Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
CORPORATE
BONDS
—
97.7%
Basic
Materials
—
5.9%
Chemicals
—
2.3%
Celanese
US
Holdings
LLC
6.50%,
4/15/30
(a)
14,000
14,120
6.75%,
4/15/33
(a)
21,000
20,458
7.20%,
11/15/33
(a)
26,000
27,162
Chemours
Co.
5.375%,
5/15/27
14,000
13,716
144A,5.75%,
11/15/28
16,000
14,342
144A,4.625%,
11/15/29
16,000
13,106
Chemours
(The)
Co.,144A,8.00%,
1/15/33
12,000
10,474
Consolidated
Energy
Finance
SA
144A,5.625%,
10/15/28
10,000
8,123
144A,12.00%,
2/15/31
(a)
16,000
14,678
INEOS
Finance
PLC
144A,6.75%,
5/15/28
14,000
13,722
144A,7.50%,
4/15/29
15,000
14,755
Methanex
US
Operations,
Inc.,144A,6.25%,
3/15/32
12,000
11,624
NOVA
Chemicals
Corp.,144A,9.00%,
2/15/30
13,000
14,012
OCP
SA,144A,6.70%,
3/1/36
23,000
22,623
Olin
Corp.,144A,6.625%,
4/1/33
15,000
14,376
SCIH
Salt
Holdings,
Inc.,144A,6.625%,
5/1/29
14,000
13,748
Tronox,
Inc.,144A,4.625%,
3/15/29
(a)
26,000
21,765
WR
Grace
Holdings
LLC,144A,5.625%,
8/15/29
28,000
24,697
(Cost
$298,227)
287,501
Forest
Products
&
Paper
—
0.5%
Domtar
Corp.,144A,6.75%,
10/1/28
16,000
14,072
Glatfelter
Corp.,144A,4.75%,
11/15/29
(a)
10,000
8,486
Magnera
Corp.,144A,7.25%,
11/15/31
19,000
17,398
Mercer
International,
Inc.
144A,12.875%,
10/1/28
8,000
7,967
5.125%,
2/1/29
22,000
17,511
(Cost
$71,821)
65,434
Iron/Steel
—
1.5%
Cleveland-Cliffs,
Inc.
144A,6.875%,
11/1/29
18,000
16,751
144A,6.75%,
4/15/30
18,000
16,182
144A,7.50%,
9/15/31
19,000
17,105
144A,7.00%,
3/15/32
(a)
35,000
30,233
144A,7.375%,
5/1/33
(a)
21,000
18,058
Metinvest
BV,144A,7.75%,
10/17/29
11,000
8,736
Principal
Amount
$
Value
$
Mineral
Resources
Ltd.
144A,8.125%,
5/1/27
19,000
19,031
144A,8.00%,
11/1/27
12,000
11,999
144A,9.25%,
10/1/28
23,000
23,495
144A,8.50%,
5/1/30
17,000
16,854
(Cost
$189,669)
178,444
Mining
—
1.6%
Arsenal
AIC
Parent
LLC
144A,8.00%,
10/1/30
17,000
17,873
144A,11.50%,
10/1/31
11,000
12,263
First
Quantum
Minerals
Ltd.
144A,6.875%,
10/15/27
19,000
18,883
144A,9.375%,
3/1/29
36,000
37,898
144A,8.625%,
6/1/31
(a)
31,000
31,542
144A,8.00%,
3/1/33
22,000
21,859
Vedanta
Resources
Finance
II
PLC
144A,10.875%,
9/17/29
28,000
27,712
144A,9.475%,
7/24/30
11,000
10,438
144A,11.25%,
12/3/31
10,000
10,018
144A,9.85%,
4/24/33
13,000
12,324
(Cost
$201,579)
200,810
Communications
—
26.6%
Advertising
—
1.7%
Clear
Channel
Outdoor
Holdings,
Inc.
144A,5.125%,
8/15/27
30,000
29,367
144A,7.75%,
4/15/28
(a)
21,000
19,207
144A,9.00%,
9/15/28
15,000
15,721
144A,7.50%,
6/1/29
(a)
28,000
24,780
144A,7.875%,
4/1/30
16,000
16,224
Neptune
Bidco
US,
Inc.,144A,9.29%,
4/15/29
60,000
56,894
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
144A,4.25%,
1/15/29
10,000
9,466
144A,4.625%,
3/15/30
(a)
10,000
9,391
Stagwell
Global
LLC,144A,5.625%,
8/15/29
26,000
24,468
(Cost
$206,221)
205,518
Internet
—
1.4%
Arches
Buyer,
Inc.,144A,6.125%,
12/1/28
10,000
9,151
ION
Trading
Technologies
SARL
144A,5.75%,
5/15/28
9,000
8,714
144A,9.50%,
5/30/29
18,000
18,649
Newfold
Digital
Holdings
Group,
Inc.,144A,11.75%,
10/15/28
12,000
8,868
Rakuten
Group,
Inc.
144A,11.25%,
2/15/27
51,000
55,091
144A,9.75%,
4/15/29
39,000
41,833
Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Wayfair
LLC
144A,7.25%,
10/31/29
22,000
21,481
144A,7.75%,
9/15/30
(a)
14,000
13,752
(Cost
$174,599)
177,539
Media
—
14.7%
AMC
Networks,
Inc.
144A,10.25%,
1/15/29
18,000
19,098
4.25%,
2/15/29
22,000
16,852
Cable
One,
Inc.,144A,4.00%,
11/15/30
(a)
13,000
10,079
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
144A,5.00%,
2/1/28
56,000
54,961
144A,5.375%,
6/1/29
26,000
25,657
144A,6.375%,
9/1/29
32,000
32,454
144A,4.75%,
3/1/30
58,000
55,404
144A,4.50%,
8/15/30
54,000
50,670
144A,4.25%,
2/1/31
58,000
53,161
144A,7.375%,
3/1/31
(a)
16,000
16,570
144A,4.75%,
2/1/32
(a)
17,000
15,748
4.50%,
5/1/32
55,000
50,098
144A,4.50%,
6/1/33
33,000
29,374
144A,4.25%,
1/15/34
(a)
38,000
32,829
CSC
Holdings
LLC
144A,5.50%,
4/15/27
46,000
43,606
144A,5.375%,
2/1/28
17,000
15,520
144A,7.50%,
4/1/28
25,000
19,281
144A,11.25%,
5/15/28
(a)
20,000
19,807
144A,11.75%,
1/31/29
49,000
45,966
144A,6.50%,
2/1/29
36,000
28,756
144A,5.75%,
1/15/30
55,000
27,810
144A,4.125%,
12/1/30
23,000
15,804
144A,4.625%,
12/1/30
54,000
24,886
144A,3.375%,
2/15/31
21,000
13,773
144A,4.50%,
11/15/31
33,000
22,339
144A,5.00%,
11/15/31
(a)
12,000
5,469
Directv
Financing
LLC,144A,8.875%,
2/1/30
15,000
14,790
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
144A,5.875%,
8/15/27
75,000
73,877
144A,10.00%,
2/15/31
51,000
49,675
DISH
DBS
Corp.
