Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
CORPORATE
BONDS
—
97.5%
Basic
Materials
—
4.8%
Chemicals
—
3.1%
Axalta
Coating
Systems
Dutch
Holding
B
BV,144A,7.25%,
2/15/31
186,000
193,890
Axalta
Coating
Systems
LLC,144A,3.375%,
2/15/29
262,000
250,227
Celanese
US
Holdings
LLC
1.40%,
8/5/26
210,000
209,229
7.165%,
7/15/27
80,000
82,291
7.35%,
11/15/28
264,000
275,500
7.33%,
7/15/29
312,000
326,668
6.50%,
4/15/30
285,000
292,424
7.55%,
11/15/30
365,000
388,573
7.00%,
2/15/31
190,000
197,086
Chemours
Co.
144A,5.75%,
11/15/28
236,000
235,726
144A,4.625%,
11/15/29
240,000
230,485
Consolidated
Energy
Finance
SA
144A,5.625%,
10/15/28
196,000
190,937
144A,12.00%,
2/15/31
215,000
226,288
FMC
Corp.
3.20%,
10/1/26
200,000
199,117
3.45%,
10/1/29
182,000
166,470
Huntsman
International
LLC,4.50%,
5/1/29
280,000
271,319
INEOS
Finance
PLC
144A,6.75%,
5/15/28
159,000
160,120
144A,7.50%,
4/15/29
257,000
255,969
INEOS
Quattro
Finance
2
PLC,144A,9.625%,
3/15/29
146,000
139,540
Methanex
Corp.
5.125%,
10/15/27
242,000
242,141
5.25%,
12/15/29
259,000
258,791
NOVA
Chemicals
Corp.
144A,5.25%,
6/1/27
372,000
373,394
144A,4.25%,
5/15/29
210,000
205,185
144A,9.00%,
2/15/30
231,000
243,570
Olin
Corp.
5.625%,
8/1/29
255,000
253,722
5.00%,
2/1/30
179,000
173,816
Olympus
Water
US
Holding
Corp.
144A,4.25%,
10/1/28
298,000
290,446
144A,6.25%,
10/1/29
161,000
158,620
SCIH
Salt
Holdings,
Inc.
144A,4.875%,
5/1/28
417,000
412,573
144A,6.625%,
5/1/29
247,000
244,628
SK
Invictus
Intermediate
II
SARL,144A,5.00%,
10/30/29
232,000
227,694
Principal
Amount
$
Value
$
Tronox,
Inc.
144A,4.625%,
3/15/29
(a)
389,000
310,161
144A,9.125%,
9/30/30
149,000
150,723
WR
Grace
Holdings
LLC,144A,5.625%,
8/15/29
418,000
400,670
(Cost
$8,103,776)
8,237,993
Forest
Products
&
Paper
—
0.2%
Domtar
Corp.,144A,6.75%,
10/1/28
234,000
173,972
Glatfelter
Corp.,144A,4.75%,
11/15/29
(a)
195,000
182,707
Mercer
International,
Inc.
144A,12.875%,
10/1/28
148,000
77,826
5.125%,
2/1/29
312,000
148,975
(Cost
$801,639)
583,480
Iron/Steel
—
0.9%
Cleveland-Cliffs,
Inc.
144A,6.875%,
11/1/29
359,000
367,366
144A,6.75%,
4/15/30
253,000
254,572
Fortescue
Treasury
Pty
Ltd.
144A,4.50%,
9/15/27
213,000
212,105
144A,5.875%,
4/15/30
161,000
163,916
144A,4.375%,
4/1/31
360,000
344,011
Mineral
Resources
Ltd.
144A,9.25%,
10/1/28
209,000
216,970
144A,8.50%,
5/1/30
(a)
305,000
315,188
144A,7.00%,
4/1/31
250,000
260,116
United
States
Steel
Corp.,6.875%,
3/1/29
222,000
223,049
(Cost
$2,324,869)
2,357,293
Mining
—
0.6%
Alcoa
Nederland
Holding
BV
144A,4.125%,
3/31/29
150,000
146,422
144A,7.125%,
3/15/31
273,000
285,148
Alumina
Pty
Ltd.,144A,6.125%,
3/15/30
205,000
209,659
Arsenal
AIC
Parent
LLC,144A,8.00%,
10/1/30
249,000
261,210
Vedanta
Resources
Finance
II
PLC
144A,10.875%,
9/17/29
457,000
487,126
144A,9.475%,
7/24/30
201,000
216,043
(Cost
$1,566,747)
1,605,608
Communications
—
17.2%
Advertising
—
1.7%
Clear
Channel
Outdoor
Holdings,
Inc.
144A,7.75%,
4/15/28
416,000
417,234
144A,7.50%,
6/1/29
258,000
259,436
144A,7.875%,
4/1/30
235,000
245,046
144A,7.125%,
2/15/31
431,000
445,897
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
Lamar
Media
Corp.
3.75%,
2/15/28
225,000
220,773
4.00%,
2/15/30
203,000
195,047
3.625%,
1/15/31
191,000
178,844
Neptune
Bidco
US,
Inc.
144A,9.29%,
4/15/29
952,000
974,009
144A,10.375%,
5/15/31
426,000
445,434
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
144A,5.00%,
8/15/27
178,000
178,017
144A,4.25%,
1/15/29
182,000
177,769
144A,4.625%,
3/15/30
186,000
180,890
144A,7.375%,
2/15/31
168,000
175,855
Stagwell
Global
LLC,144A,5.625%,
8/15/29
411,000
400,303
(Cost
$4,372,769)
4,494,554
Internet
—
2.1%
Arches
Buyer,
Inc.
144A,4.25%,
6/1/28
343,000
333,527
144A,6.125%,
12/1/28
(a)
199,000
193,197
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.,144A,7.00%,
6/15/27
(a)
186,000
185,970
Gen
Digital,
Inc.
144A,6.75%,
9/30/27
346,000
348,219
144A,7.125%,
9/30/30
166,000
169,267
Getty
Images,
Inc.
144A,11.25%,
2/21/30
197,000
169,912
144A,10.50%,
11/15/30
232,000
205,184
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
144A,5.25%,
12/1/27
223,000
223,194
144A,3.50%,
3/1/29
292,000
274,997
ION
Platform
Finance
US,
Inc.
/
ION
Platform
Finance
SARL
144A,5.75%,
5/15/28
168,000
160,761
144A,8.75%,
5/1/29
264,000
243,716
144A,9.50%,
5/30/29
281,000
263,055
144A,9.00%,
8/1/29
173,000
159,368
Match
Group
Holdings
II
LLC
144A,5.00%,
12/15/27
164,000
163,472
144A,4.625%,
6/1/28
189,000
186,530
144A,4.125%,
8/1/30
200,000
188,368
Newfold
Digital
Holdings
Group,
Inc.,144A,11.75%,
4/30/29
(b)
57,000
31,920
Rakuten
Group,
Inc.
144A,11.25%,
2/15/27
627,000
651,669
144A,9.75%,
4/15/29
740,000
809,252
Wayfair
LLC
144A,7.25%,
10/31/29
262,000
269,792
144A,7.75%,
9/15/30
271,000
282,354
(Cost
$5,604,686)
5,513,724
Principal
Amount
$
Value
$
Media
—
10.3%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
144A,5.125%,
5/1/27
406,000
405,937
144A,5.00%,
2/1/28
940,000
931,192
144A,5.375%,
6/1/29
549,000
539,232
144A,6.375%,
9/1/29
549,000
551,850
144A,4.75%,
3/1/30
1,117,000
1,056,328
144A,4.50%,
8/15/30
1,001,000
932,330
144A,4.25%,
2/1/31
1,117,000
1,011,975
144A,7.375%,
3/1/31
(a)
384,000
389,738
CSC
Holdings
LLC
144A,5.50%,
4/15/27
466,000
335,933
144A,5.375%,
2/1/28
365,000
231,941
144A,7.50%,
4/1/28
375,000
126,767
144A,11.25%,
5/15/28
362,000
241,933
144A,11.75%,
1/31/29
746,000
471,664
144A,6.50%,
2/1/29
639,000
376,018
144A,5.75%,
1/15/30
819,000
212,670
144A,4.125%,
12/1/30
400,000
228,333
144A,4.625%,
12/1/30
877,000
228,352
144A,3.375%,
2/15/31
370,000
206,160
Directv
Financing
LLC
144A,8.875%,
2/1/30
584,000
599,523
144A,8.875%,
2/1/30
274,000
280,232
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.,144A,10.00%,
2/15/31
747,000
782,206
Discovery
Communications
LLC
3.95%,
3/20/28
465,000
463,052
4.125%,
5/15/29
250,000
250,350
3.625%,
5/15/30
355,000
334,144
DISH
DBS
Corp.
7.75%,
7/1/26
742,000
738,926
144A,5.25%,
12/1/26
1,057,000
1,053,885
7.375%,
7/1/28
368,000
357,069
144A,5.75%,
12/1/28
932,000
915,373
5.125%,
6/1/29
537,000
486,472
DISH
Network
Corp.,144A,11.75%,
11/15/27
1,277,000
1,316,517
EchoStar
Corp.,10.75%,
11/30/29
1,921,000
2,088,867
EW
Scripps
(The)
Co.,144A,9.875%,
8/15/30
278,000
265,657
Gray
Media,
Inc.
