Schedule
of
Investments
Xtrackers
S&P
100
Ex
Top
20
ETF
May
31,
2026
(Unaudited)
Number
of
Shares
Value
$
COMMON
STOCKS
—
99.9%
Communication
Services
—
5.0%
AT&T,
Inc.
109,427
2,713,790
Comcast
Corp.,
Class
A
55,958
1,391,675
T-Mobile
US,
Inc.
7,448
1,396,723
Verizon
Communications,
Inc.
66,310
3,170,281
Walt
Disney
Co.
27,813
2,832,198
(Cost
$11,750,309)
11,504,667
Consumer
Discretionary
—
4.7%
Booking
Holdings,
Inc.
12,601
2,109,785
General
Motors
Co.
14,190
1,181,176
Lowe's
Cos.,
Inc.
8,780
1,882,081
McDonald's
Corp.
11,185
3,122,852
NIKE,
Inc.,
Class
B
18,873
872,499
Starbucks
Corp.
17,759
1,760,982
(Cost
$11,896,944)
10,929,375
Consumer
Staples
—
7.5%
Altria
Group,
Inc.
26,246
1,826,197
Coca-Cola
Co.
60,638
4,791,008
Colgate-Palmolive
Co.
12,714
1,145,913
Mondelez
International,
Inc.,
Class
A
20,055
1,226,764
PepsiCo,
Inc.
21,354
3,079,033
Philip
Morris
International,
Inc.
24,470
4,340,489
Target
Corp.
7,100
902,197
(Cost
$16,953,268)
17,311,601
Energy
—
3.3%
Chevron
Corp.
29,400
5,364,324
ConocoPhillips
19,178
2,185,909
(Cost
$7,391,728)
7,550,233
Financials
—
15.3%
American
Express
Co.
8,418
2,664,044
American
International
Group,
Inc.
8,592
637,784
Bank
of
America
Corp.
104,084
5,370,734
Bank
of
New
York
Mellon
Corp.
10,790
1,504,450
Blackrock,
Inc.
2,271
2,377,464
Capital
One
Financial
Corp.
9,792
1,840,211
Charles
Schwab
Corp.
26,248
2,292,763
Citigroup,
Inc.
27,381
3,447,268
Goldman
Sachs
Group,
Inc.
4,705
4,825,260
MetLife,
Inc.
8,591
710,390
Morgan
Stanley
18,836
3,917,888
PayPal
Holdings,
Inc.
14,326
641,088
US
Bancorp
24,326
1,334,281
Wells
Fargo
&
Co.
48,492
3,760,070
(Cost
$35,187,003)
35,323,695
Health
Care
—
16.7%
Abbott
Laboratories
27,271
2,334,398
Number
of
Shares
Value
$
AbbVie,
Inc.
27,726
6,036,505
Amgen,
Inc.
8,457
2,848,233
Bristol-Myers
Squibb
Co.
31,899
1,823,985
CVS
Health
Corp.
19,940
1,814,141
Danaher
Corp.
9,793
1,788,887
Gilead
Sciences,
Inc.
19,404
2,608,480
Intuitive
Surgical,
Inc.
*
5,582
2,370,340
Medtronic
PLC
20,050
1,479,890
Merck
&
Co.,
Inc.
38,898
4,617,971
Pfizer,
Inc.
89,150
2,333,947
Thermo
Fisher
Scientific,
Inc.
5,900
2,905,809
UnitedHealth
Group,
Inc.
14,245
5,417,516
(Cost
$39,063,578)
38,380,102
Industrials
—
14.6%
3M
Co.
8,210
1,257,197
Boeing
Co.
*
12,282
2,838,984
Caterpillar,
Inc.
7,311
6,403,486
Deere
&
Co.
3,965
2,149,744
Emerson
Electric
Co.
8,805
1,266,335
FedEx
Corp.
3,412
1,404,891
General
Dynamics
Corp.
4,010
1,390,748
General
Electric
Co.
16,485
5,337,184
Honeywell
International,
Inc.
9,930
2,361,950
Lockheed
Martin
Corp.
3,123
1,656,595
RTX
Corp.
21,081
3,787,412
Union
Pacific
Corp.
