Finance LLC / Nielsen Finance Co. 4.50%, 10/01/20		2,302,000		2,307,755
5.00%, 4/15/22, 144A		6,766,000		6,782,915
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A 9.25%, 5/15/23		6,250,000		6,606,250
Refinitiv US Holdings, Inc. 6.25%, 5/15/26, 144A		3,594,000		3,634,433
8.25%, 11/15/26, 144A		4,684,000		4,594,711
Service Corp. International 5.375%, 1/15/22		749,000		758,363
5.375%, 5/15/24		3,121,000		3,199,025
4.625%, 12/15/27		1,777,000		1,761,451
ServiceMaster Co. LLC, 144A 5.125%, 11/15/24		2,358,000		2,375,685
Star Merger Sub, Inc. 6.875%, 8/15/26, 144A		2,000,000		2,010,670
10.25%, 2/15/27, 144A		2,200,000		2,268,750
Team Health Holdings, Inc., 144A 6.375%, 2/01/25 (a)		2,562,000		2,056,005
United Rentals North America, Inc. 4.625%, 7/15/23		1,921,000		1,965,183
5.75%, 11/15/24		3,212,000		3,320,405
5.50%, 7/15/25		3,038,000		3,113,950
4.625%, 10/15/25		2,812,000		2,741,700
5.875%, 9/15/26		3,892,000		3,994,165

	Principal Amount		Value
Commercial Services (Continued)
6.50%, 12/15/26	$	2,519,000	$	2,635,504
5.50%, 5/15/27		3,255,000		3,263,138
4.875%, 1/15/28		3,672,000		3,511,350
Verscend Escrow Corp., 144A 9.75%, 8/15/26		3,232,000		3,316,840
WEX, Inc., 144A 4.75%, 2/01/23		1,081,000		1,075,595
				112,228,816
Cosmetics/Personal Care — 0.5%
Avon International Operations, Inc., 144A 7.875%, 8/15/22		480,000		496,800
Avon Products, Inc. 6.60%, 3/15/20 (a)		1,263,000		1,289,839
7.00%, 3/15/23		1,208,000		1,165,720
Coty, Inc., 144A 6.50%, 4/15/26 (a)		1,621,000		1,566,210
Edgewell Personal Care Co. 4.70%, 5/19/21		1,588,000		1,613,805
4.70%, 5/24/22		2,185,000		2,206,479
First Quality Finance Co., Inc. 4.625%, 5/15/21, 144A		1,891,000		1,900,455
5.00%, 7/01/25, 144A		899,000		881,020
Revlon Consumer Products Corp. 5.75%, 2/15/21 (a)		1,535,000		1,339,287
6.25%, 8/01/24 (a)		1,152,000		671,040
				13,130,655
Food — 2.2%
Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / Albertson’s LLC 6.625%, 6/15/24		3,528,000		3,545,640
5.75%, 3/15/25		4,374,000		4,177,170
7.50%, 3/15/26, 144A		1,400,000		1,449,000
B&G Foods, Inc. 4.625%, 6/01/21		826,000		827,807
5.25%, 4/01/25 (a)		3,052,000		2,926,105
Darling Ingredients, Inc. 5.375%, 1/15/22		1,849,000		1,874,424
JBS Investments GmbH 6.25%, 2/05/23, 144A		1,517,000		1,536,357
7.25%, 4/03/24, 144A (a)		2,723,000		2,823,097
JBS USA LUX SA / JBS USA Finance, Inc. 7.25%, 6/01/21, 144A		1,547,000		1,566,337
5.875%, 7/15/24, 144A		1,650,000		1,702,387
5.75%, 6/15/25, 144A		2,864,000		2,910,540
6.75%, 2/15/28, 144A		2,730,000		2,832,375
Lamb Weston Holdings, Inc. 4.625%, 11/01/24, 144A		2,508,000		2,526,810
4.875%, 11/01/26, 144A		2,320,000		2,334,500
Pilgrim’s Pride Corp. 5.75%, 3/15/25, 144A		3,007,000		3,014,518
5.875%, 9/30/27, 144A		2,666,000		2,626,010
Post Holdings, Inc. 5.50%, 3/01/25, 144A		2,829,000		2,846,681
5.00%, 8/15/26, 144A		5,053,000		4,882,461

See Notes to Financial Statements. 56

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Food (Continued)
5.75%, 3/01/27, 144A	$	3,797,000	$	3,754,284
5.625%, 1/15/28, 144A		2,764,000		2,681,080
Sigma Holdco BV, 144A 7.875%, 5/15/26		1,505,000		1,388,363
TreeHouse Foods, Inc., 144A 6.00%, 2/15/24 (a)		1,611,000		1,665,371
US Foods, Inc., 144A 5.875%, 6/15/24		1,657,000		1,688,069
				57,579,386
Healthcare-Products — 1.3%
Avantor, Inc. 6.00%, 10/01/24, 144A		4,343,000		4,443,432
9.00%, 10/01/25, 144A		6,035,000		6,480,081
Hill-Rom Holdings, Inc., 144A 5.75%, 9/01/23		974,000		1,006,872
Hologic, Inc. 4.375%, 10/15/25, 144A		2,771,000		2,736,363
4.625%, 2/01/28, 144A		1,533,000		1,487,010
Kinetic Concepts, Inc. / KCI USA, Inc. 7.875%, 2/15/21, 144A		961,175		982,801
12.50%, 11/01/21, 144A		1,448,000		1,571,080
Mallinckrodt International Finance SA 4.75%, 4/15/23		1,173,000		955,995
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 4.875%, 4/15/20, 144A		2,213,000		2,213,221
5.75%, 8/01/22, 144A (a)		2,701,000		2,552,445
5.625%, 10/15/23, 144A (a)		2,424,000		2,132,369
5.50%, 4/15/25, 144A (a)		1,854,000		1,519,705
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA, 144A 6.625%, 5/15/22		3,910,000		3,782,925
Sotera Health Holdings LLC, 144A 6.50%, 5/15/23		805,000		813,050
Teleflex, Inc. 4.875%, 6/01/26		1,164,000		1,184,370
4.625%, 11/15/27		1,571,000		1,565,219
				35,426,938
Healthcare-Services — 6.9%
Acadia Healthcare Co., Inc. 5.625%, 2/15/23		2,171,000		2,165,572
AHP Health Partners, Inc., 144A 9.75%, 7/15/26 (a)		1,214,000		1,280,770
Catalent Pharma Solutions, Inc., 144A 4.875%, 1/15/26		1,137,000		1,131,315
Centene Corp. 5.625%, 2/15/21		3,507,000		3,559,605
4.75%, 5/15/22		4,258,000		4,353,805
6.125%, 2/15/24		1,875,000		1,965,234
4.75%, 1/15/25		3,251,000		3,283,510
5.375%, 6/01/26, 144A		5,278,000		5,489,120
Charles River Laboratories International, Inc., 144A 5.50%, 4/01/26		1,259,000		1,312,507

	Principal Amount		Value
Healthcare-Services (Continued)
CHS/Community Health Systems, Inc. 5.125%, 8/01/21 (a)	$	3,070,000	$	3,016,275
6.875%, 2/01/22 (a)		6,764,000		4,464,240
6.25%, 3/31/23		9,688,000		9,361,030
11.00%, 6/30/23, 144A (a)		4,780,000		4,409,550
8.625%, 1/15/24, 144A (a)		3,341,000		3,449,582
8.125%, 6/30/24, 144A (a)		4,306,000		3,638,570
DaVita, Inc. 5.75%, 8/15/22		3,835,000		3,914,308
5.125%, 7/15/24		4,660,000		4,625,050
5.00%, 5/01/25		4,737,000		4,588,969
Eagle Holding Co. II LLC, 144A 7.625%, 5/15/22		186,000		186,930
Encompass Health Corp. 5.75%, 11/01/24		3,848,000		3,902,064
Envision Healthcare Corp., 144A 8.75%, 10/15/26 (a)		3,593,000		3,251,665
HCA Healthcare, Inc. 6.25%, 2/15/21		3,505,000		3,681,442
HCA, Inc. 7.50%, 2/15/22		5,603,000		6,156,296
5.875%, 5/01/23		3,626,000		3,843,560
5.375%, 2/01/25		7,689,000		7,994,176
5.25%, 4/15/25		140,000		148,378
5.875%, 2/15/26		4,326,000		4,580,152
5.25%, 6/15/26		30,000		31,685
5.375%, 9/01/26		2,423,000		2,489,632
5.625%, 9/01/28		4,068,000		4,215,465
5.875%, 2/01/29		3,498,000		3,672,900
MEDNAX, Inc. 5.25%, 12/01/23, 144A		1,997,000		2,024,459
6.25%, 1/15/27, 144A		2,987,000		3,011,045
Molina Healthcare, Inc. 5.375%, 11/15/22		2,286,000		2,365,296
MPH Acquisition Holdings LLC, 144A 7.125%, 6/01/24		4,620,000		4,651,739
Quorum Health Corp. 11.625%, 4/15/23 (a)		1,170,000		1,079,325
RegionalCare Hospital Partners Holdings Inc / LifePoint Health Inc, 144A 9.75%, 12/01/26		3,933,000		4,041,157
RegionalCare Hospital Partners Holdings, Inc., 144A 8.25%, 5/01/23		2,720,000		2,913,800
Select Medical Corp. 6.375%, 6/01/21		1,911,000		1,925,333
Surgery Center Holdings, Inc., 144A 8.875%, 4/15/21 (a)		800,000		818,000
Tenet Healthcare Corp. 4.75%, 6/01/20		1,699,000		1,724,485
6.00%, 10/01/20		5,741,000		5,956,288
4.50%, 4/01/21		2,639,000		2,685,183
4.375%, 10/01/21		3,173,000		3,228,528
8.125%, 4/01/22		7,668,000		8,214,345
6.75%, 6/15/23 (a)		5,862,000		6,030,533
4.625%, 7/15/24		5,691,000		5,698,114

See Notes to Financial Statements. 57

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Healthcare-Services (Continued)
5.125%, 5/01/25	$	4,523,000	$	4,494,731
7.00%, 8/01/25 (a)		1,683,000		1,693,519
6.25%, 2/01/27, 144A		3,600,000		3,710,250
WellCare Health Plans, Inc. 5.25%, 4/01/25		3,945,000		4,042,442
5.375%, 8/15/26, 144A		2,194,000		2,262,563
				182,734,492
Household Products/Wares — 0.3%
Prestige Brands, Inc. 5.375%, 12/15/21, 144A		1,099,000		1,106,561
6.375%, 3/01/24, 144A (a)		2,034,000		2,054,340
Spectrum Brands, Inc. 6.625%, 11/15/22		1,112,000		1,139,800
5.75%, 7/15/25		3,264,000		3,210,960
				7,511,661
Pharmaceuticals — 2.6%
Bausch Health Americas, Inc. 9.25%, 4/01/26, 144A		4,074,000		4,399,920
8.50%, 1/31/27, 144A		3,384,000		3,523,590
Bausch Health Cos., Inc. 6.50%, 3/15/22, 144A		3,577,000		3,711,138
5.50%, 3/01/23, 144A		3,014,000		3,010,232
5.875%, 5/15/23, 144A		8,435,000		8,424,456
7.00%, 3/15/24, 144A		6,034,000		6,373,413
6.125%, 4/15/25, 144A		9,025,000		8,709,125
5.50%, 11/01/25, 144A		5,497,000		5,565,713
9.00%, 12/15/25, 144A		3,978,000		4,276,350
Elanco Animal Health, Inc. 3.912%, 8/27/21, 144A		1,475,000		1,492,232
4.272%, 8/28/23, 144A		2,851,000		2,896,262
4.90%, 8/28/28, 144A		1,712,000		1,779,813
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 6.00%, 7/15/23, 144A		5,032,000		4,195,430
6.00%, 2/01/25, 144A		3,672,000		2,845,800
Endo Finance LLC, 144A 5.75%, 1/15/22		1,918,000		1,802,920
Endo Finance LLC / Endo Finco, Inc., 144A 5.375%, 1/15/23		2,425,000		2,011,234
Horizon Pharma USA, Inc. 6.625%, 5/01/23		1,323,000		1,369,305
Vizient, Inc., 144A 10.375%, 3/01/24		2,372,000		2,570,655
				68,957,588
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Stena AB, 144A 7.00%, 2/01/24 (a)		1,497,000		1,407,180
Energy — 13.2%
Coal — 0.1%
Peabody Energy Corp. 6.00%, 3/31/22, 144A		1,791,000		1,813,388
6.375%, 3/31/25, 144A		1,427,000		1,408,449
				3,221,837

	Principal Amount		Value
Energy-Alternate Sources — 0.1%
TerraForm Power Operating LLC 4.25%, 1/31/23, 144A	$	1,270,000	$	1,264,551
5.00%, 1/31/28, 144A		2,217,000		2,114,464
				3,379,015
Oil & Gas — 8.8%
Aker BP ASA 6.00%, 7/01/22, 144A		755,000		777,801
5.875%, 3/31/25, 144A		1,534,000		1,580,250
Antero Resources Corp. 5.375%, 11/01/21		3,217,000		3,241,127
5.125%, 12/01/22		2,877,000		2,892,392
5.625%, 6/01/23		2,696,000		2,712,850
5.00%, 3/01/25 (a)		1,570,000		1,515,050
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 10.00%, 4/01/22, 144A		3,517,000		3,807,152
7.00%, 11/01/26, 144A		1,602,000		1,553,940
Baytex Energy Corp. 5.125%, 6/01/21, 144A		950,000		940,500
5.625%, 6/01/24, 144A		1,020,000		920,550
Brazos Valley Longhorn LLC / Brazos Valley Longhorn Finance Corp. 6.875%, 2/01/25		2,060,000		2,098,625
Bruin E&P Partners LLC, 144A 8.875%, 8/01/23		1,610,000		1,581,825
California Resources Corp., 144A 8.00%, 12/15/22 (a)		6,585,000		5,276,231
Callon Petroleum Co. 6.125%, 10/01/24		2,299,000		2,327,737
6.375%, 7/01/26		685,000		688,425
Calumet Specialty Products Partners LP / Calumet Finance Corp. 6.50%, 4/15/21 (a)		2,345,000		2,180,850
Carrizo Oil & Gas, Inc. 6.25%, 4/15/23 (a)		1,893,000		1,876,436
Chesapeake Energy Corp. 6.625%, 8/15/20 (a)		1,269,000		1,307,070
6.125%, 2/15/21		1,344,000		1,380,960
4.875%, 4/15/22 (a)		1,435,000		1,384,775
7.00%, 10/01/24 (a)		2,352,000		2,334,360
8.00%, 1/15/25 (a)		3,946,000		4,029,852
7.50%, 10/01/26 (a)		1,102,000		1,090,980
8.00%, 6/15/27 (a)		3,974,000		3,954,130
CITGO Petroleum Corp., 144A 6.25%, 8/15/22		1,634,000		1,634,000
CNX Resources Corp. 5.875%, 4/15/22		3,679,000		3,724,987
Continental Resources, Inc. 5.00%, 9/15/22		4,153,000		4,200,662
4.50%, 4/15/23		4,694,000		4,788,284
3.80%, 6/01/24		3,124,000		3,089,063
4.375%, 1/15/28		2,842,000		2,835,580
CrownRock LP / CrownRock Finance, Inc., 144A 5.625%, 10/15/25		3,528,000		3,430,980

See Notes to Financial Statements. 58

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
Denbury Resources, Inc. 9.00%, 5/15/21, 144A	$	3,111,000	$	3,153,776
9.25%, 3/31/22, 144A		1,603,000		1,615,022
7.50%, 2/15/24, 144A		510,000		457,725
Diamond Offshore Drilling, Inc. 7.875%, 8/15/25		1,555,000		1,477,250
Diamondback Energy, Inc. 4.75%, 11/01/24, 144A		2,146,000		2,180,872
4.75%, 11/01/24		1,349,000		1,370,921
5.375%, 5/31/25		2,352,000		2,440,200
Endeavor Energy Resources LP / EER Finance, Inc. 5.50%, 1/30/26, 144A		1,849,000		1,943,761
5.75%, 1/30/28, 144A		1,184,000		1,266,880
Ensco PLC 4.50%, 10/01/24 (a)		1,645,000		1,280,961
5.20%, 3/15/25		1,263,000		975,667
7.75%, 2/01/26		3,787,000		3,190,547
EP Energy LLC / Everest Acquisition Finance, Inc. 9.375%, 5/01/24, 144A		2,622,000		1,245,450
8.00%, 11/29/24, 144A (a)		1,608,000		1,141,680
8.00%, 2/15/25, 144A (a)		2,921,000		1,299,845
7.75%, 5/15/26, 144A		3,203,000		2,850,670
Extraction Oil & Gas, Inc. 7.375%, 5/15/24, 144A		1,516,000		1,364,400
5.625%, 2/01/26, 144A		2,133,000		1,781,055
Gulfport Energy Corp. 6.00%, 10/15/24		1,895,000		1,729,187
6.375%, 5/15/25		1,765,000		1,586,294
6.375%, 1/15/26		1,523,000		1,344,047
Hilcorp Energy I LP / Hilcorp Finance Co. 5.00%, 12/01/24, 144A		1,374,000		1,327,627
5.75%, 10/01/25, 144A		1,409,000		1,407,239
6.25%, 11/01/28, 144A		1,933,000		1,904,005
Jones Energy Holdings LLC / Jones Energy Finance Corp. 6.75%, 4/01/22		1,263,000		75,780
9.25%, 3/15/23, 144A (a)		1,179,000		742,770
Matador Resources Co. 5.875%, 9/15/26 (a)		3,110,000		3,110,000
MEG Energy Corp. 6.375%, 1/30/23, 144A		2,145,000		1,965,356
7.00%, 3/31/24, 144A		3,395,000		3,123,400
6.50%, 1/15/25, 144A		2,438,000		2,404,478
Murphy Oil Corp. 4.00%, 6/01/22 (a)		1,691,000		1,678,449
4.45%, 12/01/22		2,342,000		2,333,361
6.875%, 8/15/24		1,543,000		1,633,655
5.75%, 8/15/25		1,008,000		1,026,260
Nabors Industries, Inc. 5.00%, 9/15/20		2,000,000		2,017,500
4.625%, 9/15/21		1,991,000		1,958,646
5.50%, 1/15/23 (a)		2,079,000		1,959,458
5.75%, 2/01/25		2,324,000		2,068,360

	Principal Amount		Value
Oil & Gas (Continued)
Noble Holding International Ltd. 7.75%, 1/15/24 (a)	$	2,293,000	$	2,049,369
7.95%, 4/01/25 (a)		1,249,000		1,099,120
7.875%, 2/01/26, 144A (a)		2,267,000		2,128,146
Oasis Petroleum, Inc. 6.875%, 3/15/22		2,312,000		2,314,890
6.25%, 5/01/26, 144A (a)		1,151,000		1,099,205
Parkland Fuel Corp., 144A 6.00%, 4/01/26		1,734,000		1,712,325
Parsley Energy LLC / Parsley Finance Corp. 6.25%, 6/01/24, 144A		768,000		789,120
5.375%, 1/15/25, 144A		2,583,000		2,602,373
5.25%, 8/15/25, 144A		1,855,000		1,845,169
5.625%, 10/15/27, 144A		1,329,000		1,322,355
PBF Holding Co LLC / PBF Finance Corp. 7.25%, 6/15/25		2,056,000		2,118,708
PBF Holding Co. LLC / PBF Finance Corp. 7.00%, 11/15/23		1,411,000		1,449,803
PDC Energy, Inc. 6.125%, 9/15/24		1,544,000		1,532,420
5.75%, 5/15/26		1,408,000		1,355,200
Precision Drilling Corp., 144A 7.125%, 1/15/26		1,006,000		993,425
Puma International Financing SA 5.125%, 10/06/24, 144A (a)		1,450,000		1,290,877
5.00%, 1/24/26, 144A		2,250,000		1,935,063
QEP Resources, Inc. 5.375%, 10/01/22		1,449,000		1,429,076
5.25%, 5/01/23		1,901,000		1,839,218
5.625%, 3/01/26		1,413,000		1,331,753
Range Resources Corp. 5.75%, 6/01/21		1,316,000		1,339,030
5.00%, 8/15/22		1,649,000		1,632,510
5.00%, 3/15/23		2,342,000		2,271,740
4.875%, 5/15/25 (a)		2,325,000		2,141,180
Rowan Cos., Inc. 4.875%, 6/01/22		1,904,000		1,781,430
7.375%, 6/15/25 (a)		1,402,000		1,219,740
Sable Permian Resources Land LLC / AEPB Finance Corp. 7.125%, 11/01/20, 144A (a)		1,319,000		540,790
13.00%, 11/30/20, 144A		1,415,000		1,457,450
7.375%, 11/01/21, 144A (a)		1,408,000		577,280
Sanchez Energy Corp. 7.75%, 6/15/21		1,120,000		184,800
6.125%, 1/15/23		2,811,000		428,678
7.25%, 2/15/23, 144A (a)		1,897,000		1,645,648
Seven Generations Energy Ltd. 6.75%, 5/01/23, 144A (a)		996,000		1,023,390
6.875%, 6/30/23, 144A		1,351,000		1,394,908
5.375%, 9/30/25, 144A		2,678,000		2,587,618
SM Energy Co. 6.125%, 11/15/22		1,031,000		1,031,000
5.00%, 1/15/24		1,666,000		1,576,453

See Notes to Financial Statements. 59

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Oil & Gas (Continued)
5.625%, 6/01/25	$	1,578,000	$	1,483,320
6.75%, 9/15/26		1,600,000		1,540,000
6.625%, 1/15/27 (a)		1,478,000		1,415,185
Southwestern Energy Co. 6.20%, 1/23/25		2,297,000		2,284,826
7.50%, 4/01/26		2,000,000		2,085,000
7.75%, 10/01/27 (a)		1,879,000		1,954,836
Sunoco LP / Sunoco Finance Corp. 4.875%, 1/15/23		2,628,000		2,667,420
5.50%, 2/15/26		1,437,000		1,430,965
5.875%, 3/15/28		404,000		398,950
Transocean, Inc. 9.00%, 7/15/23, 144A		3,500,000		3,705,625
7.25%, 11/01/25, 144A		1,840,000		1,766,400
7.50%, 1/15/26, 144A		2,113,000		2,049,610
Whiting Petroleum Corp. 5.75%, 3/15/21		2,499,000		2,542,733
6.25%, 4/01/23 (a)		1,213,000		1,225,130
6.625%, 1/15/26 (a)		2,992,000		2,947,120
WPX Energy, Inc. 6.00%, 1/15/22		1,316,000		1,365,350
8.25%, 8/01/23		1,726,000		1,943,908
5.25%, 9/15/24		1,464,000		1,465,830
5.75%, 6/01/26 (a)		1,756,000		1,773,560
				232,707,006
Oil & Gas Services — 0.6%
Bristow Group, Inc. 6.25%, 10/15/22		1,105,000		342,550
KCA Deutag UK Finance PLC 9.875%, 4/01/22, 144A		1,224,000		982,260
9.625%, 4/01/23, 144A		1,401,000		1,075,267
McDermott Technology Americas, Inc. / McDermott Technology US, Inc., 144A 10.625%, 5/01/24		3,784,000		3,154,910
SESI LLC 7.125%, 12/15/21		2,491,000		2,316,630
7.75%, 9/15/24		1,514,000		1,294,470
Weatherford International Ltd. 7.75%, 6/15/21 (a)		2,299,000		2,069,100
4.50%, 4/15/22 (a)		1,714,000		1,186,945
8.25%, 6/15/23		2,153,000		1,544,778
9.875%, 2/15/24 (a)		2,320,000		1,682,000
				15,648,910
Pipelines — 3.6%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 5.375%, 9/15/24		1,400,000		1,407,000
5.75%, 3/01/27, 144A		2,000,000		2,020,000
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A 6.125%, 11/15/22		3,231,000		3,291,581
Cheniere Corpus Christi Holdings LLC 7.00%, 6/30/24		3,633,000		4,032,630
5.875%, 3/31/25		4,459,000		4,760,027
5.125%, 6/30/27		4,708,000		4,813,930