144A,10.50%,
7/15/29
(a)
422,000
446,955
144A,4.75%,
10/15/30
(a)
288,000
218,431
iHeartCommunications,
Inc.
144A,9.125%,
5/1/29
(a)
260,000
252,238
144A,10.875%,
5/1/30
248,000
211,369
144A,7.75%,
8/15/30
240,529
221,079
LCPR
Senior
Secured
Financing
DAC
144A,6.75%,
10/15/27
(a)
424,000
272,174
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
144A,5.125%,
7/15/29
302,000
187,507
McGraw-Hill
Education,
Inc.
144A,5.75%,
8/1/28
274,000
272,558
144A,8.00%,
8/1/29
238,000
239,089
Nexstar
Media,
Inc.,144A,4.75%,
11/1/28
375,000
369,324
Paramount
Global
2.90%,
1/15/27
238,000
234,568
3.375%,
2/15/28
182,000
176,437
3.70%,
6/1/28
180,000
174,052
4.20%,
6/1/29
182,000
173,652
4.95%,
1/15/31
464,000
432,932
Sinclair
Television
Group,
Inc.,144A,5.50%,
3/1/30
178,000
158,086
Sirius
XM
Radio,
Inc.
144A,3.125%,
9/1/26
216,000
214,969
144A,5.00%,
8/1/27
456,000
455,542
144A,4.00%,
7/15/28
623,000
607,209
144A,5.50%,
7/1/29
467,000
465,439
144A,4.125%,
7/1/30
553,000
521,636
Univision
Communications,
Inc.
144A,4.50%,
5/1/29
400,000
380,529
144A,7.375%,
6/30/30
315,000
313,946
Versant
Media
Group,
Inc.,144A,7.25%,
1/30/31
369,000
383,590
Virgin
Media
Finance
PLC,144A,5.00%,
7/15/30
327,000
268,767
Virgin
Media
Secured
Finance
PLC
144A,5.50%,
5/15/29
542,000
521,306
144A,4.50%,
8/15/30
330,000
287,376
Ziggo
Bond
Co.
BV,144A,5.125%,
2/28/30
170,000
148,509
Ziggo
BV,144A,4.875%,
1/15/30
368,000
344,342
(Cost
$28,433,998)
27,364,237
Telecommunications
—
3.1%
Altice
Financing
SA
144A,5.00%,
1/15/28
432,000
315,640
144A,5.75%,
8/15/29
749,000
543,390
Altice
France
SA
144A,9.50%,
11/1/29
484,083
492,561
144A,6.875%,
10/15/30
306,706
302,256
Connect
Finco
SARL
/
Connect
US
Finco
LLC,144A,9.00%,
9/15/29
740,000
782,304
Connect
Holding
II
LLC,144A,10.50%,
4/3/31
812,000
827,267
Hughes
Satellite
Systems
Corp.
5.25%,
8/1/26
256,000
226,307
6.625%,
8/1/26
271,000
170,990
Iliad
Holding
SAS
144A,7.00%,
10/15/28
314,000
316,503
144A,8.50%,
4/15/31
347,000
367,773
Principal
Amount
$
Value
$
Millicom
International
Cellular
SA
144A,5.125%,
1/15/28
136,800
136,116
144A,6.25%,
3/25/29
227,700
229,465
144A,4.50%,
4/27/31
283,000
263,842
PR
RNO
Property
Owner
1
LLC,144A,6.50%,
5/1/31
1,654,000
1,657,225
Uniti
Group
LP
/
Uniti
Group
Finance
2019,
Inc.
/
CSL
Capital
LLC
144A,4.75%,
4/15/28
234,000
233,396
144A,6.50%,
2/15/29
401,000
396,522
Viasat,
Inc.
144A,5.625%,
4/15/27
257,000
256,824
144A,6.50%,
7/15/28
116,000
115,884
Vmed
O2
UK
Financing
I
PLC,144A,4.25%,
1/31/31
503,000
420,937
Zegona
Finance
PLC,144A,8.625%,
7/15/29
239,000
250,303
(Cost
$8,455,451)
8,305,505
Consumer,
Cyclical
—
18.0%
Airlines
—
0.8%
Air
Canada,144A,3.875%,
8/15/26
422,000
421,989
American
Airlines,
Inc.,144A,7.25%,
2/15/28
277,000
281,142
Gol
Finance,
Inc.,144A,14.375%,
6/6/30
769,000
735,079
United
Airlines
Holdings,
Inc.
4.875%,
3/1/29
373,000
368,997
5.375%,
3/1/31
364,000
360,457
(Cost
$2,221,297)
2,167,664
Apparel
—
0.4%
Levi
Strauss
&
Co.,144A,3.50%,
3/1/31
201,000
185,211
Under
Armour,
Inc.
3.25%,
6/15/26
240,000
240,446
144A,7.25%,
7/15/30
146,000
148,399
VF
Corp.
2.80%,
4/23/27
185,000
181,160
2.95%,
4/23/30
274,000
248,207
(Cost
$991,711)
1,003,423
Auto
Manufacturers
—
1.8%
Allison
Transmission,
Inc.
144A,4.75%,
10/1/27
191,000
191,015
144A,5.875%,
6/1/29
173,000
174,778
144A,3.75%,
1/30/31
370,000
346,751
Aston
Martin
Capital
Holdings
Ltd.,144A,10.00%,
3/31/29
393,000
319,603
Nissan
Motor
Acceptance
Co.
LLC
144A,1.85%,
9/16/26
376,000
372,571
144A,5.30%,
9/13/27
173,000
172,890
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
144A,2.75%,
3/9/28
230,000
218,769
144A,7.05%,
9/15/28
238,000
244,621
144A,5.625%,
9/29/28
283,000
282,665
144A,6.125%,
9/30/30
461,000
455,541
Nissan
Motor
Co.
Ltd.
144A,4.345%,
9/17/27
894,000
882,476
144A,7.50%,
7/17/30
364,000
377,278
144A,4.81%,
9/17/30
906,000
849,174
(Cost
$4,957,051)
4,888,132
Auto
Parts
&
Equipment
—
1.9%
Adient
Global
Holdings
Ltd.,144A,7.00%,
4/15/28
263,000
267,616
American
Axle
&
Manufacturing,
Inc.,5.00%,
10/1/29
224,000
219,294
Clarios
Global
LP
/
Clarios
US
Finance
Co.
144A,6.75%,
5/15/28
279,000
284,243
144A,6.75%,
2/15/30
343,000
354,761
Cooper-Standard
Automotive,
Inc.,144A,9.25%,
3/1/31
(a)
393,000
397,720
Cyprium
Corp.
/
Cyprium
Holdings
Luxembourg
Sarl,144A,6.125%,
4/15/31
300,000
300,853
Forvia
SE,144A,8.00%,
6/15/30
(a)
183,000
193,348
Goodyear
Tire
&
Rubber
Co.
4.875%,
3/15/27
285,000
284,088
5.00%,
7/15/29
312,000
298,152
6.625%,
7/15/30
185,000
181,011
5.25%,
4/30/31
(a)
191,000
170,684
Tenneco,
Inc.,144A,8.00%,
11/17/28
722,000
723,901
ZF
North
America
Capital,
Inc.
144A,6.875%,
4/14/28
205,000
210,023
144A,7.125%,
4/14/30
239,000
240,964
144A,6.75%,
4/23/30
291,000
289,888
144A,7.50%,
3/24/31
546,000
551,882
(Cost
$4,857,082)
4,968,428
Distribution/Wholesale
—
0.3%
American
Builders
&
Contractors
Supply
Co.,
Inc.
144A,4.00%,
1/15/28
258,000
253,196
144A,3.875%,
11/15/29
127,000
120,909
RB
Global
Holdings,
Inc.
144A,6.75%,
3/15/28
208,000
211,498
144A,7.75%,
3/15/31
291,000
302,935
(Cost
$884,722)
888,538
Entertainment
—
3.1%
Allwyn
Entertainment
Financing
UK
PLC,144A,7.875%,
4/30/29
231,000
238,580
Brightstar
Lottery
PLC,144A,5.25%,
1/15/29
270,000
268,625
Principal
Amount
$
Value
$
Caesars
Entertainment,
Inc.
144A,4.625%,
10/15/29
443,000
427,120
144A,7.00%,
2/15/30
719,000
728,048
Churchill
Downs,
Inc.
144A,5.50%,
4/1/27
232,000
232,075
144A,4.75%,
1/15/28
259,000
256,598
144A,5.75%,
4/1/30
412,000
412,354
144A,6.75%,
5/1/31
250,000
255,543
Cinemark
USA,
Inc.,144A,5.25%,
7/15/28
223,000
221,935
Discovery
Global
Holdings,
Inc.
3.755%,
3/15/27
443,000
440,831
4.054%,
3/15/29
496,000
494,681
Great
Canadian
Gaming
Corp./
Raptor
LLC,144A,8.75%,
11/15/29
195,000
192,477
Light
&
Wonder
International,
Inc.,144A,7.25%,
11/15/29
185,000
189,644
Live
Nation
Entertainment,
Inc.