7.75%,
7/1/26
47,000
40,449
144A,5.25%,
12/1/26
65,000
60,122
7.375%,
7/1/28
22,000
15,130
144A,5.75%,
12/1/28
59,000
50,041
5.125%,
6/1/29
35,000
23,042
DISH
Network
Corp.,144A,11.75%,
11/15/27
82,000
84,655
Gray
Media,
Inc.
144A,7.00%,
5/15/27
14,000
13,915
Principal
Amount
$
Value
$
144A,10.50%,
7/15/29
(a)
31,000
32,995
144A,4.75%,
10/15/30
20,000
14,525
144A,5.375%,
11/15/31
(a)
25,000
17,872
iHeartCommunications,
Inc.
144A,9.125%,
5/1/29
(a)
23,000
19,118
144A,10.875%,
5/1/30
14,000
6,882
144A,7.75%,
8/15/30
11,000
8,513
LCPR
Senior
Secured
Financing
DAC
144A,6.75%,
10/15/27
30,000
21,763
144A,5.125%,
7/15/29
17,000
10,986
McGraw-Hill
Education,
Inc.
144A,5.75%,
8/1/28
15,000
14,827
144A,8.00%,
8/1/29
20,000
20,067
144A,7.375%,
9/1/31
13,000
13,385
Nexstar
Media,
Inc.,144A,4.75%,
11/1/28
(a)
21,000
20,218
Radiate
Holdco
LLC
/
Radiate
Finance,
Inc.
144A,4.50%,
9/15/26
18,000
15,453
144A,6.50%,
9/15/28
24,000
15,786
Sinclair
Television
Group,
Inc.
144A,5.50%,
3/1/30
15,000
12,675
144A,8.125%,
2/15/33
31,000
31,042
144A,9.75%,
2/15/33
8,000
8,620
Sirius
XM
Radio,
Inc.
144A,5.50%,
7/1/29
(a)
24,000
23,622
144A,4.125%,
7/1/30
31,000
28,189
144A,3.875%,
9/1/31
40,000
35,008
TEGNA,
Inc.
4.625%,
3/15/28
27,000
26,276
5.00%,
9/15/29
23,000
21,928
Univision
Communications,
Inc.
144A,6.625%,
6/1/27
35,000
35,022
144A,8.00%,
8/15/28
31,000
31,048
144A,4.50%,
5/1/29
22,000
19,549
144A,7.375%,
6/30/30
18,000
16,840
144A,8.50%,
7/31/31
32,000
30,750
Virgin
Media
Finance
PLC,144A,5.00%,
7/15/30
22,000
19,961
Virgin
Media
Secured
Finance
PLC
144A,5.50%,
5/15/29
34,000
33,098
144A,4.50%,
8/15/30
19,000
17,559
VTR
Finance
NV,144A,6.375%,
7/15/28
10,000
9,512
Ziggo
Bond
Co.
BV,144A,5.125%,
2/28/30
10,000
8,488
Ziggo
BV,144A,4.875%,
1/15/30
25,000
22,845
(Cost
$1,914,340)
1,836,090
Telecommunications
—
8.8%
Altice
Financing
SA
144A,5.00%,
1/15/28
30,000
23,517
Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
144A,5.75%,
8/15/29
47,000
35,963
Altice
France
SA
144A,8.125%,
2/1/27
45,000
41,338
144A,5.50%,
1/15/28
23,000
19,819
144A,5.125%,
1/15/29
10,000
8,404
144A,5.125%,
7/15/29
54,000
45,616
144A,5.50%,
10/15/29
46,000
39,118
C&W
Senior
Finance
Ltd.,144A,9.00%,
1/15/33
14,000
13,908
Commscope
LLC,144A,9.50%,
12/15/31
26,000
27,042
CommScope
LLC
144A,8.25%,
3/1/27
(a)
18,000
17,969
144A,7.125%,
7/1/28
19,000
18,288
144A,4.75%,
9/1/29
19,000
18,217
CommScope
Technologies
LLC,144A,5.00%,
3/15/27
15,000
14,508
Connect
Finco
SARL
/
Connect
US
Finco
LLC,144A,9.00%,
9/15/29
53,000
50,581
CT
Trust,144A,5.125%,
2/3/32
19,000
17,503
EchoStar
Corp.,10.75%,
11/30/29
126,000
126,702
Fibercop
SpA
144A,7.20%,
7/18/36
10,000
9,675
144A,7.721%,
6/4/38
13,000
13,002
Hughes
Satellite
Systems
Corp.
5.25%,
8/1/26
(a)
15,000
13,535
6.625%,
8/1/26
(a)
15,000
10,526
Iliad
Holding
Sasu,144A,7.00%,
4/15/32
18,000
18,138
Iliad
Holding
SASU,144A,8.50%,
4/15/31
23,000
24,293
Intelsat
Jackson
Holdings
SA,144A,6.50%,
3/15/30
71,000
69,998
Level
3
Financing,
Inc.
144A,10.50%,
4/15/29
20,000
22,550
144A,4.875%,
6/15/29
13,000
11,872
144A,11.00%,
11/15/29
36,000
40,884
144A,4.50%,
4/1/30
15,000
13,267
144A,10.50%,
5/15/30
19,000
20,829
144A,3.875%,
10/15/30
10,000
8,475
144A,10.75%,
12/15/30
14,000
15,820
144A,4.00%,
4/15/31
12,000
9,990
Lumen
Technologies,
Inc.,144A,10.00%,
10/15/32
8,400
8,626
Millicom
International
Cellular
SA
144A,4.50%,
4/27/31
22,000
19,649
144A,7.375%,
4/2/32
9,000
9,122
Sable
International
Finance
Ltd.,144A,7.125%,
10/15/32
24,000
23,603
Telefonica
Moviles
Chile
SA,144A,3.537%,
11/18/31
11,000
6,774
Principal
Amount
$
Value
$
Viasat,
Inc.
144A,5.625%,
4/15/27
10,000
9,856
144A,6.50%,
7/15/28
(a)
8,000
7,363
144A,7.50%,
5/30/31
(a)
13,000
10,388
Vmed
O2
UK
Financing
I
PLC
144A,4.25%,
1/31/31
35,000
31,699
144A,4.75%,
7/15/31
32,000
29,412
144A,7.75%,
4/15/32
15,000
15,463
Windstream
Services
LLC
/
Windstream
Escrow
Finance
Corp.,144A,8.25%,
10/1/31
52,000
54,157
Zayo
Group
Holdings,
Inc.
144A,4.00%,
3/1/27
35,000
32,955
144A,6.125%,
3/1/28
(a)
25,000
21,581
(Cost
$1,110,732)
1,101,995
Consumer,
Cyclical
—
14.2%
Airlines
—
0.7%
American
Airlines,
Inc.
144A,7.25%,
2/15/28
(a)
23,000
23,247
144A,8.50%,
5/15/29
(a)
20,000
20,735
JetBlue
Airways
Corp.
/
JetBlue
Loyalty
LP,144A,9.875%,
9/20/31
46,000
45,533
(Cost
$91,306)
89,515
Apparel
—
0.2%
VF
Corp.
2.80%,
4/23/27
13,000
12,233
2.95%,
4/23/30
15,000
12,535
(Cost
$25,601)
24,768
Auto
Manufacturers
—
0.2%
Aston
Martin
Capital
Holdings
Ltd.,144A,10.00%,
3/31/29
(Cost
$24,473)
25,000
23,455
Auto
Parts
&
Equipment
—
2.1%
Adient
Global
Holdings
Ltd.