	Principal Amount		Value
Pipelines (Continued)
Cheniere Energy Partners LP 5.25%, 10/01/25	$	4,330,000	$	4,400,362
5.625%, 10/01/26, 144A		3,179,000		3,246,554
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 6.25%, 4/01/23		1,965,000		2,026,937
5.75%, 4/01/25		1,355,000		1,370,667
DCP Midstream Operating LP 5.35%, 3/15/20, 144A		998,000		1,017,960
4.75%, 9/30/21, 144A		1,790,000		1,825,800
3.875%, 3/15/23		1,162,000		1,156,190
5.375%, 7/15/25		2,478,000		2,583,315
Energy Transfer LP 7.50%, 10/15/20		3,135,000		3,338,775
4.25%, 3/15/23		2,960,000		3,004,992
5.875%, 1/15/24		3,359,000		3,610,925
5.50%, 6/01/27		3,044,000		3,203,810
EnLink Midstream Partners LP 4.40%, 4/01/24		2,112,000		2,059,200
4.15%, 6/01/25		1,730,000		1,654,312
4.85%, 7/15/26		1,837,000		1,804,852
Genesis Energy LP / Genesis Energy Finance Corp. 6.75%, 8/01/22		2,967,000		3,033,758
6.00%, 5/15/23		1,100,000		1,105,489
6.50%, 10/01/25		1,300,000		1,251,250
6.25%, 5/15/26		1,384,000		1,287,120
NGPL PipeCo LLC 4.375%, 8/15/22, 144A		2,023,000		2,053,345
4.875%, 8/15/27, 144A		2,193,000		2,214,245
NuStar Logistics LP 4.80%, 9/01/20		2,376,000		2,417,580
5.625%, 4/28/27		1,243,000		1,250,769
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 4.75%, 10/01/23, 144A		392,000		392,490
5.50%, 9/15/24, 144A		3,053,000		3,134,057
5.50%, 1/15/28, 144A		2,138,000		2,143,345
Targa Resources Partners LP / Targa Resources Partners Finance Corp. 5.25%, 5/01/23		1,684,000		1,711,348
4.25%, 11/15/23		1,647,000		1,630,530
6.75%, 3/15/24		1,302,000		1,368,728
5.125%, 2/01/25		1,004,000		1,014,040
5.875%, 4/15/26, 144A		2,939,000		3,071,255
5.375%, 2/01/27		1,657,000		1,673,587
6.50%, 7/15/27, 144A		2,488,000		2,637,280
5.00%, 1/15/28		2,283,000		2,223,071
6.875%, 1/15/29, 144A		2,393,000		2,553,032
				94,796,138
Financial — 9.3%
Banks — 0.9%
CIT Group, Inc. 4.125%, 3/09/21		1,481,000		1,495,810
5.00%, 8/15/22		3,104,000		3,212,640
5.00%, 8/01/23		2,283,000		2,375,233

See Notes to Financial Statements. 60

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Banks (Continued)
4.75%, 2/16/24	$	1,696,000	$	1,729,920
5.25%, 3/07/25		1,629,000		1,710,450
6.125%, 3/09/28		1,185,000		1,288,688
Freedom Mortgage Corp. 8.125%, 11/15/24, 144A		1,292,000		1,217,710
8.25%, 4/15/25, 144A		1,991,000		1,881,495
Intesa Sanpaolo SpA 5.017%, 6/26/24, 144A		5,481,000		5,083,037
5.71%, 1/15/26, 144A		4,313,000		4,041,285
				24,036,268
Diversified Financial Services — 4.0%
Ally Financial, Inc. 8.00%, 3/15/20		2,284,000		2,395,345
4.125%, 3/30/20		2,074,000		2,089,555
7.50%, 9/15/20		1,180,000		1,255,225
4.25%, 4/15/21		2,484,000		2,521,260
4.125%, 2/13/22		1,717,000		1,732,560
4.625%, 5/19/22		1,178,000		1,203,032
5.125%, 9/30/24		2,426,000		2,553,365
4.625%, 3/30/25		2,041,000		2,086,310
5.75%, 11/20/25 (a)		3,166,000		3,367,832
Blackstone CQP Holdco LP, 144A 6.50%, 3/20/21		5,542,000		5,548,927
Jefferies Finance LLC / JFIN Co.-Issuer Corp.
7.375%, 4/01/20, 144A		1,998,000		2,006,991
7.50%, 4/15/21, 144A		979,000		1,002,251
6.875%, 4/15/22, 144A		1,264,000		1,267,160
7.25%, 8/15/24, 144A		1,261,000		1,232,627
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.25%, 3/15/22, 144A		936,000		952,380
5.25%, 10/01/25, 144A		1,083,000		1,020,728
Lincoln Finance Ltd., 144A 7.375%, 4/15/21		1,040,000		1,062,100
Lions Gate Capital Holdings LLC 6.375%, 2/01/24, 144A		1,500,000		1,541,250
5.875%, 11/01/24, 144A		1,304,000		1,326,820
LPL Holdings, Inc., 144A 5.75%, 9/15/25		2,121,000		2,150,164
Nationstar Mortgage Holdings, Inc. 8.125%, 7/15/23, 144A		3,066,000		3,127,320
9.125%, 7/15/26, 144A		2,477,000		2,538,925
Nationstar Mortgage LLC / Nationstar Capital Corp. 6.50%, 7/01/21		1,598,000		1,603,993
Navient Corp. Series MTN, 8.00%, 3/25/20		5,797,000		6,068,474
5.00%, 10/26/20		1,543,000		1,566,592
5.875%, 3/25/21		1,720,000		1,758,700
6.625%, 7/26/21		2,210,000		2,290,113
Series MTN, 7.25%, 1/25/22		3,177,000		3,343,793
6.50%, 6/15/22		1,301,000		1,340,030
5.50%, 1/25/23		2,781,000		2,756,666

	Principal Amount		Value
Diversified Financial Services (Continued)
7.25%, 9/25/23	$	1,832,000	$	1,896,120
Series MTN, 6.125%, 3/25/24		2,840,000		2,783,200
5.875%, 10/25/24		1,171,000		1,128,551
6.75%, 6/25/25		1,339,000		1,313,894
6.75%, 6/15/26		1,692,000		1,628,550
NFP Corp., 144A 6.875%, 7/15/25		2,072,000		1,989,120
Quicken Loans, Inc. 5.75%, 5/01/25, 144A		3,542,000		3,513,664
5.25%, 1/15/28, 144A		3,214,000		2,940,810
Springleaf Finance Corp. 8.25%, 12/15/20		2,538,000		2,723,909
7.75%, 10/01/21		2,076,000		2,236,184
6.125%, 5/15/22		3,146,000		3,279,705
5.625%, 3/15/23		2,780,000		2,832,125
6.125%, 3/15/24		2,200,000		2,230,250
6.875%, 3/15/25		3,800,000		3,899,750
7.125%, 3/15/26		5,071,000		5,143,896
Vantiv LLC / Vanitv Issuer Corp., 144A 4.375%, 11/15/25		1,480,000		1,433,750
				105,683,966
Insurance — 0.6%
Acrisure LLC / Acrisure Finance, Inc. 8.125%, 2/15/24, 144A		2,200,000		2,256,375
7.00%, 11/15/25, 144A		2,700,000		2,397,816
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A 8.25%, 8/01/23		2,014,000		2,090,783
Ardonagh Midco 3 PLC, 144A 8.625%, 7/15/23 (a)		1,449,000		1,282,365
AssuredPartners, Inc., 144A 7.00%, 8/15/25		1,395,000		1,332,225
Genworth Holdings, Inc. 7.625%, 9/24/21		2,071,000		2,030,098
HUB International Ltd., 144A 7.00%, 5/01/26		3,590,000		3,527,175
Radian Group, Inc. 4.50%, 10/01/24		1,274,580		1,245,902
				16,162,739
Real Estate — 0.5%
Howard Hughes Corp., 144A 5.375%, 3/15/25		3,006,000		2,983,455
Kennedy-Wilson, Inc. 5.875%, 4/01/24		3,670,000		3,605,775
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A 4.875%, 6/01/23 (a)		1,907,000		1,735,370
Washington Prime Group LP 5.95%, 8/15/24		2,100,000		1,917,628
WeWork Cos., Inc., 144A 7.875%, 5/01/25 (a)		2,072,000		1,933,901
				12,176,129

See Notes to Financial Statements. 61

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Real Estate Investment Trusts — 2.7%
CBL & Associates LP 5.25%, 12/01/23 (a)	$	1,475,000	$	1,209,500
5.95%, 12/15/26 (a)		1,825,000		1,400,687
CyrusOne LP / CyrusOne Finance Corp. 5.00%, 3/15/24		1,946,000		1,984,920
5.375%, 3/15/27		1,577,000		1,608,540
Equinix, Inc. 5.375%, 1/01/22		1,705,000		1,757,216
5.375%, 4/01/23		3,362,000		3,433,442
5.75%, 1/01/25		1,537,000		1,606,165
5.875%, 1/15/26		3,260,000		3,423,000
5.375%, 5/15/27		3,754,000		3,894,775
ESH Hospitality, Inc., 144A 5.25%, 5/01/25		4,102,000		4,091,745
Iron Mountain, Inc. 4.375%, 6/01/21, 144A		745,000		745,000
6.00%, 8/15/23		1,975,000		2,029,312
5.75%, 8/15/24		2,451,000		2,462,489
4.875%, 9/15/27, 144A		3,255,000		3,096,319
5.25%, 3/15/28, 144A		2,749,000		2,645,912
iStar, Inc. 4.625%, 9/15/20		1,115,000		1,123,362
5.25%, 9/15/22		1,848,000		1,815,660
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 5.625%, 5/01/24		3,302,000		3,421,698
4.50%, 9/01/26		1,554,000		1,497,015
5.75%, 2/01/27, 144A		1,994,000		2,043,850
MPT Operating Partnership LP / MPT Finance Corp. 6.375%, 3/01/24		1,527,000		1,607,168
5.25%, 8/01/26		1,556,000		1,585,175
5.00%, 10/15/27		4,100,000		4,079,500
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A 5.25%, 12/01/21		629,000		628,214
SBA Communications Corp. 4.875%, 7/15/22		2,278,000		2,312,170
4.00%, 10/01/22		2,353,000		2,341,235
4.875%, 9/01/24		3,071,000		3,078,678
Starwood Property Trust, Inc. 3.625%, 2/01/21		2,398,000		2,389,008
5.00%, 12/15/21		1,707,000		1,747,541
4.75%, 3/15/25		1,087,000		1,060,151
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A 7.125%, 12/15/24		1,828,000		1,526,380
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 6.00%, 4/15/23, 144A		1,246,000		1,161,895
8.25%, 10/15/23		3,638,000		3,174,155
				71,981,877
Venture Capital — 0.6%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.00%, 8/01/20		3,685,000		3,726,456

	Principal Amount		Value
Venture Capital (Continued)
5.875%, 2/01/22	$	5,440,000	$	5,521,600
6.25%, 2/01/22		3,434,000		3,544,918
6.75%, 2/01/24		1,565,000		1,645,206
6.375%, 12/15/25		1,530,000		1,577,813
				16,015,993
Industrial — 9.1%
Aerospace/Defense — 2.4%
Arconic, Inc. 6.15%, 8/15/20		2,140,000		2,217,575
5.40%, 4/15/21		4,290,000		4,428,746
5.87%, 2/23/22 (a)		2,401,000		2,518,049
5.125%, 10/01/24		3,785,000		3,758,978
Bombardier, Inc. 7.75%, 3/15/20, 144A		2,447,000		2,563,477
8.75%, 12/01/21, 144A		4,961,000		5,475,704
5.75%, 3/15/22, 144A		1,373,000		1,382,611
6.00%, 10/15/22, 144A (a)		3,025,000		3,055,250
6.125%, 1/15/23, 144A (a)		3,589,000		3,624,890
7.50%, 12/01/24, 144A		2,962,000		3,021,240
7.50%, 3/15/25, 144A (a)		4,415,000		4,470,187
Transdigm UK Holdings PLC, 144A 6.875%, 5/15/26		199,000		194,523
Transdigm, Inc., 144A 7.50%, 3/15/27		1,400,000		1,410,360
TransDigm, Inc. 6.00%, 7/15/22		4,524,000		4,619,004
6.50%, 7/15/24		3,348,000		3,389,850
6.50%, 5/15/25		2,028,000		2,028,000
6.25%, 3/15/26, 144A		11,400,000		11,685,000
6.375%, 6/15/26		2,974,000		2,899,650
Triumph Group, Inc. 7.75%, 8/15/25		1,560,000		1,485,900
				64,228,994
Building Materials — 1.0%
Builders FirstSource, Inc., 144A 5.625%, 9/01/24		2,093,000		2,051,140
Griffon Corp. 5.25%, 3/01/22		3,640,000		3,608,150
Jeld-Wen, Inc. 4.625%, 12/15/25, 144A		1,104,000		1,041,900
4.875%, 12/15/27, 144A		1,052,000		977,045
NCI Building Systems, Inc., 144A 8.00%, 4/15/26		1,790,000		1,696,025
Standard Industries, Inc. 5.50%, 2/15/23, 144A		1,126,000		1,154,150
5.375%, 11/15/24, 144A		4,039,000		4,114,731
6.00%, 10/15/25, 144A		3,136,000		3,288,880
5.00%, 2/15/27, 144A		1,210,000		1,155,550
Standard Industries, Inc./NJ, 144A 4.75%, 1/15/28		3,427,000		3,212,812
Summit Materials LLC / Summit Materials Finance Corp. 6.125%, 7/15/23		2,190,000		2,255,700
USG Corp., 144A 4.875%, 6/01/27		1,262,000		1,277,359
				25,833,442

See Notes to Financial Statements. 62

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Electrical Components & Equipment — 0.2%
Energizer Holdings, Inc. 5.50%, 6/15/25, 144A	$	1,547,000	$	1,516,060
6.375%, 7/15/26, 144A		1,776,000		1,798,200
7.75%, 1/15/27, 144A		1,595,000		1,702,662
				5,016,922
Electronics — 0.2%
Itron, Inc., 144A 5.00%, 1/15/26		984,000		959,400
Sensata Technologies BV 4.875%, 10/15/23, 144A		975,000		1,005,468
5.625%, 11/01/24, 144A		1,001,000		1,054,804
5.00%, 10/01/25, 144A		2,392,000		2,427,880
				5,447,552
Engineering & Construction — 0.3%
AECOM 5.875%, 10/15/24		2,436,000		2,550,614
5.125%, 3/15/27		2,976,000		2,838,360
Brand Industrial Services, Inc., 144A 8.50%, 7/15/25		2,895,000		2,627,212
MasTec, Inc. 4.875%, 3/15/23		1,248,000		1,255,800
				9,271,986
Environmental Control — 0.3%
Advanced Disposal Services, Inc., 144A 5.625%, 11/15/24		1,109,000		1,125,635
Clean Harbors, Inc. 5.125%, 6/01/21		2,310,000		2,315,775
Covanta Holding Corp. 5.875%, 3/01/24		828,000		847,665
5.875%, 7/01/25		1,714,000		1,716,142
6.00%, 1/01/27		1,175,000		1,183,813
GFL Environmental, Inc., 144A 5.375%, 3/01/23		1,330,000		1,259,344
				8,448,374
Hand/Machine Tools — 0.1%
Colfax Corp. 6.00%, 2/15/24, 144A		1,700,000		1,757,375
6.375%, 2/15/26, 144A		1,100,000		1,148,125
				2,905,500
Machinery-Construction & Mining — 0.1%
Vertiv Group Corp., 144A 9.25%, 10/15/24		2,209,000		2,220,045
Machinery-Diversified — 0.1%
Cloud Crane LLC, 144A 10.125%, 8/01/24		1,716,000		1,831,830
Welbilt, Inc. 9.50%, 2/15/24		588,000		635,040
				2,466,870
Metal Fabricate/Hardware — 0.3%
Novelis Corp. 6.25%, 8/15/24, 144A		3,759,000		3,796,590
5.875%, 9/30/26, 144A		4,197,000		4,102,568
				7,899,158

	Principal Amount		Value
Packaging & Containers — 3.0%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 4.25%, 9/15/22, 144A	$	2,557,000	$	2,558,790
4.625%, 5/15/23, 144A		2,392,000		2,415,920
7.25%, 5/15/24, 144A		5,929,000		6,179,204
6.00%, 2/15/25, 144A		4,767,000		4,719,330
Ball Corp. 4.375%, 12/15/20		3,257,000		3,330,282
5.00%, 3/15/22		2,392,000		2,486,185
4.00%, 11/15/23		2,856,000		2,870,280
5.25%, 7/01/25		2,949,000		3,103,822
4.875%, 3/15/26		2,485,000		2,540,912
Berry Global, Inc. 5.50%, 5/15/22		1,364,000		1,386,165
6.00%, 10/15/22		1,035,000		1,066,050
5.125%, 7/15/23		2,034,000		2,044,170
4.50%, 2/15/26, 144A		1,428,000		1,354,815
BWAY Holding Co. 5.50%, 4/15/24, 144A		4,667,000		4,607,262
7.25%, 4/15/25, 144A (a)		3,816,000		3,634,740
Crown Americas LLC / Crown Americas Capital Corp. IV 4.50%, 1/15/23		2,559,000		2,590,987
Crown Americas LLC / Crown Americas Capital Corp. VI 4.75%, 2/01/26		299,000		300,682
Flex Acquisition Co., Inc. 6.875%, 1/15/25, 144A		1,719,000		1,633,050
7.875%, 7/15/26, 144A		1,483,000		1,423,680
Graphic Packaging International LLC 4.75%, 4/15/21		1,016,000		1,036,320
Multi-Color Corp., 144A 4.875%, 11/01/25 (a)		2,150,000		2,184,938
Owens-Brockway Glass Container, Inc. 5.00%, 1/15/22, 144A (a)		1,481,000		1,528,851
5.875%, 8/15/23, 144A		1,738,000		1,835,763
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.75%, 10/15/20		8,276,180		8,303,077
5.125%, 7/15/23, 144A		4,666,000		4,671,833
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Luxembourg, 144A 7.00%, 7/15/24		2,245,000		2,299,722
Sealed Air Corp. 6.50%, 12/01/20, 144A		1,498,000		1,565,410
4.875%, 12/01/22, 144A		1,217,000		1,244,383
5.25%, 4/01/23, 144A		1,041,000		1,076,134
5.125%, 12/01/24, 144A		1,242,000		1,283,682
5.50%, 9/15/25, 144A (a)		759,000		793,155
				78,069,594
Transportation — 0.4%
Hornbeck Offshore Services, Inc. 5.00%, 3/01/21		1,240,000		682,000
Kenan Advantage Group, Inc., 144A 7.875%, 7/31/23		1,112,000		1,087,681

See Notes to Financial Statements. 63

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Transportation (Continued)
XPO Logistics, Inc. 6.50%, 6/15/22, 144A	$	3,790,000	$	3,870,537
6.125%, 9/01/23, 144A		2,353,000		2,355,941
6.75%, 8/15/24, 144A		2,200,000		2,219,514
				10,215,673
Trucking & Leasing — 0.7%
Avolon Holdings Funding Ltd. 5.50%, 1/15/23, 144A		1,464,000		1,504,553
5.125%, 10/01/23, 144A		2,446,000		2,476,575
5.25%, 5/15/24, 144A		112,000		115,080
Fortress Transportation & Infrastructure Investors LLC, 144A 6.75%, 3/15/22		1,900,000		1,941,800
Park Aerospace Holdings Ltd. 5.25%, 8/15/22, 144A		5,525,000		5,669,810
4.50%, 3/15/23, 144A		3,077,000		3,061,615
5.50%, 2/15/24, 144A		4,043,000		4,189,559
				18,958,992
Technology — 5.2%
Computers — 1.8%
Banff Merger Sub, Inc., 144A 9.75%, 9/01/26		4,329,000		4,204,541
Dell International LLC / EMC Corp. 5.875%, 6/15/21, 144A		8,562,000		8,736,956
7.125%, 6/15/24, 144A (a)		4,030,000		4,276,713
Dell, Inc. 4.625%, 4/01/21 (a)		1,510,000		1,535,481
Diebold Nixdorf, Inc. 8.50%, 4/15/24 (a)		1,042,000		890,910
EMC Corp. 2.65%, 6/01/20		2,142,000		2,122,058
3.375%, 6/01/23		2,964,000		2,848,124
Exela Intermediate LLC / Exela Finance, Inc., 144A 10.00%, 7/15/23		3,085,000		3,158,269
Harland Clarke Holdings Corp. 9.25%, 3/01/21, 144A (a)		2,031,000		2,020,845
8.375%, 8/15/22, 144A		2,364,000		2,219,205
Leidos Holdings, Inc. 4.45%, 12/01/20		1,094,000		1,120,639
NCR Corp. 4.625%, 2/15/21		853,000		850,867
5.00%, 7/15/22		2,129,000		2,139,411
6.375%, 12/15/23		2,148,000		2,184,452
Sungard Availability Services Capital, Inc., 144A 8.75%, 4/01/22		1,172,000		117,200
West Corp., 144A 8.50%, 10/15/25		3,349,000		2,788,042
Western Digital Corp. 4.75%, 2/15/26		6,738,000		6,384,255
				47,597,968

	Principal Amount		Value
Office/Business Equipment — 0.7%
CDW LLC / CDW Finance Corp. 5.00%, 9/01/23	$	923,000	$	934,537
5.50%, 12/01/24		1,842,000		1,929,495
5.00%, 9/01/25		2,714,000		2,741,140
Pitney Bowes, Inc. 3.875%, 10/01/21		1,947,000		1,898,325
4.375%, 5/15/22		1,439,000		1,377,843
4.95%, 4/01/23		1,183,000		1,117,935
4.625%, 3/15/24 (a)		1,253,000		1,152,760
Xerox Corp. 4.50%, 5/15/21		3,061,000		3,114,568
3.625%, 3/15/23		2,854,000		2,804,055
				17,070,658
Semiconductors — 0.1%
Amkor Technology, Inc. 6.375%, 10/01/22		1,106,000		1,117,060
Qorvo, Inc., 144A 5.50%, 7/15/26		2,162,000		2,205,240
Sensata Technologies UK Financing Co. PLC, 144A 6.25%, 2/15/26		154,000		163,047
				3,485,347
Software — 2.6%
CDK Global, Inc. 5.00%, 10/15/24		1,406,000		1,430,605
5.875%, 6/15/26		1,898,000		1,959,685
4.875%, 6/01/27		1,719,000		1,697,873
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A 5.75%, 3/01/25		3,405,000		3,335,878
First Data Corp. 5.375%, 8/15/23, 144A		4,256,000		4,365,081
5.00%, 1/15/24, 144A		5,315,000		5,457,894
5.75%, 1/15/24, 144A		6,138,000		6,341,782
Infor US, Inc. 6.50%, 5/15/22		5,022,000		5,140,117
Informatica LLC, 144A 7.125%, 7/15/23		2,003,000		2,038,293
IQVIA, Inc. 4.875%, 5/15/23, 144A		2,434,000		2,482,680
5.00%, 10/15/26, 144A		3,230,000		3,298,637
MSCI, Inc. 5.25%, 11/15/24, 144A		2,663,000		2,742,890
5.75%, 8/15/25, 144A		2,537,000		2,651,165
4.75%, 8/01/26, 144A		1,551,000		1,554,877
5.375%, 5/15/27, 144A		1,242,000		1,285,470
Nuance Communications, Inc. 5.625%, 12/15/26		1,313,000		1,342,543
Open Text Corp. 5.625%, 1/15/23, 144A		2,991,000		3,084,469
5.875%, 6/01/26, 144A		2,105,000		2,219,891
Rackspace Hosting, Inc., 144A 8.625%, 11/15/24		3,546,000		3,111,615
Riverbed Technology, Inc., 144A 8.875%, 3/01/23 (a)		1,080,000		753,300

See Notes to Financial Statements. 64

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

	Principal Amount		Value
Software (Continued)
Solera LLC / Solera Finance, Inc., 144A 10.50%, 3/01/24	$	5,810,000	$	6,325,638
TIBCO Software, Inc., 144A 11.375%, 12/01/21		2,706,000		2,876,816
Veritas US, Inc. / Veritas Bermuda Ltd. 7.50%, 2/01/23, 144A		1,430,000		1,365,650
10.50%, 2/01/24, 144A		2,189,000		1,858,549
				68,721,398
Utilities — 2.8%
Electric — 2.4%
AES Corp. 4.00%, 3/15/21		1,989,000		2,000,158
4.50%, 3/15/23		1,101,000		1,112,010
4.875%, 5/15/23		1,734,000		1,755,133
5.50%, 4/15/25		1,874,000		1,937,247
6.00%, 5/15/26		1,642,000		1,736,415
5.125%, 9/01/27		1,347,000		1,387,410
Calpine Corp. 6.00%, 1/15/22, 144A		1,998,000		2,032,965
5.375%, 1/15/23		3,709,000		3,681,183
5.875%, 1/15/24, 144A		1,108,000		1,132,930
5.50%, 2/01/24		1,975,000		1,908,344
5.75%, 1/15/25		4,642,000		4,456,320
5.25%, 6/01/26, 144A		3,630,000		3,571,013
Clearway Energy Operating LLC 5.375%, 8/15/24		2,000,000		1,970,000
5.75%, 10/15/25, 144A		1,311,000		1,292,974
InterGen NV, 144A 7.00%, 6/30/23		1,446,000		1,308,630
NextEra Energy Operating Partners LP 4.25%, 9/15/24, 144A		1,509,000		1,488,251
4.50%, 9/15/27, 144A		1,632,000		1,560,600
NRG Energy, Inc. 6.25%, 5/01/24		2,204,000		2,286,650
7.25%, 5/15/26		2,692,000		2,917,455
6.625%, 1/15/27		3,711,000		3,960,333
5.75%, 1/15/28		2,419,000		2,491,570
Talen Energy Supply LLC 9.50%, 7/15/22, 144A (a)		1,178,000		1,260,460
6.50%, 6/01/25		1,873,000		1,678,208
10.50%, 1/15/26, 144A		1,696,000		1,763,840

	Principal Amount		Value
Electric (Continued)
Vistra Energy Corp. 5.875%, 6/01/23	$	1,849,000	$	1,906,781
7.625%, 11/01/24		5,425,000		5,777,625
Vistra Operations Co. LLC 5.50%, 9/01/26, 144A		3,163,000		3,289,520
5.625%, 2/15/27, 144A		3,200,000		3,304,000
				64,968,025
Gas — 0.4%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		2,084,000		2,115,260
5.50%, 5/20/25		1,976,000		1,966,120
5.875%, 8/20/26		2,201,000		2,216,847
5.75%, 5/20/27		1,277,000		1,257,845
NGL Energy Partners LP / NGL Energy Finance Corp. 7.50%, 11/01/23		1,856,000		1,923,280
				9,479,352
TOTAL CORPORATE BONDS (Cost $2,599,460,269)				2,590,887,936
	Number of Shares
SECURITIES LENDING COLLATERAL — 6.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (b)(c) (Cost $159,828,582)		159,828,582		159,828,582
CASH EQUIVALENTS — 0.9%
DWS Government Money Market Series “Institutional Shares”, 2.38% (b) (Cost $23,260,630)		23,260,630		23,260,630
TOTAL INVESTMENTS — 104.8% (Cost $2,782,549,481)			$	2,773,977,148
Other assets and liabilities, net — (4.8%)				(128,871,656	)
NET ASSETS — 100.0%			$	2,645,105,492

See Notes to Financial Statements. 65

DBX ETF Trust

Schedule of Investments

Xtrackers USD High Yield Corporate Bond ETF (Continued)

February 28, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 8/31/2018		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
SECURITIES LENDING COLLATERAL — 6.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.31% (b)(c)
		111,668,629		48,159,953	(d)		—			—		—		844,008		—		159,828,582		159,828,582
CASH EQUIVALENTS — 0.9%
DWS Government Money Market Series “Institutional Shares” , 2.38% (b)
		—		142,119,281			(118,858,651	)		—		—		98,368		—		23,260,630		23,260,630
		111,668,629		190,279,234			(118,858,651	)		—		—		942,376		—		183,089,212		183,089,212

(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, 2019 amounted to $167,650,742, which is 6.3% of net assets.