144A,6.50%,
5/15/27
409,000
409,718
144A,4.75%,
10/15/27
348,000
346,840
144A,3.75%,
1/15/28
182,000
178,570
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
144A,8.25%,
4/15/30
263,000
274,681
144A,11.875%,
4/15/31
255,000
277,214
Motion
Bondco
DAC,144A,6.625%,
11/15/27
(a)
150,000
144,548
Penn
Entertainment,
Inc.
144A,5.625%,
1/15/27
183,000
183,007
144A,4.125%,
7/1/29
(a)
196,000
187,781
144A,6.75%,
4/1/31
190,000
189,383
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.,144A,5.625%,
9/1/29
273,000
159,736
Rivers
Enterprise
Borrower
LLC,144A,6.25%,
10/15/30
223,000
224,945
Six
Flags
Entertainment
Corp.,144A,7.25%,
5/15/31
264,000
263,430
Six
Flags
Entertainment
Corp.
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.,5.25%,
7/15/29
220,000
213,299
Vail
Resorts,
Inc.,144A,5.625%,
7/15/30
174,000
174,525
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
144A,5.125%,
10/1/29
245,000
243,288
144A,7.125%,
2/15/31
372,000
393,143
(Cost
$8,216,884)
8,222,619
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
Food
Service
—
0.4%
Aramark
Services,
Inc.,144A,5.00%,
2/1/28
421,000
420,546
TKC
Holdings,
Inc.
144A,8.50%,
8/15/30
403,000
412,436
144A,12.00%,
2/15/31
249,000
259,439
(Cost
$1,089,315)
1,092,421
Home
Builders
—
0.5%
Ashton
Woods
USA
LLC
/
Ashton
Woods
Finance
Co.,144A,4.625%,
4/1/30
159,000
150,971
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential
US
LLC
144A,6.25%,
9/15/27
232,000
233,050
144A,4.875%,
2/15/30
180,000
166,569
Century
Communities,
Inc.,144A,3.875%,
8/15/29
193,000
182,402
LGI
Homes,
Inc.,144A,8.75%,
12/15/28
143,000
148,358
Mattamy
Group
Corp.,144A,4.625%,
3/1/30
205,000
196,768
Taylor
Morrison
Communities,
Inc.
144A,5.75%,
1/15/28
145,000
146,496
144A,5.125%,
8/1/30
200,000
198,137
(Cost
$1,414,049)
1,422,751
Home
Furnishings
—
0.4%
FXI
Holdings,
Inc.,144A,11.00%,
11/15/30
304,000
254,336
Somnigroup
International,
Inc.,144A,4.00%,
4/15/29
297,000
285,684
Whirlpool
Corp.
4.75%,
2/26/29
259,000
244,921
6.125%,
6/15/30
212,000
199,586
(Cost
$1,023,804)
984,527
Housewares
—
0.7%
Cd&r
Smokey
Buyer,
Inc.
/
Radio
Systems
Corp.,144A,9.50%,
10/15/29
279,000
167,805
Central
Garden
&
Pet
Co.
4.125%,
10/15/30
(a)
193,000
182,688
144A,4.125%,
4/30/31
130,000
122,484
Newell
Brands,
Inc.
6.375%,
9/15/27
182,000
184,237
144A,8.50%,
6/1/28
462,000
482,662
6.625%,
9/15/29
182,000
182,280
6.375%,
5/15/30
(a)
285,000
281,457
Scotts
Miracle-Gro
Co.
4.50%,
10/15/29
160,000
156,106
4.00%,
4/1/31
173,000
161,095
(Cost
$1,996,045)
1,920,814
Principal
Amount
$
Value
$
Leisure
Time
—
1.0%
Carnival
Corp.
Ltd.
144A,5.125%,
5/1/29
444,000
443,800
144A,5.75%,
3/15/30
375,000
379,052
NCL
Corp.
Ltd.
144A,7.75%,
2/15/29
222,000
232,497
144A,5.875%,
1/15/31
443,000
428,455
Sabre
Financial
Borrower
LLC,144A,11.125%,
6/15/29
365,000
380,144
Sabre
GLBL,
Inc.
144A,10.75%,
11/15/29
162,000
145,574
144A,10.75%,
3/15/30
170,000
150,382
144A,11.125%,
7/15/30
484,000
431,970
(Cost
$2,658,612)
2,591,874
Lodging
—
2.2%
Boyd
Gaming
Corp.,4.75%,
12/1/27
366,000
365,064
Hilton
Domestic
Operating
Co.,
Inc.
144A,5.875%,
4/1/29
201,000
204,176
144A,3.75%,
5/1/29
293,000
283,638
4.875%,
1/15/30
392,000
387,932
144A,4.00%,
5/1/31
400,000
379,452
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower,
Inc.,144A,5.00%,
6/1/29
314,000
305,690
Marriott
Ownership
Resorts,
Inc.,144A,4.50%,
6/15/29
185,000
178,567
Melco
Resorts
Finance
Ltd.
144A,5.625%,
7/17/27
232,000
231,881
144A,5.75%,
7/21/28
340,000
338,676
144A,5.375%,
12/4/29
431,000
420,944
MGM
Resorts
International
4.625%,
9/1/26
153,000
153,030
5.50%,
4/15/27
260,000
260,380
4.75%,
10/15/28
287,000
284,533
6.125%,
9/15/29
309,000
313,704
Station
Casinos
LLC,144A,4.50%,
2/15/28
229,000
225,884
Studio
City
Finance
Ltd.
144A,6.50%,
1/15/28
187,000
187,256
144A,5.00%,
1/15/29
385,000
369,284
Travel
+
Leisure
Co.
6.00%,
4/1/27
98,000
98,215
144A,4.50%,
12/1/29
228,000
220,460
Wyndham
Hotels
&
Resorts,
Inc.,144A,4.375%,
8/15/28
182,000
179,550
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.,144A,5.25%,
5/15/27
325,000
325,428
(Cost
$5,634,843)
5,713,744
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
Retail
—
4.5%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
144A,3.875%,
1/15/28
573,000
563,451
144A,4.375%,
1/15/28
295,000
292,124
144A,3.50%,
2/15/29
290,000
279,004
144A,6.125%,
6/15/29
452,000
460,548
144A,5.625%,
9/15/29
183,000
184,595
144A,4.00%,
10/15/30
1,046,000
992,117
Advance
Auto
Parts,
Inc.
3.90%,
4/15/30
207,000
193,412
144A,7.00%,
8/1/30
320,000
329,030
Asbury
Automotive
Group,
Inc.
4.50%,
3/1/28
149,000
148,034
144A,4.625%,
11/15/29
296,000
287,624
4.75%,
3/1/30
159,000
155,049
Bath
&
Body
Works,
Inc.
5.25%,
2/1/28
162,000
162,529
7.50%,
6/15/29
188,000
191,000
144A,6.625%,
10/1/30
305,000
310,626
EG
Global
Finance
PLC,144A,12.00%,
11/30/28
246,000
262,606
Ferrellgas
LP
/
Ferrellgas
Finance
Corp.
144A,5.875%,
4/1/29
300,000
294,418
144A,9.25%,
1/15/31
240,000
253,345
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
144A,4.625%,
1/15/29
375,000
365,932
144A,6.75%,
1/15/30
(a)
420,000
410,138
FirstCash,
Inc.
144A,4.625%,
9/1/28
184,000
181,480
144A,5.625%,
1/1/30
167,000
166,845
Gap,
Inc.,144A,3.625%,
10/1/29
274,000
256,646
Global
Auto
Holdings
Ltd.
/
AAG
FH
UK
Ltd.,144A,8.375%,
1/15/29
189,000
184,726
Group
1
Automotive,
Inc.
144A,4.00%,
8/15/28
276,000
268,624
144A,6.375%,
1/15/30
183,000
186,133
LBM
Acquisition
LLC,144A,6.25%,
1/15/29
264,000
163,952
LCM
Investments
Holdings
II
LLC,144A,4.875%,
5/1/29
376,000
367,249
Lithia
Motors,
Inc.
144A,4.625%,
12/15/27
140,000
139,367
144A,3.875%,
6/1/29
296,000
283,846
144A,5.50%,
10/1/30
213,000
211,310
144A,4.375%,
1/15/31
201,000
190,585
Murphy
Oil
USA,
Inc.
4.75%,
9/15/29
184,000
181,028
144A,3.75%,
2/15/31
184,000
171,559
Principal
Amount
$
Value
$
Nordstrom,
Inc.,4.375%,
4/1/30
177,000
169,332
Park
River
Holdings,
Inc.
144A,8.75%,
12/31/30
(a)
195,000
189,877
144A,8.00%,
3/15/31
292,000
295,857
Sonic
Automotive,
Inc.,144A,4.625%,
11/15/29
241,000
236,348
Staples,
Inc.
144A,10.75%,
9/1/29
903,000
859,847
144A,12.75%,
1/15/30
303,000
232,180
Victra
Holdings
LLC
/
Victra
Finance
Corp.,144A,8.75%,
9/15/29
169,000
175,537
Yum!
Brands,
Inc.