144A,8.25%,
4/15/31
12,000
12,259
144A,7.50%,
2/15/33
(a)
19,000
18,863
American
Axle
&
Manufacturing,
Inc.
6.50%,
4/1/27
19,000
18,925
6.875%,
7/1/28
(a)
6,000
5,954
5.00%,
10/1/29
12,000
10,921
Clarios
Global
LP
/
Clarios
US
Finance
Co.,144A,6.75%,
2/15/30
14,000
14,270
Dornoch
Debt
Merger
Sub,
Inc.,144A,6.625%,
10/15/29
15,000
11,547
Forvia
SE,144A,8.00%,
6/15/30
(a)
12,000
12,206
Goodyear
Tire
&
Rubber
Co.
5.00%,
7/15/29
(a)
26,000
24,927
Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
5.25%,
4/30/31
(a)
10,000
9,346
5.25%,
7/15/31
12,000
11,206
5.625%,
4/30/33
9,000
8,378
Tenneco,
Inc.,144A,8.00%,
11/17/28
45,000
44,343
ZF
North
America
Capital,
Inc.
144A,6.875%,
4/14/28
12,000
11,903
144A,7.125%,
4/14/30
12,000
11,580
144A,6.75%,
4/23/30
24,000
22,817
144A,6.875%,
4/23/32
14,000
12,854
(Cost
$261,862)
262,299
Entertainment
—
2.9%
Allwyn
Entertainment
Financing
UK
PLC,144A,7.875%,
4/30/29
14,000
14,537
AMC
Entertainment
Holdings,
Inc.,144A,7.50%,
2/15/29
23,000
17,996
Caesars
Entertainment,
Inc.
144A,4.625%,
10/15/29
27,000
25,235
144A,6.00%,
10/15/32
22,000
21,118
Cinemark
USA,
Inc.
144A,5.25%,
7/15/28
20,000
19,745
144A,7.00%,
8/1/32
10,000
10,295
Light
&
Wonder
International,
Inc.
144A,7.25%,
11/15/29
17,000
17,501
144A,7.50%,
9/1/31
11,000
11,374
Merlin
Entertainments
Group
US
Holdings,
Inc.,144A,7.375%,
2/15/31
9,000
8,218
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
144A,8.25%,
4/15/30
17,000
17,312
144A,11.875%,
4/15/31
16,000
16,618
Motion
Bondco
DAC,144A,6.625%,
11/15/27
9,000
8,513
Motion
Finco
Sarl,144A,8.375%,
2/15/32
11,000
10,177
Penn
Entertainment,
Inc.
144A,5.625%,
1/15/27
8,000
7,903
144A,4.125%,
7/1/29
(a)
8,000
7,153
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
144A,5.625%,
9/1/29
15,000
9,956
144A,5.875%,
9/1/31
20,000
11,925
Six
Flags
Entertainment
Corp.,144A,7.25%,
5/15/31
(a)
16,000
16,359
Six
Flags
Entertainment
Corp.
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.,5.25%,
7/15/29
10,000
9,716
Principal
Amount
$
Value
$
Six
Flags
Entertainment
Corp.
/Six
Flags
Theme
Parks,
Inc./
Canada's
Wonderland
Co.,144A,6.625%,
5/1/32
24,000
24,483
Voyager
Parent
LLC,144A,9.25%,
7/1/32
43,000
44,452
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.,144A,7.125%,
2/15/31
(a)
24,000
25,188
(Cost
$368,716)
355,774
Food
Service
—
0.2%
TKC
Holdings,
Inc.
144A,6.875%,
5/15/28
14,000
13,941
144A,10.50%,
5/15/29
15,000
15,439
(Cost
$28,479)
29,380
Home
Builders
—
0.3%
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential
US
LLC
144A,6.25%,
9/15/27
12,000
11,823
144A,4.875%,
2/15/30
10,000
8,711
LGI
Homes,
Inc.
144A,8.75%,
12/15/28
12,000
12,357
144A,7.00%,
11/15/32
9,000
8,367
(Cost
$43,164)
41,258
Housewares
—
0.9%
Cd&r
Smokey
Buyer,
Inc.
/
Radio
Systems
Corp.,144A,9.50%,
10/15/29
18,000
14,962
Newell
Brands,
Inc.
6.375%,
9/15/27
13,000
13,067
144A,8.50%,
6/1/28
26,000
26,963
6.625%,
9/15/29
10,000
9,686
6.375%,
5/15/30
17,000
16,013
6.625%,
5/15/32
12,000
11,102
Scotts
Miracle-Gro
Co.
4.00%,
4/1/31
10,000
8,992
4.375%,
2/1/32
9,000
8,112
(Cost
$112,528)
108,897
Leisure
Time
—
0.7%
NCL
Corp.
Ltd.
144A,7.75%,
2/15/29
12,000
12,625
144A,6.75%,
2/1/32
42,000
42,034
Sabre
GLBL,
Inc.
144A,8.625%,
6/1/27
17,000
17,502
144A,10.75%,
11/15/29
19,000
19,451
(Cost
$89,659)
91,612
Lodging
—
1.8%
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
144A,4.875%,
7/1/31
9,000
8,077
Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
144A,6.625%,
1/15/32
18,000
17,988
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower,
Inc.,144A,5.00%,
6/1/29
21,000
19,719
Marriott
Ownership
Resorts,
Inc.,144A,4.50%,
6/15/29
14,000
13,154
Melco
Resorts
Finance
Ltd.
144A,5.625%,
7/17/27
12,000
11,736
144A,5.75%,
7/21/28
24,000
23,055
144A,5.375%,
12/4/29
23,000
21,180
144A,7.625%,
4/17/32
15,000
14,900
MGM
Resorts
International,6.50%,
4/15/32
(a)
19,000
18,975
Station
Casinos
LLC
144A,4.625%,
12/1/31
12,000
10,993
144A,6.625%,
3/15/32
10,000
10,020
Studio
City
Finance
Ltd.
144A,6.50%,
1/15/28
10,000
9,795
144A,5.00%,
1/15/29
29,000
26,225
Travel
+
Leisure
Co.,144A,4.50%,
12/1/29
13,000
12,362
(Cost
$217,497)
218,179
Retail
—
4.2%
Advance
Auto
Parts,
Inc.,3.90%,
4/15/30
(a)
11,000
10,187
Asbury
Automotive
Group,
Inc.,144A,5.00%,
2/15/32
12,000
11,215
Bath
&
Body
Works,
Inc.
7.50%,
6/15/29
9,000
9,259
144A,6.625%,
10/1/30
25,000
25,554
eG
Global
Finance
PLC,144A,12.00%,
11/30/28
26,000
28,707
Ferrellgas
LP
/
Ferrellgas
Finance
Corp.,144A,5.875%,
4/1/29
17,000
15,405
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
144A,4.625%,
1/15/29
21,000
19,710
144A,6.75%,
1/15/30
31,000
28,178
FirstCash,
Inc.,144A,6.875%,
3/1/32
10,000
10,263
Gap,
Inc.
144A,3.625%,
10/1/29
15,000
13,716
144A,3.875%,
10/1/31
18,000
16,024
Global
Auto
Holdings
Ltd.