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

(c) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $14,397,588.

(d) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2019.

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, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (e)	$	—	$	2,590,887,936	$	—	$	2,590,887,936
Short-Term Investments (e)		183,089,212		—		—		183,089,212
TOTAL	$	183,089,212	$	2,590,887,936	$	—	$	2,773,977,148

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

See Notes to Financial Statements. 66

This Page is Intentionally Left Blank

67

DBX ETF Trust

Statements of Assets and Liabilities

February 28, 2019 (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
Investment in non-affiliated securities at value	$	4,933,474	$	9,768,272		$	143,710,120		$	141,226,806
Investment in DWS Government Money Market Series		14,461		201,127			668,889			2,298,360
Investment in DWS Government & Agency Securities Portfolio*		—		—			14,261,434			2,001,021
Foreign currency at value		13,792		—			—			—
Unrealized appreciation on forward foreign currency contracts		50,032		82,758			—			—
Receivables:
Investment securities sold		—		74,011			5,971,928			4,161,246
Capital shares		—		1,956			—			—
Interest		68,227		86,316			2,692,734			1,986,849
Securities lending income		—		—			13,868			936
Foreign tax reclaim		161		1,982			—			—
Total Assets	$	5,080,147	$	10,216,422		$	167,318,973		$	151,675,218
Liabilities
Due to custodian	$	—	$	29		$	—		$	—
Due to foreign custodian		—		82,906			—			—
Payable upon return of securities loaned		—		—			14,261,434			2,001,021
Unrealized depreciation on forward foreign currency contracts		10,242		28,558			—			—
Payables:
Investment securities purchased		41,219		222,334			5,672,318			6,134,479
Investment advisory fees		1,154		1,080			39,046			27,288
Total Liabilities		52,615		334,907			19,972,798			8,162,788
Net Assets, at value	$	5,027,532	$	9,881,515		$	147,346,175		$	143,512,430
Net Assets Consist of
Paid-in capital	$	5,009,594	$	9,953,183		$	151,979,020		$	144,466,465
Distributable earnings (loss)		17,938		(71,668	)		(4,632,845	)		(954,035	)
Net Assets, at value	$	5,027,532	$	9,881,515		$	147,346,175		$	143,512,430
Number of Common Shares outstanding		100,001		200,001			3,050,001			2,900,001
Net Asset Value	$	50.27	$	49.41		$	48.31		$	49.49
Investment in non-affiliated securities at cost	$	4,889,373	$	9,775,663		$	147,802,067		$	140,785,795
Value of securities loaned	$	—	$	—		$	14,534,307		$	2,706,437
Investment in DWS Government Money Market Series at cost	$	14,461	$	201,127		$	668,889		$	2,298,360
Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	—		$	14,261,434		$	2,001,021
Non-cash collateral for securities on loan	$	—	$	—		$	833,741		$	806,301
Foreign currency at cost	$	13,662	$	(83,387	)	$	—		$	—

* Represents collateral on securities loaned.

See Notes to Financial Statements. 68

DBX ETF Trust

Statements of Assets and Liabilities (Continued)

February 28, 2019 (Unaudited)

	Xtrackers Short Duration High Yield Bond ETF			Xtrackers USD High Yield Corporate Bond ETF
Assets
Investment in non-affiliated securities at value	$	43,061,650		$	2,590,887,936
Investment in DWS Government Money Market Series		900,974			23,260,630
Investment in DWS Government & Agency Securities Portfolio*		3,229,873			159,828,582
Receivables:
Investment securities sold		528,285			63,139,979
Capital shares		—			12,196,114
Interest		754,315			42,718,777
Securities lending income		2,805			150,263
Total Assets	$	48,477,902		$	2,892,182,281
Liabilities
Due to custodian	$	—		$	187
Payable upon return of securities loaned		3,229,873			159,828,582
Payables:
Investment securities purchased		830,170			86,874,668
Investment advisory fees		6,732			373,352
Total Liabilities		4,066,775			247,076,789
Net Assets, at value	$	44,411,127		$	2,645,105,492
Net Assets Consist of
Paid-in capital	$	44,948,114		$	2,654,472,079
Distributable earnings (loss)		(536,987	)		(9,366,587	)
Net Assets, at value	$	44,411,127		$	2,645,105,492
Number of Common Shares outstanding		900,001			53,400,001
Net Asset Value	$	49.35		$	49.53
Investment in non-affiliated securities at cost	$	43,235,983		$	2,599,460,269
Value of securities loaned	$	3,537,264		$	167,650,742
Investment in DWS Government Money Market Series at cost	$	900,974		$	23,260,630
Investment in DWS Government & Agency Securities Portfolio at cost*	$	3,229,873		$	159,828,582
Non-cash collateral for securities on loan	$	435,484		$	14,397,588

* Represents collateral on securities loaned.

See Notes to Financial Statements. 69

DBX ETF Trust

Statements of Operations

For the Six Months Ended February 28, 2019 (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
Investment Income
Unaffiliated interest income*	$	33,469		$	28,050		$	5,141,281		$	3,333,376
Income distributions from affiliated funds		173			324			7,589			16,584
Affiliated securities lending income		—			—			87,274			7,497
Total Investment Income		33,642			28,374			5,236,144			3,357,457
Expenses
Investment advisory fees		7,404			6,210			250,285			171,708
Other expenses		57			57			299			299
Total expenses		7,461			6,267			250,584			172,007
Less fees waived (see note 3):
Waiver		(6	)		(10	)		(275	)		(593	)
Net Expenses		7,455			6,257			250,309			171,414
Net Investment income (loss)		26,187			22,117			4,985,835			3,186,043
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(835	)		(10,501	)		(1,086,372	)		(838,045	)
Foreign currency transactions		(2,032	)		(464	)		—			—
Forward foreign currency contracts		126,548			55,842			—			—
Net realized gain (loss)		123,681			44,877			(1,086,372	)		(838,045	)
Net change in unrealized appreciation (depreciation) on:
Investments		(46,005	)		44,981			(1,491,528	)		1,912,859
Foreign currency translations		1,440			1,331			—			—
Forward foreign currency contracts		(5,839	)		20,282			—			—
Net change in unrealized appreciation (depreciation)		(50,404	)		66,594			(1,491,528	)		1,912,859
Net realized and unrealized gain (loss) on investments and foreign currency transactions		73,277			111,471			(2,577,900	)		1,074,814
Net Increase (Decrease) in Net Assets Resulting from Operations	$	99,464		$	133,588		$	2,407,935		$	4,260,857
*   Unaffiliated foreign tax withheld	$	407		$	556		$	—		$	—

See Notes to Financial Statements. 70

DBX ETF Trust

Statements of Operations (Continued)

For the Six Months Ended February 28, 2019 (Unaudited)

	Xtrackers Short Duration High Yield Bond ETF			Xtrackers USD High Yield Corporate Bond ETF
Investment Income
Unaffiliated interest income	$	1,301,723		$	62,547,014
Income distributions from affiliated funds		3,035			98,368
Affiliated securities lending income		18,632			844,008
Total Investment Income		1,323,390			63,489,390
Expenses
Investment advisory fees		43,832			2,001,391
Other expenses		43			2,142
Total expenses		43,875			2,003,533
Less fees waived (see note 3):
Waiver		(103	)		(3,417	)
Net Expenses		43,772			2,000,116
Net Investment income (loss)		1,279,618			61,489,274
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(350,456	)		(7,093,313	)
In-kind redemptions		(167,334	)		(1,028,862	)
Net realized gain (loss)		(517,790	)		(8,122,175	)
Net change in unrealized appreciation (depreciation) on:
Investments		48,425			2,667,827
Net change in unrealized appreciation (depreciation)		48,425			2,667,827
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(469,365	)		(5,454,348	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	810,253		$	56,034,926

See Notes to Financial Statements. 71

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, 2019 (Unaudited)			Year Ended August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	26,187		$	38,156		$	22,117		$	33,401
Net realized gain (loss)		123,681			247,480			44,877			175,195
Net change in net unrealized appreciation (depreciation)		(50,404	)		(203,014	)		66,594			(143,716	)
Net increase (decrease) in net assets resulting from operations		99,464			82,622			133,588			64,880
Distributions to Shareholders		(82,901	)		(113,203	)*		(102,765	)		(63,240	)*
Fund Shares Transactions
Proceeds from shares sold		—			—			4,951,893			—
Value of shares redeemed		—			—			—			—
Net increase (decrease) in net assets resulting from fund share transactions		—			—			4,951,893			—
Total net increase (decrease) in Net Assets		16,563			(30,581	)		4,982,716			1,640
Net Assets
Beginning of period		5,010,969			5,041,550			4,898,799			4,897,159
End of period	$	5,027,532		$	5,010,969	**	$	9,881,515		$	4,898,799	**
Changes in Shares Outstanding
Shares outstanding, beginning of period		100,001			100,001			100,001			100,001
Shares sold		—			—			100,000			—
Shares redeemed		—			—			—			—
Shares outstanding, end of period		100,001			100,001			200,001			100,001

* Includes distributions from net investment income.

** Includes undistributed net investment income of $66,185 and $16,001 respectively.

See Notes to Financial Statements. 72

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers High Beta High Yield Bond ETF						Xtrackers Low Beta High Yield Bond ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Period January 11, 2018(1) to August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			For the Period January 11, 2018(1) to August 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	4,985,835		$	5,906,468		$	3,186,043		$	3,668,878
Net realized gain (loss)		(1,086,372	)		(250,530	)		(838,045	)		(1,084,231	)
Net change in net unrealized appreciation (depreciation)		(1,491,528	)		(2,600,419	)		1,912,859			(1,471,848	)
Net increase (decrease) in net assets resulting from operations		2,407,935			3,055,519			4,260,857			1,112,799
Distributions to Shareholders		(4,969,597	)		(5,126,702	)*		(3,189,450	)		(3,138,241	)*
Fund Shares Transactions
Proceeds from shares sold		2,394,746			149,584,224			4,799,209			139,667,206
Value of shares redeemed		—			—			—			—
Net increase (decrease) in net assets resulting from fund share transactions		2,394,746			149,584,224			4,799,209			139,667,206
Total net increase (decrease) in Net Assets		(166,916	)		147,513,041			5,870,616			137,641,764
Net Assets
Beginning of period		147,513,091			50			137,641,814			50
End of period	$	147,346,175		$	147,513,091	**	$	143,512,430		$	137,641,814	**
Changes in Shares Outstanding
Shares outstanding, beginning of period		3,000,001			1			2,800,001			1
Shares sold		50,000			3,000,000			100,000			2,800,000
Shares redeemed		—			—			—			—
Shares outstanding, end of period		3,050,001			3,000,001			2,900,001			2,800,001

(1) Commencement of Operations.

* Includes distributions from net investment income.

** Includes undistributed net investment income of $779,766 and $530,637 respectively.

See Notes to Financial Statements. 73

DBX ETF Trust

Statements of Changes in Net Assets (Continued)

	Xtrackers Short Duration High Yield Bond ETF						Xtrackers USD High Yield Corporate Bond ETF
	For the Six Months Ended February 28, 2019 (Unaudited)			For the Period January 10, 2018(1) to August 31, 2018			For the Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,279,618		$	1,195,352		$	61,489,274		$	52,854,950
Net realized gain (loss)		(517,790	)		(64,402	)		(8,122,175	)		(1,691,911	)
Net change in net unrealized appreciation (depreciation)		48,425			(222,758	)		2,667,827			(13,361,568	)
Net increase (decrease) in net assets resulting from operations		810,253			908,192			56,034,926			37,801,471
Distributions to Shareholders		(1,238,175	)		(1,017,257	)*		(59,247,471	)		(45,466,199	)*
Fund Shares Transactions
Proceeds from shares sold		9,805,392			39,864,822			1,854,616,467			1,813,276,805
Value of shares redeemed		(4,722,150	)		—			(1,001,916,471	)		(230,205,552	)
Net increase (decrease) in net assets resulting from fund share transactions		5,083,242			39,864,822			852,699,996			1,583,071,253
Total net increase (decrease) in Net Assets		4,655,320			39,755,757			849,487,451			1,575,406,525
Net Assets
Beginning of period		39,755,807			50			1,795,618,041			220,211,516
End of period	$	44,411,127		$	39,755,807	**	$	2,645,105,492		$	1,795,618,041	**
Changes in Shares Outstanding
Shares outstanding, beginning of period		800,001			1			36,000,001			4,300,001
Shares sold		200,000			800,000			38,050,000			36,350,000
Shares redeemed		(100,000	)		—			(20,650,000	)		(4,650,000	)
Shares outstanding, end of period		900,001			800,001			53,400,001			36,000,001

(1) Commencement of Operations.

* Includes distributions from net investment income.

** Includes undistributed net investment income of $178,095 and $8,479,077 respectively.

See Notes to Financial Statements. 74

DBX ETF Trust

Financial Highlights

Xtrackers Barclays International Corporate Bond Hedged ETF Selected Per Share Data	For the Six Months Ended 2/28/2019 (Unaudited)			Year Ended 8/31/2018			Period Ended 8/31/2017(a)
Net Asset Value, beginning of period	$	50.11		$	50.42		$	50.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.26			0.38			0.43
Net realized and unrealized gain (loss)		0.73			0.44			0.91
Total from investment operations		0.99			0.82			1.34
Less distributions from:
Net investment income		(0.83	)		(1.13	)		(0.92	)
Total distributions		(0.83	)		(1.13	)		(0.92	)
Net Asset Value, end of period	$	50.27		$	50.11		$	50.42
Total Return (%)		2.01	(c)**		1.65			2.72	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		5			5			5
Ratio of expenses before fee waiver (%)		0.30	*		0.30			0.30	*
Ratio of expenses after fee waiver (%)		0.30	*		0.30			0.30	*
Ratio of net investment income (loss) (%)		1.05	*		0.76			1.01	*
Portfolio turnover rate (%)(d)		17	**		28			36	**
Xtrackers Barclays International Treasury Bond Hedged ETF Selected Per Share Data	For the Six Months Ended 2/28/2019 (Unaudited)			Year Ended 8/31/2018			Period Ended 8/31/2017(a)
Net Asset Value, beginning of period	$	48.99		$	48.97		$	50.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.21			0.33			0.25
Net realized and unrealized gain (loss)		1.24			0.32			(0.40	)
Total from investment operations		1.45			0.65			(0.15	)
Less distributions from:
Net investment income		(0.26	)		(0.63	)		(0.88	)
Net realized gains		(0.77	)		—			—
Total distributions		(1.03	)		(0.63	)		(0.88	)
Net Asset Value, end of period	$	49.41		$	48.99		$	48.97
Total Return (%)		2.99	(c)**		1.34			(0.27	)(e)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		10			5			5
Ratio of expenses before fee waiver (%)		0.25	*		0.25			0.25	*
Ratio of expenses after fee waiver (%)		0.25	*		0.25			0.25	*
Ratio of net investment income (loss) (%)		0.90	*		0.68			0.60	*
Portfolio turnover rate (%)(d)		12	**		31			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) Total return would have been lower if certain expenses had not been reimbursed by the Advisor.

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

(e) 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. 75

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers High Beta High Yield Bond ETF Selected Per Share Data	For the Six Months Ended 2/28/2019 (Unaudited)			Period Ended 8/31/2018(a)
Net Asset Value, beginning of period	$	49.17		$	50.00
Income (loss) from investment operations:
Net investment income (loss)(b)		1.64			2.07
Net realized and unrealized gain (loss)		(0.86	)		(1.11	)
Total from investment operations		0.78			0.96
Less distributions from:
Net investment income		(1.64	)		(1.79	)
Total distributions		(1.64	)		(1.79	)
Net Asset Value, end of period	$	48.31		$	49.17
Total Return (%)		1.69	(c)**		2.01	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		147			148
Ratio of expenses before fee waiver (%)		0.35	*		0.35	*
Ratio of expenses after fee waiver (%)		0.35	*		0.35	*
Ratio of net investment income (loss) (%)		6.97	*		6.71	*
Portfolio turnover rate (%)(d)		22	**		34	**
Xtrackers Low Beta High Yield Bond ETF Selected Per Share Data	For the Six Months Ended 2/28/2019 (Unaudited)			Period Ended 8/31/2018(a)
Net Asset Value, beginning of period	$	49.16		$	50.00
Income (loss) from investment operations:
Net investment income (loss)(b)		1.12			1.37
Net realized and unrealized gain (loss)		0.33			(1.05	)
Total from investment operations		1.45			0.32
Less distributions from:
Net investment income		(1.12	)		(1.16	)
Total distributions		(1.12	)		(1.16	)
Net Asset Value, end of period	$	49.49		$	49.16
Total Return (%)		3.02	(c)**		0.68	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		144			138
Ratio of expenses before fee waiver (%)		0.25	*		0.25	*
Ratio of expenses after fee waiver (%)		0.25	*		0.25	*
Ratio of net investment income (loss) (%)		4.64	*		4.44	*
Portfolio turnover rate (%)(d)		27	**		52	**

(a) For the period January 11, 2018 (commencement of operations) through August 31, 2018.

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

(c) Total return would have been lower if certain expenses had not been reimbursed by the Advisor.

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 76

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers Short Duration High Yield Bond ETF Selected Per Share Data	For the Six Months Ended 2/28/2019 (Unaudited)			Period Ended 8/31/2018(a)
Net Asset Value, beginning of period	$	49.69		$	50.00
Income (loss) from investment operations:
Net investment income (loss)(c)		1.41			1.76
Net realized and unrealized gain (loss)		(0.39	)		(0.59	)
Total from investment operations		1.02			1.17
Less distributions from:
Net investment income		(1.36	)		(1.48	)
Total distributions		(1.36	)		(1.48	)
Net Asset Value, end of period	$	49.35		$	49.69
Total Return (%)		2.13	(d)**		2.41	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		44			40
Ratio of expenses before fee waiver (%)		0.20	*		0.20	*
Ratio of expenses after fee waiver (%)		0.20	*		0.20	*
Ratio of net investment income (loss) (%)		5.84	*		5.56	*
Portfolio turnover rate (%)(e)		22	**		37	**
Xtrackers USD High Yield Corporate Bond ETF Selected Per Share Data	For the Six Months Ended 2/28/2019 (Unaudited)			Year Ended 8/31/2018			Period Ended 8/31/2017(b)
Net Asset Value, beginning of period	$	49.88		$	51.21		$	50.00
Income (loss) from investment operations:
Net investment income (loss)(c)		1.48			2.89			2.07
Net realized and unrealized gain (loss)		(0.36	)		(1.53	)		1.11
Total from investment operations		1.12			1.36			3.18
Less distributions from:
Net investment income		(1.47	)		(2.69	)		(1.97	)
Total distributions		(1.47	)		(2.69	)		(1.97	)
Net Asset Value, end of period	$	49.53		$	49.88		$	51.21
Total Return (%)		2.33	(d)**		2.76	(d)		6.43	**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		2,645			1,796			220
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.25	*
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.25	*
Ratio of net investment income (loss) (%)		6.14	*		5.86			5.57	*
Portfolio turnover rate (%)(e)		12	**		32			36	**

(a) For the period January 10, 2018 (commencement of operations) through August 31, 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) Total return would have been lower if certain expenses 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. 77

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of February 28, 2019, the Trust consists of thirty-eight 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 Cboe BZX Exchange, Inc. (“Cboe”). 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 (“NAV”), 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 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

78

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Notes to Financial Statements (Unaudited) (Continued)

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 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 the 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.

In October 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification, which is intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. Effective with the current reporting period, the Funds adopted the amendments with the impacts being that the Funds are no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributable earnings and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

Security Valuation    The NAV, of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in

79

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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.

Investments in open-end investment companies are valued at their NAV 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 Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s 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 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. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

Accounting Standard Update    In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update 2017-08, Receivables-Nonrefundable fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain purchased callable debt securities. Under the new guidance, premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Funds.

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

80

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Notes to Financial Statements (Unaudited) (Continued)

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, 2019, the Funds did not incur any interest or penalties.

At August 31, 2018, 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	$	48,787	$	72,229	$	121,016
Xtrackers Barclays International Treasury Bond Hedged ETF		25,743		—		25,743
Xtrackers USD High Yield Corporate Bond ETF		1,726		—		1,726

Capital losses incurred after October 31 (“post-October capital losses”) and late year ordinary losses incurred after December 31 within the taxable year are deemed to arise on the first business day of each Fund’s next taxable year. During the period ended August 31, 2018, the following Funds incurred and will elect to defer post- October capital losses as follows:

	Post-October Losses on Capital
Xtrackers High Beta High Yield Bond ETF	$	213,295
Xtrackers Low Beta High Yield Bond ETF		1,075,625
Xtrackers Short Duration High Yield Bond ETF		49,118
Xtrackers USD High Yield Corporate Bond ETF		1,471,007

As of August 31, 2018, 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	$	4,851,536	$	57,815		$	130,313	$	(72,498	)
Xtrackers Barclays International Treasury Bond Hedged ETF		4,876,867		(74,547	)		90,504		(165,051	)
Xtrackers High Beta High Yield Bond ETF		154,286,436		(2,637,654	)		1,556,723		(4,194,377	)
Xtrackers Low Beta High Yield Bond ETF		138,480,825		(1,480,454	)		240,562		(1,721,016	)
Xtrackers Short Duration High Yield Bond ETF		41,298,427		(238,042	)		272,032		(510,074	)
Xtrackers USD High Yield Corporate Bond ETF		1,879,438,061		(13,160,386	)		10,074,831		(23,235,217	)

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

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Foreign Taxes    The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of February 28, 2019, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations    The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending    The Funds may lend securities to certain financial institutions under the terms of 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 and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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, 2019, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.11% annualized effective rate as of February 28, 2019) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 28, 2019, 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 year end.