144A,4.75%,
1/15/30
272,000
268,341
3.625%,
3/15/31
387,000
360,253
(Cost
$11,898,011)
11,876,504
Consumer,
Non-cyclical
—
17.9%
Agriculture
—
0.2%
Darling
Ingredients,
Inc.
144A,5.25%,
4/15/27
193,000
193,142
144A,6.00%,
6/15/30
270,000
272,747
(Cost
$465,442)
465,889
Beverages
—
0.2%
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.
144A,6.25%,
4/1/29
263,000
263,882
144A,4.375%,
4/30/29
272,000
267,347
(Cost
$523,899)
531,229
Commercial
Services
—
5.4%
ADT
Security
(The)
Corp.,144A,4.125%,
8/1/29
379,000
364,199
Albion
Financing
1
Sarl
/
Aggreko
Holdings,
Inc.,144A,7.00%,
5/21/30
513,000
529,985
Allied
Universal
Holdco
LLC,144A,7.875%,
2/15/31
855,000
894,668
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
144A,6.00%,
6/1/29
(a)
358,000
355,375
144A,6.875%,
6/15/30
380,000
388,890
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
/
Atlas
Luxco
4
SARL,144A,4.625%,
6/1/28
383,000
377,634
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
144A,4.75%,
4/1/28
186,000
183,418
144A,5.375%,
3/1/29
(a)
224,000
219,690
144A,8.25%,
1/15/30
(a)
265,000
273,506
144A,8.00%,
2/15/31
186,000
187,448
Belron
UK
Finance
PLC,144A,5.75%,
10/15/29
400,000
403,609
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
Block,
Inc.
2.75%,
6/1/26
395,000
395,000
144A,5.625%,
8/15/30
437,000
439,126
Brink's
Co.
144A,4.625%,
10/15/27
220,000
219,054
144A,6.50%,
6/15/29
154,000
157,921
Clarivate
Science
Holdings
Corp.
144A,3.875%,
7/1/28
325,000
314,541
144A,4.875%,
7/1/29
323,000
296,033
EquipmentShare.com,
Inc.,144A,9.00%,
5/15/28
377,000
391,642
Garda
World
Security
Corp.
144A,7.75%,
2/15/28
169,000
172,149
144A,6.00%,
6/1/29
185,000
181,190
144A,6.50%,
1/15/31
229,000
233,074
GEO
Group,
Inc.
8.625%,
4/15/29
253,000
264,041
10.25%,
4/15/31
228,000
247,242
Herc
Holdings,
Inc.
144A,6.625%,
6/15/29
284,000
291,120
144A,7.00%,
6/15/30
612,000
636,280
144A,5.75%,
3/15/31
222,000
222,537
Hertz
Corp.
144A,12.625%,
7/15/29
(a)
455,000
414,781
144A,5.00%,
12/1/29
365,000
162,159
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.,144A,3.375%,
8/31/27
355,000
348,260
RR
Donnelley
&
Sons
Co.
144A,9.50%,
8/1/29
366,000
379,769
144A,10.875%,
8/1/29
175,000
180,967
Service
Corp.
International
4.625%,
12/15/27
200,000
199,378
5.125%,
6/1/29
275,000
274,908
3.375%,
8/15/30
314,000
292,113
4.00%,
5/15/31
254,000
239,208
Sotheby's,144A,8.25%,
4/15/31
301,000
296,600
United
Rentals
North
America,
Inc.
3.875%,
11/15/27
281,000
278,476
4.875%,
1/15/28
597,000
597,658
5.25%,
1/15/30
274,000
274,216
4.00%,
7/15/30
290,000
277,273
3.875%,
2/15/31
397,000
375,668
Veritiv
Operating
Co.,144A,10.50%,
11/30/30
383,000
393,445
Williams
Scotsman,
Inc.
144A,4.625%,
8/15/28
194,000
192,248
144A,6.625%,
6/15/29
176,000
180,540
144A,6.625%,
4/15/30
182,000
187,325
(Cost
$14,261,558)
14,184,364
Principal
Amount
$
Value
$
Cosmetics/Personal
Care
—
0.4%
Edgewell
Personal
Care
Co.
144A,5.50%,
6/1/28
278,000
277,153
144A,4.125%,
4/1/29
193,000
184,584
Perrigo
Finance
Unlimited
Co.,5.15%,
6/15/30
273,000
261,891
Prestige
Brands,
Inc.
144A,5.125%,
1/15/28
156,000
155,531
144A,3.75%,
4/1/31
219,000
201,179
(Cost
$1,083,876)
1,080,338
Food
—
1.8%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
144A,6.50%,
2/15/28
277,000
280,117
144A,3.50%,
3/15/29
494,000
471,620
144A,4.875%,
2/15/30
370,000
360,569
144A,5.50%,
3/31/31
267,000
263,236
B&G
Foods,
Inc.
5.25%,
9/15/27
(a)
194,000
189,301
144A,8.00%,
9/15/28
(a)
295,000
292,323
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
144A,4.625%,
11/15/28
155,000
153,631
144A,7.625%,
7/1/29
182,000
187,873
Fiesta
Purchaser,
Inc.,144A,7.875%,
3/1/31
180,000
181,179
KeHE
Distributors
LLC
/
KeHE
Finance
Corp.
/
NextWave
Distribution,
Inc.,144A,9.00%,
2/15/29
314,000
328,333
Lamb
Weston
Holdings,
Inc.
144A,4.875%,
5/15/28
193,000
191,777
144A,4.125%,
1/31/30
338,000
323,078
Performance
Food
Group,
Inc.,144A,4.25%,
8/1/29
369,000
357,726
Post
Holdings,
Inc.,144A,4.625%,
4/15/30
522,000
508,311
US
Foods,
Inc.
144A,6.875%,
9/15/28
185,000
189,735
144A,4.75%,
2/15/29
332,000
327,613
144A,4.625%,
6/1/30
182,000
177,050
(Cost
$4,758,912)
4,783,472
Healthcare-Products
—
1.0%
Avantor
Funding,
Inc.
144A,4.625%,
7/15/28
573,000
567,347
144A,3.875%,
11/1/29
282,000
267,964
Bausch
+
Lomb
Corp.,144A,8.375%,
10/1/28
519,000
536,516
Medline
Borrower
LP,144A,5.25%,
10/1/29
893,000
891,952
Teleflex,
Inc.
4.625%,
11/15/27
223,000
222,553
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
144A,4.25%,
6/1/28
188,000
185,650
(Cost
$2,636,775)
2,671,982
Healthcare-Services
—
6.5%
Acadia
Healthcare
Co.,
Inc.
144A,5.50%,
7/1/28
166,000
165,370
144A,5.00%,
4/15/29
(a)
177,000
173,344
Centene
Corp.
4.25%,
12/15/27
353,000
352,087
2.45%,
7/15/28
839,000
795,770
4.625%,
12/15/29
1,196,000
1,165,529
3.375%,
2/15/30
729,000
677,827
3.00%,
10/15/30
803,000
724,116
2.50%,
3/1/31
810,000
706,069
Charles
River
Laboratories
International,
Inc.
144A,4.25%,
5/1/28
182,000
178,695
144A,3.75%,
3/15/29
193,000
185,050
144A,4.00%,
3/15/31
182,000
170,594
CHS/Community
Health
Systems,
Inc.
144A,6.00%,
1/15/29
228,000
225,932
144A,6.875%,
4/15/29
376,000
372,303
144A,6.125%,
4/1/30
448,000
407,777
144A,5.25%,
5/15/30
585,000
551,785
144A,4.75%,
2/15/31
282,000
259,514
DaVita,
Inc.
144A,4.625%,
6/1/30
1,000,000
972,214
144A,3.75%,
2/15/31
561,000
521,909
Encompass
Health
Corp.
4.50%,
2/1/28
335,000
333,701
4.75%,
2/1/30
272,000
267,743
4.625%,
4/1/31
146,000
141,381
IQVIA,
Inc.
144A,5.00%,
10/15/26
398,000
397,988
144A,5.00%,
5/15/27
336,000
336,001
144A,6.50%,
5/15/30
186,000
190,880
LifePoint
Health,
Inc.
144A,5.375%,
1/15/29
(a)
183,000
177,337
144A,9.875%,
8/15/30
293,000
310,131
Molina
Healthcare,
Inc.
144A,4.375%,
6/15/28
292,000
287,886
144A,3.875%,
11/15/30
230,000
213,002
144A,6.50%,
2/15/31
308,000
312,710
MPH
Acquisition
Holdings
LLC,144A,5.75%,
12/31/30
(a)
279,000
224,813
National
Mentor
Holdings,
Inc.,144A,10.50%,
12/15/30
462,000
486,614
Prime
Healthcare
Services,
Inc.,144A,9.375%,
9/1/29
549,000
574,579
Star
Parent,
Inc.,144A,9.00%,
10/1/30
336,000
353,157
Team
Health
Holdings,
Inc.,144A,8.375%,
6/30/28
159,000
159,666
Principal
Amount
$
Value
$
Tenet
Healthcare
Corp.