9,325
2,449,118
United
Parcel
Service,
Inc.,
Class
B
11,530
1,230,136
(Cost
$32,316,946)
33,533,780
Information
Technology
—
27.5%
Accenture
PLC,
Class
A
9,670
1,808,967
Adobe,
Inc.
*
6,374
1,652,205
Advanced
Micro
Devices,
Inc.
*
25,578
13,200,806
Cisco
Systems,
Inc.
61,931
7,457,731
Intel
Corp.
*
73,608
8,441,365
International
Business
Machines
Corp.
14,706
4,379,447
Intuit,
Inc.
4,396
1,457,406
Oracle
Corp.
26,537
5,991,524
Palantir
Technologies,
Inc.,
Class
A
*
35,831
5,608,985
QUALCOMM,
Inc.
16,723
4,197,807
Salesforce,
Inc.
14,751
2,818,916
ServiceNow,
Inc.
*
16,457
2,046,757
Texas
Instruments,
Inc.
14,240
4,352,883
(Cost
$46,775,882)
63,414,799
Materials
—
1.6%
Linde
PLC
(Cost
$3,501,549)
7,331
3,648,565
Schedule
of
Investments
Xtrackers
S&P
100
Ex
Top
20
ETF
(Continued)
May
31,
2026
(Unaudited)
Hidden
Row
Number
of
Shares
Value
$
Real
Estate
—
1.1%
American
Tower
Corp.
REIT
7,382
1,380,139
Simon
Property
Group,
Inc.
REIT
5,140
1,053,237
(Cost
$2,308,838)
2,433,376
Utilities
—
2.6%
Duke
Energy
Corp.
12,177
1,494,483
NextEra
Energy,
Inc.
32,646
2,840,529
Southern
Co.
17,275
1,590,164
(Cost
$6,019,131)
5,925,176
TOTAL
COMMON
STOCKS
(Cost
$213,165,176)
229,955,369
EXCHANGE-TRADED
FUNDS
—
0.0%
Defiance
Large
Cap
ex-Mag
7
ETF
(Cost
$14,213)
625
15,688
CASH
EQUIVALENTS
—
0.0%
DWS
Government
Money
Market
Series
"Institutional
Shares",
3.57%
(a)
(Cost
$44,991)
44,991
44,991
TOTAL
INVESTMENTS
—
99.9%
(Cost
$213,224,380)
230,016,048
Other
assets
and
liabilities,
net
—
0.1%
272,150
NET
ASSETS
—
100.0%
230,288,198
For
information
on
the
Fund’s
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Fund’s
most
recent
semi-annual
or
annual
financial
statements.
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period ended
May
31,
2026
is
as
follows:
Value
($)
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
CASH
EQUIVALENTS
—
0.0%
DWS
Government
Money
Market
Series
"Institutional
Shares",
3.57%
(a)
1,497
1,006,021
(962,527)
—
—
857
—
44,991
44,991
*
Non-income
producing
security.
(a)
Affiliated
fund
managed
by
DWS
Investment
Management
Americas,
Inc.
The
rate
shown
is
the
annualized
seven-day
yield
at
period
end.
REIT:
Real
Estate
Investment
Trust
Schedule
of
Investments
Xtrackers
S&P
100
Ex
Top
20
ETF
(Continued)
May
31,
2026
(Unaudited)
At
May
31,
2026,
open
futures
contracts
purchased
were
as
follows:
Currency
Abbreviations
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.
XOEX-PH3
Contract
Description
Currency
Number
of
Contracts
Notional
Amount
(
$
)
Contract
Value
(
$
)
Expiration
Date
Unrealized
Appreciation
(
$
)
Micro
E-Mini
S&P
500
Index
USD
6
203,600
227,873
6/18/2026
24,273
USD
U.S.
Dollar
Assets
Level
1
Level
2
Level
3
Total
Common
Stocks
(a)
$
229,955,369
$
—
$
—
$
229,955,369
Exchange-Traded
Funds
15,688
—
—
15,688
Short-Term
Investments
(a)
44,991
—
—
44,991
Derivatives
(b)
Futures
Contracts
24,273
—
—
24,273
TOTAL
$
230,040,321
$
—
$
—
$
230,040,321
(a)
See
Schedule
of
Investments
for
additional
detailed
categorizations.
(b)
Derivatives
include
unrealized
appreciation
(depreciation)
on
open
futures
contracts.