Remaining Contractual Maturity of the Agreements, as of February 28, 2019
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers High Beta High Yield Bond ETF
Corporate Bonds	$	14,261,434	$	10,292	$	7,318	$	816,131	$	15,095,175
Gross amount of recognized liabilities for securities lending transactions									$	15,095,175
Xtrackers Low Beta High Yield Bond ETF
Corporate Bonds	$	2,001,021	$	20,085	$	13,904	$	772,312	$	2,807,322
Gross amount of recognized liabilities for securities lending transactions									$	2,807,322

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Remaining Contractual Maturity of the Agreements, as of February 28, 2019
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Short Duration High Yield Bond ETF
Corporate Bonds	$	3,229,873	$	10,507	$	7,280	$	417,697	$	3,665,357
Gross amount of recognized liabilities for securities lending transactions									$	3,665,357
Xtrackers USD High Yield Corporate Bond ETF
Corporate Bonds	$	159,828,582	$	298,254	$	279,294	$	13,820,040	$	174,226,170
Gross amount of recognized liabilities for securities lending transactions									$	174,226,170

During the period ended February 28, 2019, 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, 2019, the Funds invested in forward currency contracts to hedge against changes in the value of the U.S. dollar against specified non-U.S. currencies.

The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency contracts. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The face or contract amount, in U.S. dollars reflects the total exposure the Fund has in that particular currency contract.

A summary of the open forward currency contracts as of February 28, 2019 is included in a table following the Funds’ Schedule of Investments. The investment in forward currency contracts short vs. U.S. dollars had a contract value generally indicative of a range of the total exposure the respective Fund had to the value of non U.S. currencies during the period ended February 28, 2019.

The following tables summarize the value of the Funds’ derivative instruments held as of February 28, 2019 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	$	50,032	Unrealized depreciation on forward foreign currency contracts	$	10,242
Xtrackers Barclays International Treasury Bond Hedged ETF
	Foreign exchange contracts	Unrealized appreciation on forward foreign currency contracts	$	82,758	Unrealized depreciation on forward foreign currency contracts	$	28,558

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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, 2019 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	$	126,548
Xtrackers Barclays International Treasury Bond Hedged ETF		55,842
Net Change in Unrealized Appreciation (Depreciation) on:
	Forward Foreign Currency Contracts — Foreign Exchange Contracts
Xtrackers Barclays International Corporate Bond Hedged ETF	$	(5,839	)
Xtrackers Barclays International Treasury Bond Hedged ETF		20,282

For the period ended February 28, 2019 the average monthly volume of derivatives was as follows:

	Forward Foreign Currency Contracts (Contract Value)
Xtrackers Barclays International Corporate Bond Hedged ETF	$	(4,946,275	)
Xtrackers Barclays International Treasury Bond Hedged ETF		(5,363,329	)

As of February 28, 2019, the Funds have transactions subject to enforceable master netting agreements which govern the terms of certain transactions, and reduce the counterparty risk associated with such transactions. Master netting agreements allow a Fund to close out and net total exposure to a counterparty in the event of a deterioration in the credit quality or contractual default with respect to all of the transactions with a counterparty. As defined by the master netting agreement, the Funds may have collateral agreements with certain counterparties to mitigate risk. Interest expense from collateral received, if any, is included in Other expenses on the Statements of Operations. For financial reporting purposes the Statement of Assets and Liabilities generally shows derivatives assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by counterparty, including any collateral exposure, is included in the following tables:

	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Received		Net Amount of Derivatives Assets		Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Collateral Pledged		Net Amount of Derivatives Liabilities
Xtrackers Barclays International Corporate Bond Hedged ETF
The Bank of Nova Scotia	$	50,032	$	(10,242	)	$	—	$	39,790	$	10,242	$	(10,242	)	$	—	$	—
Xtrackers Barclays International Treasury Bond Hedged ETF
The Bank of Nova Scotia	$	82,758	$	(28,558	)	$	—	$	54,200	$	28,558	$	(28,558	)	$	—	$	—

Affiliated Cash Management Vehicles    The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary management fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

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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	%
Xtrackers USD High Yield Corporate Bond ETF		0.20	%

The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 28, 2019, the Advisor waived expenses of the Fund’s as follows:

	Expenses Waived
Xtrackers Barclays International Corporate Bond Hedged ETF	$	6
Xtrackers Barclays International Treasury Bond Hedged ETF		10
Xtrackers High Beta High Yield Bond ETF		275
Xtrackers Low Beta High Yield Bond ETF		593
Xtrackers Short Duration High Yield Bond ETF		103
Xtrackers USD High Yield Corporate Bond ETF		3,417

Effective March 29, 2019, the Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until March 30, 2020, to waive a portion of its management fees to the extent necessary to prevent the operating expenses of the Fund from exceeding 0.15% of the Fund’s average daily net assets.

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).

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4. Investment Portfolio Transactions

For the period ended February 28, 2019, 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	$	941,694	$	839,402
Xtrackers Barclays International Treasury Bond Hedged ETF		5,634,746		651,703
Xtrackers High Beta High Yield Bond ETF		31,332,419		31,367,248
Xtrackers Low Beta High Yield Bond ETF		38,955,621		37,077,014
Xtrackers Short Duration High Yield Bond ETF		9,303,171		9,673,144
Xtrackers USD High Yield Corporate Bond ETF		243,912,146		247,930,910

For the period ended February 28, 2019, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	2,214,785	$	—
Xtrackers Low Beta High Yield Bond ETF		4,698,443		—
Xtrackers Short Duration High Yield Bond ETF		9,787,869		4,624,840
Xtrackers USD High Yield Corporate Bond ETF		1,828,209,113		981,776,870

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 advisor, common officers, or common trustees. During the period ended February 28, 2019, 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	$	11,194,994	$	17,168,985	$	(144,827	)
Xtrackers Low Beta High Yield Bond ETF		17,168,985		11,194,994		(503,246	)

5. Fund Share Transactions

As of February 28, 2019, 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, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 28, 2019, 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 Barclays International Treasury Bond Hedged ETF		18	%

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7. 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.

8. 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 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, 2019.

	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

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Board Considerations in Approval of Investment Advisory Contracts (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, Xtrackers Short Duration High Yield Bond 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 11-12, 2019 (the “Meeting”), 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 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 and Xtrackers USD High Yield Corporate Bond ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms and also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 11 and February 12, 2019. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, 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 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.

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 the 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

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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 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 Funds’ costs (subject to certain specified exceptions). 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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DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.

Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q or Form N-PORT (available for filings after March 31, 2019). 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.

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 Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

90

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 advisor, 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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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. 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 NYSE Arca, Inc. or Cboe 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 DWS Investment Management Americas Inc. and RREEF America L.L.C. which offer advisory services.

HYUP, HYDW, SHYL, and HYLB are 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 © 2019 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment 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 240 Greenwich 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-050032-3 (4/19) DBX003834 (4/20)

February 28, 2019

Semi-Annual Report

DBX ETF Trust

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ACSG)

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

DBX ETF Trust

Table of Contents

	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF		2
Xtrackers MSCI EAFE ESG Leaders Equity ETF		3
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		4
Fees and Expenses		5
Schedule of Investments
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF		6
Xtrackers MSCI EAFE ESG Leaders Equity ETF		17
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		23
Statements of Assets and Liabilities		30
Statements of Operations		31
Statements of Changes in Net Assets		32
Financial Highlights		33
Notes to Financial Statements		35
Board Considerations in Approval of Investment Advisory Contracts		42
Additional Information		44
Privacy Policy Notice		45

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report for our three comprehensive ESG equity ETFs for the period ended February 28, 2019.

While ESG investing has recently become a large and fast-growing market segment, environmental, social and governance factors have been part of DWS’s core DNA for more than 20 years. More than one-quarter of assets under management globally are now being invested according to the premise that ESG factors can materially affect a company’s performance and market value¹. Our goal is to provide investors with solutions that allow them to invest along with their values while also ensuring cost-efficient access to markets.

The global economy witnessed moderate growth in the reporting period, driven by relatively strong growth in the U.S. compared with sluggish growth in Eurozone, China, and Japan. Tighter monetary policy, geopolitical uncertainty across regions, and maturing global cycles contributed to more turbulent markets. Interest rates were, by and large, accommodative from major central banks, namely the European Central Bank, the Bank of China, the Bank of Japan, and even the Federal Reserve, which carried out interest rate hikes at a slower pace. Meanwhile, emerging markets face headwinds from a strong U.S. dollar and contractionary U.S. monetary policy.

Sustainable investing strategies have helped listed companies improve their performance on material ESG issues and should continue to do so. In a major development, the 24th Conference of Parties (COP) to the United Nations Framework Convention on Climate Changes was held at Katowice, Poland, in December. Major pledges were announced during the conference to cement the Paris agreement, which includes the World Bank’s doubling its fund for low-carbon projects to $200 billion between 2021 and 2025. The European Bank for Reconstruction and Development (EBRD) also updated its strategy, ceasing to finance thermal coal mining and any upstream oil exploration. Subsequently, as part of the Institutional Investors Group on Climate Change, California Public Employees’ Retirement System and other asset owners have urged G7 governments to develop strict national plans to cut greenhouse gas emissions by 2020.

In the Eurozone, aggregate growth slowed toward the end of 2018, due to auto downturns, a weak industrial sector, and staggered consumer confidence. The U.K. faced subdued growth owing to low business confidence and Brexit uncertainty. Germany avoided a technical recession in the fourth quarter, resulting in flat growth. Government consumption and solid fixed investment growth helped balance the slowdown in the automobile sector due to the introduction of new emissions-testing standards and weak external demand. France witnessed moderate growth, backed by strong growth in exports despite the “Gilets Jaunes” protests.

Growth in most Asian countries was upbeat in spite of the downward pressure on regional growth due to the trade spat between the U.S. and China. This expansion was backed by bold government spending, declining unemployment rates, increased private consumption, and an improvement in the external sector. The Chinese economy continues to grow at a decelerated pace, due to efforts to tackle financial deleveraging and relatively relaxed monetary policies. The global economy is expected to grow, albeit at a slower pace, in 2019 as the market frets about ongoing trade tensions and monetary tightening. 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 McKinsey as of 2017

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

1

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (ACSG)

The Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and is constructed using regional indexes that provide exposure to large- and medium-capitalization companies from developed and emerging markets countries (excluding the United States). It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 2/28/19 (14.3% of Net Assets)

Description	% of Net Assets
Tencent Holdings Ltd. (China)		2.3%
Alibaba Group Holding Ltd. (China)		2.3%
Roche Holding AG (Switzerland)		1.9%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		1.8%
TOTAL SA (France)		1.3%
Toronto-Dominion Bank (Canada)		1.0%
SAP SE (Germany)		1.0%
GlaxoSmithKline PLC (United Kingdom)		0.9%
Naspers Ltd. (South Africa)		0.9%
Allianz SE (Germany)		0.9%

Country Diversification* as of 2/28/19

Japan	15.9%
United Kingdom	8.8%
Canada	7.6%
China	7.5%
France	7.2%
Germany	6.7%
Australia	6.5%
Switzerland	5.4%
Taiwan	4.0%
Netherlands	3.0%
Spain	2.8%
South Africa	2.7%
South Korea	2.6%
Sweden	2.4%
Hong Kong	2.2%
Other	14.7%
Total	100.0%

Sector Diversification* as of 2/28/19

Financials	22.1%
Consumer Discretionary	12.7%
Industrials	11.3%
Information Technology	9.3%
Consumer Staples	8.7%
Health Care	8.5%
Materials	7.6%
Communication Services	7.6%
Energy	5.6%
Utilities	3.4%
Real Estate	3.2%
	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 6.

2

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI EAFE ESG Leaders Equity ETF (EASG)

The Xtrackers MSCI EAFE ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE ESG Leaders Index (the “Underlying Index”). The Underlying Index s a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 2/28/19 (15.2% of Net Assets)

Description	% of Net Assets
Roche Holding AG (Switzerland)		2.8%
TOTAL SA (France)		2.0%
SAP SE (Germany)		1.5%
GlaxoSmithKline PLC (United Kingdom)		1.4%
Allianz SE (Germany)		1.4%
Commonwealth Bank of Australia (Australia)		1.3%
Novo Nordisk A/S (Denmark)		1.3%
Siemens AG (Germany)		1.2%
Unilever NV (United Kingdom)		1.2%
ASML Holding NV (Netherlands)		1.1%

Country Diversification* as of 2/28/19

Japan	23.5%
United Kingdom	13.0%
France	10.7%
Germany	9.9%
Australia	9.7%
Switzerland	8.0%
Netherlands	4.4%
Spain	4.3%
Sweden	3.6%
Denmark	2.6%
Hong Kong	2.4%
Other	7.9%
Total	100.0%

Sector Diversification* as of 2/28/19

Financials	19.8%
Industrials	13.8%
Health Care	11.4%
Consumer Discretionary	11.3%
Consumer Staples	10.1%
Materials	8.3%
Information Technology	7.7%
Communication Services	5.6%
Energy	4.4%
Utilities	3.9%
Real Estate	3.7%
Total	100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 17.

3

DBX ETF Trust

Portfolio Summary (Unaudited)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (EMSG)

The Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Emerging Markets ESG Leaders Index (the “Underlying Index”). The Underlying Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers and consists of large- and medium-capitalization companies across emerging markets countries. It is not possible to invest directly into an index.

Ten Largest Equity Holdings
as of 2/28/19 (37.2% of Net Assets)

Description	% of Net Assets
Tencent Holdings Ltd. (China)		8.8%
Alibaba Group Holding Ltd. (China)		8.5%
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		6.9%
Naspers Ltd. (South Africa)		3.4%
China Construction Bank Corp. (China)		3.1%
Itau Unibanco Holding SA (Brazil)		1.6%
LUKOIL PJSC (Russia)		1.4%
Banco Bradesco SA (Brazil)		1.4%
SK Hynix, Inc. (South Korea)		1.3%
Infosys Ltd. (India)		0.8%

Country Diversification* as of 2/28/19

China	30.0%
Taiwan	16.1%
South Africa	10.6%
South Korea	10.2%
Brazil	7.1%
Indonesia	3.9%
Thailand	3.6%
Malaysia	3.4%
Russia	2.5%
Mexico	2.0%
Other	10.6%
Total	100.0%

Sector Diversification* as of 2/28/19

Financials	23.6%
Consumer Discretionary	19.1%
Information Technology	15.1%
Communication Services	14.5%
Consumer Staples	5.8%
Materials	5.4%
Industrials	4.8%
Energy	4.4%
Real Estate	2.6%
Health Care	2.6%
Utilities	2.1%
	100.0%

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

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

4

DBX ETF Trust

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 the Funds 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 period and held for the entire period (commencement of operations, as noted below, to February 28, 2019).

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, 2018		Ending Account Value February 28, 2019		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF
Actual	$	1,000.00	$	1,036.30		0.16	%	$	0.38	(3)
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.16	%	$	0.80	(1)
Xtrackers MSCI EAFE ESG Leaders Equity ETF
Actual	$	1,000.00	$	977.30		0.14	%	$	0.67	(2)
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.10		0.14	%	$	0.70	(1)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Actual	$	1,000.00	$	1,038.70		0.19	%	$	0.45	(3)
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.85		0.19	%	$	0.95	(1)

(1) Expenses (hypothetical expenses as if each Fund had been in existence from September 1, 2018) 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 176 (the number of days in the period September 6, 2018 (commencement of operations) to February 28, 2019), 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 85 (the number of days in the period December 6, 2018 (commencement of operations) to February 28, 2019), then divided by 365.

5

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF

February 28, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 96.3%
Australia — 6.4%
AGL Energy Ltd.		458	$	6,911
Amcor Ltd.		818		8,759
AMP Ltd.		2,188		3,674
APA Group (a)		835		5,946
ASX Ltd.		155		7,694
Aurizon Holdings Ltd.		1,511		4,859
AusNet Services		892		1,101
Australia & New Zealand Banking Group Ltd.		2,104		41,913
Bendigo & Adelaide Bank Ltd.		349		2,448
BlueScope Steel Ltd.		405		3,878
Boral Ltd.		903		3,199
Brambles Ltd.		1,155		9,663
Caltex Australia Ltd.		178		3,622
Coca-Cola Amatil Ltd.		374		2,121
Cochlear Ltd.		42		5,095
Commonwealth Bank of Australia		1,307		68,763
Computershare Ltd.		382		4,688
CSL Ltd.		341		47,007
Dexus REIT		757		6,474
Flight Centre Travel Group Ltd.		61		1,986
Fortescue Metals Group Ltd.		1,107		4,773
Goodman Group REIT		1,141		10,391
GPT Group REIT		1,286		5,352
Harvey Norman Holdings Ltd. (b)		753		1,929
Insurance Australia Group Ltd.		1,678		8,774
Lendlease Group (a)		426		3,904
Macquarie Group Ltd.		247		22,606
Mirvac Group REIT		2,834		5,182
National Australia Bank Ltd.		1,989		35,561
Newcrest Mining Ltd.		545		9,430
Orica Ltd.		274		3,441
Origin Energy Ltd.*		1,289		6,749
Ramsay Health Care Ltd.		100		4,609
Scentre Group REIT		3,950		10,876
SEEK Ltd.		253		3,315
Stockland REIT		1,811		4,509
Sydney Airport (a)		803		4,113
Telstra Corp. Ltd.		3,062		6,819
Transurban Group (a)		1,875		16,635
Wesfarmers Ltd.		868		20,490
Westpac Banking Corp.		2,504		48,028
Woodside Petroleum Ltd.		663		17,099
				494,386
Austria — 0.1%
OMV AG		100		5,269
voestalpine AG		83		2,572
				7,841
Belgium — 0.5%
Colruyt SA		42		2,999
KBC Group NV		182		13,496
Solvay SA		55		6,164
UCB SA		93		7,802
Umicore SA		149		6,447
				36,908

	Number of Shares		Value
Brazil — 0.7%
Atacadao Distribuicao Comercio e Industria Ltda		300	$	1,561
B3 SA — Brasil Bolsa Balcao		1,535		13,421
BR Malls Participacoes SA		662		2,364
Cielo SA		960		2,783
Cosan SA		109		1,270
Engie Brasil Energia SA		121		1,328
Klabin SA		521		2,506
Kroton Educacional SA		1,070		3,130
Localiza Rent a Car SA		385		3,547
Lojas Renner SA		613		7,074
M Dias Branco SA		87		1,090
Multiplan Empreendimentos Imobiliarios SA		246		1,651
Natura Cosmeticos SA		138		1,780
TIM Participacoes SA		689		2,172
Ultrapar Participacoes SA		256		3,646
WEG SA		575		2,824
				52,147
Canada — 7.4%
Agnico Eagle Mines Ltd.		171		7,267
Alimentation Couche-Tard, Inc., Class B		327		18,416
AltaGas Ltd.		186		2,497
ARC Resources Ltd.		242		1,826
Aurora Cannabis, Inc.*		487		3,668
Bank of Montreal		466		36,310
Bank of Nova Scotia		917		50,926
BlackBerry Ltd.*		378		3,283
CAE, Inc.		193		4,067
Canadian Imperial Bank of Commerce		324		27,462
Canadian National Railway Co.		551		47,243
Canadian Tire Corp. Ltd., Class A		43		4,741
Canopy Growth Corp.*		148		7,010
Cenovus Energy, Inc.		762		6,978
CGI, Inc.*		201		13,466
Emera, Inc.		59		2,097
Empire Co. Ltd., Class A		130		3,017
Enbridge, Inc.		1,488		55,001
Encana Corp.		1,109		8,134
First Capital Realty, Inc.		176		2,862
Fortis, Inc.		333		11,998
Franco-Nevada Corp.		136		10,238
Gildan Activewear, Inc.		165		5,896
Hydro One Ltd., 144A		206		3,230
Loblaw Cos. Ltd.		141		7,017
Lundin Mining Corp.		473		2,399
Magna International, Inc.		232		12,232
Metro, Inc.		185		6,948
Nutrien Ltd.		457		24,856
Open Text Corp.		217		8,219
PrairieSky Royalty Ltd.		128		1,863
Rogers Communications, Inc., Class B		269		14,851
Sun Life Financial, Inc.		457		17,287
Suncor Energy, Inc.		1,176		40,504
Teck Resources Ltd., Class B		372		8,330
Toronto-Dominion Bank		1,370		78,497

See Notes to Financial Statements. 6

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Canada (Continued)
Vermilion Energy, Inc.		98	$	2,505
Wheaton Precious Metals Corp.		310		6,737
WSP Global, Inc.		69		3,651
				573,529
Chile — 0.3%
Empresa Nacional de Telecomunicaciones SA		142		1,496
Empresas CMPC SA		870		3,268
Empresas COPEC SA		267		3,629
Enel Americas SA		20,835		3,627
Latam Airlines Group SA		241		2,805
SACI Falabella		691		5,382
				20,207
China — 7.3%
3SBio, Inc., 144A		961		1,589
51job, Inc., ADR*(b)		19		1,373
AAC Technologies Holdings, Inc.		587		3,488
Air China Ltd., Class H		1,505		1,626
Alibaba Group Holding Ltd., ADR*(b)		963		176,258
ANTA Sports Products Ltd.		846		4,958
BAIC Motor Corp. Ltd., Class H, 144A		2,439		1,550
Baozun, Inc., ADR*(b)		37		1,386
BYD Co. Ltd., Class H (b)		520		3,325
BYD Electronic International Co. Ltd.		923		1,181
China CITIC Bank Corp. Ltd., Class H		7,225		4,694
China Conch Venture Holdings Ltd.		1,074		3,585
China Construction Bank Corp., Class H		70,999		63,132
China Longyuan Power Group Corp. Ltd., Class H		2,531		1,889
China Medical System Holdings Ltd.		1,129		1,188
China Merchants Bank Co. Ltd., Class H		2,873		13,176
China Minsheng Banking Corp. Ltd., Class H		5,002		3,861
China Molybdenum Co. Ltd., Class H		2,790		1,336
China Resources Pharmaceutical Group Ltd., 144A		1,134		1,520
China Shenhua Energy Co. Ltd., Class H		2,532		6,245
China Vanke Co. Ltd., Class H		927		3,519
Country Garden Services Holdings Co. Ltd.*		762		1,254
CSPC Pharmaceutical Group Ltd.		3,457		5,901
Ctrip.com International Ltd., ADR*		308		10,512
Dongfeng Motor Group Co. Ltd., Class H		2,457		2,614
ENN Energy Holdings Ltd.		577		5,954
Fosun International Ltd.		1,660		2,732
Geely Automobile Holdings Ltd.		3,802		7,139
Genscript Biotech Corp.*		673		1,259
GOME Retail Holdings Ltd.*		15,484		1,400
Guangzhou Automobile Group Co. Ltd., Class H		2,280		2,803
HengTen Networks Group Ltd.*		34,321		1,224
Huaneng Renewables Corp. Ltd., Class H		3,894		1,186
Jiangsu Expressway Co. Ltd., Class H		979		1,349
Lenovo Group Ltd.		5,418		4,880
New Oriental Education & Technology Group, Inc., ADR*		111		9,109

	Number of Shares		Value
China (Continued)
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,701	$	1,478
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		431		1,529
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		766		1,721
Shenzhou International Group Holdings Ltd.		602		7,516
Sinopharm Group Co. Ltd., Class H		908		4,037
SOHO China Ltd.*		2,427		1,036
Tencent Holdings Ltd.		4,224		180,695
Vipshop Holdings Ltd., ADR*		385		2,764
Wuxi Biologics Cayman, Inc., 144A*		354		3,360
Zhejiang Expressway Co. Ltd., Class H		1,141		1,190
Zhongsheng Group Holdings Ltd.		723		1,680
				567,201
Colombia — 0.1%
Grupo Argos SA		309		1,798
Interconexion Electrica SA ESP		400		1,816
				3,614
Czech Republic — 0.1%
CEZ AS		92		2,233
Komercni banka as		46		1,934
				4,167
Denmark — 1.7%
Chr Hansen Holding A/S		73		7,444
Coloplast A/S, Class B		91		9,080
Genmab A/S*		45		7,785
H Lundbeck A/S		52		2,381
ISS A/S		111		3,468
Novo Nordisk A/S, Class B		1,331		65,379
Novozymes A/S, Class B		172		7,817
Orsted A/S, 144A		137		9,953
Pandora A/S		83		4,360
Tryg A/S (b)		104		2,838
Vestas Wind Systems A/S		143		11,916
William Demant Holding A/S*		75		2,255
				134,676
Egypt — 0.0%
Commercial International Bank Egypt SAE		767		3,072
Finland — 1.1%
Metso OYJ		72		2,444
Neste OYJ		91		8,756
Nokia OYJ		4,133		25,018
Nokian Renkaat OYJ		85		3,010
Nordea Bank Abp		2,230		20,235
Orion OYJ, Class B		74		2,647
Stora Enso OYJ, Class R		402		5,395
UPM-Kymmene OYJ		391		11,808
Wartsila OYJ Abp		318		5,171
				84,484