5.125%,
11/1/27
492,000
492,673
4.625%,
6/15/28
250,000
248,485
6.125%,
10/1/28
647,000
648,981
4.25%,
6/1/29
551,000
537,463
4.375%,
1/15/30
529,000
512,173
6.125%,
6/15/30
737,000
744,867
6.75%,
5/15/31
420,000
432,784
US
Acute
Care
Solutions
LLC,144A,9.75%,
5/15/29
364,000
349,170
(Cost
$17,138,910)
17,340,070
Pharmaceuticals
—
2.4%
Accendra
Health,
Inc.
144A,4.50%,
3/31/29
(a)
182,000
143,599
144A,6.625%,
4/1/30
206,000
124,489
Adapthealth
LLC
144A,4.625%,
8/1/29
169,000
163,217
144A,5.125%,
3/1/30
222,000
215,240
Bausch
Health
Americas,
Inc.,144A,8.50%,
1/31/27
(a)
264,000
262,214
Bausch
Health
Cos.,
Inc.
144A,5.00%,
1/30/28
152,000
128,184
144A,4.875%,
6/1/28
292,000
270,236
144A,11.00%,
9/30/28
325,000
339,506
144A,5.00%,
2/15/29
165,000
115,076
144A,6.25%,
2/15/29
299,000
214,159
144A,5.25%,
1/30/30
282,000
173,378
144A,5.25%,
2/15/31
169,000
95,782
Endo
Finance
Holdings
LP,144A,8.50%,
4/15/31
(a)
365,000
389,253
Grifols
SA,144A,4.75%,
10/15/28
277,000
272,888
HLF
Financing
Sarl
LLC
/
Herbalife
International,
Inc.,144A,4.875%,
6/1/29
218,000
204,740
Jazz
Securities
DAC,144A,4.375%,
1/15/29
535,000
525,588
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
144A,4.125%,
4/30/28
779,000
769,913
144A,5.125%,
4/30/31
577,000
572,245
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.15%,
10/1/26
715,000
711,693
6.75%,
3/1/28
404,000
415,618
Teva
Pharmaceutical
Finance
Netherlands
IV
BV,5.75%,
12/1/30
263,000
269,184
(Cost
$6,254,978)
6,376,202
Diversified
—
0.2%
Holding
Companies-Diversified
—
0.2%
Stena
International
SA
144A,7.25%,
1/15/31
326,000
334,456
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
144A,7.625%,
2/15/31
150,000
153,123
(Cost
$490,659)
487,579
Energy
—
8.5%
Oil
&
Gas
—
4.4%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp.,144A,7.50%,
10/1/29
347,000
362,095
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp.,144A,5.875%,
6/30/29
185,000
184,852
California
Resources
Corp.,144A,8.25%,
6/15/29
228,000
238,806
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.,144A,9.75%,
2/15/31
210,000
222,485
Caturus
Energy
LLC
144A,8.50%,
2/15/30
182,000
190,718
144A,7.125%,
5/15/31
230,000
230,001
Chord
Energy
Corp.,144A,6.00%,
10/1/30
277,000
280,556
Cia
General
de
Combustibles
SA,144A,11.875%,
11/28/30
182,000
187,915
CNX
Resources
Corp.,144A,7.375%,
1/15/31
192,000
197,197
Comstock
Resources,
Inc.
144A,6.75%,
3/1/29
483,000
474,916
144A,6.75%,
3/1/29
122,000
120,110
144A,5.875%,
1/15/30
348,000
329,133
CVR
Energy,
Inc.,144A,7.50%,
2/15/31
215,000
217,560
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
144A,6.25%,
11/1/28
222,000
222,984
144A,5.75%,
2/1/29
229,000
228,609
144A,6.00%,
4/15/30
182,000
181,041
144A,6.00%,
2/1/31
213,000
209,992
Ithaca
Energy
North
Sea
PLC,144A,8.125%,
10/15/29
273,000
284,403
Kosmos
Energy
Ltd.,144A,7.50%,
3/1/28
134,000
131,071
Leviathan
Bond
Ltd.
144A,REGS,
6.50%,
6/30/27
222,000
222,930
144A,REGS,
6.75%,
6/30/30
205,708
212,792
Medco
Cypress
Tree
Pte
Ltd.,144A,8.625%,
5/19/30
210,000
220,042
Medco
Maple
Tree
Pte
Ltd.,144A,8.96%,
4/27/29
206,000
213,533
Noble
Finance
II
LLC,144A,8.00%,
4/15/30
513,000
533,654
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.00%,
2/15/28
302,000
302,238
144A,9.875%,
3/15/30
297,000
317,659
144A,7.875%,
9/15/30
182,000
186,496
Principal
Amount
$
Value
$
Puma
International
Financing
SA,144A,7.75%,
4/25/29
214,000
220,643
SM
Energy
Co.
6.75%,
9/15/26
115,000
115,000
6.625%,
1/15/27
204,000
204,393
144A,8.375%,
7/1/28
149,000
152,873
6.50%,
7/15/28
173,000
173,331
144A,6.75%,
8/1/29
275,000
282,112
144A,8.625%,
11/1/30
209,000
221,083
Sunoco
LP
144A,5.875%,
7/15/27
226,000
226,430
144A,7.00%,
5/1/29
282,000
291,287
144A,4.50%,
10/1/29
295,000
287,288
144A,4.625%,
5/1/30
295,000
286,360
144A,5.625%,
3/15/31
364,000
364,613
Sunoco
LP
/
Sunoco
Finance
Corp.
144A,7.00%,
9/15/28
136,000
139,271
4.50%,
5/15/29
318,000
311,765
4.50%,
4/30/30
302,000
293,521
Talos
Production,
Inc.
144A,9.00%,
2/1/29
226,000
236,104
144A,9.375%,
2/1/31
228,000
242,057
TGNR
Intermediate
Holdings
LLC,144A,5.50%,
10/15/29
260,000
256,241
Transocean
International
Ltd.
144A,8.25%,
5/15/29
330,000
342,930
144A,8.50%,
5/15/31
328,000
346,681
(Cost
$11,512,501)
11,697,771
Oil
&
Gas
Services
—
0.4%
Kodiak
Gas
Services
LLC,144A,5.875%,
4/1/31
365,000
367,390
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.,144A,7.125%,
3/15/29
369,000
380,343
WBI
Operating
LLC,144A,6.25%,
10/15/30
301,000
303,745
(Cost
$1,043,869)
1,051,478
Pipelines
—
3.7%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
144A,5.75%,
1/15/28
261,000
261,241
144A,5.375%,
6/15/29
223,000
222,984
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp.,144A,7.00%,
7/15/29
186,000
191,423
Buckeye
Partners
LP
3.95%,
12/1/26
217,000
215,881
4.125%,
12/1/27
146,000
143,985
144A,4.50%,
3/1/28
183,000
181,154
144A,6.875%,
7/1/29
198,000
204,255
144A,6.75%,
2/1/30
185,000
191,707
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp.,144A,8.625%,
3/15/29
237,000
246,844
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
8.25%,
1/15/29
218,000
226,330
8.875%,
4/15/30
180,000
188,494
Golar
LNG
Ltd.,144A,7.50%,
10/2/30
178,000
182,105
Hess
Midstream
Operations
LP
144A,5.875%,
3/1/28
291,000
294,502
144A,5.125%,
6/15/28
207,000
206,760
144A,6.50%,
6/1/29
249,000
255,538
144A,4.25%,
2/15/30
274,000
266,320
144A,5.50%,
10/15/30
142,000
141,911
ITT
Holdings
LLC,144A,6.50%,
8/1/29
441,000
438,588
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.,144A,8.125%,
2/15/29
324,000
336,782
NuStar
Logistics
LP
5.625%,
4/28/27
206,000
206,807
6.375%,
10/1/30
198,000
205,678
Rockies
Express
Pipeline
LLC,144A,4.95%,
7/15/29
211,000
209,172
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp.
144A,5.50%,
1/15/28
163,000
163,049
144A,7.375%,
2/15/29
293,000
303,440
144A,6.00%,
12/31/30
280,000
282,753
Venture
Global
Calcasieu
Pass
LLC
144A,3.875%,
8/15/29
460,000
441,021
144A,6.25%,
1/15/30
365,000
376,640
Venture
Global
LNG,
Inc.
144A,8.125%,
6/1/28
812,000
830,395
144A,9.50%,
2/1/29
1,100,000
1,198,065
144A,7.00%,
1/15/30
(a)
554,000
568,507
Venture
Global
Plaquemines
LNG
LLC,144A,6.125%,
12/15/30
639,000
656,658
(Cost
$9,698,390)
9,838,989
Financial
—
14.5%
Banks
—
0.2%
Banco
Votorantim
SA,144A,5.875%,
4/8/28
227,000
230,174
Freedom
Mortgage
Corp.
144A,6.625%,
1/15/27
144,000
144,485
144A,12.25%,
10/1/30
248,000
268,282
(Cost
$643,456)
642,941
Principal
Amount
$
Value
$
Diversified
Financial
Services
—
5.9%
Aretec
Group,
Inc.
144A,7.50%,
4/1/29
(a)
149,000
149,434
144A,10.00%,
8/15/30
196,000
208,123
Azorra
Finance
Ltd.
144A,7.75%,
4/15/30
169,000
176,102
144A,7.25%,
1/15/31
231,000
236,480
Bread
Financial
Holdings,
Inc.,144A,6.75%,
5/15/31
210,000
215,192
Coinbase
Global,
Inc.,144A,3.375%,
10/1/28
359,000
344,731
Credit
Acceptance
Corp.