/
AAG
FH
UK
Ltd.
144A,8.375%,
1/15/29
10,000
8,395
144A,8.75%,
1/15/32
15,000
11,654
Kohl's
Corp.,5.125%,
5/1/31
10,000
6,411
LCM
Investments
Holdings
II
LLC,144A,8.25%,
8/1/31
20,000
21,221
Principal
Amount
$
Value
$
Macy's
Retail
Holdings
LLC
144A,5.875%,
3/15/30
7,000
6,690
144A,6.125%,
3/15/32
14,000
12,990
Michaels
Cos.,
Inc.
144A,5.25%,
5/1/28
18,000
12,360
144A,7.875%,
5/1/29
25,000
12,187
Nordstrom,
Inc.
4.375%,
4/1/30
8,000
7,298
4.25%,
8/1/31
(a)
10,000
8,754
Patrick
Industries,
Inc.,144A,6.375%,
11/1/32
11,000
10,852
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
144A,4.75%,
2/15/28
22,000
21,256
144A,7.75%,
2/15/29
32,000
31,189
QVC,
Inc.,144A,6.875%,
4/15/29
(a)
14,000
6,300
Saks
Global
Enterprises
LLC,144A,11.00%,
12/15/29
(a)
51,000
23,078
Sonic
Automotive,
Inc.
144A,4.625%,
11/15/29
13,000
12,429
144A,4.875%,
11/15/31
10,000
9,327
Staples,
Inc.
144A,10.75%,
9/1/29
61,000
55,527
144A,12.75%,
1/15/30
16,146
10,474
Suburban
Propane
Partners
LP/
Suburban
Energy
Finance
Corp.,144A,5.00%,
6/1/31
13,000
12,120
Victra
Holdings
LLC
/
Victra
Finance
Corp.,144A,8.75%,
9/15/29
(a)
10,000
10,223
Walgreens
Boots
Alliance,
Inc.,8.125%,
8/15/29
(a)
17,000
17,825
White
Cap
Buyer
LLC,144A,6.875%,
10/15/28
13,000
12,755
(Cost
$579,979)
529,533
Consumer,
Non-cyclical
—
13.7%
Beverages
—
0.1%
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.,144A,6.25%,
4/1/29
(Cost
$13,972)
14,000
14,033
Commercial
Services
—
4.4%
Albion
Financing
1
Sarl
/
Aggreko
Holdings,
Inc.,144A,7.00%,
5/21/30
32,000
32,533
Allied
Universal
Holdco
LLC,144A,7.875%,
2/15/31
54,000
56,000
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.,144A,6.00%,
6/1/29
(a)
23,000
21,792
Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
/
Atlas
Luxco
4
SARL,144A,4.625%,
6/1/28
25,000
23,951
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
144A,5.75%,
7/15/27
7,000
6,912
144A,4.75%,
4/1/28
10,000
9,586
144A,5.375%,
3/1/29
15,000
14,157
144A,8.25%,
1/15/30
(a)
15,000
15,269
144A,8.00%,
2/15/31
14,000
14,181
144A,8.375%,
6/15/32
13,000
13,108
Brink's
Co.,144A,6.75%,
6/15/32
8,000
8,213
Clarivate
Science
Holdings
Corp.,144A,4.875%,
7/1/29
22,000
20,367
EquipmentShare.com,
Inc.
144A,9.00%,
5/15/28
25,000
25,985
144A,8.625%,
5/15/32
13,000
13,649
144A,8.00%,
3/15/33
9,000
9,254
Garda
World
Security
Corp.
144A,6.00%,
6/1/29
10,000
9,520
144A,8.25%,
8/1/32
11,000
10,962
144A,8.375%,
11/15/32
27,000
27,110
GEO
Group,
Inc.
8.625%,
4/15/29
13,000
13,732
10.25%,
4/15/31
13,000
14,262
Hertz
Corp.
144A,4.625%,
12/1/26
10,000
8,840
144A,12.625%,
7/15/29
29,000
29,557
144A,5.00%,
12/1/29
(a)
25,000
17,018
Raven
Acquisition
Holdings
LLC,144A,6.875%,
11/15/31
31,000
30,937
RR
Donnelley
&
Sons
Co.
144A,9.50%,
8/1/29
25,000
25,087
144A,10.875%,
8/1/29
10,000
9,728
Sotheby's,144A,7.375%,
10/15/27
16,000
15,835
Veritiv
Operating
Co.,144A,10.50%,
11/30/30
24,000
25,556
Wand
NewCo
3,
Inc.,144A,7.625%,
1/30/32
29,000
30,189
(Cost
$556,956)
553,290
Cosmetics/Personal
Care
—
0.1%
Edgewell
Personal
Care
Co.,144A,4.125%,
4/1/29
(Cost
$9,980)
10,000
9,365
Food
—
1.6%
B&G
Foods,
Inc.
5.25%,
9/15/27
11,000
9,658
144A,8.00%,
9/15/28
21,000
19,818
Fiesta
Purchaser,
Inc.
144A,7.875%,
3/1/31
10,000
10,505
Principal
Amount
$
Value
$
144A,9.625%,
9/15/32
12,000
12,583
KeHE
Distributors
LLC
/
KeHE
Finance
Corp.
/
NextWave
Distribution,
Inc.,144A,9.00%,
2/15/29
24,000
25,050
Post
Holdings,
Inc.
144A,5.50%,
12/15/29
28,000
27,683
144A,4.625%,
4/15/30
34,000
32,211
144A,4.50%,
9/15/31
20,000
18,253
144A,6.375%,
3/1/33
25,000
24,880
144A,6.25%,
10/15/34
16,000
15,844
(Cost
$202,002)
196,485
Healthcare-Products
—
0.2%
Bausch
+
Lomb
Corp.,144A,8.375%,
10/1/28
(Cost
$30,172)
30,000
31,053
Healthcare-Services
—
3.6%
Acadia
Healthcare
Co.,
Inc.,144A,7.375%,
3/15/33
10,000
10,202
CHS/Community
Health
Systems,
Inc.
144A,5.625%,
3/15/27
41,000
40,426
144A,6.00%,
1/15/29
13,000
12,501
144A,6.875%,
4/15/29
45,000
37,649
144A,6.125%,
4/1/30
30,000
23,204
144A,5.25%,
5/15/30
35,000
31,549
144A,4.75%,
2/15/31
25,000
21,420
144A,10.875%,
1/15/32
54,000
57,624
DaVita,
Inc.,144A,6.875%,
9/1/32
24,000
24,396
LifePoint
Health,
Inc.
144A,5.375%,
1/15/29
10,000
9,460
144A,9.875%,
8/15/30
22,000
23,598
144A,11.00%,
10/15/30
28,000
30,817
144A,8.375%,
2/15/32
10,000
10,534
144A,10.00%,
6/1/32
21,000
21,994
MPH
Acquisition
Holdings
LLC,144A,5.75%,
12/31/30
18,000
14,369
Prime
Healthcare
Services,
Inc.,144A,9.375%,
9/1/29
(a)
34,000
34,565
Star
Parent,
Inc.,144A,9.00%,
10/1/30
22,000
22,766
US
Acute
Care
Solutions
LLC,144A,9.75%,
5/15/29
24,000
24,423
(Cost
$449,382)
451,497
Household
Products/Wares
—
0.2%
Central
Garden
&
Pet
Co.,144A,4.125%,
4/30/31
11,000
10,042
Kronos
Acquisition
Holdings,
Inc.