See Notes to Financial Statements. 7

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
France — 7.0%
Accor SA		156	$	6,594
Air Liquide SA		312		38,956
Atos SE		73		7,017
AXA SA		1,445		36,685
Bouygues SA		159		6,020
Capgemini SE		126		15,094
Carrefour SA		432		8,855
Casino Guichard Perrachon SA (b)		41		2,170
Cie de Saint-Gobain		370		13,339
Cie Generale des Etablissements Michelin		125		15,017
CNP Assurances		144		3,332
Credit Agricole SA		859		10,987
Danone SA		450		33,989
Eiffage SA		49		4,786
EssilorLuxottica SA		212		25,698
Eurazeo SE		39		2,935
Gecina SA REIT		34		5,049
Getlink SE		349		5,158
Imerys SA		31		1,764
Ingenico Group SA		43		2,890
Ipsen SA		26		3,600
JCDecaux SA		55		1,697
Kering		57		31,161
L’Oreal SA		189		47,756
Natixis SA		739		4,066
Orange SA		1,454		22,252
Renault SA		145		9,945
Rexel SA		231		2,883
Schneider Electric SE		398		31,008
Societe BIC SA		18		1,704
TOTAL SA		1,775		101,039
Unibail-Rodamco-Westfield REIT		100		16,170
Vivendi SA		752		22,007
Wendel SA		22		2,778
				544,401
Germany — 6.3%
adidas AG		139		33,808
Allianz SE		315		70,160
BASF SE		690		52,634
Bayerische Motoren Werke AG		249		21,070
Beiersdorf AG		74		6,873
Commerzbank AG*		724		5,981
Deutsche Boerse AG		142		17,964
Deutsche Post AG		725		22,554
Deutsche Wohnen SE		258		12,045
E.ON SE		1,581		17,436
Evonik Industries AG		131		3,692
Fraport AG Frankfurt Airport Services Worldwide		39		3,136
HeidelbergCement AG		117		8,612
Henkel AG & Co. KGaA		73		6,866
Merck KGaA		94		9,717
METRO AG		139		2,337
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		114		26,884
OSRAM Licht AG (b)		72		3,124

	Number of Shares		Value
Germany (Continued)
ProSiebenSat.1 Media SE		175	$	3,196
RWE AG		368		8,993
SAP SE		730		78,304
Siemens AG		570		62,394
Symrise AG		92		8,117
Telefonica Deutschland Holding AG		511		1,679
				487,576
Greece — 0.0%
Hellenic Telecommunications Organization SA		190		2,412
Hong Kong — 2.1%
Alibaba Pictures Group Ltd.*		10,672		1,971
ASM Pacific Technology Ltd.		245		2,595
Beijing Enterprises Water Group Ltd.*		4,229		2,532
BOC Hong Kong Holdings Ltd.		2,732		11,415
Brilliance China Automotive Holdings Ltd.		2,635		2,581
China Agri-Industries Holdings Ltd.		3,075		1,093
China Everbright International Ltd.		2,618		2,561
China First Capital Group Ltd.*		2,400		1,064
China Mengniu Dairy Co. Ltd.*		2,095		6,472
China Overseas Land & Investment Ltd.		2,894		10,655
CLP Holdings Ltd.		1,189		14,087
Fullshare Holdings Ltd.*(b)		5,068		1,014
Hang Lung Properties Ltd.		1,674		3,954
Hang Seng Bank Ltd.		563		13,950
Hong Kong & China Gas Co. Ltd.		6,570		15,216
Hong Kong Exchanges & Clearing Ltd.		874		30,129
Hysan Development Co. Ltd.		572		3,020
Jiayuan International Group Ltd.		737		359
Lee & Man Paper Manufacturing Ltd.		1,293		1,191
MTR Corp. Ltd.		1,120		6,435
Shangri-La Asia Ltd.		1,109		1,577
Shenzhen Investment Ltd.		985		368
Sino Biopharmaceutical Ltd.		5,142		4,461
Swire Pacific Ltd., Class A		432		5,137
Swire Properties Ltd.		1,018		4,085
Techtronic Industries Co. Ltd.		1,030		6,882
Wharf Real Estate Investment Co. Ltd.		943		6,625
Yue Yuen Industrial Holdings Ltd.		609		2,048
				163,477
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		233		2,722
OTP Bank Nyrt		153		6,475
				9,197
India — 0.2%
Axis Bank Ltd., GDR*		124		6,163
Infosys Ltd., ADR (b)		1,197		12,832
				18,995
Indonesia — 0.9%
PT Adaro Energy Tbk		13,090		1,219
PT Astra International Tbk		15,008		7,628
PT Bank Central Asia Tbk		7,453		14,609
PT Bank Danamon Indonesia Tbk		2,313		1,402

See Notes to Financial Statements. 8

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Indonesia (Continued)
PT Bank Mandiri Persero Tbk		13,891	$	7,036
PT Bank Negara Indonesia Persero Tbk		5,468		3,421
PT Bank Rakyat Indonesia Persero Tbk		40,841		11,177
PT Indah Kiat Pulp & Paper Corp. Tbk		2,093		1,640
PT Indofood CBP Sukses Makmur Tbk		2,597		1,888
PT Indofood Sukses Makmur Tbk		2,981		1,499
PT Kalbe Farma Tbk		15,558		1,653
PT Pabrik Kertas Tjiwi Kimia Tbk		1,518		1,206
PT Perusahaan Gas Negara Persero Tbk		8,505		1,536
PT Telekomunikasi Indonesia Persero Tbk		37,772		10,364
PT Unilever Indonesia Tbk		1,238		4,284
PT United Tractors Tbk		1,262		2,377
				72,939
Ireland — 0.5%
CRH PLC		613		19,433
DCC PLC		67		5,815
Kerry Group PLC, Class A		114		11,748
				36,996
Israel — 0.2%
Bank Hapoalim BM		859		5,915
Bank Leumi Le-Israel BM		1,118		7,396
Mizrahi Tefahot Bank Ltd.		116		2,223
				15,534
Italy — 0.7%
Assicurazioni Generali SpA		857		15,316
Intesa Sanpaolo SpA		10,857		26,815
Recordati SpA		76		2,862
Snam SpA		1,436		7,105
				52,098
Japan — 15.5%
Aeon Co. Ltd. (b)		500		10,537
AEON Financial Service Co. Ltd.		100		1,966
Aeon Mall Co. Ltd.		100		1,631
AGC, Inc.		100		3,468
Ajinomoto Co., Inc.		300		4,538
Amada Holdings Co. Ltd.		300		3,156
ANA Holdings, Inc.		100		3,712
Asahi Kasei Corp.		900		9,815
Asics Corp.		100		1,331
Astellas Pharma, Inc.		1,400		21,613
Bridgestone Corp.		500		19,731
Casio Computer Co. Ltd.		200		2,715
Central Japan Railway Co.		100		22,435
Chugai Pharmaceutical Co. Ltd.		200		13,600
CyberAgent, Inc.		100		3,113
Dai Nippon Printing Co. Ltd.		200		4,632
Daicel Corp.		200		2,106
Daifuku Co. Ltd.		100		4,905
Daikin Industries Ltd.		200		21,721
Daiwa House Industry Co. Ltd.		400		12,379
Denso Corp.		300		12,887
Dentsu, Inc.		200		8,354
East Japan Railway Co.		200		19,152
Eisai Co. Ltd.		200		16,520

	Number of Shares		Value
Japan (Continued)
Fujitsu Ltd.		200	$	13,491
Hino Motors Ltd.		200		1,838
Hitachi Chemical Co. Ltd.		100		1,816
Hitachi Construction Machinery Co. Ltd.		100		2,496
Hitachi High-Technologies Corp.		100		3,804
Hitachi Metals Ltd.		200		2,037
Honda Motor Co. Ltd.		1,200		33,989
Hulic Co. Ltd.		200		1,838
Inpex Corp.		700		6,810
J. Front Retailing Co. Ltd. (b)		200		2,215
Japan Retail Fund Investment Corp. REIT		2		4,032
JFE Holdings, Inc.		400		6,976
Kajima Corp.		300		4,441
Kansai Paint Co. Ltd.		100		1,839
Kao Corp.		400		30,270
Kawasaki Heavy Industries Ltd.		100		2,569
KDDI Corp.		1,300		31,396
Keio Corp.		100		5,875
Keyence Corp.		100		58,327
Kikkoman Corp.		100		4,977
Kobe Steel Ltd.		200		1,583
Komatsu Ltd.		700		17,173
Konica Minolta, Inc.		300		2,911
Kubota Corp.		700		9,448
Kuraray Co. Ltd.		200		2,684
Kurita Water Industries Ltd.		100		2,519
Kyocera Corp.		200		11,033
Kyushu Railway Co.		100		3,423
Marui Group Co. Ltd.		200		3,520
Mazda Motor Corp.		400		4,698
McDonald’s Holdings Co. Japan Ltd.		100		4,483
Mitsubishi Chemical Holdings Corp.		900		6,645
Mitsubishi Electric Corp.		1,400		17,531
Mitsubishi Estate Co. Ltd.		900		15,466
Mitsubishi Materials Corp.		100		2,749
Mitsubishi UFJ Lease & Finance Co. Ltd.		300		1,528
Mitsui Chemicals, Inc.		100		2,437
Mitsui Fudosan Co. Ltd.		700		16,585
Mitsui OSK Lines Ltd.		100		2,345
Mizuho Financial Group, Inc.		17,300		27,227
Murata Manufacturing Co. Ltd.		100		15,563
Nabtesco Corp.		100		2,640
Nagoya Railroad Co. Ltd.		100		2,753
NEC Corp.		200		6,674
NGK Insulators Ltd.		200		3,052
NGK Spark Plug Co. Ltd.		100		2,125
Nikon Corp.		200		3,029
Nintendo Co. Ltd.		100		27,345
Nippon Express Co. Ltd.		100		5,902
Nippon Prologis REIT, Inc. REIT		1		2,127
Nippon Yusen KK		100		1,577
Nitori Holdings Co. Ltd.		100		12,473
Nitto Denko Corp.		100		5,338
Nomura Real Estate Holdings, Inc.		100		1,895
Nomura Research Institute Ltd.		100		4,069
NSK Ltd.		300		2,757
NTT DOCOMO, Inc.		1,000		23,280

See Notes to Financial Statements. 9

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Obayashi Corp.		400	$	3,899
Odakyu Electric Railway Co. Ltd.		200		4,673
Omron Corp.		100		4,316
Oriental Land Co. Ltd.		100		10,986
Osaka Gas Co. Ltd.		300		6,144
Otsuka Corp.		100		3,598
Panasonic Corp.		1,600		14,732
Rakuten, Inc.		600		4,722
Recruit Holdings Co. Ltd.		800		22,379
Resona Holdings, Inc.		1,500		6,782
Secom Co. Ltd.		200		17,284
Sekisui Chemical Co. Ltd.		300		4,708
Sekisui House Ltd.		400		6,013
Seven & i Holdings Co. Ltd.		600		26,378
Sharp Corp.		200		2,339
Shimadzu Corp.		200		4,932
Shimizu Corp.		400		3,514
Shin-Etsu Chemical Co. Ltd.		300		24,985
Shiseido Co. Ltd.		300		19,802
Showa Denko KK		100		3,724
Showa Shell Sekiyu KK		100		1,500
Sohgo Security Services Co. Ltd.		100		4,321
Sompo Holdings, Inc.		200		7,469
Sony Corp.		900		43,181
Stanley Electric Co. Ltd.		100		2,875
Sumitomo Chemical Co. Ltd.		1,100		5,455
Sumitomo Electric Industries Ltd.		500		6,957
Sumitomo Heavy Industries Ltd.		100		3,423
Sumitomo Metal Mining Co. Ltd.		200		5,864
Sumitomo Mitsui Trust Holdings, Inc.		200		7,580
Sumitomo Rubber Industries Ltd.		100		1,286
Suntory Beverage & Food Ltd.		100		4,411
Sysmex Corp.		100		6,018
T&D Holdings, Inc.		400		4,802
Taisei Corp.		200		9,450
Takashimaya Co. Ltd. (b)		100		1,316
Takeda Pharmaceutical Co. Ltd.		1,100		44,160
TDK Corp.		100		7,815
Teijin Ltd.		100		1,677
Tobu Railway Co. Ltd.		100		2,794
Toho Co. Ltd.		100		3,575
Toho Gas Co. Ltd.		100		4,545
Tokyo Electron Ltd.		100		13,609
Tokyo Gas Co. Ltd.		300		8,260
Tokyu Corp.		400		6,780
Tokyu Fudosan Holdings Corp.		400		2,210
Toppan Printing Co. Ltd.		200		3,184
Toray Industries, Inc.		1,000		6,966
TOTO Ltd.		100		3,786
Toyo Suisan Kaisha Ltd.		100		3,710
Toyota Tsusho Corp.		200		6,351
Unicharm Corp.		300		9,554
USS Co. Ltd.		200		3,644
West Japan Railway Co.		100		7,538
Yakult Honsha Co. Ltd.		100		6,710
Yamada Denki Co. Ltd.		400		1,933
Yamaha Corp.		100		4,923

	Number of Shares		Value
Japan (Continued)
Yamaha Motor Co. Ltd.		200	$	4,055
Yaskawa Electric Corp. (b)		200		5,686
Yokogawa Electric Corp.		200		3,852
				1,204,775
Luxembourg — 0.2%
Millicom International Cellular SA SDR		52		3,132
SES SA		269		5,411
Tenaris SA		322		4,301
				12,844
Malaysia — 0.8%
AMMB Holdings Bhd		1,400		1,539
Axiata Group Bhd		2,100		2,148
CIMB Group Holdings Bhd		3,400		4,891
DiGi.Com Bhd		2,500		2,797
HAP Seng Consolidated Bhd		500		1,211
Hartalega Holdings Bhd		1,000		1,230
Hong Leong Bank Bhd		500		2,617
IHH Healthcare Bhd		1,900		2,677
Malayan Banking Bhd		2,800		6,562
Malaysia Airports Holdings Bhd		900		1,808
Maxis Bhd		2,100		2,773
MISC Bhd		900		1,527
Nestle Malaysia Bhd		100		3,640
PPB Group Bhd		700		3,161
Press Metal Aluminium Holdings Bhd		1,100		1,144
Public Bank Bhd		2,100		12,910
RHB Bank Bhd		900		1,253
Sime Darby Bhd		2,000		1,067
Tenaga Nasional Bhd		2,300		7,590
Top Glove Corp. Bhd		1,000		1,117
Westports Holdings Bhd		1,100		998
				64,660
Mexico — 0.5%
Alfa SAB de CV, Class A		2,091		2,382
Alsea SAB de CV		700		1,773
Arca Continental SAB de CV		349		1,968
Cemex SAB de CV, Series CPO*		11,057		5,428
Coca-Cola Femsa SAB de CV, Series L		384		2,324
Fomento Economico Mexicano SAB de CV		1,459		13,242
Gruma SAB de CV, Class B		161		1,745
Grupo Aeroportuario del Sureste SAB de CV, Class B		173		2,936
Grupo Bimbo SAB de CV, Series A		1,236		2,452
Industrias Penoles SAB de CV		103		1,365
Infraestructura Energetica Nova SAB de CV		331		1,273
Kimberly-Clark de Mexico SAB de CV, Class A*		1,156		1,869
				38,757
Netherlands — 3.0%
Aegon NV		1,443		7,769
Akzo Nobel NV		165		14,980
ASML Holding NV		307		56,325
EXOR NV		85		5,236
ING Groep NV		2,860		37,882

See Notes to Financial Statements. 10

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Netherlands (Continued)
Koninklijke Ahold Delhaize NV		920	$	23,754
Koninklijke DSM NV		136		14,619
Koninklijke KPN NV		2,496		7,708
Koninklijke Philips NV		698		27,819
Koninklijke Vopak NV		47		2,301
NN Group NV		237		10,336
QIAGEN NV*		164		6,278
Wolters Kluwer NV		216		14,261
				229,268
New Zealand — 0.1%
Auckland International Airport Ltd.		706		3,738
Fletcher Building Ltd.*		728		2,426
Meridian Energy Ltd.		827		2,080
Ryman Healthcare Ltd.		374		2,804
				11,048
Norway — 0.7%
Aker BP ASA		70		2,375
Equinor ASA		831		18,703
Mowi ASA (b)		310		7,160
Norsk Hydro ASA		954		3,956
Orkla ASA		628		4,954
Schibsted ASA, Class B		73		2,708
Telenor ASA		537		10,484
				50,340
Philippines — 0.4%
Aboitiz Equity Ventures, Inc.		1,620		1,911
Ayala Land, Inc.		6,000		5,104
Bank of the Philippine Islands		790		1,283
BDO Unibank, Inc.		1,500		3,701
Globe Telecom, Inc.		30		1,102
JG Summit Holdings, Inc.		1,700		2,176
Manila Electric Co.		150		1,066
Metropolitan Bank & Trust Co.		1,400		2,057
PLDT, Inc.		70		1,394
SM Investments Corp.		160		2,908
SM Prime Holdings, Inc.		8,000		5,932
				28,634
Poland — 0.3%
Bank Millennium SA*		409		936
Bank Polska Kasa Opieki SA		118		3,538
CD Projekt SA*		53		2,667
KGHM Polska Miedz SA*		94		2,520
mBank SA		10		1,131
Polski Koncern Naftowy ORLEN SA		218		5,879
Polskie Gornictwo Naftowe i Gazownictwo SA		1,193		2,185
Powszechny Zaklad Ubezpieczen SA		423		4,568
Santander Bank Polska SA		23		2,291
				25,715
Portugal — 0.2%
EDP — Energias de Portugal SA		1,827		6,709
Galp Energia SGPS SA		353		5,800
Jeronimo Martins SGPS SA		203		3,063
				15,572

	Number of Shares		Value
Qatar — 0.0%
Commercial Bank QSC		138	$	1,520
Ooredoo QPSC		67		1,233
				2,753
Romania — 0.0%
NEPI Rockcastle PLC		275		2,315
Russia — 0.6%
Inter RAO UES PJSC		26,571		1,579
LUKOIL PJSC		356		29,719
Novatek PJSC, GDR		66		11,438
PhosAgro PJSC, GDR		105		1,434
Polymetal International PLC		125		1,476
Polyus PJSC		21		1,743
				47,389
Singapore — 0.9%
Ascendas Real Estate Investment Trust REIT		1,700		3,523
BOC Aviation Ltd., 144A		179		1,548
CapitaLand Commercial Trust REIT		1,800		2,584
CapitaLand Ltd.		1,800		4,556
CapitaLand Mall Trust REIT		1,800		3,197
City Developments Ltd.		300		1,981
DBS Group Holdings Ltd.		1,300		23,899
Jardine Cycle & Carriage Ltd.		100		2,468
Keppel Corp. Ltd.		1,200		5,471
Singapore Airlines Ltd.		400		2,963
Singapore Press Holdings Ltd.		1,400		2,549
Singapore Telecommunications Ltd.		6,000		13,410
UOL Group Ltd.		200		981
				69,130
South Africa — 2.6%
Absa Group Ltd. (b)		507		6,512
Anglo American Platinum Ltd. (b)		37		2,017
Aspen Pharmacare Holdings Ltd.		289		2,866
Bid Corp. Ltd.		268		5,617
Bidvest Group Ltd. (b)		240		3,552
Clicks Group Ltd.		194		2,493
Exxaro Resources Ltd.		171		1,845
FirstRand Ltd.		2,454		11,223
Foschini Group Ltd.		192		2,346
Growthpoint Properties Ltd. REIT		2,335		4,056
Hyprop Investments Ltd. REIT		255		1,405
Investec Ltd.		267		1,739
Investec PLC		465		3,048
Kumba Iron Ore Ltd.		42		1,115
Life Healthcare Group Holdings Ltd.		934		1,798
Mr Price Group Ltd.		212		3,255
MTN Group Ltd.		1,249		7,419
MultiChoice Group Ltd.*		320		2,391
Naspers Ltd., Class N		325		70,395
Nedbank Group Ltd. (b)		290		5,866
Netcare Ltd.		936		1,694
Pick n Pay Stores Ltd.		305		1,504
Redefine Properties Ltd. REIT		4,370		3,018
Remgro Ltd.		410		5,867

See Notes to Financial Statements. 11

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
South Africa (Continued)
Resilient REIT Ltd. REIT		256	$	1,120
RMB Holdings Ltd.		489		2,787
Sanlam Ltd.		1,309		7,326
Sappi Ltd.		422		2,169
Sasol Ltd. (b)		419		12,811
Shoprite Holdings Ltd. (b)		317		3,871
SPAR Group Ltd.		143		2,031
Standard Bank Group Ltd.		927		12,775
Vodacom Group Ltd.		442		3,650
Woolworths Holdings Ltd. (b)		771		2,511
				204,092
South Korea — 2.5%
Amorepacific Corp.		27		4,801
AMOREPACIFIC Group		25		1,629
BNK Financial Group, Inc.		241		1,519
CJ CheilJedang Corp.		7		2,004
CJ Corp.		12		1,334
Coway Co. Ltd.		41		3,449
Daelim Industrial Co. Ltd.		21		1,748
DGB Financial Group, Inc.		217		1,636
GS Engineering & Construction Corp.		46		1,751
GS Holdings Corp.		38		1,811
Hana Financial Group, Inc.		223		7,703
Hankook Tire Co. Ltd.		59		2,243
Hanon Systems		153		1,694
Hanwha Chemical Corp.		92		1,914
Hotel Shilla Co. Ltd.		24		1,750
Hyundai Engineering & Construction Co. Ltd.		57		2,899
Hyundai Marine & Fire Insurance Co. Ltd.		48		1,609
Industrial Bank of Korea		189		2,344
KB Financial Group, Inc.		294		11,593
LG Chem Ltd.		36		12,499
LG Corp.		70		4,668
LG Display Co. Ltd.		169		3,193
LG Electronics, Inc.		81		5,077
LG Household & Health Care Ltd.		7		7,755
LG Innotek Co. Ltd.		18		1,728
Lotte Chemical Corp.		13		3,687
Lotte Corp.		25		1,180
NAVER Corp.		106		12,535
OCI Co. Ltd.		14		1,344
Samsung Electro-Mechanics Co. Ltd.		40		3,805
Samsung Fire & Marine Insurance Co. Ltd.		23		6,166
Samsung SDI Co. Ltd.		40		8,447
Samsung SDS Co. Ltd.		27		5,534
Shinhan Financial Group Co. Ltd.		317		12,303
SK Holdings Co. Ltd.		24		5,815
SK Hynix, Inc.		427		26,576
SK Innovation Co. Ltd.		47		7,856
SK Telecom Co. Ltd.		17		3,938
S-Oil Corp.		33		2,934
Yuhan Corp.		6		1,390
				193,861

	Number of Shares		Value
Spain — 2.8%
Amadeus IT Group SA		329	$	24,801
Banco Bilbao Vizcaya Argentaria SA		4,875		30,387
Banco de Sabadell SA		4,377		4,991
Bankinter SA		505		4,153
CaixaBank SA		2,656		9,484
Enagas SA		147		4,193
Ferrovial SA		332		7,659
Grifols SA		216		5,623
Iberdrola SA		4,589		38,418
Industria de Diseno Textil SA		837		25,295
Naturgy Energy Group SA		237		6,442
Red Electrica Corp. SA		328		7,096
Repsol SA		1,018		17,533
Telefonica SA		3,458		29,883
				215,958
Sweden — 2.4%
Assa Abloy AB, Class B		730		15,109
Atlas Copco AB, Class A		517		14,016
Atlas Copco AB, Class B		253		6,353
Boliden AB		195		5,339
Essity AB, Class B		444		12,395
Hennes & Mauritz AB, Class B		651		9,858
Husqvarna AB, Class B		321		2,633
ICA Gruppen AB (b)		60		2,308
Investor AB, Class B		348		15,551
Kinnevik AB, Class B		194		4,918
L E Lundbergforetagen AB, Class B		72		2,222
Sandvik AB		803		13,201
Skandinaviska Enskilda Banken AB, Class A		1,160		11,815
Skanska AB, Class B		250		4,512
SKF AB, Class B		253		4,261
Svenska Handelsbanken AB, Class A		1,080		12,326
Swedbank AB, Class A		651		11,968
Tele2 AB, Class B		361		4,758
Telefonaktiebolaget LM Ericsson, Class B		2,360		21,614
Telia Co. AB		2,049		8,899
				184,056
Switzerland — 5.3%
ABB Ltd.		1,387		27,519
Adecco Group AG		120		6,247
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		1		6,515
Cie Financiere Richemont SA		394		30,232
Clariant AG*		145		3,122
Coca-Cola HBC AG*		147		4,958
Ferguson PLC		170		11,805
Givaudan SA		7		17,546
Kuehne + Nagel International AG		41		5,361
LafargeHolcim Ltd.*		353		17,505
Lonza Group AG*		53		14,764
Roche Holding AG		524		145,859
SGS SA		4		10,219
Sika AG		95		12,874
Sonova Holding AG		41		7,682