144A,9.25%,
12/15/28
127,000
132,823
144A,6.625%,
3/15/30
213,000
214,890
CrossCountry
Intermediate
HoldCo
LLC,144A,6.50%,
10/1/30
320,000
315,405
Encore
Capital
Group,
Inc.
144A,8.50%,
5/15/30
143,000
152,271
144A,6.625%,
4/15/31
182,000
183,667
Enova
International,
Inc.
144A,11.25%,
12/15/28
188,000
198,662
144A,9.125%,
8/1/29
179,000
187,637
Freedom
Mortgage
Holdings
LLC
144A,9.25%,
2/1/29
416,000
433,520
144A,6.875%,
5/1/31
286,000
277,372
144A,9.125%,
5/15/31
250,000
259,145
GGAM
Finance
Ltd.
144A,8.00%,
2/15/27
280,000
282,685
144A,8.00%,
6/15/28
239,000
248,562
144A,6.875%,
4/15/29
148,000
152,315
144A,5.875%,
3/15/30
154,000
155,860
goeasy
Ltd.
144A,9.25%,
12/1/28
205,000
201,047
144A,7.625%,
7/1/29
219,000
206,117
144A,6.875%,
5/15/30
146,000
131,213
144A,7.375%,
10/1/30
(a)
132,000
118,642
144A,6.875%,
2/15/31
(a)
168,000
148,769
Jane
Street
Group
/
JSG
Finance,
Inc.
144A,4.50%,
11/15/29
224,000
219,410
144A,7.125%,
4/30/31
475,000
492,688
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.,144A,5.00%,
8/15/28
353,000
341,362
Jefferson
Capital
Holdings
LLC
144A,9.50%,
2/15/29
146,000
153,496
144A,8.25%,
5/15/30
192,000
202,159
LD
Holdings
Group
LLC,144A,6.125%,
4/1/28
190,000
165,508
Navient
Corp.
6.75%,
6/15/26
144,000
144,073
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
5.00%,
3/15/27
254,000
252,713
4.875%,
3/15/28
165,000
161,807
5.50%,
3/15/29
(a)
263,000
252,634
9.375%,
7/25/30
214,000
218,166
11.50%,
3/15/31
170,000
181,013
OneMain
Finance
Corp.
3.50%,
1/15/27
279,000
276,780
6.625%,
1/15/28
284,000
288,942
3.875%,
9/15/28
209,000
202,312
6.625%,
5/15/29
330,000
335,557
5.375%,
11/15/29
316,000
308,545
7.875%,
3/15/30
262,000
272,814
6.125%,
5/15/30
279,000
278,022
4.00%,
9/15/30
296,000
273,372
7.50%,
5/15/31
227,000
234,140
PennyMac
Financial
Services,
Inc.
144A,4.25%,
2/15/29
245,000
234,130
144A,7.875%,
12/15/29
278,000
288,874
144A,7.125%,
11/15/30
220,000
222,350
PHH
Escrow
Issuer
LLC/PHH
Corp.,144A,9.875%,
11/1/29
252,000
247,857
PRA
Group,
Inc.,144A,8.875%,
1/31/30
200,000
205,773
Rocket
Cos.,
Inc.
144A,6.50%,
8/1/29
275,000
281,536
144A,6.125%,
8/1/30
751,000
762,887
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
144A,2.875%,
10/15/26
437,000
434,308
144A,3.625%,
3/1/29
278,000
267,516
144A,3.875%,
3/1/31
451,000
419,427
SLM
Corp.,6.50%,
1/31/30
191,000
193,592
StoneX
Group,
Inc.,144A,7.875%,
3/1/31
200,000
210,649
United
Wholesale
Mortgage
LLC
144A,5.75%,
6/15/27
192,000
191,359
144A,5.50%,
4/15/29
255,000
243,736
UWM
Holdings
LLC
144A,6.625%,
2/1/30
292,000
277,169
144A,6.25%,
3/15/31
364,000
334,481
Velocity
Commercial
Capital
LLC,144A,9.375%,
2/15/31
186,000
191,734
(Cost
$15,643,300)
15,593,555
Insurance
—
2.2%
Acrisure
LLC
/
Acrisure
Finance,
Inc.
144A,8.25%,
2/1/29
337,000
332,760
144A,4.25%,
2/15/29
255,000
241,955
144A,8.50%,
6/15/29
182,000
179,652
144A,6.00%,
8/1/29
170,000
159,545
144A,7.50%,
11/6/30
410,000
409,827
Principal
Amount
$
Value
$
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
144A,4.25%,
10/15/27
281,000
277,966
144A,6.75%,
4/15/28
475,000
479,648
144A,5.875%,
11/1/29
158,000
154,437
144A,7.00%,
1/15/31
526,000
534,335
AmWINS
Group,
Inc.,144A,6.375%,
2/15/29
277,000
280,393
Ardonagh
Finco
Ltd.,144A,7.75%,
2/15/31
545,000
550,061
Howden
UK
Refinance
PLC
/
Howden
UK
Refinance
2
PLC
/
Howden
US
Refinance
LLC,144A,7.25%,
2/15/31
360,000
357,060
HUB
International
Ltd.
144A,5.625%,
12/1/29
200,000
197,185
144A,7.25%,
6/15/30
1,194,000
1,226,159
Jones
Deslauriers
Insurance
Management,
Inc.,144A,8.50%,
3/15/30
265,000
270,489
Ryan
Specialty
LLC,144A,4.375%,
2/1/30
146,000
141,653
(Cost
$5,869,941)
5,793,125
Investment
Companies
—
0.5%
FS
KKR
Capital
Corp.
2.625%,
1/15/27
146,000
143,315
3.25%,
7/15/27
206,000
200,915
3.125%,
10/12/28
(a)
274,000
258,058
7.875%,
1/15/29
146,000
150,338
6.875%,
8/15/29
(a)
219,000
219,941
6.125%,
1/15/30
230,000
225,242
6.125%,
1/15/31
146,000
141,493
(Cost
$1,331,027)
1,339,302
Real
Estate
—
0.8%
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co.-Issuer
Corp.,144A,7.00%,
4/15/30
265,000
267,495
Anywhere
Real
Estate
Group
LLC
/
Realogy
Co.-Issuer
Corp.
144A,5.75%,
1/15/29
218,000
215,288
144A,5.25%,
4/15/30
142,000
136,506
144A,9.75%,
4/15/30
195,000
210,230
Howard
Hughes
Corp.
144A,4.125%,
2/1/29
238,000
229,963
144A,4.375%,
2/1/31
242,000
227,599
Hunt
Cos.,
Inc.,144A,5.25%,
4/15/29
258,000
254,636
Kennedy-Wilson,
Inc.
4.75%,
3/1/29
218,000
218,600
4.75%,
2/1/30
228,000
230,753
5.00%,
3/1/31
(a)
218,000
219,914
(Cost
$2,130,139)
2,210,984
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
Real
Estate
Investment
Trusts
—
4.3%
Apollo
Commercial
Real
Estate
Finance,
Inc.,144A,4.625%,
6/15/29
186,000
185,942
Arbor
Realty
SR,
Inc.
144A,8.50%,
12/15/28
(a)
150,000
148,584
144A,7.875%,
7/15/30
(a)
180,000
169,134
Blackstone
Mortgage
Trust,
Inc.,144A,7.75%,
12/1/29
161,000
167,191
Brandywine
Operating
Partnership
LP
3.95%,
11/15/27
162,000
158,181
8.875%,
4/12/29
201,000
212,161
Brookfield
Property
REIT,
Inc.
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL,144A,4.50%,
4/1/27
204,000
201,512
Diversified
Healthcare
Trust
4.75%,
2/15/28
185,000
180,961
4.375%,
3/1/31
182,000
165,976
EF
Holdco
/
EF
Cayman
Hold
/
Ellington
Fin
REIT
Cayman/
TRS
/
EF
Cayman
Non-
MTM,144A,7.375%,
9/30/30
146,000
145,997
Hudson
Pacific
Properties
LP
3.95%,
11/1/27
123,000
119,920
4.65%,
4/1/29
(a)
182,000
171,110
3.25%,
1/15/30
(a)
163,000
143,494
Iron
Mountain,
Inc.
144A,4.875%,
9/15/27
351,000
349,901
144A,5.25%,
3/15/28
325,000
325,173
144A,5.00%,
7/15/28
196,000
195,884
144A,7.00%,
2/15/29
372,000
379,998
144A,4.875%,
9/15/29
362,000
355,859
144A,5.25%,
7/15/30
490,000
484,956
144A,4.50%,
2/15/31
408,000
389,874
Millrose
Properties,
Inc.,144A,6.375%,
8/1/30
450,000
456,644
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
5.00%,
10/15/27
(a)
511,000
499,256
4.625%,
8/1/29
330,000
270,070
3.50%,
3/15/31
473,000
339,252
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co.-Issuer
144A,5.875%,
10/1/28
165,000
165,103
144A,4.875%,
5/15/29
290,000
283,398
144A,7.00%,
2/1/30
198,000
202,835
Pebblebrook
Hotel
LP
/
PEB
Finance
Corp.,144A,6.375%,
10/15/29
132,000
134,607
Principal
Amount
$
Value
$
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
144A,7.25%,
7/15/28
86,000
88,060
144A,4.50%,
2/15/29
220,000
216,156
Rithm
Capital
Corp.