144A,8.25%,
6/30/31
14,000
12,264
Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
144A,10.75%,
6/30/32
(a)
10,000
6,692
(Cost
$31,879)
28,998
Pharmaceuticals
—
3.5%
1261229
Bc
Ltd.,144A,10.00%,
4/15/32
101,000
100,055
AdaptHealth
LLC
144A,4.625%,
8/1/29
10,000
9,245
144A,5.125%,
3/1/30
13,000
12,025
Bausch
Health
Americas,
Inc.,144A,8.50%,
1/31/27
13,000
12,263
Bausch
Health
Cos.,
Inc.
144A,5.00%,
1/30/28
8,000
6,342
144A,4.875%,
6/1/28
37,000
30,232
144A,11.00%,
9/30/28
45,000
43,213
144A,5.00%,
2/15/29
12,000
7,679
144A,6.25%,
2/15/29
20,000
13,076
144A,5.25%,
1/30/30
16,000
9,095
144A,5.25%,
2/15/31
9,000
4,823
Cheplapharm
Arzneimittel
GmbH,144A,5.50%,
1/15/28
10,000
9,535
Endo
Finance
Holdings,
Inc.,144A,8.50%,
4/15/31
(a)
24,000
24,872
Grifols
SA,144A,4.75%,
10/15/28
15,000
14,279
HLF
Financing
Sarl
LLC
/
Herbalife
International,
Inc,144A,12.25%,
4/15/29
22,000
23,910
HLF
Financing
Sarl
LLC
/
Herbalife
International,
Inc.,144A,4.875%,
6/1/29
12,000
9,887
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
144A,5.125%,
4/30/31
(a)
43,000
36,161
144A,6.75%,
5/15/34
12,000
11,179
144A,7.875%,
5/15/34
10,000
8,637
Owens
&
Minor,
Inc.
144A,4.50%,
3/31/29
10,000
8,183
144A,6.625%,
4/1/30
15,000
12,717
144A,10.00%,
4/15/30
23,000
24,052
(Cost
$449,914)
431,460
Diversified
—
0.3%
Holding
Companies-Diversified
—
0.3%
Benteler
International
AG,144A,10.50%,
5/15/28
11,000
11,568
Stena
International
SA
144A,7.25%,
1/15/31
18,000
18,080
144A,7.625%,
2/15/31
8,000
8,110
(Cost
$38,107)
37,758
Energy
—
11.2%
Oil
&
Gas
—
6.0%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp.,144A,7.50%,
10/1/29
24,000
24,612
Principal
Amount
$
Value
$
Azule
Energy
Finance
PLC,144A,8.125%,
1/23/30
28,000
27,354
Baytex
Energy
Corp.
144A,8.50%,
4/30/30
19,000
18,428
144A,7.375%,
3/15/32
12,000
10,904
California
Resources
Corp.,144A,8.25%,
6/15/29
19,000
19,053
Civitas
Resources,
Inc.
144A,8.375%,
7/1/28
33,000
33,289
144A,8.625%,
11/1/30
25,000
24,676
144A,8.75%,
7/1/31
28,000
27,411
Comstock
Resources,
Inc.
144A,6.75%,
3/1/29
33,000
32,555
144A,6.75%,
3/1/29
8,000
7,863
144A,5.875%,
1/15/30
20,000
18,931
Crescent
Energy
Finance
LLC
144A,7.625%,
4/1/32
24,000
22,646
144A,7.375%,
1/15/33
24,000
22,294
CVR
Energy,
Inc.
144A,5.75%,
2/15/28
8,000
7,623
144A,8.50%,
1/15/29
14,000
13,679
Encino
Acquisition
Partners
Holdings
LLC,144A,8.75%,
5/1/31
12,000
13,116
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
144A,6.25%,
11/1/28
15,000
14,829
144A,5.75%,
2/1/29
15,000
14,343
144A,6.00%,
4/15/30
11,000
10,446
144A,6.00%,
2/1/31
12,000
11,065
144A,6.25%,
4/15/32
10,000
9,121
144A,8.375%,
11/1/33
12,000
11,953
144A,7.25%,
2/15/35
29,000
26,898
Ithaca
Energy
North
Sea
PLC,144A,8.125%,
10/15/29
14,000
14,072
Kosmos
Energy
Ltd.
144A,7.50%,
3/1/28
6,000
4,889
144A,8.75%,
10/1/31
13,000
10,034
Medco
Maple
Tree
Pte
Ltd.,144A,8.96%,
4/27/29
12,000
12,448
Noble
Finance
II
LLC,144A,8.00%,
4/15/30
33,000
32,908
Northern
Oil
&
Gas,
Inc.
144A,8.125%,
3/1/28
17,000
17,083
144A,8.75%,
6/15/31
10,000
10,092
Parkland
Corp.
144A,4.625%,
5/1/30
20,000
18,805
144A,6.625%,
8/15/32
11,000
11,032
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.00%,
2/15/28
16,000
14,869
144A,9.875%,
3/15/30
19,000
18,182
144A,7.875%,
9/15/30
10,000
8,703
Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Puma
International
Financing
SA,144A,7.75%,
4/25/29
11,000
11,195
SM
Energy
Co.,144A,7.00%,
8/1/32
16,000
15,375
Sunoco
LP,144A,7.25%,
5/1/32
19,000
19,767
Talos
Production,
Inc.
144A,9.00%,
2/1/29
17,000
16,900
144A,9.375%,
2/1/31
13,000
12,793
Transocean,
Inc.
144A,8.00%,
2/1/27
11,000
10,763
144A,8.25%,
5/15/29
28,000
25,275
144A,8.50%,
5/15/31
17,000
14,626
Vital
Energy,
Inc.,144A,7.875%,
4/15/32
(a)
24,000
19,487
(Cost
$763,103)
742,387
Oil
&
Gas
Services
—
0.9%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
144A,6.25%,
4/1/28
21,000
20,981
144A,6.625%,
9/1/32
14,000
14,083
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
6.875%,
9/1/27
20,000
20,007
144A,7.125%,
3/15/29
22,000
22,365
Weatherford
International
Ltd.,144A,8.625%,
4/30/30
36,000
36,596
(Cost
$113,527)
114,032
Pipelines
—
4.3%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.,144A,6.625%,
2/1/32
12,000
12,266
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp.
144A,7.00%,
7/15/29
15,000
15,509
144A,7.25%,
7/15/32
10,000
10,376
Buckeye
Partners
LP,144A,6.875%,
7/1/29
12,000
12,346
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
144A,5.50%,
6/15/31
33,000
31,737
144A,7.50%,
12/15/33
10,000
10,594
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp.,144A,8.625%,
3/15/29
24,000
24,879
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
7.75%,
2/1/28
18,000
18,169
8.25%,
1/15/29
12,000
12,428
8.875%,
4/15/30
13,000
13,662
7.875%,
5/15/32
(a)
14,000
14,190
8.00%,
5/15/33
15,000
15,234
Global
Partners
LP
/
GLP
Finance
Corp.