See Notes to Financial Statements. 12

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Switzerland (Continued)
STMicroelectronics NV		524	$	8,574
Straumann Holding AG		8		6,256
Swiss Re AG		230		22,815
Swisscom AG		19		8,813
Vifor Pharma AG		33		4,139
Zurich Insurance Group AG		111		36,770
				409,575
Taiwan — 3.9%
Acer, Inc.*		2,216		1,465
Advantech Co. Ltd.		243		1,855
ASE Technology Holding Co. Ltd.*		2,612		5,338
Asustek Computer, Inc.		526		3,751
AU Optronics Corp.		5,940		2,191
Catcher Technology Co. Ltd.		471		3,581
Chailease Holding Co. Ltd.		940		3,696
Cheng Shin Rubber Industry Co. Ltd.		1,499		2,131
China Steel Corp.		8,819		7,307
Chunghwa Telecom Co. Ltd.		2,878		10,006
Compal Electronics, Inc.		3,481		2,160
CTBC Financial Holding Co. Ltd.		13,085		8,865
Delta Electronics, Inc.		1,485		7,407
E.Sun Financial Holding Co. Ltd.		7,058		5,068
Eclat Textile Co. Ltd.		144		1,649
Far Eastern New Century Corp.		2,498		2,476
Far EasTone Telecommunications Co. Ltd.		1,268		2,971
Feng TAY Enterprise Co. Ltd.		263		1,654
First Financial Holding Co. Ltd.		6,887		4,654
Fubon Financial Holding Co. Ltd.		5,213		7,707
Giant Manufacturing Co. Ltd.		300		1,652
Hiwin Technologies Corp.		162		1,458
Hotai Motor Co. Ltd.		331		3,598
Innolux Corp.		7,081		2,358
Inventec Corp.		1,950		1,508
Lite-On Technology Corp.		1,579		2,286
MediaTek, Inc.		1,101		10,017
Micro-Star International Co. Ltd.		513		1,363
Nan Ya Plastics Corp.		4,026		10,060
President Chain Store Corp.		448		4,636
Quanta Computer, Inc.		1,910		3,550
SinoPac Financial Holdings Co. Ltd.		7,805		2,726
Taishin Financial Holding Co. Ltd.		7,276		3,298
Taiwan Business Bank		3,165		1,167
Taiwan High Speed Rail Corp.		1,537		1,648
Taiwan Mobile Co. Ltd.		1,259		4,500
Taiwan Semiconductor Manufacturing Co. Ltd.		18,308		142,174
Uni-President Enterprises Corp.		3,686		8,982
United Microelectronics Corp.		9,051		3,367
Vanguard International Semiconductor Corp.		647		1,457
Wistron Corp.		2,104		1,460
Yuanta Financial Holding Co. Ltd.		7,871		4,463
				303,660
Thailand — 0.9%
Advanced Info Service PCL, NVDR		800		4,620
Airports of Thailand PCL, NVDR		3,100		6,640

	Number of Shares		Value
Thailand (Continued)
Bangkok Dusit Medical Services PCL, NVDR		1,700	$	1,273
Banpu PCL, NVDR		2,800		1,448
BTS Group Holdings PCL, NVDR		7,800		2,574
Bumrungrad Hospital PCL, NVDR		300		1,775
Central Pattana PCL, NVDR		1,400		3,354
CP ALL PCL, NVDR		3,400		8,389
Delta Electronics Thailand PCL, NVDR		700		1,610
Electricity Generating PCL, NVDR		200		1,695
Glow Energy PCL, NVDR		600		1,733
Home Product Center PCL, NVDR		4,800		2,285
Indorama Ventures PCL, NVDR		1,800		2,942
IRPC PCL, NVDR		6,600		1,236
Kasikornbank PCL, NVDR		900		5,641
Krung Thai Bank PCL, NVDR		3,900		2,389
Land & Houses PCL, NVDR		4,800		1,599
Minor International PCL, NVDR		1,600		1,967
PTT Global Chemical PCL, NVDR		1,700		3,884
Robinson PCL, NVDR		700		1,433
Siam Cement PCL, NVDR		300		4,513
Siam Commercial Bank PCL, NVDR		1,400		5,953
Thai Oil PCL, NVDR		700		1,605
TMB Bank PCL, NVDR		21,600		1,563
True Corp. PCL, NVDR		5,900		1,011
				73,132
Turkey — 0.1%
KOC Holding AS		746		2,607
Tupras Turkiye Petrol Rafinerileri AS		99		2,663
				5,270
United Arab Emirates — 0.3%
Abu Dhabi Commercial Bank PJSC		1,592		4,131
DP World Ltd.		137		2,193
Dubai Islamic Bank PJSC		1,453		2,065
First Abu Dhabi Bank PJSC		1,987		8,223
NMC Health PLC		76		2,733
				19,345
United Kingdom — 8.6%
3i Group PLC		768		9,662
Associated British Foods PLC		262		7,817
Aviva PLC		2,991		16,836
Barratt Developments PLC		808		6,438
Berkeley Group Holdings PLC		102		5,359
British Land Co. PLC REIT		710		5,706
BT Group PLC		6,174		17,631
Burberry Group PLC		313		7,866
CNH Industrial NV		738		8,004
Coca-Cola European Partners PLC		165		7,778
Compass Group PLC		1,158		25,645
ConvaTec Group PLC, 144A		1,027		1,812
Croda International PLC		88		5,631
easyJet PLC		117		1,910
GlaxoSmithKline PLC		3,661		72,916
InterContinental Hotels Group PLC		132		7,917
Intertek Group PLC		116		7,847
ITV PLC		2,732		4,764

See Notes to Financial Statements. 13

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
United Kingdom (Continued)
J Sainsbury PLC		1,332	$	4,057
John Wood Group PLC		502		3,475
Johnson Matthey PLC		140		5,760
Kingfisher PLC		1,799		5,793
Legal & General Group PLC		4,727		17,642
London Stock Exchange Group PLC		231		13,848
Marks & Spencer Group PLC		1,285		4,666
Meggitt PLC		540		3,873
Merlin Entertainments PLC, 144A		570		2,742
Mondi Ltd.		111		2,615
Mondi PLC		235		5,403
National Grid PLC		2,532		28,556
Next PLC		114		7,715
Pearson PLC		580		6,527
Prudential PLC		1,895		40,077
Reckitt Benckiser Group PLC		490		37,586
RELX PLC		1,426		32,794
Royal Mail PLC		660		2,483
RSA Insurance Group PLC		778		5,288
Schroders PLC		107		3,892
Segro PLC REIT		854		7,508
Smith & Nephew PLC		632		12,076
SSE PLC		712		11,255
Standard Chartered PLC		2,017		16,140
Standard Life Aberdeen PLC		1,754		5,757
Taylor Wimpey PLC		2,688		6,486
Tesco PLC		7,183		21,592
Unilever NV		1,159		62,774
Unilever PLC		829		44,194
Whitbread PLC		139		8,972
Wm Morrison Supermarkets PLC		1,741		5,328
WPP PLC		924		10,149
				668,562
TOTAL COMMON STOCKS (Cost $7,239,890)				7,466,568
PREFERRED STOCKS — 1.4%
Brazil — 1.0%
Banco Bradesco SA		2,451		28,279
Cia Brasileira de Distribuicao		118		2,930
Cia Energetica de Minas Gerais		642		2,465
Itau Unibanco Holding SA		3,538		33,236

	Number of Shares		Value
Brazil (Continued)
Itausa — Investimentos Itau SA		3,246	$	10,707
Telefonica Brasil SA		338		4,217
				81,834
Chile — 0.1%
Embotelladora Andina SA, Class B		379		1,421
Sociedad Quimica y Minera de Chile SA, Class B		92		3,828
				5,249
Germany — 0.3%
Bayerische Motoren Werke AG		36		2,661
Henkel AG & Co. KGaA		134		13,403
Sartorius AG		27		4,286
				20,350
South Korea — 0.0%
CJ Corp.*(c)		1		7
LG Household & Health Care Ltd.		2		1,332
				1,339
TOTAL PREFERRED STOCKS (Cost $104,827)				108,772
RIGHTS — 0.0%
Taiwan — 0.0%
CTBC Financial Holding Co. Ltd.*, expires 4/1/ 2019 (Cost $0)		87		0
SECURITIES LENDING COLLATERAL — 1.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.31% (d)(e) (Cost $79,663)		79,663		79,663
CASH EQUIVALENTS — 1.9%
DWS Government Money Market Series “Institutional Shares”, 2.38% (d) (Cost $150,318)		150,318		150,318
TOTAL INVESTMENTS — 100.6% (Cost $7,574,698)			$	7,805,321
Other assets and liabilities, net — (0.6%)				(47,200	)
NET ASSETS — 100.0%			$	7,758,121

See Notes to Financial Statements. 14

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 12/6/2018 (Commencement of Operations)		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
SECURITIES LENDING COLLATERAL — 1.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (d)(e)
		—		79,663	(f)		—			—		—		203		—		79,663		79,663
CASH EQUIVALENTS — 1.9%
DWS Government Money Market Series “Institutional Shares”, 2.38% (d)
		—		1,945,647			(1,795,329	)		—		—		973		—		150,318		150,318
		—		2,025,310			(1,795,329	)		—		—		1,176		—		229,981		229,981

* Non-income producing security.

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

(b) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2019 amounted to $254,291, which is 3.3% of net assets.

(c) Investment was valued using significant unobservable inputs.

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

(e) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $193,484.

(f) Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2019.

ADR: American Depositary Receipt

CPO: Ordinary Participation Certificates

GDR: Global Depositary Receipt

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

QSC: Qatari Shareholders Company

REIT: Real Estate Investment Trust

SDR: Swedish Depositary Receipt

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

At February 28, 2019, open futures contract purchased was as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
SGX NIFTY 50 Futures		USD		8	$	173,942	$	173,920		3/28/2019	$	(22	)

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.

Currency Abbreviations

USD U.S. Dollar

See Notes to Financial Statements. 15

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (Continued)

February 28, 2019 (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, 2019 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)	$	7,466,568		$	—	$	—	$	7,466,568
Preferred Stocks (g)		108,765			—		7		108,772
Rights		0			—		—		0
Short-Term Investments (g)		229,981			—		—		229,981
TOTAL	$	7,805,314		$	—	$	7	$	7,805,321
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (h)
Futures Contract	$	(22	)	$	—	$	—	$	(22	)
TOTAL	$	(22	)	$	—	$	—	$	(22	)

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

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

See Notes to Financial Statements. 16

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF

February 28, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.3%
Australia — 9.7%
AGL Energy Ltd.		687	$	10,367
Amcor Ltd.		1,240		13,277
AMP Ltd.		2,991		5,022
APA Group (a)		1,232		8,774
ASX Ltd.		200		9,928
Aurizon Holdings Ltd.		2,166		6,965
AusNet Services		2,103		2,596
Australia & New Zealand Banking Group Ltd.		3,020		60,160
Bendigo & Adelaide Bank Ltd.		504		3,535
BlueScope Steel Ltd.		570		5,458
Boral Ltd.		1,212		4,294
Brambles Ltd.		1,661		13,897
Caltex Australia Ltd.		271		5,514
Coca-Cola Amatil Ltd.		522		2,960
Cochlear Ltd.		59		7,157
Commonwealth Bank of Australia		1,858		97,753
Computershare Ltd.		508		6,234
CSL Ltd.		477		65,755
Dexus REIT		1,054		9,013
Flight Centre Travel Group Ltd.		57		1,856
Fortescue Metals Group Ltd.		1,644		7,088
Goodman Group REIT		1,780		16,210
GPT Group REIT		1,875		7,804
Harvey Norman Holdings Ltd. (b)		560		1,434
Insurance Australia Group Ltd.		2,420		12,655
Lendlease Group (a)		601		5,507
Macquarie Group Ltd.		338		30,934
Mirvac Group REIT		3,776		6,904
National Australia Bank Ltd.		2,877		51,437
Newcrest Mining Ltd.		824		14,257
Orica Ltd.		392		4,922
Origin Energy Ltd.*		1,832		9,593
Ramsay Health Care Ltd.		146		6,729
Scentre Group REIT		5,571		15,339
SEEK Ltd.		340		4,456
Stockland REIT		2,477		6,168
Sydney Airport (a)		1,240		6,352
Telstra Corp. Ltd.		4,329		9,640
Transurban Group (a)		2,788		24,734
Wesfarmers Ltd.		1,183		27,926
Westpac Banking Corp.		3,618		69,396
Woodside Petroleum Ltd.		985		25,403
				705,403
Austria — 0.2%
OMV AG		155		8,167
voestalpine AG		127		3,936
				12,103
Belgium — 0.7%
Colruyt SA		62		4,427
KBC Group NV		262		19,428
Solvay SA		78		8,741
UCB SA		130		10,907
Umicore SA		216		9,346
				52,849

	Number of Shares		Value
Denmark — 2.6%
Chr Hansen Holding A/S		101	$	10,300
Coloplast A/S, Class B		123		12,273
Genmab A/S*		63		10,899
H Lundbeck A/S		72		3,297
ISS A/S		175		5,467
Novo Nordisk A/S, Class B		1,904		93,525
Novozymes A/S, Class B		227		10,317
Orsted A/S, 144A		197		14,311
Pandora A/S		113		5,936
Tryg A/S (b)		136		3,711
Vestas Wind Systems A/S		211		17,582
William Demant Holding A/S*		104		3,127
				190,745
Finland — 1.7%
Metso OYJ		108		3,666
Neste OYJ		133		12,797
Nokia OYJ		5,868		35,521
Nokian Renkaat OYJ		117		4,143
Nordea Bank Abp		3,223		29,246
Orion OYJ, Class B		107		3,827
Stora Enso OYJ, Class R		571		7,663
UPM-Kymmene OYJ		556		16,790
Wartsila OYJ Abp		457		7,431
				121,084
France — 10.6%
Accor SA		191		8,073
Air Liquide SA		447		55,812
Atos SE		101		9,709
AXA SA		2,024		51,384
Bouygues SA		230		8,708
Capgemini SE		172		20,604
Carrefour SA		606		12,421
Casino Guichard Perrachon SA (b)		57		3,017
Cie de Saint-Gobain		520		18,747
Cie Generale des Etablissements Michelin		177		21,264
CNP Assurances		187		4,327
Credit Agricole SA		1,188		15,194
Danone SA		643		48,566
Eiffage SA		87		8,498
EssilorLuxottica SA		294		35,637
Eurazeo SE		47		3,538
Gecina SA REIT		48		7,127
Getlink SE		504		7,449
Imerys SA		39		2,220
Ingenico Group SA		62		4,167
Ipsen SA		39		5,400
JCDecaux SA		106		3,271
Kering		78		42,642
L’Oreal SA		263		66,454
Natixis SA		996		5,480
Orange SA		2,138		32,720
Renault SA		187		12,825
Rexel SA		322		4,019
Schneider Electric SE		590		45,967
Societe BIC SA		26		2,462

See Notes to Financial Statements. 17

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
France (Continued)
TOTAL SA		2,542	$	144,700
Unibail-Rodamco-Westfield REIT		150		24,254
Vivendi SA		1,108		32,425
Wendel SA		28		3,536
				772,617
Germany — 9.5%
adidas AG		188		45,727
Allianz SE		447		99,560
BASF SE		981		74,832
Bayerische Motoren Werke AG		343		29,024
Beiersdorf AG		102		9,473
Commerzbank AG*		1,033		8,534
Deutsche Boerse AG		201		25,428
Deutsche Post AG		1,057		32,882
Deutsche Wohnen SE		373		17,414
E.ON SE		2,286		25,211
Evonik Industries AG		167		4,707
Fraport AG Frankfurt Airport Services Worldwide		46		3,699
HeidelbergCement AG		154		11,335
Henkel AG & Co. KGaA		110		10,346
Merck KGaA		133		13,748
METRO AG		182		3,060
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		158		37,260
OSRAM Licht AG (b)		103		4,469
ProSiebenSat.1 Media SE		246		4,493
RWE AG		538		13,147
SAP SE		1,042		111,771
Siemens AG		814		89,103
Symrise AG		127		11,205
Telefonica Deutschland Holding AG		747		2,455
				688,883
Hong Kong — 2.4%
ASM Pacific Technology Ltd.		285		3,019
BOC Hong Kong Holdings Ltd.		3,841		16,050
CLP Holdings Ltd.		1,722		20,401
Hang Lung Properties Ltd.		2,150		5,078
Hang Seng Bank Ltd.		793		19,649
Hong Kong & China Gas Co. Ltd.		9,625		22,291
Hong Kong Exchanges & Clearing Ltd.		1,277		44,021
Hysan Development Co. Ltd.		667		3,522
MTR Corp. Ltd.		1,860		10,686
Shangri-La Asia Ltd.		519		738
Swire Pacific Ltd., Class A		526		6,255
Swire Properties Ltd.		1,261		5,060
Techtronic Industries Co. Ltd.		1,248		8,339
Wharf Real Estate Investment Co. Ltd.		1,262		8,866
Yue Yuen Industrial Holdings Ltd.		726		2,442
				176,417
Ireland — 0.7%
CRH PLC		830		26,312
DCC PLC		107		9,287
Kerry Group PLC, Class A		176		18,137
				53,736

	Number of Shares		Value
Israel — 0.3%
Bank Hapoalim BM		1,117	$	7,692
Bank Leumi Le-Israel BM		1,563		10,341
Mizrahi Tefahot Bank Ltd.		150		2,874
				20,907
Italy — 1.1%
Assicurazioni Generali SpA		1,236		22,090
Intesa Sanpaolo SpA		15,520		38,332
Recordati SpA		107		4,029
Snam SpA		2,342		11,587
				76,038
Japan — 23.4%
Aeon Co. Ltd. (b)		600		12,645
AEON Financial Service Co. Ltd.		100		1,966
Aeon Mall Co. Ltd.		100		1,631
AGC, Inc.		200		6,935
Ajinomoto Co., Inc.		500		7,564
Amada Holdings Co. Ltd.		400		4,208
ANA Holdings, Inc.		100		3,712
Asahi Kasei Corp.		1,300		14,177
Asics Corp.		200		2,663
Astellas Pharma, Inc.		2,000		30,875
Benesse Holdings, Inc.		100		2,717
Bridgestone Corp.		600		23,678
Casio Computer Co. Ltd.		200		2,715
Central Japan Railway Co.		100		22,435
Chugai Pharmaceutical Co. Ltd.		200		13,600
CyberAgent, Inc.		100		3,113
Dai Nippon Printing Co. Ltd.		200		4,632
Daicel Corp.		300		3,158
Daifuku Co. Ltd.		100		4,905
Daikin Industries Ltd.		300		32,582
Daiwa House Industry Co. Ltd.		600		18,568
Denso Corp.		500		21,479
Dentsu, Inc.		200		8,354
East Japan Railway Co.		300		28,728
Eisai Co. Ltd.		300		24,780
Fast Retailing Co. Ltd.		100		46,856
Fujitsu Ltd.		200		13,491
Hino Motors Ltd.		300		2,757
Hitachi Chemical Co. Ltd.		100		1,816
Hitachi Construction Machinery Co. Ltd.		100		2,496
Hitachi High-Technologies Corp.		100		3,804
Hitachi Metals Ltd.		200		2,037
Honda Motor Co. Ltd.		1,700		48,150
Hulic Co. Ltd.		300		2,757
Inpex Corp.		1,100		10,702
J. Front Retailing Co. Ltd. (b)		200		2,215
Japan Retail Fund Investment Corp. REIT		3		6,047
JFE Holdings, Inc.		500		8,720
Kajima Corp.		500		7,402
Kaneka Corp.		100		3,912
Kansai Paint Co. Ltd.		200		3,678
Kao Corp.		500		37,837
Kawasaki Heavy Industries Ltd.		200		5,138
KDDI Corp.		1,900		45,887

See Notes to Financial Statements. 18

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Japan (Continued)
Keio Corp.		100	$	5,875
Keyence Corp.		100		58,327
Kikkoman Corp.		200		9,953
Kobayashi Pharmaceutical Co. Ltd.		100		8,067
Kobe Steel Ltd.		300		2,374
Komatsu Ltd.		1,000		24,533
Konica Minolta, Inc.		500		4,851
Kubota Corp.		1,000		13,497
Kuraray Co. Ltd.		300		4,026
Kurita Water Industries Ltd.		100		2,519
Kyocera Corp.		300		16,550
Kyushu Railway Co.		200		6,845
Lawson, Inc.		100		6,064
Marui Group Co. Ltd.		200		3,520
Mazda Motor Corp.		600		7,047
McDonald’s Holdings Co. Japan Ltd.		100		4,483
Mitsubishi Chemical Holdings Corp.		1,300		9,598
Mitsubishi Electric Corp.		1,900		23,793
Mitsubishi Estate Co. Ltd.		1,200		20,622
Mitsubishi Materials Corp.		100		2,749
Mitsubishi UFJ Lease & Finance Co. Ltd.		400		2,037
Mitsui Chemicals, Inc.		200		4,874
Mitsui Fudosan Co. Ltd.		900		21,324
Mitsui OSK Lines Ltd.		100		2,345
Mizuho Financial Group, Inc.		25,300		39,818
Murata Manufacturing Co. Ltd.		200		31,126
Nabtesco Corp.		100		2,640
Nagoya Railroad Co. Ltd.		200		5,507
NEC Corp.		300		10,012
NGK Insulators Ltd.		300		4,579
NGK Spark Plug Co. Ltd.		200		4,251
Nikon Corp.		300		4,544
Nintendo Co. Ltd.		100		27,345
Nippon Express Co. Ltd.		100		5,902
Nippon Prologis REIT, Inc. REIT		2		4,254
Nippon Yusen KK		200		3,153
Nitori Holdings Co. Ltd.		100		12,473
Nitto Denko Corp.		200		10,676
Nomura Real Estate Holdings, Inc.		100		1,895
Nomura Research Institute Ltd.		100		4,069
NSK Ltd.		400		3,676
NTT DOCOMO, Inc.		1,400		32,592
Obayashi Corp.		700		6,823
Odakyu Electric Railway Co. Ltd.		300		7,010
Omron Corp.		200		8,633
Oriental Land Co. Ltd.		200		21,973
Osaka Gas Co. Ltd.		400		8,193
Otsuka Corp.		100		3,598
Panasonic Corp.		2,300		21,178
Rakuten, Inc.		900		7,082
Recruit Holdings Co. Ltd.		1,200		33,568
Resona Holdings, Inc.		2,200		9,947
Secom Co. Ltd.		200		17,284
Sekisui Chemical Co. Ltd.		400		6,277
Sekisui House Ltd.		700		10,523
Seven & i Holdings Co. Ltd.		800		35,171
Sharp Corp.		200		2,339

	Number of Shares		Value
Japan (Continued)
Shimadzu Corp.		200	$	4,932
Shimizu Corp.		600		5,271
Shin-Etsu Chemical Co. Ltd.		400		33,313
Shiseido Co. Ltd.		400		26,403
Showa Denko KK		100		3,723
Showa Shell Sekiyu KK		200		3,000
Sohgo Security Services Co. Ltd.		100		4,321
Sompo Holdings, Inc.		400		14,937
Sony Corp.		1,300		62,372
Stanley Electric Co. Ltd.		100		2,875
Sumitomo Chemical Co. Ltd.		1,500		7,438
Sumitomo Electric Industries Ltd.		800		11,132
Sumitomo Heavy Industries Ltd.		100		3,423
Sumitomo Metal Mining Co. Ltd.		200		5,864
Sumitomo Mitsui Trust Holdings, Inc.		300		11,370
Sumitomo Rubber Industries Ltd.		200		2,571
Suntory Beverage & Food Ltd.		200		8,821
Sysmex Corp.		200		12,036
T&D Holdings, Inc.		600		7,204
Taisei Corp.		200		9,450
Takashimaya Co. Ltd. (b)		100		1,316
Takeda Pharmaceutical Co. Ltd.		1,500		60,218
TDK Corp.		100		7,815
Teijin Ltd.		200		3,354
Tobu Railway Co. Ltd.		200		5,587
Toho Co. Ltd.		100		3,575
Toho Gas Co. Ltd.		100		4,545
Tokyo Electron Ltd.		200		27,219
Tokyo Gas Co. Ltd.		400		11,013
Tokyu Corp.		500		8,476
Tokyu Fudosan Holdings Corp.		500		2,762
Toppan Printing Co. Ltd.		300		4,775
Toray Industries, Inc.		1,500		10,450
TOTO Ltd.		100		3,786
Toyo Suisan Kaisha Ltd.		100		3,710
Toyoda Gosei Co. Ltd.		100		2,266
Toyota Tsusho Corp.		200		6,351
Unicharm Corp.		400		12,738
USS Co. Ltd.		100		1,822
West Japan Railway Co.		200		15,075
Yakult Honsha Co. Ltd.		100		6,710
Yamada Denki Co. Ltd.		500		2,416
Yamaha Corp.		100		4,923
Yamaha Motor Co. Ltd.		300		6,082
Yaskawa Electric Corp. (b)		300		8,529
Yokogawa Electric Corp.		200		3,852
				1,701,327
Luxembourg — 0.3%
Millicom International Cellular SA SDR		70		4,216
SES SA		378		7,604
Tenaris SA		474		6,331
				18,151
Netherlands — 4.4%
Aegon NV		1,841		9,911
Akzo Nobel NV		232		21,063