144A,8.00%,
4/1/29
290,000
290,978
144A,8.00%,
7/15/30
174,000
172,818
RLJ
Lodging
Trust
LP
144A,3.75%,
7/1/26
169,000
168,938
144A,4.00%,
9/15/29
163,000
155,637
SBA
Communications
Corp.
3.875%,
2/15/27
535,000
531,126
3.125%,
2/1/29
562,000
539,484
Service
Properties
Trust
3.95%,
1/15/28
148,000
143,847
4.95%,
10/1/29
(a)
159,000
149,732
4.375%,
2/15/30
136,000
122,693
Starwood
Property
Trust,
Inc.
144A,3.625%,
7/15/26
178,000
178,275
144A,4.375%,
1/15/27
77,000
77,020
144A,5.25%,
10/15/28
178,000
177,622
144A,7.25%,
4/1/29
220,000
228,424
144A,6.00%,
4/15/30
172,000
173,582
144A,6.50%,
7/1/30
195,000
199,719
144A,6.50%,
10/15/30
178,000
182,529
144A,5.75%,
1/15/31
200,000
200,205
Uniti
Group
LP
/
Uniti
Fiber
Holdings,
Inc.
/
CSL
Capital
LLC,144A,6.00%,
1/15/30
273,000
265,480
(Cost
$11,107,346)
11,265,298
Venture
Capital
—
0.6%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
5.25%,
5/15/27
511,000
505,771
9.75%,
1/15/29
(a)
246,000
244,269
4.375%,
2/1/29
239,000
207,085
144A,10.00%,
11/15/29
365,000
365,848
9.00%,
6/15/30
254,000
241,840
(Cost
$1,573,259)
1,564,813
Industrial
—
9.0%
Aerospace/Defense
—
1.3%
ATI,
Inc.,7.25%,
8/15/30
160,000
166,244
Bombardier,
Inc.,144A,8.75%,
11/15/30
276,000
292,962
TransDigm,
Inc.
144A,6.75%,
8/15/28
738,000
748,032
4.625%,
1/15/29
429,000
423,016
144A,6.375%,
3/1/29
1,006,000
1,027,011
4.875%,
5/1/29
308,000
304,658
144A,6.875%,
12/15/30
555,000
572,552
(Cost
$3,520,043)
3,534,475
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
Building
Materials
—
1.3%
Builders
FirstSource,
Inc.,144A,5.00%,
3/1/30
206,000
200,964
Camelot
Return
Merger
Sub,
Inc.,144A,8.75%,
8/1/28
(a)
259,000
158,504
Cornerstone
Building
Brands,
Inc.,144A,9.50%,
8/15/29
(a)
186,000
113,581
Emerald
Debt
Merger
Sub
LLC,144A,6.625%,
12/15/30
1,013,000
1,036,910
James
Hardie
International
Finance
DAC,144A,5.00%,
1/15/28
146,000
145,248
MIWD
Holdco
II
LLC
/
MIWD
Finance
Corp.,144A,5.50%,
2/1/30
(a)
185,000
172,967
Smyrna
Ready
Mix
Concrete
LLC,144A,6.00%,
11/1/28
428,000
429,359
Standard
Industries,
Inc.
144A,4.75%,
1/15/28
366,000
364,477
144A,4.375%,
7/15/30
564,000
537,642
144A,3.375%,
1/15/31
416,000
378,959
(Cost
$3,712,564)
3,538,611
Electrical
Components
&
Equipment
—
0.6%
Energizer
Holdings,
Inc.
144A,4.75%,
6/15/28
216,000
213,617
144A,4.375%,
3/31/29
289,000
278,421
WESCO
Distribution,
Inc.
144A,7.25%,
6/15/28
516,000
517,231
144A,6.375%,
3/15/29
329,000
336,789
144A,5.25%,
4/15/31
237,000
235,344
(Cost
$1,576,805)
1,581,402
Electronics
—
0.6%
Ingram
Micro,
Inc.,144A,4.75%,
5/15/29
769,000
756,336
Sensata
Technologies
BV
144A,4.00%,
4/15/29
249,000
243,903
144A,5.875%,
9/1/30
202,000
204,027
Sensata
Technologies,
Inc.
144A,4.375%,
2/15/30
160,000
155,983
144A,3.75%,
2/15/31
259,000
243,029
(Cost
$1,587,431)
1,603,278
Engineering
&
Construction
—
0.7%
Arcosa,
Inc.,144A,4.375%,
4/15/29
148,000
144,756
Brand
Industrial
Services,
Inc.,144A,10.375%,
8/1/30
521,000
461,115
Fluor
Corp.,4.25%,
9/15/28
179,000
176,035
HTA
Group
Ltd./Mauritius
144A,7.50%,
6/4/29
284,000
291,923
144A,6.75%,
4/1/31
182,000
185,034
IHS
Holding
Ltd.
144A,6.25%,
11/29/28
182,000
181,156
Principal
Amount
$
Value
$
144A,7.875%,
5/29/30
201,000
207,742
TopBuild
Corp.,144A,3.625%,
3/15/29
148,000
146,878
(Cost
$1,821,950)
1,794,639
Environmental
Control
—
0.7%
Clean
Harbors,
Inc.,144A,6.375%,
2/1/31
186,000
189,177
GFL
Environmental,
Inc.
144A,4.00%,
8/1/28
181,000
177,638
144A,4.75%,
6/15/29
275,000
270,973
144A,4.375%,
8/15/29
243,000
236,784
144A,6.75%,
1/15/31
379,000
391,802
Madison
IAQ
LLC
144A,4.125%,
6/30/28
174,000
171,949
144A,5.875%,
6/30/29
389,000
389,325
(Cost
$1,810,835)
1,827,648
Machinery-Construction
&
Mining
—
0.4%
BWX
Technologies,
Inc.
144A,4.125%,
6/30/28
142,000
139,941
144A,4.125%,
4/15/29
168,000
162,842
Solaris
Energy
Infrastructure
LLC,144A,6.375%,
5/15/31
473,000
480,629
Terex
Corp.,144A,5.00%,
5/15/29
222,000
220,722
(Cost
$1,004,257)
1,004,134
Machinery-Diversified
—
0.3%
Esab
Corp.
144A,6.25%,
4/15/29
255,000
259,923
144A,5.625%,
4/1/31
365,000
367,721
Maxim
Crane
Works
Holdings
Capital
LLC,144A,11.50%,
9/1/28
194,000
203,223
(Cost
$826,896)
830,867
Metal
Fabricate/Hardware
—
0.1%
Advanced
Drainage
Systems,
Inc.,144A,6.375%,
6/15/30
(Cost
$183,743)
180,000
182,418
Miscellaneous
Manufacturing
—
0.3%
Avient
Corp.,144A,7.125%,
8/1/30
265,000
269,851
Axon
Enterprise,
Inc.,144A,6.125%,
3/15/30
369,000
377,035
Trinity
Industries,
Inc.,144A,7.75%,
7/15/28
250,000
256,424
(Cost
$903,349)
903,310
Packaging
&
Containers
—
2.2%
Ardagh
Group
SA,144A,9.50%,
12/1/30
578,000
617,535
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
144A,3.25%,
9/1/28
222,000
213,389
144A,4.00%,
9/1/29
(a)
383,000
363,605
144A,6.25%,
1/30/31
227,000
228,895
Ball
Corp.
6.00%,
6/15/29
356,000
362,378
2.875%,
8/15/30
474,000
431,500
Canpack
Group,
Inc.
/
Canpack
SA,144A,6.00%,
5/15/31
160,000
160,884
Canpack
SA
/
Canpack
US
LLC,144A,3.875%,
11/15/29
291,000
275,449
Clydesdale
Acquisition
Holdings,
Inc.,144A,6.875%,
1/15/30
193,000
189,993
Crown
Americas
LLC,5.25%,
4/1/30
182,000
183,029
Graphic
Packaging
International
LLC
144A,3.50%,
3/15/28
150,000
145,256
144A,3.75%,
2/1/30
(a)
148,000
138,892
Mauser
Packaging
Solutions
Holding
Co.
144A,7.875%,
4/15/30
973,000
983,554
144A,9.25%,
4/15/30
474,000
454,603
OI
European
Group
BV,144A,4.75%,
2/15/30
159,000
151,398
Owens-Brockway
Glass
Container,
Inc.,144A,7.25%,
5/15/31
230,000
226,440
Silgan
Holdings,
Inc.,4.125%,
2/1/28
209,000
206,458
Trivium
Packaging
Finance
BV
144A,8.25%,
7/15/30
178,000
187,940
144A,12.25%,
1/15/31
220,000
242,913
(Cost
$5,737,303)
5,764,111
Transportation
—
0.2%
Pods
LLC,144A,8.75%,
5/15/31
175,000
170,274
Seaspan
Corp.,144A,5.50%,
8/1/29
257,000
246,014
(Cost
$417,780)
416,288
Trucking
&
Leasing
—
0.3%
FTAI
Aviation
Investors
LLC
144A,5.50%,
5/1/28
367,000
366,772
144A,7.875%,
12/1/30
180,000
188,982
144A,7.00%,
5/1/31
220,000
228,253
(Cost
$779,639)
784,007
Technology
—
5.1%
Computers
—
0.7%
McAfee
Corp.,144A,7.375%,
2/15/30
(a)
632,000
541,027
NCR
Atleos
Corp.,144A,9.50%,
4/1/29
433,000
463,244
Principal
Amount
$
Value
$
NCR
Voyix
Corp.