7.00%,
8/1/27
8,000
8,025
Principal
Amount
$
Value
$
144A,8.25%,
1/15/32
13,000
13,524
Harvest
Midstream
I
LP
144A,7.50%,
9/1/28
22,000
22,356
144A,7.50%,
5/15/32
10,000
10,283
ITT
Holdings
LLC,144A,6.50%,
8/1/29
29,000
27,098
New
Fortress
Energy,
Inc.,144A,6.50%,
9/30/26
(a)
10,000
6,010
NFE
Financing
LLC,144A,12.00%,
11/15/29
64,000
27,516
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
144A,8.125%,
2/15/29
24,000
23,485
144A,8.375%,
2/15/32
28,000
26,500
Rockies
Express
Pipeline
LLC,144A,6.75%,
3/15/33
10,000
10,312
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp.
144A,6.00%,
3/1/27
9,000
8,994
144A,5.50%,
1/15/28
15,000
14,916
144A,7.375%,
2/15/29
17,000
17,306
144A,6.00%,
12/31/30
15,000
14,386
144A,6.00%,
9/1/31
17,000
16,217
Venture
Global
LNG,
Inc.
144A,8.375%,
6/1/31
53,000
53,842
144A,9.875%,
2/1/32
(a)
47,000
50,030
(Cost
$576,640)
542,190
Financial
—
12.8%
Banks
—
0.3%
Freedom
Mortgage
Corp.
144A,6.625%,
1/15/27
6,000
5,990
144A,12.00%,
10/1/28
17,000
18,251
144A,12.25%,
10/1/30
15,000
16,592
(Cost
$37,727)
40,833
Diversified
Financial
Services
—
5.2%
AG
Issuer
LLC,144A,6.25%,
3/1/28
10,000
10,007
Aretec
Group,
Inc.
144A,7.50%,
4/1/29
8,000
8,000
144A,10.00%,
8/15/30
18,000
19,636
Bread
Financial
Holdings,
Inc.,144A,9.75%,
3/15/29
19,000
20,275
Burford
Capital
Global
Finance
LLC,144A,9.25%,
7/1/31
13,000
13,867
Credit
Acceptance
Corp.
144A,9.25%,
12/15/28
12,000
12,713
144A,6.625%,
3/15/30
10,000
9,980
Encore
Capital
Group,
Inc.
144A,9.25%,
4/1/29
10,000
10,675
144A,8.50%,
5/15/30
15,000
15,914
Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Enova
International,
Inc.
144A,11.25%,
12/15/28
8,000
8,591
144A,9.125%,
8/1/29
12,000
12,338
Focus
Financial
Partners
LLC,144A,6.75%,
9/15/31
25,000
25,308
Freedom
Mortgage
Holdings
LLC
144A,9.25%,
2/1/29
36,000
37,146
144A,9.125%,
5/15/31
15,000
15,316
144A,8.375%,
4/1/32
10,000
9,884
goeasy
Ltd.
144A,9.25%,
12/1/28
14,000
14,717
144A,7.625%,
7/1/29
14,000
14,153
144A,6.875%,
5/15/30
10,000
9,884
144A,7.375%,
10/1/30
7,000
7,000
Jefferies
Finance
LLC
/
JFIN
Co.-
Issuer
Corp.
144A,5.00%,
8/15/28
25,000
23,707
144A,6.625%,
10/15/31
10,000
9,909
Jefferson
Capital
Holdings
LLC
144A,9.50%,
2/15/29
15,000
15,938
144A,8.25%,
5/15/30
11,000
11,268
LD
Holdings
Group
LLC,144A,6.125%,
4/1/28
10,000
8,179
Midcap
Financial
Issuer
Trust
144A,6.50%,
5/1/28
25,000
24,327
144A,5.625%,
1/15/30
8,000
7,238
Navient
Corp.
4.875%,
3/15/28
11,000
10,738
5.50%,
3/15/29
(a)
16,000
15,406
9.375%,
7/25/30
13,000
14,169
11.50%,
3/15/31
13,000
14,739
7.875%,
6/15/32
11,000
11,108
OneMain
Finance
Corp.
7.875%,
3/15/30
14,000
14,639
4.00%,
9/15/30
17,000
15,312
7.50%,
5/15/31
15,000
15,430
7.125%,
11/15/31
19,000
19,347
6.75%,
3/15/32
19,000
18,909
PennyMac
Financial
Services,
Inc.
144A,7.125%,
11/15/30
13,000
13,295
144A,5.75%,
9/15/31
11,000
10,602
144A,6.875%,
5/15/32
19,000
19,106
144A,6.875%,
2/15/33
22,000
22,146
PHH
Escrow
Issuer
LLC/PHH
Corp.,144A,9.875%,
11/1/29
10,000
9,829
PRA
Group,
Inc.,144A,8.875%,
1/31/30
14,000
14,368
Synchrony
Financial,7.25%,
2/2/33
17,000
17,384
Principal
Amount
$
Value
$
UWM
Holdings
LLC,144A,6.625%,
2/1/30
19,000
18,643
(Cost
$644,184)
651,140
Insurance
—
2.7%
Acrisure
LLC
/
Acrisure
Finance,
Inc.
144A,8.25%,
2/1/29
19,000
19,663
144A,8.50%,
6/15/29
10,000
10,460
144A,6.00%,
8/1/29
14,000
13,563
144A,7.50%,
11/6/30
26,000
26,846
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
144A,6.75%,
10/15/27
26,000
26,010
144A,5.875%,
11/1/29
13,000
12,780
144A,7.375%,
10/1/32
18,000
18,524
Ardonagh
Finco
Ltd.,144A,7.75%,
2/15/31
30,000
31,042
Ardonagh
Group
Finance
Ltd.,144A,8.875%,
2/15/32
33,000
34,127
FWD
Group
Holdings
Ltd.,144A,8.40%,
4/5/29
19,000
19,717
Howden
UK
Refinance
PLC
/
Howden
UK
Refinance
2
PLC
/
Howden
US
Refinance
LLC
144A,7.25%,
2/15/31
22,000
22,602
144A,8.125%,
2/15/32
13,000
13,347
Jones
Deslauriers
Insurance
Management,
Inc.,144A,10.50%,
12/15/30
14,000
15,028
Panther
Escrow
Issuer
LLC,144A,7.125%,
6/1/31
69,000
71,424
(Cost
$328,775)
335,133
Investment
Companies
—
0.5%
HA
Sustainable
Infrastructure
Capital,
Inc.,6.375%,
7/1/34
23,000
22,445
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
9.75%,
1/15/29
15,000
14,553
144A,10.00%,
11/15/29
9,000
8,784
9.00%,
6/15/30
18,000
16,335
(Cost
$64,345)
62,117
Real
Estate
—
0.7%
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co.-Issuer
Corp.,144A,7.00%,
4/15/30
(a)
12,200
11,156
Anywhere
Real
Estate
Group
LLC
/
Realogy
Co.-Issuer
Corp.
144A,5.75%,
1/15/29
(a)
17,000
14,004
144A,5.25%,
4/15/30
9,000
6,999
Cushman
&
Wakefield
US
Borrower
LLC,144A,8.875%,
9/1/31
7,000
7,492
Hunt
Cos.,
Inc.,144A,5.25%,
4/15/29
13,000
12,559
Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Kennedy-Wilson,
Inc.