See Notes to Financial Statements. 19

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Netherlands (Continued)
ASML Holding NV		433	$	79,441
EXOR NV		113		6,961
ING Groep NV		4,112		54,465
Koninklijke Ahold Delhaize NV		1,255		32,404
Koninklijke DSM NV		194		20,854
Koninklijke KPN NV		3,551		10,966
Koninklijke Philips NV		985		39,257
Koninklijke Vopak NV		71		3,476
NN Group NV		313		13,651
QIAGEN NV*		234		8,958
Wolters Kluwer NV		303		20,005
				321,412
New Zealand — 0.2%
Auckland International Airport Ltd.		1,116		5,909
Fletcher Building Ltd.*		879		2,929
Meridian Energy Ltd.		1,311		3,297
Ryman Healthcare Ltd.		402		3,014
				15,149
Norway — 1.0%
Aker BP ASA		107		3,631
Equinor ASA		1,223		27,525
Mowi ASA (b)		433		10,001
Norsk Hydro ASA		1,587		6,581
Orkla ASA		857		6,761
Schibsted ASA, Class B		100		3,709
Telenor ASA		793		15,482
				73,690
Portugal — 0.3%
EDP - Energias de Portugal SA		2,674		9,820
Galp Energia SGPS SA		522		8,577
Jeronimo Martins SGPS SA		268		4,044
				22,441
Singapore — 1.3%
Ascendas Real Estate Investment Trust REIT		2,700		5,595
CapitaLand Commercial Trust REIT		2,700		3,877
CapitaLand Ltd.		2,700		6,834
CapitaLand Mall Trust REIT		2,700		4,796
City Developments Ltd.		400		2,641
DBS Group Holdings Ltd.		1,900		34,929
Jardine Cycle & Carriage Ltd.		100		2,467
Keppel Corp. Ltd.		1,500		6,838
Singapore Airlines Ltd.		600		4,445
Singapore Press Holdings Ltd.		1,700		3,095
Singapore Telecommunications Ltd.		8,500		18,998
UOL Group Ltd.		500		2,453
				96,968
South Africa — 0.1%
Investec PLC		705		4,621
Spain — 4.2%
Amadeus IT Group SA		471		35,505
Banco Bilbao Vizcaya Argentaria SA		7,137		44,487
Banco de Sabadell SA		5,886		6,712

	Number of Shares		Value
Spain (Continued)
Bankinter SA		710	$	5,839
CaixaBank SA		3,735		13,338
Enagas SA		234		6,675
Ferrovial SA		513		11,835
Grifols SA		310		8,069
Iberdrola SA		6,536		54,718
Industria de Diseno Textil SA		1,107		33,455
Naturgy Energy Group SA		367		9,975
Red Electrica Corp. SA		462		9,995
Repsol SA		1,460		25,145
Telefonica SA		4,955		42,819
				308,567
Sweden — 3.6%
Assa Abloy AB, Class B		1,037		21,463
Atlas Copco AB, Class A		703		19,059
Atlas Copco AB, Class B		404		10,145
Boliden AB		297		8,132
Essity AB, Class B		632		17,644
Hennes & Mauritz AB, Class B		917		13,886
Husqvarna AB, Class B		440		3,608
ICA Gruppen AB (b)		86		3,308
Investor AB, Class B		460		20,557
Kinnevik AB, Class B		246		6,236
L E Lundbergforetagen AB, Class B		82		2,530
Sandvik AB		1,184		19,465
Skandinaviska Enskilda Banken AB, Class A		1,632		16,623
Skanska AB, Class B		355		6,407
SKF AB, Class B		451		7,595
Svenska Handelsbanken AB, Class A		1,608		18,352
Swedbank AB, Class A		955		17,557
Tele2 AB, Class B		529		6,972
Telefonaktiebolaget LM Ericsson, Class B		3,197		29,280
Telia Co. AB		2,965		12,877
				261,696
Switzerland — 8.0%
ABB Ltd.		1,937		38,431
Adecco Group AG		171		8,902
Chocoladefabriken Lindt & Spruengli AG Participation Certificates		1		6,515
Cie Financiere Richemont SA		552		42,356
Clariant AG*		205		4,414
Coca-Cola HBC AG*		216		7,286
Ferguson PLC		241		16,736
Givaudan SA		10		25,065
Kuehne + Nagel International AG		60		7,845
LafargeHolcim Ltd.*		522		25,885
Lonza Group AG*		77		21,449
Roche Holding AG		741		206,263
SGS SA		6		15,328
Sika AG		134		18,159
Sonova Holding AG		58		10,867
STMicroelectronics NV		730		11,945
Straumann Holding AG		11		8,602
Swiss Re AG		334		33,132

See Notes to Financial Statements. 20

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Switzerland (Continued)
Swisscom AG		30	$	13,916
Vifor Pharma AG		47		5,895
Zurich Insurance Group AG		159		52,670
				581,661
United Arab Emirates — 0.1%
NMC Health PLC		108		3,884
United Kingdom — 12.9%
3i Group PLC		1,021		12,844
Associated British Foods PLC		370		11,039
Aviva PLC		4,188		23,574
Barratt Developments PLC		1,066		8,493
Berkeley Group Holdings PLC		135		7,093
British Land Co. PLC REIT		971		7,803
BT Group PLC		9,145		26,116
Burberry Group PLC		425		10,681
CNH Industrial NV		1,061		11,506
Coca-Cola European Partners PLC		228		10,748
Compass Group PLC		1,677		37,139
ConvaTec Group PLC, 144A		1,435		2,532
Croda International PLC		136		8,703
easyJet PLC		165		2,694
GlaxoSmithKline PLC		5,208		103,727
InterContinental Hotels Group PLC		176		10,557
Intertek Group PLC		169		11,433
ITV PLC		3,817		6,656
J Sainsbury PLC		1,808		5,507
John Wood Group PLC		625		4,326
Johnson Matthey PLC		201		8,269
Kingfisher PLC		2,079		6,695
Legal & General Group PLC		6,237		23,278
London Stock Exchange Group PLC		328		19,663
Marks & Spencer Group PLC		1,589		5,770
Meggitt PLC		838		6,010
Merlin Entertainments PLC, 144A		733		3,525
Mondi PLC		385		8,851
National Grid PLC		3,526		39,766
Next PLC		140		9,475
Pearson PLC		892		10,037
Prudential PLC		2,680		56,678
Reckitt Benckiser Group PLC		706		54,155
RELX PLC		2,109		48,502
Royal Mail PLC		957		3,600

	Number of Shares		Value
United Kingdom (Continued)
RSA Insurance Group PLC		1,116	$	7,585
Schroders PLC		106		3,856
Segro PLC REIT		1,065		9,363
Smith & Nephew PLC		920		17,578
SSE PLC		1,075		16,994
Standard Chartered PLC		2,986		23,894
Standard Life Aberdeen PLC		2,439		8,005
Taylor Wimpey PLC		3,532		8,522
Tesco PLC		10,375		31,188
Unilever NV		1,639		88,772
Unilever PLC		1,176		62,693
Whitbread PLC		189		12,200
Wm Morrison Supermarkets PLC		2,326		7,119
WPP PLC		1,321		14,510
				939,724
TOTAL COMMON STOCKS (Cost $7,461,463)				7,220,073
PREFERRED STOCKS — 0.4%
Germany — 0.4%
Bayerische Motoren Werke AG		49		3,621
Henkel AG & Co. KGaA		184		18,405
Sartorius AG		37		5,873
				27,899
TOTAL PREFERRED STOCKS (Cost $33,212)				27,899
SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (c)(d) (Cost $46,390)		46,390		46,390
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 2.38%(c) (Cost $55)		55		55
TOTAL INVESTMENTS — 100.3% (Cost $7,541,120)			$	7,294,417
Other assets and liabilities, net — (0.3%)				(25,366	)
NET ASSETS — 100.0%			$	7,269,051

See Notes to Financial Statements. 21

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI EAFE ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 9/6/2018 (Commencement of Operations)		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 2.31% (c)(d)
		—		46,390	(e)		—			—		—		414		—		46,390		46,390
CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series "Institutional Shares", 2.38% (c)
		—		66,776			(66,721	)		—		—		30		—		55		55
		—		113,166			(66,721	)		—		—		444		—		46,445		46,445

* Non-income producing security.

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

(b) All or a portion of these securities were on loan. In addition, “Other assets and liabilities, net” may include pending sales that are also on loan. The value of securities loaned at February 28, 2019 amounted to $47,016, which is 0.6% of net assets.

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

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $9,989.

(e) Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2019.

REIT: Real Estate Investment Trust

SDR: Swedish Depositary Receipt

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

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, 2019 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)	$	7,220,073	$	—	$	—	$	7,220,073
Preferred Stocks (f)		27,899		—		—		27,899
Short-Term Investments (f)		46,445		—		—		46,445
TOTAL	$	7,294,417	$	—	$	—	$	7,294,417

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

See Notes to Financial Statements. 22

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

February 28, 2019 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 87.2%
Brazil — 2.5%
Atacadao Distribuicao Comercio e Industria Ltda		1,300	$	6,766
B3 SA — Brasil Bolsa Balcao		5,739		50,178
BR Malls Participacoes SA		2,537		9,058
Cielo SA		3,879		11,243
Cosan SA		326		3,799
Engie Brasil Energia SA		350		3,841
Klabin SA		1,931		9,289
Kroton Educacional SA		3,772		11,034
Localiza Rent a Car SA		1,452		13,377
Lojas Renner SA		2,095		24,178
M Dias Branco SA		392		4,911
Multiplan Empreendimentos Imobiliarios SA		899		6,034
Natura Cosmeticos SA		610		7,869
TIM Participacoes SA		2,741		8,639
Ultrapar Participacoes SA		850		12,105
WEG SA		2,394		11,759
				194,080
Chile — 1.0%
Aguas Andinas SA, Class A		5,049		2,961
Empresa Nacional de Telecomunicaciones SA		565		5,954
Empresas CMPC SA		4,117		15,466
Empresas COPEC SA		818		11,118
Enel Americas SA		71,028		12,365
Latam Airlines Group SA		702		8,169
SACI Falabella		2,384		18,567
				74,600
China — 27.5%
3SBio, Inc., 144A		3,404		5,629
51job, Inc., ADR*(a)		72		5,203
AAC Technologies Holdings, Inc.		2,322		13,799
Air China Ltd., Class H		5,074		5,481
Alibaba Group Holding Ltd., ADR*(a)		3,628		664,033
ANTA Sports Products Ltd.		3,061		17,938
BAIC Motor Corp. Ltd., Class H, 144A		5,332		3,389
Baozun, Inc., ADR*(a)		109		4,082
BBMG Corp., Class H		5,287		1,940
BYD Co. Ltd., Class H		1,785		11,415
BYD Electronic International Co. Ltd.		2,176		2,783
CAR, Inc.*		2,318		2,038
China CITIC Bank Corp. Ltd., Class H		23,804		15,465
China Conch Venture Holdings Ltd.		4,737		15,811
China Construction Bank Corp., Class H		268,938		239,138
China Eastern Airlines Corp. Ltd., Class H		3,797		2,423
China Everbright Bank Co. Ltd., Class H		5,368		2,571
China Longyuan Power Group Corp. Ltd., Class H		8,106		6,051
China Medical System Holdings Ltd.		3,767		3,964
China Merchants Bank Co. Ltd., Class H		10,776		49,420
China Minsheng Banking Corp. Ltd., Class H		17,450		13,471
China Molybdenum Co. Ltd., Class H		8,934		4,279

	Number of Shares		Value
China (Continued)
China Resources Pharmaceutical Group Ltd., 144A		4,506	$	6,039
China Shenhua Energy Co. Ltd., Class H		8,315		20,507
China Vanke Co. Ltd., Class H		3,355		12,737
Country Garden Services Holdings Co. Ltd.*		3,274		5,389
CSPC Pharmaceutical Group Ltd.		13,034		22,250
Ctrip.com International Ltd., ADR*		1,126		38,430
Dongfeng Motor Group Co. Ltd., Class H		8,276		8,803
ENN Energy Holdings Ltd.		2,108		21,752
Fosun International Ltd.		6,760		11,126
Geely Automobile Holdings Ltd.		13,708		25,740
Genscript Biotech Corp.*		3,076		5,752
GOME Retail Holdings Ltd.*		25,581		2,314
Greentown Service Group Co. Ltd.		2,970		2,709
Guangzhou Automobile Group Co. Ltd., Class H		8,354		10,270
HengTen Networks Group Ltd.*		62,558		2,231
Huaneng Renewables Corp. Ltd., Class H		11,456		3,488
Inner Mongolia Yitai Coal Co. Ltd., Class B		900		1,112
Jiangsu Expressway Co. Ltd., Class H		3,806		5,246
Lenovo Group Ltd.		20,504		18,467
New Oriental Education & Technology Group, Inc., ADR*		399		32,742
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		6,303		5,476
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,806		6,407
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,468		5,546
Shenzhou International Group Holdings Ltd.		2,208		27,566
Shui On Land Ltd.		8,670		2,165
Sihuan Pharmaceutical Holdings Group Ltd.		12,629		2,639
Sinopharm Group Co. Ltd., Class H		3,330		14,805
Sinotrans Ltd., Class H		6,709		3,154
SOHO China Ltd.*		5,067		2,162
Tencent Holdings Ltd.		16,000		684,451
Tong Ren Tang Technologies Co. Ltd., Class H		1,719		2,251
Vipshop Holdings Ltd., ADR*		1,178		8,458
Wuxi Biologics Cayman, Inc., 144A*		1,388		13,173
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		1,819		2,086
Yuzhou Properties Co. Ltd.		3,559		1,736
Zhejiang Expressway Co. Ltd., Class H		4,006		4,180
Zhongsheng Group Holdings Ltd.		1,521		3,534
				2,137,216
Colombia — 0.2%
Cementos Argos SA		1,301		3,435
Grupo Argos SA		981		5,709
Interconexion Electrica SA ESP		1,175		5,335
				14,479

See Notes to Financial Statements. 23

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Czech Republic — 0.3%
CEZ AS		449	$	10,898
Komercni banka as		243		10,218
				21,116
Egypt — 0.2%
Commercial International Bank Egypt SAE		3,850		15,422
Greece — 0.1%
Hellenic Telecommunications Organization SA		703		8,926
Titan Cement Co. SA		87		1,908
				10,834
Hong Kong — 1.8%
Alibaba Pictures Group Ltd.*		44,122		8,150
Beijing Enterprises Water Group Ltd.*		15,746		9,428
Brilliance China Automotive Holdings Ltd.		8,511		8,338
China Agri-Industries Holdings Ltd.		7,473		2,656
China Everbright International Ltd.		9,420		9,216
China First Capital Group Ltd.*		9,309		4,127
China Mengniu Dairy Co. Ltd.*		7,778		24,028
China Overseas Land & Investment Ltd.		10,568		38,907
China Travel International Investment Hong Kong Ltd.		6,529		1,938
Fullshare Holdings Ltd.*(a)		19,148		3,830
Jiayuan International Group Ltd.		2,854		1,389
Lee & Man Paper Manufacturing Ltd.		4,104		3,780
Shenzhen Investment Ltd.		11,065		4,130
Sino Biopharmaceutical Ltd.		19,339		16,777
Towngas China Co. Ltd.*		2,203		1,757
				138,451
Hungary — 0.5%
MOL Hungarian Oil & Gas PLC		753		8,795
OTP Bank Nyrt		659		27,890
				36,685
India — 1.2%
Axis Bank Ltd., GDR*		425		21,123
Infosys Ltd., ADR (a)		5,831		62,508
Wipro Ltd., ADR		2,316		12,969
				96,600
Indonesia — 3.5%
PT Adaro Energy Tbk		23,840		2,220
PT Astra International Tbk		57,181		29,063
PT Bank Central Asia Tbk		27,863		54,617
PT Bank Danamon Indonesia Tbk		8,287		5,022
PT Bank Mandiri Persero Tbk		52,221		26,449
PT Bank Negara Indonesia Persero Tbk		20,011		12,518
PT Bank Rakyat Indonesia Persero Tbk		155,125		42,455
PT Indah Kiat Pulp & Paper Corp. Tbk		7,865		6,164
PT Indofood CBP Sukses Makmur Tbk		8,771		6,375
PT Indofood Sukses Makmur Tbk		13,019		6,548
PT Kalbe Farma Tbk		60,044		6,381
PT Pabrik Kertas Tjiwi Kimia Tbk		4,382		3,481
PT Pakuwon Jati Tbk		62,529		2,756
PT Perusahaan Gas Negara Persero Tbk		29,323		5,294
PT Surya Citra Media Tbk		24,010		2,987

	Number of Shares		Value
Indonesia (Continued)
PT Telekomunikasi Indonesia Persero Tbk		141,803	$	38,909
PT Unilever Indonesia Tbk		4,583		15,858
PT United Tractors Tbk		3,936		7,415
				274,512
Malaysia — 3.1%
Alliance Bank Malaysia Bhd		2,700		2,629
AMMB Holdings Bhd		4,400		4,837
Axiata Group Bhd		7,400		7,570
CIMB Group Holdings Bhd		12,400		17,839
DiGi.Com Bhd		8,900		9,958
HAP Seng Consolidated Bhd		1,900		4,602
Hartalega Holdings Bhd		4,100		5,041
Hong Leong Bank Bhd		2,000		10,466
IHH Healthcare Bhd		7,000		9,864
IOI Properties Group Bhd		4,100		1,623
Malayan Banking Bhd		10,300		24,139
Malaysia Airports Holdings Bhd		3,100		6,228
Maxis Bhd		7,400		9,772
MISC Bhd		3,000		5,090
Nestle Malaysia Bhd		200		7,279
PPB Group Bhd		2,300		10,384
Press Metal Aluminium Holdings Bhd		3,700		3,849
Public Bank Bhd		8,100		49,797
RHB Bank Bhd		2,900		4,036
Sime Darby Bhd		7,200		3,842
Sime Darby Property Bhd		7,700		1,988
SP Setia Bhd Group		3,500		1,971
Telekom Malaysia Bhd		4,000		3,000
Tenaga Nasional Bhd		7,900		26,071
Top Glove Corp. Bhd		4,000		4,466
Westports Holdings Bhd		3,200		2,904
YTL Corp. Bhd		6,600		1,721
				240,966
Mexico — 1.8%
Alfa SAB de CV, Class A		7,804		8,890
Alsea SAB de CV		1,665		4,217
Arca Continental SAB de CV		1,339		7,552
Cemex SAB de CV, Series CPO*		40,930		20,094
Coca-Cola Femsa SAB de CV, Series L		1,451		8,780
Fomento Economico Mexicano SAB de CV		5,703		51,760
Gruma SAB de CV, Class B		634		6,871
Grupo Aeroportuario del Sureste SAB de CV, Class B		626		10,622
Grupo Bimbo SAB de CV, Series A		4,778		9,479
Industrias Penoles SAB de CV		289		3,830
Infraestructura Energetica Nova SAB de CV		805		3,097
Kimberly-Clark de Mexico SAB de CV, Class A*		4,286		6,929
				142,121
Philippines — 1.4%
Aboitiz Equity Ventures, Inc.		4,390		5,178
Alliance Global Group, Inc.		6,100		1,616
Ayala Land, Inc.		21,800		18,546
Bank of the Philippine Islands		2,980		4,840
BDO Unibank, Inc.		5,620		13,865

See Notes to Financial Statements. 24

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
Philippines (Continued)
Globe Telecom, Inc.		105	$	3,857
JG Summit Holdings, Inc.		6,800		8,704
Manila Electric Co.		680		4,833
Metropolitan Bank & Trust Co.		5,230		7,685
PLDT, Inc.		295		5,875
SM Investments Corp.		610		11,087
SM Prime Holdings, Inc.		29,500		21,874
				107,960
Poland — 1.3%
Bank Handlowy w Warszawie SA		91		1,587
Bank Millennium SA*		1,981		4,535
Bank Polska Kasa Opieki SA		457		13,703
CD Projekt SA*		216		10,867
Jastrzebska Spolka Weglowa SA*		187		2,851
KGHM Polska Miedz SA*		342		9,169
mBank SA		40		4,525
Polski Koncern Naftowy ORLEN SA		804		21,683
Polskie Gornictwo Naftowe i Gazownictwo SA		3,989		7,305
Powszechny Zaklad Ubezpieczen SA		1,726		18,637
Santander Bank Polska SA		100		9,962
				104,824
Qatar — 0.1%
Commercial Bank QSC		529		5,826
Ooredoo QPSC		244		4,489
				10,315
Romania — 0.1%
NEPI Rockcastle PLC		1,020		8,587
Russia — 2.3%
Inter RAO UES PJSC		110,479		6,564
LUKOIL PJSC		1,335		111,445
Novatek PJSC, GDR		245		42,458
PhosAgro PJSC, GDR		519		7,090
Polymetal International PLC		563		6,647
Polyus PJSC		82		6,807
				181,011
Singapore — 0.1%
BOC Aviation Ltd., 144A		534		4,619
South Africa — 9.7%
Absa Group Ltd.		1,947		25,009
Anglo American Platinum Ltd. (a)		138		7,524
Aspen Pharmacare Holdings Ltd.		1,080		10,711
Bid Corp. Ltd.		1,015		21,272
Bidvest Group Ltd.		953		14,103
Clicks Group Ltd.		748		9,611
Exxaro Resources Ltd.		522		5,633
FirstRand Ltd.		9,515		43,515
Foschini Group Ltd.		587		7,173
Growthpoint Properties Ltd. REIT		7,701		13,375
Hyprop Investments Ltd. REIT		561		3,092
Investec Ltd.		841		5,477
Kumba Iron Ore Ltd.		161		4,275
Liberty Holdings Ltd.		359		2,630

	Number of Shares		Value
South Africa (Continued)
Life Healthcare Group Holdings Ltd.		4,045	$	7,785
Mr Price Group Ltd.		745		11,439
MTN Group Ltd.		4,685		27,830
MultiChoice Group Ltd.*		1,223		9,138
Naspers Ltd., Class N		1,223		264,901
Nedbank Group Ltd.		1,122		22,695
Netcare Ltd.		3,462		6,264
Pick n Pay Stores Ltd.		1,143		5,636
Redefine Properties Ltd. REIT		12,871		8,889
Remgro Ltd.		1,515		21,680
Resilient REIT Ltd. REIT		652		2,853
RMB Holdings Ltd.		1,851		10,548
Sanlam Ltd.		4,975		27,844
Sappi Ltd.		1,529		7,857
Sasol Ltd.		1,593		48,706
Shoprite Holdings Ltd.		1,285		15,692
SPAR Group Ltd.		537		7,627
Standard Bank Group Ltd.		3,522		48,537
Vodacom Group Ltd.		1,864		15,395
Woolworths Holdings Ltd.		2,782		9,062
				753,778
South Korea — 9.3%
Amorepacific Corp.		91		16,182
AMOREPACIFIC Group		84		5,475
BNK Financial Group, Inc.		601		3,789
CJ CheilJedang Corp.		26		7,444
CJ Corp.		40		4,446
Coway Co. Ltd.		151		12,701
Daelim Industrial Co. Ltd.		75		6,242
DGB Financial Group, Inc.		399		3,008
GS Engineering & Construction Corp.		161		6,127
GS Holdings Corp.		61		2,907
Hana Financial Group, Inc.		818		28,256
Hankook Tire Co. Ltd.		215		8,172
Hanon Systems		560		6,199
Hanwha Chemical Corp.		324		6,741
Hotel Shilla Co. Ltd.		87		6,343
Hyundai Engineering & Construction Co. Ltd.		215		10,935
Hyundai Marine & Fire Insurance Co. Ltd.		172		5,765
Industrial Bank of Korea		613		7,603
KB Financial Group, Inc.		1,082		42,666
Korea Gas Corp.		58		2,584
LG Chem Ltd.		129		44,789
LG Corp.		268		17,871
LG Display Co. Ltd.		732		13,830
LG Electronics, Inc.		303		18,993
LG Household & Health Care Ltd.		26		28,804
LG Innotek Co. Ltd.		52		4,993
Lotte Chemical Corp.		49		13,898
Lotte Corp.		48		2,266
NAVER Corp.		408		48,248
OCI Co. Ltd.		55		5,281
Samsung Card Co. Ltd.		121		3,663
Samsung Electro-Mechanics Co. Ltd.		172		16,363
Samsung Fire & Marine Insurance Co. Ltd.		88		23,590