144A,5.00%,
10/1/28
225,000
221,271
144A,5.125%,
4/15/29
149,000
145,978
Pitney
Bowes,
Inc.,144A,7.25%,
3/15/29
203,000
204,945
Seagate
Data
Storage
Technology
Pte
Ltd.
144A,8.25%,
12/15/29
128,000
133,498
144A,5.875%,
7/15/30
175,000
178,467
(Cost
$1,932,976)
1,888,430
Office/Business
Equipment
—
0.2%
Xerox
Corp.
144A,10.25%,
10/15/30
(a)
152,000
133,821
144A,13.50%,
4/15/31
(a)
168,000
112,576
Xerox
Holdings
Corp.
144A,5.50%,
8/15/28
205,000
119,925
144A,8.875%,
11/30/29
189,000
85,995
(Cost
$546,907)
452,317
Semiconductors
—
0.6%
ams-OSRAM
AG,144A,12.25%,
3/30/29
251,000
266,374
Entegris,
Inc.
144A,4.375%,
4/15/28
154,000
151,924
144A,4.75%,
4/15/29
547,000
543,847
144A,3.625%,
5/1/29
142,000
135,719
144A,5.95%,
6/15/30
332,000
335,567
ON
Semiconductor
Corp.,144A,3.875%,
9/1/28
257,000
250,864
(Cost
$1,662,343)
1,684,295
Software
—
3.6%
AthenaHealth
Group,
Inc.,144A,6.50%,
2/15/30
853,000
823,004
Central
Parent
LLC
/
CDK
Global
II
LLC
/
CDK
Financing
Co.,
Inc.,144A,8.00%,
6/15/29
273,000
150,832
Central
Parent,
Inc.
/
CDK
Global,
Inc.,144A,7.25%,
6/15/29
273,000
144,690
Cloud
Software
Group,
Inc.
144A,6.50%,
3/31/29
1,439,000
1,428,809
144A,9.00%,
9/30/29
1,401,000
1,385,562
CoreWeave,
Inc.
144A,9.25%,
6/1/30
723,000
738,156
144A,9.00%,
2/1/31
(a)
636,000
645,648
Fair
Isaac
Corp.,144A,4.00%,
6/15/28
333,000
326,142
Open
Text
Corp.
144A,3.875%,
2/15/28
335,000
325,143
144A,3.875%,
12/1/29
314,000
288,391
Open
Text
Holdings,
Inc.,144A,4.125%,
2/15/30
333,000
306,155
ROBLOX
Corp.,144A,3.875%,
5/1/30
366,000
345,784
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
Principal
Amount
$
Value
$
Rocket
Software,
Inc.
144A,9.00%,
11/28/28
287,000
289,635
144A,6.50%,
2/15/29
(a)
212,000
198,460
SS&C
Technologies,
Inc.,144A,5.50%,
9/30/27
748,000
748,399
Twilio,
Inc.
3.625%,
3/15/29
209,000
201,368
3.875%,
3/15/31
175,000
164,747
UKG,
Inc.,144A,6.875%,
2/1/31
912,000
896,972
(Cost
$9,618,045)
9,407,897
Utilities
—
2.3%
Electric
—
2.1%
Clearway
Energy
Operating
LLC
144A,4.75%,
3/15/28
310,000
307,865
144A,3.75%,
2/15/31
350,000
326,308
Continuum
Energy
Aura
Pte
Ltd.,144A,9.50%,
2/24/27
166,000
167,182
ContourGlobal
Power
Holdings
SA,144A,6.75%,
2/28/30
189,000
193,358
EnfraGen
Energia
Sur
SA
/
EnfraGen
Spain
SA
/
Prime
Energia
SpA,144A,5.375%,
12/30/30
248,483
230,890
NRG
Energy,
Inc.
5.75%,
1/15/28
209,000
209,357
144A,3.375%,
2/15/29
203,000
193,832
144A,5.25%,
6/15/29
278,000
276,704
144A,5.75%,
7/15/29
295,000
295,382
144A,3.625%,
2/15/31
382,000
354,445
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations,
Inc.,144A,4.50%,
8/15/28
233,000
229,571
PG&E
Corp.
5.00%,
7/1/28
392,000
390,318
5.25%,
7/1/30
369,000
365,316
Talen
Energy
Supply
LLC,144A,6.125%,
5/1/31
520,000
520,154
VoltaGrid
LLC,144A,7.375%,
11/1/30
732,000
762,590
XPLR
Infrastructure
Operating
Partners
LP
144A,4.50%,
9/15/27
232,000
230,575
144A,7.25%,
1/15/29
(a)
275,000
286,582
144A,8.375%,
1/15/31
(a)
310,000
332,530
(Cost
$5,617,876)
5,672,959
Gas
—
0.1%
AmeriGas
Partners
LP
/
AmeriGas
Finance
Corp.,144A,9.50%,
6/1/30
(Cost
$213,190)
205,000
220,581
Principal
Amount
$
Value
$
Water
—
0.1%
Nova
Securitisation
Sarl,144A,5.75%,
2/3/31
(Cost
$305,519)
309,000
298,134
TOTAL
CORPORATE
BONDS
(Cost
$259,455,049)
258,513,015
Number
of
Shares
SECURITIES
LENDING
COLLATERAL
—
5.0%
DWS
Government
&
Agency
Securities
Portfolio
"DWS
Government
Cash
Institutional
Shares",
3.53%
(c)(d)
(Cost
$13,154,448)
13,154,448
13,154,448
CASH
EQUIVALENTS
—
1.6%
DWS
Government
Money
Market
Series
"Institutional
Shares",
3.57%
(c)
(Cost
$4,326,023)
4,326,023
4,326,023
TOTAL
INVESTMENTS
—
104.1%
(Cost
$276,935,520)
275,993,486
Other
assets
and
liabilities,
net
—
(4.1%)
(10,857,286)
NET
ASSETS
—
100.0%
265,136,200
Schedule
of
Investments
Xtrackers
Short
Duration
High
Yield
Bond
ETF
(Continued)
May
31,
2026
(Unaudited)
HiddenRow
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
broad
levels.
Level
1
includes
quoted
prices
in
active
markets
for
identical
securities.
Level
2
includes
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk).
Level
3
includes
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments).
The
level
assigned
to
the
securities
valuations
may
not
be
an
indication
of
the
risk
or
liquidity
associated
with
investing
in
those
securities.
The
following
is
a
summary
of
the
inputs
used
as
of
May
31,
2026
in
valuing
the
Fund’s
investments.
The
brand
DWS
represents
DWS
Group
GmbH
&
Co.
KGaA
and
any
of
its
subsidiaries
such
as
DWS
Distributors,
Inc.
which
offers
investment
products
or
DWS
Investment
Management
Americas
Inc.
and
RREEF
America
L.L.C.
which
offer
advisory
services.
SHYL-PH3
For
information
on
the
Fund’s
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Fund’s
most
recent
semi-annual
or
annual
financial
statements.
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period ended
May
31,
2026
is
as
follows:
Value
($)
at
8/31/2025
Purchases
Cost
($)
Sales
Proceeds
($)
Net
Realized
Gain/(Loss)
($)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
($)
Income
($)
Capital
Gain
Distributions
($)
Number
of
Shares
at
5/31/2026
Value
($)
at
5/31/2026
SECURITIES
LENDING
COLLATERAL
—
5.0%
DWS
Government
&
Agency
Securities
Portfolio
"DWS
Government
Cash
Institutional
Shares",
3.53%
(c)(d)
8,751,783
4,402,665
(e)
—
—
—
64,202
—
13,154,448
13,154,448
CASH
EQUIVALENTS
—
1.6%
DWS
Government
Money
Market
Series
"Institutional
Shares",
3.57%
(c)
5,758,661
44,686,699
(46,119,337)
—
—
89,038
—
4,326,023
4,326,023
14,510,444
49,089,364
(46,119,337)
—
—
153,240
—
17,480,471
17,480,471
(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,
2026
amounted
to
$12,866,262,
which
is
4.9%
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.
(e)
Represents
the
net
increase
(purchase
cost)
or
decrease
(sales
proceeds)
in
the
amount
invested
in
cash
collateral
for
the
period
ended
May
31,
2026.
REIT:
Real
Estate
Investment
Trust
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
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)
$
—
$
258,481,095
$
31,920
$
258,513,015
Short-Term
Investments
(a)
17,480,471
—
—
17,480,471
TOTAL
$
17,480,471
$
258,481,095
$
31,920
$
275,993,486
(a)
See
Schedule
of
Investments
for
additional
detailed
categorizations.