4.75%,
3/1/29
12,000
11,041
4.75%,
2/1/30
(a)
15,000
13,326
5.00%,
3/1/31
15,000
13,020
(Cost
$93,387)
89,597
Real
Estate
Investment
Trusts
—
2.5%
Apollo
Commercial
Real
Estate
Finance,
Inc.,144A,4.625%,
6/15/29
10,000
9,345
Brandywine
Operating
Partnership
LP,8.875%,
4/12/29
8,000
8,527
Diversified
Healthcare
Trust
4.75%,
2/15/28
(a)
10,000
9,212
4.375%,
3/1/31
13,000
10,773
Hudson
Pacific
Properties
LP
3.95%,
11/1/27
8,000
7,007
4.65%,
4/1/29
(a)
12,000
8,696
3.25%,
1/15/30
8,000
5,410
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
5.00%,
10/15/27
(a)
29,000
25,369
4.625%,
8/1/29
21,000
15,936
3.50%,
3/15/31
31,000
20,370
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.,144A,6.50%,
4/1/32
27,000
27,388
Rithm
Capital
Corp.,144A,8.00%,
4/1/29
19,000
19,067
Service
Properties
Trust
4.75%,
10/1/26
14,000
13,789
4.95%,
2/15/27
8,000
7,724
5.50%,
12/15/27
9,000
8,693
3.95%,
1/15/28
10,000
8,942
8.375%,
6/15/29
17,000
17,235
4.95%,
10/1/29
9,000
7,527
4.375%,
2/15/30
8,000
6,458
144A,8.625%,
11/15/31
21,000
22,382
8.875%,
6/15/32
(a)
14,000
14,011
Uniti
Group
LP
/
Uniti
Fiber
Holdings,
Inc.
/
CSL
Capital
LLC,144A,6.00%,
1/15/30
14,000
12,767
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC,144A,6.50%,
2/15/29
26,000
24,538
(Cost
$315,825)
311,166
REITS
—
0.5%
Blackstone
Mortgage
Trust,
Inc.,144A,7.75%,
12/1/29
12,000
12,643
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.,144A,8.50%,
2/15/32
35,000
35,902
Principal
Amount
$
Value
$
Office
Properties
Income
Trust,144A,9.00%,
9/30/29
(a)
12,000
8,880
(Cost
$57,588)
57,425
Venture
Capital
—
0.4%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
5.25%,
5/15/27
37,000
35,238
4.375%,
2/1/29
17,000
13,901
(Cost
$47,650)
49,139
Industrial
—
5.9%
Building
Materials
—
1.5%
Builders
FirstSource,
Inc.,144A,6.75%,
5/15/35
18,000
18,125
Camelot
Return
Merger
Sub,
Inc.,144A,8.75%,
8/1/28
13,000
11,516
Cornerstone
Building
Brands,
Inc.,144A,9.50%,
8/15/29
14,000
12,452
Emerald
Debt
Merger
Sub
LLC,144A,6.625%,
12/15/30
61,000
61,693
EMRLD
Borrower
LP
/
Emerald
Co.-Issuer,
Inc.,144A,6.75%,
7/15/31
14,000
14,339
MIWD
Holdco
II
LLC
/
MIWD
Finance
Corp.,144A,5.50%,
2/1/30
(a)
13,000
12,018
Smyrna
Ready
Mix
Concrete
LLC
144A,6.00%,
11/1/28
29,000
28,599
144A,8.875%,
11/15/31
23,000
23,639
(Cost
$184,362)
182,381
Electrical
Components
&
Equipment
—
0.4%
Energizer
Holdings,
Inc.
144A,4.75%,
6/15/28
12,000
11,583
144A,4.375%,
3/31/29
20,000
18,809
WESCO
Distribution,
Inc.,144A,6.375%,
3/15/33
19,000
19,367
(Cost
$49,722)
49,759
Engineering
&
Construction
—
0.8%
Aeropuertos
Dominicanos
Siglo
XXI
SA,144A,7.00%,
6/30/34
10,000
10,149
Brand
Industrial
Services,
Inc.,144A,10.375%,
8/1/30
32,000
28,742
HTA
Group
Ltd./
Mauritius,144A,7.50%,
6/4/29
22,000
22,462
IHS
Holding
Ltd.
144A,6.25%,
11/29/28
9,000
8,704
144A,7.875%,
5/29/30
11,000
10,898
144A,8.25%,
11/29/31
15,000
14,954
(Cost
$97,847)
95,909
Environmental
Control
—
0.4%
Madison
IAQ
LLC,144A,5.875%,
6/30/29
26,000
25,172
Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Reworld
Holding
Corp.,5.00%,
9/1/30
8,000
7,477
Waste
Pro
USA,
Inc.,144A,7.00%,
2/1/33
20,000
20,557
(Cost
$52,563)
53,206
Machinery-Construction
&
Mining
—
0.1%
Terex
Corp.,144A,6.25%,
10/15/32
(Cost
$15,947)
16,000
15,747
Machinery-Diversified
—
0.4%
Husky
Injection
Molding
Systems
Ltd.
/
Titan
Co.-
Borrower
LLC,144A,9.00%,
2/15/29
23,000
23,535
Maxim
Crane
Works
Holdings
Capital
LLC,144A,11.50%,
9/1/28
13,000
13,336
SPX
FLOW,
Inc.,144A,8.75%,
4/1/30
10,000
10,302
(Cost
$45,281)
47,173
Packaging
&
Containers
—
1.9%
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
144A,6.00%,
6/15/27
13,000
13,041
144A,3.25%,
9/1/28
(a)
12,000
11,045
144A,4.00%,
9/1/29
(a)
21,000
18,653
Ardagh
Packaging
Finance
PLC
/
Ardagh
Holdings
USA,
Inc.
144A,4.125%,
8/15/26
(a)
28,000
25,480
144A,5.25%,
8/15/27
(a)
24,000
10,942
144A,5.25%,
8/15/27
(a)
19,000
8,662
LABL,
Inc.
144A,5.875%,
11/1/28
12,000
10,252
144A,8.25%,
11/1/29
(a)
9,000
7,284
144A,8.625%,
10/1/31
23,000
19,062
Mauser
Packaging
Solutions
Holding
Co.
144A,7.875%,
4/15/27
63,000
63,676
144A,9.25%,
4/15/27
31,000
30,564
OI
European
Group
BV,144A,4.75%,
2/15/30
10,000
9,424
Owens-Brockway
Glass
Container,
Inc.,144A,7.25%,
5/15/31
14,000
14,042
(Cost
$262,073)
242,127
Transportation
—
0.4%
Brightline
East
LLC,144A,11.00%,
1/31/30
(a)
25,000
18,023
Seaspan
Corp.,144A,5.50%,
8/1/29
19,000
17,536
Principal
Amount
$
Value
$
XPO,
Inc.,144A,7.125%,
2/1/32
12,000
12,463
(Cost
$51,852)
48,022
Technology
—
3.8%
Computers
—
1.0%
Amentum
Holdings,
Inc.,144A,7.25%,
8/1/32
23,000
23,482
CA
Magnum
Holdings,144A,5.375%,
10/31/26
20,000
19,800
McAfee
Corp.,144A,7.375%,
2/15/30
46,000
42,586
NCR
Atleos
Corp.,144A,9.50%,
4/1/29
32,000
34,974
(Cost
$119,153)
120,842
Office/Business
Equipment
—
0.3%
Xerox
Corp.,144A,10.25%,
10/15/30
9,000
9,260
Xerox
Holdings
Corp.
