Form 40-17F2 USAA ETF Trust Filed by: USAA ETF Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

USAA MSCI USA Value Momentum Blend Index ETF

USAA MSCI USA Small Cap Value Momentum Blend Index ETF

We have examined management's assertion, included in the accompanying Management Statement Regarding Compliance With Certain Provisions of the Investment Company Act of 1940, that the USAA MSCI USA Value Momentum Blend Index ETF and the USAA MSCI USA Small Cap Value Momentum Blend Index ETF

(the Funds) complied with the requirements of subsections (b) and (c) of rule 17f-2 under the Investment Company Act of 1940 (the Act) as of April 30, 2018. Management is responsible for the Funds' compliance with those requirements. Our responsibility is to express an opinion on management's assertion about the Funds' compliance based on our examination.

Our examination was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Funds' compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. Included among our procedures were the following tests performed as of April 30, 2018 and with respect to agreement of security purchases and sales, for the period from December 31,

2017 (the date of our last examination), through April 30, 2018:

•Confirmation of all securities held by institutions in book entry form (The Depository Trust Company);

•Confirmation of all securities hypothecated, pledged, placed in escrow or out for transfer with brokers, pledgees or transfer agents;

•Reconciliation of all such securities to the books and records of the Fund and the Custodian, State Street Bank;

•Confirmation of all open future positions with brokers; and

•Agreement of five security purchases and five security sales or maturities since inception from the books and records of each Fund to broker confirmations or by other appropriate auditing procedures where replies from brokers were not received.

We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Funds' compliance with specified requirements.

In our opinion, management's assertion that the USAA MSCI USA Value Momentum Blend Index ETF and the USAA MSCI USA Small Cap Value Momentum Blend Index ETF complied with the requirements of subsections (b) and (c) of rule 17f-2 of the Act as

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of April 30, 2018, with respect to securities reflected in the investment accounts of the Funds are fairly stated, in all material respects.

This report is intended solely for the information and use of management and the Board of Trustees of the USAA MSCI USA Value Momentum Blend Index ETF and the USAA MSCI USA Small Cap Value Momentum Blend Index ETF and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

Ernst & Young LLP

San Antonio, Texas

September 7, 2018

Internal

Management Statement Regarding Compliance with Certain Provisions of the

Investment Company Act of 1940

September 7, 2018

We, as members of management of the USAA MSCI Emerging Markets Momentum Blend Index ETF and the USAA MSCI International Value Momentum Blend Index ETF (the Funds), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, "Custody of Investments by Registered Management Investment Companies," of the Investment Company Act of 1940 ("the Act"). We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of the Funds' compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of December 31, 2017, and from October 24, 2017 (commencement of operations) through December 31, 2017.

Based on this evaluation, we assert that the Funds were in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of December 31, 2017, and from October 24, 2017 (commencement of operations) through December 31, 2017, with respect to securities reflected in the investment account of the Funds.

USAA MSCI EMERGING MARKETS MOMENTUM BLEND INDEX ETF USAA MSCI INTERNATIONAL VALUE MOMENTUM BLEND INDEX ETF

By:

___/s/ Dan McNamara______________

Dan McNamara

President and Vice Chairman of the

Board of Trustees

__/s/ James De Vries_______________

James De Vries

Treasurer

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