See Notes to Financial Statements. 25

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
South Korea (Continued)
Samsung SDI Co. Ltd.		160	$	33,787
Samsung SDS Co. Ltd.		109		22,339
Shinhan Financial Group Co. Ltd.		1,165		45,214
SK Holdings Co. Ltd.		89		21,564
SK Hynix, Inc.		1,644		102,321
SK Innovation Co. Ltd.		167		27,915
SK Telecom Co. Ltd.		62		14,360
S-Oil Corp.		107		9,514
Yuhan Corp.		26		6,022
				719,210
Taiwan — 14.7%
Acer, Inc.*		8,433		5,576
Advantech Co. Ltd.		1,069		8,163
ASE Technology Holding Co. Ltd.*		10,399		21,253
Asustek Computer, Inc.		2,000		14,264
AU Optronics Corp.		25,617		9,447
Catcher Technology Co. Ltd.		1,834		13,944
Chailease Holding Co. Ltd.		3,635		14,291
Cheng Shin Rubber Industry Co. Ltd.		5,417		7,701
Chicony Electronics Co. Ltd.		1,909		4,218
China Airlines Ltd.		5,225		1,723
China Steel Corp.		33,135		27,454
Chunghwa Telecom Co. Ltd.		11,029		38,344
Compal Electronics, Inc.		11,412		7,082
CTBC Financial Holding Co. Ltd.		47,564		32,223
Delta Electronics, Inc.		5,853		29,192
E.Sun Financial Holding Co. Ltd.		27,432		19,698
Eclat Textile Co. Ltd.		519		5,944
Eva Airways Corp.		4,674		2,346
Evergreen Marine Corp. Taiwan Ltd.		4,295		1,738
Far Eastern New Century Corp.		8,178		8,105
Far EasTone Telecommunications Co. Ltd.		4,679		10,962
Feng TAY Enterprise Co. Ltd.		895		5,627
First Financial Holding Co. Ltd.		23,805		16,088
Fubon Financial Holding Co. Ltd.		19,057		28,174
Giant Manufacturing Co. Ltd.		1,023		5,634
Hiwin Technologies Corp.		542		4,878
Hotai Motor Co. Ltd.		679		7,380
Innolux Corp.		26,122		8,700
Inventec Corp.		6,651		5,143
Lite-On Technology Corp.		6,161		8,918
MediaTek, Inc.		4,236		38,539
Micro-Star International Co. Ltd.		1,908		5,071
Nan Ya Plastics Corp.		15,456		38,619
President Chain Store Corp.		1,677		17,355
Quanta Computer, Inc.		7,852		14,594
Ruentex Development Co. Ltd.		1,335		2,104
SinoPac Financial Holdings Co. Ltd.		24,355		8,507
Standard Foods Corp.		739		1,266
Taishin Financial Holding Co. Ltd.		24,708		11,199
Taiwan Business Bank		10,829		3,994
Taiwan High Speed Rail Corp.		4,767		5,111
Taiwan Mobile Co. Ltd.		4,439		15,866
Taiwan Semiconductor Manufacturing Co. Ltd.		68,596		532,694
Uni-President Enterprises Corp.		13,477		32,843

	Number of Shares		Value
Taiwan (Continued)
United Microelectronics Corp.		34,340	$	12,776
Vanguard International Semiconductor Corp.		2,846		6,408
Wistron Corp.		7,286		5,054
Yuanta Financial Holding Co. Ltd.		30,144		17,091
				1,143,301
Thailand — 3.3%
Advanced Info Service PCL, NVDR		2,900		16,749
Airports of Thailand PCL, NVDR		11,500		24,633
Bangkok Dusit Medical Services PCL, NVDR		10,800		8,088
Banpu PCL, NVDR		6,900		3,569
BTS Group Holdings PCL, NVDR		16,200		5,347
Bumrungrad Hospital PCL, NVDR		1,100		6,510
Central Pattana PCL, NVDR		5,200		12,459
CP ALL PCL, NVDR		14,700		36,269
Delta Electronics Thailand PCL, NVDR		3,200		7,362
Electricity Generating PCL, NVDR		800		6,778
Energy Absolute PCL, NVDR		800		1,212
Glow Energy PCL, NVDR		2,000		5,776
Home Product Center PCL, NVDR		14,500		6,902
Indorama Ventures PCL, NVDR		5,000		8,171
IRPC PCL, NVDR		17,400		3,258
Kasikornbank PCL, NVDR		3,100		19,429
Krung Thai Bank PCL, NVDR		9,500		5,818
Land & Houses PCL, NVDR		20,800		6,931
Minor International PCL, NVDR		6,100		7,501
PTT Global Chemical PCL, NVDR		5,000		11,424
Robinson PCL, NVDR		2,200		4,503
Siam Cement PCL, NVDR		1,100		16,546
Siam Commercial Bank PCL, NVDR		4,900		20,836
Thai Oil PCL, NVDR		1,900		4,356
TMB Bank PCL, NVDR		19,600		1,418
True Corp. PCL, NVDR		34,100		5,843
				257,688
Turkey — 0.3%
Arcelik AS		536		2,092
KOC Holding AS		2,136		7,465
Tupras Turkiye Petrol Rafinerileri AS		275		7,398
Turkiye Sise ve Cam Fabrikalari AS		2,055		2,597
				19,552
United Arab Emirates — 0.8%
Abu Dhabi Commercial Bank PJSC		5,791		15,025
DP World Ltd.		372		5,956
Dubai Islamic Bank PJSC		4,587		6,519
First Abu Dhabi Bank PJSC		7,759		32,109
				59,609
United Kingdom — 0.1%
Mondi Ltd.		388		9,140
TOTAL COMMON STOCKS (Cost $6,548,004)				6,776,676

See Notes to Financial Statements. 26

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

	Number of Shares		Value
PREFERRED STOCKS — 4.4%
Brazil — 4.0%
Banco Bradesco SA		9,414	$	108,618
Cia Brasileira de Distribuicao		447		11,098
Cia Energetica de Minas Gerais		2,285		8,774
Itau Unibanco Holding SA		13,343		125,345
Itausa — Investimentos Itau SA		12,104		39,924
Telefonica Brasil SA		1,292		16,119
				309,878
Chile — 0.3%
Embotelladora Andina SA, Class B		1,207		4,525
Sociedad Quimica y Minera de Chile SA, Class B		362		15,065
				19,590
South Korea — 0.1%
Amorepacific Corp.		25		2,478
CJ Corp.*(b)		6		40
LG Chem Ltd.		18		3,521
LG Household & Health Care Ltd.		6		3,996
				10,035
TOTAL PREFERRED STOCKS (Cost $318,283)				339,503

	Number of Shares		Value
RIGHTS — 0.0%
Taiwan — 0.0%
CTBC Financial Holding Co. Ltd.*, expires 4/1/2019 (Cost $0)		319	$	0
EXCHANGE- TRADED FUNDS — 0.3%
iShares MSCI Emerging Markets ETF (Cost $20,385)		510		21,644
Taiwan — 0.0%
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares” , 2.31% (c)(d) (Cost $10,850)		10,850		10,850
CASH EQUIVALENTS — 7.8%
DWS Government Money Market Series “Institutional Shares”, 2.38% (c) (Cost $608,756)		608,756		608,756
TOTAL INVESTMENTS — 99.8% (Cost $7,506,278)			$	7,757,429
Other assets and liabilities, net — 0.2%				11,843
NET ASSETS — 100.0%			$	7,769,272

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2019 is as follows:

	Value ($) at 12/6/2018 (Commencement of Operations)		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2019		Value ($) at 2/28/2019
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.31% (c)(d)
		—		10,850	(e)		—			—		—		14		—		10,850		10,850
CASH EQUIVALENTS — 7.8%
DWS Government Money Market Series “Institutional Shares”, 2.38% (c)
		—		1,828,004			(1,219,248	)		—		—		3,492		—		608,756		608,756
		—		1,838,854			(1,219,248	)		—		—		3,506		—		619,606		619,606

* 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, 2019 amounted to $705,839, which is 9.1% of net assets.

(b) Investment was valued using significant unobservable inputs.

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

(d) Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. In addition, the Fund held non-cash U.S. Treasury securities collateral having a value of $715,375.

(e) Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended February 28, 2019.

ADR: American Depositary Receipt

CPO: Ordinary Participation Certificates

GDR: Global Depositary Receipt

NVDR: Non Voting Depositary Receipt

PJSC: Public Joint Stock Company

QSC: Qatari Shareholders Company

See Notes to Financial Statements. 27

DBX ETF Trust

Schedule of Investments

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (Continued)

February 28, 2019 (Unaudited)

REIT: Real Estate Investment Trust

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

At February 28, 2019, open futures contract purchased was as follows:

Contract Description	Currency		Number of Contracts		Notional Amount		Contract Value		Expiration Date		Unrealized Depreciation
SGX NIFTY 50 Futures		USD		29	$	630,539	$	630,460		3/28/2019	$	(79	)

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.

Currency Abbreviations

USD U.S. Dollar

Fair Value Measurements

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest 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, 2019 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.

Assets	Level 1			Level 2		Level 3		Total
Common Stocks (f)	$	6,776,676		$	—	$	—	$	6,776,676
Preferred Stocks (f)		339,463			—		40		339,503
Rights		0			—		—		0
Exchange-Traded Funds		21,644			—		—		21,644
Short-Term Investments (f)		619,606			—		—		619,606
TOTAL	$	7,757,389		$	—	$	40	$	7,757,429
Liabilities	Level 1			Level 2		Level 3		Total
Derivatives (g)
Futures Contract	$	(79	)	$	—	$	—	$	(79	)
TOTAL	$	(79	)	$	—	$	—	$	(79	)

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

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

See Notes to Financial Statements. 28

This Page is Intentionally Left Blank

29

DBX ETF Trust

Statements of Assets and Liabilities

February 28, 2019 (Unaudited)

	Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF		Xtrackers MSCI EAFE ESG Leaders Equity ETF			Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Assets
Investment in non-affiliated securities at value	$	7,575,340	$	7,247,972		$	7,137,823
Investment in DWS Government Money Market Series		150,318		55			608,756
Investment in DWS Government & Agency Securities Portfolio*		79,663		46,390			10,850
Foreign currency at value		106,163		8,238			29,720
Deposit with broker for futures contracts		7,477		—			27,119
Receivables:
Investment securities sold		9,311		4,613			45,849
Variation margin on futures contracts		4,945		—			3,655
Dividends		16,506		13,434			23,294
Interest		273		1			1,117
Securities lending income		53		27			—
Foreign tax reclaim		291		910			—
Total Assets	$	7,950,340	$	7,321,640		$	7,888,183
Liabilities
Payable upon return of securities loaned	$	79,663	$	46,390		$	10,850
Payables:
Investment securities purchased		111,624		5,432			106,902
Investment advisory fees		932		767			1,159
Total Liabilities		192,219		52,589			118,911
Net Assets, at value	$	7,758,121	$	7,269,051		$	7,769,272
Net Assets Consist of
Paid-in capital	$	7,501,563	$	7,507,639		$	7,485,979
Distributable earnings (loss)		256,558		(238,588	)		283,293
Net Assets, at value	$	7,758,121	$	7,269,051		$	7,769,272
Number of Common Shares outstanding		300,001		300,001			300,001
Net Asset Value	$	25.86	$	24.23		$	25.90
Investment in non-affiliated securities at cost	$	7,344,717	$	7,494,675		$	6,886,672
Value of securities loaned	$	254,291	$	47,016		$	705,839
Investment in DWS Government Money Market Series at cost	$	150,318	$	55		$	608,756
Investment in DWS Government & Agency Securities Portfolio at cost*	$	79,663	$	46,390		$	10,850
Non-cash collateral for securities on loan	$	193,484	$	9,989		$	715,375
Foreign currency at cost	$	105,222	$	8,173		$	29,114

* Represents collateral on securities loaned.

See Notes to Financial Statements. 30

DBX ETF Trust

Statements of Operations

For the Six Months Ended February 28, 2019 (Unaudited)

	Xtrackers MSCI ACWI ex USA ESG Leaders Equity  ETF(1)			Xtrackers MSCI EAFE ESG Leaders Equity ETF(2)			Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF(1)
Investment Income
Unaffiliated dividend income*	$	32,321		$	68,343		$	29,210
Income distribution from affiliated funds		973			30			3,492
Unaffiliated non-cash dividend income		2,190			11,236			8,370
Affiliated securities lending income		203			414			14
Unaffiliated securities lending income, net of borrower rebates		—			—			17
Total investment income		35,687			80,023			41,103
Expenses
Investment advisory fees		2,750			4,803			3,457
Total expenses		2,750			4,803			3,457
Less fees waived (see note 3):
Waiver		(37	)		(1	)		(105	)
Net Expenses		2,713			4,802			3,352
Net Investment income (loss)		32,974			75,221			37,751
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(375	)		(7,848	)		2,672
Investments in affiliates		—			(18	)		—
Futures contracts		1,007			—			(7,267	)
Foreign currency transactions		4,674			(2,689	)		17,249
Net realized gain (loss)		5,306			(10,555	)		12,654
Net change in unrealized appreciation (depreciation) on:
Investments		230,623			(246,703	)		251,151
Futures contracts		(22	)		—			(79	)
Foreign currency translations		961			77			587
Net change in unrealized appreciation (depreciation)		231,562			(246,626	)		251,659
Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		236,868			(257,181	)		264,313
Net Increase (Decrease) in Net Assets Resulting from Operations	$	269,842		$	(181,960	)	$	302,064
*   Unaffiliated foreign tax withheld	$	3,705		$	6,727		$	4,254

(1) For the period December 6, 2018 (commencement of operations) through February 28, 2019.

(2) For the period September 6, 2018 (commencement of operations) through February 28, 2019.

See Notes to Financial Statements. 31

DBX ETF Trust

Statements of Changes in Net Assets

	Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF			Xtrackers MSCI EAFE ESG Leaders Equity ETF			Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
	For the Period December 6, 2018(1) to February 28,  2019			For the Period September 6, 2018(1) to February 28,  2019			For the Period December 6, 2018(1) to February 28,  2019
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	32,974		$	75,221		$	37,751
Net realized gain (loss)		5,306			(10,555	)		12,654
Net change in net unrealized appreciation (depreciation)		231,562			(246,626	)		251,659
Net increase (decrease) in net assets resulting from operations		269,842			(181,960	)		302,064
Distributions to Shareholders		(13,284	)		(56,628	)		(18,771	)
Fund Shares Transactions
Proceeds from shares sold		7,501,538			7,507,614			7,485,954
Value of shares redeemed		—			—			—
Net increase (decrease) in net assets resulting from fund share transactions		7,501,538			7,507,614			7,485,954
Total net increase (decrease) in Net Assets		7,758,096			7,269,026			7,769,247
Net Assets
Beginning of period		25			25			25
End of period	$	7,758,121		$	7,269,051		$	7,769,272
Changes in Shares Outstanding
Shares outstanding, beginning of period		1			1			1
Shares sold		300,000			300,000			300,000
Shares redeemed		—			—			—
Shares outstanding, end of period		300,001			300,001			300,001

(1) Commencement of Operations.

See Notes to Financial Statements. 32

DBX ETF Trust

Financial Highlights

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF Selected Per Share Data	Period Ended 2/28/2019(a)
Net Asset Value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss) (c)		0.11
Net realized and unrealized gain (loss)		0.79
Total from investment operations		0.90
Less distributions from:
Net investment income		(0.04	)
Total distributions		(0.04	)
Net Asset Value, end of period	$	25.86
Total Return (%)		3.63	(d)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		8
Ratio of expenses before fee waiver (%)		0.16	*
Ratio of expenses after fee waiver (%)		0.16	*
Ratio of net investment income (loss) (%)		1.92	*
Portfolio turnover rate (%) (e)		0	**
Xtrackers MSCI EAFE ESG Leaders Equity ETF Selected Per Share Data	Period Ended 2/28/2019(b)
Net Asset Value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss) (c)		0.25
Net realized and unrealized gain (loss)		(0.83	)
Total from investment operations		(0.58	)
Less distributions from:
Net investment income		(0.18	)
Net realized gains		(0.01	)
Total distributions		(0.19	)
Net Asset Value, end of period	$	24.23
Total Return (%)		(2.27	)(d)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7
Ratio of expenses before fee waiver (%)		0.14	*
Ratio of expenses after fee waiver (%)		0.14	*
Ratio of net investment income (loss) (%)		2.19	*
Portfolio turnover rate (%) (e)		2	**

(a) For the period December 6, 2018 (commencement of operations) through February 28, 2019.

(b) For the period September 6, 2018 (commencement of operations) through February 28, 2019.

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

(d) Total return would have been lower if certain expenses 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. 33

DBX ETF Trust

Financial Highlights (Continued)

Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF Selected Per Share Data	Period Ended 2/28/2019(a)
Net Asset Value, beginning of period	$	25.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.13
Net realized and unrealized gain (loss)		0.83
Total from investment operations		0.96
Less distributions from:
Net investment income		(0.06	)
Total distributions		(0.06	)
Net Asset Value, end of period	$	25.90
Total Return (%)		3.87	(c)**
Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		8
Ratio of expenses before fee waiver (%)		0.20	*
Ratio of expenses after fee waiver (%)		0.19	*
Ratio of net investment income (loss) (%)		2.18	*
Portfolio turnover rate (%)(d)		1	**

(a) For the period December 6, 2018 (commencement of operations) through February 28, 2019.

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

(c) Total return would have been lower if certain expenses had not been reimbursed by the Advisor.

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

* Annualized.

** Not Annualized.

See Notes to Financial Statements. 34

DBX ETF Trust

Notes to Financial Statements (Unaudited)

1. Organization

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of February 28, 2019, the Trust consists of thirty-eight 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 MSCI ACWI ex USA ESG Leaders Equity ETF

Xtrackers MSCI EAFE ESG Leaders Equity ETF

Xtrackers MSCI Emerging Markets ESG Leaders Equity 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 (“NAV”), only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

The investment objective of each Fund is to track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

Fund	Underlying Index
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF	MSCI ACWI ex USA ESG Leaders Index
Xtrackers MSCI EAFE ESG Leaders Equity ETF Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	MSCI EAFE ESG Leaders Index MSCI Emerging Markets ESG Leaders Index

The MSCI ACWI ex USA ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers. The Underlying Index is constructed using regional indexes that provide exposure to large- and medium-capitalization companies from developed and emerging markets countries (excluding the United States). The Underlying Index is rebalanced quarterly in February, May, August and November, and thus the Fund rebalances its portfolio in a corresponding fashion.

The MSCI EAFE ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across developed markets countries, excluding Canada and the United States. The Underlying Index is rebalanced quarterly in February, May, August and November, and thus the Fund rebalances its portfolio in a corresponding fashion.

The MSCI Emerging Markets ESG Leaders Index is a capitalization weighted index that provides exposure to companies with high environmental, social and governance (“ESG”) performance relative to their sector peers. The Underlying Index consists of large- and medium-capitalization companies across emerging markets countries. The Underlying Index is rebalanced quarterly in February, May, August and November, and thus the Fund rebalances its portfolio in a corresponding fashion.

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the 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.

35

DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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

2. Significant Accounting Policies

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

Security Valuation    The 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 or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1.

Investments in open-end investment companies are valued at their NAV 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.

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 the Fund’s Schedule of Investments.

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Notes to Financial Statements (Unaudited) (Continued)

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

Investment Transactions and Investment Income    Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the fund is informed of such dividends. Interest income is recorded on the accrual basis. 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 each Fund to pay out dividends from net investment income, if any, to investors semi-annually. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 28, 2019, the Funds did not incur any interest or penalties.

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

Foreign Taxes    The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Foreign taxes payable as of February 28, 2019, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations    The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount

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DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

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 and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities 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, 2019, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.11% annualized effective rate as of February 28, 2019) on the cash collateral invested in DWS 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, 2019, 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.

Remaining Contractual Maturity of the Agreements, as of February 28, 2019
Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF
Common Stocks	$	79,663	$	—	$	113	$	193,371	$	273,147
Gross amount of recognized liabilities for securities lending transactions									$	273,147
Xtrackers MSCI EAFE ESG Leaders Equity ETF
Common Stocks	$	46,390	$	—	$	4	$	9,985	$	56,379
Gross amount of recognized liabilities for securities lending transactions									$	56,379
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
Common Stocks	$	10,850	$	16,974	$	26,053	$	672,348	$	726,225
Gross amount of recognized liabilities for securities lending transactions									$	726,225

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, 2019, Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF utilized futures in order to simulate investment in the Funds’ Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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Notes to Financial Statements (Unaudited) (Continued)

At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

A summary of the open futures contracts as of February 28, 2019 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, 2019 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

		Asset Derivatives			Liability Derivatives
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	22
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF
	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	79

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

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended February 28, 2019 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 MSCI ACWI ex USA ESG Leaders Equity ETF	$	1,007
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		(7,267	)
Net Change in Unrealized Appreciation (Depreciation) on:
	Futures Contracts — Equity Contracts
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF	$	(22	)
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		(79	)

For the period ended February 28, 2019 the average monthly volume of derivatives was as follows:

	Futures Contracts (Contract Value)
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF	$	233,191
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		665,051

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DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

Affiliated Cash Management Vehicles    The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable net asset value, and DWS ESG Liquidity Fund maintains a floating net asset value. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary management fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

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 MSCI ACWI ex USA ESG Leaders Equity ETF		0.16	%
Xtrackers MSCI EAFE ESG Leaders Equity ETF		0.14	%
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		0.20	%

The Advisor for the Funds below has contractually agreed to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 28, 2019, the Advisor waived expenses of the Fund’s as follows:

	Expenses Waived
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF	$	37
Xtrackers MSCI EAFE ESG Leaders Equity ETF		1
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		105

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 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).

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DBX ETF Trust

Notes to Financial Statements (Unaudited) (Continued)

4. Investment Portfolio Transactions

For the period ended February 28, 2019, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

	Purchases		Sales
Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF (1)	$	7,368,210	$	24,694
Xtrackers MSCI EAFE ESG Leaders Equity ETF (2)		7,667,253		166,629
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (1)		6,952,212		69,447

(1) For the period December 6, 2018 (commencement of operations) through February 28, 2019.

(2) For the period September 6, 2018 (commencement of operations) through February 28, 2019.

5. Fund Share Transactions

As of February 28, 2019, 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, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At February 28, 2019, 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 MSCI ACWI ex USA ESG Leaders Equity ETF		92	%
Xtrackers MSCI EAFE ESG Leaders Equity ETF		98	%
Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF		97	%

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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DBX ETF Trust

Board Considerations in Approval of Investment Advisory Contracts (Unaudited)

Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 11-12, 2019 (the “Meeting”), the Trustees, including the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance¹ of the Investment Advisory Agreement with respect to Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF, Xtrackers MSCI EAFE ESG Leaders Equity ETF and Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms and also took into consideration the discussions they had with management during the Meeting and among themselves during their Executive Sessions held on February 11 and February 12, 2019. The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, 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 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.

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 the 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

¹ At a meeting held on November 14, 2017, the Board, including the Independent Trustees (those not affiliated with the Trust or its service providers), unanimously approved the initial Investment Advisory Agreement with the Funds.

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Board Considerations in Approval of Investment Advisory Contracts (Unaudited) (Continued)

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 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 Funds’ costs (subject to certain specified exceptions). 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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DBX ETF Trust

Additional Information (Unaudited)

Proxy Voting Policies and Procedures

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at (855) 329-3837.

Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q or Form N-PORT (available for filings after March 31, 2019). 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.

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 NAV 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 advisor, 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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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. ESG criteria in a Fund’s investment strategy does not guarantee a return or protect against loss. Stocks may decline in value. Foreign investing involves greater and different risks than investing in US companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. With respect to EMSG and ACSG, 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. These Funds are non-diversified and can take larger positions in fewer issues, increasing its 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 the Fund. Please read the prospectus for more information.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. 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 or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such Funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX and any related funds.

Copyright © 2019 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment 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 240 Greenwich 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-065808-1 (4/19) DBX003835 (4/20)

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.

[Please verify, please provide further information if this statement is not correct.]

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 5/3/2019

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 5/3/2019

By (Signature and Title)*	/s/ Michael Gilligan
	Michael Gilligan
	Treasurer, Chief Financial Officer and Controller

Date 5/3/2019

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