144A,5.50%,
8/15/28
20,000
14,051
144A,8.875%,
11/30/29
10,000
6,749
Xerox
Issuer
Corp.,144A,13.50%,
4/15/31
9,000
9,001
(Cost
$44,872)
39,061
Semiconductors
—
0.0%
ams-OSRAM
AG,144A,12.25%,
3/30/29
(Cost
$8,711)
8,000
8,353
Software
—
2.5%
AthenaHealth
Group,
Inc.,144A,6.50%,
2/15/30
(a)
56,000
54,005
Central
Parent
LLC
/
CDK
Global
II
LLC
/
CDK
Financing
Co.,
Inc.,144A,8.00%,
6/15/29
19,000
17,040
Central
Parent,
Inc.
/
CDK
Global,
Inc.,144A,7.25%,
6/15/29
15,000
13,301
Cloud
Software
Group,
Inc.
144A,6.50%,
3/31/29
94,000
93,973
144A,9.00%,
9/30/29
88,000
90,141
Helios
Software
Holdings,
Inc.
/
ION
Corporate
Solutions
Finance
SARL,144A,8.75%,
5/1/29
16,000
16,260
RingCentral,
Inc.,144A,8.50%,
8/15/30
8,000
8,456
Rocket
Software,
Inc.,144A,6.50%,
2/15/29
12,000
11,663
West
Technology
Group
LLC,144A,8.50%,
4/10/27
11,000
3,300
(Cost
$296,189)
308,139
Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
Principal
Amount
$
Value
$
Utilities
—
3.3%
Electric
—
2.3%
Alpha
Generation
LLC,144A,6.75%,
10/15/32
24,000
24,490
Continuum
Energy
Aura
Pte
Ltd.,144A,9.50%,
2/24/27
9,000
9,238
ContourGlobal
Power
Holdings
SA,144A,6.75%,
2/28/30
12,000
12,171
Lightning
Power
LLC,144A,7.25%,
8/15/32
36,000
37,767
NRG
Energy,
Inc.
144A,6.00%,
2/1/33
18,000
17,850
144A,6.25%,
11/1/34
24,000
24,028
Pike
Corp.
144A,5.50%,
9/1/28
19,000
18,862
144A,8.625%,
1/31/31
8,000
8,627
Saavi
Energia
Sarl,144A,8.875%,
2/10/35
24,000
24,582
Talen
Energy
Supply
LLC,144A,8.625%,
6/1/30
28,000
29,920
XPLR
Infrastructure
Operating
Partners
LP
144A,3.875%,
10/15/26
(a)
10,000
9,722
144A,4.50%,
9/15/27
12,000
11,616
144A,7.25%,
1/15/29
(a)
21,000
21,120
144A,8.375%,
1/15/31
(a)
16,000
16,719
144A,8.625%,
3/15/33
(a)
23,000
24,145
(Cost
$284,494)
290,857
Gas
—
1.0%
AmeriGas
Partners
LP
/
AmeriGas
Finance
Corp.
5.875%,
8/20/26
48,000
48,655
Principal
Amount
$
Value
$
5.75%,
5/20/27
8,000
7,834
144A,9.375%,
6/1/28
10,000
10,106
Venture
Global
Plaquemines
LNG
LLC
144A,7.50%,
5/1/33
29,000
30,315
144A,7.75%,
5/1/35
27,000
28,456
(Cost
$123,302)
125,366
TOTAL
CORPORATE
BONDS
(Cost
$12,471,935)
12,204,041
Number
of
Shares
SECURITIES
LENDING
COLLATERAL
—
9.8%
DWS
Government
&
Agency
Securities
Portfolio
"DWS
Government
Cash
Institutional
Shares",
4.22%
(b)(c)
(Cost
$1,221,597)
1,221,597
1,221,597
CASH
EQUIVALENTS
—
1.3%
DWS
Government
Money
Market
Series
"Institutional
Shares",
4.26%
(b)
(Cost
$159,753)
159,753
159,753
TOTAL
INVESTMENTS
—
108.8%
(Cost
$13,853,285)
13,585,391
Other
assets
and
liabilities,
net
—
(8.8%)
(1,096,891)
NET
ASSETS
—
100.0%
12,488,500
For
information
on
the
Fund’s
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Fund’s
most
recent
semi-annual
or
annual
financial
statements.
Schedule
of
Investments
Xtrackers
High
Beta
High
Yield
Bond
ETF
(Continued)
May
31,
2025
(Unaudited)
HiddenRow
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
broad
levels.
Level
1
includes
quoted
prices
in
active
markets
for
identical
securities.
Level
2
includes
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk).
Level
3
includes
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments).
The
level
assigned
to
the
securities
valuations
may
not
be
an
indication
of
the
risk
or
liquidity
associated
with
investing
in
those
securities.
The
following
is
a
summary
of
the
inputs
used
as
of
May
31,
2025
in
valuing
the
Fund’s
investments.
The
brand
DWS
represents
DWS
Group
GmbH
&
Co.
KGaA
and
any
of
its
subsidiaries
such
as
DWS
Distributors,
Inc.
which
offers
investment
products
or
DWS
Investment
Management
Americas
Inc.
and
RREEF
America
L.L.C.
which
offer
advisory
services.
HYUP-PH3
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period ended
May
31,
2025
is
as
follows:
Value
($)
at
8/31/2024
Purchases
Cost
($)
Sales
Proceeds
($)
Net
Realized
Gain/(Loss)
($)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
($)
Income
($)
Capital
Gain
Distributions
($)
Number
of
Shares
at
5/31/2025
Value
($)
at
5/31/2025
SECURITIES
LENDING
COLLATERAL
—
9.8%
DWS
Government
&
Agency
Securities
Portfolio
"DWS
Government
Cash
Institutional
Shares",
4.22%
(b)(c)
1,027,697
193,900
(d)
—
—
—
8,535
—
1,221,597
1,221,597
CASH
EQUIVALENTS
—
1.3%
DWS
Government
Money
Market
Series
"Institutional
Shares",
4.26%
(b)
127,410
1,052,571
(1,020,228)
—
—
3,038
—
159,753
159,753
1,155,107
1,246,471
(1,020,228)
—
—
11,573
—
1,381,350
1,381,350
(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
May
31,
2025
amounted
to
$1,194,952,
which
is
9.6%
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.
(d)
Represents
the
net
increase
(purchase
cost)
or
decrease
(sales
proceeds)
in
the
amount
invested
in
cash
collateral
for
the
period
ended
May
31,
2025.
144A:
Security
exempt
from
registration
under
Rule
144A
under
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
Assets
Level
1
Level
2
Level
3
Total
Corporate
Bonds
(a)
$
—
$
12,204,041
$
—
$
12,204,041
Short-Term
Investments
(a)
1,381,350
—
—
1,381,350
TOTAL
$
1,381,350
$
12,204,041
$
—
$
13,585,391
(a)
See
Schedule
of
Investments
for
additional
detailed
categorizations.